Accommodation and Food Services Wages and Salaries in South Carolina
SCWACC • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,756,436.00
Year-over-Year Change
23.53%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Accommodation and Food Services Wages and Salaries in South Carolina' series measures the total wages and salaries paid to employees in the accommodation and food services industry in South Carolina. This data provides insight into economic conditions and labor market trends in a key service sector.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic indicator tracks the total compensation, including wages and salaries, paid to workers in the accommodation and food services industry across the state of South Carolina. It serves as an important barometer for assessing the financial health and labor dynamics within this service-oriented sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Labor Statistics as part of its Quarterly Census of Employment and Wages program.
Historical Context
Policymakers and analysts use this trend to monitor the economic vitality of South Carolina's tourism and hospitality industries.
Key Facts
- South Carolina's accommodation and food services industry employs over 250,000 workers.
- Wages in this sector account for over $5 billion in annual compensation.
- The state's tourism industry is a major driver of economic activity.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total wages and salaries paid to employees in the accommodation and food services industry across the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the economic health and labor market dynamics of a key service sector in South Carolina, which is crucial for understanding the state's broader economic conditions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Labor Statistics as part of its Quarterly Census of Employment and Wages program.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to monitor the economic vitality of South Carolina's tourism and hospitality industries, which are important drivers of the state's economy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in reflecting the most recent economic conditions.
Related Trends
Gross Domestic Product: Fabricated Metal Product Manufacturing (332) in South Carolina
SCFABRMETNGSP
Durable Manufacturing Earnings in South Carolina
SCEDUR
Chain-Type Quantity Index for Real GDP: Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523) in South Carolina
SCSECCOMINVQGSP
Per Capita Personal Consumption Expenditures: Services: Final Consumption Expenditures of Nonprofit Institutions Serving Households: Gross Output of Nonprofit Institutions for South Carolina
SCPCEPCGONPI
Housing Inventory: Median Days on Market in South Carolina
MEDDAYONMARSC
Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in South Carolina
SCHLTHSOCASSQGSP
Citation
U.S. Federal Reserve, Accommodation and Food Services Wages and Salaries in South Carolina (SCWACC), retrieved from FRED.