All Employees: Professional and Business Services: Professional, Scientific, and Technical Services in Virginia
SMS51000006054000001 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
469.40
Year-over-Year Change
-0.97%
Date Range
1/1/1990 - 6/1/2025
Summary
This economic trend measures the number of employees in the professional, scientific, and technical services sector in Virginia. It provides insights into the state's knowledge-based economy and labor market.
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
The All Employees: Professional and Business Services: Professional, Scientific, and Technical Services in Virginia series tracks the employment levels in industries such as legal services, accounting, architecture, engineering, and scientific research. This data is used by economists and policymakers to assess the strength and growth of Virginia's high-skilled services sector.
Methodology
The data is collected through monthly surveys of establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This employment trend is relevant for understanding the competitiveness of Virginia's business environment and informing economic development strategies.
Key Facts
- Virginia's professional services sector employs over 400,000 workers.
- Employment in this sector has grown by 20% over the past decade.
- The professional services industry accounts for 12% of Virginia's total employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of people employed in the professional, scientific, and technical services sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the strength and growth of Virginia's knowledge-based economy, which is an important driver of the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This employment trend is relevant for understanding the competitiveness of Virginia's business environment and informing economic development strategies aimed at supporting the growth of high-skilled services.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, All Employees: Professional and Business Services: Professional, Scientific, and Technical Services in Virginia (SMS51000006054000001), retrieved from FRED.