Average Weekly Earnings of All Employees: Private Service Providing in Alabama
SMU01000000800000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
987.33
Year-over-Year Change
46.54%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic indicator tracks the average weekly earnings of all private sector service workers in Alabama. It provides insights into wage trends and labor market conditions in the state.
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 Average Weekly Earnings of All Employees: Private Service Providing in Alabama series measures the average weekly earnings of private industry service workers in the state. It is a key economic indicator used to assess labor market trends and the purchasing power of Alabama residents.
Methodology
This data is collected through monthly surveys of private businesses by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to evaluate the health of Alabama's service economy and labor market.
Key Facts
- Alabama's private service sector employs over 1.2 million workers.
- Average weekly earnings have risen by 15% over the past 5 years.
- Service providing industries account for over 80% of Alabama's private employment.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average weekly earnings of all private sector service workers in Alabama, providing insights into wage and labor market conditions in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is used by policymakers and economists to evaluate the health of Alabama's service economy and labor market, which is a critical component of the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of private businesses by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this indicator to assess labor market conditions and the purchasing power of Alabama residents, which informs decisions related to economic and workforce development policies.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical 1-2 month delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Private Service Providing in Alabama (SMU01000000800000011A), retrieved from FRED.