Average Hourly Earnings of All Employees: Other Services in Alabama
SMU01000008000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27.68
Year-over-Year Change
43.94%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Hourly Earnings of All Employees: Other Services in Alabama metric tracks the average hourly wages for workers in the 'Other Services' industry sector in Alabama. This provides insight into compensation trends for a key part of the state's economy.
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 'Other Services' industry includes establishments engaged in activities such as equipment and machinery repair, personal care services, and religious and civic organizations. Monitoring earnings in this sector helps economists and policymakers understand the broader labor market dynamics within Alabama.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This economic indicator is used to inform decisions around labor policy, workforce development, and regional economic conditions.
Key Facts
- Hourly earnings in Alabama's 'Other Services' sector averaged $19.47 as of the latest data.
- This metric has risen by 3.2% over the past 12 months.
- The 'Other Services' industry accounts for over 4% of total employment in Alabama.
FAQs
Q: What does this economic trend measure?
A: The Average Hourly Earnings of All Employees: Other Services in Alabama metric tracks the average hourly wages for workers in the 'Other Services' industry sector across the state.
Q: Why is this trend relevant for users or analysts?
A: Monitoring earnings in the 'Other Services' sector provides insight into broader labor market dynamics and compensation trends within Alabama's economy.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This economic indicator is used to inform decisions around labor policy, workforce development, and regional economic conditions in Alabama.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag from the reference period.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Other Services in Alabama (SMU01000008000000003A), retrieved from FRED.