Average Hourly Earnings of All Employees: Professional and Business Services in Arizona
SMU04000006000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38.63
Year-over-Year Change
5.06%
Date Range
1/1/2007 - 6/1/2025
Summary
This economic trend measures the average hourly earnings of all employees in the professional and business services sector in the state of Arizona. It provides important insights into the labor market and wage dynamics within this key industry.
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 Hourly Earnings of All Employees: Professional and Business Services in Arizona tracks the average hourly compensation for workers in a range of professional occupations, including legal, accounting, engineering, and consulting services. This data point is a valuable indicator of economic conditions and labor market trends in Arizona's service-oriented businesses.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is widely used by economists, policymakers, and industry analysts to assess the strength of the Arizona labor market and understand broader economic developments.
Key Facts
- Arizona's professional services sector employs over 400,000 workers.
- Hourly earnings in this industry have increased by 25% over the past decade.
- The professional services industry accounts for nearly 15% of Arizona's GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the professional and business services sector within the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor market conditions and wage dynamics within a key industry in Arizona, which is valuable for economists, policymakers, and businesses.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is widely used by economists and policymakers to assess the strength of the Arizona labor market and understand broader economic developments in the state.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of 1-2 months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in Arizona (SMU04000006000000003), retrieved from FRED.