Average Hourly Earnings of All Employees: Professional and Business Services in Arkansas
SMU05000006000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34.52
Year-over-Year Change
7.30%
Date Range
1/1/2007 - 6/1/2025
Summary
This economic indicator tracks the average hourly earnings of all employees in the professional and business services sector in Arkansas. It is a key measure of labor costs and wage growth in the state's service-based 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 Average Hourly Earnings of All Employees: Professional and Business Services in Arkansas tracks changes in the typical hourly wage paid to workers in professional, scientific, technical, and business service occupations. This metric provides insights into labor market dynamics and inflationary pressures in this key sector of the state's economy.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Economists and policymakers closely monitor this and similar labor market indicators to assess the overall health of the state's economy and inform decisions around employment, monetary, and fiscal policies.
Key Facts
- Arkansas' professional and business services sector employs over 130,000 workers.
- Average hourly earnings in this sector are 15% higher than the state's overall private sector average.
- Wage growth in professional services has outpaced the broader Arkansas economy in recent years.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average hourly earnings of all employees in the professional and business services sector in Arkansas, providing insights into labor costs and wage growth in this key part of the state's economy.
Q: Why is this trend relevant for users or analysts?
A: Monitoring changes in professional services wages is crucial for understanding broader labor market dynamics, inflationary pressures, and the overall health of Arkansas' service-based economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers closely track this and similar labor market indicators to inform decisions around employment, monetary, and fiscal policies in Arkansas.
Q: Are there update delays or limitations?
A: This data is published monthly with a typical 1-2 month lag, and may be subject to revisions based on additional employer reporting.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in Arkansas (SMU05000006000000003), retrieved from FRED.