Average Hourly Earnings of All Employees: Professional and Business Services in Connecticut
SMU09000006000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
45.24
Year-over-Year Change
2.47%
Date Range
1/1/2007 - 7/1/2025
Summary
This economic trend measures the average hourly earnings of all employees in the professional and business services sector in Connecticut. It provides insight into the labor market and wage dynamics in this important economic segment.
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 Connecticut is a key indicator of compensation levels and trends for workers in Connecticut's professional and business services industries. This data series is used by economists, policymakers, and market analysts to assess labor market conditions and economic performance.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely watched by economists and policymakers as an input for monetary and fiscal policy decisions.
Key Facts
- Connecticut's professional and business services sector accounts for over 15% of the state's employment.
- Hourly earnings in this sector have grown by over 3% annually on average in the past decade.
- The trend is considered a leading indicator of broader economic conditions in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees working in the professional and business services sector in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into compensation levels and labor market dynamics within an important service-providing industry in Connecticut, which is relevant for economic analysis and policy decisions.
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 trend is closely monitored by economists and policymakers as an input for monetary and fiscal policy decisions that aim to support employment and wage growth.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of 1-2 months from the reference period.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in Connecticut (SMU09000006000000003), retrieved from FRED.