Average Weekly Earnings of All Employees: Professional and Business Services in Connecticut
SMU09000006000000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,593.10
Year-over-Year Change
50.70%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Earnings of All Employees: Professional and Business Services in Connecticut' is a key economic indicator that tracks the average weekly earnings of workers in the professional and business services sector in Connecticut. This metric provides insights into wage growth and labor market conditions in a major service-producing 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
This series measures the average weekly earnings of all employees working in the professional and business services sector in the state of Connecticut. It is an important gauge of labor costs and compensation trends, which can influence business investment, consumer spending, and broader economic performance.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to assess the strength of the Connecticut economy and make informed decisions about fiscal, monetary, and labor market policies.
Key Facts
- The series dates back to 2006.
- Connecticut's professional and business services sector accounts for over 15% of state GDP.
- Earnings in this sector tend to be higher than the statewide average.
FAQs
Q: What does this economic trend measure?
A: This series tracks the average weekly 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 insights into wage growth and labor market conditions in a major service-producing industry, which is crucial for assessing the overall strength of the Connecticut economy.
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: Policymakers and analysts use this metric to make informed decisions about fiscal, monetary, and labor market policies in Connecticut.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of around one month.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Professional and Business Services in Connecticut (SMU09000006000000011A), retrieved from FRED.