Average Weekly Earnings of All Employees: Leisure and Hospitality in Connecticut
SMU09000007000000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
612.83
Year-over-Year Change
55.39%
Date Range
1/1/2007 - 1/1/2024
Summary
This trend measures the average weekly earnings of all employees in the leisure and hospitality industry in Connecticut. It provides insights into labor market conditions and economic activity in the state's service sector.
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 Weekly Earnings of All Employees: Leisure and Hospitality in Connecticut tracks the average weekly pay for workers in Connecticut's leisure and hospitality industries, which include hotels, restaurants, arts, entertainment, and recreation. This metric is used by economists and policymakers to assess the financial well-being of workers in a key service-providing sector.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in leisure and hospitality earnings can inform decisions around economic and workforce development policies.
Key Facts
- Connecticut's leisure and hospitality sector employs over 200,000 workers.
- Average weekly earnings in this sector are typically lower than the statewide average.
- The COVID-19 pandemic significantly impacted employment and earnings in Connecticut's leisure and hospitality industries.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings of all employees in the leisure and hospitality industry in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the financial well-being of workers in a key service-providing sector of the Connecticut economy, which can inform economic and workforce development policies.
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: Trends in leisure and hospitality earnings can inform decisions around economic and workforce development policies in Connecticut.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag, and may be subject to revisions.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Leisure and Hospitality in Connecticut (SMU09000007000000011A), retrieved from FRED.