Average Hourly Earnings of All Employees: Private Service Providing in the District of Columbia
SMU11000000800000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
51.48
Year-over-Year Change
39.21%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of private sector service workers in Washington, D.C. It provides insights into the regional labor market and wage dynamics in the service 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: Private Service Providing in the District of Columbia tracks the average hourly compensation for private service-providing workers in the nation's capital. This data point is used by economists and policymakers to assess wage growth, inflationary pressures, and the relative strength of the local service economy.
Methodology
The data is collected through surveys of private employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric offers valuable context for understanding the broader economic conditions and labor market trends in the Washington, D.C. region.
Key Facts
- Washington, D.C. has a large service-based economy.
- Private sector wages have grown steadily in recent years.
- Service sector earnings can signal broader economic health.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of private sector service workers in Washington, D.C.
Q: Why is this trend relevant for users or analysts?
A: This data point provides insights into wage growth, inflationary pressures, and the strength of the local service economy, which is crucial for understanding broader economic conditions in the Washington, D.C. region.
Q: How is this data collected or calculated?
A: The data is collected through surveys of private employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This metric offers valuable context for policymakers and economists assessing the Washington, D.C. labor market and broader economic conditions.
Q: Are there update delays or limitations?
A: The data is released monthly with typical government data publication lags.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Private Service Providing in the District of Columbia (SMU11000000800000003A), retrieved from FRED.