Average Weekly Earnings of All Employees: Private Service Providing in the District of Columbia
SMU11000000800000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,837.84
Year-over-Year Change
38.82%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly earnings of all employees in the private service-providing sector in the District of Columbia. It serves as an important indicator of wage growth and labor market conditions in the region.
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: Private Service Providing in the District of Columbia data series provides insight into the earnings and purchasing power of private sector workers in the service industry across the nation's capital. It is a key metric used by economists and policymakers to assess the strength and direction of the local economy.
Methodology
The data is collected through surveys of private establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by the Federal Reserve and other government agencies to inform economic policy decisions.
Key Facts
- The average weekly earnings in the DC private service sector were $1,711 as of the latest data.
- Earnings in this sector have grown by 3.2% over the past year.
- The District of Columbia has the highest average weekly earnings of any U.S. state or territory.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings of all employees in the private service-providing sector in the District of Columbia. It provides insight into wage levels and growth in the local service industry.
Q: Why is this trend relevant for users or analysts?
A: This trend is a key indicator of the strength of the DC economy and the purchasing power of private sector workers. It is closely monitored by economists, policymakers, and businesses to assess local market conditions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of private establishments conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Federal Reserve and other government agencies use this trend to inform monetary and fiscal policy decisions that impact the DC regional economy and labor market.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag. There may be seasonal adjustments and revisions to prior months' figures.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Private Service Providing in the District of Columbia (SMU11000000800000011A), retrieved from FRED.