Average Hourly Earnings of All Employees: Professional and Business Services in the District of Columbia
SMU11000006000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
60.65
Year-over-Year Change
36.85%
Date Range
1/1/2007 - 1/1/2024
Summary
This trend measures the average hourly earnings of all employees in the professional and business services industry in Washington, D.C. It is 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 Hourly Earnings of All Employees: Professional and Business Services in the District of Columbia tracks the typical hourly compensation for workers in this key service sector. It provides insight into the local labor market and can inform policy decisions related to employment, inflation, and economic development.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely monitored by economists, policymakers, and businesses to understand regional economic trends and guide investment decisions.
Key Facts
- Washington, D.C. is a major hub for professional and business services.
- This metric has shown steady growth over the past decade.
- Earnings in this sector are typically higher than the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the professional and business services industry located in Washington, D.C.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into wage growth and labor market conditions in a key service sector of the D.C. regional economy, which is important for understanding economic trends and guiding 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 metric is closely monitored by economists, policymakers, and businesses to understand regional economic trends and guide investment decisions.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical 1-2 month delay.
Related Trends
Gross Domestic Product: Insurance Carriers and Related Activities (524) in the District of Columbia
DCINSCRANGSP
Chain-Type Quantity Index for Real GDP: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in the District of Columbia
DCFRBCIQGSP
High-Propensity Business Applications for District of Columbia
HBUSAPPWNSADC
All Employees: Accommodation in the District of Columbia
SMU11000007072100001A
Interbank Deposits in All Commercial Banks in the District of Columbia
X08IOACBIDC
Gross Domestic Product: Professional and Business Services (54, 55, 56) in the District of Columbia
DCPROBUSNGSP
Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in the District of Columbia (SMU11000006000000003A), retrieved from FRED.