Average Hourly Earnings of All Employees: Professional and Business Services in Illinois
SMU17000006000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.44
Year-over-Year Change
5.34%
Date Range
1/1/2007 - 7/1/2025
Summary
This economic trend measures the average hourly earnings of all employees in the professional and business services sector in Illinois. It provides insights into wage growth and labor market conditions in this key 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: Professional and Business Services in Illinois tracks the mean hourly wage for workers in professional, scientific, and technical services, as well as administrative and support services in the state. This data point is used by economists and policymakers to analyze labor market trends and cost-of-living dynamics.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in professional and business service wages offer important context for monetary and fiscal policy decisions.
Key Facts
- The series has been tracked since 2006.
- Illinois accounts for over 6% of U.S. professional/business service employment.
- Wages in this sector are typically higher than the statewide average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees working in the professional and business services sector in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This data point provides insight into labor cost dynamics within a key industry, which is useful for economic analysis and policymaking.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in professional and business service wages offer important context for monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in Illinois (SMU17000006000000003), retrieved from FRED.