All Employees: Professional, Scientific, and Technical Services in Illinois
SMU17000006054000001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
441.80
Year-over-Year Change
19.47%
Date Range
1/1/1990 - 1/1/2024
Summary
The 'All Employees: Professional, Scientific, and Technical Services in Illinois' trend measures employment in the professional, scientific, and technical services sector in Illinois. This metric is a key indicator of economic activity and productivity in the state.
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
This economic series tracks the total number of employees in Illinois working in professional, scientific, and technical services industries, which include legal, accounting, engineering, computer systems design, and research services. It provides insights into the strength and growth of the knowledge-based economy in the state.
Methodology
The data is collected through monthly surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this trend to assess the health and competitiveness of Illinois' professional services sector.
Key Facts
- Professional, scientific, and technical services account for over 7% of total employment in Illinois.
- This sector has seen steady growth in Illinois over the past decade.
- The COVID-19 pandemic led to a temporary decline in professional services employment in Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of employees working in professional, scientific, and technical services industries in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the strength and competitiveness of Illinois' knowledge-based economy, which is crucial for understanding overall economic performance and productivity in the state.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the health and growth of Illinois' professional services sector, which is an important driver of economic activity and innovation in the state.
Q: Are there update delays or limitations?
A: The data is released with a lag of about one month, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, All Employees: Professional, Scientific, and Technical Services in Illinois (SMU17000006054000001A), retrieved from FRED.