Average Hourly Earnings of All Employees: Professional and Business Services in Indiana
SMU18000006000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
33.98
Year-over-Year Change
59.98%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of all employees in the professional and business services sector in Indiana. 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 Indiana tracks the average hourly wage for workers in the professional and business services sector, which includes occupations such as legal, accounting, engineering, and management consulting. This metric is used by economists and policymakers to analyze labor market trends and assess the broader health of the state's economy.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is relevant for understanding labor market dynamics and informing economic and workforce development policies in Indiana.
Key Facts
- Indiana's professional and business services sector employs over 300,000 workers.
- Average hourly earnings in this sector have increased by 20% over the past 10 years.
- The professional and business services industry accounts for nearly 15% of Indiana's total GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wages paid to employees in the professional and business services sector in Indiana, including occupations such as legal, accounting, engineering, and management consulting.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into labor market conditions and wage growth in a key industry, which can inform economic analysis and policy decisions.
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: This trend is used by economists, policymakers, and workforce development agencies to monitor labor market dynamics and inform economic and employment policies in Indiana.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of one to two months.
Related Trends
Gross Domestic Product: Wholesale Trade (42) in Indiana
INWHOLENGSP
All Employees: Real Estate in Indiana
SMU18000005553100001A
Number of National Member Commercial Banks in Indiana
X08CBMBNIN
Average Weekly Earnings of Production Employees: Manufacturing: Non-Durable Goods in Indiana
SMU18000003200000030
Chain-Type Quantity Index for Real GDP: Motion Picture and Sound Recording Industries (512) in Indiana
INMOTPICSNDQGSP
Monthly State Retail Sales: Health and Personal Care Stores in Indiana
MSRSIN446
Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in Indiana (SMU18000006000000003A), retrieved from FRED.