All Employees: Private Service Providing in Maine
SMU23000000800000001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
466.80
Year-over-Year Change
11.62%
Date Range
1/1/1990 - 1/1/2024
Summary
This economic trend measures the total number of private service-providing employees in Maine. It is a key indicator of the state's economic health and labor market conditions.
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 All Employees: Private Service Providing in Maine series tracks the total employment in the service-providing sector of the private economy in the state. This metric is used by economists and policymakers to assess the overall strength and trends within Maine's services-based industries.
Methodology
The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
Monitoring this employment trend helps inform economic and workforce development policies in Maine.
Key Facts
- Maine's private service sector accounts for over 70% of total employment.
- Service-providing jobs have grown faster than goods-producing jobs in Maine over the past decade.
- The private service sector in Maine is dominated by healthcare, retail trade, and professional services.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total number of employees in the private service-providing industries located in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: The private service sector is a critical driver of Maine's economy, so monitoring employment in this area provides insights into the state's overall economic performance and labor market conditions.
Q: How is this data collected or calculated?
A: The data is compiled by the U.S. Bureau of Labor Statistics through surveys of private businesses in Maine.
Q: How is this trend used in economic policy?
A: Policymakers and economic development officials in Maine use this employment data to inform workforce training programs, infrastructure investments, and other initiatives aimed at supporting the state's service-providing industries.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of approximately one month, so there may be a short delay in reflecting the most current employment conditions in Maine's private service sector.
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Citation
U.S. Federal Reserve, All Employees: Private Service Providing in Maine (SMU23000000800000001A), retrieved from FRED.