Average Hourly Earnings of All Employees: Private Service Providing in Maine
SMU23000000800000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32.21
Year-over-Year Change
2.91%
Date Range
1/1/2007 - 7/1/2025
Summary
The Average Hourly Earnings of All Employees: Private Service Providing in Maine measures the average hourly wage for private service sector workers in the state. This statistic is a key indicator of economic conditions and labor market trends.
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 metric represents the average hourly wage paid to private sector service workers in Maine, including industries like retail, healthcare, and professional services. It is used by economists and policymakers to assess labor market health, wage growth, and the relative purchasing power of Maine workers.
Methodology
The data is collected through surveys of private employers in Maine and calculated by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in average hourly earnings can inform decisions around monetary and fiscal policy, as well as provide insights into Maine's competitive position and cost of living.
Key Facts
- Maine's average hourly service wage is higher than the national average.
- Earnings have risen steadily in recent years, indicating a tightening labor market.
- Service sector jobs make up a large share of Maine's economy.
FAQs
Q: What does this economic trend measure?
A: This metric represents the average hourly wage paid to private sector service workers in Maine, across industries like retail, healthcare, and professional services.
Q: Why is this trend relevant for users or analysts?
A: Trends in average hourly earnings are a key indicator of labor market conditions and the purchasing power of Maine workers, providing insights that can inform economic policy decisions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of private employers in Maine and calculated by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in average hourly earnings can inform decisions around monetary and fiscal policy, as well as provide insights into Maine's competitive position and cost of living.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of 1-2 months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Private Service Providing in Maine (SMU23000000800000003), retrieved from FRED.