Average Hourly Earnings of All Employees: Leisure and Hospitality in Maine
SMU23000007000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23.75
Year-over-Year Change
2.41%
Date Range
1/1/2007 - 7/1/2025
Summary
This economic trend measures the average hourly earnings of all employees in the leisure and hospitality sector in Maine. It provides important 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: Leisure and Hospitality in Maine is a data series that tracks the typical hourly compensation for workers in Maine's leisure and hospitality sector, which includes industries like hotels, restaurants, and entertainment venues.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by economists and policymakers to understand the state of Maine's service-oriented labor market.
Key Facts
- Maine's leisure and hospitality sector accounts for over 10% of the state's total employment.
- Hourly wages in this sector have risen by 20% over the past 5 years.
- Trends in this data help indicate the strength of Maine's tourism and service industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the leisure and hospitality sector in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into wage growth and labor market conditions in Maine's key service-oriented industries, which are crucial for understanding the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in this data are closely monitored by economists and policymakers to assess the strength of Maine's service sector and tourism industry, which are important drivers of the state's economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Leisure and Hospitality in Maine (SMU23000007000000003), retrieved from FRED.