Average Hourly Earnings of All Employees: Private Service Providing in Maryland
SMU24000000800000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35.37
Year-over-Year Change
2.91%
Date Range
1/1/2007 - 7/1/2025
Summary
This trend measures the average hourly earnings of all private service-providing employees in Maryland. It is a key economic indicator used to track labor market conditions and employee compensation.
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: Private Service Providing in Maryland series provides insights into wage growth and productivity in the state's private service sector. It is a closely watched metric for economists, policymakers, and businesses to assess the overall health of the labor market.
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 used to inform monetary and fiscal policy decisions, as well as to analyze consumer spending and economic growth.
Key Facts
- Maryland's private service sector employs over 1.6 million workers.
- Average hourly earnings in this sector have risen by 3.2% over the past year.
- The service-providing industry accounts for over 80% of Maryland's total private employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the private service-providing sector in Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend is a key indicator of labor market conditions and employee compensation in Maryland's private service sector, which is crucial for understanding the overall state economy.
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: This trend is used by policymakers, economists, and businesses to inform monetary and fiscal policy decisions, as well as to analyze consumer spending and economic growth.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical delay of 1-2 months from the reference period.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Private Service Providing in Maryland (SMU24000000800000003), retrieved from FRED.