Average Hourly Earnings of All Employees: Professional and Business Services in Maryland
SMU24000006000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
48.55
Year-over-Year Change
6.63%
Date Range
1/1/2007 - 6/1/2025
Summary
The 'Average Hourly Earnings of All Employees: Professional and Business Services in Maryland' trend measures the average hourly wage for workers in the professional and business services sector in Maryland. This provides important insight into labor market conditions and compensation trends in a key industry for the state's economy.
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 economic series tracks the average hourly wage paid to all employees in the professional and business services sector within the state of Maryland. It is a valuable indicator of compensation levels and trends for a significant portion of the state's workforce, which can inform policy decisions and help businesses benchmark their own pay scales.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists use this data to assess the strength of Maryland's labor market and broader economic conditions.
Key Facts
- Maryland's professional and business services sector employs over 400,000 workers.
- Average hourly earnings in this sector have risen by 20% over the past decade.
- The professional and business services industry accounts for nearly 20% of Maryland's total employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wage paid to all employees in the professional and business services sector within the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into labor market conditions and compensation trends for a significant portion of Maryland's workforce, which can inform policy decisions and help businesses benchmark their own pay scales.
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: Policymakers and economists use this data to assess the strength of Maryland's labor market and broader economic conditions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical delay of one to two months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in Maryland (SMU24000006000000003), retrieved from FRED.