Average Hourly Earnings of All Employees: Professional and Business Services in Maryland
SMU24000006000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
45.59
Year-over-Year Change
36.05%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of all employees in the professional and business services sector in Maryland. It provides insight into wage dynamics 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: Professional and Business Services in Maryland is a monthly economic indicator that tracks changes in the typical hourly wage for workers in Maryland's professional and business services sector. This metric helps analysts understand labor market trends and compensation levels in this important component of the state's economy.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This wage trend is used by policymakers, economists, and businesses to gauge the strength of Maryland's labor market and inform decisions around employment, investment, and economic policy.
Key Facts
- Maryland's professional and business services sector employs over 450,000 workers.
- Wages in this industry have risen by over 15% in the past decade.
- Trends in professional services earnings can signal changes in the broader state economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in Maryland's professional and business services sector, providing insight into wage dynamics in this key industry.
Q: Why is this trend relevant for users or analysts?
A: Trends in professional services wages are important for understanding labor market conditions, compensation levels, and the broader economic health of Maryland.
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, economists, and businesses use this wage trend to gauge the strength of Maryland's labor market and inform decisions around employment, investment, and economic policy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag. There may be seasonal adjustments and revisions to previously reported figures.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in Maryland (SMU24000006000000003A), retrieved from FRED.