Average Hourly Earnings of All Employees: Leisure and Hospitality in Maryland
SMU24000007000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
21.80
Year-over-Year Change
0.00%
Date Range
1/1/2007 - 6/1/2025
Summary
The 'Average Hourly Earnings of All Employees: Leisure and Hospitality in Maryland' metric tracks changes in the average hourly wage for workers in the leisure and hospitality industry in Maryland. This trend is closely watched by economists and policymakers as an indicator of labor market conditions and consumer spending in the state.
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 series measures the average hourly earnings of all employees, including both full-time and part-time workers, in the leisure and hospitality sector for the state of Maryland. It provides insight into wage growth and the overall health of this key industry within the Maryland economy.
Methodology
The data is collected through surveys of establishments conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Economists and policymakers use this trend to assess the strength of Maryland's service sector and consumer demand.
Key Facts
- Maryland's leisure and hospitality sector employs over 300,000 workers.
- Hourly wages in this industry have increased by 25% over the past decade.
- The leisure and hospitality sector accounts for nearly 10% of Maryland's GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees, both full-time and part-time, in the leisure and hospitality industry in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into wage growth and the overall health of Maryland's leisure and hospitality sector, which is a key driver of the state's economy and consumer spending.
Q: How is this data collected or calculated?
A: The data is collected through surveys of establishments conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this trend to assess the strength of Maryland's service sector and consumer demand, which informs economic policies and business decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical delay of one month.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Leisure and Hospitality in Maryland (SMU24000007000000003), retrieved from FRED.