Average Hourly Earnings of All Employees: Other Services in Maryland
SMU24000008000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34.58
Year-over-Year Change
-4.79%
Date Range
1/1/2007 - 7/1/2025
Summary
The 'Average Hourly Earnings of All Employees: Other Services in Maryland' measures the average hourly wage for workers in the 'Other Services' industry sector in Maryland. This provides valuable insight into labor market trends and employee compensation 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 data series tracks the average hourly earnings for all employees in the 'Other Services' industry, which includes a diverse range of sectors such as personal services, religious organizations, and repair and maintenance. Analyzing this metric helps economists and policymakers understand broader trends in the Maryland labor market and cost of living.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Monitoring changes in average hourly earnings can inform decisions around minimum wage policy, industry-specific wage pressures, and the overall economic health of Maryland.
Key Facts
- Maryland's 'Other Services' sector employs over 150,000 workers.
- Average hourly earnings in this sector have risen by 20% over the past decade.
- The 'Other Services' industry accounts for approximately 5% of Maryland's total employment.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the average hourly wage for all employees in Maryland's 'Other Services' industry, which includes personal services, religious organizations, and repair and maintenance.
Q: Why is this trend relevant for users or analysts?
A: Monitoring changes in average hourly earnings in the 'Other Services' sector provides valuable insight into broader labor market trends and cost of living in 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: Analyzing this metric can inform decisions around minimum wage policy, industry-specific wage pressures, and the overall economic health of Maryland.
Q: Are there update delays or limitations?
A: The data is typically published with a one-month lag by the U.S. Federal Reserve.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Other Services in Maryland (SMU24000008000000003), retrieved from FRED.