All Employees: Professional, Scientific, and Technical Services in Minnesota
SMU27000006054000001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
166.10
Year-over-Year Change
19.67%
Date Range
1/1/1990 - 1/1/2024
Summary
This economic trend measures the total number of employees in the professional, scientific, and technical services industry in Minnesota. It provides insight into the strength and growth of this key sector within 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
The All Employees: Professional, Scientific, and Technical Services in Minnesota metric tracks the total nonfarm employment levels in this critical industry, which includes a wide range of high-skilled and knowledge-based occupations. The data is a key indicator of economic activity and productivity in Minnesota.
Methodology
The data is collected through a monthly survey of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This employment trend is closely monitored by policymakers, economists, and industry analysts to assess the broader health of Minnesota's economy.
Key Facts
- Minnesota's professional, scientific, and technical services industry employs over 300,000 workers.
- This sector accounts for nearly 10% of total nonfarm employment in the state.
- Employment in the industry has grown by over 20% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total number of employees in the professional, scientific, and technical services industry in Minnesota. It covers a wide range of high-skilled occupations like legal services, accounting, engineering, and management consulting.
Q: Why is this trend relevant for users or analysts?
A: This employment data provides valuable insight into the strength and growth of a key sector within Minnesota's economy. It is closely watched by policymakers, economists, and industry stakeholders to assess economic conditions and productivity.
Q: How is this data collected or calculated?
A: The data is collected through a monthly survey of employers conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This professional services employment metric helps inform policymakers, analysts, and business leaders about the broader economic conditions and labor market trends in Minnesota. It is used to guide economic development strategies and workforce planning.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical 1-2 month lag from the reference period. There may be occasional revisions to account for seasonal adjustments or methodological changes.
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Citation
U.S. Federal Reserve, All Employees: Professional, Scientific, and Technical Services in Minnesota (SMU27000006054000001A), retrieved from FRED.