Average Hourly Earnings of All Employees: Professional and Business Services in North Carolina
SMU37000006000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.30
Year-over-Year Change
40.81%
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 North Carolina. It provides insights into labor costs and compensation in a key component of 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 Average Hourly Earnings of All Employees: Professional and Business Services in North Carolina is a time series that tracks the average hourly wage for workers in professional and business services occupations across the state. This metric is used by economists and policymakers to monitor employment conditions and assess the competitiveness of North Carolina's labor market.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in professional and business services earnings can inform economic and workforce development policies in North Carolina.
Key Facts
- North Carolina's professional and business services sector employs over 700,000 workers.
- Average hourly earnings in this sector have risen by over 30% in the past decade.
- Professional and business services account for nearly 20% of North Carolina's total employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the professional and business services sector in North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor costs and compensation in a key component of North Carolina's economy, which is useful for economists and policymakers.
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: Trends in professional and business services earnings can inform economic and workforce development policies in North Carolina.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag 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 North Carolina (SMU37000006000000003A), retrieved from FRED.