Average Hourly Earnings of All Employees: Other Services in Ohio
SMU39000008000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30.28
Year-over-Year Change
58.12%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Hourly Earnings of All Employees: Other Services in Ohio' trend measures the average hourly wage for workers in the 'Other Services' sector in the state of Ohio. This metric is closely watched by economists and policymakers as an indicator of labor market conditions and inflationary pressures.
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 'Other Services' sector encompasses a diverse range of businesses, including personal care services, religious organizations, and repair and maintenance services. Tracking the average hourly earnings in this sector provides insights into broader trends in the Ohio labor market and can inform economic decision-making.
Methodology
This data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and market analysts use this trend to assess the overall health of the Ohio economy and to inform decisions around monetary and fiscal policies.
Key Facts
- Ohio's 'Other Services' sector accounts for over 4% of the state's total employment.
- Hourly earnings in this sector have increased by 15% over the past 5 years.
- The 'Other Services' industry is a leading contributor to Ohio's GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wage for workers in the 'Other Services' sector in the state of Ohio, which includes a diverse range of businesses such as personal care services, religious organizations, and repair and maintenance services.
Q: Why is this trend relevant for users or analysts?
A: This trend is closely watched by economists and policymakers as an indicator of labor market conditions and inflationary pressures in Ohio. It provides insights into broader trends in the state's economy and can inform economic decision-making.
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 and market analysts use this trend to assess the overall health of the Ohio economy and to inform decisions around monetary and fiscal policies.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedules and potential revisions of the Current Employment Statistics survey.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Other Services in Ohio (SMU39000008000000003A), retrieved from FRED.