Average Weekly Earnings of All Employees: Professional and Business Services in Pennsylvania
SMU42000006000000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,521.88
Year-over-Year Change
51.16%
Date Range
1/1/2007 - 1/1/2024
Summary
This trend measures the average weekly earnings of all employees in the professional and business services sector in Pennsylvania. It provides insight into wage growth and labor market conditions in this key industry.
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 Weekly Earnings of All Employees: Professional and Business Services in Pennsylvania is an economic indicator that tracks the average weekly pay for workers in the professional and business services sector across the state. This data point is used by economists and policymakers to analyze labor market trends and assess the strength of the service economy.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is relevant for understanding economic conditions and guiding policy decisions that impact the professional services industry.
Key Facts
- The series dates back to 2007.
- Pennsylvania's professional and business services sector employs over 1 million workers.
- Wages in this industry tend to be higher than the statewide average.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average weekly earnings of all employees in the professional and business services sector in Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This data point provides insight into wage growth and labor market conditions in a key service industry, which is important for economic analysis and policymaking.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This metric is relevant for understanding economic conditions and guiding policy decisions that impact the professional services industry.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay.
Related Trends
Monthly State Retail Sales: Food and Beverage Stores in Pennsylvania
MSRSPA445
Average Hourly Earnings of All Employees: Financial Activities in Pennsylvania
SMU42000005500000003
All Employees: Information: Telecommunications in Pennsylvania
SMU42000005051700001
All Employees: Mining and Logging: Coal Mining in Pennsylvania
SMU42000001021210001
All Employees: Manufacturing: Non-Durable Goods: Food Manufacturing in Pennsylvania
SMU42000003231100001SA
People 25 Years and Over Who Have Completed a Graduate or Professional Degree for Pennsylvania
GCT1503PA
Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Professional and Business Services in Pennsylvania (SMU42000006000000011A), retrieved from FRED.