All Employees: Scientific Research and Development Services in Pennsylvania
SMU42000006054170001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
47.20
Year-over-Year Change
57.33%
Date Range
1/1/1998 - 1/1/2024
Summary
This economic trend measures the total number of employees in the scientific research and development services industry in Pennsylvania. It provides insights into the health and growth of this high-tech 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: Scientific Research and Development Services in Pennsylvania series tracks the monthly change in the total number of people employed in this industry across the state. It is an important indicator of scientific and technological activity, innovation, and economic competitiveness.
Methodology
The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and economic development organizations to assess Pennsylvania's strengths in R&D and high-skilled sectors.
Key Facts
- Pennsylvania is home to over 2,000 scientific R&D firms.
- The state's R&D services sector employs more than 80,000 workers.
- This industry contributes over $12 billion annually to Pennsylvania's GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of people employed in the scientific research and development services industry across the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the health and growth of Pennsylvania's high-tech R&D sector, which is an important driver of innovation, competitiveness, and economic development in the state.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers, industry analysts, and economic development organizations closely monitor this trend to assess Pennsylvania's strengths in research, development, and high-skilled sectors.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, with a typical lag of 1-2 months between the reference period and the publication date.
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Citation
U.S. Federal Reserve, All Employees: Scientific Research and Development Services in Pennsylvania (SMU42000006054170001A), retrieved from FRED.