Average Hourly Earnings of All Employees: Other Services in Pennsylvania
SMU42000008000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27.26
Year-over-Year Change
38.52%
Date Range
1/1/2007 - 1/1/2024
Summary
This data series tracks the average hourly earnings of all employees in the Other Services sector in Pennsylvania. It provides insight into wage trends and labor market conditions in this part of the service 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: Other Services in Pennsylvania measures the average hourly pay for workers in industries like repair and maintenance, personal and laundry services, and religious and civic organizations. This metric helps economists and policymakers assess the state of the Pennsylvania service 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 Pennsylvania service sector wages are closely watched for their implications on consumer spending, inflation, and broader economic performance.
Key Facts
- Pennsylvania's Other Services sector accounts for over 400,000 jobs.
- Hourly wages in this sector have risen by 15% over the past decade.
- Service industry earnings trends often foreshadow broader labor market changes.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the average hourly earnings of all employees in the Other Services sector in Pennsylvania, which includes industries like repair, personal services, and religious organizations.
Q: Why is this trend relevant for users or analysts?
A: Trends in Pennsylvania service sector wages provide insights into labor market conditions and consumer spending patterns, which are closely watched by 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: Service industry wage trends in Pennsylvania are monitored for their implications on consumer spending, inflation, and the broader state economy, informing decisions by policymakers and market analysts.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Other Services in Pennsylvania (SMU42000008000000003A), retrieved from FRED.