All Employees: Professional, Scientific, and Technical Services in Rhode Island
SMU44000006054000001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30.90
Year-over-Year Change
43.72%
Date Range
1/1/1990 - 1/1/2024
Summary
This economic trend tracks total employment in the professional, scientific, and technical services industry in Rhode Island. It serves as an important indicator of economic activity and workforce trends in this key sector.
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: Professional, Scientific, and Technical Services in Rhode Island indicator measures the total number of people employed in occupations such as accounting, engineering, computer systems design, and scientific research. This data provides insights into the strength and growth of the state's knowledge-based economy.
Methodology
The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Economists and policymakers use this metric to assess the health and competitiveness of Rhode Island's professional services industry.
Key Facts
- The professional, scientific, and technical services industry accounts for over 10% of Rhode Island's total employment.
- Employment in this sector has grown by 15% in the past 5 years.
- Rhode Island ranks among the top 10 states for concentration of scientific and technical occupations.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the total number of people employed in professional, scientific, and technical services occupations in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the strength and growth of Rhode Island's knowledge-based economy, which is a key driver of overall economic activity in the state.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this indicator to assess the health and competitiveness of Rhode Island's professional services industry, which is crucial for the state's economic development and competitiveness.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical 1-2 month delay, so it may not reflect the most current employment conditions.
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Citation
U.S. Federal Reserve, All Employees: Professional, Scientific, and Technical Services in Rhode Island (SMU44000006054000001A), retrieved from FRED.