All Employees: Private Service Providing in Utah
SMU49000000800000001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,167.20
Year-over-Year Change
40.95%
Date Range
1/1/1990 - 1/1/2024
Summary
The 'All Employees: Private Service Providing in Utah' metric tracks the number of people employed in the private service sector within the state of Utah. This data point is closely watched by economists and policymakers to gauge the health and trends of Utah'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
This series measures total nonfarm private service-providing employment in Utah, which includes industries like trade, transportation, utilities, information, financial activities, professional and business services, education, health, leisure, and hospitality. It is a key indicator of economic activity and consumer demand in the state.
Methodology
The data is collected through surveys of Utah businesses by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to understand labor market dynamics and inform economic and workforce development strategies for Utah.
Key Facts
- Utah has seen steady private service-sector job growth over the past decade.
- The leisure and hospitality industry is a major component of Utah's private service economy.
- Tracking Utah's private service employment provides insight into consumer demand and confidence.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total number of people employed in the private service-providing sector within the state of Utah. It covers a wide range of industries from trade to healthcare.
Q: Why is this trend relevant for users or analysts?
A: Private service-sector employment is a key indicator of economic health and consumer demand in Utah. Monitoring this data helps policymakers and analysts understand labor market dynamics and consumer confidence in the state.
Q: How is this data collected or calculated?
A: The data is collected through surveys of Utah businesses conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economic development agencies use this metric to gauge the strength of Utah's economy and inform workforce and business strategies.
Q: Are there update delays or limitations?
A: This data is published monthly with a typical 1-2 month lag, so it provides timely but not real-time insight into Utah's private service employment.
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Citation
U.S. Federal Reserve, All Employees: Private Service Providing in Utah (SMU49000000800000001A), retrieved from FRED.