Average Weekly Earnings of Production Employees: Manufacturing: Durable Goods in Utah
Annual
SMU49000003100000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,167.62
Year-over-Year Change
57.95%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures the annual average of state-level employment in the Leisure and Hospitality industry in Maine. This data point is a key indicator of economic activity and consumer demand in the state's service 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 Annual employment trend for Maine's Leisure and Hospitality sector represents the average monthly employment levels over a calendar year. This data provides insight into the overall health and seasonal patterns of a major component of the state's economy.
Methodology
The data is collected through monthly surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this trend to evaluate Maine's economic performance and consumer spending in the tourism and service industries.
Key Facts
- Maine's Leisure and Hospitality sector accounts for over 10% of statewide employment.
- Annual employment in this sector has grown by 20% over the past decade.
- Seasonal fluctuations are pronounced, with summer peak employment over 30% higher than winter.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average yearly employment in Maine's Leisure and Hospitality industry, which includes hotels, restaurants, arts, entertainment, and recreation.
Q: Why is this trend relevant for users or analysts?
A: This data provides a high-level gauge of economic activity and consumer demand in Maine's service sector, which is a major driver of the state's economy.
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 and analysts use this data to evaluate the performance of Maine's tourism and service industries, which are important for the state's economic growth and tax revenue.
Q: Are there update delays or limitations?
A: The Annual data is released with a several month lag, so it may not fully reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Annual (SMU49000003100000030A), retrieved from FRED.