Average Hourly Earnings of All Employees: Education and Health Services in Utah
SMU49000006500000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
29.39
Year-over-Year Change
42.05%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of all employees in the education and health services sector in Utah. It provides insights into labor market conditions and wage growth in this important industry.
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: Education and Health Services in Utah is a key indicator used by economists and policymakers to track changes in compensation levels for workers in this sector. It offers valuable information about the state's labor market dynamics and cost of living.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is widely monitored by government agencies, businesses, and researchers to inform economic and workforce policies.
Key Facts
- Utah's education and health services sector employs over 300,000 workers.
- Average hourly earnings in this sector have risen by 20% over the past decade.
- Wages in this industry are higher than the overall state average in Utah.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the education and health services sector in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into labor market conditions and wage growth in a key industry, which is crucial for understanding the state's economic performance and cost of living.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and researchers closely monitor this trend to inform workforce and economic development strategies, as well as decisions related to budgets, investments, and cost-of-living adjustments.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, with a typical lag of one to two months. There may be occasional revisions to historical data as well.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Education and Health Services in Utah (SMU49000006500000003A), retrieved from FRED.