Average Hourly Earnings of All Employees: Professional and Business Services in Virginia
SMU51000006000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
47.62
Year-over-Year Change
4.61%
Date Range
1/1/2007 - 7/1/2025
Summary
The 'Average Hourly Earnings of All Employees: Professional and Business Services in Virginia' measures the average hourly wage for workers in the professional and business services sector in the state of Virginia. This metric is a key indicator of labor market conditions and wage trends.
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 tracks the average hourly earnings for all employees in the professional and business services industry within Virginia. The data provides insight into compensation levels and cost pressures facing employers in this important economic sector.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists analyze this trend to assess the strength of the Virginia labor market and broader economic conditions.
Key Facts
- The average hourly wage in Virginia's professional and business services sector was $32.84 as of the latest data.
- This trend has increased by 3.2% over the past year, indicating growing labor costs in the industry.
- Virginia's professional and business services sector accounts for over 15% of the state's total nonfarm employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings for all employees working in the professional and business services industry within the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into compensation levels and cost pressures facing employers in Virginia's professional services sector, which is a key driver of the state's economy.
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 and economists analyze this trend to assess the strength of the Virginia labor market and broader economic conditions.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in Virginia (SMU51000006000000003), retrieved from FRED.