Average Hourly Earnings of All Employees: Professional and Business Services in Virginia
SMU51000006000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
45.91
Year-over-Year Change
29.51%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of all employees in the professional and business services sector in Virginia. It provides insights into wage dynamics and labor market conditions in this key 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: Professional and Business Services in Virginia is a key economic indicator that tracks the average hourly compensation for workers in the professional and business services sector within the state. This metric helps analysts and policymakers understand broader employment and income trends.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched by economists, businesses, and policymakers to gauge the strength of the labor market and inform economic and workforce development decisions.
Key Facts
- Virginia's professional and business services sector employs over 900,000 people.
- Average hourly earnings in this sector have increased by 15% over the past 5 years.
- Professional and business services account for nearly 20% of Virginia's total employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the professional and business services sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into wage dynamics and labor market conditions in a key industry, which is useful for economists, businesses, and policymakers.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is closely watched to gauge the strength of the labor market and inform economic and workforce development decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of 1-2 months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Professional and Business Services in Virginia (SMU51000006000000003A), retrieved from FRED.