Average Weekly Earnings of All Employees: Professional and Business Services in Virginia
SMU51000006000000011 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,766.70
Year-over-Year Change
4.33%
Date Range
1/1/2007 - 7/1/2025
Summary
The Average Weekly Earnings of All Employees: Professional and Business Services in Virginia metric tracks changes in average weekly earnings for private-sector workers in the professional and business services industry within the state of Virginia.
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 metric is a key economic indicator used to analyze labor market conditions and wage growth trends in the professional and business services sector of Virginia's economy. It provides insight into the purchasing power and employment dynamics of an important industry cluster.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by policymakers, economists, and businesses to assess the strength of Virginia's labor market and broader economic performance.
Key Facts
- Virginia's professional and business services sector employs over 800,000 workers.
- Average weekly earnings in this sector have increased by 15% over the past 5 years.
- The professional and business services industry accounts for nearly 20% of Virginia's GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings of all employees 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 important insights into labor market conditions and wage growth trends in a key sector of Virginia's economy, which is critical information for policymakers, businesses, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, economists, and businesses to assess the strength of Virginia's labor market and broader economic performance, which informs policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, but there may be a 1-2 month lag in the most recent figures being available.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Professional and Business Services in Virginia (SMU51000006000000011), retrieved from FRED.