Average Hourly Earnings of All Employees: Other Services in Virginia
SMU51000008000000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
33.91
Year-over-Year Change
14.10%
Date Range
1/1/2007 - 7/1/2025
Summary
The 'Average Hourly Earnings of All Employees: Other Services in Virginia' trend measures the average hourly wages for workers in the other services sector in Virginia. This metric provides insight into labor costs and economic conditions in this industry within the state.
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 economic indicator tracks the average hourly earnings for all employees in the 'other services' industry in Virginia. This includes a diverse range of service-providing businesses outside of the traditional goods-producing and service-providing sectors, offering valuable insight into a key part of the state's economy.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to assess labor market trends and cost pressures in Virginia's service sector.
Key Facts
- Virginia's 'other services' sector employs over 300,000 workers.
- Average hourly earnings in this sector have increased by 25% over the past decade.
- The 'other services' industry accounts for nearly 10% of Virginia's total employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings for all employees working in the 'other services' industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into labor costs and economic conditions within an important service-providing sector of Virginia's economy.
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: Policymakers and analysts use this indicator to assess labor market trends and cost pressures in Virginia's service sector, which can inform economic and workforce development decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical one-month lag, and may be subject to minor revisions over time.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Other Services in Virginia (SMU51000008000000003), retrieved from FRED.