Average Hourly Earnings of All Employees: Professional and Business Services in West Virginia
SMU54000006000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
29.79
Year-over-Year Change
35.97%
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 West Virginia. It provides insight into wage growth and labor costs 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 West Virginia is a monthly economic indicator that tracks changes in the typical hourly wage paid to workers in this sector across the state. It is a valuable metric for analyzing employment and income trends.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by economists, policymakers, and businesses to gauge the health of the West Virginia labor market and broader economic conditions.
Key Facts
- West Virginia's professional and business services sector accounts for over 10% of total state employment.
- Hourly wages in this sector have risen by an average of 3% annually over the past decade.
- The state's professional and business services industry is a key driver of economic growth and productivity.
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 West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into wage growth and labor costs within a crucial industry, helping to assess the state's economic performance and employment conditions.
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 closely monitor this trend to gauge the health of the West Virginia labor market and make informed decisions about economic policies and initiatives.
Q: Are there update delays or limitations?
A: The data is published monthly, with a typical release 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 West Virginia (SMU54000006000000003A), retrieved from FRED.