Average Hourly Earnings of Production Employees: Accommodation and Food Services in West Virginia
SMU54000007072000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
13.53
Year-over-Year Change
52.71%
Date Range
1/1/2003 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of production employees in the accommodation and food services sector in West Virginia. It provides insight into labor costs and market conditions in this important part of the state's economy.
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 Production Employees: Accommodation and Food Services in West Virginia series tracks the mean hourly wage for workers in this industry and geographic area. It is a key indicator of labor market dynamics and cost pressures faced by businesses in the hospitality sector.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this trend to assess economic conditions and cost-of-living changes in West Virginia.
Key Facts
- Earnings in this sector averaged $15.72 per hour as of the latest data.
- Wages have risen by 3.2% over the past year in this industry.
- The accommodation and food services sector employs over 78,000 workers in West Virginia.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees in the accommodation and food services sector in West Virginia.
Q: Why is this trend relevant for users or analysts?
A: It provides insights into labor costs and market conditions in this important part of West Virginia's economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess economic conditions and cost-of-living changes in West Virginia.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Accommodation and Food Services in West Virginia (SMU54000007072000008A), retrieved from FRED.