Other Labor Income in Virginia
VAOOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
79,009.90
Year-over-Year Change
22.25%
Date Range
1/1/1948 - 1/1/2025
Summary
The 'Other Labor Income in Virginia' trend measures supplementary forms of compensation for workers in the state, beyond basic wages and salaries. This provides valuable insights into the overall labor market and economic conditions.
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
Other labor income includes employer contributions for employee pension and insurance funds, as well as other labor income like bonuses, tips, and commissions. This data point offers a more comprehensive view of worker compensation trends in Virginia's economy.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and analysts use this metric to assess the strength and composition of Virginia's labor market.
Key Facts
- Other labor income accounts for around 10% of total employee compensation in Virginia.
- The state's other labor income has grown by 25% over the past decade.
- Trends in other labor income can signal changes in workforce flexibility and benefits.
FAQs
Q: What does this economic trend measure?
A: The 'Other Labor Income in Virginia' metric tracks supplementary forms of compensation for workers in the state, beyond just wages and salaries.
Q: Why is this trend relevant for users or analysts?
A: This data provides a more comprehensive view of labor market conditions and worker benefits in Virginia's economy, which is valuable for policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the strength and composition of Virginia's labor market, which informs decisions around employment, taxation, and economic development.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in reflecting the most current economic conditions.
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Citation
U.S. Federal Reserve, Other Labor Income in Virginia (VAOOTH), retrieved from FRED.