Professional and Technical Services Earnings in Washington
WAEPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
52,565,643.00
Year-over-Year Change
19.45%
Date Range
1/1/1998 - 1/1/2025
Summary
The Professional and Technical Services Earnings in Washington series measures the average weekly earnings for workers in this industry sector in the state of Washington. This data provides valuable insights into the economic conditions and labor market trends within Washington's professional services 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 Professional and Technical Services Earnings series tracks the average weekly earnings for employees in a range of occupations, including legal services, accounting, engineering, and computer systems design. This metric is used by economists and policymakers to analyze compensation levels, labor market dynamics, and the overall health of the professional services sector in Washington.
Methodology
The data is collected through the Quarterly Census of Employment and Wages (QCEW) program by the U.S. Bureau of Labor Statistics.
Historical Context
This economic indicator is relevant for understanding the competitiveness and growth potential of Washington's professional services industry, which is a key driver of the state's economy.
Key Facts
- Washington's professional services sector employs over 400,000 workers.
- Average weekly earnings in this industry are consistently higher than the statewide average.
- The professional services industry accounts for nearly 15% of Washington's total GDP.
FAQs
Q: What does this economic trend measure?
A: The Professional and Technical Services Earnings in Washington series measures the average weekly earnings for workers employed in professional, scientific, and technical services occupations within the state of Washington.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into compensation levels and labor market conditions within a key industry sector that drives economic growth and innovation in Washington. It is useful for analysts and policymakers to understand trends in professional services earnings.
Q: How is this data collected or calculated?
A: The data is collected through the Quarterly Census of Employment and Wages (QCEW) program administered by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to assess the competitiveness and growth potential of Washington's professional services industry, which is crucial for the state's overall economic performance and business environment.
Q: Are there update delays or limitations?
A: The Professional and Technical Services Earnings data is published on a quarterly basis with a lag of approximately two months, so there may be a delay in accessing the most recent figures.
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Citation
U.S. Federal Reserve, Professional and Technical Services Earnings in Washington (WAEPRO), retrieved from FRED.