Washington, DC area Economic Summary

Washington, DC area Economic Summary

Updated February 07, 2024

This summary presents a sampling of economic information for the area; supplemental data are provided for regions and the nation. Subjects include unemployment, employment, wages, prices, spending, and benefits. All data are not seasonally adjusted and some may be subject to revision. Area definitions may differ by subject. For more area summaries and geographic definitions, see regions/economic-summaries.htm.

Unemployment rates for the nation and selected areas

Unemployment rates

Average weekly wages for all industries by county

Washington area, second quarter 2023 (U.S. = $1,332; Area = $1,763)

United States

3.3

3.5

Washington area

2.5

2.5

District of Columbia

4.1 4.8

Fairfax Co., VA

2.2

2.3

Prince George's Co., MD

2.7 2.1

Prince William

2.4

Co., VA

2.6

0.0

2.0

4.0

6.0

Dec-22 Dec-23 Source: U.S. BLS, Local Area Unemployment Statistics.

Source: U.S. BLS, Quarterly Census of Employment and Wages.

Over-the-year changes in employment on nonfarm payrolls and employment by major industry sector

12-month percent changes in employment

12.0

10.0

8.0

6.0

4.0

2.0

0.0

-2.0

-4.0

-6.0

-8.0 Dec-20

Dec-21

Dec-22

Dec-23

Washington area

United States

Source: U.S. BLS, Current Employment Statistics.

Washington area employment (number in thousands)

Change from Dec. Dec. 2023 2022 to Dec. 2023

Number Percent

Total nonfarm

3,394.0

38.1

1.1

Mining, logging, and construction

165.9

0.2

0.1

Ma nufa cturi ng

56.9

-1.6

-2.7

Trade, transportation, and utilities

416.5

1.0

0.2

I nforma ti on

81.0

0.7

0.9

Financial activities

151.8

-3.0

-1.9

Professional and business services

803.0

-3.1

-0.4

Education and health services

466.9

16.4

3.6

Leisure and hospitality

316.7

12.3

4.0

Other services

200.0

6.0

3.1

Government

735.3

9.2

1.3

Source: U.S. BLS, Current Employment Statistics.

Over-the-year change in the prices paid by urban consumers for selected categories

12-month percent change in CPI-U, November 2023

4.0

2.8 3.1

2.8 2.9

2.0

0.0

-2.0

-4.0

-6.0

-5.4

-8.0 All items

Food

-7.3 Gasoline (all types)

Washington area

U.S. city average

Source: U.S. BLS, Consumer Price Index.

Over-the-year changes in the selling prices received by producers for selected industries nationwide

12-month percent changes in PPI

35.0 30.0 25.0 20.0 15.0 10.0

5.0 0.0 -5.0 -10.0 -15.0

Dec-20

Dec-21

General freight trucking

Dec-22 Hospitals

Dec-23

Telecommunications Source: U.S. BLS, Producer Price Index.

Average annual spending and percent distribution for selected categories

Average annual expenditures, United States and

Washington, DC, 2021-22

100% 80% 60% 40%

$17,218

$13,179 $7,001 $11,326 $12,162

$12,168 $8,308 $5,651 $8,818 $11,645

20%

$33,285

$23,462

0% Washington, DC

United States

All other items

Personal insurance & pensions

Healthcare

Food Transportation Housing Source: U.S. BLS, Consumer Expenditure Survey.

Average hourly wages for selected occupations

Occupation All occupations

Washington United

area

States

$40.34 $29.76

Lawyers

101.85 78.74

Economists

70.46 61.63

Political scientists

66.01 60.64

Statisticians

57.59 50.73

Public relations specialists

54.87 37.76

Social science research assistants

31.04 27.77

Source: U.S. BLS, Occupational Employment and Wage Statistics, May 2022.

Employer costs per hour worked for wages and selected employee benefits by geographic division

Private industry, September 2023

South Atlantic

United States

Total compensation

$37.94 $41.53

Wages and salaries

27.46

29.34

Total benefits

10.48

12.19

Paid leave

2.83

3.09

Vacation

1.47

1.59

Supplemental pay

1.22

1.55

Insurance

2.50

3.04

Retirement and savings

1.12

1.41

Legally required benefits

2.82

3.11

(1) The states that compose the South Atlantic census division are: DE, DC, FL, GA, MD, NC, SC, VA, and WV. Source: U.S. BLS, Employer Costs for Employee Compensation.

Over-the-year changes in wages and salaries

12-month percent changes in ECI

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Dec-20

Dec-21 Washington area

Source: U.S. BLS, Employment Cost Index.

Dec-22

Dec-23

United States

Mid-Atlantic Information Office ? BLSinfoPhiladelphia@ ? ? 215-597-3282

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download