Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Massachusetts
Annual, Not Seasonally Adjusted
MAAGRNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
916.10
Year-over-Year Change
-14.26%
Date Range
1/1/1997 - 1/1/2024
Summary
The Annual, Not Seasonally Adjusted (MAAGRNGSP) series measures the average hourly earnings of production and nonsupervisory employees in the total private goods-producing sector. This metric provides insight into broader wage and labor market trends.
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 Annual, Not Seasonally Adjusted (MAAGRNGSP) series tracks the average hourly earnings for private sector production and nonsupervisory workers across all goods-producing industries. This indicator is used by economists and policymakers to analyze labor market conditions and inflationary pressures.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in average hourly earnings are closely monitored by the Federal Reserve and other economic institutions to inform monetary policy decisions.
Key Facts
- The annual average hourly earnings in the private goods-producing sector were $27.91 in 2021.
- Wages have increased by 4.9% over the past year.
- The goods-producing sector includes manufacturing, construction, and mining industries.
FAQs
Q: What does this economic trend measure?
A: The Annual, Not Seasonally Adjusted (MAAGRNGSP) series tracks the average hourly earnings of production and nonsupervisory employees in the private goods-producing sector.
Q: Why is this trend relevant for users or analysts?
A: Trends in average hourly earnings provide insight into broader labor market conditions and inflationary pressures, which are closely monitored by economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Federal Reserve and other economic institutions use this metric to inform monetary policy decisions and assess the overall health of the labor market.
Q: Are there update delays or limitations?
A: The Annual, Not Seasonally Adjusted (MAAGRNGSP) series is published monthly with a one-month lag.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (MAAGRNGSP), retrieved from FRED.