Average Weekly Hours of All Employees: Leisure and Hospitality in Maryland
Annual
SMU24000007000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24.30
Year-over-Year Change
-9.67%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average annual wage in the United States. This key economic indicator is closely watched by policymakers and analysts to assess the strength of the labor market and overall 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
The Annual trend represents the average annual pay for all employees in the U.S. across all industries. It is a widely used benchmark for understanding compensation levels and trends, which can inform decisions around monetary policy, tax policy, and workforce development.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual trend provides important context for Federal Reserve interest rate decisions and other macroeconomic policies.
Key Facts
- The average annual wage in the U.S. was $63,251 in 2021.
- Wages have increased by 4.8% on average over the past 10 years.
- The Annual trend is a key input for the Federal Reserve's dual mandate of price stability and maximum employment.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average annual wage for all employees in the United States, providing a high-level indicator of compensation levels across the economy.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend is a critical data point for understanding the strength of the labor market and overall economic conditions, and it informs important policy decisions by the Federal Reserve and other government entities.
Q: How is this data collected or calculated?
A: The data for the Annual trend is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual trend provides important context for Federal Reserve interest rate decisions and other macroeconomic policies aimed at promoting price stability and maximum employment.
Q: Are there update delays or limitations?
A: The Annual trend data is published on a regular schedule by the Bureau of Labor Statistics, with a typical delay of several months between the end of the reference period and the data release.
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Citation
U.S. Federal Reserve, Annual (SMU24000007000000002A), retrieved from FRED.