Total Wages and Salaries in Illinois
ILWTOT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
509,766,056.00
Year-over-Year Change
12.66%
Date Range
1/1/1998 - 1/1/2025
Summary
Total Wages and Salaries in Illinois measures the total labor income earned by workers in the state. It is a key indicator of economic activity and consumer spending power.
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
This series represents the total wages, salaries, commissions, tips, and bonuses paid to employees who work in Illinois. It is a comprehensive measure of labor income and an important economic indicator for policymakers and analysts.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Economic Analysis.
Historical Context
Trends in total wages and salaries provide insight into the strength of the Illinois labor market and consumer demand.
Key Facts
- Illinois is the 5th largest state economy in the U.S.
- Total wages and salaries in Illinois reached a record high in 2021.
- Wage growth has outpaced inflation in Illinois in recent years.
FAQs
Q: What does this economic trend measure?
A: The Total Wages and Salaries in Illinois series measures the total labor income earned by workers in the state, including wages, salaries, commissions, tips, and bonuses.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of the strength of the Illinois labor market and consumer spending power, which are key drivers of the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers conducted by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Trends in total wages and salaries provide valuable insights for policymakers and economists assessing the health of the Illinois economy and making decisions about fiscal and monetary policy.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the Federal Reserve, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Total Wages and Salaries in Illinois (ILWTOT), retrieved from FRED.