Hourly Compensation for Manufacturing: Seafood Product Preparation and Packaging (NAICS 3117) in the United States
IPUEN3117U121000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-11.20
Year-over-Year Change
-224.44%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures hourly compensation for manufacturing workers in the seafood product preparation and packaging industry (NAICS 3117) in the United States. It provides insights into labor costs and productivity within this key food processing sector.
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 Hourly Compensation for Manufacturing: Seafood Product Preparation and Packaging (NAICS 3117) in the United States metric tracks the average hourly wages, benefits, and other labor costs for production employees in this industry. It is a valuable indicator of industry competitiveness and labor market dynamics.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by economists, policymakers, and industry analysts to assess the health and competitiveness of the U.S. seafood processing sector.
Key Facts
- The seafood processing industry employs over 60,000 workers in the U.S.
- Hourly compensation in this sector has risen by 25% over the past decade.
- Labor costs account for over 50% of total operating expenses for seafood manufacturers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wages, benefits, and other labor costs for production employees in the seafood product preparation and packaging industry (NAICS 3117) in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the labor market dynamics and competitiveness of the U.S. seafood processing sector, which is a key part of the broader food manufacturing industry.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by economists, policymakers, and industry analysts to assess the health and competitiveness of the U.S. seafood processing sector, which has important implications for trade, labor, and food security policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of approximately two months, and may be subject to revisions as additional information becomes available.
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Citation
U.S. Federal Reserve, Hourly Compensation for Manufacturing: Seafood Product Preparation and Packaging (NAICS 3117) in the United States (IPUEN3117U121000000), retrieved from FRED.