Hourly Compensation for Retail Trade: Automotive Parts, Accessories, and Tire Stores (NAICS 4413) in the United States
IPUHN4413U121000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.40
Year-over-Year Change
-2500.00%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures hourly compensation for workers in the retail trade sector, specifically automotive parts, accessories, and tire stores. It provides insight into labor costs and productivity in this critical part of the U.S. economy.
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 Retail Trade: Automotive Parts, Accessories, and Tire Stores (NAICS 4413) trend tracks changes in hourly wages, benefits, and other labor costs for employees in this retail subsector. Economists and policymakers use this data to assess labor market conditions and forecast consumer demand.
Methodology
The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is used to inform monetary and fiscal policy decisions that impact consumer spending and business investment.
Key Facts
- The automotive parts and accessories sector employs over 1 million U.S. workers.
- Hourly compensation in this sector has risen by 25% over the past decade.
- Labor costs account for approximately 70% of total operating expenses for auto parts retailers.
FAQs
Q: What does this economic trend measure?
A: This trend measures hourly compensation, including wages and benefits, for workers employed in automotive parts, accessories, and tire stores in the U.S. retail trade sector.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into labor market conditions and cost pressures for a key segment of the retail industry, which is a significant driver of consumer spending and economic growth.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of businesses conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to assess labor market dynamics and inform decisions on monetary policy, fiscal policy, and other measures that impact consumer spending and business investment.
Q: Are there update delays or limitations?
A: The data is released monthly with a lag of approximately one month, and may be subject to revisions as additional information becomes available.
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Citation
U.S. Federal Reserve, Hourly Compensation for Retail Trade: Automotive Parts, Accessories, and Tire Stores (NAICS 4413) in the United States (IPUHN4413U121000000), retrieved from FRED.