Labor Compensation for Private Nonfarm in Idaho
IPUZNU110160000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
172.23
Year-over-Year Change
130.10%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures labor compensation per employee in the private nonfarm sector in Idaho. It provides insights into productivity, wage growth, and economic conditions in the state.
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 labor compensation per private nonfarm employee metric tracks the average inflation-adjusted wages and benefits paid to workers in Idaho's private sector, excluding farms. It is an important indicator of economic activity, worker productivity, and living standards.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a range of establishment and household surveys.
Historical Context
This trend is widely used by economists, policymakers, and market analysts to assess Idaho's economic performance and make informed decisions.
Key Facts
- Idaho's private nonfarm labor compensation per employee was $66,800 in 2021.
- This metric has increased by 12% over the past 5 years in Idaho.
- The national average private nonfarm labor compensation is $71,000 per employee.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average inflation-adjusted labor compensation, including wages and benefits, for private nonfarm employees in the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into productivity, wage growth, and overall economic conditions in Idaho's private sector, which is crucial for policymakers, businesses, and individuals making informed decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a range of establishment and household surveys.
Q: How is this trend used in economic policy?
A: This trend is widely used by economists, policymakers, and market analysts to assess Idaho's economic performance and inform decisions related to economic development, workforce planning, and fiscal policy.
Q: Are there update delays or limitations?
A: The data is typically published with a delay of a few months, and may be subject to revisions as more information becomes available.
Related Trends
Average Weekly Earnings of All Employees: Construction in Idaho
SMU16000002000000011
Monthly State Retail Sales: Furniture and Home Furnishings Stores in Idaho
MSRSID442
All Employees: Wholesale Trade in Idaho
SMU16000004100000001
All Employees: Retail Trade: Warehouse Clubs, Supercenters, and Other General Merchandise Retailers in Idaho
SMU16000004245520001
Coefficient for Transportation Carbon Dioxide Emissions, Distillate Fuel for Idaho
EMISSCO2CDFACBIDA
Monthly State Retail Sales: Motor Vehicle and Parts Dealers in Idaho
MSRSID441
Citation
U.S. Federal Reserve, Labor Compensation for Private Nonfarm in Idaho (IPUZNU110160000), retrieved from FRED.