Labor Compensation: Earnings: Manufacturing and Mining: Hourly for Sweden
LCEAMM01SEQ189N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
208.83
Year-over-Year Change
10.63%
Date Range
1/1/1968 - 7/1/2023
Summary
This economic trend measures hourly labor compensation, including wages and benefits, for manufacturing and mining workers in Sweden. It provides insight into labor market conditions and productivity.
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: Earnings: Manufacturing and Mining: Hourly for Sweden trend tracks the average hourly compensation, including wages and benefits, for workers in the manufacturing and mining sectors. This data is useful for analyzing labor market dynamics, productivity, and cost pressures in the Swedish economy.
Methodology
The data is collected through surveys of businesses and compiled by government statistical agencies.
Historical Context
Policymakers and economists use this trend to assess the strength of the labor market and inflationary pressures.
Key Facts
- Manufacturing and mining account for about 25% of Sweden's GDP.
- Hourly labor compensation in these sectors has grown by over 30% in the past decade.
- Productivity in Swedish manufacturing has outpaced the OECD average in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly labor compensation, including wages and benefits, for workers in the manufacturing and mining sectors of the Swedish economy.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into labor market conditions, productivity, and cost pressures in key Swedish industries, which is important for policymakers and economists assessing the overall health of the economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and compiled by government statistical agencies.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess labor market dynamics and inflationary pressures, which informs monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: There may be several months' delay in the availability of the latest data, and the survey-based methodology can be subject to sampling and reporting errors.
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Citation
U.S. Federal Reserve, Labor Compensation: Earnings: Manufacturing and Mining: Hourly for Sweden (LCEAMM01SEQ189N), retrieved from FRED.