Hourly Earnings: Manufacturing for the European Union
LCEAMN01EUQ661N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
120.10
Year-over-Year Change
8.56%
Date Range
1/1/1996 - 10/1/2020
Summary
The Hourly Earnings: Manufacturing for the European Union tracks the average hourly wage paid to manufacturing workers across the EU. This metric provides valuable insight into labor costs and economic conditions.
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 measures the average hourly wage for manufacturing employees in the European Union. It is an important indicator of labor market conditions and can inform decisions on industrial policy, trade, and macroeconomic management.
Methodology
The data is collected through national labor force surveys and aggregated by Eurostat, the EU's statistical agency.
Historical Context
Policymakers and economists closely monitor this trend to assess the competitiveness of the EU manufacturing sector and its impact on the broader economy.
Key Facts
- The EU manufacturing hourly wage averaged €22.50 in 2020.
- Hourly wages are highest in Western Europe and lowest in Eastern Europe.
- Wage growth in the EU manufacturing sector has averaged 2-3% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Hourly Earnings: Manufacturing for the European Union measures the average hourly wage paid to manufacturing workers across the EU member states.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into labor costs and economic conditions in the EU manufacturing sector, which is a key driver of the broader European economy.
Q: How is this data collected or calculated?
A: The data is collected through national labor force surveys and aggregated by Eurostat, the statistical agency of the European Union.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to assess the competitiveness of the EU manufacturing sector and inform decisions on industrial policy, trade, and macroeconomic management.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Hourly Earnings: Manufacturing for the European Union (LCEAMN01EUQ661N), retrieved from FRED.