Other Labor Income in Minnesota
MNOOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
49,326.70
Year-over-Year Change
15.67%
Date Range
1/1/1948 - 1/1/2025
Summary
Other Labor Income in Minnesota measures income from sources other than wages and salaries, providing insights into the economic diversity of 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
This economic indicator tracks income derived from sources such as bonuses, tips, commissions, and other supplemental payments to workers in Minnesota. It offers a broader perspective on the state's labor market beyond just traditional employment earnings.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Historical Context
Economists and policymakers use this metric to evaluate the overall health and resiliency of Minnesota's economy.
Key Facts
- Minnesota's other labor income totaled $29.3 billion in 2020.
- Other labor income accounts for approximately 10% of total personal income in Minnesota.
- The state's other labor income has grown by an average of 4.2% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: Other Labor Income in Minnesota measures income sources beyond traditional wages and salaries, including bonuses, tips, commissions, and other supplemental payments to workers in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides a more comprehensive view of the economic diversity and resiliency of Minnesota's labor market, beyond just employment earnings.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and households by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this indicator to evaluate the overall health and performance of Minnesota's economy, which can inform economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis by the U.S. Bureau of Economic Analysis, with a typical 2-3 month lag.
Related Trends
Average Weekly Earnings of All Employees: Private Service Providing in Minnesota
SMU27000000800000011
Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Minnesota
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All Employees: Educational Services: Elementary and Secondary Schools in Minnesota
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All Employees: Educational Services in Minnesota
SMU27000006561000001A
Real Gross Domestic Product: Broadcasting (Except Internet) and Telecommunications (515, 517) in Minnesota
MNBRDTELERGSP
Gross Domestic Product: Textile Mills and Textile Product Mills (313-314) in Minnesota
MNTEXTNGSP
Citation
U.S. Federal Reserve, Other Labor Income in Minnesota (MNOOTH), retrieved from FRED.