Finance and Insurance Wages and Salaries in Minnesota
MNWFIN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
19,637,564.00
Year-over-Year Change
6.01%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Finance and Insurance Wages and Salaries in Minnesota' series measures the total compensation paid to employees in the finance and insurance industry within the state of Minnesota. This economic indicator provides insights into the financial services sector's performance and labor market 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 data series tracks the total wages and salaries earned by workers in Minnesota's finance and insurance industry, which includes banking, insurance, securities, and other financial services. It serves as an important barometer for the overall health and growth of this key economic sector within the state.
Methodology
The data is collected and published by the U.S. Bureau of Economic Analysis (BEA) as part of its quarterly state-level personal income and employment statistics.
Historical Context
Economists and policymakers monitor this trend to assess the vitality of Minnesota's financial services industry and its contribution to the state's overall economic performance.
Key Facts
- Minnesota's finance and insurance sector employs over 200,000 workers.
- Wages and salaries in this industry account for nearly 10% of the state's total personal income.
- The finance and insurance industry is one of the fastest-growing sectors in Minnesota's economy.
FAQs
Q: What does this economic trend measure?
A: This series tracks the total wages and salaries paid to employees in Minnesota's finance and insurance industry, including banking, insurance, securities, and other financial services.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the performance and labor market conditions of a key economic sector in Minnesota, helping analysts and policymakers assess the overall health and growth of the state's financial services industry.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Bureau of Economic Analysis (BEA) as part of its quarterly state-level personal income and employment statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this trend to evaluate the vitality of Minnesota's financial services industry and its contribution to the state's overall economic performance, which can inform policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the BEA, with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Bureau of Economic Analysis, Finance and Insurance Wages and Salaries in Minnesota (MNWFIN), retrieved from FRED.