Total Wages and Salaries in North Dakota
NDWTOT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30,678,412.00
Year-over-Year Change
19.50%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Total Wages and Salaries in North Dakota' economic trend measures the total amount of wages and salaries paid to workers in the state of North Dakota. This metric is a key indicator of economic activity and income growth.
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 represents the total value of wages, salaries, commissions, tips, and bonuses paid to employees in North Dakota. It is used by economists and policymakers to analyze trends in personal income, labor market conditions, and overall economic performance in the state.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses and other employers.
Historical Context
Policymakers and market analysts closely monitor this trend to assess the strength of North Dakota's economy and guide decisions on fiscal, monetary, and labor market policies.
Key Facts
- North Dakota has experienced strong wage growth in recent years.
- Total wages and salaries in the state reached a record high in 2021.
- The energy and agriculture sectors are major drivers of wage trends in North Dakota.
FAQs
Q: What does this economic trend measure?
A: The 'Total Wages and Salaries in North Dakota' metric tracks the total amount of wages, salaries, commissions, tips, and bonuses paid to employees across all industries in the state.
Q: Why is this trend relevant for users or analysts?
A: This data is a key indicator of economic activity, labor market conditions, and personal income growth in North Dakota. It is closely monitored by policymakers, economists, and market analysts to assess the strength of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses and other employers in North Dakota.
Q: How is this trend used in economic policy?
A: Policymakers use this metric to evaluate the health of North Dakota's labor market and guide decisions on fiscal, monetary, and labor market policies to support economic growth and prosperity in the state.
Q: Are there update delays or limitations?
A: The data is typically released 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, Total Wages and Salaries in North Dakota (NDWTOT), retrieved from FRED.