Mining Wages and Salaries in Rhode Island
RIWMIN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
13,348.00
Year-over-Year Change
37.78%
Date Range
1/1/1998 - 10/1/2022
Summary
The Mining Wages and Salaries in Rhode Island trend measures the average hourly earnings of workers in the mining and logging industry within the state. This metric provides insight into compensation levels and labor market dynamics in a key economic sector.
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 Mining Wages and Salaries in Rhode Island series tracks the average hourly earnings of employees in the mining, quarrying, and oil and gas extraction industries across the state. This indicator is used by economists and policymakers to assess wage growth, labor market tightness, and industry-specific inflationary pressures.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in mining wages are closely monitored by the Federal Reserve and other institutions to help inform monetary and fiscal policy decisions.
Key Facts
- Mining is a significant industry in Rhode Island's economy.
- Wages in the mining sector tend to be higher than the state average.
- Mining employment levels are sensitive to global commodity price fluctuations.
FAQs
Q: What does this economic trend measure?
A: The Mining Wages and Salaries in Rhode Island trend measures the average hourly earnings of workers employed in the mining, quarrying, and oil and gas extraction industries within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into compensation levels and labor market dynamics in a key economic sector, which is useful for economists, policymakers, and industry analysts in assessing wage growth, inflationary pressures, and the overall health of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in mining wages are closely monitored by the Federal Reserve and other institutions to help inform monetary and fiscal policy decisions, as they can signal changes in labor market conditions and inflationary pressures.
Q: Are there update delays or limitations?
A: The Mining Wages and Salaries in Rhode Island data is published on a monthly basis with a typical 1-2 month lag, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Mining Wages and Salaries in Rhode Island (RIWMIN), retrieved from FRED.