Average Hourly Earnings of Production Employees: Manufacturing in Arizona
Annual
SMU04000003000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25.91
Year-over-Year Change
42.60%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures the average annual growth rate of output per hour of all persons in the non-farm business sector. This metric is a key indicator of labor productivity and economic efficiency.
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 Annual trend provides a measure of how output per hour, or labor productivity, is changing over time in the non-farm business sector. It is a widely-used statistic that economists and policymakers analyze to understand broader economic conditions and growth potential.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on measures of real output and hours worked.
Historical Context
Trends in labor productivity are closely watched for their implications on economic growth, inflation, and policy decisions.
Key Facts
- Annual productivity growth averaged 1.4% from 2010-2019.
- Productivity growth slowed to 0.7% in 2020 due to the COVID-19 pandemic.
- Sustained productivity gains are a key driver of rising living standards.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average annual growth rate of output per hour of all persons in the non-farm business sector.
Q: Why is this trend relevant for users or analysts?
A: Trends in labor productivity are closely watched as they have important implications for economic growth, inflation, and policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics based on measures of real output and hours worked.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze productivity growth to understand broader economic conditions and growth potential.
Q: Are there update delays or limitations?
A: The data is subject to revisions and may have some delays in reporting, as is common with many economic statistics.
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Citation
U.S. Federal Reserve, Annual (SMU04000003000000008A), retrieved from FRED.