Average Weekly Earnings of Production Employees: Manufacturing in Arizona
SMU04000003000000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,077.86
Year-over-Year Change
44.33%
Date Range
1/1/2001 - 1/1/2024
Summary
This metric tracks the average weekly earnings of production employees in the manufacturing sector within Arizona. It provides insights into wage trends and labor market conditions in this key industry.
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 Average Weekly Earnings of Production Employees: Manufacturing in Arizona is an economic indicator that measures the average weekly earnings of production workers in the manufacturing industry in the state of Arizona. This data point is used by economists and policymakers to assess wage growth, labor costs, and broader trends in the state's manufacturing sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Labor Statistics through monthly surveys of nonfarm establishments.
Historical Context
This metric informs policy decisions and business strategies related to labor markets, workforce development, and the competitiveness of Arizona's manufacturing industry.
Key Facts
- Manufacturing accounts for over 10% of Arizona's GDP.
- Arizona's manufacturing sector employs over 175,000 workers.
- The state's manufacturing wages have increased by 3% annually on average over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average weekly earnings of production workers in the manufacturing industry within the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This data point provides insights into wage growth, labor costs, and the overall health of Arizona's manufacturing sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Labor Statistics through monthly surveys of nonfarm establishments.
Q: How is this trend used in economic policy?
A: This metric informs policy decisions and business strategies related to labor markets, workforce development, and the competitiveness of Arizona's manufacturing industry.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, with a typical 1-2 month delay from the reference period.
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Citation
U.S. Bureau of Labor Statistics, Average Weekly Earnings of Production Employees: Manufacturing in Arizona (SMU04000003000000030A), retrieved from FRED.