Average Hourly Earnings of Production Employees: Construction in Colorado
Annual
SMU08000002000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35.09
Year-over-Year Change
59.79%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures the total annual average earnings for all private nonfarm employees in the United States. This key economic indicator provides insight into wage growth and labor market dynamics.
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 represents the average annual earnings for private sector workers, computed by dividing total annual payroll by the number of employees. It is used by economists and policymakers to analyze labor market conditions, inflationary pressures, and the overall health of the U.S. economy.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely watched by the Federal Reserve and other institutions for its implications on monetary and fiscal policy decisions.
Key Facts
- The Annual trend reached a record high of $63,219 in 2021.
- Average annual earnings have grown by over 50% since 2000.
- The COVID-19 pandemic led to a temporary dip in the Annual trend in 2020.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the total annual average earnings for all private nonfarm employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: This key economic indicator provides insight into wage growth and labor market dynamics, which are crucial for understanding inflationary pressures and the overall health of the U.S. economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual trend is closely watched by the Federal Reserve and other institutions for its implications on monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The Annual trend data is published on a regular schedule with minimal delays, providing timely insights into the U.S. labor market.
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Citation
U.S. Federal Reserve, Annual (SMU08000002000000008A), retrieved from FRED.