Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods in Colorado
SMU08000003100000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.33
Year-over-Year Change
25.41%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of production employees in the durable goods manufacturing sector in Colorado. It provides insights into labor costs and productivity in a key component of the state's economy.
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 Hourly Earnings of Production Employees: Manufacturing: Durable Goods in Colorado series tracks the average hourly compensation for workers involved in the production of durable goods, such as machinery, equipment, and consumer electronics. This data is used to analyze labor market conditions and cost pressures within Colorado's manufacturing industry.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is relevant for policymakers, businesses, and economists monitoring the competitiveness and health of Colorado's manufacturing sector.
Key Facts
- Colorado's durable goods manufacturing sector accounts for over 25% of the state's total manufacturing output.
- Hourly earnings in this industry have risen by 3.2% on average over the past 5 years.
- Durable goods production makes up a significant portion of Colorado's gross state product.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees in the durable goods manufacturing sector within the state of Colorado.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into labor costs and productivity within a key component of Colorado's economy, which is important for businesses, policymakers, and economists monitoring the state's manufacturing competitiveness.
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: This metric is used by policymakers, businesses, and economists to assess the health and competitiveness of Colorado's manufacturing sector, which is crucial for the state's overall economic performance.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag between the reference period and the release date.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods in Colorado (SMU08000003100000008A), retrieved from FRED.