Average Hourly Earnings of Production Employees: Manufacturing: Non-Durable Goods in Colorado
SMU08000003200000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25.83
Year-over-Year Change
63.07%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of production employees in the non-durable goods manufacturing sector in Colorado. It provides insight into wage dynamics and labor costs in a 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 Hourly Earnings of Production Employees: Manufacturing: Non-Durable Goods in Colorado is an important economic indicator that tracks changes in compensation for workers in the state's non-durable manufacturing sector. This data is used by economists, policymakers, and businesses to analyze labor market conditions and cost pressures.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is used to inform decisions around monetary policy, industry investment, and workforce development.
Key Facts
- Colorado's non-durable manufacturing sector accounts for over 20% of the state's total manufacturing employment.
- Wages in this industry have risen by 3.2% annually on average over the past 5 years.
- The non-durable goods sector includes industries like food, beverage, and textile production.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees in the non-durable goods manufacturing sector in the state of Colorado.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into wage dynamics and labor costs in a key industry, which is important for understanding economic conditions, informing policy decisions, and guiding business strategies.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used to inform decisions around monetary policy, industry investment, and workforce development.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-month lag.
Related Trends
Per Capita Personal Consumption Expenditures: Goods: Durable Goods for Colorado
COPCEPCDURG
All Employees: Other Services in Colorado
COSRVON
Real Gross Domestic Product: Private Goods-Producing Industries in Colorado
COPRIGOODPRORGSP
All Employees: Leisure and Hospitality: Food Services and Drinking Places in Colorado
SMU08000007072200001
Gross Domestic Product: Private Services-Providing Industries in Colorado
COPRISERVPRONGSP
Unemployment Level for Colorado
UNEMPLOYCO
Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Manufacturing: Non-Durable Goods in Colorado (SMU08000003200000008A), retrieved from FRED.