Average Weekly Hours of All Employees: Total Private in Illinois
Annual
SMU17000000500000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
33.40
Year-over-Year Change
-4.02%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the annual rate of change in average hourly earnings for all employees in the United States. This key economic indicator provides insight into wage growth and inflationary pressures.
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 tracks the yearly percentage change in average hourly earnings, an important metric for analyzing the strength of the labor market and broader economic conditions. Economists and policymakers monitor this data to assess trends in worker compensation and the potential for rising inflation.
Methodology
The data is collected through a monthly survey of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is widely used by the Federal Reserve, market analysts, and economic researchers to inform monetary policy decisions and investment strategies.
Key Facts
- The annual rate of change in average hourly earnings reached a high of 5.6% in March 2022.
- Wage growth has outpaced inflation in recent months, providing support for consumer spending.
- The Federal Reserve closely monitors the Annual trend as a signal of labor market tightness and potential inflationary pressures.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the year-over-year percentage change in average hourly earnings for all employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend is a key indicator of labor market conditions and inflationary pressures, making it essential for economists, policymakers, and investors to monitor.
Q: How is this data collected or calculated?
A: The data is collected through a monthly survey of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Federal Reserve and other policymakers use the Annual trend to inform monetary policy decisions and assess the overall health of the economy.
Q: Are there update delays or limitations?
A: The Annual trend data is published monthly with a lag of approximately one month.
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Citation
U.S. Federal Reserve, Annual (SMU17000000500000002A), retrieved from FRED.