Average Hourly Earnings of All Employees: Construction in Illinois
Annual
SMU17000002000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
45.88
Year-over-Year Change
35.42%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average number of weeks that employees in the manufacturing sector were employed per year. This metric provides insight into labor market conditions and production capacity.
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 number of weeks worked per year by employees in the manufacturing industry. It is a key indicator of labor market dynamics and can signal changes in production and economic activity.
Methodology
The data is collected through surveys of establishments and households by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual trend is used by economists, policymakers, and businesses to assess labor market trends and inform economic forecasting and decision-making.
Key Facts
- The Annual trend reached a low of 39.2 weeks in 2009 during the Great Recession.
- In 2021, the Annual trend rose to 40.7 weeks as the economy recovered from the COVID-19 pandemic.
- The long-term average for the Annual trend is around 40.5 weeks per year.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average number of weeks that employees in the manufacturing sector were employed per year.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend provides insight into labor market conditions and production capacity in the manufacturing industry, which is a key driver of the broader economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of establishments and households by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and businesses use the Annual trend to assess labor market dynamics and inform economic forecasting and decision-making.
Q: Are there update delays or limitations?
A: The Annual trend data is released on a monthly basis with a lag, and may be subject to revisions as more information becomes available.
Related Trends
All Employees: Local Government in Illinois
SMU17000009093000001A
All Employees: Retail Trade: Food and Beverage Retailers in Illinois
SMU17000004244500001
All Employees: Manufacturing: Non-Durable Goods: Paper Manufacturing in Illinois
SMU17000003232200001
All Employees: Professional and Business Services: Administrative and Support and Waste Management and Remediation Services in Illinois
SMS17000006056000001
Average Weekly Hours of Production Employees: Wholesale Trade: Merchant Wholesalers, Durable Goods in Illinois
SMU17000004142300007
Average Weekly Earnings of All Employees: Construction in Illinois
SMU17000002000000011A
Citation
U.S. Federal Reserve, Annual (SMU17000002000000003A), retrieved from FRED.