Average Hourly Earnings of All Employees: Manufacturing in Illinois
SMU17000003000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31.90
Year-over-Year Change
32.31%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Hourly Earnings of All Employees: Manufacturing in Illinois trend measures the average hourly wages for manufacturing workers in the state of Illinois. This data is a key indicator of economic conditions and worker compensation in a crucial sector.
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
This monthly series tracks the average hourly earnings of all employees in the manufacturing industry in Illinois. It provides insights into labor costs, wage growth, and competitiveness within the state's manufacturing sector, which is a significant contributor to the overall state economy.
Methodology
The data is collected through surveys of business establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists use this trend to assess the economic health of Illinois and make informed decisions regarding labor policies and economic development initiatives.
Key Facts
- Illinois is the fifth-largest manufacturing state in the U.S.
- Manufacturing accounts for over 12% of Illinois's GDP.
- The manufacturing sector employs over 550,000 workers in Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wages paid to all employees in the manufacturing industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into labor costs, wage growth, and the competitiveness of Illinois's manufacturing sector, which is a crucial component of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of business establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the economic health of Illinois and make informed decisions regarding labor policies and economic development initiatives.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, with a typical delay of a few weeks from the end of the reference period.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Manufacturing in Illinois (SMU17000003000000003A), retrieved from FRED.