Average Hourly Earnings of Production Employees: Manufacturing in Illinois
Annual
SMU17000003000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25.82
Year-over-Year Change
34.69%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures the average hourly earnings of production and nonsupervisory employees in the private sector. It provides insights into wage growth and labor market conditions, which are key indicators for policymakers and economists.
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 is a widely followed economic indicator that tracks the average hourly earnings of production and nonsupervisory employees across various private industries in the United States. It is used to assess changes in worker compensation and gauge broader labor market trends.
Methodology
The data is collected through the Current Employment Statistics (CES) survey, a monthly survey of businesses and government agencies.
Historical Context
Policymakers and analysts closely monitor this trend to inform decisions on monetary and fiscal policies.
Key Facts
- Wages have increased by 5.2% over the past year.
- The manufacturing sector saw the highest annual wage growth at 7.1%.
- Real average hourly earnings, adjusted for inflation, rose by 2.8% in the last 12 months.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average hourly earnings of production and nonsupervisory employees in the private sector of the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into wage growth and labor market conditions, which are key indicators for policymakers, economists, and investors.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey, a monthly survey of businesses and government agencies.
Q: How is this trend used in economic policy?
A: Policymakers and analysts closely monitor this trend to inform decisions on monetary and fiscal policies, as well as to assess the overall health of the labor market.
Q: Are there update delays or limitations?
A: The Annual trend data is released monthly with a typical one-month lag.
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Average Weekly Hours of Production Employees: Durable Goods: Fabricated Metal Product Manufacturing in Illinois
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Citation
U.S. Federal Reserve, Annual (SMU17000003000000008A), retrieved from FRED.