Average Weekly Earnings of Production Employees: Manufacturing: Non-Durable Goods in Illinois
SMU17000003200000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
963.24
Year-over-Year Change
25.36%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average weekly earnings of production employees in the non-durable goods manufacturing sector in Illinois. It provides insights into labor costs and productivity in the state's industrial economy.
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 Weekly Earnings of Production Employees: Manufacturing: Non-Durable Goods in Illinois series tracks the average weekly compensation for workers directly involved in production activities in Illinois' non-durable manufacturing industries. This data point is a key indicator of labor market conditions and cost pressures within the state's industrial base.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists analyze this trend to understand inflationary pressures and the competitiveness of Illinois' manufacturing sector.
Key Facts
- Illinois is a major manufacturing state.
- Non-durable goods include food, textiles, and plastics.
- Wages in this sector impact the state's cost of living.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings of production employees in the non-durable goods manufacturing sector in Illinois.
Q: Why is this trend relevant for users or analysts?
A: This data point provides insights into labor costs and productivity in Illinois' industrial economy, which is crucial for understanding inflationary pressures and the competitiveness of the state's manufacturing sector.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to understand labor market conditions and cost pressures within Illinois' manufacturing base, which informs economic and fiscal policies.
Q: Are there update delays or limitations?
A: The data is subject to the typical publication schedule and potential revisions of the U.S. Bureau of Labor Statistics.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of Production Employees: Manufacturing: Non-Durable Goods in Illinois (SMU17000003200000030A), retrieved from FRED.