Average Hourly Earnings of Production Employees: Retail Trade in Illinois
SMU17000004200000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
19.88
Year-over-Year Change
54.11%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of production employees in the retail trade industry in Illinois. It provides insights into wage levels and trends in this key sector of the state's 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 Hourly Earnings of Production Employees: Retail Trade in Illinois is a monthly economic indicator that tracks the average hourly wage paid to production workers in the retail trade industry across the state. It offers valuable insights into labor market conditions and the purchasing power of Illinois consumers.
Methodology
The data is collected through surveys of businesses and establishments in the retail trade sector.
Historical Context
This trend is closely monitored by policymakers, labor economists, and industry analysts to gauge the health of Illinois' retail economy.
Key Facts
- The average hourly wage for retail trade production workers in Illinois was $15.82 as of the latest data.
- Retail trade accounts for over 10% of total employment in Illinois.
- Wage growth in the Illinois retail sector has outpaced the national average in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees, such as sales clerks and cashiers, in the retail trade industry across the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into labor market conditions and consumer purchasing power in Illinois' retail sector, which is a critical component of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments in the retail trade industry.
Q: How is this trend used in economic policy?
A: Policymakers, labor economists, and industry analysts closely monitor this trend to assess the health of Illinois' retail economy and make informed decisions about economic and workforce policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a short delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Retail Trade in Illinois (SMU17000004200000008A), retrieved from FRED.