Average Hourly Earnings of Production Employees: Retail Trade: Motor Vehicle and Parts Dealers in Illinois
SMU17000004244100008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
26.87
Year-over-Year Change
71.15%
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, specifically focused on motor vehicle and parts dealers in Illinois. It provides valuable insights into labor costs and trends in this important economic 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
The Average Hourly Earnings of Production Employees: Retail Trade: Motor Vehicle and Parts Dealers in Illinois is a key metric that tracks the average hourly wage paid to production workers in this specific industry and geographic area. It is used by economists and policymakers to analyze labor market conditions and trends in the automotive retail industry.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is relevant for understanding the labor market dynamics and cost pressures faced by businesses in the motor vehicle and parts retail industry in Illinois.
Key Facts
- Illinois is a major hub for the automotive retail industry.
- Wages in this sector can impact consumer prices for vehicles.
- Production employee earnings are a key driver of overall labor costs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees in the retail trade industry, specifically focused on motor vehicle and parts dealers in Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into labor market conditions and cost pressures faced by businesses in the important automotive retail industry in Illinois.
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: This trend is used by economists and policymakers to analyze labor market dynamics and cost pressures in the motor vehicle and parts retail industry, which can inform economic policies and business decisions.
Q: Are there update delays or limitations?
A: There may be lags in data reporting and potential limitations in geographic or industry coverage, as with any survey-based economic indicator.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Retail Trade: Motor Vehicle and Parts Dealers in Illinois (SMU17000004244100008A), retrieved from FRED.