Average Hourly Earnings of Production Employees: Retail Trade: Food and Beverage Stores in Illinois
SMU17000004244500008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18.30
Year-over-Year Change
53.14%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of production employees in the food and beverage store sector of the retail trade industry in Illinois. It provides insights into wage dynamics and labor costs in this important segment 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: Food and Beverage Stores in Illinois is a key indicator of compensation trends for frontline workers in the retail food and beverage industry. It is used by economists and policymakers to analyze labor market conditions and cost pressures in this crucial component of the state's consumer-facing economy.
Methodology
This data is collected through surveys of businesses conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in average hourly earnings can inform decisions around minimum wage policies, workforce development initiatives, and macroeconomic assessments of consumer demand and inflation.
Key Facts
- Illinois has over 25,000 food and beverage stores.
- Retail trade accounts for 10% of Illinois's GDP.
- Wages in this sector have risen 3% annually on average over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees, such as cashiers and stockers, in the food and beverage stores subsector of the retail trade industry in Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor market conditions and compensation trends for frontline workers in a critical component of Illinois's consumer-facing economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in average hourly earnings can inform decisions around minimum wage policies, workforce development initiatives, and macroeconomic assessments of consumer demand and inflation.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a lag of approximately one month.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Retail Trade: Food and Beverage Stores in Illinois (SMU17000004244500008A), retrieved from FRED.