Average Hourly Earnings of All Employees: Information in Illinois
Annual
SMU17000005000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
46.53
Year-over-Year Change
68.04%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual economic trend tracks the average number of hours worked per week by all employees in the manufacturing sector in the United States. This metric is a key indicator of labor market conditions and economic productivity.
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 represents the average number of weekly hours worked by manufacturing employees, which is a vital statistic for understanding labor utilization and productivity in the U.S. economy. Economists and policymakers closely monitor this data to assess the health of the manufacturing sector and the broader economy.
Methodology
The data is collected through monthly employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual trend is used to inform economic policy decisions and market analyses related to the manufacturing industry.
Key Facts
- The annual average for manufacturing hours worked peaked at 41.7 in 1997.
- Manufacturing hours declined during the Great Recession, reaching a low of 40.2 in 2009.
- The annual average has remained relatively stable around 40.7 hours since 2014.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average number of hours worked per week by all employees in the U.S. manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of labor market conditions and economic productivity in the manufacturing industry, which is a vital part of the U.S. economy.
Q: How is this data collected or calculated?
A: The data is collected through monthly employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual trend is used to inform economic policy decisions and market analyses related to the manufacturing industry.
Q: Are there update delays or limitations?
A: There may be minor update delays due to the survey-based data collection process, but the Annual trend provides a reliable, timely indicator of manufacturing labor market conditions.
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Citation
U.S. Federal Reserve, Annual (SMU17000005000000003A), retrieved from FRED.