Average Hourly Earnings of All Employees: Financial Activities in Illinois
Annual
SMU17000005500000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
43.63
Year-over-Year Change
45.43%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the annual percentage change in average hourly earnings for all private nonfarm employees in the United States. This metric is a key indicator of wage growth and inflationary pressures in the 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 Annual trend tracks the year-over-year change in the average hourly wage, providing insight into the pace of labor cost increases. It is widely used by economists, policymakers, and market analysts to assess the strength of the job market and inflationary trends.
Methodology
The data is collected through the Current Employment Statistics (CES) survey of business establishments.
Historical Context
The Annual trend is closely monitored by the Federal Reserve as it helps inform monetary policy decisions.
Key Facts
- The Annual trend reached a peak of 5.6% in March 2022.
- Wage growth has outpaced inflation since mid-2021.
- Annual wage growth has averaged 3.7% over the past 10 years.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the year-over-year percentage change in average hourly earnings for all private nonfarm employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend is a key indicator of wage growth and inflationary pressures in the economy, providing insight into the strength of the job market and labor costs.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey of business establishments.
Q: How is this trend used in economic policy?
A: The Annual trend is closely monitored by the Federal Reserve as it helps inform monetary policy decisions.
Q: Are there update delays or limitations?
A: The Annual data is published monthly with a typical release lag of around one month.
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Citation
U.S. Federal Reserve, Annual (SMU17000005500000003A), retrieved from FRED.