Average Hourly Earnings of Production Employees: Financial Activities in Illinois
SMU17000005500000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.27
Year-over-Year Change
53.63%
Date Range
1/1/2001 - 1/1/2024
Summary
The Average Hourly Earnings of Production Employees: Financial Activities in Illinois measures the average hourly wage for production workers in the financial sector within the state of Illinois. This metric provides insight into labor costs and compensation trends in a key economic industry.
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
This trend tracks the average hourly earnings of production workers, such as tellers, loan officers, and securities traders, employed in the financial activities sector in Illinois. It is an important indicator of labor market conditions and wage growth in the financial services industry within the state.
Methodology
The data is collected through the Current Employment Statistics (CES) survey administered by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists analyze this trend to understand the broader economic health and competitiveness of Illinois's financial services industry.
Key Facts
- Illinois is a major financial hub, home to the Chicago Stock Exchange.
- Financial activities account for over 7% of Illinois's GDP.
- Wages in this sector have grown by over 20% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wage for production workers employed in the financial activities sector within the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor costs and compensation trends in a key economic industry, which is useful for policymakers and economists analyzing the broader health and competitiveness of Illinois's financial services sector.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey administered by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to understand the broader economic health and competitiveness of Illinois's financial services industry, which is a major contributor to the state's economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical one-month lag.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Financial Activities in Illinois (SMU17000005500000008A), retrieved from FRED.