Average Hourly Earnings of Production Employees: Education and Health Services in Illinois
SMU17000006500000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
28.13
Year-over-Year Change
35.44%
Date Range
1/1/2001 - 1/1/2024
Summary
This trend measures the average hourly wages of production employees in the education and health services industry in Illinois. It provides valuable insights into labor market conditions and inflationary pressures within this key 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: Education and Health Services in Illinois is a key economic indicator that tracks the changes in hourly compensation for workers in the education and healthcare industries in the state of Illinois. This metric is closely monitored by economists and policymakers to assess labor market dynamics and inflationary trends.
Methodology
The data is collected through surveys of establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is used to inform decisions on monetary policy, investment strategies, and workforce planning.
Key Facts
- Illinois is the 6th largest state by population.
- The education and health services sector employs over 1.3 million workers in Illinois.
- Wages in this sector have grown by over 4% annually in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wages of production employees in the education and health services industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor market conditions and inflationary pressures within a key economic sector, which is valuable information for policymakers, businesses, and investors.
Q: How is this data collected or calculated?
A: The data is collected through surveys of establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used to inform decisions on monetary policy, investment strategies, and workforce planning.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of 1-2 months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Education and Health Services in Illinois (SMU17000006500000008A), retrieved from FRED.