Average Hourly Earnings of All Employees: Other Services in Illinois
SMU17000008000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.56
Year-over-Year Change
59.30%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Hourly Earnings of All Employees: Other Services in Illinois' measures the average hourly wages for workers in the 'Other Services' industry sector in Illinois. This statistic is an important economic indicator that provides insight into labor market conditions and inflationary pressures.
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 'Other Services' industry sector encompasses a diverse range of businesses, including personal services, repair and maintenance, and religious and civic organizations. This wage data helps economists and policymakers evaluate the strength of the local service economy and its impact on the broader Illinois labor market.
Methodology
The data is collected through monthly surveys of employers conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in average hourly earnings are closely monitored by the Federal Reserve and other economic institutions to inform monetary policy decisions.
Key Facts
- Illinois is the 6th largest state economy in the U.S.
- The 'Other Services' sector accounts for over 4% of Illinois's total employment.
- Wages in the 'Other Services' sector have grown by 3.2% annually over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wages paid to workers in the 'Other Services' industry sector in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This wage data provides insight into labor market conditions and inflationary pressures in Illinois's service economy, which is an important driver of the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of employers conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in average hourly earnings are closely monitored by the Federal Reserve and other economic institutions to inform monetary policy decisions.
Q: Are there update delays or limitations?
A: The data is published with a one-month lag and may be subject to revisions.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Other Services in Illinois (SMU17000008000000003A), retrieved from FRED.