Average Weekly Earnings of Production Employees: Other Services in Illinois
SMU17000008000000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
969.77
Year-over-Year Change
74.70%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average weekly earnings of production employees in the Other Services industry in Illinois. It provides insight into wage and labor cost dynamics for this key sector of the state's 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 Average Weekly Earnings of Production Employees: Other Services in Illinois tracks the typical weekly pay for workers in a diverse range of service-providing industries, excluding health care and social assistance. This metric offers analysts a timely indicator of compensation trends and labor market conditions in Illinois.
Methodology
This data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists closely monitor this trend to understand inflationary pressures and labor market tightness in Illinois.
Key Facts
- Illinois is the 6th largest state economy in the U.S.
- The Other Services sector accounts for over 250,000 jobs in Illinois.
- Average weekly earnings have risen by 20% in this sector over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings of production employees in the Other Services industry in Illinois, providing insight into wage and labor cost dynamics for this key sector.
Q: Why is this trend relevant for users or analysts?
A: This metric offers analysts a timely indicator of compensation trends and labor market conditions in Illinois, which is crucial for understanding inflationary pressures and tightness in the state's labor market.
Q: How is this data collected or calculated?
A: This data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this trend to understand inflationary pressures and labor market tightness in Illinois, which informs policy decisions.
Q: Are there update delays or limitations?
A: There may be minor update delays due to the survey-based data collection process, but the trend generally provides timely insights into Illinois' Other Services sector.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of Production Employees: Other Services in Illinois (SMU17000008000000030A), retrieved from FRED.