Average Hourly Earnings of All Employees: Goods Producing in Minnesota
SMU27000000600000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.76
Year-over-Year Change
42.81%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of all employees in the goods-producing sector in Minnesota. It is a key indicator of labor market conditions and worker compensation in the state's manufacturing and industrial industries.
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 All Employees: Goods Producing in Minnesota metric provides insights into the wages and salaries paid to workers in Minnesota's goods-producing industries, which include manufacturing, construction, and mining. This data point is used by economists and policymakers to analyze employment trends and the purchasing power of workers in the state.
Methodology
The data is collected through monthly surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is relevant for understanding the economic health and competitiveness of Minnesota's industrial sectors.
Key Facts
- Minnesota's goods-producing sector accounts for over 15% of the state's total employment.
- Hourly earnings in Minnesota's goods-producing industries have risen by 3.2% over the past year.
- The state's manufacturing sector is a major contributor to its GDP, generating over $50 billion annually.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the goods-producing sector in the state of Minnesota, which includes industries like manufacturing, construction, and mining.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the labor market and compensation trends within Minnesota's industrial and manufacturing sectors, which are key drivers of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the economic health and competitiveness of Minnesota's goods-producing industries, which informs decisions related to workforce development, trade, and industrial policy.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, with a typical lag of one to two months between the reference period and the publication date.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Goods Producing in Minnesota (SMU27000000600000003A), retrieved from FRED.