Average Weekly Earnings of All Employees: Goods Producing in Minnesota
SMU27000000600000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,452.02
Year-over-Year Change
40.33%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Earnings of All Employees: Goods Producing in Minnesota is an economic indicator that measures the average weekly earnings of all employees in the goods-producing sector in the state of Minnesota. This metric provides valuable insights into labor market conditions and inflationary pressures in the regional 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
This data series tracks the average weekly earnings of all employees in the goods-producing industries, which include manufacturing, construction, mining, and utilities. It is a key indicator of the overall economic health and productivity of the Minnesota workforce, and is closely monitored by policymakers, economists, and businesses to understand regional employment and wage trends.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is used to assess the strength of the Minnesota economy and its competitiveness in attracting and retaining skilled labor in the goods-producing sectors.
Key Facts
- Minnesota's goods-producing sector accounts for a significant portion of the state's economic output.
- Weekly earnings in the goods-producing industries tend to be higher than the overall state average.
- Trends in this metric can signal changes in the competitiveness of Minnesota's manufacturing and construction industries.
FAQs
Q: What does this economic trend measure?
A: The Average Weekly Earnings of All Employees: Goods Producing in Minnesota measures the average weekly earnings of all employees in the goods-producing sector, including manufacturing, construction, mining, and utilities, within the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the strength and competitiveness of Minnesota's goods-producing industries, which are crucial drivers of the state's economy. Analysts and policymakers use this data to assess labor market conditions, inflationary pressures, and the overall economic health of the region.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and businesses to monitor the performance of Minnesota's goods-producing sector and inform decisions related to economic development, workforce planning, and investment strategies.
Q: Are there update delays or limitations?
A: The data is published monthly by the U.S. Bureau of Labor Statistics, with a typical release lag of several weeks. There may be some limitations in terms of sample size and industry coverage, but the data is generally considered a reliable indicator of trends in the Minnesota goods-producing sector.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Goods Producing in Minnesota (SMU27000000600000011A), retrieved from FRED.