All Employees: Service-Providing in Minnesota
Annual
SMU27000000700000001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,548.60
Year-over-Year Change
9.95%
Date Range
1/1/1990 - 1/1/2024
Summary
The Annual trend measures changes in average annual wages for all employees in the private sector in the United States. It is a key economic indicator used by policymakers and analysts to assess labor market conditions and wage growth.
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 Annual trend represents the average annual wage paid to private sector employees in the U.S. It is a broad measure of labor compensation and provides insights into the overall strength and productivity of the labor market.
Methodology
The data is collected through the Quarterly Census of Employment and Wages (QCEW) program by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by the Federal Reserve and other economic policymakers to inform decisions on monetary policy and employment goals.
Key Facts
- The annual average wage in the U.S. private sector was $58,260 in 2021.
- Wage growth has outpaced inflation in recent years, indicating real income gains.
- Annual wage trends are a leading indicator of consumer spending and economic growth.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average annual wage paid to employees in the U.S. private sector. It is a broad indicator of labor compensation and productivity.
Q: Why is this trend relevant for users or analysts?
A: Annual wage trends are closely watched by policymakers, economists, and investors as a key signal of labor market conditions and the overall strength of the economy.
Q: How is this data collected or calculated?
A: The data is collected through the Quarterly Census of Employment and Wages (QCEW) program by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Federal Reserve and other policymakers monitor annual wage trends to inform decisions on monetary policy and employment goals.
Q: Are there update delays or limitations?
A: The Annual trend data is released on a quarterly basis with a lag of several months.
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Citation
U.S. Federal Reserve, Annual (SMU27000000700000001A), retrieved from FRED.