Average Hourly Earnings of All Employees: Private Service Providing in Minnesota
SMU27000000800000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.14
Year-over-Year Change
4.29%
Date Range
1/1/2007 - 6/1/2025
Summary
The Average Hourly Earnings of All Employees: Private Service Providing in Minnesota measures the average hourly wage for private sector service industry workers in the state. This statistic is an important economic indicator of labor market conditions and purchasing power.
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 series tracks the average hourly wage earned by private service sector employees in Minnesota, providing insights into the state's labor market and cost of living. It is used by economists, policymakers, and businesses to analyze trends in worker compensation and the overall strength of the state's economy.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This economic indicator is relevant for understanding consumer spending power, inflation, and the competitive landscape for Minnesota businesses.
Key Facts
- Minnesota's private service sector employs over 1.8 million workers.
- Average hourly earnings in this sector have risen by 20% over the past decade.
- Wages for private service jobs in Minnesota are typically higher than the national average.
FAQs
Q: What does this economic trend measure?
A: This statistic measures the average hourly wage earned by private sector service industry workers in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the strength of Minnesota's labor market and the purchasing power of consumers, which is crucial for understanding the state's economic conditions.
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: Policymakers and economists use this indicator to analyze trends in worker compensation and the overall strength of Minnesota's economy, informing decisions on fiscal and monetary policy.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical one-month lag, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Private Service Providing in Minnesota (SMU27000000800000003), retrieved from FRED.