All Employees: Mining, Logging, and Construction in Minnesota
Annual
SMU27000001500000001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
144.00
Year-over-Year Change
41.18%
Date Range
1/1/1990 - 1/1/2024
Summary
The Annual trend measures the average annual wage growth in the United States. It is a key indicator of labor market conditions and worker earnings.
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 tracks the year-over-year change in average hourly earnings for all employees on private nonfarm payrolls. It provides insights into the pace of wage inflation and the overall strength of the U.S. labor market.
Methodology
The data is collected through the Current Employment Statistics (CES) survey of U.S. businesses.
Historical Context
Economists and policymakers closely monitor wage growth trends to assess inflationary pressures and the overall health of the economy.
Key Facts
- The annual wage growth rate reached a high of 5.6% in 2022.
- Nominal wage growth has outpaced inflation in recent years.
- Strong wage growth can contribute to inflationary pressures.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the year-over-year change in average hourly earnings for all private nonfarm employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: Wage growth is a key indicator of labor market conditions and inflationary pressures, making it important for economists, policymakers, and investors to monitor.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey of U.S. businesses.
Q: How is this trend used in economic policy?
A: Policymakers, such as the Federal Reserve, closely track wage growth trends to assess the overall health of the labor market and inform monetary policy decisions.
Q: Are there update delays or limitations?
A: The Annual trend data is published monthly, with a typical delay of about one month from the reference period.
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Citation
U.S. Federal Reserve, Annual (SMU27000001500000001A), retrieved from FRED.