Average Weekly Hours of Production Employees: Construction: Specialty Trade Contractors in Minnesota
Annual
SMU27000002023800007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.60
Year-over-Year Change
-2.46%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend represents the total annual wage and salary disbursements for private industries in the U.S. It is an important indicator of economic activity and consumer spending 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
The Annual trend measures the total annual compensation paid to workers in the private sector. It includes wages, salaries, bonuses, commissions, and other forms of remuneration. This data is widely used by economists and policymakers to assess the health of the labor market and broader economy.
Methodology
The data is collected by the U.S. Bureau of Labor Statistics through surveys of employers.
Historical Context
Trends in annual wage and salary disbursements provide insight into consumer spending patterns and the overall strength of the economy.
Key Facts
- The annual trend reached a record high in 2022.
- Wage growth has outpaced inflation in recent years.
- The services sector accounts for the largest share of annual wages.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the total annual wages and salaries paid to workers in the private sector of the U.S. economy.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into consumer spending power, labor market health, and overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Labor Statistics through surveys of employers.
Q: How is this trend used in economic policy?
A: Trends in annual wages and salaries are closely monitored by policymakers and economists to assess the strength of the labor market and broader economy.
Q: Are there update delays or limitations?
A: The data is released quarterly with a short lag, providing timely information on labor market conditions.
Related Trends
All Employees: Professional and Business Services in Minnesota
MNPBSV
Industrial Carbon Dioxide Emissions, Distillate Fuel for Minnesota
EMISSCO2VDFICBMNA
All Employees: Federal Government: U.S. Postal Service in Minnesota
SMU27000009091912001A
State Tax Collections: T14 Pari-Mutuels Sales Tax for Minnesota
QTAXT14QTAXCAT3MNNO
Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Minnesota
MNPROBUSRGSP
All Employees: Financial Activities: Credit Intermediation and Related Activities Including Monetary Authorities - Central Bank in Minnesota
SMU27000005552200001
Citation
U.S. Federal Reserve, Annual (SMU27000002023800007A), retrieved from FRED.