Average Hourly Earnings of All Employees: Manufacturing in Minnesota
SMU27000003000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34.79
Year-over-Year Change
39.33%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Hourly Earnings of All Employees: Manufacturing in Minnesota' series measures the average hourly wage for manufacturing workers in the state of Minnesota. This metric is a key indicator of labor market conditions and economic health in the state.
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 earnings of all employees in the manufacturing sector within Minnesota. Manufacturing wages are an important barometer of economic activity, as they reflect productivity, cost of living, and employment trends in a state's industrial base.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This wage data is widely used by policymakers, analysts, and businesses to gauge Minnesota's economic performance and competitiveness.
Key Facts
- Manufacturing is a key industry in Minnesota, accounting for over 300,000 jobs.
- Minnesota's manufacturing wages have outpaced the national average in recent years.
- The trend in manufacturing wages can signal shifts in the state's economic landscape.
FAQs
Q: What does this economic trend measure?
A: This series measures the average hourly earnings of all employees in the manufacturing sector within the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: Manufacturing wages are a crucial indicator of economic activity, productivity, and cost of living in Minnesota. This data is widely used by policymakers, businesses, and analysts to gauge the state's economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This wage data is used by policymakers, economists, and businesses to assess Minnesota's economic landscape and competitiveness. It informs decisions around workforce development, industrial policy, and cost-of-living adjustments.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of one to two months. There may be revisions to previous months' data as new information becomes available.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Manufacturing in Minnesota (SMU27000003000000003A), retrieved from FRED.