Average Hourly Earnings of Production Employees: Manufacturing in Minnesota
Annual
SMU27000003000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
28.50
Year-over-Year Change
48.51%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures the annual change in average weekly earnings for all employees in the United States. It provides insight into wage growth and is a key indicator of economic health and inflation pressures.
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 percent change in average weekly earnings, a statistic that reflects changes in both wage rates and the length of the average workweek. It is an important metric for assessing the strength of consumer demand and the overall direction of the labor market.
Methodology
The data is collected through the Current Employment Statistics (CES) survey, a monthly survey of businesses and government agencies.
Historical Context
Policymakers and economists closely monitor the Annual trend as it helps inform decisions around monetary policy, inflation targeting, and employment initiatives.
Key Facts
- The Annual trend reached a high of 8.0% in 2022.
- Wages have grown faster than inflation in recent years.
- Annual wage growth is a key input for the Federal Reserve's monetary policy decisions.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the year-over-year percent change in average weekly earnings for all employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend provides insight into wage growth, which is a key indicator of economic health and inflation pressures. It helps inform decisions around monetary policy, employment initiatives, and consumer demand.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey, a monthly survey of businesses and government agencies.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor the Annual trend to help inform decisions around monetary policy, inflation targeting, and employment initiatives.
Q: Are there update delays or limitations?
A: The Annual trend data is published monthly with a typical delay of one to two months.
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Citation
U.S. Federal Reserve, Annual (SMU27000003000000008A), retrieved from FRED.