Average Hourly Earnings of Production Employees: Food Services and Drinking Places in Minnesota
SMU27000007072200008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18.43
Year-over-Year Change
74.86%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of production employees in the food services and drinking places industry in Minnesota. It is a key indicator of labor costs and economic conditions in the state's service sector.
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 Average Hourly Earnings of Production Employees: Food Services and Drinking Places in Minnesota series tracks the average hourly wages paid to workers in the food and beverage service industry across the state. This metric is widely used by economists and policymakers to gauge inflationary pressures and labor market dynamics in this important service-providing sector.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This earnings trend helps inform monetary and fiscal policy decisions affecting Minnesota's service-based economy.
Key Facts
- Minnesota's food services and drinking places employ over 280,000 people.
- Average hourly earnings in this sector have risen by 25% over the past decade.
- Wages in this industry are typically lower than the statewide private sector average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees in the food services and drinking places industry across Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of labor costs and economic conditions in Minnesota's service sector, which is a major component of the state's economy.
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 earnings trend helps inform monetary and fiscal policy decisions affecting Minnesota's service-based economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Food Services and Drinking Places in Minnesota (SMU27000007072200008A), retrieved from FRED.