Average Weekly Hours of All Employees: Total Private in North Dakota
Annual
SMU38000000500000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35.20
Year-over-Year Change
0.57%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the year-over-year change in total wages and salaries in private industry. It is a key indicator of economic growth and labor market conditions.
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 annual percentage change in total private industry wages and salaries. This metric provides insight into the health of the labor market and is closely watched by economists and policymakers.
Methodology
The data is collected through surveys of private businesses and establishments.
Historical Context
The Annual trend is used to inform monetary and fiscal policy decisions.
Key Facts
- The Annual trend reached a peak of 6.9% in 2021.
- Annual wage growth averaged 3.5% from 2010-2019.
- The COVID-19 pandemic caused a sharp drop in the Annual trend in 2020.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the year-over-year percentage change in total wages and salaries paid by private industry.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend provides important insights into the health of the labor market and overall economic conditions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of private businesses and establishments.
Q: How is this trend used in economic policy?
A: The Annual trend is closely monitored by policymakers and used to inform monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The Annual trend data is released on a monthly basis with a typical one-month lag.
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Citation
U.S. Federal Reserve, Annual (SMU38000000500000002A), retrieved from FRED.