Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods in Ohio
SMU39000003100000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
28.13
Year-over-Year Change
37.89%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of production employees in the durable goods manufacturing sector in Ohio. It provides insights into labor market conditions and wage growth in a key segment of the state's economy.
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: Manufacturing: Durable Goods in Ohio series tracks the average hourly wage paid to workers engaged in the production of durable goods in Ohio's manufacturing sector. This metric is used by economists and policymakers to assess labor market trends and the state's overall economic performance.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by regional and national economic analysts to gauge the health of Ohio's manufacturing industry and its influence on the broader state economy.
Key Facts
- Ohio is a major hub for durable goods manufacturing.
- Durable goods account for a significant portion of the state's economic output.
- Trends in production worker wages can signal changes in labor market conditions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees in the durable goods manufacturing sector in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions and wage growth in a key segment of Ohio's economy, which is useful for economists and policymakers in evaluating the state's economic performance.
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 trend is closely monitored by regional and national economic analysts to gauge the health of Ohio's manufacturing industry and its influence on the broader state economy.
Q: Are there update delays or limitations?
A: The data is subject to the release schedule and potential revisions of the Current Employment Statistics (CES) survey.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods in Ohio (SMU39000003100000008A), retrieved from FRED.