Average Hourly Earnings of Production Employees: Durable Goods: Transportation Equipment Manufacturing in Ohio
SMU39000003133600008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
29.26
Year-over-Year Change
13.37%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of production employees in the transportation equipment manufacturing industry in Ohio. It provides insights into wage trends and labor costs within a critical manufacturing 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: Durable Goods: Transportation Equipment Manufacturing in Ohio data series tracks the mean hourly wage paid to workers involved in the production of durable transportation equipment, such as automobiles and aircraft, within the state of Ohio.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is used by economists and policymakers to monitor labor market conditions and inflationary pressures in Ohio's manufacturing sector.
Key Facts
- Ohio is a major hub for transportation equipment manufacturing.
- Wages in this sector have grown by over 20% in the past decade.
- The data is released monthly by the U.S. Bureau of Labor Statistics.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production workers in the transportation equipment manufacturing industry in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor costs and wage pressures within a key manufacturing sector, which is crucial for economists and policymakers monitoring economic conditions.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess labor market conditions and inflationary pressures in Ohio's manufacturing sector, which can inform decisions on monetary and fiscal policy.
Q: Are there update delays or limitations?
A: The data is released monthly by the U.S. Bureau of Labor Statistics, with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Durable Goods: Transportation Equipment Manufacturing in Ohio (SMU39000003133600008A), retrieved from FRED.