Average Hourly Earnings of All Employees: Total Private in Pennsylvania
Annual
SMU42000000500000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31.79
Year-over-Year Change
40.48%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average annual wage and salary disbursements per job in the United States. This metric is crucial for economists and policymakers to assess changes in worker compensation over time.
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 represents the total annual wage and salary payments divided by the number of jobs in a given year. It provides insight into the overall level of worker earnings and can signal changes in the labor market and broader economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Labor Statistics based on establishment surveys.
Historical Context
Policymakers and analysts use this trend to monitor labor market conditions and inform economic and fiscal policies.
Key Facts
- The Annual trend reached a high of $63,443 in 2019.
- Annual wage growth slowed to 2.4% in 2020 due to the COVID-19 pandemic.
- The metric is seasonally adjusted to account for typical yearly employment patterns.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average annual wage and salary disbursements per job in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides crucial insights into worker compensation and can signal changes in the broader labor market and economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Labor Statistics based on establishment surveys.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to monitor labor market conditions and inform economic and fiscal policies.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis and may be subject to revisions over time.
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Citation
U.S. Federal Reserve, Annual (SMU42000000500000003A), retrieved from FRED.