Average Hourly Earnings of All Employees: Private Service Providing in Pennsylvania
Annual
SMU42000000800000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31.19
Year-over-Year Change
40.56%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual Trend measures average hourly earnings of production and nonsupervisory employees in the private sector. It serves as an important indicator of wage growth and overall economic 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 average hourly earnings for production and nonsupervisory workers in the United States. This metric is closely watched by economists and policymakers as it provides insight into broader wage dynamics and inflationary pressures within the labor market.
Methodology
The data is collected through monthly surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual Trend is a key input for the Federal Reserve's monetary policy decisions.
Key Facts
- The Annual Trend has shown steady wage growth over the past decade.
- Wages for production and nonsupervisory workers make up over 80% of total private sector employment.
- The Federal Reserve closely monitors the Annual Trend as a gauge of labor market conditions.
FAQs
Q: What does this economic trend measure?
A: The Annual Trend measures the average hourly earnings of production and nonsupervisory employees in the private sector of the U.S. economy.
Q: Why is this trend relevant for users or analysts?
A: The Annual Trend is a closely watched indicator of wage growth and labor market conditions, providing important insights for policymakers, economists, and businesses.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of businesses conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual Trend is a key input for the Federal Reserve's monetary policy decisions, as it helps assess inflationary pressures and the overall strength of the labor market.
Q: Are there update delays or limitations?
A: The Annual Trend data is published monthly with a typical one-month lag, providing timely information on wage growth trends.
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Citation
U.S. Federal Reserve, Annual (SMU42000000800000003A), retrieved from FRED.