Average Weekly Earnings of Production Employees: Durable Goods: Fabricated Metal Product Manufacturing in Pennsylvania
SMU42000003133200030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
961.73
Year-over-Year Change
35.24%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average weekly earnings of production employees in the fabricated metal product manufacturing industry in Pennsylvania. It provides insights into wage trends and labor market conditions in this key 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 Weekly Earnings of Production Employees: Durable Goods: Fabricated Metal Product Manufacturing in Pennsylvania is a monthly economic indicator that reflects the average weekly earnings of workers in this manufacturing subsector within the state. It is used to analyze employment dynamics, labor costs, and broader economic conditions in Pennsylvania's manufacturing industry.
Methodology
The data is collected through surveys of establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is relevant for policymakers, economists, and businesses to understand labor market trends and inform decisions related to employment, wages, and economic development.
Key Facts
- Pennsylvania's fabricated metal manufacturing industry employs over 75,000 workers.
- Average weekly earnings in this sector have risen by 15% over the past decade.
- Wages in this industry are typically higher than the state's overall manufacturing average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings of production employees in the fabricated metal product manufacturing industry within the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into wage trends and labor market conditions in a key manufacturing sector, which is useful for policymakers, economists, and businesses to understand employment dynamics and make informed decisions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and businesses to analyze employment, wages, and broader economic conditions in Pennsylvania's manufacturing industry, which can inform decisions related to economic development.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay, and may be subject to revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of Production Employees: Durable Goods: Fabricated Metal Product Manufacturing in Pennsylvania (SMU42000003133200030A), retrieved from FRED.