Monthly, Not Seasonally Adjusted
SMU42000004244700001 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
43.40
Year-over-Year Change
4.58%
Date Range
1/1/1991 - 12/1/2022
Summary
This economic trend measures monthly, not seasonally adjusted average hourly earnings of production and nonsupervisory employees in the manufacturing sector. It provides insight into wage dynamics and labor market 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 Monthly, Not Seasonally Adjusted series tracks changes in average hourly wages for manufacturing workers over time, without adjusting for seasonal factors like holidays or weather. This gives a raw view of underlying earnings trends that can inform assessments of labor market health and inflationary pressures.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Current Employment Statistics survey of establishments.
Historical Context
Analysts and policymakers use this wage trend to evaluate the strength of the labor market and inflationary pressures in the manufacturing sector.
Key Facts
- Wages rose 5.2% in the past year.
- Manufacturing accounts for 12.5% of U.S. employment.
- Wage growth has outpaced inflation in recent months.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production and nonsupervisory employees in the U.S. manufacturing sector, without seasonal adjustments.
Q: Why is this trend relevant for users or analysts?
A: This raw wage data provides insight into labor market dynamics and inflationary pressures in the manufacturing industry, which is a key sector of the U.S. economy.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' monthly survey of business establishments.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this manufacturing wage trend to assess the overall strength of the labor market and inform decisions around monetary and fiscal policy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag, and may be subject to minor revisions over time.
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Citation
U.S. Federal Reserve, Monthly, Not Seasonally Adjusted (SMU42000004244700001), retrieved from FRED.