Average Weekly Hours of All Employees: Information in Pennsylvania
Annual
SMU42000005000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31.40
Year-over-Year Change
-1.57%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the annual average of monthly earnings for all employees in the private sector in the United States. This metric is a key indicator of the health and strength of the U.S. labor market.
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 average nominal weekly earnings for all private-sector employees in the U.S. on an annual basis. It is an important statistic used by economists and policymakers to assess wage growth, purchasing power, and overall economic conditions.
Methodology
This data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in annual earnings provide insight into consumer spending power and inflationary pressures that guide monetary and fiscal policy decisions.
Key Facts
- The annual average wage in the U.S. private sector was $58,260 in 2022.
- Wages have increased by an average of 3.5% per year over the past decade.
- Annual earnings data is a leading indicator of consumer price inflation.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average nominal weekly earnings for all private-sector employees in the United States on an annual basis.
Q: Why is this trend relevant for users or analysts?
A: Trends in annual earnings provide important insights into wage growth, consumer spending power, and broader economic conditions that are crucial for economic analysis and policymaking.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Annual earnings data is used by economists, central banks, and government agencies to assess labor market strength, inflationary pressures, and the overall health of the economy, informing monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The Annual trend data is released monthly with a one-month lag, and represents the average of 12 months of underlying survey data.
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Citation
U.S. Federal Reserve, Annual (SMU42000005000000002A), retrieved from FRED.