Average Weekly Earnings of Production Employees: Manufacturing in Rhode Island
SMU44000003000000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,052.50
Year-over-Year Change
44.10%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average weekly earnings of production employees in the manufacturing sector within the state of Rhode Island. It provides important insights into the labor market and economic conditions in this key industry.
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: Manufacturing in Rhode Island series tracks the average weekly compensation, including regular pay and overtime, for non-supervisory manufacturing workers in the state. This metric helps analysts understand trends in worker productivity, employment costs, and the overall health of the state's manufacturing industry.
Methodology
The data is collected through monthly surveys of a sample of manufacturing establishments in Rhode Island by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists use this trend to assess the economic conditions and competitiveness of Rhode Island's manufacturing sector.
Key Facts
- Rhode Island's manufacturing sector accounts for over 10% of the state's GDP.
- The average weekly earnings trend has risen by over 20% in the past decade.
- Manufacturing is the second-largest private employer in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings, including regular pay and overtime, of production employees in the manufacturing sector within the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the labor market and economic conditions of Rhode Island's manufacturing industry, which is a key sector for the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of a sample of manufacturing establishments in Rhode Island by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the economic conditions and competitiveness of Rhode Island's manufacturing sector, which informs policy decisions.
Q: Are there update delays or limitations?
A: The data is published with a one-month lag by the U.S. Bureau of Labor Statistics.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of Production Employees: Manufacturing in Rhode Island (SMU44000003000000030A), retrieved from FRED.