Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods in Rhode Island
SMU44000003100000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25.99
Year-over-Year Change
43.67%
Date Range
1/1/2001 - 1/1/2024
Summary
The Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods in Rhode Island is an economic indicator that tracks changes in the average hourly wage for manufacturing workers in the durable goods sector within Rhode Island.
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
This metric provides insight into labor costs and productivity in Rhode Island's manufacturing industry, which is a key driver of the state's economy. Economists and policymakers use this data to monitor inflationary pressures and assess the competitiveness of the state's manufacturing sector.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely watched by economists, businesses, and policymakers to understand the health of Rhode Island's manufacturing industry and its competitiveness.
Key Facts
- Rhode Island's manufacturing sector accounts for over 10% of the state's GDP.
- Durable goods manufacturing makes up about 60% of Rhode Island's total manufacturing output.
- Wages in Rhode Island's manufacturing sector are on average 15% higher than the state's overall average wage.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average hourly wage for production employees in the durable goods manufacturing sector within Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor costs and productivity in a key industry for Rhode Island's economy, which is useful for assessing economic conditions and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this indicator to understand inflationary pressures and the competitiveness of Rhode Island's manufacturing sector, which informs economic and workforce development policies.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical 1-2 month lag, and may be subject to revisions as more complete information becomes available.
Related Trends
Gross Domestic Product: Health Care and Social Assistance (62) in Rhode Island
RIHLTHSOCASSNQGSP
Real Gross Domestic Product: Accommodation and Food Services (72) in Rhode Island
RIACCFDRGSP
Gross Domestic Product: Truck Transportation (484) in Rhode Island
RITRUCKTRANNGSP
U.S. Granted Patents: Plant Patents Originating in Rhode Island
PATENTUSRIPLANT
Gross Domestic Product: Computer and Electronic Product Manufacturing (334) in Rhode Island
RICPUELCPMANNGSP
Real Gross Domestic Product: Water Transportation (483) in Rhode Island
RIWATTRANRGSP
Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods in Rhode Island (SMU44000003100000008A), retrieved from FRED.