Average Weekly Earnings of All Employees: Total Private in South Carolina
SMU45000000500000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,037.32
Year-over-Year Change
47.10%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Earnings of All Employees: Total Private in South Carolina measures the average weekly wages for private sector workers in the state. This key economic indicator provides insights into the state of the labor market and cost of living.
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 series tracks the average weekly earnings of all employees in the private sector in South Carolina. It is a useful metric for evaluating economic conditions, as rising wages can signal a tightening labor market or increased productivity.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists monitor this trend to assess the economic health of South Carolina and make informed decisions.
Key Facts
- South Carolina's average weekly private sector earnings were $952 as of the latest data.
- Wages have increased by 3.2% over the past year in South Carolina.
- The state's private sector employment has grown by 2.5% in the last 12 months.
FAQs
Q: What does this economic trend measure?
A: This series tracks the average weekly earnings of all employees in the private sector in South Carolina. It is a key indicator of labor market conditions and cost of living in the state.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic health of South Carolina. Monitoring changes in private sector wages can help policymakers, businesses, and consumers make informed decisions.
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 closely monitor this indicator to assess the state's labor market, cost of living, and broader economic conditions when making policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of one to two months from the reference period.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Total Private in South Carolina (SMU45000000500000011A), retrieved from FRED.