Average Hourly Earnings of All Employees: Goods Producing in South Carolina
SMU45000000600000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
33.62
Year-over-Year Change
61.32%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of all employees in the goods-producing sector in South Carolina. It provides insights into labor costs and productivity in the state's manufacturing and extraction industries.
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 Hourly Earnings of All Employees: Goods Producing in South Carolina metric tracks the average hourly wage paid to workers in the state's goods-producing industries, including manufacturing, mining, and construction. This data is used by economists and policymakers to analyze labor market trends and cost pressures.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This metric helps inform decisions around economic and workforce development policies in South Carolina.
Key Facts
- South Carolina's goods-producing sector accounts for over 15% of the state's GDP.
- Average hourly earnings in this sector have risen by 3.2% over the past year.
- Manufacturing is the largest component of South Carolina's goods-producing industries.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the goods-producing sector in the state of South Carolina, including manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor costs and productivity trends in South Carolina's core industrial sectors, which is crucial information for economic and workforce development planning.
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: Policymakers and analysts use this data to assess the competitiveness of South Carolina's goods-producing industries and inform decisions around economic and workforce development strategies.
Q: Are there update delays or limitations?
A: This data is published monthly with a typical 1-2 month delay from the reference period.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Goods Producing in South Carolina (SMU45000000600000003A), retrieved from FRED.