Average Weekly Hours of All Employees: Manufacturing in Utah
Annual
SMU49000003000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38.60
Year-over-Year Change
-3.26%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average hourly earnings of all employees in the private nonfarm sector of the U.S. economy. This metric is a key indicator of wage growth and inflationary pressures.
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 tracks the average hourly pay for U.S. workers, providing important insights into labor market conditions and the overall state of the economy. Economists and policymakers analyze this data to assess the pace of wage inflation and its potential impact on consumer prices.
Methodology
The U.S. Bureau of Labor Statistics collects this data through monthly surveys of private businesses and organizations.
Historical Context
Trends in average hourly earnings are closely monitored by the Federal Reserve and other institutions to inform monetary policy decisions.
Key Facts
- The Annual trend has shown steady wage growth in recent years.
- Faster wage growth can contribute to higher consumer prices.
- This metric is a leading indicator of inflationary pressures in the economy.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average hourly earnings of all employees in the private nonfarm sector of the U.S. economy.
Q: Why is this trend relevant for users or analysts?
A: Trends in average hourly earnings are a key indicator of wage growth and inflationary pressures, which are closely monitored by economists and policymakers.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Labor Statistics collects this data through monthly surveys of private businesses and organizations.
Q: How is this trend used in economic policy?
A: The Federal Reserve and other institutions analyze this data to inform monetary policy decisions, as wage growth can contribute to higher consumer prices.
Q: Are there update delays or limitations?
A: The Annual trend is updated monthly with a brief delay, and the data may be subject to revisions over time.
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Citation
U.S. Federal Reserve, Annual (SMU49000003000000002A), retrieved from FRED.