Average Hourly Earnings of Production Employees: Manufacturing in Utah
SMU49000003000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27.02
Year-over-Year Change
50.28%
Date Range
1/1/2005 - 1/1/2024
Summary
The Average Hourly Earnings of Production Employees: Manufacturing in Utah is a key economic indicator that measures the average hourly wage for manufacturing workers in the state. It provides insights into labor costs and worker compensation trends.
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 hourly earnings of production and nonsupervisory employees in the manufacturing sector in Utah. It is a useful measure of compensation levels and changes over time, which can inform economic analysis and policy decisions.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists analyze this metric to gauge the health of the manufacturing industry and broader labor market conditions in Utah.
Key Facts
- Utah's manufacturing sector employs over 130,000 workers.
- Average hourly earnings in Utah manufacturing were $24.81 as of the latest data.
- Manufacturing accounts for 10% of Utah's total GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wage for production and nonsupervisory employees in the manufacturing sector in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor costs and worker compensation trends within Utah's manufacturing industry, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this metric to gauge the health of the manufacturing industry and broader labor market conditions in Utah, which can inform economic and workforce development policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag from the reference period.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Manufacturing in Utah (SMU49000003000000008A), retrieved from FRED.