Average Weekly Hours of All Employees: Information in Utah
Annual
SMU49000005000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.30
Year-over-Year Change
8.04%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average hourly earnings of production and nonsupervisory employees in the private sector. It is a key indicator of wage growth and labor market conditions.
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 represents the year-over-year change in average hourly earnings for workers across major private-sector industries. It provides insight into the pace of compensation growth, which is closely monitored by economists and policymakers.
Methodology
The data is collected through a monthly survey of business establishments by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual trend is used to assess the strength of consumer demand and guide monetary policy decisions.
Key Facts
- Annual wage growth reached a high of 5.6% in 2022.
- Wage growth has outpaced inflation in recent years.
- Rapid wage growth can contribute to inflationary pressures.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the year-over-year change in average hourly earnings for production and nonsupervisory employees in the private sector.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend provides insight into the pace of wage growth, which is a key indicator of labor market conditions and a factor in broader economic and policy considerations.
Q: How is this data collected or calculated?
A: The data is collected through a monthly survey of business establishments conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual trend is closely monitored by policymakers, as rapid wage growth can contribute to inflationary pressures and influence monetary policy decisions.
Q: Are there update delays or limitations?
A: The Annual trend data is published monthly with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Annual (SMU49000005000000002A), retrieved from FRED.