Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods in Virginia
SMU51000003100000008 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
29.11
Year-over-Year Change
6.32%
Date Range
1/1/2001 - 6/1/2025
Summary
This economic trend measures the average hourly earnings of production employees in the durable goods manufacturing sector in the state of Virginia. It provides insights into wage dynamics and labor market conditions in this key industry.
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 Production Employees: Manufacturing: Durable Goods in Virginia data series tracks the average hourly compensation for workers in durable goods manufacturing in Virginia. It is a valuable indicator of economic activity and labor market strength in this important industrial segment.
Methodology
This data is collected through surveys of establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists closely monitor this trend to assess the health of the manufacturing sector and make informed decisions.
Key Facts
- Manufacturing accounts for about 8% of Virginia's GDP.
- Durable goods manufacturing makes up over half of the state's manufacturing output.
- Virginia's manufacturing sector employs over 240,000 workers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees in the durable goods manufacturing sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into wage dynamics and labor market conditions in a key industry, which is important for assessing economic activity and making informed policy decisions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this trend to assess the health of the manufacturing sector and make informed decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of several weeks.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods in Virginia (SMU51000003100000008), retrieved from FRED.