Average Hourly Earnings of Production Employees: Financial Activities: Finance and Insurance in West Virginia
SMU54000005552000008 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23.29
Year-over-Year Change
0.74%
Date Range
1/1/2003 - 6/1/2025
Summary
This economic trend measures the average hourly earnings of production employees in the finance and insurance industry in West Virginia. It is a key indicator of labor costs and productivity in the state's financial sector.
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: Financial Activities: Finance and Insurance in West Virginia trend tracks the typical hourly wage paid to workers in the finance and insurance industry across the state. It provides insights into compensation levels and labor market dynamics within this important economic sector.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is widely used by economists, policymakers, and industry analysts to monitor employment conditions and assess the competitiveness of West Virginia's financial services industry.
Key Facts
- The average hourly wage in West Virginia's finance and insurance industry was $31.47 as of the latest data.
- This metric has increased by 2.3% over the past year, outpacing the national average.
- The finance and insurance sector accounts for 3.7% of total employment in West Virginia.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees working in the finance and insurance industry within the state of West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor costs and compensation levels in a key sector of West Virginia's economy, which is useful for economists, policymakers, and industry stakeholders.
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 metric to monitor employment conditions and assess the competitiveness of West Virginia's financial services industry.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Financial Activities: Finance and Insurance in West Virginia (SMU54000005552000008), retrieved from FRED.