Average Hourly Earnings of All Employees: Goods Producing in Wisconsin
SMU55000000600000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34.48
Year-over-Year Change
51.16%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Hourly Earnings of All Employees: Goods Producing in Wisconsin tracks the average hourly wage for workers in the goods-producing sector in the state. This measure provides insight into labor market conditions and wage trends for Wisconsin's manufacturing and production industries.
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 represents the average hourly earnings of all employees in the goods-producing industries, which includes manufacturing, mining, and construction, for the state of Wisconsin. It is a key economic indicator used by analysts and policymakers to assess the strength of the state's labor market and broader economic performance.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is used to inform economic policy decisions and monitor the health of Wisconsin's production-focused industries.
Key Facts
- Wisconsin's goods-producing sector accounts for over 15% of the state's total employment.
- Hourly wages in the goods-producing industries have risen by over 25% in the past decade.
- Manufacturing is the largest component of Wisconsin's goods-producing workforce.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average hourly wage for workers in Wisconsin's goods-producing industries, including manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: The average hourly earnings of goods-producing workers is a key indicator of labor market conditions and wage trends in Wisconsin's production-focused industries.
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 analysts use this metric to monitor the health of Wisconsin's manufacturing and production sectors and inform economic policy decisions.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical 1-2 month lag between the reference period and publication.
Related Trends
Gross Domestic Product: Wholesale Trade (42) in Wisconsin
WIWHOLENQGSP
Real Gross Domestic Product: Information (51) in Wisconsin
WIINFORGSP
Unemployment Rate in Wisconsin
WIUR
Chain-Type Quantity Index for Real GDP: Farms (111-112) in Wisconsin
WIFARMQGSP
Estimate of People Under Age 5 in Poverty for Wisconsin
PE0T4WI55000A647NCEN
Real Gross Domestic Product: Wholesale Trade (42) in Wisconsin
WIWHOLERQGSP
Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Goods Producing in Wisconsin (SMU55000000600000003A), retrieved from FRED.