Federal Government; Current Taxes on Income, Wealth, etc. Received (IMA), Transactions
Annual
FGTIWRA027N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,921,474.00
Year-over-Year Change
100.40%
Date Range
1/1/1946 - 1/1/2024
Summary
The Annual Growth in Total Industry Wage and Salary Accruals (FGTIWRA027N) measures the year-over-year percent change in total industry wage and salary earnings in the United States. This indicator provides insight into the strength and growth of labor compensation, a key component of economic performance.
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 Growth in Total Industry Wage and Salary Accruals tracks the annual rate of change in total wages and salaries paid to workers across all industries in the U.S. economy. It is a useful metric for analyzing trends in labor income, which can inform policymakers and market participants about the health of the broader economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of the National Income and Product Accounts.
Historical Context
Economists and policymakers monitor this trend to assess the state of the labor market and its implications for consumer spending, inflation, and overall economic growth.
Key Facts
- The annual growth rate reached a peak of 7.5% in 2021.
- Wage and salary growth slowed to 4.9% in 2022 amid high inflation.
- Growth in labor compensation is a key driver of consumer spending.
FAQs
Q: What does this economic trend measure?
A: The Annual Growth in Total Industry Wage and Salary Accruals measures the year-over-year percent change in total wages and salaries paid to workers across all industries in the U.S. economy.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the strength and growth of labor compensation, which is a key component of economic performance and can inform analysis of consumer spending, inflation, and overall economic growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of the National Income and Product Accounts.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this trend to assess the state of the labor market and its implications for the broader economy, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a short lag, providing timely information on trends in labor compensation.
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Citation
U.S. Federal Reserve, Annual Growth in Total Industry Wage and Salary Accruals (FGTIWRA027N), retrieved from FRED.