Other Labor Income in Illinois
ILOOTH • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
109,096.80
Year-over-Year Change
15.45%
Date Range
1/1/1948 - 1/1/2025
Summary
The 'Other Labor Income in Illinois' trend measures income from sources other than wages and salaries for workers in the state of Illinois. This data is important for policymakers to understand broader labor market dynamics.
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
Other labor income includes income from sources such as bonuses, tips, commissions, and employer contributions to pension and health plans. This metric provides a more comprehensive view of total worker compensation compared to just focusing on wages.
Methodology
This data is collected through household and business surveys by the U.S. Bureau of Economic Analysis.
Historical Context
Tracking other labor income helps economists and policymakers assess overall labor market health and the wellbeing of Illinois workers.
Key Facts
- Other labor income makes up about 20% of total worker compensation in Illinois.
- Employer contributions to health and retirement plans account for the largest share of other labor income.
- Other labor income has grown faster than wages in Illinois over the past decade.
FAQs
Q: What does this economic trend measure?
A: The 'Other Labor Income in Illinois' trend measures income from sources other than wages and salaries for workers in the state of Illinois, such as bonuses, tips, commissions, and employer contributions to benefits.
Q: Why is this trend relevant for users or analysts?
A: Tracking other labor income provides a more comprehensive view of total worker compensation and labor market health in Illinois, which is important for policymakers and economists analyzing the state's economy.
Q: How is this data collected or calculated?
A: This data is collected through household and business surveys by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Monitoring other labor income helps economists and policymakers assess overall labor market conditions and the wellbeing of Illinois workers, which can inform policy decisions around employment, worker compensation, and state economic development.
Q: Are there update delays or limitations?
A: There may be some lag in data availability, as the underlying survey information is compiled and released by the government statistical agencies.
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Citation
U.S. Federal Reserve, Other Labor Income in Illinois (ILOOTH), retrieved from FRED.