Finance and Insurance Wages and Salaries in Illinois
ILWFIN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
51,593,966.00
Year-over-Year Change
9.23%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Finance and Insurance Wages and Salaries in Illinois' series measures total compensation for workers in the finance and insurance sector within the state of Illinois. This metric is a key indicator of economic activity and labor market conditions in a vital 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
This data series tracks total wages and salaries paid to employees in Illinois' finance and insurance industries. It provides insights into compensation trends, labor costs, and the overall health of a major part of the state's economy.
Methodology
The data is collected through surveys of businesses and compiled by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to gauge the economic performance and outlook for Illinois' financial services sector.
Key Facts
- Illinois is a major U.S. finance and insurance hub.
- Wages in this sector have grown over 50% since 2001.
- The finance and insurance industry accounts for over 6% of Illinois' GDP.
FAQs
Q: What does this economic trend measure?
A: This data series tracks total wages and salaries paid to employees in Illinois' finance and insurance industries, providing insights into compensation trends and labor market conditions in a vital sector of the state's economy.
Q: Why is this trend relevant for users or analysts?
A: The finance and insurance sector is a key driver of economic activity in Illinois, so this metric is an important indicator of the overall health and performance of a major industry in the state.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and compiled 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 gauge the economic outlook for Illinois' financial services sector, which informs decision-making and policy development.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical 1-2 month lag, so it provides timely but not real-time information on industry compensation trends.
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Citation
U.S. Federal Reserve, Finance and Insurance Wages and Salaries in Illinois (ILWFIN), retrieved from FRED.