Health Care and Social Assistance Wages and Salaries in Illinois
ILWHEA • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
57,949,568.00
Year-over-Year Change
20.61%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Health Care and Social Assistance Wages and Salaries in Illinois' trend measures the average hourly earnings for workers in the health care and social assistance sector in Illinois. This data is crucial for economists and policymakers to understand labor market dynamics and cost pressures in the state's vital health care 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 economic indicator tracks the average hourly wages and salaries paid to employees within Illinois' health care and social assistance sector, which includes hospitals, nursing homes, and other health-related services. Analyzing trends in these labor costs can provide insights into the state's economic conditions and the financial health of its health care providers.
Methodology
The data is collected through surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and industry analysts often use this metric to gauge the affordability and competitiveness of Illinois' health care labor market.
Key Facts
- Illinois' health care and social assistance sector employs over 1 million workers.
- Average hourly wages in this sector have risen by 20% over the past decade.
- Wages are highest in the Chicago metropolitan area, the state's largest health care hub.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wages and salaries paid to employees in the health care and social assistance sector in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: Tracking wages and salaries in the health care industry is crucial for understanding labor market dynamics, cost pressures, and the financial health of healthcare providers in Illinois.
Q: How is this data collected or calculated?
A: The data is collected through surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to gauge the affordability and competitiveness of Illinois' health care labor market, which can inform decisions on healthcare funding, regulation, and workforce development.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Health Care and Social Assistance Wages and Salaries in Illinois (ILWHEA), retrieved from FRED.