Hourly Earnings: Manufacturing for Australia
LCEAMN01AUQ661N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
121.84
Year-over-Year Change
15.69%
Date Range
10/1/1983 - 4/1/2018
Summary
The 'Hourly Earnings: Manufacturing for Australia' series measures the average hourly wages of manufacturing workers in Australia. This economic indicator provides insights into the strength of the Australian labor market and is closely tracked by policymakers and analysts.
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 for production and nonsupervisory employees in the Australian manufacturing sector. It is a key metric for assessing trends in labor costs and worker compensation, which are important factors in economic growth and competitiveness.
Methodology
The data is collected through surveys of employers by the Australian Bureau of Statistics.
Historical Context
Hourly earnings data is used by the Reserve Bank of Australia and other policymakers to inform decisions on monetary policy and labor market interventions.
Key Facts
- Manufacturing accounts for over 6% of Australia's GDP.
- Hourly earnings in Australian manufacturing have risen by 20% over the past decade.
- Manufacturing is the fourth-largest employer in Australia, accounting for over 900,000 jobs.
FAQs
Q: What does this economic trend measure?
A: The 'Hourly Earnings: Manufacturing for Australia' series measures the average hourly wages of production and nonsupervisory employees in the Australian manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor costs and worker compensation in a key sector of the Australian economy, which is closely watched by policymakers and market analysts.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the Australian Bureau of Statistics.
Q: How is this trend used in economic policy?
A: Hourly earnings data is used by the Reserve Bank of Australia and other policymakers to inform decisions on monetary policy and labor market interventions.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis with a typical delay of 1-2 months.
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Citation
U.S. Federal Reserve, Hourly Earnings: Manufacturing for Australia (LCEAMN01AUQ661N), retrieved from FRED.