Durable Manufacturing Wages and Salaries in Minnesota
MNWDUR • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
17,946,490.00
Year-over-Year Change
11.02%
Date Range
1/1/1998 - 1/1/2025
Summary
The 'Durable Manufacturing Wages and Salaries in Minnesota' measures the average hourly wage and salary earnings of employees in the durable goods manufacturing sector in the state of Minnesota. This economic indicator provides insights into labor costs and productivity trends for a key part of the state's industrial economy.
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 Durable Manufacturing Wages and Salaries in Minnesota series tracks changes in compensation levels for workers in Minnesota's durable goods manufacturing industries, which include sectors like machinery, electronics, and transportation equipment. This metric is used by economists and policymakers to analyze labor market dynamics and the competitiveness of the state's manufacturing base.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in durable manufacturing wages are relevant for understanding the broader health of Minnesota's economy and can inform decisions around economic development, taxation, and workforce policies.
Key Facts
- Minnesota is a leading U.S. state for durable goods manufacturing.
- Durable goods account for over 10% of Minnesota's GDP.
- Manufacturing wages in Minnesota are typically higher than the national average.
FAQs
Q: What does this economic trend measure?
A: The 'Durable Manufacturing Wages and Salaries in Minnesota' series tracks the average hourly wages and salaries paid to workers in Minnesota's durable goods manufacturing industries.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor costs, productivity, and competitiveness within a key sector of Minnesota's economy, which can inform economic policy and business decisions.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in durable manufacturing wages in Minnesota are relevant for policymakers evaluating the state's economic development, taxation, and workforce policies.
Q: Are there update delays or limitations?
A: The Durable Manufacturing Wages and Salaries in Minnesota data is published monthly with a lag of approximately two months.
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Citation
U.S. Federal Reserve, Durable Manufacturing Wages and Salaries in Minnesota (MNWDUR), retrieved from FRED.