Labor Compensation: Earnings: Manufacturing: Hourly for OECD
OECDLCEAMN01GPSAM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.59
Year-over-Year Change
104.90%
Date Range
2/1/1989 - 3/1/2025
Summary
This economic trend measures hourly labor compensation in the manufacturing sector for OECD countries. It provides insights into labor costs and productivity that are crucial for economic analysis and policymaking.
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 Labor Compensation: Earnings: Manufacturing: Hourly for OECD trend tracks average hourly earnings of employees in the manufacturing industry across OECD member states. This metric is a key indicator of labor market dynamics and is widely used by economists, policymakers, and businesses to assess economic performance and competitiveness.
Methodology
The data is collected through national labor force surveys and compiled by the OECD.
Historical Context
This trend is important for understanding global manufacturing competitiveness and informing trade, investment, and labor market policies.
Key Facts
- Hourly labor compensation in OECD manufacturing averaged $27.30 in 2021.
- Manufacturing earnings have grown faster than overall wages in many OECD countries.
- Labor costs are a key factor in global manufacturing competitiveness.
FAQs
Q: What does this economic trend measure?
A: This trend measures average hourly labor compensation, including wages and benefits, for employees in the manufacturing sector across OECD member countries.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor market dynamics, productivity, and global competitiveness in the manufacturing industry, which is crucial for economic analysis and policymaking.
Q: How is this data collected or calculated?
A: The data is collected through national labor force surveys and compiled by the OECD.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and businesses to assess manufacturing competitiveness, inform trade and investment decisions, and develop labor market policies.
Q: Are there update delays or limitations?
A: The data is updated quarterly, but there may be delays in reporting from some OECD member countries.
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Citation
U.S. Federal Reserve, Labor Compensation: Earnings: Manufacturing: Hourly for OECD (OECDLCEAMN01GPSAM), retrieved from FRED.