Average Weekly Hours of All Employees: Total Private in Alabama
Annual
SMU01000000500000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34.70
Year-over-Year Change
-3.61%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the annual percent change in average hourly earnings for all private nonfarm employees in the United States. This key labor market indicator provides insight into wage growth and inflationary pressures.
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 Annual trend tracks the year-over-year percent change in average hourly earnings, a crucial metric for assessing the strength of the U.S. labor market and potential inflationary forces. Economists and policymakers closely monitor this data to gauge overall economic health and workers' purchasing power.
Methodology
The data is collected through the Current Employment Statistics (CES) survey of businesses and government agencies.
Historical Context
The Annual trend is a key input for the Federal Reserve and other policymakers in evaluating the appropriate stance of monetary policy.
Key Facts
- Annual wage growth reached a high of 5.6% in 2022.
- Rapid wage increases can contribute to higher consumer prices.
- Slower wage growth may signal a cooling labor market.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the year-over-year percent change in average hourly earnings for all private nonfarm employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the strength of the labor market and potential inflationary pressures, making it a key indicator for economists, policymakers, and market participants.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey of businesses and government agencies.
Q: How is this trend used in economic policy?
A: The Annual trend is a crucial input for the Federal Reserve and other policymakers in evaluating the appropriate stance of monetary policy.
Q: Are there update delays or limitations?
A: The Annual data is published monthly with a lag, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Annual (SMU01000000500000002A), retrieved from FRED.