Average Weekly Earnings of Production Employees: Manufacturing: Non-Durable Goods in Alabama
Annual
SMU01000003200000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,019.62
Year-over-Year Change
41.73%
Date Range
1/1/2001 - 1/1/2024
Summary
This series measures the annual average unemployment rate in the United States. The unemployment rate is a key economic indicator used to assess the health of the labor market and overall 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 annual average unemployment rate tracks the percentage of the civilian labor force that is jobless, based on a monthly survey of households. It is a widely-monitored statistic that provides insights into economic conditions and informs policy decisions.
Methodology
The data is collected through the Current Population Survey (CPS), a monthly survey of around 60,000 households conducted by the U.S. Census Bureau.
Historical Context
The unemployment rate is a crucial input for the Federal Reserve and other policymakers in gauging the strength of the economy and setting appropriate monetary and fiscal policies.
Key Facts
- The annual unemployment rate averaged 3.7% in 2019.
- The rate spiked to 14.7% in April 2020 due to the COVID-19 pandemic.
- The unemployment rate is a lagging economic indicator.
FAQs
Q: What does this economic trend measure?
A: The annual average unemployment rate measures the percentage of the civilian labor force that is jobless and actively seeking employment.
Q: Why is this trend relevant for users or analysts?
A: The unemployment rate is a key indicator of the health of the labor market and overall economic conditions, informing policymakers, businesses, and consumers.
Q: How is this data collected or calculated?
A: The data is collected through the monthly Current Population Survey (CPS) conducted by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: The unemployment rate is a crucial input for the Federal Reserve and other policymakers in gauging the strength of the economy and setting appropriate monetary and fiscal policies.
Q: Are there update delays or limitations?
A: The annual average unemployment rate is published with a one-month lag, reflecting the monthly CPS data collection process.
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Citation
U.S. Federal Reserve, Annual (SMU01000003200000030A), retrieved from FRED.