Average Hourly Earnings of All Employees: Trade, Transportation, and Utilities in Alabama
Annual
SMU01000004000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
26.79
Year-over-Year Change
46.07%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average annual total output of goods and services produced in the United States. It is a key indicator of the overall health and growth of the US 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 trend, also known as Gross Domestic Product (GDP), represents the total market value of all final goods and services produced within a country over a specific time period, typically one year. It is widely used by economists, policymakers, and analysts to assess the size and performance of the national economy.
Methodology
The US Bureau of Economic Analysis calculates GDP based on data collected from surveys, government agencies, and other sources.
Historical Context
GDP growth is closely monitored by the Federal Reserve and other institutions to inform monetary and fiscal policy decisions.
Key Facts
- GDP accounts for over 70% of US economic activity.
- The US GDP was $23.9 trillion in 2021.
- GDP growth averaged 2.3% per year from 2010-2019.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the total market value of all final goods and services produced in the United States over a one-year period, also known as Gross Domestic Product (GDP).
Q: Why is this trend relevant for users or analysts?
A: GDP is a comprehensive indicator of the size and performance of the national economy, and is closely watched by policymakers, businesses, and investors to assess economic conditions and make informed decisions.
Q: How is this data collected or calculated?
A: The US Bureau of Economic Analysis calculates GDP based on data collected from surveys, government agencies, and other sources.
Q: How is this trend used in economic policy?
A: GDP growth is a key metric monitored by the Federal Reserve and other institutions to inform monetary and fiscal policy decisions aimed at promoting economic stability and growth.
Q: Are there update delays or limitations?
A: GDP data is released quarterly by the Bureau of Economic Analysis, with an initial estimate followed by two revisions. There can be a several-week delay in the release of the latest GDP figures.
Related Trends
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SMU01000004340008901A
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All Employees: Wholesale Trade: Merchant Wholesalers, Nondurable Goods in Alabama
SMU01000004142400001
Monthly State Retail Sales: Clothing and Clothing Accessories Stores in Alabama
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Real Gross Domestic Product: Other Transportation and Support Activities (487-488, 492) in Alabama
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Citation
U.S. Federal Reserve, Annual (SMU01000004000000003A), retrieved from FRED.