Average Hourly Earnings of All Employees: Goods Producing in the District of Columbia
SMU11000000600000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
44.91
Year-over-Year Change
38.53%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of all employees in the goods-producing sector in the District of Columbia. It provides insights into labor costs and productivity in the local 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 Average Hourly Earnings of All Employees: Goods Producing in the District of Columbia is a key indicator of compensation levels and labor market conditions in the region's manufacturing, construction, and mining industries. Economists and policymakers analyze this data to understand inflationary pressures and make informed decisions.
Methodology
The data is collected through surveys of establishments and calculated as a weighted average of hourly wages.
Historical Context
This metric informs analysis of the District's economic performance and guides policy decisions around workforce development and business investment.
Key Facts
- The series dates back to 1939.
- Goods-producing industries account for around 10% of total employment in D.C.
- Hourly earnings in this sector are typically higher than the overall private-sector average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the goods-producing sector, which includes manufacturing, construction, and mining industries, within the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor costs and productivity in key industries, informing analysis of the District's economic performance and guiding policy decisions around workforce development and business investment.
Q: How is this data collected or calculated?
A: The data is collected through surveys of establishments and calculated as a weighted average of hourly wages.
Q: How is this trend used in economic policy?
A: This metric is used by economists and policymakers to understand inflationary pressures and make informed decisions about the District of Columbia's economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical one-month lag.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Goods Producing in the District of Columbia (SMU11000000600000003A), retrieved from FRED.