Average Hourly Earnings of All Employees: Total Private in Illinois
SMU17000000500000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35.01
Year-over-Year Change
4.32%
Date Range
1/1/2007 - 6/1/2025
Summary
This economic trend measures the average hourly earnings of all private sector employees in the state of Illinois. It provides insight into the wage dynamics and cost of labor in the state's 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: Total Private in Illinois is a key indicator of labor market conditions and compensation trends. It is widely used by economists, policymakers, and businesses to assess the state's economic performance and cost of living.
Methodology
The data is collected through surveys of private sector employers in Illinois by the U.S. Bureau of Labor Statistics.
Historical Context
This metric helps inform decisions around monetary policy, fiscal policy, and business investment in the state.
Key Facts
- Illinois has the 5th largest economy in the U.S.
- Private sector accounts for 85% of employment in Illinois
- Hourly earnings in Illinois have increased by 3.2% over the past year
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all private sector employees in the state of Illinois. It provides insight into wage levels and labor compensation in the state's economy.
Q: Why is this trend relevant for users or analysts?
A: This metric is widely used by economists, policymakers, and businesses to assess the state's economic performance, cost of living, and labor market conditions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of private sector employers in Illinois by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This metric helps inform decisions around monetary policy, fiscal policy, and business investment in the state of Illinois.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical delay of 1-2 months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Total Private in Illinois (SMU17000000500000003), retrieved from FRED.