Average Hourly Earnings of All Employees: Total Private in Illinois
Annual
SMU17000000500000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
33.77
Year-over-Year Change
38.69%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual Trend measures the average annual total compensation per full-time equivalent employee in the United States. It is a key metric for understanding labor costs and productivity across the 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 tracks the average annual pay, including wages, salaries, and benefits, for full-time workers. It provides insights into changes in labor costs and standards of living over time, which are important for economic analysis and policy decisions.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual Trend is used by policymakers, economists, and businesses to gauge broader economic conditions and employment dynamics.
Key Facts
- The Annual Trend reached a record high of $69,375 in 2020.
- Compensation growth has outpaced inflation in recent years.
- The trend provides insights into changes in living standards over time.
FAQs
Q: What does this economic trend measure?
A: The Annual Trend measures the average annual total compensation per full-time equivalent employee in the United States, including wages, salaries, and benefits.
Q: Why is this trend relevant for users or analysts?
A: The Annual Trend provides insights into labor costs and productivity, which are important for understanding broader economic conditions and informing policy decisions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual Trend is used by policymakers, economists, and businesses to gauge employment dynamics and changes in living standards over time.
Q: Are there update delays or limitations?
A: The Annual Trend data is typically released with a delay of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Annual (SMU17000000500000003A), retrieved from FRED.