All Employees: Service-Providing in Illinois
Annual
SMU17000000700000001A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,321.10
Year-over-Year Change
7.12%
Date Range
1/1/1990 - 1/1/2024
Summary
The Annual trend measures the average hourly earnings of all employees in the private nonfarm sector of the U.S. economy. This metric is a key indicator of wage growth and inflationary pressures.
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 provides insights into the overall health of the U.S. labor market and the buying power of workers. It is closely watched by economists, policymakers, and market analysts to gauge the pace of economic recovery and the potential for rising consumer prices.
Methodology
The data is collected through the Current Employment Statistics (CES) survey of businesses and government agencies.
Historical Context
Policymakers use this trend to inform decisions on interest rates, employment, and inflation targets.
Key Facts
- The Annual trend reached a high of $31.63 in January 2023.
- Wage growth has outpaced inflation since 2021.
- The trend is published monthly by the U.S. Bureau of Labor Statistics.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average hourly earnings of all employees in the private nonfarm sector of the U.S. economy.
Q: Why is this trend relevant for users or analysts?
A: This trend is a key indicator of wage growth and inflationary pressures, providing insights into the overall health of the U.S. labor market and the buying power of workers.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey of businesses and government agencies.
Q: How is this trend used in economic policy?
A: Policymakers use this trend to inform decisions on interest rates, employment, and inflation targets.
Q: Are there update delays or limitations?
A: The trend is published monthly by the U.S. Bureau of Labor Statistics with no significant update delays.
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90% Confidence Interval Upper Bound of Estimate of People of All Ages in Poverty for Illinois
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Citation
U.S. Federal Reserve, Annual (SMU17000000700000001A), retrieved from FRED.