Average Hourly Earnings of Production Employees: Construction in Illinois
Annual
SMU17000002000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
48.10
Year-over-Year Change
43.80%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures the average hourly earnings for all private nonfarm employees in the United States. This metric is a key indicator of wage growth and inflation pressures in 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 hourly earnings for private sector workers, providing insight into changes in employee compensation over time. Policymakers and economists closely monitor this data to assess the health of the labor market and make informed decisions about monetary and fiscal policies.
Methodology
The data is collected through the Current Employment Statistics (CES) survey, a monthly national survey of businesses.
Historical Context
The Annual trend is a valuable input for the Federal Reserve in setting interest rates and managing inflation.
Key Facts
- The Annual trend has shown steady wage growth in recent years.
- Increasing hourly earnings can indicate a tight labor market.
- Monitoring the Annual trend helps policymakers assess the economy's performance.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average hourly earnings for all private nonfarm employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of wage growth and inflation pressures in the economy, making it important for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey, a monthly national survey of businesses.
Q: How is this trend used in economic policy?
A: The Annual trend is a valuable input for the Federal Reserve in setting interest rates and managing inflation.
Q: Are there update delays or limitations?
A: The Annual trend data is released monthly, with a short delay, and provides a comprehensive view of private sector wage growth.
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Citation
U.S. Federal Reserve, Annual (SMU17000002000000008A), retrieved from FRED.