Average Weekly Earnings of Production Employees: Durable Goods: Fabricated Metal Product Manufacturing in Illinois
SMU17000003133200030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,074.44
Year-over-Year Change
38.93%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average weekly earnings of production employees in the fabricated metal product manufacturing industry in Illinois. It provides insight into wage dynamics and labor costs in this important industrial sector.
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 Weekly Earnings of Production Employees: Durable Goods: Fabricated Metal Product Manufacturing in Illinois is a key indicator used by economists and policymakers to track labor market conditions and productivity in this manufacturing subsector. It offers timely data on wage trends that can inform economic forecasting and business planning.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is widely referenced by analysts evaluating the health of Illinois' manufacturing economy and its competitiveness.
Key Facts
- Illinois is a major hub for fabricated metal product manufacturing.
- Wages in this industry have risen steadily over the past decade.
- Fabricated metal products are critical inputs for a range of durable goods.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average weekly earnings of production workers employed in the fabricated metal product manufacturing industry in Illinois.
Q: Why is this trend relevant for users or analysts?
A: It provides insights into labor costs and wage dynamics within a key manufacturing subsector, which is valuable for economic forecasting and business planning.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This metric is widely referenced by analysts and policymakers evaluating the health and competitiveness of Illinois' manufacturing economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of Production Employees: Durable Goods: Fabricated Metal Product Manufacturing in Illinois (SMU17000003133200030A), retrieved from FRED.