Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods: Machinery Manufacturing in Illinois
SMU17000003133300008 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
28.44
Year-over-Year Change
-3.56%
Date Range
1/1/2001 - 12/1/2024
Summary
This economic trend measures the average hourly earnings of production employees in the machinery manufacturing industry in Illinois. It provides insight into the labor market and wage dynamics within a key manufacturing 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 Hourly Earnings of Production Employees: Manufacturing: Durable Goods: Machinery Manufacturing in Illinois is a data series that tracks the average hourly wages paid to production workers in the machinery manufacturing industry across the state. This metric is used by economists and policymakers to assess labor market conditions and inflationary pressures within the broader manufacturing sector.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Monitoring this trend can help inform monetary and fiscal policies aimed at promoting stable employment and price levels.
Key Facts
- Illinois is a major center for machinery manufacturing in the U.S.
- Production worker wages are a key input for business and government decision-making.
- This data series has been tracked since the 1960s.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees in the machinery manufacturing industry within Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor market conditions and wage dynamics within a critical manufacturing sector, which can inform economic policy decisions.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Monitoring changes in production worker wages can help policymakers and analysts assess inflationary pressures and make informed decisions about monetary and fiscal policies.
Q: Are there update delays or limitations?
A: There may be lags of several weeks or months in the availability of the latest data, and the series may be subject to periodic revisions.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Manufacturing: Durable Goods: Machinery Manufacturing in Illinois (SMU17000003133300008), retrieved from FRED.