Average Hourly Earnings of Production Employees: Non-Durable Goods: Food Manufacturing in Illinois
SMU17000003231100008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
22.61
Year-over-Year Change
41.05%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of production employees in the food manufacturing industry in Illinois. It provides insights into labor costs and wage dynamics in a key sector of the state's 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 Average Hourly Earnings of Production Employees: Non-Durable Goods: Food Manufacturing in Illinois trend represents the average hourly pay for workers directly involved in the production process within the food manufacturing industry in the state. It is a valuable indicator of labor market conditions and can inform economic policymaking.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is used by economists, policymakers, and industry analysts to monitor labor costs and the competitiveness of Illinois' food manufacturing sector.
Key Facts
- Illinois is a major food manufacturing hub in the U.S.
- Food manufacturing is a key part of the state's economy.
- Wages in this sector can influence overall labor costs and competitiveness.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees in the food manufacturing industry in Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into labor costs and wage dynamics in a key sector of Illinois' economy, which is useful for economic analysis and policymaking.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and industry analysts to monitor labor costs and the competitiveness of Illinois' food manufacturing sector.
Q: Are there update delays or limitations?
A: The data is subject to the typical publication schedules and potential revisions of the U.S. Bureau of Labor Statistics.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Non-Durable Goods: Food Manufacturing in Illinois (SMU17000003231100008A), retrieved from FRED.