Average Hourly Earnings of Production Employees: Information in Illinois
SMU17000005000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.29
Year-over-Year Change
78.59%
Date Range
1/1/2001 - 1/1/2024
Summary
The 'Average Hourly Earnings of Production Employees: Information in Illinois' metric tracks the average hourly wage for production workers in the information industry in Illinois. This data provides insight into labor costs and compensation trends within 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
This series measures the average hourly earnings of production and nonsupervisory employees in the information industry in Illinois. It is a useful indicator of labor market conditions and wage pressures within this important economic sector at the state level.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this data to assess economic performance and inform decisions around employment, wages, and cost-of-living adjustments.
Key Facts
- Illinois is a major hub for the information industry.
- Average hourly earnings have risen steadily in recent years.
- This data helps track labor costs and wage growth trends.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average hourly wage paid to production and nonsupervisory employees in the information industry within the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This data provides valuable insights into labor market conditions and compensation trends for a key sector of Illinois' economy, which is useful for policymakers, businesses, and economic analysts.
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: Policymakers and analysts use this data to assess economic performance and inform decisions around employment, wages, and cost-of-living adjustments.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, but there may be some delays in publishing the most recent figures.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Information in Illinois (SMU17000005000000008A), retrieved from FRED.