Average Hourly Earnings of All Employees: Professional and Business Services in Illinois
Annual
SMU17000006000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.84
Year-over-Year Change
33.71%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average total annual compensation per job in the United States. It is a key economic indicator used to analyze workforce compensation, productivity, and consumer spending patterns.
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 represents the average total annual earnings per job, including wages, salaries, bonuses, and benefits. This metric provides insight into broader labor market dynamics and is closely watched by economists, policymakers, and businesses.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual trend is used to inform economic policy decisions and business strategies related to hiring, compensation, and consumer demand.
Key Facts
- Annual compensation per job reached a record high in 2022.
- Wages and benefits make up the majority of total annual compensation.
- The Annual trend is a leading indicator of consumer purchasing power.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average total annual compensation, including wages, salaries, bonuses, and benefits, per job in the United States.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend provides insight into broader labor market dynamics and is closely watched by economists, policymakers, and businesses to inform decisions related to hiring, compensation, and consumer demand.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual trend is used to inform economic policy decisions related to employment, wages, and consumer spending.
Q: Are there update delays or limitations?
A: The Annual trend data is released on a regular schedule by the U.S. Bureau of Labor Statistics, with a typical update delay of several weeks.
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Citation
U.S. Federal Reserve, Annual (SMU17000006000000003A), retrieved from FRED.