Average Hourly Earnings of All Employees: Education and Health Services in Illinois
SMU17000006500000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30.48
Year-over-Year Change
27.05%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of all employees in the education and health services sector in Illinois. It provides insights into wage dynamics and labor market conditions in this important industry.
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 all employees in the education and health services sector in Illinois is a key economic indicator used by policymakers, economists, and analysts to assess labor market conditions and wage trends in this vital part of the state's economy.
Methodology
The data is collected through monthly surveys of establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched for its implications on consumer spending, inflation, and monetary policy decisions.
Key Facts
- Illinois' education and health services sector employs over 1.3 million workers.
- Wages in this sector have risen by 3.2% over the past year.
- The sector accounts for nearly 20% of Illinois' total nonfarm employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the education and health services sector in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into wage dynamics and labor market conditions in a critical sector of Illinois' economy, which is crucial for policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is closely monitored for its implications on consumer spending, inflation, and monetary policy decisions.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, with a typical delay of one to two months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Education and Health Services in Illinois (SMU17000006500000003A), retrieved from FRED.