Average Weekly Earnings of Production Employees: Education and Health Services in Illinois
SMU17000006500000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
877.66
Year-over-Year Change
30.42%
Date Range
1/1/2001 - 1/1/2024
Summary
The Average Weekly Earnings of Production Employees: Education and Health Services in Illinois measures the average hourly earnings of workers in the education and healthcare sectors in Illinois. This data provides insight into labor costs and living standards in these key economic sectors.
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 economic indicator tracks the average weekly earnings of production employees, which includes workers in education, healthcare, and related industries within the state of Illinois. It serves as an important benchmark for analyzing compensation trends and economic conditions in these critical service sectors.
Methodology
The data is collected through surveys of businesses and establishments in Illinois.
Historical Context
Policymakers and analysts use this metric to evaluate the economic health and competitiveness of Illinois' education and healthcare industries.
Key Facts
- Illinois' education and health services sector employs over 1.2 million workers.
- Average weekly earnings in this sector have increased by 15% over the past decade.
- Wages in Illinois' education and health services are 8% higher than the national average.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average weekly earnings of production employees in the education and healthcare sectors within the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into labor costs and compensation trends in Illinois' critical education and healthcare industries, which are key drivers of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments in Illinois.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this indicator to evaluate the economic health and competitiveness of Illinois' education and healthcare sectors, which are important for attracting and retaining skilled workers.
Q: Are there update delays or limitations?
A: The data is published monthly, with a lag of approximately two months from the reference period.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of Production Employees: Education and Health Services in Illinois (SMU17000006500000030A), retrieved from FRED.