Average Hourly Earnings of All Employees: Leisure and Hospitality in Illinois
Annual
SMU17000007000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
22.73
Year-over-Year Change
69.50%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures changes in average hourly earnings for all employees on nonfarm payrolls in the United States. This key economic indicator provides insights into wage growth and labor market conditions.
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 tracks the year-over-year percent change in average hourly earnings, a measure of labor compensation. It is widely used by economists, policymakers, and market analysts to assess the strength of the U.S. economy and the inflationary pressures on wages.
Methodology
The data is collected through the Current Employment Statistics (CES) survey of businesses and government agencies.
Historical Context
The Annual trend is a crucial input for Federal Reserve monetary policy decisions and helps signal the direction of consumer prices.
Key Facts
- Annual wage growth reached a peak of 5.6% in March 2022.
- The highest annual growth rate on record was 8.2% in 1982.
- Wages have grown faster than inflation since mid-2021.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the year-over-year percent change in average hourly earnings for all employees on nonfarm payrolls in the United States.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend is a key indicator of labor market conditions and wage inflation, providing crucial insights for economic policymakers and market participants.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey of businesses and government agencies.
Q: How is this trend used in economic policy?
A: The Annual trend is a crucial input for Federal Reserve monetary policy decisions, helping signal the direction of consumer prices and the overall strength of the U.S. economy.
Q: Are there update delays or limitations?
A: The Annual trend data is published monthly with a lag of approximately one month.
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Citation
U.S. Federal Reserve, Annual (SMU17000007000000003A), retrieved from FRED.