Average Hourly Earnings of Production Employees: Other Services in Illinois
Annual
SMU17000008000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
29.21
Year-over-Year Change
60.49%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures the annual change in output per hour worked, a key measure of labor productivity in the United States.
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
Labor productivity is a crucial economic indicator that captures the efficiency and competitiveness of the U.S. workforce. Analyzing trends in annual productivity growth provides insights into long-term economic performance and the potential for future wage and income growth.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on measures of real output and hours worked.
Historical Context
Policymakers and economists closely monitor labor productivity as it informs decisions around monetary policy, trade, and investment.
Key Facts
- The U.S. experienced an average annual productivity growth of 1.7% from 1947 to 2020.
- Productivity growth is a key driver of rising living standards and economic competitiveness.
- Declining productivity growth in recent decades has been a concern for policymakers.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the annual change in output per hour worked, which is a key indicator of labor productivity in the United States.
Q: Why is this trend relevant for users or analysts?
A: Labor productivity is a crucial economic indicator that provides insights into the efficiency and competitiveness of the U.S. workforce, with implications for wage growth, living standards, and long-term economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics based on measures of real output and hours worked.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor labor productivity trends as they inform decisions around monetary policy, trade, and investment.
Q: Are there update delays or limitations?
A: The Annual trend data is published regularly by the U.S. Bureau of Labor Statistics, with minimal update delays.
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Citation
U.S. Federal Reserve, Annual (SMU17000008000000008A), retrieved from FRED.