Average Hourly Earnings of All Employees: Goods Producing in Indiana
SMU18000000600000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31.66
Year-over-Year Change
28.80%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Hourly Earnings of All Employees: Goods Producing in Indiana measures the typical hourly wage for production workers in the state's goods-producing sector. It provides insight into labor costs and economic 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
This economic indicator tracks changes in the average hourly wage for workers in Indiana's manufacturing, mining, and construction industries. It is an important metric for analyzing the state's labor market and production costs.
Methodology
The data is collected through surveys of businesses in the goods-producing sector and calculated by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this trend to assess the strength of Indiana's economy and inform decisions around employment, investment, and inflation.
Key Facts
- Indiana's goods-producing sector includes manufacturing, mining, and construction.
- Hourly wages in this sector tend to be higher than the state average.
- The trend provides insight into production costs and labor market conditions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wage for production workers in Indiana's goods-producing industries, including manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for analyzing labor costs, employment conditions, and economic performance in Indiana's key production sectors.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses in the goods-producing sector and calculated by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the strength of Indiana's economy and inform decisions around employment, investment, and inflation.
Q: Are there update delays or limitations?
A: There may be lags in data availability, and the trend may not capture all nuances of the state's labor market.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Goods Producing in Indiana (SMU18000000600000003A), retrieved from FRED.