Average Hourly Earnings of Production Employees: Food Services and Drinking Places in Indiana
SMU18000007072200008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15.51
Year-over-Year Change
63.61%
Date Range
1/1/2003 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of production employees in the food services and drinking places industry in Indiana. It is a key indicator of labor costs and economic conditions in the state's hospitality sector.
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 Production Employees: Food Services and Drinking Places in Indiana tracks the average hourly wages paid to workers in this important industry. It provides insights into compensation levels and trends that are relevant for businesses, policymakers, and economic analysts studying the Indiana economy.
Methodology
This data is collected through the U.S. Bureau of Labor Statistics' monthly establishment survey.
Historical Context
The food services and drinking places industry is a major employer in Indiana, so this trend offers valuable context for evaluating the state's economic performance.
Key Facts
- Indiana's food services and drinking places industry employs over 200,000 workers.
- Average hourly earnings in this sector have increased by 25% over the past decade.
- Wages in this industry tend to be lower than the overall state average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees in the food services and drinking places industry in the state of Indiana.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into labor costs and economic conditions in a key industry within the Indiana economy.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' monthly establishment survey.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to evaluate the performance and competitiveness of Indiana's hospitality sector.
Q: Are there update delays or limitations?
A: This data is published monthly with a typical 1-2 month delay.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Food Services and Drinking Places in Indiana (SMU18000007072200008A), retrieved from FRED.