Average Hourly Earnings of All Employees: Professional and Business Services in Louisiana
Annual
SMU22000006000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34.25
Year-over-Year Change
34.95%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the annual average growth rate of wages and salaries in the U.S. private sector. It provides insight into inflationary pressures and worker compensation.
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 change in average hourly earnings of private non-farm employees. It is a key indicator used by economists and policymakers to monitor the health of the labor market and gauge the trajectory of wage growth.
Methodology
The data is collected by the U.S. Bureau of Labor Statistics through monthly surveys of private employers.
Historical Context
Wage growth is a critical input for the Federal Reserve's monetary policy decisions.
Key Facts
- Annual wage growth reached a high of 5.6% in 2022.
- Sustained strong wage growth can contribute to inflationary pressures.
- Monitoring wage trends is critical for the Federal Reserve's dual mandate of price stability and maximum employment.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the year-over-year change in average hourly earnings of private non-farm employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: Wage growth is a key indicator of labor market conditions and inflationary pressures, making the Annual trend important for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Labor Statistics through monthly surveys of private employers.
Q: How is this trend used in economic policy?
A: The Annual trend is closely monitored by the Federal Reserve to inform its monetary policy decisions, as wage growth is a critical input for assessing inflationary pressures and the overall health of the labor market.
Q: Are there update delays or limitations?
A: The Annual trend data is published on a monthly basis with a typical lag of around one month.
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Citation
U.S. Federal Reserve, Annual (SMU22000006000000003A), retrieved from FRED.