Average Hourly Earnings of All Employees: Goods Producing in Maine
SMU23000000600000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32.22
Year-over-Year Change
41.44%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of all employees in the goods-producing sector in Maine. It provides valuable insights into labor market conditions and worker compensation in the state's manufacturing and production industries.
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 All Employees: Goods Producing in Maine is a key indicator of economic activity and worker compensation in the state's industrial sector. It tracks the average hourly wage paid to workers in Maine's goods-producing industries, which include manufacturing, construction, and mining.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by policymakers, economists, and businesses to assess the strength of Maine's industrial economy and labor market.
Key Facts
- Maine's goods-producing sector employs over 100,000 workers.
- Average hourly wages in this sector have grown by 20% over the past decade.
- The manufacturing industry accounts for the largest share of goods-producing employment in Maine.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the goods-producing sector in the state of Maine, which includes industries like manufacturing, construction, and mining.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into labor market conditions and worker compensation in Maine's industrial economy, which is crucial for understanding the state's economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses closely monitor this trend to assess the strength of Maine's industrial sector and labor market, which informs economic policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical delay of 1-2 months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Goods Producing in Maine (SMU23000000600000003A), retrieved from FRED.