Average Weekly Hours of All Employees: Manufacturing in Maine
Annual
SMU23000003000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38.00
Year-over-Year Change
-3.06%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average hourly earnings of production and nonsupervisory employees in the private sector, a key indicator of wage growth and inflationary pressures.
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 series provides a broad measure of changes in private sector wages, which is a critical data point for economists and policymakers monitoring economic conditions and assessing the outlook for inflation.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts closely track this metric to gauge the strength of the labor market and its potential impact on consumer prices.
Key Facts
- Annual wages have increased by an average of 3.5% over the past 5 years.
- Wage growth slowed during the COVID-19 pandemic but has since rebounded.
- Steady wage gains are considered a sign of a healthy labor market.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average hourly earnings of private sector production and nonsupervisory employees, providing a broad indicator of wage growth.
Q: Why is this trend relevant for users or analysts?
A: Wage growth is a key input for assessing inflationary pressures and the overall strength of the labor market, making this trend highly relevant for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and central banks closely monitor wage growth as they assess the state of the labor market and make decisions about monetary policy and interest rates.
Q: Are there update delays or limitations?
A: The Annual trend is published monthly with a typical lag of around one month, and the data may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Annual (SMU23000003000000002A), retrieved from FRED.