Average Weekly Earnings of Production Employees: Manufacturing in Maine
SMU23000003000000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,076.43
Year-over-Year Change
27.14%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average weekly earnings of production employees in the manufacturing sector of Maine. It provides insight into labor costs and productivity in a key state industry.
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 Weekly Earnings of Production Employees: Manufacturing in Maine series tracks the average hourly and weekly earnings of non-supervisory workers in the manufacturing sector across the state. It serves as an important economic indicator for monitoring wage growth, competitiveness, and inflationary pressures.
Methodology
The data is collected through monthly surveys of establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched by policymakers, analysts, and businesses to assess the health of the Maine manufacturing industry and labor market.
Key Facts
- Maine manufacturing employs over 50,000 workers.
- Earnings in this sector have grown by 3.2% annually over the past decade.
- Manufacturing accounts for 10% of Maine's total economic output.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average weekly earnings of production employees in the manufacturing sector across the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: It provides important insights into labor costs, productivity, and wage growth in a key industry for the Maine economy.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers, analysts, and businesses closely monitor this metric to assess the health of the Maine manufacturing industry and labor market.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of Production Employees: Manufacturing in Maine (SMU23000003000000030A), retrieved from FRED.