Average Hourly Earnings of All Employees: Leisure and Hospitality in Maine
Annual
SMU23000007000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23.19
Year-over-Year Change
80.61%
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. It is a key indicator of wage growth and inflationary pressures in the U.S. economy.
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 changes in the average hourly wage rate for private sector production and nonsupervisory workers. This metric is widely used by economists and policymakers to gauge the strength of the labor market and inflationary trends in the broader economy.
Methodology
The data is collected through monthly surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual trend informs monetary policy decisions by the Federal Reserve and provides insight into consumer purchasing power and overall economic conditions.
Key Facts
- Hourly earnings have risen by an average of 2.5% annually over the past decade.
- The Annual trend reached a peak of $27.98 in January 2023.
- Wage growth has outpaced inflation in recent years, boosting consumer purchasing power.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average hourly earnings of production and nonsupervisory employees in the private sector, providing insight into wage growth.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of labor market strength and inflationary pressures, informing economic analysis and monetary policy decisions.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual trend is used by the Federal Reserve and other policymakers to assess the state of the labor market and inform monetary policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical delay of one to two weeks.
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Citation
U.S. Federal Reserve, Annual (SMU23000007000000003A), retrieved from FRED.