Average Hourly Earnings of All Employees: Private Service Providing in Maryland
Annual
SMU24000000800000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34.66
Year-over-Year Change
32.90%
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 nonfarm sector of the U.S. economy. This metric provides insight into wage growth and labor market conditions.
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 represents the average hourly earnings for workers in the private nonfarm sector, excluding managerial and supervisory personnel. It serves as an important indicator of wage inflation and labor market tightness, which are closely monitored by economists and policymakers.
Methodology
The data is collected through monthly surveys of U.S. businesses by the Bureau of Labor Statistics.
Historical Context
The Annual trend is a key input for the Federal Reserve and other institutions in assessing the overall health of the labor market and inflationary pressures.
Key Facts
- The Annual trend reached a record high of $32.27 in January 2023.
- Annual wage growth has exceeded 5% for the past year, indicating a tight labor market.
- Sustained high wage growth can contribute to inflationary pressures in the economy.
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 nonfarm sector of the U.S. economy.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into wage growth and labor market conditions, which are closely monitored by economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of U.S. businesses by the Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual trend is a key input for the Federal Reserve and other institutions in assessing the overall health of the labor market and inflationary pressures.
Q: Are there update delays or limitations?
A: The Annual trend data is published monthly with a typical release delay of approximately one month.
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Citation
U.S. Federal Reserve, Annual (SMU24000000800000003A), retrieved from FRED.