Average Weekly Earnings of Production Employees: Manufacturing in Massachusetts
SMU25000003000000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,097.49
Year-over-Year Change
31.75%
Date Range
1/1/2001 - 1/1/2024
Summary
The Average Weekly Earnings of Production Employees: Manufacturing in Massachusetts metric tracks the average weekly earnings of production workers in the manufacturing sector of Massachusetts. This data provides insight into economic conditions and labor market trends in the state.
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
This series represents the average weekly earnings of production and nonsupervisory employees in the manufacturing industry in Massachusetts. It is a key economic indicator used to monitor wage growth, labor costs, and the overall health of the state's manufacturing sector.
Methodology
The data is collected through monthly surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched by policymakers, economists, and businesses to understand labor market dynamics and inform economic decision-making.
Key Facts
- Manufacturing accounts for over 10% of Massachusetts' GDP.
- Average weekly earnings in Massachusetts manufacturing are higher than the national average.
- Wage growth in this sector has outpaced inflation in recent years.
FAQs
Q: What does this economic trend measure?
A: This metric measures the average weekly earnings of production employees in the manufacturing sector of Massachusetts. It provides insight into wage levels and labor costs in this key industry.
Q: Why is this trend relevant for users or analysts?
A: This data is relevant for understanding the economic health of Massachusetts' manufacturing sector and labor market conditions. It informs business planning, policy decisions, and analyses of regional economic performance.
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: Policymakers and economists use this metric to monitor wage growth, labor costs, and the overall competitiveness of Massachusetts' manufacturing industry. It helps inform decisions around economic development, workforce training, and other policies.
Q: Are there update delays or limitations?
A: The data is published with a one-month lag by the U.S. Bureau of Labor Statistics. There are no known major limitations to the reliability or coverage of this metric.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of Production Employees: Manufacturing in Massachusetts (SMU25000003000000030A), retrieved from FRED.