Average Hourly Earnings of All Employees: Professional and Business Services in Massachusetts
Annual
SMU25000006000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
52.52
Year-over-Year Change
46.05%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average annual earnings of all private-sector employees in the United States. This statistic is a key indicator of the overall health and purchasing power of the U.S. workforce.
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 the average yearly salary or wage received by private sector workers in the U.S. It is an important measure of the economic well-being of American households and a barometer of the country's labor market conditions.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Current Employment Statistics survey of employers.
Historical Context
The Annual trend is closely monitored by policymakers, economists, and market analysts to assess the strength of consumer demand and the broader economic climate.
Key Facts
- The annual average wage in the U.S. private sector was $63,219 in 2022.
- Wage growth has outpaced inflation in recent years, providing a boost to household purchasing power.
- The Annual trend is considered a leading indicator of economic performance and consumer confidence.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average annual earnings of all private-sector employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend is a key indicator of the overall health and purchasing power of the U.S. workforce, providing insights into consumer demand and the broader economic climate.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Current Employment Statistics survey of employers.
Q: How is this trend used in economic policy?
A: The Annual trend is closely monitored by policymakers, economists, and market analysts to assess the strength of consumer demand and the broader economic climate.
Q: Are there update delays or limitations?
A: The Annual trend data is updated monthly with a short delay, providing timely information on the state of the U.S. labor market.
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Citation
U.S. Federal Reserve, Annual (SMU25000006000000003A), retrieved from FRED.