Average Hourly Earnings of All Employees: Other Services in Massachusetts
Annual
SMU25000008000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.75
Year-over-Year Change
77.30%
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 hourly wages for a broad segment of American workers. It is closely watched by economists and policymakers as a measure of labor market tightness and an input to inflation forecasting.
Methodology
The data is collected through a monthly survey of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
Wage growth is a critical factor in Federal Reserve monetary policy decisions.
Key Facts
- Annual wages grew by 5.1% in 2022.
- Wages have increased for 23 consecutive months.
- Wage growth has outpaced inflation since mid-2021.
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, a key indicator of wage growth in the U.S. economy.
Q: Why is this trend relevant for users or analysts?
A: Wage growth is a critical input for inflation forecasting and Federal Reserve monetary policy decisions, making the Annual trend highly relevant for economists, policymakers, and market participants.
Q: How is this data collected or calculated?
A: The data is collected through a monthly survey of businesses by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Wage growth, as measured by the Annual trend, is a key factor in Federal Reserve monetary policy decisions, as it can signal inflationary pressures in the economy.
Q: Are there update delays or limitations?
A: The Annual trend data is released monthly with a typical lag of about one month.
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Citation
U.S. Federal Reserve, Annual (SMU25000008000000003A), retrieved from FRED.