Average Hourly Earnings of All Employees: Total Private in Minnesota
Annual
SMU27000000500000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.58
Year-over-Year Change
50.62%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average hourly earnings of all employees in the private nonfarm sector of the U.S. economy. This metric is a key indicator of 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 tracks the average hourly wage paid to workers in the private sector, excluding government employees. It is a widely-watched economic indicator that provides insight into inflationary pressures, worker productivity, and the overall health of the labor market.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists closely monitor trends in average hourly earnings to assess the strength of the economy and guide decisions on interest rates and other policies.
Key Facts
- The Annual trend has shown steady wage growth in recent years.
- Faster wage growth can contribute to higher inflation.
- Average hourly earnings are a leading indicator of consumer spending power.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average hourly earnings of all employees in the private nonfarm sector of the U.S. economy.
Q: Why is this trend relevant for users or analysts?
A: Trends in average hourly earnings provide important insights into labor market conditions, inflationary pressures, and the overall health of the economy.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor average hourly earnings to assess the strength of the economy and guide decisions on interest rates and other policies.
Q: Are there update delays or limitations?
A: The Annual trend data is released on a monthly basis with a typical delay of one to two months.
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Citation
U.S. Federal Reserve, Annual (SMU27000000500000003A), retrieved from FRED.