Average Hourly Earnings of All Employees: Goods Producing in Minnesota
SMU27000000600000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.26
Year-over-Year Change
6.66%
Date Range
1/1/2007 - 6/1/2025
Summary
The Average Hourly Earnings of All Employees: Goods Producing in Minnesota tracks the average hourly wage for workers in the goods-producing sector within the state. This metric is a key indicator of labor market conditions and can inform economic policy decisions.
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 measures the average hourly earnings of all employees in the goods-producing industries in Minnesota, which includes manufacturing, construction, and mining. It is a useful indicator of inflationary pressures and worker purchasing power within the state's economy.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this trend to assess the strength of Minnesota's labor market and overall economic conditions.
Key Facts
- Minnesota's goods-producing sector accounts for over 15% of total state employment.
- Hourly earnings in this sector have increased by 3.2% on average over the past year.
- The trend reached a record high of $27.84 in January 2023.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wage for workers in Minnesota's goods-producing industries, including manufacturing, construction, and mining.
Q: Why is this trend relevant for users or analysts?
A: The average hourly earnings in the goods-producing sector is a key indicator of labor market conditions and inflationary pressures within the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the strength of Minnesota's labor market and overall economic conditions, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical delay of one to two months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Goods Producing in Minnesota (SMU27000000600000003), retrieved from FRED.