Average Weekly Hours of All Employees: Private Service Providing in Minnesota
Annual
SMU27000000800000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31.70
Year-over-Year Change
-1.25%
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 labor market conditions and a measure of wage growth 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 the average hourly wage for private sector workers, excluding managerial and supervisory personnel. It is used by economists and policymakers to assess inflationary pressures, monitor labor market trends, and inform decisions around monetary and fiscal policies.
Methodology
The data is collected through a monthly survey of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched by the Federal Reserve and other institutions for insights into the overall health of the labor market and potential wage-driven inflation.
Key Facts
- The Annual trend has shown steady wage growth in recent years.
- Rapid increases in the Annual trend can signal tightening labor markets.
- Policymakers monitor the Annual trend as an indicator of inflationary pressures.
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, providing insights into wage growth and labor market conditions.
Q: Why is this trend relevant for users or analysts?
A: This metric is closely watched by economists, policymakers, and market analysts as an indicator of inflationary pressures and the overall health of the labor market.
Q: How is this data collected or calculated?
A: The data is collected through a monthly survey of businesses conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Federal Reserve and other institutions use the Annual trend to inform monetary and fiscal policy decisions, as rapid wage growth can signal potential inflationary pressures.
Q: Are there update delays or limitations?
A: The Annual trend data is released monthly with a brief delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Annual (SMU27000000800000002A), retrieved from FRED.