Average Hourly Earnings of Production Employees: Transportation and Warehousing in Minnesota
SMU27000004340008908A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25.79
Year-over-Year Change
48.05%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of production employees in the transportation and warehousing industry in Minnesota. It provides insights into wage levels and trends in this key sector of the state'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 Average Hourly Earnings of Production Employees: Transportation and Warehousing in Minnesota series tracks the average hourly compensation for production workers in this industry and geographic area. It is an important indicator of labor costs and can inform policy decisions and business strategies.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely watched by policymakers, economists, and businesses to understand labor market dynamics and cost pressures in Minnesota's transportation and logistics industries.
Key Facts
- Production worker wages in Minnesota's transportation and warehousing sector averaged $23.42 per hour in 2022.
- Hourly earnings in this industry have risen by 5.2% over the past year.
- Minnesota ranks 8th among U.S. states for average transportation and warehousing wages.
FAQs
Q: What does this economic trend measure?
A: This trend tracks the average hourly earnings of production employees in the transportation and warehousing industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: It provides important insights into labor costs and wage trends in a key sector of Minnesota's economy, which can inform business decisions and policy discussions.
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 economists monitor this trend to understand labor market dynamics and cost pressures in Minnesota's transportation and logistics industries.
Q: Are there update delays or limitations?
A: The data is published monthly with a short lag, providing timely information on wage trends in this sector.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Transportation and Warehousing in Minnesota (SMU27000004340008908A), retrieved from FRED.