Average Hourly Earnings of All Employees: Education and Health Services in Minnesota
SMU27000006500000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.09
Year-over-Year Change
44.26%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of all employees in the education and health services sector in Minnesota. It provides insights into labor market conditions and compensation levels in this important industry.
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 All Employees: Education and Health Services in Minnesota is a key indicator of compensation trends in the state's education and healthcare workforce. It is used by economists, policymakers, and industry analysts to evaluate the competitiveness of wages and the overall health of the labor market in these critical service sectors.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is relevant for understanding the economic environment and talent pipeline in Minnesota's education and healthcare industries.
Key Facts
- Minnesota's education and health services sector employs over 700,000 workers.
- Wages in this sector have grown by over 4% annually in recent years.
- The state's education and healthcare industries account for nearly 20% of total employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees working in the education and health services sector in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into compensation levels and labor market conditions in two of Minnesota's largest and most critical industries, which are key drivers of 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 economists use this trend to assess the competitiveness of wages in Minnesota's education and healthcare sectors, which informs workforce development initiatives and labor market policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag between the reference period and the release date.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Education and Health Services in Minnesota (SMU27000006500000003A), retrieved from FRED.