Average Hourly Earnings of Production Employees: Education and Health Services: Nursing and Residential Care Facilities in Minnesota
SMU27000006562300008 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24.47
Year-over-Year Change
0.58%
Date Range
1/1/2001 - 7/1/2025
Summary
This economic trend measures the average hourly wages of production employees in the nursing and residential care facilities industry in Minnesota. It provides insight into labor costs and compensation in a critical healthcare sector.
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: Education and Health Services: Nursing and Residential Care Facilities in Minnesota trend tracks compensation levels for frontline workers in Minnesota's nursing home and residential care facilities. This metric is used by economists and policymakers to analyze workforce dynamics and labor market conditions in the healthcare industry.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This trend informs discussions around healthcare workforce issues, industry competitiveness, and policies affecting nursing homes and long-term care facilities.
Key Facts
- Minnesota's nursing and residential care facilities employ over 130,000 workers.
- Wages in this industry are below the statewide average for all private sector jobs.
- Compensation levels have risen steadily but modestly over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wages of production workers employed in nursing homes and residential care facilities located in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor costs and compensation levels in a critical healthcare sector, which is important for analyzing workforce dynamics, industry competitiveness, and policy issues affecting long-term care facilities.
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: This trend informs discussions around healthcare workforce issues, industry competitiveness, and policies affecting nursing homes and long-term care facilities.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, but there may be lags in reporting and revisions to previous months' figures.
Related Trends
Gross Domestic Product: Government and Government Enterprises (92) in Minnesota
MNGOVNQGSP
Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Minnesota
MNPROBUSRQGSP
Gross Domestic Product: Waste Management and Remediation Services (562) in Minnesota
MNWASTENGSP
State Government Tax Collections, Total Sales and Gross Receipts Taxes in Minnesota
MNSLGRTAX
Poverty Tax Exemptions Under Age 65 for Minnesota
PLT65EXMMN27A647NCEN
Transportation Carbon Dioxide Emissions, Distillate Fuel for Minnesota
EMISSCO2VDFACBMNA
Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Education and Health Services: Nursing and Residential Care Facilities in Minnesota (SMU27000006562300008), retrieved from FRED.