Average Weekly Earnings of Production Employees: Food Services and Drinking Places in Minnesota
SMU27000007072200030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
368.60
Year-over-Year Change
66.53%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average weekly earnings of production employees in the food services and drinking places industry in Minnesota. It provides insight into wage dynamics and labor costs in this key service 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 Weekly Earnings of Production Employees: Food Services and Drinking Places in Minnesota is a key indicator used to analyze employment and compensation trends in the state's restaurant and hospitality industry. It represents the average weekly pay for non-supervisory workers in this sector, offering valuable context on cost pressures and consumer demand.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by policymakers, businesses, and economists to assess the health of Minnesota's service economy and guide decisions on wage policies, hiring, and consumer pricing.
Key Facts
- Minnesota's food services and drinking places employ over 300,000 workers.
- Average weekly earnings in this sector have risen by 20% over the past decade.
- The industry accounts for nearly 10% of Minnesota's total employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings of production employees, such as servers, cooks, and other non-supervisory workers, in the food services and drinking places industry in Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into labor costs, wage dynamics, and the overall health of Minnesota's restaurant and hospitality sector, which is a key driver 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, businesses, and economists closely monitor this trend to assess the service economy, guide decisions on wage policies, hiring, and consumer pricing.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of Production Employees: Food Services and Drinking Places in Minnesota (SMU27000007072200030A), retrieved from FRED.