Average Hourly Earnings of All Employees: Other Services in Minnesota
SMU27000008000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
28.65
Year-over-Year Change
36.88%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of all employees in the 'Other Services' industry sector in Minnesota. It provides insight into wage growth and labor market conditions in this service-oriented part 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 All Employees: Other Services in Minnesota' tracks the typical hourly pay for workers across a range of service-based industries, excluding sectors like healthcare, retail, and hospitality. This data series is used by economists and policymakers to assess Minnesota's broader service-sector labor market and inflationary pressures.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This earnings trend offers context for the Federal Reserve's monetary policy decisions and can signal broader economic conditions in Minnesota.
Key Facts
- Minnesota's 'Other Services' sector includes repair, personal, and laundry services.
- Hourly earnings in this sector have risen by 15% over the past 5 years.
- The 'Other Services' industry accounts for 3.5% of total employment in Minnesota.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees in the 'Other Services' industry sector in Minnesota, providing insight into wage growth in this part of the state's service economy.
Q: Why is this trend relevant for users or analysts?
A: This earnings data is used by economists and policymakers to assess labor market conditions and inflationary pressures in Minnesota's broader service sector.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This earnings trend offers context for the Federal Reserve's monetary policy decisions and can signal broader economic conditions in Minnesota.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month reporting lag.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Other Services in Minnesota (SMU27000008000000003A), retrieved from FRED.