Average Weekly Hours of All Employees: Total Private in Ohio
Annual
SMU39000000500000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34.10
Year-over-Year Change
0.00%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the annual average of monthly earnings for all employees in the United States. This key economic indicator provides insight into income levels and consumer spending power.
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 Annual trend represents the average of monthly earnings data collected by the U.S. Bureau of Labor Statistics. It is a widely tracked metric that economists and policymakers use to assess changes in worker compensation and the overall health of the labor market.
Methodology
The data is calculated based on monthly surveys of nonfarm business establishments.
Historical Context
Trends in annual earnings are closely monitored by the Federal Reserve and other institutions to inform economic and monetary policy decisions.
Key Facts
- The annual average monthly earnings in the U.S. was $58,260 in 2022.
- Earnings have increased by an average of 3.5% per year over the past decade.
- Wage growth has outpaced inflation in recent years, boosting consumer purchasing power.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average monthly earnings for all employees in the United States on an annual basis.
Q: Why is this trend relevant for users or analysts?
A: Trends in annual earnings are a key indicator of the overall health of the labor market and consumer spending power.
Q: How is this data collected or calculated?
A: The data is calculated based on monthly surveys of nonfarm business establishments conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Federal Reserve and other institutions closely monitor annual earnings trends to inform economic and monetary policy decisions.
Q: Are there update delays or limitations?
A: The annual earnings 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, Annual (SMU39000000500000002A), retrieved from FRED.