Average Weekly Earnings of Production Employees: Health Care and Social Assistance in Ohio
SMU39000006562000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
904.75
Year-over-Year Change
59.13%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average weekly earnings of production employees in the health care and social assistance industry in Ohio. It provides insight into wage trends and labor costs in a key sector 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 Weekly Earnings of Production Employees: Health Care and Social Assistance in Ohio is a key economic indicator that tracks the average weekly earnings of production workers in the health care and social assistance industry within the state. This data is used by economists, policymakers, and industry analysts to monitor labor market conditions and wage pressures in Ohio's vital health services sector.
Methodology
The data is collected through monthly surveys of establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in health care wages can inform workforce planning, budget projections, and policy decisions at the state and local level.
Key Facts
- Ohio's health care and social assistance industry employs over 1 million workers.
- Average weekly earnings in this sector have risen by 15% over the past 5 years.
- Wages make up a significant portion of operating costs for health care providers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings of production employees in the health care and social assistance industry within the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into wage trends and labor costs in a key sector of Ohio's economy, which is useful for economic analysis, workforce planning, and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in health care wages can inform workforce planning, budget projections, and policy decisions at the state and local level.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of Production Employees: Health Care and Social Assistance in Ohio (SMU39000006562000030A), retrieved from FRED.