Average Hourly Earnings of Production Employees: Durable Goods: Fabricated Metal Product Manufacturing in Pennsylvania
SMU42000003133200008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24.98
Year-over-Year Change
43.32%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of production employees in the fabricated metal product manufacturing industry in Pennsylvania. It provides insights into labor costs and productivity in this key manufacturing 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: Durable Goods: Fabricated Metal Product Manufacturing in Pennsylvania tracks the typical hourly compensation paid to workers directly involved in the production process at fabricated metal product manufacturing facilities located in the state.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is used by economists and policymakers to analyze labor market conditions and trends in the manufacturing industry.
Key Facts
- Pennsylvania is a major center for fabricated metal product manufacturing.
- Hourly wages in this industry have risen steadily over the past decade.
- Fabricated metal manufacturing accounts for a significant share of the state's durable goods output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production workers employed in the fabricated metal product manufacturing industry in Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor costs and productivity in a key manufacturing sector, which is useful for economists and policymakers analyzing economic conditions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to monitor labor market conditions and trends in the manufacturing industry, which can inform economic policies and decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of several weeks.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Durable Goods: Fabricated Metal Product Manufacturing in Pennsylvania (SMU42000003133200008A), retrieved from FRED.