Average Hourly Earnings of All Employees: Professional and Business Services in Pennsylvania
Annual
SMU42000006000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
41.81
Year-over-Year Change
47.43%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average hourly earnings of production and nonsupervisory employees in the Private sector, a key indicator of wage growth and labor market conditions.
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 tracks changes in the average hourly earnings for private sector production and nonsupervisory workers, providing insight into broader wage dynamics and labor market tightness. It is a widely followed economic indicator used by policymakers, analysts, and economists to assess inflationary pressures and the strength of consumer demand.
Methodology
The data is collected through surveys of establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and market participants closely monitor trends in private sector wages to gauge the overall health of the economy and make informed decisions.
Key Facts
- The Annual trend reached a record high of $31.00 in 2022.
- Wage growth has accelerated in recent years due to tight labor market conditions.
- Rapid wage inflation is a key concern for the Federal Reserve in its fight against high inflation.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average hourly earnings of production and nonsupervisory employees in the Private sector, providing insight into broader wage dynamics.
Q: Why is this trend relevant for users or analysts?
A: This trend is a closely watched indicator of labor market strength and inflationary pressures, helping policymakers and market participants assess the overall health of the economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and market participants closely monitor trends in private sector wages to gauge the overall health of the economy and make informed decisions.
Q: Are there update delays or limitations?
A: The Annual trend data is released monthly with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Annual (SMU42000006000000003A), retrieved from FRED.