Average Weekly Hours of All Employees: Leisure and Hospitality in Pennsylvania
Annual
SMU42000007000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23.80
Year-over-Year Change
-1.24%
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 on an annual basis. This metric is 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 provides insight into the wage levels and dynamics of production and nonsupervisory workers, who comprise the majority of the U.S. private sector workforce. It is closely monitored by economists, policymakers, and analysts to assess the strength of the labor market and inflationary pressures.
Methodology
The data is collected through monthly surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual trend is a vital input for the Federal Reserve and other policymakers in evaluating the economy's health and setting appropriate monetary and fiscal policies.
Key Facts
- The Annual trend reached a record high of $27.03 in 2022.
- Wage growth has outpaced inflation in recent years.
- The trend is published monthly by the U.S. Bureau of Labor Statistics.
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 on an annual basis.
Q: Why is this trend relevant for users or analysts?
A: This trend is a key indicator of wage growth and labor market conditions, providing important insights for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual trend is a vital input for the Federal Reserve and other policymakers in evaluating the economy's health and setting appropriate monetary and fiscal policies.
Q: Are there update delays or limitations?
A: The Annual trend is published monthly with no significant update delays.
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Citation
U.S. Federal Reserve, Annual (SMU42000007000000002A), retrieved from FRED.