Average Hourly Earnings of Production Employees: Manufacturing in Rhode Island
SMU44000003000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25.86
Year-over-Year Change
41.62%
Date Range
1/1/2001 - 1/1/2024
Summary
The Average Hourly Earnings of Production Employees: Manufacturing in Rhode Island measures the average hourly wage paid to manufacturing production workers in the state. This metric provides insights into labor costs and compensation trends within the Rhode Island manufacturing industry.
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
This economic indicator tracks the average hourly wage earned by production employees in the manufacturing sector of Rhode Island. It serves as a benchmark for understanding labor market dynamics and the competitiveness of the state's manufacturing industry compared to national trends.
Methodology
The data is collected through surveys of manufacturing establishments in Rhode Island by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists use this metric to evaluate the health of the state's manufacturing sector and its implications for the broader economy.
Key Facts
- Rhode Island's manufacturing sector employs over 40,000 workers.
- The average hourly wage for production employees in Rhode Island manufacturing is $25.17.
- Manufacturing accounts for approximately 10% of Rhode Island's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wage paid to production employees in the manufacturing sector of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor costs and compensation trends within the Rhode Island manufacturing industry, which is an important component of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of manufacturing establishments in Rhode Island by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to evaluate the health of the state's manufacturing sector and its implications for the broader economy.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical delay of 1-2 months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Manufacturing in Rhode Island (SMU44000003000000008A), retrieved from FRED.