Average Weekly Earnings of All Employees: Manufacturing in Rhode Island
SMU44000003000000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,290.52
Year-over-Year Change
38.87%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Earnings of All Employees: Manufacturing in Rhode Island tracks the average weekly earnings of manufacturing workers in the state. This economic indicator provides insights into labor market conditions and wage trends.
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 series measures the average weekly earnings for all employees in the manufacturing sector within the state of Rhode Island. It is a key metric for understanding the economic health and wage dynamics of the state's manufacturing industry.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to assess the competitiveness and productivity of Rhode Island's manufacturing sector.
Key Facts
- Rhode Island's manufacturing sector accounts for over 10% of the state's GDP.
- The average weekly earnings in Rhode Island's manufacturing industry are higher than the national average.
- Manufacturing employment in Rhode Island has declined by 20% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average weekly earnings of all employees in the manufacturing sector within the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the wage dynamics and economic health of Rhode Island's manufacturing industry, which is an important sector for the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the competitiveness and productivity of Rhode Island's manufacturing sector, which can inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis, but there may be some delays in the reporting due to the survey-based collection process.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of All Employees: Manufacturing in Rhode Island (SMU44000003000000011A), retrieved from FRED.