Average Hourly Earnings of All Employees: Goods Producing in Utah
SMU49000000600000003 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34.95
Year-over-Year Change
1.54%
Date Range
1/1/2007 - 6/1/2025
Summary
This economic trend measures the average hourly earnings of all employees in the goods-producing sector in Utah. It provides insight into labor costs and wage growth in a key part of the state's economy.
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 All Employees: Goods Producing in Utah tracks the mean hourly wage for workers in industries like manufacturing, mining, and construction. This metric is widely used by economists and policymakers to analyze labor market conditions and inflationary pressures.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is relevant for understanding Utah's economic performance and informing monetary and fiscal policy decisions.
Key Facts
- Utah's goods-producing sector accounts for over 15% of the state's employment.
- Hourly wages in this sector have risen by over 20% in the past decade.
- Goods production is a key driver of Utah's economic growth.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of all employees working in the goods-producing industries in Utah, including manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor costs and wage growth in a critical sector of Utah's economy, which is important for understanding the state's economic performance and informing policy decisions.
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: Policymakers and economists use this trend to analyze labor market conditions and inflationary pressures, which can inform monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 month lag, and may be subject to revisions based on updated employer reporting.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of All Employees: Goods Producing in Utah (SMU49000000600000003), retrieved from FRED.