Average Weekly Earnings of Production Employees: Manufacturing in Utah
SMU49000003000000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,067.29
Year-over-Year Change
45.85%
Date Range
1/1/2005 - 1/1/2024
Summary
This economic trend measures the average weekly earnings of production employees in the manufacturing sector in Utah. It provides insights into labor costs and productivity in the state's 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
The Average Weekly Earnings of Production Employees: Manufacturing in Utah series tracks the average weekly compensation for production workers in Utah's manufacturing sector. This metric is used by economists and policymakers to analyze labor market conditions, productivity, and competitiveness within the state's manufacturing industry.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and businesses use this trend to assess the economic health and competitiveness of Utah's manufacturing sector.
Key Facts
- Utah's manufacturing sector accounts for over 10% of the state's GDP.
- Average weekly earnings in Utah manufacturing have risen by 20% over the past decade.
- Manufacturing is one of the highest-paying industries in Utah, with average weekly earnings 25% above the state average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings of production employees in the manufacturing sector in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into labor costs, productivity, and competitiveness within Utah's manufacturing industry, which is an important driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this trend to assess the economic health and competitiveness of Utah's manufacturing sector, which informs policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of 1-2 months.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of Production Employees: Manufacturing in Utah (SMU49000003000000030A), retrieved from FRED.