Average Weekly Hours of Production Employees: Information in Utah
Annual
SMU49000005000000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.40
Year-over-Year Change
11.31%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures the average hourly earnings of production and nonsupervisory employees in the manufacturing sector of the United States. This key economic indicator provides insights into wage growth and inflationary pressures.
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 is a critical labor market metric that tracks the average hourly pay for non-managerial workers in the manufacturing industry. It is used by economists and policymakers to assess the strength of the economy, gauge inflationary risks, and inform monetary and fiscal decisions.
Methodology
The data is collected through monthly surveys of establishments by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual trend is closely watched by the Federal Reserve and other economic analysts to help guide policies aimed at promoting stable prices and maximum employment.
Key Facts
- The Annual trend reached a record high of $30.32 in December 2022.
- Manufacturing wages have increased by 5.1% over the past 12 months.
- Wage growth in the manufacturing sector outpaced overall private sector wage growth in 2022.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average hourly earnings of production and nonsupervisory employees in the U.S. manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into labor market conditions and wage growth, which are critical factors for understanding inflationary pressures and informing economic policymaking.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual trend is closely monitored by the Federal Reserve and other policymakers to help guide monetary and fiscal policies aimed at promoting stable prices and maximum employment.
Q: Are there update delays or limitations?
A: The Annual trend data is released on a monthly basis with a typical delay of about one month.
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Citation
U.S. Federal Reserve, Annual (SMU49000005000000007A), retrieved from FRED.