Average Hourly Earnings of Production Employees: Manufacturing in Virginia
SMU51000003000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
26.45
Year-over-Year Change
42.66%
Date Range
1/1/2001 - 1/1/2024
Summary
This trend measures the average hourly earnings of production employees in the manufacturing sector in Virginia. It provides important insights into wage dynamics and labor market conditions in the state's industrial 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 Production Employees: Manufacturing in Virginia is a key indicator of compensation levels and changes over time for factory workers in the state. It is used by economists, policymakers, and businesses to analyze labor market trends and inform decisions around employment, investment, and economic policy.
Methodology
The data is collected through surveys of manufacturing establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched for its implications on production costs, consumer spending, and the overall health of Virginia's manufacturing sector.
Key Facts
- Manufacturing accounts for over 250,000 jobs in Virginia.
- Wages in the state's manufacturing sector are above the national average.
- This data series dates back to 1939.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly earnings of production employees in the manufacturing sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into labor market conditions and wage dynamics within Virginia's manufacturing industry, which is a critical component of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of manufacturing establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and businesses to analyze labor market trends and inform decisions around employment, investment, and economic policy in Virginia's manufacturing sector.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Hourly Earnings of Production Employees: Manufacturing in Virginia (SMU51000003000000008A), retrieved from FRED.