Average Weekly Earnings of Production Employees: Manufacturing: Durable Goods in Virginia
SMU51000003100000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,058.83
Year-over-Year Change
29.12%
Date Range
1/1/2001 - 1/1/2024
Summary
The Average Weekly Earnings of Production Employees: Manufacturing: Durable Goods in Virginia measures the average weekly earnings of production workers in the durable goods manufacturing sector within the state of Virginia. This metric is a key indicator of economic activity and worker compensation.
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 economic series tracks the weekly earnings of production workers in Virginia's durable goods manufacturing industry, which includes industries like automotive, aerospace, and electronics. The data is used by economists and policymakers to assess labor market trends and wage pressures within the manufacturing sector.
Methodology
The data is collected through monthly surveys of nonfarm establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This metric helps inform decisions around monetary and fiscal policies that impact the manufacturing industry and labor market.
Key Facts
- Virginia's durable goods manufacturing sector employs over 250,000 workers.
- Average weekly earnings in this sector have risen by 10% over the past 5 years.
- Durable goods make up about 40% of Virginia's total manufacturing output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly earnings of production workers in the durable goods manufacturing sector within the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of economic activity and worker compensation within Virginia's manufacturing industry, which is a major driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of nonfarm establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This metric helps inform decisions around monetary and fiscal policies that impact the manufacturing industry and labor market.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a 1-2 month lag.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of Production Employees: Manufacturing: Durable Goods in Virginia (SMU51000003100000030A), retrieved from FRED.