Average Hourly Earnings of Production Employees: Trade, Transportation, and Utilities in Washington
Annual
SMU53000004000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
28.68
Year-over-Year Change
50.55%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures the average total annual earnings for all employees in the United States. This key economic indicator provides insights into wage growth and consumer spending power.
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 represents the average annual pay for all workers across a variety of industries and occupations in the U.S. labor market. It is a widely referenced metric for understanding broader wage and income trends that drive consumer behavior and macroeconomic conditions.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts monitor this trend to gauge the strength of the labor market and broader economic health.
Key Facts
- The average annual pay in the U.S. was $63,251 in 2021.
- Annual pay has increased by over 40% in the past 20 years.
- Wage growth is a key driver of consumer spending and inflationary pressures.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average total annual earnings for all employees in the United States, providing insights into broader wage growth.
Q: Why is this trend relevant for users or analysts?
A: This key economic indicator is widely used to assess the strength of the labor market and understand consumer spending power and potential inflationary pressures.
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 analysts monitor this trend to gauge the overall health of the economy and make informed decisions regarding monetary and fiscal policy.
Q: Are there update delays or limitations?
A: The Annual trend is released on a regular schedule by the Bureau of Labor Statistics, with some potential for lags in data availability.
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Citation
U.S. Federal Reserve, Average Annual Pay (SMU53000004000000008A), retrieved from FRED.