Average Weekly Earnings of Production Employees: Manufacturing: Non-Durable Goods in West Virginia
SMU54000003200000030A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,027.96
Year-over-Year Change
41.64%
Date Range
1/1/2003 - 1/1/2024
Summary
This economic indicator tracks the average weekly earnings of production employees in the non-durable goods manufacturing industry in West Virginia. It provides insight into labor market trends and worker compensation in a key industrial sector.
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: Non-Durable Goods in West Virginia series measures the average weekly earnings of hourly and salaried production workers in the non-durable goods manufacturing industry across the state. It is an important metric for analyzing economic conditions and wage growth.
Methodology
The data is collected through surveys of business establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by policymakers, economists, and businesses to assess the strength of the regional manufacturing labor market and consumer purchasing power.
Key Facts
- West Virginia is a major center of non-durable goods manufacturing.
- Manufacturing accounts for over 10% of the state's GDP.
- Average weekly earnings in this sector have risen by 3% in the past year.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average weekly earnings of production workers in the non-durable goods manufacturing industry in West Virginia.
Q: Why is this trend relevant for users or analysts?
A: It provides insight into labor market conditions and wage growth in a key industrial sector, which is useful for assessing economic performance and consumer purchasing power.
Q: How is this data collected or calculated?
A: The data is collected through surveys of business establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This metric is closely monitored by policymakers, economists, and businesses to gauge the strength of the regional manufacturing labor market.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Average Weekly Earnings of Production Employees: Manufacturing: Non-Durable Goods in West Virginia (SMU54000003200000030A), retrieved from FRED.