Average Hourly Earnings of Production Employees: Financial Activities: Finance and Insurance in West Virginia
SMU54000005552000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23.40
Year-over-Year Change
44.89%
Date Range
1/1/2003 - 1/1/2024
Summary
This economic trend measures the average hourly earnings of production employees in the finance and insurance industry in West Virginia. It provides insights into wage levels and labor market conditions in this key 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 Hourly Earnings of Production Employees: Financial Activities: Finance and Insurance in West Virginia trend tracks the typical wage for non-managerial workers in the state's finance and insurance companies. This metric helps economists and policymakers assess the competitiveness and cost of labor in this important industry.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This earnings trend is used to monitor economic conditions and labor market trends in West Virginia's finance sector.
Key Facts
- Finance and insurance account for over 5% of West Virginia's GDP.
- Wages in this sector are typically higher than the state average.
- This trend has shown modest growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wages paid to production workers in the finance and insurance industry in West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor costs and competitiveness in a key sector of West Virginia's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to monitor economic conditions and labor market dynamics in West Virginia's finance industry.
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 Hourly Earnings of Production Employees: Financial Activities: Finance and Insurance in West Virginia (SMU54000005552000008A), retrieved from FRED.