Median Weekly Earnings - Full-Time Workers Age 16+

Source:
U.S. Bureau of Labor Statistics

Release:
Wages & Salaries

Units:
1982-84 CPI Adjusted Dollars, Not Seasonally Adjusted

Frequency:
Quarterly

Available Through:
06/30/2021

Why Use:

Mean weekly real earnings for full time employees represents the average dollar amount paid to employees each week in the United States. This is indicative of hourly wage rates, economic health, cost of living, and rural vs urban demographics.

Suggested Treatment:

The data shows autocorrection and seasonality. The data should be differenced and seasonally adjusted.

Grain Transformation:

Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.

Connect to this
Data Set Now

Ready Signal automates the process of sourcing, normalizing, and applying data science treatments to this data and other impactful control data. Create an account today.

Median Weekly Earnings - Full-Time Workers Age 16+

Auto Correction Function

Auto Correlation Function After Differencing

Partial Auto Correlation Function

Seasonal Impact

Seasonal and Trend Decompostion

Autocorrectation Analysis:

Data shows autocorrectation indicating a need for differencing

The ACF indicates 1 order differencing is appropriate.

Following first order differencing, no further differencing is required based on the differenced ACF at lag one of -0.05

Trend Analysis:

The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.10 p-value = 0.10 indicates that the data is stationary.

Distribution Analysis:

The Shapiro-Wilk test returned W = 0.96 with a p-value =0.22 indicating the data follows a normal distribution.

A skewness score of 0.12 indicates the data are fairly symmetrical.

Hartigan's dip test score of 0.06 with a p-value of 0.35 inidcates the data is unimodal

Statistics (Pearson P/ df, lower => more normal)

No transform
1.52
Box-cox
1.52
Log_b(x-a)
1.52
sqrt(x+a)
1.52
exp(x)
3.20
arcsinh(x)
1.52
Yeo-Johnson
1.52
OrderNorm
1.44

Citation:

U.S. Bureau of Labor Statistics, Employed full time: Median usual weekly real earnings: Wage and salary workers: 16 years and over [LEU0252881600Q], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/LEU0252881600Q, December 18, 2019.

Take the next step

SIGN UP FREE