What is Average Industrial Wage
Average industrial wage is the mean hourly rate of pay for workforce members of a given geographical area, such as a country or province, excluding farm employees. This measurement serves as a reasonable proxy for the wage rate of the average worker in a given country, and is used by labor organizations and employers as a benchmark to evaluate average wages paid to workers in the labor force in that area.
BREAKING DOWN Average Industrial Wage
Average industrial wage is a term that can be misleading in a way, since it does not just include numbers related to workers in what might be viewed as industrial professions. Instead, it encompasses data for employees in virtually all industries across the spectrum of the workforce, with the exception of farm workers.
National survey organizations such as the U.S. Bureau of Labor Statistics and Statistics Canada often calculate statistics such as the average industrial wage. These points of data can be compared with a region's rate of inflation to determine the relative increases in individual income levels.
Average industrial wage and other data tracked in U.S. and Canada
Although the U.S. Bureau of Labor Statistics has included the average industrial wage among the assortment of varied statistics it compiles related to the U.S. workforce, the BLS now provides an abundance of other data points associated with employment and workers. These data points drill down in a more precise, detailed manner to convey data and trends related to specific aspects of this employment-related information.
The BLS maintains a collection of robust databases that provide a wealth of insight and analysis that correlate to the American workforce and labor market. This information can be used to identify trends, draw conclusions, support employment-related conclusions, and make predictions about future activity. BLS statistics currently available on the bureau’s website and easily accessible to the public include graphs, charts, and reports related to topics such as unemployment rates, compensation, benefits, strikes, productivity, and employment costs.
In regards to wage information in particular, the BLS compiles data related to earnings broken down into categories such as industry, age, location, or other demographic characteristics. Data can be viewed on a national, state, or local level.
Statistics Canada, meanwhile, is the agency officially charged by the government of Canada with compiling and analyzing statistical information about the country and its residents. The agency tracks median salary by job title, calculates average hourly wages by employees sorted by a variety of categories, and tracks trends related to wage gaps connected to race and gender.