Average Industrial Wage
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. Investopedia Says:
Statistics such as the average industrial wage are often calculated by national survey organizations such as the U.S. Bureau of Labor Statistics and Statistics Canada, and can be compared with a region's rate of inflation to determine the relative increases in individual income levels. Related Terms:
Economics
Income
Macroeconomics
Mean
Per Capita
Productivity |