Definition
The midpoint of earnings for individuals employed within a specific industry sector (e.g., Healthcare, Manufacturing, Retail Trade) during a defined period. Half of the workers in that industry earn more, and half earn less.
Why It Matters
Offers a concise indicator of the typical compensation levels and economic health of various industries. This helps understand the financial capacity of workforces within different economic sectors.
Specific Relevance for Professionals:
Marketers
Informs B2B marketing strategies by highlighting industries with higher earning potential, indicating stronger purchasing power for industry-specific products or services. Also useful for B2C targeting if a product aligns with the income/lifestyle typical of an industry's workforce.
Researchers
Fundamental for studying economic health across sectors, wage disparities between industries, and the financial impact of different industry structures on worker compensation.
Consultants
Crucial for economic development planning, advising clients on market entry into specific industries based on earning potential, or assessing the overall economic contribution of various sectors.
Public Policy Workers
Important for informing economic development policies, sector-specific job training initiatives, and understanding the financial well-being of workforces in different industries within a region.
