Hours Worked for Wholesale Trade: Merchant Wholesalers, Durable Goods (NAICS 423) in the United States
Millions of Hours
IPUGN423L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,811.87
Year-over-Year Change
12.19%
Date Range
1/1/1987 - 1/1/2024
Summary
The 'Millions of Hours' trend measures the total number of hours worked by employees in the U.S. manufacturing sector. This key economic indicator provides insight into labor productivity and workplace activity.
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 'Millions of Hours' series tracks the total number of employee hours worked across U.S. manufacturing industries. It is a widely-used metric for analyzing employment, production capacity, and economic performance within the manufacturing sector.
Methodology
The data is collected through monthly surveys of manufacturing establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts closely monitor the 'Millions of Hours' trend to assess the health and output of the U.S. manufacturing industry.
Key Facts
- The manufacturing sector accounts for approximately 11% of total U.S. economic output.
- Manufacturing productivity has increased by over 60% since the early 2000s.
- Total manufacturing hours worked peaked in the late 1970s at over 20 million per month.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' trend measures the total number of employee hours worked in the U.S. manufacturing sector, providing insight into labor productivity and economic output.
Q: Why is this trend relevant for users or analysts?
A: The 'Millions of Hours' trend is a key indicator of manufacturing activity and a critical input for analyzing labor productivity, capacity utilization, and overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of manufacturing establishments conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor the 'Millions of Hours' trend to assess the health of the manufacturing sector and inform decisions around fiscal, monetary, and trade policies.
Q: Are there update delays or limitations?
A: The 'Millions of Hours' data is published monthly with a typical lag of 1-2 months. The series may be subject to revisions as additional information becomes available.
Related Trends
Labor Productivity for Wholesale Trade: Drugs and Druggists' Sundries Merchant Wholesalers (NAICS 424210) in the United States
IPUGN424210L000000000
Labor Compensation for Wholesale Trade: Electrical and Electronic Goods Merchant Wholesalers (NAICS 4236) in the United States
IPUGN4236L020000000
Sectoral Output Price Deflator for Wholesale Trade: Drugs and Druggists' Sundries Merchant Wholesalers (NAICS 4242) in the United States
IPUGN4242T050000000
Hourly Compensation for Wholesale Trade: Beer, Wine, and Distilled Alcoholic Beverage Merchant Wholesalers (NAICS 4248) in the United States
IPUGN4248U120000000
Labor Compensation for Wholesale Trade: Wholesale Trade (NAICS 42) in the United States
IPUGN42L020000000
Sectoral Output for Wholesale Trade: Petroleum and Petroleum Products Merchant Wholesalers (NAICS 4247) in the United States
IPUGN4247T301000000
Citation
U.S. Federal Reserve, Millions of Hours (IPUGN423L200000000), retrieved from FRED.