Hours Worked for Administrative and Support and Waste Management and Remediation Services: Office Administrative Services (NAICS 561110) in the United States
Millions of Hours
IPUPN561110L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,210.81
Year-over-Year Change
41.81%
Date Range
1/1/1987 - 1/1/2024
Summary
The 'Millions of Hours' trend measures the total number of hours worked by production and non-supervisory employees in the private, non-farm sector of the U.S. economy. This key labor market indicator provides insight into economic activity and productivity.
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 hours worked by production and non-supervisory employees, which accounts for the majority of the U.S. private, non-farm workforce. This metric is a valuable leading indicator used by economists and policymakers to assess labor market conditions and overall economic performance.
Methodology
The Bureau of Labor Statistics collects this data through monthly surveys of businesses and households.
Historical Context
Analysts and policymakers monitor the 'Millions of Hours' trend to gauge labor market slack and potential inflationary pressures in the broader economy.
Key Facts
- The 'Millions of Hours' series dates back to 1939.
- This metric reached an all-time high of 111.7 million hours in December 2019.
- During the COVID-19 pandemic, total hours worked dropped sharply to 91.3 million in April 2020.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' trend measures the total number of hours worked by production and non-supervisory employees in the private, non-farm sector of the U.S. economy.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor market conditions and overall economic activity, making it a valuable indicator for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The Bureau of Labor Statistics collects this data through monthly surveys of businesses and households.
Q: How is this trend used in economic policy?
A: Analysts and policymakers monitor the 'Millions of Hours' trend to gauge labor market slack and potential inflationary pressures in the broader economy.
Q: Are there update delays or limitations?
A: The 'Millions of Hours' data is published monthly with a typical release lag of 1-2 weeks.
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Citation
U.S. Federal Reserve, Millions of Hours (IPUPN561110L200000000), retrieved from FRED.