Hours Worked for Administrative and Support and Waste Management and Remediation Services: Investigation and Security Services (NAICS 5616) in the United States
Millions of Hours
IPUPN5616L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,941.47
Year-over-Year Change
29.77%
Date Range
1/1/1987 - 1/1/2024
Summary
The 'Millions of Hours' economic trend measures the total number of hours worked in the U.S. manufacturing sector. This metric is a key indicator of labor productivity and industrial output.
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' trend represents the total number of hours worked across all manufacturing employees in the United States. It is used by economists and policymakers to assess the health and capacity of the manufacturing industry.
Methodology
The data is collected through surveys of manufacturing establishments and compiled by the U.S. Federal Reserve.
Historical Context
This trend provides important insights into the state of the U.S. economy and can inform policy decisions related to industrial production and labor markets.
Key Facts
- Manufacturing accounts for over 11% of U.S. GDP.
- The U.S. manufacturing sector employs over 12 million workers.
- Manufacturing productivity has increased by over 50% since 2000.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' trend measures the total number of hours worked by employees in the U.S. manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the health and capacity of the U.S. manufacturing industry, which is a key driver of economic growth and productivity.
Q: How is this data collected or calculated?
A: The data is collected through surveys of manufacturing establishments and compiled by the U.S. Federal Reserve.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to inform decisions related to industrial production, labor markets, and economic growth strategies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag, and may be subject to revisions based on updated survey responses.
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Citation
U.S. Federal Reserve, Millions of Hours (IPUPN5616L200000000), retrieved from FRED.