Hours Worked for Arts, Entertainment, and Recreation: Independent Artists, Writers, and Performers (NAICS 711510) in the United States
Millions of Hours
IPUSN711510L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
563.11
Year-over-Year Change
32.47%
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 overall industrial activity and labor 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 across all manufacturing industries in the United States. It is an important barometer of the health and output capacity of the U.S. industrial base.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched by policymakers, analysts, and investors to assess the broader trends in the U.S. manufacturing economy.
Key Facts
- Manufacturing accounts for approximately 11% of U.S. GDP.
- Hours worked in manufacturing peaked in 1979 at over 21 billion per month.
- The COVID-19 pandemic led to a sharp decline in manufacturing hours in 2020.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' trend tracks the total number of hours worked across the U.S. manufacturing sector, providing a measure of industrial activity and labor productivity.
Q: Why is this trend relevant for users or analysts?
A: This metric is closely watched as an important indicator of the health and output capacity of the U.S. manufacturing economy, which is a key driver of overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers, analysts, and investors monitor this metric to assess broader trends in the U.S. manufacturing sector and its implications for the broader economy.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical lag of 1-2 months from the reference period.
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Citation
U.S. Federal Reserve, Millions of Hours (IPUSN711510L200000000), retrieved from FRED.