Hours Worked for Other Services (Except Public Administration): Commercial Machinery Repair and Maintenance (NAICS 8113) in the United States
Millions of Hours
IPUUN8113L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
617.67
Year-over-Year Change
23.36%
Date Range
1/1/1987 - 1/1/2024
Summary
The 'Millions of Hours' trend measures the total number of hours worked by manufacturing production and nonsupervisory employees in the United States. This metric is a key indicator of labor market conditions and economic 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 hours worked per month by non-managerial staff in the manufacturing sector. It provides insights into production levels, labor utilization, and broader trends in the U.S. economy.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Economists and policymakers monitor this indicator to assess the health of the manufacturing industry and make informed decisions.
Key Facts
- Manufacturing production and nonsupervisory employees account for over 12 million workers in the U.S.
- The 'Millions of Hours' trend reached a record high of 42.1 in December 2021.
- Hours worked is a leading indicator of economic growth and industrial activity.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' trend measures the total number of hours worked by manufacturing production and nonsupervisory employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into production levels, labor utilization, and broader trends in the U.S. economy, making it a key metric for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this indicator to assess the health of the manufacturing industry and make informed decisions.
Q: Are there update delays or limitations?
A: The 'Millions of Hours' data is released monthly by the U.S. Bureau of Labor Statistics, with a typical lag of about one month.
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Citation
U.S. Federal Reserve, Millions of Hours (IPUUN8113L200000000), retrieved from FRED.