Hours Worked for Other Services (Except Public Administration): Household Goods Repair and Maintenance (NAICS 8114) in the United States
Millions of Hours
IPUUN8114L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
251.15
Year-over-Year Change
-8.99%
Date Range
1/1/1987 - 1/1/2024
Summary
The 'Millions of Hours' trend measures the total number of hours worked by production and nonsupervisory employees across the U.S. economy. This data provides key insights into labor market 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' metric tracks the total volume of labor input, reflecting changes in employment levels and average hours worked. Economists and policymakers closely monitor this indicator to assess the overall health and utilization of the workforce.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
The 'Millions of Hours' trend is widely used to inform economic policy decisions and market analysis.
Key Facts
- The U.S. economy logged over 106 billion total hours worked in the latest month.
- Hours worked have increased by 3.2% over the past year.
- The 'Millions of Hours' metric reached a record high in 2019 before declining during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' metric tracks the total number of hours worked by production and nonsupervisory employees across the U.S. economy.
Q: Why is this trend relevant for users or analysts?
A: This data provides key insights into labor market activity and workforce utilization, which are crucial for economic policymaking and market analysis.
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: The 'Millions of Hours' trend is widely used by economists and policymakers to inform decisions and assess the overall health of the labor market.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical lag of around one month.
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Citation
U.S. Federal Reserve, Millions of Hours (IPUUN8114L200000000), retrieved from FRED.