Hours Worked for Other Services (Except Public Administration): Professional and Similar Organizations (NAICS 8139) in the United States
Millions of Hours
IPUUN8139L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
798.98
Year-over-Year Change
4.20%
Date Range
1/1/1987 - 1/1/2024
Summary
The 'Millions of Hours' economic trend measures the total number of hours worked by production and nonsupervisory employees in manufacturing industries across the United States. This data provides crucial insights into the health and productivity of the U.S. manufacturing sector.
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' indicator tracks the total volume of labor input in U.S. manufacturing, which is a key driver of economic growth and productivity. This data series is widely used by economists, policymakers, and industry analysts to assess the current state and future outlook of the manufacturing industry.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
The 'Millions of Hours' trend is a critical input for analyzing employment, output, and efficiency in the U.S. manufacturing sector.
Key Facts
- Manufacturing accounts for approximately 11% of U.S. GDP.
- The U.S. manufacturing sector employs over 12 million workers.
- Manufacturing productivity has increased by over 60% since 2000.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' trend measures the total number of hours worked by production and nonsupervisory employees in U.S. manufacturing industries.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the health and productivity of the U.S. manufacturing sector, which is a critical driver of economic growth.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The 'Millions of Hours' trend is used by policymakers, economists, and industry analysts to assess the current state and future outlook of the U.S. manufacturing industry.
Q: Are there update delays or limitations?
A: The data is released monthly with a lag of approximately one month.
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Citation
U.S. Federal Reserve, Millions of Hours (IPUUN8139L200000000), retrieved from FRED.