Infra-Annual Labor Statistics: Labor Force Participation Rate Total: From 15 to 24 Years for Ireland
Annual, Seasonally Adjusted
LRAC24TTIEA156S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
53.58
Year-over-Year Change
6.62%
Date Range
1/1/2000 - 1/1/2024
Summary
The 'Annual, Seasonally Adjusted' series measures the annual labor productivity for the total economy. It is a key indicator of economic efficiency and a driver of long-term growth.
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
This data series tracks labor productivity, which is the ratio of real output to hours worked. It provides insight into how efficiently the economy is utilizing its labor resources to generate output over a 12-month period.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics using establishment survey data on output and hours worked.
Historical Context
Policymakers and analysts monitor labor productivity trends to assess the economy's capacity for sustainable growth.
Key Facts
- Annual labor productivity growth averaged 1.4% from 2010-2020.
- Productivity gains drive increases in living standards over time.
- The U.S. ranks among the most productive advanced economies globally.
FAQs
Q: What does this economic trend measure?
A: The 'Annual, Seasonally Adjusted' series tracks the annual labor productivity for the total U.S. economy, which is a measure of economic efficiency and output per hour worked.
Q: Why is this trend relevant for users or analysts?
A: Labor productivity is a key driver of long-term economic growth and living standards. Monitoring productivity trends helps policymakers and businesses assess the economy's capacity for sustainable expansion.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics using establishment survey data on real output and hours worked.
Q: How is this trend used in economic policy?
A: Policymakers and analysts closely follow labor productivity to gauge the economy's efficiency and potential for growth. Productivity gains are a primary source of rising living standards over time.
Q: Are there update delays or limitations?
A: This series is published quarterly with a lag of approximately two months. The data may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Annual, Seasonally Adjusted (LRAC24TTIEA156S), retrieved from FRED.