Average Weekly Hours of All Employees: Private Service Providing in Arizona
SMU04000000800000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34.10
Year-over-Year Change
-0.87%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Private Service Providing in Arizona' metric tracks the average number of hours worked per week by private sector service workers in the state. This data provides insight into labor market dynamics and economic 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
This economic series measures the average weekly hours worked by private service industry employees in Arizona. It is a key indicator of labor utilization and overall economic activity, as changes in average hours can signal shifts in hiring, overtime, or worker productivity.
Methodology
The data is collected through the Current Employment Statistics (CES) survey of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to assess the health of the Arizona service sector and broader state economy.
Key Facts
- Arizona's private service sector employs over 2 million workers.
- Average weekly hours peaked at 32.8 in January 2022.
- Service sector hours trended downward during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average number of hours worked per week by private sector service industry employees in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: Changes in average weekly service sector hours can signal shifts in labor utilization, worker productivity, and overall economic activity in Arizona.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health of the Arizona service sector and broader state economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Private Service Providing in Arizona (SMU04000000800000002A), retrieved from FRED.