Average Weekly Hours of All Employees: Construction in Arizona
SMU04000002000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
40.70
Year-over-Year Change
10.60%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Construction in Arizona metric tracks the average number of hours worked per week by construction workers in the state. This data point is closely watched by economists and policymakers as an indicator of economic activity and labor market conditions.
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 series measures the average weekly hours for all employees in the construction industry in the state of Arizona. It is a key indicator of the health of the construction sector and broader economic trends, as changes in weekly hours can signal shifts in demand, labor shortages, or productivity.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to assess the strength of the construction industry and make informed decisions about economic policy, investment, and workforce planning.
Key Facts
- Construction is a major industry in Arizona, accounting for over 150,000 jobs.
- Weekly hours peaked at 42.9 in January 2022, indicating strong demand.
- The metric has shown volatility 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 employees in the construction industry in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: Changes in weekly hours can signal shifts in demand, labor shortages, or productivity in the construction sector, which is a key indicator of broader economic conditions.
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: Policymakers and analysts use this metric to assess the strength of the construction industry and make informed decisions about economic policy, investment, and workforce planning.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Construction in Arizona (SMU04000002000000002A), retrieved from FRED.