Average Weekly Hours of All Employees: Professional and Business Services in Arizona
SMU04000006000000002 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.20
Year-over-Year Change
-0.27%
Date Range
1/1/2007 - 6/1/2025
Summary
The 'Average Weekly Hours of All Employees: Professional and Business Services in Arizona' measures the average number of hours worked per week by employees in Arizona's professional and business services sector. This data provides insights into labor market conditions and the overall health of the state's service-based economy.
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 indicator tracks the average weekly hours of all employees in Arizona's professional and business services industry, which includes occupations such as legal services, accounting, management consulting, and other knowledge-based services. The data can signal changes in labor demand, work schedules, and productivity within this key sector of the state's economy.
Methodology
The data is collected through the Current Employment Statistics (CES) survey, a monthly nationwide survey of businesses and government agencies.
Historical Context
Policymakers and analysts use this metric to monitor labor market trends and assess the overall strength of Arizona's service-based economy.
Key Facts
- Arizona's professional and business services sector employs over 500,000 workers.
- Average weekly hours in this sector have remained relatively stable over the past decade.
- The trend is seen as an indicator of labor demand and productivity in Arizona's service economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by employees in Arizona's professional and business services sector, which includes occupations such as legal services, accounting, and management consulting.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions and the overall health of Arizona's service-based economy, which is a key driver of the state's economic growth.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey, a monthly nationwide survey of businesses and government agencies.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to monitor labor market trends and assess the overall strength of Arizona's service-based economy, which can inform economic policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of 2-3 weeks. There may be revisions to previous months' data as new information becomes available.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Arizona (SMU04000006000000002), retrieved from FRED.