Average Weekly Hours of All Employees: Private Service Providing in Arkansas
SMU05000000800000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
33.50
Year-over-Year Change
0.90%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by all employees in the private service-providing sector in Arkansas. It provides insight into labor market conditions and productivity in the state's service industry.
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 average weekly hours metric offers a window into the utilization of labor resources and the overall health of the service-providing economy in Arkansas. It is a key statistic used by economists and policymakers to assess economic performance and inform decisions.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by state and national officials to gauge the strength of the service sector and guide economic policies.
Key Facts
- Arkansas's private service sector accounts for over 60% of the state's total employment.
- The average weekly hours metric has remained relatively stable over the past decade.
- Service sector productivity is a key driver of overall economic growth in Arkansas.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by all employees in the private service-providing sector in Arkansas.
Q: Why is this trend relevant for users or analysts?
A: The average weekly hours metric provides insight into labor market conditions and productivity in Arkansas's service industry, which is a crucial component of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by state and national officials to gauge the strength of the service sector and guide economic policies.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis, with a typical release lag of approximately one month.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Private Service Providing in Arkansas (SMU05000000800000002A), retrieved from FRED.