Average Weekly Hours of All Employees: Professional and Business Services in Connecticut
SMU09000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35.80
Year-over-Year Change
2.58%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Professional and Business Services in Connecticut' trend measures the average number of hours worked per week by employees in the professional and business services sector in Connecticut. This statistic is an important economic indicator that provides insight into labor market dynamics and 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 data series tracks the average number of hours worked per week by all employees in the professional and business services industry, which includes a wide range of occupations from legal and accounting to consulting and advertising. It serves as a valuable indicator of economic activity and labor market conditions in Connecticut.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists use this metric to assess the strength of the professional services sector and overall economic health in Connecticut.
Key Facts
- The average weekly hours in Connecticut's professional and business services sector has remained relatively stable over the past decade.
- The professional and business services industry accounts for a significant portion of Connecticut's overall employment and economic output.
- Trends in average weekly hours can signal changes in labor demand and productivity within the professional services sector.
FAQs
Q: What does this economic trend measure?
A: The 'Average Weekly Hours of All Employees: Professional and Business Services in Connecticut' trend measures the average number of hours worked per week by employees in the professional and business services sector in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insight into labor market dynamics and productivity within the professional services industry, which is an important component of Connecticut's economy. It can help analysts and policymakers assess the strength and health of this sector.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to evaluate the performance of the professional services sector and its contribution to the overall economic health of Connecticut.
Q: Are there update delays or limitations?
A: The data is published monthly with typical release delays of 1-2 months. There may be limitations in coverage or sampling that affect the representativeness of the data for the full professional services industry in Connecticut.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Connecticut (SMU09000006000000002A), retrieved from FRED.