Average Weekly Hours of All Employees: Leisure and Hospitality in Connecticut
SMU09000007000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
26.10
Year-over-Year Change
0.00%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by all employees in the leisure and hospitality sector in Connecticut. It provides insight into labor market conditions and consumer demand in this important 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 of All Employees: Leisure and Hospitality in Connecticut is a key indicator of economic activity and labor market trends in the state's tourism, entertainment, and service sectors. It is used by economists and policymakers to assess the health of these industries and inform economic policy decisions.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely watched by analysts to gauge the strength of consumer spending and business operations in Connecticut's leisure and hospitality industries.
Key Facts
- Connecticut's leisure and hospitality sector employs over 200,000 workers.
- Average weekly hours peaked at 27.2 in July 2022.
- Weekly hours declined during the COVID-19 pandemic but have since rebounded.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by all employees in Connecticut's leisure and hospitality sector, which includes hotels, restaurants, entertainment venues, and other service-based businesses.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into labor market conditions and consumer demand in Connecticut's crucial leisure and hospitality industries, which are important drivers 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: Economists and policymakers monitor this trend to assess the strength of consumer spending and business operations in Connecticut's service sector, which informs decisions around economic and workforce development policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of one to two months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Leisure and Hospitality in Connecticut (SMU09000007000000002A), retrieved from FRED.