Average Weekly Hours of All Employees: Professional and Business Services in the District of Columbia
SMU11000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.40
Year-over-Year Change
5.06%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by all employees in the professional and business services sector in Washington, D.C. It is a key indicator of labor market conditions and economic activity in the region.
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: Professional and Business Services in the District of Columbia tracks the average number of hours per week worked by workers in this important industry sector. It provides insights into the demand for labor and can signal changes in economic conditions and employment levels.
Methodology
The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched by policymakers, economists, and businesses to understand the strength of the local economy and labor market.
Key Facts
- The average weekly hours peaked at 36.4 in February 2020.
- Weekly hours declined sharply during the COVID-19 pandemic.
- This metric has recovered to pre-pandemic levels in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours per week worked by all employees in the professional and business services sector in Washington, D.C.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions and economic activity in the professional services industry in the nation's capital, which is a key driver of the local economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses closely monitor this metric to understand the strength of the local labor market and economy in Washington, D.C.
Q: Are there update delays or limitations?
A: The data is released 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: Professional and Business Services in the District of Columbia (SMU11000006000000002A), retrieved from FRED.