Average Weekly Hours of All Employees: Private Service Providing in Illinois
SMU17000000800000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32.50
Year-over-Year Change
-3.85%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Private Service Providing in Illinois' tracks the average number of hours worked per week by private service industry employees in the state of Illinois. This metric provides insight into the labor market and economic activity in the service sector.
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 series represents the average weekly hours for all employees in the private service-providing industries in Illinois. Service-providing industries include trade, transportation, utilities, information, financial activities, professional and business services, education and health services, leisure and hospitality, and other services. The data is a useful indicator of economic conditions and labor market trends in the state.
Methodology
The data is collected through the Current Employment Statistics (CES) survey, a monthly nationwide survey of establishments.
Historical Context
Policymakers and analysts use this metric to assess the health of the service sector and broader economy in Illinois.
Key Facts
- The average weekly hours for private service industry workers in Illinois in 2022 was 33.7 hours.
- Service-providing industries account for over 80% of total nonfarm employment in Illinois.
- The series dates back to 2007 and is released monthly by the U.S. Bureau of Labor Statistics.
FAQs
Q: What does this economic trend measure?
A: The 'Average Weekly Hours of All Employees: Private Service Providing in Illinois' tracks the average number of hours worked per week by private sector service industry workers in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor market conditions and economic activity in the service sector, which is a crucial part of the Illinois economy.
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 establishments.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health of the service sector and broader economy in Illinois, which can inform economic and labor market policies.
Q: Are there update delays or limitations?
A: The data is released monthly by the U.S. Bureau of Labor Statistics with a typical lag of about one month.
Related Trends
Projected Business Formations Within Eight Quarters: Total for All NAICS in Illinois
BFPBF8QTOTALSAIL
Housing Inventory: Price Reduced Count Year-Over-Year in Illinois
PRIREDCOUYYIL
Management of Companies and Enterprises Wages and Salaries in Illinois
ILWMAN
Regional Price Parities: Goods for Illinois
ILRPPGOOD
Total Deposits in All Banks in Illinois
X08TDABIL
All Employees: Financial Activities: Insurance Carriers and Related Activities in Illinois
SMU17000005552400001
Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Private Service Providing in Illinois (SMU17000000800000002A), retrieved from FRED.