Average Weekly Hours of Production Employees: Other Services in Illinois

SMU17000008000000007A • Economic Data from Federal Reserve Economic Data (FRED)

Latest Value

33.20

Year-over-Year Change

8.85%

Date Range

1/1/2001 - 1/1/2024

Summary

This economic trend measures the average weekly hours worked by production employees in the Other Services industry in Illinois. It serves as an indicator of economic activity and labor market conditions in the state.

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 Production Employees: Other Services in Illinois is a key metric used by economists and policymakers to assess the health of the state's service sector. It provides insights into workforce utilization and productivity trends.

Methodology

The data is collected through surveys of establishments by the U.S. Bureau of Labor Statistics.

Historical Context

This trend is closely monitored by state officials and businesses to inform economic policy decisions and investment strategies.

Key Facts

  • The average weekly hours peaked at 36.8 in January 2020 before the COVID-19 pandemic.
  • Weekly hours declined to a low of 31.8 in April 2020 due to the pandemic's impact.
  • As of the latest data, average weekly hours have recovered to 35.0 in January 2023.

FAQs

Q: What does this economic trend measure?

A: The Average Weekly Hours of Production Employees: Other Services in Illinois measures the average number of hours worked per week by production employees in the state's other services industry, which includes sectors like repair, personal, and laundry services.

Q: Why is this trend relevant for users or analysts?

A: This metric provides insights into the productivity and utilization of the labor force in Illinois' service sector, which is a significant contributor to the state's economy. It helps economists and policymakers assess the overall health and direction of the state's economy.

Q: How is this data collected or calculated?

A: The data is collected through surveys of establishments by the U.S. Bureau of Labor Statistics, which then calculates the average weekly hours worked by production employees in the Other Services industry in Illinois.

Q: How is this trend used in economic policy?

A: State officials and businesses closely monitor this trend to inform economic policy decisions and investment strategies. Changes in average weekly hours can signal shifts in service sector activity, which can guide decisions around workforce management, infrastructure investment, and other economic development initiatives.

Q: Are there update delays or limitations?

A: The data is published monthly by the U.S. Bureau of Labor Statistics, with a typical release lag of around one month. There may be occasional revisions to previously reported data as more information becomes available.

Related Trends

Citation

U.S. Federal Reserve, Average Weekly Hours of Production Employees: Other Services in Illinois (SMU17000008000000007A), retrieved from FRED.