Average Weekly Hours of Production Employees: Manufacturing in Maine
SMU23000003000000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.30
Year-over-Year Change
-4.84%
Date Range
1/1/2001 - 1/1/2024
Summary
The 'Average Weekly Hours of Production Employees: Manufacturing in Maine' metric measures the average number of hours worked per week by production employees in the manufacturing sector in the state of Maine. This statistic is a key indicator of economic activity and labor market conditions.
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 tracks the average weekly hours worked by production employees in Maine's manufacturing industry. It provides insights into the utilization of labor in the state's manufacturing sector and can signal changes in production, overtime, and hiring or layoff patterns.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists analyze this metric to assess the health of Maine's manufacturing economy and its broader economic trends.
Key Facts
- Manufacturing accounts for 10% of Maine's GDP.
- Average weekly hours peaked at 43.4 in 2000.
- Manufacturing employment in Maine has declined by 30% since 2000.
FAQs
Q: What does this economic trend measure?
A: This metric measures the average number of hours worked per week by production employees in the manufacturing sector in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This statistic provides insights into the utilization of labor in Maine's manufacturing industry and can signal changes in production, overtime, and hiring or layoff patterns.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this metric to assess the health of Maine's manufacturing economy and its broader economic trends.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of 1-2 months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of Production Employees: Manufacturing in Maine (SMU23000003000000007A), retrieved from FRED.