Average Hourly Earnings of Production Employees: Manufacturing in Maine
Annual
SMU23000003000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27.39
Year-over-Year Change
33.61%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures the year-over-year change in the average number of hours worked per week by private nonfarm production and nonsupervisory employees in the United States. This metric provides insights into labor market conditions and worker productivity.
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 Annual trend tracks the average number of hours worked per week by private sector production and nonsupervisory employees on an annual basis. This statistic is a key indicator of labor market conditions, as changes in weekly hours can signal shifts in employer demand, worker availability, and overall economic activity.
Methodology
The data is collected through monthly surveys of private employers by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use the Annual trend to assess the health of the labor market and inform economic and monetary policy decisions.
Key Facts
- The Annual trend reached a low of -6.2% in April 2020 during the COVID-19 pandemic.
- From 2010 to 2019, the Annual trend averaged around 0.5% growth per year.
- Annual hours worked is a closely watched indicator of worker productivity and economic conditions.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the year-over-year change in the average number of hours worked per week by private nonfarm production and nonsupervisory employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend provides insights into labor market conditions, worker productivity, and overall economic activity, making it a key indicator for policymakers and analysts.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of private employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use the Annual trend to assess the health of the labor market and inform economic and monetary policy decisions.
Q: Are there update delays or limitations?
A: The Annual trend data is published with a short delay, typically within a month of the reference period.
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Citation
U.S. Federal Reserve, Annual (SMU23000003000000008A), retrieved from FRED.