Average Weekly Hours of All Employees: Leisure and Hospitality in Maine
SMU23000007000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
26.30
Year-over-Year Change
0.77%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Leisure and Hospitality in Maine' data series measures the average number of hours worked per week by employees in the leisure and hospitality industry in the state of Maine. This metric provides insights into the labor market and economic activity in this key 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 data series tracks the average number of hours worked per week by all employees in the leisure and hospitality industry in Maine. It is an important indicator of economic conditions and workforce trends in this vital service sector, which includes hotels, restaurants, arts, entertainment, and recreation.
Methodology
The data is collected through monthly surveys of business establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Economists and policymakers monitor this trend to assess the health of Maine's tourism and service-based economy.
Key Facts
- Maine's leisure and hospitality sector accounts for over 10% of state employment.
- Weekly hours in this sector are often lower than the overall state average.
- The trend typically sees seasonal fluctuations tied to tourism patterns.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the average number of hours worked per week by all employees in the leisure and hospitality industry in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the labor market and economic activity in Maine's crucial service sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of business establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this trend to assess the health of Maine's tourism and service-based economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of several weeks.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Leisure and Hospitality in Maine (SMU23000007000000002A), retrieved from FRED.