Average Weekly Hours of All Employees: Private Service Providing in Maryland
SMU24000000800000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32.60
Year-over-Year Change
-2.10%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Private Service Providing in Maryland measures the average number of hours worked per week by private sector service workers 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
This economic indicator provides insight into labor market conditions and productivity trends in Maryland's private service sector. It is used by economists and policymakers to analyze economic activity and inform decision-making.
Methodology
The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is relevant for understanding the health of the Maryland economy and informing economic policy decisions.
Key Facts
- The average weekly hours in Maryland's private service sector reached a high of 33.2 in 2019.
- Weekly hours declined during the COVID-19 pandemic, dropping to 31.6 in 2020.
- This indicator is considered a leading economic indicator for the state.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the average number of hours worked per week by private sector service workers in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor market conditions and productivity trends in Maryland's private service sector, which is crucial for understanding the overall health of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This indicator is used by economists and policymakers to analyze economic activity and inform decision-making related to the Maryland economy.
Q: Are there update delays or limitations?
A: The data is typically updated on a monthly basis, with some potential for delays due to the survey collection process.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Private Service Providing in Maryland (SMU24000000800000002A), retrieved from FRED.