Average Weekly Hours of All Employees: Manufacturing in Maryland
SMU24000003000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.00
Year-over-Year Change
-2.50%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Manufacturing in Maryland measures the average number of hours worked per week by manufacturing employees in the state of Maryland. This trend provides insight into the activity and productivity of the manufacturing sector 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 series tracks the average weekly hours worked by all employees in the manufacturing industry in Maryland. It is an important economic indicator that reflects the demand for labor and the utilization of production capacity in the state's manufacturing sector.
Methodology
The data is collected through surveys of businesses conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched by economists, policymakers, and businesses to gauge the health and direction of Maryland's manufacturing economy.
Key Facts
- Maryland's manufacturing sector accounts for over 10% of the state's GDP.
- The average weekly hours peaked in 2019 at 42.3 hours.
- Manufacturing employment in Maryland has declined by 15% since 2000.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by all employees in the manufacturing industry in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the activity and productivity of Maryland's manufacturing sector, which is an important part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this metric to gauge the health and direction of Maryland's manufacturing economy, which can inform economic and workforce development policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical delay of 1-2 months from the reference period.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Manufacturing in Maryland (SMU24000003000000002A), retrieved from FRED.