Average Weekly Hours of All Employees: Trade, Transportation, and Utilities in Maryland
SMU24000004000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32.50
Year-over-Year Change
-3.85%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by all employees in the trade, transportation, and utilities sector in Maryland. It provides insights into labor market conditions and productivity in this important economic segment.
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 average weekly hours trend represents the total number of hours worked by all employees in the trade, transportation, and utilities industry in Maryland, divided by the total number of employees. This metric is used by economists and policymakers to gauge labor market trends and worker productivity within this key service sector.
Methodology
The data is collected through surveys of businesses and establishments in Maryland.
Historical Context
Trends in average weekly hours can inform economic and workforce policies at the state level.
Key Facts
- Maryland's trade, transportation, and utilities sector employs over 760,000 workers.
- Average weekly hours in this sector have remained relatively stable over the past decade.
- Changes in average weekly hours can signal shifts in economic activity and labor demand.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by all employees in Maryland's trade, transportation, and utilities sector.
Q: Why is this trend relevant for users or analysts?
A: Tracking average weekly hours provides insights into labor market conditions and worker productivity in this key service industry.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments in Maryland.
Q: How is this trend used in economic policy?
A: Trends in average weekly hours can inform state-level economic and workforce policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a short delay, and may be subject to revisions.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Trade, Transportation, and Utilities in Maryland (SMU24000004000000002A), retrieved from FRED.