Average Weekly Hours of All Employees: Professional and Business Services in Maryland
SMU24000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35.60
Year-over-Year Change
-3.00%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Professional and Business Services in Maryland' measures the average number of hours worked per week by employees in the professional and business services sector in the state of Maryland. This trend is a key indicator of economic activity and labor market conditions 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 represents the average weekly hours for all employees in the professional and business services industry in Maryland. It is an important metric for tracking productivity, labor demand, and business cycle trends in the state's economy.
Methodology
The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists use this trend to gauge the strength of Maryland's professional services sector and broader economic conditions.
Key Facts
- Maryland's professional and business services sector accounts for over 15% of the state's total employment.
- Average weekly hours peaked at 37.7 in 2019 before declining during the COVID-19 pandemic.
- Weekly hours in this sector have returned to pre-pandemic levels as of 2022.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by employees in the professional and business services sector in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend is an important indicator of labor market conditions and economic activity in Maryland's professional services industry, which is a key driver 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: Policymakers and economists use this trend to assess the strength of Maryland's professional services sector and broader economic conditions, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical delay of 1-2 months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Maryland (SMU24000006000000002A), retrieved from FRED.