Average Weekly Hours of All Employees: Other Services in Maryland
Annual
SMU24000008000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32.60
Year-over-Year Change
-2.40%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the annual average of all employees in the manufacturing sector of the United States. This metric is a key indicator of the health and productivity of the U.S. manufacturing industry.
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 Annual trend tracks the monthly employment data for the manufacturing sector, aggregating it to an annual average. This provides an overview of longer-term employment trends, which is useful for economists and policymakers analyzing the strength and stability of the manufacturing workforce.
Methodology
The data is collected through monthly surveys of U.S. businesses by the Bureau of Labor Statistics.
Historical Context
Manufacturing employment figures are closely watched by economists, investors, and policymakers as a barometer of the broader economy.
Key Facts
- The Annual trend reached its highest level in 2000 at 17.3 million manufacturing jobs.
- Manufacturing employment declined sharply during the 2008-2009 recession, falling to 11.5 million jobs.
- The sector has since recovered, with 12.8 million manufacturing jobs reported in 2022.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the annual average number of all employees in the manufacturing sector of the United States.
Q: Why is this trend relevant for users or analysts?
A: Manufacturing employment is a key indicator of the health and productivity of the U.S. economy, making this trend highly relevant for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of U.S. businesses by the Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Manufacturing employment figures are closely watched by policymakers as a barometer of the broader economy, informing decisions on issues like trade, investment, and workforce development.
Q: Are there update delays or limitations?
A: The Annual data is released with a one-month lag, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Annual (SMU24000008000000002A), retrieved from FRED.