Average Weekly Hours of Production Employees: Manufacturing in Minnesota
SMU27000003000000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.00
Year-over-Year Change
-4.41%
Date Range
1/1/2001 - 1/1/2024
Summary
The 'Average Weekly Hours of Production Employees: Manufacturing in Minnesota' measures the average number of weekly hours worked by manufacturing production employees in the state of Minnesota. This metric provides insights into labor market conditions and manufacturing activity in the region.
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 tracks the average weekly hours for manufacturing production workers in Minnesota. It serves as a proxy for production levels and labor demand in the state's manufacturing sector, which is a key driver of the regional economy.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to gauge the health and momentum of Minnesota's manufacturing industry.
Key Facts
- Manufacturing accounts for over 10% of Minnesota's GDP.
- Average weekly hours peaked at 43.1 in 2018 before declining.
- The indicator reached a low of 38.4 hours during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average number of weekly hours worked by manufacturing production employees in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: The average weekly hours metric provides insights into labor demand and production levels in Minnesota's manufacturing sector, a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this indicator to gauge the health and momentum of Minnesota's manufacturing industry, which informs economic and workforce development decisions.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Average Weekly Hours of Production Employees: Manufacturing in Minnesota (SMU27000003000000007A), retrieved from FRED.