Average Weekly Hours of Production Employees: Manufacturing: Non-Durable Goods in Minnesota
SMU27000003200000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.00
Year-over-Year Change
-5.34%
Date Range
1/1/2001 - 1/1/2024
Summary
The Average Weekly Hours of Production Employees: Manufacturing: Non-Durable Goods in Minnesota measures the average number of hours worked per week by production workers in Minnesota's non-durable goods manufacturing sector. This statistic 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 economic trend provides insight into the productivity and utilization of the manufacturing workforce in Minnesota's non-durable goods industries, which include sectors like food, textiles, and plastics production. The data is used by economists, policymakers, and businesses to analyze labor market trends and assess the strength of the state's manufacturing economy.
Methodology
The data is collected through monthly surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in average weekly hours can inform decisions around employment, investment, and economic policy at the state and national level.
Key Facts
- Manufacturing accounts for over 10% of Minnesota's GDP.
- Average weekly hours peaked at 42.2 in 2019 before declining during the COVID-19 pandemic.
- Non-durable goods make up about half of Minnesota's total manufacturing output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by production employees in Minnesota's non-durable goods manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the productivity and utilization of the manufacturing workforce, which is a key indicator of economic activity and labor market conditions in the state.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in average weekly hours can inform decisions around employment, investment, and economic policy at the state and national level.
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: Non-Durable Goods in Minnesota (SMU27000003200000007A), retrieved from FRED.