Average Weekly Hours of All Employees: Professional and Business Services in Minnesota
SMU27000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.30
Year-over-Year Change
1.40%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by all employees in the professional and business services industry in Minnesota. It provides insights into labor market conditions and productivity in this key economic sector.
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 of All Employees: Professional and Business Services in Minnesota is a key indicator of labor market dynamics and economic activity in the state's professional and business services industry. It is used by economists, policymakers, and businesses to analyze trends in workforce utilization and productivity.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is monitored by the Federal Reserve and other institutions to assess the health of the professional services sector and broader economic conditions.
Key Facts
- The data is released monthly by the U.S. Bureau of Labor Statistics.
- Minnesota's professional and business services industry accounts for over 15% of the state's total employment.
- Average weekly hours in this sector have remained relatively stable over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by all employees in the professional and business services industry in Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into labor market conditions and productivity in a key economic sector, which is important for understanding the overall health of the Minnesota economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Federal Reserve and other institutions monitor this trend to assess the state of the professional services sector and broader economic conditions in Minnesota.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical 1-2 month delay.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Minnesota (SMU27000006000000002A), retrieved from FRED.