Average Weekly Hours of Production Employees: Health Care: Nursing and Residential Care Facilities in Minnesota
SMU27000006562300007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
29.50
Year-over-Year Change
5.36%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by production employees in the nursing and residential care facilities industry in Minnesota. It provides insight into labor market conditions and economic activity in the healthcare 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 Production Employees: Health Care: Nursing and Residential Care Facilities in Minnesota data series tracks the average number of hours worked per week by production employees in this industry within the state. This metric is an important indicator of labor demand and productivity trends in the healthcare industry.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by economists and policymakers to assess the health of the Minnesota healthcare sector and labor market.
Key Facts
- Minnesota has the 4th largest healthcare workforce in the U.S.
- Nursing and residential care facilities employ over 130,000 workers in Minnesota.
- Average weekly hours have increased by 2.4% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by production employees in the nursing and residential care facilities industry in Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor demand and productivity trends in the important Minnesota healthcare sector, which is closely monitored by economists and policymakers.
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: This trend is used by economists and policymakers to assess the health of the Minnesota healthcare sector and labor market.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay.
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Citation
U.S. Federal Reserve, Average Weekly Hours of Production Employees: Health Care: Nursing and Residential Care Facilities in Minnesota (SMU27000006562300007A), retrieved from FRED.