Average Weekly Hours of All Employees: Other Services in North Carolina
SMU37000008000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31.10
Year-over-Year Change
-0.32%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by all employees in the 'Other Services' sector in North Carolina. It provides insights into labor market conditions and business activity in this industry within 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
The 'Average Weekly Hours of All Employees: Other Services in North Carolina' trend tracks the average number of hours worked per week by workers in industries such as personal care services, repair and maintenance, and religious/civic organizations. This metric is an important indicator of economic health and productivity in the 'Other Services' sector.
Methodology
The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely watched by policymakers, economists, and businesses to assess the overall strength of the North Carolina economy.
Key Facts
- The 'Other Services' sector accounts for over 4% of employment in North Carolina.
- Average weekly hours in this sector have remained relatively stable over the past 5 years.
- Weekly hours peaked in 2019 before declining during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by employees in the 'Other Services' sector in North Carolina, which includes industries like personal care, repair services, and religious/civic organizations.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions and business activity within the 'Other Services' sector, which is an important part of the North Carolina economy. It helps policymakers, economists, and businesses assess economic health and productivity in this industry.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, economists, and businesses to evaluate the overall strength of the North Carolina economy and inform 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 delay.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Other Services in North Carolina (SMU37000008000000002A), retrieved from FRED.