Average Weekly Hours of All Employees: Leisure and Hospitality in Ohio
SMU39000007000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23.40
Year-over-Year Change
-1.68%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Leisure and Hospitality in Ohio metric measures the average number of hours worked per week by employees in the leisure and hospitality sector in Ohio. This trend provides insight into labor market conditions and consumer demand in this important economic segment.
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 worked by all employees in the leisure and hospitality industry in the state of Ohio. It is used by economists and policymakers to monitor labor market dynamics and gauge the health of the service sector in the state.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is relevant for understanding consumer spending patterns and the broader economic climate in Ohio.
Key Facts
- Ohio's leisure and hospitality sector employs over 540,000 people.
- The average weekly hours in this sector have fluctuated between 25-29 hours since 2017.
- This metric helps track the recovery of Ohio's service economy after the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This metric measures the average number of hours worked per week by employees in the leisure and hospitality sector in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into labor market conditions and consumer demand in Ohio's important service sector, which is crucial for understanding the broader economic climate in the state.
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: Policymakers and economists use this metric to monitor the health of Ohio's service industry and consumer spending patterns, which inform economic policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of around one month.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Leisure and Hospitality in Ohio (SMU39000007000000002A), retrieved from FRED.