Average Weekly Hours of All Employees: Private Service Providing in Rhode Island
SMU44000000800000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32.50
Year-over-Year Change
0.62%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Private Service Providing in Rhode Island trend measures the average weekly hours worked by private sector service workers in the state. This metric provides insights into the demand for labor and the overall health of the service industry in Rhode Island.
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 series tracks the average weekly hours of all private service-providing employees in Rhode Island, including workers in industries like retail, healthcare, and professional services. The data is a key indicator of economic activity and labor market trends in the state's private service sector.
Methodology
The data is collected through surveys of private employers in Rhode Island by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists monitor this trend to assess the strength of Rhode Island's service-based economy and labor market conditions.
Key Facts
- Rhode Island is a service-based economy, with the private service sector accounting for over 80% of employment.
- This trend has shown significant volatility during the COVID-19 pandemic as service businesses adapted to changing conditions.
- Average weekly hours in Rhode Island's private service sector have historically been slightly lower than the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly hours worked by private sector service workers in the state of Rhode Island. It provides insights into labor demand and the overall health of the service industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This trend is a key indicator of economic activity and labor market conditions in Rhode Island's service-based economy. It is closely watched by policymakers and economists to assess the strength of the state's private sector.
Q: How is this data collected or calculated?
A: The data is collected through surveys of private employers in Rhode Island by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to understand the health of Rhode Island's service industry and labor market, which is crucial for informing economic policy decisions.
Q: Are there update delays or limitations?
A: There may be some delays in the release of this data, as it is dependent on the survey collection and reporting processes of the U.S. Bureau of Labor Statistics.
Related Trends
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Average Hourly Earnings of All Employees: Trade, Transportation, and Utilities in Rhode Island
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Average Weekly Hours of Production Employees: Manufacturing in Rhode Island
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Residential Carbon Dioxide Emissions, Residential for Rhode Island
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Chain-Type Quantity Index for Real GDP: Trade (42, 44-45) in Rhode Island
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Private Service Providing in Rhode Island (SMU44000000800000002A), retrieved from FRED.