Average Weekly Hours of All Employees: Manufacturing in Rhode Island
SMU44000003000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38.50
Year-over-Year Change
-1.03%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Manufacturing in Rhode Island measures the average number of hours worked per week by manufacturing workers in the state. This metric provides insight into the health and productivity of Rhode Island's manufacturing 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
This series represents the average weekly hours worked by all employees in the manufacturing industry in Rhode Island. It is a key economic indicator used by policymakers and analysts to assess trends in labor utilization and production capacity within the state's manufacturing base.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in average weekly manufacturing hours offer signals about the broader economic conditions and outlook for Rhode Island.
Key Facts
- Manufacturing accounts for over 10% of Rhode Island's GDP.
- Average weekly hours peaked at 42.6 in November 2020.
- The series has a 10-year average of 40.4 hours per week.
FAQs
Q: What does this economic trend measure?
A: This series measures the average number of hours worked per week by employees in the manufacturing sector in Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: Changes in average weekly manufacturing hours provide insights into the production capacity, labor utilization, and economic health of Rhode Island's manufacturing industry.
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: Analysts and policymakers monitor this metric to assess the strength of Rhode Island's manufacturing sector and its broader economic implications.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Manufacturing in Rhode Island (SMU44000003000000002A), retrieved from FRED.