Average Weekly Hours of All Employees: Professional and Business Services in Rhode Island
SMU44000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.90
Year-over-Year Change
3.07%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Professional and Business Services in Rhode Island' is an economic indicator that measures the average number of hours worked per week by employees in the professional and business services sector in Rhode Island. This trend provides insights into labor market conditions and productivity in a key industry.
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 for all employees, including both full-time and part-time workers, in the professional and business services sector within the state of Rhode Island. It is a valuable metric for analyzing trends in labor utilization and can inform economic policy decisions.
Methodology
The data is collected through surveys of business establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to assess the health and dynamics of the professional services industry in Rhode Island and its broader economic implications.
Key Facts
- The average weekly hours in Rhode Island's professional and business services sector have remained relatively stable over the past decade.
- The professional and business services industry accounts for a significant portion of Rhode Island's overall employment and economic output.
- Trends in average weekly hours can signal changes in labor demand and productivity within the state's professional services industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by employees in the professional and business services sector in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions and productivity trends within a key industry in Rhode Island, which can inform economic policy decisions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of business establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and dynamics of the professional services industry in Rhode Island and its broader economic implications.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis, with some potential for minor revisions over time.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Rhode Island (SMU44000006000000002A), retrieved from FRED.