Average Weekly Hours of All Employees: Goods Producing in South Carolina
SMU45000000600000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.80
Year-over-Year Change
-3.86%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Goods Producing in South Carolina measures the average number of hours worked per week by employees in the goods-producing sector of the state's economy. This metric provides insight into productivity and labor market trends.
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 of all employees in the goods-producing industries in South Carolina, including manufacturing, construction, and mining. It is a useful measure of labor utilization and can signal changes in demand for goods-producing workers.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to assess the health of South Carolina's goods-producing sector and make informed decisions about economic policy.
Key Facts
- South Carolina's goods-producing sector accounts for over 20% of the state's total employment.
- Manufacturing is the largest component of the goods-producing sector in South Carolina.
- Average weekly hours in the goods-producing sector have remained relatively stable in recent years.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average number of hours worked per week by employees in the goods-producing industries in South Carolina, including manufacturing, construction, and mining.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into productivity and labor market trends in South Carolina's goods-producing sector, which is a crucial part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers 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 of South Carolina's goods-producing sector and make informed decisions about economic policy.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical delay of one to two months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Goods Producing in South Carolina (SMU45000000600000002A), retrieved from FRED.