Average Weekly Hours of All Employees: Professional and Business Services in South Carolina
SMU45000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.20
Year-over-Year Change
0.81%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by all employees in the professional and business services sector in South Carolina. It is a key indicator of labor market conditions and economic activity in the state.
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
The Average Weekly Hours of All Employees: Professional and Business Services in South Carolina is a data series that tracks the average number of hours worked per week by employees in the professional and business services industry. This metric provides insight into labor demand and productivity within this crucial sector of the state's economy.
Methodology
The data is collected through surveys of employers conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists use this trend to assess the health and growth of South Carolina's professional services industry.
Key Facts
- South Carolina's professional and business services sector employs over 300,000 workers.
- The average workweek in this industry is around 37 hours.
- Weekly hours have remained relatively stable over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by all employees in the professional and business services sector in South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor demand and productivity within a crucial sector of South Carolina's economy, which is useful for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health and growth of South Carolina's professional services industry, which is an important driver of the state's economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in South Carolina (SMU45000006000000002A), retrieved from FRED.