Average Weekly Hours of All Employees: Goods Producing in Utah
SMU49000000600000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
40.20
Year-over-Year Change
0.50%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Goods Producing in Utah metric tracks the average number of hours worked per week by goods-producing employees in the state of Utah. This statistic is an important economic indicator of labor market conditions and productivity.
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 trend represents the average weekly hours worked by employees in the goods-producing industries of Utah, such as manufacturing, construction, and mining. It is a key metric used by economists and policymakers to assess the health and utilization of the state's labor force.
Methodology
This data is collected by the U.S. Bureau of Labor Statistics through monthly surveys of employers.
Historical Context
Trends in average weekly hours can inform decisions around economic and workforce policies.
Key Facts
- Utah's goods-producing industries include manufacturing, construction, and mining.
- The average weekly hours metric tracks labor utilization in these key sectors.
- Changes in average weekly hours can signal shifts in economic activity and productivity.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by employees in the goods-producing industries of Utah, such as manufacturing, construction, and mining.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of labor market conditions and productivity in Utah's key goods-producing sectors, providing insights that can inform economic and workforce policies.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Labor Statistics through monthly surveys of employers in Utah.
Q: How is this trend used in economic policy?
A: Trends in average weekly hours can be used by economists and policymakers to assess the utilization of the state's labor force and inform decisions around economic and workforce policies.
Q: Are there update delays or limitations?
A: The data is published monthly by the U.S. Bureau of Labor Statistics, with typical release delays of a few weeks.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Goods Producing in Utah (SMU49000000600000002A), retrieved from FRED.