Average Weekly Hours of Production Employees: Manufacturing in Utah
SMU49000003000000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.50
Year-over-Year Change
-2.95%
Date Range
1/1/2005 - 1/1/2024
Summary
The 'Average Weekly Hours of Production Employees: Manufacturing in Utah' series measures the average number of weekly hours worked by manufacturing production employees in the state of Utah. This metric is a key indicator of labor market conditions and economic activity in the 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, published by the U.S. Bureau of Labor Statistics, provides insight into the production and utilization of labor in Utah's manufacturing industry. It is commonly used by economists and policymakers to assess trends in worker productivity, labor demand, and the overall health of the state's manufacturing economy.
Methodology
The data is collected through monthly surveys of manufacturing establishments in Utah.
Historical Context
Trends in average weekly manufacturing hours are closely monitored by the Federal Reserve and other economic institutions to help inform monetary and fiscal policy decisions.
Key Facts
- Utah's manufacturing sector employs over 130,000 workers.
- The average manufacturing workweek in Utah is approximately 42 hours.
- Manufacturing accounts for around 10% of Utah's total GDP.
FAQs
Q: What does this economic trend measure?
A: This series measures the average number of weekly hours worked by production employees in the manufacturing sector of Utah.
Q: Why is this trend relevant for users or analysts?
A: Trends in average weekly manufacturing hours provide valuable insights into labor market conditions, production capacity, and economic activity within Utah's manufacturing industry.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of manufacturing establishments in Utah by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers at the Federal Reserve and other institutions closely monitor this metric to help inform decisions on monetary and fiscal policies that impact the manufacturing sector and broader economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of one to two months from the reference period.
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Citation
U.S. Federal Reserve, Average Weekly Hours of Production Employees: Manufacturing in Utah (SMU49000003000000007A), retrieved from FRED.