Average Weekly Hours of All Employees: Professional and Business Services in Utah
SMU49000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35.90
Year-over-Year Change
1.70%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Professional and Business Services in Utah' tracks the average number of hours worked per week by employees in the professional and business services sector in Utah. This metric provides insights into labor market trends and productivity in this 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 economic series measures the average weekly hours worked by all employees in the professional and business services sector in the state of Utah. It is a valuable indicator of labor market conditions and productivity trends in this important component of the state's economy.
Methodology
The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists analyze this trend to assess the health and dynamics of Utah's professional services industry.
Key Facts
- The average weekly hours for professional and business services in Utah is currently around 36 hours.
- This sector accounts for over 15% of Utah's total employment.
- Weekly hours in this industry 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 the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions and productivity trends in Utah's professional services industry, which is a key component of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to assess the health and dynamics of Utah's professional services industry, which informs economic and workforce development policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Utah (SMU49000006000000002A), retrieved from FRED.