Average Hourly Earnings of All Employees: Professional and Business Services in Utah
Annual
SMU49000006000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
42.53
Year-over-Year Change
66.20%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average number of paid employee hours per week in the total private sector in the United States. This metric is a key indicator of labor market conditions and economic activity.
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 Annual trend represents the average weekly hours worked by private sector employees. It is used by economists and policymakers to assess labor market dynamics, productivity, and the overall health of the U.S. economy.
Methodology
The data is collected through surveys of private employers by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual trend provides important context for evaluating employment, output, and inflationary pressures.
Key Facts
- The annual average in 2022 was 34.6 hours per week.
- Hours worked reached a low of 33.8 during the COVID-19 pandemic in 2020.
- Sustained declines in annual hours can signal an economic slowdown.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average number of paid employee hours per week in the total private sector in the United States.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend is a key indicator of labor market conditions and economic activity, providing important context for evaluating employment, output, and inflationary pressures.
Q: How is this data collected or calculated?
A: The data is collected through surveys of private employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual trend is used by economists and policymakers to assess labor market dynamics, productivity, and the overall health of the U.S. economy.
Q: Are there update delays or limitations?
A: The Annual trend data is published monthly with a typical lag of one month.
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Citation
U.S. Federal Reserve, Annual (SMU49000006000000003A), retrieved from FRED.