Average Weekly Hours of All Employees: Manufacturing in Virginia
Annual
SMU51000003000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38.50
Year-over-Year Change
-3.02%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the annual average of manufacturing production in the United States. It is a key indicator of the overall health and activity of the U.S. industrial 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
The Annual Manufacturing Production index tracks the total volume of goods produced by U.S. manufacturing industries on a yearly basis. It is a widely followed metric that provides insight into the performance and growth of the manufacturing segment of the economy.
Methodology
The data is collected through monthly surveys of manufacturing establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this trend to assess the strength of the manufacturing industry and its contribution to overall economic growth.
Key Facts
- Manufacturing accounts for approximately 11% of U.S. GDP.
- The U.S. is the world's second-largest manufacturer, behind China.
- Manufacturing productivity has increased by over 60% since the 1980s.
FAQs
Q: What does this economic trend measure?
A: The Annual Manufacturing Production index measures the total volume of goods produced by U.S. manufacturing industries on a yearly basis.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and growth of the manufacturing sector, which is a crucial component of the U.S. economy.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of manufacturing establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the strength of the manufacturing industry and its contribution to overall economic growth, which informs policy decisions.
Q: Are there update delays or limitations?
A: The Annual Manufacturing Production index is released with a lag, typically several months after the end of the calendar year.
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Citation
U.S. Federal Reserve, Annual Manufacturing Production (SMU51000003000000002A), retrieved from FRED.