Average Weekly Hours of Production Employees: Manufacturing in Virginia
Annual
SMU51000003000000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.40
Year-over-Year Change
-1.50%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures the average number of hours worked per week by production and nonsupervisory employees in the private sector. This metric is a key 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
The Annual trend provides a comprehensive view of average weekly hours worked, a crucial labor market indicator. Economists and policymakers analyze this data to assess employment levels, worker productivity, and broader economic trends.
Methodology
The data is collected through monthly surveys of private-sector businesses by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual trend informs economic policy decisions and is closely watched by investors and analysts.
Key Facts
- The Annual trend has averaged around 34 hours per week over the past decade.
- Declining average weekly hours can signal an economic slowdown or reduced labor demand.
- Sustained increases in the Annual trend may indicate rising productivity and business expansion.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average number of hours worked per week by production and nonsupervisory employees in the private sector.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend is a key indicator of labor market conditions, worker productivity, and broader economic activity, making it important for economists, policymakers, and investors.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of private-sector businesses by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual trend informs economic policy decisions and is closely watched by investors and analysts to assess employment levels, worker productivity, and broader economic trends.
Q: Are there update delays or limitations?
A: The Annual trend data is released monthly with a typical delay of around one month.
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Citation
U.S. Federal Reserve, Annual (SMU51000003000000007A), retrieved from FRED.