Average Weekly Hours of All Employees: Trade, Transportation, and Utilities in Virginia
SMU51000004000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32.90
Year-over-Year Change
-4.64%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by all employees in the trade, transportation, and utilities sector in Virginia. It provides insights into the labor market and economic activity 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
The Average Weekly Hours of All Employees: Trade, Transportation, and Utilities in Virginia tracks the average number of hours worked per week by workers in this sector, which includes a range of businesses from retail stores to logistics companies. This data point is used by economists and policymakers to analyze labor market conditions and gauge the overall health of the state's economy.
Methodology
The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by state and federal officials to inform economic and workforce policies.
Key Facts
- The trade, transportation, and utilities sector employs over 1 million workers in Virginia.
- Average weekly hours in this sector have remained relatively stable over the past decade.
- Fluctuations in this metric can signal changes in economic output and consumer demand.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by employees in the trade, transportation, and utilities sector in Virginia.
Q: Why is this trend relevant for users or analysts?
A: This data point provides insights into labor market conditions and the overall health of Virginia's economy, which is important for economists, policymakers, and businesses.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: State and federal officials closely monitor this trend to inform economic and workforce policies in Virginia.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, with a typical one-month lag between the reference period and the publication date.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Trade, Transportation, and Utilities in Virginia (SMU51000004000000002A), retrieved from FRED.