Average Weekly Hours of All Employees: Professional and Business Services in Virginia
SMU51000006000000002 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38.20
Year-over-Year Change
0.26%
Date Range
1/1/2007 - 6/1/2025
Summary
The 'Average Weekly Hours of All Employees: Professional and Business Services in Virginia' trend measures the average number of hours worked per week by employees in the professional and business services sector within Virginia. This metric provides insights into labor market conditions and economic activity in the state.
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 indicator tracks the average weekly hours worked by all employees in the professional and business services industry in Virginia. It serves as a useful barometer of productivity, labor demand, and overall economic health within this key sector of the state's economy.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to assess the strength of Virginia's professional services economy and labor market.
Key Facts
- The average weekly hours for professional and business services in Virginia was 36.1 as of the latest data.
- This trend has shown modest growth over the past decade, indicating a strengthening labor market.
- Professional and business services account for over 15% of Virginia's total nonfarm employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by employees in the professional and business services sector within the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions, productivity, and overall economic activity within a key industry in Virginia.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this indicator to assess the strength of Virginia's professional services economy and labor market.
Q: Are there update delays or limitations?
A: This data is published on a monthly basis with a typical 1-2 month lag from the reference period.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Virginia (SMU51000006000000002), retrieved from FRED.