Average Weekly Hours of All Employees: Professional and Business Services in Virginia
SMU51000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.50
Year-over-Year Change
3.02%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Professional and Business Services in Virginia metric tracks the average number of hours worked per week by employees in the professional and business services sector in the state of Virginia.
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 provides insights into productivity and labor market conditions in Virginia's professional and business services industry. It is closely watched by economists and policymakers to assess the health and trends of the state's service-sector economy.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in average weekly hours can signal changes in labor demand and influence policy decisions.
Key Facts
- Virginia's professional and business services sector accounts for over 20% of the state's total employment.
- The average weekly hours in this sector have remained relatively stable over the past decade.
- Trends in average weekly hours can signal changes in labor demand and influence policy decisions.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average number of hours worked per week by employees in the professional and business services sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into productivity and labor market conditions in Virginia's professional and business services industry, which is closely watched by economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in average weekly hours can signal changes in labor demand and influence policy decisions.
Q: Are there update delays or limitations?
A: The data is updated monthly and may be subject to revisions by the collecting agency.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Virginia (SMU51000006000000002A), retrieved from FRED.