Average Hourly Earnings of Production Employees: Retail Trade in Washington
Annual
SMU53000004200000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
22.87
Year-over-Year Change
39.54%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures the total annual average of hours worked per employee in the United States. This key labor market metric provides insights into productivity and work-life balance.
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 represents the annual average of total hours worked per employee, calculated from monthly data. It is a widely used indicator of labor market conditions and productivity trends.
Methodology
The data is collected through surveys of employers and households by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely watched by policymakers, economists, and businesses to understand workforce dynamics and guide economic decisions.
Key Facts
- The average annual hours worked per employee was 1,786 in 2021.
- Hours worked tend to decline during economic downturns.
- Increasing annual hours can signal greater workforce utilization.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the total annual average of hours worked per employee in the United States.
Q: Why is this trend relevant for users or analysts?
A: This key labor market metric provides insights into productivity and work-life balance, making it closely watched by policymakers, economists, and businesses.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers and households by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and businesses to understand workforce dynamics and guide economic decisions.
Q: Are there update delays or limitations?
A: The Annual trend is published with a short delay, typically a few months after the end of the calendar year.
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Citation
U.S. Federal Reserve, Annual (SMU53000004200000008A), retrieved from FRED.