Average Weekly Hours of All Employees: Leisure and Hospitality in Washington
SMU53000007000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23.60
Year-over-Year Change
-8.17%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Leisure and Hospitality in Washington' metric tracks the average number of hours worked per week by leisure and hospitality workers in the state of Washington. This trend provides insights into workforce utilization and labor market conditions in the service sector.
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 series measures the average weekly hours of all employees in the leisure and hospitality industry in Washington. It is a key indicator of labor market dynamics and service sector activity, which is a major component of the state's economy.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This metric helps policymakers and economists assess the health of Washington's service industries and broader economic conditions.
Key Facts
- Washington's leisure and hospitality sector employs over 300,000 workers.
- Average weekly hours in this industry tend to be lower than the overall state average.
- Weekly hours in leisure and hospitality are a leading indicator of consumer demand.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average number of hours worked per week by employees in the leisure and hospitality industry in Washington state.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into workforce utilization and labor market conditions in a key service sector of the Washington economy.
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: Policymakers and economists use this metric to assess the health of Washington's service industries and broader economic conditions.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical 1-2 month delay.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Leisure and Hospitality in Washington (SMU53000007000000002A), retrieved from FRED.