Average Hourly Earnings of Production Employees: Manufacturing in West Virginia
Annual
SMU54000003000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25.19
Year-over-Year Change
35.36%
Date Range
1/1/2003 - 1/1/2024
Summary
The Annual Trend measures the average number of hours worked per year by employees in the United States. This key labor market indicator helps economists and policymakers understand workforce productivity and utilization.
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 average number of hours worked annually by paid employees across all industries in the United States. It is a widely referenced metric for analyzing labor market dynamics, worker productivity, and economic growth.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual Trend is used by economists, policymakers, and investors to gauge the health of the U.S. labor market and overall economic conditions.
Key Facts
- The average annual hours worked per employee in the U.S. was 1,767 in 2021.
- Annual hours worked per employee have declined by 3.5% since 2000.
- Productivity, measured by output per hour, has increased by 22% since 2000.
FAQs
Q: What does this economic trend measure?
A: The Annual Trend measures the average number of hours worked per year by employees across all industries in the United States.
Q: Why is this trend relevant for users or analysts?
A: The Annual Trend is a key indicator of labor market dynamics, worker productivity, and economic growth, providing important insights for economists, policymakers, and investors.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and households by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual Trend is used by economists and policymakers to gauge the health of the U.S. labor market and overall economic conditions, informing policy decisions and market analyses.
Q: Are there update delays or limitations?
A: The Annual Trend data is released on a regular schedule by the U.S. Bureau of Labor Statistics, with some potential for minor delays or revisions.
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Citation
U.S. Federal Reserve, Annual (SMU54000003000000008A), retrieved from FRED.