Average Weekly Hours of All Employees: Professional and Business Services in Wisconsin
SMU55000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35.90
Year-over-Year Change
5.90%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Professional and Business Services in Wisconsin' measures the average number of hours worked per week by employees in the professional and business services sector in Wisconsin. This trend provides insights into the state's economic activity and labor market dynamics.
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 series tracks the average weekly hours for all employees in the professional and business services industry within Wisconsin. It serves as an important indicator of productivity, labor demand, and economic conditions in the state's service sector.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this trend to assess the health of Wisconsin's service-oriented economy and labor market.
Key Facts
- The average weekly hours in Wisconsin's professional and business services sector have remained relatively stable over the past decade.
- This trend is closely watched by economists as a leading indicator of broader economic conditions in the state.
- Wisconsin's professional and business services sector accounts for a significant portion of the state's overall employment and economic output.
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 in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the productivity, labor demand, and economic conditions of Wisconsin's service-oriented economy, which is crucial for policymakers and analysts to monitor.
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 trend to assess the health of Wisconsin's service sector and labor market, which informs economic policies and decisions.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis, but there may be occasional delays or revisions due to the survey-based nature of the data collection.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Wisconsin (SMU55000006000000002A), retrieved from FRED.