Average Hourly Earnings of All Employees: Leisure and Hospitality in Wisconsin
Annual
SMU55000007000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
20.68
Year-over-Year Change
75.11%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average number of hours worked per year by employees in the manufacturing sector. It is a key indicator of labor productivity and workforce 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
This annual average hours worked metric provides insight into the efficiency and capacity of the U.S. manufacturing industry. It is used by economists and policymakers to analyze labor market dynamics and inform economic policy decisions.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual trend is monitored by the Federal Reserve and other institutions to gauge the health of the manufacturing sector.
Key Facts
- The average annual hours worked in U.S. manufacturing was 1,978 in 2022.
- Annual hours worked have declined by over 10% since 2000.
- Productivity gains have enabled reductions in manufacturing labor hours.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average number of hours worked per year by employees in the U.S. manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor productivity and workforce utilization in the manufacturing industry, which is crucial for assessing the health and competitiveness of the sector.
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: The Annual trend is monitored by the Federal Reserve and other institutions to gauge manufacturing sector performance and inform economic policy decisions.
Q: Are there update delays or limitations?
A: The Annual data is typically released with a 1-2 month delay by the Bureau of Labor Statistics.
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Citation
U.S. Federal Reserve, Annual (SMU55000007000000003A), retrieved from FRED.