Hours Worked for Other Services (Except Public Administration): Private Households (NAICS 8141) in the United States
Millions of Hours
IPUUN8141L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
431.14
Year-over-Year Change
-33.01%
Date Range
1/1/1987 - 1/1/2024
Summary
The 'Millions of Hours' trend measures the total number of hours worked across the U.S. economy. It is a key indicator of labor market health and economic activity.
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 'Millions of Hours' metric represents the total number of hours worked by all employed persons in the United States. It provides insight into the overall utilization of the nation's labor resources and is widely used by economists and policymakers to assess the state of the economy.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Labor Statistics.
Historical Context
This indicator is closely monitored by the Federal Reserve and other government agencies to inform economic and monetary policy decisions.
Key Facts
- The series dates back to 1939.
- Hours worked reached a peak in late 2019 before the COVID-19 pandemic.
- The metric provides a comprehensive view of the total labor utilization in the economy.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' trend measures the total number of hours worked by all employed persons in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into the overall utilization of the nation's labor resources and is widely used by economists and policymakers to assess the state of the economy.
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 'Millions of Hours' indicator is closely monitored by the Federal Reserve and other government agencies to inform economic and monetary policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Millions of Hours (IPUUN8141L200000000), retrieved from FRED.