Average Weekly Hours of Production Employees: Manufacturing in Maryland
SMU24000003000000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
40.90
Year-over-Year Change
-2.15%
Date Range
1/1/2001 - 1/1/2024
Summary
The Average Weekly Hours of Production Employees: Manufacturing in Maryland measures the average number of hours worked per week by manufacturing production workers in the state. This metric provides insights into the strength and productivity of Maryland's manufacturing 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 series tracks the average weekly hours of production employees in the manufacturing industry within the state of Maryland. It serves as an important indicator of economic activity, labor demand, and productivity trends in the state's manufacturing base.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists monitor this trend to assess the health of Maryland's manufacturing industry and make informed decisions about economic policies.
Key Facts
- Maryland's manufacturing sector accounts for over 5% of the state's GDP.
- The average weekly hours for manufacturing production workers in Maryland has remained relatively stable over the past decade.
- Economists use this metric to gauge the utilization of the state's manufacturing labor force.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by production employees in the manufacturing sector within the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the strength and productivity of Maryland's manufacturing industry, which is an important component of the state's economy.
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 economists monitor this trend to assess the health of Maryland's manufacturing sector and make informed decisions about economic policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of around one month.
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Citation
U.S. Federal Reserve, Average Weekly Hours of Production Employees: Manufacturing in Maryland (SMU24000003000000007A), retrieved from FRED.