Average Hourly Earnings of All Employees: Leisure and Hospitality in Maryland
Annual
SMU24000007000000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
22.12
Year-over-Year Change
55.77%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average number of paid hours per week for all employees in the private nonfarm sector of the U.S. economy. This metric is a key indicator of labor market conditions and workforce productivity.
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 paid hours worked per week by private sector employees in the United States. It is an important barometer of overall economic activity, work-life balance, and labor market efficiency.
Methodology
The data is collected through surveys of private businesses and establishments conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to assess the health of the labor market and broader economic trends.
Key Facts
- The average workweek in the U.S. private sector is around 34-35 hours.
- Longer work hours can indicate tight labor markets and economic expansion.
- Shorter work hours may signal economic slowdown or labor force adjustments.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average number of paid hours worked per week by private sector employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of labor market conditions, workforce productivity, and overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected through surveys of private businesses and establishments conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health of the labor market and broader economic trends.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Annual (SMU24000007000000003A), retrieved from FRED.