Average Weekly Hours of All Employees: Professional and Business Services in Massachusetts
SMU25000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.30
Year-over-Year Change
2.25%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees in Professional and Business Services in Massachusetts is an important economic indicator that tracks the labor market in the state's professional services 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 metric provides insights into the demand for professional services and the overall health of the Massachusetts economy. It is closely monitored by economists, policymakers, and businesses to gauge trends in the labor market.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is useful for understanding broader economic conditions and informing policy decisions.
Key Facts
- The average weekly hours peaked at 38.1 in January 2020.
- Weekly hours dropped sharply during the COVID-19 pandemic, reaching a low of 36.2 in April 2020.
- As of the latest data, the average weekly hours are 37.4 (as of May 2022).
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by all employees in the professional and business services sector in Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the demand for professional services in the state and can signal broader economic conditions and labor market trends.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the strength of the Massachusetts economy and inform decisions related to employment, labor market regulations, and economic development policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of about one month, so the most recent figures may not reflect the latest economic conditions.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Massachusetts (SMU25000006000000002A), retrieved from FRED.