Average Weekly Hours of All Employees: Professional and Business Services in Ohio
Annual
SMU39000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.50
Year-over-Year Change
3.11%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual Trend measures the average annual change in total employment across all industries in a given U.S. state. It is a key indicator of economic health and growth.
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 tracks the year-over-year change in total nonfarm employment levels for a specific U.S. state. This metric provides insight into the overall strength and direction of the state's labor market and broader economic conditions.
Methodology
The data is collected through monthly surveys of business establishments conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use the Annual Trend to evaluate a state's economic performance and inform decisions on fiscal, monetary, and workforce policies.
Key Facts
- Annual employment growth varies widely across U.S. states.
- The trend has shown significant volatility during economic cycles.
- Employment levels are a key driver of consumer spending and tax revenue.
FAQs
Q: What does this economic trend measure?
A: The Annual Trend measures the average annual percent change in total nonfarm employment for a specific U.S. state.
Q: Why is this trend relevant for users or analysts?
A: The Annual Trend provides insight into the overall strength and direction of a state's labor market and broader economic conditions, which is crucial information for policymakers, businesses, and investors.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of business establishments conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use the Annual Trend to evaluate a state's economic performance and inform decisions on fiscal, monetary, and workforce policies.
Q: Are there update delays or limitations?
A: The Annual Trend data is subject to revisions and may have a lag of several months between the reference period and publication.
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Citation
U.S. Federal Reserve, Annual (SMU39000006000000002A), retrieved from FRED.