Average Weekly Hours of All Employees: Construction in Virginia
Annual
SMU51000002000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.90
Year-over-Year Change
3.37%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the total number of hours worked per year by all employees in the private nonfarm business sector. It is a key indicator of labor market activity and 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 series tracks the total number of hours worked annually across the U.S. private nonfarm business sector. It is a comprehensive measure of labor input that complements employment statistics and provides insight into economic growth and productivity.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by policymakers, economists, and businesses to assess the health of the overall economy.
Key Facts
- Annual hours worked reached a record high of 258.5 billion in 2019.
- The series experienced a sharp decline in 2020 due to the COVID-19 pandemic.
- Annual hours worked is a leading indicator of economic growth and recessions.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the total number of hours worked per year by all employees in the private nonfarm business sector.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insight into labor market activity, productivity, and overall economic conditions.
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, economists, and businesses closely monitor this trend to assess the health of the overall economy.
Q: Are there update delays or limitations?
A: The Annual series is published monthly with a typical delay of one to two months.
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Citation
U.S. Federal Reserve, Annual (SMU51000002000000002A), retrieved from FRED.