Average Annual Hours Worked by Persons Engaged for Colombia
AVHWPECOA065NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,968.37
Year-over-Year Change
-4.53%
Date Range
1/1/1950 - 1/1/2019
Summary
The 'Average Annual Hours Worked by Persons Engaged for Colombia' is an economic indicator that measures the average number of hours worked per year by individuals employed in Colombia. This metric is crucial for economists and policymakers to understand labor market dynamics and productivity trends.
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 represents the average number of hours worked annually by people actively engaged in economic activity in Colombia. It provides insight into the intensity of labor utilization and can inform analyses of workforce productivity, labor costs, and work-life balance considerations.
Methodology
The data is collected through national labor force surveys conducted by the Colombian government.
Historical Context
Trends in average annual hours worked are closely monitored by economists, businesses, and policymakers to gauge the health of the Colombian labor market and economy.
Key Facts
- Colombia's average annual hours worked per person is around 2,000.
- Hours worked have declined over the past decade, indicating productivity gains.
- Latin American countries generally have higher annual work hours than OECD nations.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average number of hours worked per year by individuals employed in the Colombian economy.
Q: Why is this trend relevant for users or analysts?
A: Trends in average annual hours worked provide insights into labor market dynamics, workforce productivity, and work-life balance that are valuable for economists, policymakers, and businesses.
Q: How is this data collected or calculated?
A: The data is collected through national labor force surveys conducted by the Colombian government.
Q: How is this trend used in economic policy?
A: Analysts and policymakers monitor this indicator to assess the health of the Colombian labor market and economy, and to inform decisions around labor policies, productivity initiatives, and economic growth strategies.
Q: Are there update delays or limitations?
A: The data is subject to the publication schedule and methodological updates of the Colombian statistical agency responsible for collecting and reporting this information.
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Citation
U.S. Federal Reserve, Average Annual Hours Worked by Persons Engaged for Colombia (AVHWPECOA065NRUG), retrieved from FRED.