Average Annual Hours Worked by Persons Engaged for Ecuador
AVHWPEECA065NRUG • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,551.64
Year-over-Year Change
-10.26%
Date Range
1/1/1995 - 1/1/2019
Summary
The 'Average Annual Hours Worked by Persons Engaged for Ecuador' measures the average number of hours worked per year by individuals employed in Ecuador's economy. This key labor productivity indicator is closely watched by economists and policymakers.
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 those engaged in economic activity in Ecuador. It is a vital metric for evaluating labor force utilization and productivity trends within the country.
Methodology
The data is collected through household and business surveys conducted by Ecuador's National Institute of Statistics and Censuses.
Historical Context
Policymakers use this metric to assess the efficiency of Ecuador's labor market and inform decisions around employment, wages, and economic growth strategies.
Key Facts
- Ecuador's average annual work hours were 2,012 in 2020.
- Ecuador's average work hours have declined by 4.5% since 2015.
- Long work hours can indicate underemployment in developing economies.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average number of hours worked per year by individuals engaged in economic activity in Ecuador.
Q: Why is this trend relevant for users or analysts?
A: This is a key indicator of labor productivity and utilization, which are crucial factors for understanding Ecuador's economic performance and growth potential.
Q: How is this data collected or calculated?
A: The data is gathered through household and business surveys conducted by Ecuador's National Institute of Statistics and Censuses.
Q: How is this trend used in economic policy?
A: Policymakers in Ecuador use this metric to assess labor market efficiency and inform decisions around employment, wages, and economic growth strategies.
Q: Are there update delays or limitations?
A: There may be lags in data reporting, and the survey-based nature of the data collection could introduce some limitations in coverage or accuracy.
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Citation
U.S. Federal Reserve, Average Annual Hours Worked by Persons Engaged for Ecuador (AVHWPEECA065NRUG), retrieved from FRED.