Hours Worked for Construction: Nonresidential Building Construction (NAICS 2362) in the United States
Millions of Hours
IPUDN2362L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,933.72
Year-over-Year Change
35.74%
Date Range
1/1/1987 - 1/1/2024
Summary
The 'Millions of Hours' economic trend measures the total number of hours worked by production and nonsupervisory employees in the private sector. This data is crucial for economists and policymakers to analyze labor market dynamics 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 'Millions of Hours' metric represents the total labor input in the U.S. private sector, providing valuable insights into employment levels, worker utilization, and economic growth. It is a key indicator used by the Federal Reserve, policymakers, and market analysts.
Methodology
The data is collected through monthly surveys of business establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is widely referenced in discussions of the health of the labor market and the broader economy.
Key Facts
- The 'Millions of Hours' metric reached an all-time high of 116.5 million hours in January 2020.
- The trend experienced a steep decline during the COVID-19 pandemic, dropping to 96.3 million hours in April 2020.
- The 'Millions of Hours' data is released monthly as part of the Current Employment Statistics (CES) report.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' trend measures the total number of hours worked by production and nonsupervisory employees in the private sector of the U.S. economy.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding labor market dynamics, productivity, and economic growth. It provides valuable insights for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of business establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The 'Millions of Hours' trend is widely referenced in discussions of the health of the labor market and the broader economy, and is used by the Federal Reserve and other policymakers to inform economic decisions.
Q: Are there update delays or limitations?
A: The 'Millions of Hours' data is released monthly as part of the Current Employment Statistics (CES) report, with a typical delay of approximately one month.
Related Trends
Hours Worked for Construction: Other Heavy and Civil Engineering Construction (NAICS 2379) in the United States
IPUDN2379L201000000
Hours Worked for Construction: Specialty Trade Contractors (NAICS 238) in the United States
IPUDN238L200000000
Employment for Construction: Nonresidential Building Construction (NAICS 2362) in the United States
IPUDN2362W200000000
Hours Worked for Construction: Building Finishing Contractors (NAICS 2383) in the United States
IPUDN2383L200000000
Employment for Construction: Other Specialty Trade Contractors (NAICS 2389) in the United States
IPUDN2389W200000000
Employment for Construction: Heavy and Civil Engineering Construction (NAICS 237) in the United States
IPUDN237W201000000
Citation
U.S. Federal Reserve, Millions of Hours (IPUDN2362L200000000), retrieved from FRED.