Hours Worked for Construction: Land Subdivision (NAICS 23721) in the United States
Millions of Hours
IPUDN23721L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
76.81
Year-over-Year Change
-19.76%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic indicator measures the total number of hours worked per month by manufacturing production and nonsupervisory employees in the United States. It is a key metric for understanding 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
The Millions of Hours series represents the total number of labor hours worked per month by non-managerial employees in the manufacturing sector. This figure provides insights into capacity utilization, worker productivity, and the overall health of the U.S. industrial economy.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched by policymakers, economists, and investors to gauge the strength of the manufacturing sector and its contribution to broader economic growth.
Key Facts
- Manufacturing accounts for over 11% of U.S. GDP.
- Total manufacturing hours worked peaked in late 2018.
- The COVID-19 pandemic led to a sharp decline in manufacturing hours in 2020.
FAQs
Q: What does this economic trend measure?
A: The Millions of Hours indicator represents the total number of labor hours worked per month by non-managerial employees in the U.S. manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the capacity utilization, productivity, and overall health of the U.S. industrial economy, which is closely watched by policymakers, economists, and investors.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Millions of Hours indicator is used by policymakers, economists, and market participants to gauge the strength of the manufacturing sector and its contribution to broader economic growth.
Q: Are there update delays or limitations?
A: The data is published monthly by the Federal Reserve with a typical lag of around one month.
Related Trends
Employment for Construction: Highway, Street, and Bridge Construction (NAICS 23731) in the United States
IPUDN23731W010000000
Employment for Construction: Residential Building Construction (NAICS 2361) in the United States
IPUDN2361W200000000
Employment for Construction: Nonresidential Building Construction (NAICS 2362) in the United States
IPUDN2362W200000000
Employment for Construction: Other Specialty Trade Contractors (NAICS 2389) in the United States
IPUDN2389W200000000
Hours Worked for Construction: Construction of Buildings (NAICS 236) in the United States
IPUDN236L201000000
Hours Worked for Construction: Construction of Buildings (NAICS 236) in the United States
IPUDN236L010000000
Citation
U.S. Federal Reserve, Millions of Hours (IPUDN23721L200000000), retrieved from FRED.