Hours Worked for Construction: Other Heavy and Civil Engineering Construction (NAICS 23799) in the United States
Millions of Hours
IPUDN23799L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
314.38
Year-over-Year Change
31.36%
Date Range
1/1/1987 - 1/1/2024
Summary
The 'Millions of Hours' trend measures the total number of hours worked by employees in the U.S. manufacturing sector. It is a key indicator of economic activity and labor market conditions.
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 total number of hours worked by all employees, including production and nonsupervisory workers, in the U.S. manufacturing industry. It is a widely-tracked metric used by economists and policymakers to assess the health and output of the manufacturing sector.
Methodology
The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in manufacturing hours worked can provide insights into production levels, labor demand, and broader macroeconomic conditions.
Key Facts
- Manufacturing accounts for about 11% of U.S. GDP.
- Hours worked peaked at over 420 million in early 2018.
- Manufacturing employment declined by over 1.3 million jobs during the 2008-2009 recession.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' trend measures the total number of hours worked by employees in the U.S. manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into production levels, labor demand, and broader economic conditions in the manufacturing industry.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in manufacturing hours worked can inform policymakers and economists about the health of the manufacturing sector and overall economic activity.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of several weeks.
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Citation
U.S. Federal Reserve, Millions of Hours (IPUDN23799L200000000), retrieved from FRED.