Hours Worked for Manufacturing: Aerospace Product and Parts Manufacturing (NAICS 33641) in the United States
Millions of Hours
IPUEN33641L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,129.82
Year-over-Year Change
8.81%
Date Range
1/1/1987 - 1/1/2024
Summary
The 'Millions of Hours' economic trend measures the total volume of labor input in the U.S. manufacturing sector, providing insights into production capacity and economic activity.
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 indicator represents the total number of hours worked by all production and nonsupervisory employees in the U.S. manufacturing industry. It is a key metric for assessing the scale and productivity of the domestic manufacturing base.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Analysts and policymakers use this metric to gauge the overall health and output potential of the U.S. manufacturing economy.
Key Facts
- The U.S. manufacturing sector accounts for over 11% of total GDP.
- Manufacturing productivity has increased by over 60% since 2000.
- The COVID-19 pandemic caused a sharp 12% drop in manufacturing hours in 2020.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' indicator tracks the total labor input, in terms of production and nonsupervisory employee hours, for the U.S. manufacturing industry.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the scale, productivity, and output capacity of the domestic manufacturing base, which is a key driver of overall economic growth.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and performance of the manufacturing sector, which informs decisions related to trade, investment, and economic stimulus.
Q: Are there update delays or limitations?
A: The 'Millions of Hours' data is published monthly with a lag of approximately one month, providing timely insights into manufacturing labor trends.
Related Trends
Labor Productivity for Manufacturing: Pharmaceutical and Medicine Manufacturing (NAICS 3254) in the United States
IPUEN3254L000000000
Contribution of Intermediate Inputs Intensity to Labor Productivity for Manufacturing: Hardware Manufacturing (NAICS 332510) in the United States
IPUEN332510P070000000
Contribution of Intermediate Inputs Intensity to Labor Productivity for Manufacturing: Railroad Rolling Stock Manufacturing (NAICS 33651) in the United States
IPUEN33651P070000000
Labor Productivity for Manufacturing: Paperboard Container Manufacturing (NAICS 32221) in the United States
IPUEN32221L000000000
Unit Labor Costs for Manufacturing: Semiconductor and Other Electronic Component Manufacturing (NAICS 3344) in the United States
IPUEN3344U101000000
Employment for Manufacturing: Semiconductor and Other Electronic Component Manufacturing (NAICS 3344) in the United States
IPUEN3344W010000000
Citation
U.S. Federal Reserve, Millions of Hours (IPUEN33641L200000000), retrieved from FRED.