Hours Worked for Wholesale Trade: Wholesale Trade (NAICS 42) in the United States
Millions of Hours
IPUGN42L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,058.88
Year-over-Year Change
6.50%
Date Range
1/1/1987 - 1/1/2024
Summary
The 'Millions of Hours' trend measures the total number of hours worked in the U.S. manufacturing sector. This key economic indicator provides insights into labor productivity and industrial 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
The 'Millions of Hours' series tracks the total number of hours worked by production and nonsupervisory employees in U.S. manufacturing industries. It serves as a proxy for the overall level of activity and productivity in the manufacturing sector.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Analysts and policymakers monitor this trend to assess the health and direction of the U.S. manufacturing industry.
Key Facts
- Manufacturing accounts for about 11% of U.S. GDP.
- Total manufacturing hours peaked in 2018 at 41.7 billion.
- Hours worked declined during the COVID-19 pandemic.
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 U.S. manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the overall level of activity and productivity in the U.S. manufacturing industry, which is a crucial component of the broader economy.
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 monitor this trend to assess the health and direction of the manufacturing sector, which can inform decisions related to economic policy, trade, and industrial development.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of around one month.
Related Trends
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Hours Worked for Wholesale Trade: Drugs and Druggists' Sundries Merchant Wholesalers (NAICS 42421) in the United States
IPUGN42421L010000000
Real Sectoral Output for Wholesale Trade: Apparel, Piece Goods, and Notions Merchant Wholesalers (NAICS 4243) in the United States
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IPUGN4245T010000000
Hours Worked for Wholesale Trade: Drugs and Druggists' Sundries Merchant Wholesalers (NAICS 424210) in the United States
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Citation
U.S. Federal Reserve, Millions of Hours (IPUGN42L200000000), retrieved from FRED.