Hours Worked for Transportation and Warehousing: Specialized Freight (Except Used Goods) Trucking, Local (NAICS 484220) in the United States
Millions of Hours
IPUIN484220L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
556.13
Year-over-Year Change
7.96%
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 insight into labor productivity and industrial output.
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 tracks the total number of hours worked by production and nonsupervisory employees in manufacturing industries. It serves as an important gauge of manufacturing activity and labor input to the economy.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Economists and policymakers closely monitor this trend to assess the health and outlook of the manufacturing sector.
Key Facts
- The manufacturing sector accounts for approximately 12% of U.S. GDP.
- Hours worked in manufacturing reached a peak of 416 million in November 2018.
- Manufacturing labor productivity has increased by over 60% since the 1990s.
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 metric provides insight into labor productivity, industrial output, and the overall health of the manufacturing sector, which is a key driver of the U.S. 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: Economists and policymakers closely monitor this trend to assess the manufacturing sector's performance and make informed decisions about economic and industrial policies.
Q: Are there update delays or limitations?
A: The 'Millions of Hours' data is published monthly with a typical release lag of 1-2 months.
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Citation
U.S. Federal Reserve, Millions of Hours (IPUIN484220L200000000), retrieved from FRED.