Hours Worked for Transportation and Warehousing: Support Activities for Transportation (NAICS 488) in the United States
Millions of Hours
IPUIN488L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,742.17
Year-over-Year Change
42.48%
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 industry. 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 in the manufacturing sector, reported in millions. It is a widely-used metric for analyzing production, productivity, and labor force trends within the U.S. economy.
Methodology
The data is collected through surveys of manufacturing establishments and aggregated by the U.S. Federal Reserve.
Historical Context
Policymakers and analysts monitor this metric to assess the health of the manufacturing industry and broader economic performance.
Key Facts
- Manufacturing accounts for over 11% of U.S. GDP.
- Hours worked reached a peak of 417 million in 2000.
- The COVID-19 pandemic caused a sharp decline in manufacturing hours.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' trend measures the total number of hours worked by all employees in the U.S. manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of production, productivity, and labor market conditions in the manufacturing industry, which is a vital component of the U.S. economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of manufacturing establishments and aggregated by the U.S. Federal Reserve.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this metric to assess the health of the manufacturing industry and broader economic performance, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of 1-2 months.
Related Trends
Hourly Compensation for Transportation and Warehousing: Specialized Freight (Except Used Goods) Trucking, Local (NAICS 484220) in the United States
IPUIN484220U121000000
Unit Labor Costs for Transportation and Warehousing: Couriers and Messengers (NAICS 492) in the United States
IPUIN492U101000000
Employment for Transportation and Warehousing: General Freight Trucking, Local (NAICS 48411) in the United States
IPUIN48411W200000000
Unit Labor Costs for Transportation and Warehousing: Postal Service (NAICS 49111) in the United States
IPUIN49111U100000000
Employment for Transportation and Warehousing: Used Household and Office Goods Moving (NAICS 48421) in the United States
IPUIN48421W201000000
Employment for Transportation and Warehousing: Rail Transportation (NAICS 482) in the United States
IPUIN482W200000000
Citation
U.S. Federal Reserve, Millions of Hours (IPUIN488L200000000), retrieved from FRED.