Hours Worked for Transportation and Warehousing: Warehousing and Storage (NAICS 4931) in the United States
Millions of Hours
IPUIN4931L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,600.09
Year-over-Year Change
156.53%
Date Range
1/1/1987 - 1/1/2024
Summary
The 'Millions of Hours' economic trend measures the total number of hours worked across the entire U.S. manufacturing industry. This provides valuable insights into the scale and productivity of the American manufacturing sector.
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 represents the total number of hours clocked by production and nonsupervisory employees in U.S. manufacturing. It is a key indicator of the overall labor input and capacity utilization in this critical economic sector.
Methodology
The data is collected through monthly surveys of manufacturing establishments across the country.
Historical Context
Policymakers and analysts closely monitor this metric to gauge the health and growth of the U.S. manufacturing industry.
Key Facts
- Manufacturing accounts for over 11% of U.S. GDP.
- Total manufacturing hours peaked at 417 million in 1997.
- The COVID-19 pandemic led to a 17% drop in manufacturing hours in 2020.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' metric represents the total number of hours worked by production and nonsupervisory employees across the U.S. manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides valuable insights into the scale, productivity, and capacity utilization of American manufacturing, which is a critical driver of the overall economy.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of manufacturing establishments across the United States.
Q: How is this trend used in economic policy?
A: Policymakers and analysts closely monitor this metric to gauge the health and growth of the U.S. manufacturing industry, which informs decisions on economic policies and interventions.
Q: Are there update delays or limitations?
A: The 'Millions of Hours' data is released monthly with a typical delay of 1-2 months.
Related Trends
Employment for Transportation and Warehousing: Specialized Freight (Except Used Goods) Trucking, Long-Distance (NAICS 48423) in the United States
IPUIN48423W010000000
Employment for Transportation and Warehousing: Support Activities for Air Transportation (NAICS 4881) in the United States
IPUIN4881W200000000
Real Sectoral Output for Transportation and Warehousing: Used Household and Office Goods Moving (NAICS 48421) in the United States
IPUIN48421T010000000
Labor Compensation for Transportation and Warehousing: Specialized Freight (Except Used Goods) Trucking, Long-Distance (NAICS 48423) in the United States
IPUIN48423L021000000
Output per Worker for Transportation and Warehousing: Warehousing and Storage (NAICS 4931) in the United States
IPUIN4931W001000000
Employment for Transportation and Warehousing: General Freight Trucking, Long-Distance (NAICS 48412) in the United States
IPUIN48412W200000000
Citation
U.S. Federal Reserve, Millions of Hours (IPUIN4931L200000000), retrieved from FRED.