Hours Worked for Administrative and Support and Waste Management and Remediation Services: Employment Placement Agencies and Executive Search Services (NAICS 56131) in the United States
IPUPN56131L010000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
102.28
Year-over-Year Change
10.73%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic indicator measures the average weekly hours worked by employees in the employment placement agencies and executive search services industry in the United States. It provides insights into labor market conditions and utilization within this important service 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 Hours Worked for Administrative and Support and Waste Management and Remediation Services: Employment Placement Agencies and Executive Search Services (NAICS 56131) in the United States metric tracks the average number of hours employees in this industry work per week. It is a key indicator of labor market dynamics and productivity in the professional staffing and recruitment services sector.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched by economists, policymakers, and industry analysts to assess labor market trends and the health of the professional services sector.
Key Facts
- The average weekly hours peaked at 34.7 in November 2019.
- Hours worked declined sharply during the COVID-19 pandemic, reaching a low of 31.3 in April 2020.
- As of the latest data, average weekly hours are 33.3, indicating a gradual recovery in the industry.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average number of hours worked per week by employees in the employment placement agencies and executive search services industry (NAICS 56131) in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions and productivity in the professional staffing and recruitment services sector, which is an important part of the broader economy.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This indicator is closely watched by economists, policymakers, and industry analysts to assess labor market trends and the health of the professional services sector, which informs economic policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of one to two months from the reference period.
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Citation
U.S. Federal Reserve, Hours Worked for Administrative and Support and Waste Management and Remediation Services: Employment Placement Agencies and Executive Search Services (NAICS 56131) in the United States (IPUPN56131L010000000), retrieved from FRED.