Hours Worked for Administrative and Support and Waste Management and Remediation Services: Business Support Services (NAICS 5614) in the United States
IPUPN5614L010000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
77.28
Year-over-Year Change
-20.29%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures the total hours worked in the business support services industry (NAICS 5614) in the United States. It provides insights into the labor input and productivity trends within this key 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 metric tracks the total number of hours employees have spent on the job in the business support services industry. This data point is widely used by economists and policymakers to analyze labor market conditions, productivity, and capacity utilization within this important service subsector.
Methodology
The data is collected through surveys of establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in business support services hours worked are closely monitored by economists, investors, and policymakers for their implications on the broader service economy.
Key Facts
- Business support services account for over 8% of total U.S. employment.
- This sector includes activities like office administration, facilities support, and waste management.
- Hours worked is a key metric for analyzing labor market trends and productivity in this industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total hours worked by employees in the business support services industry (NAICS 5614) in the United States.
Q: Why is this trend relevant for users or analysts?
A: Trends in business support services hours worked provide insights into labor market conditions, productivity, and capacity utilization within this important service sector.
Q: How is this data collected or calculated?
A: The data is collected through surveys of establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists, investors, and policymakers closely monitor this metric for its implications on the broader service economy.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions and may have publication lags typical of establishment survey data.
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Citation
U.S. Federal Reserve, Hours Worked for Administrative and Support and Waste Management and Remediation Services: Business Support Services (NAICS 5614) in the United States (IPUPN5614L010000000), retrieved from FRED.