Infra-Annual Labor Statistics: Labor Force Participation Rate Total: From 15 to 74 Years for Slovak Republic
Annual, Not Seasonally Adjusted
LRAC74TTSKA156N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
66.60
Year-over-Year Change
2.50%
Date Range
1/1/1999 - 1/1/2024
Summary
This annual, not seasonally adjusted economic trend measures the labor productivity of the total economy in the United States. It is a key indicator used by economists and policymakers to assess the overall efficiency and competitiveness of the U.S. economy.
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
Labor productivity is a measure of economic output per hour worked. This metric provides insight into the ability of the U.S. economy to generate goods and services with a given amount of labor input. It is a fundamental driver of long-term economic growth and living standards.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics using measures of real GDP and total hours worked.
Historical Context
Policymakers and market analysts closely monitor labor productivity trends to gauge the underlying potential for economic expansion.
Key Facts
- U.S. labor productivity grew by 1.8% in 2021.
- Productivity gains help drive increases in real wages and living standards.
- Rapid productivity growth is associated with periods of strong economic expansion.
FAQs
Q: What does this economic trend measure?
A: This trend measures the labor productivity of the total U.S. economy, which is the ratio of real economic output to total hours worked.
Q: Why is this trend relevant for users or analysts?
A: Labor productivity is a key indicator of an economy's efficiency and competitiveness. Sustained productivity growth is essential for raising living standards over the long term.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics using measures of real GDP and total hours worked.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts monitor labor productivity trends to assess the economy's underlying potential for growth and to inform decisions on fiscal, monetary, and other economic policies.
Q: Are there update delays or limitations?
A: The annual labor productivity data is subject to revision as more complete information becomes available, and may have a lag of several months from the end of the reference period.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (LRAC74TTSKA156N), retrieved from FRED.