Manufacturing Sector: Average Weekly Hours for All Workers
Index 2017=100
PRS30006023 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
97.46
Year-over-Year Change
-1.21%
Date Range
1/1/1987 - 4/1/2025
Summary
The 'Index 2017=100' measures changes in U.S. labor productivity on a per-hour basis. This metric is crucial for economists and policymakers to assess economic growth and the nation's competitiveness.
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 'Index 2017=100' represents the ratio of real output to hours worked, indexed to the year 2017. It serves as a key indicator of the efficiency and technological progress of the U.S. economy over time.
Methodology
The U.S. Bureau of Labor Statistics collects and calculates this index using data on real GDP and total hours worked across the nonfarm business sector.
Historical Context
The productivity index is closely monitored by the Federal Reserve and other economic institutions to inform policies that promote sustainable economic expansion.
Key Facts
- The index has a base year of 2017 with a value of 100.
- Productivity grew 1.1% in 2021 compared to the prior year.
- Rapid productivity gains are associated with higher standards of living.
FAQs
Q: What does this economic trend measure?
A: The 'Index 2017=100' measures changes in U.S. labor productivity, which is the ratio of real output to hours worked in the nonfarm business sector.
Q: Why is this trend relevant for users or analysts?
A: Productivity growth is a key driver of economic expansion and improved living standards over time, so this index is closely watched by economists, policymakers, and investors.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Labor Statistics collects the underlying data on real GDP and total hours worked, then calculates the productivity index with 2017 as the base year.
Q: How is this trend used in economic policy?
A: The Federal Reserve and other institutions monitor productivity trends to assess the economy's capacity for sustainable growth, which informs monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The productivity index is updated quarterly by the Bureau of Labor Statistics, with a lag of approximately two months from the end of the reference period.
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Citation
U.S. Federal Reserve, Index 2017=100 (PRS30006023), retrieved from FRED.