Nonfinancial Corporations Sector: Hours Worked for Employees
Percent Change at Annual Rate
PRS88003032 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.80
Year-over-Year Change
-73.33%
Date Range
4/1/1947 - 1/1/2025
Summary
The Percent Change at Annual Rate, published by the U.S. Bureau of Labor Statistics, measures the monthly change in productivity for the nonfarm business sector, adjusted to an annualized rate. This metric is closely watched by economists and policymakers to assess the health and efficiency of the broader 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
The Percent Change at Annual Rate is a key indicator of productivity trends in the United States. It provides a standardized measure of month-over-month changes in labor productivity, which reflects the relationship between economic output and the inputs required to generate that output.
Methodology
The data is calculated based on quarterly productivity and cost data collected through business surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Productivity growth is a crucial driver of long-term economic prosperity, and this metric helps inform monetary and fiscal policy decisions.
Key Facts
- Productivity growth averaged 1.8% annually from 2010-2019.
- Productivity declined sharply in 2020 due to the COVID-19 pandemic.
- Improving productivity is a key policy goal for boosting long-term economic growth.
FAQs
Q: What does this economic trend measure?
A: The Percent Change at Annual Rate measures the monthly change in productivity for the nonfarm business sector, adjusted to an annualized rate.
Q: Why is this trend relevant for users or analysts?
A: Productivity growth is a crucial driver of long-term economic prosperity, so this metric helps economists and policymakers assess the efficiency and health of the broader U.S. economy.
Q: How is this data collected or calculated?
A: The data is calculated based on quarterly productivity and cost data collected through business surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Productivity growth is a key policy goal, as it informs decisions around monetary policy, fiscal policy, and broader economic strategies aimed at boosting long-term economic prosperity.
Q: Are there update delays or limitations?
A: The data is published monthly by the Bureau of Labor Statistics, with a typical delay of about a month between the reference period and the release date.
Similar PRS Trends
Nonfinancial Corporations Sector: Hours Worked for Employees
PRS88003033
Nonfinancial Corporations Sector: Unit Nonlabor Payments for Employees
PRS88003131
Nonfinancial Corporations Sector: Output per Worker for Employees
PRS88003161
Nonfinancial Corporations Sector: Unit Profits for Employees
PRS88003193
Nonfinancial Corporations Sector: Labor Productivity (Output per Hour) for Employees
PRS88003093
Nonfinancial Corporations Sector: Employment for Employees
PRS88003013
Citation
U.S. Bureau of Labor Statistics, Percent Change at Annual Rate (PRS88003032), retrieved from FRED.