Average Weekly Hours of All Employees: Private Service Providing in Alabama
SMU01000000800000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32.90
Year-over-Year Change
-3.80%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Private Service Providing in Alabama measures the average number of hours worked per week by private sector service workers in the state. This indicator provides insight into the economic activity and labor market conditions in Alabama's service industry.
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
This economic trend tracks the average weekly hours worked by private sector employees in service-providing industries within Alabama. It offers a snapshot of labor utilization and productivity in the state's service economy, which is a key driver of overall economic performance.
Methodology
The data is collected through surveys of private employers in Alabama by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to gauge the health and direction of Alabama's service sector, which informs broader economic assessments and policy decisions.
Key Facts
- Alabama's private service sector accounts for over 70% of the state's total employment.
- Average weekly hours peaked at 35.1 in November 2021, indicating strong service industry activity.
- The series has shown a steady recovery since the COVID-19 pandemic lows in 2020.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average number of hours worked per week by private sector employees in service-providing industries within the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: The average weekly hours in Alabama's private service sector provides insight into labor utilization and productivity, which are key indicators of the overall health and direction of the state's service-based economy.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of private employers in Alabama conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the current state and outlook of Alabama's service industry, which informs broader economic analysis and policy decisions at the state and national level.
Q: Are there update delays or limitations?
A: The data is released with a one-month lag by the Federal Reserve, and may be subject to minor revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Private Service Providing in Alabama (SMU01000000800000002A), retrieved from FRED.