Average Weekly Hours of All Employees: Other Services in Alabama
SMU01000008000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32.40
Year-over-Year Change
0.62%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Other Services in Alabama metric tracks the average number of hours worked per week by workers in the other services sector in the state of Alabama. This statistic is a key economic indicator for gauging labor market trends and productivity.
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 Other Services sector includes a diverse range of businesses that provide services not classified elsewhere, such as personal care, repair and maintenance, and religious and civic organizations. The average weekly hours metric provides insight into the labor utilization and output of this important component of the Alabama economy.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this trend to assess the health and dynamics of Alabama's service-providing industries.
Key Facts
- Alabama's other services sector employs over 200,000 workers.
- Average weekly hours peaked at 34.5 in 2019 before declining during the COVID-19 pandemic.
- The other services industry accounts for approximately 5% of Alabama's total nonfarm employment.
FAQs
Q: What does this economic trend measure?
A: The Average Weekly Hours of All Employees: Other Services in Alabama metric tracks the average number of hours worked per week by workers in the other services sector in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This statistic provides insight into the labor utilization and productivity of Alabama's diverse other services sector, which includes a wide range of personal, repair, and civic organizations.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the health and dynamics of Alabama's service-providing industries, which are an important component of the state's economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of 1-2 months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Other Services in Alabama (SMU01000008000000002A), retrieved from FRED.