Average Weekly Hours of Production Employees: Retail Trade in Arizona
SMU04000004200000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30.30
Year-over-Year Change
-7.06%
Date Range
1/1/2001 - 1/1/2024
Summary
The Average Weekly Hours of Production Employees in Retail Trade in Arizona measures the average number of hours worked per week by production employees in the retail sector of Arizona'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
This economic indicator provides insight into the labor utilization and productivity trends in Arizona's retail industry. It is used by economists and policymakers to assess the overall health and direction of the state's economy.
Methodology
The data is collected through surveys of businesses and establishments in the retail trade sector.
Historical Context
Tracking changes in average weekly hours can help inform decisions around employment, consumer spending, and economic policy.
Key Facts
- Arizona's retail sector employs over 400,000 workers.
- Average weekly hours peaked at 32.9 in 2019 before declining during the COVID-19 pandemic.
- Retail is a key driver of Arizona's economy, accounting for over 11% of the state's GDP.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average number of hours worked per week by production employees in the retail trade sector in Arizona.
Q: Why is this trend relevant for users or analysts?
A: Changes in average weekly hours can provide insights into labor utilization, productivity, and the overall health of Arizona's retail industry and economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments in the retail trade sector.
Q: How is this trend used in economic policy?
A: Monitoring changes in average weekly hours can inform decisions around employment, consumer spending, and economic policy at the state level.
Q: Are there update delays or limitations?
A: The data is published monthly, but may be subject to revisions and delays typical of economic indicators.
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Citation
U.S. Federal Reserve, Average Weekly Hours of Production Employees: Retail Trade in Arizona (SMU04000004200000007A), retrieved from FRED.