Average Weekly Hours of All Employees: Leisure and Hospitality in Arizona
SMU04000007000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25.70
Year-over-Year Change
-4.10%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Leisure and Hospitality in Arizona' trend measures the average number of hours worked per week by employees in the leisure and hospitality sector in Arizona. This metric provides insight into the productivity and labor force dynamics of this key economic 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 trend represents the average weekly hours worked by all employees in the leisure and hospitality sector in the state of Arizona. It is used by economists and policymakers to monitor labor market conditions, consumer demand, and the overall health of the state's service-based economy.
Methodology
The data is collected through surveys of business establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in average weekly hours can inform economic and policy decisions related to the tourism, entertainment, and service industries.
Key Facts
- Arizona's leisure and hospitality sector employs over 300,000 workers.
- Average weekly hours peaked at 29.3 in 2019 before declining during the COVID-19 pandemic.
- Weekly hours have gradually recovered, reaching 27.5 as of the latest data.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by employees in the leisure and hospitality sector in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the productivity and labor force dynamics of a key service-based industry, which is important for understanding the overall health of Arizona's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of business establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in average weekly hours can inform economic and policy decisions related to the tourism, entertainment, and service industries in Arizona.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Leisure and Hospitality in Arizona (SMU04000007000000002A), retrieved from FRED.