Average Weekly Hours of All Employees: Goods Producing in Colorado
SMU08000000600000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.30
Year-over-Year Change
1.81%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Goods Producing in Colorado' metric tracks the average number of hours worked per week by employees in the goods-producing sector in Colorado. This indicator provides insights into labor market conditions and economic activity in the state.
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 series measures the average weekly hours worked by employees in Colorado's goods-producing industries, which include manufacturing, mining, and construction. It is a key indicator of labor market trends and can signal changes in production, hiring, and economic growth in the state.
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 economists use this metric to assess the strength of Colorado's economy and make informed decisions about economic policies and programs.
Key Facts
- Colorado's goods-producing sector employs over 300,000 workers.
- The average weekly hours have fluctuated between 40 and 44 since 2010.
- Manufacturing accounts for the largest share of goods-producing employment in Colorado.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by employees in Colorado's goods-producing industries, including manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions and the overall strength of Colorado's economy, which is useful for policymakers, economists, and market analysts.
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 economists use this metric to assess the health of Colorado's economy and inform decisions about economic policies and programs.
Q: Are there update delays or limitations?
A: The data is updated monthly, but there may be a delay of several weeks before the latest figures are released.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Goods Producing in Colorado (SMU08000000600000002A), retrieved from FRED.