Average Weekly Hours of All Employees: Private Service Providing in Colorado
SMU08000000800000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32.30
Year-over-Year Change
-6.10%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Private Service Providing in Colorado' measures the average number of hours worked per week by private sector service workers in the state of Colorado. This metric provides insights into labor market conditions 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
This economic trend tracks the average weekly hours worked by private service-providing employees in Colorado. It is a key indicator of labor market activity and can be used to assess changes in productivity, staffing levels, and work-life balance.
Methodology
The data is collected through monthly surveys of private businesses by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched by policymakers, economists, and industry analysts to gauge the health of Colorado's private service sector.
Key Facts
- Colorado's private service sector accounts for over 60% of the state's employment.
- Average weekly hours in the private service sector have remained relatively stable over the past decade.
- Fluctuations in this metric can signal changes in consumer demand and business investment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by private sector service workers in the state of Colorado.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions, productivity, and work-life balance in Colorado's private service sector, which is a critical part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of private businesses by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and industry analysts use this metric to gauge the health of Colorado's private service sector and inform decisions related to employment, consumer demand, and business investment.
Q: Are there update delays or limitations?
A: The data is published with a short delay, typically 1-2 months after the reference period, and may be subject to 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 Colorado (SMU08000000800000002A), retrieved from FRED.