Average Weekly Hours of Production Employees: Manufacturing: Durable Goods in Colorado
SMU08000003100000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
40.00
Year-over-Year Change
1.27%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic indicator tracks the average weekly hours worked by production employees in the durable goods manufacturing sector in Colorado. It provides insights into labor utilization and productivity trends in the state's manufacturing 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
The Average Weekly Hours of Production Employees: Manufacturing: Durable Goods in Colorado series measures the average number of hours per week worked by production workers in the durable goods manufacturing industry within the state. This metric is an important signal of economic activity, labor market conditions, and operational efficiency in Colorado's manufacturing sector.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists analyze this trend to gauge the health and outlook of Colorado's manufacturing industry and broader economic conditions.
Key Facts
- Colorado's durable goods manufacturing sector employs over 150,000 workers.
- Average weekly hours peaked at 45.1 in November 2021.
- The series has a long-term average of 42.5 hours per week.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average number of hours per week worked by production employees in Colorado's durable goods manufacturing industry.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor utilization, productivity, and operational efficiency within Colorado's manufacturing sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to gauge the health and outlook of Colorado's manufacturing industry and broader economic conditions, which can inform policy decisions.
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 Production Employees: Manufacturing: Durable Goods in Colorado (SMU08000003100000007A), retrieved from FRED.