Average Weekly Hours of All Employees: Professional and Business Services in Colorado
SMU08000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.00
Year-over-Year Change
-1.33%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Professional and Business Services in Colorado' trend measures the average number of hours worked per week by employees in the professional and business services industry in Colorado. This provides valuable insights into the labor market 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 economic indicator tracks the average weekly hours worked by all employees within the professional and business services sector in Colorado. It serves as an important metric for analyzing employment trends and productivity in the state's service-oriented industries.
Methodology
The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by policymakers, economists, and businesses to assess the health and outlook of Colorado's service-based economy.
Key Facts
- Colorado's professional and business services sector employs over 500,000 workers.
- The average weekly hours in this industry have remained relatively stable over the past decade.
- This data series dates back to 2007 and is released monthly by the U.S. Bureau of Labor Statistics.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by employees in the professional and business services industry in Colorado.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into employment and productivity in Colorado's service-oriented economy, which is crucial for policymakers, economists, and businesses.
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: This trend is closely monitored by policymakers, economists, and businesses to assess the health and outlook of Colorado's service-based economy.
Q: Are there update delays or limitations?
A: This data series is released monthly by the U.S. Bureau of Labor Statistics with no significant update delays.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Colorado (SMU08000006000000002A), retrieved from FRED.