Average Weekly Earnings of All Employees: Other Services in Connecticut
Annual
SMU09000008000000011A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
898.17
Year-over-Year Change
42.45%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the total number of hours worked annually per employee in the private nonfarm business sector. This key metric provides insights into productivity and labor market dynamics.
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 Annual series tracks the average total hours worked per year by private nonfarm employees. It is a widely used indicator of labor input and productivity, reflecting changes in factors like work hours, overtime, and part-time employment.
Methodology
The data is collected through surveys of businesses and households by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists closely monitor the Annual trend to assess the health of the labor market and broader economic conditions.
Key Facts
- The Annual average reached a record high of 1,767 hours in 2000.
- Annual hours worked declined during the Great Recession, reflecting reduced labor demand.
- The trend has remained relatively stable in recent years, indicating steady labor market conditions.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the total number of hours worked per year by private nonfarm employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend provides important insights into labor market dynamics, productivity, and overall economic health.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and households by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor the Annual trend to assess labor market conditions and inform economic policy decisions.
Q: Are there update delays or limitations?
A: The Annual data is published monthly with a short time lag, providing timely insights into labor market trends.
Related Trends
Per Capita Personal Consumption Expenditures: Services: Food Services and Accommodations for Connecticut
CTPCEPCFDSRVACCMD
Civilian Labor Force in Connecticut
CTLF
State Tax Collections: T15 Public Utilities Sales Tax for Connecticut
QTAXT15QTAXCAT3CTNO
Transportation Carbon Dioxide Emissions, Coal for Connecticut
EMISSCO2TOTVTCCOCTA
State Tax Collections: T28 Occupation and Business License, Not Elsewhere Classified for Connecticut
QTAXT28QTAXCAT3CTNO
Real Gross Domestic Product: Finance and Insurance (52) in Connecticut
CTFININSRGSP
Citation
U.S. Federal Reserve, Annual (SMU09000008000000011A), retrieved from FRED.