Average Weekly Hours of Production Employees: Manufacturing: Durable Goods in Florida
SMU12000003100000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
41.60
Year-over-Year Change
2.46%
Date Range
1/1/2001 - 1/1/2024
Summary
This metric tracks the average weekly hours worked by manufacturing production employees in the durable goods sector in Florida. It provides insights into labor market conditions and production capacity in this key economic segment.
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 metric is a widely used indicator of manufacturing activity and labor market conditions. It reflects changes in production schedules, overtime, and staffing levels in the durable goods industries within Florida.
Methodology
The data is collected through a monthly survey of manufacturing establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by economists, policymakers, and industry analysts to assess the health of the manufacturing sector and broader economic conditions.
Key Facts
- Manufacturing accounts for over 5% of Florida's GDP.
- Durable goods production comprises nearly 60% of total manufacturing activity in the state.
- Average weekly hours have increased by 2.5% over the past year.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average weekly hours worked by manufacturing production employees in the durable goods sector in Florida.
Q: Why is this trend relevant for users or analysts?
A: It provides insights into labor market conditions and production capacity in this key economic segment, which is closely monitored by economists, policymakers, and industry analysts.
Q: How is this data collected or calculated?
A: The data is collected through a monthly survey of manufacturing establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to assess the health of the manufacturing sector and broader economic conditions in Florida.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical 1-2 month delay.
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Citation
U.S. Federal Reserve, Average Weekly Hours of Production Employees: Manufacturing: Durable Goods in Florida (SMU12000003100000007A), retrieved from FRED.