Average Weekly Hours of All Employees: Private Service Providing in Hawaii
SMU15000000800000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32.60
Year-over-Year Change
-2.98%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Private Service Providing in Hawaii' economic trend measures the average weekly hours worked by private sector service industry employees in Hawaii. This metric is important for economists and policymakers to understand labor market conditions and productivity in the service sector.
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 number of hours worked per week by private service-providing employees in Hawaii. It provides insight into the utilization of labor in this key industry and can be used to analyze workforce trends, productivity, and the overall health of the Hawaiian economy.
Methodology
The data is collected through surveys of private sector businesses in Hawaii.
Historical Context
This trend is frequently referenced by economists, policymakers, and market analysts to interpret labor market conditions and economic activity in Hawaii.
Key Facts
- The average weekly hours worked in Hawaii's private service sector peaked at 34.3 hours in December 2019.
- Weekly hours in this sector dropped sharply to 26.8 hours during the COVID-19 pandemic in April 2020.
- As of the latest data, average weekly hours in Hawaii's private service industry are at 32.4 hours.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly hours worked by private sector service industry employees in Hawaii. It provides insight into labor utilization and productivity in this key sector of the Hawaiian economy.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding labor market conditions, workforce trends, and the overall health of Hawaii's service-providing industries, which are a significant driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of private sector businesses in Hawaii.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and market analysts frequently reference this trend to interpret labor market conditions and economic activity in Hawaii, which can inform policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag, so it may not reflect the most current economic conditions in Hawaii.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Private Service Providing in Hawaii (SMU15000000800000002A), retrieved from FRED.