Average Weekly Hours of All Employees: Goods Producing in Illinois
Annual
SMU17000000600000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38.10
Year-over-Year Change
-4.27%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures the average number of hours worked per week by employees in the manufacturing sector of the United States. This metric is closely watched by economists as it provides insights into labor productivity and the overall health of the 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 Annual trend represents the average number of hours worked per week by production and nonsupervisory employees in the manufacturing sector. It is a key indicator of labor market conditions and can inform economic policymaking related to employment, output, and productivity.
Methodology
The data is collected through monthly surveys of a sample of manufacturing establishments by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual trend is used by policymakers, analysts, and businesses to assess the strength and efficiency of the U.S. manufacturing sector.
Key Facts
- The annual average of weekly hours worked in U.S. manufacturing peaked at 41.7 hours in 1943.
- Manufacturing productivity has increased by over 250% since the 1950s.
- The U.S. manufacturing sector accounts for approximately 11% of GDP.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average number of hours worked per week by employees in the U.S. manufacturing sector.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into labor productivity and the overall health of the manufacturing industry, making it a key indicator for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of a sample of manufacturing establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual trend is used by policymakers, analysts, and businesses to assess the strength and efficiency of the U.S. manufacturing sector, which informs economic decision-making.
Q: Are there update delays or limitations?
A: The Annual trend data is published monthly with a typical delay of one to two months.
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Citation
U.S. Federal Reserve, Annual (SMU17000000600000002A), retrieved from FRED.