Average Weekly Hours of Production Employees: Manufacturing: Durable Goods in Illinois
SMU17000003100000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
41.60
Year-over-Year Change
0.97%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by production employees in the durable goods manufacturing sector in Illinois. It provides insights into the state's manufacturing activity and labor market conditions.
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 tracks the number of hours worked by production workers in Illinois' durable goods manufacturing industries. It is a key indicator of output, productivity, and labor market trends within this important economic sector.
Methodology
The data is collected through surveys of manufacturing establishments 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 direction of Illinois' manufacturing economy.
Key Facts
- Manufacturing accounts for over 12% of Illinois' GDP.
- Durable goods production makes up nearly two-thirds of total manufacturing output in the state.
- Average weekly hours in Illinois' durable goods sector have fluctuated between 40-44 hours in recent years.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average weekly hours worked by production employees in the durable goods manufacturing sector in Illinois.
Q: Why is this trend relevant for users or analysts?
A: It provides insights into the state of manufacturing activity, productivity, and labor market conditions in a key industry for Illinois' economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of manufacturing establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses monitor this metric to assess the health and direction of Illinois' manufacturing sector.
Q: Are there update delays or limitations?
A: The data is released monthly with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of Production Employees: Manufacturing: Durable Goods in Illinois (SMU17000003100000007A), retrieved from FRED.