Average Weekly Hours of Production Employees: Durable Goods: Fabricated Metal Product Manufacturing in Illinois
SMU17000003133200007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
41.50
Year-over-Year Change
-2.12%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by production employees in the fabricated metal product manufacturing industry in Illinois. It provides insights into labor utilization and productivity in this key manufacturing 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
The average weekly hours of production employees is a widely used indicator of labor market conditions and economic activity. It can signal changes in production, staffing, and overtime levels within a specific industry or region.
Methodology
The data is collected through monthly surveys of 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 and competitiveness of the manufacturing sector.
Key Facts
- The fabricated metal product industry is a major employer in Illinois.
- Average weekly hours reflect production and overtime levels.
- This data is published monthly by the Bureau of Labor Statistics.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly hours worked by production employees in the fabricated metal product manufacturing industry in Illinois.
Q: Why is this trend relevant for users or analysts?
A: It provides insights into labor utilization and productivity in this key manufacturing sector, which is closely monitored by economists, policymakers, and industry analysts.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the health and competitiveness of the manufacturing sector, which is a crucial driver of economic growth and employment.
Q: Are there update delays or limitations?
A: The data is published monthly by the Bureau of Labor Statistics, with a typical 1-2 month delay in release.
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Citation
U.S. Federal Reserve, Average Weekly Hours of Production Employees: Durable Goods: Fabricated Metal Product Manufacturing in Illinois (SMU17000003133200007A), retrieved from FRED.