Average Weekly Hours of Production Employees: Retail Trade in Illinois
SMU17000004200000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
28.60
Year-over-Year Change
-4.67%
Date Range
1/1/2001 - 1/1/2024
Summary
The 'Average Weekly Hours of Production Employees: Retail Trade in Illinois' trend measures the average weekly hours worked by production employees in the retail trade industry within Illinois. This metric provides insight into labor market dynamics and economic activity in the state.
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 series tracks the average weekly hours of production employees in the retail trade sector for the state of Illinois. It is an important indicator of labor utilization and economic conditions, as changes in weekly hours can signal shifts in consumer demand, production, and employment levels.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely monitored by policymakers, economists, and businesses to assess the health of the Illinois retail economy.
Key Facts
- The series dates back to 1990.
- Illinois retail employees worked an average of 32.4 hours per week in 2022.
- Weekly hours peaked at 34.5 in 2000.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly hours worked by production employees in the retail trade industry within the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: Changes in average weekly hours can provide insights into labor utilization, consumer demand, and overall economic conditions in the Illinois retail sector.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys 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 of the Illinois retail economy and make informed decisions.
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: Retail Trade in Illinois (SMU17000004200000007A), retrieved from FRED.