Average Weekly Hours of All Employees: Professional and Business Services in Illinois
SMU17000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35.00
Year-over-Year Change
-3.58%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Professional and Business Services in Illinois' tracks the average weekly hours worked by employees in the professional and business services sector in Illinois. This metric provides insights into labor market conditions and productivity.
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 represents the average number of hours worked per week by all employees in the professional and business services industry within the state of Illinois. It is a key measure of labor utilization and can signal changes in demand, production, and economic performance.
Methodology
The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by policymakers, economists, and businesses to assess the overall health of the Illinois economy and labor market.
Key Facts
- The average weekly hours in Illinois professional and business services have remained relatively stable over the past decade.
- This metric provides insights into labor utilization and productivity trends in a key sector of the Illinois economy.
- The data is released monthly by the U.S. Bureau of Labor Statistics.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by all employees in the professional and business services industry within the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions, production, and overall economic performance in a key sector of the Illinois economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, economists, and businesses to assess the health of the Illinois labor market and economy.
Q: Are there update delays or limitations?
A: The data is released monthly by the U.S. Bureau of Labor Statistics with no significant update delays.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Illinois (SMU17000006000000002A), retrieved from FRED.