Average Weekly Hours of All Employees: Leisure and Hospitality in Illinois
SMU17000007000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24.10
Year-over-Year Change
-5.86%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by all employees in the leisure and hospitality sector in Illinois. It is an important indicator of labor market conditions and economic activity in this key 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 Average Weekly Hours of All Employees: Leisure and Hospitality in Illinois metric tracks the average number of hours worked per week by workers in Illinois' leisure and hospitality businesses, which include hotels, restaurants, arts, entertainment, and recreation. This data provides insights into workforce utilization and production capacity in this service-oriented sector.
Methodology
The data is collected through surveys of businesses conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to assess the health of Illinois' tourism and service economy.
Key Facts
- The series dates back to January 2007.
- Leisure and hospitality is a major employer in Illinois, accounting for over 600,000 jobs.
- Average weekly hours in this sector can fluctuate seasonally due to tourism patterns.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average number of hours worked per week by employees in the leisure and hospitality sector in Illinois, including hotels, restaurants, arts, entertainment, and recreation.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into workforce utilization and production capacity in Illinois' service-oriented tourism and leisure economy, which is a key driver of economic activity in the state.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and dynamics of Illinois' leisure and hospitality sector, which is an important part of the state's overall economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Leisure and Hospitality in Illinois (SMU17000007000000002A), retrieved from FRED.