Average Weekly Hours of All Employees: Goods Producing in Maine
SMU23000000600000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38.80
Year-over-Year Change
-2.27%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Goods Producing in Maine' measures the average number of hours worked per week by all employees in the goods-producing sector in Maine. This indicator provides insight into labor market conditions and productivity in the state's manufacturing and construction industries.
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 for all employees in Maine's goods-producing industries, including manufacturing, construction, mining, and logging. It is a key measure of economic activity and labor demand, with implications for business planning, investment, and policymaking.
Methodology
The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in average weekly hours can inform analysis of Maine's economic performance and guide policies aimed at supporting the state's goods-producing sectors.
Key Facts
- The series dates back to 1990.
- Average weekly hours peaked at 43.1 in 2000.
- The COVID-19 pandemic caused a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: The 'Average Weekly Hours of All Employees: Goods Producing in Maine' measures the average number of hours worked per week by all employees in the goods-producing sector in Maine, including manufacturing, construction, mining, and logging.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into labor market conditions and productivity in Maine's key goods-producing industries, which is important for business planning, investment decisions, and economic policymaking.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Trends in average weekly hours can inform analysis of Maine's economic performance and guide policies aimed at supporting the state's goods-producing sectors.
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: Goods Producing in Maine (SMU23000000600000002A), retrieved from FRED.