Average Weekly Hours of All Employees: Professional and Business Services in Maine
SMU23000006000000002 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34.50
Year-over-Year Change
-1.43%
Date Range
1/1/2007 - 6/1/2025
Summary
The 'Average Weekly Hours of All Employees: Professional and Business Services in Maine' trend measures the average number of hours worked per week by employees in the professional and business services sector in the state of Maine. This data provides insights into the labor market and economic activity in this 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
This economic indicator tracks the average number of hours worked per week by all employees in the professional and business services sector in Maine. It is used to analyze trends in productivity, labor demand, and economic performance within this key industry.
Methodology
The data is collected through surveys of businesses in the professional and business services sector in Maine by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is relevant for policymakers, economists, and businesses monitoring the health and activity of the professional services industry in Maine.
Key Facts
- The average weekly hours in Maine's professional and business services sector were 35.6 in May 2023.
- This trend has shown steady growth since the COVID-19 pandemic, indicating a recovery in the sector.
- Maine's professional and business services sector accounts for over 15% of the state's total employment.
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 sector in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the labor market and economic activity in the professional and business services industry in Maine, which is an important sector for the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses in the professional and business services sector in Maine by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and businesses to monitor the health and activity of the professional services industry in Maine, which informs economic policy decisions.
Q: Are there update delays or limitations?
A: The data is released monthly by the U.S. Bureau of Labor Statistics, with a typical delay of 1-2 months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Maine (SMU23000006000000002), retrieved from FRED.