Average Weekly Hours of All Employees: Professional and Business Services in Maine
SMU23000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34.30
Year-over-Year Change
0.29%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by all employees in the professional and business services sector in Maine. It provides insights into labor market conditions 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
The Average Weekly Hours of All Employees: Professional and Business Services in Maine is a key indicator of labor market conditions and economic performance in the state's professional and business services sector. It is widely used by economists, policymakers, and analysts to monitor trends in employment and productivity.
Methodology
The data is collected through monthly surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is particularly relevant for understanding the health of Maine's service-based economy and informing economic policies and business decisions.
Key Facts
- Maine's professional and business services sector accounts for over 15% of the state's GDP.
- The average weekly hours in this sector have remained relatively stable over the past decade.
- Fluctuations in this trend can signal changes in demand for professional and business services in Maine.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average weekly hours worked 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 labor market conditions and economic activity in Maine's professional and business services sector, which is an important part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of businesses by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and analysts to monitor the health of Maine's service-based economy and inform economic policies and business decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of about one month.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Maine (SMU23000006000000002A), retrieved from FRED.