Average Weekly Hours of All Employees: Goods Producing in Maryland
SMU24000000600000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38.50
Year-over-Year Change
-1.03%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Goods Producing in Maryland metric tracks the average number of hours worked per week by employees in the goods-producing sector of Maryland's economy.
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 metric provides insight into productivity, labor market conditions, and economic activity in Maryland's manufacturing, construction, and mining industries. It is a key indicator used by economists and policymakers to analyze trends in the state's industrial output and employment.
Methodology
The data is collected by the U.S. Bureau of Labor Statistics through employer surveys.
Historical Context
This trend is closely monitored by Maryland state officials and the Federal Reserve to gauge the health of the state's goods-producing industries.
Key Facts
- Maryland's goods-producing sector accounts for about 10% of the state's total employment.
- Average weekly hours peaked at 43.1 in 2000 and declined to 40.2 in 2022.
- Longer work weeks are associated with greater productivity and economic growth.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average number of hours worked per week by employees in Maryland's goods-producing industries, including manufacturing, construction, and mining.
Q: Why is this trend relevant for users or analysts?
A: This data provides valuable insight into labor market conditions, productivity, and economic activity in Maryland's industrial sectors, which is of interest to economists, policymakers, and businesses.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Labor Statistics through monthly surveys of employers in Maryland.
Q: How is this trend used in economic policy?
A: State officials and the Federal Reserve closely monitor this indicator to assess the health of Maryland's goods-producing industries and inform economic and policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of approximately one month, so there may be a delay in reflecting the latest economic conditions.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Goods Producing in Maryland (SMU24000000600000002A), retrieved from FRED.