Average Weekly Hours of All Employees: Private Service Providing in Massachusetts
SMU25000000800000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32.50
Year-over-Year Change
1.25%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Private Service Providing in Massachusetts' trend measures the average number of hours worked per week by private sector service workers in the state of Massachusetts. This metric provides insights into the labor market and economic activity in the region.
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 hours worked per week by private service industry employees in Massachusetts, including jobs in sectors like trade, transportation, utilities, information, financial activities, professional services, and others. It is a key indicator of the state's economic health and productivity.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists analyze this trend to assess the business cycle, labor market conditions, and overall economic performance in Massachusetts.
Key Facts
- Massachusetts is a key contributor to the U.S. service economy.
- Private service sector jobs account for over 80% of employment in the state.
- Average weekly hours for private service workers have remained relatively stable in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by private sector service industry employees in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions, economic productivity, and business cycle trends in Massachusetts, which is an important state for the U.S. service economy.
Q: How is this data collected or calculated?
A: The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to assess the overall economic performance and labor market conditions in Massachusetts, which can inform policy decisions at the state and federal levels.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of one to two months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Private Service Providing in Massachusetts (SMU25000000800000002A), retrieved from FRED.