Average Weekly Hours of All Employees: Manufacturing in Minnesota
SMU27000003000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.30
Year-over-Year Change
-2.00%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by all employees in the manufacturing sector in the state of Minnesota. It is a key indicator of labor market conditions and economic activity in the state's manufacturing 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
The Average Weekly Hours of All Employees: Manufacturing in Minnesota series tracks the average number of hours worked per week by manufacturing employees in the state. This metric provides insight into the intensity of production, labor demand, and overall health of the manufacturing sector in Minnesota.
Methodology
The data is collected through surveys of establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by economists, policymakers, and industry analysts to assess the performance and outlook of Minnesota's manufacturing economy.
Key Facts
- Minnesota is a major manufacturing hub in the Midwest.
- Manufacturing accounts for over 10% of the state's GDP.
- Weekly hours fluctuate with production levels and economic conditions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by manufacturing employees in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the health and productivity of Minnesota's manufacturing sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to assess the performance and outlook of Minnesota's manufacturing industry, which informs economic and workforce development strategies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of 1-2 months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Manufacturing in Minnesota (SMU27000003000000002A), retrieved from FRED.