Average Weekly Hours of Production Employees: Manufacturing: Durable Goods in Minnesota
Annual
SMU27000003100000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.00
Year-over-Year Change
-3.70%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures the average number of hours worked per week by all employees in the total private sector in the United States. This metric is a key indicator of labor market conditions and productivity.
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 Annual trend tracks the average number of hours worked per week across all private sector jobs in the U.S. economy. This data point provides insight into the utilization of the labor force and helps economists and policymakers assess economic growth and employment trends.
Methodology
The data is collected through monthly surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
The Annual trend is closely watched by the Federal Reserve and other government agencies as they evaluate the strength of the economy and labor market.
Key Facts
- The average American private sector employee worked 34.5 hours per week in 2022.
- Annual hours worked reached a peak of 34.9 hours in 2020 before declining during the COVID-19 pandemic.
- Manufacturing employees worked an average of 40.3 hours per week in 2022.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average number of hours worked per week by all private sector employees in the United States.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend provides insight into labor market conditions and productivity, which are key indicators of economic health.
Q: How is this data collected or calculated?
A: The data is collected through monthly surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Annual trend is closely monitored by the Federal Reserve and other government agencies as they evaluate the strength of the economy and labor market.
Q: Are there update delays or limitations?
A: The Annual trend data is released monthly with a typical delay of one to two months.
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Citation
U.S. Federal Reserve, Annual (SMU27000003100000007A), retrieved from FRED.