Average Weekly Hours of All Employees: Leisure and Hospitality in Minnesota
SMU27000007000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
22.20
Year-over-Year Change
-3.48%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Leisure and Hospitality in Minnesota trend measures the average number of hours worked per week by employees in the leisure and hospitality sector in the state. This metric provides insight into the labor market conditions and economic activity in this important 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
This data series tracks the average weekly hours worked by all employees in the leisure and hospitality industry in Minnesota. It is an important indicator of the state's service sector activity and labor market dynamics, as it reflects trends in employment, productivity, and consumer demand.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists use this trend to assess the health of Minnesota's service economy and make informed decisions.
Key Facts
- The average weekly hours for leisure and hospitality workers in Minnesota was 25.6 in 2022.
- This trend reached a low of 18.1 hours per week during the COVID-19 pandemic in 2020.
- The leisure and hospitality sector accounts for approximately 11% of total employment in Minnesota.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by employees in the leisure and hospitality sector in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the labor market conditions and economic activity in Minnesota's important service sector, which is crucial for understanding the overall health of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health of Minnesota's service economy and make informed decisions about economic policies and interventions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Leisure and Hospitality in Minnesota (SMU27000007000000002A), retrieved from FRED.