Average Hourly Earnings of Production Employees: Manufacturing in Pennsylvania
Annual
SMU42000003000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
26.66
Year-over-Year Change
46.00%
Date Range
1/1/2001 - 1/1/2024
Summary
The Annual trend measures the average number of weeks worked per year by all employees in the nonfarm business sector of the U.S. economy. This metric is a key indicator of labor market dynamics 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 represents the average number of weeks worked annually by nonfarm business employees. This statistic provides insight into labor utilization and work-life balance, which are important factors in assessing overall economic conditions and productivity.
Methodology
The data is collected through surveys of U.S. businesses and households by the Bureau of Labor Statistics.
Historical Context
Policymakers and economists monitor this trend to gauge labor market health and inform decisions around employment, wages, and economic growth.
Key Facts
- The average number of weeks worked per year has remained relatively stable over the past decade.
- Trends in annual weeks worked can signal changes in labor force participation and work-life balance.
- Monitoring this metric helps policymakers assess the overall health and efficiency of the U.S. labor market.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average number of weeks worked per year by all employees in the nonfarm business sector of the U.S. economy.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor utilization and work-life balance, which are important factors in assessing overall economic conditions and productivity.
Q: How is this data collected or calculated?
A: The data is collected through surveys of U.S. businesses and households by the Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to gauge labor market health and inform decisions around employment, wages, and economic growth.
Q: Are there update delays or limitations?
A: The Annual data is published with a short delay, typically within a few months of the end of the reference year.
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Citation
U.S. Federal Reserve, Annual (SMU42000003000000008A), retrieved from FRED.