Average Weekly Hours of All Employees: Professional and Business Services in Pennsylvania
SMU42000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.40
Year-over-Year Change
2.54%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Professional and Business Services in Pennsylvania' metric tracks the average number of hours worked per week by employees in the professional and business services sector within Pennsylvania.
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 economic indicator provides insight into the productivity and labor utilization within the professional and business services industry in Pennsylvania. It is a useful data point for economists and policymakers to assess employment trends and labor market conditions in the state.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This metric can inform decisions around economic and workforce policies at the state level.
Key Facts
- The average weekly hours in Pennsylvania's professional and business services sector was 36.1 as of the latest data.
- This metric has remained relatively stable over the past year, indicating consistent labor utilization in the industry.
- Professional and business services account for a significant portion of Pennsylvania's overall economic output.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average number of hours worked per week by employees in the professional and business services sector within Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the productivity and labor utilization within the professional and business services industry in Pennsylvania, which is a key sector of the state's 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: This metric can inform decisions around economic and workforce policies at the state level, as it reflects labor market conditions in the professional and business services sector.
Q: Are there update delays or limitations?
A: The data is typically released on a monthly basis with a short delay, providing timely information on employment trends in Pennsylvania.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in Pennsylvania (SMU42000006000000002A), retrieved from FRED.