Average Hourly Earnings of All Employees: Private Service Providing in Rhode Island
Annual
SMU44000000800000003A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35.52
Year-over-Year Change
42.19%
Date Range
1/1/2007 - 1/1/2024
Summary
The Annual trend measures average weekly hours worked in the total private non-farm sector in the United States. This metric is closely watched by economists and policymakers as an 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 represents the average number of hours that private non-farm employees work per week on an annual basis. It is an important economic indicator that provides insights into labor force utilization, wage pressures, and overall economic activity.
Methodology
The data is collected through the Current Employment Statistics (CES) survey conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by the Federal Reserve and other policymakers to help inform monetary and fiscal policy decisions.
Key Facts
- The Annual trend reached a high of 34.6 hours in 2000.
- Average weekly hours declined during the Great Recession and have since recovered to pre-pandemic levels.
- Stable or increasing Average Weekly Hours is generally seen as a positive sign for the economy.
FAQs
Q: What does this economic trend measure?
A: The Annual trend measures the average number of hours worked per week by private non-farm employees on an annual basis.
Q: Why is this trend relevant for users or analysts?
A: The Annual trend is a key indicator of labor market conditions and productivity, providing insights into economic activity and potential wage pressures.
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: The Annual trend is closely monitored by the Federal Reserve and other policymakers to help inform monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The Annual trend data is published monthly with a relatively short delay, making it a timely indicator of labor market conditions.
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Citation
U.S. Federal Reserve, Annual (SMU44000000800000003A), retrieved from FRED.