Average Weekly Hours of Production Employees: Manufacturing: Durable Goods in Rhode Island
SMU44000003100000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.60
Year-over-Year Change
-7.84%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by production employees in the manufacturing of durable goods in Rhode Island. It provides insights into labor utilization and productivity in the state's manufacturing sector.
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 Average Weekly Hours of Production Employees: Manufacturing: Durable Goods in Rhode Island metric tracks the average number of hours per week worked by production staff in the manufacturing of long-lasting consumer and capital goods in the state. This data point is used by economists and policymakers to assess labor market conditions and production capacity.
Methodology
The data is collected through surveys of manufacturing establishments in Rhode Island by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is relevant for understanding the state of Rhode Island's manufacturing economy and can inform economic and workforce development policies.
Key Facts
- Rhode Island's manufacturing sector accounts for over 10% of the state's GDP.
- Durable goods production makes up about 60% of Rhode Island's total manufacturing activity.
- The average workweek in Rhode Island's durable goods manufacturing has remained relatively stable over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours per week worked by production employees in the manufacturing of durable goods, such as machinery, electronics, and transportation equipment, in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor utilization and productivity in Rhode Island's manufacturing sector, which is an important part of the state's economy. It can inform economic and workforce development policies.
Q: How is this data collected or calculated?
A: The data is collected through surveys of manufacturing establishments in Rhode Island by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend can be used by economists, policymakers, and analysts to assess the health and capacity of Rhode Island's manufacturing sector, which can inform decisions about economic and workforce development initiatives.
Q: Are there update delays or limitations?
A: The data is published monthly by the U.S. Federal Reserve, with a typical delay of 1-2 months from the reference period.
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Citation
U.S. Federal Reserve, Average Weekly Hours of Production Employees: Manufacturing: Durable Goods in Rhode Island (SMU44000003100000007A), retrieved from FRED.