Average Weekly Hours of All Employees: Leisure and Hospitality in Rhode Island
SMU44000007000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
26.00
Year-over-Year Change
1.56%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic trend measures the average weekly hours worked by all employees in the leisure and hospitality sector in Rhode Island. It provides insights into labor market conditions and consumer demand in the state's service industries.
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 All Employees: Leisure and Hospitality in Rhode Island metric tracks the average number of hours worked per week by individuals employed in Rhode Island's leisure and hospitality industries, such as hotels, restaurants, and entertainment venues. This data point is a key indicator of economic activity and labor market trends in the state's service sector.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this trend to monitor the health of Rhode Island's service-based economy and inform decisions around economic and workforce development.
Key Facts
- Rhode Island's leisure and hospitality sector accounts for over 10% of total state employment.
- Average weekly hours in this sector have fluctuated between 25-30 hours since 2015.
- Trends in this data often correlate with tourism and consumer spending patterns in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by employees in Rhode Island's leisure and hospitality industries, such as hotels, restaurants, and entertainment venues.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions and consumer demand in Rhode Island's service sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to monitor the health of Rhode Island's service-based economy and inform decisions around economic and workforce development.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Leisure and Hospitality in Rhode Island (SMU44000007000000002A), retrieved from FRED.