Average Weekly Hours of All Employees: Goods Producing in Tennessee
SMU47000000600000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.50
Year-over-Year Change
-4.13%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Goods Producing in Tennessee' measures the average weekly hours worked by employees in the goods-producing sector in Tennessee. This metric provides insights into labor market trends and productivity in the state's manufacturing and natural resource 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
This series tracks the average number of hours worked per week by all employees in Tennessee's goods-producing industries, which include manufacturing, mining, and construction. It is a key indicator of employment levels, worker utilization, and overall economic activity in the state's industrial sectors.
Methodology
The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to assess the health and direction of Tennessee's industrial economy.
Key Facts
- Tennessee's goods-producing sector accounts for over 15% of the state's workforce.
- Average weekly hours in this sector have exceeded 40 hours since 2017.
- Manufacturing makes up the largest portion of Tennessee's goods-producing industries.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by all employees in Tennessee's goods-producing industries, including manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions, worker productivity, and overall economic activity in Tennessee's industrial sectors, which are crucial to the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and direction of Tennessee's industrial economy and make informed decisions about economic policies and programs.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis with a typical lag of one to two months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Goods Producing in Tennessee (SMU47000000600000002A), retrieved from FRED.