Average Weekly Hours of Production Employees: Wholesale Trade in Utah
SMU49000004100000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.70
Year-over-Year Change
-3.67%
Date Range
1/1/2001 - 1/1/2024
Summary
The 'Average Weekly Hours of Production Employees: Wholesale Trade in Utah' measures the average number of hours worked per week by production workers in the wholesale trade industry in Utah. This metric provides insights into labor market trends 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
This economic indicator tracks the average weekly hours worked by production employees in the wholesale trade sector of Utah. It serves as a barometer for labor market conditions, business activity, and productivity trends in this key industry within the state.
Methodology
The data is collected through surveys of employers and calculated as the average weekly hours for all production workers in the wholesale trade industry in Utah.
Historical Context
Policymakers and analysts use this metric to assess the health of Utah's wholesale trade sector and its broader economic implications.
Key Facts
- Utah's wholesale trade sector employs over 60,000 workers.
- Average weekly hours peaked at 42.3 in 2019 before declining during the COVID-19 pandemic.
- Wholesale trade represents approximately 5% of Utah's overall economic output.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the average number of hours worked per week by production employees in the wholesale trade industry within the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions, business activity, and productivity trends in Utah's wholesale trade sector, which is an important component of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers and calculated as the average weekly hours for all production workers in the wholesale trade industry in Utah.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health of Utah's wholesale trade sector and its broader economic implications, informing policy decisions and economic forecasting.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, but may be subject to revisions and delays due to the survey-based collection methodology.
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Citation
U.S. Federal Reserve, Average Weekly Hours of Production Employees: Wholesale Trade in Utah (SMU49000004100000007A), retrieved from FRED.