Average Weekly Hours of Production Employees: Retail Trade in Utah
SMU49000004200000007A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
28.40
Year-over-Year Change
-4.70%
Date Range
1/1/2001 - 1/1/2024
Summary
The 'Average Weekly Hours of Production Employees: Retail Trade in Utah' measures the average number of hours worked per week by production workers in the retail trade industry in Utah. This indicator provides insights into labor market conditions and economic activity in the state.
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 trend tracks the average weekly hours worked by production employees in the retail trade sector of Utah's economy. It is a useful indicator of labor market conditions and can signal changes in consumer demand, as retail industry output is closely tied to consumer spending.
Methodology
This data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists analyze this metric to assess the health of Utah's retail sector and broader economic trends.
Key Facts
- This series dates back to 2007.
- Utah's retail sector accounts for over 10% of the state's GDP.
- Average weekly hours peaked at 33.3 in 2019 before declining during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by production workers in the retail trade industry in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions and economic activity in Utah's retail sector, which is an important driver of the state's overall 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 economists analyze this indicator to assess the health of Utah's retail industry and broader economic trends in the state.
Q: Are there update delays or limitations?
A: This data is published monthly with a lag of several weeks.
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Citation
U.S. Federal Reserve, Average Weekly Hours of Production Employees: Retail Trade in Utah (SMU49000004200000007A), retrieved from FRED.