Average Hourly Earnings of Production Employees: Information in Utah
Annual
SMU49000005000000008A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.40
Year-over-Year Change
67.13%
Date Range
1/1/2001 - 1/1/2024
Summary
This economic trend measures the annual average weekly hours worked by production and nonsupervisory employees in the private nonfarm sector of the U.S. economy. It is a key indicator of labor market conditions 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
The Annual series represents the average number of hours worked per week by production and nonsupervisory personnel across the private nonfarm economy. It is a widely-watched metric that provides insight into labor market dynamics and trends in worker productivity.
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 assess the health of the labor market and broader economic conditions.
Key Facts
- The annual average weekly hours peaked at 38.8 in 1944.
- Weekly hours worked declined from 38.5 in 1970 to 34.4 in 2020.
- Reduced weekly hours can signal economic slowdown or increased automation.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by production and nonsupervisory employees across the private nonfarm sector of the U.S. economy.
Q: Why is this trend relevant for users or analysts?
A: The annual average weekly hours worked is a key indicator of labor market conditions, worker productivity, and broader economic performance.
Q: How is this data collected or calculated?
A: The data is collected through monthly 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 metric to assess the health of the labor market and make informed decisions about economic and monetary policies.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Annual (SMU49000005000000008A), retrieved from FRED.