Average Weekly Hours of All Employees: Education and Health Services in Utah
SMU49000006500000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30.80
Year-over-Year Change
-20.62%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Education and Health Services in Utah' measures the average number of hours worked per week by employees in the education and health services sector in the state of Utah.
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 data series provides insight into labor utilization and productivity trends in a key industry within the Utah economy. It is used by economists, policymakers, and business analysts to assess workforce dynamics and inform economic forecasting and planning.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Trends in this metric can signal changes in demand, labor shortages, or automation in Utah's education and healthcare sectors.
Key Facts
- Utah's education and health services sector employs over 300,000 workers.
- Average weekly hours peaked at 34.8 in 2019 before declining during the COVID-19 pandemic.
- Weekly hours have gradually returned to pre-pandemic levels as the sector has recovered.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average number of hours worked per week by employees in Utah's education and health services sector.
Q: Why is this trend relevant for users or analysts?
A: Changes in average weekly hours can signal shifts in labor demand, productivity, and workforce utilization within a key industry in the Utah economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers 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 labor market conditions and inform economic forecasting and planning decisions for Utah's education and healthcare sectors.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag, and may be subject to revision as more complete information becomes available.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Education and Health Services in Utah (SMU49000006500000002A), retrieved from FRED.