Average Weekly Hours of All Employees: Leisure and Hospitality in Utah
SMU49000007000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
24.80
Year-over-Year Change
-0.80%
Date Range
1/1/2007 - 1/1/2024
Summary
The 'Average Weekly Hours of All Employees: Leisure and Hospitality in Utah' trend measures the average number of hours worked per week by employees in the leisure and hospitality sector within the state of Utah. This metric provides insight into the labor market and economic activity in the leisure and tourism 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 economic indicator tracks the average weekly work hours for all employees in the leisure and hospitality industry in Utah. It serves as a barometer for labor market conditions and can be used to assess trends in economic output, consumer demand, and workforce productivity within this key sector.
Methodology
The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts monitor this trend to understand the health of Utah's tourism and service-based economy.
Key Facts
- Utah's leisure and hospitality sector accounts for over 10% of the state's total employment.
- Average weekly hours in this industry have fluctuated between 26-32 hours over the past decade.
- Tracking this metric helps policymakers understand the impacts of economic shocks on Utah's tourism-dependent economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by employees in the leisure and hospitality sector within the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the labor market and economic activity in Utah's tourism and service-based industries, 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 monitor this trend to understand the health of Utah's tourism-dependent economy and make informed decisions about economic and workforce policies.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, but there may be a 1-2 month lag in the most recent figures.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Leisure and Hospitality in Utah (SMU49000007000000002A), retrieved from FRED.