Average Weekly Hours of All Employees: Goods Producing in Virginia
SMU51000000600000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39.10
Year-over-Year Change
-0.51%
Date Range
1/1/2007 - 1/1/2024
Summary
This economic indicator tracks the average weekly hours worked by all employees in the goods-producing sector in Virginia. It provides insights into the state's manufacturing and production activity.
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 Average Weekly Hours of All Employees: Goods Producing in Virginia measures the average number of hours per week worked by employees in industries like manufacturing, mining, and construction within the Commonwealth. This metric serves as a barometer for production capacity, labor demand, and overall economic health in the state.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and economists monitor this trend to assess the strength of Virginia's industrial base and guide decisions on economic development initiatives.
Key Facts
- Virginia's goods-producing sector accounts for over 15% of the state's total employment.
- Average weekly hours peaked at 42.4 in October 2021, indicating strong demand for labor.
- The series has exhibited seasonal fluctuations, typically declining in the summer months.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the average number of hours per week worked by employees in Virginia's goods-producing industries, such as manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: The average weekly hours metric provides insights into the production capacity, labor demand, and overall health of Virginia's industrial base, making it a valuable indicator for policymakers and economists.
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 economists monitor this trend to assess the strength of Virginia's industrial sector and guide decisions on economic development initiatives.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of one to two months.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Goods Producing in Virginia (SMU51000000600000002A), retrieved from FRED.