Average Weekly Hours of All Employees: Professional and Business Services in West Virginia
SMU54000006000000002A • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.00
Year-over-Year Change
0.54%
Date Range
1/1/2007 - 1/1/2024
Summary
The Average Weekly Hours of All Employees: Professional and Business Services in West Virginia is an economic indicator that measures the average number of hours worked per week by employees in the professional and business services sector in the state of West Virginia. This metric is closely watched by economists and policymakers as it provides insights into labor market trends and workforce 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
This series tracks the average number of hours worked per week by all employees, both full-time and part-time, in the professional and business services industry in West Virginia. It is a key indicator of labor market conditions and can inform decisions around employment, wages, and economic policy.
Methodology
The data is collected through surveys of businesses and establishments conducted by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is used by economists, policymakers, and market analysts to assess the strength and growth of the professional and business services sector in West Virginia and its broader implications for the state's economy.
Key Facts
- West Virginia's professional and business services sector employs over 100,000 workers.
- The average weekly hours worked in this sector have remained relatively stable over the past decade.
- Trends in this metric can indicate changes in workforce productivity and demand for professional services.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average number of hours worked per week by employees in the professional and business services sector in West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor market conditions and workforce productivity in the professional and business services industry, which is a key driver of West Virginia's economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this metric to assess the strength and growth of the professional and business services sector, which can inform decisions around employment, wages, and economic development policies.
Q: Are there update delays or limitations?
A: This data is typically published on a monthly basis with a short delay, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Average Weekly Hours of All Employees: Professional and Business Services in West Virginia (SMU54000006000000002A), retrieved from FRED.