Friday, January 9, 2009

Average Hours worked per week continues to decline

According to this morning's release by the BLS the amount of hours worked every week continues to drop and has reached a record low since the BLS has been measuring this statistic (1964).

Here's a quote from the release:
In December, the average workweek for production and nonsupervisory workers on pri-
vate nonfarm payrolls fell by 0.2 hour to 33.3 hours, seasonally adjusted--the lowest
level on record for the series, which began in 1964. The manufacturing workweek, at
39.9 hours, declined by 0.4 hour over the month, and factory overtime, at 3.0 hours,
declined by 0.3 hour.
This decrease in hours worked could be a precursor to further increases in both
the overall unemployment rate and the broad level of unemployment.

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