Sectoral Output Price Deflator for Mining: Oil and Gas Extraction (NAICS 2111) in the United States
IPUBN2111T050000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
127.02
Year-over-Year Change
-20.41%
Date Range
1/1/1987 - 1/1/2024
Summary
The Sectoral Output Price Deflator for Mining: Oil and Gas Extraction (NAICS 2111) tracks changes in the prices received by producers in the U.S. oil and gas extraction industry. This metric is a key indicator of inflationary pressures and producer profitability in a critical energy sector.
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 Sectoral Output Price Deflator measures the average change over time in the selling prices received by U.S. producers of oil and natural gas. It serves as an important benchmark for assessing the pricing dynamics and cost structure of the domestic energy extraction industry.
Methodology
The data is collected through surveys of businesses in the oil and gas extraction sector.
Historical Context
This price index is closely monitored by policymakers, analysts, and market participants to gauge producer price inflation and its potential impacts on the broader economy.
Key Facts
- The base year for this index is 2012=100.
- Prices are measured at the producer level, before retail distribution.
- The index tracks changes in selling prices, not consumer prices.
FAQs
Q: What does this economic trend measure?
A: The Sectoral Output Price Deflator for Mining: Oil and Gas Extraction (NAICS 2111) measures the average change in selling prices received by U.S. producers in the oil and gas extraction industry.
Q: Why is this trend relevant for users or analysts?
A: This price index is an important indicator of inflationary pressures and producer profitability within the critical energy extraction sector, providing insights relevant to policymakers, economists, and market participants.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses in the oil and gas extraction industry.
Q: How is this trend used in economic policy?
A: The Sectoral Output Price Deflator for Oil and Gas Extraction is closely monitored by policymakers to assess producer price inflation and its potential impacts on the broader economy.
Q: Are there update delays or limitations?
A: There may be lags in data reporting, and the index may not fully capture all pricing dynamics within the complex oil and gas extraction industry.
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Citation
U.S. Federal Reserve, Sectoral Output Price Deflator for Mining: Oil and Gas Extraction (NAICS 2111) in the United States (IPUBN2111T050000000), retrieved from FRED.