Sectoral Output for Mining: Oil and Gas Extraction (NAICS 2111) in the United States
IPUBN2111T301000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-2.60
Year-over-Year Change
2500.00%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures the output of the oil and gas extraction sector in the United States. It is a key indicator for monitoring the health and productivity of a critical industry.
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 for Mining: Oil and Gas Extraction (NAICS 2111) index tracks the monthly production volume of the oil and gas extraction industry in the United States. This measure provides insight into the overall activity and contribution of the sector to the broader economy.
Methodology
The data is collected and calculated by the U.S. Federal Reserve based on monthly surveys of industrial producers.
Historical Context
Policymakers and analysts use this trend to assess the state of the domestic energy industry and make informed decisions about economic and energy policy.
Key Facts
- Oil and gas extraction is a major component of the U.S. mining industry.
- The sector's output fluctuates based on global energy demand and commodity prices.
- Changes in oil and gas production can significantly impact economic growth and employment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the monthly production volume of the oil and gas extraction industry in the United States, providing insight into the overall activity and performance of this critical sector.
Q: Why is this trend relevant for users or analysts?
A: The oil and gas extraction industry is a significant contributor to the U.S. economy, and this trend is used by policymakers and analysts to assess the state of the domestic energy sector and make informed decisions about economic and energy policy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Federal Reserve based on monthly surveys of industrial producers.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to monitor the health and productivity of the oil and gas extraction industry, which can have significant impacts on economic growth, employment, and energy policy decisions.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, but there may be some delays in the publication of the latest figures.
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Citation
U.S. Federal Reserve, Sectoral Output for Mining: Oil and Gas Extraction (NAICS 2111) in the United States (IPUBN2111T301000000), retrieved from FRED.