Unit Labor Costs for Mining: Oil and Gas Extraction (NAICS 2111) in the United States
IPUBN2111U100000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
76.53
Year-over-Year Change
-53.58%
Date Range
1/1/1987 - 1/1/2024
Summary
The Unit Labor Costs for Mining: Oil and Gas Extraction (NAICS 2111) in the United States measures the labor costs per unit of output in this critical economic sector. It is a key indicator for understanding productivity trends and inflationary pressures.
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 index tracks the changes in the cost of labor required to produce one unit of output in the oil and gas extraction industry. It is a vital metric for economists and policymakers to assess the underlying cost dynamics within this strategically important industry.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on survey inputs from establishments in the NAICS 2111 industry.
Historical Context
The Unit Labor Costs index helps inform monetary and fiscal policies related to the energy sector and broader economy.
Key Facts
- Oil and gas extraction is a major component of the U.S. economy.
- Labor costs are a significant driver of production expenses in this industry.
- Tracking unit labor costs helps assess the industry's competitiveness.
FAQs
Q: What does this economic trend measure?
A: This index measures the labor costs per unit of output in the oil and gas extraction industry, providing insight into productivity and cost dynamics.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for evaluating the competitiveness and inflationary pressures within a strategically important sector of the U.S. economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics based on survey inputs from establishments in the NAICS 2111 industry.
Q: How is this trend used in economic policy?
A: The Unit Labor Costs index helps inform monetary and fiscal policies related to the energy sector and broader economy.
Q: Are there update delays or limitations?
A: The data is released on a regular schedule by the U.S. Bureau of Labor Statistics, with potential lags or revisions common for economic indicators.
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Citation
U.S. Federal Reserve, Unit Labor Costs for Mining: Oil and Gas Extraction (NAICS 2111) in the United States (IPUBN2111U100000000), retrieved from FRED.