Hourly Compensation for Mining: Oil and Gas Extraction (NAICS 2111) in the United States
IPUBN2111U120000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
124.88
Year-over-Year Change
42.88%
Date Range
1/1/1987 - 1/1/2024
Summary
The Hourly Compensation for Mining: Oil and Gas Extraction (NAICS 2111) in the United States measures the average hourly labor costs for this industry, including wages, salaries, and benefits. This is a key economic indicator for analyzing productivity and labor market trends in the 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
This series tracks the total hourly compensation paid to workers in the oil and gas extraction industry, a critical component of the U.S. energy infrastructure. It provides insights into labor costs, which factor into broader economic and policy decisions around energy production and investment.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Current Employment Statistics (CES) survey.
Historical Context
Policymakers and analysts use this metric to understand the economic dynamics of the energy industry and its influence on broader macroeconomic conditions.
Key Facts
- The series has been tracked since 1947.
- Hourly compensation in this industry is typically higher than the national average.
- The data is released monthly by the Federal Reserve.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly labor costs, including wages, salaries, and benefits, for workers in the oil and gas extraction industry (NAICS 2111) in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the labor costs and productivity in a crucial energy sector, which informs economic and policy decisions around energy production, investment, and broader macroeconomic conditions.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Current Employment Statistics (CES) survey.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to understand the economic dynamics of the energy industry and its influence on broader macroeconomic conditions, which can inform decisions around energy policy, investment, and production.
Q: Are there update delays or limitations?
A: The data is released monthly by the Federal Reserve with no significant update delays.
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Citation
U.S. Federal Reserve, Hourly Compensation for Mining: Oil and Gas Extraction (NAICS 2111) in the United States (IPUBN2111U120000000), retrieved from FRED.