Hourly Compensation for Mining: Oil and Gas Extraction (NAICS 2111) in the United States
Percent Change from Year Ago
IPUBN2111U121000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6.70
Year-over-Year Change
644.44%
Date Range
1/1/1988 - 1/1/2024
Summary
The 'Percent Change from Year Ago' economic trend measures the year-over-year change in the US industrial production index. This key indicator provides insight into the health and direction of the broader economy.
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 industrial production index tracks the real output of manufacturing, mining, and electric and gas utilities in the United States. Analyzing the percent change from the prior year offers economists and policymakers a valuable gauge of economic conditions and industrial activity.
Methodology
The Federal Reserve collects this data through surveys of industrial facilities.
Historical Context
The industrial production trend informs monetary and fiscal policy decisions.
Key Facts
- The US industrial production index covers approximately 75% of total industrial activity.
- Industrial production rebounded strongly in 2021 following the COVID-19 recession.
- Slowing industrial output can signal an economic downturn on the horizon.
FAQs
Q: What does this economic trend measure?
A: The 'Percent Change from Year Ago' trend measures the annual rate of change in US industrial production, including manufacturing, mining, and utilities.
Q: Why is this trend relevant for users or analysts?
A: This key metric provides insight into the health and direction of the broader economy, informing analysis and policy decisions.
Q: How is this data collected or calculated?
A: The Federal Reserve collects this data through monthly surveys of industrial facilities.
Q: How is this trend used in economic policy?
A: The industrial production trend is closely monitored by economists and policymakers to assess economic conditions and inform monetary and fiscal policy.
Q: Are there update delays or limitations?
A: The industrial production data is released monthly by the Federal Reserve with a typical lag of around a month.
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Citation
U.S. Federal Reserve, Percent Change from Year Ago (IPUBN2111U121000000), retrieved from FRED.