Labor Compensation for Mining: Oil and Gas Extraction (NAICS 211) in the United States
IPUBN211L021000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8.60
Year-over-Year Change
-36.76%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures labor compensation in the U.S. oil and gas extraction industry, providing insights into workforce costs and productivity in a key 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 Labor Compensation for Mining: Oil and Gas Extraction (NAICS 211) in the United States series tracks employee wages, salaries, and benefits within the oil and gas extraction industry. This metric is used by economists and policymakers to assess labor market conditions, industry profitability, and potential inflationary pressures.
Methodology
The data is collected through surveys of U.S. businesses by the Bureau of Labor Statistics.
Historical Context
Trends in oil and gas labor compensation are closely monitored by energy analysts, traders, and policymakers to gauge the economic health of the industry.
Key Facts
- Oil and gas extraction accounts for over 350,000 U.S. jobs.
- Compensation in this industry is typically higher than the national average.
- Labor costs comprise a significant portion of total operating expenses for oil and gas firms.
FAQs
Q: What does this economic trend measure?
A: This trend measures labor compensation, including wages, salaries, and benefits, for workers in the U.S. oil and gas extraction industry.
Q: Why is this trend relevant for users or analysts?
A: Trends in oil and gas labor compensation provide insights into workforce costs, productivity, and profitability within a critical energy sector.
Q: How is this data collected or calculated?
A: The data is collected through surveys of U.S. businesses by the Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this metric to assess the health of the oil and gas industry and its potential impact on broader economic conditions, such as inflation.
Q: Are there update delays or limitations?
A: This data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Labor Compensation for Mining: Oil and Gas Extraction (NAICS 211) in the United States (IPUBN211L021000000), retrieved from FRED.