Hours Worked for Mining: Oil and Gas Extraction (NAICS 211) in the United States
IPUBN211L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
274.34
Year-over-Year Change
-37.57%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures the total hours worked in the mining, oil, and gas extraction industries in the United States. It provides insight into the productivity and labor utilization of a critical sector for the US 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 Hours Worked for Mining: Oil and Gas Extraction (NAICS 211) in the United States series tracks the total number of hours worked by employees in the oil, gas, and mining industries. This metric is used by economists and policymakers to assess the overall health and productivity of these key industrial sectors.
Methodology
The data is collected through employer surveys by the US Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by industry analysts and policymakers to gauge the economic output and labor market conditions in the energy and mining sectors.
Key Facts
- Mining and oil/gas extraction account for over 1 million US jobs.
- Hours worked in this sector increased by 7.2% in 2021.
- The US is the world's largest producer of oil and natural gas.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of hours worked by employees in the mining, oil, and gas extraction industries in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the productivity and labor utilization of a critical sector for the US economy, enabling analysts to assess the overall health and output of the energy and mining industries.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the US Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by industry analysts and policymakers to gauge the economic output and labor market conditions in the energy and mining sectors, which are vital to the US economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay, and may be subject to revisions as additional information becomes available.
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Citation
U.S. Federal Reserve, Hours Worked for Mining: Oil and Gas Extraction (NAICS 211) in the United States (IPUBN211L200000000), retrieved from FRED.