Hours Worked for Mining: Oil and Gas Extraction (NAICS 211) in the United States
Percent Change from Year Ago
IPUBN211L201000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.90
Year-over-Year Change
-84.92%
Date Range
1/1/1988 - 1/1/2024
Summary
The 'Percent Change from Year Ago' metric measures the annual change in industrial production, providing insight into the overall health of the U.S. manufacturing 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 economic indicator tracks the year-over-year percent change in the total industrial production index, which includes output from manufacturing, mining, and utilities. It is a key measure used by economists and policymakers to assess the strength and trajectory of the U.S. industrial economy.
Methodology
The Federal Reserve calculates this metric based on data collected through monthly surveys of industrial facilities.
Historical Context
Trends in industrial production are closely monitored for their implications on economic growth, employment, and monetary policy.
Key Facts
- The industrial production index covers approximately 75% of the output of the U.S. industrial sector.
- The 'Percent Change from Year Ago' metric reached a high of 8.3% in March 2022.
- Manufacturing accounts for the largest share of the industrial production index at around 75%.
FAQs
Q: What does this economic trend measure?
A: The 'Percent Change from Year Ago' metric measures the annual change in the total industrial production index, which includes manufacturing, mining, and utilities output.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into the overall health and direction of the U.S. industrial economy, which is a key driver of economic growth and employment.
Q: How is this data collected or calculated?
A: The Federal Reserve calculates this metric based on monthly surveys of industrial facilities across the United States.
Q: How is this trend used in economic policy?
A: Trends in industrial production are closely monitored by economists and policymakers as an important indicator of economic conditions, with implications for monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The 'Percent Change from Year Ago' metric is published monthly with a relatively short delay, making it a timely indicator of industrial sector performance.
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Citation
U.S. Federal Reserve, Percent Change from Year Ago (IPUBN211L201000000), retrieved from FRED.