Sectoral Output Price Deflator for Mining: Oil and Gas Extraction (NAICS 211) in the United States
IPUBN211T051000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-4.60
Year-over-Year Change
-58.56%
Date Range
1/1/1988 - 1/1/2024
Summary
The Sectoral Output Price Deflator for Mining: Oil and Gas Extraction (NAICS 211) measures changes in the prices received by producers in the U.S. oil and gas extraction industry. This key indicator provides insight into industry-level inflationary pressures and production costs.
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 Sectoral Output Price Deflator tracks the average change in prices for goods and services sold by businesses in the oil and gas extraction sector. It is a useful barometer of industry profitability and an important input for analyzing broader energy and commodity markets.
Methodology
The data is collected through surveys of oil and gas extraction companies and calculated by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts monitor this index to assess the health of the domestic energy industry and its impacts on the broader economy.
Key Facts
- The base year for this index is 2012 = 100.
- The oil and gas extraction industry accounts for over 2% of U.S. GDP.
- Prices in this sector tend to be volatile due to fluctuations in global energy markets.
FAQs
Q: What does this economic trend measure?
A: The Sectoral Output Price Deflator for Mining: Oil and Gas Extraction (NAICS 211) measures changes in the average prices received by producers in the U.S. oil and gas extraction industry.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insight into industry-level inflationary pressures and production costs, which are important for analyzing the health of the domestic energy sector and its broader economic impacts.
Q: How is this data collected or calculated?
A: The data is collected through surveys of oil and gas extraction companies and calculated by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this index to assess the health of the domestic energy industry and its impacts on the broader economy, which can inform policy decisions related to energy, commodity markets, and economic stabilization.
Q: Are there update delays or limitations?
A: The Sectoral Output Price Deflator is published monthly with a lag of approximately one month.
Related Trends
Output per Worker for Mining: Stone Mining and Quarrying (NAICS 21231) in the United States
IPUBN21231W000000000
Hours Worked for Mining: Metal Ore Mining (NAICS 2122) in the United States
IPUBN2122L200000000
Hourly Compensation for Mining: Mining (Except Oil and Gas) (NAICS 212) in the United States
IPUBN212U120000000
Employment for Mining: Oil and Gas Extraction (NAICS 211) in the United States
IPUBN211W200000000
Employment for Mining: Support Activities for Mining (NAICS 213) in the United States
IPUBN213W200000000
Real Sectoral Output for Mining: Other Nonmetallic Mineral Mining and Quarrying (NAICS 21239) in the United States
IPUBN21239T010000000
Citation
U.S. Federal Reserve, Sectoral Output Price Deflator for Mining: Oil and Gas Extraction (NAICS 211) in the United States (IPUBN211T051000000), retrieved from FRED.