Hourly Compensation for Mining: Oil and Gas Extraction (NAICS 211) in the United States
IPUBN211U121000000 • 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 Hourly Compensation for Mining: Oil and Gas Extraction (NAICS 211) in the United States measures the average hourly labor costs, including wages and benefits, for workers in the oil and gas extraction industry. This metric is a key indicator of productivity and labor market trends in this critical economic 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 series tracks the total hourly compensation, which encompasses both direct wages and supplemental benefits, for employees in the oil and gas extraction industry. It provides insight into labor costs and productivity, which are important factors for industry competitiveness, investment decisions, and policy analysis.
Methodology
The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and industry analysts closely monitor this metric to gauge the health and competitiveness of the U.S. oil and gas extraction sector.
Key Facts
- The oil and gas extraction industry accounts for over 400,000 U.S. jobs.
- Hourly compensation in this sector is over 2.5 times the national average.
- Labor costs make up a significant portion of total operating expenses for oil and gas companies.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly labor costs, including wages and benefits, for workers in the oil and gas extraction industry in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor productivity and competitiveness in a critical energy sector, which is important for industry analysis, investment decisions, and economic policymaking.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts closely monitor this metric to gauge the health and competitiveness of the U.S. oil and gas extraction sector, which has significant implications for energy policy, investment, and economic growth.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis, but there may be a lag of several weeks between the reference period and the release of the latest figures.
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Citation
U.S. Federal Reserve, Hourly Compensation for Mining: Oil and Gas Extraction (NAICS 211) in the United States (IPUBN211U121000000), retrieved from FRED.