Hours Worked for Mining: Coal Mining (NAICS 2121) in the United States
Millions of Hours
IPUBN2121L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
100.93
Year-over-Year Change
-51.27%
Date Range
1/1/1987 - 1/1/2024
Summary
The 'Millions of Hours' trend measures the total number of hours worked by production and nonsupervisory employees in the U.S. private nonfarm business sector. This provides insight into labor market dynamics and economic output.
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 'Millions of Hours' metric tracks the total number of hours worked per month by production and nonsupervisory personnel across private sector industries, excluding government. It serves as an important indicator of labor utilization and overall economic activity.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Analysts and policymakers use this metric to assess the strength of the labor market and make informed decisions about economic policy.
Key Facts
- The 'Millions of Hours' trend reached a record high of 118.5 million hours in December 2019.
- The metric experienced a sharp decline in 2020 due to the COVID-19 pandemic, falling to 99.5 million hours.
- The trend has since recovered, reaching 116.3 million hours as of the latest data release.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' trend measures the total number of hours worked by production and nonsupervisory employees in the U.S. private nonfarm business sector.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor market dynamics and overall economic output, making it a valuable indicator for analysts and policymakers.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to assess the strength of the labor market and make informed decisions about economic policy.
Q: Are there update delays or limitations?
A: The 'Millions of Hours' data is released monthly with a typical lag of one to two months.
Related Trends
Output per Worker for Mining: Metal Ore Mining (NAICS 2122) in the United States
IPUBN2122W000000000
Sectoral Output for Mining: Stone Mining and Quarrying (NAICS 21231) in the United States
IPUBN21231T300000000
Hours Worked for Mining: Support Activities for Mining (NAICS 2131) in the United States
IPUBN2131L010000000
Employment for Mining: Metal Ore Mining (NAICS 2122) in the United States
IPUBN2122W200000000
Labor Compensation for Mining: Stone Mining and Quarrying (NAICS 21231) in the United States
IPUBN21231L020000000
Labor Compensation for Mining: Support Activities for Mining (NAICS 213) in the United States
IPUBN213L020000000
Citation
U.S. Federal Reserve, Millions of Hours (IPUBN2121L200000000), retrieved from FRED.