Labor Productivity for Mining: Metal Ore Mining (NAICS 2122) in the United States
IPUBN2122L001000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-10.60
Year-over-Year Change
-4.50%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic indicator measures labor productivity in the U.S. metal ore mining industry, which is a key component of the broader mining sector. It provides insights into the efficiency and output of this vital industry.
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 Labor Productivity for Mining: Metal Ore Mining (NAICS 2122) in the United States metric tracks changes in output per hour worked within this subsector of the mining industry. It is used by economists and policymakers to assess the productivity, competitiveness, and technological progress of this industry.
Methodology
The data is collected by the U.S. Bureau of Labor Statistics through surveys of businesses in the metal ore mining industry.
Historical Context
This metric helps inform economic and policy decisions related to the mining sector, energy markets, and industrial production.
Key Facts
- Mining is a major component of U.S. industrial output.
- Metal ore mining is a critical subsector for infrastructure and manufacturing.
- Productivity gains can drive economic growth and competitiveness.
FAQs
Q: What does this economic trend measure?
A: This metric measures labor productivity, or output per hour worked, in the U.S. metal ore mining industry (NAICS 2122).
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the efficiency and technological progress of a crucial industrial sector, informing economic and policy decisions.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Labor Statistics collects this data through surveys of businesses in the metal ore mining industry.
Q: How is this trend used in economic policy?
A: This metric helps policymakers and analysts assess the productivity, competitiveness, and technological development of the mining industry, which is vital for infrastructure, manufacturing, and energy.
Q: Are there update delays or limitations?
A: The data is published with a lag, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Labor Productivity for Mining: Metal Ore Mining (NAICS 2122) in the United States (IPUBN2122L001000000), retrieved from FRED.