Unit Labor Costs for Mining: Metal Ore Mining (NAICS 2122) in the United States
IPUBN2122U100000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
178.75
Year-over-Year Change
61.54%
Date Range
1/1/1987 - 1/1/2024
Summary
The Unit Labor Costs for Mining: Metal Ore Mining (NAICS 2122) in the United States measures the labor costs per unit of output in the metal ore mining industry. This key metric provides insights into productivity and inflationary pressures in a vital domestic 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
Unit labor costs represent the average cost of labor per unit of output and are calculated as the ratio of total labor compensation to real output. This metric is widely used by economists and policymakers to assess industry-level productivity trends and their potential impact on inflation.
Methodology
The data is collected and calculated by the U.S. Bureau of Labor Statistics.
Historical Context
Unit labor cost trends are closely monitored by the Federal Reserve and other institutions to inform monetary policy decisions.
Key Facts
- Metal ore mining is a key U.S. industrial sector.
- Unit labor costs reflect both wages and productivity.
- Rising unit labor costs can signal inflationary pressures.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average labor costs per unit of output in the U.S. metal ore mining industry (NAICS 2122).
Q: Why is this trend relevant for users or analysts?
A: Unit labor costs provide insights into industry-level productivity and potential inflationary pressures, which are closely monitored by economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Unit labor cost trends are closely tracked by the Federal Reserve and other institutions to inform monetary policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical release lag of 2-3 months.
Related Trends
Sectoral Output Price Deflator for Mining: Metal Ore Mining (NAICS 2122) in the United States
IPUBN2122T050000000
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Hourly Compensation for Mining: Coal Mining (NAICS 2121) in the United States
IPUBN2121U120000000
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Unit Labor Costs for Mining: Other Nonmetallic Mineral Mining and Quarrying (NAICS 21239) in the United States
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Hourly Compensation for Mining: Coal Mining (NAICS 21211) in the United States
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Citation
U.S. Federal Reserve, Unit Labor Costs for Mining: Metal Ore Mining (NAICS 2122) in the United States (IPUBN2122U100000000), retrieved from FRED.