Labor Productivity for Mining: Stone Mining and Quarrying (NAICS 21231) in the United States
IPUBN21231L001000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.90
Year-over-Year Change
-78.65%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures labor productivity in the U.S. stone mining and quarrying industry. It is a key indicator of industry efficiency and competitiveness.
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 index tracks changes in output per hour worked for establishments engaged in stone mining and quarrying, a subsector of the broader mining industry. This metric provides insights into the industry's technological progress and operational efficiency.
Methodology
The data is calculated by the U.S. Federal Reserve based on production and employment figures.
Historical Context
Policymakers and analysts use this index to assess the mining sector's performance and productivity gains.
Key Facts
- The mining industry accounts for 0.5% of U.S. GDP.
- Labor productivity in stone mining grew by 2.4% annually from 2010-2020.
- The U.S. is the world's largest producer of crushed stone.
FAQs
Q: What does this economic trend measure?
A: This trend measures labor productivity in the U.S. stone mining and quarrying industry, which is a subsector of the broader mining industry.
Q: Why is this trend relevant for users or analysts?
A: This productivity metric provides insights into the technological progress and operational efficiency of the mining industry, which is an important sector for the U.S. economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Federal Reserve based on production and employment figures.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the mining sector's performance and productivity gains, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 2-month lag.
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Citation
U.S. Federal Reserve, Labor Productivity for Mining: Stone Mining and Quarrying (NAICS 21231) in the United States (IPUBN21231L001000000), retrieved from FRED.