Labor Productivity for Mining: Sand, Gravel, Clay, and Ceramic and Refractory Minerals Mining and Quarrying (NAICS 21232) in the United States
IPUBN21232L000000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91.07
Year-over-Year Change
4.01%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures labor productivity in the U.S. sand, gravel, clay, and ceramic and refractory minerals mining and quarrying industry. It is a key indicator for assessing the efficiency and competitiveness of this crucial domestic resource 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
The Labor Productivity for Mining: Sand, Gravel, Clay, and Ceramic and Refractory Minerals Mining and Quarrying (NAICS 21232) in the United States metric tracks changes in the ratio of real output to labor hours worked in this mining industry subsector. It provides insights into technological progress, operational efficiency, and the industry's overall productivity performance.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics using production and employment information from surveys.
Historical Context
This productivity metric is widely followed by policymakers, industry analysts, and investors to gauge the health and competitiveness of the U.S. mining and quarrying sector.
Key Facts
- The mining and quarrying industry is a key supplier of essential raw materials.
- Productivity growth is crucial for maintaining industry competitiveness.
- This metric tracks efficiency gains that can lower production costs.
FAQs
Q: What does this economic trend measure?
A: This trend measures labor productivity in the U.S. sand, gravel, clay, and ceramic and refractory minerals mining and quarrying industry (NAICS 21232).
Q: Why is this trend relevant for users or analysts?
A: This productivity metric provides important insights into the efficiency and competitiveness of a key domestic resource sector.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics using production and employment information from surveys.
Q: How is this trend used in economic policy?
A: This productivity indicator is closely followed by policymakers, industry analysts, and investors to gauge the health and competitiveness of the U.S. mining and quarrying sector.
Q: Are there update delays or limitations?
A: The data is subject to the timeliness and reporting practices of the underlying government surveys.
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Citation
U.S. Federal Reserve, Labor Productivity for Mining: Sand, Gravel, Clay, and Ceramic and Refractory Minerals Mining and Quarrying (NAICS 21232) in the United States (IPUBN21232L000000000), retrieved from FRED.