Labor Productivity for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States
IPUBN2123L001000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-2.80
Year-over-Year Change
-154.90%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures labor productivity in the U.S. nonmetallic mineral mining and quarrying industry, which is a key indicator of efficiency and competitiveness in this vital 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: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) metric tracks the output per hour worked in this industry, providing insights into technological advancements, process improvements, and overall productivity trends.
Methodology
This data is collected and calculated by the U.S. Bureau of Labor Statistics through surveys of businesses in the nonmetallic mineral mining and quarrying industry.
Historical Context
Policymakers and industry analysts use this metric to assess the competitiveness and growth potential of the U.S. nonmetallic mineral mining sector.
Key Facts
- Nonmetallic mineral mining accounts for over $50 billion in annual U.S. economic output.
- The industry employs more than 100,000 workers nationwide.
- Labor productivity in this sector has increased by 20% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures labor productivity, or output per hour worked, in the U.S. nonmetallic mineral mining and quarrying industry.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the efficiency and competitiveness of a vital U.S. manufacturing sector, which is crucial for policymakers and industry stakeholders.
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 nonmetallic mineral mining and quarrying industry.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to assess the growth potential and competitiveness of the U.S. nonmetallic mineral mining sector.
Q: Are there update delays or limitations?
A: This data is published quarterly by the Federal Reserve with a typical 2-3 month lag from the end of the reference period.
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Citation
U.S. Federal Reserve, Labor Productivity for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States (IPUBN2123L001000000), retrieved from FRED.