Hourly Compensation for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States
IPUBN2123U120000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
132.85
Year-over-Year Change
52.60%
Date Range
1/1/1987 - 1/1/2024
Summary
The Hourly Compensation for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States measures inflation-adjusted labor costs for workers in the nonmetallic mining industry. This metric provides insight into industry productivity and labor market trends.
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
This series tracks the average hourly compensation, including wages and benefits, for employees in the nonmetallic mineral mining and quarrying industry. It offers a gauge of labor costs and can be used to assess economic conditions and competitiveness within this sector.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Hourly compensation data is used by policymakers, economists, and industry analysts to monitor economic performance and inform decision-making.
Key Facts
- The series is adjusted for inflation using the Consumer Price Index.
- Nonmetallic mineral mining and quarrying includes activities such as stone, sand, and gravel extraction.
- Trends in hourly compensation can signal changes in labor market dynamics and production costs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly compensation, including wages and benefits, for workers in the nonmetallic mineral mining and quarrying industry in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into labor costs and productivity within the nonmetallic mining sector, which is important for assessing economic conditions and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Hourly compensation data is used by policymakers, economists, and industry analysts to monitor economic performance and inform decision-making.
Q: Are there update delays or limitations?
A: The data is published on a regular schedule by the U.S. Federal Reserve, with potential lags or revisions over time.
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Citation
U.S. Federal Reserve, Hourly Compensation for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States (IPUBN2123U120000000), retrieved from FRED.