Hourly Compensation for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States
IPUBN2123U121000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6.50
Year-over-Year Change
30.00%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures the hourly compensation for workers in the nonmetallic mineral mining and quarrying industry in the United States. It provides insight into labor costs and productivity in this important industrial 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 Hourly Compensation for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States trend tracks the average hourly labor costs, including wages and benefits, for employees in the nonmetallic mineral mining and quarrying industry. This data is used by economists to analyze industry-level labor market dynamics and productivity.
Methodology
The data is collected by the U.S. Bureau of Labor Statistics through surveys of employers in the nonmetallic mineral mining and quarrying industry.
Historical Context
Policymakers and market analysts use this trend to assess economic conditions and competitiveness in the mining and extraction sectors.
Key Facts
- The mining and quarrying industry accounts for over 1% of U.S. GDP.
- Hourly compensation in this sector has grown by 25% over the past decade.
- Productivity improvements have helped offset rising labor costs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly labor costs, including wages and benefits, for employees in the nonmetallic mineral mining and quarrying industry in the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into labor market dynamics and productivity in an important industrial sector, which is relevant for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Labor Statistics through surveys of employers in the nonmetallic mineral mining and quarrying industry.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this trend to assess economic conditions and competitiveness in the mining and extraction sectors.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Hourly Compensation for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States (IPUBN2123U121000000), retrieved from FRED.