Output per Worker for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States
IPUBN2123W001000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-4.60
Year-over-Year Change
-224.32%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures output per worker in the U.S. nonmetallic mineral mining and quarrying industry. It provides insights into labor productivity and efficiency in this key 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 Output per Worker for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) metric tracks the inflation-adjusted real output per employee in this industry, which includes mining of industrial minerals, quarrying, and similar activities. This metric is used by economists and policymakers to analyze trends in labor productivity and operational efficiency.
Methodology
The data is calculated by the U.S. Federal Reserve based on production and employment figures reported by the Census Bureau.
Historical Context
This productivity metric informs economic policy decisions and forecasts related to the mining and quarrying industry.
Key Facts
- The U.S. nonmetallic mineral mining and quarrying industry employs over 100,000 workers.
- Output per worker has increased by 20% in this sector over the past decade.
- This industry produces essential raw materials for construction, manufacturing, and other industries.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real output per worker in the U.S. nonmetallic mineral mining and quarrying industry, providing insights into labor productivity and operational efficiency.
Q: Why is this trend relevant for users or analysts?
A: This productivity metric is important for understanding economic conditions and forecasting in the mining and quarrying sector, which supplies essential raw materials to many other industries.
Q: How is this data collected or calculated?
A: The U.S. Federal Reserve calculates this metric based on production and employment data reported by the Census Bureau.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this productivity metric to inform decisions and forecasts related to the mining and quarrying industry and its role in the broader economy.
Q: Are there update delays or limitations?
A: This data is published monthly with a lag of approximately two months, and may be subject to periodic revisions by the statistical agencies.
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Citation
U.S. Federal Reserve, Output per Worker for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States (IPUBN2123W001000000), retrieved from FRED.