Unit Labor Costs for Mining: Mining (Except Oil and Gas) (NAICS 212) in the United States
IPUBN212U100000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
154.72
Year-over-Year Change
41.79%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic indicator measures the labor costs per unit of output in the mining industry, excluding oil and gas extraction, in the United States. It is a key metric for analyzing productivity and inflationary pressures.
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
Unit labor costs represent the average cost of labor per unit of output and are calculated as the ratio of total labor compensation to real output. This trend provides insights into the mining industry's cost structure and competitiveness.
Methodology
The data is collected and calculated by the U.S. Bureau of Labor Statistics based on surveys of businesses.
Historical Context
Policymakers and analysts use this metric to assess the mining industry's economic health and its potential impact on broader inflation trends.
Key Facts
- Mining is a key industry in the U.S. economy.
- Unit labor costs reflect both wages and output efficiency.
- This data is released quarterly by the Bureau of Labor Statistics.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average labor costs per unit of output in the U.S. mining industry, excluding oil and gas extraction.
Q: Why is this trend relevant for users or analysts?
A: Unit labor costs provide insights into the mining industry's productivity and cost structure, which are important factors for analyzing economic performance and inflationary pressures.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Labor Statistics based on surveys of businesses in the mining industry.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health of the mining industry and its potential impact on broader inflation trends, which can inform economic policy decisions.
Q: Are there update delays or limitations?
A: The data is released quarterly by the Bureau of Labor Statistics, and there may be occasional delays or revisions to the published figures.
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Citation
U.S. Federal Reserve, Unit Labor Costs for Mining: Mining (Except Oil and Gas) (NAICS 212) in the United States (IPUBN212U100000000), retrieved from FRED.