Hourly Compensation for Mining: Mining (Except Oil and Gas) (NAICS 212) in the United States
IPUBN212U121000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4.50
Year-over-Year Change
32.35%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures hourly compensation, including wages and benefits, for workers in the mining industry (excluding oil and gas) in the United States. It provides insights into labor costs and productivity in a key sector of the economy.
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: Mining (Except Oil and Gas) (NAICS 212) in the United States series tracks the total compensation, including wages and benefits, paid to workers in the mining industry, excluding oil and gas extraction. This metric is used by economists and policymakers to analyze labor market dynamics and productivity trends in a vital component of the U.S. industrial base.
Methodology
The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched by the Federal Reserve and other economic policymakers to assess inflationary pressures and the overall health of the labor market.
Key Facts
- Mining (except oil and gas) accounts for over 600,000 U.S. jobs.
- Hourly compensation in this sector has risen by 20% over the past decade.
- Mining productivity has increased by 15% since 2010.
FAQs
Q: What does this economic trend measure?
A: This trend measures the hourly compensation, including wages and benefits, for workers in the mining industry (excluding oil and gas) in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor costs and productivity in a key sector of the U.S. economy, which is closely watched by economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This metric is closely watched by the Federal Reserve and other economic policymakers to assess inflationary pressures and the overall health of the labor market.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of one to two months.
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Citation
U.S. Federal Reserve, Hourly Compensation for Mining: Mining (Except Oil and Gas) (NAICS 212) in the United States (IPUBN212U121000000), retrieved from FRED.