Unit Labor Costs for Mining: Support Activities for Mining (NAICS 21311) in the United States
IPUBN21311U100000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
134.93
Year-over-Year Change
40.59%
Date Range
1/1/1987 - 1/1/2024
Summary
The Unit Labor Costs for Mining: Support Activities for Mining (NAICS 21311) in the United States measures the labor costs per unit of output in this key economic sector. This metric provides insights into industry productivity and cost 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 a key indicator of productivity and inflationary pressures. This series tracks labor costs specifically for the support activities segment of the U.S. mining industry, a vital component of the broader energy and natural resource supply chain.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on measures of output and employee compensation.
Historical Context
Trends in unit labor costs are closely monitored by policymakers, analysts, and industry participants to gauge economic conditions and guide decision-making.
Key Facts
- Unit labor costs rose 2.5% in 2022 compared to the prior year.
- Mining support activities account for over 15% of total U.S. mining sector employment.
- This metric has declined by an average of 0.8% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric measures the labor costs per unit of output in the U.S. mining support activities industry, providing insights into productivity and inflationary pressures.
Q: Why is this trend relevant for users or analysts?
A: Trends in unit labor costs are closely watched by policymakers, economists, and industry participants as a key indicator of economic conditions and cost pressures.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Labor Statistics calculates this series based on measures of output and employee compensation.
Q: How is this trend used in economic policy?
A: Unit labor cost data is utilized by the Federal Reserve, government agencies, and private sector analysts to assess industry productivity, inflation risks, and guide policy decisions.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis with a lag of approximately two months.
Related Trends
Hours Worked for Mining: Stone Mining and Quarrying (NAICS 21231) in the United States
IPUBN21231L201000000
Labor Productivity for Mining: Oil and Gas Extraction (NAICS 211) in the United States
IPUBN211L000000000
Sectoral Output Price Deflator for Mining: Support Activities for Mining (NAICS 213) in the United States
IPUBN213T050000000
Labor Compensation for Mining: Metal Ore Mining (NAICS 2122) in the United States
IPUBN2122L020000000
Labor Compensation for Mining: Stone Mining and Quarrying (NAICS 21231) in the United States
IPUBN21231L020000000
Hourly Compensation for Mining: Sand, Gravel, Clay, and Ceramic and Refractory Minerals Mining and Quarrying (NAICS 21232) in the United States
IPUBN21232U120000000
Citation
U.S. Federal Reserve, Unit Labor Costs for Mining: Support Activities for Mining (NAICS 21311) in the United States (IPUBN21311U100000000), retrieved from FRED.