Sectoral Output for Mining: Support Activities for Mining (NAICS 2131) in the United States
IPUBN2131T300000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
89,039.95
Year-over-Year Change
-25.01%
Date Range
1/1/1987 - 1/1/2024
Summary
The Sectoral Output for Mining: Support Activities for Mining (NAICS 2131) in the United States measures the production volume of support services for mining operations in the U.S. This metric is crucial for economists and policymakers to assess the health and trends of the domestic mining industry.
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
This series tracks the monthly industrial production index for the Support Activities for Mining sector, which includes services like exploration, drilling, and support for oil and gas extraction. It provides insight into the overall level of activity and investment in the U.S. mining industry.
Methodology
The data is collected by the U.S. Federal Reserve through surveys of businesses in the mining support services sector.
Historical Context
Policymakers and analysts monitor this metric to gauge the state of the domestic mining industry and its contribution to the broader economy.
Key Facts
- Mining support services account for over $50 billion in annual economic output.
- The index has declined by 25% from its pre-pandemic peak.
- The sector employs over 350,000 workers in the United States.
FAQs
Q: What does this economic trend measure?
A: This trend measures the monthly industrial production index for the Support Activities for Mining sector (NAICS 2131), which includes services like exploration, drilling, and support for oil and gas extraction.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insight into the overall level of activity and investment in the U.S. mining industry, which is a crucial component of the domestic economy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Federal Reserve through surveys of businesses in the mining support services sector.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this metric to gauge the state of the domestic mining industry and its contribution to the broader economy, informing decisions and policies.
Q: Are there update delays or limitations?
A: The data is published monthly by the Federal Reserve with a typical lag of 6-8 weeks from the end of the reference period.
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Citation
U.S. Federal Reserve, Sectoral Output for Mining: Support Activities for Mining (NAICS 2131) in the United States (IPUBN2131T300000000), retrieved from FRED.