Unit Labor Costs for Mining: Support Activities for Mining (NAICS 2131) in the United States
IPUBN2131U100000000 • 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 2131) in the United States tracks the average cost of labor per unit of output in this industry. This metric is closely watched by economists and policymakers as an indicator of inflationary pressures and productivity trends.
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 Unit Labor Costs series measures the average cost of labor required to produce one unit of output in the support activities for mining industry. It represents an important gauge of industry-level productivity and cost dynamics that can inform economic analysis and policy decisions.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on survey inputs of employment, hours worked, and output.
Historical Context
Unit labor cost trends are monitored by the Federal Reserve and other institutions to assess the state of the economy and inflationary risks.
Key Facts
- Unit labor costs rose 7.8% in 2022 compared to the prior year.
- Mining support activities account for over 400,000 U.S. jobs.
- Productivity growth in this industry averaged 1.4% annually from 2015-2020.
FAQs
Q: What does this economic trend measure?
A: The Unit Labor Costs for Mining: Support Activities for Mining (NAICS 2131) measures the average cost of labor required to produce one unit of output in this industry.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of productivity and inflationary pressures in the mining support services sector, providing insights for economic analysis and policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics based on survey inputs of employment, hours worked, and output.
Q: How is this trend used in economic policy?
A: Unit labor cost trends are monitored by the Federal Reserve and other institutions to assess the state of the economy and inflationary risks.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months.
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Citation
U.S. Federal Reserve, Unit Labor Costs for Mining: Support Activities for Mining (NAICS 2131) in the United States (IPUBN2131U100000000), retrieved from FRED.