Labor Compensation for Mining: Support Activities for Mining (NAICS 2131) in the United States
IPUBN2131U110000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
119.59
Year-over-Year Change
-4.65%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures labor compensation for support activities in the U.S. mining industry, which is a key indicator of productivity and cost pressures within this vital sector.
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 Labor Compensation for Mining: Support Activities for Mining (NAICS 2131) in the United States series tracks inflation-adjusted hourly compensation, including wages and benefits, for workers in mining support roles such as exploration, drilling, and extraction support.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Producer Price Index program.
Historical Context
Monitoring this metric helps policymakers and analysts assess economic conditions and cost dynamics in the mining industry.
Key Facts
- Mining supports over 1 million U.S. jobs.
- Labor costs account for 20-30% of total mining industry expenses.
- Compensation trends reflect efficiency, technology, and policy changes.
FAQs
Q: What does this economic trend measure?
A: This trend measures inflation-adjusted hourly labor compensation, including wages and benefits, for workers in U.S. mining support activities like exploration, drilling, and extraction.
Q: Why is this trend relevant for users or analysts?
A: Monitoring mining labor costs helps assess productivity, profitability, and broader economic conditions in this vital industry.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Producer Price Index program.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to evaluate cost dynamics and economic conditions in the mining industry, which has broad implications for energy, manufacturing, and other sectors.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month lag.
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Citation
U.S. Federal Reserve, Labor Compensation for Mining: Support Activities for Mining (NAICS 2131) in the United States (IPUBN2131U110000000), retrieved from FRED.