Labor Productivity for Mining: Mining (NAICS 21) in the United States
IPUBN21L001000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4.90
Year-over-Year Change
133.33%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures labor productivity in the U.S. mining industry, including extraction of minerals, oil, and gas. It is a key indicator of industry efficiency and competitiveness.
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 Productivity for Mining trend tracks changes in the inflation-adjusted output per hour worked in the U.S. mining sector, which encompasses NAICS industry 21. This metric is widely used by economists and policymakers to evaluate the productivity and competitiveness of the domestic mining industry.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics using production and employment statistics.
Historical Context
This trend provides important context for monitoring the health and outlook of the U.S. mining industry, which has significant economic and policy implications.
Key Facts
- Mining accounts for over 600,000 U.S. jobs.
- U.S. mining output has increased by 25% since 2010.
- Productivity growth in mining lags the broader economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures labor productivity in the U.S. mining industry, tracking changes in the inflation-adjusted output per hour worked.
Q: Why is this trend relevant for users or analysts?
A: Monitoring mining productivity is important for evaluating the efficiency and competitiveness of this critical U.S. industry.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics using production and employment statistics.
Q: How is this trend used in economic policy?
A: This trend provides valuable insights for policymakers and analysts assessing the outlook and health of the U.S. mining industry.
Q: Are there update delays or limitations?
A: The data may have a 1-2 month update delay and can be subject to revisions.
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Citation
U.S. Federal Reserve, Labor Productivity for Mining: Mining (NAICS 21) in the United States (IPUBN21L001000000), retrieved from FRED.