Hours Worked for Mining: Mining (NAICS 21) in the United States
IPUBN21L010000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91.29
Year-over-Year Change
-26.98%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures the total hours worked in the U.S. mining industry. It provides insights into labor utilization and productivity within a key sector of the economy.
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 Hours Worked for Mining metric tracks the total number of hours logged by employees in the North American Industry Classification System (NAICS) Sector 21, which covers mining, quarrying, and oil and gas extraction. This data point is a valuable indicator of industry activity and labor market trends.
Methodology
The data is collected through surveys of businesses in the mining industry.
Historical Context
Analysts and policymakers use this metric to gauge the health and growth of the mining sector.
Key Facts
- Mining is a key industry, accounting for 5% of U.S. GDP.
- Hours worked peaked in 2014 at over 250 million per month.
- The mining sector was hit hard by the COVID-19 pandemic, with hours worked dropping 20% in 2020.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total number of hours worked by employees in the U.S. mining industry, including mining, quarrying, and oil and gas extraction.
Q: Why is this trend relevant for users or analysts?
A: The Hours Worked for Mining data provides valuable insights into labor utilization and productivity within a critical sector of the economy, informing analysis of industry growth and economic conditions.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses in the mining industry.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to gauge the health and growth of the mining sector, which is a key driver of economic activity and a major employer.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of several weeks, so it may not capture the most recent changes in the mining industry.
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Citation
U.S. Federal Reserve, Hours Worked for Mining: Mining (NAICS 21) in the United States (IPUBN21L010000000), retrieved from FRED.