Labor Compensation for Mining: Mining (NAICS 21) in the United States
IPUBN21L020000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
96,896.22
Year-over-Year Change
-1.96%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures labor compensation in the U.S. mining industry, a key indicator of productivity and wages in a critical 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 index for the mining industry (NAICS 21) tracks changes in the total hourly compensation paid to workers, including wages, salaries, and benefits. This metric provides insights into labor costs and productivity trends within the mining sector.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this trend to assess the economic health and competitiveness of the U.S. mining industry.
Key Facts
- Mining is a major contributor to the U.S. economy.
- Labor costs account for a significant portion of mining industry expenses.
- Tracking compensation trends helps monitor industry productivity and competitiveness.
FAQs
Q: What does this economic trend measure?
A: This trend measures changes in total hourly labor compensation, including wages, salaries, and benefits, for workers in the U.S. mining industry (NAICS 21).
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into labor costs and productivity in the mining sector, which is a critical industry for the U.S. economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the economic health and competitiveness of the U.S. mining industry.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis, but may be subject to revisions and delays common with government statistical releases.
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Citation
U.S. Federal Reserve, Labor Compensation for Mining: Mining (NAICS 21) in the United States (IPUBN21L020000000), retrieved from FRED.