Labor Compensation for Wholesale Trade: Petroleum and Petroleum Products Merchant Wholesalers (NAICS 4247) in the United States
IPUGN4247L021000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.70
Year-over-Year Change
-89.86%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures labor compensation for wholesale trade of petroleum and petroleum products in the United States. It provides insight into the cost of labor in this key industry.
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 Wholesale Trade: Petroleum and Petroleum Products Merchant Wholesalers (NAICS 4247) in the United States series tracks the costs associated with compensating workers in this critical economic sector. It is used by economists and policymakers to assess labor market conditions and cost pressures in the petroleum supply chain.
Methodology
The data is collected by the U.S. Bureau of Labor Statistics through surveys of businesses in the petroleum wholesale trade industry.
Historical Context
This metric is closely monitored by industry analysts and policymakers to understand pressures on profit margins and consumer prices.
Key Facts
- Petroleum and petroleum products are a critical input across many industries.
- Wholesale trade accounts for a significant portion of overall economic activity.
- Labor costs make up a substantial share of operating expenses for wholesalers.
FAQs
Q: What does this economic trend measure?
A: This metric tracks labor compensation, including wages and benefits, for businesses engaged in the wholesale trade of petroleum and petroleum products in the United States.
Q: Why is this trend relevant for users or analysts?
A: It provides insight into labor market conditions and cost pressures within a key industry that plays a vital role in the broader economy.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Labor Statistics collects this data through surveys of businesses in the petroleum wholesale trade industry.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts closely monitor this metric to understand the factors influencing profit margins and consumer prices across the energy supply chain.
Q: Are there update delays or limitations?
A: The data is published regularly by the Federal Reserve, with potential lags due to the survey-based data collection process.
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IPUGN4244W001000000
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IPUGN42421W001000000
Unit Labor Costs for Wholesale Trade: Electrical and Electronic Goods Merchant Wholesalers (NAICS 4236) in the United States
IPUGN4236U101000000
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IPUGN4232W010000000
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IPUGN4249L010000000
Output per Worker for Wholesale Trade: Apparel, Piece Goods, and Notions Merchant Wholesalers (NAICS 4243) in the United States
IPUGN4243W000000000
Citation
U.S. Federal Reserve, Labor Compensation for Wholesale Trade: Petroleum and Petroleum Products Merchant Wholesalers (NAICS 4247) in the United States (IPUGN4247L021000000), retrieved from FRED.