Unit Labor Costs for Wholesale Trade: Merchant Wholesalers, Nondurable Goods (NAICS 424) in the United States
IPUGN424U101000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.20
Year-over-Year Change
-67.57%
Date Range
1/1/1988 - 1/1/2024
Summary
The Unit Labor Costs for Wholesale Trade: Merchant Wholesalers, Nondurable Goods (NAICS 424) in the United States measures the cost of labor per unit of output in the wholesale trade sector. This metric is a key indicator of productivity and inflationary pressures in 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
This series tracks the ratio of labor compensation to real output in the wholesale trade industry, specifically for merchant wholesalers of nondurable goods. It provides insights into how labor costs are changing relative to productivity, which is crucial for assessing the competitiveness and pricing dynamics of this important economic sector.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on measures of output and labor compensation.
Historical Context
Policymakers and analysts monitor this trend to gauge the impact of labor costs on wholesale prices and overall inflation.
Key Facts
- Unit labor costs in the wholesale trade sector rose by 2.8% in 2022.
- Wholesale trade accounts for over $6 trillion in annual sales in the United States.
- The wholesale trade industry employs over 6 million workers nationwide.
FAQs
Q: What does this economic trend measure?
A: This trend measures the unit labor costs in the wholesale trade industry, specifically for merchant wholesalers of nondurable goods. It shows how labor compensation per unit of output is changing over time.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for assessing productivity, pricing dynamics, and inflationary pressures in the wholesale trade sector, which is a critical component of the broader economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics based on measures of output and labor compensation in the wholesale trade industry.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this trend to gauge the impact of labor costs on wholesale prices and overall inflation, which informs monetary and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, and may be subject to revisions as more complete information becomes available.
Related Trends
Real Sectoral Output for Wholesale Trade: Farm Product Raw Material Merchant Wholesalers (NAICS 4245) in the United States
IPUGN4245T010000000
Sectoral Output Price Deflator for Wholesale Trade: Grocery and Related Product Wholesalers (NAICS 4244) in the United States
IPUGN4244T051000000
Hourly Compensation for Wholesale Trade: Beer, Wine, and Distilled Alcoholic Beverage Merchant Wholesalers (NAICS 4248) in the United States
IPUGN4248U120000000
Sectoral Output Price Deflator for Wholesale Trade: Apparel, Piece Goods, and Notions Merchant Wholesalers (NAICS 4243) in the United States
IPUGN4243T050000000
Real Sectoral Output for Wholesale Trade: Metal and Mineral (Except Petroleum) Merchant Wholesalers (NAICS 4235) in the United States
IPUGN4235T011000000
Employment for Wholesale Trade: Farm Product Raw Material Merchant Wholesalers (NAICS 4245) in the United States
IPUGN4245W010000000
Citation
U.S. Federal Reserve, Unit Labor Costs for Wholesale Trade: Merchant Wholesalers, Nondurable Goods (NAICS 424) in the United States (IPUGN424U101000000), retrieved from FRED.