Labor Productivity for Other Services (Except Public Administration): Photofinishing (NAICS 81292) in the United States
IPUUN81292L000000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
69.51
Year-over-Year Change
21.27%
Date Range
1/1/1987 - 1/1/2022
Summary
This economic trend measures labor productivity for the photofinishing industry (NAICS 81292) in the United States. Understanding productivity trends in this service sector is valuable for economists and policymakers analyzing the overall health of the US 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 labor productivity index tracks changes in the inflation-adjusted output per hour worked for the photofinishing industry. This provides insights into the sector's efficiency and competitiveness over time, which can inform economic policy decisions.
Methodology
The data is collected through surveys by the U.S. Bureau of Labor Statistics and calculated as a ratio of real output to total hours worked.
Historical Context
Labor productivity trends help analysts assess the competitiveness and growth potential of the U.S. service economy.
Key Facts
- Productivity in the photofinishing industry has increased over the past decade.
- The service sector accounts for over 70% of U.S. economic output.
- Improving productivity is a key driver of long-term economic growth.
FAQs
Q: What does this economic trend measure?
A: This trend measures labor productivity, or output per hour worked, in the photofinishing industry (NAICS 81292) in the United States.
Q: Why is this trend relevant for users or analysts?
A: Understanding productivity trends in the service sector, like photofinishing, provides valuable insights into the overall competitiveness and growth potential of the U.S. economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys by the U.S. Bureau of Labor Statistics and calculated as a ratio of real output to total hours worked.
Q: How is this trend used in economic policy?
A: Productivity data like this is used by economists and policymakers to assess the health and competitiveness of the U.S. service economy, which informs economic and regulatory decisions.
Q: Are there update delays or limitations?
A: There may be a several month delay in the latest data becoming available, and the series only covers the photofinishing industry rather than the entire service sector.
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Citation
U.S. Federal Reserve, Labor Productivity for Other Services (Except Public Administration): Photofinishing (NAICS 81292) in the United States (IPUUN81292L000000000), retrieved from FRED.