Labor Productivity for Mining: Oil and Gas Extraction (NAICS 2111) in the United States
IPUBN2111L000000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
163.17
Year-over-Year Change
207.82%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures labor productivity in the U.S. oil and gas extraction industry. It is a key indicator of industry efficiency and competitiveness.
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
Labor productivity in the mining sector, specifically oil and gas extraction, reflects the output per hour worked by employees. This metric is used to assess industry performance and guide policymakers on energy and economic decisions.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on measures of output and labor input.
Historical Context
This productivity trend informs energy and economic policies that impact the oil and gas industry.
Key Facts
- Oil and gas extraction accounts for over $300 billion in annual U.S. economic output.
- Labor productivity in this industry has increased by over 50% since 2000.
- The U.S. is the world's largest producer of oil and natural gas.
FAQs
Q: What does this economic trend measure?
A: This trend measures labor productivity in the U.S. oil and gas extraction industry, representing output per hour worked by employees.
Q: Why is this trend relevant for users or analysts?
A: This productivity metric is a key indicator of industry efficiency and competitiveness, which informs economic and energy policy decisions.
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 input.
Q: How is this trend used in economic policy?
A: This productivity trend is used to guide policymakers on issues impacting the oil and gas industry, such as energy policy and economic competitiveness.
Q: Are there update delays or limitations?
A: The data is published on a regular basis, but there may be some time lag in the most recent figures.
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Citation
U.S. Federal Reserve, Labor Productivity for Mining: Oil and Gas Extraction (NAICS 2111) in the United States (IPUBN2111L000000000), retrieved from FRED.