Labor Compensation for Mining: Oil and Gas Extraction (NAICS 2111) in the United States
IPUBN2111L020000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
33,329.61
Year-over-Year Change
-10.80%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures labor compensation, including wages and benefits, for the oil and gas extraction industry in the United States. It provides insights into the labor costs and economic health of this important 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 for Mining: Oil and Gas Extraction (NAICS 2111) in the United States series tracks the total labor costs, including wages, salaries, and benefits, for workers in the oil and gas extraction industry. This data is a key indicator of the economic conditions and competitiveness of this crucial U.S. energy sector.
Methodology
The data is collected through surveys of U.S. companies and calculated by the Bureau of Labor Statistics.
Historical Context
This labor compensation data is utilized by policymakers, economists, and industry analysts to assess the market dynamics and outlook for the oil and gas extraction industry.
Key Facts
- The oil and gas extraction industry is a major employer in the U.S., with over 300,000 workers.
- Labor costs account for a significant portion of total operating expenses in the oil and gas sector.
- Trends in labor compensation can impact industry profitability and investment decisions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total labor compensation, including wages, salaries, and benefits, for workers in the oil and gas extraction industry in the United States.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the economic health and competitiveness of the U.S. oil and gas extraction industry, which is a crucial energy sector and major employer.
Q: How is this data collected or calculated?
A: The data is collected through surveys of U.S. companies and calculated by the Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This labor compensation data is utilized by policymakers, economists, and industry analysts to assess the market dynamics and outlook for the oil and gas extraction industry.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical release lag of several weeks.
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Citation
U.S. Federal Reserve, Labor Compensation for Mining: Oil and Gas Extraction (NAICS 2111) in the United States (IPUBN2111L020000000), retrieved from FRED.