Unit Labor Costs for Mining: Stone Mining and Quarrying (NAICS 21231) in the United States
IPUBN21231U101000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8.50
Year-over-Year Change
-753.85%
Date Range
1/1/1988 - 1/1/2024
Summary
The Unit Labor Costs for Mining: Stone Mining and Quarrying (NAICS 21231) in the United States measures the labor costs per unit of output in the stone mining and quarrying industry. This metric is important for analyzing productivity and inflationary pressures within the 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
Unit labor costs represent the average cost of labor per unit of output. This metric is a key indicator of productivity and competitiveness, as it reflects both wage levels and efficiency of production. The Unit Labor Costs for Mining: Stone Mining and Quarrying series provides insights into cost dynamics and pricing power within the U.S. stone mining and quarrying industry.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on measures of industry output and labor compensation.
Historical Context
Unit labor cost trends are closely monitored by policymakers and market analysts to assess inflationary risks and the competitive position of U.S. industries.
Key Facts
- Unit labor costs for U.S. stone mining and quarrying have risen by 25% since 2010.
- The mining sector accounts for around 0.5% of total U.S. economic output.
- Unit labor costs provide a measure of industry-level wage pressures and pricing power.
FAQs
Q: What does this economic trend measure?
A: The Unit Labor Costs for Mining: Stone Mining and Quarrying (NAICS 21231) in the United States measures the average labor costs per unit of output in the U.S. stone mining and quarrying industry.
Q: Why is this trend relevant for users or analysts?
A: Unit labor cost trends are important indicators of industry productivity, wage pressures, and pricing power, making this metric relevant for policymakers, economists, and market analysts.
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 industry output and labor compensation.
Q: How is this trend used in economic policy?
A: Unit labor cost data is closely monitored by policymakers and analysts to assess inflationary risks and the competitive position of U.S. industries.
Q: Are there update delays or limitations?
A: The Unit Labor Costs for Mining: Stone Mining and Quarrying data is published quarterly with a lag of approximately two months.
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Citation
U.S. Federal Reserve, Unit Labor Costs for Mining: Stone Mining and Quarrying (NAICS 21231) in the United States (IPUBN21231U101000000), retrieved from FRED.