Unit Labor Costs for Mining: Sand, Gravel, Clay, and Ceramic and Refractory Minerals Mining and Quarrying (NAICS 21232) in the United States
IPUBN21232U100000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
144.16
Year-over-Year Change
45.44%
Date Range
1/1/1987 - 1/1/2024
Summary
The Unit Labor Costs for Mining: Sand, Gravel, Clay, and Ceramic and Refractory Minerals Mining and Quarrying (NAICS 21232) trend measures the cost of labor per unit of output in this specific mining subsector. It is a key indicator of productivity and labor market conditions in this industry.
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 changes in unit labor costs, which represent the cost of labor required to produce one unit of output. It provides insight into the productivity and efficiency of the sand, gravel, clay, and ceramic/refractory minerals mining and quarrying industry in the United States.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on measures of output and employment for this NAICS industry.
Historical Context
Unit labor cost trends are monitored by policymakers and economists to assess inflationary pressures and competitiveness within this mining sector.
Key Facts
- Unit labor costs rose 31.1% from 2020 to 2021.
- The mining and quarrying industry accounts for over 280,000 U.S. jobs.
- Unit labor costs are a key measure of industry competitiveness.
FAQs
Q: What does this economic trend measure?
A: This trend measures the unit labor costs, or the cost of labor per unit of output, in the sand, gravel, clay, and ceramic/refractory minerals mining and quarrying industry in the United States.
Q: Why is this trend relevant for users or analysts?
A: Unit labor cost trends provide insights into the productivity and efficiency of this mining sector, which is important for assessing competitiveness, inflationary pressures, and broader economic conditions.
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 employment for this NAICS industry.
Q: How is this trend used in economic policy?
A: Unit labor cost trends in this mining sector are monitored by policymakers and economists to assess inflationary pressures and the competitiveness of this industry.
Q: Are there update delays or limitations?
A: The data is subject to potential revisions and may have some delay in reporting compared to real-time industry conditions.
Related Trends
Hours Worked for Mining: Mining (Except Oil and Gas) (NAICS 212) in the United States
IPUBN212L010000000
Real Sectoral Output for Mining: Mining (Except Oil and Gas) (NAICS 212) in the United States
IPUBN212T011000000
Labor Compensation for Mining: Coal Mining (NAICS 21211) in the United States
IPUBN21211L020000000
Employment for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States
IPUBN2123W010000000
Sectoral Output Price Deflator for Mining: Stone Mining and Quarrying (NAICS 21231) in the United States
IPUBN21231T051000000
Sectoral Output for Mining: Coal Mining (NAICS 21211) in the United States
IPUBN21211T301000000
Citation
U.S. Federal Reserve, Unit Labor Costs for Mining: Sand, Gravel, Clay, and Ceramic and Refractory Minerals Mining and Quarrying (NAICS 21232) in the United States (IPUBN21232U100000000), retrieved from FRED.