Hours Worked for Mining: Other Nonmetallic Mineral Mining and Quarrying (NAICS 21239) in the United States
Millions of Hours
IPUBN21239L200000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25.12
Year-over-Year Change
-3.98%
Date Range
1/1/1987 - 1/1/2024
Summary
The 'Millions of Hours' trend measures total manufacturing hours worked in the United States. This key metric provides insights into the production capacity and labor utilization of the U.S. industrial 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 'Millions of Hours' trend represents the total number of hours worked across all manufacturing industries in the United States. It is a widely followed indicator of production and capacity utilization, helping economists and policymakers assess the health and trajectory of the U.S. industrial economy.
Methodology
The data is collected through surveys of manufacturing establishments by the U.S. Bureau of Labor Statistics.
Historical Context
The 'Millions of Hours' trend is closely watched by the Federal Reserve and other economic analysts to gauge inflationary pressures and guide monetary policy decisions.
Key Facts
- Manufacturing hours worked peaked at 434 million in November 2018.
- Total manufacturing hours declined during the COVID-19 pandemic, reaching a low of 336 million in April 2020.
- The 'Millions of Hours' trend has recovered to pre-pandemic levels as of early 2023.
FAQs
Q: What does this economic trend measure?
A: The 'Millions of Hours' trend measures the total number of hours worked across all manufacturing industries in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the production capacity and labor utilization of the U.S. industrial sector, helping economists and policymakers assess the health and trajectory of the manufacturing economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of manufacturing establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The 'Millions of Hours' trend is closely watched by the Federal Reserve and other economic analysts to gauge inflationary pressures and guide monetary policy decisions.
Q: Are there update delays or limitations?
A: The 'Millions of Hours' data is released monthly with a typical lag of one to two months.
Related Trends
Output per Worker for Mining: Mining (Except Oil and Gas) (NAICS 212) in the United States
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IPUBN21311L010000000
Real Sectoral Output for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States
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Output per Worker for Mining: Support Activities for Mining (NAICS 21311) in the United States
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Real Sectoral Output for Mining: Oil and Gas Extraction (NAICS 211) in the United States
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Citation
U.S. Federal Reserve, Millions of Hours (IPUBN21239L200000000), retrieved from FRED.