Labor Compensation for Mining: Support Activities for Mining (NAICS 21311) in the United States
IPUBN21311L020000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
38,477.36
Year-over-Year Change
-4.65%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures labor compensation for support activities in the U.S. mining industry, providing insights into workforce costs and productivity in this key 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: Support Activities for Mining (NAICS 21311) in the United States series tracks the total wages, salaries, and supplements paid to employees providing support services for mining operations. This metric is a valuable indicator of labor market conditions and cost pressures within the mining industry.
Methodology
The data is collected through surveys of U.S. employers and calculated based on reported labor costs.
Historical Context
This trend is closely monitored by policymakers, economists, and industry analysts to assess the health and competitiveness of the mining sector.
Key Facts
- Mining support activities account for over 350,000 U.S. jobs.
- Labor costs make up a significant portion of total mining industry expenses.
- Trends in this metric can signal changes in mining sector profitability and investment.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total labor compensation, including wages, salaries, and benefits, paid to workers providing support services for mining operations in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor market conditions and cost pressures within the U.S. mining industry, which is a key driver of economic activity and a major employer.
Q: How is this data collected or calculated?
A: The data is collected through surveys of U.S. employers and calculated based on reported labor costs.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and industry analysts closely monitor this trend to assess the health and competitiveness of the mining sector, which has significant implications for the broader economy.
Q: Are there update delays or limitations?
A: This data is published on a monthly basis with a typical lag of several weeks, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Labor Compensation for Mining: Support Activities for Mining (NAICS 21311) in the United States (IPUBN21311L020000000), retrieved from FRED.