Labor Productivity for Mining: Oil and Gas Extraction (NAICS 211) in the United States
IPUBN211L000000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
163.17
Year-over-Year Change
207.82%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures labor productivity in the U.S. oil and gas extraction industry. It is a key indicator of industry efficiency and competitiveness.
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 productivity index tracks changes in output per hour worked for the mining, oil, and gas extraction industry (NAICS 211). It provides insights into the industry's technological progress and operational optimization.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on measures of industry output and labor inputs.
Historical Context
This metric is widely used by policymakers, analysts, and industry stakeholders to assess the sector's performance and productivity drivers.
Key Facts
- The index is based on 2012 as the reference year (2012=100).
- Labor productivity in the oil and gas sector has risen by over 30% since 2012.
- The industry's productivity gains have outpaced the broader U.S. economy.
FAQs
Q: What does this economic trend measure?
A: This metric tracks changes in labor productivity, or output per hour worked, in the U.S. oil and gas extraction industry (NAICS 211).
Q: Why is this trend relevant for users or analysts?
A: Labor productivity is a key indicator of industry efficiency and competitiveness. This data provides insights into technological progress and operational optimization within the oil and gas extraction sector.
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 inputs.
Q: How is this trend used in economic policy?
A: This productivity metric is widely used by policymakers, analysts, and industry stakeholders to assess the performance and competitiveness of the oil and gas extraction sector.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months.
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Citation
U.S. Federal Reserve, Labor Productivity for Mining: Oil and Gas Extraction (NAICS 211) in the United States (IPUBN211L000000000), retrieved from FRED.