Unit Labor Costs for Mining: Oil and Gas Extraction (NAICS 211) in the United States
IPUBN211U100000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
76.53
Year-over-Year Change
-53.58%
Date Range
1/1/1987 - 1/1/2024
Summary
The Unit Labor Costs for Mining: Oil and Gas Extraction (NAICS 211) in the United States measures the total labor costs per unit of output in this industry. It is a key indicator of productivity and competitiveness for a critical sector of the economy.
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 index tracks changes in the labor costs required to produce one unit of output in the oil and gas extraction industry. It provides insight into industry profitability, inflationary pressures, and overall economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Labor Statistics based on surveys of employment, hours worked, and total labor compensation.
Historical Context
Policymakers and analysts use this trend to assess the health and competitiveness of the oil and gas extraction industry.
Key Facts
- Oil and gas extraction is a key driver of the U.S. economy.
- Labor costs account for a significant portion of total production costs.
- Rising unit labor costs can signal declining industry competitiveness.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total labor costs per unit of output in the oil and gas extraction industry (NAICS 211) in the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the productivity and competitiveness of a critical sector of the U.S. economy, with implications for industry profitability and inflationary pressures.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Labor Statistics based on surveys of employment, hours worked, and total labor compensation.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the health and competitiveness of the oil and gas extraction industry, which has significant implications for energy policy and the broader economy.
Q: Are there update delays or limitations?
A: The data is published with a lag, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Unit Labor Costs for Mining: Oil and Gas Extraction (NAICS 211) in the United States (IPUBN211U100000000), retrieved from FRED.