Output per Worker for Mining: Oil and Gas Extraction (NAICS 211) in the United States
IPUBN211W001000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-1.20
Year-over-Year Change
-166.67%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures output per worker in the oil and gas extraction industry, a key indicator of productivity and efficiency in a vital 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 Output per Worker for Mining: Oil and Gas Extraction (NAICS 211) in the United States tracks the volume of goods and services produced per worker in this industry, providing insights into labor productivity, technological innovation, and economic competitiveness.
Methodology
The data is calculated by the U.S. Federal Reserve using production and employment statistics.
Historical Context
This metric is closely monitored by policymakers, investors, and industry analysts to gauge the health and growth potential of the domestic oil and gas sector.
Key Facts
- Oil and gas extraction accounts for over 350,000 U.S. jobs.
- Productivity in this sector has increased by 20% over the past decade.
- The U.S. is the world's largest producer of oil and natural gas.
FAQs
Q: What does this economic trend measure?
A: This trend measures the output per worker in the oil and gas extraction industry, providing insights into labor productivity and efficiency in this vital economic sector.
Q: Why is this trend relevant for users or analysts?
A: This metric is closely watched by policymakers, investors, and industry analysts to gauge the health and growth potential of the domestic oil and gas industry, a key driver of the U.S. economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Federal Reserve using production and employment statistics for the oil and gas extraction industry.
Q: How is this trend used in economic policy?
A: Trends in oil and gas extraction productivity are used by policymakers and economists to inform energy policy, assess industry competitiveness, and make decisions about investment, regulation, and support for this vital sector.
Q: Are there update delays or limitations?
A: The data is released on a monthly basis by the Federal Reserve, with a typical 1-2 month delay. The metric may be subject to revisions as more complete production and employment data becomes available.
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Citation
U.S. Federal Reserve, Output per Worker for Mining: Oil and Gas Extraction (NAICS 211) in the United States (IPUBN211W001000000), retrieved from FRED.