Hourly Compensation for Mining: Metal Ore Mining (NAICS 2122) in the United States
IPUBN2122U120000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
129.78
Year-over-Year Change
35.38%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures hourly compensation for workers in the metal ore mining industry in the United States. It provides insights into labor costs and productivity in this important natural resource 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 Hourly Compensation for Mining: Metal Ore Mining (NAICS 2122) in the United States series tracks the average hourly wages and benefits paid to employees in this specific mining industry. It is a key metric for analyzing labor market conditions and production costs within the metal ore mining sector.
Methodology
This data is collected through surveys of U.S. businesses and labor organizations by the Bureau of Labor Statistics.
Historical Context
Trends in metal ore mining compensation are closely watched by policymakers, industry analysts, and investors to assess the competitiveness and profitability of this industry.
Key Facts
- Metal ore mining is a major U.S. industry, employing over 90,000 workers.
- Hourly compensation in this sector is over 50% higher than the national average.
- Productivity gains have outpaced compensation growth in recent decades.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly wages, salaries, and benefits paid to employees in the metal ore mining industry in the United States.
Q: Why is this trend relevant for users or analysts?
A: Trends in metal ore mining compensation are closely watched by policymakers, industry analysts, and investors to assess the competitiveness and profitability of this important natural resource sector.
Q: How is this data collected or calculated?
A: The data is collected through surveys of U.S. businesses and labor organizations by the Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This metric is used by economists and policymakers to monitor labor market conditions, production costs, and industry competitiveness in the metal ore mining sector.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of approximately one month.
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Citation
U.S. Federal Reserve, Hourly Compensation for Mining: Metal Ore Mining (NAICS 2122) in the United States (IPUBN2122U120000000), retrieved from FRED.