Labor Compensation for Mining: Sand, Gravel, Clay, and Ceramic and Refractory Minerals Mining and Quarrying (NAICS 21232) in the United States
IPUBN21232U110000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
152.73
Year-over-Year Change
107.12%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures labor compensation in the U.S. mining industry for sand, gravel, clay, and ceramic and refractory minerals. It provides insights into wage dynamics and production costs in this important extractive 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: Sand, Gravel, Clay, and Ceramic and Refractory Minerals Mining and Quarrying (NAICS 21232) in the United States index tracks changes in total labor costs, including wages and benefits, for workers in this subsector. It is a key metric for analyzing employment conditions and inflationary pressures in this segment of the mining industry.
Methodology
The data is collected through surveys of U.S. businesses and calculated as an index by the Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by economists, policymakers, and industry analysts to gauge the economic health and competitiveness of the sand, gravel, and clay mining sector.
Key Facts
- This index uses 2012 as the base year.
- The mining and quarrying of sand, gravel, clay, and ceramic/refractory minerals is a $20 billion industry in the U.S.
- Employment in this sector has declined by 10% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures changes in total labor compensation, including wages and benefits, for workers in the U.S. sand, gravel, clay, and ceramic/refractory minerals mining and quarrying industry.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into employment and cost conditions in a critical extractive sector, helping economists and policymakers assess the overall health and competitiveness of the industry.
Q: How is this data collected or calculated?
A: The data is collected through surveys of U.S. businesses and calculated as an index by the Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by economists, policymakers, and industry analysts to gauge the economic health and competitiveness of the sand, gravel, and clay mining sector, which has important implications for broader economic and trade policy.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 1-2 month delay, 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: Sand, Gravel, Clay, and Ceramic and Refractory Minerals Mining and Quarrying (NAICS 21232) in the United States (IPUBN21232U110000000), retrieved from FRED.