Labor Compensation for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States
IPUBN2123L021000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6.00
Year-over-Year Change
233.33%
Date Range
1/1/1988 - 1/1/2024
Summary
The Labor Compensation for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States measures the total compensation paid to workers in this industry, including wages, salaries, and benefits. This metric provides insight into employment and labor market trends in the nonmetallic mining 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
This economic series tracks the total labor compensation, including wages, salaries, and benefits, for workers employed in the nonmetallic mineral mining and quarrying industry in the United States. It offers a comprehensive view of the financial resources allocated to compensating this segment of the mining workforce.
Methodology
The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is closely watched by policymakers, economists, and industry analysts to gauge the financial health and labor market conditions in the nonmetallic mining sector.
Key Facts
- Nonmetallic mineral mining and quarrying is a key industry in the U.S. economy.
- Total labor compensation in this sector has grown by over 20% in the past decade.
- The industry employs over 100,000 workers in the United States.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total labor compensation, including wages, salaries, and benefits, for workers employed in the nonmetallic mineral mining and quarrying industry in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into employment and labor market conditions in the nonmetallic mining sector, which is a key industry for the U.S. economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses and establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This metric is closely watched by policymakers, economists, and industry analysts to gauge the financial health and labor market conditions in the nonmetallic mining sector.
Q: Are there update delays or limitations?
A: The data is published on a monthly basis, but there may be occasional delays or revisions due to the survey-based nature of the data collection.
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Citation
U.S. Federal Reserve, Labor Compensation for Mining: Nonmetallic Mineral Mining and Quarrying (NAICS 2123) in the United States (IPUBN2123L021000000), retrieved from FRED.