Labor Productivity for Mining: Support Activities for Mining (NAICS 2131) in the United States
IPUBN2131L000000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
101.65
Year-over-Year Change
-3.94%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures labor productivity in the support activities for mining industry in the United States. It is a key indicator for economists and policymakers to assess the efficiency and competitiveness of this crucial 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 productivity index tracks changes in the ratio of real output to hours worked for establishments primarily engaged in support activities for mining, such as exploration, excavation, and site preparation. This metric provides insight into the industry's technological progress and operational efficiency.
Methodology
The data is collected by the U.S. Bureau of Labor Statistics through surveys of establishments in the mining support sector.
Historical Context
This productivity measure is used by analysts to monitor the mining industry's performance and competitiveness within the broader economy.
Key Facts
- The mining support activities industry accounts for over 300,000 jobs in the U.S.
- Labor productivity in this sector has grown by 20% over the past decade.
- The U.S. is a global leader in mining support services exports.
FAQs
Q: What does this economic trend measure?
A: This trend measures labor productivity in the support activities for mining industry in the United States, including exploration, excavation, and site preparation.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the efficiency and competitiveness of a crucial sector of the U.S. economy, helping analysts and policymakers assess its performance.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Labor Statistics through surveys of establishments in the mining support sector.
Q: How is this trend used in economic policy?
A: This productivity measure is used by analysts to monitor the mining industry's performance and competitiveness within the broader economy, informing policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedule and potential revisions of U.S. government economic statistics.
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Citation
U.S. Federal Reserve, Labor Productivity for Mining: Support Activities for Mining (NAICS 2131) in the United States (IPUBN2131L000000000), retrieved from FRED.