Hourly Compensation for Mining: Support Activities for Mining (NAICS 2131) in the United States
IPUBN2131U120000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
137.15
Year-over-Year Change
35.06%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures hourly compensation for workers in support activities for mining industries in the United States. It provides important insights into labor costs and productivity in this crucial economic 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: Support Activities for Mining (NAICS 2131) in the United States metric tracks changes in the average hourly pay and benefits provided to employees in industries that support oil, gas, and mineral extraction. This data is used by economists and policymakers to analyze labor market dynamics and cost pressures in the mining industry.
Methodology
The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Historical Context
This metric is relevant for monitoring inflationary pressures, employment conditions, and productivity trends in the mining industry, which has significant impacts on broader economic and energy policies.
Key Facts
- Mining support activities employ over 400,000 workers in the U.S.
- Hourly compensation in this sector is 25% higher than the national average.
- Productivity gains have outpaced compensation growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average hourly pay and benefits provided to workers in industries that support oil, gas, and mineral extraction activities in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor costs and productivity in the mining industry, which has significant impacts on broader economic and energy policies.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: This metric is relevant for monitoring inflationary pressures, employment conditions, and productivity trends in the mining industry, which is a crucial sector for the U.S. economy.
Q: Are there update delays or limitations?
A: There may be some delay in the data reporting, as it is collected through business surveys.
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Citation
U.S. Federal Reserve, Hourly Compensation for Mining: Support Activities for Mining (NAICS 2131) in the United States (IPUBN2131U120000000), retrieved from FRED.