Unit Labor Costs for Manufacturing: Cement and Concrete Product Manufacturing (NAICS 3273) in the United States
IPUEN3273U100000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
167.58
Year-over-Year Change
84.09%
Date Range
1/1/1987 - 1/1/2024
Summary
The Unit Labor Costs for Manufacturing: Cement and Concrete Product Manufacturing (NAICS 3273) in the United States measures the average cost of labor per unit of output. This metric is important for assessing productivity and competitiveness in the cement and concrete product manufacturing industry.
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 series tracks the total labor costs, including wages and benefits, divided by the total output volume for the cement and concrete product manufacturing sector. It provides insights into industry efficiency and is used by economists and policymakers to analyze trends in production costs.
Methodology
The data is collected through surveys of manufacturing establishments by the U.S. Bureau of Labor Statistics.
Historical Context
Unit labor costs are a key input for understanding inflation pressures and the international competitiveness of U.S. industries.
Key Facts
- Cement and concrete manufacturing accounts for over 2% of total U.S. manufacturing output.
- Unit labor costs in this industry rose 11.5% in 2021 compared to the prior year.
- The U.S. is the world's third-largest producer of cement and concrete products.
FAQs
Q: What does this economic trend measure?
A: This trend measures the average cost of labor per unit of output in the cement and concrete product manufacturing industry in the United States.
Q: Why is this trend relevant for users or analysts?
A: Unit labor costs are an important metric for assessing industry productivity and competitiveness, which is crucial information for economists, policymakers, and businesses.
Q: How is this data collected or calculated?
A: The data is collected through surveys of manufacturing establishments by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Unit labor costs are used to analyze inflation pressures and the international competitiveness of U.S. industries, which informs economic policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical delay of 2-3 months.
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Citation
U.S. Federal Reserve, Unit Labor Costs for Manufacturing: Cement and Concrete Product Manufacturing (NAICS 3273) in the United States (IPUEN3273U100000000), retrieved from FRED.