Labor Compensation for Manufacturing: Iron and Steel Mills and Ferroalloy Production (NAICS 33111) in the United States
IPUEN33111L021000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.80
Year-over-Year Change
-22.22%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures labor compensation for iron and steel mills and ferroalloy production in the United States manufacturing sector. It provides insights into wage dynamics in this key industrial segment.
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 series tracks total employee earnings, including wages, salaries, and supplements, for the iron and steel mills and ferroalloy manufacturing industry (NAICS 33111). This metric is a useful indicator of labor market conditions and cost pressures in this critical industrial subsector.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' manufacturing industry surveys.
Historical Context
This trend is closely monitored by policymakers and economists to assess the health of domestic manufacturing and inform macroeconomic decisions.
Key Facts
- Iron and steel mills and ferroalloy production account for over 10% of total U.S. manufacturing output.
- Labor costs make up approximately 25% of total production costs in this industry.
- Trends in this series have implications for inflation, consumer prices, and international competitiveness.
FAQs
Q: What does this economic trend measure?
A: This trend measures total labor compensation, including wages, salaries, and benefits, for workers in the iron and steel mills and ferroalloy manufacturing industry in the United States.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor market conditions and cost pressures within a critical segment of the U.S. manufacturing sector, which is closely watched by policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' monthly surveys of manufacturing establishments.
Q: How is this trend used in economic policy?
A: Trends in this series are closely monitored by the Federal Reserve and other policymakers to assess inflationary pressures, labor market dynamics, and the overall health of the domestic manufacturing industry.
Q: Are there update delays or limitations?
A: The data is released with a lag of approximately one month, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Labor Compensation for Manufacturing: Iron and Steel Mills and Ferroalloy Production (NAICS 33111) in the United States (IPUEN33111L021000000), retrieved from FRED.