Labor Productivity for Wholesale Trade: Petroleum and Petroleum Products Merchant Wholesalers (NAICS 4247) in the United States
IPUGN4247L001000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12.90
Year-over-Year Change
214.63%
Date Range
1/1/1988 - 1/1/2024
Summary
This trend measures labor productivity for wholesale trade in the petroleum and petroleum products merchant wholesaler industry (NAICS 4247) in the United States. It is an important economic indicator for understanding productivity and efficiency within this key 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 for Wholesale Trade: Petroleum and Petroleum Products Merchant Wholesalers (NAICS 4247) in the United States tracks the output per hour worked in this wholesale trade industry. It provides insights into the productivity and operational performance of businesses involved in the wholesale distribution of petroleum and related products.
Methodology
The data is calculated based on output and labor input measures collected by the U.S. Bureau of Labor Statistics.
Historical Context
This productivity metric is closely monitored by economists, policymakers, and industry analysts to assess the health and competitiveness of the petroleum wholesale sector.
Key Facts
- Wholesale trade accounts for over 5% of U.S. GDP.
- Petroleum and petroleum products are a critical input for many industries.
- Productivity growth can drive competitiveness and profitability in this sector.
FAQs
Q: What does this economic trend measure?
A: This trend measures labor productivity for the wholesale trade of petroleum and petroleum products (NAICS 4247) in the United States. It tracks output per hour worked in this industry.
Q: Why is this trend relevant for users or analysts?
A: This productivity metric provides important insights into the efficiency and competitiveness of the petroleum wholesale sector, which is a critical part of the U.S. economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics based on output and labor input measures for the NAICS 4247 industry.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this productivity indicator to assess the health and competitiveness of the petroleum wholesale industry, which has implications for energy markets and the broader economy.
Q: Are there update delays or limitations?
A: There may be delays of several weeks or months in the release of this data by the U.S. Bureau of Labor Statistics.
Related Trends
Output per Worker for Wholesale Trade: Apparel, Piece Goods, and Notions Merchant Wholesalers (NAICS 4243) in the United States
IPUGN4243W000000000
Employment for Wholesale Trade: Professional and Commercial Equipment and Supplies Merchant Wholesalers (NAICS 4234) in the United States
IPUGN4234W200000000
Output per Worker for Wholesale Trade: Drugs and Druggists' Sundries Merchant Wholesalers (NAICS 42421) in the United States
IPUGN42421W000000000
Labor Compensation for Wholesale Trade: Miscellaneous Durable Goods Merchant Wholesalers (NAICS 4239) in the United States
IPUGN4239L020000000
Sectoral Output for Wholesale Trade: Drugs and Druggists' Sundries Merchant Wholesalers (NAICS 4242) in the United States
IPUGN4242T300000000
Output per Worker for Wholesale Trade: Furniture and Home Furnishing Merchant Wholesalers (NAICS 4232) in the United States
IPUGN4232W001000000
Citation
U.S. Federal Reserve, Labor Productivity for Wholesale Trade: Petroleum and Petroleum Products Merchant Wholesalers (NAICS 4247) in the United States (IPUGN4247L001000000), retrieved from FRED.