Labor Compensation for Wholesale Trade: Petroleum and Petroleum Products Merchant Wholesalers (NAICS 4247) in the United States
IPUGN4247L020000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
13,569.09
Year-over-Year Change
53.72%
Date Range
1/1/1987 - 1/1/2024
Summary
This economic trend measures labor compensation for wholesale trade in the petroleum and petroleum products industry in the United States. It provides insights into wage and employment dynamics within this key 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 Labor Compensation for Wholesale Trade: Petroleum and Petroleum Products Merchant Wholesalers (NAICS 4247) in the United States series tracks the total compensation, including wages and benefits, paid to workers in this wholesale trade industry. It is an important indicator of economic activity and labor market conditions in the petroleum supply chain.
Methodology
The data is collected through surveys of businesses in the wholesale trade industry and calculated as an index by the U.S. Bureau of Labor Statistics.
Historical Context
This trend is closely monitored by policymakers and industry analysts to assess the health of the petroleum and energy sectors.
Key Facts
- The series has a base year of 2012 = 100.
- Petroleum and petroleum products account for a significant portion of wholesale trade activity.
- Compensation trends in this industry can signal broader economic conditions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total labor compensation, including wages and benefits, for workers in the wholesale trade of petroleum and petroleum products (NAICS 4247) in the United States.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic health and labor market dynamics of the petroleum and energy supply chain, which is a critical sector for the overall economy.
Q: How is this data collected or calculated?
A: The data is collected through surveys of businesses in the wholesale trade industry and calculated as an index by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts closely monitor this trend to assess the state of the petroleum and energy sectors, which have significant implications for broader economic activity and energy policy.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedules and potential revisions of the U.S. Bureau of Labor Statistics.
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Citation
U.S. Federal Reserve, Labor Compensation for Wholesale Trade: Petroleum and Petroleum Products Merchant Wholesalers (NAICS 4247) in the United States (IPUGN4247L020000000), retrieved from FRED.