Unit Labor Costs for Wholesale Trade: Petroleum and Petroleum Products Merchant Wholesalers (NAICS 4247) in the United States
IPUGN4247U101000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-6.30
Year-over-Year Change
-257.50%
Date Range
1/1/1988 - 1/1/2024
Summary
This economic trend measures the unit labor costs for wholesale trade in petroleum and petroleum products in the United States. It is a key indicator of productivity and inflationary pressures in this crucial 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
The Unit Labor Costs for Wholesale Trade: Petroleum and Petroleum Products Merchant Wholesalers (NAICS 4247) trend tracks the cost of labor required to produce one unit of output in this specific wholesale sector. It is an important metric for understanding productivity, pricing dynamics, and overall economic conditions.
Methodology
The data is collected and calculated by the U.S. Bureau of Labor Statistics as part of their Producer Price Index program.
Historical Context
Policymakers and analysts closely monitor this trend to gauge the health of the petroleum supply chain and its impact on broader economic performance.
Key Facts
- Wholesale trade accounts for over 5% of U.S. GDP.
- Petroleum and petroleum products are a critical input across many industries.
- Unit labor costs directly impact pricing and profit margins for wholesalers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the unit labor costs for wholesale trade in petroleum and petroleum products in the United States. It tracks the cost of labor required to produce one unit of output in this specific wholesale sector.
Q: Why is this trend relevant for users or analysts?
A: This trend is an important indicator of productivity, pricing dynamics, and overall economic conditions in the petroleum supply chain, which has far-reaching impacts across many industries.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Labor Statistics as part of their Producer Price Index program.
Q: How is this trend used in economic policy?
A: Policymakers and analysts closely monitor this trend to gauge the health of the petroleum supply chain and its impact on broader economic performance.
Q: Are there update delays or limitations?
A: The data is published monthly by the U.S. Bureau of Labor Statistics with typical release lags of 1-2 months.
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Citation
U.S. Federal Reserve, Unit Labor Costs for Wholesale Trade: Petroleum and Petroleum Products Merchant Wholesalers (NAICS 4247) in the United States (IPUGN4247U101000000), retrieved from FRED.