Unit Labor Costs for Retail Trade: Food and Beverage Stores (NAICS 445) in the United States
IPUHN445U101000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.90
Year-over-Year Change
52.63%
Date Range
1/1/1988 - 1/1/2024
Summary
The 'Unit Labor Costs for Retail Trade: Food and Beverage Stores (NAICS 445) in the United States' metric measures the average cost of labor per unit of output in the food and beverage retail sector. It is a key indicator for analyzing productivity and inflationary pressures in this important 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 index tracks changes in the labor costs associated with producing a standardized unit of output in the food and beverage retail trade sector, which encompasses grocery, specialty food, and beverage stores. It is a crucial metric for assessing the cost and efficiency dynamics underlying this segment of the retail economy.
Methodology
The data is calculated by the U.S. Bureau of Labor Statistics based on measures of labor input and output for the NAICS 445 industry.
Historical Context
Economists and policymakers closely monitor unit labor costs as a leading indicator of inflation and competitiveness in key consumer-facing industries.
Key Facts
- Unit labor costs in food/beverage retail rose 2.7% in 2022.
- This sector accounts for over 1 million U.S. jobs.
- Productivity growth has slowed in this industry in recent years.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the average cost of labor per unit of output in the food and beverage retail trade sector, encompassing grocery, specialty food, and beverage stores.
Q: Why is this trend relevant for users or analysts?
A: Unit labor costs are a crucial indicator for analyzing productivity, cost pressures, and competitiveness in this important consumer-facing industry.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Labor Statistics based on measures of labor input and output for the NAICS 445 industry.
Q: How is this trend used in economic policy?
A: Economists and policymakers closely monitor unit labor costs as a leading indicator of inflation and competitiveness in key consumer-facing industries like food and beverage retail.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Unit Labor Costs for Retail Trade: Food and Beverage Stores (NAICS 445) in the United States (IPUHN445U101000000), retrieved from FRED.