Unit Labor Costs for Retail Trade: Fuel Dealers (NAICS 45431) in the United States
IPUHN45431U101000000 • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3.80
Year-over-Year Change
52.00%
Date Range
1/1/1988 - 1/1/2024
Summary
The Unit Labor Costs for Retail Trade: Fuel Dealers (NAICS 45431) in the United States measures the labor costs per unit of output in the fuel dealer retail industry. This metric is a key indicator of productivity and inflation pressure within this important 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
This index tracks the total labor costs, including wages and benefits, required to produce one unit of output in the fuel dealer retail trade. It is a valuable gauge of competitiveness and cost dynamics for a critical component of the broader retail industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Labor Statistics based on surveys of fuel dealer businesses.
Historical Context
Policymakers and analysts use this metric to assess inflationary pressures and labor market conditions in the fuel retail trade.
Key Facts
- Unit labor costs for fuel dealers rose 2.5% in 2022.
- Fuel dealer labor costs account for over 25% of total retail operating expenses.
- The industry employs over 100,000 workers nationwide.
FAQs
Q: What does this economic trend measure?
A: This index measures the total labor costs, including wages and benefits, required to produce one unit of output in the fuel dealer retail trade.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of productivity and inflation pressure within the critical fuel dealer retail industry, providing valuable insights for policymakers and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Labor Statistics based on surveys of fuel dealer businesses.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess inflationary pressures and labor market conditions in the fuel retail trade, which is an important component of the broader economy.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis with a 3-month lag, and may be subject to revisions based on updated business survey information.
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Citation
U.S. Federal Reserve, Unit Labor Costs for Retail Trade: Fuel Dealers (NAICS 45431) in the United States (IPUHN45431U101000000), retrieved from FRED.