Mining Wages and Salaries in North Dakota
NDWMIN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,393,198.00
Year-over-Year Change
41.69%
Date Range
1/1/1998 - 1/1/2025
Summary
The Mining Wages and Salaries in North Dakota series measures the average hourly earnings of workers in the mining industry within the state. This statistic is a key indicator of labor costs and economic activity in North Dakota's vital natural resource extraction 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 Mining Wages and Salaries in North Dakota indicator tracks the average hourly compensation for employees in the state's mining industry, which includes oil and gas extraction, coal mining, and other mineral production. This metric provides insight into labor market trends and production costs for a crucial component of North Dakota's economy.
Methodology
The data is collected through employer surveys by the U.S. Bureau of Labor Statistics.
Historical Context
Policymakers and analysts use this metric to assess the health and competitiveness of North Dakota's mining industry.
Key Facts
- North Dakota is a leading U.S. producer of oil, natural gas, and coal.
- Mining accounts for over 10% of North Dakota's GDP.
- Mining wages in North Dakota are among the highest in the nation.
FAQs
Q: What does this economic trend measure?
A: The Mining Wages and Salaries in North Dakota series tracks the average hourly earnings of workers employed in the state's mining industry, including oil, gas, and other mineral extraction.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into labor costs and economic conditions in North Dakota's vital mining sector, which is a major driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected through employer surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this indicator to assess the health and competitiveness of North Dakota's mining industry, which has significant implications for the state's overall economic performance.
Q: Are there update delays or limitations?
A: The Mining Wages and Salaries data is published monthly with a typical 1-2 month delay.
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Citation
U.S. Federal Reserve, Mining Wages and Salaries in North Dakota (NDWMIN), retrieved from FRED.