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Strength of correlation (R squared): 0.909 (this correlation is very strong)
Outliers:
California
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X Axis |
Y Axis |
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| Variable: |
Economy > GSP > Compensation of Employees > Miscellaneous manufacturing |
Industry > Miscellaneous manufacturing > Value added |
| Plot Display: |
Logarithmic (base 10) |
Linear |
| Definition: |
Miscellaneous manufacturing, Compensation of Employees (current dollars) Compensation of Employees is a statisical term which refers to the total gross (pre-tax) wages paid by employers to employeesfor work done in an accounting period, such as a quarter or a year. It represents roughly the total labor cost to an employer.
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This measure of manufacturing activity is derived by subtracting the cost of materials, supplies, containers, fuel, purchased electricity, and contract work from the value of shipments (products manufactured plus receipts for services rendered). The result of this calculation is adjusted by the addition of value added by merchandising operations (i.e., the difference between the sales value and the cost of merchandise sold without further manufacture, processing, or assembly) plus the net change in finished goods and work-in-process between the beginning- and end-of-year inventories.
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| Source: |
U.S. Department of Commerce, Bureau of Economic Analysis, Regional Economic Analysis Division. Data for 2003.
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Annual Survey of Manufactures, 2004
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| Correlations: |
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