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Strength of correlation (R squared): 0.812 (this correlation is strong)
Outliers:
California
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X Axis |
Y Axis |
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| Variable: |
Industry > Miscellaneous manufacturing > Value added |
Labor > Miscellaneous manufacturing > Production workers hours |
| Plot Display: |
Linear |
Linear |
| Definition: |
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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This item covers all hours worked or paid for at the manufacturing plant, including actual overtime hours (not straight-time equivalent hours). It excludes hours paid for vacations, holidays, or sick leave when the employee is not at the establishment.
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| Source: |
Annual Survey of Manufactures, 2004
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Annual Survey of Manufactures, 2004
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| Correlations: |
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