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Strength of correlation (R squared): 0.879 (this correlation is strong)
Outliers:
California
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X Axis |
Y Axis |
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| Variable: |
Labor > Total Manufacturing > Number of employees |
Industry > Fabricated metal product manufacturing > Value added |
| Plot Display: |
Linear |
Linear |
| Definition: |
This item includes all full-time and part-time employees on the payrolls of operating manufacturing establishments during any part of the pay period that included the 12th of the months specified on the report form. Included are employees on paid sick leave, paid holidays, and paid vacations; not included are proprietors and partners of unincorporated businesses.
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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: |
Annual Survey of Manufactures, 2004
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Annual Survey of Manufactures, 2004
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| Correlations: |
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