DEFINITION
Petroleum and coal products 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.
Correlations > Economy Statistics > GSP > Compensation of Employees > Petroleum and coal products manufacturing
A correlation is a statistical measure of similarity between at least two given sets of data. StateMaster's
correlations compare two variables from our database and reveal statistical relationships between them. The percentages
you see represent the strength (or likelihood) that a change in the topic variable is matched by a change in the listed
variables below it. But remember: These correlations do not imply causation, that is, one does not necessarily cause
the other. Also, not all variables contain all states, rather subsets of states matched together.
Outliers have been removed only where they are outside 3 standard deviations of the mean.
Only variable pairs where at least 15 states match for each have been considered.
Strength is given by the correlation coefficient (R squared). It is the fraction of variation in Y that can be attributed to the variation in X. 100% signifies a perfect fit (R squared of 1). The top 50 such stats are displayed
DEFINITION: Petroleum and coal products 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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