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December 1985, Vol. 108, No. 12
Productivity growth low
in the oilfield machinery industry
Output per employee hour in the oilfield machinery industry1 grew at an average annual rate of 1.2 percent between 1967 and 1983, compared with a 2.4-percent rate for the entire manufacturing sector. During this period, output grew at an average annual rate of 8.1 percent, while average annual growth in employee hours was 6.8 percent.
This industry has been strongly influenced by worldwide changes in the price of oil with resulting shifts in production of crude oil and natural gas. Increases in oil prices and expectations of future oil price increases have led to spurts in activity in the oilfield machinery industry, followed by periods of slower output growth or output declines as oil prices stabilized or dropped.
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1 The oilfield machinery and equipment industry is classified as Standard Industrial Classification (SIC) 3533 in the Standard Industrial Classification Manual 1972 and its 1977 supplement, issued by the U.S. Office of Management and Budget. This industry includes establishments primarily engaged in manufacturing machinery and equipment for use in oil and gas fields or for drilling waterwells.
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