For release 10:00 a.m. (EDT) Wednesday, June 19, 2013 USDL-13-1177
Technical information: (202) 691-5606 • mfpweb@bls.gov • www.bls.gov/mfp
Media contact: (202) 691-5902 • PressOffice@bls.gov
MULTIFACTOR PRODUCTIVITY TRENDS IN MANUFACTURING - 2011
Manufacturing sector multifactor productivity increased at a 0.8 percent
annual rate in 2011, the U.S. Bureau of Labor Statistics reported today.
This increase was considerably smaller than the 4.5 percent gain in 2010,
the largest gain in the series which began in 1987. The multifactor
productivity gain in 2011 reflected a 3.1 percent increase in output
and a 2.3 percent increase in combined inputs. (See table A.)
Multifactor productivity measures the change in output per unit of combined
inputs. Multifactor productivity in manufacturing is designed to measure the
joint influences on economic growth of technological change, efficiency
improvements, returns to scale, reallocation of resources, and other factors,
allowing for the effects of capital, labor and intermediate inputs (energy,
materials, purchased business services). Multifactor productivity measures
differ from labor productivity (output per hour worked) measures that are
published quarterly by BLS because multifactor productivity measures include
information on capital services and intermediate inputs. Also, data needed
to construct multifactor productivity are not available on a quarterly basis.
Durable manufacturing sector multifactor productivity increased 1.9 percent
in 2011, following a 6.8 percent increase in 2010. Nondurable manufacturing
sector multifactor productivity declined 0.3 percent in 2011, following a
2.1 percent increase in 2010. (See table C, table 3.)
Historical trends in manufacturing
Multifactor productivity in manufacturing grew 1.3 percent annually from
1987 to 2011 with sectoral output increasing at an annual rate of 1.7
percent, faster than the 0.3 percent annual increase in combined inputs.
During the same period, output per hour (labor productivity) increased 3.3
percent annually. (See table A.) Of the 3.3 percent growth rate in labor
productivity, multifactor productivity added 1.3 percent, capital intensity
contributed 0.6 percent, materials intensity added 0.9 percent, and
purchased business services intensity added a 0.4 percent increase. The
contribution of energy intensity was unchanged. (See table B.)
For the 2007-2011 period, multifactor productivity rose at a 0.6 percent
annual rate compared to a larger 2.0 percent annual growth rate in the
2000-2007 period. (See table A.) Sectoral output declined 2.3 percent
and combined inputs declined 2.9 percent over the 2007-2011 period.
In 2011, fewer NAICS three-digit manufacturing industries exhibited an
increase in multifactor productivity growth and sectoral output growth
compared to the previous year. The number of industries exhibiting an
increase in combined inputs remained steady at 13, the same number as
in 2010. Eleven out of 18 manufacturing industries exhibited an
increase in multifactor productivity. Thirteen industries showed
increasing output. (See chart 2.) Seven industries experienced a
decline in multifactor productivity growth. Of these seven industries,
two were durable manufacturing industries: primary metals and
miscellaneous manufacturing. The remaining five industries were in the
nondurable manufacturing sector: food, beverage, and tobacco products;
textile mills and textile product mills; apparel, leather, and allied
products; petroleum and coal products; and plastics and rubber products.
(See table 3.)
Revised measures
Previous and revised productivity measures and related data for 2009
and 2010 for the manufacturing, durable manufacturing, and nondurable
manufacturing sectors are displayed in table C. In 2010, multifactor
productivity growth in the manufacturing sector was 4.5 percent, a
downward revision from the previously reported 7.5 percent. Multifactor
productivity in the durable manufacturing sector was 6.8 percent, down
from the previously reported 12.7 percent. In the nondurable
manufacturing sector, multifactor productivity was 2.1 percent, a
slight downward revision. The downward revision of multifactor
productivity in all three sectors was largely the result of an upward
revision in the growth of combined inputs in all three sectors. In
2009, multifactor productivity in all three sectors was revised slightly
upward. The revisions in both years were due to the annual revision of
the National Income and Product Accounts (NIPA) released on November 13,
2012.
Table A. Compound annual growth rates for productivity, sectoral output, and
inputs in the manufacturing sector for selected periods, 1987-2011
In percent
1987- 1987- 1990- 1995- 2000- 2007- 2010-
2011 1990 1995 2000 2007 2011 2011
Productivity
Multifactor
productivity1 1.3 0.3 1.2 1.8 2.0 0.6 0.8
Output per hour
of all persons 3.3 1.8 3.4 4.8 3.9 1.6 0.8
Output per unit
of capital services -0.1 -0.1 0.7 0.8 0.3 -2.8 3.0
Sectoral Output 1.7 2.1 3.3 4.6 0.7 -2.3 3.1
Inputs
Combined inputs2 0.3 1.9 2.1 2.8 -1.3 -2.9 2.3
Labor hours3 -1.6 0.4 -0.1 -0.1 -3.1 -3.9 2.3
Capital services 1.8 2.3 2.6 3.8 0.4 0.5 0.1
Energy -0.3 1.9 1.7 5.9 -3.9 -5.3 2.0
Materials 1.4 1.6 3.7 5.9 -1.1 -2.3 6.3
Purchased business
services 0.7 5.3 3.2 1.3 0.2 -5.6 -3.1
1Output per combined units of hours, capital services, energy, materials,
and purchased business services.
2The growth rate of each input is weighted by its share of current dollar
costs.
3Hours at work of all persons.
Table B. Compound annual growth rates in output per hour of all persons and
contributions of capital intensity, intermediate inputs intensity, and
multifactor productivity in the manufacturing sector for selected periods,
1987-2011
In percent
1987- 1987- 1990- 1995- 2000- 2007- 2010-
2011 1990 1995 2000 2007 2011 2011
Manufacturing
Output per hour
of all persons 3.3 1.8 3.4 4.8 3.9 1.6 0.8
Contribution of
capital intensity1 0.6 0.3 0.4 0.7 0.6 0.8 -0.4
Contribution of
information
processing
equipment
and software2 0.2 0.2 0.2 0.3 0.1 0.2 0.0
Contribution
of all
other capital
services 0.4 0.2 0.2 0.3 0.5 0.7 -0.4
Contribution of
intermediate inputs3 1.3 1.2 1.8 2.2 1.2 0.2 0.5
Contribution
of energy
intensity4 0.0 0.0 0.0 0.2 0.0 0.0 0.0
Contribution
of materials
intensity5 0.9 0.4 1.1 1.8 0.6 0.5 1.4
Contribution
of purchased
business
services
intensity6 0.4 0.8 0.6 0.3 0.6 -0.3 -0.9
Multifactor
productivity7 1.3 0.3 1.2 1.8 2.0 0.6 0.8
1Capital services per hour multiplied by capital's share of current dollar
costs.
2Information processing equipment and software per hour multiplied by its
share of total current dollar costs.
3Intermediate inputs per hour multiplied by intermediate inputs share of
current dollar costs.
4Energy per hour multiplied by energy’s share of current dollar costs.
5Materials per hour multiplied by materials’ share of current dollar costs.
6Purchased business services per hour multiplied by purchased business'
services' share of current dollar costs.
7Output per combined units of hours, capital services, energy, materials,
and purchased business services.
Table C. Previous and revised productivity and related measures for the
2009-2010 and 2008-2009 periods
Inputs
Purc-
Multi- Sec- Com- Capi- hased
factor toral bined tal busi-
produc- out- in- ser- Mate- ness
Sector tivity1 put puts2 Hours3 vices Energy rials services
Annual percent change,
2009-2010
Manufacturing
Previous 7.5 6.4 -1.1 -0.1 -0.3 2.9 -3.7 0.4
Revised 4.5 6.3 1.7 0.0 -0.5 1.6 5.0 1.3
Durable manufacturing
Previous 12.7 10.5 -1.9 -0.1 -1.8 6.1 -4.3 -3.4
Revised 6.8 10.0 3.0 -0.1 -1.6 12.8 14.2 -1.3
Nondurable manufacturing
Previous 2.7 3.2 0.4 0.0 0.6 1.0 -1.1 5.7
Revised 2.1 3.3 1.1 0.1 0.1 -5.1 1.4 4.9
Annual percent change,
2008-2009
Manufacturing
Previous -2.8 -12.9 -10.4 -13.0 0.1 -24.1 -13.1 -9.1
Revised -2.2 -12.9 -10.9 -13.0 0.1 -22.8 -14.2 -10.6
Durable manufacturing
Previous -4.7 -20.3 -16.3 -15.4 -0.1 -28.0 -26.8 -13.4
Revised -4.1 -20.3 -16.9 -15.5 -0.2 -28.9 -27.1 -15.1
Nondurable manufacturing
Previous -0.9 -6.4 -5.6 -8.6 0.2 -21.4 -6.6 -2.4
Revised -0.3 -6.4 -6.2 -8.7 0.3 -18.8 -7.8 -3.4
1Output per combined units of hours, capital services, energy, materials, and
purchased business services.
2The growth rate of each input is weighted by its share of current dollar costs
3Hours at work of all persons.
Technical Notes
Capital Services
Capital services are the services derived from the stock of physical assets
and software. There are 86 asset types for fixed business equipment and
software, structures, inventories, and land. The aggregate capital services
measures are obtained by Tornqvist aggregation of the capital stocks for
each asset type within each of the eighteen manufacturing NAICS industry
groupings using estimated rental prices for each asset type. Each rental
price reflects the nominal rate of return to all assets within the industry
and rates of economic depreciation and revaluation for the specific asset;
rental prices are adjusted for the effects of taxes. Data on investments
in physical assets and software are obtained from the Bureau of Economic
Analysis (BEA). Data on inventories are estimated using BEA and additional
information from IRS Corporation Income Returns. Nonfarm industry detail
for land is based on IRS book value data.
Labor Hours
The construction of the hours measures follows the methodology described
in USDL 13-0626, Multifactor Productivity Trends, 2011,
http://www.bls.gov/news.release/archives/prod3_04092013.pdf. Hours in
manufacturing are directly aggregated and do not include the effects of
labor composition. Hours data for the manufacturing multifactor productivity
measures include hours for all persons working in the manufacturing sector
– wage and salary workers, the self-employed and unpaid family workers.
The primary source of hours data is the BLS Current Employment Statistics
(CES) survey. Hours paid of production workers are also obtained primarily
from the CES survey. The hours of these employees are then converted to an
at-work basis by using information from the Employment Cost Index (ECI) of
the National Compensation Survey (NCS) and the BLS Hours at Work Survey.
Hours at work for nonproduction workers are derived using data from the
Current Population Survey (CPS), the CES, and the NCS. The hours at work
of proprietors are derived from the CPS.
Hours at work data are based on underlying hours data published in the
February 7, 2013, USDL-13-0192, Productivity and Costs,
http://www.bls.gov/news.release/archives/prod2_02072013.pdf. Therefore,
the data do not reflect the benchmark revisions to the CES and other
revisions to hours released on March 7, 2013.
Intermediate Inputs
In manufacturing, intermediate inputs consist of energy, materials,
and purchased business services, and represent a large share of
production costs. Research has shown that substitution among inputs,
including intermediate inputs, affects productivity change. Therefore,
it is important to account for intermediate inputs in productivity
measures at the level of manufacturing. In contrast, the more aggregate
productivity measures compare "value-added" output with two classes of
inputs, capital and labor. Because of these differences in concepts
and methodology, productivity change in manufacturing cannot be directly
compared with changes in private business or private nonfarm business.
Data on intermediate inputs are obtained from BEA based on BEA annual
input-output tables. Tornqvist indexes of each of these three input
classes are derived at the 3-digit NAICS level and then aggregated to
total manufacturing. Materials inputs are adjusted to exclude
transactions between establishments within the same sector.
Combined Inputs
The five input indexes (capital services, hours, energy, materials,
and purchased business services) are combined using chained superlative
Tornqvist aggregation, applying weights that represent each component's
share of total costs. Total costs are defined as the current dollar
value of manufacturing sectoral output. Most taxes on production and
imports, such as excise taxes, are excluded from costs; however, property
and motor vehicle taxes remain in total costs.
Capital Intensity
Capital intensity is the ratio of capital services to hours worked in
the production process. The higher the capital to hours ratio, the more
capital intensive the production process is.
In a production process, profit maximizing/cost-minimizing firms adjust
the factor proportions of capital and labor if the price of one factor
falls relative to the price of the other factor; there would be a
tendency for the firms to substitute the less expensive factor for the
more expensive one. In the short run, changes in hours worked are more
variable than changes in capital services. Changes in hours worked in
business cycles can result in volatility of the capital intensity ratio
over short periods of time. In the long run an increase in wages
relative to the price of capital will induce the firm to substitute
capital for labor, resulting in an increase in capital intensity.
Sectoral Output
The output concept used for multifactor productivity in manufacturing is
“sectoral output”. Sectoral output equals gross output (sales, receipts,
and other operating income, plus commodity taxes plus changes in
inventories), excluding transactions between establishments within the
same sector. In contrast, the output concept used for private business
and private nonfarm business is “real value-added”. Real value-added
output in private business equals gross domestic product less general
government, government enterprises, private households (including the
rental value of owner-occupied real estate), and non-profit
institutions. Real value-added output excludes intermediate transactions
between businesses.
The output index for manufacturing is constructed using a chained
superlative index (Tornqvist) of three-digit NAICS industry outputs.
Industry output is measured as sectoral output, the total value of
goods and services leaving the industry. The indexes of industry output
are calculated with the Tornqvist index formula. This index formula
aggregates the growth rates of the various industry outputs between two
periods, using their relative shares in industry value of production
averaged over the two periods as weights. BLS industry output measures
for manufacturing industries are constructed using data from the
economic censuses and annual surveys of the Bureau of the Census, U.S.
Department of Commerce, together with information on price changes,
primarily from BLS.
Multifactor Productivity
The manufacturing multifactor productivity measures describe the
relationship between output in real terms and the inputs involved in
its production. Manufacturing multifactor productivity measures exclude
intermediate inputs between manufacturing establishments from both
output and inputs. Multifactor productivity measures are not intended
to measure the specific contributions of labor, capital, or intermediate
inputs. Rather, they are designed to measure the joint influences on
economic growth of technological change, efficiency improvements, returns
to scale, reallocation of resources and other factors of economic growth,
allowing for the effects of capital, labor, and intermediate inputs.
The multifactor productivity indexes are derived by dividing an output
index by an index of the combined inputs of labor hours, capital services,
energy, non-energy materials, and purchased business services.
Other information
Comprehensive tables containing more detailed data than that which is
published in this press release are available upon request at
202-691-5606 or at http://www.bls.gov/mfp/mprdload.htm. More detailed
information on methods, limitations, and data sources of capital and
labor are provided in BLS Bulletin 2178 (September 1983), Trends in
Multifactor Productivity, 1948-81 and on the BLS Multifactor
Productivity website under the title “Technical Information About
the BLS Multifactor Productivity Measures” for Major Sectors and 18
NAICS 3-digit Manufacturing Industries at http://www.bls.gov/mfp/mprtech.pdf.
General information is available on the BLS Multifactor Productivity
website at http://www.bls.gov/mfp/mprover.htm. Additional data not contained
in the release can be obtained in print or at http://www.bls.gov/mfp.
A number of comprehensive tables set up as zip files can be obtained
at http://www.bls.gov/mfp/mprdload.htm. Methods for measuring
manufacturing multifactor productivity are discussed in "Measurement of
productivity growth in U.S. manufacturing” in the July 1995 issue of
the Monthly Labor Review. See http://www.bls.gov/mfp/mprgul95.pdf.
Table 1. Manufacturing sector: productivity and related measures for the
1987-2011 period
Annual percent change from previous year
Productivity Inputs
Output Output Multi- Pur- Com-
per per factor Sec- Capi- chased bined
hour unit Pro- toral tal busi- units
of all of ducti- out- Ser- Ener- Mate- ness of all
Year persons capital vity1 put Hours2 vices gy rials services inputs3
1988 2.1 3.3 2.0 5.2 3.0 1.8 4.1 1.0 8.7 3.1
1989 1.0 -0.7 -0.5 1.6 0.6 2.4 -0.3 2.1 5.8 2.1
1990 2.2 -3.0 -0.7 -0.3 -2.5 2.7 1.9 1.7 1.5 0.4
1991 2.6 -3.9 -0.4 -1.7 -4.2 2.3 -0.3 -0.5 -0.8 -1.3
1992 3.8 1.0 -0.6 3.3 -0.5 2.2 -1.0 8.6 7.5 4.0
1993 2.6 1.5 2.6 3.9 1.3 2.4 3.4 0.8 0.8 1.3
1994 3.5 3.3 2.6 5.9 2.3 2.5 3.6 4.3 3.9 3.3
1995 4.5 1.7 1.8 5.2 0.7 3.5 2.9 5.4 4.9 3.4
1996 3.6 -0.6 0.3 3.4 -0.2 4.1 -2.7 9.0 -0.3 3.1
1997 5.4 2.8 2.7 7.3 1.8 4.5 -2.0 8.0 4.1 4.5
1998 5.5 0.7 1.3 5.2 -0.3 4.5 3.8 8.4 3.4 3.9
1999 4.8 0.6 1.2 4.1 -0.7 3.5 23.3 6.2 0.9 2.9
2000 4.4 0.5 3.6 3.0 -1.3 2.5 9.1 -1.9 -1.4 -0.6
2001 1.8 -5.8 -1.0 -4.8 -6.5 1.0 9.2 -6.4 -1.7 -3.8
2002 7.2 -0.6 3.3 -0.4 -7.1 0.2 -22.6 1.0 -3.2 -3.6
2003 6.3 1.3 3.7 1.1 -4.9 -0.3 -10.2 -1.6 -0.8 -2.5
2004 2.3 2.5 3.7 1.7 -0.5 -0.7 -6.3 -0.8 -6.3 -1.9
2005 4.7 3.2 1.5 3.6 -1.1 0.4 10.3 1.6 8.3 2.0
2006 0.9 0.9 2.3 1.6 0.7 0.7 -4.2 -1.1 -2.7 -0.7
2007 3.8 0.7 0.8 2.1 -1.6 1.4 0.6 -0.1 8.6 1.3
2008 -0.6 -6.8 -0.5 -4.5 -4.0 2.4 0.7 -5.0 -9.6 -4.1
2009 0.1 -13.0 -2.2 -12.9 -13.0 0.1 -22.8 -14.2 -10.6 -10.9
2010 6.3 6.8 4.5 6.3 0.0 -0.5 1.6 5.0 1.3 1.7
2011 0.8 3.0 0.8 3.1 2.3 0.1 2.0 6.3 -3.1 2.3
1. Output per combined units of hours, capital services, energy, materials,
and purchased business services.
2. Hours at work of all persons.
3. Combined units of hours, capital services, energy, materials, and
purchased business services, chained superlative index.
Source: The Bureau of Labor Statistics (BLS) develops productivity measures
using output data published by the Bureau of the Census, U.S.
Department of Commerce, and modified by BLS. Compensation and hours
data are from the BLS. Capital measures are based on data supplied
by the BEA, U.S. Department of Commerce. See also Technical Notes in
this release.
Table 2. Manufacturing sector: indexes of productivity and related
measures, 1987-2011
Indexes 2005=100
Productivity Inputs
Output Output Multi- Pur- Com-
per per factor Sec- Capi- chased bined
hour unit Pro- toral tal busi- units
of all of ducti- out- Ser- Ener- Mate- ness of all
Year persons capital vity1 put Hours2 vices gy rials services inputs3
1987 51.2 92.8 76.6 63.0 123.2 67.9 83.3 63.8 71.5 82.3
1988 52.2 95.9 78.2 66.3 126.9 69.1 86.8 64.5 77.7 84.8
1989 52.8 95.2 77.8 67.4 127.7 70.8 86.5 65.8 82.3 86.6
1990 53.9 92.4 77.2 67.2 124.5 72.7 88.1 66.9 83.5 87.0
1991 55.3 88.8 76.9 66.0 119.3 74.3 87.9 66.6 82.9 85.8
1992 57.5 89.7 76.4 68.2 118.7 76.0 87.0 72.4 89.0 89.2
1993 58.9 91.1 78.4 70.9 120.3 77.8 89.9 72.9 89.7 90.4
1994 61.0 94.1 80.4 75.1 123.1 79.8 93.1 76.1 93.2 93.3
1995 63.8 95.7 81.9 79.0 123.9 82.6 95.8 80.2 97.8 96.5
1996 66.1 95.1 82.1 81.7 123.6 85.9 93.3 87.4 97.4 99.5
1997 69.7 97.7 84.3 87.7 125.8 89.8 91.4 94.4 101.4 104.0
1998 73.5 98.4 85.4 92.3 125.5 93.8 94.9 102.3 104.9 108.1
1999 77.1 99.0 86.4 96.1 124.7 97.1 117.0 108.7 105.9 111.2
2000 80.5 99.5 89.5 99.0 123.1 99.5 127.6 106.6 104.4 110.6
2001 81.9 93.8 88.6 94.2 115.0 100.5 139.4 99.8 102.6 106.3
2002 87.9 93.3 91.5 93.9 106.9 100.7 107.8 100.8 99.3 102.6
2003 93.4 94.5 94.9 94.9 101.6 100.4 96.8 99.2 98.5 99.9
2004 95.5 96.9 98.5 96.5 101.1 99.6 90.7 98.4 92.4 98.0
2005 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
2006 100.9 100.9 102.3 101.6 100.7 100.7 95.8 98.9 97.3 99.3
2007 104.8 101.6 103.2 103.8 99.0 102.1 96.4 98.8 105.7 100.6
2008 104.2 94.7 102.6 99.1 95.1 104.6 97.1 93.9 95.6 96.6
2009 104.3 82.4 100.4 86.3 82.7 104.8 74.9 80.6 85.4 86.0
2010 110.9 88.0 104.8 91.7 82.7 104.2 76.1 84.6 86.5 87.5
2011 111.8 90.6 105.6 94.5 84.6 104.3 77.6 90.0 83.8 89.5
1. Output per combined units of hours, capital services, energy, materials,
and purchased business services.
2. Hours at work of all persons.
3. Combined units of hours, capital services, energy, materials, and
purchased business services, chained superlative index.
Source: The Bureau of Labor Statistics (BLS) develops productivity measures
using output data published by the Bureau of the Census, U.S.
Department of Commerce, and modified by BLS. Compensation and hours
data are from the BLS. Capital measures are based on data supplied
by the BEA, U.S. Department of Commerce. See also Technical Notes in
this release.
Table 3. Multifactor productivity measures for manufacturing industries
in selected periods, 1987-2011
Compound annual growth rates
1987- 1987- 1990- 1995- 2000- 2007- 2010-
2011 1990 1995 2000 2007 2011 2011
Manufacturing 1.3 0.3 1.2 1.8 2.0 0.6 0.8
Nondurable
manufacturing 0.3 -0.5 0.7 -0.2 1.0 0.1 -0.3
Food, beverage,
and tobacco products -0.1 -1.6 1.4 -1.7 0.7 -0.1 -0.8
Textile mills and
textile product mills 1.1 1.1 0.7 1.5 1.6 0.2 -1.2
Apparel, leather,
and allied products 1.4 0.0 2.9 0.6 4.2 -3.3 -2.1
Paper products 0.2 -0.2 -0.2 0.5 0.7 -0.4 2.9
Printing and related
support activities 0.6 1.0 -0.2 -0.5 1.3 1.5 5.6
Petroleum and coal
products 0.7 0.8 0.8 1.0 0.4 0.5 -2.7
Chemical products 0.1 -1.0 -0.7 -0.5 1.9 -0.5 1.6
Plastics and
rubber products 0.7 0.8 0.5 1.2 0.6 0.2 -0.2
Durable manufacturing 2.1 0.9 1.5 3.3 2.8 1.2 1.9
Wood products 0.5 1.0 -1.3 -0.3 1.0 2.7 6.4
Nonmetallic
mineral products -0.1 0.2 0.8 0.1 -0.7 -0.6 1.5
Primary metals -0.2 1.0 0.0 0.3 -0.4 -1.8 -8.5
Fabricated metal
products 0.2 -0.1 1.0 -0.2 0.6 -0.6 3.7
Machinery 0.2 1.0 -1.9 -1.1 1.6 1.4 5.6
Computer and
electronic products 9.7 5.5 9.3 14.4 9.9 7.6 3.1
Electrical equipment,
appliances, and
components -0.7 -2.4 -2.4 -2.6 1.4 1.3 8.6
Transportation
equipment 0.2 -1.6 -0.5 0.5 1.7 -0.7 1.0
Furniture and
related products 0.2 -0.7 0.6 0.6 1.1 -1.7 0.8
Miscellaneous
manufacturing 1.5 2.7 -0.1 2.4 2.0 0.5 -4.9
Note: Multifactor productivity measures by industry do not sum up to aggregate
manufacturing measures because industry measures exclude transactions
only within the specific industry while the aggregate manufacturing
measures also exclude transactions between all manufacturing industries.
United States Department of Labor
