For release 10:00 a.m. (EDT) Tuesday, June 26, 2012 USDL-12-1288

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 - 2010

Manufacturing sector multifactor productivity increased at an annual rate of 7.5 percent in 2010, the U.S. 

Bureau of Labor Statistics reported today. This was the largest increase recorded in the series, which began in 

1987. (See chart 1, table A.) The multifactor productivity gain in 2010 reflected a 6.4 percent increase in output 

and a 1.1 percent decrease in combined inputs. 

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 12.7 percent in 2010, following a decline of 

4.7 percent in 2009. This was the largest increase recorded in the series, which began in 1987. Nondurable 

manufacturing sector multifactor productivity increased 2.7 percent in 2010, following a 0.9 percent decrease in 

2009. The gain in 2010 was the largest increase since 2003. (See table C, table 3.) 

Chart 1. Multifactor productivity for the manufacturing, durable manufacturing, and nondurable 

manufacturing sectors, 2000-2010

 Annual percent change

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Manufacturing Durable manufacturing Nondurable manufacturing
- 2 - 

Historical trends in manufacturing 

Multifactor productivity in manufacturing grew 1.5 percent annually from 1987 to 2010 as sectoral output 

increased at a faster rate, 1.7 percent, than combined inputs, 0.2 percent. During the same period, output per hour 

(labor productivity) increased 3.4 percent. (See table A.) Of the 3.4 percent growth rate in labor productivity, 

multifactor productivity added 1.5 percent, capital intensity contributed 0.6 percent, materials intensity added 0.8 

percent, and purchased business services intensity added a 0.5 percent increase. The contribution of energy 

intensity was unchanged. (See table B.) 

For the 2007-2010 period, multifactor productivity rose at an annual rate of 1.3 percent compared to a 2.0 percent 

annual growth rate in the 2000-2007 period. The multifactor productivity average annual growth rate in 2007-

2010 would have been significantly lower had it not been buoyed by the sharp increase of 7.5 percent in 2010. 

In 2010, the number of manufacturing industries that exhibited increasing multifactor productivity, output, and 

combined inputs grew from the previous year. Fourteen out of eighteen manufacturing industries exhibited

increases in multifactor productivity, fifteen showed increasing output, and seven showed increasing combined 

inputs. (See chart 2.) Only four manufacturing industries exhibited a decrease in multifactor productivity in 2010: 

textile mills and textile product mills, paper products, primary metals, and electrical equipment, appliances, and 

components. (See table 3.) 

Chart 2. Percent of manufacturing industries with increases in multifactor productivity, output, and 

combined inputs, 2006-2010

Revised measures 

Previous and revised productivity measures and related data for 2008 and 2009 for the manufacturing, durable 

manufacturing, and nondurable manufacturing sectors are displayed in table C. In 2009, multifactor productivity 

in manufacturing was revised to a decline of 2.8 percent compared to a decline of 5.7 percent as previously 

reported. In the nondurable manufacturing sector, multifactor productivity fell 0.9 percent compared to the 

previously reported decline of 3.1 percent. Multifactor productivity in the durable manufacturing sector was 

revised to a decline of 4.7 percent instead of a decline of 8.0 percent. The upward revision of multifactor 

productivity in all three sectors was largely the result of a downward revision in the growth of combined inputs in 

all three sectors. The revisions in both years were due to the annual revision of the National Income and Product 

Accounts (NIPA) released on December 13, 2011. 

0

10

20

30

40

50

60

70

80

90

100

Increasing multifactor productivity Increasing output Increasing combined inputs

2006 2007 2008 2009 2010
- 3 - 

Table A. Compound annual growth rates for productivity, sectoral output, and inputs in the 

manufacturing sector for selected periods, 1987-2010

In percent

 1987-

2010

1987-

1990

1990-

1995

1995-

2000

2000-

2007

2007-

2010

2009-

2010

Productivity

 Multifactor productivity11.5 0.3 1.2 1.8 2.0 1.3 7.5

 Output per hour of all persons 3.4 1.8 3.4 4.8 3.9 1.9 6.5

 Output per unit of capital services -0.2 -0.1 0.7 0.8 0.3 -4.7 6.7 

 

Sectoral Output 1.7 2.1 3.3 4.6 0.7 -4.0 6.4 

Inputs

 Combined inputs20.2 1.9 2.1 2.8 -1.3 -5.3 -1.1

 Labor hours3-1.7 0.4 -0.1 -0.1 -3.1 -5.8 -0.1

 Capital services 1.9 2.3 2.6 3.8 0.4 0.7 -0.3

 Energy -0.4 1.9 1.7 5.9 -3.9 -7.7 2.9 

 Materials 0.9 1.6 3.7 5.9 -1.1 -7.4 -3.7

 Purchased business services 0.9 5.3 3.2 1.3 0.2 -6.2 0.4 

1

Output per combined units of hours, capital services, energy, materials, and purchased business services.

2

The growth rate of each input is weighted by its share of current dollar costs.

3

Hours at work of all persons. 
- 4 - 

1

Capital services per hour multiplied by capital's share of current dollar costs. 

2

Information processing equipment and software per hour multiplied by its share of current dollar costs. 

3

Intermediate inputs per hour multiplied by intermediate inputs share of current dollar costs. 

4

Energy per hour multiplied by energy’s share of current dollar costs. 

5

Materials per hour multiplied by materials’ share of current dollar costs. 

6 Purchased business services per hour multiplied by purchased business services’ share of current dollar costs. 

7

 Output per combined units of hours, capital services, energy, materials, and purchased business services. 

Table B. Compound annual growth rates in output per hour of all persons and the contributions of capital 

intensity, intermediate inputs intensity, and multifactor productivity in the manufacturing sector for 

selected periods, 1987-2010

In percent

1987-

2010

1987-

1990

1990-

1995

1995-

2000

2000-

2007

2007-

2010

2009-

2010

Manufacturing

Output per hour of all persons 3.4 1.8 3.4 4.8 3.9 1.9 6.5

Contribution of capital intensity10.6 0.3 0.4 0.7 0.6 1.3 -0.1

Contribution of information 

processing equipment and 

software2

0.2 0.2 0.2 0.3 0.1 0.3 0.0

Contribution of all other 

capital services

0.4 0.2 0.2 0.3 0.5 1.0 -0.1

Contribution of intermediate 

inputs31.3 1.2 1.8 2.2 1.2 -0.7 -0.9

 Contribution of energy 

 intensity40.0 0.0 0.0 0.2 0.0 -0.1 0.1

 Contribution of materials 

 intensity50.8 0.4 1.1 1.8 0.6 -0.5 -1.1

 Contribution of purchased 

 business services intensity60.5 0.8 0.6 0.3 0.6 -0.1 0.1

Multifactor productivity71.5 0.3 1.2 1.8 2.0 1.3 7.5
- 5 - 

1

Output per combined units of hours, capital services, energy, materials, and purchased business services. 

2

The growth rate of each input is weighted by its share of current dollar costs. 

3

Hours at work of all persons. 

Table C. Previous and revised multifactor productivity and related measures for the 2008-2009

and 2007-2008 periods

Sector

Multifactor 

productivity1

Sectoral 

output

Inputs

Combined

inputs2 Hours3

Capital 

services Energy Materials

Purchased 

business 

services

Annual percent change, 2008-2009

Manufacturing

Previous -5.7 -12.5 -7.2 -12.6 1.2 -11.4 -8.0 -5.3

Revised -2.8 -12.9 -10.4 -13.0 0.1 -24.1 -13.1 -9.1

Durable 

manufacturing

Previous -8.0 -19.3 -12.3 -15.1 1.5 -22.3 -17.3 -9.8

Revised -4.7 -20.3 -16.3 -15.4 -0.1 -28.0 -26.8 -13.4

Nondurable 

manufacturing

Previous -3.1 -6.6 -3.6 -8.3 1.1 -4.4 -4.8 0.4

Revised -0.9 -6.4 -5.6 -8.6 0.2 -21.4 -6.6 -2.4

Annual percent change, 2007-2008

Manufacturing

Previous -0.1 -4.4 -4.3 -4.0 2.8 3.9 -5.0 -11.9

Revised -0.4 -4.5 -4.1 -4.0 2.4 0.7 -5.1 -9.6

Durable 

manufacturing

Previous 2.2 -5.7 -7.7 -4.2 1.7 0.4 -12.6 -14.3

Revised 0.6 -5.8 -6.3 -4.2 1.3 -1.8 -11.1 -9.0

Nondurable 

manufacturing

Previous -2.2 -3.5 -1.3 -3.7 3.6 6.3 -0.9 -8.7

Revised -1.3 -3.6 -2.3 -3.6 3.2 2.4 -2.1 -10.6
- 6 - 

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 Bureau of 

Economic Analysis (BEA). 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 12-0494, 

Multifactor Productivity Trends, 2010, http://www.bls.gov/news.release/archives/prod3_03212012.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 2, 2012, USDL-12-

0162, Productivity and Costs, http://www.bls.gov/news.release/archives/prod2_02022012.pdf. 

Therefore, the data do not reflect the benchmark revisions to the CES and other revisions to hours 

released on March 7, 2012. 

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. 
- 7 - 

Combined Inputs

The five input indexes (capital services, hours, energy, materials, and purchased business services) are 

combined using chained superlative Tornqvist aggregation, employing weights that represent each 

component's share of total costs. Total costs are defined as the current dollar value of manufacturing 

sectoral output. 

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 computed using a chained superlative index (Tornqvist) of threedigit NAICS industry outputs. Industry output is measured as sectoral output, the total value of goods 

and services leaving the industry. Wherever possible, the indexes of industry output are calculated with 

a Tornqvist formula. This 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. 
- 8 - 

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 do not account for 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 due to shifts in 

factor inputs across industries, and other factors. 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. 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. 
- 9 - 

Table 1. Manufacturing sector: productivity and related measures for the 1987-2010 period 

Annual percent change from previous year

Year

Productivity Inputs

Output

Output per per unit Purchased Combined 

hour of all of capital Multifactor Sectoral Capital business units of all

persons services Productivity1 Output Hours2 Services Energy Materials 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 6.2 1.3 3.7 1.0 -4.9 -0.3 -10.2 -1.6 -0.8 -2.5

2004 2.3 2.5 3.7 1.7 -0.5 -0.8 -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 1.0 0.9 2.3 1.7 0.7 0.7 -4.2 -1.1 -2.7 -0.7

2007 3.9 0.7 0.8 2.1 -1.6 1.4 0.6 -0.1 8.6 1.3

2008 -0.5 -6.8 -0.4 -4.5 -4.0 2.4 0.7 -5.1 - 9.6 -4.1

2009 0.0 -13.0 -2.8 -12.9 -13.0 0.1 -24.1 -13.1 -9.1 -10.4

2010 6.5 6.7 7.5 6.4 -0.1 -0.3 2.9 -3.7 0.4 -1.1

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. 
- 10 - 

Table 2. Manufacturing sector: indexes of productivity and related measures, 1987-2010

Indexes 2005=100

Productivity Inputs

Output

Output per per unit Purchased Combined 

Year hour of all of capital Multifactor Sectoral Capital business units of all

persons services Productivity1 Output Hours2 Services Energy Materials services Inputs3

1987 51.2 92.8 76.6 63.1 123.2 67.9 83.4 63.9 71.5 82.3

1988 52.3 95.9 78.2 66.3 126.9 69.1 86.8 64.5 77.8 84.8

1989 52.8 95.2 77.8 67.4 127.7 70.8 86.5 65.8 82.3 86.6

1990 54.0 92.4 77.2 67.2 124.5 72.7 88.1 66.9 83.5 87.0

1991 55.4 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 93.2 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 99.6

1997 69.7 97.7 84.3 87.7 125.8 89.8 91.4 94.4 101.5 104.0

1998 73.5 98.4 85.4 92.3 125.5 93.8 94.9 102.4 104.9 108.1

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 91.6 93.9 106.9 100.7 107.8 100.8 99.3 102.6

2003 93.3 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 101.0 100.9 102.3 101.7 100.7 100.7 95.8 98.9 97.3 99.3

2007 104.9 101.7 103.2 103.8 99.0 102.1 96.4 98.8 105.7 100.6

2008 104.3 94.8 102.7 99.1 95.1 104.6 97.1 93.7 95.6 96.5

2009 104.3 82.5 99.8 86.3 82.7 104.7 73.7 81.5 86.8 86.5

2010 111.1 88.0 107.4 91.9 82.7 104.4 75.9 78.5 87.2 85.6

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. 
- 11 - 

Table 3. Multifactor productivity measures for manufacturing industries in selected periods, 1987-2010

Compound annual growth rates 

1987-

2010

 1987-

1990

1990-

1995 

1995-

2000 

2000-

2007 

2007-

2010 

2009-

2010

Manufacturing 1.5 0.3 1.2 1.8 2.0 1.3 7.5

Nondurable manufacturing 0.4 -0.5 0.7 -0.2 1.0 0.2 2.7

Food, beverage, and tobacco products -0.2 -1.6 1.4 -1.7 0.7 -0.8 0.3

Textile mills and textile product mills 0.9 1.1 0.7 1.5 1.6 -1.7 -4.0

Apparel, leather, and allied products 2.4 0.0 2.9 0.6 4.2 2.6 5.9

Paper products 0.1 -0.2 -0.2 0.5 0.7 -1.2 -2.2

Printing and related support activities 0.4 1.0 -0.2 -0.5 1.3 0.0 1.1

Petroleum and coal products 0.9 0.8 0.8 1.0 0.4 2.3 6.6

Chemical products 0.1 -1.0 -0.7 -0.5 1.9 -0.9 1.9

Plastics and rubber products 0.8 0.8 0.5 1.2 0.6 1.5 3.5

Durable manufacturing 2.3 0.9 1.5 3.3 2.8 2.6 12.7

Wood products 0.5 1.0 -1.3 -0.3 1.0 3.6 9.7

Nonmetallic mineral products 0.0 0.2 0.8 0.1 -0.7 -0.1 4.7

Primary metals 0.3 1.0 0.0 0.3 -0.4 1.7 -1.7

Fabricated metal products 0.4 -0.1 1.0 -0.2 0.6 0.1 9.9

Machinery 0.3 1.0 -1.9 -1.1 1.6 2.9 14.8

Computer and electronic products 10.4 5.5 9.3 14.4 9.9 11.7 24.3

Electrical equipment, appliances, and components -1.2 -2.4 -2.4 -2.6 1.4 -1.6 -7.8

Transportation equipment 0.2 -1.6 -0.5 0.5 1.7 -0.9 12.6

Furniture and related products 0.4 -0.7 0.6 0.6 1.1 -0.9 12.0

Miscellaneous manufacturing 2.0 2.7 -0.1 2.4 2.0 4.1 8.7

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.