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Each series on one shared axis, in its shared unit — raw levels, not rebased.

Industrial Production Labor Productivity
Industrial ProductionLabor Productivity Same scale · Index 2017=100
1948-49 Recession1953-54 Recession1957-58 Recession1960-61 Recession1969-70 Recession1973-75 Recession1980 Recession1981-82 Recession1990-91 Recession2001 RecessionGlobal Financial CrisisCOVID-19 Recession2040608010019501960197019801990200020102020Same-scale levels · r = 0.96 over the overlap — correlation is not causation · econscout.com

Raw levels on a shared axis (the series share one unit). industrial_production, productivity · read from cache, latest-revised.

  • Industrial Production

    Output of factories, mines, and utilities, as an index.

    Output of US manufacturing, mining, and utilities, as an index.

  • Labor Productivity

    Output produced per hour worked, as an index.

    Nonfarm business sector real output per hour of all persons, indexed to 2017=100.

Each measured on its own terms — compare the lenses, not just the lines. Full lessons → Learn

r = 0.96 very strong correlation · 317 overlapping months

…and that proves nothing. Two lines moving together is not one moving the other. Almost any pair of trending economic series correlates highly — they share the same long climb of growth, prices, and population, or it is chance. r measures co-movement over this exact window, never cause. Change the range or swap a series and watch r move. Why correlation isn’t causation →