Manufacturing Output Indexes for a Metropolitan Area: A Look at New Economic Indicators

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Abstract
The purpose of this paper is to construct monthly manufacturing output indexes for a metropolitan area, employing a method used by the Federal Reserve Banks to construct regional manufacturing indexes. The Tulsa metropolitan area is the region considered. The index of total manufacturing output is included in a vector autoregression model of the Tulsa economy. The results indicate that the linkages between manufacturing activity and non‐manufacturing employment differ from the linkages between employment in those sectors, and that since the early 1980s both sectors have become less sensitive to changes in the price of oil.

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