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Primary sector of the economy (the raw materials industry) Secondary sector of the economy (manufacturing and construction) Tertiary sector of the economy (the "service industry") Quaternary sector of the economy (information services) Quinary sector of the economy (humanitarian services)
Historically certain manufacturing industries have gone into a decline due to various economic factors, including the development of replacement technology or the loss of competitive advantage. An example of the former is the decline in carriage manufacturing when the automobile was mass-produced.
In 2023, the manufacturing industry in the United States accounted for 10.70% of the total national output, employing 8.41% of the workforce. The total value of manufacturing output reached $2.5 trillion. [66] [67] In 2023, Germany's manufacturing output reached $844.93 billion, marking a 12.25% increase from 2022. The sector employed ...
Secondly, SIC codes were developed for traditional industries prior to 1970. Business has changed considerably since then from manufacturing-based to mostly service-based. As a result, and thirdly the SIC has been slow to recognize new and emerging industries, such as those in the computer, software, and information technology sectors.
Bloomberg Industry Classification Standard [2] Bloomberg L.P. 10/.../2294 GICS Global Industry Classification Standard: Standard & Poor's, MSCI: market/ company 2-8 digits 11/24/69/158 1999–present (2018) HSICS Hang Seng Industry Classification System [3] Hang Seng Indexes Company: Revenue source 11/31/89 IBBICS Industry Building Blocks [4]
Manufacturing output recovered from the Great Recession, reaching an all-time high in 2021, but manufacturing employment has been declining since the 1990s, giving rise to what is known as a "jobless recovery," which made job creation or preservation in the manufacturing sector an important topic in the 2016 United States presidential election.
Companies within the same industry can also have similar stock price movements due to their similarity and macroeconomic factors that affect all members of an industry. [7] However, more complex cases, such as otherwise different processes yielding similar products, require an element of standardization and prevent any one schema from fitting ...
Nevertheless, by 1987 production from the manufacturing sector was 35 percent lower than in 1975 and 26 percent lower than in 1980. [3] Ghana's record with industrialization projects since independence is exemplified by its experience with aluminum, the country's most conspicuous effort to promote capital-intensive industry. This venture began ...