HOW INDEXES HAVE CHANGED

Gerald L. Farrar Contributing Editor The accompanying table compares refinery construction and operating wages monthly for the years 1992 and 1993. (See Jan. 3, 1994, and Jan. 1, 1991, for other references.) The Nelson-Farrar refinery construction cost indexes are inflation indexes, while the operating indexes incorporate a productivity which shows improvement with experience and the increasing size of operations.

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