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B U R E A U O F E C O N O M IC A N A L Y SIS U .S. D E P A R T M E N T O F C O M M E R C E NEW S RELEASE F O R W IR E T R A N SM ISSIO N : 8:30 A .M . E D T , T H U R S D A Y , A PR IL 20, 2006 W illiam Zeile: (202) 606-9893 B EA 06-14 S u m m a r y E stim a te s fo r M u ltin a tio n a l C o m p a n ies : E m p lo y m e n t, S a le s, a n d C a p ita l E x p e n d itu r e s fo r 2 0 0 4 em ployed 29.6 m illion w orkers w o rld w id e in 2004, o f w hich 21.3 m illion w ere em ployed in the U n ited States by U .S. p aren t com panies and 8.3 m illion w ere em ployed abroad b y m ajority-ow ned foreign affiliates. T h e em ploym ent in the U n ited States by U .S. parents accounted fo r about one-fifth o f total U .S. em ploym ent in private industries. W o rld w id e capital expenditures by U .S. M N C s totaled $438.2 billion; capital expenditures in the U nited States by U .S. p arents accounted for $310.9 billion and capital expenditures abroad by m ajority-ow ned foreign affiliates accounted fo r $127.3 billion. Sales by U .S. parent com panies to taled $6,866.1 billion, and those by m ajority-ow ned foreign affiliates to taled $3,282.5 billion. U .S . m u l t i n a t i o n a l c o m p a n i e s ( M N C s ) M a j o r i t y - o w n e d U .S . a f f i l i a t e s o f f o r e i g n M N C s em ployed 5.1 m illion w orkers in 2004, accounting fo r 4.5 percent o f total U .S. em ploym ent in private industries. C apital expenditures by these affiliates totaled $107.7 billio n and th eir sales totaled $2,301.5 billion. W orldw ide em ploym ent by U .S. M N C s ed g ed up 0.1 percent in 2004, fo llo w in g a 2.7-percent decrease in 2003. T he increase in 2004 w as m ore than accounted fo r by a turnaround in em ploym ent abroad by the m ajo rity -o w n ed foreign affiliates o f U .S. M N C s: T h eir em ploym ent increased 1.2 percent, follow ing a 0.7-percent decrease in 2003. E m ploym ent in the U n ited States by U .S. parent com panies decreased 0.3 percent, follow ing a 3.5-percent decrease. E m ploym ent by m ajority-ow ned U .S. affiliates o f foreign M N C s decreased 2.9 percent in 2004, follow ing a 3.7-percent decrease in 2003. W orldw ide capital expenditures o f U .S. M N C s increased 1.1 percent in 2004, follow ing a decrease o f 2.2 percent in 2003. T he increase reflected a 13.3-percent increase in capital spending abroad b y m ajority-ow ned foreign affiliates, follow ing a 1.9percent increase; capital spending in the U n ited S tates by U .S. p aren t com panies decreased 3.2 percent, follow ing a decrease o f 3.6 percent. F o r m ajority-ow ned U .S. affiliates o f foreign M N C s, capital expenditures decreased 1.9 percent in 2004, follow ing a 1.5-percent decrease in 2003. F o r both U .S. M N C s and m ajority-ow ned U .S. affiliates o f foreign M N C s, sales grew m ore strongly in 2004. Sales by U .S. parent com panies increased 5.8 percent, follow ing a 2.4-percent increase in 2003, an d sales by m ajority-ow ned foreign affiliates -more- -2 - increased 15.0 percent, follow ing a 13.4-percent increase. Sales by m ajority-ow ned U.S. affiliates o f foreign M N C s increased 8.5 percent, follow ing an increase o f 4 .4 percent. E m ploym ent in the U nited States by U .S. p aren t com panies accounted fo r 72 percent o f the w orldw ide em ploym ent o f U .S. M N C s in 2004, the sam e share as in 2003. T he U .S .-parent share o f the w orldw ide capital expenditures o f U .S. M N C s in 2004 was 71 percent, com pared to a share o f 74 percent in 2003. T h e U .S .-parent share o f M N C activity can change fo r a num ber o f reasons, and the changes do no t uniform ly correspond to eith er additions to, o r subtractions from , em ploym ent and capital expenditures in the U n ited States. E xam ples o f factors that m ight be associated w ith a change in the p aren t and affiliate shares o f M N C activity include different rates o f econom ic grow th in the U n ited States and in specific m arkets w here investm ent is occurring abroad, the creation o f new m arket opportunities abroad that cannot be served by exports from the U n ited States, and changes in the foreigncurrency value o f the U .S. dollar. A dditional discussion o f data and analytical considerations m ay be fo u n d in “A N ote on Patterns o f P roduction and E m p lo y m en t by U .S. M ultinational C om panies,” in the M arch 2004 issu e o f the S u r v e y o f C u r r e n t B u s in e s s . R e v i s i o n s .- T h e M N C estim ates fo r 2003 p resented in this release supercede prelim inary estim ates that w ere released in the sum m er o f 2005. F o r U .S. paren t com panies, the estim ates o f em ploym ent w ere rev ised dow n 1.6 percent, th e estim ates of capital expenditures w ere rev ised dow n 0.1 percent, and the estim ates o f sales w ere revised dow n 1.8 percent. F o r m ajority-ow ned foreign affiliates, the estim ates o f em ploym ent w ere revised dow n 2.0 percent, the estim ates o f capital expenditures w ere revised dow n 2.2 percent, and the estim ates o f sales w ere rev ised dow n 1.8 percent. For m ajority-ow ned U .S. affiliates o f foreign M N C s, the estim ates o f em ploym ent w ere rev ised dow n 0.6 percent, the estim ates o f capital expenditures w ere rev ised up 0.6 percent, and the estim ates o f sales w ere rev ised dow n 0.8 percent. * * * -more- -3T E C H N IC A L N O T E F o r the th ird consecutive year, the B ureau o f E conom ic A nalysis is releasing advance sum m ary estim ates o f em ploym ent, sales, and capital expenditures by U .S. parent com panies, by th eir foreign affiliates, and by U .S. affiliates o f foreign M N C s. E stim ates b ased on m ore com plete source data, including country and industry detail, w ill be released later this year. T h e estim ates p resented in this release w ere constructed from data collected by B E A in tw o distinct surveys o f M N C operations: (1) a survey o f U .S. M N C s th at covers th e operations o f both U .S. parent com panies and their foreign affiliates, and (2) a survey o f the operations o f U .S. affiliates o f foreign M N C s. B ecause a U .S. parent com pany m ay itse lf be foreign-ow ned, there is som e overlap betw een the data on U .S. parent co m p an ies and on U .S. affiliates; thus, to avoid duplication, d ata on U .S. parents and U .S. affiliates should not b e added to g eth er to produce U .S. totals. T he estim ates presented here pertain to n o n bank U .S. p aren t com panies and their m ajority-ow ned n on b an k foreign affiliates, and to m ajority-ow ned nonbank U .S. affiliates o f foreign M N C s. D ata on all n o n bank U .S. and foreign affiliates, including affiliates that are not m ajority-ow ned, w ill be p resented in the S u r v e y o f C u r r e n t B u s i n e s s later this year. T he m ost recent data show that n o n bank foreign affiliates that w ere not m ajority-ow ned em ployed 1.5 m illion w orkers, and non b an k U .S. affiliates th at w ere n ot m ajority-ow ned em ployed 0.5 m illion w orkers, in 2003. D ata on banks are collected only in b en ch m ark years. T he m ost recent data on U .S. parents and foreign affiliates in ban k in g co v er the benchm ark-survey year 1999: T hese data show th at U .S. ban k parents em ployed 1.0 m illion w orkers, and that bank and non b an k foreign affiliates o f U .S. bank parents, plus bank affiliates o f U .S. non b an k parents, to g eth er em ployed 0.2 m illion w orkers in 1999. (D ata on U .S. p arents and foreign affiliates in banking in 2004 w ill be in clu d ed in the presentation o f final results from the 2004 b en ch m ark survey.) T h e m ost recen t data on U .S. affiliates in banking co v er the benchm ark-survey year 2002: These data show th at U .S. affiliates that w ere banks em ployed 0.1 m illion w orkers in 2002. F o r both U .S. b an k affiliates o f foreign com panies and foreign b an k affiliates o f U .S. co m panies, alm ost all o f the em ploym ent w as by m ajority-ow ned affiliates. In addition to presenting data collected directly in its surveys o f M N C operations, B E A uses data collected on costs in cu rred and profits earned in p roduction to estim ate the value added o f U .S. parent com panies, o f m ajority-ow ned foreign affiliates, and o f m ajo rity -o w n ed U .S. affiliates o f foreign com panies. V alue added estim ates indicate the co n trib u tio n o f parents o r affiliates to gross dom estic p ro d u ct in the U n ited States o r in foreign h o st countries. T he latest estim ates o f the value added o f U .S. parent com panies and m ajority-ow ned foreign affiliates, w hich cover the year 2003, are presented in "U.S. M u ltin atio n al C om panies: O perations in 2003," in the Ju ly 2005 issue o f the S u r v e y o f C u r r e n t B u s i n e s s . T he latest estim ates o f the value added o f m ajority-ow ned U .S. affiliates o f foreign com panies, w h ich also co v er 2003, are p resen ted in "U.S. A ffiliates o f F oreign C om panies: O perations in 2003," in the A ugust 2005 issu e o f the S u r v e y . -more- -4- * * * B E A 's national, regional, international, and industry estim ates, the S u r v e y and B E A new s releases are available on B E A 's W eb site at w w w .b ea.g o v . B y visiting the site, you can also subscribe to receiv e free e-m ail sum m aries o f B E A releases and announcem ents. o f C u r r e n t B u s in e s s , Sum m ary B EA estim ates are available on recorded m essages at the tim e o f public release at the follow ing telep h o n e num bers: (202) 606-5306 (202) 606-5303 G ross dom estic product P erso n al incom e and outlays -more- T a b le 1. E m p lo ym e n t, C a p ita l E x p e n d itu re s, a n d S a le s b y N o n b a n k U .S. M u ltina tio n a l C o m pa n ie s , 1 9 8 8 -2 0 0 4 M illio n s o f d o lla rs T h o u s a n d s o f e m p lo y e e s S a le s /2 / U .S . U .S . M a jo r ity - m u ltin a tio n a l p a r e n ts ow ned U .S . U .S . M a jo r ity - U .S . fo re ig n m u ltin a tio n a l p a r e n ts ow ned p a r e n ts a f filia te s c o m p a n ie s c o m p a n ie s C a p it a l e x p e n d it u r e s /1 / M a jo r ity ow ned fo r e ig n fo r e ig n a f filia te s a ffilia te s 1 9 8 8 ........................................ 2 2 , 4 9 8 .1 1 7 ,7 3 7 .6 4 ,7 6 0 .5 2 2 3 ,8 1 4 1 7 7 ,2 0 3 4 6 ,6 1 1 2 ,8 2 8 ,2 0 9 9 2 7 ,8 8 6 1 9 8 9 ........................................ 2 3 ,8 7 9 .4 1 8 ,7 6 5 .4 5 ,1 1 4 .0 2 6 0 ,4 8 8 2 0 1 ,8 0 8 5 8 ,6 8 0 3 ,1 3 6 ,8 3 7 1 ,0 1 9 ,9 6 6 1 9 9 0 ........................................ 2 3 ,7 8 5 .7 1 8 ,4 2 9 .7 5 ,3 5 6 .0 2 7 4 ,6 1 4 2 1 3 ,0 7 9 6 1 ,5 3 5 3 ,2 4 3 ,7 2 1 1 ,2 0 8 ,3 4 9 1 9 9 1 ........................................ 2 3 ,3 4 5 .4 1 7 ,9 5 8 .9 5 ,3 8 6 .5 2 6 9 ,2 2 1 2 0 6 ,2 9 0 6 2 ,9 3 1 3 ,2 5 2 ,5 3 4 1 ,2 4 2 ,6 3 5 1 9 9 2 ........................................ 2 2 ,8 1 2 .0 1 7 ,5 2 9 .6 5 ,2 8 2 .4 2 7 2 ,0 4 9 2 0 8 ,8 3 4 6 3 ,2 1 5 3 ,3 3 0 ,8 8 6 1 ,2 9 1 ,6 4 9 1 9 9 3 ........................................ 2 2 ,7 6 0 .2 1 7 ,5 3 6 .9 5 ,2 2 3 .3 2 7 1 ,6 6 1 2 0 7 ,4 3 7 6 4 ,2 2 4 3 ,4 8 0 ,7 7 8 1 ,2 7 5 ,7 7 5 1 9 9 4 ........................................ 2 4 ,2 7 2 .5 1 8 ,5 6 5 .4 5 ,7 0 7 .1 3 0 3 ,3 6 4 2 3 1 ,9 1 7 7 1 ,4 4 7 3 ,9 9 0 ,0 1 3 1 ,4 3 5 ,9 0 1 1 9 9 5 ........................................ 2 4 ,4 9 9 .7 1 8 ,5 7 6 .2 5 ,9 2 3 .5 3 2 3 ,6 1 6 2 4 8 ,0 1 7 7 5 ,5 9 9 4 ,2 3 5 ,5 7 8 1 ,6 9 3 ,8 3 6 1 9 9 6 ........................................ 2 4 ,8 6 7 .0 1 8 ,7 9 0 .0 6 ,0 7 7 .0 3 4 0 ,5 1 0 2 6 0 ,0 4 8 8 0 ,4 6 2 4 ,4 7 8 ,9 7 0 1 ,8 6 8 ,5 8 8 1 9 9 7 ........................................ 2 6 ,3 5 7 .8 1 9 ,8 7 8 .0 6 ,4 7 9 .8 3 9 8 ,0 3 7 3 0 9 ,2 4 7 8 8 ,7 9 0 4 ,8 8 6 ,3 3 0 1 ,9 7 2 ,5 1 5 1 9 9 8 ........................................ 2 6 ,5 9 2 .9 1 9 ,8 1 9 .8 6 ,7 7 3 .1 4 1 1 ,1 5 5 3 1 7 ,1 8 4 9 3 ,9 7 1 4 ,9 7 0 ,1 3 8 1 ,9 7 1 ,9 0 9 1 9 9 9 / 3 / ................................... 3 0 ,7 7 2 .6 2 3 ,0 0 6 .8 7 ,7 6 5 .8 4 8 3 ,0 3 2 3 6 9 ,7 2 8 1 1 3 ,3 0 4 5 ,9 7 5 ,4 7 8 2 ,2 1 8 ,9 4 5 2 0 0 0 ........................................ 3 2 ,0 5 6 .6 2 3 ,8 8 5 .2 8 ,1 7 1 .4 5 0 6 ,9 4 8 3 9 6 ,3 1 1 1 1 0 ,6 3 7 6 ,6 9 5 ,1 6 6 2 ,5 0 7 ,4 3 3 2 0 0 1 ........................................ 3 0 ,9 2 9 .2 2 2 ,7 3 5 .1 8 ,1 9 4 .1 5 2 4 ,2 1 5 4 1 3 ,4 5 7 1 1 0 ,7 5 8 6 ,8 0 0 ,7 7 7 2 ,5 2 4 ,4 5 9 2 0 0 2 ........................................ 3 0 ,3 7 3 .2 2 2 ,1 1 7 .6 8 ,2 5 5 .6 4 4 3 ,3 8 8 3 3 3 ,1 1 3 1 1 0 ,2 7 5 6 ,3 3 7 ,7 7 9 2 ,5 1 5 ,6 4 1 2 0 0 3 / 4 / ................................... 2 9 ,5 4 3 .3 2 1 ,3 4 6 .6 8 ,1 9 6 .7 4 3 3 ,6 4 0 3 2 1 ,2 4 7 1 1 2 ,3 9 4 6 ,4 8 9 ,5 1 0 2 ,8 5 3 ,8 2 6 2 0 0 4 / 5 / ................................... 2 9 ,5 7 2 .8 2 1 ,2 7 4 .6 8 ,2 9 8 .2 4 3 8 ,2 0 2 3 1 0 ,9 0 5 1 2 7 ,2 9 7 6 ,8 6 6 ,0 6 9 3 ,2 8 2 ,5 3 9 P e rc e n t c h a n g e a t a n n u a l r a te s : 1 9 8 8 - 2 0 0 1 ............................. 2 .5 1 .9 4 .3 6 .8 6 .7 6 .9 7 .0 8 .0 2 0 0 1 - 2 0 0 2 ............................. -1 .8 -2 .7 0 .8 - 1 5 .4 -1 9 .4 -0 .4 -6 .8 -0 .3 2 0 0 2 - 2 0 0 3 ............................. -2 .7 -3 .5 -0 .7 -2 .2 -3 .6 1 .9 2 .4 1 3 .4 2 0 0 3 - 2 0 0 4 ............................. 0 .1 -0 .3 1 .2 1.1 -3 .2 1 3 .3 5 .8 1 5 .0 1 . T o t a l e x p e n d it u r e s f o r p r o p e r ty , p la n t, a n d e q u ip m e n t. 2 . A n M N C - w i d e to ta l f o r s a le s is n o t p r o v id e d b e c a u s e t r a n s a c t io n s a m o n g a n d w ith in M N C s w o u ld b e d u p lic a t e d . 3 . B r e a k - in - s e r ie s . ( S e e t h e t e c h n ic a l n o te o n p a g e 12 1 o f th e D e c e m b e r 2 0 0 2 is s u e o f th e S u rv e y o f C u rre n t B u s in e s s fo r d e t a ils .) 4 . T h e s e e s t im a t e s u p d a t e t h o s e p u b lis h e d in th e J u ly 2 0 0 5 is s u e o f th e S u rv e y o f C urrent B u s in e s s . ( T h o s e e s t im a t e s , in tu rn , u p d a te d th e a d v a n c e s u m m a r y e s t im a t e s r e le a s e d o n A p ril 1 9 , 2 0 0 5 . ) R e v i s e d e s t im a t e s a r e s c h e d u le d to b e r e le a s e d la t e r th is y e a r . 5 . A d v a n c e e s tim a t e s . P r e lim in a r y e s t im a t e s b a s e d o n m o r e c o m p le t e s o u r c e d a t a a r e s c h e d u le d t o b e r e le a s e d la t e r th is y e a r . N O T E S : T h e d a t a p r e s e n t e d in th is t a b le c o v e r n o n b a n k U .S . M N C s o n ly . to re p o rt in B E A 's a n n u a l s u r v e y s o f t h e o p e r a tio n s o f U . S . M N C s . B a n k p a r e n ts a n d a f filia te s a r e n o t r e q u ir e d S o m e lim ite d d a t a o n t h e o p e r a tio n s o f b a n k p a r e n ts a n d a f filia te s (in c lu d in g e m p lo y m e n t a n d s a le s ) a r e r e p o r t e d in b e n c h m a r k s u r v e y s o f U .S . d ir e c t in v e s t m e n t a b r o a d c o n d u c t e d b y B E A e v e r y f iv e y e a r s . T h e la t e s t a v a ila b le b e n c h m a r k - s u r v e y d a t a fo r b a n k p a r e n t s a n d a f filia te s c o v e r th e y e a r 1 9 9 9 ; d a t a f o r 2 0 0 4 w ill b e c o m e a v a ila b le la t e n e x t y e a r . T h e fir s t y e a r o f a c o n s is te n t a n n u a l tim e s e r ie s o f d a t a o n th e o p e r a tio n s o f b o th U .S . M N C s a n d m a jo r it y - o w n e d U .S . a f filia te s o f fo r e ig n M N C s is 1 9 8 8 ; p r io r to t h a t y e a r , a n n u a l d a t a o n m a jo r ity -o w n e d U .S . a f filia te s w a s u n a v a ila b le . T able 2. U .S.-Parent Share of Selected M easures of the O perations of N onbank U.S. M ultinational C om panies [Percent] Em ploym ent Capital expenditures 79.2 78.8 1988 ...................... 1989 ...................... 78.6 77.5 77.5 77.6 1 9 9 0 ...................... 1991 ...................... 76.9 76.6 1 9 9 2 ...................... 76.8 76.8 77.1 76.4 1993 ...................... 1 9 9 4 ....................... 76.4 76.5 75.8 76.6 1995 ...................... 76.4 1996 ...................... 75.6 1 9 9 7 ...................... 75.4 77.7 77.1 1998 ...................... 74.5 1 9 9 9 ...................... 74.8 76.5 2 0 0 0 ...................... 74.5 78.2 2001 ...................... 73.5 78.9 2002 ....................... 72.8 75.1 74.1 2 0 0 3 /1 /................... 72.3 2 0 0 4 /2 /.................. 71.9 71.0 1. T hese estim ates update those published in the July 2005 issue of the Survey of Current Business . (Those estim ates, in turn, updated the advance sum m a ry estim ates released on April 19, 2005.) Revised estim ates are scheduled to be released later this year. 2. Advance estim ates. Prelim inary estim ates based on m ore com plete source data are scheduled to be released later this year. T a b le 3 . E m p lo y m e n t, C a p ita l E x p e n d itu re s , a n d S a le s b y M a jo r ity - O w n e d N o n b a n k U .S . A ffilia te s o f F o r e ig n C o m p a n ie s , 1 9 8 8 - 2 0 0 4 Thousands of empl oyees 1988 . . . . . . . . . . . . . . . . . . . . 1989 . . . . . . . . . . . . . . . . . . . . 1990. . . . . . . . . . . . . . . . . . . . 1991 . . . . . . . . . . . . . . . . . . . . 1992. . . . . . . . . . . . . . . . . . . . 1993. . . . . . . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . . . . . . 1998 . . . . . . . . . . . . . . . . . . . . 1999. . . . . . . . . . . . . . . . . . . . 2000 . . . . . . . . . . . . . . . . . . . 2001 . . . . . . . . . . . . . . . . . . . 2002 . . . . . . . . . . . . . . . . . . . 2003/ 2/ . . . . . . . . . . . . . . . . . . 2004/ 3/ . . . . . . . . . . . . . . . . . . Mil l i ons of dol l ars Capi t al Sal es Expendi t ures/ 1/ 3, 119. 0 3, 573. 4 3, 841. 7 3, 991. 3 3, 903. 9 3, 851. 7 3, 954. 0 4, 022. 6 4, 155. 6 4, 269. 1 4, 669. 5 5, 064. 3 5, 656. 5 5, 594. 3 5, 425. 4 5, 223. 9 5, 073. 9 42, 355 51, 490 61, 812 60, 097 52, 787 53, 371 60, 317 64, 778 77, 890 88, 313 109, 365 114, 767 112, 986 121, 665 111, 373 109, 701 107, 654 739, 128 863, 538 995, 013 1, 008, 388 1, 049, 942 1, 112, 693 1, 210, 837 1, 311, 210 1, 423, 715 1, 478, 221 1, 622, 946 1, 792, 520 2, 051, 878 2, 070, 234 2, 030, 962 2, 120, 565 2, 301, 493 4. 6 - 3. 0 - 3. 7 - 2. 9 8. 5 -8. 5 -1. 5 -1. 9 8. 2 - 1. 9 4. 4 8. 5 Per cent change at annual rates: 1988- 2001 . 2001- 2002. 2002- 2003. 2003- 2004. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .. .. 1 . T o t a l e x p e n d it u r e s fo r p r o p e r ty , p la n t, a n d e q u ip m e n t. 2 . T h e s e e s t i m a t e s u p d a t e t h o s e p u b l i s h e d in t h e A u g u s t 2 0 0 5 i s s u e o f t h e S u r v e y o f C u r r e n t B u s in e s s . ( T h o s e e s t i m a t e s , in t u r n , u p d a t e d t h e a d v a n c e s u m m a r y e s t im a t e s r e le a s e d o n A p r il 2 0 , 2 0 0 5 . ) R e v is e d e s tim a te s a r e s c h e d u le d to b e r e le a s e d la t e r th is y e a r . 3 . A d v a n c e e s tim a te s . P r e lim in a r y e s tim a te s b a s e d o n m o r e c o m p le te s o u r c e d a t a a r e s c h e d u le d to b e r e le a s e d la t e r th is y e a r . N O T E S : T h e d a t a p r e s e n t e d In t h i s t a b l e c o v e r n o n b a n k a f f i l i a t e s o n l y . s u r v e y s o f t h e o p e r a tio n s o f U .S . a ffilia te s o f fo r e ig n c o m p a n ie s . B a n k a f f i l i a t e s a r e n o t r e q u i r e d t o r e p o r t In B E A ' s a n n u a l S o m e lim ite d d a t a o n t h e o p e r a t io n s o f b a n k a f f ilia t e s (In c lu d in g e m p l o y m e n t a n d s a l e s ) a r e r e p o r t e d in b e n c h m a r k s u r v e y s c o n d u c t e d b y B E A e v e r y f i v e y e a r s . T h e la t e s t b e n c h m a r k s u r v e y r e s u lts c o v e r t h e y e a r 2 0 0 2 . In c o n t r a s t t o t h e p r e s e n t a t i o n In T a b l e 1 f o r U . S . m u l t i n a t i o n a l c o m p a n i e s ( w h i c h i n c l u d e s d a t a f o r U . S . p a r e n t c o m p a n i e s ) , t h i s t a b le d o e s n o t in c lu d e d a t a o n fo r e ig n p a r e n t c o m p a n i e s o r to ta ls f o r fo r e ig n m u lt in a t io n a l c o m p a n i e s , b e c a u s e t h e y a r e n o t c o v e r e d in B E A ' s s u r v e y s . C h a r t 1 . U .S .- P a r e n t S h a r e o f E m p lo y m e n t b y N o n b a n k U .S . M u lt in a t io n a l C o m p a n ie s , 1 9 8 8 - 2 0 0 4 10 8 o O) 6 c «0 4 2 0 -2 -4 -6 o Q. ■ G> D) « E 0) O &o Q. C h a r t 2 . U .S .- P a r e n t S h a r e o f C a p it a l E x p e n d it u r e s b y N o n b a n k U .S . M u lt in a t io n a l C o m p a n ie s , 1 9 8 8 - 2 0 0 4 ■ L e v e l ( le ft s c a le ) □ C h a n g e f r o m p r io r y e a r ( r ig h t s c a le )
@FedFRASER