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APRIL 1997 <«=^ VOLUME 77 NUMBER
4
SURVEY of CURRENT BUSINESS
Real Gross Product of US. Companies'
Majority-Owned Foreign Affiliates
in Manufacturing
U.S. DEPARTMENT OF COMMERCE; <•%>• ECONOMICS AND STATISTICS ADMINISTRATION
;
BUREAU OF ECONOMIC ANALYSIS
APRIL
1997
VOLUME 77 NUMBER
4
SURVEY
CURRENT BUSINESS
SURVEY OF CURRENT BUSINESS (ISSN
0039-6222). Published monthly by the
Bureau of Economic Analysis of the
U.S. Department of Commerce. Editorial correspondence should be addressed to the Editor-in-Chief, SURVEY
OF CURRENT BUSINESS, Bureau of Economic Analysis, U.S. Department of
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*;»
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Everett M. Ehrlieh, Under Secretary-for Economic Affairs
AND STATISTICS
''
Bureau of Economic Analysis
J. Steven L&ndefeld, Director
Betty I. Barker, Deputy Director
Robert P. Parker, Chief Statistician
Jack E. Triplett,; Chief Economist ;
. , .
: , ,
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Economics
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= Manuscript Editor
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THIS ISSUE of the SURVEY went to the printer on April 9,1997.
It incorporates data from the following monthly BBA news releases
U.S. International Trade in Goods and Services (March^o),
Gross Domestic Product (March ,28), and
Personal Income and Outlays (March 31).
April 1997
SURVEY OF CURRENT BUSINESS
TABLE
OF
CONTENTS
(Special in this issue
8
Real Gross Product of U.S. Companies' Majority-Owned Foreign
Affiliates in Manufacturing
BEA has developed experimental estimates of real gross product of majorityowned foreign affiliates in manufacturing for 1982-94. These estimates are more
useful than the current-dollar estimates for comparisons over time or across
countries because they exclude changes in value that arise from movements in
prices or exchange rates. As might be expected, removing the effects of changes
in prices and exchange rates produces a gross product series that is generally
both slower growing and less volatile than the current-dollar series. The new,
experimental estimates are largely based on a newly developed procedure that
uses "purchasing-power-parity" exchange rates to construct estimates for a base
year and then constructs the estimates for other years by extrapolating the baseyear estimates with chain-weighted Fisher quantity indexes similar to those used
by BEA to estimate changes in U.S. gross domestic product.
l\egular features
1
Business Situation
Real GDP increased 3.8 percent in the fourth quarter 0/1996, up from a 2.1percent increase in the third quarter. Real GNP increased 4.2 percent in the fourth
quarter. Corporate profits decreased $7.1 billion, in contrast to a $5.4 billion
increase in the third quarter; profits of domestic financial corporations decreased
much more in the fourth quarter than in the third, and profits of domestic
nonfinancial corporations decreased after increasing. In the fourth quarter, the
Federal Government current deficit decreased $14.9 billion, to $105.9 billion, the
smallest deficit since the third quarter 0/1989; the State and local government
surplus increased $1.7 billion, to $90.9 billion.
18
U.S. International Transactions, Fourth Quarter and Year 1996
In the fourth quarter 0/1996, the U.S. current-account deficit decreased $6.5
billion, to $41.4 billion; the deficits on goods and services and on investment
income decreased, while net unilateral transfers increased. In the capital account,
net recorded inflows were $68.0 billion in the fourth quarter, $1.7 billion lower
than in the third. For the year 1996, the current-account deficit increased $16.9
billion, to $165.1 billion; the deficits on goods and services and on investment
income increased, and net unilateral transfers increased. In the capital account,
net recorded inflows were $218.2 billion in 1996, $101.6 billion higher than in 1995.
— Continued on next page—
ii
SURVEY OF CURRENT BUSINESS
l\eports and statistical presentations
6
D-l
Real Inventories, Sales, and Inventory-Sales Ratios
for Manufacturing and Trade
BEA Current and Historical Data
National Data:
D-2 Selected NIPA Tables
D-26 Other NIPA Tables
D-34 Historical Tables
D-45 Domestic Perspectives
D-47 Charts
International Data:
D-55 Transactions Tables
D-61 Investment Tables
D-66 International Perspectives
D-68 Charts
Regional Data:
D-69 State and Regional Tables
D-73 Local Area Table
D-75 Charts
Appendixes:
D-77 Appendix A: Additional Information About BEA'S NIPA Estimates
D-79 Appendix B: Suggested Reading
Inside back cover: BEA Information
(A listing of recent BEA publications available from GPO)
Back cover: Schedule of Upcoming BEA News Releases
LOOKING AHEAD
National Income and Product Accounts. In the May SURVEY, BEA will publish the
following NIPA and wealth estimates that reflect the completion of the most recent
comprehensive revision of the NIPA'S: Revised NIPA summary estimates for 1929-96,
revised estimates of reproducible tangible wealth for 1929-95, and newly available and
revised NIPA estimates of selected series for 1991-96. For more information, see the box
on page 5.
April 1997
SURVEY OF CURRENT BUSINESS
April 1997
Larry R. Moran
prepared the first
section of this
article, Daniel
Larkins prepared
the section on
corporate profits,
and Ann M.
Groszkiewicz
prepared the
section on the
government sector.
BUSINESS
SITUATION
HE "FINAL" estimate of growth in real gross
T
domestic product (GDP) for the fourth quarter of 1996 is 3.8 percent, o.i percentage point lower
The general picture of the economy that is indicated by the final estimates is little changed from
that shown in the preliminary estimates. GDP increased more in the fourth quarter than in the
third, and the larger increase was more than accounted for by exports and consumer spending.
Exports increased sharply in the fourth quarter after decreasing slightly in the third, and consumer
spending increased much more in the fourth quarter than in the third. In addition, imports increased
less in the fourth quarter than in the third, and
residential investment decreased less in the fourth
quarter than in the third. In contrast, inventory
investment decreased in the fourth quarter after
increasing in the third, nonresidential fixed investment increased less in the fourth quarter than in the
third, and government spending decreased slightly
more in the fourth quarter than in the third.
Revisions to the components of GDP were small.
The largest revision was a $3.1 billion downward revision to consumer spending for services,
than the "preliminary" estimate reported in the
March "Business Situation" (table i and chart i);
for 1981-96, the average revision from the preliminary to the final estimate, without regard to sign,
was 0.3 percentage point.1
i. Quarterly estimates in the national income and product accounts are
expressed at seasonally adjusted annual rates, and quarter-to-quarter dollar
Table 1.—Revisions to Real Gross Domestic Product and Prices,
Fourth Quarter 1996
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter
Preliminary
estimate
Gross domestic product
iLess: Exports of goods and services
Goods
Services
3.9
24.8
31.1
9.1
Final
estimate
3.8
25.0
30.7
10.8
Final estimate minus
preliminary estimate
Percent-
age
points
-0.1
.2
-.4
1.7
Plus: Imports of goods and services
Goods .
Services
3.8
3.4
5.8
3.3
3.5
2.3
Equals: Gross domestic purchases
1.7
1.6
-.1
Personal consumption expenditures
Durable goods
Nondurable goods
Services
3.4
4.1
1.4
4.3
3.4
5.0
1.8
3.8
0
.9
.4
-.5
Fixed investment
Nonresidential
Structures
Producers' durable equipment . . .
Residential . . .
3.8
5.5
3.5
5.5
-.3
0
.6
-.1
25.2
-.8
-.4
25.8
-.9
-1.8
-.5
.1
-3.5
-1.4
Change in business inventories
Nonfarm
Farm
Government consumption expenditures and gross
investment
Federal
National defense
Nondefense
State and local
Addenda:
Final sales of domestic product
Gross domestic purchases price index (chain-type weights)!
GDP orice index (chain-Woe weiahts) *
Billions of
chained
(1992)
dollars
-0.8
.4
-.5
.8
-1.2
.1
-1.2
-2.3
-.8
1.3
1.2
-3.1
-.9
.2
.3
-.1
-.4
-.6
2.4
5.0
2.5
1.8
-9
-5.3
-6.9
-2.1
-.5
-.4
.2
-1.5
1.9
-.5
4.9
2.6
1.9
-.1
.1
.1
-1.4
-.5
.2
-.6
REAL GROSS DOMESTIC PRODUCT
nl,ilii,..ii .1,1
1
1
-1.0
1. Based on chained (1992) weights.
NOTE.—The final estimates for the fourth quarter of 1996 incorporate the following revised or additional major source data that
were not available when the preliminary estimates were prepared.
Personal consumption expenditures: Revised retail sales for December.
Nonresidential fixed investment: Revised construction put in place for November and December and revised manufacturers' shipments of machinery and equipment for December.
Residential fixed investment: Revised construction put in place for November and December.
Change in business inventories: Revised manufacturing and trade inventories for November and December.
Exports and imports of goods and services: Revised exports and imports of goods for December and revised balance of payments
data on exports and imports of services for the fourth quarter.
Government consumption expenditures and gross investment: Revised State and local construction put in place for November
and December.
Wages and salaries: Revised employment, average hourly earnings, and average weekly hours for December.
GDP prices: Revised values and quantities of petroleum imports for December and revised prices of single-family homes under
construction for the fourth quarter.
Selected Product Measures:
Change From Preceding Quarter
-1.0
.9
.9
.1
-4.9
-7.1
changes are differences between these estimates. Quarter-to-quarter percent
changes are annualized and are calculated from unrounded data. Real estimates
are expressed in chained (1992) dollars, and price indexes are chain-type indexes.
REAL GROSS NATIONAL PRODUCT
On a Command-Basis
..i.il.l
SURVEY OF CURRENT BUSINESS
2 • April 1997
which primarily reflected newly available trade
association data for November.
Real final sales of domestic product increased
4.9 percent in the fourth quarter, o.i percentage
point less than the preliminary estimate. Real
gross domestic purchases increased 1.6 percent,
also o.i percentage point less than the preliminary
estimate.
The price indexes for gross domestic purchases
and for GDP increased 2.6 percent and 1.9 percent,
respectively; each was o.i percentage point more
than the preliminary estimate.
Real disposable personal income increased 2.6
percent, o.i percentage point more than the preliminary estimate. The personal saving rate was 5.1
percent, the same as the preliminary estimate.
Gross national product (GNP).—Real GNP increased
4.2 percent in the fourth quarter, 0.4 percentage point more than the increase in real GDP
(chart i and table 2).2 Receipts of factor income
from the rest of the world increased more than
payments of factor income; corporate profits accounted for most of the increase in receipts, and
interest income accounted for most of the increase
in payments.
2. GNP—goods and services produced by labor and property supplied by
U.S. residents—equals GDP plus receipts of factor income from the rest of the
world less payments of factor income to the rest of the world.
Table 2.—Relation of Real Gross Domestic Product, Real
Gross National Product, and Real Command-Basis Gross
National Product
[Seasonally adjusted at annual rates]
Billions of chained
(1992) dollars
Level
Change from
preceding
quarter
Percent
change from
preceding
quarter
1996
1996
IV
III
Gross domestic product
Plus: Receipts of factor income from the
rest of the world
Less: Payments of factor income to the
rest of the world
Equals: Gross national product
Less: Exports of goods and services and
receipts of factor income from the rest
of the world
Plus: Command-basis exports of goods
and services and receipts of factor
income
Equals: Command-basis gross national
product
Addendum:
Terms of trade *
1 996:1 V III
IV
6,993.6
65.2
221.0
35.8
1.6
229.0
10.3
6,985.2
27.2
14.0
7.6
2.1
3.1
20.8
71.5
1.6
3.8
30.0
14.5
4.2
1,085.0
-.1
61.0
-.1
26.0
1,096.2
1.0
53.1
.4
22.0
63.7
1.7
6,996.5
101.0
28.4
.1
-.9
.4
3.7
-3.5
1. Ratio of the implicit price deflator for the sum of exports of goods and services and of
receipts of factor income to the corresponding implicit price deflator for imports with the decimal
point shifted two places to the right.
NOTE.—Levels of these series are found in NIPA tables 1.10 and 1.11.
Real GNP on a command basis increased less
than real GNP in the fourth quarter—3.7 percent,
compared with 4.2 percent—reflecting a deterioration in the terms of trade.3 In the third
quarter, command-basis GNP increased slightly
more than real GNP—1.7 percent, compared with
1.6 percent—reflecting a small improvement in the
terms of trade.
Corporate Profits
Profits from current production decreased $7.1 billion in the fourth quarter after increasing $5.4
billion in the third (table 3).4
Profits from domestic industries decreased $20.4
billion after increasing $7.3 billion. Profits of
financial corporations decreased much more in
the fourth quarter than in the third; the sharper
fourth-quarter decrease was more than accounted
for by a special assessment on thrift institutions
to recapitalize the Savings Association Insurance
Fund. (For additional information, see the discussion on Federal receipts in the "Government
Sector") Profits of nonfinancial corporations decreased after increasing, as a decrease in unit profits
more than offset an increase in real output; the
decrease in unit profits reflected a larger increase
in unit labor costs than in unit prices. Profits from
the rest of the world increased $13.3 billion after
decreasing $1.8 billion; receipts picked up sharply,
and payments slowed slightly.5
Cash flow from current production, a profitsrelated measure of internally generated funds
available for investment, decreased $1.1 billion after increasing $12.4 billion. The ratio of cash flow
to nonresidential fixed investment, an indicator of
3. In the estimation of command-basis GNP—a measure of the goods and
services produced by the U.S. economy in terms of their purchasing power—the
cur rent-dollar value of the sum of exports of goods and services and of receipts
of factor income is deflated by the implicit price deflator for the sum of imports
of goods and services and of payments of factor income.
The terms of trade is a measure of the relationship between the prices that
are received by U.S. producers for exports of goods and services and the prices
that are paid by U.S. purchasers for imports of goods and services. It is measured
by the following ratio, with the decimal point shifted two places to the right: In
the numerator, the implicit price deflator for the sum of exports of goods and
services and of receipts of factor income; in the denominator, the implicit price
deflator for the sum of imports of goods and services and of payments of factor
income. Changes in the terms of trade reflect the interaction of a number of
factors—including movements in exchange rates, changes in the composition
of the traded goods and services, adjustment lags, and changes in producers'
profit margins. For example, if the U.S. dollar were to appreciate against a
foreign currency, a foreign manufacturer may choose to absorb this cost by
reducing the profit margin on the product it sells to the United States rather
than by raising prices and risking a loss in market share.
4. Profits from current production is estimated as the sum of profits before
tax, the inventory valuation adjustment, and the capital consumption adjustment; it is shown in national income and product account tables 1.14,1.16, and
6.i6c as "corporate profits with inventory valuation and capital consumption
adjustments."
5. Profits from the rest of the world are receipts of profits from foreign
affiliates of U.S. companies less payments of profits by U.S. affiliates of foreign
companies.
SURVEY OF CURRENT BUSINESS
the share of the current level of investment that
could be financed by internally generated funds,
decreased to 80.9 percent from 81.7 percent. These
levels are near the low end of the range in which
the ratio has fluctuated during most of this decade.
Industry profits.—Industry profits decreased $9.7
billion after increasing $4.1 billion.6 For domestic
financial corporations, a much sharper decrease
in the fourth quarter than in the third was more
than accounted for by the special assessment on
thrift institutions. Profits of domestic nonfinancial corporations declined in the fourth quarter
after increasing in the third. The downturn was accounted for by retail trade, by transportation and
public utilities, and by manufacturing; in contrast,
profits in wholesale trade picked up, and profits in
"other" nonfinancial industries increased about as
much in the fourth quarter as in the third.
6. Industry profits, which are estimated as the sum of corporate profits
before tax and the inventory valuation adjustment, are shown in national income and product accounts table 6.160. Estimates of the capital consumption
adjustment do not exist at a detailed industry level; they are available only for
total financial and total nonfinancial industries.
Table 3.—Corporate Profits
[Seasonally adjusted at annual rates]
Level
Change from
preceding year
1996:IV 1996:111 1996:IV
Billions of dollars
Profits from current production
Domestic industries
Financial . .
Nonfinancial
Rest of the world
IVA
CCAdj
Profits before tax
Profits tax liability
Profits after tax
Cash flow from current production
Profits by industry:
Corporate profits with IVA
Domestic industries
Financial
Nonfinancial
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade
Other
Rest of the world
Receipts (inflows)
Payments (outflows)
654.1
564.2
128.1
436.1
89.9
5,4
7.3
-1.7
9.0
-1.8
-9.2
26.2
13.0
637.1
228.9
408.2
-9.0
-3.0
-5.9
658.6
12.4
627.9
538.0
121.3
416.7
169.4
-1.6
93.2
41.5
36.7
75.9
89.9
1.3
4.1
5.9
7.6
5.9
-2.0
1.7
.2
1.7
-1.8
.3
2.1
137.0
47.1
-7.1
-20.4
-13.7
-6.7
13.3
-11.2
2.6
1.5
-4.5
6.0
-1.1
-9.7
-23.0
-13.7
-9.4
-1.2
-9.3
7.0
-7.8
2.0
13.3
14.1
.8
Dollars
Unit price, costs, and profits of nonfinanciai
corporations:
Unit price
Unit labor cost
Unit nonlabor cost
Unit profits from current production
1.066
.708
.246
.111
0
0
0
.001
.001
.002
-.001
-.003
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
NOTE.—Levels of these and other profits series are found in NIPA tables 1.14, 1.16, 6.16C,
and 7.15.
Related measures.—Profits before tax (PBT) increased $1.5 billion in the fourth quarter after
decreasing $9.0 billion in the third. The difference
between the $10.5 billion upturn in PBT and the
$12.5 billion downturn in profits from current production was more than accounted for by inventory
profits, which increased in the fourth quarter after decreasing in the third. (Inventory profits are
represented in the national income and product
accounts by the inventory valuation adjustment,
with the sign reversed.)
Government Sector
The combined current deficit of the Federal
Government and State and local governments decreased $16.6 billion, to $15.0 billion, in the fourth
quarter (table 4). The decrease was primarily accounted for by a decrease in the Federal deficit;
the State and local government surplus increased
slightly.
Federal
The Federal Government current deficit decreased
$14.9 billion, to $105.9 billion, in the fourth quarter after decreasing $5.9 billion in the third. The
fourth-quarter deficit is the smallest since the third
quarter of 1989.
Receipts.—Receipts increased $37.4 billion in the
fourth quarter after increasing $6.3 billion in the
third. Both the fourth-quarter increase and the acceleration were accounted for by indirect business
tax and nontax accruals and by personal tax and
nontax receipts.
Indirect business tax and nontax accruals increased $23.0 billion after increasing $2.5 billion.
Indirect business nontaxes increased $18.2 billion
after increasing $0.1 billion. The step-up was accounted for by a special assessment of $18.0 billion
(annual rate) that was paid to the Saving Association Insurance Fund by thrift institutions; this
assessment recapitalized the fund, bringing the deposit fund to the target reserve ratio of $1.25 per
$100 in deposits.7 Air transport excise taxes increased $4.5 billion after increasing $0.9 billion;
these excise taxes, which had expired at the end of
December 1995 as a result of the Federal budget
impasse, were reinstated in late August.
Personal tax and nontax receipts increased $10.9
billion after decreasing $1.2 billion. Estimated
income tax payments and final settlements, less
refunds, increased $1.5 billion after decreasing
7. The Federal Deposit Insurance Corporation authorized the assessment
on October 8,1996.
April 1997
• 3
SURVEY OF CURRENT BUSINESS
4 • April 1997
$11.5 billion; the third-quarter decrease followed a
second-quarter boost in tax receipts that reflected
the third and final installment payment allowed
by the provisions of the Omnibus Budget Reconciliation Act of 1993 that retroactively increased
tax rates for high-income taxpayers. Withheld income taxes increased $10.4 billion after increasing
$9.8 billion, reflecting an acceleration in wages and
salaries.
Corporate profits tax accruals decreased $3.7 billion after decreasing $2.5 billion, reflecting the
pattern of domestic corporate profits.
Table 4.—Government Sector Receipts and Current Expenditures
[Billions of dollars, seasonally adjusted at annual rates]
Level
Change from preceding quarter
1996
1995
1996:IV
IV
Government sector
Receipts
Current expenditures
Current surplus or deficit (-)
Social insurance funds
Other .
2,462.3
2,477.3
14.3
16.2
-15.0
-1.8
115.2
-130.2
.9
-2.7
I
II
III
IV
40.0
37.7
63.5
24.9
12.9
18.9
47.4
30.8
38.6
-5.9
16.6
2.1
-8.4
10.6
1.8
36.7
2.8
-6.7
.7
15.9
Federal Government
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Current expenditures
1,619.3
8.1
28.4
52.5
691.1
192.8
108.7
626.7
6.0
16.3
12.1
-6.9
41.8
1,725.2
Consumption expenditures
National defense
Nondefense
Transfer payments (net)
To persons
To the rest of the world
Grants-in-aid to State and local governments
Net interest paid
Subsidies less current surplus of government enterprises
Subsidies
Of which'. Agricultural subsidies
Less: Current surplus of government enterprises
Less: Wage accruals less disbursements
Current surplus or deficit (-)
Social insurance funds
Other
457.7
304.7
153.0
779.8
756.6
23.3
216.8
238.8
-4.8
2.9
4.1
4.3
-2.2
-1.3
-.9
6.7
6.3
.3
-.5
1.6
6.7
29.0
2.2
-1.4
3.6
25.3
17.9
7.4
4.3
-3.4
5.6
.4
0
-.7
-.2
0
.5
0
.3
-.5
0
-105.9
4.0
-.7
32.0
32.4
-1.2
-1.3
1.4
2.6
-7.7
-167.1
1,059.8
5.7
15.9
196.2
2.6
61.2
6.9
2.6
-1.2
9.4
24.0
9.9
8.7
1.2
1.7
8.8
-7.2
11.7
.3
.4
.1
.2
-.3
0
6.3
-1.2
-2.5
2.5
7.4
.3
-2.2
-2.7
.5
5.0
5.2
-.1
-4.8
2.9
-.5
.3
.1
.8
0
37.4
10.9
-3.7
23.0
7.3
22.6
-3.6
0
-3.6
16.9
5.4
11.6
2.3
5.1
1.7
.7
-.1
-1.0
0
5.9
14.9
26.4
3.9
2.0
12.8
22.7
1.9
12.2
28.5
2.2
2.1
Current expenditures.—Current expenditures increased $22.6 billion in the fourth quarter after
increasing $0.3 billion in the -third. The acceleration was mostly accounted for by transfer
payments (net) and grants-in-aid to State and local
governments.
Transfer payments (net) increased $16.9 billion
after increasing $5.0 billion. Transfer payments
to the rest of the world increased $11.6 billion after decreasing $0.1 billion; the upturn was more
than accounted for by $12.0 billion (annual rate)
in economic support and other payments to Israel. Transfer payments to persons increased $5.4
billion after increasing $5.2 billion.
Grants-in-aid to State and local governments
increased $2.3 billion after decreasing $4.8 billion. The upturn was mostly accounted for by
grants for medicaid, which increased $0.8 billion
after decreasing $4.5 billion. Grants for highways,
human development services, community development services, and other programs also turned
up. Subsidies less current surplus of government
enterprises increased $1.7 billion after decreasing
$0.5 billion. The turnaround was mainly accounted for by a downturn in the surplus of the
Postal Service.
Net interest paid increased $5.1 billion after
increasing $2.9 billion. The acceleration was accounted for by a downturn in interest received on
foreign currency holdings.
Consumption expenditures decreased $3.6 billion after decreasing $2.2 billion. Nondefense
consumption expenditures decreased $3.6 billion
after increasing $0.5 billion. The downturn was
accounted for by services, which decreased $3.1 billion after increasing $0.6 billion. Within services,
sales of services increased $3.3 billion after decreasing $0.3 billion. (Sales by government, except those
by government enterprises, of goods and services
similar to those provided by the private sector are
treated as deductions from current expenditures.)
State and local governments
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Federal grants-in-aid
36.1
535.2
75.5
216.8
Current expenditures
968.9
Consumption expenditures
Transfer payments to persons
Net interest paid
Less' Dividends received by government
Subsidies less current surplus of government enterprises
Subsidies
Less: Current surplus of government enterprises
Less: Wage accruals less disbursements
Current surplus or deficit (-)
Social insurance funds
Other
13.9
-13.7
.4
14.1
0
90.9
. . .
NOTE.—Dollar levels are found in NIPA tables 3.1, 3.2, and 3.3.
725.3
315.3
-44.1
54.0
36.9
-1.0
3.9
.6
-.5
11.5
5.7
5.1
.6
.3
.2
0
-.2
0
-5.8
-.5
-5.3
1.5
2.5
6.9
.6
4.3
13.0
9.4
3.5
.7
.3
-.1
0
.1
0
2.9
-.8
3.6
3.9
.5
5.8
.8
3.1
-.5
3.4
.7
11.7
-4.8
12.7
13.7
8.9
3.7
.6
.4
-.2
0
.1
0
10.0
-.4
10.5
9.1
4.3
.5
0
-.1
0
.2
0
-11.8
-1.1
-10.8
3.9
-.8
6.3
.6
2.3
10.5
6.0
4.4
.5
.2
-.3
0
.3
0
1.7
-1.3
3.1
State and local
The State and local government current surplus
increased $1.7 billion, to $90.9 billion, in the
fourth quarter after decreasing $11.8 billion in the
third. The turnaround was largely attributable to
receipts.
,,
_ , , . ., ; .,. v .,, t
Receipts increased $12.2 billion after increasing
$1.9 billion. The acceleration was mostly accounted for by an upturn in Federal grants-in-aid,
which increased $2.3 billion after decreasing $4.8
billion. Indirect business tax and nontax accruals
increased $6.3 billion after increasing $3.4 billion;
the acceleration was mostly accounted for by sales
SURVEY OF CURRENT BUSINESS
taxes. Personal tax and nontax receipts increased
$3.9 billion after increasing $3.1 billion.
Current expenditures increased $10.5 billion after increasing $13.7 billion. The deceleration was
accounted for by consumption expenditures,
which increased $6.0 billion after increasing $9.1
billion. Within consumption expenditures, a slowdown in compensation of employees reflected a
deceleration in employment.
Government Sector in 1996
The combined current deficit of the Federal
Government and State and local governments decreased $32.6 billion in 1996 after decreasing $23.8
billion in 1995. The combined deficit has declined
every year, beginning in 1993, and the 1996 deficit
was the smallest since 1982. The 1996 decrease was
more than accounted for by a decrease in the Federal current deficit; the current surplus of the State
and local governments registered a small decrease.
The Federal current deficit decreased $34.6 billion, to $127.1 billion, the smallest Federal deficit
since 1989; the decrease was attributable to a larger
increase in receipts than in current expenditures.8
Federal receipts increased $96.6 billion; the increase was mostly attributable to personal tax and
nontax receipts, contributions for social insurance,
and corporate profits tax accruals. Federal current
expenditures increased $62.0 billion; the increase
was mostly accounted for by transfer payments to
persons and by grants-in-aid to State and local
governments.
The State and local government current surplus decreased $2.0 billion, to $93.0 billion; the
decrease was attributable to a larger increase in
current expenditures than in receipts. Current
expenditures increased $49.9 billion; the increase
was mostly accounted for by consumption expenditures and by transfer payments to persons.
Receipts increased $47.9 billion; the increase was
mostly attributable to indirect business tax and
nontax accruals, personal tax and nontax receipts,
and Federal grants-in-aid. £1
8. The budget estimates in the national income and product accounts differ
from the official U.S. Budget estimates in several respects, including the timing
of transactions, the treatment of investment, and other coverage differences.
For more information, see "Federal Budget Estimates, Fiscal Year 1998," SURVEY
OF CURRENT BUSINESS 77 (March 1997): 8-16.
Release of Revised NIPA and Wealth Estimates
In May, the release of the following estimates will mark
the completion of the most recent comprehensive revision
of the national income and product accounts (NIPA'S).
Revised NIPA estimates for1929-58: The May SURVEY will
present summary tables of revised NIPA estimates beginning in 1929 that will reflect the following major changes
that were incorporated last year into the NIPA estimates
beginning with 1959: Adoption of BEA'S improved measures of real output and prices, the definitional change
that recognizes government investment, and the improved
methodology for calculating depreciation. More detailed
estimates will be available electronically through STATUS A'S Economic Bulletin Board or Internet services and on
diskette from BEA.
Revised estimates of reproducible tangible wealth for 192995: The May SURVEY will contain an article that presents
revised estimates of reproducible tangible wealth for 192995 and that describes the methodology used to prepare
these estimates, including the improved methodology for
calculating depreciation. The complete set of wealth
estimates will be available electronically through STATUSA'S Economic Bulletin Board or Internet services and
on diskette from BEA. In addition, these estimates, along
with the definitions, classifications, and methodologies
that underlie them, will be published later this year in Fixed
Reproducible Tangible Wealth of the United States, 1925-96.
Newly available and revised NIPA estimates of selected series for 1959-96: The May SURVEY will present a set of tables
showing newly available series that reflect the work undertaken to complete the estimates of reproducible tangible
wealth—namely the estimates of real consumption of fixed
capital and related net product and net investment series—
and revised series that primarily reflect the incorporation
into the NIPA'S of the revisions to the wealth estimates.
The largest revisions will be to capital consumption adjustment and consumption of fixed capital and to the series
that depend upon them—including corporate profits from
current production and some components of personal income; revisions to other series are expected to be small.
The tables in the May SURVEY will present the estimates
for 1991-96; all the newly available and revised estimates
for 1959-96, including the more detailed estimates, will
be available electronically through STAT-USA'S Economic
Bulletin Board or Internet services and on diskette from
BEA.
April 1997
SURVEY OF CURRENT BUSINESS
April 1997
Real Inventories, Sales, and Inventory-Sales Ratios
for Manufacturing and Trade
Tables i, 2, and 3 show quarterly and monthly estimates of real inventories, sales, and inventory-sales
ratios, respectively. Real manufacturing inventories by
stage of fabrication are shown in table 4. Real estimates
are in chained (1992) dollars.
Data availability
Quarterly estimates for 1977-95 of real manufacturing
and trade inventories, sales, and inventory-sales ratios
and of real manufacturing inventories by stage of fabrication were published in the May 1996 SURVEY OF
CURRENT BUSINESS.
Estimates for 1967 forward are available electronically
to subscribers to STAT-USA'S Economic Bulletin Board
or Internet services. For information, call (202)
482-1986.
The estimates for 1967-95 are also available on
printouts and diskette. To order, write to the National Income and Wealth Division, BE-54, Bureau of
Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230. Specify "Real Manufacturing
and Trade Inventories, Sales, and Ratios" (Accession
Nos. BEA 54-91-20-014 for printouts, BEA 54-91-40409 for diskette), and include a check or money order
for $55.00 for printouts or $20.00 for diskette, payable
to the Bureau of Economic Analysis. To order by telephone, call (202) 606-9700; MasterCard and VISA are
accepted.
Table 1.—Real Manufacturing and Trade Inventories, Seasonally
Adjusted, End of Period
Table 2.—Real Manufacturing and Trade Sales, Seasonally Adjusted at
Monthly Rate
[Billions of chained (1992) dollars]
[Billions of chained (1992) dollars]
19 36
III
Manufacturing and trade
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Motor vehicles and equipment
Other transportation equipment
Other durable goods1
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic products
Other nondurable goods2
Merchant wholesalers
Durable goods
Nondurable goods
..
...
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Motor vehicle dealers3
Other durable goods3
....
Nondurable goods
Food stores
Other nondurable aoods
19 96
19 36
IV
Aug.
Sep.
Oct.'
Nov.' Dec.'
Jan.''
9315
9359
9302
9315
9347
9370
9359
9374
405.4
406.4
404.4
405.4
406.5
407.9
406.4
406.5
261 8
261 8
261 1
2626
2632
261 8
2626
22.4
23.3
58.2
44.3
58.2
13.6
44.6
22.7
23.4
57.4
44.4
58.6
13.4
45.3
22.0
23.3
58.7
44.2
57.8
13.6
44.1
2618
22.4
23.3
58.2
44.3
58.2
13.6
44.6
22.4
23.3
58.2
44.4
58.7
13.6
45.1
22.5
23.4
58.4
44.7
58.9
13.3
45.6
22.7
23.4
57.4
44.4
58.6
13.4
45.3
22.3
23.5
57.6
44.2
59.5
13.4
46.1
562
559
562
564
1443
31.0
15.0
35.4
561
1450
31.4
15.0
35.4
559
1449
31.4
15.0
35.6
562
1442
31.4
14.9
35.4
1439
30.9
15.1
35.3
13.9
38.6
13.9
39.0
13.9
39.5
14.0
39.3
14.1
38.7
13.9
38.6
14.0
39.3
2444
2471
245.7
244.4
2457
246.5
247.1
249.9
157.9
867
266
157.4
898
275
157.7
883
276
157.9
867
266
157.1
887
276
157.5
892
276
157.4
898
275
158.8
91 3
277
60.3
62.5
60.9
60.3
61.3
61.8
62.5
63.8
281.2
281.9
279.5
281.2
282.0
282.0
281.9
2805
1488
68.4
80.8
1483
67.9
80.8
1471
67.0
80.5
1488
68.4
80.8
1492
67.5
82.1
1490
68.0
81.3
1483
67.9
80.8
1467
67.1
80.0
132.2
133.4
274
106.2
132.2
132.2
269
105.4
132.6
271
105.7
132.9
272
105.8
133.4
274
106.2
133.6
9.8
26.9
106.4
1449
31.4
15.0
35.6
560
1437
30.6
15.0
35.2
10.2
13.8
38.6
1439
30.9
15.1
35.3
9.3
26.9
105.4
9.8
95
9.4
9.3
9.4
27.5
106.3
p Preliminary.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and
related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather
and leather products.
3. Prior to 1981, inventories and sales of auto and home supply stores are included in motor vehicle dealers.
Beginning with 1981, these inventories are included in "other durable goods".
NOTES.—Manufacturing inventories are classified by the type of product produced by the establishment holding
the inventory. Trade inventories are classified by the type of product sold by the establishment holding the inventory.
Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes
uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The
residual line is the difference between the first line and the sum of the most detailed lines for inventories.
III
Manufacturing and trade
Durable goods
Primary metal industries
Fabricated metal products
*.
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Motor vehicles and equipment
Other transportation equipment
Other durable goods *
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic products
Other nondurable goods2
Merchant wholesalers
. .
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Motor vehicle dealers3
Other durable goods3
Nondurable goods
Food stores
Other nondurable goods
19 96
IV
Aug.
Sep.
Oct.'
Nov.'
Dec.'
Jan./'
689.1
695.8
687.4
690.9
693.5
697.4
696.4
704.7
3008
3030
3003
3017
3019
304.4
302.6
306.4
166.9
167.7
166.5
168.5
167.1
168.5
167.5
169.7
13.7
16.4
36.1
28.3
38.2
27.5
10.7
13.9
16.3
36.7
29.5
37.3
24.8
11.1
13.7
16.5
36.1
28.0
38.1
27.3
10.8
13.7
16.4
36.8
28.7
38.9
27.6
11.3
13.8
16.3
36.1
29.1
37.4
25.5
10.6
14.0
16.4
36.3
30.0
37.6
25.0
11.2
13.9
16.2
37.6
29.4
36.8
24.0
11.4
40.7
14.2
16.4
37.6
28.6
38.5
26.2
10.9
41.6
406
41 1
405
41 1
413
41 3
133.6
134.7
133.3
133.0
134.4
135.4
134.4
136.2
35.9
11.9
28.2
13.8
11.5
32.6
36.3
12.0
28.5
14.3
11.4
32.8
35.8
11.8
28.2
13.8
11.4
32.7
35.4
11.9
28.1
14.0
11.3
32.4
36.2
11.9
28.6
14.4
11.4
32.3
36.7
11.9
28.5
14.4
11.5
33.1
35.9
12.0
28.6
14.3
11.4
33.1
36.8
12.1
28.8
14.3
11.6
33.3
186.1
189.1
185.1
186.2
187.8
189.7
189.8
191.2
99.3
86.8
100.8
99.7
86.5
100.2
101.1
101.1
101.4
88.7
89.8
328
327
52.4
53.0
88.3
98.3
86.8
31 5
326
31 5
31 4
322
51.2
52.1
51.2
51.0
51.7
88.5
32.9
52.3
202.2
203.6
202.0
203.0
2038
203.2
203.9
207.0
814
824
81 3
819
825
822
43.1
43.7
384
120.5
331
388
121.0
331
43.0
38.3
43.6
38.3
43.7
38.8
43.5
38,8
82.7
43.9
38.8
84.0
44.9
39.2
120.5
330
121.0
121.1
120.8
121.1
122.7
87.4
87.9
87.5
33.2
87.8
33.2
87.9
33.0
87.8
33.1
88.0
33.3
89.5
87.6
p Preliminary.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and
related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather
and leather products.
3. Prior to 1981, inventories and sales of auto and home supply stores are included in motor vehicle dealers.
Beginning with 1981, these inventories are included in "other durable goods".
NOTES.—Manufacturing inventories are classified by the type of product produced by the establishment holding
the inventory. Trade inventories are classified by the type of product sold by the establishment holding the inventory.
Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes
uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The
residual line is the difference between the first line and the sum of the most detailed lines for inventories.
SURVEY OF CURRENT BUSINESS
April 1997
Table 3.—Real Inventory-Sales Ratios for Manufacturing and Trade,
Seasonally Adjusted
Table 4.—Real Manufacturing Inventories by Stage of Fabrication,
Seasonally Adjusted, End of Period
[Ratio, based on chained (1992) dollars]
[Billions of chained (1992) dollars]
1996
Manufacturing and trade
Manufactured
Durable goods . . . .
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment ....
Transportation equipment
Motor vehicles and equipment
Other transportation equipment
Other durable goods *
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic products
Other nondurable goods2
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Motor vehicle dealers3
Other durable goods3
Nondurable goods
Food stores
Other nondurable goods
19 96
19 96
III
IV
135
135
135
135
135
134
134
133
135
134
135
134
135
134
134
133
1 57
1 56
1 57
1 55
157
1 56
1 56
1 55
1.63
1.63
1.60
1.64
1.62
1.63
1.57
1 42
1 43
1.61
1 42
145
144
1.63
1.58
1.52
1.58
1.54
1.50
1.61
1.52
1.57
1.53
1.51
1.59
1.53
1.54
1.55
1 42
1.61
1.57
1.52
.50
Aug.
1 44
1.56
1.51
1.57
.54
.50
Sep.
.49
Oct.'
.54
Nov.'
1 42
1.61
1.49
1.57
.53
Dec.' Jan.'
.56
.51
4.17
4.09
4.08
3.95
4.26
4.07
3.96
4.25
1 39
1 36
138
1 37
1 37
1 36
1 37
1 35
1.08
1.08
1.08
1.08
1.07
1 08
88
125
1.06
86
1 26
107
86
1 26
1.24
1.24
1.25
1.23
86
87
85
87
85
124
1.27
1.25
1.25
1.25
1.21
1.18
1.23
1.20
1.21
1.18
1.22
1.19
1.22
1.21
1.21
1.20
1.23
1.19
1.21
1.16
1.31
1.31
1.33
1.31
1.31
1.30
1.30
1.31
1.59
1.00
1.56
1.02
1.60
1.02
1.58
1.00
1.57
1.01
1.56
1.01
1.56
1.01
1.57
1.02
71
.85
65
.84
1.27
1.25
74
.87
1.27
1.26
70
.85
66
.86
65
.84
66
.84
66
.85
1.18
1.20
1.19
1.18
1.19
1.18
1.19
1.20
1.39
1.38
1.38
1.39
1.38
1.39
1.38
1.36
1.83
1.59
2.10
1.10
.81
1.21
1.80
1.55
2.08
1.10
.83
1.21
1.81
1.56
2.10
1.10
.82
1.21
1.82
1.57
2.11
1.09
.81
1.20
1.81
1.54
2.12
1.10
.82
1.20
1.81
1.57
2.10
1.10
.83
1.21
1.79
1.55
2.08
1.10
.83
1.21
1.75
1.50
2.04
1.09
.83
1.19
p Preliminary.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and
related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather
and leather products.
3. Prior to 1981, inventories and sales of auto and home supply stores are included in motor vehicle dealers.
Beginning with 1981, these inventories are included in "other durable goods".
NOTE.—Manufacturing inventories are classified by the type of product produced by the establishment holding
the inventory. Trade inventories are classified by the type of product sold by the establishment holding the inventory.
Materials and supplies
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Motor vehicles and equipment
Other transportation equipment
Other durable goods J
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic products
Other nondurable goods2
1996
III
IV
134.0
81 0
7.5
8.5
18.1
15.6
5.8
6.0
Oct.'
Nov.'
134.0
133.6
133.6
133.0
81 0
7.5
8.5
802
7.5
8.7
802
7.6
8.7
797
7.5
8.6
79.8
18.1
15.6
17.4
15.6
17.4
15.6
17.1
15.5
17.1
15.3
Aug.
Sep.
133.0
133.7
797
75
8.6
807
7.3
8.6
17.1
15.5
18.3
15.6
6.3
5.4
5.8
6.0
5.8
6.0
6.0
5.8
6.2
5.6
Dec.' Jan.p
6.3
5.4
132.6
7.5
8.7
6.5
5.5
19.6
19.4
19.4
19.6
19.4
19.4
19.4
19.5
531
533
531
10.1
10.3
10.0
53.1
10.1
53.4
10.2
53.4
10.3
53.3
10.3
52.8
10.3
70
11.5
34
5.3
70
11.4
31
5.3
70
11.3
35
5.3
7.0
11.5
34
5.3
70
11.5
33
5.3
70
11.4
32
5.3
16.0
16.1
16.1
16.0
16.2
16.2
133.1
134.8
133.0
133.1
134.3
1100
111 6
8.2
65
1098
110.0
8.0
6.7
111.1
8.1
6.5
22.0
16.1
21.6
16.3
21.3
16.3
21.7
16.2
7.0
11.4
31
5.3
7.0
11.3
32
5.3
16.1
15.6
135.4
134.8
134.8
112.1
8.1
66
111.6
8.2
65
111.6
8.0
66
22.1
16.4
22.0
16.1
21.9
15.9
Work-in-process
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products
. .
Industrial machinery and equipment
Electronic and other electric equipment
Motor vehicles and equipment
Other transportation equipment
Other durable goods l
Nondurable goods
......
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic products
Other nondurable goods2
Finished goods
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Motor vehicles and equipment
Other transportation equipment
Other durable goods1
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic products
Other nondurable goods2
8.0
67
21.3
16.3
4.5
4.1
36.4
17.0
37.8
23.2
23.3
4.4
16
5.6
20
2.0
7.4
170
4.3
17
5.7
19
1.9
7.7
8.0
6.7
4.5
4.5
4.4
4.1
4.1
3.6
35.9
17.1
36.4
17.0
37.1
17.3
38.2
17.0
37.8
17.0
38.7
233
4.4
16
5.7
21
1.9
7.5
23.2
23.2
23.4
23.3
23.3
4.4
1.6
5.6
20
2.0
7.4
4.4
1.6
5.6
20
1.9
7.6
4.5
1.6
5.5
20
1.9
7.8
171
4.3
1.7
5.7
19
1.9
7.7
4.4
1.6
5.6
20
1.9
7.6
138.4
138.8
137.7
138.4
138.8
139.1
138.8
139.3
70.7
70.5
70.4
70.7
71.2
70.9
70.5
71.1
68
8.1
18.8
12.4
3.3
2.1
69
8.2
18.3
12.8
3.0
2.1
68
8.0
18.7
12.3
3.3
2.2
68
8.1
18.8
12.4
3.3
2.1
67
8.1
19.2
12.6
3.2
2.2
69
8.2
19.0
12.7
3.1
1.9
6.9
8.2
18.3
12.8
3.0
2.1
68
8.2
18.7
13.0
3.3
2.0
19.6
19.6
19.5
19.6
19.7
19.6
19.6
19.6
67.7
68.4
67.4
67.7
67.6
68.2
68.4
68.3
165
6.5
167
6.4
163
6.5
165
6.5
164
6.5
166
6.4
167
6.4
167
6.3
18.2
18.6
18.2
18.2
18.4
18.5
18.6
18.4
4.4
6.7
152
4.3
6.8
155
4.6
6.6
151
4.4
6.7
152
4.2
6.7
153
4.2
6.7
156
4.3
6.8
155
15.6
4.3
6.8
p Preliminary.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and
related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather
and leather products.
NOTES.—Manufacturing inventories are classified by the type of product produced by the establishment holding
the inventory. Trade inventories are classified by the type of product sold by the establishment holding the inventory.
Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes
uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The
residual line is the difference between the first line and the sum of the most detailed lines for inventories.
SURVEY OF CURRENT BUSINESS
April 1997
Real Gross Product of U.S. Companies'
Majority-Owned Foreign Affiliates
in Manufacturing
By Raymond J. Mataloni, Jr.
fj N AN initial attempt to remove valuation effects
L from its measures of the foreign manufacturing activities of U.S. multinational companies
(MNC'S), the Bureau of Economic Analysis (BEA)
has developed experimental estimates of the real
gross product of majority-owned foreign affiliates
(MOFA'S) in manufacturing for 1982-94.1 Gross
product—a measure of value added—is used as a
summary measure of economic activity because it
is free of double counting, unlike sales or receipts
data, which reflect not only value added within
the firm, but also the value of intermediate inputs
purchased from outside the firm. BEA has long provided current-dollar estimates of gross product for
MOFA'S and for their U.S. parent companies, but the
usefulness of these estimates for comparisons over
time or across countries has been limited by the fact
that they do not allow changes in real value added
to be distinguished from changes in value arising
from movements in prices or exchange rates.2
As might be expected, removing the effects of
changes in prices and exchange rates produces a
gross product series that is generally both slower
growing and less volatile than the current-dollar
series. In real terms, the gross product of MOFA'S
in manufacturing grew at an average annual rate of
2.5 percent from 1982 to 1994, a rate similar to the
rate of growth in host-country industrial production.3 Year to year, the changes ranged from -4.4
percent in 1991 to 8.4 percent in 1994 (table i and
chart i). In terms of current dollars, the product
of MOFA'S grew at a 5.9-percent rate, and the yearto-year changes ranged from -4.8 percent in 1983
to 18.8 percent in 1987.
Two procedures were used to prepare the estimates of real gross product—a preferred procedure
for 19 major host countries that account for over
three-quarters of the total gross product of MO FA'S
in manufacturing and a cruder procedure for other
host countries. The preferred procedure consisted
of two steps: Estimates for a base year (1993) were
1. A foreign affiliate is a foreign business enterprise in which there is U.S.
direct investment; that is, a U.S. person ("U.S. parent") owns or controls,
directly or indirectly, 10 percent or more of the voting securities or the equivalent. (In this definition, "person" is broadly defined to include any individual,
branch, partnership, associated group, association, estate, trust, corporation or
other organization—whether or not organized under the laws of any State—or
any government entity.) A MOFA is a foreign affiliate in which the combined
ownership of all U.S. parents exceeds 50 percent.
A U.S. parent comprises the domestic (U.S.) operations of a U.S. MNC.
Foreign affiliates comprise the foreign operations of a U.S. MNC over which the
parent is presumed to have a degree of managerial influence. MOFA'S comprise
the foreign operations over which the parent(s) has a controlling interest.
2. For the most recent current-dollar estimates of gross product, see "Operations of U.S. Multinational Companies: Preliminary Results From the 1994
Benchmark Survey" SURVEY OF CURRENT BUSINESS 76 (December 1996): 11-37.
For information on methodology and for illustrations of the uses of these estimates, see "Gross Product of U.S. Multinational Companies, 1977-91," SURVEY
74 (February 1994): 42-63.
Employment has sometimes been used as an indicator of MNC economic
activity because it is not directly affected by prices or exchange rates, but it is
an imperfect measure because it measures the usage of a factor of production
rather than production itself and because it does not reflect changes in the hours
worked per employee or the usage of nonlabor factors of production.
3. Industrial production indexes are used for this comparison because estimates of real gross product originating in manufacturing are not available for
all countries or for all years.
This article benefited significantly from comments by two
reviewers from outside BEA-—Peter Hooper and Robert
E. Lipsey.
Table 1.—Indexes of Current-Dollar and Real Gross Product
of Majority-Owned Foreign Affiliates in Manufacturing,
1982-94
[1993-100]
Currentdollar
1982
1983
1984
1985
1986
1987
.
1988
1989
1990
1991
1992
1993
1994
Addendum:
Average annual rate of
qrowth, 1982-94
56.1
53.4
54.9
55.7
65.1
77.3
89.8
96.8
105.5
102.4
102.4
100.0
111.1
Percent change from
previous year
Real
Currentdollar
80.7
78.9
83.3
85.3
85.7
90.2
97.1
104.5
103.5
-4.8
2.7
1.5
16.8
18.8
16.2
7.7
9.0
98.9
96.6
-2.9
100.0
108.4
-2.3
11.1
-.1
5.9
Real
-£2
5.5
2.4
.5
5.2
7.7
7.6
-1.0
-4.4
-2.3
3.5
8.4
2.5
April 1997 • 9
SURVEY OF CURRENT BUSINESS
first constructed using "purchasing power parity" (PPP) exchange rates rather than the market
exchange rates (MER'S) that are the basis of the
current-dollar estimates; then estimates for other
years were constructed by extrapolating the baseyear estimates with chain-weighted Fisher quantity
indexes similar to those used by BEA to estimate
changes in U.S. gross domestic product.
Unlike MER'S, the PPP exchange rates used to
establish the base-year levels under the preferred
procedure approximate the number of foreign
currency units required to purchase goods and
services—whether or not traded internationally—
equivalent to those that can be purchased in the
United States with i U.S. dollar.4 MER'S, on the
other hand, reflect a variety of factors, such as international capital movements and expectations of
financial market conditions, that are not directly
related to the prices of goods and services. As an
example of how MER'S may move counter to purchasing power parity, from 1980 to 1985, the U.S.
4. PPP exchange rates are not directly observable in the marketplace, but
are estimated by international organizations—such as the Organisation for
Economic Co-Operation and Development, the United Nations, and the World
Bank—by comparing prices for specific goods and services across countries.
For additional information on PPP exchange rates see the appendix.
Although more appropriate for this exercise than MER'S, the PPP exchange
rates used pertain to prices to the consumer rather than to the producer, which
can cause some measurement error.
dollar price of German marks fell by nearly 40
percent even though the average rate of inflation,
measured in consumer prices, was more than 2
percentage points higher in the United States than
in Germany.' MER-based translation of a given
volume of production by MOFA'S under these conditions would have shown a dramatic decrease,
even though in fact none had occurred.
For other host countries, the data needed for
the preferred procedure were unavailable, and
real dollar-denominated estimates were derived
simply by deflating the current-dollar estimates
(which had been translated at MER'S) by the implicit price deflator for U.S. gross domestic product
originating in nonpetroleum manufacturing industries. The estimates constructed using this
procedure, though crude, appear to provide reasonable approximations of the true values of real
gross product for the group even if not for each
country. (See the section "Methodology" for
further discussion of both procedures.)
The remainder of the article comprises two parts
and an appendix. The first part examines trends in
the real gross product estimates and their relationship to the current-dollar estimates. The second
part provides a detailed description of the methodology used to prepare the estimates. The appendix
provides a brief introduction to PPP exchange rates.
CHART 1
Trends in 1982-94
Indexes of Current-Dollar and Real Gross
Product of Majority-Owned Foreign
Affiliates in Manufacturing and the
Foreign-Currency Price of the U.S. Dollar,
1982-94
Index (1993=100)
120
Index (December 1980=100)
160
- Foreign currency price ol U.S. dollar
(right scale)
110
150
100
140
90
130
80
120
70
110
60
100
50
I
I
I
I
I
1982 83 84 85 86 87 88 89 90 91 92 93 94
NOTE—The index of tie foreign currency price of the U.S. doter is a trade-weighted
average against Ihe currencies of the blowing 10 countries: Belgium, Canada,
France.Germany, Daly; Japan, the Netherlands, Sweden, Switzerland, and the
United Kingdom.
U.S. Department of Commerce, Bureau of Economic Analysis
90
This section examines trends in the real gross
product estimates for MOFA'S in manufacturing.
The trends in the estimates of real gross product
are then compared with those in the current-dollar
estimates of gross product.
All countries
The real gross product of MOFA'S in manufacturing grew at an average annual rate of 2.5 percent
in 1982-94—below the 3.i-percent growth rate in
real gross product originating in manufacturing
industries in the United States but above the about
2-percent growth rate in the real gross product of
U.S. parents in manufacturing. 6
5. As an example of the failure of MER'S to track absolute price levels
of a particular good or service, the U.S.-dollar prices of a popular fast-food
sandwich in various countries have been compared under the prevailing MER'S:
In 1994, the sandwich cost 52.30 in the United States, $3.77 in }apan, and $1.66
in Hungary. See Michael R. Pakko and Patricia S. Pollard, "For Here or To Go?
Purchasing Power Parity and the Big Mac," Review (Federal Reserve Bank of St.
Louis, |anuary/Februaryi996): 3-17.
6. For MOFA'S, the industry group "manufacturing" excludes petroleum
and coal product manufacturing. MOFA'S (and U.S. parents) are classified by
an enterprise-based system in which all petroleum-related activities (such asoil
extraction, refining, and gasoline retailing) are classified in a separate "petroleum" category. For this reason, the estimate of real gross product originating in
all U.S. manufacturing industries used in this comparison excludes petroleum
SURVEY OF CURRENT BUSINESS
10 • April 1997
productive capacity that result from expansion
or contraction of existing affiliates, establishment
of new affiliates (or "greenfield investments")*
acquisitions of existing foreign firms, and selloffs. Because the direction of the changes in
MOFA gross product corresponds with the direction of the changes in economic conditions
in several major host-country locations (including Europe, Canada, and Australia), growth
in MOFA gross product during 1982-94 probably was mostly accounted for by growth in
existing operations, which would be expected
to mirror host-country economic conditions.
However, greenfield investments and acquisitions
also appear to have contributed significantly to
the growth in the gross product of MOFA'S in
some countries.
The patterns of growth in the real gross product
of MOFA'S in manufacturing differed throughout
1982-94, but these patterns can be roughly divided
into three parts: An average annual growth of
3.8 percent from 1982 to 1989, an average annual
decline of 2.6 percent from 1989 to 1992, and an
average annual growth of 5.9 percent from 1992 to
1994.
Changes in MOFA gross product are the net result of several factors—changes in the capacity
utilization of existing MOFA facilities, changes in
and coal products manufacturing. For details on the industrial classification
of MOFA'S, see "A Guide to BEA Statistics on U.S. Multinational Companies,"
SURVEY 75 (March 1995): 38-55.
Rough estimates of real gross product for U.S. parents in manufacturing
were derived by deflating the current-dollar estimates at the broad industry level
shown in table 4 by the implicit price deflators for U.S. gross domestic product
originating in those industries.
Table 2.—Current-Dollar and Real Gross Product of Majority-Owned Foreign Affiliates in Manufacturing, by Country, 1982-94
Billions of current dollars
1982
All countries
19 OECD countries
Australia
Austria
Belgium
Canada
Denmark
Finland
France
Germanv
Greece
Ireland
Italy
Japan
Luxembourg
Netherlands
New Zealand
Norway
Spain
Sweden
United Kingdom
All other countries
1984
1983
1987
1986
1985
Average annual rate of growth
1982-89
1994
1993
1992
1991
1990
1989
1988
1989-92
1992-94
1982-94
99.8
94.9
97.5
99.0
115.6
137.4
159.7
172.0
187.6
182.1
181.9
177.7
197.5
8.1
1.9
4.2
5.9
76.9
75.5
78.3
79.9
95.7
115.0
3.7
.4
4.2
133.2
5.0
.5
4.8
141.4
6.9
.7
5.0
155.0
6.3
.7
5.5
149.4
5.3
.8
5.4
143.9
5.1
.9
5.9
135.7
5.0
.9
5.6
152.7
5.7
1.3
6.8
9.1
6.9
.6
3.0
5.8
5.9
2.4
21.9
25.8
28.9
27.4
23.8
21.6
22.0
25.0
4.3
.2
2.4
16.4
3.8
.4
2.7
18.0
4.0
.4
2.8
20.2
.2
.2
.2
7.4
&
£
n
15.3
.1
1.3
3.9
2.2
.2
2.6
.3
.3
1.9
.6
17.3
22.8
15.3
.1
1.5
3.8
2.5
.2
2.7
.2
.2
1.8
.6
14.9
19.5
14.0
.1
1.8
4.2
3.0
.2
2.8
.3
.2
2.0
.6
15.1
19.2
3.4
.4
2.9
20.1
3.1
.5
3.8
20.7
.2
.3
6.6
fl
n
14.8
.1
1.8
4.3
3.2
.2
2.8
.2
.2
2.3
.7
15.8
19.0
19.5
.1
1.7
5.7
4.5
.4
3.9
.3
.1
3.3
.8
19.1
19.9
.4
n
10.5
23.5
.1
3.0
7.0
5.9
.5
5.2
.4
.1
4.3
.8
23.0
22.4
.4
.1
.4
n(2
11.8
25.8
25.0
.2
3.5
7.8
7.7
.5
7.8
.3
.1
5.7
1.0
.2
3.5
7.5
7.4
.5
5.9
.3
.1
5.3
.9
27.4
30.6
29.0
26.5
.4
.1
14.0
33.6
.2
4.3
9.2
7.3
.6
6.9
.2
.2
6.4
1.0
.5
.1
13.8
34.5
.2
4.2
9.3
8.0
.6
6.7
.2
.1
6.4
1.1
.5
.1
14.2
35.6
.3
4.6
8.9
7.9
.7
7.0
.2
.1
5.8
.9
.5
.1
14.1
32.8
.3
3.9
7.1
8.5
.6
6.4
.2
.2
4.8
.8
.6
.3
16.3
32.0
.3
4.6
8.2
10.8
.7
7.5
.4
.3
5.4
.8
16.0
11.0
8.4
6.7
18.3
6.8
7.8
5.3
14.8
10.2
19.7
14.8
17.2
1.0
-10.3
17.5
-9.2
9.3
5.9
-9.1
7.9
24.2
6.3
11.2
10.5
9.1
4.6
.9
8.3
-3.4
-13.7
.3
.3
30.5
32.6
28.4
32.7
23.7
38.1
21.8
42.0
25.7
44.8
7.0
6.8
4.3
-4.2
-4.7
7.5
18.8
7.4
7.6
12.7
39.2
7.0
-5.1
9.1
.3
-4.0
17.1
3.7
3.7
37.1
68.6
-3.4
-5.0
4.3
8.5
14.7
9.1
3.6
8.0
23.1
6.7
6.4
7.2
10.8
6.3
14.3
11.3
9.4
2.2
2.5
9.3
2.1
3.4
5.8
Billions of chained (1993) dollars
All countries
19 OECD countries
Australia
Austria
Belgium
Canada
Denmark
Finland
France
Germany
Greece
Ireland
Italy
Japan
Luxembourg . . .
Netherlands
New Zealand .
Norway
Spain
Sweden
United Kingdom
All other countries
Residual . . .
123.6
120.9
127.6
130.7
131.3
138.2
148.8
160.1
158.5
151.5
148.0
153.2
166.1
3.8
-2.6
5.9
2.5
94.0
96.1
103.8
4.9
.4
4.2
107.0
4.9
.5
4.3
107.6
4.4
.4
4.4
111.5
4.6
.3
4.1
117.8
5.1
.4
4.5
126.1
6.5
.6
4.7
123.2
5.8
.5
4.4
117.4
4.7
.5
4.4
109.3
4.7
.6
4.5
111.2
4.9
.6
4.6
121.6
5.2
.9
5.3
4.3
2.9
-4.6
5.5
4.2
2.2
-.3
24.0
24.3
24.8
24.6
25.8
27.4
25.7
21.8
20.6
21.7
24.8
5.3
.3
3.2
20.2
.2
n
8.4
20.1
.2
1.6
5.2
2.4
.2
2.9
.4
.2
2.3
.7
21.6
29.2
-1.1
4.8
.4
3.9
21.3
.2
.2
7.8
&
n
20.8
.2
2.0
5.1
2.6
.3
3.1
.3
.2
2.6
.7
20.5
24.6
-.5
20.6
.2
2.4
5.9
3.2
.3
3.6
.4
.2
2.9
.7
22.3
23.6
-.9
.2
n
8.2
22.0
.2
2.5
6.2
3.4
.3
3.6
.4
.2
3.3
.8
22.6
23.4
-.7
.3
.3
.3
fl
B
&
21.4
.2
1.9
6.2
3.5
.4
3.9
.4
.1
3.7
.7
23.4
23.5
n
21.1
21.7
.2
3.4
6.5
4.6
.4
4.8
.3
.1
4.7
.7
.2
3.0
6.3
4.1
.4
4.5
.4
.1
4.2
.6
24.1
26.5
26.4
30.8
-.1
* Less than $50 million or less than 0.05 percent.
NOTE.-Chained (1993) dollar series were derived by extrapolating the base-year (1993) PPP-exchange-rate-based
current-dollar value of the corresponding series by a Fisher quantity index (see the text for details). Because the
formula for the Fisher quantity indexes uses weights of more than one period, the corresponding chained-dollar
estimates are usually not additive. The residual line is the difference between the total line and the sum of the
most detailed lines.
Although the real estimates are denominated in dollars of 1993, the estimate for 1993 does not equal the current-
-.6
.3
n
9.5
23.3
.3
3.4
6.7
5.0
.4
6.5
.3
.1
5.0
.7
25.7
33.9
-.2
.3
.1
9.6
25.5
.2
3.7
6.7
4.9
.5
5.1
.2
.1
4.6
.7
24.9
35.3
-.2
.3
.1
9.9
26.3
.3
3.7
6.8
4.9
.5
5.1
.2
.1
4.6
.7
22.4
34.0
.3
.3
.1
9.7
24.9
.3
3.8
6.4
4.6
.5
5.1
.2
.1
4.0
.5
18.3
38.7
.1
.3
.1
10.5
24.1
.3
3.6
6.3
4.4
.5
5.0
.3
.1
4.1
.6
19.2
42.0
0
.3
.2
11.7
23.0
.3
4.1
7.0
5.2
.5
5.7
.4
.2
4.7
.6
21.6
44.5
n
11.5
5.6
4.5
1.7
12.4
1.7
2.1
2.3
11.4
3.6
10.9
9.8
12.6
-1.9
-12.8
11.5
1.2
2.5
2.2
-10.0
1.4
-1.6
-9.0
23.2
.7
2.3
.9
2.9
-1 5
-2.3
3.2
-8.1
-12.6
-5.1
-6.5
-9.5
-10.6
5.5
21.6
8.6
9.6
15.2
47.4
10.1
-3.9
9.5
3.9
4.7
6.2
6.1
5.9
31.1
77.8
7.3
4.2
8.5
7.2
10.5
4.3
1.7
3.4
20.3
2.8
1.1
3.1
8.0
2.5
6.7
7.5
5.9
n
.3
6.0
-1.2
n
3.6
dollar estimate for that year, because the two estimates are based on different exchange rates. As explained in
the
****• the current-dollar estimates are based on market exchange rates and the real estimates are based on
purchasing-power-parity
exchange rates.
E
° CD Organisation for Economic Co-Operation and Development
SURVEY OF CURRENT BUSINESS
19 OECD countries
From 1982 to 1994, real gross product of MOFA'S
in manufacturing in 19 member countries of the
Organisation for Economic Co-Operation and Development (OECD) grew at an average annual rate
of 2.2 percent—the same as the (weighted) average annual rate of growth in total industrial
production in these countries (table 2 and
chart 2)7 Even on a year-to-year basis, the movements in the gross product estimates generally
tracked the industrial production in the host
countries.
From 1982 to 1989, the estimates of real gross
product for MOFA'S in the 19 countries grew at
an average annual rate of 4.3 percent, compared
with a 3.i-percent growth rate for host-country
7. For this comparison, a composite index of industrial production was derived by weighting each country's index by that country's share of the cumulative
dollar value of real gross product of MOFA'S in manufacturing in 1982-94.
The concepts, coverage, and method of computation of industrial production indexes are similar to those of estimates of real gross product of MOFA'S
in manufacturing. However, the industrial production indexes include the
mining, petroleum refining, and electric and gas utilities industries, and some
countries' industrial production indexes are based on the changes in the total
output (sales plus inventory change) in specific industries rather than on the
gross product originating in them. In addition, the industry-level changes are
often aggregated with fixed benchmark-year weights rather than with chained
weights like those used for the real gross product estimates.
CHART2
Indexes of Real Gross Product of
Majority-Owned Foreign Affiliates in
Manufacturing and Host-Country Industrial
Production, in 19 OECD Countries, 1982-94
120
Real gross product of MOFA's
11S
"tOQ
industrial production. The growth in gross product was widespread, reflecting an extended period
of economic growth in most of the OECD countries. Greenfield investments and acquisitions may
have also contributed to the growth in several host
countries—such as Ireland, Japan, the Netherlands, and Spain—where MOFA gross product grew
much faster than the worldwide average.
From 1989 to 1992, the estimates of real gross
product for MOFA'S decreased at an average annual
rate of 4.6 percent, compared with a growth rate of
o.i percent for host-country industrial production.
The decrease reflected falling capacity utilization
for MOFA'S (related to slow growth or recession
in host-country economies) that more than offset the modest growth in the productive capacity
of MOFA'S during this period. Among the larger
host countries, Australia, Canada, and the United
Kingdom had the largest decreases, perhaps because economic recessions began earlier in those
countries than in most other OECD countries.
From 1992 to 1994, the estimates of real gross
product for MOFA'S increased at an average annual
rate of 5.5 percent, compared with a 2.o-percent
growth rate for host-country industrial production. The increases in gross product were widespread and mainly reflected renewed economic
growth in the host countries.
All other countries
From 1982 to 1994, real gross product of MOFA'S
in manufacturing in "all other countries" grew
at an average annual rate of 3.6 percent. Unlike
the growth in the 19 OECD countries, the growth
in these countries was slowest from 1982 to 1989,
partly reflecting the effects of a debt crisis in Latin
America. From 1989 to 1994, growth accelerated, reflecting renewed economic growth in Latin
America and new investments by U.S. MNC'S in
emerging markets worldwide.
Comparison of real and current-dollar estimates
95
90
Hpst:country jndustrial prpductipn
80
198283 84 85 86 87 88 89 90 91 92 93 94
MOFA Majority-owned foreign affiliate
OECD Organisation for Economic Co-Operation and Development
NQTi$~~m 1S GECO countries severed fethfe diait art Austria, fy$fat
Baigiuia, Canada, tterouaifc, Finland, Ffaaee^ermam &eeee» iwfead, Itefc Japan,
Luxembourg, the Netherlands, New Zealand, Noway, Spain, Sweden, and
theHai!ed%$8rK
The composite index of in
index by the country's shar
MOFA's in manufacturing in 1982-94.
U.S. Department of Commerce, Bureau of Economic Analysis
All countries.—The real and current-dollar
estimates of gross product present very different pictures of the level and growth of U.S.
companies' overseas manufacturing activities in
1982-94. The differences can be explained largely
by exchange-rate conditions rather than by changes
in prices.
Unlike most real and current-dollar series, the
levels of the estimates of real and current-dollar
gross product do not match in the base year, 1993,
of the real series; the cur rent-dollar estimate is
$177.7 billion, whereas the real estimate is
April 1997
11
SURVEY OF CURRENT BUSINESS
12 • April 1997
$153.2 billion (table 2). The difference results from
differences in the exchange rates on which the estimates ;are based: The current-dollar estimates are
based on MER'S, and the real estimates are based on
PPP exchange rates. The lower level of the real series in 1993 reflects the higher exchange value of the
dollar under PPP exchange rates in 1993 than under MER'S. Under the prevailing MER, one unit of
currency could have purchased more, on average,
in the United States than it could have abroad.
During 1982-94, the year-to-year changes in the
real estimates differed from those in the currentdollar estimates. Real gross product of MOFA'S
in manufacturing grew at an average annual rate
of 2.5 percent, compared with an average annual
growth rate of 5.9 percent for the current-dollar
estimates. Most of the divergence occurred in
1985-90 (chart i). From 1982 to 1985, the two series moved roughly in tandem, probably because
changes in the MER value of the dollar were consistent with those needed to maintain purchasing
power parity between the dollar and the currencies
of the countries where U.S. MNC'S were producing;
the dollar appreciated at a time when U.S. inflation was generally milder than that of the major
host countries (table 3). From 1985 to 1990, the
real estimates grew at an average annual rate of
3.9 percent, compared with a i4.o-percent rate for
the current-dollar estimates. The difference in the
growth rates probably reflects the depreciation of
the MER value of the dollar; the dollar depreciated
substantially even though U.S. inflation continued
to be generally milder than that abroad. From 1990
to 1994, the differences between the two series were
smaller, probably reflecting relative stability in the
MER value of the dollar.
19 OECD countries.—For most of the 19 OECD countries, the relationship between the cur rent-dollar
and the real estimates of gross product was similar
to that for all countries. In 1993, the levels of the
current-dollar estimates exceeded those of the real
estimates in all but two countries (Greece and New
Zealand). Like the estimates for all countries, the
current-dollar estimates for the 19 countries grew
more than twice as fast, on average, as the esti-
mates of real gross product. The differences in the
growth rates for the largest OECD host countries
were generally most pronounced between 1985 and
1988 (chart 3).
All other countries.—In contrast to the levels for
the 19 OECD countries, the levels of the estimates of
current-dollar and real gross product for all other
countries are identical in 1993, and in the other
years, the differences between the two series simply
reflect inflation as measured by the U.S. implicit
price deflator for gross domestic product originating in nonpetroleum manufacturing industries.
This relationship results from the method used to
produce the real gross product estimates for these
countries.
Methodology
This section describes the methodology for preparing the estimates of real gross product, which were
derived by adjusting the current-dollar estimates.
Current-dollar gross product estimates
Gross product for a firm, such as a MOFA, can be
measured as its gross output (sales or receipts and
other operating income, plus inventory change)
less its purchased intermediate inputs (purchased
goods and services). Alternatively, gross product
can be measured as the sum of the costs incurred
(other than for intermediate inputs) and the profits earned in production. The current-dollar gross
product estimates for MOFA'S are prepared by summing costs and profits. The data on costs and
profits are collected in BEA'S annual and benchmark surveys of U.S. direct investment abroad
and are combined with BEA estimates of some
items.8 Survey respondents are asked to follow U.S.
generally-accepted accounting principles (GAAP),
which require that revenues and costs denominated in foreign currencies be translated to U.S.
dollars, using the average MER for the year.9 Therefore, the gross product estimates that are derived
from these data reflect what a U.S. buyer would
pay, at the prevailing MER, to purchase the gross
product of MOFA'S from abroad.
Real gross product estimates
Table 3.—Average Annual Change in Consumer Prices
Two procedures were used to prepare the estimates
of real gross product. A preferred procedure was
[Percent]
United States
OECD Europe
Canada .
japan
. .
1982-85
1985-90
1990-94
43
8.9
62
22
39
5.9
44
15
3.2
7.3
23
1.7
Sources: OECD, Historical Statistics, 1960-1990 (OECD, Paris, 1992) and Main Economic
Indicators (OECD, Paris, November 1995)
OECD Organisation for Economic Co-Operation and Development
8. See "Gross Product of U.S. Multinational Companies, 1977-91."
9. However, in accordance with GAAP, the revenues and expenses of affiliates
operating in hyperinflationary economies are translated daily into U.S. dollars
at the prevailing daily MER'S; thus, the accounts for these affiliates are, in effect,
kept in dollars.
April 1997
SURVEY OF CURRENT BUSINESS
Indexes of Current-Dollar and Real Gross Product of Majority-Owned Foreign Affiliates in Manufacturing,
by Selected Country, 1982-94
Index (1993-100)
140
Index (1993-100)
140
19 OECD COUNTRIES
120
120
Real
100
100
80
80
Current-dollar
60
60
40
40
20
l
I
I
I
I
I
89 90
1982 83 84 85 86 87
I
I
I
91 92 93 94
20
I
I
I
I
I
l
I
I
I
I
I
I
87 88 89 90 91 92 93 94
83 84
1982
Index (1993-100)
140
GERMANY
Index (1993-100)
140
FRANCE
120
120
100
100
Real
Real.
80
80
60
60
^Current-dollar
40
20
" Current-dollar
I
I
I
I
I
I
1982 83 84 85 86 87
I
40
I
I
I
I
I
89 90 91 92 93 94
20
j l
1982 83 84 85 86 87 88
90
91 92 93 94
90
91 92 93 94
Index (1993-100)
Index (1993-100)
140
140
120
120
100
100
80
80
JAPAN
Current-dollar
60
60
40
40
20
Real
I
I
I
I
I
I
I
I
I
90
1982 83 84 85 86 87 88
I
I
I
91 92 93 94
20
1982 83 84 85 86 87 88
Index (1993-100)
Index (1993-100)
140
140
UNITED KINGDOM
NETHERLANDS
120
120
100
100
80
80
60
60
• Current-dollar
" Current-dollar
40
20
40
I
I
I
I
1982 8 3 8 4 8 5 8 6
I
I
I
87 8889
I
I
90
I
OECDOnjanlsalk)ntoEcorK)mfcC(><)peratk)nanclD«elopment
US. Department rt Commerce, Bureau of Economic Analysis.
I
I
91929394
20
I
I
l
l
I
1982 83 84 85 86 87 88 89
I
I
90
I
I
I
91 92 93 94
•
13
SURVEY OF CURRENT BUSINESS
14 • April 1997
used for the estimates for 19 major host countries that account for over three-quarters of the
total gross product of MOFA'S in manufacturing. A
cruder procedure was used for the estimates for
other host countries, because the data needed for
the preferred procedure were unavailable.
19 OECD countries.—The estimates of real gross
product for the 19 OECD countries were prepared
in two steps (chart 4). First, estimates for a base
year, 1993, were prepared using PPP exchange rates
inplaceofMER's.
Product-specific, rather than economywide, PPP
exchange rates were used because they are considered more appropriate for translating gross
product for a particular group of industries, such
as manufacturing industries.10 For the 19 OECD
countries, PPP exchange rates for specific final consumption and investment expenditure categories
were available from the OECD and were used in deriving the base-year estimates of real gross product
for MOFA'S in these countries.11
10. See, for example, Peter Hooper, "Comparing Manufacturing Output Levels Among the Major Industrial Countries," in Industry Productivity:
International Comparison and Measurement Issues (Paris: OECD, 1996).
11. The exchange rates used in this study were published in OECD, Purchasing
Power Parities and Real Expenditures 1993, EKS Results, Volume i (Paris: OECD,
1995).
The estimates for the base year were derived as
follows (chart 4, "Base Year"). First, the currentdollar estimates for each of the 19 OECD countries and for 7 major manufacturing industries
(table 4, column i) in each country were translated
back into current local currency by using the average MER for the year. Second, the estimates for
each industry were retranslated into U.S. dollars
by using the most appropriate PPP exchange rate
(table 4, column 3). Third, the industry-level estimates for each country were summed to produce
the base-year estimates by country. Fourth, the estimates for each country were summed to produce
the base-year estimate for all 19 countries.
The second step in producing the real gross
product estimates was to extrapolate the baseyear estimates to other years (1982-92 and 1994)
by using chain-weighted Fisher quantity indexes
(chart 4, "Other Years"). The current-dollar estimates at the country and industry level were
first translated back into current local currency.
It would have been preferable to use PPP exchange rates that were based
on producers' prices rather than on consumers' prices, or that had otherwise
been adjusted for differences between expenditure and output prices, but none
were readily available. Some analysts, such as Hooper (1996), have attempted
to make rough adjustments for some of these factors (such as cross-country
differences in distribution margins and indirect taxes).
1. Current-dollar gross product
estimates, by industry, based on
market exchange rates, from data
reported on BEA surveys.
Base Year (1993)
2. Multiply by average market
exchange rate (foreign currency
per U.S. dollar) for the year.
. Multiply by average purchasing
power-parity exchange rate (U.S.
dollars per foreign currency) for
the year.
5. Sum the industry-level
estimates.
6. Real gross product
3. Current-local-currency gross
product.
Other Years (1982-92,1994)
4. Construct chain-weighted Fisher
quantity indexes using the industrylevel current-local-currency gross
product estimates and local
roducer price indexes.
.
5. Extrapolate the base-year
values of real gross product using
the Fisher quantity indexes.
6. Real gross product
SURVEY OF CURRENT BUSINESS
The resulting estimates by industry were then
used, along with country- and industry-specific
producer price indexes (table 4, column 2), to construct a chain-weighted Fisher quantity index for
each country.12
The following Fisher quantity index (Q) was
used to estimate the change in the real gross product for MO FA'S in a country between any two
adjacent years:13
where the pys are prices in local currency, the q's
are quantities, the i's are industries, and i and 2 are
adjacent years.
Because the variables that represent the composites of prices in one period and the quantities in
another (such as pn 412) are not directly observable, the quantity indexes were actually computed
using an algebraically equivalent formula consisting of combinations of prices and quantities of
the same period (the current-local-currency estimates) and indexes of relative prices in the two
periods (the ratios of producer price indexes).14
The Fisher quantity indexes were used as the
bases for extrapolating the dollar-denominated
ppp-based estimates for the base year (1993) to the
other years covered (1982-92 and 1994) .15
12. The industry-specific producer price indexes are from the OECD
Indicators of Industrial Activities (Paris, OECD, various quarterly issues).
13. A similar equation is used to measure changes in total U.S. gross domestic
product. See, for example, "A Look at How BEA Presents the National Income
and Product Accounts," SURVEY 76 (May 1996): 36.
14. The rewritten Fisher quantity index is as follows:
' Pi24i2
'Pillil
15. Ideally, the gross product estimates would have been derived using a
double-deflation method (applying separate price deflators to output in current
local currency and to purchased inputs in current local currency), but source
data were not available to use this method. For this reason and because the
gross product of MOFA'S is calculated from the "income" components (rather
than by subtracting purchased inputs from gross output), the quantity index
of real output had to be derived by applying a price deflator directly to the
current-price gross product estimates.
April 1997
The estimate for all 19 countries for each year
was derived by extrapolating the base-year estimate
using a Fisher quantity index that aggregated across
countries as well as across industries.16
All other countries.—Real gross product estimates
for all other countries were derived using a cruder
method because of the limited availability of data.
The estimates were prepared on the basis of the assumption that MER'S tend to maintain purchasing
power parity between these countries' currencies
and the U.S. dollar. Therefore, the real gross
product estimates were derived by simply deflating the current-dollar gross product estimates with
the U.S. implicit price deflator for gross domestic
product originating in manufacturing.
The assumption that MER'S maintain purchasing
power parity between currencies is clearly naive,
but certain factors precluded the use of the method
followed for the 19 OECD countries. First, some of
the most important host countries in this group
experienced hyperinflation during much of the period being examined, and the use of the available
average annual MER'S could not be relied upon to
produce estimates that approximated the actual
local-currency-denominated values.17 Second, although economywide PPP exchange rates were
available for many (if not all) of these countries,
PPP exchange rates can be very imprecise and difficult to interpret for pairs of countries—such as the
United States and many lower income non-OECD
countries—for which the patterns of consumption
and production differ so sharply as to almost preclude the construction of a common representative
market basket of goods and services.18 Because of
16. In contrast to the computation of the index for each country, the
current-local-currency estimates (such as pn cm) for each country had to be
translated to a common currency before they could be used in computing the
index for the 19 countries combined. The current-local-currency estimates for
all years (1982-94) were translated to U.S. dollars using the PPP exchange rates
for 1993, yielding dollar-denominated series that reflected host-country price
conditions. Though not true ppp-based current-dollar series (because they
reflected foreign rather than U.S. price conditions), these dollar-denominated
series had to be constructed as an intermediate step in deriving an extrapolator
for the base-year aggregate.
17. As noted earlier, the data underlying the estimates for such countries
typically would have been translated into dollars by MNC'S on a daily basis.
18. These limitations notwithstanding, future refinements to the estimates might include incorporating ppp-exchange-rate data for some of these
Table 4.—Categories Within the Manufacturing Industry Used for Price Deflation and Currency Translation
Gross product
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Industrial machinery and equipment
. . .
Electronic and other electric equipment
Transportation equipment
Other manufacturing
1. See chart 4, "Other Years," item 4.
2. See chart 4, "Base Year," item 4.
Producer price index for foreign countries l
Food and beverages
Chemicals
Primary and fabricated metals
Nonelectrical machinery
Electrical machinery
Motor vehicles
Total manufacturina except petroleum
Purchasing-power-parity exchange rate2
Food consumption
Total gross domestic product
Total gross domestic product
Nonelectrical equipment investment
Electrical equipment investment
Personal transportation equipment consumption
Total qross domestic product
• 15
16 • April 1997
SURVEY OF CURRENT BUSINESS
these methodological limitations, real gross product estimates were not produced for these countries
individually.
Despite the widespread divergences of MER'S
from PPP exchange rates, there is reason to believe
that the cruder methodology provides reasonable
estimates at a highly aggregated level. MER'S and
PPP exchange rates may tend to converge over the
long term, particularly for groups of countries (because the overvaluation of some currencies, in a
PPP sense, may tend to be offset by the undervaluation of others).19 In addition, the real gross
product estimates for this group of countries tend
to track—with, as would be expected, a lead—
long-term changes in MOFA employment during
1982-94.
A Fisher quantity index for extrapolating the
base-year estimates of all countries combined was
derived using the same data and procedure used to
create the index for the 19 OECD countries except
that the estimates for all other countries combined
were included in the computation as an additional
observation.
Appendix: Purchasing-Power-Parity
Exchange Rates
To compare gross product among countries, a
common unit of measure, such as the U.S. dollar,
is needed. To translate gross product estimates
denominated in foreign currencies into U.S. dollars for international gross product comparisons,
PPP exchange rates should be used, because they
approximate the number of foreign currency units
required in a foreign country to buy goods and
services that are equivalent to those that can be
bought in the United States with i U.S. dollar.20
PPP exchange rates are derived by comparing
the domestic prices for goods and services in different countries. For example, in a hypothetical
one-good, two-country world economy, the PPP
exchange rate would equal the ratio of the price of
the good in one country to the price in the other
country; if the good sold for 10 currency units in
country A and i currency unit in country B, the
PPP exchange rate would be 10 units of country A's
countries—particularly those whose economies are relatively advanced and are
not experiencing hyperinflation.
19. A study by Craig S. Hakkio identifies a tendency for MER'S to converge
with PPP exchange rates over the long term. See "Is Purchasing Power Parity
a Useful Guide to the Dollar?" Economic Review, Third Quarter 1992 (Federal
Reserve Bank of Kansas City, 1992): 37-51. James R. Lothian and Mark P. Taylor
find a similar result in "Real Exchange Rate Behavior: The Recent Float from
the Perspective of the Past Two Centuries" Journal of Political Economy', 104, no.
3 (1996): 488-509.
20. MER'S are, however, more appropriate than PPP exchange rates for some
purposes, such as comparing the dollar-denominated production costs of MNC'S
in various countries.
currency to i unit of country B's currency. However, in practice, the derivation of PPP exchange
rates is much more complex because of the multitude of goods and services produced and because
of the differences among economies in the relative importance of those goods and services. To
deal with these complexities, ppp-exchange-rate
formulas have been developed.
ppp-exchange-rate formulas
Simple two-country, or bilateral, comparisons are
the most basic context in which to compute PPP exchange rates. The most widely used bilateral index
is the Fisher formula, which is based on the Fisher
Ideal Price Index.21 It is the geometric mean of
the own-country-weighted and partner-countryweighted averages of prices (expressed in each
country's currency) in the two countries for goods
and services—traded and untraded alike—that are
consumed in both countries.
The Fisher formula (PPPF) is
PPPln=
A:B
\
£ pAi<lBi
£ pBiClBi'
where the i's are individual goods and services, the
p's are prices, the (fs are quantities, and A and B
are countries.
For multilateral comparisons, PPP exchange
rates must be derived using formulas specifically
designed to ensure that the direct comparison of
any two currencies is consistent with all indirect
comparisons of those currencies via third currencies. When such consistency exists, the exchange
rates are said to have the property of "transitivity." For example, to be transitive, the exchange
rate for U.S. dollars to German marks must equal
the product of the exchange rate for U.S. dollars
to Japanese yen and the exchange rate for Japanese
yen to German marks. The multilateral PPP exchange rates that were used in this study are based
on a formula that was simultaneously and independently developed in 1964 by Odon filteto and
Pal Koves and by Bohdan Szulc.22 The formula is
often referred to simply as the "EKS method."23
21. Irving Fisher, The Making of Index Numbers (Boston: Houghton Mifflin,
1922).
22. 0. Elteto and P. Koves, "On a Problem of Index Number Computation
Relating to International Comparisons," Statisztikai Szemle 42 (1964): 507-518
(in Hungarian); B. Szulc, "Indices for Multiregional Comparisons," Przeglad
Statystyczny 3 (1964): 239-254 (in Polish).
English translations of these articles are being published in the
January/February 1997 issue of Eastern European Economics 35, no. i.
23. This formula can be found in Laszl6 Drechsler, "Weighting of Index
Numbers in Multilateral International Comparisons," Review of Income and
Wealth 19, no. i (March 1973): 17-34.
SURVEY OF CURRENT BUSINESS
Developing PPP exchange rates
The task of producing a ftiiiltitoteral' system of
PPP exchange rates is formidable: A list of the
goods and services that are common to a group
of countries must be defined, and the items being
compared must be similar in features and quality;
price and quantity data for each item in each country must be collected; and the PPP exchange rates
must be calculated.
Pioneering work in this area began in the i95o's.24
In 1968, the first organized effort to produce PPP
exchange rates on an ongoing basis was undertaken
24. Milton Gilbert and Irving Kravis, An International Comparison of National Products and the Purchasing Power of Currencies (Paris: Organisation for
European Economic Co-Operation, 1954).
by the United Nations under the name International Comparison Project (ICP). The first results
of the ICP, covering 1970, were published in 1975.25
The OECD countries, while continuing to participate in the ICP, began their own program to
produce PPP exchange rates for member countries
in the early 1980*8. The PPP exchange rates used
in this article were obtained from the OECD study
covering 1993. H
25. Irving Kravis, Zoltan Kenessey, Alan Heston, and Robert Summers, A
System of International Comparisons of Gross Product and Purchasing Power
(Baltimore: Johns Hopkins University Press, 1975).
For a review and evaluation of the ICP, see Irving B. Kravis and Robert E.
Lipsey, "The International Comparison Program: Current Status and Problems," in International Economk Transactions: Issues in Measurement and
Empirical Research, edited by Peter Hooper and J. David Richardson (Chicago:
University of Chicago Press, 1991): 437-64.
April 1997 • I/
SURVEY OF CURRENT BUSINESS
April 1997
U.S. International Transactions,
Fourth Quarter and Year 1996
By Christopher L Bach
FOURTH QUARTER 1996
The following are highlights for the fourth
quarter of 1996:
HE u.s. current-account deficit decreased to
$41.4 billion in the fourth quarter from $47.9
billion (revised) in the third (table A).1 The deficits
on goods and services and on investment income
decreased, while net unilateral transfers increased.
In the capital account, net recorded inflows were
$68.0 billion in the fourth quarter, compared with
net inflows of $69.7 billion in the third, as both
U.S. assets abroad and foreign assets in the United
States accelerated by about the same amount.
The statistical discrepancy—errors and omissions in recorded transactions—was an outflow of
$26.6 billion in the fourth quarter, compared with
an outflow of $21.8 billion in the third.
T
i. Quarterly estimates of U.S. current- and capital-account components are
seasonally adjusted when statistically significant seasonal patterns are present.
The accompanying tables present both adjusted and unadjusted estimates.
• The deficit on goods fell, as exports increased
and imports changed little.
• Capital outflows for U.S. assets abroad increased strongly, as a result of both large
direct investment outflows and large-scale
bank lending to meet a surge in demand for
dollar credits at banks abroad.
• Capital inflows for foreign assets in the United
States increased strongly, as a result of both
exceptional net foreign purchases of U.S.
Treasury securities by private foreigners and
large borrowing by U.S. banks to meet a simultaneous surge in domestic and international
loan demand.
• The U.S. dollar appreciated i percent on a
trade-weighted average basis for the quarter.
Table A.—Summary of U.S. international Transactions
[Millions of dollars, seasonally adjusted]
Lines in tables 1 and 10 in which transactions are
included are indicated in ( )
1 ino
1
2
3
4
6
R
Exports of goods, services, and income (1)
Goods adjusted excluding military (2)
Services (3)
Income receipts on investments (11)
7
8
Imports of goods, services, and income (15)
Goods, adjusted, excluding military (16)
Services (17)
Income payments on investments (25)
q
Unilateral transfers (29)
1QQC
IQQfip
969,189 1,032,478
611 669
575 940
223,907
210,590
196902
182659
..
U.S. assets abroad, net (increase/capital outflow (-)) (33)
U.S. official reserve assets, net (34)
U.S. Government assets, other than official reserve assets,
12
net (39)
13
U S private assets net (43)
10
11
Foreign assets in the United States.net (increase/capital
inflow (+)) (48)
Foreign official assets net (49)
Other foreign assets net (56) .
16
-1 082 268
-749,364
-142,230
-190,674
1 155101
-799,343
-150,440
-205,318
1995-96
I
II
III
IV
\r
Change:
1996
II'
IV*
III'
IIMV
268,380
158,373
57,413
52,594
13,975
8,229
1,848
3,898
-72 833 -263 501 -274 183 -273175 -271 409 -276 975 -288,208 -292,782 -297,139
-49,979 -183,474 -190,910 -187,532 -187,448 -193,159 -200,490 -202,013 -203,681
-8,210 -35,027 -35,632 -36,013 -35,558 -36,578 -37,441 -37,975 -38,450
-14,644 -45,000 -47,641 -49,630 -48,403 -47,238 -50,277 -52,794 -55,008
-4,357
-1,668
63,289
35729
13,317
14243
-35075
-42472
-7397
-307,856
-9,742
-306,830
6,668
1,026
16,410
-280
-297 834
-312833
-14 999
424,462
109757
314705
525,046
122778
402 268
100,584
13021
87563
31,548
-53122
-148154
-165,095
-665
1996
19 95
Change:
-385
233,086
138551
50,435
44100
241,497
142 983
51,735
46779
244,479
144984
54,226
45269
250,128
149 422
54,193
46513
252,656
150032
55,075
47549
257,035
153,120
55,853
48,062
-8290
-8992
-9154
-10955
-9420
-61,747 -108,299
-2,722
-5,318
-39,595
-1,893
-98,214
191
-68,723
17
-50,699
-8639
-154
-179
252
-199
-152
-523
-353
254,405
150,144
55,565
48,696
-475
-2,214
-12621
-3,145
-73,313 -114,095
-315
7,489
-40,782
-7,804
-9,476
166
-326
-492
-56 275 -105398
-37954
-98 206
-68588
-49823
-80968 -113454
90,995
21 822
69173
115,421
37380
78041
118,816
39186
79630
99,229
11 369
87860
99,475
52021
47454
100,553
13566
86987
142,970
24235
118735
182,048
32956
149092
39,078
-84670
9806
33854
-41 533
29420
4522
-9261
-21 804
-26 573
-4769
-16,941
-39,054
-40976
-37688
-30 435
-35274
-40593
-47853
-41 380
-32486
14
15
17
18
Allocations of special drawing rights (62)
Statistical discrepancy (63)
Memorandum:
19 Balance on current account (70)
- Revised.
p Preliminary.
8721
30357
6473
April 1997
SURVEY OF CURRENT BUSINESS
interest-rate differentials in favor of U.S. assets
(charts 2 and 3). These differentials reflected
somewhat different economic prospects in the two
areas. In the United States, economic data portrayed continued expansion and little inflationary
pressure. In Europe, prospects were less positive
than in the United States, in part because of the
monetary and fiscal restraint required by Germany
U.S. dollar in exchange markets
On a quarterly average basis, the U.S. dollar appreciated 2 percent against the European currencies
and 4 percent against the Japanese yen (table B,
chart i).
The dollar's appreciation against the European currencies was supported by continued large
CHART 1
CHART 2
Indexes of Foreign Currency
Price of tht U& Dollar
U.S. and Foreign Interest Rates
foment
December 29,1995=100
LONG TERM
112
20-30 year
U.S. Corporate Aaa Bonds
110
108
106
104
/ / Bonds
102
5-7 year International Dollar Bonds
. ,
100
104
I
I
SHORT TERM
102
10D
98
96
§4
92
1995
1994
90
1996
1. Interest fates for 3-roontt ime*ankl<^or$haft*tenii japerforM&r Oawpsof 10
countries and Switzerland wei^ted by average total trade shares in 1972-76.
Data: Federal Reserve Board, OECO.
U.S. Department of Commerce, Bureau of Economic Analysis
12-31-9$
Indexes prepared by BEA from weekfy data.
U.S. Department of Commerce, Bureau of Economic Analysis
Table B.—Indexes of Foreign Currency Price of the U.S. Dollar
[December 1980-100]
1996
1995
IV
1
Trade-weighted average against 10 currencies
I
II
19<J6
1995
III
IV
Dec.
Jan.
Feb.
Mar.
April
May
June
97.1
97.0
July
Aug.
Sept.
Oct.
Nov.
Dec.
96.0
95.2
96.?
96.8
95.7
97.6
114.? 114.5
112.9
111.9
113.9
92.9
95.1
96.8
95.8
96.7
93.6
94.9
95.1
95.2
96.2
113.4
114.5
114.1
114.6
112.9
114.5
114.3
115.0
114.2
113.6
114.5
92.6
95.4
98.9
97.5
99.6
93.6
95.1
95.2
96.0
97.7
99.6
108.2
110.7
113.2
111.9
113.6
108.8
110.1
110.8
111.1
112.1
113.9
72.4
74.7
77.4
76.2
77.9
73.3
74.4
74.6
75.2
76.5
77.9
77.7
76.4
75.4
76.7
77.7
76.9
79.0
167.?
164.6
164.6
162.1
16?.1
16?.1
16?.1
79.1
69.3
80.3
70.7
79.4
71.6
164.6
R16
746
150.6 148.0
6? 3 53.5
141.2
2
Selected currencies:
Canada
European currencies:
Beldium
:: o
France
Germany
Italy
Netherlands
Switzerland
United Kinadom
Japan
. .
114.7
114.5
97.8
96.5
98.1
111.7
111.2
112.7
170.7
168.1
166.3
162.9
162.9
169.8
169.8
167.2
167.2
167.?
74.7
77.0
66.9
79.7
78.6
80.4
698
687
723
75.5
65.3
76.7
66.3
76.9
67.2
77.4
67.1
78.7
68.4
80.2
70.4
80.2
70.6
78.9
69.2
77.9
67.5
150.5
153.4
154.1
151.1
143.4
152.4
153.6
152.9
153.7
154.9
155.0
152.3
151.2
151.5
48.3
50.4
51.2
51.9
53.8
48.5
50.3
50.4
50.4
51.0
50.6
51.9
52.0
51.3
646
1. Currencies of Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and United
Kingdom. Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by BEA.
99.3
113.7
994 985 imn
113.4 112.3 115,1
2. Data: Federal Reserve Board. Monthly and quarterly average rates. Indexes prepared by BEA.
53.5
1411
54,3
SURVEY OF CURRENT BUSINESS
20 • April 1997
and other countries to meet the convergence requirements for implementation of the European
Monetary Union (EMU).
The dollar appreciated 5 percent against the
Mexican peso, mostly in October and November,
following a several quarters of relative stability.
The dollar appreciated to a 45-month high at
quarterend against the Japanese yen; despite some
recovery in the Japanese economy, the quarterly
real growth pattern remained erratic, and substantially higher yields were available on assets abroad
than on Japanese assets. Yields on U.S. Government bonds exceeded those on Japanese bonds
by 400 basis points, and U.S. and most foreign
stock prices increased strongly in the quarter, while
Japanese stock prices declined 10 percent; the decline in Japanese stock prices partly reflected the
failure of several Japanese financial institutions and
a further decline in the value of Japanese bank
assets. In this environment, net capital outflows
from Japan were large in October and November;
some of these outflows were into German marks.
Current Account
The dollar depreciated 5 percent against the
British pound. Rising interest-rate differentials in
favor of British assets, stronger expansion than in
some other European countries, and the pound's
isolation from some of the uncertainties surrounding other European currencies led the pound to its
highest level against the dollar in 4 years.
CHART 3
I nterest-Rate Differentials
(Plus (+) Indicates Differentials in Favor
of U.S. Dollar Assets)
LONG TERM1
Ja
P.an
SHORT TERM2
1996
\^toi^m&fa*#***
inttxxwte. Interest rate on U.S. Government
.
mm^)\f^^^^m^^M^^^^^
% Interest rate on 90^yEuro*llar deposits less Japanese CD rate. Interest rate
on 9(Way Eurodollar deposits less German inteibank rate.
Data: Federal Reserve Board.
U.S. Department of Commerce, Bureau of Economic Analysis
Goods and services
The deficit on goods and services decreased to
$26.3 billion in the fourth quarter from $34.3 billion in the third. The deficit on goods decreased
substantially, and the surplus on services increased.
Goods.—The deficit on goods decreased to $45.3
billion in the fourth quarter from $51.9 billion in
the third. The reduction resulted from a much
larger increase in exports than in imports.
Exports.—Exports increased $8.2 billion, or 5
percent, to $158.4 billion in the fourth quarter.
Quantity increased 7 percent.2 Nonagricultural
goods accounted for nearly all of the increase in
value.
Nonagricultural exports increased $7.8 billion,
or 6 percent, to $142.9 billion. Quantity increased 6 percent. Nearly three-fourths of the
increase in value was attributable to capital goods.
Within capital goods, almost 40 percent of the
increase was accounted for by a surge in aircraft
deliveries. Among other capital goods, semiconductors and telecommunications equipment
recovered somewhat after three quarters of decline; however, computers, peripherals, and parts
again changed little. Industrial supplies and materials increased only moderately, largely in energy
products, chemicals, and paper and paper products. Consumer goods also increased. Automotive
products decreased, reflecting a drop in parts
shipped to Canada as a result of strikes against a
U.S. manufacturer during the quarter.
Agricultural exports increased $0.4 billion, or
3 percent, to $15.4 billion. Quantity increased 10
percent. The increase in value was attributable to
corn, largely to the Republic of Korea and other
developing countries in Asia; cotton, to the developing countries in Asia; and soybeans, largely to
Western Europe and China. The prices of soybeans
and wheat fell sharply in the quarter.
Imports.—Imports increased $1.7 billion, or i
percent, to $203.7 billion in the fourth quarter. Quantity was unchanged. Petroleum and
nonpetroleum imports each accounted for about
one-half of the increase in value.
2. Quantity estimates are in chained (1992) dollars; price indexes are chaintype measures.
SURVEY OF CURRENT BUSINESS
Nonpetroleum imports increased $0.9 billion,
or less than i percent, to $184.9 billion. Moderate increases in consumer goods and capital goods
were partly offset by a sizable drop in automotive products; passenger cars and parts imported
from Canada fell substantially as a result of strikes
against a U.S. manufacturer.
Petroleum imports increased $0.8 billion, or 4
percent, to $18.8 billion. The increase was attributable to a rise in price to an average $22.31 per
barrel from $19.57 per barrel. The average number
of barrels imported daily decreased to 9.21 million from 10.04 million. Consumption increased 3
percent, production changed little, and inventories
were down 2 percent.
Investment income
The deficit on investment income decreased to $2.4
billion in the fourth quarter from $4.1 billion in the
third, as receipts increased more than payments.
Direct investment income.—Income receipts on
U.S. direct investment abroad increased to $27.3
billion in the fourth quarter from $23.9 billion
in the third. Earnings were especially strong in
Western Europe and were spread across finance,
manufacturing, and petroleum affiliates.
Income payments on foreign direct investment
in the United States were $9.0 billion in the fourth
quarter, down slightly from $9.1 billion in the third.
A decrease in interest payments was nearly offset
by an increase in earnings.
Services.—The surplus on services increased to
$19.0 billion in the fourth quarter from $17.6 billion
in the third. Travel and passenger fares accounted
for most of the increases in both service receipts
and service payments.
Foreign visitors spent $16.5 billion in the United
States, up 5 percent. Receipts from overseas visitors were $14.1 billion, up 7 percent; receipts from
Canada were $1.7 billion, up 4 percent; and receipts
from Mexico were $0.7 billion, down 7 percent.
U.S. travelers spent $12.5 billion abroad, up 5 percent. Payments to overseas residents were $9.9
billion, up 7 percent; payments to Canada were
$1.1 billion, up 4 percent; and payments to Mexico
were $1.4 billion, down 4 percent.
Passenger fare receipts were $5.0 billion, up 5
percent, and passenger fare payments were $3.7
billion, also up 5 percent.
"Other" transportation receipts increased $0.2
billion, to $7.5 billion, as a result of higher
port expenditure receipts; "other" transportation
payments were unchanged at $7.5 billion.
Royalties and license fee payments decreased
$0.4 billion, to $1.6 billion; third-quarter payments
had been boosted by a one-time $0.5 billion payment for broadcast rights to the Summer Olympic
Games.
"Other" private service receipts were virtually
unchanged at $17.0 billion, and "other" private
service payments increased $0.2 billion, to $9.7 billion, as a result of higher payments for financial
services.
Portfolio investment income.—Receipts of income
on "other" private investment were $24.5 billion
in the fourth quarter, up from $23.6 billion in the
third, mostly as a result of higher claims. Payments
of income on "other" private investment were $26.1
billion, up from $25.2 billion, mostly as a result of
higher liabilities.
Receipts of income on U.S. Government assets
dropped to $0.8 billion from $1.3 billion. In the
first three quarters, receipts had been boosted by
interest earned on holdings of Mexican pesos under short- and medium-term swap arrangements;
however, the Mexican Government repaid a large
part of the swaps in the third quarter so that U.S.
holdings of pesos were considerably lower in the
fourth quarter. Payments of income on U.S. Government liabilities were $19.9 billion, up from $18.5
billion.
Transfers under U.S. military sales contracts
were $3.9 billion, up from $3.3 billion, as a result of
a bunching in deliveries of armored vehicles to several countries. Direct defense expenditures abroad
were unchanged at $2.8 billion.
Net recorded capital inflows—-that is, net changes
in U.S. assets abroad less net changes in foreign
assets in the United States—were $68.0 billion in
the fourth quarter, compared with net inflows of
$69.7 billion in the third, as both U.S. assets abroad
Unilateral transfers
Net unilateral transfers were $12.6 billion in the
fourth quarter, up from $9.5 billion in the third.
Nearly all of the increase was attributable to U.S.
Government grants, which rose to $5.4 billion from
$2.6 billion as a result of cash grants to Israel—$1.8
billion under the credit waiver program to finance
military purchases and $1.2 billion to finance economic purchases. These funds were drawn in their
entirety as soon as the U.S. Congress appropriated
funds early in the new fiscal year.
Capital Account
April 1997 • 21
SURVEY OF CURRENT BUSINESS
22 • April 1997
and foreign assets in the United States accelerated
by about the same amount.
U.S. assets abroad
U.S. assets abroad increased $114.1 billion in the
fourth quarter, compared with an increase of $73.3
billion in the third. Direct investment outflows and
U.S. claims on foreigners reported by U.S. banks
were sharply higher in the fourth quarter than in
the third.
U.S. official reserve assets.—U.S. official reserve
assets increased $0.3 billion in the fourth quarter, following a $7.5 billion decrease in the third.
The decrease in the third quarter was largely
from repayment of Mexican swap arrangements
(table C).
Claims reported by U.S. banks.—U.S. claims on
foreigners reported by U.S. banks increased $56.7
billion in the fourth quarter, compared with an
increase of $33.2 billion in the third.
Banks' own claims payable in dollars increased
$56.2 billion in the fourth quarter, following an $8.7
billion increase in the third. The increase in the
fourth quarter was to meet the surge in demand
for dollar credits in the Eurodollar market, to finance corporate merger and acquisition activity,
which remained strong, and to finance substantial
net foreign purchases of U.S. Treasury securities.
Lending to offices in the Caribbean and London
for yearend bookkeeping purposes was sizable, but
not as large as in some recent years. Lending by
U.S. securities dealers to international bond funds
in the Caribbean also surged, primarily in November and December; a large part of this lending was
likely in the form of resale agreements. Some of the
funding for these loans was obtained from abroad.
Foreign securities.—Net U.S. purchases of foreign
securities were $27.0 billion in the fourth quarter,
up from $22.9 billion in the third.
Net U.S. purchases of foreign bonds were $17.1
billion, up from $14.9 billion, largely reflecting
strength in new foreign bond issues in the United
States. By type of issuer, new issues by private
corporations increased to $11.2 billion from $6.4
billion. By country, new issues from the emerging countries of Asia and Latin America increased
to $11.2 billion from $9.4 billion. Gross trading
activity (purchases plus sales) increased 15 percent.
Net U.S. purchases of foreign stocks were $9.9
billion, up from $8.0 billion. Net purchases in the
United Kingdom were $4.1 billion, up from $1.7
billion; net purchases in other European countries
were also up. Net purchases in emerging market
countries were down slightly, but remained strong.
Gross trading activity increased 28 percent.
Direct investment.—Net capital outflows for U.S.
direct investment abroad were $29.8 billion in the
fourth quarter, compared with $9.1 billion in the
third. A large shift to intercompany debt outflows,
a strong increase in reinvested earnings, and an increase in equity capital outflows contributed to a
step-up in total outflows to a level that was somewhat higher than in the first two quarters of 1996.
The $14.6 billion shift to intercompany debt outflows was more than accounted for by transfers
of funds from U.S. parents to financial affiliates
abroad, mostly to securities brokers and dealers in
the United Kingdom.
Foreign assets in the United States
Foreign assets in the United States increased $182.0
billion in the fourth quarter, compared with an
increase of $143.0 billion in the third. Net foreign
Table C.—Selected Transactions with Official Agencies
[Millions of dollars]
1QQC
Changes in foreign official
assets in the United States, net (decrease -) (table 1, line 49)
Industrial countries 12
Members of OPEC
Other countries
Changes in U S official reserve assets net (increase -) (table 1 line 34)
109,757
23,081
3,959
82,717
IQQfip
Change:
1995-96
1QQC
6668
11 800
18800
-7,000
-8300
IMP
III
IV
I
37,380
39,186
5,483
6,147
27,556
11,369
-3,644
-1,435
16,448
52,021
39,785
191
17
-700
-20100
5000
5000
2500
1,300
7000
4500
-18800
6000
-1.300 -1.000 -2.000 -2.000 -2.000
-1 300
-7000
7000
-1.300
-7.000
7.000
13,021 21,822
122,778
66,225
43,144 14,067
9,614
13,573
-412
42,980 -39,737
8,167
-9742
Change:
1996
19 95
II
I
16410
7175
-341
30,546
-5318 -2722 -1 893
II
III'
13,566 24,235
10,697 11,154
-992
5,555
5,479
13,228 -2,686
7,602
-523
7489
III-IV
32,956
4,589
3,531
24,836
8,721
-6,565
-1,948
17,234
-315
-7804
Activity under3U.S. official reciprocal currency arrangements with foreign monetary
authorities:
Foreign drawings or repayments (-) net
Drawings
Repayments
r
Revised.
P Preliminary.
1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Beginning in January 1993, excludes Ecuador.
-8.300
3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange Stabilization Fund.
SURVEY OF CURRENT BUSINESS
purchases of U.S. Treasury securities by private
foreigners were substantially higher in the fourth
quarter than in the third, and U.S. liabilities
reported by U.S. banks shifted to a sizable increase.
Foreign official assets.—Foreign official assets in the
United States increased $33.0 billion in the fourth
quarter, compared with an increase of $24.2 billion
in the third. In the fourth quarter, assets of nonOPEC developing countries increased at more than
triple the pace in the third quarter, while assets of
industrial countries slowed to only a small increase
(table C).
Liabilities reported by banks.—U.S. liabilities reported by U.S. banks other than U.S. Treasury
securities increased $33.2 billion in the fourth quarter, in contrast to a $1.2 billion decrease in the
third.
Banks' own liabilities payable in dollars increased
$40.0 billion in the fourth quarter, following a $2.4
billion decrease. U.S. banks borrowed heavily to finance the simultaneous increases in domestic and
foreign demand for dollar credits, which included
dollar credits to finance the surge in net foreign
purchases of U.S. Treasury securities by private
foreigners. Most of the borrowing was from offices in the Caribbean and London, particularly
in October and December. U.S. banks' liabilities
payable in foreign currencies decreased $7.3 billion,
following a $0.5 billion decrease.
U.S. Treasury securities.—Net foreign purchases of
U.S. Treasury securities were a record $67.3 billion
in the fourth quarter, up from $43.4 billion in the
third. Sharply rising bond prices, a large interest differential in favor of U.S. assets over foreign
assets, and dollar appreciation were major factors
contributing to the surge.
Net purchases by international bond funds in the
Caribbean accelerated to $28.5 billion from $5.5 billion; large net purchases, mostly in November and
December, were partly financed by borrowing from
U.S. securities dealers. Net purchases by Western
Europe remained strong at $28.3 billion, compared
with $27.5 billion. Net purchases by Japan and
other Asian countries accelerated to $16.6 billion
from $12.6 billion. Gross trading activity increased
31 percent.
Other U.S. securities.—Net foreign purchases of
U.S. securities other than U.S. Treasury securities
were $31.7 billion in the fourth quarter, down from
$34.8 billion in the third.
Net foreign purchases of U.S. corporate and
other bonds were $30.8 billion, down from $33.3
billion. New bond issues sold abroad by U.S. cor-
porations remained strong at $14.6 billion, up from
$13.7 billion. Net foreign purchases of outstanding
corporate bonds dropped to $3.4 billion from $7.4
billion. Net foreign purchases of outstanding and
newly issued U.S. agency bonds increased slightly
to $12.8 billion from $12.2 billion. Gross trading
activity of corporate and other bonds increased 43
percent.
Net foreign purchases of U.S. stocks were $1.0
billion, down from $1.6 billion. Although U.S.
stock prices rose 8 percent on strong corporate
earnings, net purchases weakened. However, gross
trading activity increased 31 percent and was heavy
throughout the quarter.
Direct investment.—Net capital inflows for foreign
direct investment in the United States were $16.8
billion in the fourth quarter, compared with $21.1
billion in the third. A large shift to intercompany
debt outflows to foreign parent groups more than
accounted for the drop. Equity inflows accelerated
strongly as a result of several large acquisitions by
investors from Western European countries.
THE YEAR 1996
The U.S. current-account deficit increased to $165.1
billion in 1996 from $148.2 billion in 1995. The
deficits on goods and services and on investment
income increased, as did net unilateral transfers
(table D).
In the capital account, the increase in U.S. assets
abroad changed little, while the increase in foreign
assets in the United States was sharply higher. Consequently, net capital inflows to the United States
increased by a very substantial amount.
The statistical discrepancy—errors and omissions in recorded transactions—was an outflow of
$53.1 billion in 1996, in contrast to an inflow of $31.5
billion in 1995. The large shift is partly a reflection
of the volatility in financial flows in both years.
The following are highlights for the year 1996:
• Goods exports and goods imports each increased one-half as much as in 1995. Exports reflected the second year of slowing in
economic expansion in industrial countries
abroad; expansion in both 1995 and 1996 was
considerably slower than the peak expansion
in 1994. Imports reflected the second year of
slower expansion in the U.S. economy; growth
in 1995 and 1996 averaged 2.2 percent, well
below the 3.5-percent growth in 1994.
• The pace of expansion in securities transactions far exceeded the more moderate pace of
April1997 • 23
SURVEY OF CURRENT BUSINESS
24 • April 1997
expansion in international banking transactions. Net foreign purchases of U.S. Treasury
securities by private foreigners exceeded by a
substantial margin the record established in
1995. Likewise, net foreign purchases of U.S.
securities other than U.S. Treasury securities
exceeded by a substantial margin the record
established in 1995. Gross trading activity in
these securities transactions was 25 percent
greater than in 1995.
• U.S. banks were more active in international
markets than in recent years, borrowing and
leading in response to strong demands for dollar credits both at home and abroad. Some of
the banking activity was intertwined with, and
an integral part of, securities transactions, including transactions in derivative instruments
and repurchase agreements. Thus, capital inflows to U.S. banks were especially large in the
fourth quarter to meet the simultaneous surge
in both domestic and international loan demand, and capital outflows from U.S. banks
were especially large in the second half of the
year in order to meet the demand for dollar
credits at banking offices abroad and to finance
large net foreign purchases of U.S. securities.
• Net capital inflows for foreign direct investment in the United States eclipsed by a substantial amount the record inflows established
during the last boom in 1987-89.
U.S. dollar in exchange markets.—The U.S. dollar
appreciated 4 percent on a trade-weighted average
basis from the end of December 1995 to the end
of December 1996. On a bilateral basis, the dollar
appreciated 8 percent against the German mark
and 12 percent against the Japanese yen, and it
depreciated 7 percent against the British pound
(table B, chart i).
The dollar's appreciation from its recent low in
April 1995 to the end of December 1996 was
percent on a trade-weighted average basis. On
a bilateral basis, the dollar appreciated 13 percent
against the German mark and 36 percent against
the Japanese yen, and it depreciated 3 percent
against the British pound.
In the first half of 1996, perceptions were widespread that monetary easing in Europe would
proceed at a faster pace than in the United States,
given the slowing of expansion in Europe and
given the strengthening of expansion in the United
States. These perceptions were supported by the
release of weak economic data for Germany, while
economic data for the United States indicated a
pickup from weak growth in the second half of
1995. Thus, U.S. bond prices weakened because
of inflationary fears, which pushed yields substantially higher, simultaneous with a continued strong
increase in U.S. stock prices. These developments
led to a sizable increase in interest-rate differentials
in favor of U.S. assets over European assets and
provided considerable support to the dollar in exchange markets. Interest-rate differentials of U.S.
assets over Japanese assets were even larger than
those over European assets, as Japanese interest
rates reflected an economy that had failed to grow
throughout 1995 and that had shown only erratic
growth in the first half of 1996. Japanese monetary authorities were reported to have intervened
in exchange markets to limit the rise of the yen
against the dollar at times during the first quarter
when market participants expected that Japanese
interest rates might rise.
The dollar's advance was briefly interrupted in
July, when a 10-percent decline in U.S. stock prices
contributed to a sharp, temporary drop in the value
of the dollar against most foreign currencies. In
other developments in the third quarter, release of
the June nonfarm payroll report in July suggested
strengthening in the U.S. economy and implied
a possible tightening of monetary policy. How8 ever, subsequent inflation reports indicated that
Table D.—Selected Balances on U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
1QQ4
•IQQC
19S 6
1QQRP
I"
Goods balance
Services net .. ..
Investment income, net
Direct net
Other private, net ..
U.S. Government, net
. .
.
II'
III'"
\\JP
-166,121
-173,424
-187,674
-43,127
-47,370
-51,869
61 742
68360
73467
18497
18412
17590
18963
-4,159
47429
-8668
-42,920
-8,016
57465
-8,913
-56,566
-8,416
64443
-6081
-66,778
311
-2,215
14878
-1507
-15,586
-4,098
14722
-1,594
-17,226
-2,414
18,258
-1,664
-19,008
16586
-1,316
-14,959
-45,308
Unilateral transfers net
-39866
-35075
-42472
-10955
-9420
-9476
-12621
Current account balance
-148405
-148,154
-165095
-35,274
-40593
-47853
-41 380
' Revised.
p Preliminary.
SURVEY OF CURRENT BUSINESS
inflation remained moderate, and the release of
the July and August Federal Open Market Committee meeting results confirmed that monetary
policy was unchanged. In Europe, interest rates
in many European countries drifted lower, and
in Germany, the Bundesbank lowered the repurchase rate 30 basis points. Anticipated downward
pressures on European currencies during the release of government budgets did not materialize as
countries sought to meet the stringent economic
convergence criteria required for membership in
the European Monetary Union. In Japan, the value
of the yen against the dollar fell further in August
and September, when the release of the secondquarter GDP report indicated that the Japanese
economic recovery was not yet firmly established.
Early in the fourth quarter, additional economic
data confirmed the erratic pattern of the Japanese
recovery, and Japanese stock and bond prices declined by substantial amounts, reflecting a further
deterioration in confidence in the economy, failures of several financial institutions, and declines
in the asset values of many financial institutions.
The interest-rate differential in favor of U.S. bonds
over Japanese bonds rose to 400 basis points, and
Japanese stock prices fell while those in the United
States continued to rise. In this environment, large
capital outflows in search of much higher returns
available on foreign assets put downward pressure
on the yen. In October and November, net capital
outflows from Japan exceeded i trillion yen ($9 billion) each month. Another factor that contributed
to capital outflows was the reported reallocation by
Japanese financial institutions of additional funds
April 1997 • 25
from domestic to international portfolios at the
start of the Japanese fiscal half-year on October i.
Consequently, the dollar continued to appreciate
strongly against the yen through yearend.
The dollar traded in a narrow range against
the British pound for much of the year. However, in the fourth quarter, a sharp rise in British
short-term interest rates and the release of reports indicating an acceleration in British real GDP
growth led to a sizable decline of the dollar against
the pound.
Against the newly industrialized countries of the
Far East, the U.S. dollar appreciated 9 percent
against the South Korean won and appreciated
i percent against the Taiwan dollar. The dollar
was unchanged against the Hong Kong dollar and
depreciated i percent against the Singapore dollar.
Current Account
Goods and services
The deficit on goods and services increased to
$114.2 billion in 1996 from $105.1 billion in 1995.
The larger deficit on goods more than accounted
for the increase; the surplus on services increased.
Goods.—The deficit on goods increased to $187.7
billion in 1996 from $173.4 billion in 1995 and
$166.1 billion in 1994. Both exports and imports
increased, but by only about one-half the dollar amounts they had increased in 1995 (tables E
and F).
U.S. exports slowed sharply in 1996 from a record
increase in 1995, reflecting considerably slower eco-
Table E.—U.S. Trade in Goods, Current and Chained (1992) Dollars
[Balance of payments basis, millions of dollars, quarters seasonally adjusted]
Chained (1992) dollars1
Current dollars
1996
1996
1994
Exports
Agricultural products
Nonagricultural products
Foods feeds and beverages ...
Industrial supplies and materials
Capital goods except automotive
Automotive vehicles, parts, and engines
Consumer goods (nonfood) except automotive
Exports, n.e.c
Imports
Petroleum and products
Nonpetroleum products
Foods feeds and beverages
Industrial supplies and materials .
Capital goods, except automotive
Automotive vehicles parts and engines
Consumer goods (nonfood), except automotive
Imports, n.e.c., and U.S. goods returned
1995
1994
I"
II'
III'
575,940
57,228
518,712
611,669
61,436
550,233
150,032
15,865
134,167
153,120
15,109
138,011
150,144
15,032
135,112
158,373
15,430
142,943
42,017
121,552
205,247
57,777
59,981
15,889
50,533
55,493
146,375 147,660
233,776 252,918
61,827
64,460
70,160
64,425
19,004
20,978
13,991
36,687
62,043
15,476
16,939
4,896
13,887
37,792
62,996
15,738
17,610
5,097
13,742
35,731
61,077
16,700
17,267
5,627
13,873
37,450
66,802
16,546
18,344
5,358
799,343
68,297
731,046
193,159
14,030
179,129
200,490
17,563
182,927
202,013
17,952
184,061
35,704
33,176
183,818 204,383
221,431 228,959
124,773 130,085
160,010 171,118
26,156
29,094
8,576
46,830
58,528
31,240
41,016
6,969
8,994
53,016
56,564
32,765
41,751
7,400
8,969
52,242
56,413
i 33,919
! 43,275
! 7,195
30,957
164,862
184,366
118,268
146,358
23,773
p Preliminary.
1. Because chain indexes use weights of more than one period, the corresponding chained dollar estimates are
usually not additive.
1995
1996*
\\/P
502,463
47,062
455,401
668,584 749,364
55,080
51,276
617,308 694,284
. . .
1996^
I'
II'
III'
\MP
504,873 560,498
44,457
49,576
460,584 510,960
605,620
48,633
557,594
146,802
12,662
134,301
150,709
11,420
139,546
149,100
11,671
137,589
159,009
12,880
146,158
40,266
113,796
219,902
56,732
59,078
15,831
44,623
120,883
256,036
59,969
62,608
18,284
44,086
127,851
289,040
61,875
67,280
20,126
11,175
31,410
69,322
14,881
16,303
4,690
10,505
32,834
71,505
15,118
16,884
4,859
10,728
31,070
70,446
16,027
16,539
5,400
11,678
32,537
77,767
15,849
17,554
5,177
203,681 675,511 737,169
18,752
60,206
59,176
184,929 615,086 676,674
793,241
59,748
731,929
191,057
13,836
176,830
198,309
15,542
182,562
28,692
29,314
32,150
172,497 176,278 185,254
196,553 240,462 268,624
112,551 115,381 119,426
144,141 155,012 165,067
23,279
27,835
24,880
7,861
43,807
66,059
28,687
39,438
6,650
7,938
48,109
65,925
30,115
40,223
7,061
9,165
52,295
57,454
32,161
45,076
7,530
201,409 202,466
15,845
14,525
185,172 187,365
8,131
47,666
66,999
31,118
41,812
6,898
8,220
45,672
69,641
29,506
43,594
7,226
SURVEY OF CURRENT BUSINESS
26 • April 1997
nomic expansion in the industrial countries abroad
and slightly slower economic expansion in the developing countries of Asia. On an annual basis,
economic expansion in Germany and the other
continental European countries, in the United
Kingdom, and in Canada slowed further in 1996
from 1995. Expansion in Japan was faster. Expansion in the developing countries of Asia was slightly
slower than in 1995, while expansion in Latin America (especially in Mexico) was faster than in 1995.
When measured as a percent change from four
quarters earlier, some countries showed a pickup
in expansion within the year 1996 (chart 4).
U.S. imports also slowed sharply from a record
increase in 1995, reflecting the second year of slower
growth in the U.S. economy. Growth in U.S. real
gross domestic product (GDP) was 2.4 percent in
1996 and 2.0 percent increase in 1995; both years
were well below real GDP growth of 3.5 percent in
1994.
Domestic prices of exports decreased in 1996:
The largest declines were in industrial supplies
and materials and in capital goods; price increases
for agricultural goods remained high (table G).
However, prices increased slightly for many major
categories when converted into foreign currencies,
as depreciation of foreign currencies offset much
of the decrease in domestic prices or added to
domestic price increases (table H).
Dollar prices of most imports decreased or
changed little in 1996. However, the prices of
nonpetroleum industrial supplies and materials
increased somewhat, and prices of petroleum
increased sharply.
Exports.—Nonagricultural exports increased $31.5
billion, or 6 percent, to $550.2 billion in 1996, down
sharply from a 14-percent increase in 1995. Quantity increased 9 percent, down from an n-percent
increase. In value, nonagricultural industrial supplies and materials slowed to a $2.2 billion increase
in 1996 from a $22.9 billion increase in 1995, and
capital goods slowed to a $19.1 billion increase
from a $28.5 billion increase in 1995. Consumer
goods increased slightly more than in 1995, and
automotive products increased less (chart 5).
Capital goods increased $19.1 billion, or 8 percent, to $252.9 billion in 1996, down from a
14-percent increase in 1995. Quantity increased 13
percent, down from a 16-percent increase. Prices
of capital goods declined 4 percent, following a
2-percent decline; prices of computers and semiconductors declined at a considerably more rapid
pace than in 1995, while prices of other capital
CHART 4
Major Industrial Countries:
Percent change from four quarters ea rlier
a
•2
Table F.—Percent Changes in U.S. Trade in Goods,
Current and Chained (1992) Dollars
[Balance of payments basis]
Current dollars
1994
Exports
Agricultural products
Nonaoricultural ore-ducts
Foods, feeds, and beverages
industrial supplies and materials
Capital goods except automotive
Automotive vehicles parts and engines
Consumer goods (nonfood), except automotive
Exports, n e.c
Imports
Petroleum and products
Nonpetroleum products
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles, parts, and engines
Consumer goods (nonfood), except automotive
Imoorts. n.e.c.. and U.S. aoods returned
p Preliminary.
....
1995
Chained (1992) dollars
1996*
1994
1995
1996*
6
4
10.0
7.7
10.2
14.6
21.6
13.9
6.2
7.4
6.1
9.3
3.3
10.0
11.0
11.5
10.9
8.1
-1.9
9.1
3.3
8.7
12.7
10.0
9.7
6.0
20.3
20.4
13.9
7.0
7.4
19.6
9.8
.9
8.2
4.3
8.9
10.4
.1
2.2
16.3
8.9
9.4
5.5
10.8
6.2
16.4
5.7
6.0
15.5
-1.2
5.8
12.9
3.2
7.5
10.1
13.4
-.4
14.7
12.1
7.4
12.5
6.7
24.0
5.3
12.7
6.2
13.4
9.1
-1.7
10.0
7.6
1.0
8.2
11.1
8.2
21.1
15.5
9.2
16.9
7.2
11.5
20.1
5.5
9.3
10.0
7.6
11.2
3.4
4.3
6.9
11.2
2.5
8.5
23.5
11.7
8.4
14.6
2.2
2.2
22.3
2.5
7.5
6.9
9.7
5.1
11.7
3.5
6.5
11.9
•France
2
0
' -2
Ju-J—I—L—1—I
1 I—I
I I
I
L_
I i i i
1991 1992 1993 1994 1995 1996
1. Data not shown for earlier years because of effects of unification on GDP growth.
®m mmaimt Mjmefef? Fowl
U.S.DepartmentofCommerce.BureauofEconomicAnalysis
SURVEY OF CURRENT BUSINESS
goods increased at about the same pace as in 1995.
In value, semiconductors increased only 4 percent
in 1996 after a 36-percent increase in 1995, as a result of an oversupply that began in late 1995 and
continued throughout most of 1996. Exports of
semiconductors had grown exceptionally rapidly
in 1991-95. Computers, peripherals, and parts
slowed to a lo-percent increase from a 19-percent
increase in response to a marked slowing in sales;
exports of these items had grown exceptionally
rapidly in 1994-95. Telecommunications equipment was unchanged in 1996, following 4 years of
exceptional growth. "Other" industrial, agricultural, and service industry machinery also slowed,
reflecting slower economic expansion in major industrial countries. Partly offsetting the slowing in
all of these categories was a substantial increase in
Table G.—Percent Changes in U.S. Goods Trade
Chain-Weighted Price Indexes
[Based on index numbers (1992=100)]
1994
Exports
Agricultural products
Nonagricultural products
Foods feeds and beverages
Industrial supplies and materials
Capital goods, except automotive
Computers peripherals and parts
Civilian aircraft engines and parts
Other capital goods
Automotive vehicles parts and engines
Consumer goods (nonfood), except automotive
Exports, n.e.c
0.6
42
2
32
64
-3.1
-105
.. .
2.9
-2.7
g
.3
.6
Imports
Petroleum and products
Nonpetroleum products
.6
1996"
3,3
90
2.6
-1.8
8.5
11.1
-4.6
-4.2
13.3
-2.1
-155
3.4
.2
13
1.4
3.6
9.4
-2.8
-23.3
3.8
J
11
1.4
.2
deliveries of aircraft and aircraft parts after 3 years
of recession in the industry (table I).
Industrial supplies and materials increased $1.3
billion, or i percent, to $147.7 billion in 1996,
following an increase of 20 percent in 1995. Quantity increased 6 percent in both years. Prices
decreased 5 percent, following a 13-percent increase. Sizable price declines—particularly for
such key commodities as paper, iron and steel, and
chemicals—magnified the impact of slower economic expansion abroad in 1996. In value, paper
and paper-based stocks decreased substantially in
CHART 5
Growth In U.S. Nonpetroleum Exports
and imports of Goods
1087=100
360
EXPORTS
&RT
— Consumer goods (nonibod), except automotive
— Capital goods, except automotive
320 ••*^ Foods; feeds; and beverages
— - Automotive vehicles, engines, and
300
--Industrial supplies and
materials, excluding
280
petroleum
£60
240
220
200
2.7
9.3
22
-1.0
22.8
-26
180
8.3
4.9
-.4
9.1
-20 -18
-11.0 -122
2.9
2.5
2.0
1.0
29
3.3
7
16
2.9
1.9
-1.9
160
-6.2
12
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods except automotive .
Computers, peripherals and parts
Civilian aircraft, engines, and parts
Other capital goods
Automotive vehicles parts and engines
Consumer goods (nonfood) except automotive
Imports, n.e.c., and U.S. goods returned
1995
5.8
-74
-18.5
4.2
140
-3.0
120
.7
4
-.6
p Preliminary.
April 1997
100
I
280
IMPORTS
I
I
I
I
I
I
I
260
Table H—Percent Changes in Foreign Currency Cost of
U.S. Exports of Goods
240
[Based on index numbers (1992=100)]
220
1994
Exports
Agricultural products
Nonagricultural products
Foods feeds and beverages
Industrial supplies and materials
.
Capital goods except automotive
Computers peripherals and parts .
Civilian aircraft engines and parts
Other capital goods
Automotive vehicles parts and engines
Consumer goods (nonfood), except automotive
ExDorts. n.e.c
-1.4
2.2
..
..
..
1996"
1995
-4.6
.6
-1.8
-5.3
11
43
-50
2
46
-97
-122
.9
-4.6
-1 1
-1.7
-1.4
-220
-4.5
-7.5
-6.5
-6.4
-4.4
1.8
13.4
180
.7
15.1
-1.2
-7
-20.6
7.5
4.4
4.7
5.0
3.8
p Preliminary.
NOTE.—Chain-weighted price indexes multiplied by trade-weighted exchange rate index of the
currencies of Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and the United Kingdom.
200
160
140
120
100
19878$
pP«$Ktina*y
89
90
9t
02
93
U.S. Department of Commerce, Bureau of Economic Analysis
94 95
96'
•
27
28 •'" April 1997
SURVEY OF CURRENT BUSINESS
1996, following an exceptionally large increase in
1995; a 27-percent decline in price contributed to
the decrease. One-third of the decrease in value
was with the major paper products markets of
Japan and Canada. Chemicals decreased a small
amount in value, following exceptional increases
in 1994 and 1995; prices declined 5 percent. Decreases in chemicals to Taiwan, China, and Mexico
more than accounted for the decrease. Iron and
steel products dropped in value; prices declined 4
percent. Nonmonetary gold increased, offsetting
some of the decreases in value of other commodity
categories (tables F and J).
Automotive products increased $2.6 billion, or
4 percent, to $64.5 billion in 1996, down from
a j-percent increase. Quantity increased 3 percent, down from a 6-percent increase. In value,
shipments of trucks, buses, and automotive parts,
largely to Mexico, were higher than last year. The
increase in parts to Mexico and decrease in parts to
Table I.—U.S. Trade in Capital Goods, Except Automotive
[Balance of payments basis, millions of dollars]
1992
1991
Exports
1993
1994
1995
1996*
166,453
176,070
182,096
205,247
233,776
252,918
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Scientific hospital and medical equipment and parts
27,293
14,348
10,294
9221
28,763
15,987
11,450
9930
29,317
19122
13,513
10569
33,320
25,178
16,297
11 522
39,654
34,153
20,247
13073
43,700
35,688
20,339
14,752
Industrial, agricultural, and service industry machinery
Machine tools metalworking equipment and control instruments
Oil drilling mining and construction machinery
Industrial engines, pumps, and compressors
Electric generating machinery, electric apparatus and parts
25,017
9092
9644
6,220
14,608
26,291
9836
9620
6,658
15,480
28,422
10650
9474
7,506
16,959
31,920
12319
10216
9,176
19,674
37,087
14261
11514
10,159
23,039
40,082
15,587
12,646
10,235
24,039
Civilian aircraft, engines, parts
36,587
37,725
32,678
31,475
26,129
30,846
4330
3886
4460
5,004
Other caoital aoods n e e
4129
Imports
4150
120,802
134,252
152,305
184,366
221,431
228,959
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Scientific, hospital, and medical equipment and parts
26,000
13084
9939
5,040
31,686
15475
10776
5,436
38,026
19482
11275
5,746
46,159
26156
14185
5,907
56,276
39043
15332
6,668
61,511
36,713
14,345
7,220
Industrial, agricultural, and service industry machinery
Machine tools metalworking equipment and control instruments
Oil drilling, mining, and construction machinery
Industrial engines, pumps, and compressors
Electric generating machinery electric apparatus and parts
21,928
3,209
3,264
14260
23,358
7055
2,948
3,618
15336
26,149
8040
4,314
4,094
17421
31,852
9804
5,325
5,758
20029
36,708
12,245
5,481
6,175
24150
37,678
13,445
5,642
6,268
24773
Civilian aircraft, engines, parts
11,737
12,581
11,275
11,299
10,709
12,627
5.169
5.983
6.483
7.892
8.644
8.737
Other caoital aoods. n.e.c
7172
Preliminary.
Table J.—U.S. Trade in industrial Supplies and Materials, Excluding Agricultural Products
[Balance of payments basis, millions of dollars]
1991
Exports
1992
1993
1994
1996*
1995
101,682
101,688
105,002
112,556
135,478
137,651
Energy products
15170
14364
12713
12039
13771
15401
Chemicals, excluding medicinals
Paper and paper base stocks
Textile supplies and related materials
Building materials except metals
Other nonmetals
30,444
8,706
6620
7592
9706
29,840
9,298
6809
8078
10302
30,082
8,483
6999
35,135
10,104
42,986
14,487
9285
42,386
12,473
9548
8751
10750
8839
11 901
13410
15234
Metals and nonmetallic products
Steelmaking materials and iron and steel products
Nonferrous metals
Other metals and nonmetallic products
23444
5,971
11,145
6,328
22997
5,405
10,963
6,629
27224
5,443
14,649
7,132
26355
5,790
12,279
8,286
32478
8,574
14601
9,303
33368
7549
15433
10386
Imports
8183
9061
9241
128,708
136,035
147,879
160,139
178,246
197,923
Energy products
56,279
56,820
57,390
58,079
61,093
75297
Chemicals excluding medicinals
Paper and paper base stocks
Textile supplies and related materials . .
Building materials, except metals
Other nonmetals
15290
8450
18081
8320
7550
10556
10330
21 359
8930
25552
12880
8182
8615
6825
8,084
16872
8232
6866
8282
9,455
12601
11,047
12716
12503
26881
10883
8840
14939
13,347
Metals and nonmetallic products
Steelmaking materials and iron and steel products
Nonferrous metals
Other metals and nonmetallic oroducts
27645
11,904
12145
3.596
29508
12,603
13228
3.677
35652
13591
18128
3.933
39941
18,378
16728
4.835
44887
19,133
20262
5.492
47,736
20,257
21 651
5.828
' Preliminary.
6135
SURVEY OF CURRENT BUSINESS
Canada reflected the continued relocation of production to Mexico from Canada. Strikes at a U.S.
manufacturer late in the year also slowed parts and
passenger cars to Canada.
Consumer goods increased $5.7 billion, or 9 percent, to $70.2 billion in 1996, up from a 7-percent
increase. Quantity increased 8 percent, following a
6-percent increase. In value, shipments picked up
substantially to Latin America, especially Mexico,
and picked up slightly to Western Europe.
Agricultural products increased $4.2 billion, or
7 percent, to $61.4 billion in 1996, down from a
22-percent increase in 1995. The slowdown was
largely in quantity, which shifted to a 2-percent
decrease from a 12-percent increase. In value, a
recovery in world production of cotton sharply
reduced U.S. cotton exports, while shortfalls in
world production of feeds and grains led to record
U.S. corn and soybean exports. Wheat exports
reached the highest level since 1984.
Soybeans increased $1.9 billion, up 12 percent
in quantity and up 24 percent in price. In
value, increases were largely to China, Mexico, the
newly industrialized countries in Asia, and other
developing countries in Asia.
Corn increased $1.2 billion, down 16 percent in
quantity and up 32 percent in price. In value,
shipments to Mexico alone accounted for $0.7
billion of the rise, as severe drought spurred demand for imported grains and feeds. Shipments
to Japan increased $0.6 billion, and shipments to
China decreased $0.6 billion as Chinese production recovered from diminished output during the
1994-95 crop year.
Wheat increased $0.7 billion, down 4 percent
in quantity and up 17 percent in price. In value,
increases were mostly to Mexico, Brazil, Japan, and
Africa.
Cotton decreased $1.0 billion, down 15 percent in
quantity and up 11 percent in price, as foreign output recovered and eased the tight supply situation
of last year.
Imports.—Nonpetroleum imports increased $36.8
billion, or 5 percent, to $731.0 billion in 1996,
down from a 12-percent increase in 1995. Quantity increased 8 percent, down from a lo-percent
increase. In value, capital goods slowed to a $7.5
billion increase in 1996 from a $37.1 billion increase
in 1995, and nonpetroleum industrial supplies and
materials slowed to a $7.3 billion increase from a
$15.2 billion increase. Automotive products and
consumer goods slowed by only small amounts
(charts).
Capital goods increased $7.5 billion, or 3 percent,
to $229.0 billion in 1996, down from a 20-percent
increase. Quantity increased 12 percent, down
from a 22-percent increase. Prices decreased 7
percent, following a 2-percent decrease, as computer and semiconductor prices declined even
more rapidly than in 1995. In value, an oversupply of semiconductors led to a $2.3 billion
decrease, following a $12.9 billion increase, and a
dropoff in sales of computers led to an increase
of only $5.2 billion, following an increase of $10.1
billion; growth had been exceptionally strong in
1991-95 for both semiconductor and computer imports. Telecommunications equipment decreased
$1.0 billion, following an increase of $1.1 billion.
"Other" industrial, agricultural, and service industry machinery also increased by a substantially
smaller amount than in 1995 (table I).
Nonpetroleum industrial supplies and materials increased $7.3 billion, or 6 percent in 1996,
down from a $15.2 billion increase. Quantity
increased 7 percent, compared with a 4-percent
increase. Prices decreased 2 percent, in contrast to
a 9-percent increase. In value, paper and paperbase products decreased following an exceptionally
large increase in 1995; prices fell 8 percent in 1996,
following a 38-percent increase in 1995. Chemicals, after exceptional increases in 1994-95, also
increased less in value, and included a 2-percent
decrease in prices. Bauxite and aluminum, largely
from Russia and Canada, were sharply lower.
Other categories showing increases in value were
lumber (largely from Canada), building materials, iron and steel mill products, and nonmonetary
gold (tables F and J).
Consumer goods increased $11.1 billion, or 7
percent, to $171.1 billion in 1996, down from a 9percent increase. Quantity increased 7 percent,
down from an 8-percent increase. Consumer
goods from Hong Kong, the Republic of Korea,
Singapore, and Taiwan decreased sharply, while
those from China increased. Household products
and toys increased the most. Television, radio, and
stereo products decreased.
Automotive products increased $5.3 billion, or
4 percent, to $130.0 billion in 1996, down from a
6-percent increase. Quantity increased 4 percent,
following a 3-percent increase. Completed cars
from Canada fell, as a result of both strikes at a
U.S. manufacturer late in the year and the continuing transfer of assembly operations to Mexico.
Imports of cars and parts from Japan continued
to decline. New car sales in the United States
decreased i percent.
Petroleum imports increased $13.2 billion, or
24 percent, to $68.3 billion in 1996, up from a
7-percent increase. Nearly all of the increase in
April 1997 •
29
SURVEY OF CURRENT BUSINESS
30 • April 1997
1996 resulted from a rise in prices to an average of $19.76 per barrel from $16.09 per barrel.
Quantity increased slightly to 9.46 million barrels per day from 9.37 million barrels. The
number of barrels imported from OPEC was unchanged from that in 1993, 1994, and 1995, and
OPEC'S share of total petroleum imports was slightly
lower at 48 percent. In quantity, imports from
Saudi Arabia decreased 11 percent, imports from
both Mexico and Nigeria were unchanged, and
imports from Venezuela increased 10 percent
(chart 6).
CHART 7
Growth in U.S. Exports and Imports
of Goods by Selected Areas and
Countries
1987*100
400
EXPORTS
380
""—Mexico
— Latin America
Newly industrialized Countries in Asia
— - Japan
— Western Europe
— Canada
360
340
320
U.S. consumption of petroleum and products
increased 3 percent to 18.2 million barrels per day.
The gap between consumption and supplies provided by domestic production and imports was
made up by a 3-percent reduction in inventories—
the third year of decline in inventories. Imports as
300
280
260
240
220
200
CHART 6
180
U.S. Petroleum Imports,
Total and From Selected Countries
Millions of barrels per day
10
TOTAL
160
140
120
100
400
IMPORTS
380
•as
360
340
0
320
7.5
300
280
7
260
3
2.5
SELECTED COUNTRIES:
• Saudi Arabia
-•Venezuela
• Mexico
-o Nigeria
240
220
200
2
180
1.5
160
t
1991
140
120
100
1992
1993
1994
1995
p Preliminary
U.S. Department of Commerce, Bureau of Economic Analysis
1996"
1987 88 89
90
§1 M 03
94; 95 S6f
U.S. Department of Commerce, Bureau of Economic Analysis
;
SURVEY OF CURRENT BUSINESS
a percent of consumption decreased to 52 percent
from 53 percent.
Balances by area.—As noted earlier, the U.S. deficit
on goods increased to $187.7 billion in 1996 from
$173.4 billion in 1995.
The deficit with Western Europe increased to
$24.1 billion from $15.2 billion. Exports of industrial supplies and materials and of capital goods
slowed sharply in response to the deceleration in
economic expansion abroad over the past 2 years,
while imports of capital goods slowed in response
to the second year of only moderate expansion in
the United States (table K, chart 7).
The deficit with Japan decreased to $49.2 billion from $60.4 billion. Exports of industrial
supplies and materials (especially paper and chemicals) and capital goods (especially semiconductors
and electronic components) slowed, while imports
April 1997
• 31
of industrial supplies and materials and of capital
goods (especially electronic components) fell by
substantial amounts.
The deficit with Latin America increased to $15.3
billion from $10.7 billion. Higher exports in most
major commodity categories (mainly to Mexico)
partly offset some of the continued strength in
all major categories of imports, including higher
imports of petroleum from Venezuela.
The deficit with the developing countries of
Asia increased to $75.7 billion from $69.1 billion. Exports of capital goods slowed sharply
and of industrial supplies and materials fell by
a substantial amount. Imports of capital goods,
largely computers and semiconductors from Hong
Kong, the Republic of Korea, Singapore, and
Taiwan, increased by only one-fifth the amount
in 1995. Imports of consumer goods from the
Hong Kong, the Republic of Korea, Singapore,
Table K.—U.S. Trade in Goods by Major End-Use Category for Selected Areas and Countries
[Balance of payments basis, millions of dollars]
1994
Exports
Agricultural products
Nonagricultural products
Foods feeds and beverages
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles, parts, and engines
Consumer goods (nonfood), except automotive
Exports n e e
Imports
Petroleum and products
Nonpetroleum products
Foods feeds and beverages
Industrial supplies and materials
Capital goods except automotive
Automotive vehicles, parts, and engines
Consumer goods (nonfood), except automotive
Imports, n.e.c., and U.S. goods returned
Balance
1995
1996"
1994
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods except automotive .
Automotive vehicles, parts, and engines
Consumer goods (nonfood), except automotive
Exoorts n e e
Imports
Petroleum and products
Nonpetroleum products
Foods, feeds and beverages
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles parts and engines
Consumer goods (nonfood), except automotive
Imports, n.e.c., and U.S. goods returned
Balance
p
Preliminary.
1996"
1994
1995
137,207
10,504
126,703
25,972
968
25,004
28,024
1,086
26,938
1994
1995
1996"
1994
1995
30,238
1,234
29,004
18,744
1,082
17,662
21,882
1,259
20,623
23,005
1,497
21,508
51,816
9,444
42,372
63,115
11,110
52,005
65,980
11,671
54,309
1996"
1996"
114,830
6,316
108,514
127,585
6,614
120,971
133,993
6,980
127,013
115,361
7,872
107,489
132,442
9,804
122,638
6,167
24,887
35,689
31,719
12,040
4,328
6,504
28,247
40,811
34,043
13,202
4,778
6,813
29,370
42,930
34,355
13,876
6,649
6,494
27,738
55,111
5,376
16,740
3,902
7,959
34,436
61,597
6,198
17,461
4,791
8,660
34,858
63,599
6,694
18,451
4,945
816
5,592
14,790
1,031
3,018
725
928
6,366
15,687
931
3,289
823
1,046
7,570
16,071
919
3,744
888
837
3,844
9,458
1,581
2,452
572
948
4,417
11,693
1,701
2,498
625
1,225
4,119
12,080
2,219
2,586
776
10,347
13,429
17,375
3,408
6,888
369
11,893
15,987
21,942
4,697
7,994
602
12,374
15,088
24,821
4,603
8,467
627
131,119
7,826
123,293
148,087
9,815
138,272
159,215
12,202
147,013
132,923
6,357
126,566
147,650
5,615
142,035
161,268
6,703
154,565
24,860
3,313
21,547
26,733
2,796
23,937
28,753
2,830
25,923
31,678
127
31,551
36,764
96
36,668
38,820
161
38,659
119,135
46
119,089
123,466
51
123,415
115,194
54
115,140
6,274
48,263
18,655
42,250
6,689
8,988
6,585
55,497
22,206
45,361
8,630
9,808
7,766
59,852
24,143
47,064
9,962
10,428
6,625
35,001
43,782
14,510
26,665
6,340
7,061
36,765
50,045
16,464
30,468
6,847
7,633
41,474
52,536
17,894
33,822
7,909
856
7,167
9,227
1,742
4,386
1,482
885
6,966
10,123
2,201
4,929
1,629
933
7,006
10,990
2,368
5,607
1,849
578
6,448
12,326
8,063
3,092
1,171
647
7,059
14,721
9,160
3,838
1,339
671
7,585
15,069
10,049
3,892
1,554
386
10,763
53,110
40,717
12,384
1,775
359
11,617
59,382
37,938
12,302
1,868
344
11,873
54,370
34,695
11,786
2,126
-16,289
-20,502
-25,222
-17,562
-15,208
-24,061
1,112
1,291
1,485 -12,934 -14,882 -15,815
-67,319
-60,351
-49,214
Latin America
Exports
Agricultural products
Nonagricultural products
1995
Japan
Germany
United Kingdom
Western Europe
Canada
Asia, excluding Japan
Mexico
1994
1995
1996"
1994
1995
84,864
7,189
77,675
87,577
6,762
80,815
100,491
9,129
91,362
50,741
4,613
46,128
46,182
3,530
42,652
56,998 104,052
10,972
5,461
51,537 93,080
6,093
23,108
31,505
10,496
10,720
2,942
5,553
26,065
32,832
9,723
10,733
2,671
7,669
28,902
36,685
11,137
12,986
3,112
4,000
13,584
17,032
8,140
5,870
2,115
2,932
13,795
15,900
6,964
4,811
1,780
4,579
16,620
18,592
8,501
6,527
2,179
82,223
14,410
67,813
98,236
16,976
81,260
115,772
22,199
93,573
50,053
5,121
44,932
9,701
25,793
12,505
15,627
15,491
3,106
11,076
30,954
14,566
19,703
18,340
3,597
11,330
37,265
17,091
24,478
21,596
4,012
2,641
-10,659
-15,281
1994
China
Hong Kong, Republic of
Korea, Singapore, Taiwan
1994
1996"
1994
1995
1996"
130,463
16,558
113,905
135,382
16,299
119,083
56,689
5,987
50,702
71,819
8,146
63,673
73,292
8,624
64,668
9,242
1,083
8,159
11,750
2,637
9,113
11,941
2,097
9,844
8,031
26,525
53,084
5,156
8,977
2,279
12,675
34,459
63,955
5,124
10,056
4,194
13,383
31,705
70,590
5,311
10,758
3,635
4,526
16,140
28,542
2,453
4,726
302
6,434
20,147
36,055
2,358
5,389
1,436
7,339
18,008
39,444
1,930
5,694
877
391
3,132
5,077
314
236
92
1,703
4,350
5,095
166
338
98
1,324
4,108
5,749
181
481
98
62,361
5,855
56,506
73,793 173,481
6,813 11,055
66,980 162,426
199,549
10,693
188,856
211,071
11,652
199,419
71,363
309
71,054
81,964
286
81,678
82,731
213
82,518
38,787
329
38,458
45,542
327
45,215
51,494
419
51,075
3,300
9,627
11,228
14,644
8,936
2,318
4,290
12,079
13,186
18,644
11,223
2,939
4,221
13,522
15,594
23,324
13,833
3,299
5,760
25,296
54,831
4,850
79,990
2,754
5,934
27,400
73,390
5,036
84,636
3,153
6,209
28,874
78,566
5,494
88,198
3,730
701
6,480
34,791
3,266
24,702
1,423
693
6,734
46,174
3,300
23,464
1,599
668
6,795
48,467
3,567
21,190
2,044
548
3,044
5,177
518
29,173
327
623
3,831
7,596
635
32,489
368
662
4,218
8,741
750
36,722
401
688
-16,179
-16,795 -69,429
-69,086
-75,689 -14,674 -10,145
-9,439
-29,545
-33,792
-39,553
1996"
1995
1995
1996"
SURVEY OF CURRENT BUSINESS
32 + April 1997
and Japanese currencies also slowed travel to the
United States. Receipts from Mexico increased 7
percent, following the 4;-percent decline in 1995
Services.—The surplus on services increased to
that was brought about by the devaluation of the
$73.5 billion in 1996 from $68.4 billion in 1995, a Mexican peso in December 1994. Receipts from
smaller increase than in 1995 (table L).
Canada increased 9 percent, following a i-percent
In 1996, service receipts increased $13.8 billion,
decrease.
or 6 percent, down from an 8-percent increase.
U.S. travel payments increased 6 percent to $48.7
Although "other" private services and travel both
billion. Payments to overseas increased 6 percent,
increased more in 1996 than in 1995, weakness in up from a 5-percent increase. Payments to Mex"other" transportation held down the increase in
ico increased 11 percent after no change, partly as
total receipts. Service payments increased $8.2
a result of appreciation of the dollar against the
billion, or 6 percent, unchanged from last year's
peso in 1996. However, rapid inflation in Mexico
percentage increase. As with receipts, "other"
offset some of the gains to U.S. travelers from the
private services and travel both increased more
appreciated dollar. Payments to Canada increased
in 1996 than in 1995, but weakness in "other"
6 percent, following a lo-percent increase.
transportation held down the increase in total
"Other" transportation receipts were $29.1 bilpayments.
lion in 1996, up 4 percent after a 9-percent increase
Foreign visitors spent $64.5 billion for travel in
in 1995, largely reflecting the slowdown in goods
the United States in 1996, an increase of 5 perexports to an increase of 6 percent from 15 percent.
cent. Receipts from overseas increased 5 percent,
Reduced overseas demand for U.S. exports had a
following a lo-percent increase; part of the weaklarge impact on ocean export volumes, resulting in
ening was attributable to the airline disaster in
a decrease in ocean freight receipts. Air and truck
July, which slowed international travel for several
freight receipts were higher. Port service receipts
months. Dollar appreciation against European
were up slightly.
"Other" transportation payments were unchanged
at $29.1 billion in 1996, following a
Table L.—Services
4-percent increase in 1995, largely reflecting a slow[Millions of dollars, quarters seasonally adjusted]
down in goods imports to an increase of 7 percent
19!96
IQQfiP
from 12 percent. The slowdown had the greatest
\
IV
III'
II'
impact on ocean import volumes, resulting in de57,413
55,565
55,853
55,075
195,839 210,590 223,907
Exports
clines in payments for ocean freight and ocean port
16,538
15,653
16103
16205
64499
Travel
61 137
58417
services. Air freight payments were slightly higher,
5,030
4,799
19579
18534
4896
Passenger fares
4854
17083
7,516
7,343
7,289
6,966
Other transportation
29,115
28,063
25,861
reflecting higher air import volumes.
7,234
7,256
7,160
7,180
28,829
22,272
26,953
Royalties and license fees
17,024
61,724
16,991
16,748
16,504
59,071
67,268
Other private services
Royalties and license fee receipts increased $1.9
5,724
5,620
5,382
22,135
5,408
18162
Affiliated services
19,458
billion, to $28.8 billion, in 1996, the third year of
11,404
11,267
11,340
11,122
Unaffiliated services
45,133
42,265
40,910
1,944
2,038
1 932
Education
1 919
7833
7517
7175
strong increases. Royalties and license fees pay2,065
1,834
1,906
1,742
7,546
6,109
5626
Financial
381
385
373
362
Insurance
1,500
1,395
1,506
ments
increased $0.7 billion to $7.0 billion, mostly
704
705
705
706
2820
2848
2871
Telecommunications
Business, professional, and
as a result of one-time payments for broadcast
4,205
4246
4254
4267
16971
16264
technical
15728
rights to the Summer Olympic Games.
2,102
2,064
2,170
Other
2,126
8,461
8,131
8,003
"Other" private service receipts were $67.3 billion
3,880
3,330
3,500
3,092
13,802
13,405
12,255
Military transactions 1
157
193
274
191
815
775
U.S. Government receipts
880
in 1996, up from $61.7 billion in 1995. Financial
38,450
37,975
37,441
36,578
134,097 142,230 150,440
services increased strongly as a result of the stepped
11,867
12,241
12,097
12,508
48712
43782
45855
Travel
up activity in U.S. financial markets. Business, pro3,557
3,693
3,506
3,531
14,287
14,313
Passenger fares
12,885
7,453
7,466
7,288
Other transportation
6,895
29,100
29,205
27,983
fessional, and technical services increased slightly
1,639
2,080
1,722
1,595
7,036
5,518
6,312
Royalties and license fees
9,671
9,544
9,022
9,390
37,626
33,970
30,980
Other private services
more rapidly than in 1995.
4,220
4,196
4050
3785
16250
13723
11 755
Affiliated services ..
"Other" private service payments were $37.6 bil5,451
5,348
5239
20247
19225
5,340
21 376
Unaffiliated services
238
236
232
227
877
Education
932
816
lion
in 1996, up from $34.0 billion in 1995. As with
536
490
500
476
2002
1 707
1 611
Financial
1,184
1,180
1,188
4,733
4,481
3781
Insurance
1,181
receipts, payments for financial services increased
6,924
1,703
1,703
1,695
1,689
6,789
6,773
Telecommunications
Business, professional, and
strongly as a result of stepped up activity in foreign
4,262
technical
1243
1 226
1 182
4,502
1 263
4915
Other
495
532
502
476
financial markets.
2004
1 908
1 833
10292
Direct defense expenditures 2
2800
2815
2775
9820
2603
10993
Transfers under U.S. military agency sales con697
686
612
2686
2755
2657
U.S. Government payments
691
tracts were $13.8 billion in 1995, up from $13.4
Revised.
billion in 1995. Most of the increase in 1996 was in
f Preliminary.
1 Consists of goods and services transferred under U.S. military agency sales contracts which cannot be separately identified.
deliveries of aircraft, missiles, and weapons systems
2 Consists of imports of goods and services by U.S. defense agencies which cannot be separately identified.
and Taiwan decreased, but remained strong from
China.
1QQA
1QQR
r
r
SURVEY OF CURRENT BUSINESS
to Western Europe. Aircraft deliveries to Saudi
Arabia and Egypt were lower in 1996, and deliveries to Japan under major missile programs were
largely completed early in the year.
Direct defense expenditures abroad were $11.0
billion in 1996, up from $9.8 billion in 1995. Much
of the step-up was attributable to U.S. peacekeeping operations in Bosnia: Initially, costs of the U.S.
presence changed little as troops were redeployed
from other European locations; subsequently, the
expanded U.S. presence entailed increased costs.
April 1997
CHART 8
Private Investment Income
Billion$
35
RECEIPTS
30
— Direct
— Portfolio
25
20
Investment income
15
The deficit on investment income increased to $8.4
billion in 1996 from $8.0 billion in 1995 (table D).
Both direct and portfolio income receipts increased
substantially, but by much less than last year's
increases. U.S. Government income payments
accounted for much of the increase in income
payments.
10
5
Direct investment income.—Receipts of income on
U.S. direct investment abroad were $98.3 billion in
1996, compared with $88.9 billion in 1995 (table M,
chart 8). Earnings were up for Western Europe;
the much smaller increase in 1996 than in 1995 was
partly attributable to slowing economic expansion
in many of these countries. In the United Kingdom, a rise in earnings of finance affiliates largely
reflected increased trading activity in securities
and stepped-up merger and acquisition activity
throughout Europe. Earnings at manufacturing
affiliates in Mexico reflected strong production of
goods for export (chart 9).
Payments of income on foreign direct investment in the United States were $33.8 billion in
1985 86 87 88 89 90 91 92 93
94 95 96
Seasonally adjusted
U.S. DtpvUMrt of Commerce, Bureau at Economic Analysis
Table M.—Direct Investment Income and Capital
[Millions of dollars, quarters seasonally adjusted]
19£ 6
1994
1995
1996^
V
II '
III'
IV
23,598
10102
12699
23,851
10467
12598
27,273
10318
16137
Income
Income receipts on U.S. direct investment abroad
Distributed earnings
Reinvested earnings
Interest net
68,659
33067
33,462
2,130
88,882
31955
54,470
2,457
98,260
38884
56362
613
798
786
819
Income payments on foreign direct investment in the United States
Distributed earnings
Reinvested earnings
Interest net
-21 230
-9102
-4513
-7,616
-31 418
-9825
-13290
-8303
-33817
-9719
-15688
-8409
-6952
-2291
-3366
-1295
-8720
-2614
-3802
-2305
-9 129
-2092
-4517
-2520
-9015
-2722
-4004
-2290
Capital
U S direct investment abroad (increase/capital outflow (-))
Equity capital
Reinvested earnings
Intercompany debt
-54,465
-12,750
-33462
-8254
-95,509
-36,292
-54470
-4747
-88,304
-24,381
-56362
-7561
-23 175
-9,093
-14928
-26175
-2,018
-12699
-1 1 458
-9143
-5,350
-12 598
8805
-29811
-7,920
-16137
-5755
49,760
34500
60,236
39544
13290
7402
83,950
53169
15688
15093
28,694
17721
3366
7608
21,056
10934
16,768
17288
4004
-4524
Foreign direct investment in the United States (increase/capital inflow (+))
Equity capital
Reinvested earnings
Intercompany debt
' Revised.
f Preliminary.
4513
10,748
3015
23,538
7997
14928
847
17,432
7226
3802
6404
4517
5605
• 33
SURVEY OF CURRENT BUSINESS
34 • April 1997
Table N.—Other Private Income
[Billions of dollars]
1994
Receipts
1995
1996"
94.1
68.9
89.1
Dividends
Interest on bonds
83
220
99
235
Interest on bank claims
Interest on other claims '
21.3
17.4
29.7
26.0
26.5
29.7
26.2
77.6
98.0
100.2
105
112
25.8
30.0
11.3
29.2
42.4
15.2
12.3
33.4
38.0
16.5
Payments
Dividends
Interest on bonds
Interest on bank liabilities
Interest on other liabilities '
' Preliminary.
1. Primarily income ol business concerns other than banks.
NOTE.—Excludes direct investment income receipts and payments.
CHART 9
Earnings on U.S. Direct Investment
Abroad
117
1996, compared with $31.4 billion in 1995 (table M,
chart 8). Earnings increased much less than the
substantial increases in 1994 and 1995, reflecting
continued moderate growth in the U.S. economy
(chart 10).
Portfolio investment income.—Receipts of income
on "other" private investment increased to a record
$94.1 billion in 1996 from $89.1 billion in 1995; the
previous record was $91.5 billion in 1989 (table N,
chart 8). The increase in 1996 was due to higher receipts of interest on bonds and dividends on stocks,
as U.S. residents stepped up their holdings of foreign securities. Interest receipts by banks were held
at the 1995 level, as a decline in interest rates offset
a rise in bank claims.
Receipts of income on U.S. Government assets
decreased to $4.6 billion in 1996 from $4.7 billion
in 1995 (table O).
Bi«ion$
100
Western Europe
Latin America & Other
Western Hemisphere
Asia & Pacific
80
CHART 10
Earnings on Foreign Direct Investment
in the United States
60
Western Europe
Canada
Asia & Pacific...
40
20
100
i Petroleum
Manufacturing
i Other
30
80
20
i Petroleum
Manufacturing
Other
60
Total
x/
10
40
20
llllllll.llllllll J
1985 86 87 88 89 90 91 92 93 94 95 96
NOTE—To be consistent wih earnings by ana and by Musky, total earnings are
show h this chart w»wut tie cumnhsst adjustment and after deduction of
wJhnoMng taxes, tie only basis on which area and industry data are avafebte.
U.S. Department of Commerce, Bureau of Economic Analysis
-10
-20
1985 86 87 88 89 90 91 92 93 94 95 91
NOTE.—To be consistent w* earnings by area and by industry, lottl earnings a
withholding ta»s, «w only basis on which ana and industry data amawflabH.
US. Department of Commerce, Bureau of Economic Analysis
SURVEY OF CURRENT BUSINESS
Payments of income on "other" private investment increased to a record $100.2 billion in 1996
from the previous record of $98.0 billion in 1995
(tableN, charts). The increase in 1996 was due
mostly to higher interest payments on bonds and,
to a smaller extent, an increase in dividend payments on stocks, as foreign residents stepped up
their holdings of U.S. securities. Interest payments
on U.S. bank liabilities decreased as a result of a
decline in interest rates and of little change in bank
liabilities.
Payments of income on U.S. Government liabilities increased to $71.3 billion in 1996 from $61.3
billion in 1995. The increase in 1996 was not as
large as in 1995 because a decline in interest rates
held down the 1996 increase (table O).
Unilateral transfers
Net unilateral transfers were $42.5 billion in 1996,
compared with $35.1 billion in 1995. Much of
the increase was attributable to U.S. Government
grants, which increased to $14.6 billion from $11.0
billion (table O). Grants for 1996 include some
grants that were delayed as a result of the U.S. Government shutdown and budget impasse at the end
of 1995. Under more normal circumstances, these
grants would have been included in 1995 calendar year transfers. Grant disbursements for debt
forgiveness fell to zero in 1996.
Other U.S. Government transfers increased
to $4.2 billion from $3.4 billion, largely as a
result of higher contributions to international
organizations for peacekeeping operations.
April 1997
Capital Account
Net recorded capital inflows—that is, net changes
in U.S. assets abroad less net changes in foreign
assets in the United States—were $218.2 billion in
1996, compared with $116.6 billion in 1995. An
acceleration in foreign assets in the United States
accounted for the larger net capital inflows.
Capital transactions in the U.S. international accounts in 1996, as well as those in 1995, reflect many
of the same developments that have been reshaping
world financial markets.
First, the size of financial flows as well as the level
of financial activity has increased considerably on
a net, as well as a gross, basis. A very favorable
commercial and financial investment climate, both
in the United States and abroad, has fostered these
developments. Concurrently, quarter-to-quarter
and year-to-year fluctuations in recorded capital
flows in the U.S. accounts have become larger.
Second, securities transactions appear to have
taken on a much greater role relative to banking
transactions in the U.S. accounts. In some, but
certainly not all, situations, the securities markets have served as an alternative to fund raising
and risk management through traditional banking
channels.
Third, the traditional distinction between banking transactions and securities transactions has
now become unclear.
The proliferation of
new financial instruments and techniques—from
the broader use of securitized assets and global
bond issues to the use of swaps, forwards, futures, and options in both banking and securities
Table 0.—Selected U.S. Government Transactions
[Millions of dollars]
19$)6
IQQfiP
1QQC
1QQ4
II
UK
IV
-15,816
-10,959
-14,634
-4,259
-2,364
-2,580
-5,431
-15,817
-1,085
-14732
-10,959
I
U.S. Government grants
Disbursed
For debt forgiveness
Other disbursements
-14,634
-4259
-2364
-2,580
-5,431
-10525
-14634
-4259
-2364
-2580
-6431
-5,208
-4,640
-4,909
-1,010
-1,489
-1,124
-1,286
-1328
-3,880
-1 057
-832
-3,583
-4,077
Repayments of U S Government credits and other long-term assets
From debt rescheduling
From debt forgiveness
Other repayments
5,052
4,258
4,155
1 005
220
411
20
1,083
3,749
168
408
3,682
3,744
U.S. Government receipts of income
From debt rescheduling
From debt forgiveness
Other receipts
4,099
4,713
4,564
195
2
99
26
97
3902
4589
-47,019
-61,279
Received
For Defense Cooperation Account
Other Receiots
U.S. Government credits and other long-term assets
For debt rescheduling
Other disbursements
U.S. Government oavments of income
r
Revised.
p Preliminary.
-434
1
1
-93
117
-1,031
-1,169
875
221
1,205
1,070
109
61
985
654
1,096
1,009
1,307
3
976
83
1,413
2
868
9
4467
1 304
893
1,411
859
-71,342
-16,164
-16,832
-18,493
-19,853
-17
-993
-605
-884
• 35
SURVEY OF CURRENT BUSINESS
April 1997
transactions—has contributed to the blurring of
the distinction and has increased the complexities
of interpreting capital flows in the context of the
U.S. accounts.
Fourth, the use of repurchase agreements has
now become widespread, and they serve as an
important substitute for the acquisition of funds
through interbank borrowing channels. In addition, repurchase agreements serve as yet another
means to bridge the gap between cash and the
futures markets.
Finally, many countries, particularly emerging
market countries, have taken steps to deregulate
financial markets and to improve their financial
infrastructure, market surveillance, and financial
settlements and clearing systems—all of which
contribute to greater mobility of capital.
The development of new financial instruments
and the sophisticated use of financial derivatives reflect fundamental changes in international finance.
These changes affect portfolio, banking, and direct
investment capital flows.
U.S. assets abroad
U.S. assets abroad increased $306.8 billion in 1996,
compared with an increase of $307.9 billion in 1995.
Net U.S. purchases of foreign securities and the
increase in U.S. claims on foreigners reported by
U.S. banks were higher in 1996 than in 1995; U.S.
direct investment outflows were lower.
U.S. official reserve assets.—U.S. official reserve assets decreased $6.7 billion in 1996, in contrast to
a $9.7 billion increase in 1995. A decrease in foreign currency holdings more than accounted for
the decrease in reserve assets in 1996 (table C).
Foreign currency holdings decreased $7.6 billion,
as Mexico repaid $1.3 billion under short-term and
$7.0 billion under medium-term swap arrangements. Mexico also purchased special drawing
rights from the United States for repayment
of loans from the International Monetary Fund
(IMF).
The U.S. reserve position with the IMF increased
$1.3 billion, partly as Russia borrowed dollars from
the General Resources Account at the IMF.
U.S. monetary authorities did not intervene in
the exchange markets in 1996.
U.S. Government assets other than official reserve
assets.—Among these assets, U.S. Government
credits and other long-term assets increased $4.9
billion in 1996, up from an increase of $4.6 billion, largely as a result of an increase in new credits
disbursed by the Export-Import Bank. Partly offsetting was a decrease in new credits disbursed
under agricultural and Commodity Credit Corporation legislative authorities. Little debt was
rescheduled in 1996. Repayments on credits
changed little (table O).
Claims reported by banks.—U.S. claims on foreigners reported by U.S. banks increased $88.2 billion
in 1996, following an increase of $69.1 billion in
1995 (tables P and Q).
On a net basis—that is, banks' own claims
payable in dollars less banks' own liabilities payable
Table P,-Private Capital Flows, Net
[Billions of dollars]
1996
Claims (increase/capital outflow (-)); liabilities (increase/capital inflow (+))
Private capital flows
Bank-reported capital net *
U s claims
U.S. liabilities '
.
.
Securities net
Net U.S purchases of foreign securities
Stocks
Bonds
Net foreign purchases of U S securities
U.S. Treasury securities
Other than U S Treasury securities
Stocks
Bonds
. . .
. . . .
1994
1995
I
89.3
16.9
89.1
103.6
-8.2
-43.8
-69.1
-90.0
-88.2
111.8
25.3
-1.7
30.9
95.6
-60.3
-48.1
-12.2
-99.0
-50.7
-48.3
194.6
91.2
34.2
57.0
3.4
53.6
99.3
95.3
13.4
81.9
Direct investment net .
U.S. direct investment abroad
Foreign direct investment in the United States
-54.5
Nonbank-reported capital net
U.S. claims
U.S. liabilities
-7.7
34.6
....
n.a. Not available.
r
Revised.
p Preliminary.
1. Liabilities exclude U.S. Treasury securities.
1996"
180.8
-104.5
-57.7
-48.8
285.3
153.7
131.6
11.9
II
-21.2
-33.9
1.7
-35.6
13.4
-34.4
-22.4
-12.0
47.8
11.8
36.0
3.4
37.0
37.8
T.1
-34.4
-33.2
1.9
-1.2
1.8
35.5
-23.5
-56.7
33.2
40.1
55.3
72.0
-20.2
-17.4
-22.9
-27.0
-8.0
-9.9
-2.8
60.3
31.2
29.1
-14.9
-17.1
78.2
43.4
34.8
99.0
67.3
31.7
5.9
1.6
1.0
119.7
32.6
23.2
33.2
30.7
-4.3
-8.8
-26.2
12.0
-9.1
21.1
-13.0
-29.8
-35.3
-95.5
-88.3
5.5
-23.2
49.8
60.2
84.0
28.7
-40.5
-32.8
0.4
-34.2
n.a.
n.a.
n.a.
-6.2
-4.7
\MP
III'
-12.7
6.5
17.4
3.9
-3.4
7.3
4.9
-15.7
20.6
16.8
n.a.
n.a.
n.a.
SURVEY OF CURRENT BUSINESS
in dollars—there were large net outflows, as the
increase in bank outflows exceeded the increase in
bank inflows. Net credits were extended to finance
the strengthening in demand abroad for interbank
credit, to finance heightened merger and acquisition activity, and to finance the large step-up in
activity in securities markets. Net credits were
nearly twice as large as in 1995, but presentation on
a net basis masks considerable differences in the
nature of activity on the asset and liability sides of
the accounts. Therefore, the following discussion
proceeds on a gross basis.
Banks' own claims payable in dollars increased
$70.6 billion in 1996, compared with a $40.0 billion increase in 1995. Much of the increase in 1996
occurred in the third and fourth quarters when
large amounts of credit were extended to foreign
offices in Western Europe to meet a step-up in
the demand for funds in the Eurodollar market,
to finance heightened merger and acquisition activity that surpassed the previous year's record,
and to finance, in part, the surge in European and
Asian net purchases of U.S. Treasury securities.
On a smaller scale, lending to emerging countries
in Latin America resumed, reflecting these countries' ability to borrow mo re widely in international
bank and capital markets in 1996, whereas, in 1995,
this ability had been limited because of concerns
over credit risk. Lending to Japan was limited for
most of the year because of financial difficulties
at Japanese banks, but it increased strongly in the
fourth quarter.
Lending by U.S. brokers and dealers to international bond mutual funds in the Caribbean was
strong in the fourth quarter; however, the increase
for 1996 was not as large as that for 1995, partly
because of offsetting inflows and outflows to these
April 1997 • 37
mutual funds throughout the year. Many of these
transactions are believed to be in the form of resale
agreements, which have expanded very rapidly in
the past several years. These resale agreements can
CHART 11
Gross Trading Volumes
Billion $
7000
6000
U.S. Treasury securities,
5000
4000
3000
2000
1l.S. securities other than
U.S. Treasury securities -i
1000
I
1991
I
1992 1993
1994
1995 1998
U.S. Departrwm of Commerce, Bureau ofEratKxnic Analysis
Table Q.—U.S. Bank-Reported Claims and Liabilities by Type
[Billions of dollars]
1994
1996
1995
1996P
II
I
III'
IV
-8.2
-69.1
-88.2
1.7
-0.1
-33.2
-56.7
Banks' claims for own accounts, payable in dollars:
Own foreign offices
Unaffiliated banks
Public borrowers and other foreigners
Banks' claims for domestic customers' accounts payable in dollars
Claims payable in foreign currencies
2.0
-10.8
11.0
-14.3
4.0
-20.4
13.1
-32.7
-19.3
-9.8
-35.4
-14.7
-20.5
-21.4
3.8
9.9
-4.8
-6.5
-2.3
5.4
-9.7
-1.8
7.0
2.1
2.2
-4.1
-4.1
-.5
-22.6
-1.9
-31.5
^t.O
-20.7
1.4
-1.9
Liabilities to foreigners reported by U.S. banks (excluding U.S.Treasury securities)
(increase/capital Inflow (+)) '
111.8
25.3
-1.6
-35.6
1.9
77.3
10.1
12.1
0.9
11.4
-3.4
1.3
6.4
-1.6
22.6
4.1
-9.9
12.0
-1.2
-6.6
-22.0
-6.3
-.7
-3.7
-2.9
-9.9
.3
7.2
.2
4.1
Claims on foreigners reported by U.S. banks (increase/capital outflow (-)) ....
Banks' liabilities for own accounts, payable in dollars:
Own foreign offices
Unaffiliated banks
Other private foreigners and international financial institutions
Banks' custody liabilities payable in dollars
Liabilities payable in foreign currencies
r
Revised.
f Preliminary.
1. Excludes liabilities to foreign official agencies.
-1.2
33.2
-8.8
3.0
3.5
1.7
-0.5
44.9
-6.9
1.9
.6
-7.3
SURVEY OF CURRENT BUSINESS
April 1997
serve as a substitute for interbank credits, that is,
as a source of direct lending by securities dealers to
bond mutual funds using U.S. Treasury securities
as collateral.
Banks' domestic customers5 claims increased
$25.7 billion, following a $14.9 billion increase. Deposits shifted to a sizable increase, while foreign
commercial paper placements fell somewhat but
remained strong.
Banks' own claims payable in foreign currency
shifted to an $8.1 billion decrease from a $14.3
billion increase. The shift primarily reflects a
preference for dollar credits in 1996.
Foreign securities.—Net U.S. purchases of foreign
securities were $104.5 billion in 1996, up from
$99.0 in 1995 but well below the record $146.3
billion in 1993 (table P, chart 11).
Stock prices in most major foreign countries
continued their strong increases, and bond prices
weathered a midyear downturn to register a moderate increase for the year. Both stock and bond
prices were spurred by moderate inflation that accompanied the slowing in economic growth in
many industrial countries over the past 2 years.
World stock prices gained more than 10 percent
on average in 1996, but regional averages varied
widely: Prices increased 20 percent in Western Europe, 25 percent Latin America, and 25 percent in
Canada, while prices in Asian markets increased
little on average and prices in Japan fell 6 percent.
Table R.—New International Bond Issues by U.S. Borrowers
[Millions of dollars]
1994
•JQQC
19<J6
1996P
II
I
Total
By issuer:
Industrial corporationsl
Banking corporations
Nonbank financial corporations2
U.S. federally sponsored agencies
All other borrowers
By instrument:
Of which: Issued through medium-term
note programs
Straight fixed-rate bonds
Floating-rate notes
Zero-coupon bonds
Bonds convertible into stock
Other debt instruments
By currency:
U S. dollars
Foreign currencies
Japanese yen
Swiss franc
German mark
British pound
European currency unit
Canadian dollar
Other currencies
r
IV />
43,332
71,400
64,858
17,301
14,181
16,573
16,803
3,401
5,482
27,480
2,470
4499
3,540
10,967
35,571
12,139
2,410
15,539
27,741
11,413
7755
2,031
9,106
3,790
2374
450
3,950
5,164
2,538
2079
868
4,292
6,499
2,857
2057
1,092
5,266
6,972
2,228
1 245
9183
11,250
14,233
13,869
2,865
4,400
3,630
2,974
29,797
11,663
49,339
19,662
1,037
1,167
195
39,254
24,195
298
801
310
10,755
6,133
187
226
8,259
5,197
85
330
310
10,001
6,568
4
10,239
6,297
22
245
43,869
27531
39,572
25286
5416
1 762
8372
2363
9,107
5074
1 494
759
619
617
8,535
8038
1 210
333
4024
624
10,886
6112
4148
11,044
6257
880
654
2096
268
147
7226
2212
1 585
1 847
1 582
381
755
736
22,859
20473
7454
2026
2151
1 763
1 820
1,735
3524
8664
978
488
346
6795
Revised.
p Preliminary.
1. Includes banks and bank holding companies.
2. Principally credit, securities, brokerage, and insurance companies.
III'
5917
1 832
16
1 633
854
147
The second year of strong global equity offerings,
corporate mergers and acquisitions, and privatizations contributed to strong net U.S. purchases
of foreign stocks, particularly in Western Europe
and Latin America. Strong net purchases were
both encouraged by, and contributed to, the runup
in foreign stock prices. Foreign bond prices, on
average, increased 3 percent (chart 13).
Net U.S. purchases of foreign stocks were $57.8
billion in 1996, up from $50.7 billion in 1995 but
well below the record $63.4 billion in 1993. Net
purchases slowed substantially in the second half
of 1996. For 1996, the increase was more than accounted for by Western Europe, Canada, and Latin
America. Net purchases from Western Europe
were $30.5 billion, up from $21.3 billion; as in 1995,
the increase was fueled partly by the continued
push of U.S. mutual funds into foreign portfolio
acquisitions and encouraged by sizable advances
in stock prices in most European countries. Net
purchases from Canada were more than $3.0 billion, following small net sales in 1995, as Canadian
monetary authorities reduced interest rates several
times to stimulate the economy. Net purchases
from Latin America were $3.5 billion, up $1.4 billion, and were concentrated in Brazil, much of
them in new privatization issues placed in the U.S.
market. Net purchases from Asian emerging markets were concentrated in Hong Kong, where net
purchases were $4.5 billion, up $2.3 billion, as Hong
Kong stock prices gained 33 percent. Partly offsetting these increases, net purchases from Japan
dropped to $9.7 billion from $19.8 billion, as the
Japanese economy showed few signs of sustained
expansion and slowness with the banking system's
progress in clearing its bad debts led to sharp declines in stock prices, particularly in the last half of
the year. Gross trading activity in stocks increased
31 percent.
Net U.S. purchases of foreign bonds were $46.8
billion, down from $48.3 billion. New issues placed
in the U.S. market were $52.5 billion, up from $39.4
billion and approaching the record level of $60.9
billion in 1993. Relatively low U.S. rates and the
availability of long maturities attracted corporations in emerging markets, many of which placed
issues under Securities and Exchange Commission
(SEC) Rule i44a, which exempts certain issues from
some SEC registration requirements. In addition,
given the high valuations placed on bonds, U.S. institutional investors became more willing to accept
non-investment grade instruments, as spreads between corporate bonds and U.S. Treasury bonds
were the smallest in recent years, and spreads be-
SURVEY OF CURRENT BUSINESS
tween triple-B and triple-A bonds became very
compressed.
Private corporations' issues remained steady
at $31.3 billion, while Government-related issues
surged to $20.1 billion from $7.8 billion, largely as
a result of issues by Latin America and by Asia
excluding Japan. Borrowing by governments had
been substantially reduced in 1995 following the
Mexican peso crisis of late 1994.
Net U.S. purchases of foreign outstanding bonds
were $10.5 billion, down from $19.5 billion. In contrast to movement in the total, net U.S. purchases
of British gilt-edged bonds were slightly higher,
although the substantial interest-rate differential
favoring British bonds narrowed during the last
half of the year. Gross trading activity in corporate
and other bonds increased 25 percent.
Direct investment.—Net capital outflows for U.S.
direct investment abroad were $88.3 billion in 1996,
down from $95.5 billion in 1995. A decrease in
equity capital outflows more than accounted for
the slowdown (table M).
Equity capital outflows decreased to $24.4 billion
from $36.3 billion. In 1995, U.S. parent companies were involved in numerous multibillion dollar
acquisitions that were concentrated in pharmaceuticals, utilities, and telecommunications. Not
coincidentally, these industries decreased the most
in 1996, when fewer such large-scale transactions
occurred. Nonetheless, equity capital outflows remained strong in 1996; outflows were exceeded
only by those in 1995 and 1993.
April 1997 •
Intercompany debt outflows increased to $7.6
billion from $4.7 billion. There were large shifts to
outflows to British finance affiliates of U.S. parents
in the securities industry and to Bermudan finance
affiliates of U.S. parents in the manufacturing and
petroleum industries. Shifts to inflows in many
other industries partly offset the shift to outflows
for finance affiliates.
Reinvested earnings were $56.4 billion, compared with $54.5 billion.
Foreign assets in the United States
Foreign assets in the United States increased $525.0
billion in 1996, compared with an increase of $424.5
billion in 1995. Net foreign purchases of U.S. Treasury securities by private foreigners, net foreign
purchases of securities other than U.S. Treasury
securities, and foreign direct investment inflows to
the United States were sharply higher in 1996 than
in 1995Foreign official assets.—Foreign official assets in
the United States increased a record $122.8 billion
in 1996, compared with the previous record increase of $109.8 billion in 1995 (table C). Unlike
the increase in 1995, which was dominated by developing countries, the increase in 1996 was split
about evenly between industrial and developing
countries.
Assets of developing countries increased $56.6
billion in 1996, compared with an increase of $86.7
billion in 1995. Assets of non-OFEC developing
countries increased $43.0 billion, compared with
Net Private Foreign Purchases of U.S. Bonds, Annually and Quarterly
B«ik>n $
300
Billion $
120
Quarterly (right scale)
Annual (left scale)
250
100
200
80
150
ao
100
40
50
0
.L.i.lhill ill
-so
1985 86 07 88 89 9091 92 03 9495 96
U.S. Department of Commerce, Bureau of Economic Analysis
20
0
J_
1991
1992
1993
1994
1995
1996
-20
39
SURVEY OF CURRENT BUSINESS
40 • April 1997
an increase of $82.7 billion: The six Latin American
and Asian countries that accounted for most of
the increase in 1995 also accounted for most of the
slowdown in asset accumulation in 1996. Assets of
OPEC members increased $13.6 billion, compared
with an increase of $4.0 billion.
Assets of industrial countries increased 566.2 billion in 1996, compared with an increase of 523.1
billion in 1995. Some industrial countries were
reported to have purchased dollars in exchange
markets to counter the tendency for their own currencies to appreciate when changes in expectations
caused sudden large capital inflows.
Liabilities reported by banks.—U.S. liabilities reported by U.S. banks, excluding U.S. Treasury
securities, decreased $1.6 billion in 1996, compared
with an increase of $25.3 billion in 1995 (tables P
andQ).
CHART 13
Stock and Bond Price Indexes
December 1992=100
180
UNITED STATES
170
160
Stock
150
140
130
120
110
100
90
80
180
FOREIGN
170
160
150
140
130
120
110
100
90
80
1994
1995
1996
Sources:
Stock indexes — Morgan Stanley Capital International: U.S. index, and
world index excluding United States, in local currencies.
Bond indexes — Salomon Brothers Inc: Treasury/government
sponsored/corporate index, and non-U.S. world government bond index,
in local currencies.
Indexes rebased by BEA
U.S. Department of Commerce, Bureau of Economic Analysis
Banks' own liabilities payable in dollars increased
$6.2 billion, compared with an increase of $4.3 billion. In 1996, U.S. banks repaid large amounts of
borrowing from their foreign offices throughout
much of the year, but they borrowed heavily from
abroad in the fourth quarter to finance the simultaneous surge in domestic and international credit
demand and to finance the surge in net foreign purchases of U.S. Treasury securities. Rapid deposit
growth from domestic sources provided the funds
for some of the repayments, but with the surge in
U.S. loan demand for commercial, industrial, and
real estate loans in the second half of the year and
with an upsurge in demand for dollar credits at
U.S. banks' foreign offices, heavy borrowing from
abroad was necessary to supplement the continued
rapid growth in domestic-source funds.
In the first three-quarters, foreign-owned banks
repaid large amounts of borrowing from their
parent offices (largely in Japan), and U.S.-owned
banks repaid large amounts to banking offices in
the Caribbean. In the fourth quarter, borrowing
by U.S.-owned banks from offices in the United
Kingdom and Caribbean, predominantly during
October, and by foreign-owned banks from their
branches in the Caribbean, almost entirely in December, resulted in exceptionally large inflows,
most of which were to meet the simultaneous surge
in domestic and foreign demand for dollar credits. Moderate inflows to U.S. securities dealers
occurred only in the first half of the year.
Banks' own liabilities payable in foreign currencies decreased $6.6 billion, compared with an
increase of $22.6 billion. The sharp cutback in foreign currency borrowing coincided with reduced
foreign currency lending and a shift to lending in
dollars. Repayments to Western Europe and Japan
accelerated in the second half of the year when the
demand for dollar credits accelerated.
U.S. Treasury securities.—Net foreign purchases of
U.S. Treasury securities by private foreigners were
a record $153.8 billion in 1996, up from the previous record of $99.3 billion in 1995. The surge was
attributable to rising U.S. Treasury bond prices,
particularly in the last half of the year, to large
interest-rate differentials in favor of U.S. Government bonds over foreign government bonds, and
to dollar appreciation.
U.S. Treasury bond prices rose sharply in the last
half of the year when it became clear that inflation would not accelerate, in contrast to the first
half of the year when bond prices fell when it was
feared that strength in the economy might lead
to an acceleration in inflation. In addition, interest differentials in favor of U.S. Treasury bonds
SURVEY OF CURRENT BUSINESS
widened considerably, mostly in the first half of the
year; by yearend, U.S. rates had risen to 100 basis
points above German Government bonds and 400
basis points above Japanese Government bonds
(charts). Furthermore, the U.S. dollar appreciated 7 percent on average against most European
currencies and 12 percent against the yen.
Other contributing factors were the large capital outflows from Japan that occurred as financial
conditions deteriorated in the fourth quarter and
the accelerated reallocation of funds from domes-
April 1997
tic to international portfolios by Japanese financial
institutions, which commenced after the beginning of the Japanese fiscal half-year in October.
Finally, net purchases by international bond mutual funds in the Caribbean were especially large in
the third and fourth quarters; many of them were
likely financed by borrowing through repurchase
agreements with U.S. bond dealers.
Net purchases increased from all areas of the
world: Net purchases from Western Europe,
Table S.-Selected U.S. Transactions With OPEC Members1
[Millions of dollars]
(Credits +; debits -)
1982'
1983'
1984'
20638
15,257
13,775
11,397
4,700
116
3,395
5,555
81
3,397
3,241
75
2,611
2,890
84
2,482
29
44
48
41
15
2830
2,256
3366
2,453
2485
1,995
1 858
1,535
274
212
222
196
1985'
1986'
1987'
1988'
1989'
1990'
1991'
1992'
1993'
1994'
1995'
1996'
10,386
10,714
13777
12669
12,712
18,446
19,726
18,692
17,119
18,431
20,355
2,992
48
2,270
2,781
103
1,939
25
1,430
77
1,516
18
1,309
71
1,541
16
2,687
94
1,547
20
3,809
149
2,029
16
4,454
140
2,725
22
3,666
175
2,396
13
3,001
157
2,252
14
4,558
200
2,261
17
4,423
214
2,258
11
1965
1875
1,680
167
1,941
215
1 835
2,435
154
2854
2,193
261
3293
1,364
217
3,224
994
187
2745
812
141
2,751
1,146
122
4,033
1,285
182
4,281
1,251
266
Exports of goods, services, and income:
Goods, adjusted, excluding military
Transfers under U.S. military
agency sales contracts
Royalties and license fees2
Other private services2
U.S. Government miscellaneous services
Income receipts on U.S. assets abroad:
Direct investment receipts
Other private receipts
U.S. Government receipts
3
3 474
2532
174
3
Imports of goods, services, and income:
Goods, adjusted, excluding military
Direct defense expenditures2
Royalties and license fees
Other private services2
U S Government miscellaneous services
Income payments on foreign assets in the United States:
Direct investment payments
Other private payments
U.S. Government payments
U S Government grants
U.S. Government pensions and other transfers
U.S. assets abroad, net (increase/capital outflow (-))
U.S. Government assets, other than official reserve assets,
net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets
U.S. foreign currency holdings and U.S. short-term assets net
U.S. private assets, net
Direct investment
Foreign securities ..
U.S. claims on unaffiliated foreigners reported by U.S.
nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere
Foreign assets in the United States, net (increase/capital
inflow(+))
Of which: foreign official
U S Treasury securities
Other U S securities ..
Other U S. Government liabilities
U.S. liabilities reported by U.S. banks, not included elsewhere
Direct investment in the United States
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns
All other transactions with OPEC and transfers of funds between foreign areas, net
Memorandum:
Balance on goods
0
r
-31 510 -24919 -26,853 -22,834 -18,893 -24,416 -23,016 -29,243 -37,024 -33,431 -32,377 -32,644 -31,674 -35,199 -42,241
-1798
P)
P
-PR
-1 976
( )
-106
-1 440
-962
(D)
P
P)
3D
-in?
-116
27
38
-72
-3,556
-6062
-2,914
-5462
-3,094
-4806
-2,499
-4241
-49
-7
-51
-8
-66
-8
-62
-9
-6,891
-4,294
-1,138
2,005
-327
41
-195
82
-525
-92
-425
-7
-358
-370
(*)
-945
158
-195
-6
-118
^
-84
-25
-571
141
-165
-614
-1
-1 419
n
-Mk
-96
-784
-1
-883
-2
47
-93
-98
-50
164
-2,175 -2,798 -2,892 -2,669 -2,302
-2141 -2758 -3297 -2784 -2514
-55
-2,176
-2218
73
-1,964
-1995
-196
-203
-97
-20
-784
-61
-396
3368
-25
27422
-22
-305
-32
-1,875
1,847
-577
-12,161
135
-253
-647
-788
-246
-130
-212
1019
-528
-275
348
349
308
344
343
481
397
278
3
4
_2
-9
4
-87
-939
-531
-6932
-1,605
-4376
-1,292
331
156
-1 103
-1 357
33
589
98
171
208
43
-5,698
-3,105
124
1,317
178
10,488
7,271
-7,931
-8,561
-3,133
-4,664
-3,393
-6,644
-9,380
-9,308
7345
-6650
-1947
-3501
-3228
-1 389 -4938
-2327 -1746
23
-427
-673
737
-276
838
81
-787
-723
1 133
-365
41
-957
100
13
-31
-77
4002
-486
1,637
-9,031
-3,862 -1,528
4,746
3,959
18,236
13,573
-6302
3322
718
-1 044
1 300
1 592
515
14346
308
387
-5665
1 482
123
1 184
2315
-927
-268
657
-177
163
423
223
4323
4186
-164
91
-485
521
711
15,086
10,876
15,834
16335
8686
2528
13,078
11,437
-8,507 -13,702
-120
-134
1989
-1 320
-9,662
-248
-639
3,087
-5902
-201
18217
-489
-878
-306
-244
-662
-1 447
-420
-232
2050
-2676
505
1 503
-90
-5,447
-44
-224
14,396
5,626
1629
-3008
-158
3,158 -10,461
-4,416
-5,235
5686
747
-531
-5199
-1 859
-2777
1836
-11
-163
-104
211 -1 1 633 -532
-111
331
2100
-987
-1277 -2706 -1465 -1597
-2965
-17
-679 -2077
-675
337
-2815
3,320
1,555
437
-25
164
-1 146
3,458
-196
427
15282
10,724
7815
3170
4
-74
-2,944 -2,794
-2406 -2685
181
6179
1 688
-2591
177
19
-85
224
-20
^57
-31
208
-1 532 -2741
-728
-5,371
-9,939 -2,885
-5398
-1 808
-2010
535
96
-513
-27
-30
177
2405
296
1,043
-10,872
-64
58
-27
-419
-447
-365
-1459
510
4,660
1,427
5018
325
176
-712
-412
-37
2
2012
-18
-26
331
324
-334
-14
-87
-96
21
-1 046
-1,665
-362
-360
-47
586
-77
-44
-414
-245
-104
_2
-218
-455
-483
-259
114
-78
-1,916 -1,837
-3141 -2586
-74
-21
-377
238
Suppressed to avoid disclosure of data of individual companies.
Revised.
p Preliminary.
* Less than $500,000 (±).
1. OPEC members are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia,
United Arab Emirates, and Venezuela. Beginning in January 1993, excludes Ecuador. Individual country information
-494
151
81
-571
14278 -11 115
569
4793
34
491
3798
19107
-820
1733
8945
6012
3168
-9239 -16574 -24,312 -14,985 -12,651 -13,952 -14,555 -16,768 -21,886
is not available for all accounts; therefore, some accounts are estimated from regional data.
2. Beginning in 1982, these lines are presented on a gross basis. The definition of exports is revised to exclude
U.S. parents' payments to foreign affiliates and to include U.S. affiliates' receipts from foreign parents. The definition
of imports is revised to include U.S. parents' payments to foreign affiliates and to exclude U.S. affiliates' receipts
from foreign parents.
3. Break in series. See Technical Notes in June 1989 and June 1990 SURVEY.
42 • April 1997
SURVEY OF CURRENT BUSINESS
mostly the United Kingdom, were $82.8 billion,
up from $35.5 billion; net purchases from Japan
and other Asian countries, were $49.9 billion, up
from $19.9 billion; and net purchases from the
Caribbean, were $25.5 billion, down from $37.5 billion. Gross trading activity in U.S. Treasury bonds
increased 23 percent in 1996 (charts 11 and 12).
Other U.S. securities.—Net foreign purchases of
U.S. securities other than U.S. Treasury securities
surged to a record $131.7 billion in 1996 from $95.3
billion in 1995 (table P, charts 11 and 12). A stepup to record net purchases of corporate and U.S.
agency bonds was partly offset by a small decrease
in net foreign purchases of U.S. stocks.
Net foreign purchases of U.S. corporate and
other bonds accelerated to $119.8 billion from $81.9
billion. Investors from Western Europe, Japan, the
Caribbean, Canada, and Asia increased their net
purchases.
Transactions in outstanding corporate bonds
surged to a record $21.4 billion in net purchases
from net sales of $2.3 billion. Low inflation, rising
bond prices in the second half of the year, and dollar appreciation contributed to the surge. Gross
trading activity in outstanding corporate bonds
increased 56 percent in 1996.
New issues sold abroad by U.S. corporations
(excluding U.S. federally-sponsored agency issues)
remained strong at $53.4 billion but were down
from a record of $59.3 billion in 1995. Issues placed
by banking corporations increased sharply to $15.5
billion from $11.0 billion, largely reflecting an increase in asset securitizations. Straight fixed-rate
note placements dropped sharply, while floatingrate placements increased. Issues denominated
in U.S. dollars and in foreign currencies declined
(table R).
Net foreign purchases of newly issued and outstanding U.S. federally-sponsored agency bonds
were $45.0 billion, up from $25.0 billion, largely
reflecting purchases by investment funds in the
Caribbean. Gross trading activity in agency bonds
increased 29 percent in 1996.
Net foreign purchases of U.S. stocks were $11.9
billion, down from $13.4 billion. Net foreign purchases were not particularly strong in either 1995
or 1996, despite a 32-percent rise in U.S. stock
prices in 1995 and a 21-percent rise in 1996—much
larger rises than in many foreign stock markets
(chart 13).
However, gross trading activity in stocks
increased 35 percent in 1996.
Direct investment.—Net capital inflows for foreign
direct investment in the United States were a record
$84.0 billion in 1996, compared with $60.2 billion
in 1995 and the previous record of $67.7 billion in
1989. Both equity and intercompany debt inflows
increased strongly (table M).
Equity capital inflows were $53.2 billion in 1996,
well above $39.5 billion in 1995 and the highest
since 1990. The step-up occurred despite some
exceptionally large acquisitions in 1995 that were
not matched by similar sized acquisitions in 1996.
Over one-half of the step-up from 1995 to 1996
was accounted for by German and French parents.
German parents made large investments in nonmanufacturing industries, particularly telecommunication services, insurance services, and health
services. French parents made large investments
in telecommunications and manufacturing. Investments by Japan accounted for much of the
remainder of the step-up.
Intercompany debt inflows were $15.1 billion in
1996, compared with $7.4 billion in 1995. Most of
the step-up was from Japan. Inflows from Western
Europe were changed little in total, but contained
especially large inflows and outflows.
Reinvested earnings were $15.7 billion, compared
with $13.3 billion.
Tables i through 10 follow. Q
SURVEY OF CURRENT BUSINESS
April 1997 • 43
Table 1.—U.S. International Transactions
[Millions of dollars]
Not seasonally adjusted
(Credits +; debits -) 1
Line
1995
1996'
II
I
1 Exports of goods, services, and Income
969,189
Seasonally adjusted
1996
1996
III'
\MP
IIr
\r
III'
\\JP
1,032,478
251,913
257,059
253,384
270,122
252,656
257,035
254,405
268,380
2
Goods, adjusted, excluding military2
575,940
611,669
150,885
154,329
145,763
160,692
150,032
153,120
150,144
158,373
3
4
Services3
Transfers under U.S. military agency sales contracts4
210,590
13,405
223,907
13,802
53,506
3,092
54,562
3,500
59,287
3,330
56,552
3,880
55,075
3,092
55,853
3,500
55,565
3,330
57,413
3,880
Travel
Passenger fares
Other transportation
61,137
18,534
28,063
64,499
19,579
29,115
14,486
4,470
6,839
16,052
4,813
7,274
18,697
5,653
7,400
15,264
4,643
7,602
16,205
4,854
6,966
16,103
4,896
7,289
15,653
4,799
7,343
16,538
5,030
7,516
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
26,953
61,724
775
28,829
67,268
815
6,813
17,532
274
7,030
15,736
157
7,125
16,890
193
7,862
17,110
191
7,180
16,504
274
7,160
16,748
157
7,256
16,991
193
7,234
17,024
191
182,659
88,882
89,064
4,713
196,902
98,260
94,078
4,564
47,522
23,409
22,806
1,307
48,167
23,973
23,218
976
48,334
23,343
23,578
1,413
52,879
27,535
24,476
868
47,549
23,538
22,806
1,205
48,062
23,598
23,218
1,246
48,696
23,851
23,578
1,267
52,594
27,273
24,476
845
-287,807 -298,897 -300,427 -276,975
-288,208
5
6
7
8
9
10
11
12
13
14
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
15
Imports of goods, services, and Income
16
Goods, adjusted, excluding military2
-749,364
-799,343 -187,248 -198,889 -204,588 -208,618 -193,159 -200,490 -202,013 -203,681
17
18
Services3
Direct defense expenditures
-142,230
-9,820
-150,440
-10,993
-33,770
-2,603
-38,435
-2,775
-41,131
-2,815
-37,104
-2,800
-36,578
-2,603
-37,441
-2,775
-37,975
-2,815
-38,450
-2,800
-1,082,268 -1,155,101 -267,971
-292,782 -297,139
19
20
21
Travel
Passenger fares
Other transportation
-45,855
-14,313
-29,205
-48,712
-14,287
-29,100
-10,145
-3,247
-6,732
-13,185
-3,732
-7,220
-14,382
-3,984
-7,673
-11,000
-3,324
-7,475
-12,241
-3,531
-6,895
-12,097
-3,557
-7,288
-11,867
-3,506
-7,466
-12,508
-4,693
-7,453
22
23
24
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
-6,312
-33,970
-2,755
-7,036
-37,626
-2,686
-1,553
-8,799
-1,659
-9,253
-2,108
-9,472
-1,716
-10,103
-1,595
-9,022
-1,722
-9,390
-2,080
-9,544
-1,639,
-9,671
-691
-612
-697
-686
-691
-612
-697
-190,674
-31,418
-97,977
-61,279
-205,318
-33,817
-100,159
-71,342
-46,953
-6,667
-24,122
-16,164
-35,075
-42,472
-10,979
-10,959
-3,420
-20,696
-14,634
-4,233
-23,605
-4,259
-831
-781
-5,889
-5,726
-307,856
-306,830
-70,051
-52,420
-9,742
6,668
17
-808
370
-1,280
7,578
25
26
27
28
29
30
31
32
33
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net
U.S. Government grants4
U.S. Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))
34
35
36
37
38
U.S. official reserve assets, net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
47
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere
48
Foreign assets in the United States, net (increase/capital inflow (+))
-2,466
-6,468
-199
-649
1,065
-50,482
-8,925
-24,725
-16,832
-54,704
-8,711
-26,140
-19,853
-47,238
-6,952
-24,122
-16,164
-50,277
-8,720
-24,725
-16,832
-52,794
-9,129
-25,172
-18,493
-55,008
-9,015
-26,140
-19,853
-8,871
-9,661
-12,961
-10,955
-9,420
-9,476
-12,621
-2,364
-2,580
-1,188
-5,893
-5,431
-1,433
-6,097
-4,259
-1,012
-5,684
-2,364
-1,081
-5,975
-2,580
-1,064
-5,832
-5,431
-1,076
-6,114
-74,951 -109,409
-68,723
-50,699
-73,313
-114,095
17
-523
7,489
-315
-133
-220
-170
848
-146
-523
7,489
-315
-133
-220
-170
848
-146
-280
-665
-152
-353
^,640
4,258
102
-4,909
4,155
89
-1,010
1,005
-1,489
875
261
-297,834
-95,509
-98,960
-34,219
-69,146
-312,833
-88,304
-104,533
-31,777
-88,219
-69,916
-24,503
-34,420
-12,707
1,714
-51,544
-27,896
-20,200
-147
-686
-53,178
-9,513
-25,172
-18,493
n.a.
-74
-183
-28
-199
-849
6,824
-141
166
-1,124
1,205
85
-326
-152
-353
-1,286
1,070
-1,010
1,005
-1,489
875
261
-110
-82,606 -108,768
-10,781 -25,125
-22,933 -26,980
-15,696
n.a.
-33,196 -56,663
1,065
-147
-183
-28
6,824
-141
166
-1,124
1,205
85
-1,286
1,070
-326
-110
-68,588
-23,175
-34,420
-12,707
1,714
-49,823
-26,175
-20,200
-3,374
-74
-80,968 -113,454
-9,143 -29,811
-22,933 -26,980
-15,696
n.a.
-33,196 -56,663
424,462
525,046
99,219
100,852
143,611
181,365
99,475
100,553
142,970
182,048
49
50
51
52
53
54
55
Foreign official assets m the United States, net
U.S. Government securities9
U.S. Treasury securities
Other10 ...
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
109,757
72,547
68,813
3,734
1,082
32,862
3,266
122,778
115,482
111,151
4,331
1,404
4,614
1,278
52,021
55,652
55,600
52
13,566
-2,126
-3,384
1,258
220
14,187
1,285
24,235
26,689
25,472
1,217
1,061
-1,930
-1,585
32,956
35,267
33,463
1,804
279
H379
1,789
52,021
55,652
55,600
52
13,566
-2,126
-3,384
1,258
220
14,187
1,285
24,235
26,689
25,472
1,217
1,061
-1,930
-1,585
32,956
35,267
33,463
1,804
279
-4,379
1,789
56
57
58
59
60
61
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
314,705
60,236
99,340
95,268
34,578
25,283
402,268
83,950
153,784
131,682
87,286
17,731
31,212
29,122
7,296
1,925
119,376
21,697
43,402
34,820
20,608
-1,151
148,409
16,085
67,338
31,747
47,454
28,694
11,832
35,993
6,506
-35,571
86,987
17,432
31,212
29,122
7,296
1,925
118,735
21,056
43,402
34,820
20,608
-1,151
149,092
16,768
67,338
31,747
-1,558
47,198
28,438
11,832
35,993
6,506
-35,571
31,548
-53,122
-2,131
-8,812
-13,486
-28,692
4,522
6,653
-9,261
-21,804
-8,318
-26,573
2,119
-43,127
18*497
-24*630
311
-24,319
-10*955
-35,274
-47,370
18412
-28,958
-2,215
-31,173
-9,420
-40^593
-51,869
17590
-34^279
-4,098
-38*,377
-9 '476
-47^853
-45,308
18963
-26*345
-2,414
-28,759
-12621
-41*380
62
63
63a
64
65
66
67
68
69
70
n.a.
-156
-3,264
-211
n.a.
33,239
-156
-3,264
-211
n.a.
33,239
Allocations of special drawing rights
Statistical discrepancy (sum of above Items with sign reversed)
Of which seasonal adjustment discrepancy
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods services and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers net (line 29)
Balance on current account (lines 1,15, and 29 or lines 68 and 69) 13
See footnotes on page 55.
-173,424
68360
-105,064
-8,016
-113,079
-35*075
-148,154
-187,674
73,467
-114,207
-8,416
-122,623
-42*472
-165,095
-36,363
19J36
-16,627
569
-16,058
-10*979
-27,037
-44,560
16,127
-28,433
-2,315
-30,748
-8871
-39*619
-58,825
18^157
-40,668
-4,844
-45,512
-9661
-55J73
-47,926
19447
-28,479
-1,825
-30,304
-12961
-43,265
-449
SURVEY OF CURRENT BUSINESS
44 • April 1997
Table 2.-U.S. Trade in Goods
[Millions of dollars]
Not seasonally adjusted
1995
Line
1996*
1995
II
A
Seasonally adjusted
1995
1996
IV
III
I
II
II
IV
III''
1996
IV
III
\r
IK
\MP
III''
Balance of payments adjustments to Census trade data:
EXPORTS
1 Exports of goods, Census basis ' including reexports and including
military grant shipments
584,743 624,767 147,055 143,085 153,392 153,262 157,220 149,943 164,342 145,209 147,100 151,813 152,409 156,011 154,324 162,023
Adjustments:
2
Private gift parcel remittances
3
Gold exports, nonmonetary
4
5
6
Inland U S freight to Canada2
7
8
Exports transferred under U.S. military agency sales contracts identified
in Census documents 4
Other adjustments, net5
Equals: Exports of goods, adjusted to balance of payments basis,,
excludlna "military" (table 1 line 2)
817
839
209
197
38
264
13
25
-8,641 -12,428
-1,017 -1,773
-2,239
-2,087
-209
-251
215
-2,277
-<329
226
209
189
215
209
197
247
8
9
13
25
-2,160
-2,944
-3,859
-3,465
-2,239
-2,087
-2,277
-443
-403
-518
-409
-209
-251
-329
215
226
209
189
215
247
8
9
-2,160
-2,944
-3,859
-443
-403
-518
-3,465
^09
575,940 611,669 144,829 140,969 151,001 150,885 154,329 145,763 160,692 142,983 144,984 149,422 150,032 153,120 150,144 158,373
IMPORTS
9
Imports of goods, Census basis 1 (general Imports)
743,445 791,363 187,108 189,528 190,603 185,365 195,151 203,078 207,769 187,961 186,857 186,499 191,276 196,752 200,503 202,832
Adjustments:
10
11
12
13
14
15
Electric energy
Gold imports nonmonetary
Inland freight in Canada2
U S.-Canadian reconciliation adjustment n.ec net3
Imports of U S military agencies identified in Census documents 4
Other adjustments net 6 '
16
Equals: Imports of goods, adjusted to balance of payments basis,
excludlna "mllltarv" (table 1. line 16)
84
3,066
3,350
92
4,948
3,596
21
2,205
853
-470
-111
-505
-151
-113
-18
21
811
-120
-37
21
236
857
-126
-39
23
1,056
935
-98
-33
23
2,973
913
-135
-36
23
794
862
-131
-38
23
125
886
-141
-44
21
2,205
853
-113
-18
21
811
-120
-37
21
236
857
-126
-39
23
1,056
935
-98
-4$
23
2,973
913
-135
-36
23
794
862
-131
-38
23
125
886
-141
-44
749,364 799,343 190,056 190,203 191,552 187,248 198,889 204,588 208,618 190,910 187,532 187,448 193,159 200,490 202,013 203,681
B Trade In goods, by area and country, adjusted to balance of payments
basis, excluding military:8
EXPORTS
1 Total all countries (A-8)
575,940 611,669 144,829 140,969 151,001 150,885 154,329 145,763 160,692 142,983 144,984 149,422 150,032 153,120 150,144 158,373
2
3
4
5
6
7
8
9
10
11
Western Europe
European Union
Belgium and Luxembourg
France ...
Germany9
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EU
132,442 137,207
121,482 124,785
12,838 12,685
14,253 14,442
21,882 23,005
8,627
8,690
16,225 16,476
28,024 30,238
19,570 19,312
10,960 12,422
33,906
30,627
3,213
3,663
5,409
2,261
4,210
7,224
4,647
3,279
31,198
28,921
3,254
3,235
5,247
1,967
3,752
6,834
4,632
2,277
35,457
32,700
3,322
3,648
5,978
2,374
4,473
7,393
5,512
2,757
34,895
31,633
3,145
3,731
5,847
2,401
4,127
7,263
5,119
3,262
36,062
32,480
3,125
3,548
5,806
2,301
3,914
9,037
4,749
3,582
30,601
27,917
3,062
3,200
5,295
1,800
3,491
6,961
4,108
2,684
35,649
32,755
3,353
3,963
6,057
2,125
4,944
6,977
5,336
2,894
33,446
30,208
3,166
3,610
5,330
2,233
4,165
7,112
4,592
3,238
32,039
29,692
3,333
3,313
5,383
2,021
3,868
7,002
4,772
2,347
35,152
32,418
3,294
3,623
5,929
2,352
4,425
7,339
5,456
2,734
34,770
31,525
3,138
3,727
5,829
2,392
4,099
7,254
5,086
3,245
35,727
32,181
3,092
3,510
5,747
2283
3,898
8,934
4,717
3,546
31,497
28,718
3,144
3,281
5,444
1,855
3,602
7,147
4,245
2,779
35,213
32,361
3,311
3,924
5,985
2,097
4,877
6,903
5,264
2,852
12
13
14
15
Canada3
Japan ..
Australia, New Zealand, and South Africa10
Australia
127,585 133,993
63,115 65,980
33,045
15,580
30,146
16,230
32,339
16,518
33,138
17,057
34,066
16,615
32,399
16,130
34,390
16,178
32,580
15,428
30,897
16,771
32,089
16,267
33,051
16,875
33,712
16,570
33,227
16,684
34,003
15,851
10,500
11,703
2,663
2,607
2,642
2,975
2,914
2,890
2,924
2,621
2,670
2,623
2,971
2,877
2,961
2,894
16
Eastern Europe
5,722
7,354
1,463
1,391
1,696
1,929
1,638
1,788
1,999
1,454
1,450
1,663
1,900
1,645
1,867
1,942
17
18
19
20
21
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
95,842 109,074
11,155 12,343
46,182 56,998
4,665
4,606
33,899 35,068
23,507
2,959
10,847
1,194
8,507
23,998
2,519
11,690
1,282
8,507
24,921
2,892
12,079
1,074
8,876
24,665
2,549
12,980
1,062
8,074
26,440
2,924
13,642
1,215
8,659
27,718
3,372
14,348
1,180
8,818
30,251
3,498
16,028
1,208
9,517
23,185
2,915
10,694
1,178
8,398
24,654
2,584
11,999
1,317
8,754
24,665
2,872
11,958
1,062
8,773
24,514
2,541
12,902
1,055
8,016
26,228
2,886
13,538
1,206
8,598
28,518
3,461
14,754
1,214
9,089
29,814
3,455
15,804
1,190
9,365
22
23
24
25
26
27
28
29
30
31
Other countries in Asia and Africa810
Asia 810
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa 810
Members of OPEC
140,734 146,356
130,463 135,382
12,329 13,888
11,750 11,941
14,197 13,891
24,200 25,632
14,901 16,247
18,521 17,522
9,973 10,653
1,496
1,802
34,665
32,216
3,021
2,678
3,752
6,031
3,415
4,960
2,369
392
35,399
32,722
2,775
2,815
3,564
6,137
3,881
4,591
2,601
373
37,428
34,641
3,339
3,352
3,599
6,305
4,262
4,365
2,706
357
36,224
33,483
3,246
3,119
3,093
6,278
4,246
4,319
2,673
393
36,594
33,890
3,538
2,518
3,646
6,359
4,178
4,612
2,627
608
34,237
31,477
3,282
2,511
3,307
6,278
3,912
3,992
2,680
381
39,301
36,532
3,822
3,793
3,845
6,717
3,911
4,599
2,673
420
34,269
31,832
2,983
2,665
3,705
5,963
3,357
4,904
2,357
394
36,503
33,713
2,871
2,916
3,666
6,337
3,968
4,736
2,705
387
36,963
34,239
3,298
3,312
3,558
6,222
4,233
4,305
2,651
348
35,949
33,259
3,218
3,095
3,075
6,222
4,243
4,277
2,624
383
36,361
33,658
3,507
2,515
3,619
6,329
4,124
4,591
2,622
609
35,390
32,504
3,401
2,604
3,410
6,485
4,005
4,142
2,799
399
38,656
35,961
3,762
3,727
3,787
6,596
3,875
4,512
2,608
411
90,858
5,361
58,110
83,290
4,843
57,630
90,315
5,450
64,927
85,216
4,555
53,212
83,623
4,575
56,786
87,224
4,708
57,490
88,855
4,656
56,519
90,075
5,322
57,723
85,674
5,014
59,456
89,118
5,363
63,892
2
32
Memoranda:
33
34
35
Industrial countries8
Members of OPEC8
Other countries 8
See footnotes on page 55.
338,123 353,722
18,431 20,355
219,386 237,590
86,350
4,607
53,872
81,397
4,430
55,142
88,059
4,770
58,172
89,259
4,701
56,923
SURVEY OF CURRENT BUSINESS
April 1997 • 45
Table 2.—U.S. Trade in Goods—Continued
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
1995
1996"
1995
II
B
III
1996
IV
1
II
1996
1995
IV
III'
II
III
IV
I'
II'
III'
IV
Trade in goods, by area and country,
adjusted to balance of payments oasis, excluding military8—Continued:
IMPORTS
Total, all countries (A-16)
749,364
799,343 190,056 190,203 191,552 187,248 198,889 204,588 208,618 190,910 187,532 187,448 193,159 200,490 202,013 203,681
37
38
39
40
41
42
43
44
45
46
Western Europe .
European Union
Belgium and Luxembourg
France
Germany9 .
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EU
147,650
134,193
8,755
17,175
36,764
16,335
6,396
26,733
22,035
13,457
161,268
146,054
9,501
18,625
38,820
18,203
7,476
28,753
24,676
15,214
39,574
35,941
3,446
4,412
9,649
4,089
1,630
6,897
5,818
3,633
35,559
32,218
1,463
4,221
9,269
4,049
1,548
6,448
5,220
3,341
37,968
34,558
1,650
4,347
9,588
4,328
1,802
6,967
5,876
3,410
37,984
34,495
2,601
4,358
9,053
4,374
1,527
6,687
5,895
3,489
41,951
37,550
3,303
4,654
9,574
4,469
1,902
7,391
6,257
4,401
39,695
36,116
1,740
4,656
9,800
4,663
2,294
7,000
5,963
3,579
41,638
37,893
1,857
4,957
10,393
4,697
1,753
7,675
6,561
3,745
39,749
36,100
3,451
4,431
9,699
4,109
1,638
6,927
5,845
3,649
35,048
31,752
1,440
4,157
9,137
3,990
1,528
6,356
5,144
3,296
37,130
33,791
1,612
4,247
9,375
4,231
1,763
6,817
5,746
3,339
39,202
35,609
2,656
4,505
9,363
4,521
1,577
6,898
6,089
3,593
42,280
37,851
3,317
4,694
9,657
4,507
1,916
7,452
6,308
4,429
39,183
35,648
1,717
4,594
9,670
4,599
2,273
6,911
5,884
3,535
40,603
36,946
1,811
4,832
10,130
4,576
1,710
7,492
6,395
3,657
47
48
49
50
Canada3
japan
Australia, New Zealand, and South Africa10
Australia
148,087
123,466
159,215
115,194
37,882
32,570
35,226
31,055
38,496
29,144
38,197
28,762
41,392
27,953
39,183
28,402
40,443
30,077
38,035
32,694
34,719
30,571
37,660
28,455
39,371
29,725
41,703
28,173
38,667
28,003
39,474
29,293
3,401
3,887
825
51
Eastern Europe
7,012
6,978
1,956
1,623
52
53
54
55
56
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other .
104,625
8,829
62,361
9,719
23,716
122,910
8,761
73,793
12,904
27,452
25,941
2,081
15,356
2,479
6,025
26,214
2,219
15,512
2,480
6,003
57
58
59
60
61
62
63
64
65
66
Other countries
in Asia and Africa810
Asia810
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa810
Members of OPEC
215,123
199,549
17,544
45,542
10,284
24,154
18,557
28,969
15,239
7,936
229,891
211,071
19,301
51,494
9,857
22,631
20,336
29,907
18,550
10,036
51,308
47,216
4,360
10,764
2,361
5,730
4,339
6,997
3,940
2,039
59,678
55,657
4,563
13,700
2,984
6,613
5,071
7,711
3,955
2,063
426,271
35,199
287,894
443,354 111,861 103,619 107,299 106,611 113,216 109,247 114,280 112,319 102,090 104,897 110,023 114,094 107,796 111,441
42,241
8,878
9,106
8,795
8,794 10,473 11,601 11,373
9,018
8,690
8,916 10,542 11,529 11,254
8,905
313,748 69,317 77,478 75,458 71,843 75,200 83,740 82,965 69,686 76,424 73,861 74,220 75,854 82,688 80,986
36
67
848
857
891
979
1,160
1,412
1,696
1,753
2,117
26,562
2,293
16,001
2,373
5,895
28,723
2,128
17,448
2,675
6,472
31,202
2,177
18,665
3,235
7,125
31,193
2,302
18,629
3,399
6,863
31,792
2,154
19,051
3,595
6,992
55,401
51,609
4,383
11,474
2,661
6,486
5,145
7,458
3,729
1,934
53,869
49,873
4,210
10,433
2,350
6,402
5,228
7,106
3,945
2,031
54,545
49,660
4,610
11,439
2,258
5,543
5,061
7,311
4,820
2,697
62,235
57,066
5,197
15,615
2,707
5,218
5,119
7,840
5,064
2,933
59,242
54,472
5,284
14,007
2,542
5,468
4,928
7,650
4,721
2,375
882
990
1,187
827
835
1,363
1,678
1,772
2,165
1,959
1,595
1,437
27,110
2,346
16,349
2,398
6,017
27,915
2,059
16,916
2,649
6,291
30,958
2,159
18,512
3,215
7,072
31,556
2,333
18,862
3,416
6,945
32,481
2,210
19,503
3,624
7,144
26,049
2,091
15,423
2,485
6,050
25,863
2,186
15,297
2,458
5,922
56,537
52,698
4,447
11,716
2,719
6,626
5,254
7,625
3,775
1,950
52,199
48,263
4,126
10,059
2,271
6,202
5,060
6,869
3,888
2,019
54,075
49,220
4,576
11,308
2,237
5,507
5,023
7,246
4,791
2,682
62,990
57,787
5,239
15,792
2,742
5,300
5,193
7,944
5,098
2,946
60,627
55,801
5,360
14,335
2,607
5,622
5,060
7,848
4,773
2,389
51,597
47,491
4,376
10,835
2,376
5,766
4,368
7,035
3,952
2,044
58,901
54,921
4,513
13,522
2,945
6,526
5,006
7,603
3,916
2,047
822
1,475
828
803
International organizations and unallocated
Memoranda:
68
69
70
Industrial countries88 ...
Members of OPEC ..
Other countries8
BALANCE (EXCESS OF EXPORTS +)
71
Total, all countries ...
72
73
74
75
76
77
78
79
80
81
Western Europe
European Union
Belgium and Luxembourg
France
Germany9 .
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EU
82
83
84
85
Canada3
japan
Australia, New Zealand, and South Africa10
Australia
86
Eastern Europe
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
173,424 -187,674 -45,227 -49,234 -40,551 -36,363 -44,560 -58,825 -47,926 -47,927 -42,548 -38,026 -43,127 -47,370 -51,869 -45,308
-4,361
^3,297
1,791
-2,511
-1,858
1,672
-5,989
-5,138
1,496
-1,106
-3,768
-2,168
2,012
1,646
-1,508
-9,094
-8,199
1,322
-1,456
-4,505
-2,863
1,197
-39
-1,855
-1,225
^,369
-1,876
2,527
185
-1,253
-819
-895
-851
-411
^,432
-4,084
482
-6,553
-5,670
-844
-624
-778
^,754
-1,969
2,340
646
^3,446
-1,879
2,662
522
-372
-949
-290
-605
-3,534
-2,129
2,522
356
-1,003
-1,184
-3,910
-2,224
1,982
1,482
-1,591
-7,686
-6,930
1,427
-1,313
-4,226
-2,744
1,329
236
-1,639
-348
-883
-756
-5,390
-4,585
1,500
-15,208
-12,711
4,083
-2,922
-14,882
-7,645
9,829
1,291
-2,465
-2,497
-24,061
-21,269
3,184
-4,183
-15,815
-9,576
9,000
1,485
-5,364
-2,792
-20,502
-60,351
-25,222 -4,837 -5,080 -6,157 -5,059 -7,326 -6,784 -6,053 -5,455 -3,822 -5,571 -6,320 -7,991 -5,440 -5,471
-49,214 -16,990 -14,825 -12,626 -11,705 -11,338 -12,272 -13,899 -17,266 -13,800 -12,188 -12,850 -11,603 -11,319 -13,442
-5,668
-5,314
-233
-3,089
-2,862
544
-5,889
-5,070
-749
-986
-699
-627
-4,240
-1,828
2,580
327
-1,171
-4,022
-2,082
2,204
386
-3,610
-1,954
2,671
426
^3,206
-1,973
2,600
576
-588
-364
-354
-1,064
-653
-776
-227
-178
-994
•4,336
-2,572
3,191
-698
-6,303
-5,892
-285
-821
-3,009
-2,060
1,893
-1,978
-1,373
1,682
-225
-908
-4,145
-2,479
3,167
-589
-1,131
-805
7,099
7,816
1,838
1,759
-1,290
376
-493
-232
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other .
-8,783
2,326
-16,179
-5,113
10,183
-13,836
3,582
-16,795
-8,239
7,616
-2,434
878
-4,509
-1,285
2,482
-2,216
300
-3,822
-1,198
2,504
Other countries
in Asia and Africa810
Asia810
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa810
Members of OPEC
-74,389
-69,086
-5,215
-33,792
3,913
46
-3,656
-10,448
-5,266
-6,440
-33,535 -16,643 -24,279 -19,109 -15,975 -17,481 -28,753 -21,326 -17,328 -22,398 -18,438 -17,920 -18,184 -26,845 -20,586
-75,689 -15,000 -22,935 -18,057 -14,780 -15,330 -26,310 -19,269 -15,659 -21,208 -17,370 -16,614 -16,002 -24,562 -18,511
-992
-1,103 -1,796 -1,522
-880
-5,413 -1,339 -1,788 -1,108
-1,038 -1,957 -1,538 -1,393 -1,642 -1,085
-39,553 -8,086 -10,885 -8,364 -6,940 -8,790 -13,281 -10,542 -8,170 -10,606 -8,162 -7,338 -8,924 -13,011 -10,280
4,034
580
880
822
897
1,245
1,391
565
1,238
1,329
721
725
1,361
703
1,409
^76
-321
197
-264
1,267
3,001
301
76
852
978
-189
-180
786
1,128
1,095
-924
-1,190
-992
-814
-912
-937
-1,114 -1,053
-4,089
-985
-845
-1,281 -1,149 -1,011 -1,038
-12,385 -2,037 -3,120 -3,260 -2,550 -2,634 -3,952 -3,249 -2,131 -2,867 -3,153 -2,829 -2,720 -3,698 -3,138
-7,897 -1,571 -1,354 -1,069 -1,215 -2,164 -2,418 -2,100 -1,595 -1,211 -1,078 -1,321 -2,198 -2,265 -2,113
-8,234 -1,647 -1,690 -1,593 -1,626 -2,074 -2,565 -1,969 -1,650 -1,660 -1,586 -1,648 -2,088 -2,534 -1,964
International organizations and unallocated
2
1,820
2,147
2,032
1,900
221
566
-40
16
-2,189
546
-4,270
-1,324
2,859
-3,250
490
-3,936
-1,587
1,783
-4,518
765
-4,870
-2,000
1,587
-3,838
1,039
-4,514
-2,236
1,873
2
1,737
1,794
1,835
-166
-505
-145
-2,230
1,288
-3,475
-2,416
2,373
-2,864
824
-4,729
-1,307
2,348
-1,209
398
^3,298
-1,141
2,832
1,820
2,114
1,986
1,982
226
488
-51
114
-1,897
579
-4,043
-1,311
2,878
-4,209
413
-4,546
-1,620
1,544
-4,974
709
-5,127
-2,029
1,473
-2,675
1,159
-3,875
-2,185
2,226
1,734
-175
-1,978
1,301
-3,247
-2,405
2,373
2
Memoranda:
103
104
105
Industrial countries88
Members of OPEC
Other countries 8 .
See footnotes on page 55.
-88,148
-16,768
-68,508
-89,632 -25,511 -22,222 -19,240 -17,352 -22,358 -25,957 -23,965 -27,103 -18,467 -17,673 -21,168 -24,019 -22,122 -22,323
-21,886 -4,271 ^,676 -4,025 -4,093 -5,112 -6,758 -5,923 -4,350 -4,443 -3,982 -4,260 -6,220 -6,515 -5,891
-76,158 -15,445 -22,336 -17,286 -14,920 -17,090 -26,110 -18,038 -16,474 -19,638 -16,371 -17,701 -18,131 -23,232 -17,094
SURVEY OF CURRENT BUSINESS
46 • April 1997
Table 2.—U.S. Trade in Goods—Continued
[Millions of dollars]
Not seasonally adjusted
1995
Line
1996*
1995
II
C
Trade in goods, by principal end-use category, adjusted to balance of
payments basis, excluding military:
1
Exports of goods, balance of payments basis, excluding military (A-8)
2
3
4
Agricultural products
Nonagricultural products
Foods feeds and beverages ..
...
Agricultural
Grains and preparations
Wheat
Corn
Soybeans
Meat products and poultry
Vegetables, fruits, nuts, and preparations
Other agricultural foods feeds and beverages
13
14
Nonagricultural (fish, distilled beverages, etc.)
Fish and shellfish
Industrial supplies and materials
16
17
18
19
20
Agricultural
Raw cotton
Tobacco unmanufactured
Hides and skins including furskins
Other agricultural industrial supplies
21
22
23
24
25
Nonagricultural
Energy products
Fuels and lubricants11
Coal and related fuels
Petroleum and products
IV
I
II
1996
1995
III''
\\JP
II
III
IV
I'
llr
III''
\\/P
575,940 611,669 144,829 140,969 151,001 150,885 154,329 145,763 160,692 142,983 144,984 149,422 150,032 153,120 150,144 158,373
15,109 15,032 15,430
57,228 61,436 13,084 13,431 16,031 16,780 14,387 13,637 16,632 13,452 14,732 15,168 15,865
518,712 550,233 131,745 127,538 134,970 134,105 139,942 132,126 144,060 129,531 130,252 134,254 134,167 138,011 135,112 142,943
5
6
7
8
9
10
11
12
15
III
Seasonally adjusted
1996
.
. . . .
50,533
55,493
11,422
12,879
13,991
14,416
13,109
13,089
14,879
11,949
13,341
13,314
13,991
13,887
13,742
13,873
46,093
18,613
5,688
7,642
5,427
6,618
7,868
7,567
51,181
21,226
6,412
8,876
7,363
7,178
8,082
7,332
10,457
3,956
1,056
1,664
995
1,600
1,994
1,912
11,441
5,016
1,613
2,152
1,036
1,749
1,838
1,802
12,994
5,306
1,728
2,153
1,790
1,852
2,123
1,923
13,406
5,743
1,715
2,428
2,190
1,799
1,893
1,781
12,141
5,223
1,471
2,462
1,201
1,880
2,039
1,798
11,820
5,291
2,108
1,776
1,158
1,684
1,947
1,740
13,814
4,969
1,118
2,210
2,814
1,815
2,203
2,013
10,806
4,006
1,056
1,664
1,336
1,612
1,931
1,921
12,226
5,104
1,613
2,152
1,618
1,725
2,001
1,778
12,186
5,264
1,728
2,153
1,304
1,785
1,945
1,888
12,960
5,638
1,715
2,428
1,652
1,875
1,963
1,832
12,752
5,276
1,471
2,462
1,738
1,898
2,028
1,812
12,769
5,394
2,108
1,776
1,871
1,664
2,111
1,729
12,700
4,918
1,118
2,210
2,102
1,741
1,980
1,959
4,440
3,390
4,312
3,111
965
692
1,438
1,172
997
696
1,010
750
968
686
1,269
964
1,065
711
1,143
869
1,115
850
1,128
827
1,031
772
1,135
852
973
668
1,173
819
146,375 147,660
38,133
36,179
35,908
36,981
38,223
35,440
37,016
37,465
36,523
36,504
36,687
37,792
35,731
37,450
10,009
2,744
1,361
1,695
4,209
2,562
909
324
447
882
1,943
371
213
447
912
2,977
974
433
402
1,168
3,302
1,373
408
408
1,113
2,181
444
311
464
962
1,768
244
215
421
888
2,758
683
427
402
1,246
2,589
893
260
445
991
2,447
669
356
444
978
2,918
1,042
405
427
1,044
2,843
1,055
345
391
1,052
2,298
479
266
460
1,093
2,200
466
360
417
957
2,668
744
390
427
1,107
135,478 137,651
13,771 15,401
13,673 15,285
4,294
4,434
8,097
9,496
35,571
3,416
3,395
1,082
2,031
34,236
3,343
3,315
1,173
1,842
32,931
3,735
3,711
1,138
2,269
33,679
3,712
3,687
1,043
2,395
36,042
3,464
3,437
1,142
1,924
33,672
3,824
3,787
1,121
2,291
34,258
4,401
4,374
1,128
2,886
34,876
3,423
3,402
1,088
2,031
34,076
3,289
3,261
1,119
1,842
33,586
3,727
3,703
1,131
2,269
33,844
3,771
3,745
1,101
2,395
35,494
3,467
3,440
1,146
1,924
33,531
3,774
3,737
1,071
2,291
34,782
4,389
4,363
1,116
2,886
10,897
3,717
1,391
1,762
4,027
26
27
28
29
30
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials except metals
Other nonmetals
14,487
9,285
42,986
9,061
13,410
12,473
9,548
42,386
9,241
15,234
3,839
2,413
11,203
2,472
3,398
3,928
2,272
10,824
2,182
3,313
3,348
2,304
10,504
2,159
3,388
3,231
2,233
10,641
2,168
3,733
3,068
2,448
10,884
2,324
3,795
3,053
2,395
10,291
2,302
3,774
3,121
2,472
10,570
2,447
3,932
3,755
2,344
10,967
2,329
3,324
3,843
2,314
10,841
2,207
3,296
3,502
2,311
10,728
2,218
3,490
3,233
2,259
10,635
2,220
3,696
3,008
2,374
10,716
2,200
3,733
2,997
2,440
10,291
2,334
3,755
3,235
2,475
10,744
2,487
4,050
31
32
33
34
35
36
37
38
Metals and nonmetallic products
Steelmaking materials
Iron and steel products
Nonferrous metals
Nonmonetary gold
Other precious metals
.
Other nonferrous metals
Other metals and nonmetallic products
32,478
2,746
5,828
14,601
5,121
1,595
7,885
9,303
33,368
2,111
5,438
15,433
6,939
1,448
7,046
10,386
8,830
803
1,364
4,299
1,934
272
2,093
2,364
8,374
695
1,714
3,597
845
614
2,138
2,368
7,493
576
1,542
3,058
936
336
1,786
2,317
7,961
518
1,442
3,573
1,577
273
1,723
2,428
10,059
566
1,400
5,417
3,127
438
1,852
2,676
8,033
566
1,315
3,521
1,308
436
1,777
2,631
7,315
461
1,281
2,922
927
301
1,694
2,651
8,734
747
1,363
4,329
1,933
272
2,124
2,295
8,286
675
1,731
3,490
845
611
2,034
2,390
7,610
607
1,537
3,093
937
339
1,817
2,373
8,030
548
1,443
3,622
1,577
275
1,770
2,417
9,996
529
1,400
5,457
3,127
440
1,890
2,610
7,940
550
1,313
3,417
1,308
433
1,676
2,660
7,402
484
1,282
2,937
927
300
1,710
2,699
233,776 252,918
58,216
57,919
63,250
62,130
63,114
59,864
67,810
58,045
59,064
62,295
62,043
62,996
61,077
66,802
205,906 219,990
23,039 24,039
182,867 195,951
11,514 12,646
10,159 10,235
5,241
5,813
9,020
9,774
37,087 40,082
50,015
5,764
44,251
2,924
2,505
1,337
2,263
9,284
51,668
5,886
45,782
2,882
2,427
1,310
2,230
9,219
56,405
5,986
50,419
2,877
2,786
1,474
2,296
9,874
54,922
5,824
49,098
2,963
2,507
1,341
2,442
9,861
54,185
5,856
48,329
3,221
2,472
1,553
2,422
10,189
52,810
5,956
46,854
3,117
2,460
1,452
2,378
9,751
58,073
6,403
51,670
3,345
2,796
1,467
2,532
10,281
49,867
5,685
44,182
2,849
2,505
1,337
2,207
9,019
52,749
5,926
46,823
2,914
2,427
1,310
2,309
9,368
55,529
6,015
49,514
2,898
2,786
1,474
2,285
9,887
54,799
5,812
48,987
2,987
2,507
1,341
2,429
9,984
54,090
5,787
48,303
3,145
2,472
1,553
2,365
9,891
53,950
6,025
47,925
3,147
2,460
1,452
2,459
9,927
57,151
6,415
50,736
3,367
2,796
1,467
2,521
10,280
39
40
41
42
43
44
45
46
47
48
49
50
51
52
. . . .
Capital goods except automotive
Machinery except consumer-type
Electric generating machinery, electric apparatus, and parts
Nonelectric, including parts and attachments ....
Oil drilling, mining, and construction machinery
Industrial engines, pumps, and compressors
Machine tools and metalworking machinery .
Measuring, testing, and control instruments ..
Other industrial, agricultural, and service industry machinery
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and parts
39,654
34,153
20,247
2,719
13,073
43,700
35,688
20,339
2,922
14,752
9,088
8,196
4,834
678
3,142
9,719
8,941
5,130
667
3,257
11,617
9,520
5,666
741
3,568
11,550
9,336
4,700
713
3,685
10,428
8,707
4,967
704
3,666
10,141
8,385
4,895
733
3,542
11,581
9,260
5,777
772
3,859
9,383
8,216
4,839
669
3,158
10,327
8,928
5,205
689
3,346
10,873
9,416
5,638
717
3,540
11,346
9,373
4,692
725
3,603
10,795
8,728
4,966
695
3,693
10,734
8,421
4,942
756
3,627
10,825
9,166
5,739
746
3,829
53
54
55
Civilian aircraft, engines, parts
Civilian aircraft complete all types
Other transportation equipment
26,129
12,861
1,741
30,846
15,673
2,082
7,761
4,460
440
5,808
2,439
443
6,352
2,793
493
6,590
2,874
618
8,361
4,735
568
6,610
2,964
444
9,285
5,100
452
7,738
4,460
440
5,872
2,439
443
6,273
2,793
493
6,626
2,874
618
8,338
4,735
568
6,683
2,964
444
9,199
5,100
452
56
Automotive vehicles, engines, and parts
61,827
64,460
16,296
13,564
15,681
15,879
17,035
14,626
16,920
14,895
15,516
15,495
15,476
15,738
16,700
16,546
57
58
59
60
61
To Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
34,043
7,303
4,978
3,595
18,167
34,357
7,840
5,142
3,550
17,825
9,130
2,162
1,349
922
4,697
7,176
1,234
1,105
792
4,045
8,502
1,814
1,270
935
4,483
8,503
1,840
1,182
945
4,536
9,645
2,310
1,423
992
4,920
7,745
1,602
1,181
806
4,156
8,464
2,088
1,356
807
4,213
8,090
1,753
1,196
846
4,295
8,321
1,620
1,261
888
4,552
8,552
1,816
1,231
935
4,570
8,288
1,784
1,221
925
4,358
8,651
1,921
1,281
918
4,531
9,074
2,066
1,340
922
4,746
8,344
2,069
1,300
785
4,190
62
63
64
65
66
To other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
27,784
9,429
2,752
2,240
13,363
30,103
9,138
3,868
2,376
14,721
7,166
2,415
677
591
3,483
6,388
2,025
660
549
3,154
7,179
2,625
715
533
3,306
7,376
2,675
852
523
3,326
7,390
2,165
979
573
3,673
6,881
1,895
814
544
3,628
8,456
2,403
1,223
736
4,094
6,805
2,185
674
572
3,374
7,195
2,692
665
570
3,268
6,943
2,348
721
537
3,337
7,188
2,515
858
518
3,297
7,087
1,985
981
553
3,568
7,626
2,504
815
561
3,746
8,202
2,134
1,214
744
4,110
64,425
70,160
16,167
16,070
16,761
16,681
17,611
17,207
18,661
16,160
16,096
16,446
16,939
17,610
17,267
18,344
31,471
34,096
7,722
8,201
8,255
8,131
8,551
8,582
8,832
7,807
7,998
8,116
8,380
8,635
8,378
8,703
7,376
30,250
12,108
2,704
8,011
33,168
13,891
2,896
1,789
7,713
3,067
732
1,863
7,259
2,962
610
2,033
7,835
3,043
671
1,982
7,853
3,401
697
2,084
8,251
3,521
809
1,914
8,004
3,381
621
2,031
9,060
3,588
769
1,788
7,628
3,017
725
1,858
7,474
3,049
624
2,035
7,657
3,028
673
1,977
7,872
3,340
687
2,079
8,173
3,469
802
1,917
8,254
3,507
635
2,038
6,869
3,575
772
19,004
20,978
4,595
4,358
5,410
4,798
5,237
5,537
5,406
4,469
4,444
5,368
4,896
5,097
5,627
5,358
67
68
69
70
71
72
73
Consumer goods (nonfood) except automotive
Consumer nondurable goods manufactured
Medical, dental, and pharmaceutical preparations,
including vitamins
Consumer durable goods, manufactured
. .
Household and kitchen appliances and other household goods
Unmanufactured consumer goods (gem stones, nursery stock)
Exports, n.e.c
See footnotes on page 55.
April 1997 •
SURVEY OF CURRENT BUSINESS
47
Table 2.—U.S. Trade in Goods—Continued
[Millions of dollars]
Not seasonally adjusted
Line
1995
1996*
Seasonally adjusted
1996
1995
1996
1995
IV*
Trade In goods, by principal end-use category, adjusted to balance of
payments basis, excluding military—Continued:
Imports of goods, balance of payments basis, excluding military (A749,364
Petroleum and products7
Nonpetroleum products
Foods, feeds, and beverages
Agricultural
Coffee, cocoa, and sugar
Green coffee
Meat products and poultry
Vegetables, fruits, nuts, and preparations
Wine and related products
Other agricultural foods, feeds, and beverages
Nonagricultural (fish, distilled beverages, etc)
Fish and shellfish ..
Whiskey and other alcoholic beverages
Industrial supplies and materials
Agricultural
Nonagricultural products
Energy products .... 711
Fuels and lubricants
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
799,343 190,056
190,203
191,552 187,248 198,889 204,588 208,618 190,910 187,532 187,448 193,159 200,490 202,013 203,681
55,080 68,297 14,588 14,097 13,489 13,951 17,461 18,027 18,858 14,624 13,988 13,383 14,030 17,563 17,952 18,752
694,284 731,046 175,468 176,106 178,063 173,297 181,428 186,561 189,760 176,286 173,544 174,065 179,129 182,927 184,061 184,929
33,176 35,704
8,204
8,053
8,446
8,490
8,987
8,791
9,436
8,202
8,248
8,196
8,576
8,994
24,085 26,473
4,078 4,116
2,986 2,491
3,929 3,770
6,465 7,389
2,368 2,795
7,245 8,403
9,091
9,231
6,735 6,665
1,845
2,048
6,031
939
754
1,032
1,714
577
1,768
2,173
1,588
418
5,636
1,008
634
912
1,298
604
1,813
2,417
1,800
493
6,003
900
686
908
1,467
722
2,007
2,443
1,820
518
6,459
1,172
712
944
1,991
522
1,829
2,031
1,463
443
927
2,182
719
2,042
2,148
1,553
464
6,347
1,068
561
970
1,460
745
2,104
2,444
1,736
575
6,828
908
619
929
1,756
809
2,428
2,608
1,913
566
5,957
939
754
1,032
1,631
562
1,794
2,245
1,622
456
5,922
1,008
634
912
1,636
594
1,772
2,326
1,729
473 ,
5,949
900
686
908
1,589
635
1,916
2,247
1,720
421
6,330
1,172
712
944
1,615
652
1,947
2,246
1,597
523
6,750
968
599
927
2,068
707
2,080
2,244
1,603
511
6,627
1,068
561
970
1,811
722
2,056
2,342
1,656
554
6,766
908
619
929
1,895
714
2,320
2,399
1,809
183,818 204,383
49,522
45,250
44,497
46,678
53,390
52,142 52,173
49,019
44,691 46,830
53,016
52,242
52,295
1,360
43,331
14,903
14,714
1,567
45,263
15,599
15,394
1,594
51,422
19,323
19,098
1,534
1,765
50,477 50,761
19,859 20,516
19,562 20,249
1,612
1,526
5,572 6,460 1,488
1,354
1,602
1,720
1,370
178,246 197,923 48,034 43,880 43,143 45,076 51,778 50,422 50,647
61,093 75,297 16,084 15.5S7 15,079 15,642 19,154 19,802
60,151 74,303 15,831 15,325 14,890 15,437 18,930 19,505 20,431
45,351
1,475
1,408
47,544 43,943
16,178 15,580
15,926 15,317
9,165
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals....
12,880 10,883
8,615
8,840
25,552 26,881
12,716 14,939
12,503 13,347
3,239
2,264
6,690
3,246
3,180
3,329
2,135
6,198
3,248
3,245
3,445
2,033
6,097
3,155
3,176
3,070
2,014
6,950
3,116
3,141
2,586
2,227
6,872
3,698
3,363
2,606
2,277
6,445
4,191
3,458
2,621
2,322
6,614
3,934
3,385
3,245
2,179
6,541
3,115
3,118
3,310
2,110
6,399
3,180
3,202
3,407
2,093
6,267
3,243
3,190
3,113
2,072
6,751
3,233
3,247
2,596
2,157
6,755
3,568
3,310
2,594
2,232
6,611
4,098
3,405
2,580
2,379
6,764
4,040
3,385
Metals and nonmetallic products
Steelmaking materials
Iron and steel products
Nonferrous metals
Nonmonetary gold
Other precious metals
Bauxite and aluminum
Other nonferrous metals
Other metallic and nonmetallic products
44,887 47,736
2,958 3,047
16,175 17,210
20,262 21,651
5,292 7,749
2,516
2,488
6,218
5,062
6,236 6,352
5,492
13,331
701
4,336
6,828
2,704
686
1,870
1,568
1,466
10,138
822
3,865
4,109
631
644
1,335
1,499
1,342
10,158
822
3,679
4,325
858
611
1,260
1,596
1,332
11,143
735
3,885
5,125
1,692
588
1,289
1,556
1,398
13,878
835
4,204
7,382
3,653
607
1,395
1,727
1,457
11,643
742
4,571
4,821
1,545
575
1,180
1,521
1,509
11,072
735
4,550
4,323
859
718
1,198
1,548
1,464
13,168
668
4,251
6,824
2,704
684
1,870
1,566
1,425
10,162
781
3,914
4,114
631
646
1,338
1,499
1,353
10,228
813
3,718
4,343
858
614
1,266
1,605
1,354
11,248
832
3,872
5,132
1,692
590
1,292
1,558
1,412
13,713
794
4,112
7,385
3,653
607
1,397
1,728
1,422
11,678
703
4,622
4,834
1,545
577
1,185
1,527
1,519
11,097
718
4,604
4,300
859
714
1,188
1,539
1,475
54,716
56,959
59,630
56,510 56,081
54,922 56,655 57,990
58,528
56,564
56,413 57,454
Capital goods, except automotive
Machinery, except consumer-type
Electric generating machinery, electric apparatus and parts
Nonelectric, including parts and attachments
Oil drilling, mining, and construction machinery .
Industrial engines, pumps, and compressors
Machine tools and metalworking machinery
Measuring, testing, and control instruments
Other industrial, agricultural, and service industry machinery
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment .
Other office and business machines
Scientific, hospital, and medical equipment and parts
Transportation equipment, except automotive
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
Automotive vehicles, engines, and parts
221,431
208,939
24,150
184,789
5,481
6,175
6,644
5,601
36,708
56,276 61,511
39,043 36,713
15,332 14,345
6,797
6,861
7,220
12,492
10,709
3,590
56,972 59,396
214,392 51,409 53,949 56,590 53,186 52,400 53,261 55,545 51,615 53,644
24,773 6,075 6,213 6,184 5,824 6,009 6,382 6,558 5,989 6,201
189,619 45,334 47,736 50,406 47,362 46,391 46,879 48,987 45,626 47,443
1,334
1,496
1,417
1,467
1,300
5,642 1,593
1,247
1,152
1,395
1,561 1,592
1,571
1,544
1,552
6,268 1,595
1,545
1,551
1,549
1,817
1,799
1,886
1,883
1,921
7,489 1,818
1,659 1,698
1,670
1,422
1,444
1,528 1,562
1,439
1,420
5,956 1,426
1,416
1,453
9,243
37,678 9,747 9,076 8,952 9,368 9,593 9,250 9,467 9,411
54,950 55,204 52,883 52,702 53,603
6,119
6,025 5,963 6,337 6,448
48,831 49,179 46,920 46,365 47,155
1,250
1,362
1,372
1,368
1,540
1,567
1,589
1,553
1,568
1,558
1,887
1,703
1,803
1,881
1,918
1,421
1,444
1,465 1,522
1,525
9,089 9,431 9,311 9,357 9,579
12,920
9,222
3,683
1,688
1,642
14,851
10,505
3,882
1,828
1,727
16,576
11,482
4,019
1,723
1,802
14,606
10,533
3,330
1,688
1,660
14,553
9,138
3,348
1,593
1,748
15,694
8,506
3,555
1,686
1,872
16,658
8,536
4,112
1,830
1,940
13,409
9,324
3,828
1,716
1,663
14,612
10,388
3,783
1,784
15,472
11,157
3,749
1,701
1,722
15,577
10,938
3,531
1,728
1,776
15,157
9,256
3,509
1,629
1,781
15,387
8,360
3,462
1,640
1,820
15,390
8,159
3,843
1,800
1,843
14,567
12,627
3,886
3,307
2,815
978
3,010
2,594
754
3,040
2,649
893
3,324
2,749
932
3,681
3,181
1,012
3,711
3,276
951
3,851
3,421
991
3,307
2,815
978
3,011
2,594
754
3,040
2,649
3,324
2,749
932
3,681
3,181
1,012
3,711
3,276
951
3,851
3,421
991
124,773 130,085
32,892
28,479
31,166
31,287
33,752 31,185 33,861 31,897
30,438
29,820
31,240
32,765
33,919
32,161
125
126
127
128
129
From Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
45,361 47,064
24,898 25,291
9,011 8,834
1,816 2,540
9,636 10,399
11,798
6,521
2,337
469
2,471
9,794
5,271
1,988
381
2,154
11,923
6,621
2,313
455
2,534
11,357
6,113
2,113
649
2,482
13,201
7,284
2,436
684
2,797
11,302
6,101
2,096
581
2,524
10,944
5,966
2,221
429
2,328
10,752
5,659
2,232
445
2,416
11,461
6,258
2,216
475
2,512
11,391
6,400
2,053
574
2,364
12,266
6,669
2,322
626
2,649
12,831
6,836
2,416
703
2,876
10,576
5,386
2,043
637
2,510
130
131
132
133
134
From other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
79,412 83,021 21,094
39,904 41,749 10,791
3,815
4,815
952
8,900 9,209 2,384
26,793 27,248 6,967
18,685
9,180
953
2,119
6,433
19,243
9,801
995
2,045
6,402
19,930
9,806
1,054
2,327
6,743
20,551
9,983
1,190
2,422
6,956
19,883 22,657 20,953
9,764 12,196 10,868
1,292
971
1,279
2,150 2,310
2,327
6,677 6,872 6,787
19,686
9,885
965
2,198
6,638
18,359
2,055
6,463
19,849 20,499 21,088 21,585
9,894 10,131 10,594 11,130
1,049
1,210
1,327
1,229
2,281
2,368 2,240 2,320
6,625 6,790 6,927 6,906
40,315 39,646
19,057 18,590
9,499 9,126
2,325 2,331
19,158 18,997
7,051
6,925
3,527 3,576
2,294
2,412
2,332 2,140
2,100
2,059
41,016 41,751 43,275 45,076
19,334 19,599 20,139 21,717
9,303 9,584 9,925 10,799
2,373 2,284 2,398 2,714
19,523 20,046 20,909 21,117
7,391
7,453 8,077 8,249
3,739 3,775 3,884 4,031
2,348 2,499 2,682 2,476
2,003 2,117 2,176 2,086
2,159
2,106
2,227 2,242
124
135
136
137
138
139
140
141
142
143
144
Consumer goods (nonfood), except automotive
Consumer nondurable goods, manufactured
Textile apparel and household goods, except rugs
Footwear of leather, rubber, and other materials
Consumer durable goods, manufactured
Household and kitchen appliances and other household goods
Toys, shooting, and sporting goods, including bicycles
Television and video receivers
Radio and stereo equipment, including records, tapes, and disks..
Unmanufactured consumer goods (gemstones, nursery stock)
145
146
147
Imports, n.e.c., and U.S. goods returned
U.S. goods returned
Other products, including balance of payments adjustments not included above (minimum value shipments and miscellaneous imports)
See footnotes on page 55.
160,010
75,397
37,783
9,348
76,501
27,866
13,944
9,819
9,153
8,112
171,118 38,195 44,923
80,789 18,059 21,723
39,611 8,765 11,433
9,769 2,291 2,636
81,595 18,350 21,018
31,170 6,981 7,664
15,429 2,945 4,098
10,005 2,304 2,701
8,382 2,156 2,666
8,734 1,786 2,182
26,156 29,094
16,406 18,574
9,750
10,520
40,711 37,378
17,963 18,244
8,644 8,729
2,188 2,272
20,714 16,916
6,952 6,695
2,932
4,201
2,670 1,947
2,387 1,653
2,034 2,218
11,204
5,793
2,189
626
2,596
39,254 48,332 46,154 40,392
18,463 23,064 21,018 19,049
8,621 12,024 10,237 9,637
2,733 2,551
2,356
2,213
18,814 22,956 22,909 19,435
7,373 8,831 8,271 7,023
3,236 4,534 4,727 3,402
2,973 2,867 2,553
2,218
1,937
2,471
2,321
2,330
1,977
2,312
2,227 1,908
6,527
4,033
6,539
4,120
7,102
4,558
6,905
4,354
7,425
4,692
7,166
4,605
7,598
4,923
6,478
4,011
6,525
4,102
7,105
6,969
4,360
7,400
4,694
7,195
4,619
7,530
4,901
2,494
2,419
2,544
2,551
2,733
2,561
2,675
2,467
2,423
2,497
2,609
2,706
2,576
2,629
SURVEY OF CURRENT BUSINESS
48 • April 1997
Table 3.—Private Service Transactions
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
1995
Line
1996*
1 Exports of private son/less
III
II
1995
1996
1995
I
I
IV
II
IV*
III'
I
II
1996
\r
IV
III
IV*
III'
II''
196,411
209,291
45,676
46,956
54,066
49,712
50,140
50,905
55,765
52,481
47,092
48,273
50,371
50,673
51,709
52,196
52,042
53,342
Travel (table 1, line 5)
Passenger fares (table 1, line 6)
Other transportation (table 1, line 7)
Freight
Port services
Other
61,137
18,534
28,063
10,780
16,091
1,193
64,499
19,579
29,115
11,080
16,801
1,234
13,130
3,912
6,661
2,436
3,928
14,736
4,529
6,937
2,712
3,929
18,704
5,656
7,175
2,736
4,144
14,567
4,437
7,290
2,896
4,090
14,486
4,470
6,839
2,585
3,947
16,052
4,813
7,274
2,763
4,201
18,697
5,653
7,400
2,822
4,268
15,264
4,643
7,602
2,910
4,385
14,762
4,248
6,784
2,459
4,028
14,825
4,635
6,951
2,689
3,965
15,682
4,815
7,117
2,747
4,075
15,867
4,836
7,211
2,885
4,021
16,205
4,854
6,966
2,608
4,051
16,103
4,896
7,289
2,741
4,238
15,653
4,799
7,343
2,833
4,200
16,538
5,030
7,516
2,897
297
297
295
304
307
310
310
307
297
297
295
304
307
310
310
307
8
9
10
11
12
13
14
Royalties and license fees (table 1, line 8)
Affiliated
U.S. parents' receipts
U.S. affiliates' receipts
Unaffiliated
Industrial processes 1
Other2
26,953
21,619
20,180
1,439
5,333
3,316
2,017
28,829
23,106
21,781
1,325
5,723
3,580
2,143
5,977
4,692
4,333
6,476
5,157
4,868
6,877
5,527
5,158
7,622
6,243
5,821
6,813
5,406
5,120
7,030
5,604
5,292
7,125
5,684
5,295
7,862
6,414
6,075
6,309
5,024
4,656
6,615
5,296
4,964
7,014
5,664
5,281
7,015
5,636
5,280
7,180
5,773
5,486
7,160
5,733
5,382
7,256
5,815
5,407
7,234
5,786
5,507
369
422
286
312
389
368
332
383
356
287
1,350
1,379
1,407
1,427
1,441
1,285
1,319
1,350
1,379
1,407
801
484
819
499
838
512
858
522
878
529
893
535
903
538
908
540
801
484
819
499
838
512
858
522
878
529
893
535
903
538
908
540
15
16
17
18
19
20
21
22
23
24
25
26
27
Other private services (table 1 , line 9)
Affiliated services, .
U.S. parents' receipts
U.S. affiliates' receipts
Unaffiliated services
Education
Financial services
Insurance, net ...
Premiums received
Losses paid
Telecommunications
Business, professional, and3 technical services
Other unaffiliated services
61,724
19,458
11,933
7,525
42,265
7,517
6,109
1,395
5,575
4,180
2,848
16,264
8,131
67,268
22,135
12,989
9,146
45,133
7,833
7,546
1,500
6,047
4,546
2,820
16,971
8,461
15,996
4,421
2,726
1,695
11,576
3,028
1,373
14,278
4,698
2,920
1,778
9,579
15,654
4,956
2,984
1,972
10,698
1,976
1,574
15,796
5,384
3,303
2,081
10,412
1,548
1,659
17,532
5,173
3,093
2,080
12,359
3,156
1,742
15,736
5,326
3,181
2,145
10,410
1,002
1,906
16,890
5,596
3,228
2,368
11,294
2,065
1,834
17,110
6,040
3,487
2,553
11,070
1,610
2,065
14,989
4,600
2,846
1,754
10,389
1,841
1,373
15,247
4,773
2,965
1,808
10,474
1,860
1,504
15,743
5,070
3,050
2,020
10,673
1,950
1,574
15,744
5,015
3,072
1,943
10,729
1,866
1,659
16,504
5,382
3,228
2,154
11,122
1,919
1,742
16,748
5,408
3,232
2,176
11,340
1,932
1,906
16,991
5,724
3,296
2,428
11,267
2,038
1,834
17,024
5,620
3,233
2,387
11,404
1,944
2,065
713
710
708
706
705
705
704
985
717
713
710
708
706
705
705
704
4,044
2,055
4,039
2,012
4,078
2,019
4,104
2,046
4,267
2,126
4,254
2,170
4,246
2,064
4,205
2,102
4,044
2,055
4,039
2,012
4,078
2,019
4,104
2,046
4,267
2,126
4,254
2,170
4,246
2,064
4,205
2,102
129,655
136,762
29,073
33,479
35,919
31,184
30,476
35,049
37,619
33,618
31,762
32,533
32,844
32,516
33,284
34,054
34,463
34,964
45,855
14,313
29,205
17,089
11,215
48,712
14,287
29,100
17281
10,979
9,405
3,072
7,094
4,357
2,507
12,563
3,828
7,306
4,235
2,846
13,787
4,215
7,642
4,390
3,026
10,100
3,198
7,163
13,185
3,732
7,220
4473
2,547
14,382
3,984
7,673
4408
3,050
11,000
3,324
7,475
4355
2,905
11,397
3,376
7,251
4409
2,611
11,539
3,658
7,380
4267
2,888
11,377
3,716
7,434
4370
2,839
11,541
3,563
7,140
4043
2,877
12,241
3,531
6,895
4,100
2,584
12,097
3,557
7,288
4,505
2,583
11,867
3,506
7,466
4,389
2,863
12,508
3,693
7,453
4,288
2,836
10,145
3,247
6,732
4,045
2,477
902
842
231
225
226
220
211
201
215
215
231
225
226
220
211
201
215
215
6,312
5,148
7,036
5,337
1,453
1,148
1,450
1,163
1,643
1,350
1,553
1,268
1,659
1,367
2,108
1,291
1,716
1,411
1,496
1,191
1,508
1,221
1,619
1,325
1,690
1,412
1,595
1,309
1,722
1,431
2,080
1,263
1,639
1,334
2
3
4
5
6
7
28
Imoorts of orivate services
29
30
31
32
33
34
Travel (table 1, line 19)
Passenger fares (table 1, line 20)
Other transportation (table 1, line 21)
Freight
Port services
Other
35
36
37
38
39
40
41
Royalties and license fees (table 1, line 22)
Affiliated
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated
Industrial
processes 1 ...
Other2
..
42
43
44
45
46
47
48
49
50
51
52
53
54
Other private services (table 1, line 23)
Affiliated services
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated services
Education
Financial services
Insurance, net ...
Premiums paid
Losses recovered
Telecommunications
Business, professional, and technical services
Other unaffiliated services3
55
56
57
Memoranda:
Balance on goods (table 1 line 64)
Balance on private services (line 1 minus line 28)
Balance on goods and private services (lines 55 and
56) ...
.. ..„.
See footnotes on page 55.
359
1,285
289
1,319
965
1,504
339
1,448
351
1,427
408
1,441
4312
279
1,448
361
346
342
347
362
373
381
385
361
346
342
347
362
373
381
385
1,346
1,377
1,031
1,409
1,068
1,443
1,096
1,480
1,118
1,507
1,134
1,525
1,145
1,534
1,150
1,346
1,377
1,031
1,409
1,068
1,443
1,096
1,480
1,118
1,507
1,134
1,525
1,145
1,534
1,150
985
717
4107
1,765
1,488
2951
137
95
110
128
137
93
100
118
120
95
110
1,173
1,257
1,163
1,274
1,098
1,121
1,207
1,292
1,214
1,321
835
865
305
220
85
287
205
82
293
197
96
278
197
81
286
203
83
291
208
83
817
211
606
305
213
93
305
220
85
287
205
82
293
197
96
278
197
81
286
203
83
291
208
83
817
211
606
305
213
93
37,626
16,250
7,306
8,944
21,376
8,049
3,090
1,462
1,628
4,959
8,332
3,284
1,652
1,632
5,048
8,632
3,490
1,701
1,789
5,142
8,958
3,860
1,925
1,935
5,098
8,799
3,560
1,594
1,966
5,239
9,253
3,942
1,696
2,246
5,311
9,472
4,126
1,855
2,271
5,346
10,103
4,623
2,161
2,462
5,480
8,242
3,286
1,656
1,630
4,956
8,448
3,373
1,660
1,713
5,075
8,698
3,553
1,749
1,804
5,145
8,582
3,511
1,675
1,836
5,071
9,022
3,785
1,811
1,974
5,239
9,390
4,050
1,703
2,347
5,340
9,544
4,196
1,910
2,286
5,348
9,671
4,220
1,883
2,337
5,451
430
470
93
4,718
1,163
4,867
1,699
1,055
819
344
33,970
13,723
6,740
6,983
20,247
877
932
1,707
4,481
13,710
9,230
6,773
4,502
1,908
2,002
4,733
13,985
9,252
6,789
4,915
2,004
100
1,063
118
1,232
120
1,368
128
1,135
1,197
177
398
219
410
273
452
209
447
188
476
232
500
290
490
223
536
213
398
218
410
223
452
223
447
227
476
232
500
236
490
238
536
1,104
3,458
2,355
1,709
1,077
1,152
3,421
2,269
1,706
1,114
1,182
3,409
2,227
1,678
1,142
1,043
3,422
2,379
1,681
1,170
1,188
3,462
2,273
1,689
1,182
1,184
3,491
2,307
1,695
1,226
1,181
3,511
2,330
1,703
1,243
1,180
3,521
2,341
1,703
1,263
1,104
3,458
2,355
1,709
1,077
1,152
3,421
2,269
1,706
1,114
1,182
3,409
2,227
1,678
1,142
1,043
3,422
2,379
1,681
1,170
1,188
3,462
2,273
1,689
1,182
1,184
3,491
2,307
1,695
1,226
1,181
3,511
2,330
1,703
1,243
1,180
3,521
2,341
1,703
1,263
496
448
416
549
517
473
439
576
457
476
469
507
476
502
495
532
-173,424 -187,674 -38,412 -45,227 -49,234 -40,551 -36,363 -44560 -58 825 -47926 -44923 -47927 -42548 -38026 -43127 -47370 -51 869 -45308
72,529 16,603 13,477 18,147 18,528 19,664 15,856 18,146 18,863 15,330 15,740 17,527 18,157 18,425 18,142 17,579 18,378
66,756
-106,668 -115,145 -21,809 -31,750 -31,087 -22,023 -16,699 -28,704 ^0,679 -29,063 -29,593 -32,187 -25,021 -19,869 -24,702 -29,228 -34,290 -26,930
SURVEY OF CURRENT BUSINESS
April 1997 •
49
Table 4,—Selected U.S. Government Transactions
[Millions of dollars]
Not seasonally adjusted
Line
1996*
1995
1995
I
II
1996
III
IV
I
II
lllr
IV
15,497
19,456
4,063
3,206
4,204
4,024
5,416
3,592
3,621
6,828
10,959
2,437
8,522
14,634
5,313
9,320
2,846
599
2,247
2,381
433
1,948
- 2,933
535
2,398
2,799
870
1,929
4,259
1,733
2,526
2,364
492
1,872
2,580
731
1,849
5,431
2,357
3,074
Credits and other long-term assets (table 1, line 40, with sign reversed)
Capital subscriptions and contributions to international financial institutions, excluding IMF
Credits repayable in U.S. dollars
Credits repayable in other than U.S. dollars ....
Other long-term assets
4,640
1,498
2,558
-11
595
4,909
1,814
2,466
-6
636
1,612
312
1,155
3
143
815
258
418
-1
141
1,014
403
461
-9
159
1,199
526
524
-3
153
1,010
438
432
-6
145
1,489
358
974
1,124
433
528
1,286
586
532
18
164
169
-102
-395
11
-8
257
17
25
-1
147
4
-85
-7
110
-5
n
n
n
(
10
3
21
10
17
18
19
20
21
22
23
Foreign currency holdings and short-term assets, net (table 1, line 42 with sign reversed)
Foreign currency holdings (excluding administrative cash holdings), net
Receipts from:
Sales of agricultural commodities
Interest
Repayments of principal
Reverse grants ....
Other sources
Less currencies disbursed for:
Grants and credits in the recipient's currency
Other arants and credits
Other U.S. Government expenditures
Assets acquired in performance of U.S. Government guarantee and insurance obligations, net
Other assets held under Commodity Credit Corporation Charter Act, net
Assets financing military sales contracts, net2
Other short-term assets (including changes in administrative cash holdings), net
24
25
26
27
28
29
30
31
32
Capital subscriptions and contributions to international financial institutions, excluding IMF
Under Agricultural Trade Development and Assistance Act and related programs
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Under Commodity Credit Corporation Charter Act
Under other grant and credit programs
Other foreign currency assets acquired (lines A13, A14, and A16)
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)
Other (including changes in administrative cash holdings) net
33
34
35
36
37
38
39
40
41
42
44
45
Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U.S. goods
Expenditures on U.S. services4
Financing of military sales contracts by U.S. Government5 (line C6)
By long-term credits
By short-term credits1
By grants *
U.S. Government grants and credits to repay prior U.S. Government credits 14
U.S. Government long- and short-term credits to repay prior U.S. private credits6 and other assets
Increase in liabilities associated with U.S. Government grants and transactions increasing Government assets (including
changes in retained accounts)7 (line C11)
Less receipts on short-term U.S. Government assets (a) financing militarv sales contractsl (b) financing repayment of
private credits and other assets, and (c) financing expenditures on U.S. goods
... .
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)
Estimated dollar payments to foreign countries and international financial institutions
81
2
3
4
5
6
7
8
Receipts
Under
Under
Under
Under
Under
Receipts
A1
U S Government grants and transactions Increasing Government assets total
By category
2
3
4a
4b
5
6
7
8
9
10
11
12
13
14
15
16
Grants net (table 1, line 30, with sign reversed)
Financing military purchases1
Other grants
Cash contributions received from coalition partners for Persian Gulf operations
16
fl
-89
-28
n
-20
9
«311
9
3
2
17
4
n
1
2
3
n
n
(*)
1
1
24
14
13
100
9
71
20
70
14
40
26
3
50
-261
•3
34
-209
9
88
-142
4
-395
n
n
n
n
1
34
-215
n
n
•j
n
n
5
4
4
20
25
15
-22
n
n
0
n
91
81
-9
5
140
^45
73
-26
1,498
1,100
9,603
997
442
1,151
69
50
687
1,814
814
13,492
1,402
165
1,079
62
88
716
312
247
2,388
415
105
452
15
4
133
258
239
2,101
122
86
263
16
24
146
403
259
2,560
310
122
233
30
13
299
526
355
2,555
150
129
203
8
9
108
438
204
4,107
218
58
169
25
20
218
358
193
2,078
478
71
303
14
34
132
433
184
2,352
389
31
179
13
20
61
586
233
4,956
318
5
428
10
15
305
9,929
3,663
2,789
2,399
518
11,860
6,323
2,589
2,404
457
2,543
763
756
653
104
2,052
737
675
526
126
2,796
920
780
620
122
2,539
1,243
579
599
166
3,244
2,132
586
441
151
2,312
686
725
619
147
2,369
878
658
732
67
3,936
2,628
620
612
92
i"88i
1,947
421
243
549
99
304
401
28
114
498
366
140
433
55
81
291
34
70
472
231
93
665
89
50
519
66
29
n
n
n
n
2,172
8
8
34
1,280
19
20
1,252
5
15
2,892
875
709
76
214
398
21
18
1,205
1,039
92
565
294
63
26
167
1,070
912
162
249
315
41
146
157
220
215
1,061
1,018
279
302
2,911
31
3,718
386
2,855
83
-216
-285
-798
n
-103
137
By program
By disposition3
43
C1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
of principal on U.S. Government credits
Agricultural Trade Development and Assistance Act and related programs
Foreign Assistance Act and related programs
Export-Import Bank Act
Commodity Credit Corporation Charter Act
other credit programs
on other long-term assets
U.S. Government liabilities other than securities, total, net increase (+) (table 1, line 53)
Associated with military sales contracts 2
U.S. Government cash receipts from foreign governments (including principal repayments on credits financing military
sales contracts), net of refunds. J
v
Less U.S. Government receipts from principal repayments
Less U.S. Treasury securities issued in connection with prepayments for military purchases in the United States
5
Plus financing of military sales contracts by U.S. Government (line A36)
By long-term credits
By short-term credits1
By grants *
...
Less transfers of goods and services (including transfers financed by grants for military purchases, and by credits /1 21
(table 1 , line 4)
Associated with U.S. Government grants and transactions increasing Government assets (including changes in retained accounts) 7 (line A42) ....
Associated with other liabilities
.. .
Sales of nuclear material by Department of Energy/U.S Enrichment Corporation
Sales of space launch and other services by National Aeronautics and Space Administration
Other sales and miscellaneous operations
See footnotes on page 55.
548
639
n
n
n
n
n
n
59
50
5,568
32
88
7,596
28
4
1,521
5
24
1,155
17
13
1,408
9
9
1,485
4,258
3,623
340
1,864
1,050
229
141
635
4,155
3,502
399
1,583
1,179
169
171
652
1,063
905
43
541
265
53
2
158
647
488
39
265
144
38
3
159
1,523
1,366
104
850
341
60
11
157
1,025
864
154
207
300
78
126
161
1,005
842
69
556
172
44
1,082
1,054
1,404
1,416
-331
-361
235
221
-71
-68
1,249
1,262
-156
-120
11,963
795
13,040
867
2,753
307
-642
-280
-454
2,399
518
2,404
457
2,416
359
-84
653
104
2,826
85
-892
3,968
44
-74
599
166
3,556
368
657
441
151
526
125
620
122
iS
619
147
732
67
612
92
1,881
1,947
549
401
498
433
291
472
665
519
13,405
13,802
3,155
3,327
3,589
3,334
3,092
3,500
3,330
3,880
-0
31
8
-8
n
29
-4
34
-1
34
-43
-2
n
n
12
18
Q
1
22
-9
n
-3
1
-3
n
n
-13
-6
3
-10
(
4
?
-<39
2
'l1
8
-4
44
-3
1
-11
-10
-2
SURVEY OF CURRENT BUSINESS
JO • April 1997
Table 5.—Direct Investment: Income, Capital, Royalties and License Fees, and Other Private Services
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
(Credits +; debits -)
1995
1996*
1995
I
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
U.S. direct investment abroad:
Income with current-cost adjustment, before deduction of
withholding taxes (table 1 line 12)
Earnings
Distributed earnings
Reinvested earnings
Interest1
U.S. parents' receipts
U.S. parents' payments
Less: Current-cost adjustment
Less- Withholding taxes
Equals: Income without current-cost
adjustment, after deduction of withholding taxes 2
Petroleum
Manufacturing
Other
Capital with current-cost adjustment (table 1, line 44)
Equity capital
Increases in equity capital 3
Decreases in equity capital4
Reinvested earnings
Intercompany debt
U S parents' receivables
U S parents' payables
Less: Current-cost adjustment (line 8 with sign reversed)
Equals: Capital without current-cost adjustment2
Equity capital (line 15)
Petroleum
Manufacturing
Other
Reinvested earnings without current-cost adjustment
(line 18 less line 22)
Petroleum
Manufacturing
Other
Intercompany debt (line 19)
Petroleum
Manufacturing
Other
Royalties and license fees, before deduction of withholding taxes net ...
U.S. parents' receipts (table 1, part of line 8)
U.S. parents' payments (table 1, part of line 22)
Other private services, before deduction of withholding
taxes net
U.S. parents' receipts (table 1, part of line 9)
U.S. parents' payments (table 1, part of line 23)
Foreign direct investment in the United States:
Income with current-cost adjustment, before deduction of
withholding taxes (table 1 line 26)
Earnings
Distributed earnings
Reinvested earnings
Interest1
U S affiliates' payments
U.S. affiliates' receipts
Less11 Current-cost adjustment
Less Withholding taxes
Equals: Income without current-cost
adjustment, after deduction of withholding taxes2
Petroleum
Manufacturing
Other
Capital with current-cost adjustment (table 1, line 57)
Equity capital
Increases in equity capital 3 4
Decreases in equity capital
Reinvested earnings
Intercompany debt
U.S. affiliates' payables ..
U.S. affiliates' receivables
Less: Current-cost adjustment (line 49 with sign reversed)
Equals: Capital without current-cost adjustment2
Equity capital (line 56)
Petroleum
Manufacturing
Other
Reinvested earnings without current-cost adjustment
(line 59 less line 63)
Petroleum
Manufacturing ...
Other
Intercompany debt ( ine 60)
Petroleum
Manufacturing ...
Other
Royalties and license fees, before deduction of withholding taxes net
U.S. affiliates' payments (table 1, part of line 22)
U.S. affiliates' receipts (table 1, part of line 8)
Other private services, before deduction of withholding
taxes, net
U.S. affiliates' payments (table 1, part of line 23)
U.S. affiliates' receipts (table 1, part of line 9)
See footnotes on page 55.
88,882
86,425
31,955
54,470
2,457
6,447
-3,991
2,103
1,240
85,539
9,338
35,775
40,426
-95,509
-36,292
-47,736
11,444
-54,470
-4,747
-23,631
18,884
-2,103
-93,406
-36,292
1,412
-17,914
-19,790
98,260
95,246
38,884
56,362
3,015
6,120
-3,105
2,866
1,546
21,376
20,701
6,643
14,058
675
1,516
-841
457
345
II
III
23,511
22,829
6,867
15,963
682
1,687
-1,005
502
259
1995
1996
21,185
20,597
6,691
13,906
588
1,625
-1,038
548
280
IV
22,809
22,298
11,754
10,544
512
1,619
-1,107
596
356
93,848 20,574 22,750 20,357 21,857
2,086
2,420
2,387
11,888
2,445
9,842
8,983
8,585
34,545
8,365
9,907 10,454
9,602 10,463
47,415
-88,304 -16,241 -19,710 -19,126 ^0,432
-24,381 -4,898
1,681 -7,518 -25,557
-37,264 -6,711 -3,638 -9,930 -27,458
2,412
1,901
12,883
5,319
1,813
-56,362 -14,058 -15,963 -13,906 -10,544
2,714 -5,428
-7,561
2,298 -4,331
-7,535 -6,378 -7,311 -5,327 -4,616
9,092
-26
1,882
7,625
285
-502
-548
-596
-457
-2,866
-85,438 -15,784 -19,208 -18,578 -39,836
-24,381 -4,898
1,681 -7,518 -25,557
-427
^79
-26
-375
2,345
-8,854 -2,882 -1,165
-754 -13,114
-15,152 -1,990
501 -6,337 -11,964
-52,367 -53,496 -13,601 -15,461 -13,358
-514
-3,148 -5,481 -1,280
-563
-24,839 -20,483 -5,539 -7,573 -5,904
-24,381 -27,531 -6,782 -7,374 -6,890
^,747 -7,561
2,714 -5,428
2,298
687
192
-931
98 -2,082
-994
1,492
-768
-295
909
2,604
2,912 -4,255
-3,048 -9,245
I
lllr
II
iv*
I
23,409
22,796
6,540
16,256
613
1,495
23,973
23,176
8,756
14,420
798
1,507
23,343
22,557
8,322
14,236
786
1,539
27,535
26,716
15,266
11,450
819
1,578
21,452
20,777
7,907
12,870
675
1,516
-883
-710
-754
-759
-841
643
288
692
367
741
321
790
570
457
364
II
1996
III
22,962
22,280
7,780
14,500
682
1,687
-1,005
502
290
21,877
21,289
8,418
12,871
588
1,625
-1,038
548
319
22,478 22,915 22,281 26,175 20,631 22,170 21,010
3,386
2,571
2,167
2,992
2,653
2,857
2,368
7,824
8,936
8,765
9,136
9,100
8,856
8,661
9,907
10,630 10,958 11,804 14,024
9,602 10,463
-24,503 -27,896 -10,781 -25,125 -15,053 -18,247 -18,091
1,681 -7,518
-9,093 -2,018 -5,350 -7,920 ^,898
-11,148 -7,272 -7,919 -10,925 -6,711 -3,638 -9,930
2,412
3,006
1,813
5,319
2,055 5,253 2,569
-16,256 -14,420 -14,236 -11,450 -12,870 -14,500 -12,871
2,714 -5,428
2,298
847 -11,458
8,805 -5,755
5,222 -8,668
1,920 -6,008 -6,378 -7,311 -5,327
1,882
6,886
253
9,092
7,625
-4,375 -2,790
-643
-692
-741
-790
-457
-502
-648
IV
22,592
22,080
7,851
14,229
512
1,619
-1,107
596
267
\r
llr
IV*
23,538
22,926
7,997
14,928
613
1,495
23,598
22,801
10,102
12,699
798
1,507
23,851
23,065
10,467
12,598
786
1,539
27,273
26,454
10,318
16,137
819
1,578
-883
-710
-754
-759
643
311
692
432
741
378
790
426
21,729 22,585 22,474 22,732 26,057
3,122
2,232
2,996
2,987
2,783
8,911
8,146
9,042
8,520
8,968
10,454 10,630 10,958 11,804 14,024
-44,117 -23,175 -26,175 -9,143 -29,811
-25,557 -9,093 -2,018 -5,350 -7,920
-27,458 -11,148 -7,272 -7,919 -10,925
3,006
5,253 2,569
1,901
2,055
-14,229 -14,928 -12,699 -12,598 -16,137
847 -11,458
8,805 -5,755
-4,331
5,222 -8,668
1,920 -6,008
-4,616
6,886
253
285 -4,375 -2,790
-596
-643
-692
-23,860 -27,204 -10,040 -24,335 -14,596 -17,745 -17,543 -43,521 -22,532 -25,483
1,681 -7,518 -25,557 -9,093 -2,018
-9,093 -2,018 -5,350 -7,920 -4,898
2,355
-862
-427
-479
-669
2,345
-669
-26
2,355 -1,199
-1,892 -2,882 -1,165
-754 -13,114 -4,935 -1,081
-946
^,935 -1,081
501 -6,337 -11,964 -3,489 -3,292
-3,489 -0,292 -3,205 -5,166 -1,990
-9,948 -15,613 -13,728
-791
-1,666 -1,132
-5,823 -6,430 -6,239
-3,335 -7,517 -6,357
847 -11,458
-4,331
366
-483
709
2,075 -1,601
-388
-4,309 -1,937 -9,374
III'-
-741
-790
-8,402 -29,021
-5,350 -7,920
-662
-1,199
-946
-1,892
-3,205 -5,166
-13,495 -10,660 -12,413 -13,998 -12,323 -13,633 -14,285 -12,007 -11,857 -15,347
-777
-1,820
-302
-980
-1,465 -1,419
-1,015 -1,668 -1,112
-753
-4,132 -3,682 -5,460 -6,368 -6,100 -6,911 -6,394 -4,917 -3,736 -5,437
-7,344
-8,090
-5,742
-5,672
-5,921
-6,426
-8,348 -5,310 -5,841 -6,877
8,805 -5,755
847 -11,458
8,805 -5,755
2,714 -5,428
2,298 -4,331
422
^56
366
^83
422
-456
687
709
98 -2,082
497
521
497
-994
-388
2,075 -1,601
521
-295
909
7,862
-5,796
7,862 -5,796
2,604 -4,309 -1,937 -9,374
2,912 -4,255
19,750
20,180
21,312
21,781
5,040
5,158
5,701
5,821
5,167
5,295
5,938
6,075
5,163
5,281
5,160
5,280
5,279
5,407
5,371
5,507
-120
-110
-128
-137
-100
-118
-120
5,391
5,486
-95
5,271
5,382
-118
4,563
4,656
-93
4,864
4,964
-100
5,025
5,120
-95
5,181
5,292
-470
4,240
4,333
-93
4,768
4,868
-430
-110
-128
-137
5,193
11,933
-6,740
5,683
12,989
-7,306
1,264
2,726
-1,462
1,268
2,920
-1,652
1,283
2,984
-1,701
1,378
3,303
-1,925
1,499
3,093
-1,594
1,485
3,181
-1,696
1,374
3,228
-1,855
1,325
3,487
-2,161
1,190
2,846
-1,656
1,305
2,965
-1,660
1,301
3,050
-1,749
1,397
3,072
-1,675
1,417
3,228
-1,811
1,529
3,232
-1,703
1,387
3,296
-1,910
1,351
3,233
-1,883
-31,418
-23,116
-9,825
-13,290
-8,303
-12,574
4,271
612
-33,817
-25,407
-9,719
-15,688
-8,409
-13,733
5,324
679
-6,821
-4,865
-1,801
-3,063
-1,957
-2,989
1,032
125
-49
-8,202
-6,092
-2,321
-3,771
-2,110
-2,989
879
148
-49
-9,454
-7,329
-3,244
-4,085
-2,124
-3,203
1,079
165
-69
-$,942
^,830
-2,459
-2,370
-2,112
-3,393
1,281
174
-49
-6,667 -8,925
-5,372 -6,621
-2,263 -2,521
^3,109 -4,100
-1,295 -2,305
-2,915 -3,312
1,007
1,620
177
179
-49
-51
-9,513
-6,993
-1,836
-5,158
-2,520
-3,801
1,282
169
-57
-8,711
-6,421
-3,100
-3,321
-2,290
-3,705
1,415
154
-72
-7,113
-5,156
-1,841
-3,316
-1,957
-2,989
1,032
125
-49
-7,988
-5,878
-2,425
-3,453
-2,110
-2,989
879
148
-49
-9,062
-6,938
^3,485
-3,452
-2,124
-3,203
1,079
165
-69
-7,255
-5,143
-2,074
-3,069
-2,112
-3,393
1,281
174
-49
-6,952
-5,657
-2,291
-3,366
-1,295
-2,915
1,620
179
-51
-8,720
-6,416
-2,614
-3,802
-2,305
-3,312
1,007
177
-49
-9,129
-6,609
-2,092
-4,517
-2,520
-3,801
1,282
169
-57
-9,015
-6,725
-2,722
-4,004
-2,290
-3,705
1,415
154
-72
-6,898
-8,300
-9,549
-7,067
-6,795
-9,053
-9,625
-8,793
-7,189
-8,087
-9,158
-7,381
-7,080
-8,848
-9,241
-9,097
-869
-707
-216
-31,815
-2,768
-16,447
-12,599
60,236
39,544
44,991
-5,447
13,290
7,402
15,437
-8,035
-229
-34,266
-3,378
-18,518
-12,371
83,950
53,169
62,340
-9,172
15,688
15,093
27,903
-12,810
-318
-705
-875
-869
-707
-927
-901
-843
-318
-705
-875
-3,231
-3,349
10,536
11,459
12,864
-1,406
3,063
-3,986
-2,014
-1,972
-4,473
-3,122
10,011
6,780
7,917
-1,137
3,771
-5,051
-3,623
25,620
11,122
11,825
-3,693
-2,506
14,069
10,183
12,384
-2,201
2,370
1,516
6,464
-4,948
-4,196
-1,893
28,438
17,721
18,890
-1,169
3,109
7,608
7,988
-5,213
-2,914
17,731
7,226
10,533
-3,307
4,100
6,404
11,559
-5,155
-4,651
-4,073
21,697
10,934
14,089
-3,155
5,158
5,605
7,471
-1,866
-4,458
-3,492
16,085
17,288
18,829
-1,541
3,321
-4,524
884
-5,408
-3,522
-3,349
10,788
11,459
12,864
-1,406
3,316
-3,986
-2,014
-1,972
-4,259
-3,122
9,692
6,780
7,917
-1,137
3,453
-4,659
-3,623
24,987
11,122
11,825
-541
1,741
-2,281
-703
4,085
10,413
9,246
1,167
-381
-541
1,741
-2,281
-703
3,452
10,413
9,246
1,167
^,006 -4,481
-2,506 -1,893
14,768 28,694
10,183 17,721
12,384 18,890
-2,201 -1,169
3,069
3,366
1,516
7,608
6,464
7,988
^,948
-381
-927
-901
-843
-5,008
-2,914
17,432
7,226
10,533
-3,307
3,802
6,404
11,559
-5,155
-4,267
-4,073
21,056
10,934
14,089
-3,155
4,517
5,605
7,471
-1,866
-4,762
^3,492
16,768
17,288
18,829
-1,541
4,004
-4,524
884
-5,408
-«12
-679
-125
-148
-165
-174
-179
-177
-169
-154
-125
-148
-165
-174
-179
-177
-169
-154
60,848
39,544
2,272
18,053
19,219
84,629
53,169
5,118
14,354
33,697
10,661
11,459
10,159
6,780
380
2,128
4,272
25,785
11,122
2,101
5,660
3,361
14,243
10,183
107
5,051
5,025
28,617
17,721
2,131
5,566
10,024
17,908
7,226
2,257
2,472
2,497
21,866
10,934
226
3,712
6,996
16,239
17,288
504
2,604
14,181
10,913
11,459
9,840
6,780
380
2,128
4,272
25,152
11,122
2,101
5,660
3,361
14,942
10,183
107
5,051
5,025
28,873
17,721
2,131
5,566
10,024
17,610
7,226
2,257
2,472
2,497
21,225
10,934
226
3,712
6,996
16,922
17,288
504
2,604
14,181
13,902
2,503
8,018
3,382
7,402
-1,115
175
8,342
16,367
3,178
10,948
2,241
15,093
1,944
7,634
5,515
3,188
242
1,965
982
-3,986
258
3,919
615
2,918
386
2,544
813
1,386
345
1,516
133
4,277
896
3,448
-66
6,404
995
2,993
2,416
5,327
858
2,697
1,771
5,605
^37
1,063
4,580
3,475
773
2,105
597
-4,524
-10
-1,829
-2,685
3,601
615
2,600
386
-587
-105
-987
3,617
833
1,116
1,668
10,413
-2,058
1,379
11,092
3,243
813
2,085
345
1,516
133
-105
-987
3,288
652
2,698
-62
7,608
996
5,407
1,205
3,441
242
2,217
982
-3,986
258
-587
4,250
833
1,749
1,668
10,413
-2,058
1,379
11,092
3,545
652
2,955
-62
7,608
996
5,407
1,205
3,979
896
3,150
-66
6,404
995
2,993
2,416
4,686
858
2,056
1,771
5,605
-37
1,063
4,580
4,158
773
2,788
597
^,524
-10
-1,829
-2,685
-3,279
-4,718
1,439
-3,542
-4,867
1,325
-696
-774
-863
-945
-887
-946
-775
-935
-730
-789
-824
-936
-927
-971
-727
-918
-1,055
359
-1,063
289
-1,232
369
-1,368
422
-1,173
286
-1,257
312
-1,163
389
-1,274
339
-1,098
368
-1,121
332
-1,207
383
-1,292
356
-1,214
287
-1,321
351
-1,135
408
-1,197
279
543
-6,983
7,525
201
-8,944
9,146
67
-1,628
1,695
147
-1,632
1,778
183
-1,789
1,972
146
-1,935
2,081
114
-1,966
2,080
-101
97
-2,271
2,368
91
-2,462
2,553
124
-1,630
1,754
95
-1,713
1,808
216
-1,804
2,020
107
-1,836
1,943
180
-1,974
2,154
-171
-2,246
2,145
-2,347
2,176
143
-2,286
2,428
50
-2,337
2,387
-317
5,214
6,561
-3,657
-541
552
-512
1,894
-017
5,214
6,561
-3,657
-541
552
-512
1,894
SURVEY OF CURRENT BUSINESS
• 51
April 1997
Table 6.—Securities Transactions
[Millions of dollars]
Not seasonally adjusted
(Credits +; debits -)
Line
1995
1996"
I
A1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Foreign securities, net U.S. purchases (-), (table 1, line 45 or lines 2 + 13 below)
Stocks net U.S. purchases
New issues in the United States
Of which Western Europe
Canada .
Latin America
Transactions in outstanding stocks, net
Western Europe
Of which United Kingdom
Canada
Japan
Other
Bonds net U.S purchases
New issues in the United States
By issuer:
Central governments and their agencies and corporations
Other governments and their agencies and corporations1
Private corporations
International financial institutions2
19
20
21
22
23
24
By area:
Western Europe
Canada
japan
Latin America ....
Other countries ..
International financial institutions2
25
26
27
28
29
Redemptions of U.S.-held foreign bonds 3
Western Europe
Canada
Other countries ..
International financial institutions2
30
31
32
33
34
35
B1
2
3
4
5
6
7
8
9
Other transactions in outstanding bonds, net3
Western Europe
Of which United Kingdom
Canada
Japan
oKr . : : : :.:
U.S. securities, excluding Treasury securities and transactions of foreign official agencies, net foreign purchases (+),
(table 1, line 59 or lines 2 + 10 below)
Stocks, net foreign purchases
By area
Western Europe
Of which Germany
Switzerland
United Kingdom
Canada
Japan
Other
1996
1995
II
IV
III
I
II
UK
\\IP
-98,960 -104,533
-7,571 -23,011 -35,839 -32,539 -34,420 -20,200 -22,933 -26,980
-50,697
-57,759
-4,090 -10,200 -22,051 -14,356 -22,455 -17,414
-8,863
-5,365
^28
Pi
-11,353
-5,796
(°)
-1,108
-41,834
-15,959
-8,458
1,099
-19,398
-7,576
-46,406
-24,712
-12,620
-1,991
-9,560
-10,143
-3,662
-2,021
-1,662
913
-48,263
-46,774
-3,481 -12,811 -13,788 -18,183 -11,965
-2,786 -14,918 -17,105
-39,368
-52,472
-6,471
-7,268 -12,645 -12,984 -12,895
-8,411 -13,800 -17,366
-3,095
-4,838
-30,276
-1,159
-9,867
-10,206
-31,280
-1,119
-1,472
-4,075
-12
-6,243
-283
-334
-530
-200
-13,005
-10,732
-11,380
-7,531
-2,877
-1,975
-2,617
-2,175
-2,835
-4,152
-950
-657
-1,536
-3,788
-4,676
-2,430
-20
-1,659
-3,669
-3,942
-3,042
^310
-938
-945
-283
-334
-530
-200
-330
-152
(°)
-2,216
-1,253
-156
(°)
-400
-2,154
-912
-197
-1,183
-715
-102
(°)
-7,984 -20,868
-3,771 -6,600
-2,045 -2,871
-659
469
-3,103 -11,752
-1,579 -1,857
-532
-210
-5,036
-3,245
-2,920
-621
-224
-645
-394
-757
-4,908
^3,341
-561
-92
-9,320 -19,535 -12,506
•^3,567 -6,905 -6,837
-1,880 -2,043 -4,789
-876
-921
376
-4,143 -7,924 -2,523
-1,986 -3,830 -2,225
-1,262
-389
-2,017 -1,139
-9,032 -10,926
-3,022
-2,716
-6,957
-8,015
-9,875
-1,342
-2,183
-1,054
-85
-644
(°)
-119
-503
-6,673
-5,035
-1,918
386
-99
-1,925
-7,692
-5,935
-3,870
-580
986
-2,163
-89
-1,587
-6,725
-10
-5,517 -1,239
-1,014 -4,889
-6,423 -11,175
-846
-63
-1,420
-1,989
-1,493
^,029
-2,033
-2,775
-3,046
-10
-6,518
-2,954
^3,536
-7,705
-63
3,438
977
1,206
1,230
25
4,500
1,578
983
1,764
175
4,763
1,062
564
2,240
897
2,187 -5,618
1,723 -10,445
5,050 -8,863
1,150
2,062
-587
3,217
-99
^52
-4,502
-9,191
-9,742
-963
-197
-3,130
-2,581
-5,083
-9,059
-1,159
-15,959
-16,286
-1,119
10,579
2,734
3,509
2,437
1,899
16,176
6,125
3,141
5,813
1,097
1,210
321
415
474
3,186
1,384
986
543
273
2,731
518
998
1,015
200
3,452
511
1,110
405
1,426
3,475
2,508
388
579
-19,474
-15,970
-14,112
1,780
3,595
3,374
238
-1,964
-89
-8,729
-9,184
-9,450
-1,729
1,111
1,073
-3,874
-3,448
-2,782
-1,706
-3,231
4,511
-8,651
-6,933
-5,254
2,363
-1,723
-2,358
-2,545
-1,803
-2,657
-5,807
3,137
-10,478
-19,716
-16,212
1,903
3,423
3,912
95,268
131,682
15,480
20,496
31,971
27,321
35,993
29,122
34,820
31,747
13,357
11,867
-3,755
2,071
4,977
10,064
3,419
5,901
1,566
981
10,632
-1,877
-2,406
7,751
-1,663
-2,808
7,196
5,707
1,235
2,536
3,584
2,181
^53
4,432
-1,986
369
-1,022
-1,382
2,708
2,346
9,903
-244
-892
-149
2,048
274
722
386
349
517
65
85
73
306
2,787
1,439
-1,741
197
2,968
-1,557
4,829
3,188
539
991
1,451
-35
-1,326
-834
-12
-462
-966
-170
-225
-900
-366
2,582
-641
834
2,631
103
856
-424
-477
159
-719
1,058
-281
-825
-798
1,138
2,291
3,505
-846
-261
-885
1,270
4,304
-593
50
10
Corporate and other bonds, net foreign purchases
81,911
119,815
19,235
18,425
26,994
17,257
32,574
23,221
33,254
30,766
11
12
13
By type:
New issues sold abroad by U.S. corporations
U.S. federally-sponsored agency bonds net
Other outstanding bonds, net
59,261
24,975
-2,325
53,445
44,965
21,405
16,499
5,378
-2,642
12,107
5,047
1,271
16,279
11,722
-1,007
14,376
2,828
53
13,511
14,391
4,672
11,643
5,661
5,917
13,716
12,161
7,377
14,575
12,752
3,439
14
15
16
17
18
19
20
21
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom
Canada
japan
Other countries
International financial institutions2
68,955
5,788
487
57,347
2,359
2,233
8,911
73,519
5,055
861
54,188
3,932
13,104
29,219
41
17,456
1,859
157
15,310
650
303
1,040
14,532
568
-95
15,168
644
1,437
1,907
-95
19,779
2,132
559
14,363
705
1,662
5,022
17,188
1,229
15,645
1,610
259
10,089
1,420
2,580
3,587
-11
20,504
1,203
780
15,254
999
5,446
6,314
-9
16,245
-59
12,506
360
-1,169
942
-64
21,125
2,301
-70
14,838
503
909
9,962
75
14,007
1,010
4,169
9,356
-14
86,773
4,331
1,636
7,960
1,126
178
87
24,814
12,296
1,326
11,792
518
-457
-117
7,418
764
616
26,044
52
-9
3,406
31,123
-111
-336
-202
34,979
3,144
10,316
8,086
1,258
831
454
30,098
30,404
1,217
905
-2,490
44,483
22,239
1,804
-91
1,880
70,292
-547
-214
-174
-134
-108
Memoranda:
Other foreign transactions in marketable, long-term U.S. securities included elsewhere in international transactions accounts:
1
2
3
4
5
Foreign official assets in the United States (lines in table 9):
U.S. Treasury marketable bonds (line A4)
Other U.S. Government securities (line A6)
U.S. corporate and other bonds (part of line A14)
U.S. stocks (part of line A14)
Other foreign transactions in U.S. Treasury bonds and notes (table 9, line B4)
See footnotes on page 55.
39,466
3,734
220
3,046
94,060
-358
155,189
SURVEY OF CURRENT BUSINESS
52 • April 1997
Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; increase in U.S. liabilities or decrease in U.S. assets.
Debits -; decrease in U.S. liabilities or increase in U.S. assets.)
1995
1995
I
5
6
7
8
9
10
11
12
13
14
1996
IV
-22,904
7,500
-14,278
-12,707
-3,374
-15,696
n.a.
342,381
-22,041
-22,872
831
7,554
12,005
-4,451
-12,728
-9,957
-2,771
-13,232
-5,270
-7,962
-3,159
-4,111
952
-16,176
-8,668
-7,508
n.a.
n.a.
n.a.
317,951
239,881
78,070
By type: Deposits ' 12
Other claims
^33,080
-53
-6,409
491
-21,984
-57
7,962
-12,649
-79
-13,131
-2,994
-15,942
n.a.
n.a.
313,304
4,647
By area: Industrial countries3
Of which United Kingdom
Canada
Caribbean banking centers 4
Other
-23,501
-9,960
276
-9,850
218
-5,913
-1,102
1,724
-5,871
606
-10,950
-1,709
755
18,745
-5,985
-6,345
-11,038
-6,818
101
-1,238
n.a.
n.a.
n.a.
n.a.
n.a.
132,771
59,213
6,785
173,319
11,861
-1,086
-1,576
490
1,381
753
598
-863
-723
-140
141
-109
480
432
48
n.a.
n.a.
n.a.
24,430
22,468
7,962
-1,815
729
743
638
-911
-83
29
-1,564
14
266
214
n.a.
n.a.
22,010
2,420
358
-470
345
-94
644
-373
-305
-840
-175
-535
-210
-1,273
1,323
118
-60
-54
n.a.
n.a.
n.a.
13,965
1,072
9,393
34,578
9,076
7,285
6,945
11,272
6,506
7,296
20,608
n.a.
272,403
34,705
30,475
4,230
8,939
6,233
2,706
9,168
9,678
6,101
5,034
1,067
10,497
9,530
967
5,434
4,373
7,067
7,108
7,215
18,373
17,154
1,219
n.a.
n.a.
n.a.
242,194
228,343
13,851
7,639
10,203
26,908
158
3,009
1,342
6,100
-2,023
11,200
-9
3,565
4,711
2,508
28
3,088
4,501
7,100
309
9,714
7,757
-4,125
6,529
7,738
900
-155
-321
10,271
9,199
7,895
207
n.a.
n.a.
n.a.
n.a.
75,162
61,415
150,800
16,232
-1,883
-2,108
225
844
882
-38
775
968
1,072
1,384
188
110
78
2,235
2,114
727
n.a.
n.a.
n.a.
30,209
29,357
852
683
-2,566
1,310
274
-86
524
1,711
n.a.
n.a.
11,605
18,604
1,217
408
610
n.a.
n.a.
n.a.
17,956
2,367
9,886
Commercial claims
Denominated in U.S. dollars
Denominated in foreign currencies
By area: Industrial countries35 ,
Members of OPEC
Other
9
10
11
III*
-5,918
-5,465
17
18
19
5
6
7
8
II
-4,537
By type* Trade receivables
Advance payments and other claims
2
3
4
I
IV
-33,133
-26,289
-6,844
Financial claims
Denominated in U.S. dollars
Denominated in foreign currencies
15
16
B1
III
-34,219
A1 Claims total (table 1, line 46)
2
3
4
II
Amounts
outstanding
Sept. 30,
1996
Liabilities, total (table 1, line 60)
Financial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies
By area: Industrial countries3
Of which United Kingdom
Caribbean banking centers4
Other
Commercial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies
12
13
By type1 Trade payables
Advance receipts and other liabilities
14
15
16
By area1 Industrial countries 35
Members of OPEC
Other
See footnotes on page 55.
-171
-127
541
-668
1,006
-1,133
-272
440
-295
-453
-653
-170
137
799
-662
-161
298
579
205
-647
-804
-1,845
-15,993
-135
48
-20
-510
-551
-1,913
-19
49
-408
-241
-54
-195
-466
991
-138
-9
-358
-6,731
-12
-1,550
-1,441
-793
950
-175
71
392
312
-101
-956
-165
7,988
4,033
863
-10,853
-294
525
456
69
-215
-766
921
-153
-396
80
655
-372
-198
1,270
1,607
-204
-331
-49
-62
-72
120
-263
-107
-157
285
60
-234
-6,491
-2,451
3,126
-9,399
-286
-110
SURVEY OF CURRENT BUSINESS
April 1997 • 53
Table 8.—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; decrease in U.S. assets. Debits -; increase in U.S. assets.)
1995
1996"
1995
I
Total (table 1, line 47).
-69,146
-88,219
-29,114
By type:
Banks' own claims
-54,296
-62,529
^39,960
-70,639
-20,415
13,139
882
-33,566
Payable in dollars ,
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks.,
foreign public borrowers* ,
other private foreigners
By bank ownership:2
U.S.-owned banks' claims on:
own foreign offices
unaffiliated foreign banks
other foreigners
Foreign-owned banks' claims on:
own foreign offices
unaffiliated foreign banks
other foreigners
IV
-41,236
8,476
-19,941
-32,612
14,562
-7,526
-28,135
6,703
-35,370
-14,667
582
-21,184
-10,119
6,183
-276
-3,314
-8,180
-6,981
-12,810
3,607
5,185
1,498
-3,587
10,057
-69
-29,314
-18,073
-14,097
-11,181
-6,288
2,914
-815
9,567
-1,158
-14,320
-30,472
13,208
-3,370
-17,297
-9,421
-3,831
3,269
-2,775
-17,747
-5,823
1,346
-570
Amounts
outstanding
Dec. 31,
1996
1996
-164
-7,272
-56,663
854,768
-10,913
-54,426
667,338
-8,676
-56,170
600,887
-9,670
-1,830
4,801
2,298
-4,078
-4,070
223
-751
-31,530
-3,960
795
-21,475
343,118
113,576
21,924
122,269
-1,468
1,152
-4,350
1,065
-6,746
7,360
-5,814
-4,784
3,991
-11,856
-3,719
-18,182
143,652
50,595
92,203
11,376
-5,959
-2,143
-10,735
4,916
1,736
714
-4,519
-19,674
199,466
62,981
51,990
1,714
-74
-33,196
-16,305
3,916
-1,106
-11,002
-1,392
-4,401
-5,723
8,752
-176
-13,855
9,908
-4,807
-5,237
-1,256
8,347
-762
-2,740
-1,569
-1,063
-11,439
-4,740
5,947
651
-4,154
9,815
-2,592
-261
-241
-2,498
-14,336
8,110
-12,415
-4,477
7,859
-5,303
5,308
3,295
-2,237
1,744
66,451
Banks' domestic customers' claims
Payable in dollars
Deposits
Foreign commercial paper3
Other negotiable and readily transferable instruments4
Outstanding collections and other
Payable in foreign currencies
-14,850
-19,342
7,300
-13,497
-7,768
-5,377
4,492
-25,690
-21,389
-14,355
-10,668
-1,229
4,863
-4,301
-9,173
-11,028
-2,323
-6,086
-9,702
3,512
81
-1,927
1,855
-8,624
-7,466
-2,427
911
-3,297
-2,653
-1,158
9,033
8,854
8,538
-689
^47
1,452
179
-2,202
-2,283
-10,281
3,577
2,151
2,270
81
1,032
2,143
-2,604
-2,142
5,377
1,512
-1,111
-22,283
-22,617
-10,292
-10,163
-2,060
-2,237
1,368
8,822
-1,940
-6,697
1,183
-4,605
187,430
176,695
71,873
65,572
24,026
15,224
10,735
Industrial countries5
Western Europe
Of which United Kingdom
Canada
Japan
Other
-34,267
-31,045
-15,083
-147
-5,067
1,992
^5,974
-37,634
-18,891
-11,755
6,900
-3,485
-27,236
-17,957
-6,652
-9,005
-1,892
1,618
-11,624
-2,379
687
4,062
-11,958
-1,349
14,175
6,399
7,638
1,761
7,317
-1,302
-9,582
-17,108
-16,756
3,035
1,466
11,895
^33,801
-24,670
-16,025
-6,112
-137
-8,731
-7,602
1,958
-5,015
3,422
464
-15,337
-4,632
-3,866
1,796
10,966
441,334
284,733
138,036
51,770
92,196
12,635
Caribbean banking centers6 .
-23,616
-18,223
5,615
-19,707
-7,996
-1,528
-1,851
14,487
-4,093
Other areas
Of which Members of OPEC, included below7
Latin America
Asia
Africa 8
Other
-11,263
4,002
-3,110
-8,400
-37
284
-24,022
-7,493
2,297
-7,691
162
999
-1,400
3,838
3,876
-1,535
5,274
151
-52
-8,330
2,687
298
-4,951
-94
-3,583
-5,830
-10,720
-11,185
139
-2,256
-9,905
-753
-2,194
-8,324
-124
737
9,767
-17,322
5,400
-4,289
4,876
3,780
3,292
1,061
-7,463
18,789
1,145
-2,704
-16,316
617
1,621
-3,244
-408
5,511
811
-514
655
-4,335
295
-904
-3,237
8,685
616
-1,188
-4,473
8,928
6,270
-3,891
867
46
-3,310
4,413
955
-997
145
93
4,165
5,602
47
4,642
-21,964
-1,208
234
5,166
-21
6,057
-10,346
-344
-278
-141
3,309
3,570
1,202
-840
-€16
-304
Payable in foreign currencies
Memoranda:
International banking facilities' (IBF's) own claims, payable in dollars (lines 1-13 above) .
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers
all other foreigners
By bank ownership:2
U.S.^wned IBPs
Foreign-owned IBF's .
Banks' dollar acceptances payable by foreigners
See footnotes on page 55.
-486
1,164
-963
-4,105
-2,249
3,616
-285
1,582
2,341
-226
4,181
-29
3,025
-577
-2,821
6,601
441
-730
-892
-855
-7,530
-10
2,565
-102
334
-184
-2,835
-958
-2,424
-7,304
-977
-26,766
243,173
-14,560
170,261
16,511
-1,525
-756
-833
-9,330
4,735
209
587
-1,825
79,315
2,729
8,049
-24,144
219,724
-22,022
610
131,542
55,594
6,453
26,135
2,746
-515
-61
-3,439
34
-346
-2,386
1,752
-25,896
-227
58,169
161,555
9,623
SURVEY OF CURRENT BUSINESS
54 • April 1997
Table 9.—Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; increase in foreign assets. Debits -; decrease in foreign assets.)
1995
1996*
I
A1
2
3
4
5
6
7
8
9
10
11
12
13
14
Foreign official assets In the United States (table 1, line 49)
U.S. Treasury securities (table 1, line 51)
Bills and certificates
Bonds and notes marketable
Bonds and notes nonmarketable
Other U.S. Government securities (table 1, line 52)
Other U.S. Government liabilities (table 1, line 53)
U.S. liabilities reported by U.S. banks, not included elsewhere (table 1, line 54)
Banks' liabilities for own account, payable in dollars *
Demand deposits
Time deposits l
Other liabilities2
.
Banks' custody liabilities payable in dollars * 3
Other foreign official assets (table 1 line 55)
II
Amounts
outstanding
Dec. 31,
1996
1995
III
I
IV
II
III'-
IVP
1996
109,757
122,778
21,822
37,380
39,186
11,369
52,021
13,566
24,235
32,956
790,200
68,813
28,964
39,466
383
3,734
1,082
32,862
22,376
537
7,090
14,749
10,486
3,266
111,151
24,901
86,773
10,132
2,146
7,960
26
1,126
12,984
5,441
7,418
125
764
1,249
-3,908
-3,792
739
-1,447
-3,084
-3,384
-11,211
8,086
25,472
-5,049
30,404
117
1,217
1,061
-1,930
-5,956
33,463
11,313
22,239
-89
1,804
279
-4,379
-6,713
2,893
-6,437
8,746
1,278
20,489
8,576
11,792
121
518
-71
18,478
12,879
-36
4,795
8,120
5,599
55,600
29,848
26,044
10,630
9,580
341
317
8,922
1,050
265
25,208
12,801
12,296
111
1,326
235
7,662
3,709
124,623
152,226
33,829
40,568
15,727
34,499
-23,739
-523
4,331
1,404
4,614
-4,132
-588
-331
-507
3,425
791
3,953
2,949
-228
-116
280
-292
52
-156
-3,264
5,226
-675
1,688
4,213
-8,490
-211
-162
-539
^4,014
-1,780
4,026
-1,585
-1,240
^,934
2,334
1,789
582,653
193,435
383,250
5,968
29,580
28,593
111,938
79,245
1,510
33,675
44,060
32,693
37,436
33,137
42,251
100,577
1,360,010
-259
1,258
220
14,187
3,311
788
6,459
-3,936
10,876
1,285
By area (see text table D):
B1
Other foreign assets In the United States (table 1, lines 58 and 61)
2
U S Treasury securities (line 58)
99,340
153,784
29,969
30,368
37,269
1,734
11,832
31,212
43,402
67,338
542,973
3
4
By security:
Bills and certificates
Marketable bonds and notes
5,280
94,060
-1,405
155,189
5,155
24,814
-755
31,123
2,290
34,979
-1,410
3,144
1,516
10,316
1,114
30,098
-1,081
44,483
-2,954
70,292
27,402
515,571
5
6
7
By holder:
Foreign banks
Other private foreigners
International financial institutions4
4,394
94,875
71
-1,983
156,572
4,495
25,085
389
1,149
36,104
16
-536
31,433
2,253
17
98
10,974
760
2,274
29,800
-862
315
44,121
-1,034
-4,670
71,677
331
13,886
517,834
11,253
25,283
26,880
4,253
-1,558
6,224
3,860
2,743
-3,786
10,200
14,691
4,166
-21,542
-18,122
-13,567
32,765
27,568
17,440
-35,571
-31,887
-28,966
1,925
1,713
-2,424
-1,151
-2,896
-2,385
33,239
32,679
39,999
817,037
780,652
676,832
^3,386
4,073
1,330
-1,857
-8,302
5,443
-22,031
-9,943
529
-775
-193
-1,737
-2,604
6,720
7,724
3,247
-6,683
5,587
-504
1,488
-11,879
5,126
9
6,282
5,706
-3,386
1,301
4,613
1,725
4,073
-9,902
9,671
2,382
1,330
-2,224
-3,435
543
-1,857
2,946
2,634
443
-8,302
-10,114
1,891
2,958
-19,359
5,195
2,872
-12,443
4,581
7,792
5,774
-1,069
-4,103
-14,207
3,560
570
-8,040
-4,157
5,262
15,973
-3,894
3,466
16,516
-14,483
4,261
-4,444
-1,155
1,211
12,350
-262
22,627
-6,615
-1,597
-1,167
3,128
8
9
10
U S liabilities reported by U S. banks (line 61)
Banks' own liabilities 1
Payable in dollars
12
13
14
By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners:
demand deposits
time deposits12
other liabilities
15
16
17
18
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners
international financial institutions4
11
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
By bank ownership:5
U.S.-owned banks' liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners and international financial institutions4
Foreign-owned banks' liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners and international financial institutions 4
Payable in foreign currencies
Banks' custody liabilities payable in dollars 1 3
Of which negotiable and readily transferable instruments
By area:
Industrial countries ^
Western Europe
Canada
Other ....
.
Caribbean banking centers 7
Other areas
Of which Members of OPEC included below8
Latin America
Asia
Africa 9
Other
Memoranda:
1 International banking facilities' (IBF's) own liabilities, payable in dollars (in lines A9, and
B10 above) .
;
2
3
4
5
By holder:
Liabilities to:
own foreign offices .
unaffiliated foreign banks
foreign official agencies
other private foreigners and international financial institutions4
6
7
By bank ownership:5
U S -owned IBF's
Foreign-owned IBF's
8
Negotiable certificates of deposit held for foreigners1 (in lines A13 and B27 above)
See footnotes on page 55.
-614
-805
-391
-714
-351
-8,809
44,856
401,192
-5,682
3,217
-10,383
14,685
-1,703
7,021
1,106
2,147
-2,482
-4,522
25,602
155,079
94,959
5,443
10,693
3,523
-2,219
-22,031
-€,292
1,146
-1,789
-9,943
296
4,903
2,320
-8,809
3,043
452
2,929
44,856
-6,949
3,170
-1,078
401,192
161,480
101,515
12,645
-2,886
6,861
1,143
-12,354
2,424
-3,114
-7,063
6,813
9,193
-5,813
-2,576
12,787
H363
4,289
154,519
43,170
71,563
-2,996
3,336
5,957
32,069
-2,586
-2,197
246,673
118,310
42,597
-414
-839
-293
-€14
-5,957
2,507
-413
8,329
3,832
161
-9,677
-8,716
2,471
-2,880
-6,517
-1,970
6,529
10,525
-4,555
10,128
-2,921
4,137
-511
-7,320
103,820
1,117
1,843
-4,491
-4,343
-3,420
-3,285
5,197
5,152
-3,684
-3,130
212
115
1,745
2,023
560
4,120
36,385
31,771
26,927
7,000
4,873
15,054
31,808
20,405
-3,620
15,023
-18,518
2,437
231
-1,098
-7,344
780
-3,839
-4,285
36,528
5,315
21,864
17,932
3,496
436
6,766
4,507
310
2,925
1,670
^8
-40
50,338
42,701
2,927
4,710
46,235
4,004
1,955
13,308
-3,829
1,740
15,397
19,843
7,417
167
-1,584
6,575
394
2,032
22,534
24,112
41,189
37,146
22,778
6
-1,830
18,313
397
5,898
101,806
94,346
9,944
-2,484
24,229
26,191
3,688
8,957
16,697
200
337
-982
802,934
549,167
50,201
203,566
356,653
200,423
41,358
52,707
109,545
6,967
31,204
11,572
-17,956
-6,380
770
-3,463
7,342
6,923
-3,696
-18,297
1,020
3,017
-7,745
-1,363
2,279
9,293
-8,797
-633
64,699
24,356
-846
-425
2,516
4,613
366
3,594
-1,683
7,070
9,601
3,799
-6,330
-32,986
2,177
1,252
1,370
2,545
-82
-1,656
4,974
2,992
9,986
-6,550
-8,898
-14,076
11,568
352,750
2,890
-6,267
5,794
575
4,414
5,814
-1,016
774
-2,072
-7,523
1,476
1,569
-8,340
-7,093
7,497
-10,201
3,205
1,211
-1,647
3,041
2,369
-962
-4,969
1,795
16,917
-2,980
-2,984
615
161,704
120,231
40,146
30,669
-13,619
-4,337
2,727
-9,107
-5,548
10,522
656
2,336
4,444
5,542
2,031
-8,581
-1,857
-7,041
-16,065
1,989
2,272
9,296
69,681
283,069
770
-1,086
-4,652
-2,219
-840
906
-425
821
-707
7,609
580
-1,664
7,550
-232
-477
-972
-131
-278
-1,300
4,214
15,503
2,443
1,781
10,567
140
3,015
-701
-317
2,881
1,915
190
-532
9,934
SURVEY OF CURRENT BUSINESS
April 1997
• 55
FOOTNOTES TO U.S. INTERNATIONAL TRANSACTIONS TABLES 1-1O
General notes for all tables: V Preliminary.r Revised.
'Less than $500,000 (±)
n.a. Not available.
^ Suppressed to avoid disclosure of data of individual companies.
Table 1:
1. Credits, +: Exports of goods, services, and income; unilateral transfers to United States; capital inflows (increase
in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. official reserve assets; increase in foreign
official assets in the United States.
Debits, -: Imports of goods, services, and income; unilateral transfers to foreigners; capital outflows (decrease
in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official reserve assets; decrease in foreign
offical assets in the United States.
2. Excludes exports of goods under U.S. military agency sales contracts identified in Census export documents,
excludes imports of goods under direct defense expenditures identified in Census import documents, and reflects various
other adjustments (for valuation, coverage, and timing) of Census statistics to balance of payments basis; see table 2.
3. Includes some goods: Mainly militaryequipment in line 4; major equipment, other materials, supplies, and petroleum
products purchased abroad by U.S. military agencies in line 18; and fuels purchased by airline and steamship operators in
lines 7 and 21.
4. Includes transfers of goods and services under U.S. military grant programs.
5. Beginning in 1982, these lines are presented on a gross basis. The definition of exports is revised to exclude U.S.
parents' payments to foreign affiliates and to include U.S. affiliates' receipts from foreign parents. The definition of imports
is revised to include U.S. parents' payments to foreign affiliates and to exclude U.S. affiliates' receipts from foreign parents.
6. Beginning in 1982, the "other transfers" component includes taxes paid by U.S. private residents to foreign
governments and taxes paid by private nonresidents to the U.S. Government.
7. For all areas, amounts outstanding December 31,1996, were as follows in millions of dollars: Line 34,75,089; line
35,11,048; line 36,10,312; line 37,15,435; line 38,38,294. Data are preliminary.
8. Includes sales of foreign obligations to foreigners.
9. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible bonds
and notes.
10. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and of debt securities of
U.S. Government corporations and agencies.
11. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other
transactions arranged with or through foreign official agencies; see table 4.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State and local
governments.
13. Conceptually, the sum of lines 70 and 62 is equal to "net foreign investment" in the national income and product
accounts (NIPA's). However, the foreign transactions account in the NIPA's (a) includes adjustments to the international
transactions accounts for the treatment of gold, (b) includes adjustments for the different geographical treatment of transactions with U.S. territories and Puerto Rico, and (c) includes services furnished without payment by financial pension
plans except life insurance carriers and private noninsured pension plans. A reconciliation of the balance on goods and
services from the international accounts and the NIPAnet exports appears in the "Reconciliation and Other Special Tables"
section in this issue of the SURVEY OF CURRENT BUSINESS. A reconciliation of the other foreign transactions in the two sets of
accounts appears in table 4.5 of the full set of NIPA tables (published annually in the July issue of the SURVEY).
Additional footnotes for historical data in June issues of the SURVEY:
14. For 1974, includes extraordinary U.S. Government transactions with India. See "Special U.S. Government
Transactions," June 1974 SURVEY, p. 27.
15. For 1978-83, includes foreign currency-denominated notes sold to private residents abroad.
16. Break in series. See Technical Notes in the June 1989, June 1990, June 1992, June 1993, June 1995, and July
1996 issues of the SURVEY.
Table 2:
1. Exports, Census basis, represent transactions values, f.a.s. U.S. port of exportation, for all years; imports, Census
basis, represent Customs values (see Technical Notes in the June 1982 SURVEY), except for 1974-81, when they represent
transactions values, f.a.s. foreign port of exportation (see June issues of the SURVEY for historical data).
From 1983 forward, both unadjusted and seasonally adjusted data have been prepared by BEA from "actual" and
"revised statistical" month data supplied by the Census Bureau (see Technical Notes in the December 1985 SURVEY).
Seasonally adjusted data reflect the application of seasonal factors developed jointly by Census and BEA. The seasonally adjusted data are the sum of seasonally adjusted five-digit end-use categories (see Technical Notes in the June
1980 SURVEY, in the June 1988 SURVEY, and in the June 1991 SURVEY). Prior to 1983, annual data are as published by
the Census Bureau, except that for 1975-80 published Census data are adjusted to include trade between the U.S. Virgin
Islands and foreign countries.
2. Beginning in 1990, the Census Bureau replaced its compiled export statistics with counterpart Canadian import
statistics. Similarly, Statistics Canada replaced its compiled export statistics with counterpart U.S. import statistics. This
exchange of data has eliminated the need for the inland freight adjustment on U.S. exports, but not on U.S. imports.
3. Adjustments in lines A5 and A13, B12, B47, and B82 reflect the Census Bureau's reconciliation of discrepancies
between the goods statistics published by the United States and the counterpart statistics published in Canada. These
adjustments are distributed to the affected end-use categories in section C. Beginning in 1986, estimates for undocumented
exports to Canada, the largest item in the U.S.-Canadian reconciliation, are included in Census basis data shown in line
A1.
4. Exports of militaryequipment under U.S. military agency sales contracts with foreign governments (line A6), and
direct imports by the Department of Defense and the Coast Guard (line A14), to the extent such trade is identifiable from
Customs declarations. The exports are included in tables 1 and 10, line 4 (transfers under U.S. military agency sales
contracts); the imports are included in tables 1 and 10, line 18 (direct defense expenditures).
5. Addition of electrical energy; deduction of exposed motion picture film for rental rather than sale; net change in stock
of U.S.-owned grains in storage in Canada; coverage adjustments for special situations in which shipments were omitted
from Census data; deduction of the value of repairs and alterations to foreign-owned equipment shipped to the United
States for repair; and the inclusion of fish exported outside of U.S. customs area. Also includes deduction of exports to the
Panama Canal Zone before October 1,1979, and for 1975-82, net timing adjustments for goods recorded in Census data
in one period but found to have been shipped in another (see June issues of the SURVEY for historical data).
6. Deduction of foreign charges for repair of U.S. vessels abroad, which are included in tables 1 and 10, line 21 (other
transportation); coverage adjustments for special situations in which shipments were omitted from Census data; and the
deduction of the value of repairs and alterations to U.S.-owned equipment shipped abroad for repair. Also includes addition
of understatement of inland freight in f.a.s values of U.S. imports of goods from Canada in 1974-81; deduction of imports
from the Panama Canal Zone before October 1, 1979; and for 1975-82, net timing adjustments for goods recorded in
Census data in one period but found to have been shipped in another (see June issues of the SURVEY for historical data).
7. For 1988-89, correction for the understatement of crude petroleum imports from Canada.
8. Annual and unadjusted quarterly data shown in this table correspond to country and area data in table 10, lines 2
and 16. Trade with international organizations includes purchases of nonmonetary gold from the International Monetary
Fund, transfers of tin to the International Tin Council (ITC), and sales of satellites to Intelsat. The memoranda are defined
as follows: Industrial countries. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa; Members
of OPEC. Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Indonesia, Algeria, Libya,
Nigeria, and Gabon (beginning in January 1993, excludes Ecuador); Other countries. Eastern Europe, Latin America and
Other Western Hemisphere, and other countries in Asia and Africa, less OPEC. Before 1984, complete geographic area
detail was not available for some balance of payments adjustments. Therefore, the detail shown does not always sum to
the values shown for the area aggregates. For all years, "Asia" and "Africa" exclude certain Pacific Islands and unidentified
countries included in "Other countries in Asia and Africa."
9.lncludes the former German Democratic Republic (East Germany) beginning in fourth quarter of 1990. In earlier
periods, the German Democratic Republic was included in Eastern Europe.
10. Beginning in 1986, New Zealand and South Africa are included in "Other countries in Asia and Africa," with New
Zealand included as part of "Asia" and South Africa as part of "Africa."
11. Includes nuclear fuel materials and fuels.
Table 3:
1. Patented techniques, processes, and formulas and other intangible property rights that are used in goods production.
2. Copyrights, trademarks, franchises, rights to broadcast live events, and other intangible property rights.
3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign governments and international
organizations in the United States. Payments (imports) include mainly wages of foreign residents temporarily employed in
the United States and Canadian and Mexican commuters in U.S. border areas.
Table 4:
1. Expenditures to release foreign governments from their contractual liabilities to pay for military goods and services
purchased through military sales contracts—first authorized (for Israel) under Public Law 93-199, section 4, and subsequently authorized (for many recipients) under similar legislation—are included in line A3. Deliveries against these military
sales contracts are included in line C10; see footnote 2. Of the line A3 items, part of these military expenditures is applied
in lines A40 and A43 to reduce short-term assets previously recorded in lines A38 and C8; this application of funds is
excluded from lines C3 and C4. A second part of line A3 expenditures finances future deliveries under military sales
contracts for the recipient countries and is applied directly to lines A39 and C9. A third part of line A3, disbursed directly to
finance purchases by recipient countries from commercial suppliers in the United States, is included in line A34. A fourth
part of line A3, representing dollars paid to the recipient countries to finance purchases from countries other than the United
States, is included in line A45.
2. Transactions under military sales contracts are those in which the Department of Defense sells and transfers
military goods and services to a foreign purchaser, on a cash or credit basis. Purchases by foreigners directly from
commercial suppliers are nor included as transactions under military sales contracts. The entries for the several categories
of transactions related to military sales contracts in this and other tables are partly estimated from incomplete data.
3. The identification of transactions involving direct dollar outflows from the United States is made in reports by each
operating agency.
4. Line A35 includes foreign currency collected as interest and line A40 includes foreign currency collected as principal,
as recorded in lines A13 and A14, respectively.
5. Includes (a) advance payments to the Department of Defense (on military sales contracts) financed by loans
extended to foreigners by U.S. Government agencies and (b) the contraentry for the part of line C10 that was delivered
without prepayment by the foreign purchaser. Also includes expenditures of appropriations available to release foreign
purchasers from liability to make repayment.
6. Includes purchases of loans from U.S. banks and exporters and payments by the U.S. Government under commercial
export credit and investment guarantee programs.
7. Excludes liabilities associated with military sales contracts financed by U.S. Government grants and credits and
included in line C2.
Tables:
1. Beginning with 1991, payments and receipts of interest related to interest rate and foreign currency swaps between
affiliates and parents are netted and are shown as either net payments or net receipts. Receipts and payments of other
types of interest are shown on a gross basis.
2. Petroleum includes, and manufacturing and "other" industries exclude, the exploration, development, and production
of crude oil and gas, and the transportation, refining, and marketing of petroleum products, exclusive of petrochemicals.
"Other" industries includes wholesale trade; banking; finance (except banking), insurance, and real estate; services; and
other industries—agriculture, forestry, and fishing; mining; construction; transportation, communication, and public utilities;
and retail trade.
3. Acquisition of equity holdings in existing and newly established companies, capital contributions, capitalization of
intercompany debt, and other equity contributions.
4. Sales (total and partial), liquidations, returns of capital contributions, and other dispositions of equity holdings.
Table 6:
1. Primarily provincial, regional, and municipal.
2. Largely transactions by International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), and Inter-American
Development Bank (IDB).
3. Estimate for scheduled redemptions and identifiable early retirements. Includes estimates based on Canadian
statistics for redemptions of Canadian issues held in the United States. Unidentified and nonscheduled retirements appear
inlineA30.
Table 7:
1. Deposits (line A5) include other financial claims (line A6) for some countries due to the commingling of these
categories in foreign source data.
2. Primarily mortgages, loans, and bills and notes drawn on foreigners.
3. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
4. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
5. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Beginning
in January 1993, excludes Ecuador.
TableS:
1. Includes central governments and their agencies and corporations; state, provincial, and local governments and
their agencies and corporations; and international and regional organizations.
2. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers' and dealers' accounts
may be commingled in some categories. Foreign-owned banks include U.S. branches and agencies of foreign banks and
majority-owned bank subsidiaries in the United States.
3. Commercial paper issued in the U.S. market by foreign incorporated entities; excludes commercial paper issued
through foreign direct investment affiliates in the United States.
4. Negotiable and readily transferable instruments other than commercial paper, payable in dollars; consists largely of
negotiable certificates of deposit.
5. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
6. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
7. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Beginning
in January 1993, excludes Ecuador.
8. Includes Eastern Europe and international and regional organizations.
Table 9:
1. Negotiable certificates of deposit issued by banks in the United States are included in banks' custody liabilities and
are separately identified in memorandum line 8. Nonnegotiable certificates of deposit are included in time deposits.
2. Includes borrowing under Federal funds or repurchase arrangements, deferred credits, and liabilities other than
deposits.
3. Mainly negotiable and readily transferable instruments, excluding U.S. Treasury securities.
4. Mainly International Bank for Reconstruction and Development (IBRD), International Development Association
(IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), Inter-American Development Bank (IDB),
and the Trust Fund of the International Monetary Fund.
5. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers' and dealers' liabilities
may be commingled in some categories. Foreign-owned banks are U.S. branches and agencies of foreign banks and
majority-owned bank subsidiaries in the United States.
6. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
7. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
8. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Beginning
in January 1993, excludes Ecuador.
9. Includes Eastern Europe and international and regional organizations.
Table 10: For footnotes 1-13, see table 1.
14. The "European Union" includes the "European Union (6)," United Kingdom, Denmark, Ireland, Greece, Spain, and
Portugal. Beginning with the first quarter of 1995, the 'European Union' also includes Austria, Finland, and Sweden.
15. The "European Union (6)" includes Belgium, France, Germany (includes the former German Democratic Republic
(East Germany) beginning in the fourth quarter of 1990), Italy, Luxembourg, Netherlands, European Atomic Energy
Community, European Coal and Steel Community, and European Investment Bank.
16. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged in
international shipping and in operating oil and gas drilling equipment internationally. Also includes taxes withheld, currentcost adjustments associated with U.S. and foreign direct investment, and small transactions in business services that are
not reported by country.
17. Details not shown separately; see totals in lines 49 and 56.
18. Details not shown separately are included in line 61.
$6 • April 1997
SURVEY OF CURRENT BUSINESS
Table 10.—U.S. International
[Millions
European Union 14
Western Europe
(Credits +; debits -) '
Line
1996
1995
1996'
II
I
1 Exports of goods, services, and income
252,680
266,719
72,399
75,252
132,442
137,207
34,895
36,062
30,601
35,649
121,482
124,785
71,281
2,175
77,483
3,565
17,327
531
19,042
1,097
21,069
1,075
20,045
862
63,733
1,657
68,742
2,408
Travel ... .
Passenger fares ...
Other transportation
19,089
5,971
8,934
19,999
6,344
9,321
3,828
1,445
2,193
5,008
1,369
2,438
6,320
1,990
2,241
4,843
1,540
2,449
17,345
5,648
6,956
18,174
5,996
7,183
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
14,058
20,852
202
14,755
23,340
159
3,541
5,740
49
3,560
5,528
41
3,585
5,833
26
4,069
6,239
43
13,351
18,595
180
14,076
20,769
136
75,257
40,787
32,968
1,502
81,667
43,552
37,027
1,088
20,178
10,988
8,837
353
20,148
10,711
9,245
192
19,028
9,332
9,374
322
22,313
12,521
9,571
221
67,466
35,186
31,054
1,226
73,193
37,233
35,032
928
-297,710
-324,123
-74,630
-83,630
-82,907
-82,957
-270,056
-293,278
-147,650
-161,268
-37,984
-41,951
-39,695
-41,638
-134,193
-146,054
-57,783
-6,420
-61,709
-7,236
-13,183
-1,741
-16,383
-1,791
-17,302
-1,854
-14,841
-1,850
-51,627
-5,716
-54,675
-5,946
Goods adjusted excluding military
Services3
Transfers under U.S. military agency sales contracts4
11
12
13
14
78,007
70,698
296,357
3
4
8
9
10
1996'
IV*
278,980
2
2
5
6
7
1995
III'
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
15
Imports of goods, services, and Income
16
Goods adjusted excluding military2
17
18
Services3
Direct defense expenditures
.
.
19
20
21
Travel
Passenger fares ...
Other transportation
-16,380
-€,937
-9,208
-17,245
-6,820
-9,452
-2,997
-1,471
-2,185
-5,159
-1,930
-2,430
-5,660
-2020
-2,385
-3,429
-1,399
-2,452
-15,144
-6,385
-7,177
-15,948
-6,277
-7,475
22
23
24
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
-4,168
-13,470
-1,199
-4,347
-15,432
-1,177
-976
-3,501
-1,068
-3,733
-1,110
-3,968
-1,193
-4,230
-312
-272
-305
-288
-3,555
-12,600
-1,050
-3,682
-14,322
-1,026
-92,277 -101,146
-23,625 -25,663
-45,433 -48,433
-23,219 -27,050
-23,463
-5,791
-11,521
-6,151
-25,296
-7,105
-11,913
-6,278
-26,478
-6,098
-12,810
-7,570
-84,236
-21,964
-42,278
-19,994
-92,549
-23,139
-45,572
-23,838
475
159
230
2
1,383
1,261
^376
-1,271
2,122
-19
-41
-53
-1,062
2,376
25
26
27
28
29
30
31
32
33
Income payments on foreign assets in the United States
Direct investment payments
Other private payments ....
U.S. Government payments
Unilateral transfers, net
U.S. Government grants4
U.S. Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (Increase/capital outflow (-))
34
35
36
37
38
U.S. official reserve assets net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
47
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere
679
-341
-1,253
2,273
-151,025 -148,017
492
574
550
^338
506
-33,680
-25,794
-48,423
-40,120
-314
-649
-212
2,574
-649
-212
-643
396
-563
84
-77
-1,072
2,532
2,574
126
-25,910
-6,670
-12,189
-7,051
122
-158
-303
-150
-316
-166
-139,453
-128,045
154
-482
-109
2,648
-609
154
^82
-109
2,648
-609
-128
-158
243
-141
159
-106
288
-8
53
-23
369
15
298
-33
474
-15
504
-42
-153,725 -147,764
-51,516 -41,288
-47,560 -56,054
-24,061
n.a.
-30,588 -37,517
-33,590
-11,165
-10,898
-10,912
-48,184
2,291
-17,109
-8,672
-24,694
-40,170
-16,413
-19,148
-4,609
-142,105
-46,335
-45,502
-25,245
-25,023
-127,651
-36,758
-51,174
-615
-25,820
-16,001
-8,899
6,679
-7,599
154,820
277,061
n.a.
Foreign assets In the United States, net (Increase/capital Inflow (+))
158,992
291,714
80,837
65,073
74,224
71,580
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U.S. Government securities9
U.S. Treasury securities
Other10
Other U S. Government liabilitiesn
U.S. liabilities reported by U.S. banks, not included elsewhere ..
Other foreign official assets 12
-6,404
29,950
18,021
6,327
2,779
2,823
(1717)
R
( )
i"!
-i
( )
56
57
58
59
60
61
Other foreign assets in the United States net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere ..
Allocations of special drawing rights
63
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with sign reversed)
64
65
66
67
68
69
70
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 1 1 and 25) .
Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers net (line 29)
Balance on current account (lines 1, 15, and 29 or lines 68 and 69) 13
See footnotes on page 55.
215
-247
-455
1,008
-49
787
-18
48
62
4
(17)
()
1,387
17
17
546
17
(17)
285
17
17
(17)
17
-i
17)
n.a.
-28,994
fi
18)
18
18)
18)
!••!
)
81
I )
-130
310
713
-53
n
(18)
( )
17
( )
( )
17
( )
i"!
$
(")
(")
"!
P>
165,396
51,875
261,764
61,722
62,816
20,298
58,746
18,492
71,445
13,213
68,757
9,719
43$
57, 73
79,226
2,S?3
9,786
16,030
6,274
75,606
17)
81,054
9,819
18
19,657
17
( )
79,583
9,651
17
( )
17
n.a.
17
( )
10,084 -116,406
-15,208
13,498
-1,710
-17,021
-18,730
679
-18,051
-24,061
15,774
-8,287
-19,479
-27,766
475
-27,291
17
( )
17
17
( )
23,692
10,431
17
17
( )
16,331
n.a.
(18)
(18)
18
n.a.
11 7,476
( )
( )
( )
-45,086
-31,132
-13,677
-26,512
626
-123,718
-3,089
4,144
1,055
-3,285
-2,230
159
-2,071
-5,889
2,659
-3,230
-5,148
-8,378
230
-8,148
-9,094
3,767
. -5,327
-6,881
-12,208
84
-12,124
-5,989
5,204
-12,711
12,105
-21,269
14,066
-7,203
-19,356
-26,559
1,261
-25,298
-785
-4,165
-4,950
2
-4,948
-606
-16,770
-17,376
1,383
-15,993
April 1997 • 57
SURVEY OF CURRENT BUSINESS
Transactions, by Area
of dollars]
European Union 14
European Union (6) 15
United Kingdom
1996
1996
II
Line
1995
IV*
III'
1996
1996*
1995
I
I
II
III''
I
IV*
II
III'
IV*
65,309
67,860
63,580
69,970
74,814
83,433
19,492
22,372
20,358
21,211
138,275
142,194
35,794
35,383
33,425
37,592
1
31,633
32,480
27,917
32,755
28,024
30,238
7,263
9,037
6,961
6,977
73,888
75,235
19,251
18,694
16,848
20,442
2
15,535
16,994
18,677
17,536
18,438
19,634
4,417
4,816
5,271
5,129
33,740
8,985
9,806
8,988
913
641
457
443
387
90
146
79
72
676
35,916
1,073
8,138
397
175
564
163
171
3
4
3,508
1,369
1,769
4,600
1,287
1,823
5,761
1,893
1,755
4,305
1,447
1,836
6,422
1,540
1,380
6,735
1,627
1,422
1,347
1,682
2,040
1,666
442
372
811
813
747
842
2,920
1,121
1,978
505
363
8,756
3,462
3,432
2,236
349
355
8,366
3,262
3,568
1,622
331
332
3,371
5,079
3,393
4,940
3,420
5,185
3,891
5,564
2,333
6,283
2,477
6,960
601
606
588
683
1,712
1,672
1,694
1,882
8,315
9,478
8,488
10,619
2,098
2,589
41
37
22
36
37
26
5
6
2
13
75
86
30
18,142
9,443
8,388
18,386
9,395
8,823
16,986
7,891
8,825
19,679
10,504
8,996
28,352
10,585
17,736
33,562
12,728
20,806
7,812
3,031
4,781
8,519
3,082
5,437
8,126
2,935
5,191
9,104
3,679
5,397
30,647
19,239
10,441
31,043
18,986
11,392
8,405
5,292
2,907
896
783
881
2,058
2,518
2,013
2,675
2,320
2,837
20
18
18
7,704
4,829
2,719
6,771
3,720
2,887
8,162
5,144
2,879
5
6
7
8
9
10
311
168
270
179
31
28
28
967
665
206
156
164
139
11
12
13
14
-67,498
-74,991
-74,916
-75,873
-97,432
-103,336
-23,701
-25,847
-25,995
-27,793
-137,185
-148,673
-34,104
-38,754
-38,500
-37,314
15
-34,495
-37,550
-36,116
-37,893
-26,733
-28,753
-6,687
-7,391
-7,000
-7,675
-85,425
-92,625
-21,913
-23,902
-23,153
-23,657
16
-11,880
-1,523
-14,393
-1,396
-15,330
-1,517
-13,072
-1,510
-16,755
-17,929
-3,875
-4,634
^,938
^,482
-512
-487
-143
-123
-111
-110
-27,253
-4,838
-28,591
-5,004
-6,206
-1,261
-7,555
-1,186
-8,060
-1,282
-6,771
-1,275
17
18
-2,844
-1,348
-1,798
-4,788
-1,776
-1,833
-5,113
-1,858
-1,926
-3,203
-1,295
-1,918
-4,601
-2,605
-1,508
-4,855
-2,563
-1,655
-971
-538
-361
-1,333
-1,461
-1,090
-2,713
-1,599
-567
-458
-8,410
-2,548
-3,786
-2,608
-733
-443
-7,989
-2,592
-3,836
-1,490
-725
-393
-566
-869
-718
-915
-754
-1,024
-510
-978
19
20
21
-1,751
-5,698
-1,809
-6,476
-403
-467
-440
-499
-447
-447
-1,730
-1,730
-1,667
-6,371
-391
-1,574
-1,568
-5,668
-382
-1,442
-1,420
-1,550
-1,618
-1,783
-80
-84
-18
-19
-19
-28
-762
-806
-218
-187
-222
-179
22
23
24
-827
-909
-935
-3,267
-3,452
-3,710
-1,011
-3,893
-274
-239
-271
-242
-21,123
-4,900
-10,875
-5,348
-23,048
-6,345
-11,218
-5,485
-23,470
-5,811
-11,433
-6,226
-24,908
-6,083
-12,046
-6,779
-53,944
-12,029
-31,401
-10,514
-56,654
-9,634
-34,159
-12,861
-13,138
-2,362
-8,070
-2,706
-13,822
-2,539
-8,370
-2,913
-14,057
-2,045
-8,577
-3,435
-15,637
-2,688
-9,142
-3,807
-24,507
-9,148
-9,142
-6,217
-27,456
-11,191
-9,424
-6,841
-5,985
-2,087
-2,301
-1,597
-7,297
-3,292
-2,340
-1,665
-7,288
-3,160
-2,376
-1,752
-6,886
-2,652
-2,407
-1,827
25
26
27
28
298
356
337
270
1,224
1,206
286
321
335
264
901
799
193
206
197
203
29
-1
-1
-176
-177
-46
367
-43
378
-43
307
1,510
1,404
345
359
347
353
30
31
32
-7,493
-25,230
-27,820
-52,204
-46,413
-17,140
-14,611
-13,309
-1,353
33
34
35
36
37
38
-26
-25
569
630
619
558
1,400
1,383
-45
331
-35,100
-18,770
-44,250
-29,926
-65,442
-78,789
-18,246
-270
-273
-256
201
-457
201
85
-91
171
5
-263
104
-457
^57
104
-457
-96
-81
14
-29
186
-16
181
21
40
-59
138
-39
-35,386
-10,172
-8,810
-10,566
-5,838
-18,217
-15,865
-7,530
7,146
-1,968
^4,540
3,800
-16,770
-7,305
-24,265
-29,509
-14,522
-18,064
81,296
60,561
(18)
(18)
8)
18
(18)
92
(18)
8)
8)
8
)
-261
8
)
8
119
125
122
-3
123
2
-78,914
-18,879
-36,050
3,077
-65,561
-11,624
-28,795
-10,059
-15,083
66,093
69,112
106,127
(18)
(18)
(18)
(18)
18
18
18
18
(18)
(18)
(18)
-34
150
n.a.
18
(18)
J18)
21
(18)
(18)
(18)
-2
3
1
-605
-152
-150
-153
-150
2,648
-609
201
-457
104
-457
2,648
-609
201
-457
104
^457
21
-38
-12
123
-41
8
-32
123
-2
3
1
-7,496
-11,572
-1,871
3,989
1,958
-25,231
4,706
-11,598
-2,314
-16,025
-27,943
-10,655
-16,330
n.a.
-18,891
-18,244
-1,358
-6,251
-6,769
-3,866
180,444
37,603
34,558
( )
( 8)
( 8)
( 8)
17
(8)
(18)
8
-609
(18)
4
(18)
-41
8
-32
21
-45,763
-13,247
-13,909
-11,759
-17,349
-8,486
-1,445
-5,351
-2,067
-14,122
-1,736
-5,391
2,656
-9,651
-13,434
-1,301
-4,433
^,153
-3,547
29,981
20,793
(18)
(18)
(18)
(18)
n.a.
48,556
59,727
31,482
65,760
8
(18)
(!8)
(18)
(18)
!8)
(18)
(18)
18)
18)
(18)
(18)
18
18)
(18)
(18)
(18)
(18)
18
-12
(| )
18
18
n.a.
-958
-12
-54,840
-22,600
-9,972
-15,334
-6,934
(18)
18)
7
-7
-314
(18)
(18)
(18)
18)
h
18)
(18)
(18)
8
( )
(8)
V
-60
( 8)
3,506
43
44
45
46
47
8,045
6,942
48
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
49
50
51
52
53
54
55
63
-370
(J8)
(18)
J18)
-38
-858
-1,724
-2,640
n.a.
53
(18)
(18)
M
M
(18)
18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
18,462
17,556
12,690
8,466
22,081
16,188
3,503
124
6,803
5758
13,374
39,199
12,652
15,399
7,324
3,825
57,772
44,311
65,097
10,319
18
8,609
n.a.
18
81 ,691
14,119
7,847
18
12,130
10,154
7,540
18
16,722
16,705
9,389
18
15,671
h
(18)
)
(18)
(18)
(18)
(18)
M
(18)
H
22,409
9,630
18
30,703
15,370
6,581
18
21,315
21,642
10,648
18
21 ,147
-44,305
^5,016
-10,843
-33,554
-19,291
-82,958
-15,435
-23,912
-18,024
-2,862
3,654
-8,199
3,347
-4,852
-6,484
-11,336
-5,138
4,464
1,118
-5,327
H209
1,828
-5,303
-3,475
-39
333
294
-5,931
-5,637
356
337
270
286
321
335
-1,891
-6,776
-10,999
-5,633
1,485
1,705
3,190
-23,093
-19,903
1,206
-18,697
1,646
298
1,291
1,683
2,974
-25,592
-22,618
1,224
-21,394
576
542
-2,981
-2,189
-5,070
2,601
-2,469
^,662
-7,132
^,923
-3,154
-5,302
16,185
n.a.
18
18)
(18)
i&
18
7,229
(18)
14,102
8
( )
(18)
(18)
11, 533
n.a.
18
11, 188
7,145
1,659
18
8,585
3830
-{035
18
2,969
18,730
-13,668
-14,724
-17,390
7,324
-10,066
3,587
-6,478
-2,662
1,932
-6,532
-6,583
-11,537
6,487
-5,050
6,140
1,090
264
901
799
-6,319
1,991
-5,679
n.a.
37,168
-647
18
39
40
41
42
4,477
..a
56
57
58
59
-4,780
n.a.
184^4
-3,017
10,143
-6,069
63
-6,305
1,746
-4,559
-3,215
2,217
-730
-5,208
1,430
-3,778
2,420
1,690
-3,371
-5,075
193
206
197
1,883
-3,165
-4,878
64
65
66
67
68
69
70
961
18
60
61
62
792
-674
-5,229
-5,903
182
-25,588
-698
647
-51
408
-516
-998
1,276
278
203
481
SURVEY OF CURRENT BUSINESS
April 1997
Table 10.-U.S. International
[Millions
Eastern Europe
Canada
(Credits ^debits-)1
Line
1996
1995
1 Exports of goods, services, and income
1996'
I
II
IV P
III'
1995
1996'
9,085
11,300
2,887
2,528
2,883
3,002
162,622
171,706
2
Goods adjusted, excluding military2
5,722
7,354
1,929
1,638
1,788
1,999
127,585
133,993
3
4
Services3 ....
Transfers under U.S. military agency sales contracts4
2,764
352
2,896
398
713
61
686
88
808
176
688
73
18,129
133
19,579
125
Travel
Passenger fares
Other transportation
656
36
716
689
44
607
148
20
177
180
13
133
199
1
141
162
10
156
6,207
1,284
2,507
6,791
1,193
2,692
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
93
862
48
116
1,003
38
24
270
14
29
233
10
32
252
7
32
248
7
1,235
6,716
48
1,346
7,375
57
599
123
253
223
1,051
425
327
299
244
66
79
99
205
74
95
36
287
146
63
78
315
139
90
86
16,907
8,386
8,521
18,134
8,542
9,592
5
6
7
8
9
10
11
12
13
14
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
15
Imports of goods, services, and Income
-10,074
-10,568
-2,095
-2,704
-2,754
-3,015
-170,700
-183,719
16
Goods, adjusted, excluding military2
-7,012
-6,978
-1,363
-1,678
-1,772
-2,165
-148,087
-159,215
17
18
Services3
Direct defense expenditures
-2,090
-9
-2,286
-414
-704
-672
-496
-12,605
-54
-14,023
-51
-1,016
-1,069
-4,319
^,582
-302
-364
-296
-299
19
20
21
22
23
24
25
26
27
28
29
30
31
32
Travel
Passenger fares ...
Other transportation
5
Royalties and license fees
Other private services5
U.S. Government miscellaneous services
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U S Government payments
Unilateral transfers, net
U.S. Government grants4
U S Government pensions and other transfers
Private remittances and other transfers6
33
U.S. assets abroad, net (Increase/capital outflow (-))
34
35
36
37
38
U.S. official reserve assets, net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
39
40
41
42
U.S. Government assets, other than official reserve assets net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets8 . .
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
47
U S. private assets net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere
48
Foreign assets In the United States, net (increase/capital inflow (+))
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U.S. Government securities9
U.S. Treasury securities
Other10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
56
57
58
59
60
61
Other foreign assets in the United States, net
Direct investment ..
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
62
Allocations of special drawing rights
63
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above Items with sign reversed)
64
65
66
67
68
69
70
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 68 and 69) 13
See footnotes on page 55.
-228
-7
-3
-335
-329
-57
-62
-32
-168
-41
-75
-1
-81
-16
-45
-381
-103
-75
-76
-194
-326
-102
-73
-70
-50
-81
-1
-82
-20
-1
-82
-15
-1
-84
-11
-365
-342
-416
-433
-871
-117
-201
-103
-220
-216
-2,946
-3,097
-766
-772
-877
-1,692
-34
-1,220
-1,796
-34
-1,267
-414
-441
-573
-368
-4,255
-3,717
-1,810
-213
-246
-121
-131
76
-43
47
-37
^,042
-1,312
-3,596
-1,666
-596
-417
n.a.
28
-2,162
15,574
1
-306
•^53
88
101
-1,231
-777
-15,430
-21,536
-12
-30
3
15
-29
-52
8
15
37
-19
27
29
-117
5
7
-1,798
130
-1,268
-660
-143
-9
-322
-30
9
-96
-793
-196
-381
-226
-1,607
146
-1,454
-5
1,124
-614
n.a.
-663
2,392
2,249
-3,375
-1,029
4,547
18)
18)
18)
j
76
!
£
18
-83
18
(18
89
18
n.a.
2,111
-7,384
3,689
-1,290
674
376
610
986
-2,946
-3,935
-8
-9
-349
-141
(
-616
-373
-989
-iS
-295
-8
-344
18)
222
90
18
15,348
-354
-1
-93
-253
733
-3,097
-2,364
-165
-682
-350
-621
n
-178
-4,767
-173
-234
-322
-1
-138
-4,039
-10,482
-3,811
-4,378
-2,293
-318
-310
-374
-3,905
-10,008
-3,513
^,097
-2,398
-1,304
-972
-306
-3,576
8)
"I
8
5
•a
!
-3
35
-27
18
2,1 98
84
-78
18
-3,373
18)
-464
566
300
866
-74
792
-766
26
(18)
4,221
-40
-18
-58
-117
-176
-772
-948
146
-47
(18)
(18)
R
•3
R
(18)
(18)
(18)
14
12
18
-1,268
3,008
16
137
153
-23
129
-877
-748
7
-21,543
-8,023
-5,782
-147
n.a.
-11,755
6,811
25,386
2,237
1,866
17
( )
17
( )
(")
17
(n)
( )
( )
(")
(")
17
n
(17)
4,574
4,489
23,520
7,185
(18)
38
(18)
(18)
5
-15,435
-7,767
-7,842
321
(18)
(18)
140
74
-44
n.a.
( )
Q
237
17
17
( )
6,112
4,554
( )
n.a.
17
( )
-3,076
17,062
8,506
-20,502
5,524
-14,978
6,899
-8,078
-25,222
5,556
-19,666
7,652
-12,014
18
-166
192
26
-39
-13
-682
-695
17
-365
-«,443
-342
-12,356
SURVEY OF CURRENT BUSINESS
9
April 1997
59
Transactions, by Area—Continued
of dollars]
Latin America and Other Western Hemisphere
Canada
1996
Japan
1996
1996^
iyyo
IV*
IV*
II
III''
42,558
43,565
42,238
43,344
168,252
186,869
43,681
45,009
47,586
50,592
105,649
108,291
33,138
34,066
32,399
34,390
95,842
109,074
24,665
26,440
27,718
30,251
63,115
65,980
5,198
5,061
4,778
4,542
30,825
32,742
8,028
7,587
8,642
8,485
32,610
21
18
379
474
144
128
98
104
995
13,215
3,665
3,703
13,934
3,946
3,852
3,284
1,018
3,169
3,803
1,072
1,018
3,678
50
1,962
36
1,870
312
642
330
676
327
1,610
253
674
344
I
1,349
298
700
Line
1996
HQQC
I
II
III'
880
938
897
I
976
999
II
III"
27,314
26,934
27,269
26,773
1
17,057
16,615
16,130
16,178
2
33,592
8,001
8,359
9,032
8,200
520
136
158
131
95
3
4
11,189
5,597
3,268
11,761
5,936
3,169
2,821
1,164
2,809
1,678
3,330
1,747
819
762
762
IV*
5
6
7
2,801
1,347
826
8
9
10
1,242
8,469
1,406
8,989
318
350
346
391
2,314
2,094
2,277
2,304
5,345
6,175
5,517
6,625
1,310
1,715
1,385
1,562
5
3
37
12
153
142
53
29
28
32
40
64
36
5
11
12
4,223
1,876
2,347
4,439
2,105
2,334
5,060
2,370
2,690
4,412
2,191
2,221
41,585
14,840
25,743
1,002
45,053
18,277
25,509
1,267
10,988
4,346
6,312
10,982
4,447
6,224
11,226
4,675
6,071
11,857
4,809
6,902
9,925
4,504
5,164
8,718
4,336
4,316
2,256
1,123
1,107
1,960
2,107
1,009
1,087
2,395
1,215
1,174
330
311
480
146
257
66
26
989
948
23
6
11
12
13
14
-43,647
-47,806
-46,128
-46,138
-166,361
-188,484
-43,844
-47,071
-47,997
-49,573
-165,855
-157,453
-38,005
-38,149
-49,805
-41,495
15
-38,197
-41,392
-39,183
-40,443
-104,625
-122,910
-27,915
-30,958
-31,556
-32,481
-123,466
-115,194
-28,762
-27,953
-28,402
-30,077
16
-2,770
-3,599
-4,439
-3,214
-25,013
-26,766
-6,588
-6,601
-6,652
-6,924
-3,552
-3,727
-3,646
-12
-12
-15
-137
-117
-129
-128
-14,530
-1,013
-3,605
-12
-15,607
-1,271
-259
-296
-228
-230
17
18
-1,191
-2,033
-3,448
-3,413
-3,403
-3,569
-2,974
-3,148
-604
-521
-623
-573
-627
-625
-581
-626
-618
-746
-143
-773
-149
-5,458
-4,532
-1,063
-1,009
-1,467
-3,714
-1,425
-3,708
^24
-97
-87
-23
-16
-26
-22
22
23
24
-26,782
-3,231
-6,716
-16,835
-27,729
^3,253
-6,229
-18,247
-5,637
-6,644
315
1,912
1,818
-600
-64
-931
1,840
360
1,805
-758
-99
-122
-89
-1,001
-963
-1,010
-39
-38
-50
-53
-1,106
-1,235
-1,188
-1,238
-18
-23
-72
-52
-2,680
-1,125
-1,004
-2,815
-1,156
-1,081
-2,505
-2,481
-551
-578
-73
-101
-797
-732
-1,106
-1,187
-602
-562
-86
-402
-12,819
-2,244
-2,244
-511
-13,833
-2,323
-2,412
-581
-116
-150
-16
-43
-44
-47
-6,732
-7,134
-1,690
-1,794
-1,785
-1,866
-455
-402
-112
-90
-92
-9,511
-9,789
-108
-38,809
-1,624
-28,483
-8,702
-9,341
-29,660
-6,178
-6,922
-2,009
-7,055
-2,000
-7,137
-2,258
-10,167
•463
-7,369
-2,435
-9,963
-10,646
-2,558
-2,694
-2,685
-2,709
-1,610
-1,598
-497
-137
-387
-169
-392
-180
-36,723
-885
-82
^56
-410
-394
1,435
1,684
11
-804
-160
-825
-166
-1,300
-402
-907
-947
-1,160
-298
-884
-301
-969
19
20
21
-1,620
-4,185
-1,545
-4,410
-7,676
-1,431
-1,528
-4,717
-7,772
-1,301
-1,536
-4,935
25
26
27
28
-63
-14
-43
-12
29
-22
-41
-22
8
-21
-22
-21
9
30
31
32
2,505
168
-132
-128
1,387
1,665
-689
-667
-655
-322
-169
2
30
15
27
-7,686
-6,393
-2,067
-2,060
-2,129
-2,137
-83
-45
-86
^6
-5,017
-6,145
-3,263
-7,111
-70,943
-69,369
-8,943
-6,341
-18,623
-35,463
-28,014
-2,377
1,894
-6,077
33
-11,800
8,300
1,300
7,000
2,758
-73
-23
-324
306
-32
-11,800
8,300
1,300
7,000
2,758
-73
-23
-324
306
-32
34
35
36
37
38
-17
34
31
-4
-103
-103
4
-5,017
-2,225
-4,598
-101
-109
1
2
-30,755
-1,584
-24,973
-2,338
-3,252
-5,809
n.a.
869
n.a.
-36,333
-5,067
6,900
10,966
9,732
16,509
69,648
69,769
58,661
18,074
-29,033
95,791
78,915
-16,973
3,516
8,448
86
3
ft
«3
ft
£3
811
ft
ft
i-i
4,395
3,430
2,409
8,445
3,069
79
(17)
(17)
1,561
1,138
(17)
-35,499
-2,417
3,251
-2,424
430
262
34
-25,845
-4,812
-6,699
-9,427
-4,907
-10,293
-3,105
-3,633
-1,976
-1,579
4,825
7,251
1,629
-17
-6,459
-6,512
-2,403
-11,330
13,786
-51
-78,095
-16,845
-9,484
8,598
H
337
-5
10
-318
(17)
(17)
964
335
(17)
n.a.
ys
(18)
(
l?
ijj
ft
a
SI
ft
(18)
n.a.
18
11,313
26,015
60,644
(18)
130
26,331
n.a.
18
47,629
-337
(18)
18
10,139
-3,873
-25,71 8
(18)
(18)
(18)
(18)
(18)
(18)
(18)
629
18
4,201
8,155
6,1 16
(18)
7,882
18
18
-2,807
68,258
-7,304
6,823
20,482
13,282
(18)
1,051
14,744
(18)
(18)
(18)
'(18)
(18)
4,871
4,119
259
1,275
(18)
3 445
7,608
(18)
3,576
849
18
7,635
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
i
(18)
268
18
i
271
(18)
84
18
n.a.
g
ft
ffl
(18)
(18)
n.a.
30,049
-190
-184
452
(18)
12,650
18
3,422
2,356
(18)
-575
n.a.
61, 860
(18)
13,677
(18)
-4
-6,041
-1,023
2,286
13
-R
ft
5,252
(18)
31
1,557
-1,264
3,195
-439
S3
-90
(18)
-3,008
-8,216
(18)
(°)
-14
2,843
2,043
-3,074
21
-697
ft
(18)
-1 ,963
4,109
5,371
ft
(18)
(*)
(18)
18
(18)
(18)
(18)
2,521
(18)
(18)
2,449
(18)
(18)
(18)
-2,189
(18)
ft
(18)
(")
(17)
(17)
n.a.
21
443
21
-59,658
-14,614
-7,909
-10,292
-26,843
-14
-296
318
16
1
-5,015
36
-242
-216
371
-83
-7,112
-1,670
-3,018
10
222
118
-238
2
1,796
-26
50
-992
4
-89
836
(17)
426
1,469
-6,149
-1,881
-3,265
-2,247
1,923
3,171
-6,112
1,347
515
-1,004
1,509
-699
n.a.
18
6,395
56
57
58
59
60
61
62
-2,392
5,634
3,724
1,539
-16,776
2,715
28,636
1,364
5,210
-32,496
18,579
-6,990
-6,622
1,901
-9,797
7,528
63
-5,059
2,428
-2,631
1,543
-1,089
-7,326
1,462
-5,864
1,624
-4,241
-6,784
-6,053
1,328
^,725
1,931
-2,794
-4,838
1,990
-1,848
1,437
-2,230
1,561
-60,351
17,002
-43,349
-16,857
-60,206
-49,214
19,062
-30,152
-19,011
-49,163
-11,705
4,395
-7,310
-3,381
-10,691
-11,338
4,807
-6,531
-4,684
-11,215
-12,272
5,306
-6,967
-5,570
-12,536
-13,899
4,554
-9,345
-5,377
-14,722
-86
-82
-4,314
-3,976
-2,876
-13,836
5,977
-7,859
6,244
-1,615
-10,646
-12,261
^3,250
1,440
-1,810
1,647
-73
-8,783
5,813
-2,970
4,861
1,891
-9,963
-8,072
-4,518
-6,445
2,555
-3,890
64
65
66
67
68
69
70
-101
-1,190
339
-163
-2,558
-2,721
986
^3,532
1,471
-2,061
-2,694
-4,755
-411
-2,685
^3,096
-670
1,689
1,020
-2,709
-1,689
-128
-60,334
-132
-49,295
-63
-14
-43
-12
-10,754
-11,229
-12,579
-14,734
SURVEY OF CURRENT BUSINESS
60 • April 1997
Table 10.-U.S. International
[Millions
Australia
(Credits +; debits -) 1
Line
1996
1995
1
Exports of goods, services, and Income
5,151
5,262
5,450
10,500
11,703
2,975
2,914
2,890
2,924
4,271
250
4,471
203
1,036
41
1,110
65
1,187
56
1,138
41
Travel
Passenger fares
Other transportation
1,496
442
242
1,572
470
254
344
107
59
385
118
62
451
129
65
392
116
68
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
553
1,281
7
596
1,364
12
137
338
9
145
335
149
336
1
164
355
2
4,084
2,759
1,325
4,543
3,077
1,466
843
567
276
1,127
710
417
1,185
868
317
1,388
932
456
-6,100
-6,317
-1,235
-1,436
-1,659
-1,987
-3,401
-3,887
-828
-882
-990
-1,187
-2,110
-61
-2,237
-43
-581
-495
-537
-624
Services3
Transfers under U.S. military agency sales contracts4
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
15
Imports of goods, services, and Income
16
Goods adjusted excluding military2
17
18
Services3
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
25
26
27
28
29
30
31
32
33
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (Increase/capital outflow (-))
34
35
36
37
38
U.S. official reserve assets, net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
47
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbankmg concerns
U.S. claims reported by U.S. banks, not included elsewhere
48
IV"
III'
4,853
3
4
11
12
13
14
II
20,716
Goods adjusted, excluding military2
8
9
10
I
18,854
2
5
6
7
1996"
Foreign assets In the United States, net (Increase/capital Inflow (+))
49
50
51
52
53
54
55
Foreign official assets in the United States net
U.S. Government securities9
US Treasury securities
Other10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
56
57
58
59
60
61
Other foreign assets in the United States, net
Direct investment
U S Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
62
Allocations of special drawing rights
63
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above Items with sign reversed)
64
65
66
67
68
69
70
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods services and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers, net (line 29)
Balance on current account (lines 1 15 and 29 or lines 68 and 69) 13
See footnotes on page 55.
. .
-798
-438
-335
-752
-443
-290
-14
-218
-127
-551
-516
-54
-34
-193
-589
-159
-321
-109
287
-432
-148
-173
-112
-181
-77
-83
-82
-4
-5
-18
-9
-11
-13
-118
-84
-6
173
284
-72
^9
-58
63
-85
-36
-92
-5
-143
-128
-24
-10
-226
-116
-5
-162
-11
-132
-13
-176
^38
-60
-81
-35
$
-93
-94
-30
-20
-24
-20
-32
-61
-33
-61
-8
-22
-8
-12
-9
-15
-8
-12
-4,002
-10,924
-3,632
128
-4,254
-4,165
3
3
1
3
3
1
-4,005
-5,71 1
11
-92
1,787
-10,927
-3,583
-4,037
-3,633
-1,465
-2,007
90
n.a.
2
2
-3,256
-1,206
513
128
^92
-235
-123
-4,165
-420
-2,308
-141
n.a.
-3,133
-251
977
-2,422
-1,437
1,564
3,604
1,154
2,551
-1,257
1,156
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
-23
-51
(18)
(18)
473
1,807
R
£3
8
•3
211
ij3
R
£
R
43
-616
n.a.
-233
-389
2,282
18
(18)
(18)
(18)
(18)
(18)
(18)
648
266
18
200
3
:
i
1
18
18)
154
20
155
2,991
'!
ft
(18)
(18)
18
i
-127
18
-1,420
-10,224
-6,986
-1,110
-$,374
932
7,099
2,161
9,260
3,495
12,755
-93
12,662
7,816
2,234
10,050
4,350
14,400
-94
14,306
2,147
455
2,602
1,016
3,618
-30
3,588
2,032
615
2,647
1,069
3,716
-20
3,696
1,900
650
2,550
1,054
3,603
-24
3,579
(18)
-205
n.a.
18
691
-433
1,737
514
2,251
1,212
3,462
-20
3,442
SURVEY OF CURRENT BUSINESS
61
April 1997
Transactions, by Area—Continued
of dollars]
International organizations and unallocated 16
Other countries in Asia and Africa
1995
1996*
I
II
1995
\MP
UK
216,864
53,535
53,459
52,311
57,559
140,734
146,356
36,224
36,594
34,237
39,301
45,376
9,063
47,302
8,503
11,875
2,129
11,160
1,919
12,248
1,770
12,019
2,685
9,285
1,539
7,758
9,753
1,646
8,108
2,099
404
1,881
2,631
425
1,963
2,984
461
2,113
2,039
356
2,151
3,015
14,439
277
3,585
15,368
339
810
4,445
108
866
3,287
69
909
3,928
83
22,096
13,926
7,040
1,130
23,206
15,254
6,738
1,214
5,435
3,435
1,700
300
5,706
3,760
1,666
280
-260,996
-278,935
-63,461
-215,123
-229,891
-52,199
-24,724
-1,603
-25,703
-1,911
-6,103
-409
-503
-507
-492
-7,595
-3,455
-7,186
-8,037
-3,418
-7,143
-1,968
-2,087
-1,962
-2,020
-797
-847
-889
-885
-1,674
-1,683
-1,917
-1,869
-80
-4,068
-87
-4,369
-15
-1,054
-19
-1,028
-24
-1,073
-29
-1,214
-737
-738
-186
-184
-176
-192
-6,285
-6,602
-23,341
1996*
I
208,206
-21,149
17,541
II
2
5,334
58
5,843
14
1,328
1,558
9
1,522
3
1,435
2
3
4
935
1,112
171
302
386
253
5
6
7
1,000
3,709
79
1,411
2,931
1,509
3,204
4
357
800
368
879
373
760
411
765
4
8
9
10
5,826
3,787
1,668
371
6,238
4,271
1,704
263
12,207
3,558
8,050
599
14,531
4,798
9,103
630
3,355
1,008
2,148
199
3,601
1,178
2,289
134
3,614
1,155
2,308
151
3,961
1,457
2,358
146
11
12
13
14
-65,720
-75,823
-73,931
-4,472
-5,502
-1,055
-1,293
-1,824
-1,332
15
-54,075
-62,990
-60,627
-6,351
-6,549
-6,701
-2,299
-3,187
-526
-750
-1,253
-658
17
18
-879
-1,022
-146
-319
-327
-230
-577
-348
-339
-571
-674
-829
-1,335
-1
-301
-2,174
397
-2,311
-2,315
450
-2,575
-528
-239
-2,349
-4,014
-11,998
-17,118
-5,126
-2,716
-3,159
-6,117
-10,261
-6,106
-10,373
-1,126
-1,407
-4,484
-1,210
-491
-112
-115
-123
-660
-1,478
-1,637
-1,510
-8,391
-1,339
-9,688
-2,188
-16,049
-1,143
-14,231
-4,091
-7,236
-3,274
-910
-808
-399
-30,097
-43,656
-12,233
502
-1,546
1,886
162
-15
-123
-1,936
1,631
182
-43,533
-8,752
-23,460
18
3,922
875
69,1 20
n.a.
54,705
-1,465
33
665
-174
-199
-849
-133
-220
848
-146
-2,466
370
-1,280
-183
-28
34
35
36
37
38
-1,201
-1,201
-1,287
-1,287
-319
-319
-234
-234
-321
-321
-413
-413
39
40
41
42
384
-2,165
-5,039
-4,897
510
n.a.
-2,671
-238
-880
-105
-1,252
-2,474
-878
-869
43
44
45
46
47
936
674
(18)
(18)
(18)
(18)
-4
2
1
ft
107
-4
2
1
13
(335
(8)
(8)
(18)
(18)
(18)
-414
368
(18)
1,298
-902
5,061
18
3,279
350
10,573
H
£
861
25,987
18
1,781
n.a.
13,084
-654
940
251
1,840
-99
-9
-1,889
-521
-522
-179
-679
(18)
-S
18
-674
672
-612
(18)
ifi
18
-487
n.a.
R
566
(18)
18
-908
-353
14,352
-221
7,992
18
-825
-1,048
(18)
(18)
(18)
H
H
(18)
-4,038
29,724
8
(18)
-2,674
30
31
32
13,823
5,802
-100
-21
-87
-2,466
-63
^48
-2,360
11
3,025
(18)
(18)
(18)
-259
-3,052
63,701
(18)
29
-148
-158
4,402
(18)
1,031
-68
-3,341
-14,243
-2,170
-9,021
75,025
sR
-34
-2,871
-1,093
-395
25
26
27
28
-38
-15,979
-3,381
-5,199
111
-7,510
-688
-688
-649
-2,812
426
27
-4,412
82
112
128
-632
22
23
24
-50
-190
-11,518
366
-15
-11,420
(18)
(18)
-441
-401
-88
19
20
21
-2,494
-259
496
263
-12,218
-2,513
-4,828
383
-5,260
R
^
12
-50
-829
-542
128
-606
343
-93
-30,599
-10,841
-9,604
-1,003
-9,151
n.a.
-70
-265
-84
-346
-1
-332
-6,346
2
-79
-423
-1,094
-3
-2,376
-3,577
-238
5,159
16
-5,294
289
-2,311
-3,272
-5,654
1
2
-5,159
79
-2,260
-2,978
-3,356
-49
-1,721
5,396
5,137
4,685
-9,296
-13,841
-204
IV*
III'
20,376
-9,089
-11,660
-400
Line
1996
1996
18
-102
n.a.
1,281
18
-64
55
-334
18
832
-118
6
741
5
1,335
n.a.
-841
1,399
1,443
-1,647
48
1
1
-1
1
1
-1
49
50
51
52
53
54
55
1,398
1,442
-1,646
-177
-169
-154
(18)
(18)
-646
25
1,550
a
(18)
18
-15
92
1,534
18
n.a.
-1,469
56
57
58
59
60
61
62
19,860
59,144
21,483
17,202
-1,909
22,368
347
3,206
3,422
-1,629
-977
2,389
63
-74,389
20,652
-53,737
947
-52,790
-11,998
-64,788
-83,535
21,599
-61,936
-15,975
5,773
-10,202
276
-9,926
-5,126
-15,052
-17,481
4,809
-12,672
412
-12,261
-2,716
-14,977
-28,753
5,700
-23,054
-21,326
5,318
-16,008
-364
-16,372
-6,117
-22,489
3,036
3,036
10,033
13,069
-10,261
2,808
2
2,656
2,658
12,216
14,874
-11,518
3,356
2
802
804
2,827
3,631
-2,494
1,137
808
808
3,059
3,867
-2,812
1,055
270
270
3,043
3,313
-2,871
442
111
111
3,287
4,064
-3,341
723
64
65
66
67
68
69
70
-135
-62,071
-17,118
-79,189
-459
-23,512
-3,159
-26,671
Detailed Data on U.S. Multinational Companies
U.S. DIRECT INVESTMENT ABROAD:
1994 Benchmark Survey, Preliminary Results
This publication presents the preliminary results from the latest benchmark survey, or census, of the worldwide operations of U.S.
multinational companies. Benchmark surveys are BEA's most comprehensive surveys, both in terms of companies covered and
information gathered.
The publication contains detailed 1994 data on the worldwide operations of U.S. multinational companies In the 103 tables organized
by industry of parent or by country and industry of affiliate, you can find data on:
• Balance sheets and income statements
• Employment and employee compensation
>IRECT INVESTMENT ABROAD
• Property, plant, and equipment
• Merchandise trade
• Sales of goods and services
=
9
• Research and development expenditures
This publication provides some of the most detailed information on U.S. multinational companies collected by the U.S. Government.
Order your copy today!
These data are also available from BEA on diskette. For more information write to: International Investment Division, Direct Investment
Abroad Branch, BE-69, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call (202) 606-9827,
or go to http://www.bea.doc.gov/bea/data-i2.htm on the Internet.
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Contents • D-l
SURVEY OF CURRENT BUSINESS
April 1997
BEA CURRENT AND HISTORICAL
DATA
National, International, and Regional Estimates
This section presents an extensive selection of economic statistics prepared by the Bureau of Economic Analysis and a much
briefer selection of collateral statistics prepared by other Government agencies and private organizations. Series originating in
Government agencies are not copyrighted and may be reprinted freely. Series from private sources are provided through the
courtesy of the compilers and are subject to their copyrights.
BEA'S data are available at three web sites: The Federal Statistical Briefing Room (FSBR) on the White House web site
(http: //www. whitehouse. gov/f sbr) provides summary statistics for GDP and other major aggregates on its output, income,
and international statistics pages; BEA'S web site (http://www.bea.doc.gov) provides summary tables and charts on BEA'S
national, international, and regional data; and the Commerce Department's STAT-USA (http: //www. stat-usa. gov) provides
detailed BEA databases and news releases by subscription. Information about STAT-USA'S Economic Bulletin Board (EBB) and
Internet services may be obtained at the web site or by calling (202) 482-1986 (voice).
The tables listed below present annual, quarterly, and monthly estimates, indicated as follows: [A] Annual estimates only;
[Q] quarterly estimates only; [QA] quarterly and annual estimates; [MA] monthly and annual estimates.
National Data
A. Selected NIPA Tables: [QA]
1. National product and income
„
2. Personal income and outlays
3. Government receipts, current expenditures,
and gross investment
4. Foreign transactions
5. Saving and investment
6. Income and employment by industry
7. Quantity and price indexes
8. Supplementary tables
International Data
D-2
D-6
D-/
D-n
D-13
D-i6
D-ij
D-23
B. Other NIPA tables:
Monthly estimates: [MA]
B.i. Personal income
B.2. Disposition of personal income
D-26
D-26
Annual estimates: [A]
B.3. GDP by industry
D-2/
6.4. Personal consumption expenditures by type of
expenditure
D-28
B.S. Private purchases of structures by type
D-29
B.6. Private purchases of producers' durable
equipment by type
D-29
B./. Compensation and wage and salary accruals
by industry
D-30
B.S. Employment by industry
D-3i
6.9. Wage and salary accruals and employment
by industry per full-time equivalent
D-32
B.io. Farm sector output, gross product,
and national income
D-33
B.u. Housing sector output, gross product,
and national income
D-33
C. Historical tables: [A]
C.i. Historical estimates for major NIPA
aggregates
D-34
C.2.-C.25. Growth rates of selected components
of real GDP
D-3/
D. Domestic perspectives [MA, QA]
D-45
E. Charts:
Selected NIPA series
Other indicators of the domestic economy
D-47
D-53
F. Transactions tables:
F.i. U.S. international transactions in goods
and services [MA]
F.2. U.S. international transactions [QA]
F.3. Selected U.S. international transactions,
byarea[Q]
F.4. Private service transactions [A]
D-55
D-56
D-57
D-6o
G. Investment tables:
G.i. International investment position of the United
States [A]
D-6i
G.2. USDIA: Selected items [A]
D-62
G.3. Selected financial and operating data for nonbank
foreign affiliates of U.S. companies [A]
D-63
G.4. FDIUS: Selected items [A]
D-64
G.S. Selected financial and operating data of nonbank
U.S. affiliates of foreign companies [A]
D-65
H. International perspectives [MA, QA]
D-66
I. Charts
D-68
Regional Data
J. State and regional tables:
J.i. Total and nonfarm personal income [QA]
J.2. Percent of personal income for selected
components [A]
J.3. Per capita personal income and
disposable personal income [A]
J.4. Gross state product [A]
D-69
D-/o
D-ji
D-J2
K. Local area table:
K.i. Personal income by metropolitan area [A]
0-73
L. Charts
D-75
Appendixes
Appendix A: Additional information about
BEA'S NIPA estimates:
Statistical conventions
Reconciliation tables [QA]
D-/7
D-78
Appendix B: Suggested reading
D-79
D-2 • National Data
SURVEY OF CURRENT BUSINESS
April 1997
National Data
A. Selected NIPA Tables
The tables in this section include the most recent estimates of gross domestic product and its components;
these estimates were released on March 28,1997 and include the "final" estimates for the fourth quarter of 1996 and
year 1996.
The selected set of NIPA tables shown in this section presents quarterly estimates, which are updated monthly.
In most tables, the annual estimates are also shown. (Some of the lines in tables 1.10 and 1.16 are not yet available
and are shown as leaders; they will be shown in the May SURVEY.) These tables are available electronically on the day
of the gross domestic product (GDP) news release by subscription from STAT-USA'S Economic Bulletin Board and
Internet services; for information, call (202) 482-1986. The tables are also available on printouts or diskettes; for
subscription information, write to the National Income and Wealth Division (BE-54), Bureau of Economic Analysis,
Washington, DC 20230 or call (202) 606-9700.
For a guide to which issues of the SURVEY contain the complete set of NIPA tables for the period 1991-96, see
the headnote and list of tables that appeared on pages 15-17 of the August 1996 issue.
NOTE.—In the May SURVEY, BEA will publish the following NIPA and wealth estimates that reflect the completion
of the most recent comprehensive revision of the NIPA'S: Revised NIPA summary estimates for 1929-96, revised
estimates of reproducible tangible wealth for 1929-95, and newly available and revised NIPA estimates of selected
series for 1991-96. For more information, see the box on page 5.
i. National Product and Income.
Table 1.1.—Gross Domestic Product
Table 1.2.—Real Gross Domestic Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1995
1995
1996
III
Gross domestic product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Net exports of goods and
services
Exports
Goods
Services
Imports
Goods
Services
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense
State and local
1995
1996
IV
I
II
III
4,924.9 5,151,4 4,957.9 4,990.5 5,060.5 5,139.4 5,165.4 5,240.3
606.4 632.1 615.8 612.8 625.2 637.6 630.5 635.2
1,485.9 1,545.1 1,491.2 1,494.2 1,522.1 1,544.7 1,546.5 1,566.8
2,832.6 2,974.3 2,850.9 2,883.5 2,913.2 2,957.1 2,988.5 3,038.3
1,065.3 1,117.0 1,074.8 1,064.0 1,068.9 1,096.0 1,156.2 1,146.6
1,028.2 1,101.5 1,036.6 1,046.2 1,070.7 1,088.0 1,119.6 1,127.8
738.5 791.1 746.3 749.7 769.0 773.8 807.0 814.5
199.7 214.3 202.5 204.0 208.4 207.4 213.5 227.8
538.8
289.8
576.8
310.5
543.8
290.3
545.7
296.5
560.6
301.7
37.0
15.4
38.2
17.8
-1.7
-94,7
-98,7
-87.6
-$7.2
-86.3
-99.2 -120.2
-89.1
807.4
581.4
225.9
902.0
757.0
145.1
855.2
614.9
240.3
953.9
802.2
151.7
819.0
587.0
232.1
906.6
759.7
146.9
837.0
604.5
232.5
904.2
759.0
145.2
839.5
603.6
235.9
925.8
776.7
149.2
850.0
610.4
239.7
949.2
798.2
151.0
887.0
640.2
246.8
976.0
821.6
154.4
566.3
314.2
8.0
593.5
312.6
586.7
313.3
36.6
18.8
844.3
605.4
239.0
964.5
812.1
152.5
1,358,3 1,406.4 1,364.6 1,363.4 1,383.7 1,408.8 1,414.8 1,418.3
516.6
345.5
171.0
841.7
523.1
347.1
176.0
883.3
516.8
345.7
171.1
847.7
507.7
337.1
170.6
855.7
518.6
343.9
174.7
865.1
529.6
353.7
175.8
879.2
525.5
348.8
176.7
889.3
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
III
IV
7,253,8 7,576.1 7,309.8 7,350.6 7,426.8 7,545.1 7,616.3 7,716.1
518.5
341.9
176.7
899.8
1995
1996
Gross domestic product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Net exports of goods and
services
Exports
Goods
Services
Imports
Goods
Services
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense
State and local
Residual
1996
IV
II
I
III
IV
6,742.9 6,907.2 6,776.4 6,780.7 6,814.3 6,892.6 6,928.4 6,993,6
4,577.8 4,690.7 4,597.3 4,609.4 4,649.1 4,687.6 4,693.5 4,732.5
579.8 611.4 589.1 587.5 599.2 615.6 611.6 619.1
1,421.9 1,442.0 1,424.7 1,423.2 1,436.1 1,440.9 1,442.2 1,448.6
2,577.0 2,638.3 2,584.6 2,599.3 2,614.7 2,632.3 2,640.6 2,665.6
1,010.2 1,057.0 1,015.2 1,004.9 1,011.9 1,038.6 1,093.4 1,084.1
975.9 1,042.1
714.3 766.8
181.1 190.0
980.0
719.0
182.8
988.5 1,013.3 1,031.1 1,057.5 1,066.6
723.3 743.5 750.5 781.4 792.0
183.2 186.6
184.9 188.6 199.8
534.5
262.8
578.6
276.7
537.4
262.2
541.4
266.3
558.3
271.1
33.1
14.0
33.0
14.6
-3.0
-107.6 -113.6 -101.6
775.4
565.9
210.4
883.0
744.7
138.8
825.9
608.8
218.2
939.5
796.3
143.8
783.0
568.2
215.4
884.5
745.6
139.4
567.5
281.5
7.1
595.0
277.8
593.7
276.6
34.5
17.3
-84.9 -104.0 -114.7 -137.4
803.1
588.8
215.3
888.0
750.0
138.5
806.7
590.9
216.7
910.7
768.4
142.8
817.9
600.6
218.3
932.6
789.9
143.2
816.1
601.1
216.1
953.5
810.0
144.1
-98.4
862.9
642.6
221.7
961.3
817.0
145.0
1,260.2 1,270.6 1,263.4 1,249.6 1,254.7 1,278.2 1,276.1 1,273.4
472.3
319.6
152.3
788.6
467.1
313.9
152.8
804.3
472.5
319.1
153.1
791.5
456.2
308.8
147.0
794.4
462.9
311.9
150.6
792.6
-.6
-1.7
.3
-.6
-.2
473.4
319.4
153.7
805.5
469.3
314.9
153.9
807.7
462.9
309.4
153.1
811.4
-1.6
-1.5
-3.3
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
Percent changes from preceding period for selected items in this table are shown in table 8.1; contributions to
the percent change in real gross domestic product are shown in table 8.2.
National Data • D-3
SURVEY OF CURRENT BUSINESS
April 1997
Table 1.3.—Gross Domestic Product by Major Type of Product
Table 1.4.—Real Gross Domestic Product by Major Type of Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1995
1995
1996
III
Gross domestic product
Final sales of domestic
product
Change in business
inventories
Goods
Final sales
Change in business
inventories
Durable goods
Final sales
Change in business
inventories . ...
Nondurable goods
Final sales
Change in business
inventories
Services
Structures
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output
1995
1996
IV
I
II
7,253,8 7,576.1 7,309.8 7,350.6 7,426.8 7,545.1 7,616.3 7,716.1
7,216.7 7,560.7 7,271.5 7,332.8 7,428.6 7,537.1 7,579.6 7,697.4
15.4
37.0
38.2
17.8
-1.7
8.0
36.6
18.8
2,699.2 2,799.8 2,727.0 2,715.8 2,747.5 2,790.1 2,821.6 2,839.9
2,662.2 2,784.4 2,688.8 2,698.0 2,749.3 2,782.0 2,785.0 2,821.1
15.4
37.0
38.2
-1.7
17.8
8.0
36.6
18.8
1,182.1 1,232.3 1,196.4 1,193.6 1,204.4 1,229.1 1,260.1 1,235.7
1,147.3 1,219.6 1,167.2 1,166.4 1,192.1 1,219.1 1,225.5 1,241.7
12.7
29.2
34.8
34.7
27.3
12.3
9.9
-6.0
1,517.1 1,567.5 1,530.6 1,522.2 1,543.1 1,561.0 1,561.5 1,604.3
1,514.9 1,564.8 1,521.6 1,531.7 1,557.1 1,562.9 1,559.5 1,579.5
2.2
2.7
-9.4
9.1
-14.0
-1.9
2.0
24.8
3,926.9 4,105.2 3,950.2 3,992.4 4,027.9 4,087.0 4,122.0 4,183.8
627.6 671.1 632.6 642.3 651.4 668.0 672.6 692.5
262.4
260.5
259.6
263.1
242.6
270.6
III
IV
III
269.7
258.9
6,991.3 7,315.6 7,050.1 7,087.5 7,184.2 7,274.5 7,346.6 7,457.2
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1995
1996
Gross domestic product
Final sales of domestic
product
Change in business
inventories
Residual
Goods
Final sales
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services
Structures
Residual
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle cutout
1996
IV
I
II
III
IV
6,742.9 6,907.2 6,776.4 6,780.7 6,814.3 6,892.6 6,928.4 6,993.6
6,708.9 6,892.1 6,741.4 6,764.2 6,815.2 6,884.7 6,892.7 6,975.9
33.1
14.0
33.0
14.6
-3.0
7.1
17.3
34.5
.4
2.1
1.2
1.1
1.9
.8
.9
2.0
2,589.2 2,662.3 2,610.2 2,597.5 2,615.7 2,647.1 2,682.1 2,704.4
2,555.1 2,647.7 2,575.0 2,581.5 2,617.6 2,640.0 2,646.2 2,687.1
7.1
34.5
17.3
14.0
33.0
14.6
-3.0
33.1
1,157.4 1,212.0 1,170.6 1,169.1 1,177.9 1,205.0 1,240.2 1,224.9
1,124.1 1,200.3 1,142.9 1,143.0 1,166.3 1,196.4 1,206.9 1,231.6
12.1
25.8
11.8
9.3
33.0
-5.6
32.8
27.0
1,433.1 1,452.3 1,441.0 1,430.0 1,439.3 1,444.1 1,444.5 1,481.3
1,431.8 1,449.5 1,433.2 1,439.4 1,452.6 1,445.7 1,441.7 1,458.1
-2.2
.2
1.9
5.8 -11.4 -14.7
1.5
22.8
3,583.9 3,649.2 3,595.1 3,605.6 3,614.2 3,648.8 3,652.0 3,681.7
571.8 598.3 573.7 579.4 586.4 598.8 597.5 610.5
-1.7
-4.1
-1.3
235.1
229.3
232.1
-1.1
233.6
-2.3
-4.2
-42
-5.5
215.4
238.2
236.2
227.3
6.507.9 6,678.4 6.544.6 6.547.3 6.599.7 6.654.5 6.692.4 6.767.0
NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line following change in business inventories is the difference between gross domestic product and
the sum of final sales of domestic product and of change in business inventories; the residual line following structures is the difference between gross domestic product and the sum of the detailed lines of goods, of services,
and of structures.
Percent changes from preceding period for selected items in this table are shown in table 8.1
Table 1.5.—Relation of Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers
Table 1.6.—Relation of Real Gross Domestic Product, Real Gross
Domestic Purchases, and Real Final Sales to Domestic Purchasers
[Billions of dollars]
[Billions of chained (1992) dollars]
Gross domestic product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases
Less: Change in business
inventories
Equals: Final sales to
domestic purchasers
7,253.8 7,576.1 7,309.8 7,350.6 7,426.8 7,545.1 7,616.3 7,716.1
807.4
855.2
819.0
837.0
839.5
850.0
844.3
887.0
902.0
953.9
906.6
904.2
925.8
949.2
964.5
976.0
7,348.4 7,674.8 7,397.3 7,417.8 7,513.2 7,644.3
7,736.5
7,805.2
37.0
15.4
38.2
17.8
-1.7
8.0
36.6
18.8
7,311.4 7,659.3 7,359.1 7,400.0 7,514.9 7,636.2 7,699.8 7,786.4
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Gross domestic product ...
Less: Exports of goods and
services
Plus: Imports of goods and
services
,
Equals: Gross domestic
purchases
inventories.
Equals: Final sales to
domestic purchasers
6,742.9 6,907.2 6,776.4 6,780.7 6,814.3 6,892.6 6,928.4 6,993.6
775.4
825.9
783.0
803.1
806.7
817.9
816.1
862.9
883.0
939.5
884.5
888.0
910.7
932.6
953.5
961.3
6,847.1 7,016.6 6,874.8 6,862.9 6,914.6 7,003.0 7,060.7 7,088.0
33.1
14.0
6,813.0 7,001.5
33.0
14.6
-3.0
7.1
6,839.7 6,846.4 6,915.5 6,995.2 7,024.9
Table 1.8.—Real Gross Domestic Product by Sector
[Billions of dollars]
[Billions of chained (1992) dollars]
7,253.8 7,576.1 7,309.8 7,350.6 7,426.8 7,545.1 7,616.3 7,716.1
6,078.2 6,360.6 6,129.6 6,162.1 6,226.3 6,334.6 6,394.2 6,487.1
5,999.6 6,262.3 6,051.0 6,079.8 6,137.3 6,237.0 6,290.3 6,384.7
5,375.0 5,611.0 5,425.9 5,440.4 5,496.9 5,591.6 5,634.9 5,720.8
624.6 651.3
625.1 639.4 640.4 645.4 655.4 663.9
98.3
82.2
78.6
78.6
89.1
97.6
103.9
102.5
323.0 340.9 324.3 329.6 333.5 338.3 343.2 348.5
11.1
11.7
11.2
11.3
11.5
11.6
12.0
313.1
318.2
322.0
326.7
331.4
852.6
329.1
874.7
11.8
311.8
855.9
859.0
867.0
872.2
878.9
278.2
574.4
277.0
597.7
278.8
577.1
276.8
582.2
279.0
588.0
277.8
594.4
276.6
602.3
336.5
880.5
274.5
606.1
1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Nonfarm product equals gross domestic business product less gross farm product.
2. Equals compensation of general government employees plus general government consumption of fixed capital
as shown in table 3.7B.
17.3
7,070.3
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.7.—Gross Domestic Product by Sector
Gross domestic product
Business1
Nonfarm*
Nonfarm less housing
Housing
Farm
Households and institutions ...
Private households
Nonprofit institutions
General government2
Federal
State and local
34.5
Gross domestic product
Businessl
Nonfarm!
Nonfarm less housing
Housing
Farm
Households and institutions ...
Private households
Nonprofit institutions
General government2
Federal
State and local
Residual
6,742.9 6,907.2 6,776.4 6,780.7 6,814.3 6,892.6 6,928.4 6,993.6
5,663.4 5,824.4 5,694.1 5,705.7 5,741.6 5,807.3 5,841.2
5,907.6
5,587.2 5,740.7 5,620.2 5,630.0 5,662.4 5,724.5 5,754.3 5,821.6
5,013.4 5,159.0 5,046.7 5,049.4 5,085.1 5,146.2 5,170.8 5,234.2
573.8 581.8
573.6 580.7 577.4 578.6 583.7 587.6
76.0
83.8
73.5
75.3
79.1
82.8
87.1
302.5
309.2
303.1
305.0
305.5
308.4
310.1
86.1
312.5
10.1
10.3
10.2
10.2
10.3
10.3
10.3
10.4
292.3
298.8
292.9
294.8
295.3
298.1
299.8
302.2
777.5
246.4
531.7
774.6
779.7
770.8
768.0
777.7
778.1
774.7
238.5
536.9
247.7
532.5
-.7
238.6
533.0
238.7
530.0
240.4
538.1
239.0
539.9
236.1
-1.3
-1.6
-1.9
-2.2
-2.5
-.8
-1.9
539.5
1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Nonfarm product equals gross domestic business product less gross farm product.
2. Equals compensation of general government employees plus general government consumption of fixed capital
as shown in table 3.8B.
NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
D-4 • National Data
SURVEY OF CURRENT BUSINESS
April 1997
Table 1.9.—Relation of Gross Domestic Product, Gross National Product,
Net National Product, National Income, and Personal Income
Table 1.10.—Relation of Real Gross Domestic Product, Real Gross
National Product, and Real Net National Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1995
1995
1996
III
Gross domestic product
Plus: Receipts of factor income
from the rest of the world
Less: Payments of factor income
to the rest of the world
Equals: Gross national
product
Less: Consumption of fixed
capital
Private
Capital
consumption
allowances
Less: Capital
consumption
adjustment
Government
General
government
Government
enterprises
Equals: Net national product
Less: Indirect business tax and
nontax liability
Business transfer
payments
Statistical discrepancy ...
Plus: Subsidies less current
surplus of government
enterprises
Equals: National income
Less: Corporate profits with
inventory valuation and capital
consumption adjustments
Net interest
Contributions for social
insurance
Wage accruals less
disbursements
Plus: Personal interest income ...
Personal dividend
income
Government transfer
payments to persons
Business transfer
payments to persons
Equals: Personal income
Addenda:
Gross domestic income
Gross national income
Net domestic product
1995
1996
IV
I
II
III
7,253.8 7,576.1 7,309.8 7,350.6 7,426.8 7,545.1 7,616.3
208.3
228.4
207.0
213.4
220.4
223.9
226.4
242.9
215.3
237.3
223.4
219.7
220.6
231.4
243.8
253.5
7,246.7 7,567.1 7,293.4 7,344.3 7,426.6 7,537.5 7,598.9
7,705.6
825.9
679.2
858.3
709.2
828.8
681.6
845.1
697.0
843.0
694.7
852.8
704.2
864.0
714.6
873.4
723 4
658.9
696.3
661.2
674.1
681.6
691.4
701.1
711.0
-20.3
146.7
-12.9
149.1
-20.4
147.2
-22.8
148.2
-13.0
148.4
-12.8
148.6
-13.5
149.4
^0
125.3
126.8
125.7
126.4
126.4
126.4
126.9
127.2
21.3
22.4
21.5
22.0
22.2
21.8
22.5
22.8
6,420.8 6,708.8 6,464.6 6,499.1 6,583.6 6,684.7 6,734.9 6 832.1
595.5
30.8
-.9
614.6
6440
32.2
X^-°
—y^.o
617.9
597.3
604.1
32.2
30.9
-7.1
31.2
31.5
32.4
-74.6
-46.7
-50.0
-57.5
-98.1
17.5
17.9
16.8
17.3
17.6
16.8
604.1
608.7
III
IV
7,716.1
70 R
1995
1996
Gross domestic product
Plus: Receipts of factor income
from the rest of the world
Less: Payments of factor income
to the rest of the world
Equals: Gross national
product
Less: Consumption of fixed
capital
Private
Government
General
government
Government
enterprises
Equals: Net national product
Addenda:
Gross domestic income21
Gross national income
Net domestic product
1996
IV
I
II
III
IV
6,742.9 6,907.2 6,776.4 6,780.7 6,814.3 6,892.6 6,928.4 6,993.6
194.2
209.2
192.6
197.6
203.2
205.4
207.0
221.0
199.7
215.9
206.8
202.4
202.3
211.1
221.4
229.0
6,737.1 6,900.1 6,762.0 6,775.6 6,814.9 6,886.5 6,913.7 6,985.2
6,743.6 6,975.2 6,783.0 6,823.8 6,860.2 6,945.1 7,017.7 7,077,7
6,737.8 6,968.0 6,768.6 6,818.7 6,860.8 6,939.1 7,002.9 7,069,,3
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Gross national income deflated by the implicit price deflator for gross national product.
NOTE.— Except as noted in footnotes 1 and 2, chained (1992) dollar series are calculated as the product of
the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because
the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chaineddollar estimates are usually not additive.
Table 1.11.—Command-Basis Real Gross National Product
18.2
5,813.5 6,150.9 5,861.4 5,927.4 6,015.3 6,118.7 6,203.0
586.6
403.6
654.0
403.3
612.5
400.7
611.8
401.9
645.1
399.5
655.8
402.3
661.2
405.6
660.0
689.7
664.0
668.6
676.0
686.2
694.4
2.7
717.1
0
738.2
2.9
719.9
.9
727.2
1.9
726.1
0
733.1
0
742.9
214.8
230.6
215.8
221.7
226.6
229.3
231.5
1,000.0 1,056.7 1,007.3 1,018.7 1,040.1 1,052.6 1,062.1
18 3
62667
[Billions of chained (1992) dollars]
6,737.1 6,900.1 6,762.0
Gross national product
Less: Exports of goods and
654.1
services and receipts of factor
405.7
income from the rest of the
970.4 1,036.0 976.3
world
702.2
p|us: Command-basis exports of
goods and services and 1
-1-9
receipts of factor income
985.9 1,053.0 992.9
Equals: Command-basis gross
6,752.6 6,917.1 6,778.6
9iA fl national oroduct
.1 n7071
. 0 9 Addendum:
> Terms of trade 2
101.6 101.6 101.7
OQ I)
6,775.6 6,814.9 6,886.5 6,913.7 6,985.2
1,001.4 1,010.8 1,024.1 1,024.0 1,085.0
1,020.9 1,030.6 1,042.1 1,043.1 1,096.2
6,795.0 6,834.7 6,904.4 6,932.8 6,996.5
101.9
102.0
101.8
101.9
101.0
^'c
6,115.1 6,452.3 6,146.9 6,234.5 6,308.5 6,412.4 6,501.4 6 587 0
' '
of
7,254.6 7,650.7 7,316.9 7,397.3 7,476.9 7,602.6 7,714.4 7 808 9
'7qn'o
7,247.6 7,641.8 7,300.5 7,391.0 7,476.7 7,595.0 7,697.0 7C'CMO
7
6,427.9 6,717.8 6,480.9 6,505.5 6,583.8 6,692.3 6,752.3 o,B4<^
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
Percent changes from preceding period for selected items in this table are shown in table 8.1.
22.6
23.0
22.6
22.7
22.9
23.0
23.1
1. Exports of goods and services and receipts of factor income deflated by the implicit price deflator for imports
9oods and services and payments of factor income.
2. Ratio of the implicit price deflator for exports of goods and services and receipts of factor income to the
National Data • D-5
SURVEY OF CURRENT BUSINESS
April 1997
Table 1.14.—National Income by Type of Income
Table 1.16,—Gross Domestic Product of Corporate Business in Current
Dollars and Gross Domestic Product of Nonfinancial Corporate Business in Current and Chained Dollars
[Billions of dollars]
Seasonally adjusted at annual rates
1995
1995
1996
III
National income
Compensation of employees ...
Wage and salary accruals
Government
Other ... .
Supplements to wages and
salaries
Employer contributions for
social insurance
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Proprietors' income with
inventory valuation
adjustment
Capital consumption
adjustment
Nonfarm
Proprietors' income
Inventory valuation
adjustment
Capital consumption
adjustment
Rental income of persons with
capital consumption
adjustment
Rental income of persons
Capital consumption
adjustment
Corporate profits with
inventory valuation and
capital consumption
adjustments
Corporate profits with
inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits ...
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest
Addenda:
Corporate profits after tax with
inventory valuation and
capital consumption
adjustments
Net cash flow with inventory
valuation and capital
consumption adjustments ...
Undistributed profits with
inventory valuation and
capital consumption
adjustments .. ..
Consumption of fixed
capital
Less: Inventory valuation
adjustment
Equals: Net cash flow
5,813.5 6,150.9
5,861.4
Seasonally adjusted at annual rates
1996
IV
I
II
III
789.5
818.4
793.7
800.1
804.1
814.4
823.3
831.8
365.5
424.0
382.2
436.2
367.8
425.9
369.8
430.2
375.0
429.1
380.4
434.0
384.6
438.6
388.8
442.9
478.3
518.3
479.6
486.7
499.5
515.2
526.3
532.1
29.0
46.4
28.1
31.8
38.4
45.8
51.8
49.7
36.5
53.9
35.7
39.3
45.8
53.2
59.4
57.3
-7.5
-7.5
-7.5
-7.5
-7.4
-7.4
-7.6
-7.6
449.3
434.6
471.9
457.2
451.5
436.3
454.9
439.6
461.1
446.4
469.4
455.2
474.6
459.4
482.4
467.7
16.4
-.8
15.5
-1.1
16.4
-.8
16.1
-1.3
-1.2
16.0
15.4
-1
15.3
-7
15.3
122.2
158.6
126.8
161.7
120.9
156.0
125.8
165.0
126.9
160.0
124.5
158.6
127.0
162.5
128.9
165.8
-36.4
-34.9
-35.1
-39.1
-33.1
-^54.2
^35.5
-37.0
586.6
654.0
612.5
611.8
645.1
655.8
661.2
654.1
570.8
598.9
218.7
380.2
227.4
152.8
631.0
639.9
233.0
406.8
244.2
162.6
597.9
607.2
224.5
382.8
228.5
154.3
595.3
604.2
218.7
385.5
234.7
150.8
624.8
642.2
233.4
408.8
239.9
168.9
633.5
644.6
236.4
408.1
243.1
165.1
637.6
635.6
233.4
402.2
245.2
156.9
627.9
637.1
228.9
408.2
248.7
159.5
-28.1
-8.9
-9.3
-8.8
-17.4
-11.0
2.0
-9.2
15.9
23.1
14.6
16.5
20.4
22.3
23.6
26.2
403.6
403.3
400.7
401.9
399.5
402.3
405.6
405.7
368.0
421.0
388.1
393.1
411.8
419.4
427.7
425.2
594.6
650.8
616.5
622.0
637.4
647.3
659.7
658.6
140.6
176.8
159.6
158.4
171.8
176.3
182.5
176.5
454.0
474.0
456.9
463.6
465.6
471.0
477.2
482.1
-28.1
622.7
-8.9
-9.3
-8.8
659.7
625.8
630.8
-17.4
654.8
-11.0
658.4
2.0
657.7
-9.2
667.8
1995
1996
III
5,927.4 6,015.3 6,118.7 6,203.0 6,266.7
4,222.7 4,448.5 4,247.7 4,301.1 4,344.3 4,420.9 4,482.9 4,546.0
3,433.2 3,630.1 3,454.0 3,501.1 3,540.2 3,606.5 3,659.6 3,714.2
621.7 641.2 624.1
626.9 634.0 638.9 644.6 647.2
2,811.5 2,988.9 2,829.9 2,874.2 2,906.1 2,967.5 3,015.1 3,067.0
-1.8
1995
IV
Billions of dollars
Gross domestic product
of corporate business
Consumption of fixed capital
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies
Domestic income
Compensation of
employees
Wage and salary
accruals
Supplements to wages
and salaries
Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest
Gross domestic product
of financial corporate
business
Gross domestic product
of nonfinancial
corporate business
Consumption of fixed capital
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies
Domestic income
Compensation of
employees
Wage and salary
accruals
Supplements to wages
and salaries
Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest
Billions of chained (1992)
dollars
Gross domestic product
of nonfinancial
corporate business 1 ...
1996
IV
I
II
III
IV
4,331.1 4,592.0 4,383.0 4,424.9 4,481.8 4,565.6 4,629.8 4,691.0
454.0
474.0
456.9
463.6
465.6
471.0
477.2
482.1
3,877.0 4,118.0 3,926.1 3,961.3 4,016.2 4,094.6 4,152.5 4,208.8
441.0 458.0 441.5 447.3 445.6 450.3 454.3 481.7
3,436.0 3,660.1 3,484.6 3,514.0 3,570.6 3,644.3 3,698.2 3,727.1
2,804.5 2,965.3 2,821.7 2,862.0 2,888.5 2,945.3 2,989.8 3,037.8
2,303.3 2,448.6 2,318.4 2,354.6 2,380.8 2,431.1 2,470.0 2,512.6
501.3
516.7
503.4
507.4
507.7
514.2
519.8
525.2
510.0
522.2
218.7
303.5
205.6
572.0
557.8
233.0
324.8
218.0
106.8
541.7
536.4
224.5
311.9
204.2
107.7
530.1
522.5
218.7
303.8
211.3
577.3
566.1
236.4
329.7
218.0
111.7
584.6
559.0
233.4
325.6
215.3
110.3
564.2
547.2
228.9
318.3
222.0
92.5
562.0
559.0
233.4
325.6
216.8
108.8
-8.9
-9.3
-8.8
-17.4
-11.0
97.9
-28.1
2.0
96.3
-9.2
15.9
23.1
14.6
16.5
20.4
26.2
122.7
121.2
121.9
120.2
223
121.6
23.6
121.5
123.8
125.2
445.3
484.3
458.2
451.8
470.2
484.0
486.6
496.2
3,885.8 4,107.8 3,924.8 3,973.2 4,011.6 4,081.6 4,143.1 4,194.8
424.0
442.6
426.6
433.0
434.8
439.9
445.5
450.1
3,461.8 3,665.2 3,498.2 3,540.2 3,576.8 3,641.7 3,697.6 3,744.7
400.9 407.5 401.6 406.9 405.3 403.0 406.6 415.2
3,060.9 3,257.7 3,096.6 3,133.3 3,171.5 3,238.8 3,290.9 3,329.5
2,574.9 2,721.8 2,590.6 2,627.6 2,651.3 2,703.4 2,744.3 2,788.2
2,111.9 2,245.1 2,125.7 2,159.0 2,182.9 2,229.0 2,264.7 2,303.7
463.1
476.7
464.9
468.6
468.4
474.4
479.6
484.5
384.6
403.0
140.7
262.4
175.9
433.3
425.9
148.0
277.9
187.8
405.0
406.0
141.3
264.7
174.9
404.3
403.2
140.6
262.6
180.3
420.3
424.1
147.7
276.4
185.6
433.8
429.5
149.2
280.3
187.9
442.8
424.1
146.9
277.1
186.2
436.1
425.9
148.1
277.8
191.5
86.5
90.1
89.7
82.4
90.8
92.4
90.9
86.3
-28.1
-8.9
-9.3
-8.8
-17.4
-11.0
9.7
101.3
16.3
8.4
100.9
9.9
101.4
13.6
15.4
16.8
19.3
100.0
101.5
103.9
105.2
102.6
2.0
-9.2
3,692.3 3,858.9 3,719.9 3,759.1 3,779.2 3,831.0 3,888.8 3,936.6
Consumption of fixed capital 2 ....
Net domestic product3
1. Chained-dollar gross domestic product of nonfinancial corporate business equals the current-dollar product deflated by the implicit price deflator for goods and structures in gross domestic product.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product
of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100.
3. Chained-dollar net domestic product of nonfinancial corporate business is the difference between the gross
product and the consumption of fixed capital.
SURVEY OF CURRENT BUSINESS
D-6 • National Data
April 1997
2. Personal Income and OutlaysTable 2.2.—Personal Consumption Expenditures by Major Type of
Product
Table 2.1.—Personal Income and Its Disposition
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1995
1995
1996
III
Personal income
Wage and salary
disbursements
Private industries
Commodity-producing
industries
Manufacturing
Distributive industries
Service industries
Government
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Nonfarm
Seasonally adjusted at annual rates
1996
IV
II
I
1995
IV
III
3,430.6 3,630.1 3,451.2 3,500.2 3,538.2 3,606.5 3,659.6 3,716.1
2,808.8 2,988.9 2,827.1 2,873.3 2,904.2 2,967.5 3,015.1 3,068.9
863.5 902.7 866.7 873.9 878.7 900.3 911.0 920.9
648.4 672.5 650.1 654.7 654.8 671.8 678.5 685.0
783.7 827.9 789.3 800.7 810.5 822.3 832.4 846.5
1,161.6 1,258.3 1,171.1 1,198.6 1,215.1 1,244.9 1,271.6 1,301.5
621.7 641.2 624.1 626.9 634.0 638.9 644.6 647.2
424.0
436.2
425.9
430.2
429.1
434.0
438.6
442.9
478.3
518.3
479.6
486.7
499.5
515.2
526.3
532.1
29.0
46.4
28.1
31.8
38.4
45.8
51.8
49.7
449.3
471.9
451.5
454.9
461.1
469.4
474.6
482.4
Rental income of persons
with capital consumption
adjustment
122.2
126.8
120.9
125.8
126.9
124.5
127.0
128.9
Personal dividend income ...
214.8
230.6
215.8
221.7
226.6
229.3
231.5
234.8
Personal interest income
717.1
738.2
719.9
727.2
726.1
733.1
742.9
750.5
Transfer payments to
persons
1,022.6 1,079.7 1,029.9 1,041.4 1,063.0 1,075.6 1,085.1 1,095.0
Old-age, survivors,
disability, and health
insurance benefits
507.4 539.1 510.7 516.1 529.9 536.3 541.7 548.2
Government unemployment
insurance benefits
22.2
21.6
22.1
22.0
22.2
22.1
22.0
22.0
Veterans benefits
21.1
20.9
21.9
21.0
21.7
22.0
21.9
21.9
Government employees
retirement benefits
135.5
142.3 136.4 137.3 138.4 142.1 143.5 145.4
Other transfer payments ....
337.2 354.4 339.7 344.8 350.8 353.2 356.0 357.5
Aid to families with
dependent children ....
23.3
20.0
23.1
22.8
22.5
22.0
14.0
21.6
Other
313.9 334.3 316.6 322.0 328.3 331.2 334.4 343.5
Less: Personal
contributions for social
insurance
294.5
307.5
296.2
298.8
301.0
305.8
309.7
313.4
Less: Personal tax and nontax
oavments
794.3
863.8
798.4
807.2
824.9
870.6
872.5
887.2
Equals: Disposable personal
income
5,320.8 5,588.5 5,348.5 5,427.3 5,483.5 5,541.8 5,628.9 5,699.7
Less: Personal outlays
5,071.5 5,314.0 5,106.6 5,144.7 5,218.1 5,300.7 5,329.8 5,407.5
Personal consumption
expenditures
Interest paid by persons
Personal transfer payments to
the rest of the world (net)
Equals: Personal saving
Addenda:
Disposable personal income:
Total, billions of chained
(1992) dollars1
Per capita:
Current dollars
Chained (1992) dollars
Population (mid-period,
millions)
Personal saving as a
percentage of disposable
personal income
4,924.9 5,151.4 4,957.9 4,990.5 5,060.5 5,139.4 5,165.4 5,240.3
131.7 146.3 134.0 137.8 141.9 145.1 148.2 150.2
14.9
16.3
14.7
16.5
15.7
16.2
16.2
17.1
249.3
274.4
241.9
282.6
265.4
241.1
299.1
292.2
Personal consumption
expenditures
Durable aoods
Motor vehicles and parts
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
4,945.8 5,088.6 4,959.5 5,012.9 5,037.6 5,054.5 5,114.6 5,147.5
20,224 21,050 20,306 20,555 20,727 20,900 21,177 21,395
18,799 19,167 18,829 18,986 19,041 19,063 19,242 19,322
263.1
265.5
263.4
264.0
264.6
265.2
265.8
266.4
4.7
4.9
4.5
5.2
4.8
4.3
5.3
5.1
IV
I
II
III
IV
4,924.9 5,151.4 4,957.9 4,990.5 5,060.5 5,139.4 5,165.4 5,240.3
606.4
632.1
615.8
612.8
625.2
637.6
630.5
635.2
247.8
252.5
253.9
248.3
254.2
256.2
249.8
249.9
241.9
116.7
254.4
125.2
244.3
117.7
247.0
117.4
248.7
122.3
255.9
125.6
255.9
124.7
257.1
128.2
1,485.9 1,545.1 1,491.2 1,494.2 1,522.1 1,544.7 1,546.5 1,566.8
747.2
254.4
114.6
772.3
264.4
121.8
10.0
11.1
359.7
375.4
750.9
255.5
113.1
9.8
361.9
754.9
254.8
110.8
765.8
261.2
115.9
767.9
266.3
127.0
773.3
265.1
119.8
782.1
265.0
124.6
10.3
11.3
11.0
10.6
11.6
363.4
368.0
372.5
377.6
383,5
2,832.6 2,974.3 2,850.9 2,883.5 2,913.2 2,957.1 2,988.5 3,038.3
743.7
294.2
118.0
176.2
192.5
784.2
818.0
779.4
309.5
123.0
186.5
204.6
815.8
865.0
748.0
298.7
121.7
177.0
194.2
787.8
822.2
758.1
298.1
118.4
179.7
196.9
798.5
831.8
767.0
302.1
120.8
181.3
198.5
800.4
845.3
775.2
310.4
124.7
185.7
202.4
811.2
857.9
783.3
309.2
122.3
186.9
206.4
818.9
870.6
792.2
316.4
124.3
192.1
210.9
832.6
886.2
Table 2.3.—Real Personal Consumption Expenditures by Major Type of
Product
[Billions of chained (1992) dollars]
Personal consumption
expenditures
Durable goods
Motor vehicles and parts ....
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
Residual
1. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
III
6,115.1 6,452.3 6,146.9 6,234.5 6,308.5 6,412.4 6,501.4 6,587.0
1996
1995
1996
4,577.8 4,690.7 4,597.3 4,609.4 4,649.1 4,687.6 4,693.5 4,732.5
579.8
611.4
589.1
587.5
599.2
615.6
611.6
619.1
221.1
222.4
226.4
220.6
224.2
225.9
220.0
219.4
251.1
109.8
275.8
117.1
254.1
110.5
259.9
109.9
264.1
113.9
276.0
117.4
279.0
116.9
284.2
120.3
1,421.9 1,442.0 1,424.7 1,423.2 1,436.1 1,440.9 1,442.2 1,448.6
702.1
257.2
113.3
704.6
268.2
113.8
703.6
258.8
112.5
703.0
257.3
113.7
709.2
262.5
112.6
704.9
268.9
114.3
10.3
10.2
10.0
10.7
10.7
10.1
339.3
345.9
340.0
338.8
341.6
343.5
701.6 702.8
271.0 270.3
113.4 114.9
10.1 10.0
347.0
351.4
2,577.0 2,638.3 2,584.6 2,599.3 2,614.7 2,632.3 2,640.6 2,665.6
681.7
276.8
113.6
163.1
177.0
684.1
757.6
283.9
115.8
168.0
184.7
698.3
778.8
683.2
280.8
117.2
163.6
176.4
686.0
758.4
686.3
278.9
113.4
165.4
180.0
691.2
763.0
689.0
280.8
115.4
165.3
182.5
691.1
771.8
-3.5
-5.8
-3.4
-3.8
-4.8
691.6
285.6
117.9
167.6
183.3
696.1
776.1
693.9
282.2
697.2
287.0
114.4
167.6
185.2
115.4
171.4
187.9
699.7
779.9
706.5
787.2
-6.0
-6.2
-6.4
NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
National Data • D-7
SURVEY OF CURRENT BUSINESS
April 1997
3. Government Receipts, Current Expenditures, and Gross Investment.
Table 3.1.—Government Receipts and Current Expenditures
[Billions of dollars]
Seasonally adjusted at annual rates
1995
1995
1996
III
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
Current expenditures
Consumption expenditures
Transfer oavments (net)
.
....
..
To persons
To the rest of the world (net)
Net interest paid
Interest paid
To persons and business
To the rest of the world . ..
Less: Interest received by government
Less: Dividends received bv Government
Subsidies less current surplus of government enterprises
Subsidies
Less: Current surplus of government enterprises
Less: Wage accruals less disbursements
Current surplus or deficit (-), national income and product accounts
Social insurance funds
.
...
..
Other
IMI IWIWI
fMJIIIWIHW
\"W»/
1996
IV
II
I
III
IV
2,268.4 2,404.4 2,284.2 2,298.6 2,338.5 2,402.0 2,414.9 2,462.3
794.3
218.7
595.5
660.0
863.8
233.0
617.9
689.7
798.4
224.5
597.3
664.0
807.2
218.7
604.1
668.6
824.9
233.4
604.1
676.0
870.6
236.4
608.7
686.2
872.5
233.4
614.6
694.4
887.2
228.9
644.0
702.2
2,335.1 2,438.5 2,348.8 2,365.0 2,402.7 2,427.6 2,446.5 2,477.3
1,136.4 1,173.1 1,139.9 1,143.3 1,154.9 1,173.7 1,180.6 1,183.0
. . .
1,011.5 1,073.1 1,018.5 1,030.3 1,059.1 1,064.5 1,073.8 1,095.1
1,000.0 1,056.7 1,007.3 1,018.7 1,040.1 1,052.6 1,062.1 1,071.9
11.5
16.4
11.3
11.6
19.0
11.8
11.7
23.3
181.7
318.0
256.7
188.5
321.8
250.5
185.2
320.7
257.5
187.5
322.8
258.1
184.8
319.8
255.2
185.6
319.7
252.3
189.1
322.3
248.3
194.7
325.5
246.1
61.3
71.3
63.2
64.7
64.7
67.3
74.0
79.4
136.3
133.3
135.5
135.3
135.0
134.0
133.2
130.9
12.6
13.7
12.7
13.0
13.3
13.7
13.7
13.9
18.2
33.4
15.3
17.5
32.1
14.6
17.9
33.0
15.1
16.8
31.7
14.8
17.3
31.7
14.4
17.6
31.8
14.2
16.8
32.0
15.2
18.3
32.8
14.4
0
-66.7
0
-34.1
0
-64.6
0
-66.4
0
-64.3
0
-25.7
0
-31.6
0
-15.0
114.5
115.2
117.7 112.8 117.4 118.3 109.9 111.7
-184.4 -146.9 -182.0 -184.7 -174.1 -137.4 -146.1 -130.2
SURVEY OF CURRENT BUSINESS
D-8 • National Data
April 1997
Table 3.3.—State and Local Government Receipts and Current
Expenditures
Table 3.2.—Federal Government Receipts and Current Expenditures
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1995
1995
1996
III
Receipts
Personal tax and nontax receipts
Income taxes
Estate and gift taxes
Nontaxes
Corporate profits tax accruals ....
Federal Reserve banks
Other
Indirect business tax and nontax
accruals
Excise taxes
Customs duties
Nontaxes
Contributions for social insurance
Current expenditures
Consumption expenditures
Transfer payments (net)
To persons
To the rest of the world (net)
Grants-in-aid to State and local
governments
Net interest paid
Interest paid
To persons and business
To the rest of the world
Less: Interest received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Current surplus or deficit
(-), national income
and product accounts
Social insurance funds
Other
Seasonally adjusted at annual rates
1996
IV
II
I
1995
IV
III
1995
1996
III
1,478.4 1,575.0 1,486.6 1,494.7 1,523.1 1,575.6 1,581.9 1,619.3
614.9
598.1
673.1
653.7
617.3
599.6
623.3
605.5
639.6
622.2
681.4
661.3
680.2
659.6
691.1
671.5
14.8
17.3
15.6
15.7
15.2
18.0
18.5
17.4
2.0
2.2
2.1
2.2
184.3
196.2
189.1
184.3
23.1
22.9
161.1
173.2
91.2
56.5
19.5
15.2
90.5
52.2
20.3
18.1
588.0
615.2
23.2
165.9
88.4
56.6
20.0
11.8
591.8
2.2
196.4
22.9
22.7
161.3
173.7
91.3
57.7
19.6
13.9
84.4
51.1
20.1
13.3
595.9
602.6
2.2
199.0
23.0
176.0
83.2
50.2
19.4
13.5
612.0
2.2
196.5
22.8
173.7
85.7
51.4
20.7
13.6
619.4
2.2
192.8
23.2
169.6
108.7
56.0
20.9
31.8
626.7
1,640.1 1,702.1 1,645.0 1,649.3 1,678.3 1,702.3 1,702.6 1,725.2
453.8
459.0
453.6
451.4
453.6
463.5
461.3
457.7
719.9
708.4
764.2
747.7
724.2
713.0
730.9
719.3
756.2
737.2
757.9
746.0
762.9
751.2
779.8
756.6
11.5
16.4
11.3
11.6
19.0
11.8
11.7
23.3
206.1
214.6
203.8
203.3
207.6
219.3
214.5
216.8
229.1
254.0
192.7
233.4
258.0
186.7
232.3
256.7
193.5
233.9
258.9
194.2
230.5
255.9
191.3
230.8
255.8
188.5
233.7
258.5
184.5
238.8
261.8
182.4
61.3
71.3
63.2
64.7
64.7
67.3
74.0
79.4
24.9
24.6
24.5
25.0
25.4
25.0
24.8
23.0
31.3
33.1
30.9
31.7
31.1
32.6
29.9
31.3
30.4
31.3
30.8
31.4
30.3
31.7
32.0
32.4
1.8
0
.8
0
1.6
1.4
0
0
.9
0
.6
0
1.4
0
.4
0
-161.7 -127.1 -158.5 -154.5 -155.2 -126.7 -120.8 -105.9
59.5
57.2
59.3
60.7
53.0
55.2
59.1
61.2
-221.2 -184.3 -217.8 -215.2 -208.3 -181.9 -179.9 -167.1
Receipts
Personal tax and nontax receipts
Income taxes
Nontaxes
...
Other
Corporate profits tax accruals ....
Indirect business tax and nontax
accruals
Sales taxes
Property taxes
Other
Contributions for social insurance
Federal grants-in-aid
Current expenditures
Consumption expenditures ....
Transfer payments to persons ...
Net interest paid
. .
Interest paid
Less: Interest received by
government
Less: Dividends received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Current surplus or deficit
(-), national income
and product accounts
Social insurance funds
Other
1996
I
IV
II
IV
III
996.1 1,044.0 1,001.4 1,007.1 1,023.0 1,045.7 1,047.6 1,059,8
179.4
133.5
190.8
142.9
181.2
135.1
183.8
137.3
185.3
138.1
189.2
141.7
192.3
144.2
196.2
147.3
23.9
22.0
24.7
23.2
24.0
22.1
24.1
22.4
24.4
22.8
24.5
23.0
24.8
23.3
25.2
23.7
34.4
36.8
35.4
34.4
36.9
37.4
36.9
36.1
504.3
238.3
216.3
527.3
249.3
225.5
508.9
240.3
218.1
512.8
241.8
220.2
519.7
245.9
222.2
525.5
248.8
224.6
528.9
249.5
226.5
535.2
252.9
228.8
49.7
52.5
50.5
50.8
51.6
52.2
52.9
53.6
71.9
74.5
72.2
72.8
73.4
74.2
74.9
75.,5
206.1
214.6
203.8
203.3
207.6
219.3
214.5
216.8
901.1
951.0
907.5
919.0
932.0
944.7
958.4
968,9
682.6
714.0
686.2
691.9
701.3
710.2
719.3
725,,3
291.6
308.9
294.3
299.4
302.9
306.6
310.9
315.3
-47.4
-44.9
-47.0
-46.4
-45.7
-45.1
-44.1
64.0
63.8
64.0
63.9
63.9
63.8
^4.6
63.8
111.4
108.7
111.0
110.3
109.6
109.0
108.4
107.9
12.6
13.7
12.7
13.0
13.3
13.7
13.7
13.9
-13.1
.4
-13.4
.4
-13.2
.4
-13.0
.4
-13.1
.4
-13.3
.4
-13.4
.4
-13,7
A
13.5
13.7
13.6
13.4
13.5
13.6
13.8
14.1
0
0
0
0
0
0
0
0
95.0
93.0
93.9
88.1
91.0
101.0
89.2
90.9
58.2
36.8
55.6
37.4
58.1
35.8
57.6
30.5
56.8
34.1
56.4
44.6
55.3
33.8
54.0
36.9
63.7
National Data • D-9
SURVEY OF CURRENT BUSINESS
April 1997
Table 3.7B.—Government Consumption Expenditures and Gross
Investment by Type
Table 3.8B.—Real Government Consumption Expenditures and Real
Gross Investment by Type
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1995
1995
1996
III
1995
1996
IV
I
II
III
Federal
National defense
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment
518.5
516,6
523.1
516.8
507.7
518.6
345.5
302.3
347.1
303.9
345.7
301.4
337.1
300.1
20.8
20.7
22.5
18.9
6.2
275.2
7.9
275.2
6.7
272.2
5.7
275.5
341.9
304.7
22.1
188
19.1
22.9
7.7
8.3
7.2
8.5
271.9 276.9 273.4 278.7
130.6
129.4
130.7
129.2
130.8
60.5
84.1
43.3
58.9
86.9
43.2
60.4
81.1
44.3
60.3
86.0
37.0
59.6
81.5
45.2
343.9
298.7
529.6
353.7
307.4
129.9
525.5
348.8
304.7
129.3
127.9
37.9
38.1
38.8
31.7
40.1
41.2
39.0
58.2
92.7
37 2
49
32 2
Nondefense
Consumption expenditures
Durable goods2
Nonduraole goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment
171.0
151.5
.8
7.6
176.0
155.2
1.0
7.2
171.1
152.2
.7
7.6
170.6
151.3
.7
7.6
174.7
154.9
.9
7.8
175.8
156.1
1.0
7.3
176.7
156.6
1.2
7.0
176.7
153.0
1.0
6.8
-.2
7.8
143.2
-.3
7.6
146.9
-.1
7.7
143.9
-.1
7.6
143.1
-.1
7.9
146.3
-.5
7.8
147.8
-.5
7.5
148.4
-.3
7.1
1452
76.4
77.7
76.9
76.3
77.7
77.9
77.6
77.4
10.7
56.1
19.5
10.1
10.9
58.4
20.8
10.7
56.2
18.9
10.8
55.9
19.3
10.9
57.7
19.8
10.8
59.0
19.7
10.0
10.9
59.8
20.1
11.0
56.9
23.7
10.4
132
State and local
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of general
government
employees, except
force-account3
construction
Consumption of general
government fixed
capital4
Other services
Gross investment
Structures
Eauioment
841.7
682.6
Addenda:
Compensation of general
government employees 3 ....
Federal
State and local
5.3
9.4
5.0
9.9
5.5
5.3
5.0
59.1
87.9
46.3
5.1
58.7
85.4
44.1
5.1
9.3
9.6
9.9
9.4
883.3
714.0
847.7
686.2
855.7
691.9
865.1
701.3
879.2
710.2
889.3
719.3
14.9
73.3
15.2
73.6
15.3
76.1
15.4
78.3
15.6
78.4
10.9
9.7
10.1
9.7
9.6
10.5
14.7
72.8
15.5
78.3
595.1
620.2
598.0
603.2
609.9
616.5
625.3
899 8
725.3
157
80 4
629.1
516.2
536.5
518.6
522.9
528.1
533.6
540.7
543.6
54.2
24.7
57.0
26.7
54.6
24.9
55.3
25.0
55.9
25.9
56.5
26.3
57.4
27.3
159.1
130.0
169.3
138.9
161.5
132.3
163.8
134.0
163.8
133.8
169.1
138.7
170.0
139.4
29.1
30.5
29.3
29.7
30.0
30.3
30.6
58 0
27 5
174.5
143.6
30 9
727.3
207.1
520.2
747.9
207.2
540.7
730.2
207.7
522.6
732.6
205.6
526.9
740.6
208.5
532.1
745.8
207.9
537.9
751.9
207.0
544.9
753 3
2053
548.0
1. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods
transferred to foreign countries by the Federal Government.
3. Compensation of government employees engaged in new force-account construction and related expenditures
for goods and services are classified as investment in structures. The compensation of all general government employees is shown in the addenda.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial
measure of the value of the services of general government fixed assets; use of depreciation assumes a zero
net return on these assets.
1996
IV
I
II
III
IV
Government consumption
expenditures and
1,260.2 1,270.6 1,263.4 1,249.6 1,254.7 1,278.2 1,276.1 1,273.4
gross Investment L
Federal
National defense
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed
capital4
Other services
Gross investment
Structures
Equipment
472.3
467.1
472.5
456.2
462.9
473.4
469.3
462.9
319.6
280.1
313.9
275.7
319.1
278.9
308.8
275.1
311.9
271.6
319.4
279.6
314.9
276.5
309.4
275.3
20.5
20.2
22.2
18.6
18.7
21.5
22.3
18.4
6.2
253.1
7.3
248.0
6.7
249.9
5.5
250.5
7.3
245.4
7.7
250.2
6.4
7.7
246.4 250.2
120.9
115.7
120.8
117.5
116.6
116.5
115.8
113.9
52.2
79.9
39.6
51.0
81.4
38.2
52.0
76.9
40.3
51.8
81.2
33.8
51.6
77.1
40.3
51.0
82.8
39.9
50.8
79.8
38.5
50.7
85.8
34.2
4.6
4.2
4.7
4.5
4.3
4.3
4.2
4.1
35.0
34.0
35.6
29.2
36.0
35.6
34.3
30.1
Nondefense
Consumption expenditures
Durable goods2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed
capital4
Other services
Gross investment
Structures
Equipment
152.3
133.5
.9
6.8
152.8
132.8
1.2
6.5
153.1
134.8
.9
6.9
147.0
128.6
.8
6.8
150.6
131.6
1.0
7.0
153.7
134.7
1.2
6.5
153.9
134.4
1.3
6.3
153.1
130.5
1.2
6.1
-.2
7.1
125.7
-.3
6.7
125.2
-.1
7.0
127.0
-.1
6.9
121.0
-.1
7.0
123.7
-.4
6.9
126.9
-.4
6.6
126.8
-.2
6.4
123.2
62.9
61.2
64.3
58.9
60.0
62.3
61.7
60.8
10.2
53.2
18.7
10.3
54.4
20.0
10.2
52.9
18.1
10.3
52.5
18.4
10.3
54.2
18.9
10.3
55.1
18.9
10.3
55.6
19.4
10.4
52.6
22.8
8.5
9.7
8.9
9.5
10.2
9.0
9.9
11.0
State and local
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of general
government
employees, except
force-account3
construction
Consumption of general
government fixed
capital 4
Other services
Gross investment
Structures
Equipment
788.6
639.1
804.3
649.0
791.5
640.5
794.4
642.1
14.1
69.2
14.7
72.0
14.2
69.5
Residual
, ,. _,
III
IV
Government consumption
expenditures and
gross investment 1
1,358.3 1,406.4 1,364.6 1,363.4 1,383.7 1,408.8 1,414.8 1,418.3
1995
1996
Addenda:
Compensation of general
government employees 3 ....
State and local
9.3
9.5
8.9
11.2
8.8
8.5
9.2
13.8
792.6
640.9
805.5
649.7
14.3
70.2
14.4
70.9
14.6
71.6
14.7
72.3
14.9
73.0
555.7
563.6
565.5
565.4
481.3
482.7
481.8
807.7 811.4
652.4 653.2
556.0
562.5
556.9
557.7
476.4
479.9
477.0
477.1
473.8
51.7
28.1
53.3
29.9
51.9
28.3
52.3
28.7
52.7
29.8
53.1
29.8
53.5
29.7
53.9
30.3
149.4
121.1
155.3
125.6
151.0
122.5
152.3
123.4
151.7
122.5
155.8
126.3
155.3
125.5
158.3
128.1
28.5
28.9
29.2
29.5
29.9
30.2
-1.3
-1.6
-1.7
-1.7
-2.4
653.6 663.6
176.8 179.2
477.4 485.0
663.8
177.9
486.5
660.1
175.1
485.7
28.4
29.7
-1.0
-1.9
663.7
184.1
480.0
660.3
177.2
483.7
-.8
665.8
185.5
480.7
656.7
176.5
480.8
NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines, excluding the
lines in the addenda.
See footnotes to table 3.7B.
D-10 • National Data
SURVEY OF CURRENT BUSINESS
April 1997
Table 3.10.—National Defense Consumption Expenditures and Gross
Investment
Table 3.11.—Real National Defense Consumption Expenditures and Real
Gross Investment
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonall y adjust*3d at an lual rateS
1995
III
National defense
consumption
expenditures and l
gross investment
Consumption expenditures
Durable goods2
Aircraft
Missiles
Ships
Vehicles
Electronics
Other durable goods
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods ....
Services
Compensation of general
government employees,
except force-account
construction3
Military
Civilian
Consumption of general
government
fixed
capital4
Other services
Research and
development
Installation support
Weapons support
Personnel support
Transportation of
material
Travel of persons
Other
Gross investment
Structures
Equipment
Aircraft
Missiles
Ships
Vehicles
Electronics
Other equipment
Addendum:
Compensation of general 3
government employees ....
1995
19 96
19 95
1996
Seasonally adjusted at annual rates
IV
I
II
III
347.1
345.7
337.1
343.9
353.7
348.8
341.9
302.3
303.9
301.4
300.1
298.7
307.4
304.7
304.7
20.8
20.7
22.5
18.9
19.1
22.1
22.9
18.8
8.6
3.2
1.2
11
2.5
4.4
8.9
3.1
.8
g
2.6
4.3
90
37
1.5
13
2.7
4.3
80
28
.8
8
2.2
4.1
80
2.9
.7
10
2.3
4.2
95
3.2
.9
10
2.9
4.7
98
36
1.3
10
2.9
4.3
83
2.7
.5
8
2.3
4.1
6.2
7.9
6.7
5.7
7.7
8.3
8.5
7.2
27
12
2.4
34
1.1
3.4
32
13
2.2
24
g
2.4
32
12
3.3
35
15
3.4
41
11
3.3
30
7
3.6
275.2
275.2
272.2
275.5
271.9
276.9
2734
278.7
130.6
129.4
129.2
783
129.9
50.5
51.0
79.1
51.7
78.4
51.5
129.3
781
51 1
127.9
78.4
51.1
130.7
802
130.8
80.1
50.5
60.5
84.1
58.9
86.9
60.4
60.3
81 1
860
59.6
81.5
59.1
87.9
58.7
85.4
58.2
92.7
22.9
26.8
26.9
25.9
21.4
25.8
25.6
26.3
25.9
24.2
28.1
26.4
26.4
25.5
27.0
27.5
8.4
7.7
8.2
7.9
7.3
7.7
7.3
77.8
50.1
8.4
19.4
19.4
19.2
19.3
18.0
19.0
19.1
21.5
4.2
53
-27
4.8
46
-24
4.1
52
-27
4.6
50
-27
4.9
42
-30
5.0
49
-31
4.7
47
-23
4.8
48
-1 4
43.3
43.2
443
37.0
45.2
46.3
441
37.2
5.3
37.9
82
48
8.0
g
35
12.5
130.6
5.0
38.1
102
38
6.8
8
37
12.9
129.5
5.5
38.8
92
53
76
g
39
11.9
130.7
5.3
31.7
49
36
72
8
33
12.1
129.2
5.0
5.1
5.1
40.1
41.2
39.0
127
40
70
g
31
124
38
7.2
g
38
11 2
39
65
8
43
12.5
13.1
12.4
130.8
129.9
129.3
4.9
32.2
45
36
63
6
37
13.5
127.9
1. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods
transferred to foreign countries.
3. Compensation of government employees engaged in new force-account construction and related expenditures
for goods and services are classified as investment in structures. The compensation of all general government employees is shown in the addendum.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial
measure of the value of the services of general government fixed assets; use of depreciation assumes a zero
net return on these assets.
III
IV
345.5
1995
1996
National defense
consumption
expenditures and [
gross investment
Consumption expenditures
Durable goods2
Aircraft
Missiles
Ships
Vehicles
Electronics
Other durable goods
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods ....
Services
Compensation of general
government employees,
except force-account
construction 3
Military
Civilian
Consumption of general
government
fixed
capital 4
Other services
Research and
development
Installation support
Weapons support
Personnel support
Transportation of
material
Travel of persons
Other
Gross investment
Structures
Equipment
Aircraft
Missiles
Ships
Vehicles
Electronics
Other equipment
Residual
Addendum:
Compensation of general 3
government employees ....
1996
IV
I
II
III
IV
319.6
313.9
319.1
308.8
311.9
319.4
314.9
309.4
280.1
275.7
278.9
275.1
271.6
279.6
276.5
275.3
20.5
20.2
22.2
18.6
18.7
21.5
22.3
18.4
9.5
3.9
1.2
.9
3.0
3.9
8.0
2.9
.5
.7
2.4
3.8
8.8
3.9
1.5
1.2
2.7
4.1
7.8
3.2
.8
.8
2.2
3.9
7.7
3.1
.6
1.0
2.3
3.9
9.1
3.5
.8
.9
2.9
4.3
7.3
6.7
5.5
7.3
7.7
7.7
6.4
3.1
1.0
3.2
3.5
1.2
2.1
2.5
.8
2.2
3.2
1.1
3.1
3.3
1.2
3.3
3.7
1.0
3.2
2.4
.6
3.4
253.1
248.0
249.9
250.5
245.4
250.2
246.4
250.2
120.9
115.7
120.8
117.5
116.6
116.5
115.8
113.9
78.3
42.6
75.4
40.4
78.0
42.8
76.8
40.8
76.1
40.5
75.4
41.1
75.2
40.6
74.6
39.4
52.2
79.9
51.0
81.4
52.0
76.9
51.8
81.2
51.6
77.1
51.0
82.8
50.8
79.8
50.7
85.8
22.5
24.6
26.6
23.5
21.1
23.4
25.3
24.0
25.6
22.2
27.9
24.1
26.2
23.1
26.8
24.7
8.3
3.4
1.1
1.0
2.5
4.2
8.6
3.3
.8
.9
2.7
4.0
6.2
3.0
1.1
2.2
7.9
18.1
4.2
5.0
7.0
17.4
4.8
4.3
7.7
18.0
4.1
4.9
-2.5
-2.1
-2.4
39.6
38.2
40.3
4.6
35.0
6.6
4.8
7.1
.8
3.9
11.9
.2
120.9
4.2
34.0
7.2
4.0
6.0
.7
4.4
11.8
-.3
115.7
4.7
35.6
7.4
5.4
6.7
.8
4.3
11.3
-.1
120.8
7.4
17.8
4.6
4.7
6.8
16.6
4.9
3.9
7.1
17.2
5.0
4.5
6.6
17.0
4.7
4.4
7.6
18.8
4.8
4.3
-2.5
-2.7
-2.7
-2.0
-1.2
33.8
40.3
39.9
38.5
34.2
4.5
29.2
4.0
3.5
6.3
.7
3.7
11.4
4.3
36.0
9.4
4.1
6.2
.8
3.5
11.6
-.2
.5
117.5
116.6
4.3
35.6
8.0
4.0
6.4
.7
4.4
12.0
-.3
116.5
4.2
34.3
7.4
4.2
5.8
.7
5.2
11.2
-.7
115.8
4.1
30.1
3.9
3.8
5.6
.6
4.6
12.3
-.7
113.9
NoTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines, excluding the
line in the addendum.
See footnotes to table 3.10.
D-ll
National Data
SURVEY OF CURRENT BUSINESS
April 1997
4. Foreign Transactions.
Table 4.1.—Foreign Transactions in the National Income and Product
Accounts
Table 4.2.—Real Exports and Imports of Goods and Services and
Receipts and Payments of Factor Income
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1995
1996
1995
IV
III
Receipts from the rest of
the world
1995 1996
1996
II
I
III
IV
III
1,015.6 1,083.6 1,026.1 1,050.3 1,059.9 1,073.9 1,070.7 1,129.8
Exports of goods and services ...
Goods1
Durable
Nondurable
Services l
807.4
581.4
393.0
188.5
225.9
855.2
614.9
419.5
195.4
240.3
819.0
587.0
396.3
190.6
232.1
837.0
604.5
409.8
194.7
232.5
839.5
603.6
408.3
195.3
235.9
850.0
610.4
417.3
193.1
239.7
844.3
605.4
413.6
191.8
239.0
887.0
640.2
438.9
201.3
246.8
Receipts of factor income
208.3
228.4
207.0
213.4
220.4
223.9
226.4
242.9
Capital grants received by the
United States (net)
Payments to the rest of
the world
0
0
0
0
0
0
0
0
1,015.6 1,083.6 1,026.1 1,050.3 1,059.9 1,073.9 1,070.7 1,129.8
Imports of goods and services ...
Goods l
Durable
Nondurable
Services l
902.0
757.0
510.9
246.0
145.1
953^9
802.2
533.0
269.1
151.7
906.6
759.7
511.8
247.8
146.9
904.2
759.0
514.8
244.2
145.2
925.8
776.7
524.8
251.9
149.2
949.2
798.2
529.4
268.8
151.0
964.5
812.1
539.4
272.7
152.5
976.0
821.6
538.5
283.1
154.4
Payments of factor income
215.3
237.3
223.4
219.7
220.6
231.4
243.8
253.5
Transfer payments (net)
From persons (net)
From government (net)
From business
34.6
14.9
11.5
41.9
16.3
16.4
34.2
14.7
11.3
36.6
16.5
11.6
43.3
15.7
19.0
37.4
16.2
11.8
36.9
16.2
11.7
49.8
17.1
23.3
Net foreign investment
8.2
9.2
8.2
8.5
8.6
9.4
9.1
9.5
-136.3 -149.5 -138.1 -110.2 -129.9 -144.2 -174.6 -149.4
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment were reclassified from
goods to services.
1995
Exports of goods and services
Goods!
Durable
Nondurable
Services l
775.4
565.9
403.2
163.7
210.4
825.9
608.8
442.4
168.8
218.2
783.0
568.2
405.9
163.5
215.4
1996
IV
I
803.1
588.8
422.3
167.9
215.3
806.7
590.9
424.0
168.4
216.7
II
817.9
600.6
437.9
165.3
218.3
III
IV
816.1
601.1
439.0
164.8
216.1
862.9
642.6
468.8
176.6
221.7
Receipts of factor income
194.2 209.2 192.6 197.6 203.2 205.4 207.0 221.0
Imports of goods and services
Goods1 .
Durable ..
Nondurable
Services 1
883.0
744.7
507.1
237.2
138.8
Payments of factor income
199.7 215.9 206.8 202.4 202.3 211.1 221.4 229.0
939.5
796.3
547.7
248.5
143.8
884.5
745.6
506.0
239.3
139.4
888.0
750.0
514.0
235.8
138.5
910.7
768.4
529.7
238.5
142.8
932.6
789.9
542.1
247.7
143.2
953.5
810.0
556.9
253.0
144.1
961.3
817.0
561.9
255.0
145.0
1. Exports and imports of certain goods,
ment, are included in services. Beginning
1986, repairs and alterations of equipment are reclassified from goods
to services.
NoiE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
D-12 • National Data
SURVEY OF CURRENT BUSINESS
April 1997
Table 4.3.—Exports and Imports of Goods and Services by Type of
Product
Table 4.4.—Real Exports and Imports of Goods and Services by Type of
Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1995
1995
1996
III
Exports of goods and services
Exports of aoods 1
Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive ....
Durable goods
Nondurable goods
Other ...
Durable goods
Nondurable goods
Exports of services!
Transfers under U.S. military agency
sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other . .
Imports of goods and services
imports of goods 1
Foods, feeds, and beverages
Industrial supplies and materials, except
petroleum and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive ....
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Imports of services 1
Direct defense expenditures
Travel
Passenger fares
Other transportation .
Royalties and license fees
Other private services
Other
Addenda:
Exports of agricultural goods2
Exports of nonagricultural goods
Imports of nonpetroleum goods
1995
1996
IV
I
II
III
581.4 614.9 587.0 604.5 603.6 610.4 605.4 640.2
50.5
55.6
53.4
53.3
56.0
55.6
55.0
55.6
141.3 140.4 142.7 142.3 140.1 138.3 137.4 145.9
49.8
91.4
50.8
89.6
51.8
90.9
49.5
92.7
49.5
90.7
51.2
87.2
50.7
86.6
51.9
94.1
233.8 252.9 236.3 249.2 248.2 252.0 244.3 267.0
26.1
39.7
30.8
43.8
23.5
41.3
25.1
43.5
26.5
45.4
33.4
43.2
26.7
43.0
36.7
43.4
168.0 178.3 171.5 180.6 176.3 175.4 174.5 186.9
61.8
64.4
32.7
31.7
29.6
14.8
14.8
64.3
70.2
35.8
34.5
31.5
15.7
15.7
62.1
64.4
32.2
32.2
28.2
14.1
14.1
62.0
65.8
33.1
32.7
32.0
16.0
16.0
62.0
67.9
34.0
33.9
29.5
14.7
14.7
63.0
70.5
35.6
34.9
30.8
15.4
15.4
66.9
69.2
35.3
33.8
32.6
16.3
16.3
65.3
73.4
38.3
35.2
32.9
16.4
16.4
225.9 240.3 232.1 232.5 235.9 239.7 239.0 246.8
12.5
61.1
18.5
28.1
27.0
60.5
18.3
13.9
64.3
19.7
29.0
27.8
66.5
19.3
13.2
62.7
19.3
28.5
28.1
61.7
18.6
12.5
63.5
19.3
28.8
28.1
61.7
18.5
12.0
64.7
19.5
28.1
28.0
64.8
18.8
13.6
64.2
19.7
29.1
27.8
66.3
19.0
13.8
62.3
19.3
29.0
27.7
67.3
19.5
16.1
65.8
20.2
29.7
27.6
67.4
19.8
902.0 953.9 906.6 904.2 925.8 949.2 964.5 976.0
757.0 802.2 759.7 759.0 776.7 798.2 812.1 821.6
33.2
35.6
33.0
32.8
34.2
119.8 124.6 119.2 117.8 120.9
59.6
60.2
55.1
63.1
61.5
68.0
58.4
60.9
56.0
57.7
60.1
53.5
59.2
61.7
55.9
35.9
35.8
36.6
123.6 127.1 126.9
62.7
60.9
70.1
65.3
61.8
71.5
65.4
61.5
74.4
221.4 228.5 226.6 232.0 233.6 225.7 225.1 229.5
10.7
56.3
12.7
61.4
10.4
58.4
10.6
61.9
11.0
62.2
12.7
60.5
13.2
61.4
14.0
61.4
154.4 154.4 157.8 159.5 160.4 152.5 150.6 154.2
124.8 130.1 121.8 119.3 125.0 131.1 135.7 128.6
160.0 170.4 161.3 158.6 163.4 166.3 172.4 179.4
83.8
76.3
42.7
21.4
21.4
88.8
81.6
45.0
22.5
22.5
84.2
77.1
41.9
20.9
20.9
83.3
75.2
45.0
22.5
22.5
85.2
78.2
43.6
21.8
21.8
87.1
79.2
45.6
22.8
22.8
91.0
81.4
44.5
22.2
22.2
91.9
87.5
46.2
23.1
23.1
145.1 151.7 146.9 145.2 149.2 151.0 152.5 154.4
9.8
45.9
14.3
29.2
6.3
32.6
7.0
57.2
10.2
48.2
14.2
28.3
7.3
35.9
7.5
61.2
9.9
45.5
14.9
29.7
6.5
33.4
7.0
58.9
9.4
46.2
14.3
28.6
6.8
33.0
7.1
60.7
10.0
48.6
14.4
27.7
6.8
34.5
7.2
63.2
10.3
47.9
14.1
28.6
6.9
36.0
7.3
60.2
10.4
46.8
13.9
28.6
8.7
36.4
7.7
59.9
10.3
49.4
14.6
28.5
7.0
36.9
7.7
61.5
524.2 553.7 528.0 543.8 540.4 550.1 545.5 578.6
701.9 734.2 703.7 705.5 720.7 728.2 740.6 747.2
lent purchased and sold by the Federal Govern1. Exports and im
„
.,
ment, are included in services. Beginning with 1986, repairs * alterations of equipment are reclassified from goods
to services.
2. Includes parts of foods, feeds, and beverages; of nondurable industrial supplies and materials; and of nondurable nonautomotive consumer goods.
III
IV
807.4 855.2 819.0 837.0 839.5 850.0 844.3 887.0
1995
1996
Exports of goods and services
Exports of aoods 1
Foods feeds and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive ....
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Exports of services!
Transfers under U.S. military agency
sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
. .
Residual
Imports of goods and services
Imports of aoods l
Foods feeds and beverages
Industrial supplies and materials, except
petroleum and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive ....
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Imports of services 1
Direct defense expenditures
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Residual
Addenda:
Exports of agricultural goods2
Exports of nonagricultural goods
Imports of nonpetroleum goods
1996
IV
I
II
III
IV
775.4 825.9 783.0 803.1 806.7 817.9 816.1 862.9
565.9 608.8 568.2 588.8 590.9 600.6 601.1 642.6
42.1
42.9
46.8
116.7 121.6 117.3 120.1 120.0 120.2
119.5
126.8
44.6
42.3
74.4
44.1
44.6
77.1
45.7
43.8
73.6
43.5
42.3
77.8
44.7
42.6
77.4
44.6
75.7
45.1
74.5
46.1
80.8
256.1 289.1 258.1 275.2 277.4 286.2 281.8 310.9
23.9
62.6
27.2
90.0
21.4
65.9
176.1 185.5 178.6
60.0
62.6
32.2
30.4
28.5
14.2
14.2
61.7
67.4
34.8
32.6
30.2
15.1
15.1
60.3
62.4
31.6
30.8
27.0
13.5
13.5
22.6
74.2
23.7
83.3
29.6
87.3
188.0 182.8 181.7
59.6
63.7
32.5
31.2
30.7
15.4
15.4
59.6
65.3
33.1
32.1
28.2
14.1
14.1
60.6
67.6
34.6
33.0
29.4
14.7
14.7
23.4
91.1
182.2
64.2
66.3
34.3
31.9
31.3
15.7
15.7
31.9
98.5
195.3
62.5
70.3
37.1
33.1
31.8
15.9
15.9
210.4 218.2 215.4 215.3 216.7 218.3 216.1 221.7
11.1
57.2
16.8
27.2
25.1
56.6
16.3
-9.8
12.2
57.7
17.9
27.5
25.4
61.0
16.6
11.7
58.3
17.5
27.6
26.1
57.6
16.6
11.0
58.6
17.8
28.2
26.0
57.4
16.4
10.7
59.0
17.8
27.1
25.8
59.9
16.5
11.8
57.9
18.1
27.6
25.4
60.9
16.5
-20.2
-11.1
-14.8
-17.6
-18.9
12.0
55.4
17.5
27.5
25.3
61.7
16.7
14.1
58.3
18.1
27.8
25.1
61.6
16.7
-21.0 -22.7
883.0 939.5 884.5 888.0 910.7 932.6 953.5 961.3
744.7 796.3 745.6 750.0 768.4 789.9 810.0 817.0
29.3
32.2
29.0
29.5
31.4
31.7
32.5
33.1
107.7 113.9 106.1 104.8 109.0 112.7 117.0 116.7
53.4
54.3
59.2
57.4
56.4
59.5
240.4 268.0
9.9 11.2
84.1 112.5
151.8 156.5
115.4 119.4
155.0 164.4
81.3
73.8
40.6
20.3
20.3
86.1
78.3
43.0
21.5
21.5
51.6
54.4
61.6
51.4
53.4
58.7
53.8
55.2
55.2
245.6 256.5 263.6
9.7
9.9
9.5
88.2
97.9 104.1
154.1 157.4 159.5
112.1 109.3 114.7
155.6 153.1 157.1
81.3
74.3
39.7
19.9
19.9
80.7
72.4
42.9
21.5
21.5
82.2
74.9
41.6
20.8
20.8
56.8
55.8
62.0
59.4
57.5
63.1
59.6
57.0
57.6
263.1 267.3 278.2
11.3
11.5
12.2
109.6
153.9
120.5
160.3
115.2
153.8
124.5
166.6
121.3
158.9
117.9
173.6
84.4
75.9
43.5
21.7
21.7
88.5
78.1
42.6
21.3
21.3
89.5
84.1
44.3
22.2
22.2
138.8 143.8 139.4 138.5 142.8 143.2 144.1 145.0
9.0
43.7
13.7
28.9
5.9
31.0
6.5
9.5
45.8
13.5
27.5
6.7
33.7
7.0
8.8
42.5
14.3
29.4
6.0
31.7
6.6
8.4
44.2
13.6
28.2
6.3
31.2
6.6
9.2
47.0
13.6
27.3
6.3
32.5
6.8
9.4
45.9
13.2
27.7
6.3
33.7
6.8
-8.8
-16.7
-10.7
-13.9
-14.5
-15.7
49.6
48.5
50.0
49.4
50.5
45.5
9.4
44.3
13.3
27.7
8.0
34.2
7.1
9.8
46.0
13.7
27.3
6.3
34.6
7.1
-17.2 -19.1
46.5
51.3
516.4 561.1 518.3 539.8 540.7 556.2 555.5 592.1
684.2 735.1 682.9 689.8 711.3 726.4 745.4 757.3
NoiE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line following the detail for exports is the difference between the aggregate "exports of goods and
services" and the sum of the detailed lines for exports of goods and export of services. The residual line following
the detail for imports is the difference between the aggregate "imports of goods and services" and the detailed
lines for imports of goods and imports of services.
See footnotes to table 4.3.
National Data • D-13
SURVEY OF CURRENT BUSINESS
April 1997
5. Saving and InvestmentTable 5.1.—Gross Saving and Investment
[Billions of dollars]
Seasonally adjusted at annual rates
1995
1996
1995
IV
III
Gross saving
Gross private saving
...
. . ..
Personal saving
Undistributed corporate profits with inventory valuation and capital consumption adjustments
Undistributed profits ... .
Inventory valuation adjustment
Capital consumption adjustment
Corporate consumption of fixed capital
Noncorporate consumption of fixed capital
Wage accruals less disbursements
Gross government saving
Federal
Consumption of fixed capital
Current surplus or deficit (-), national income and product accounts
State and local
Consumption of fixed capital
Current surplus or deficit (-) national income and product accounts
Capital grants received by the United States (net)
Gross investment
Gross private domestic investment
Gross government investment
Net foreign investment
Statistical discrepancy ....
Addendum:
Gross saving as a oercentaae of aross national oroduct
1996
II
I
IV
III
1,151.8 1,275.4 1,168.6 1,220.6 1,217.9 1,244.5 1,314.0 1,325.3
1,071.8 1,160.4 1,085.9 1,138.9 1,133.8 1,121.6 1,196.1 1,190.2
249.3 274.4 241.9 282.6 265.4 241.1 299.1 292.2
140.6 176.8 159.6 158.4 171.8 176.3 182.5 176.5
152.8 162.6 154.3 150.8 168.9 165.1 156.9 159.5
2.0
-9.2
-28.1
-8.8
-17.4
-11.0
-8.9
-9.3
15.9
23.1
14.6
16.5
20.4
22.3
23.6
26.2
454.0
225.2
2.7
474.0
235.2
0
456.9
224.7
2.9
463.6
233.4
.9
465.6
229.1
1.9
471.0
233.2
0
477.2
237.4
0
482.1
241.3
80.0
82.7
81.7
84.1
-87.8
115.0
-54.6
-84.6
-80.7
-82.0
122.9
-54.1
117.8
-48.4
135.0
-34.0
73.8
72.5
73.8
73.8
73.2
72.6
72.3
71.9
-161.7 -127.1 -158.5 -154.5 -155.2
167.9 169.6 167.3 162.4 166.1
72.9
95.0
76.6
93.0
73.4
93.9
74.3
88.1
75.1
91.0
0
0
0
0
0
-1.9
126.7 -120.8 -105.9
177.0 166.3 169.0
76.0
101.0
77.1
89.2
78.1
90.9
0
0
0
1,150.9 1,200.8 1,161.5 1,173.9 1,167.9 1,187.0 1,215.9 1,232.5
1,065.3 1,117.0 1,074.8 1,064.0 1,068.9 1,096.0 1,156.2 1,146.6
221.9 233.3 224.7 220.1 228.8 235.1 234.2 235.3
-136.3 -149.5 -138.1 -110.2 -129.9 -144.2 -174.6 -149.4
-.9
15.9
-74.6
16.9
-7.1
-46.7
-50.0
-57.5
16.0
16.6
16.4
16.5
-98.1
-92.8
17.3
17.2
Table 5.4.—Private Fixed Investment by Type
Table 5.5.—Real Private Fixed Investment by Type
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1995
1995
1996
III
Private fixed investment
Nonresidential
Structures
Nonresidential buildings,
including farm
Utilities
Mining exploration, shafts,
and wells
Other structures
Producers' durable
equipment
Information processing and
related equipment
Computers and
peripheral equipment '
Other
Industrial equipment
Transportation and related
equipment
Other
.
Residential
Structures
Single family ...
Multifamily
Other structures
Producers' durable
equipment
IV
II
III
738.5
791.1
746.3
749.7
769.0
773.8
807.0
814.5
199.7
214.3
202.5
204.0
208.4
207.4
213.5
227.8
142.0
152.0
144.0
145.8
147.3
146.2
151.1
163.5
38.5
41.6
39.7
40.2
40.9
41.5
41.3
42.9
12.0
7.1
14.3
11.9
11.4
13.9
14.1
6.3
7.0
6.6
6.4
5.7
538.8
576.8
543.8
545.7
560.6
183.2
206.0
183.1
191.8
198.2
15.0
14.4
6.1
7.1
566.3
593.5
586.7
200.8
212.2
212.6
63.6
76.9
63.3
69.7
73.7
74.2
79.3
80.6
119.6
124.5
129.0
128.9
119.7
125.8
122.0
124.9
124.5
127.9
126.6
131.2
132.9
128.7
132.0
128.0
124.9
106.2
129.5
112.4
128.4
106.4
123.0
106.1
125.3
109.2
123.7
110.7
137.7
114.9
131.5
114.7
289.8
310.5
290.3
296.5
301.7
314.2
312.6
313.3
282.5
144.5
303.0
155.2
283.0
142.8
289.2
147.0
294.4
150.6
306.7
156.8
305.1
157.2
305.7
156.1
18.6
20.6
18.8
19.6
20.3
22.3
19.1
20.6
119.4
127.2
121.3
122.6
123.5
127.7
128.8
128.9
7.2
7.5
7.3
7.3
7.3
7.5
7.5
7.6
1995
1996
III
IV
1,028.2 1,101.5 1,036.6 1,046.2 1,070.7 1,088.0 1,119.6 1,127.8
1. Includes new computers and peripheral equipment only.
1995
1996
I
Private fixed investment
Nonresidential
Structures
Nonresidential buildings,
including farm
Utilities
Mining exploration, shafts,
and wells
Other structures
Producers' durable
equipment
;
Information processing and
related equipment
Computers and
peripheral equipment!
Other
Industrial equipment
Transportation and related
equipment
Other
Residential
Structures
Single family
Multifamily
Other structures . .
Producers' durable
equipment
Residual
1996
IV
I
II
III
IV
975.9 1,042.1
980.0
988.5 1,013.3 1,031.1 1,057.5 1,066.6
714.3
766.8
719.0
723.3
743.5
750.5
781.4
792.0
181.1
190.0
182.8
183.2
186.6
184.9
188.6
199.8
127.9
134.2
129.2
130.3
131.4
129.7
133.0
142.8
35.1
36.7
35.8
36.0
36.4
36.8
36.4
37.4
11.2
13.0
11.0
10.5
12.8
12.9
13.5
12.9
6.8
5.8
6.6
6.2
5.9
5.3
5.6
6.4
534.5
578.6
537.4
541.4
558.3
567.5
595.0
593.7
201.1
241.9
201.4
214.4
225.5
234.1
250.5
257.4
91.5
132.8
122.0
118.4
91.9
114.2
116.2
114.0
116.6
105.6
116.2
115.4
117.2
11.8.1
117.8
126.3
119.7
120.6
138.9
125.5
118.0
148.9
124.9
117.1
118.1
100.8
120.0
103.6
120.3
100.7
115.4
99.4
117.5
101.5
114.9
102.6
126.5
105.7
121.1
104.8
262.8
276.7
262.2
266.3
271.1
281.5
277.8
276.6
255.8
127.7
269.6
135.4
255.3
125.8
259.3
129.1
264.1
132.5
274.3
137.6
270.6
136.7
269.4
134.7
17.6
19.3
17.8
18.5
19.2
21.0
17.9
19.1
110.9
115.5
112.2
112.4
113.0
116.3
116.6
116.2
7.0
-9.1
7.1
-21.7
7.0
-8.9
7.0
7.0
7.2
-13.5
-17.0
-19.8
7.2
7.2
-24.0 -26.9
1. Includes new computers and peripheral equipment only.
NoTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
D-14 • National Data
April 1997
SURVEY OF CURRENT BUSINESS
Table 5.10.—Change in Business Inventories by Industry
Table 5.11.—Real Change in Business Inventories by Industry
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1995 1996
Change in business inventories .... 37.0
Farm
-2.6
Nonfarm
39.6
69.7
Change in book value
Inventory valuation adjustment
-30.1
Manufacturing
12.7
Durable goods
11.8
Nondurable goods
.9
15.2
Wholesale trade
Durable goods
13.3
Nondurable goods
1.9
Merchant wholesalers
13.6
12.1
Durable goods
Nondurable goods
1.5
1.5
Nonmerchant wholesalers
1.2
Durable goods
Nondurable goods
.3
Retail trade
3.6
3.7
Durable goods
Motor vehicle dealers
.9
Other
2.9
-.1
Nondurable goods
Other
8.1
6.0
Durable goods
2.1
Nondurable goods
1995
IV
I
15.4
38.2
-1.9
17.3
25.6
-6.3
-3.2
41.5
51.1
-9.6
17.5
15.5
17.8
-2.1
-1.7
-4.4
6.0
6.8
-.7
4.6
3.7
.9
4.2
2.7
1.5
.4
1.0
-.7
2.5
1.0
^.6
4.7
1.5
4.1
1.2
2.9
2.1
14.1
5.8
8.3
12.8
5.1
7.7
1.3
.7
.6
3.3
2.4
1995 1996
1996
III
II
III
IV
8.0
36.6
18.8
-3.3
11.3
21.7
1.2
19.9
2.7
28.6
19.6
-8.7 -16.9 -10.4
11.9
12.6 -4.6
12.5
14.6
.5
-.6 -2.0 -5.1
35.4
32.0
6.7
9.5
-5.1
4.5
12.7
-8.2
3.4
11.7
-8.3
1.0
.9
.1
-7.8
-4.1
-6.6
.4
9.1
.9
6.5
5.5
1.0
-4.5
-3.7
11.4
6.2
5.2
-2.8
4.0
6.2
-2.2
2.7
3.3
-.6
-22.9
-19.4
-26.1
6.7
-3.5
7.3
3.0
4.3
6.6
1.6
4.9
.8
1.4
-.6
5.4
7.5
2.2
5.3
-2.1
3.2
6.3
7.6 -1.1
-1 3 4.2
3.4
12.2
12.0
.2
6.1
-11.3
-5.2
4.8
-10.1
.1
1.3
-1.2
24.3
18.0
11.5
6.5
6.3
4.0
-15
5.5
-.9
19.7
28.9
-9.2
3.9
0
3.9
9.4
-3.9
13.3
11.4
-2.1
13.5
-2.0
-1.8
-.2
3.3
-2.0
-2.2
.3
5.3
3.1
-.2
3.3
Change in business inventories ....
Farm
Nonfarm
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable ooods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers
Other
Nondurable goods
Other
Durable goods
Nondurable goods
Residual
33.1
-4.1
-<3.6
37.2
17.1
11.8
11.2
6.0
6.5
-.3
4.8
3.5
1.3
4.4
2.6
1.8
.4
1.0
-.5
2.3
1.0
^.3
4.4
1.3
4.0
1.1
2.9
.1
.8
14.3
12.7
1.7
12.8
11.5
1.4
1.4
1.2
.3
3.5
3.5
.9
2.7
0
7.6
5.3
2.0
.5
14.0
1995
1996
IV
33.0
-6.4
14.6
-4.1
38.6
16.3
14.6
19.0
11.2
12.0
1.8
13.2
5.4
7.7
12.0
4.8
7.1
1.2
.6
.6
3.0
2.0
-6.2
8.6
1.0
6.0
4.8
.9
.8
II
III
IV
^.0
7.1
34.5
17.3
-6.5
-5.1
11.7
34.6
19.3
12.0
14.0
-1.6
^.9
.5
11.9
11.5
-4.2
.6
6.4
9.0
23
3.8
5.9
7.3
2.8
4.4
6.5
1.5
4.8
.7
1.3
-.5
5.2
6.9
2.0
5.0
4.2
.1
4.0
9.1
^.6
I
III
-.6
4.4
12.1
74
3.5
11.2
-7.4
.9
.9
.1
2.9
-1.8
.4
-42
2.6
3.1
-.5
-21.7
-17.9
-23.6
6.3
-3.4
-4.7
-7.1
-3.7
6.1
6.7
5.5
4.9 -1.0
-.1 -.3
10.6
-1.8
-.4 -2.3
-3.6
6.0
-9.0
-3.8
4.7
-8.0
.2
1.3
-1.0
22.7
16.9
10.6
6.2
5.8
3.6
3.1
-.9 -1.3
4.1
5.1
.4 -.6
12.2
10.9
-1.9
12.2
-1.9
-1.7
-1
2.9
-1.9
-2.1
.2
4.8
3.1
-.1
3.3
.9
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
D-15
National Data
SURVEY OF CURRENT BUSINESS
April 1997
Table 5.12.—Inventories and Domestic Final Sales of Business by
Industry
Table 5.13.—Real Inventories and Real Domestic Final Sales of Business
by Industry
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted quarterly totals
Seasonally adjusted quarterly totals
1995
III
1
I
Inventories
1,251.9 1,260.9 1,263.5
Farm
100.7
98.2
99.2
Nonfarm
1,152.8 1,160.2 1,165.3
Durable goods
655.8 660.9 662.7
Nondurable goods
497.0 499.3 502.6
Manufacturing
429.5 430.4 432.7
Durable goods
267.5 269.2 271.8
Nondurable goods
162.0 161.3 160.9
Wholesale trade
301.3 304.0 307.3
Durable goods
185.5 187.9 189.7
Nondurable aoods
115.8 116.1 117.6
Merchant wholesalers
260.8 263.0 265.2
161.3 163.6 164.7
Durable goods
99.4
Nondurable goods
99.5
100.5
Nonrnerchant wholesalers
40.4
41.0
42.0
24.2
Durable goods
24.3
25.0
Nondurable goods
16.3
16.7
17.0
Retail trade
299.1 299.1 294.5
Durable goods
158.3 158.4 153.8
Motor vehicle dealers
76.6
78.1
72.0
Other
81.7
81.7
80.3
Nondurable goods
140.8 140.8 140.7
Other
122.9 126.7 130.8
47.4
Durable goods
44.5
45.5
Nondurable goods
81.2
83.4
78.3
2
Final sales of domestic business
507.6 512.0 519.0
Final sales of goods and structures of
2
domestic business
276.8 278.4 283.4
Ratio of inventories to final sales of domestic
business
Inventories to final sales
2.47
2.43
2.46
Nonfarm inventories to final sales
2.27
2.27
2.25
Nonfarm inventories to final sales of goods and
structures
4.16
4.17
4.11
II
III
III
IV
1,271.5 1,279.7 1,285.7
102.5 103.6
98.4
1,169.0 1,176.0 1,187.3
665.4 673.3 673.8
503.6 502.7 513.5
430.9 433.7 437.8
272.0 274.1 276.5
158.9 159.5 161.3
309.8 306.2 307.3
190.3 191.6 190.2
119.5 114.6 117.1
267.9 264.0 265.5
165.0 166.0 165.1
102.9
98.0
100.3
41.9
25.3
16.6
42.2
25.6
16.6
41.8
25.1
16.8
296.0
155.3
302.7
159.7
303.5
159.4
72.0
83.3
74.4
85.3
74.2
85.2
140.7
132.3
143.0
133.4
144.2
138.6
47.9
84.5
47.8
85.6
47.7
90.9
527.2
529.8
539.0
287.5
288.1
292.8
2.41
2.22
2.42
2.22
2.39
2.20
4.07
4.08
4.05
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories calculated from current-dollar inventories in this table is not the current-dollar change in business inventories (CBI) component of GDP.
The former is the difference between two inventory stocks, each valued at their respective end-of-quarter prices.
The latter is the change in the physical volume of inventories valued at average prices of the quarter. In addition,
changes calculated from this table are at quarterly rates; whereas, CBI is stated at annual rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less
gross product of households and institutions and of general government and includes a small amount of final sales
by farm.
1996
1995
1996
IV
l
IV
Inventories
1,181,6 1,185.3
Farm
106.6 105.4
1,074.8 1,079.5
Nonfarm
Durable goods
615.0 621.4
Nondurable goods
459.8 458.1
Manufacturing
397.6 400.4
Durable goods
252.3 255.3
145.4 145.2
Nondurable aoods
280.4 281.5
Wholesale trade
175.2 178.2
Durable goods
Nondurable aoods
105.2 103.4
Merchant wholesalers
241.9 242.7
152.1 154.9
Durable goods
89.8
88.0
Nondurable goods
38.7
38.5
Nonrnerchant wholesalers
Durable goods
23.1
23.3
15.3
15.3
Nondurable goods
281.4 279.6
Retail trade
148.3 147.3
Durable goods
71.0
Motor vehicle dealers
71.1
77.4
76.4
Other
Nondurable goods
133.0 132.1
Other
115.3 117.9
40.4
Durable goods ...
39.0
Nondurable goods
76.2
77.4
.4
.5
Residual
2
471.6 474.1
Final sales of domestic business
Final sales of goods and structures of
262.4 263.4
domestic business2
Ratio of inventories to final sales of domestic
business
Inventories to final sales
2.51
2.50
2.28
Nonfarm inventories to final sales
2.28
Nonfarm inventories to final sales of goods and
4.10
4.10
structures
I
II
111
IV
1,184.5 1,186.3 1,194.9 1,199.2
103.8 102.5 102.4 101.8
1,080.3 1,083.2 1,091,8 1,096.6
624.4 626.7 634.9 633.5
456.0 456.6 457.0 463.2
403.4 402.4 405.4 406.4
258.8 258.9 261.7 261.8
144.8 143.8 143.9 144.9
283.1 284.9 284.0 286.3
180.5 181.2 182.7 181.8
102.8 103.9 101.6 104.7
243.7 245.3 244.4 247.1
156.4 156.7 157.9 157.4
87.5
39.3
24.1
15.2
88.8
39.5
24.5
15.1
86.7
39.6
24.8
14.8
89.8
39.1
24.3
14.8
274.2
142.8
275.5
144.6
281.2
148.8
281.9
148.3
65.2
78.0
65.7
79.2
68.4
80.8
67.9
80.8
131.2
119.4
130.7
120.2
132.2
121.1
133.4
121.9
42.1
77.2
41.8
78.2
41.5
79.5
41.5
80.3
.2
478.5
.4
483.3
.3
483.8
.5
490.8
267.0
269.9
270.3
274.8
2.48
2.26
2.45
2.24
2.47
2.26
2.44
2.23
4.05
4.01
4.04
3.99
1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from this table are at quarterly rates, whereas, the change in the business inventories component of GDP is stated at annual rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less
gross product of households and institutions and of general government and includes a small amount of final sales
by farm.
NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines for inventories.
D-16 • National Data
SURVEY OF CURRENT BUSINESS
April 1997
6. Income and Employment by Industry.
Table 6.1C.—National Income Without Capital Consumption Adjustment
by Industry
Table 6.16C.—Corporate Profits by Industry
[Billions of dollars]
[Billions of dollars]
Sea sonally adjuste datarinual reites
Seasonally adjusted at annual rates
1995
1995
1996
III
National income without
capital consumption
adjustment
Domestic industries
Private industries
Agriculture, forestry, and
fishing
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
Transportation and public
utilities
Transportation
Communications
Electric, gas, and
sanitary services
Wholesale trade
Retail trade
Finance, insurance, and
real estate
Services
Government
Rest of the world
1995
1996
IV
I
II
III
III
IV
5,825.2 6,154.8 5,873.1 5,941.4 6,019.5 6,122.6 6,207.3 6,269.7
58322 6,163.7 5,889.4 5,947.7 6,019.7 6,130.1 6,224.7 6,280.3
5,011.9 5,320.6 5,066.3 5,122.0 5,184.8 5,289.6 5,377.9 5,430.2
94.0
43.6
115.6
263.6
120.4
98.1
44.6
105.3
44.4
93.7
44.2
43.6
44.7
45.2
44.2
281.5
264.1
267.4
274.3
278.9
284.0
288.8
114.9
121.8
1,026.3 1,069.1 1,035.4 1,044.5 1,041.2 1,065.9 1,081.4 1,087.9
597.1 628.6 600.0 606.6 608.7 628.4 637.0 640.3
429.3 440.5 435.5 437.8 432.5 437.5 444.4 447.7
451.0
189.4
136.6
471.4
196.5
148.5
461.0
191.0
140.9
459.4
193.3
138.9
462.5
193.4
143.5
474.9
195.4
149.3
477.6
199.2
151.9
470.6
198.0
149.1
125.0
126.5
129.1
127.1
125.6
130.2
126.5
123.5
327.0
478.6
351.2
506.6
330.8
485.0
335.0
487.8
345.2
495.4
344.5
506.3
351.4
510.7
363.7
514.1
991.9 1,036.7 1,003.8 1,007.9 1,017.8 1,032.0 1,047.5 1,049.7
1,335.9 1,444.1 1,348.3 1,377.3 1,399.5 1,427.5 1,458.3 1,490.9
820.3
-7.0
843.1
-8.9
823.1
-16.4
825.7
-6.3
834.9
-.2
840.5
-7.6
846.8
-17.4
850.1
-10.6
Corporate profits with inventory
valuation and capital
consumption adjustments
Domestic industries
Financial
Nonfinancial
Rest of the world
Receipts from the rest of the world
Less: Payments to the rest of the world
Corporate profits with inventory
valuation adjustment
Domestic industries
Financial
Federal Reserve banks
Other
Nonfinancial
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products
Industrial machinery and
equipment
Electronic and other electric
equipment
Motor vehicles and equipment
Other
Nondurable goods
Food and kindred products
Chemicals and allied products
Petroleum and coal products ....
Other
Transportation and public utilities
Transportation
Communications
Electric, gas, and sanitary services
Wholesale trade
Retail trade
Other
Rest of the world
19 36
19 95
1996
I
IV
II
III
IV
586.6 654.0 612.5 611.8 645.1 655.8 661.2 654.1
510.0 572.0 541.7 530.1 562.0 577.3 584.6 564.2
125.4 13R8 13RR 1?fiR 141.7 1435 141.8 1?R1
384.6 433.3 4050 404.3 420.3 433.8 442.8 436.1
76.7
82.0
70.8
81.7
83.2
78.4
76.6
89.9
111.1 126.2 110.1 113.9 122.2 122.6 122.9 137.0
34.5
44.1
39.3
32.3
39.0
44.2
46.3
47.1
570.8 631.0 597.9 595.3 624.8 633.5 637.6 627.9
494.1 548.9 527.1 513.7 541.6
119.1 131.9 130.4 119.3 134.9
?17 21.5
21.9
21.7 21.9
976 113.4
97.3 110.2 10R5
3750 417.0 3967 394.4 406.7
145.7 166.5 153.2 157.3 161.3
77.2
92.7
3.0
2.0
78.1
2.5
80.8
2.7
89.5
2.3
555.1
136.6
?17
114.9
418.5
164.7
92.4
1.4
561.0 538.0
135.0 121.3
?1fi ??0
113.4 993
426.1 416.7
170.6 169.4
94.6
3.2
94.5
1.1
11.1
15.1
10.7
12.2
13.9
14.4
16.0
12.1
133
12.5
11.1
143
136
130
1?4
256
4.4
290
8.8
273
4.4
295
3.6
271 274
8.1 10.6
292
32.2
20.9
68.5
17.7
20.9
24.6
73.8
17.6
21.1
-1.2
36.4
99.0
20.6
75.0
16.8
23.6
21.7
76.5
17.5
22.1
25.0
10.2
23.0
26.5
7? 3
761
749
13.2
21.9
18.3
23.0
-1.2
23.0
18.7
139
150.
1.3
359 359
104.5 102.5
131 14.0 15?
440
39.4
29.6
45.4
39.7
36.6
43.3
31.2
36.6
95.8
15.4
40.1
40.3
31.2
-.5
337
102.3
23.8
71.8
15.7
20.7
-4.5
39.9
95.6
43.3
39.3
46.5
44.1
47.6
39.7
44.4
35.7
387
418
425
396
375
417
3?R
443
34 B
445
415
367
66.2
73.1
67.5
70.5
70.6
72.2
73.9
75.9
76.7
82.0
70.8
81.7
83.2
78.4
76.6
89.9
.8
29.1
94.8
14.4
41 0
5.2
29.4
.3
NOTE.— Estimates in this table are based on the 1987 Standard Industrial Classification.
15.9
6.4
93.2
13?
D-17
National Data
SURVEY OF CURRENT BUSINESS
April 1997
7. Quantity and Price Indexes.
Table 7.1.—Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1995
Gross domestic product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Personal consumption expenditures:
Current dollars
Chain-type quantity index
Implicit price deflator
Durable goods:
Current dollars
Chain-type Quantity index
Chain-type price index
Implicit price deflator
Nondurable goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross private domestic investment:
Current dollars
Chain-type Quantity index
Chain-type price index
Implicit price deflator
Fixed investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Nonresidential:
Current dollars
Chain-type quantity index
Imolicit orice deflator
Structures:
Current dollars ...
Chain-type quantity index
Chain-type price index
Implicit price deflator
Producers' durable equipment:
Chain-type quantity index
Chain-type price index
Implicit price deflator
Residential:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Exports of goods and services:
Current dollars
;
1996
1996
1995
1995
III
IV
I
II
III
IV
116.2
108.0
107.6
107.6
121.3
110.6
109.9
109.7
117.1
108.5
107.9
107.9
117.7
108.6
108.4
108.4
118.9
109.1
109.0
109.0
120.8
110.4
109.6
109.5
122.0
111.0
110.2
109.9
123.6
112.0
110.7
110.3
116.7
108.5
107.6
107.6
122.1
111.2
110.0
109.8
117.5
108.9
107.8
107.8
118.3
109.2
108.3
108.3
119.9
110.2
108.9
108.9
121.8
111.1
109.8
109.6
122.4
111.2
110.2
110.1
124.2
112.2
111.0
110.7
124.1
118.7
104.6
104.6
129.4
125.1
104.1
103.4
126.1
120.6
104.5
104.5
125.4
120.3
104.3
104.3
128.0
122.7
104.6
104.3
130.5
126.0
104.1
103.6
129.1
125.2
104.0
103.1
130.0
126.7
103.8
102.6
112.4
107.6
104.5
104.5
116.9
109.1
107.2
107.1
112.8
107.8
104.7
104.7
113.0
107.7
105.0
105.0
115.2
108.6
106.0
106.0
116.9
109.0
107.3
107.2
117.0
109.1
107.3
107.2
118.5
109.6
108.3
108.2
117.6
107.0
109.9
109.9
123.4
109.5
112.8
112.7
118.3
107.3
110.3
110.3
119.7
107.9
110.9
110.9
120.9
108.5
111.5
111.4
122.7
109.3
112.4
112.3
124.0
109.6
113.2
113.2
126.1
110.6
114.0
114.0
134.8
127.8
105.4
105.5
141.3
133.7
106.2
105.7
136.0
128.4
105.8
105.9
134.6
127.1
105.9
105.9
135.2
128.0
105.8
105.6
138.7
131.4
105.8
105.5
146.3
138.3
106.4
105.7
145.1
137.2
106.8
105.8
131.2
124.6
105.4
105.4
140.6
133.0
106.3
105.7
132.3
125.1
105.8
105.8
133.5
126.2
105.9
105.8
136.7
129.3
105.9
105.7
138.9
131.6
106.0
105.5
142.9
135.0
106.6
105.9
144.0
136.1
106.8
105.7
132.4
128.0
103.4
103.4
141.8
137.5
104.0
103.2
133.8
128.9
103.8
103.8
134.4
129.7
103.7
103.6
137.8
133.3
103.7
103.4
138.7
134.5
103.7
103.1
144.7
140.1
104.2
103.3
146.0
142.0
104.2
102.8
118.0
107.1
110.2
110.2
126.7
112.3
112.8
112.8
119.7
108.0
110.8
110.8
120.6
108.3
111.3
111.3
123.2
110.3
111.7
111.7
122.6
109.3
112.2
112.2
126.2
111.5
113.2
113.1
134.6
118.1
114.0
114.0
138.6 148.4 139.9 140.4
137.5 148.9 138.3 139.3
100.8 100.7 101.2 100.9
100.8
99.7 101.2 100.8
128.5
116.5
110.3
110.3
126.3
137.6
122.7
112.2
112.2
128.7
116.3
110.7
110.7
131.4
118.1
111.3
111.3
133.7 128.1 130.9
144.2 145.7 152.7 151.0
143.6 146.0 153.1 152.7
100.7 100.6 100.9 100.7
100.4
99.8
99.8
98.8
133.8
120.2
111.3
111.3
139.3
124.8
111.7
111.6
138.6
123.2
112.6
112.5
138.9
122.6
113.3
113.3
131.3 132.9 132.0 138.7
NOTE.— Chain-type quantity and price indexes are calculated from weigl
prices used to prepare each aggregate and component. Implicit price deflators are weighted averages of the detailed
price indexes used to prepare each aggregate and component and are calculated as the ratio of current- to chaineddollar output multiplied by 100.
Percent changes from preceding period for items in this table are shown in table 8.1.
1996
1995
III
Chain-type quantity index
Chain-type price index
Implicit price deflator
Exports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Exports of services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Imports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Imports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Imports of services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Government consumption expenditures
and gross investment:
Current dollars
Chain-type Quantity index
Implicit price deflator
Federal:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
National defense:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Nondefense:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
State and local:
uurreni aoiiars
Chain-type price index
Implicit price deflator
1996
IV
I
II
III
IV
121.3 129.2 122.4 125.6 126.2 127.9 127.6 135.0
104.1 104.3 104.6 104.3 104.4 104.7 104.3 103.7
104.1 103.5 104.6 104.2 104.1 103.9 103.5 102.8
129.6
126.1
102.8
102.8
137.0
135.7
101.9
101.0
130.8
126.6
103.3
103.3
134.7
131.2
102.8
102.7
134.5
131.7
102.5
102.2
136.0
133.9
102.6
101.6
134.9 142.7
134.0 143.2
101.7 100.6
100.7 99.6
118.4
110.3
107.4
107.4
126.0
114.4
110.3
110.1
121.7
112.9
107.7
107.7
121.9
112.9
108.0
108.0
123.7
113.6
108.9
108.8
125.6
114.4
109.9
109.8
125.3
113.3
110.7
110.6
129.4
116.3
111.5
111.3
134.8
132.0
102.2
102.2
142.6
140.4
102.0
101.5
135.5
132.2
102.5
102.5
135.2
132.7
101.9
101.8
138.4
136.1
101.9
101.7
141.9
139.4
102.1
101.8
144.2
142.5
101.5
101.2
145.9
143.7
102.5
101.5
138.9
136.7
101.7
101.7
147.2
146.2
101.3
100.7
139.4
136.8
101.9
101.9
139.3
137.7
101.3
101.2
142.5
141.0
101.4
101.1
146.5
145.0
101.4
101.1
149.0
148.7
100.7
100.3
150.8
150.0
101.6
100.6
116.9
111.8
104.5
104.5
122.3
115.9
105.6
105.5
118.4
112.3
105.4
105.4
117.0
111.6
104.8
104.8
120.2
115.1
104.5
104.5
121.6
115.4
105.4
105.4
122.8
116.1
105.7
105.8
124.4
116.8
106.6
106.5
108.0 107.9 109.5 111.5
100.0
99.3
98.9
101.1
108.0 109.1 110.2 110.1
108.0 109.1 110.3 110.2
112.0
101.0
110.8
110.9
112.2
100.8
111.6
111.4
99.5
88.9
98.2
87.7
107.5 111.3
99.7 100.5
107.8 110.7
107.8 110.7
97.8
89.4
109.4
109.4
92.0
85.1
99.1
88.5
97.9
89.5
96.2
86.4
112.0 109.3 111.3
112.0 109.4 111.3
92.4
83.5
92.0
84.9
89.7
82.2
98.2
87.7
100.3
89.7
111.8 111.6 111.9 112.5
112.0 111.9 112.0 112.0
91.5
83.0
94.1
85.0
92.8
83.8
91.0
82.3
108.1 110.5 108.3 109.2 110.0 110.4 110.6 111.1
108.1 110.6 108.3 109.2 110.3 110.8 110.8 110.5
112.4
100.1
112.3
112.3
115.6
100.4
115.2
115.2
112.4 112.1 114.8 115.5
99.0 101.0
100.6 96.6
111.7 116.0 116.0 114.4
111.8 116.0 116.0 114.4
116.1
101.1
114.8
114.8
116.1
100.6
115.7
115.4
114.4
107.2
106.7
106.7
120.1
109.3
109.8
109.8
115.2
107.6
107.1
107.1
120.9
109.8
110.1
110.1
122.3
110.3
110.9
110.9
116.3
108.0
107.7
107.7
117.6
107.7
109.2
109.1
119.5
109.5
109.2
109.2
D-18 • National Data
SURVEY OF CURRENT BUSINESS
April 1997
Table 7.2.—Quantity and Price Indexes for Gross Domestic Product,
Final Sales, and Purchases
Table 7.4.—Chain-Type Quantity and Price Indexes for Personal
Consumption Expenditures by Major Type of Product
[Index numbers, 1992=100]
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1995
Gross domestic product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Final sales of domestic product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross domestic purchases:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Final sales to domestic purchasers:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Addenda:
Chain-type price indexes for gross
domestic purchases:
Food
Energy
Gross domestic purchases less food
and enerav
1995
1996
1995
1996
III
IV
I
II
III
IV
116.2
108.0
107.6
107.6
121.3
110.6
109.9
109.7
117.1
108.5
107.9
107.9
117.7
108.6
108.4
108.4
118.9
109.1
109.0
109.0
120.8
110.4
109.6
109.5
122.0
111.0
110.2
109.9
123.6
112.0
110.7
110.3
115.7
107.6
107.6
107.6
121.2
110.5
109.9
109.7
116.6
108.1
107.9
107.9
117.6
108.4
108.4
108.4
119.1
109.3
109.1
109.0
120.8
110.4
109.7
109.5
121.5
110.5
110.2
110.0
123.4
111.8
110.7
110.3
117.1
109.1
107.3
107.3
122.3
111.8
109.6
109.4
117.9
109.6
107.6
107.6
118.2
109.4
108.1
108.1
119.8
110.2
108.7
108.7
121.8
111.6
109.3
109.2
123.3
112.5
109.8
109.6
124.4
113.0
110.5
110.1
116.7
108.7
107.3
107.3
122.2
111.7
109.6
109.4
117.4
109.1
107.6
107.6
118.1
109.2
108.1
108.1
119.9
110.3
108.7
108.7
121.8
111.6
109.3
109.2
122.9
112.1
109.8
109.6
124.2
112.8
110.5
110.1
106.4 109.6 106.7 107.3 107.9 108.8 110.2 111.4
101.9 106.7 101.6 100.4 103.7 108.3 106.2 108.5
107.7 109.7 108.0 108.6 109.1 109.4 109.9 110.5
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 7.3.—Quantity and Price Indexes for Gross National Product and
Command-Basis Gross National Product
[Index numbers, 1992=100]
Gross national productCurrent dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Less: Exports of goods and services
and receipts of factor income:
Chain-type quantity index
Plus: Command-basis exports of goods
and services and receipts of factor
income:
Chain-type quantity index
Equals: Command-basis gross national
product:
Chain-tvoe Quantity index
1158
107.7
107.6
121 0 1166 1174 1187 1205 1215 123.2
110.3 108.1 108.3 108.9 110.1 110.5 111.7
109.9 107.8 108.4 1090 109.6 1102 110.7
1076
1097
1079
1084
1090
1095
1248
1333
1256
1288
1300
131 8 131 7 1396
1099
126.8 135.4 127.7 131.3 132.6 134.0 1342
141.0
107.9 110.6 108.4 108.6 109.3 110.4 110.8 111.8
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1103
1995
1996
III
Personal consumption
expenditures:
Quantity index
Price index
Durable goods:
Quantity index
Price index .
. .
Motor vehicles and parts:
Quantity index
Price index
Furniture and household equipment:
Quantity index
Price index
Other:
Quantity index
Price index
Nondurable goods:
Quantity index
Price index
Food:
Quantity index
Price index
Clothing and shoes:
Quantity index
Price index
Gasoline and oil:
Quantity index
Price index
Fuel oil and coal:
Quantity index
Price index
Other:
Quantity index
Price index
Services:
Quantity index
Price index
Housing:
Quantity index
Price index
Household operation:
Quantity index
Price index
Electricity and gas:
Quantity index
Price index
Other household operation:
Quantity index
Price index
Transportation:
Quantity index
Price index
Medical care:
Quantity index
Price index
Other:
Quantity index
Price index
Addenda:
Price indexes for personal consumption
expenditures:
Food l
Energy
Personal consumption expenditures
less food and energy
1996
IV
I
II
III
IV
108.5
107.6
111.2 108.9 109.2 110.2 111.1 111.2 112.2
110.0 107.8 108.3 108.9 109.8 110.2 111.0
118.7
104.6
125.1 120.6 120.3 122.7 126.0 125.2 126.7
104.1 104.5 104.3 104.6 104.1 104.0 103.8
106.9
112.1
107.5 109.4 106.6 108.4 109.2 106.3 106.1
113.6 112.2 112.5 113.4 113.5 113.7 113.9
132.6 145.7 134.2 137.3 139.5 145.8 147.4 150.1
96.3
93.6
96.1
95.2
94.6
93.8
93.3
92.7
119.0 126.9 119.8 119.1 123.4 127.2 126.7 130.3
106.3 106.9 106.5 106.8 107.4 106.9 106.7 106.6
107.6 109.1 107.8 107.7 108.6 109.0 109.1 109.6
104.5 107.2 104.7 105.0 106.0 107.3 107.3 108.3
106.4 106.8 106.6 106.5 107.5 106.8 106.3 106.5
106.4 109.7 106.7 107.4 108.0 109.0 110.3 111.4
114.0 118.9 114.8 114.1 116.4 119.2 120.2 119.9
98.9
98.6
98.7
99.1
99.5
99.1
97.8
98.1
106.3 106.8 105.5 106.7 105.7 107.2 106.4 107.8
101.1 107.0 100.5 97.4 102.9 111.0 105.6 108.5
94.3
97.3
93.7
108.7
91.5
98.2
97.8
96.7
98.0
92.6
92.4
91.9
105.4 108.7 105.2 115.6
106.4 108.5 106.7 106.3 107.1 107.7 108.8 110.2
106.0 108.6 106.4 107.3 107.8 108.5 108.9 109.2
107.0 109.5 107.3 107.9 108.5 109.3 109.6 110.6
109.9 112.8 110.3 110.9 111.5 112.4 113.2 114.0
105.4 107.1 105.6 106.1 106.5 106.9 107.3 107.8
109.1 112.5 109.5 110.5 111.3 112.1 112.9 113.6
111.5 114.4 113.1 112.4 113.1 115.1 113.7 115.6
106.3 109.0 106.4 106.9 107.6 108.7 109.6 110.3
106.6 108.7 110.0 106.4 108.3 110.6 107.3 108.3
103.9 106.3 103.9 104.4 104.7 105.8 106.9 107.7
115.1 118.6 115.5 116.7 116.6 118.3 118.3 121.0
108.0 111.0 108.2 108.6 109.7 110.8 111.5 112.1
112.0 116.9 111.6 113.9 115.4 116.0 117.2 118.9
108.7 110.8 110.1 109.4 108.9 110.5 111.5 112.3
105.8 108.0 106.1 106.9 106.9 107.6 108.2 109.3
114.6 116.8 114.8 115.5 115.8 116.5 117.0 117.8
106.8 109.7 106.9 107.5 108.8 109.4 109.9 110.9
108.0 111.2 108.4 109.0 109.6 110.6 111.7 112,8
106.4 109.7 106.7 107.4 108.0 109.0 110.3 111.4
102.3 106.7 102.0 100.7 103.9 108.4 106.3 108.4
108.2 110.2 108.5 109.0 109.4 110.0 110.5 111.1
1. Consists of prices for gasoline and oil, fuel oil and coal, and electricity and gas.
Table 7.6.—Chain-Type Quantity and Price Indexes for Private Fixed
Investment by Type
[Index numbers, 1992=100]
Table 7.9,—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services and for Receipts and Payments of Factor income
[Index numbers, 1992=100]
Seasonally adjusted
1995
1995
1996
III
Private fixed investment:
Quantity index
Price index
Nonresidential:
Quantity index
Price index
Structures:
Quantity index
Price index
Nonresidential buildings, including
farm:
Quantity index
Price index
Utilities:
Quantity index
Price index
Mining exploration, shafts, and wells:
Quantity index
Price index
Other structures:
Quantity index
Price index
Producers' durable equipment:
Quantity index
Price index
Information processing and related
equipment:
Quantity index
Price index
Computers and
peripheral
equipment1:
Quantity index
Price index
Other:
Quantity index
Price index
Industrial equipment:
Quantity index
Price index
Transportation and related
equipment:
Quantity index
Price index
Other:
Quantity index
Price index
Residential:
Quantity index
Price index
Structures:
Quantity index
Price index
Sinale family:
Quantity index
Price index
Multifamily:
Quantity index
Price index
Other structures:
Quantity index
Price index
Producers' durable equipment:
Quantity index
Price index
Seasonally adjusted
1996
IV
I
II
III
1995
IV
1996
124.6 133.0
105.4 106.3
125.1
105.8
126.2 129.3 131.6 135.0 136.1
105.9 105.9 106.0 106.6 106.8
128.0 137.5
103.4 104.0
128.9
103.8
129.7 133.3 134.5 140.1 142.0
103.7 103.7 103.7 104.2 104.2
107.1 112.3
110.2 112.8
108.0
110.8
108.3 110.3 109.3 111.5 118.1
111.3 111.7 112.2 113.2 114.0
113.0 118.6 114.2 115.1 116.1 114.6 117.5 126.2
111.0 113.2 111.4 111.9 112.1 112.7 113.6 114.4
101.8 106.6 103.9 104.5 105.6 106.8 105.4 108.4
109.8 113.3 110.7 111.5 112.2 112.8 113.6 114.7
97.4
83.9
98.0
82.5
78.8
95.9
96.9 101.9
107.4 109.8 108.6 108.2 108.6 109.2 110.5 111.0
83.0
70.8
80.2
104.8 108.4 105.5
75.5
72.2
64.3
68.5
78.2
106.4 107.1 107.8 108.8 109.9
137.5 148.9 138.3 139.3 143.6 146.0 153.1 152.7
100.8 100.7 101.2 100.9 100.7 100.6 100.9 100.7
149.9 180.3 150.1 159.8 168.0 174.5 186.7 191.8
91.1
87.1
90.8
89.5
88.5
87.2
86.8
85.8
208.1 302.2 209.1 240.3 266.7 287.4 315.9 338.9
69.5
59.4
68.6
65.8
62.9
59.6
58.5
56.4
126.6 135.3 126.4 128.8 130.9 132.6 139.1 138.4
104.8 105.8 105.0 105.0 105.4 105.9 105.9 105.9
130.1 132.5 130.6 129.2 131.9 135.0 132.2 131.1
107.2 108.9 107.9 108.2 108.6 108.8 109.1 109.3
137.1 139.3 139.6 133.9 136.4 133.4 146.9 140.6
105.7 107.9 106.8 106.6 106.6 107.6 108.7 108.7
127.5 131.1 127.4 125.8 128.5 129.8 133.7 132.6
105.4 108.3 105.7 106.7 107.5 107.9 108.7 109.3
116.5 122.7 116.3 118.1 120.2 124.8 123.2 122.6
110.3 112.2 110.7 111.3 111.3 111.7 112.6 113.3
116.5 122.8 116.3 118.1 120.3 125.0 123.3 122.7
110.5 112.4 110.9 111.5 111.5 111.9 112.8 113.6
109.6 116.2 108.0 110.8 113.7 118.1 117.3 115.6
113.1 114.6 113.5 113.9 113.7 113.9 115.0 115.9
134.7 147.4 136.2 141.2 146.7 160.3 136.5 146.0
105.3 106.7 105.7 106.1 105.9 106.1 107.1 108.0
123.4 128.5 124.8 125.0 125.7 129.3 129.7 129.2
107.7 110.2 108.1 109.1 109.3 109.9 110.6 111.1
115.3 117.8 115.7 115.9 115.5 118.9 118.3 118.7
103.9 104.8 103.9 104.0 104.6 104.2 104.9 105.6
Exports of goods and services:
Quantity index
Price index
Goods ':
Quantity index
Price index
Durable:
Quantity index
Price index
Nondurable:
Quantity index
Price index
Services!:
Quantity index
Price index ..
Receipts of factor income:
Quantity index
Price index
Imports of goods and services:
Quantity index
Price index
Goods >:
Quantity index
Price index
Durable:
Quantity index
Price index
Nondurable:
Quantity index
Price index
Services *:
Quantity index
Price index
Payments of factor income:
Quantity index
Price index
1. Exports and imports of certain goods,
merit, are included in services. Beginning
to services.
121.3
104.1
1996
1995
III
1. Includes new computers and peripheral equipment only.
National Data • D-19
SURVEY OF CURRENT BUSINESS
April 1997
IV
I
II
III
IV
129.2 122.4 125.6 126.2 127.9 127.6 135.0
104.3 104.6 104.3 104.4 104.7 104.3 103.7
126.1 135.7 126.6 131.2 131.7 133.9 134.0 143.2
102.8 101.9 103.3 102.8 102.5 102.6 101.7 100.6
134.0 147.0 134.9 140.4 140.9 145.5 145.9 155.8
97.5
95.7
97.6
97.2
96.7
96.0
95.3
94.9
110.8 114.2 110.6 113.6 113.9 111.8 111.5 119.5
115.1 116.4 116.5 116.1 116.2 118.3 117.0 114.1
110.3 114.4 112.9 112.9 113.6 114.4 113.3 116.3
107.4 110.3 107.7 108.0 108.9 109.9 110.7 111.5
140.8 151.7 139.7 143.3 147.4 149.0 150.1 160.3
107.2 109.2 107.5 108.0 108.5 109.0 109.4 109.9
132,0 140.4 132.2 132.7 136.1 139.4 142.5 143.7
102.2 102.0 102.5 101.9 101.9 102.1 101.5 102.5
136.7 146.2 136.8 137.7 141.0 145.0 148.7 150.0
101.7 101.3 101.9 101.3 101.4 101.4 100.7 101.6
146.4 158.1 146.1 148.4 152.9 156.5 160.8 162.2
98.2
97.5
96.9
100.8 98.0 101.1 100.3 99.4
119.6 125.3 120.6 118.9 120.2 124.8 127.5 128.5
103.7 108.4 103.6 103.5 105.7 108.3 107.6 111.9
111.8 115.9 112.3 111.6 115.1 115.4 116.1
104.5 105.6 105.4 104.8 104.5 105.4 105.7
116.8
106.6
157.5 170.3 163.1 159.6 159.5 166.5 174.5 180.5
107.8 109.9 108.0 108.5 109.0 109.6 110.1 110.7
1986, repairs and alterations of equipment are reclassified from goods
D-20 • National Data
SURVEY OF CURRENT BUSINESS
April 1997
Table 7.10.—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services by Major Type of Product
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1995
1995
1996
III
Exports of goods and services:
Quantity index
Price index
Exports of goods1:
Quantity index
Price index
Foods, feeds, and beverages:
Price index
Industrial supplies and materials:
Quantity index
Price index
Durable goods:
Quantity index
Price index
Nondurable goods:
Quantity index
Price index
Capital goods, except automotive:
Quantity index
Price index
Civilian aircraft, engines, and parts:
Computers, peripherals, and parts:
Quantity index
Price index
Other:
Quantity index
Price index
Automotive vehicles, engines, and parts:
Quantity index
Price index
Consumer goods, except automotive:
Quantity index
Price index
Durable goods:
Quantity index
Price index
Nondurable goods:
Quantity index
Price index
Other:
Quantity index
Price index
Durable goods:
Quantity index
Price index
Nondurable goods:
Quantity index ..
Price index
Exports of services *:
Quantity index
Price index
Transfers under U.S. military agency
sales contracts:
Quantity index
Price index
Travel:
Quantity index
Price index
Passenger fares:
Quantity index
Price index
Other transportation:
Quantity index
Price index
Royalties and license fees:
Quantity index
Price index
Other private services:
Quantity index
Price index
Other:
Quantity index
Price index
Imports of goods and services:
121.3
104.1
1995
1996
IV
I
II
III
129.2 122.4 125.6 126.2 127.9 127.6 135.0
104.3 104.6 104.3 104.4 104.7 104.3 103.7
126.1 135.7 126.6 131.2 131.7 133.9 134.0 143.2
102.8 101.9 103.3 102.8 102.5 102.6 101.7 100.6
110.6 109.4 113.2 107.8 110.9 104.3 106.5 116.1
113.3 127.5 116.9 122.7 125.9 135.2 130.0 118.7
111.1 115.8 111.6 114.3 114.2 114.4 113.7 120.7
121.1 115.6 121.6 118.3 116.8 115.5 114.8 115.1
114.7 121.0 118.9 114.8 115.5 121.1 122.4 125.1
117.9 113.9 118.2 117.1 116.2 114.7 112.4 112.3
109.1 113.0 107.8 114.0 113.5 111.0 109.2 118.4
122.8 116.5 123.4 119.0 117.1 115.9 116.2 116.7
145.5 164.2 146.6 156.3 157.5 162.5 160.0 176.6
91.3
88.8
91.5
90.7
90.1
89.1
88.3
87.7
63.3
72.0
56.7
60.0
62.8
78.5
62.0
84.6
109.3 113.4 109.7 110.8 111.7 112.7 114.1 115.1
217.6 313.1 229.0 257.9 289.5 303.6 316.6 342.4
63.4
49.4
62.2
58.2
54.4
49.9
48.0
45.3
160.7 169.3 163.0 171.5 166.8 165.8 166.2 178.2
95.4
96.2
96.1
96.1
96.5
96.6
95.9
95.8
127.6 131.2 128.3 126.7 126.7 128.8 136.5 132.9
103.1 104.2 102.9 104.0 104.0 104.1 104.2 104.5
121.8 131.0 121.3 123.9 126.9 131.5 128.8 136.6
102.9 104.3 103.2 103.3 104.0 104.3 104.4 104.6
121.3 131.0 118.8 122.2 124.8 130.3 129.1 139.7
101.5 102.9 101.8 101.9 102.4 102.9 103.0 103.1
122.2 131.0 123.9 125.6 129.2 132.8 128.5 133.3
104.4 105.9 104.7 104.8 105.6 105.8 106.0 106.2
93.8 106.8 98.1 102.2 108.9 110.5
99.1 104.9
104.0 104.2 104.5 104.2 104.4 104.9 104.2 103.5
93.8 106.8
99.1 104.9
98.1 102.2 108.9 110.5
104.0 104.3 104.5 104.2 104.4 104.9 104.2 103.5
106.8 98.1 102.2 108.9 110.5
104.9
104.0 104.3 104.5 104.2 104.4 104.9 104.2 103.5
99.1
93.8
110.3 114.4 112.9 112.9 113.6 114.4 113.3 116.3
107.4 110.3 107.7 108.0 108.9 109.9 110.7 111.5
101.9 111.7 107.1 101.2 98.4 108.6 110.6 129.3
112.5 115.0 113.0 113.2 112.3 116.5 115.6 115.7
104.4 105.3 106.5 107.1 107.8 105.7 101.3 106.5
106.9 111.5 107.6 108.3 109.7 111.0 112.4 112.9
101.4 107.5 105.4 107.1 106.8 109.0 105.5 108.7
110.0 110.1 109.9 108.7 109.7 108.6 110.0 111.9
114.9 116.0 116.5 119.0 114.4 116.7 115.9 117.2
103.1 105.5 103.1 102.3 103.6 105.3 105.9 107.3
125.5 126.9 130.3 129.8 128.8 126.9 126.4 125.4
107.3 109.4 107.5 108.0 108.5 109.2 109.6 110.1
113.6 122.4 115.6 115.0 120.1 122.2 123.7 123.6
106.8 109.0 107.1 107.6 108.3 108.9 109.2 109.6
109.4 111.2 111.5 109.9 110.8 110.5 111.7 111.9
112.0 116.1 112.1 112.9 113.7 115.0 117.2 118.6
132.0 140.4 132.2 132.7 136.1 139.4 142.5 143.7
102.2 102.0 102.5 101.9 101.9 102.1 101.5 102.5
Imports of goods '•
Quantity index
Price index
Foods, feeds, and beverages:
Quantity index
NOTE.—See footnotes to table 4.3.
136.7 146.2 136.8 137.7 141.0 145.0 148.7 150.0
101.7 101.3 101.9 101.3 101.4 101.4 100.7 101.6
106.2 116.5 105.0 106.7 113.7 114.9 117.6 119.8
1995
1996
III
IV
Price index
Industrial supplies and materials, except
petroleum and products:
Quantity index
Price index
Durable goods:
Quantity index
Price index
Nondurable goods:
Quantity index
Price index
Petroleum and products:
Quantity index
Price index
Capital goods, except automotive:
Quantity index
Price index
Civilian aircraft, engines, and parts:
Quantity index
1996
IV
I
II
III
IV
113.2
110.7
113.6
111.5 109.2 112.7 110.2 110.6
130.9
111.2
138.3
109.5
128.9
112.4
127.3 132.4 136.9 142.1 141.8
112.4 110.9 109.5 108.5 108.9
136.4 146.6 131.8 131.2 137.3 145.1 151.8 152.3
111.7 109.9 113.0 112.3 110.0 110.3 109.8 109.6
125.8 130.6 126.1 123.7 127.9 129.4 133.2 132.1
110.8 109.1 111.8 112.6 112.0 108.7 107.3 108.4
114.7 115.3 119.3 113.9 106.9 120.3 122.3 111.7
93.1 114.2 90.9
91.1 101.4 113.0 113.3 129.2
179.1 199.7 182.9 191.1 196.3 196.0 199.1 207.2
92.1
86.4
92.2
90.6
89.2
86.8
85.5
84.2
78.4
89.2
75.8
76.8
78.5
89.8
91.7
97.0
108.6 113.1 108.8 109.7 111.4 112.7 113.8 114.4
Computers, peripherals, and parts:
Quantity index
Price index
Other:
Quantity index
Price index
Automotive vehicles, engines, and parts:
Quantity index
Price index
Consumer goods, except automotive:
Quantity index .
Price index
Durable goods:
Quantity index
Price index
Nondurable goods:
Quantity index
Prirp inHpy
Other:
Quantity index
Price index
Durable goods:
Quantity index
Price index
Nondurable goods:
Quantity index
Price index
Imports of services ':
Quantity index
Price index
Direct defense expenditures:
Quantity index
Price index
Travel:
265.6 355.2 278.3 309.0 328.4 345.9 363.7 382.7
66.9
55.6
65.9
62.9
59.8
55.8
54.4
52.5
168.7 173.9 171.2 174.9 177.3 171.0 170.9 176.6
96.9
97.9
101.8 98.7 102.4 101.5 100.8 99.2
125.7 130.1 122.1 119.1 125.0 131.3 135.7 128.5
108.1 108.8 108.6 109.0 108.8 108.7 108.8 108.9
126.4 134.0 126.9 124.8 128.1 130.7 135.8 141.5
103.2 103.6 103.6 103.5 103.9 103.7 103.5 103.3
127.1 134.7 127.2 126.3 128.6 132.0 138.4 140.0
103.1 103.1 103.5 103.2 103.6 103.2 102.9 102.7
125.6 133.2 126.5 123.2 127.6 129.3 133.0 143.2
103.4 104.2 103.7 103.9 104.3 104.3 104.2 104.1
117.3 124.2 114.6 123.9 120.2 125.5 123.1 128.0
105.1 104.5 105.5 105.0 104.8 104.8 104.3 104.2
117.3 124.2 114.6 123.9 120.2 125.5 123.1 128.0
105.1 104.5 105.5 105.0 104.8 104.8 104.3 104.2
117.3 124.2 114.6 123.9 120.2 125.5 123.1 128.0
105.1 104.5 105.5 105.0 104.8 104.8 104.3 104.2
111.8 115.9 112.3 111.6 115.1 115.4 116.1 116.8
104.5 105.6 105.4 104.8 104.5 105.4 105.7 106.6
64.9
68.4
63.6
60.9
66.6
67.7
68.2
71.0
109.3 108.5 112.0 112.1 108.7 109.8 110.0 105.3
113.3 118.8 110.2 114.7 122.0 119.2 114.8 119.4
105.0 105.2 107.1 104.4 103.3 104.3 105.8 107.3
Passenger fares:
Quantity index
Price index
Other transportation:
Quantity index
Price index
Royalties and license fees:
Quantity index
Price index
Other private services:
Quantity index
Price index
Other:
Quantity index
Price index
Addenda:
Exports of agricultural goods2:
Quantity index
Price index
Exports of nonagricultural goods:
Quantity index
Price index
Imports of nonpetroleum goods:
Quantity index
Price index
130.0 127.5 135.9 128.4 129.0 125.2 126.4 129.4
104.3 105.7 103.6 105.2 105.4 106.5 104.0 107.0
113.5 107.9 115.4 110.8 107.1 108.9 108.8 107.1
101.1 103.1 101.2 101.2 101.6 103.0 103.2 104.7
115.9 132.4 118.7 123.3 123.8 124.1 157.0 124.7
107.3 109.4 107.5 108.0 108.5 109.2 109.6 110.1
124.0 134.9 126.8 124.7 129.9 134.9 136.5 138.2
105.1 106.5 105.3 105.7 106.1 106.5 106.5 106.7
116.8 124.1 117.1 118.2 120.7 121.7 127.4 126.9
106.3 107.6 107.3 106.5 106.3 107.1 108.0 108.9
112.5 110.0 113.5 112.0 114.6 103.4 105.5 116.6
115.4 127.5 117.9 123.5 126.3 134.3 129.7 119.6
127.6 138.7 128.1 133.4 133.6 137.5 137.3 146.3
98.8
99.0
101.5 99.4 101.8 100.8 100.2 99.6
138.7 149.0 138.4 139.8 144.2 147.3 151.1 153.5
99.5
102.6 100.4 103.0 102.4 101.6 100.6 99.9
National Data • D-21
SURVEY OF CURRENT BUSINESS
April 1997
Table 7.11B—Chain-Type Quantity and Price Indexes for Government Consumption Expenditures and Gross Investment by Type
[Index numbers, 1992=100]
Seasonally adjusted
1995
1996
1995
III
Government consumption
expenditures1 and gross
investment :
Quantity index
Price index
Federal:
Quantity index
Price index
National defense:
Quantity index
Price index
Consumption expenditures:
Quantity index
2
Durable goods :
Quantity index
Price index
Nondurable goods:
Quantity index
Price index
Services:
Quantity index
Price index
Compensation of general
government employees,
except force-account
construction 3:
Quantity index
Price index
Consumption of general 4
government fixed capital :
Quantity index
Price index
Other services:
Quantity index
Price index
Gross investment:
Quantity index
Price index
Structures:
Quantity index
Price index
Equipment:
Quantity index
Price index
Nondefense:
Quantity index
Price index
Consumption expenditures:
Price index
Durable goods2:
Quantity index
Price index
Nondurable goods:
Quantity index
Price index
Commodity Credit Corporation
inventory change:
Quantity index
Price index
Other nondurables:
Quantity index
Price index
Services:
Quantity index
Price index
NOTE.—See footnotes to table 3.7B.
IV
99.7 100.5 100.0 98.9
107.8 110.7 108.0 109.1
89.4
109.4
85.1
II
III
87.7
88.9
111.9
83.5
84.9
86.4
82.2
86.3
87.2
86.1
83.0
85.0
83.8
110.0 110.4 110.6
85.0
87.5
86.5
87.7
112.5
82.3
111.1
86.1
107.9 110.2 108.1 109.1 110.0 109.9 110.2 110.8
68.1
67.1
73.6
61.9
62.0
71.4
74.2
61.0
Compensation of general
government employees,
except force-account
construction3:
Quantity index
Price index
Consumption of general 4
government fixed capital :
Quantity index
Price index
Other services:
Quantity index
Price index
Gross investment:
Quantity index
Price index
Structures:
66.1
77.0
70.8
90.3
88.6
89.2
58.7
76.7
102.6 106.2
89.4
87.6
108.8 110.9 108.9 110.0 110.8
84.5
80.8
84.4
82.1
81.5
81.9
81.9
108.3 109.3
89.3
88.0
110.7 110.9
81.4
80.9
67.4
117.0
89.3
111.4
79.6
108.0 111.9 108.1 109.9 112.2 111.5 111.6 112.3
96.2
94.1
96.0
95.5
95.2
94.1
93.8
93.4
115.9 115.0 116.1 116.4 115.6 115.3 114.9 114.2
93.2 100.1 96.4
103.7
96.6
98.1
98.3
92.9
105.3 106.9 105.5 105.9 105.7 106.4 107.3 108.2
70.5
68.2
71.9
109.3 112.7 109.6
87.2
80.8
89.3
60.2
71.9
71.1
68.7
86.1
82.4
82.3
80.7
116.8 119.3 117.3 117.8 117.2 118.3 120.0
68.7
66.8
69.9
60.9
109.6 109.8 113.9 113.4 113.5
57.4
70.7
69.9
67.3
77.6
121.8
59.1
108.5 112.0 108.8 108.7 109.1 113.5 112.7 112.7
99.0
101.0 101.1 100.6
100.1 100.4 100.6 96.6
112.3 115.2 111.7 116.0 116.0 114.4 114.8 115.7
101.6 101.1 102.6
97.9 100.2 102.5 102.3 99.3
113.5 116.8 112.8 117.6 117.7 115.9 116.3 117.2
98.8
94.2
97.9
95.7
98.1
96.6
92.8
89.1
110.5 112.3 110.3 111.8 112.2 112.8 112.5 111.7
97.1
100.9 100.4 101.9
99.3
101.9 101.8 98.9
113.9 117.3 113.2 118.2 118.2 116.3 116.9 117.9
93.0
121.5
Equipment:
Prirp indpy
State and local:
Quantity index
Price index
Consumption expenditures:
Quantity index
Price index
Durable goods2:
Price index
Nondurable goods:
Quantitv index
Price index
Services:
Quantity index
Price index
Compensation of general
government employees, except
force-account construction3:
Quantity index
Price index
Consumption of general 4
government fixed capital :
Quantity index
Price index
Other services:
Quantity index
Price index
Gross investment:
Quantity index
Price index
Structures:
Quantity index
Price index
Equipment:
Quantity index
Price index
Addenda:
Compensation3 of general government
employees :
Quantity index
Price index
Federal:
Quantity index
Price index
State and local:
Quantity index
Price index
90.5
1995
1996
III
IV
I
II
III
95.0
87.1
88.7
92.1
91.2
IV
89.9
126.6 119.5 129.3 129.2 124.9 125.6
127.0
109.4 111.1 109.7 110.5 111.3 110.3 111.0
104.8 105.6 105.2 105.4 105.5 105.5 105.6
111.8
105.9
111.8 114.1 111.1 110.2 113.7
105.5 107.3 106.1 106.4 106.4
90.0
96.0
104.2 104.9
90.2
101.4 102.7 101.6 101.4 102.3 103.0 102.7 102.6
100.0 110.2 100.0
1996
IV
99.3 101.1 101.0 100.8
110.2 110.1 110.8 111.6
89.7
89.5
108.1 110.5 108.3 109.2
87.6
I
112.0 109.3 111.3 111.8 111.6
88.5
Seasonally adjusted
1995
1996
86.3
88.3
90.9
90.6
93.1
104.6 104.9
104.8
104.7
104.9
109.5
105.1
85.4
87.5
82.8
89.4
86.9
82.5
86.9
108.8 111.9 109.5 110.3
90.0
99.4
106.7
97.7
115.7 116.6 110.4
107.1 107.7 108.2
91.9
99.5
90.1
99.3
110.8 111.4 112.2 113.2
97.0
98.7
94.1
97.8
107.2 109.3 107.6 108.0 107.7 109.5
106.7 109.8 107.1 107.7 109.2 109.2
105.9 107.5 106.1 106.4 106.2
106.8 110.0 107.1 107.8 109.4
104.4
97.3
131.3
96.8
109.8 110.3
110.1 110.9
107.6 108.1 108.2
109.3 110.3 111.1
113.6 118.1 114.1 115.2 116.4 117.5 118.7 119.8
104.7 105.7 105.0 106.2 106.0 105.5 105.6 105.6
113.6 118.2 114.1 115.3 116.5 117.6 118.8 119.9
105.2 108.8 105.5 104.8 107.3 109.4 108.4 110.1
104.8 106.1 105.0 105.2 104.8 106.3 106.6 106.6
107.0 110.3 107.4 108.1 109.8 109.4 110.6 111.3
104.3 105.1 104.4 104.5 103.7 105.4 105.7 105.5
108.4 111.8 108.7 109.6 111.5 110.9 112.0 112.8
110.9 114.3 111.3 112.1 113.0 113.8 114.7 115.6
104.8 106.9 105.1 105.7 106.0 106.5 107.2 107.7
104.4 110.9 104.8 106.4
87.6
89.5
88.2
87.2
110.4 110.5 110.3
87.2
88.3
91.8
112.3
90.8
113.1 117.5 114.3 115.2 114.8 117.9
106.5 109.1 107.0 107.6 108.0 108.5
117.5 119.8
109.5 110.3
112.0 116.2 113.3 114.2 113.3 116.8
107.4 110.6 108.0 108.6 109.2 109.9
116.1 118.5
111.1 112.2
118.0 123.5 118.7 120.0 121.4 122.8 124.2
102.6 102.6 102.5 102.9 102.8 102.7 102.6
98.9
98.4
99.2
97.9
97.4
98.9
109.6 113,3 109.7 111.6 113.3 112.4
87.3
84.0
88.0
83.7
83.8
85.0
98.9
125.5
102.3
98.4
113.3 114.1
84.4
83.0
112.5 116.8 111.9 116.4 117.9 115.9 116.3 117.2
104.4 105.2 104.5 104.5 103.8 105.5 105.8 105.6
108.4 111.8 108.7 109.6 111.5 110.9 112.0 112.8
D-22 • National Data
SURVEY OF CURRENT BUSINESS
Table 7.14.—Chain-Type Quantity and Price Indexes for Gross Domestic
Product by Sector
April 1997
Table 7.16.—Implicit Price Deflators for Inventories
[Index numbers, 1992-100]
[Index numbers, 1992=100]
Secisonalty adjusted
Seasonally adjusted
1995
1996
1995
III
Gross domestic product:
Quantity index
Price index
l
Business :
Quantity index
Price index
Nonfarm l\
Quantity index
Price index
Nonfarm less housing:
Quantity index .
Price index
Housing:
Quantity index .
Price index
Farm:
Quantity index
Price index
Households and institutions:
Quantity index
Price index
Private households:
Quantity index
Price index
Nonprofit institutions:
Quantity index
Price index
General government2:
Quantity index
Price index
Federal:
Quantity index
Price index
State and local:
Quantity index
Price index
19 95
1996
IV
I
II
III
III
IV
108.0 110.6 108.5 108.6 109.1 110.4 111.0 112.0
107.6 109.9 107.9 108.4 109.0 109.6 110.2 110.7
109.2 112.3 109.8 110.1 110.7 112.0 112.7 114.0
107.3 109.4 107.6 108.0 108.5 109.3 109.8 110.2
109.5 112.5 110.1 110.3 110.9 112.2 112.7 114.1
107.4 109.4 107.7 108.0 108.5 109.2 109.7 110.1
109.9 113.1 110.7 110.7 111.5 112.8 113.4 114.8
107.2 109.1 107.5 107.8 108.2 108.9 109.4 109.8
105.6 107.1 105.6 106.9 106.3 106.5 107.5 108.2
108.9 111.9 109.0 110.1 110.9 111.6 112.3 113.0
94.4 104.0
98.2 102.8 108.1 106.9
91.3
93.5
101.4 114.5 104.6 106.6 109.4 114.2 116.7 117.8
108.4 110.8 108.6 109.3 109.5 110.5 111.1 112.0
106.8 110.3 107.0 108.1 109.1 109.7 110.7 111.5
100.5 102.4 101.1 101.1 101.7 102.5 102.4 103.0
109.7 113.6 109.8 111.2 112.0 112.7 114.4 115.5
108.7 111.1 108.9 109.6 109.8 110.8 111.5 112.3
106.7 110.1 106.9 108.0 109.0 109.6 110.5 111.4
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable aoods
Wholesale
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers
Other
Nondurable floods
Other
Durable goods
Nondurable aoods
NOTE.-See footnote to table 5.12.
99.6
99.2
99.8
98.7
98.3
99.6
99.6
99.2
109.7 112.9 109.8 111.4 112.9 112.1 112.9 113.6
89.8
86.9
90.3
86.9
87.0
87.6
87.1
86.0
112.9 116.0 112.5 116.0 116.9 115.4 115.6 116.1
104.9 106.0 105.1 105.2 104.6 106.2 106.6 106.5
108.0 111.3 108.4 109.2 110.9 110.5 111.6 112.3
NOTE.-See footnotes to table 1.7.
Table 7.15.—Current-Dollar Cost and Profit Per Unit of Real Gross
Domestic Product of Nonfinancial Corporate Business
[Dollars]
Current-dollar cost and profit
per unit of real gross
domestic product l
1.052 1.064 1.055 1.057 1.062 1.065 1.065 1.066
Consumption of fixed capital
.114
.115
.115
.115
.115
.115
.115
.115
.950
.940
.942
.951
.951
.946
Net domestic product
.938
.951
Indirect business tax and nontax liability
plus business transfer payments less
subsidies
109 106 108 108 107 105 105 105
.844
.834
.845
.829
.832
.839
Domestic income
.846
.846
705 fi% .699
.702
Compensation of employees
.697
.706
.706
.708
Corporate profits with inventory
valuation and capital consumption
.112
.111
.114
adjustments
.109
.104
.108
.113
.111
Profits tax liability
.038
.038
.037
.038
.039
.039
.038
.038
Profits after tax with inventory
valuation and capital
.074
.071
consumption adjustments
.070
.072
.074
.076
.066
.073
.027
.027
.027
Net interest
.027
.026
.027
.027
.027
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted
two places to the left.
Inventories1
105.9
93.0
19 36
IV
I
II
III
IV
106,4 106.7 107.2 107.1
107?
101.2
96.6
95.5
94.6
99.9
107.3 107.5 107.9 107.9 107.7 108.3
106.6 106.4 106.1 106.2 106.0 106.4
1081 1090 1102 1103 1100 110.9
108.0 107.5 107.3 1071 1070 1077
1054 1050 1051 1047 105.6
111.4 111.0 111.1 110.5 110.8 111.3
1060
1080 1086 108.8 107.8 107.4
105.9 105.4 105.1 105.0 104.9 104.6
110.1 112.3 114.4 115.1 112.8 111.9
1075
107.8 108.3 108.8 109.2 108.0 107.4
1061
1108
1056
1053
113.0 114.9
105.1 105.9 106.9
104.5 104.1 103.7
1062 1088 111 9
1053
1051
106.3 107.0 107.4 107.4 107.7
1068 1075 1077 1074 107.3
107.8 109.7 110.5 109.5 108.8
105.5 105.2 1049 105.2 105.7
1059
1065
1073
1049
116.0 113.0 111.7
106.1 106.6 107.0
103.5 103.3 103.1
1101 111 9 1133
1076
1082
1077
107.4
109.3
105.4
108.1
106.6 107.4 109.5 110.1 110.2 113.7
1141
1127
1127
1144
1153
1151
102.8 104.9 108.0 108.0 107.7 113.1
D-23
National Data
SURVEY OF CURRENT BUSINESS
April 1997
8. Supplementary TablesTable 8.1.—Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1995
1996
1995
Gross domestic product:
Current dollars
Chain-type quantity index
ImDlicit orice deflator
Personal consumption expenditures:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Durable goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Nondurable aoods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross private domestic investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Fixed investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Nonresidential:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Structures:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Producers' durable equipment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Residential:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Exports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Exports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Exports of services:
Current dollars
Chain-type quantity index
Chain-type price index
1996
1995
II
2^1
2.0
4.2
2.0
2.3
2.2
6.5
4.7
2.2
1.8
3.8
2.1
2.0
1.7
5.4
3.8
1.9
1.5
2.7
1.1
1.6
1.6
5.7
3.5
2.4
2.2
6.4
3.4
3.2
2.9
2.0
5
5.9
3.4
2.8
2.5
IV
III
Implicit price deflator . .
4.6
2.0
2.5
2.5
4.8
2.3
2.4
2.4
4.4
3.2
1.2
1.2
3.9
2.3
1.6
1.6
5.3
2.2
3.0
3.0
5.0
3.1
1.7
1.8
7.7
6.0
1.6
1.6
10.7
9.5
1.0
1.0
10.8
7.3
3.3
3.3
10.6
10.4
.2
.2
.7
-2.3
3.1
3.1
12.3
8.9
3.1
3.1
14.2
10.6
3.2
3.2
7.6
4.7
2.7
4.4
2.4
2.1
2.0
6.0
3.8
2.1
2.1
4.6
2.5
2.2
2.1
3.9
2.4
1.5
l!5
4.2
5.4
-.5
-1.1
4.0
1.4
2.6
2.5
5.0
2.4
2.6
2.6
4.9
4.6
.8
.2
7.1
6.8
.9
.3
7.1
7.4
.5
-.2
7.3
4.9
2.3
2.3
7.0
8.3
-.1
-1.1
8.1
9.3
1.2
.5
.7
.7
4.5
2.0
2.4
2.4
9.7
7.6
1.9
1.9
8.2
6.1
2.0
2.1
6.6
4.9
1.7
1.7
10.3
6.3
3.7
3.8
5.3
4.3
.9
.9
12.5
5.9
6.5
.1
-.5
11.3
10.7
-1.7
6.4
3.7
2.7
'o
-2.0
-1.0
-.7
-.9
-1.1
-1.1
7.1
5.3
1.8
1.7
5.8
7.6
-.8
23
9.2
2.9
3.0
.8
-.4
1.3
1.2
4.6
2.3
2.3
2.3
-4.0
-4.0
.4
.1
3.7
3.5
.4
.2
1.8
2.5
-.3
-.6
2.9
1.0
1.8
1.9
1.4
3.0
-1.0
-1.5
4.2
2.4
1.9
1.8
1.9
2.8
-4
-.9
9.7
10.4
-.1
-.6
10.7
11.6
-.2
-.8
9.0
7.7
1.2
1.2
11.3
13.1
-7
-1.6
-4.4
-2.6
-.6
-1.9
6.1
1.3
4.8
4.7
6.2
2.7
3.3
3.4
10.5
11.0
.2
-.4
6.6
7.2
.5
-.5
2.5
3.8
.1
-1.3
-1.8
-3.7
2.0
2.0
4.2
6.7
-.6
-2.4
4.3
1.3
3.0
3.0
23.8
22.9
2.2
.8
12.1
10.6
2.2
1.3
18.3
17.5
1.8
.7
12.1
8.4
3.4
3.4
20.6
20.9
1.1
-.2
9.0
1.2
1.8
.2
-.6
5.1
5.6
1.4
-.5
-2.7
-.6
1.5
4.5
6.7
.4
-3.2
8.4
7.8
.6
.6
12.5
15.3
-1.8
-2.4
.7
-.3
1.0
-1.0
-2.0
6.0
2.7
3.2
17.7
16.3
1.3
1.2
-2.1
6.6
2.8
4.0
3.0
5.0
-.9
-1.9
.5
.4
.2
.1
7.3
7.4
0
-.1
10.7
-1.0
-1.5
.2
7.7
3.7
3.9
3.9
8.2
11.4
-1.6
-2.9
17
1.5
8.8
6.4
2.2
2.2
.5
.5
19.1
18.7
8.4
8.2
.8
.2
5.4
1.8
3.7
3.5
6.8
3.8
3.0
2.9
-3.3
-3.3
1.6
.1
3.0
3.5
1.0
-.5
3.8
5.5
.3
-1.6
29.7
25.8
3.1
3.1
-4.5
-.9
-.8
-3.6
.9
-2.0
-5.2
-1.8
3.3
3.3
-.9
-1.8
-1.8
2.8
2.7
21.8
25.0
-2.2
-2.6
-3.6
-3.5
25.1
30.7
-4.2
-4.3
-1.2
-3.8
13.8
10.8
.3
2.9
2.8
NOTE.—Except for disposable personal income, the quantity and price indexes are calculated from weighted averages of the detailed output and prices used to prepare each aggregate and component. Prior to the third quarter
of 1995, these indexes use the geometric mean of weights that reflect the composition of output for the preceding
and current years. Beginning with the third quarter of 1995, these indexes use weights that reflect the composition
1995
1996
III
I
IV
III
Imports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Imports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Imports of services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Government consumption expenditures
and gross investment:
Current dollars
Chain-type quantity index
Chain-type price index
Federal:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
National defense:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
2.5
.3
57
6.4
-.2
-.6
-2.6
0
-27
-2.6
8.9
27
2.7
6.0
6.9
-.4
-.9
-3.9
-1.1
-3.0
-2.8
6.3
3.7
2.5
2.5
4.6
3.6
1.0
1.0
-1.2
-1.3
3.3
0
3.3
3.3
3.5
.8
27
27
2.7
10.9
8.0
2.7
2.7
11.8
0
-3.6
3.8
3.8
-1.8
-5.2
1.3
-1.1
2.4
2.4
.4
-1.8
1996
IV
4.5
5.8
1.5
-.6
2.1
2.1
-3.9
-5.6
1.0
-1.1
1.6
-2.3
-2.6
-.3
2.4
-2.3
-27
-47
-2.4
-2.3
-2.3
-.3
-4.3
4.2
4.1
-6.9
-13.2
7.4
1.6
1.7
7.2
-67
-9.6
-12.3
3.2
.9
1.1
3.1
-7.6
I
II
3.2
3.7
9.9
10.6
.1
-.6
10.5
9.9
7
.5
III
IV
2.8
27
6.6
9.3
4.8
3.3
3.6
1.5
-2.0
-2.5
7.1
117
.1
-.1
10.6
-2.7
-3.1
4.8
3.5
3.6
1.2
4.9
1.3
3.6
4.0
2.6
1.3
1.4
5.3
2.3
3.4
3.0
6.1
1.6
4.1
4.4
7.5
7.7
-.3
-.2
1.7
-.6
2.5
2.4
1.0
-.9
2.6
1.9
8.9
6.0
2.0
2.6
8.7 -3.0
9.4 -3.5
-7
.9
.4
-.6
9.6
10.2
.3
-.5
11.4
13.0
-1.3
-1.4
8.2
4.1
3.0
4.0
11.6
3:6
12.0
10.0
-5.5
-5.5
1.7
1.8
.6
0
2.5
8.3
2.0
.6
1.4
1.3
-5.2
-5.3
2.2
.1
-7.7
-6.9
1.9
-.9
3.5
3.5
2.2
2.3
4.1
-.2
4.3
4.3
2.9
.3
2.6
2.5
5.4
2.4
3.0
3.0
4.9
2.0
2.9
2.9
5.1
27
2.3
2.3
3.8
1.5
2.3
2.3
4.5
-.9
5.4
5.4
67
67
0
0
47
1.1
3.6
3.5
4.8
1.9
2.9
2.8
5.0
2.4
2.5
2.5
4.8
2.7
2.2
2.0
57
3.6
2.1
2.1
3.4
1.4
2.1
2.0
5.3
3.0
2.3
2.2
6.0
4.1
2.2
1.8
2.3
.5
2.0
1.8
6.4
4.9
1.8
1.4
4.5
2.0
2.4
2.5
4.4
2.5
2.1
1.9
4.3
2.6
1.6
1.6
1.1
-7
1.9
1.8
5.2
3.0
2.3
2.1
7.2
5.2
2.1
1.9
4.9
3.3
1.9
1.5
3.6
1.6
2.6
2.0
4.9
2.4
2.4
2.4
4.8
2.8
2.1
1.9
4.1
2.4
1.7
1.7
2.2
.4
1.9
1.8
6.4
4.1
2.3
2.2
6.6
4.7
2.1
1.8
3.4
1.7
1.9
1.6
4.6
2.6
2.5
1.9
4.5
2.0
2.5
2.5
4.4
2.4
2.2
2.0
5.1
3.0
2.0
2.1
2.8
.8
2.1
2.0
4.6
2.3
2.3
2.2
6.1
4.3
2.2
1.8
3.3
1.6
2.0
1.7
57
4.2
1.9
1.5
Command-basis gross national product:
Chain-type quantity index
2.0
2.4
3.4
1.0
2.4
4.1
17
37
Disposable personal income:
Current dollars
Chained (1992) dollars
6.0
3.5
5.0
2.9
5.9
4.3
6.0
4.4
4.2
2.0
4.3
1.3
6.4
4.8
5.1
2.6
Nondefense:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
State and local:
Current dollars
Chain-type quantity index
Chain-type price index
Addenda:
Final sales of domestic product:
Current dollars
Chain-type quantity index
Implicit price deflator
Gross domestic purchases:
Current dollars
Chain-type quantity index
Implicit price deflator
Final sales to domestic purchasers:
Current dollars
Chain-type quantity index
ImnliHt nrirp Hpflatnr
Gross national product:
Current dollars
Chain-type quantity index
Imnlirit nripp rlpflatnr
1.9
-1.3
3.1
3.2
-1.2
-14.8
16.2
16.0
10.1
10.1
.1
-.1
-5.4
-5.3
-.1
-2.1
3.0
2.1
of output in 1995. Implicit price deflators are weighted averages of the detailed price indexes used to prepare each
aggregate and component and are calculated as the ratio of current- to chained-dollar output multiplied by 100.
(Contributions to the percent change in real gross domestic product are shown in table 8.2.)
SURVEY OF CURRENT BUSINESS
D-24 • National Data
Table 8.2.—Contributions to Percent Change in Real Gross Domestic
Product
April 1997
Table 8.3.—Selected Per Capita Product and Income Series in Current
and Chained Dollars
[Dollars]
Seasonally adjusted at annual rates
1995
1995
1996
III
Percent change at annual rate:
Gross domestic product
Percentage points at annual rates:
Personal consumption expenditures
Durable goods
Nondurable goods
Services ...
Gross private domestic investment ...
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories
Net exports of goods and services ...
Exports ..
Goods
Services
Imports
Goods
Services
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense
State and local
Seasonally adjusted at annual rates
1996
II
I
IV
III
1995
IV
1995
1996
III
0.3
2.0
4.7
2.1
3.8
1.6
.7
2.4
2.3
.3
z<3
.5
.3
.9
.7
.1
.8
-.1
-.1
.8
.7
.7
.9
.9
.3
1.1
-.2
.1
.5
.4
.4
1*5
.5
.7
1.1
-.6
.4
1.5
3.2
.8
.9
.2
.7
-.1
-.4
1.0
.8
.1
.6
.2
-.3
.8
.5
.2
.3
.3
.3
.5
.2
0
.2
.2
1.4
1.1
.2
.9
.3
-1.0
1.0
.4
-.1
.5
.6
.5
1.5
1.7
.2
1.5
-.2
1.6
0
-.1
1.2
.9
-1.1
-.6
-•5
5
'g
*7
_•;
-'1
_1 o
22
.9
.8
.1
-.9
-.9
-1
,7
.6
.1
-.8
-.7
-.1
1.1
.6
.5
0
.1
-.1
1.1
1.1
0
-.2
-.2
0
2.0
2.4
3.8
1.6
1.7
.3
.5
.9
-1.0
.2
.1
.1
-1.3
-1.0
.6
.5
.1
-1.2
-1.2
-.2
0
-1.2
-.1
0
-.1
-1.2
-1.1
-.1
0
.2
-.1
-.8
.3
1.4
-.1
-.3
-.3
0
.3
-.1
-.1
0
.2
-.4
-.4
0
.3
-.9
-.6
-.3
.2
.4
.2
.2
-.1
.6
.4
.2
.8
-.2
-.3
0
.1
nc
o'o
3
_4
_4
0
-.2
,
"J
nU
2
Current dollars:
Gross domestic
product
Gross national
product
income
Personal incom
Disposable personal
per
income
Personal
consumption
expenditures
Durable goods
goa ....
Nondurable
Nondurable
goods
Services
Chained (1992)
dollars:
Gross domestic
domestic
product
Gross national
product
Disposable per
personal
income
Personal
consumption
expenditures
expenditures
Durable goods
goo ....
Durable
Nondurable
goods
goods
o
•
Services
....
Population (mid-period,
thousands)
1996
IV
I
II
III
IV
27,571
28,537
27,752
27,840
28,072
28,455
28,653
28,964
27,545
23,243
28,503
24,304
27,690
23,337
27,816
23,613
28,071
23,845
28,427
24,183
28,588
24,459
28,924
24,725
20,224
21,050
20,306
20,555
20,727
20,900
21,177
21,395
18,719
2,305
19,404
2,381
18,823
2,338
18,901
2,321
19,128
2,363
19,383
2,405
19,433
2,372
19,670
2,384
5,648
10,767
5,820
11,203
5,661
10,824
5,659
10,921
5,753
11,011
5,826
11,152
5,818
11,243
5,881
11,405
25,630
26,018
25,727
25,681
25,757
25,994
26,066
26,252
25,608
25,991
25,672
25,662
25,759
25,972
26,010
26,220
18,799
19,167
18,829
18,986
19,041
19,063
19,242
19,322
17,400
2,204
17,669
2,303
17,454
2,236
17,458
2,225
17,573
2,265
17,679
2,322
17,657
2,301
17,764
2,324
5,404
9,795
5,431
9,938
5,409
9,812
5,390
9,845
5,428
9,883
5,434
9,927
5,426
9,934
5,438
10,006
263,090 265,482 263,399 264,032 264,563 265,155 265,806 266,405
National Data •
SURVEY OF CURRENT BUSINESS
April 1997
Table 8.5.—Real Auto Output
Table 8.4.-Auto Output
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjust*3d at a inual nites
1995
Auto output
Final sales .
Personal consumption expenditures
New autos
Net purchases of used autos
Producers' durable equipment
New autos
Net purchases of used autos
Net exports
Exports
Imports
Gross government investment
Change in business inventories of new
ana used autos
New
Used
Addenda:
Domestic output of new autos l
Sales of imported new autos2
134.8
1995
1996
128.3
54.9
42.3
1995
III
IV
I
II
III
IV
134.8
132.6
112.9
136.2
139.0
124.8
59.0
46.0
47.6
52.3
40.0
58.4
57.9
51.1
40.0
399
427 466
724 740 793 680 702 758 824 678
-<302 -31 7 -333 -281 -302 -331 -358 -278
-481 -498 -449 -439 -479 -51 5 -51 1 -488
16.7
172 172 167 173 157 186 17.1
64.8
652 672 697 65.9
67.0
62.2
60.6
2.4 2.4 2.1 3.0 2.6
1.9 3.1
1.9
-1.2 -19.1
-91 -37 -214
-1.8
25
23
1.0
-2.9 -10.9
1.0
-33
.4
o
118.9 116.7 119.8 113.3 102.5
56.3
55.8
55.3
Seasonally adjusted at annual rates
1996
133.8 131.1 145.6 133.7 132.1 134.0 132.0 126.4
137.3 136.3 142.4 134.8 137.4 140.9 134.6 132.2
846 81 4 835 872 851 825 767 81 1
52.7
42.2
57.8
58.3
23
33
-10
7.0 -1.6
61 -10
g -.6
123.2 129.4 111.6
538 549 56.1
1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and gross government investment.
Auto output
Final sales
Personal consumption expenditures
New autos
Net purchases of used autos
Producers' durable equipment
New autos
Net purchases of used autos
Net exports
Exports . .
Imports
.
..
Gross government investment
Change in business inventories of new
and used autos
New
Used
Residual
Addenda:
Domestic output of new autos l
Sales of imported new autos2
1. Includes new trucks only.
58.4
71.0
56.7
68.3
58.7
67.1
-51 -47 -51 -49
77 90 77
78
128 137 128 127
7.5
9.2
8.3
3.9
2.1
-.8
IV
I
II
120.5 112.6
120.9
117.0
100.1
119.6
120.2 115.3
118.1 115.9
131.0 119.8 117.0 118.2 115.4 110.4
122.8 115.8 116.7 120.0 114.6 112.3
78.3
39.3
43.2
66.9
-23.8
IV
III
121.3 109.4
77.0
44.4
46.7
73.2
80.2
35.8
40.2
62.5
77.9
38.4
40.6
64.3
75.2
43.5
42.5
69.1
69.3
43.5
45.3
74.4
73.3
38.3
38.8
61.3
-25.2 -26.5
-22.4
-23.6
-26.2
-28.7
-22.4
73.9
40.9
41.8
67.3
^3.0 -44.3 -39.8 -38.9 -42.6 -46.0 -45.4 -43.4
15.7
16.1
16.3
14.8
17.5
16.2
16.6
16.0
59.5
56.4
54.6
58.9
60.8
62.9
59.1
60.5
2.2
.2
-.6
.6
.7
2.2
-2.7 -10.1
-2.9 -8.6
.1 -1.6
.6
2.4
1.7
1.7
-2.8 -16.8
-5.0 -19.3
2.8
2.0
.8
1.9
1.6
1.4
2.6
1.0
5.8
5.5
.5
.1
1.0
.7
.5
110.2 106.6 111.2 103.3
52.1
50.8
53.1
51.0
94.6
53.5
2.8
-1.0
-.3
-.6
.4
112.4 117.6 101.8
49.1
49.7
50.7
[Billions of chained (1992) dollars]
127.6 132.2 124.9 130.5 129.7
125.5 133.0 123.9 130.1 134.8
56.9
66.3
III
Table 8.7.—Real Truck Output
[Billions of dollars]
Truck output .
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
Change in business inventories
1996
1995
1996
1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and gross government investment.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines, excluding the
lines in the addenda.
Table 8.6.—Truck Output
1
D-25
1.0
.4
59.6
68.4
1344
130.7 134.1
1294
58.0
69.1
1295
56.8
71.6
11.1
-52
90
142
7.5
-5.1
4.9
-42
83
125
138.1
59.1
75.0
-64 -31
86 100
150 132
7.1
7.5
1.2
-4.0
1
Truck output
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
Change in business inventories
Residual
114.5 116.6
111.0
116.4 115.2
118.5
1148
117,8
112.6
117.2
110.1
116.0 119.7
114.1
50.9
59.3
-4.3
50.9
62.9
-3.8
50.4
60.5
-4.2
1138
49.4
63.1
-5.3
1?14
51.0
66.4
-2.2
8.3
13 fi
9.7
119
63
7.5
11.8
8.7
12.4
7.5
11.7
51.9
60.0
-4.0
7.5
11.5
52.5
60.8
-3.4
8.0
11.4
9R
6.7
7.3
3.5
R?
1.9
-.7
-1
.9
-1
.4 -4.5
-1
o
o
50.7
61.1
-4.2
8.7
12.9
fifi
4.3
o
fifi
1.1 ^3.6
-1 -1
1. Includes new trucks only.
NoiE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
D-26 • National Data
April 1997
SURVEY OF CURRENT BUSINESS
B. Other NIPA Tables.
Monthly Estimates:
Tables B.i and B.2 include the most recent estimates of personal income and its components; these estimates
were released on March 31,1997 and include "preliminary" estimates for February 1997 and "revised" estimates for
October-December 1996 and January 1997.
Table B.1.—Personal Income
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
19 >7
1996
1QQC
1QQR
Jan.
Personal Income
Wage and salary disbursements
Private industries . . . .
.
Commodity-producing industries
Manufacturing
Distributive industries
Service industries
Government
.
. . .
Mar.
Feb.
June
May
Apr.
July
Aug.
Sept.
Oct.'
Nov.'-
Dec.'
Jan.'
Feb.*
6,585.5
6,631.3
6,654.8
6,712.6
3,713.5
3 066.3
918.7
683.2
848.5
1,299.0
647.3
3,752.5
3,105.0
930.2
692.0
854.4
1,320.4
647.4
3,751.2
3,097.3
927.7
688.9
853.2
1,316.4
653.9
3,801.2
3,143.6
935.9
691.6
867.1
1,340.5
657.6
6,115.1
6,452.3
6,270.1
6,315.2
6,340.1
6,371.5
6,405.2
6,460.3
6,463.1
6,502.5
6,538.7
6,544.1
3,430.6
2 808.8
863.6
648.4
7837
1 161.6
621.7
3,630.1
29889
9027
672.5
8279
1 2583
641.2
3,508.1
28756
870.9
650.5
801 2
12034
632.6
3,546.0
29120
884.3
658.6
3,560.6
29251
880.9
655.3
3,579.1
2941 8
894.6
668.3
8120
8181
8144
1 215.6
634.0
1 226.1
635.4
1 232.8
637.3
3,597.2
2 958.0
900.0
671.9
819.0
1 239.0
639.2
3,643.1
3 002.8
906.3
675.1
8336
1 262.9
640.3
3,630.8
29883
906.8
675.4
8238
1,257.8
642.5
3,660.9
3016.5
913.3
680.7
8325
1 270.7
644.4
3,687.2
3 040.4
913.1
679.5
841 0
1 286.3
646.8
3,682.3
3 035.5
913.8
679.7
836.6
1 285.1
646.8
424.0
4362
4274
429.1
430.8
432.4
434.0
435.6
437.1
438.6
440.1
441.5
442.9
444.3
445.1
478.3
290
4493
518.3
464
471 9
493.2
362
4570
500.1
388
461 3
505.2
40 1
510.5
432
4673
516.1
462
469.9
519.0
480
471 0
522.7
500
4727
526.0
522
473.7
530.4
531
477.3
531.2
51 3
479.9
532.1
535.0
46.8
45.4
482.4
532.8
481
484.7
488.2
492.0
128.9
128.8
128.7
129.8
239.9
Other labor income
Proprietors' income with IVA and CCAdj
Farm
Rental income of persons with CCAdj .
Personal dividend income
Personal interest income
Transfer payments to persons
Old-age, survivors, disability, and health insurance benefits
Government unemployment insurance benefits
Other
Less: Personal contributions for social insurance
4651
49.7
445.9
537.4
122.2
1268
1291
126.7
1250
124.1
124.8
124.6
1263
126.6
128.0
128.9
2148
2306
2253
2265
2279
228.7
229.4
229.9
2308
231.5
232.3
233.3
234.7
236.5
238.2
717.1
7382
728.4
725.6
724.3
728.1
733.6
737.5
740.6
743.0
745.1
747.7
750.5
753.4
755.9
758.5
1,022.6
507.4
1 057.4
525.4
225
509.5
1 062.5
529.4
1,069.0
534.9
21 9
512.2
1,072.5
534.6
1,075.4
536.1
1,078.9
538.3
1,082.5
540.2
1,085.6
542.3
1,087.3
542.8
1,090.2
544.5
1,096.1
549.0
1,098.8
551.2
1,118.6
562.5
22.1
21.9
21.9
22.1
21.9
22.0
22.0
22.0
22.2
22.5
493.6
1,0797
539.1
221
518.6
515.7
517.4
518.7
520.2
521.4
5225
523.6
525.1
525.4
533.6
1,121.4
563.3
223
535.8
294.5
307.5
298.9
302.7
303.9
305.2
308.4
307.7
309.8
311.7
311.0
313.2
315.9
318.0
321.5
21.6
22.2
510.9
301.5
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table B.2—The Disposition of Personal Income
[Monthly estimates seasonally adjusted at annual rates]
1997
1996
1995
1996
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
|
Oct.'
Nov.'
Dec.'
Jan.'
Feb."
6,712.6
Billions of dollars, unless otherwise indicated
Personal income
Less: Personal tax and nontax payments
Equals: Disposable personal Income
Less: Personal outlays
Personal consumption expenditures
Durable goods ....
Nondurable goods
Services
Interest paid by persons
Personaftransfer payments to rest of world
Equals: Personal savings
Disposable personal income:
Billions of chained (1992) dollars1
Per capita:
Current dollars .
Chained (1992) dollars
Population (thousands)
Personal consumption expenditures:
Billions of chained (1992) dollars
Durable goods
Nonduraole ooods
Services
Implicit price deflator, 1992-100
Personal saving as percentage of disposable
personal income
6,115.1
6,452.3
6,270.1
6,315.2
6,340.1
6,371.5
6,405.2
6,460.3
6,463.1
6,502.5
6,538.7
6,544.1
6,585.5
6,631.3
6,654.8
794.3
863.8
814.1
826.1
834.7
896.1
852.7
863.0
863.9
873.3
880.4
880.2
886.7
894.7
878.0
887.8
5,320.8
5,588.5
5,456.0
5,489.1
5,505.5
5,475.4
5,552.6
5,597.3
5,599.2
5,629.2
5,658.3
5,663.9
5,698.8
5,736.5
5,776.8
5,824.8
5,071.5
5,314.0
5,171.4
5,229.8
5,253.2
5,280.8
5,323.3
5,297.9
5,313.0
5,336.7
5,339.8
5,385.9
5,408.4
5,428.2
5,484.0
5,502.9
4,924.9
606.4
1,485.9
2,832.6
5,151.4
632.1
1,545.1
2,974.3
5,015.0
603.8
1,508.3
2,902.9
5,071.9
637.6
1,526.6
2,907.7
5,094.7
634.2
1,531.6
2,928.9
5,120.8
632.4
1,544.9
2,943.5
5,162.0
648.4
1,548.7
2,964.9
5,135.6
632.0
1,540.5
2,963.0
5,148.9
624.7
1,544.2
2,980.0
5,172.4
642.8
1,542.7
2,986.9
5,175.1
624.0
1,552.6
2,998.5
5,219.5
632.3
1,563.0
3,024.2
5,240.8
636.6
1,566.4
3,037.8
5,260.5
636.6
1,571.1
3,052.9
5,315.5
651.7
1,590.1
3,073.7
5,333.9
652.4
1,595.5
3,086.0
131.7
146.3
140.7
142.1
142.8
143.9
145.2
146.2
147.9
148.2
149.4
150.5
14.9
16.3
15.7
15.7
15.7
16.2
16.2
16.2
16.2
16.2
16.2
17.1
17.1
17.1
17.1
17.1
249.3
274.4
284.6
259.3
252.3
194.6
229.3
299.4
286.2
292.5
318.5
278.0
290.4
308.4
292.8
321.9
4,945.8
20,224
18,799
263,090
5,088.6
21,050
19,167
265,482
5,023.1
20,636
18,999
264,391
5,045.2
20,749
19,071
264,554
5,044.7
20,796
19,055
264,743
5,000.0
5,063.1
20,941
19,095
265,151
20,666
18,872
264,946
5,100.5
5,092.2
21,082
19,173
265,590
21,093
19,220
265,367
5,117.5
21,178
19,253
265,807
148.6
5,134.0
21,270
19,299
266,022
5,123.2
21,275
19,244
266,222
5,145.9
21,391
19,316
266,406
150.6
151.5
5,203.4
5,173
21,657
19,508
266,739
21,519
19,406
266,586
152.0
5,232.2
21,825
19,604
266,889
4,577.8
579.8
1,421.9
2,577.0
107.6
4,690.7
611.4
1,441.9
2,638.3
109.8
4,617.1
578.6
1,426.3
2,612.4
108.6
4,661.8
611.6
1,442.8
2,609.0
108.8
4,668.3
607.4
1,439.3
2,622.8
109.1
4,676.2
608.4
1,442.8
2,626.2
109.5
4,706.9
626.6
1,443.3
2,638.5
109.7
4,679.7
611.9
1,436.6
2,632.2
109.7
4,682.7
605.3
1,438.5
2,639.6
110.0
4,702.2
623.3
1,441.9
2,638.3
110.0
4,695.5
606.3
1,446.3
2,643.9
110.2
4,721.2
614.3
1,449.9
2,657.9
110.6
4,732.3
620.1
1,448.1
2,664.9
110.7
4,744.0
622.9
1,447.7
2,674.0
110.9
4,787.9
638.5
1,462.6
2,688.1
111.0
4,791.2
639.1
1,465.1
2,688.4
111.3
4.7
4.9
5.2
4.7
4.6
3.6
4.1
5.3
5.1
5.2
5.6
4.9
5.1
5.4
5.1
5.5
0.6
0.6
0.1
0.6
0.7
0.4
0.9
Percent change from preceding period
Personal Income, current dollars
Disposable personal income:
Current dollars
Chained (1992) dollars
Personal consumption expenditures:
Current dollars
Chained (1992) dollars
6.3
5.5
0
6.0
3.5
5.0
2.9
4.8
2.3
4.6
2.5
0.7
0.4
0.5
0.5
0.9
0
-.2
.6
.4
.3
0
-.5
-.9
1.4
1.3
.8
.7
0
-.2
.5
.5
.5
.3
.1
-.2
.6
.4
.7
.5
.7
.6
.8
.6
-.4
-.6
1.1
1.0
.4
.1
.5
.2
.8
.7
-.5
-.6
.3
.1
.5
.4
.1
-.1
.9
.5
.4
.2
.4
.2
1.0
.9
.3
.1
1. Disposable personal income in chained (1992) dollars equals the current-dollar figure divided by the implicit
price deflator for personal consumption expenditures.
2. Monthly estimates equal personal saving for the month as a percentage of disposable personal income for
that month.
0
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
National Data • D-27
SURVEY OF CURRENT BUSINESS
April 1997
Annual Estimates:
Except as noted, these tables are derived from the NIPA tables published in the August 1996 SURVEY OF CURRENT
BUSINESS; they are consistent with the most recent benchmark and annual revisions.
Table B.3.—Gross Domestic Product by Industry, Current-Dollar and Real Estimates for 1992-94
Billions of dollars
1992
Gross domestic product
Private industries
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing ....
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals except fuels
Construction
Manufacturing
Durable goods
Lumber and wood products
Furniture and fixtures
Stone clay and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment ..
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Miscellaneous manufacturing industries ...
Nondurable goods
Food and kindred products
Tobacco products
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaenous plastics
Leather and leather products
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit ....
water transportation
Pipelines, except natural gas
1993
1994
1992
1993
1992
1994
6,244,4 6,550.2 6,931.4 6,244.4 6,383.8 6,604.2
5,370.8 5,650.0 6,000.0 5,370.8 5,508.7 5,728.7
Transportation services
Communications
Telephone and teleoraph
Radio and television
1993
1994
Billions of chained
(1992) dollars
1992
1993
1994
19.6 20.8
19.6
20.8
21.9
24.3
161.0 173.4 188.3 161.0 170.1 182.1
129.5 137.4 148.6 129.5 136.3 143.7
33.7
39.7
31.5 35.9
38.1
31.5
175.0 185.2 195.3 175.0 180.6 188.0
112.4
105.3
117.8
112.4
103.3
115.7
80.5
31.9
72.0
33.3
82.2
35.7
80.5
31.9
70.9
32.3
83.9
32.1
Wholesale trade
406.5
423.1
461.9
406.5
418.6
450.0
92.2
89.0
90.1
92.2
90.7
96.7
Retail trade
544.3
571.1
609.9
544.3
563.2
595.4
5.5
13.6
65.0
4.9
12.5
63.6
5.0
13.8
62.8
5.5
13.6
65.0
5.2
13.9
63.3
8.2
8.1
8.5
8.2
8.3
8.6
229.7
243.6
269.2
229.7
236.1
253.1
1,063.6 1,116.5 1,197.1 1,063.6 1,095.3 1,168.0
573.4 612.3 673.1 573.4 601.2 657.9
32.0
16.2
25.1
39.0
70.1
35.3
17.6
25.7
40.8
74.5
41.0
19.0
27.9
44.2
82.5
32.0
16.2
25.1
39.0
70.1
28.7
17.8
25.0
41.9
74.2
31.5
18.4
26.2
42.9
82.9
108.6
111.9
111.8
119.3
130.0
108.6
127.6
138.4
66.2
53.2
53.6
21.8
84.1
47.6
54.5
23.1
98.6
52.8
56.5
54.2
20.1
115.8
113.6
60.6
51.6
51.3
21.1
72.8
45.1
50.9
22.4
490.2
102.1
504.3
103.7
524.0
108.1
490.2
102.1
494.1
102.2
510.2
104.8
18.4
25.4
27.2
45.8
79.7
16.5
25.5
27.3
47.6
81.7
16.6
25.6
27.8
49.0
85.7
18.4
25.4
27.2
45.8
79.7
17.5
25.9
26.9
49.9
77.3
22.0
27.3
27.8
49.7
78.2
120.5
126.5
132.4
120.5
122.1
125.1
28.2
38.1
29.8
41.1
29.7
45.0
28.2
38.1
27.1
40.9
26.8
45.7
98.6
52.8
56.5
54.2
20.1
4.8
4.6
4.1
4.8
4.6
3.9
528.8
192.8
566.2
207.6
606.4
222.8
528.8
192.8
555.8
205.1
585.3
215.5
22.1
10.9
82.2
10.3
43.0
23.0
11.3
88.4
10.3
48.6
24.3
11.7
95.1
10.6
51.1
22.1
10.9
82.2
10.3
43.0
24.0
10.9
88.3
10.4
45.2
26.2
11.1
89.6
10.9
49.9
4.9
5.2
5.7
4.9
5.7
Flflptrir n£3 anH Qanitarv <Aivirp3
4.5
16.2
67.7
6.0
1. The current-dollar statistical discrepancy equals gross domestic product (GDP) measured as the sum of expenditures less gross domestic income—that is, GDP measured as the costs incurred and profits earned in domestic
production. The chained (1992) dollar statistical discrepancy equals the current-dollar discrepancy deflated by the
implicit price deflator for gross domestic product.
2. Equals GDP in chained (1992) dollars less the statistical discrepancy and the sum of GPO of the detailed
industries.
Billions of dollars
Billions of chained
(1992) dollars
Finance, insurance, and real estate
Depository instituions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and services
Real estate
Mnnfflrm hnn^inn ^prx/irs^
Other real estate
Holding and other investment offices
Services
Hotels and other lodging places
Personal services
Business services
Auto repair services and parkino
Miscellaneous repair services
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services
Social services
Membership organizations
Other services
Private households
Statistical discrepancy
1
1,148.8 1,214.0 1,273.7 1,148.8 1,159.8 1,192.8
200.1 202.0 212.1 200.1 196.9 197.2
28.3
49.5
83.4
39.5
35.3
62.9
99.6
42.0
735.8
553.5
182.3
762.4
568.7
193.7
9.8
12.3
31.0
69.5
104.1
45.3
802.3
605.2
197.1
9.3
28.3
49.5
83.4
39.5
32.0
65.1
74.0
40.2
34.0
74.4
76.3
41.9
735.8
553.5
182.3
740.4
552.9
187.6
758.4
571.9
186.4
12.3
12.8
12.9
1,200.8 1,266.1 1,342.7 1,200.8 1,222.1 1,249.6
51.0
41.0
54.6
44.5
56.1
46.5
51.0
41.0
52.5
42.8
52.6
43.1
218.9
233.4
253.5
218.9
234.3
247.0
51.1
17.5
20.0
47.9
54.0
19.2
22.1
48.7
57.4
19.4
24.8
52.2
51.1
17.5
20.0
47.9
51.0
17.2
21.9
47.0
51.6
16.9
23.6
48.4
369.1
384.8
408.3
369.1
363.1
368.3
90.1
46.3
36.9
38.9
92.3
48.5
40.1
42.1
94.4
51.4
43.4
44.5
90.1
46.3
36.9
38.9
87.9
46.8
39.3
40.8
86.7
47.6
41.2
42.8
162.2
171.2
180.0
162.2
167.5
170.6
10.1
10.7
10.8
10.1
10.3
10.2
43.7
55.1
31.3
43.7
53.7
29.8
873.6
900.2
931.3
873.6
875.1
875.8
Federal
General government
Government enterprises
321.4
274.4
322.5
276.6
327.1
275.7
321.4
274.4
314.7
267.3
305.0
256.8
47.0
45.9
51.4
47.0
47.5
48.4
State and local
General government
Government enterprises
552.2
506.6
577.7
529.9
604.3
551.4
552.2
506.6
560.3
515.6
570.8
525.8
45.6
47.8
52.9
45.6
44.7
45.1
0
7.0
-14.5
Government
2
Not allocated by industry
NOTE.—Estimates in this table are based on the 1987 Standard industrial Classification. The table is derived from
tables 10 and 14 in "Improved Estimates of Gross Product by Industry, 1959-94" in the August 1996 SURVEY OF
CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
D-28 • National Data
April 1997
Table B.4.—Personal Consumption Expenditures by Type of Expenditure
1993
Personal consumption expenditures
Food and tobacco
Food purchased for off-premise consumption
(n.d.)
Purchased meals and beverages J (n.d.)
Food furnished to employees (including military) (n.d.)
Food produced and consumed on farms (n.d.)
Tobacco products (n d )
Addenda: Food excluding alcoholic beverages (n.d.)
Alcoholic beverages purchased for offpremise consumption (n.d.)
Other alcoholic beverages (n.d.)
Shoes (n d )
Clothing and accessories except shoes2
Women's and children's (n.d.)
Men's and boys' (n.d.)
Standard clothing issued to military personnel (n.d)
Cleaning, storage, and repair of clothing and shoes (s.) ...
Jewelry and watches (d.)
Other* (s)
1994
1995
1994
1993
4,454.1 4,700.9 4,924.9 4,339.5
732.7
434.9
242.9
7.5
.5
763.3
449.1
258.4
7.7
.5
794.4
466.8
271.9
8.1
.4
719.4
428.2
238.2
7.3
.5
1995
4,473.2 4,577.8
736.7
432.2
249.0
7.4
.5
748.1
437.9
256.1
7.6
.5
47.0
47.7
47.2
45.2
47.6
46.0
607.7
634.3
662.4
597.1
609.5
620.1
51.7
53.5
27.8
56.0
28.8
51.5
25.6
53.4
26.3
26.3
55.6
26.5
296.6
310.5
320.2
292.7
306.4
318.4
34.4
35.5
36.2
34.1
35.3
36.0
201.2
131.5
212.3
136.7
218.1
140.3
199.1
130.0
211.9
136.3
221.1
143.3
69.7
75.6
77.8
69.2
75.6
77.8
.1
0
0
0
0
11.3
35.6
14.0
11.6
36.7
14.3
11.9
38.8
15.1
11.0
34.7
13.6
11.0
34.8
13.6
11.1
36.2
14.1
65.1
43.1
22.0
67.7
70.0
46.7
23.4
63.3
42.0
21.4
64.1
45.1
22.6
42.8
21.4
65.6
44.0
21.6
Housing
Owner-occupied nonfarm dwellings-space rent4 (s.)
Tenant-occupied nonfarm dwellings-rent 5 (s )
Rental value of farm dwellings (s.)
Other6 (s.)
673.2
481.1
162.3
5.5
706.6
502.6
172.5
5.7
743.7
528.5
181.6
5.8
655.0
468.2
158.3
5.1
668.2
475.4
163.7
4.9
681.7
483.7
168.3
4.8
24.3
25.9
27.8
23.5
24.3
25.0
Household operation
Furniture, including mattresses and bedsprings (d.)
Kitchen and other household appliances? (d.)
China, glassware, tableware, and utensils (d.)
Other durable house furnishings 8 (d )
Semidurable house furnishings9 (n d )
Cleaning and polishing preparations, and miscellaneous
household supplies and paper products (n.d)
Stationery and writing supplies (n.d.)
Household utilities
Electricity (s.)
Gas (s.) ....
Water and other sanitary services (s.)
Fuel oil and coal (n.d.)
Telephone and telegraph (s.)
Domestic service (s.)
Other 10(s.) .
503.5
528.1
554.3
494.0
507.9
525.6
42.6
47.7
27.3
24.7
53.8
28.8
41.6
23.8
22.0
47.8
24.6
42.7
25.3
23.0
51.2
25.4
43.9
26.7
24.9
45.4
25.9
23.5
52.1
26.9
48.5
14.2
50.6
14.7
52.2
15.5
48.3
14.0
50.1
14.1
49.9
14.1
160.2
162.2
166.2
155.0
154.8
157.3
83.0
32.9
33.7
10.6
74.1
84.1
81.4
31.0
31.9
10.7
73.4
82.4
29.2
32.9
10.3
76.8
83.5
30.2
33.3
10.3
82.2
11.5
33.3
11.7
35.3
87.1
30.9
38.2
10.0
85.6
12.2
40.2
11.1
32.4
11.0
33.7
11.2
36.6
Medical care ..
Drug preparations and sundries " (n.d.)
Ophthalmic products and orthopedic appliances (d.)
Physicians (s )
Dentists (s.)
Other professional services 12 (s )
Hospitals and nursing homes
Hospitals
Nonprofit (s )
Proprietary (s.)
Government (s.)
Nursing homes (s.)
Health insurance
Medical care and hospitalization 14 (s.)
Income loss15 (s.)
Workers' compensation 16 (s )
787.1
833.7
883.1
745.6
757.9
775.6
77.9
11.8
81.7
75.2
12.9
85.7
13.2
76.8
12.3
79.2
12.3
172.9
179.8
189.8
40.9
87.5
43.8
94.8
46.6
Tnilat artlHae and nronaratinnc In H \
Barbershops, beauty parlors, and health clubs (s.)
23.9
22.0
48.2
31.6
36.5
10.1
79.8
344.4
289.1
196.5
363.8
306.0
205.9
102.9
383.6
323.0
216.6
31.0
61.6
55.3
51.7
41.9
32.5
67.6
57.8
57.0
44.5
34.4
72.0
60.5
61.3
47.1
2.7
7.1
3.2
9.3
3.4
10.7
11.5
163.8
163.1
.1
24.4
52.6
26.8
165.8
38.8
84.8
39.7
88.4
40.3
94.3
329.7
276.6
189.3
337.6
284.1
192.8
343.3
289.2
195.5
29.2
58.1
53.1
41.9
37.1
29.7
61.6
53.5
40.8
37.4
30.3
63.4
54.0
41.4
38.2
2.4
2.9
2.4
2.3
2.5
2.2
1. Consists of purchases (including tips) of meals and beverages from retail, service, and amusement establishments, hotels, dining and buffet cars, schools, school fraternities, institutions, clubs, and industrial lunchrooms. Includes meals and beverages consumed both on- and off-premise.
2. Includes luggage.
3. Consists of watch, clock, and jewelry repairs, costume and dress suit rental, and miscellaneous personal services.
4. Consists of rent for space and for heating and plumbing facilities, water heaters, lighting fixtures, kitchen cabinets, linoleum, storm windows and doors, window screens, and screen doors, but excludes rent for appliances and
furniture and purchases of fuel and electricity.
5. Consists of space rent (see footnote 4) and rent for appliances, furnishings, and furniture.
6. Consists of transient hotels, motels, clubs, schools, and other group housing.
7. Consists of refrigerators and freezers, cooking ranges, dishwashers, laundry equipment, stoves, room air conditioners, sewing machines, vacuum cleaners, and other appliances.
8. Includes such house furnishings as floor coverings, comforters, quilts, blankets, pillows, picture frames, mirrors,
art products, portable lamps, and clocks. Also includes writing equipment and hand, power, and garden tools.
9. Consists largely of textile house furnishings, including piece goods allocated to house furnishing use. Also
includes lamp shades, brooms, and brushes.
10. Consists of maintenance services for appliances and house furnishings, moving and warehouse expenses,
postage and express charges, premiums for fire and theft insurance on personal property less benefits and dividends, and miscellaneous household operation services.
11. Excludes drug preparations and related products dispensed by physicians, hospitals, and other medical services.
12. Consists of osteopathic physicians, chiropractors, private duty nurses, chiropodists, podiatrists, and others providing health and allied services, not elsewhere classified.
13. Consists of (1) current expenditures (including consumption of fixed capital) of nonprofit hospitals and nursing
homes, and (2) payments by patients to proprietary and government hospitals and nursing homes.
14. Consists of (1) premiums, less benefits and dividends, for health, hospitalization, and accidental death and
dismemberment insurance provided by commercial insurance carriers, and (2) administrative expenses (including consumption of fixed capital) of Blue Cross and Blue Shield plans and of other independent prepaid and self-insured
health plans.
15. Consists of premiums, less benefits and dividends, for income loss insurance.
16. Consists of premiums, less benefits and dividends, for privately administered workers' compensation.
17. Consists of (1) operating expenses of life insurance carriers and private noninsured pension plans, and (2)
premiums, less benefits and dividends, of fraternal benefit societies. Excludes expenses allocated by commercial
carriers to accident and health insurance.
18. Consists of current expenditures (including consumption of fixed capital) of trade unions and professional associations, employment agency fees, money order fees, spending for classified advertisements, tax return preparation
services, and other personal business services.
19. Consists of premiums, less benefits and dividends, for motor \vehicle insurance.
20. Consists of baggage charges, coastal and inland waterway fares, travel agents' fees, and airport bus fares.
21. Consists of admissions to professional and amateur athletic events and to racetracks.
Billions of chained
(1992) dollars
Billions of dollars
Billions of chained
(1992) dollars
Billions of dollars
Personal business
Brokerage charges and investment counseling (s.)
Bank service charges, trust services, and safe deposit
box rental (s.)
Services furnished without payment by financial
intermediaries except life insurance carriers and private
noninsured pension plans (s )
Legal services (s.)
Funeral and burial expenses (s )
Other 18 (s )
User-operated transportation
New autos (d )
Other motor vehicles (d )
Repair, greasing, washing, parking, storage, rental, and
leasing (s.)
Gasoline and oil (n d )
Insurance 19 (s.)
Purchased local transportation
Mass transit systems (s.)
......
Taxicab (s )
Purchased intercity transportation ....
Railway (s.)
Bus (s )
Airline2 (s.)
Other ^(s.)
Recreation
Books and maps (d )
Magazines, newspapers, and sheet music (n.d.)
Nondurable toys and sport supplies (n.d.) ....
Wheel goods, sports and photographic equipment, boats,
and pleasure aircraft (d.)
Video and audio products, computing equipment, and
musical instruments (d )
Radio and television repair (s.)
Flowers seeds and potted plants (n d )
Admissions to specified spectator amusements
Motion picture theaters (s.)
Legitimate theaters and opera, and entertainments of
nonprofit institutions (except athletics) (s.)
Spectator sports 21 (s )
Clubs
and fraternal organizations22 (s)
1
Commercial participant amusements23 (s.)
Pari-mutuel
net receipts (s.)
Other24 (s)
Education and research
Higher education25 (s.)
Nursery,
elementary, and secondary schools26 (s.)
Other2" (s.)
Religious and welfare activities28 (s.)
Forelon travel and other net
Fnroinn travel hu 1 1 ^ raciHonte fe }
1993
1994
354.0
361.9
373.4
347.6
347.6
35.6
36.1
37.0
37.0
37.4
40.7
30.5
31.0
32.8
28.8
27.0
26.9
143.9
146.0
148.9
143.7
145.2
145.5
68.2
71.0
48.6
11.1
65.5
45.9
10.3
16.6
66.4
67.3
45.2
18.1
74.0
50.3
11.7
18.7
503.8
465.4
536.6
498.0
554.8
514.2
490.3
454.0
510.0
472.2
511.2
472.2
86.5
40.8
67.2
84.6
52.7
84.4
37.2
86.2
31.6
91.3
46.1
73.5
34.4
73.8
36.6
64.9
32.1
38.9
68.3
35.0
78.3
39.3
66.5
37.0
102.0
108.1
2.5
113.0
109.9
2.5
121.2
114.6
2.6
109.1
2.4
105.3
110.4
2.3
109.9
113.3
2.3
26.8
27.3
28.0
25.6
25.8
25.7
47.9
10.8
17.1
8.3
5.5
2.8
30.1
.8
.9
25.5
1995
8.6
5.6
2.9
30.0
.7
,8
25.3
1994
1993
8.8
5.8
3.0
31.8
.7
.9
26.9
98.3
8.1
5.4
2.7
28.3
.8
.9
24.0
1995
45.1
10.1
16.7
8.2
5.4
2.8
29.6
.7
.8
25.3
351.2
10.0
16.4
8.2
5.3
2.9
30.9
.7
.9
26.4
2.9
3.1
3.3
2.6
2.8
2.9
339.0
374.8
401.7
337.2
369.9
395.5
19.0
22.6
36.5
20.1
24.0
20.9
25.6
42.7
18.4
40.1
21.8
36.2
19.1
22.5
39.3
19.4
23.0
41.8
32.6
39.1
43.8
32.5
38.2
42.1
68.8
80.0
88.3
73.4
89.0
106.0
4.6
4.6
12.8
18.2
4.7
14.0
19.5
5.1
14.2
19.9
4.4
12.9
17.9
4.4
14.0
18.3
5.2
5.5
5.6
5.1
5.2
7.9
5.1
8.7
5.3
9.0
5.3
7.8
5.0
8.2
4.9
11.2
31.4
3.3
12.1
34.9
3.3
12.9
37.0
3.3
11.0
30.4
3.1
11.5
32.9
3.0
13.5
17.9
5.1
8.1
4.8
11.7
33.9
3.0
78.1
83.2
88.2
75.5
79.3
82.1
99.3
55.9
20.2
23.2
105.4
110.7
59.7
21.2
24.5
63.5
20.7
95.1
52.7
19.7
22.7
97.0
53.6
20.0
23.4
97.3
54.2
26.6
18.9
24.2
121.3
131.2
137.4
118.7
125.3
126.4
-21.4
-18.9
-19.0
-19.2
-16.5
-16.2
52.8
46.3
48.7
50.3
46.0
2.8
49.6
2.7
2.7
2.7
2.6
2.3
Less: Expenditures in the United States by nonresidents
68.7
Less: Personal remittances in kind to nonresidents (n.d.)
Residual
1.4
69.9
1.4
73.1
1.4
66.9
1.4
-1.4
66.5
1.3
-5.9
67.5
1.3
-10.0
22. Consists of dues and fees excluding insurance premiums.
23. Consists of billiard parlors; bowling alleys; dancing, riding, shooting, skating, and swimming places; amusement
devices and parks; golf courses; sightseeing buses and guides; private flying operations; casino gambling; and other
commercial participant amusements.
24. Consists of net receipts of lotteries and expenditures for purchases of pets and pet care services, cable
TV, film processing, photographic studios, sporting and recreation camps, video cassette rentals, and recreational
services, not elsewhere classified.
25. For private institutions, equals current expenditures (including consumption of fixed capital) less receiptssuch as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures, and
less expenditures for research and development financed under contracts or grants. For government institutions,
equals student payments of tuition.
26. For private institutions, equals current expenditures (including consumption of fixed capital) less receiptssuch as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures. For government institutions, equals student payments of tuition. Excludes child day care services, which are included in
religious and welfare activities.
27. Consists of (1) fees paid to commercial, business, trade, and correspondence schools and for educational
services, not elsewhere classified, and (2) current expenditures (including consumption of fixed capital) by research
organizations and foundations for education and research.
28. For nonprofit institutions, equals current expenditures (including consumption of fixed capital) of religious, social welfare, foreign relief, and political organizations, museums, libraries, and foundations, the expenditures are
net of receipts—such as those from meals, rooms, and entertainments-accounted for separately in consumer expenditures, and excludes relief payments within the United States and expenditures by foundations for education
and research. For proprietary and government institutions, equals receipts from users.
NOTES.—Consumer durable goods are designated durable goods (d.), nondurable goods (n.d.), and services (s.).
Estimates of foreign travel by U.S. residents (line 108) expenditures were $0.3 billion in 1981. Beginning with
1984, estimates of foreign travel by U.S. residents include substantially improved estimates of U.S. residents' foreign
travel and passenger fare expenditures. Estimates of expenditures in the United States by nonresidents (line 110)
include, beginning with 1981, nonresidents' student and medical care expenditures in the United States. Student
expenditures were $2.2 billion, and medical expenditures were $0.4 billion in 1981. Beginning with 1984, estimates
of expenditures in the United States by nonresidents include substantially improved estimates of nonresidents' travel
expenditures. Expenditures in the United States by nonresidents are subtracted from total personal consumption expenditures (line 110) because they are included in detailed type of expenditure estimates elsewhere in personal
consumption expenditures.
Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes
uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The
residual line is the difference between the first line and the sum of the most detailed lines.
SURVEY OF CURRENT BUSINESS
April 1997
Private purchases of structures
Nonresidential
New
Nonresidential buildings, excluding farm
Industrial
Commercial
Office 2buildings !
Other
Religious
Educational
Hospital and institutional
Other 3
Utilities
Railroads
Telecommunications
Electric light and power
Gas
Petroleum pipelines
Farm
Mining exploration, shafts, and wells
Petroleum and natural gas
Other
.
Other4
Brokers' commissions on sale of
structures
..
Net purchases of used structures
Residential
New
New housing units
Permanent site
Single-family structures
Multifamily structures
Mobile homes
Improvements
Other5
Brokers' commissions on sale of
structures
Net purchases of used structures
Residual
Billions of dollars
Billions of chained
(1992) dollars
1993
1994
1995
1993
1994
1995
417.1
460.9
482.2
402.6
431.0
436.9
171.8
180.2
199.7
166.3
168.8
181.1
172.0
180.2
199.4
166.5
168.8
180.9
113.3
122.9
138.8
109.6
114.7
125.1
27.4
52.6
21.1
31.5
29.6
59.7
23.4
36.4
34.2
67.9
26.5
41.4
26.5
50.8
20.4
30.4
27.6
55.7
21.8
33.9
30.8
61.2
23.9
37.3
3.6
4.9
3.7
5.4
3.9
6.4
3.5
4.8
3.4
5.1
3.5
5.8
13.9
10.8
13.1
11.5
12.4
14.0
13.5
10.5
12.2
10.7
11.1
12.6
32.0
33.7
38.5
31.1
31.7
35.1
3.1
9.6
12.8
5.6
1.0
3.3
15.6
14.1
1.5
7.8
1.3
-1.6
3.9
10.7
12.3
5.8
1.0
3.2
13.5
11.7
1.7
6.9
1.4
-1.5
3.8
10.9
15.1
7.6
1.2
2.9
9.5
12.4
5.4
1.0
3.5
10.4
11.4
5.4
.9
3.4
10.5
13.6
6.5
1.1
3.2
3.0
2.9
14.8
13.3
12.6
11.0
11.2
1.9
6.9
1.5
7.7
1.6
6.8
1.6
1.3
-1 5
3.2
12.0
10.1
-1.4
1.4
-1.4
9.4
1.7
6.6
1.5
-1.3
245.3
280.7
282.5
236.3
262.1
255.8
217.9
248.5
249.0
209.1
230.6
224.0
151.1
144.1
133.3
177.3
167.9
153.8
175.0
163.1
144.5
144.1
137.5
127.1
162.3
154.0
140.5
155.1
145.1
127.7
14.1
18.6
11.9
73.9
13.5
6.7
8.3
64.5
68.0
17.6
10.0
68.8
.4
.3
.1
10.8
7.0
66.4
.5
9.3
71.0
.3
.1
10.4
33.5
-1.3
34.6
-1.1
28.9
-1.7
0
32.7
-1.2
.2
32.8
-1.0
-.1
1. Consists of office buildings, except those constructed at industrial sites and those constructed by utilities for
their own use.
2. Consists of stores, restaurants, garages, service stations, warehouses, mobile structures, and other buildings
used for commercial purposes.
3. Consists of hotels and motels, buildings used primarily for social and recreational activities, and buildings not
elsewhere classified, such as passenger terminals, greenhouses, and animal hospitals.
4. Consists primarily of streets, dams and reservoirs, sewer and water facilities, parks, and airfields.
5. Consists primarily of dormitories, fraternity and sorority houses, and nurses' homes.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line ana the sum of the most detailed lines.
Private purchases of producers' durable
eauioment
Nonresidential equipment
Information processing and related equipment
Office, computing, and accounting machinery
Computers and peripheral equipment 1
Other
Communication equipment
Instruments
Photocopy and related equipment
1993
1994
433.4
427.0
Billions of chained
(1992) dollars
1995
1993
494.0
546.1
434.0 490.9 541.4
487.0
538.8
427.6 484.1 534.5
141.8
160.4
183.2
56.5
48.7
63.3
54.5
73.9
63.6
10.3
66.1
25.6
17.6
147.1 170.4 201.1
63.7
77.6 100.5
7.8
8.8
1994
1995
56.2
69.3
7.7
8.6
9.9
46.4
21.5
15.8
54.5
22.4
17.1
63.4
24.2
16.7
91.5
47.1
22.0
16.1
56.1
23.3
17.7
97.6
109.7
9.8
5.1
124.5
20.4
25.2
23.9
29.1
28.5
34.8
20.0
24.7
22.9
27.9
26.3
32.3
21.1
22.6
25.4
20.7
21.7
23.6
17.2
19.2
21.1
17.1
18.8
20.0
Transportation and related equipment
Trucks, buses, and truck trailers
Autos
Aircraft
Ships and boats
Railroad equipment
99.2
42.5
37.7
12.9
117.1
124.9
62.7
42.2
12.5
97.5
40.7
38.2
12.6
111.7 118.1
55.4
47.0
1.1
6.4
2.0
3.9
1.0
5.8
Other equipment
. .
Furniture and fixtures
Tractors
Agricultural machinery, except tractors
Construction machinery except tractors
Mining and oilfield machinery .. . .
Service industry machinery
Electrical equipment nee
Other
92.2
23.6
104.6
112.5
26.2
10.8
10.0
11.9
28.6
11.4
10.4
14.0
90.6
23.3
Industrial equipment
Fabricated metal products
Engines and turbines
Metalworking machinery
Special industry machinery, n.e.c
General industrial, including materials handling,
equipment
Electrical transmission, distribution, and
industrial apparatus
Less: Sale of equipment scrap, excluding autos
Residential equipment
9.2
4.4
2.1
4.0
8.9
8.3
10.2
1.6
11.9
11.4
16.3
7.9
1.6
5.3
2.1
14.4
10.6
18.6
10.0
4.7
2.6
15.4
10.8
19.2
3.9
4.9
6.2
6.4
7.0
7.2
Residual
29.2
-1.8
D-29
Table B.6.—Private Purchases of Producers' Durable Equipment by Type
Table B.5.—Private Purchases of Structures by Type
Billions of dollars
National Data •
Addenda:
Private purchases of producers' durable
equipment
Less1 Dealers' margin on used equipment
Net purchases of used equipment from
government
Plus" Net sales of used equipment
Net exports of used equipment
Sale oi equipment scrap
Eauals: Private ourchases of new eauioment
433.4
5.0
.9
298
494.0
4.9
546.1
5.5
1.2
1.3
365
33.4
1.0
1.7
1.4
3.9
46P.3
5.5
5P8.5
6.3
583.4
96.3
9.2
4.4
8.8
8.0
9.9
1.6
105.9 116.2
9.5
9.6
4.4
5.0
50.9
46.6
7.5
1.5
5.1
56.1
43.2
11.4
100.5 105.4
25.0
10.3
26.6
10.8
9.5
9.6
11.3
12.9
2.1
2.4
11.7
11.2
16.0
13.9
10.4
17.9
14.5
10.4
18.0
3.9
4.3
4.7
6.4
6.8
7.0
-.1
-1.4
-5.4
1. Includes new computers and peripheral equipment only.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
n.e.c. Not elsewhere classified.
April 1997
SURVEY OF CURRENT BUSINESS
D-30 • National Data
Table B.7.—Compensation and Wage and Salary Accruals by Industry
[Millions of dollars]
Compensation
1993
1994
1993
1994
1995
Total
3,809,500 4,009,754 4,222,722 3,095,293 3,257,335 3,433,238
Domestic industries
3,809,547 4,009,843 4,222,834 3,095,340 3,257,424 3,433,347
Private Industries
3,036,391 3,214,105 3,402,568 2,511,110 2,654,881 2,811,616
Agriculture, forestry, and fishing
Farms
•
Agricultural services, forestry, and
fishing
. .
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
Manufacturln
32,857
14,249
34,939
14,503
18,608
20,436
36,226
28,080
12,052
29,999
12,326
31,080
12,290
16,028
17,673
18,790
32,355
2,786
6,134
19,268
4,177
33,128
2,840
6,443
19,421
4,424
33,166
26,115
2,168
4,802
15,725
3,420
26,364
2,173
5,015
15,587
3,589
26,482
2,395
4,828
15,446
3,813
165,738
183,150
196,015
134,173
147,446
157,579
749,301
788,590
817(973
596,001
625,358
650,015
Durable goods
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric
equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products ...
Miscellaneous manufacturing
industries
455,411
21^04
14,121
19,989
32,311
52,275
90,139
484,020
22,996
14,924
21,365
34,569
56,382
95,829
506,295
358,366
16,915
11,319
15,880
25,085
41,031
71,972
379,414
18,464
11,986
17,052
26,884
44,528
76,729
398,260
19,370
12,462
17,703
27,884
46,861
81,918
68,219
50,889
49,391
44,634
72,313
60,040
47,835
44,868
54,672
36,780
38,583
36,186
58,037
42,246
36,871
36,131
62,253
46,287
36,187
36,540
12,239
12,899
9,943
10,486
10,795
Nondurable goods
Food and kindred products
Tobacco products
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
293,890
57,754
2,690
18,521
20,902
31,117
55,711
62,227
10,407
304,570
59,635
2,703
19,109
21,391
32,236
58,493
63,726
10,434
237,635
46,315
1,998
15,313
17,063
25,372
45,911
49,878
7,802
245,944
47,767
1,990
15,782
17,435
26,250
48,187
50,872
7,729
251,755
49,117
2,145
15,822
17,189
26,866
49,892
51,813
7,777
31,608
2,953
33,883
2,960
25,561
2,422
27,515
2,417
28,774
2,360
251,753
264,420
273,675
201,237
211,382
220,373
136,330
15,639
144,069
15,394
151,343
106,903
11,207
113,239
10,914
118,732
11,149
8,254
58,616
7,375
33,215
1,135
12,096
8,883
63,640
7,667
34,129
1,112
13,244
6,750
45,551
5,994
26,504
948
9,949
7,266
49,811
6,222
27,162
921
10,943
7,683
52,608
6,313
28,171
853
11,955
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger
transit
Trucking and warehousing
Water transportation
Transportation by air
Pipelines, except natural gas
Transportation services
|
311,678
1. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not
elsewhere classified.
2. Includes Coast Guard.
Compensation
Wage and salary accruals
1995
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services ....
Wage and salary accruals
1993
1994
1995
1993
1994
1995
63,042
48,891
14,151
66,742
51,349
15,393
70,501
52,162
40,312
11,850
55,122
42,198
12,924
58,157
43,897
14,260
52,381
53,609
51,831
42,172
43,021
43,484
Wholesale trade
244,590
259,948
277,911
204,706
218,000
233,379
Retail trade
344,010
364,672
386,645
293,686
312,281
330,457
Finance, Insurance, and real estate ....
Depository institutions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and
service
Real estate
Holding and other investment offices
299,210
74,818
21,330
52,566
67,311
313,330
77,472
21,807
55,476
70,646
322,115
250,262
60,945
17,890
45,717
55,616
262,233
62,958
18,255
48,496
58,308
269,571
64,714
18,128
50,363
59,925
27,850
39,097
16,238
29,685
41,582
16,662
23,477
32,453
14,164
25,084
34,636
14,496
26,196
35,280
14,965
Services
Hotels and other lodging places
Personal services
...
Business services
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services ...
Health services
Legal services
Educational services
Social services and membership
organizations
Social services
Membership organizations
Other services l
Private households
916,577
32,852
21,900
152,514
24,335
10,740
13,205
29,138
308,229
56,079
46,030
971,928 1,058,843
34,521
22,599
167,968
26,083
10,312
14,293
31,348
324,532
57,627
49,282
776,850
27,641
18,839
129,249
20,600
9,158
11,203
24,383
258,903
47,447
38,920
821,818
28,990
19,365
142,444
22,054
8,706
12,123
26,216
271,747
48,431
41,597
892,680
30,655
20,328
164,396
23,820
9,645
13,927
28,915
289,411
49,757
44,074
79,712
39,134
40,578
131,174
10,669
85,614
42,671
42,943
136,906
10,843
11,122
68,155
32,451
35,704
111,920
10,432
73,244
35,473
37,771
116,303
10,598
78,568
38,767
39,801
127,823
11,361
773,156
795,738
820,266
584,230
602,543
621,731
Federal
General government
Civilian 2
Military
Government enterprises
258,564
210,906
122,047
88,859
47,658
258,451
207,612
123,278
84,334
50,839
173,921
141,550
83,598
57,952
32,371
173,922
139,169
84,265
54,904
34,753
174,378
137,890
85,146
52,744
36,488
State and local
General government
Education
Other
Government enterprises
514,592
480,939
251,864
229,075
33,653
537,287
500,018 "520174
262,711
237,307
37,269
410,309
383,023
198,791
184,232
27,286
428,621
398,246
207,426
190,820
30,375
447,353
415,498
216,465
199,033
31,855
Government
Rest of the world
Receipts from the rest of the world
Less: Payments to the rest of the world
Addenda:
Households and institutions
Nonfarm business
-47
-89
1,212
1,259
1,251
1,340
207 087
-109
1,255
1,364
-47
-89
1,212
1,259
1,251
1,340
-109
1,255
1,364
294,861
310,303
322,965
2,808,592 2,977,407 3,172,608
NOTES.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
Compensation equals wage and salary accruals plus supplements to wages and salaries. "Supplements" are listed
in table 8.15 of the January/February 1996 SURVEY OF CURRENT BUSINESS.
National Data • D-31
SURVEY OF CURRENT BUSINESS
April 1997
Table B.8.—Employment by Industry
[Thousands]
Full-time and part-time
employees
1993
Total
Domestic industries
Private industries
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
Construction
Manufacturing
Durable goods
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Miscellaneous manufacturing industries ....
Nondurable goods
Food and kindred products
Tobacco products
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing ..
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
Transportation and public utilities
Transportation
Railroad transportation ..
Local and interurban passenger transit
Trucking and warehousing
Water transportation
Transportation by air
Pipelines except natural gas
1994
1995
Persons engaged in
production »
1993
122,092
115,722
119,424
119,241
122,204
115,826
119,536
97,390
100,282
97,483
101,112
1,886
857
1,029
1,943
842
1,101
2,985
1,714
1,271
3,309
1,978
1,331
612
50
113
345
104
605
49
113
338
105
616
50
111
350
105
610
49
111
346
104
4,854
5,198
6,126
6,504
18,173
18,429
18,106
18,441
10,284
731
490
521
681
1,343
1,938
1,530
838
920
897
395
10,503
775
505
535
698
1,394
1,998
1,576
899
852
866
405
10,336
10,576
498
522
675
1,334
1,935
1,515
834
920
887
428
515
542
694
1,388
1,994
1,567
894
850
859
441
7,889
1,678
45
680
996
693
1,539
1,077
150
7,926
1,684
42
681
982
694
1,565
1,060
148
7,770
1,635
44
671
980
686
1,519
1,064
149
7,865
1,655
42
676
997 ""•""» 687
1,550
1,043
146
911
120
954
116
902
120
5,870
6,053
5,833
6,163
3,657
238
386
1,731
174
734
19
3,838
235
408 •••"•"•""•"
1,845
179
749
17
3,719
223
414
1,833
169
685
19
3,974
225
445
2,000
177
712
18
951
118
1994
1993
1995
1994
119,137
1. Equals the number of full-time equivalent employees plus the number of self-employed persons. Unpaid family
workers are not included.
2. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not
elsewhere classified.
Full-time and part-time
employees
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
Wholesale trade
Retail trade
Finance, insurance, and real estate
Depository institutions
Nondepository institutions
Security and commodity brokers
Insurance carriers ...
Insurance agents, brokers, and service
Real estate
Holding and other investment offices
Services
Hotels and other lodging places
Personal services ....
Business services ...
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services
Social services and membership
organizations
Social services ....
Membership organizations
Other services2
Private households .
Government
Federal
General government
Civilian 3
Military
Government enterprises
QtatA anri taral
General government
Education
Other
Government enterprises
Rest of the world
1995
Persons engaged in
production l
1993
1994
375
405
376
397
1,268
891
377
1,286
909
377
1,173
824
349
1,262
892
370
945
929
941
927
6,056
8,236
6,140
6,320
20,429
21,158
18,242
18,880
7,118
1,972
458
553
1,454
845
1,593
243
7,255
1,975
486
593
1,470
853
1,633
245
6,877
2,077
461
496
1,513
702
1,374
254
7,026
2,067
488
544
1,522
725
1,425 IZ"
255
32,633
1,679
1,272
5,890
1,036
375
422
1,322
9,074
1,058
1,948
33,634
1,708
1,277
6,354
1,075
350
460
1,423
9,319
1,059
1,985
32,317
1,499
1,731
6,004
1,325
583
468
1,163
8,449
1,163
1,799
33,630
1,548
1,717
6,526
1,315
565
510
1,262
8,762
1,203
1,826
4,288
2,205
2,083
2,846
1,423
4,459
2,328
2,131
2,881
1,284
4,060
2,327
1,733
3,223
850
4,353
2,531
1,822
3,222
821
21,851
21,922
18,343
18,424
5,936
4,987
2,187
2,800
949
5,737
4,766
2,117
2,649
971
4,863
4,063
2,159
1,904
800
4,693
3,903
2,089
1,814
790
15,915
15,041
8,058
6,983
874
16,185
15,299
8,215
7,084
886
13,480
12,630
6,510
6,120
850
13,731
12,869
6,637
6,232
862
-104
-112
-104
-112
3. Includes Coast Guard.
NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
1995
SURVEY OF CURRENT BUSINESS
D-32 • National Data
April 1997
Table B.9.—Wage and Salary Accruals Per Full-Time Equivalent Employee and Full-Time Equivalent Employees by Industry
Thousands of dollars
Thousands
Thousands of dollars
Thousands
Wages and salaries
per full-time equivalent
Full-time equivalent
employees
Wages and salaries
per full-time equivalent
Full-time equivalent
employees
1993
1994
29,380
29,952
105,355
108,752
Domestic industries
29,351
29,922
105,459
108,864
Private industries
28,825
29,355
87,116
90,440
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing
17,365
16,420
18,152
18,404
17,459
19,127
1,617
734
883
1,630
706
924
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
43,598
43,360
43,655
46,524
33,861
44,161
44,347
45,180
46,668
34,845
599
50
110
338
101
29,417
29,560
4,561
4,988
33,747
34,715
17,661
18,014
Durable goods
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment ...
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Miscellaneous manufacturing industries ...
35,573
23,891
23,930
31,137
37,273
31,202
37,820
36,327
44,367
42,446
41,214
26,801
36,719
24,391
24,312
32,295
38,794
32,526
39,108
37,251
47,414
43,686
42,407
27,166
10,074
708
473
510
673
1,315
1,903
1,505
829
909
878
371
10,333
757
493
528
693
1,369
1,962
1,558
891 I
l
l
"
844
852
386
Nondurable goods
Food and kindred products
Tobacco products ....
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
31,321
28,767
45,409
23,062
17,923
37,094
32,515
47,055
52,362
32,020
29,233
47,381
23,555
18,161
38,265
33,278
48,868
52,938
7,587
1,610
44
664
952
684
1,412
1,060
149
7,681
1,634
42
670
960 •'"— •
686
1,448
1,041
146
Total1
Manufacturing
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit
Trucking and warehousing
Transportation by air
Pipelines, except natural gas
1995
1993
1994
341
Communications
Telephone and telegraph
45,123
49,584
34,548
44,027
47,628
35,311
1,156
813
343
Electric, gas, and sanitary services
45,346
47,069
930
914
35,367
36,504
5,788
5,972
Wholesale trade
28,528
20,879
29,240
21,389
896
116
941
113
36,850
36,565
5,461
5,781
31,675
50,256
19,286
28,398
37,230
39,149
49,895
31,325
48,507
19,273
28,545
36,817
38,473
54,176
3,375
223
350
1,604
161
677
19
3,615
225
377
1,745
169
706
17
:zz:
1. Full-time equivalent employees equals the number of employees on full-time schedules plus the number of
employees on part-time schedules converted to a full-time basis, the number of full-time equivalent employees in
each industry is the product of the total number of employees and the ratio of average weekly hours per employee
for all employees to average weekly hours per employee on full-time schedules.
1994
29,104
Transportation services ...
597
49
111 •"••—
334
103
1993
1993
29,176
1995
1995
1994
1995
376
1,252
886
366 ZZI
Retail trade
17,598
18,044
16,689
17,307
Finance, insurance, and real estate
Depository institutions ..
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and service
Real estate
Holding and other investment offices
38,776
30,921
40,659
96,449
38,277
35,410
26,821
58,288
39,547
31,910
38,923
92,727
39,665
36,406
27,445
59,167
6,454
1,971
440
474
1,453
663
1,210
243
6,631
1,973
469
523
1,470
689
1,262
245
Services
Hotels and other lodging places
Personal services
Business services
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services ....
Social services and membership
organizations
Social services
Membership organizations
Other services2
Private households
27,464
19,222
17,205
24,208
21,436
26,935
34,471
23,178
32,202
50,529
23,112
27,839
19,522
17,321
24,576
22,481
27,037
32,765
22,896
32,436
50,344
24,283
28,286
1,438
1,095
5,339
961
340
325
1,052
8,040
939
1,684
29,520
1,485
1,118
5,796
981
322
370
1,145
8,378
962
1,713
18,770
17,097
20,602
43,179
12,273
19,209
17,817
20,731
44,458
12,909
3,631
1,898
1,733
2,592
850
3,813
1,991
1,822
2,616
821
Government
ZZI
ZIZ
IZZ
31,850
32,704
18,343
18,424
Federal
General government ....
Civilian 3
Military
Government enterprises
35,764
34,839
38,721
30,437
40,464
37,060
35,657
40,337
30,267
43,991
4,863
4,063
2,159
1,904
800
4,693
3,903
2,089
1,814
790
State and local
General government ....
Education
Other
Government enterprises
30,438
30,326
30,536
30,103
32,101
31,216
30,946
31,253
30,619
35,238
13,480
12,630
6,510
6,120
850
13,731
12,869
6,637
6,232
862
-104
-112
Rest of the world
ZZI
IZZ
2. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not
elsewhere classified,
3. Includes Coast Guard.
NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
Table B. 10—Farm Sector Output, Gross Product, and National Income
Billions of dollars
Farm output
Cash receipts from farm marketings
Crops
Livestock
Farm housing
Farm products consumed on farms
Other farm income
Change in farm inventories
Crops
Livestock
Less: Intermediate goods and services
purchased
Intermediate goods and services,
other than rent
Rent paid to nonoperator landlords
1993
1994
186,0
201.6
1995
Billions of chained
(1992) dollars
1993
1994
182.2
198.0
181.3
179.2
177.6
176.7
91.2
90.0
91.1
88.1
90.5
87.1
87.1
89.7
5.5
.5
4.8
-6.2
-7.3
11
5.7
.5
4.7
11.5
10.1
5.1
.5
4.8
-26
14
-7.2
-7.7
1.1
Billions of dollars
1995
Housing output
Nonfarm housing
Owner-occupied
Tenant-occupied
Farm housing
4.9
.5
4.3
12.3
^4.7
9.5
1.5
Less: Intermediate goods and services
consumed
113.9
119.3
111.2
114.3
100.9
105.5
13.8
98.6
12.6
100.6
12.9
71.0
83.9
72,1
82.3
78.6
22.4
23.1
23.7
Equals: Net farm product
49,7
59.2
54.9
4.6
Plus" Subsidies to operators
11.3
Equals: Farm national income
Compensation of employees
Wage and salary accruals
Supplements to wages and
salaries
Proprietors' income and corporate
profits with IVA and CCAdj
Proprietors' income
Corporate profits
Net interest ...
56.4
14.3
12.0
2.3
33.7
32.0
1.8
8.3
13.7
76.0
5.0
6.6
37.2
35.0
29.0
29.0
2.2
9.1
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
CCAdj Capital consumption adjustment
IVA inventory valuation adjustment
1995
649.0
680.7
643.4
481.1
162.3
5.5
675.0
502.6
172.5
5.7
1993
1994
716.0
631.5
644.0
656.8
710.1
528.5
181.6
5.8
626.4
468.2
158.3
5.1
639.1
475.4
163.7
4.9
652.1
483.7
168.3
4.8
1995
83.1
86.7
84.8
78.8
79.3
597.6
629.3
546.8
565.1
577.5
Nonfarm housing
Owner-occupied
Tenant-occupied
Farm housing
557.6
415.2
142.4
4.5
593.1
438.5
154.6
4.5
624.6
460.8
163.8
4.7
542.6
403.7
138.9
4.2
561.3
414.7
146.6
3.9
573.8
422.2
151.6
3.8
Less: Consumption of fixed capital
Capital consumption allowances ...
Less: CCAdj
112.4
106.6
52.9
60.3
-51.1
-52.1
Equals: Net housing product
458.1
485.2
Less: Indirect business tax and nontax
liability plus business transfer payments
1140
120.6
Equals: Housing national income
2.2
1994
86.8
Plus: Subsidies less current surplus of
government enterprises
60.8
14.6
12.3
1993
Billions of chained
(1992) dollars
562.1
Equals: Gross housing product
Less: Consumption of fixed capital
Table B.11.—Housing Sector Output, Gross Product, and National
Income
1
Equals: Gross farm product
Less: Indirect business tax and nontax
liability
National Data • D-33
SURVEY OF CURRENT BUSINESS
April 1997
Compensation of employees
Proprietors' income with IVA and
dCAdj
Rental income of persons with
CCAdj
Corporate profits with IVA and
CCAdj
Net interest
104.0
18.8
20.6
362.9
385.2
7.3
7.7
18.3
20.8
74.7
89.4
3.5
259.0
3.9
263.4
522.7
1. Equals personal consumption expenditures for housing less expenditures for other housing as shown in table
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
SURVEY OF CURRENT BUSINESS
D-34 • National Data
April 1997
C. Historical TablesTable C.i is derived from the "Summary National Income and Product Series" tables that were published in the
January/February 1996 SURVEY OF CURRENT BUSINESS; tables C.2-C.25 are derived from NIPA tables published in
that issue. All the tables in this section include revised data for 1993-96 from the annual revision of the NIPA'S
published in the August 1996 SURVEY. (Changes in prices are calculated from indexes expressed to three decimal
places.)
Table C.1.—Historical Estimates for Major NIPA Aggregates
[Quarterly data are seasonally adjusted at annual rates]
Billions of chained (1992) dollars
Year and
quarter
Gross domestic
product
Final sales of
domestic
product
Percent change from preceding
peroa
Chain-type price indexes
Percent change from preceding period
Implicit price deflators
Chain-type price indexes
Gross national
Gross domestic
product
product
Final sales of
domestic
product
Gross domestic Gross domestic Gross domestic Gross national
product
product
product
Gross domestic
purchases
product
Implicit price deflators
Gross domestic
purchases
Gross domestic
product
Gross national
product
1959
2,212.3
2,206.9
2,224.3
23.0
22.5
22.9
22.9
1960
1961
1962
1963
1964
2,261.7
2,309.8
2,449.1
2,554.0
2,702.9
2,264.2
2,318.0
2,445.4
2,552.4
2,705.1
2,274.8
2,324.6
2,465.9
2,572.0
2,722.3
2.2
2.1
6.0
4.3
5.8
2.6
2.4
5.5
4.4
6.0
23.3
23.6
23.9
24.2
24.6
22.8
23.3
23.6
23.9
24.2
24.5
23.3
23.6
23.9
24.2
24.5
1.4
1.2
1.3
1.2
1.5
1.4
1.1
1.2
1.3
1.5
1.5
1.3
1.3
1.2
1.5
1.5
1.3
1.3
1.2
1.5
1965
1966
1967
1968
1969
2,874.8
3,060.2
3,140.2
3,288.6
3,388.0
2,860.4
3,033.5
3,125.1
3,278.0
3,377.2
2,895.2
3,078.9
3,159.4
3,309.2
3,407.8
6.4
6.4
2.6
4.7
3.0
5.7
6.1
3.0
4.9
3.0
25.0
25.7
26.6
27.7
25.0
25.7
29.0
24.5
25.1
25.9
27.0
28.3
29.0
25.0
25.8
26.6
27.7
29.0
1.9
2.8
3.2
4.4
4.7
1.8
2.8
3.0
4.3
4.7
2.0
2.9
3.1
4.3
4.7
2.0
2.9
3.1
4.3
4.7
1970
1971
1972
1973
1974
3,388.2
3,500.1
3,690.3
3,902.3
3,888.2
3,406.5
3,499.8
3,689.5
3,883.9
3,873.4
3,407.7
3,522.2
3,714.3
3,936.0
3,927.1
0
3.3
5.4
5.7
-.4
.9
2.7
5.4
5.3
-.3
30.6
32.1
33.5
35.4
38.5
29.8
31.4
32.8
34.7
38.2
30.6
32.2
33.5
35.4
38.5
30.6
32.2
33.5
35.5
38.5
5.3
5.2
4.2
5.6
8.9
5.4
5.3
4.5
5.8
5.4
5.2
4.3
5.7
8.7
5.4
5.2
4.3
5.7
8.6
1975
1976
1977
3,865.1
4,081.1
4,279.3
4,493.7
4,624.0
3,906.4
4,061.7
4,240.8
4,464.4
4,614.4
3,894.5
4,116.9
4,320.2
4,534.4
4,680.8
-.6
5.6
4.9
5.0
2.9
.9
4.0
4.4
5.3
3.4
42.2
44.6
47.5
50.9
55.3
41.8
44.2
47.2
50.7
55.3
42.2
44.6
47.4
42.2
44.6
47.4
51.0
55.3
51.0
55.3
9.4
5.8
6.4
7.3
8.5
9.6
5.6
6.3
7.7
8.5
9.6
5.7
6.3
7.7
8.5
4,611.9
4,724.9
4,623.6
4,810.0
5,138.2
4,641.9
4,691.6
4,651.2
4,821.2
5,061.6
4,667.7
4,774.1
4,665.4
4,851.2
5,176.1
-.3
2.5
60.4
66.1
70.2
73.2
61.1
66.8
70.7
4.0
6.8
.6
1.1
-.9
3.7
5.0
60.4
65.9
70.1
73.1
60.4
66.0
70.2
73.1
76.0
9.3
9.4
6.3
4.2
3.8
9.2
5.9
3.8
3.5
9.2
9.2
6.3
4.2
3.9
9.2
9.3
6.3
4.2
3.9
5,329.5
5,489.9
5,648.4
5,862.9
6,060.4
5,296.9
5,480.9
5,626.0
5,855.1
6,028.7
5,352.7
5,503.4
5,657.2
5,876.2
6,074.0
3.7
3.0
2.9
3.8
3.4
4.6
3.5
2.6
4.1
3.0
78.6
80.6
83.1
86.1
89.7
78.5
80.6
83.1
86.2
89.8
3.4
2.6
3.1
3.7
4.2
3.2
2.6
3.4
3.6
4.2
3.3
2.7
3.1
3.7
4.2
3.3
2.7
3.1
3.7
4.2
6,138.7
6,079.0
6,244.4
6,386.4
6,608.7
6,126.7
6,082.6
6,237.4
6,365.5
6,550.7
6,159.4
6,094.4
6,255.5
6,397.1
6,606.0
1.3
93.8
97.3
93.6
97.3
93.6
97.3
2.7
2.3
3.5
1.6
-.7
2.5
2.1
2.9
93.6
97.3
1992
1993
1994
100.0
102.6
105.0
100.0
102.5
104.8
100.0
102.6
104.9
100.0
102.6
104.9
4.4
3.9
2.8
2.6
2.3
4.5
3.7
2.8
2.5
2.2
4.3
4.0
2.7
2.6
2.3
4.3
4.0
2.7
2.6
2.3
1995
1996
6,742.9
6,907.2
6,708.9
6,892.1
6,737.1
6,900.1
2.0
2.4
2.4
2.7
107.6
109.9
107.3
109.6
107.6
109.7
107.6
109.7
2.5
2.1
2.4
2.1
2.5
2.0
2.5
2.0
III
IV
2 225.6
2,225.8
2 232.6
2,225.3
2 237.7
2,238.7
230
225
0
23.1
22.6
1960: 1
||
HI
IV
2,283.3
2 268.5
2,265.8
2,229.1
2,248.5
2,268.4
2,265.1
2,274.7
2,295.7
2281.2
2,279.1
2,243.4
4.2
36
-.6
1.7
23.2
23.3
23.4
23.5
22.6
22.8
1961: I
2 245.6
2,286.1
2,328.2
2,379.4
2,277.7
2,301.1
2,320.4
2,372.8
2,260.7
2,300.3
2,342.8
2,394.3
3.0
7.4
7.6
9.1
.5
4.2
3.4
9.3
23.6
23.6
23.6
23.7
2,420.4
2,440.0
2,465.2
2,470.7
2,400.3
2,440.7
2,462.0
2,478.7
2,435.3
2,456.4
2,481.8
2,489.9
7.1
3.3
4.2
.9
4.7
6.9
3.5
2.7
IV
2,502.3
2,532.9
2,581.4
2,599.7
2,492.4
2,533.8
2,578.0
2,605.3
2,520.4
2,550.4
2,599.1
2,618.0
5.2
5.0
7.9
2.9
1964- 1
||
Ill
IV
2,661.8
2 692.5
2,723.9
2,733.6
2,663.1
2,695.0
2,727.6
2,734.5
2,681.9
2,711.7
2,743.8
2,751.9
9.9
4.7
4.7
1.4
1965- 1
II
Ill
IV
2 800.8
2,844.2
2,889.2
2,965.2
2,777.2
2,826.7
2,879.8
2,957.8
2,821.9
2,866.1
2,909.4
2,983.3
1966: I
III
IV
3,034.4
3,046.2
3,067.6
3,092.6
3,008.8
3,023.1
3,047.2
3,054.8
3,053.1
3,065.0
3,085.8
3,111.7
9.7
1.6
2.8
3.3
1967: 1
II
Ill
IV
3,119.7
3,122.3
3,147.3
3,171.6
3,085.6
3,119.0
3,134.2
3,161.5
3,138.5
3,140.5
3,167.5
3,191.1
3.6
.3
3.2
3.1
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
-2.1
-1.0
75.9
23.1
23.4
23.7
24.0
73.3
75.9
78.4
80.4
83.1
86.1
89.8
26.5
27.7
75.9
78.4
80.6
83.1
86.1
89.7
10.2
9.3
5.8
6.8
7.4
9.0
10.7
1959: 1
II
in".'"!.""."!
IV
1962: 1
II
in'!.!.!!!!!!!!
IV
1963: 1
ii
HI
||
10.8
-2.6
-.5
-6.3
10.2
6.4
6.5
10.9
22.9
23.1
22.9
23.1
1.5
1.4
3.3
3.3
23.0
23.1
23.2
23.3
23.5
23.1
23.2
23.4
23.5
.8
20
2.0
2.1
.8
2.1
2.0
2.1
.2
1.7
2.7
2.7
.2
1.7
2.7
2.7
23.0
23.0
23.1
23.1
23.5
23.6
23.6
23.6
23.5
23.6
23.6
23.7
.7
.4
.7
1.1
.6
.2
.7
1.0
.3
.9
.5
.7
.3
1.0
.5
.7
23.8
23.9
23.9
24.1
23.2
23.3
23.4
23.8
23.9
23.9
23.5
24.0
23.8
23.9
23.9
24.0
2.0
1.1
1.1
1.7
1.9
1.4
1.1
1.8
2.1
1.9
.8
1.1
2.1
1.9
.8
1.1
2.2
6.8
7.2
4.3
24.1
23.6
24.2
24.2
24.3
23.6
23.7
24.1
24.1
23.8
24.1
24.1
24.2
24.3
1.2
.6
.7
2.3
1.3
.7
.9
2.4
1.2
.9
.7
3.0
1.2
.9
.8
3.0
9.2
4.9
4.9
1.0
24.4
23.9
24.4
24.5
24.6
24.7
24.0
24.1
24.5
24.4
24.5
24.6
24.7
24.6
24.7
1.2
13
1.9
1.8
1.3
1.4
1.7
1.6
.9
9
1.9
2.2
.9
.9
1.9
2.2
6.4
7.3
7.7
24.8
25.0
25.1
25.2
24.3
24.4
24.8
24.9
25.1
25.2
24.8
24.9
25.1
25.2
19
2.0
2.1
2.5
1.6
2.0
2.2
2.8
23
1.0
3.2
2.0
2.3
1.0
3.2
2.0
7.1
1.9
3.2
1.0
25.4
24.8
25.0
25.3
25.5
25.4
25.4
25.6
25.9
26.1
25.9
26.1
2.2
3.2
5.1
3.3
2.0
3.2
4.8
3.1
2.8
3.4
4.2
3.6
2.8
3.4
4.2
3.6
4.1
4.4
2.0
3.5
26.2
26.4
26.7
25.6
25.8
26.0
26.3
26.2
26.4
26.7
27.0
2.0
2.5
3.9
4.6
1.6
2.5
3.9
4.5
1.3
2.7
4.6
4.9
1.3
2.7
4.6
4.9
-1.3
11.3
25.6
25.9
26.1
27.0
229
24.2
24.5
24.7
24.2
24.4
25.6
26.2
26.4
26.7
27.0
April 1997
SURVEY OF CURRENT BUSINESS
National Data •
D-35
Table C.I.—Historical Estimates for Major NIPA Aggregates—Continued
[Quarterly data are seasonally adjusted at annual rates]
Billions of chained (1992) dollars
Year and
quarter
Percent change from preceding
period
Chain-type price indexes
Implicit price deflators
Gross domestic
product
Gross national
product
1968: 1
II
III
IV
3,230.2
3,286.6
3,311.1
3,326.3
3,225.3
3,258.0
3,303.9
3,325.1
1969: 1
||
HI
IV
3,376.9
3,385.2
3,404.3
3,385.6
1970: I
Gross domestic Gross domestic
product
purchases
Gross domestic
product
Gross domestic
product
Final sales of
domestic
product
3,250.2
3,307.2
3,332.3
3,347.3
7.6
7.2
3.0
1.8
8.3
4.1
5.8
2.6
27.3
27.6
27.8
28.2
26.6
26.9
27.1
3,357.5
3,373.0
3,389.6
3,388.9
3,397.9
3,405.3
3,423.3
3,404.6
6.2
1.0
2.3
4.0
1.9
2.0
-.1
28.5
28.8
29.2
29.6
27.7
28.1
28.5
28.8
Ill
IV
3,378.1
3,382.1
3,412.9
3,379.6
3,397.6
3,391.9
3,421.9
3,414.8
3,397.7
3,402.4
3,432.9
3,397.7
1.0
-.7
3.6
-.8
30.0
30.4
30.7
31.1
29.3
29.7
30.0
30.4
30.0
30.4
30.7
1971: I
II
Ill
IV
3,471.5
3,491.3
3,514.0
3,523.6
3,458.9
3,481.2
3,509.4
3,549.5
3,493.5
3,514.7
3,534.9
3,545.8
31.6
32.0
32.3
32.6
30.8
31.6
2.3
2.6
1.1
5.3
2.6
3.3
4.7
31.3
31.6
31.9
1972- 1
II
Ill
IV
3,593.9
3,676.3
3,713.8
3,777.2
3,608.0
3,665.7
3,700.0
3,784.3
3,617.2
3,699.1
3,738.9
3,802.1
8.2
9.5
4.1
7.0
6.8
6.5
3.8
9.4
33.1
33.3
33.6
34.0
32.4
32.6
32.9
33.3
1973: 1
II
HI
IV
3,876.9
3,903.3
3,892.8
3,936.2
3,867.0
3,884.5
3,890.9
3,893.1
3,906.1
3,934.7
3,930.0
3,973.5
9.0
1.8
.7
.2
34.5
35.0
35.7
36.3
33.8
34.4
1974: 1
II
Ill
IV
3,903.0
3,920.4
3,878.4
3,850.9
3,889.1
3,899.7
3,882.5
3,822.2
3,947.3
3,962.1
3,916.1
3,882.9
-3.3
-.4
1.1
37.0
37.9
39.0
40.2
36.6
37.7
1975: I
||
Ill
IV
3,793.6
3,825.6
3,897.0
3,944.2
3,848.3
3,887.9
3,922.7
3,966.7
3,820.0
3,852.3
3,926.2
3,979.6
-5.8
2.8
4.2
3.6
4.6
1976' I
||
Ill
IV
4,039.1
4,068.9
4,087.7
4,128.4
4,027.0
4,039.1
4,061.7
4,119.0
4,073.3
4,104.7
4,124.0
4,165.6
10.0
3.0
1.9
4.0
1977: I
II ...
Ill
IV
4,181.8
4,268.0
4,336.3
4,331.0
4,161.4
4,228.4
4,270.0
4,303.3
4,224.8
4,310.1
4,378.0
4,367.7
1978' I
||
III
IV
4,340.8
4,501.3
4,540.5
4,592.3
4,306.0
4,474.6
4,511.6
4,565.4
4,383.9
4,536.6
4,579.5
4,637.7
1979: I
4,597.7
4,608.6
4,638.8
4,651.0
4,579.0
4,577.0
4,639.2
4,662.5
4,644.6
4,661.6
4,702.6
4,714.3
4,674.3
4,562.6
4,559.6
4,651.1
4,675.3
4,579.0
4,637.1
4,676.1
4,738.3
4,621.6
4,615.1
4,695.9
1981- I . .
II
Ill
IV
4,741.3
4,701.3
4,758.4
4,698.6
4,692.9
4,699.0
4,702.5
4,672.0
4,789.9
4,747.1
4,806.8
4,752.8
1982: 1
||
Ill
IV
4,618.9
4,637.4
4,615.3
4,622.8
4,655.4
4,651.2
4,616.9
4,681.3
4,661.5
4,685.6
4,654.4
4,660.2
.6
1983- I
III
IV
4,669.8
4,771.3
4,855.5
4,943.6
4,719.4
4,785.3
4,860.7
4,919.5
4,707.0
4,812.1
4,897.8
4,987.8
4.1
9.0
7.2
7.5
1984- I
II
Ill
IV
5,053.4
5,129.8
5,167.0
5,202.7
4,961.0
5,050.0
5,085.6
5,149.9
5,092.4
5,169.3
5,206.2
5,236.6
1985: 1
||
Ill
IV
5,261.3
5,290.8
5,367.0
5,398.9
5,231.7
5,261.0
5,336.9
5,358.0
1986: I
||
Ill
IV
5,465.4
5,469.6
5,497.6
5,527.0
1987: I
||
III
IV
III
IV
1980: I
Ill
IV
||
1988: 1
II
Ill
IV
.
Percent change from preceding period
Implicit price deflators
Gross national
product
Gross domestic Gross domestic Gross domestic Gross national
product
product
product
purchases
Chain-type price indexes
Final sales of
domestic
product
27.3
27.5
27.8
28.2
27.3
27.5
27.8
28.2
4.8
4.5
3.7
5.5
4.8
4.2
4.0
5.5
4.3
3.9
3.7
5.9
4.3
3.9
3.7
5.9
28.4
28.4
28.8
29.2
29.6
28.8
29.2
29.6
3.7
5.2
5.7
5.2
3.4
5.3
5.6
5.2
3.6
4.9
5.9
5.8
3.6
4.9
5.9
5.8
30.0
30.4
30.7
31.2
5.7
6.0
3.2
5.6
5.9
5.8
3.8
5.7
5.8
5.6
3.5
6.1
5.8
5.6
3.4
6.0
32.0
32.4
32.7
31.6
32.0
32.4
32.7
6.2
5.7
4.1
3.5
6.2
5.8
4.5
3.7
5.9
5.1
4.7
3.8
6.0
5.1
4.7
3.8
33.1
33.3
33.6
34.1
33.1
33.3
33.6
34.1
6.0
2.6
3.3
5.1
6.1
3.1
3.6
5.1
5.7
2.0
3.8
6.1
5.6
2.0
3.8
6.1
34.5
35.0
35.7
36.5
34.5
35.1
35.7
36.5
5.4
6.8
7.8
7.0
5.5
7.7
7.5
7.5
4.7
6.5
8.0
8.6
4.7
6.5
8.0
8.6
38.8
39.9
37.1
37.8
39.0
40.2
37.1
37.8
39.0
40.3
41.1
41.7
42.5
43.3
40.8
41.4
42.1
42.9
41.1
41.7
42.5
43.3
41.1
41.7
42.5
43.4
9.2
6.3
7.6
7.4
8.8
6.5
7.0
7.2
8.9
6.1
7.9
7.8
9.0
6.1
7.9
7.8
6.2
1.2
2.3
5.8
43.8
44.2
44.9
45.6
43.3
43.8
44.5
45.2
43.8
44.2
44.8
45.6
43.8
44.8
45.6
4.4
4.5
5.7
7.0
4.5
4.7
6.1
6.8
4.0
3.8
5.7
7.1
4.0
3.8
5.7
7.2
5.3
8.5
6.6
-.5
4.2
6.6
4.0
3.2
46.4
47.1
47.8
48.6
46.0
46.9
47.6
48.4
46.2
47.0
47.7
46.3
47.0
47.7
48.5
48.5
6.6
6.8
5.6
6.9
7.5
7.3
6.3
7.0
6.1
6.7
6.0
7.2
6.0
6.7
6.0
7.2
.9
.3
49.4
49.2
49.4
49.4
7.2
8.6
7.3
8.4
7.1
8.6
7.3
7.9
7.5
9.5
7.2
8.8
7.5
9.5
7.2
8.8
8.9
8.6
8.7
8.7
8.0
8.6
8.6
8.7
8.0
-2.2
-.9
.5
3.7
-3.9
11.3
11.0
2.8
-1.1
4.5
1.8
-4.2
-2.8
3.4
7.7
4.9
-1.8
-6.1
27.5
35.0
35.7
31.1
44.2,
8.4
9.0
12.7
13.0
3.5
4.6
3.4
4.9
50.5
51.4
52.4
50.3
51.2
52.1
50.5
51.4
52.5
50.6
51.5
52.5
.5
.9
2.6
1.1
1.2
-.2
5.5
2.0
53.5
54.7
55.9
57.0
53.3
54.6
55.9
57.3
53.6
54.7
55.9
57.0
53.6
54.8
55.9
57.0
8.5
9.6
8.4
8.1
1.1
58.3
59.6
61.0
62.6
58.9
60.5
61.8
63.4
58.3
59.6
61.0
62.6
58.3
59.6
61.1
62.6
9.7
9.6
9.3
64.2
65.4
66.7
67.9
65.0
66.2
67.3
68.5
64.2
65.4
66.5
67.8
64.2
65.4
66.5
67.8
69.5
70.2
71.1
5.7
68.9
69.7
70.7
71.5
71.9
68.8
69.8
70.6
71.3
3.3
5.7
6.4
4.9
72.1
72.9
73.5
74.2
72.4
73.1
73.7
74.3
9.2
6.2
2.9
2.8
3.4
7.4
2.9
5.2
75.0
75.6
76.3
76.8
5,284.3
5,317.8
5,385.9
5,422.8
4.6
2.3
5.9
2.4
6.5
2.3
5.9
1.6
5,410.5
5,448.4
5,518.2
5,546.6
5,485.7
5,482.7
5,511.7
5,533.3
5.0
.3
2.1
2.2
4.0
2.8
5.2
2.1
5,561.4
5,616.8
5,666.0
5,749.4
5,535.8
5,608.4
5,671.5
5,688.3
5,568.2
5,627.5
5,674.7
5,758.5
2.5
4.0
3.6
6.0
5,782.9
5,841.7
5,876.5
5,950.7
5,774.2
5,840.1
5,869.2
5,937.0
5,799.9
5,855.1
5,887.3
5,962.8
2.3
4.1
2.4
5.2
15.6
2.0
-9.2
16.6
-8.0
-.3
8.3
5.2
3.4
8.0
1.4
.5
.3
-3.3
4.9
12.0
10.7
9.3
9.2
9.6
11.3
10.5
10.0
10.6
10.7
10.7
10.5
6.8
7.7
13.3
13.8
9.3
9.6
10.0
10.6
10.6
7.5
6.9
7.3
7.6
6.9
8.0
7.6
6.9
8.0
68.9
69.8
70.6
71.3
6.0
5.1
5.7
4.4
5.6
4.4
5.4
4.2
6.5
5.4
5.0
4.0
6.5
5.4
4.9
3.9
71.9
72.7
73.4
74.1
72.0
72.8
73.4
74.2
3.7
4.1
3.6
3.9
2.7
4.0
3.4
3.2
3.7
4.4
3.8
4.1
3.7
4.4
3.8
4.1
75.1
75.7
76.2
76.7
75.1
75.6
76.3
75.1
75.7
76.4
76.8
76.8
4.4
3.3
3.4
3.0
4.4
3.3
2.9
2.7
5.0
3.0
3.7
2.4
5.0
3.0
3.7
2.4
77.7
77.4
78.3
78.8
79.5
78.0
78.6
79.4
77.6
78.2
78.7
79.4
77.6
78.2
78.7
79.4
4.3
3.2
2.8
3.3
3.6
3.3
2.9
4.1
4.1
3.2
2.6
3.6
4.1
3.2
2.6
3.6
79.8
80.3
80.8
81.5
79.8
80.0
80.6
81.3
79.7
80.2
80.8
81.4
79.8
80.2
80.8
81.5
1.8
2.2
2.8
3.2
2.0
1.0
3.1
3.3
1.9
2.3
3.0
3.2
1.9
2.3
3.0
3.2
-.8
5.4
4.6
1.2
82.1
82.7
83.4
84.1
82.1
82.7
83.4
84.2
82.1
82.7
83.3
84.1
82.1
82.7
83.4
84.1
3.3
2.8
3.3
3.6
4.1
3.3
3.4
3.6
3.2
3.0
3.2
3.7
3.2
2.9
3.2
3.7
6.2
4.6
2.0
4.7
84.7
84.8
85.7
84.7
84.7
85.6
86.7
85.6
86.7
87.5
2.9
4.2
5.3
3.7
3.0
4.2
4.2
4.0
2.8
4.3
5.2
3.6
2.9
4.3
5.2
3.6
-2.6
-6.6
-1.4
1.6
10.2
10.4
10.2
6.8
7.7
13.4
13.9
7.4
8.2
7.3
-4.9
-1.9
11.0
11.9
12.5
12.2
-.4
-2.9
85.6
86.7
87.5
86.6
87.4
87.5
D-36
• National Data
SURVEY OF CURRENT BUSINESS
April 1997
Table C.1.—Historical Estimates for Major NIPA Aggregates—Continued
[Quarterly data are seasonally adjusted at annual rates]
Billions of chained (1992) dollars
Year and
quarter
Percent change from preceding
period
Chain-type price indexes
Implicit price deflators
Percent change from preceding period
Implicit price deflators
Chain-type price indexes
Final sales of Gross national
Gross domestic
Final sales of Gross domestic Gross domestic Gross domestic Gross national
domestic
Gross domestic
product
product
product
product
product
domestic
purchases
Gross domestic Gross domestic Gross domestic Gross national
product
product
product
product
product
product
purchases
1989: 1
II
III
IV
6,008.7
6,053.4
6,086.2
6,093.0
5,970.0
6,010.9
6,063.1
6,070.8
6,020.8
6,063.5
6,099.9
6,111.7
1990: 1
II
HI
IV
1991: |
II
Ill
IV
6,154.1
6,174.4
6,145.2
6,081.0
6,144.6
6,127.5
6,126.6
6,108.1
6,174.3
6,190.8
6,158.8
6,113.4
6,047.9
6,074.1
6,089.3
6,104.4
6,065.4
6,095.9
6,085.4
6,083.8
6,074.8
6,085.8
6,098.3
6,118.7
1992: 1
||
Ill
IV
6,175.3
6,214.2
6,260.9
6,327.3
6,175.8
6,203.8
6,249.5
6,320.7
1993: I
II)
IV
6,326.4
6,356.5
6,393.4
6,469.1
1994: 1
II
Ill
IV
4.0
3.0
2.2
.4
4.1
1.3
2.2
2.8
3.5
.5
5.0
-1.1
-.1
-1.9
-4.1
-1.2
-2.2
-2.8
88.4
89.4
90.1
90.9
885
89.5
90.1
91.0
88.5
89.4
90.2
90.9
88.5
89.5
90.2
90.9
4.5
4.4
3.3
3.5
4.8
4.8
2.8
3.8
4.8
4.3
3.3
3.3
4.7
4.3
3.3
3.3
92.0
93.2
94.2
95.1
92.2
93.1
94.3
95.7
92.0
93.1
94.1
95.1
92.0
93.2
94.1
95.1
4.9
5.2
4.3
4.1
5.4
4.2
5.2
5.9
4.9
5.2
4.2
4.2
4.9
5.1
4.2
4.2
96.3
97.0
97.7
98.3
96.4
96.3
970
970
97.6
98.3
97.7
98.3
96.3
97.0
97.7
98.3
4.8
32
2.8
2.5
3.1
2.2
2.6
2.9
5.1
3.1
2.9
2.5
5.1
3.1
2.9
2.5
3.2
2.9
2.1
2.6
3.3
2.7
1.5
2.9
3.3
2.7
1.5
2.9
1.7
1.0
1.0
2.0
-.7
-.1
6,191.6
6,225.1
6,270.4
6,334.8
4.7
2.5
3.0
4.3
6.2
1.8
3.0
4.6
99.1
99.8
99.0
99.8
99.1
99.8
99.1
99.8
100.2
100.9
100.3
100.9
100.2
100.9
100.2
100.9
3.4
2.8
1.5
2.8
6,307.1
6,334.5
6,371.3
6,449.2
6,342.5
6,366.9
6,406.3
6,472.5
-.1
1.9
2.3
4.8
-.9
1.7
2.3
5.0
101.8
102.4
102.8
103.4
101.7
102.3
102.6
103.2
101.8
102.4
102.8
103.4
101.8
102.3
102.8
103.4
3.8
2.2
1.8
2.3
3.1
2.4
1.3
2.2
3.8
2.1
1.9
2.2
3.8
2.1
1.9
2.2
6,508.5
6,587.6
6,644.9
6,693.9
6,467.7
6,514.9
6,582.1
6,638.1
6,514.0
6,586.2
6,640.0
6,683.5
2.5
4.9
3.5
3.0
1.2
3.0
4.2
3.5
104.1
104.6
105.2
105.8
103.8
104.4
105.1
105.7
104.1
104.6
105.2
105.8
104.1
104.6
105.2
105.8
2.9
1.9
2.4
2.1
2.4
2.3
3.0
2.0
2.8
1.9
2.5
2.2
2.8
1.9
2.5
2.2
1995: 1
||
Ill
IV
6,701.0
6,713.5
6,776.4
6,780.7
6,647.4
6,682.4
6,741.4
6,764.2
6,699.1
6,711.9
6,762.0
6,775.6
.4
.7
3.8
.3
.6
2.1
3.6
1.4
106.7
107.3
107.9
108.4
106.4
107.2
107.6
108.1
106.7
107.3
107.9
108.4
106.7
107.3
107.9
108.4
3.3
2.4
2.1
2.1
2.8
2.8
1.6
1.9
3.4
2.4
2.1
2.0
3.4
2.4
2.1
2.0
1996: 1
II
III
IV
6,814.3
6,892.6
6,928.4
6,993.6
6,815.2
6,884.7
6,892.7
6,975.9
6,814.9
6,886.5
6,913.7
6,985.2
2.0
4.7
2.1
3.8
3.0
4.1
.5
4.9
109.0
109.6
110.2
110.7
108.7
109.3
109.8
110.5
109.0
109.5
109.9
110.3
109.0
109.5
109.9
110.3
2.3
2.2
2.0
1.9
2.3
2.1
1.9
2.6
2.2
1.8
1.7
1.5
2.2
1.8
1.7
1.5
II..
National Data • D-37
SURVEY OF CURRENT BUSINESS
April 1997
Table C.2.—Real Gross Domestic Product
[Average annual percent change, based on chained (1992) dollar estimates]
Terminal year
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
Initial year
1970
2.8
2.8
2.8
2.8
2.8
2.8
3.0
3.1
3.1
3.1
3.1
3.1
3.0
2.7
2.6
3.1
3.1
3.5
3.6
3.4
3.1
2.7
3.5
4.8
4.4
3.3
1971
2.8
2.8
2.8
2.8
2.8
2.8
3.0
3.1
3.1
3.0
3.0
3.0
3.0
2.7
2.6
3.0
3.1
3.5
3.6
3.4
3.1
2.5
3.6
5.6
5.4
1972
2.6
2.7
2.7
2.6
2.7
2.7
2.9
3.0
2.9
2.9
2.9
2.9
2.8
2.4
2.3
2.8
2.8
3.3
3.3
3.0
2.5
1.6
2.6
5.7
1973
2.5
2.5
2.5
2.5
2.5
2.5
2.7
2.8
2.8
2.7
2.7
2.6
2.5
2.1
1.9
2.4
2.4
2.9
2.9
2.3
1.5
-.5
-.4
1974
2.6
2.7
2.7
2.6
2.7
2.7
2.9
3.0
3.0
2.9
2.9
2.9
2.8
2.4
2.2
2.8
2.9
3.5
3.7
3.2
2.5
-.6
1975
2.8
2.8
2.9
2.8
2.9
2.9
3.1
3.3
3.3
3.2
3.2
3.3
3.2
2.8
2.6
3.4
3.6
4.6
5.2
5.2
5.6
1976
1977
2.7
2.7
2.7
2.7
2.7
2.7
3.0
3.1
3.1
3.0
3.0
3.0
2.9
2.4
2.1
3.0
3.1
4.3
4.9
4.9
1978
2.6
2.6
2.6
2.5
2.6
2.5
2.8
2.9
2.9
2.8
2.8
2.8
2.6
2.0
1.6
2.5
2.5
4.0
5.0
2.4
2.4
2.4
2.4
2.4
2.4
2.6
2.8
2.7
2.6
2.5
2.5
2.3
1.4
.7
1.7
1.3
2.9
1979
1980
2.4
2.4
2.4
2.3
2.3
2.3
2.6
2.7
2.7
2.5
2.5
2.4
2.1
1.0
0
1.1
-.3
2.6
2.6
2.6
2.5
2.6
2.5
2.9
3.1
3.0
2.9
2.9
2.9
2.7
1.4
.1
2.5
1981
2.6
2.6
2.6
2.5
2.6
2.6
3.0
3.2
3.1
3.0
3.0
3.1
2.8
.9
-2.1
1982
1984
1983
2.9
2.9
3.0
3.0
3.1
3.1
3.6
3.9
4.0
4.1
4.4
4.8
5.4
4.0
2.5
2.5
2.5
2.4
2.5
2.4
3.0
3.4
3.4
3.2
3.4
3.7
2.8
2.9
2.9
2.9
2.9
3.0
3.5
3.9
4.0
4.1
4.5
5.3
6.8
1985
2.4
2.4
2.4
2.3
2.3
2.2
2.9
3.3
3.2
2.9
3.0
1986
2.3
2.3
2.3
2.2
2.2
2.1
2.8
3.4
3.3
2.9
1987
2.3
2.2
2.3
2.1
2.0
1.9
2.8
3.6
3.8
1988
2.1
2.0
2.0
1.7
1.6
1.2
2.3
3.4
1989
1.9
1.8
1.7
1.3
1.0
.2
1.3
1990
2.0
1.9
1.9
1.3
.9
-1.0
1991
2.6
2.6
2.8
2.5
2.7
1992
2.6
2.6
2.9
2.3
1993
2.6
2.8
3.5
1994
2.2
2.0
1995
2.4
Table C.3.—Chain-type Price Index for Gross Domestic Product
[Average annual percent change]
Initial year
terminal year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
5.0
5.2
5.3
5.4
5.5
5.7
5.8
5.8
5.9
6.1
6.2
6.5
6.7
6.9
7.2
7.3
7.0
6.8
6.6
6.5
6.5
6.6
6.0
5.0
4.7
5.2
1971
5.0
5.2
5.3
5.4
5.6
5.7
5.8
5.9
6.0
6.1
6.3
6.6
6.8
7.1
7.4
7.5
7.3
7.0
6.8
6.7
6.8
7.0
6.2
4.9
4.2
1972
5.1
5.2
5.3
5.5
5.6
5.8
5.9
6.0
6.1
6.2
6.5
6.8
7.1
7.4
7.7
7.8
7.6
7.4
7.2
7.2
7.4
8.0
7.2
5.6
1973
5.1
5.2
5.3
5.5
5.6
5.8
5.9
6.0
6.1
6.3
6.5
6.9
7.2
7.5
7.9
8.1
7.9
7.7
7.6
7.6
8.0
9.2
8.9
1974
4.9
5.0
5.1
5.3
5.4
5.6
5.7
5.8
5.9
6.1
6.3
6.7
7.0
7.4
7.8
8.0
7.8
7.5
7.2
7.2
7.6
9.4
1975
4.7
4.8
4.9
5.1
5.2
5.4
5.5
5.5
5.6
5.8
6.1
6.4
6.8
7.1
7.6
7.8
7.4
7.0
6.5
6.1
5.8
1977
1976
4.6
4.7
4.9
5.0
5.2
5.3
5.4
5.5
5.6
5.8
6.1
6.5
6.9
7.3
7.8
8.2
7.9
7.4
6.8
6.4
1978
4.5
4.7
4.8
4.9
5.1
5.3
5.4
5.5
5.6
5.8
6.1
6.5
6.9
7.5
8.1
8.6
8.4
7.9
7.3
4.4
4.5
4.6
4.8
4.9
5.1
5.2
5.3
5.4
5.6
5.9
6.4
6.9
7.5
8.4
9.1
8.9
8.5
1979
4.1
4.3
4.4
4.5
4.7
4.8
4.9
5.0
5.1
5.2
5.5
6.0
6.6
7.3
8.3
9.3
9.3
1980
3.8
3.9
4.0
4.2
4.3
4.4
4.5
4.5
4.5
4.7
4.9
5.4
5.9
6.6
7.8
9.4
1981
3.5
3.5
3.6
3.7
3.8
4.0
4.0
3.9
3.9
3.9
4.1
4.4
4.8
5.3
6.3
1982
1983
3.2
3.3
3.3
3.4
3.5
3.6
3.6
3.5
3.3
3.2
3.3
3.6
3.8
3.3
3.3
3.4
3.5
3.6
3.7
3.7
3.6
3.5
3.4
3.5
3.8
4.0
4.2
1984
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.2
3.0
3.0
3.4
1985
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.1
2.8
2.6
1986
3.1
3.3
3.4
3.5
3.7
3.8
3.8
3.6
3.4
3.1
1987
3.2
3.3
3.4
3.6
3.8
4.0
4.1
3.9
3.7
1988
3.1
3.2
3.4
3.6
3.8
4.2
4.3
4.2
1989
2.9
3.1
3.2
3.4
3.7
4.1
4.4
1990
2.7
2.8
2.9
3.1
3.3
3.9
1991
2.5
2.5
2.6
2.7
2.8
1992
2.4
2.5
2.4
2.6
1993
2.3
2.4
2.3
1994
2.3
2.5
1995
2.1
Table C.4.—Real Gross Domestic Purchases
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
terminal year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
2.7
2.8
2.8
2.7
2.7
2.7
2.9
3.1
3.1
3.1
3.1
3.1
3.0
2.6
2.4
2.8
2.8
3.4
3.5
3.3
2.9
2.2
3.1
4.6
4.6
3.6
1971
2.7
2.7
2.8
2.7
2.7
2.7
2.9
3.0
3.0
3.1
3.1
3.1
3.0
2.6
2.3
2.7
2.7
3.3
3.5
3.2
2.8
1.9
3.0
5.2
5.6
1972
2.6
2.6
2.6
2.6
2.5
2.5
2.8
2.9
2.9
2.9
2.9
2.9
2.8
2.3
2.0
2.4
2.4
3.0
3.1
2.8
2.1
.6
1.7
4.8
1973
2.5
2.5
2.5
2.5
2.4
2.4
2.7
2.8
2.8
2.8
2.8
2.7
2.6
2.1
1.7
2.1
2.0
2.7
2.8
2.3
1.2
-1.4
-1.2
1974
2.7
2.7
2.7
2.7
2.6
2.6
2.9
3.0
3.1
3.1
3.1
3.1
3.0
2.4
2.1
2.6
2.6
3.5
3.8
3.5
2.5
-1.5
1975
2.9
2.9
2.9
2.9
2.9
2.9
3.2
3.4
3.4
3.5
3.5
3.6
3.5
2.9
2.6
3.3
3.4
4.8
5.7
6.1
6.6
1976
2.7
2.7
2.7
2.7
2.7
2.6
3.0
3.1,
3.2
3.2
3.2
3.2
3.1
2.4
1.9
2.6
2.7
4.2
5.2
5.5
1977
2.5
2.6
2.6
2.5
2.5
2.4
2.8
2.9
2.9
2.9
3.0
2.9
2.8
1.9
1.2
1.9
1.7
3.6
4.9
1978
2.4
2.4
2.4
2.3
2.3
2.3
2.6
2.7
2.7
2.7
2.7
2.7
2.4
1.3
.3
1.0
.1
2.2
1979
2.4
2.4
2.5
2.3
2.3
2.3
2.6
2.8
2.8
2.8
2.8
2.7
2.5
1.1
-.3
.3
-1.9
1980
2.7
2.7
2.8
2.7
2.7
2.6
3.1
3.3
3.4
3.5
3.6
3.7
3.6
2.1
.5
2.6
1981
2.7
2.7
2.8
2.7
2.7
2.6
3.1
3.4
3.5
3.6
3.8
4.0
3.9
1.8
-1.6
1982
3.0
3.1
3.2
3.1
3.1
3.1
3.7
4.2
4.4
4.7
5.2
5.9
6.8
5.4
1983
2.8
2.9
3.0
2.9
2.9
2.9
3.5
4.0
4.2
4.5
5.2
6.2
8.3
1984
2.4
2.4
2.4
2.3
2.2
2.1
2.7
3.1
3.2
3.3
3.6
4.1
1985
2.3
2.2
2.3
2.1
1.9
1.8
2.5
2.9
2.9
2.9
3.2
1986
2.2
2.1
2.1
1.9
1.7
1.5
2.3
2.7
2.8
2.6
1987
2.1
2.1
2.1
1.8
1.5
1.2
2.2
2.8
2.9
1988
2.0
1.9
1.9
1.5
1.2
.6
1.8
2.7
1989
1.9
1.8
1.8
1.2
.7
-.4
.9
1990
2.1
2.0
2.0
1.4
.6
-1.6
1991
2.8
2.9
3.2
2.9
2.8
1992
2.8
3.0
3.4
2.9
1993
2.8
3.0
3.9
1994
2.2
2.0
1995
2.5
D-38 • National Data
SURVEY OF CURRENT BUSINESS
April 1997
Table C.5.—Chain-Type Price Index for Gross Domestic Purchases
[Average annual percent change]
Terminal year
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
Initial year
1970
5.1
5.3
5.4
5.5
5.7
5.8
5.9
6.0
6.1
6.2
6.4
6.7
6.9
7.2
7.5
7.6
7.4
7.1
6.9
6.8
6.8
7.0
6.4
5.2
4.9
5.3
1971
5.1
5.3
5.4
5.5
5.7
5.8
5.9
6.0
6.1
6.3
6.5
6.7
7.0
7.3
7.7
7.8
7.7
7.3
7.1
7.0
7.1
7.4
6.8
5.1
4.5
1972
5.2
5.3
5.4
5.6
5.7
5.9
6.0
6.1
6.2
6.4
6.6
6.9
7.2
7.6
8.0
8.2
8.1
7.7
7.5
7.6
7.8
8.4
8.0
5.8
1973
5.1
5.3
5.4
5.6
5.7
5.9
6.0
6.1
6.2
6.4
6.7
7.0
7.4
7.8
8.2
8.5
8.4
8.1
7.9
8.0
8.4
9.7
10.2
1974
4.9
5.0
5.2
5.3
5.5
5.6
5.8
5.9
6.0
6.2
6.4
6.7
7.1
7.5
8.0
8.3
8.1
7.6
7.3
7.3
7.5
9.3
1975
4.7
4.8
5.0
5.1
5.3
5.4
5.5
5.6
5.7
5.9
6.1
6.5
6.9
7.3
7.8
8.1
7.9
7.2
6.7
6.3
5.8
1977
1976
4.6
4.8
4.9
5.1
5.2
5.4
5.5
5.6
5.7
5.9
6.2
6.6
7.0
7.5
8.1
8.6
8.4
7.7
7.1
6.8
4.5
4.7
4.8
5.0
5.1
5.3
5.4
5.5
5.6
5.8
6.1
6.5
7.0
7.6
8.4
9.0
9.0
8.2
7.4
1978
4.4
4.5
4.6
4.8
5.0
5.1
5.3
5.3
5.4
5.6
5.9
6.4
7.0
7.7
8.7
9.6
9.8
9.0
1979
1980
4.1
4.2
4.4
4.5
4.7
4.8
4.9
5.0
5.1
5.2
5.5
6.0
6.6
7.3
8.5
9.9
10.7
3.7
3.8
3.9
4.1
4.2
4.3
4.4
4.4
4.4
4.5
4.7
5.1
5.6
6.2
7.5
9.2
1981
3.4
3.4
3.5
3.6
3.7
3.8
3.9
3.8
3.7
3.7
3.8
4.1
4.4
4.8
5.9
1982
3.2
3.3
3.3
3.4
3.5
3.6
3.6
3.5
3.4
3.3
3.3
3.5
3.7
3.8
1983
1984
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.3
3.2
3.1
3.4
3.5
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.2
3.1
2.9
3.2
1985
3.1
3.2
3.3
3.4
3.5
3.7
3.7
3.5
3.2
3.0
2.6
1986
3.1
3.3
3.4
3.5
3.7
3.9
3.9
3.7
3.5
3.4
1987
3.1
3.2
3.4
3.5
3.8
4.0
4.1
3.9
3.6
1988
3.1
3.2
3.3
3.5
3.8
4.1
4.4
4.2
1989
2.9
3.0
3.1
3.4
3.7
4.1
4.5
1990
2.6
2.7
2.8
3.0
3.2
3.7
1991
2.4
2.5
2.5
2.6
2.8
1992
2.3
2.4
2.3
2.5
1993
2.3
2.3
2.2
1994
2.3
2.4
1995
2.1
Table C.6.—Real Final Sales of Domestic Product
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
lermmai year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976 .
1975
1974
1973
1972
1971
2.7
2.7
2.8
2.8
2.8
2.8
3.0
3.1
3.1
3.0
3.0
3.0
2.9
2.7
2.6
3.0
3.1
3.4
3.4
3.2
3.0
2.8
3.3
4.5
4.1
2.7
1971
2.7
2.7
2.8
2.8
2.8
2.8
3.0
3.1
3.1
3.0
3.0
3.0
2.9
2.7
2.6
3.0
3.2
3.5
3.5
3.3
3.0
2.8
3.4
5.3
5.4
1972
2.6
2.6
2.6
2.6
2.7
2.7
2.9
2.9
2.9
2.9
2.9
2.8
2.7
2.5
2.3
2.7
2.9
3.2
3.2
2.8
2.4
1.9
2.5
5.3
1973
2.5
2.5
2.5
2.5
2.5
2.5
2.7
2.8
2.8
2.7
2.7
2.6
2.4
2.2
2.0
2.4
2.6
2.9
2.8
2.2
1.5
.3
-.3
1974
2.7
2.7
2.7
2.6
2.7
2.7
2.9
3.0
3.0
2.9
2.9
2.9
2.7
2.5
2.3
2.8
3.1
3.6
3.6
3.1
2.4
.9
1975
2.7
2.7
2.8
2.7
2.8
2.8
3.0
3.1
3.2
3.1
3.1
3.1
2.9
2.7
2.5
3.1
3.5
4.3
4.6
4.2
4.0
1976
2.7
2.7
2.7
2.7
2.7
2.7
3.0
3.1
3.1
3.0
3.0
3.0
2.8
2.5
2.3
2.9
3.4
4.3
4.8
4.4
1977
2.6
2.6
2.6
2.6
2.6
2.6
2.9
3.0
3.0
2.9
2.9
2.8
2.6
2.2
1.9
2.6
3.1
4.3
5.3
1978
2.4
2.4
2.4
2.4
2.4
2.4
2.7
2.8
2.7
2.6
2.6
2.5
2.1
1.5
1.0
1.7
2.0
3.4
1979
1980
2.4
2.4
2.4
2.3
2.3
2.3
2.6
2.7
2.7
2.5
2.5
2.3
1.9
1.1
.3
.8
.6
2.5
2.5
2.5
2.5
2.5
2.5
2.8
2.9
2.9
2.8
2.8
2.7
2.2
1.3
.1
1.1
1981
2.6
2.6
2.6
2.6
2.6
2.6
3.0
3.2
3.2
3.1
3.2
3.1
2.6
1.4
-.9
1982
2.8
2.9
2.9
2.9
3.0
3.0
3.5
3.8
3.9
3.9
4.2
4.4
4.3
3.7
1983
1984
2.6
2.6
2.6
2.6
2.6
2.7
3.2
3.6
3.7
3.6
4.1
4.6
2.8
2.8
2.8
2.8
2.9
2.9
3.5
3.8
4.0
3.9
4.4
4.8
5.0
1985
2.4
2.4
2.4
2.3
2.4
2.3
3.0
3.3
3.4
3.1
3.5
1986
2.3
2.3
2.3
2.2
2.2
2.1
2.8
3.2
3.4
2.6
1987
2.3
2.2
2.2
2.1
2.1
2.0
2.9
3.5
4.1
1988
2.1
2.0
1.9
1.7
1.6
1.3
2.3
3.0
1989
1.9
1.8
1.7
1.4
1.1
.4
1.6
1990
2.0
1.8
1.7
1.3
.9
-.7
1991
2.5
2.5
2.5
2.3
2.5
1992
2.5
2.5
2.5
2.1
1993
2.7
2.7
2.9
1994
2.6
2.4
1995
2.7
Table C.7.—Chain-Type Price Index for Final Sales of Domestic Product
[Average annual percent change]
Initial year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
5.1
5.2
5.3
5.4
5.6
5.7
5.8
59
6.0
6.1
6.3
6.5
6.8
7.0
7.2
7.3
7.1
6.8
6.6
6.5
6.5
6.7
60
5.0
4.7
5.2
1971
5.1
5.2
5.3
5.5
5.6
5.7
5.8
5.9
6.0
6.2
6.4
6.6
6.9
7.1
7.4
7.5
7.3
7.1
6.8
6.8
6.8
7.1
6.3
5.0
4.2
1972
5.1
5.2
5.4
5.5
5.7
5.8
5.9
6.0
6.1
6.3
6.5
6.8
7.1
7.4
7.7
7.9
7.7
7.5
7.3
7.3
7.5
8.0
7.3
5.7
1973
5.1
5.2
5.3
5.5
5.7
5.8
5.9
6.0
6.2
6.3
6.6
6.9
7.2
7.6
8.0
8.2
8.0
7.8
7.6
7.7
8.1
9.2
8.9
1974
4.9
5.0
5.2
5.3
5.5
5.6
5.7
5.8
6.0
6.1
6.4
6.7
7.1
7.4
7.8
8.0
7.8
7.5
7.3
7.3
7.7
9.5
1975
4.7
4.8
5.0
5.1
5.2
5.4
5.5
5.6
5.7
5.9
6.1
6.5
6.8
7.2
7.6
7.8
7.5
7.1
6.6
6.2
5.9
1976
4.6
4.8
4.9
5.1
5.2
5.4
5.5
5.6
5.7
5.9
6.1
6.5
6.9
7.4
7.9
8.2
7.9
7.5
6.9
6.5
1977
4.5
4.7
4.8
5.0
5.1
5.3
5.4
5.5
5.6
5.8
6.1
6.5
7.0
7.5
8.2
8.6
8.4
7.9
7.3
1978
4.4
4.5
4.7
4.8
5.0
5.1
5.2
5.3
5.4
5.6
5.9
6.4
6.9
7.6
8.4
9.1
8.9
86
1979
4.1
4.3
4.4
4.5
4.7
4.9
4.9
5.0
5.1
5.3
5.6
6.1
6.6
7.3
8.3
9.3
9.2
1980
3.8
4.0
4.1
4.2
4.3
4.5
4.5
45
4.6
4.7
5.0
5.5
5.9
6.7
7.9
9.4
1981
3.5
3.6
3.7
3.8
3.9
4.0
4.0
3.9
3.9
3.9
4.1
4.5
4.8
5.3
6.4
1982
3.3
3.4
3.4
3.5
3.6
3.7
3.7
3.6
3.5
3.5
3.6
3.9
4.0
4.3
1983
3.2
3.3
3.4
3.5
3.6
3.7
3.6
3.5
3.3
3.3
3.3
3.7
3.8
1984
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.2
3.1
3.1
3.5
1985
3.1
3.2
3.3
3.4
3.5
3.7
3.6
34
3.1
2.9
2.6
1986
3.2
3.3
3.4
3.5
3.7
3.9
3.8
37
3.4
3.1
1987
3.2
3.3
3.4
3.6
3.8
4.1
4.1
4.0
3.7
1988
3.1
3.2
3.4
3.6
3.8
4.2
4.3
42
1989
2.9
3.1
3.2
3.4
3.7
4.2
4.4
1990
2.7
2.8
2.9
3.1
3.4
3.9
1991
2.5
2.5
2.6
2.7
2.8
1992
2.4
2.5
2.5
2.6
1993
2.3
2.4
2.3
1994
2.3
2.5
1995
2.2
April 1997
SURVEY OF CURRENT BUSINESS
D-39
National Data
Table C.8.—Real Personal Consumption Expenditures
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980 ..
1979
1978
1977
1976
1975
1974
1973
1972
1971
3.0
3.0
3.0
3.0
3.0
3.0
3.2
3.3
3.3
3.3
3.3
3.3
3.2
3.0
2.9
3.0
3.2
3.6
3.8
3.7
3.6
3.2
3.4
4.8
4.8
3.7
1971
2.9
2.9
3.0
3.0
3.0
3.0
3.2
3.3
3.3
3.3
3.3
3.2
3.1
3.0
2.8
2.9
3.1
3.6
3.8
3.7
3.6
3.0
3.3
5.4
6.0
1972
2.8
2.8
2.8
2.8
2.8
2.8
3.0
3.1
3.2
3.1
3.1
3.0
2.9
2.7
2.5
2.6
2.8
3.2
3.4
3.2
3.0
2.1
2.0
4.8
1973
2.7
2.7
2.7
2.7
2.7
2.7
2.9
3.0
3.0
3.0
3.0
2.9
2.7
2.5
2.2
2.3
2.5
3.0
3.1
2.8
2.3
.7
-.7
1974
2.9
2.9
2.9
2.9
2.9
2.9
3.2
3.3
3.3
3.3
3.3
3.2
3.1
2.9
2.6
2.8
3.0
3.7
4.1
4.0
3.9
2.2
1975
2.9
2.9
3.0
3.0
3.0
3.0
3.2
3.3
3.4
3.4
3.4
3.3
3.2
2.9
2.6
2.9
3.2
4.1
4.7
4.9
5.6
1977
1976
2.8
2.8
2.8
2.8
2.8
2.8
3.0
3.2
3.2
3.2
3.2
3.1
2.9
2.6
2.1
2.3
2.6
3.6
4.3
4.3
2.7
2.7
2.7
2.7
2.7
2.7
3.0
3.1
3.1
3.1
3.1
2.9
2.7
2.3
1.7
1.9
2.1
3.3
4.3
1978
2.6
2.6
2.6
2.6
2.6
2.6
2.8
3.0
3.0
2.9
2.9
2.7
2.4
1.9
1.1
1.1
1.0
2.3
1979
1980
2.6
2.6
2.7
2.6
2.6
2.6
2.9
3.0
3.1
3.0
3.0
2.8
2.4
1.8
.7
.4
-.3
2.8
2.8
2.9
2.9
2.9
2.9
3.2
3.4
3.5
3.5
3.5
3.5
3.2
2.5
1.2
1.2
1981
2.9
3.0
3.0
3.0
3.0
3.0
3.4
3.7
3.9
3.9
4.0
4.0
3.8
3.1
1.2
1982
1984
1983
3.0
3.1
3.2
3.2
3.2
3.2
3.7
4.0
4.3
4.4
4.7
5.0
5.2
5.2
2.9
2.9
3.0
3.0
3.0
3.0
3.5
3.8
4.2
4.2
4.6
4.9
5.2
2.7
2.7
2.8
2.7
2.7
2.7
3.3
3.6
3.9
3.9
4.3
4.7
1985
2.5
2.5
2.5
2.5
2.4
2.4
3.0
3.3
3.7
3.5
4.0
1986
2.4
2.4
2.4
2.3
2.2
2.1
2.7
3.1
3.5
3.1
1987
2.3
2.3
2.3
2.1
2.0
1.8
2.6
3.1
3.9
1988
2.1
2.0
2.0
1.8
1.5
1.1
2.0
2.3
1989
2.1
2.0
1.9
1.6
1.3
.5
1.7
1990
2.1
2.1
2.0
1.6
1.1
-.6
1991
2.7
2.8
2.9
2.8
2.8
1992
2.7
2.8
3.0
2.8
1993
2.6
2.7
3.1
1994
2.4
2.3
1995
2.5
Table C.9.—Chain-Type Price Index for Personal Consumption Expenditures
[Average annual percent change]
Initial year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
5.2
5.3
5.4
5.6
5.7
5.8
5.9
60
6.0
6.1
6.3
6.5
6.7
6.9
7.1
73
7.1
6.7
6.4
6.3
6.2
6.3
5.9
4.5
40
4.5
1971
5.2
5.3
5.5
5.6
5.8
5.9
6.0
60
61
6.2
6.4
6.6
6.9
7.1
7.4
75
7.4
7.0
6.7
6.6
6.6
6.8
6.3
4.5
35
1972
53
5.4
5.6
5.7
5.9
6.0
6.1
62
63
6.4
6.6
6.9
7.2
7.5
7.8
80
7.9
7.5
7.2
7.2
7.3
7.9
7.7
5.4
1973
53
5.4
5.6
5.7
5.9
6.1
6.2
62
63
6.5
6.7
7.0
7.3
7.7
8.0
83
8.2
7.8
7.6
7.6
8.0
9.1
1974
51
5.2
5.4
5.5
5.7
5.8
5.9
60
61
6.2
6.4
67
7.0
7.4
7.8
81
7.9
73
6.9
6.8
6.9
8.1
1975
49
5.1
5.2
54
5.5
5.7
58
58
59
6.0
6.2
66
6.9
7.3
7.7
81
7.9
71
6.5
6.2
5.7
1977
1976
48
49
5.1
53
5.4
5.6
57
58
58
6.0
6.3
67
7.1
7.7
84
90
9.0
81
7.3
49
5.0
5.2
53
5.5
5.7
58
58
59
6.1
6.3
67
7.1
7.6
8.1
85
8.4
76
6.9
6.6
1978
47
4.8
5.0
5.1
5.3
5.5
5.6
56
57
5.9
6.1
6.6
7.1
7.8
8.6
96
9.9
90
1979
44
4.6
4.7
4.9
5.0
5.2
5.3
53
53
5.5
5.7
6.2
6.7
7.5
8.5
99
1980
40
4.1
4.3
4.4
4.6
4.7
4.7
47
47
4.8
4.9
5.3
5.7
6.4
7.3
89
1981
37
3.8
3.9
4.1
4.2
4.3
4.3
42
41
4.1
4.1
4.4
4.7
5.2
5.8
1982
1983
36
3.7
3.8
3.9
4.0
4.1
4.1
40
38
3.7
3.7
4.0
4.2
4.5
35
3.6
3.7
3.8
4.0
4.1
40
39
37
3.5
3.4
37
3.8
1984
35
3.6
3.7
38
4.0
4.1
41
39
36
3.4
3.3
37
1985
34
3.6
3.7
39
4.0
4.2
41
39
36
33
2.8
1986
35
3.6
3.8
40
4.2
4.4
45
43
40
3.8
1987
35
3.6
3.8
40
4.3
4.6
47
45
42
1988
34
3.5
3.7
40
4.4
4.7
50
49
1989
32
3.3
3.5
3.8
4.2
4.6
5.1
1990
29
3.0
3.1
3.4
3.7
4.2
1991
26
2.7
2.8
3.0
3.3
1992
2.4
2.5
2.5
2.6
1993
2.3
2.4
2.4
1994
2.3
2.4
1995
2.2
10.9
10.1
Table C. 10.—Real Personal Consumption Expenditures, Durable Goods
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982 .
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
4.7
4.6
4.7
4.6
4.5
4.4
5.0
5.3
5.4
5.4
5.6
5.4
5.1
44
3.6
3.9
4.2
5.7
6.5
6.6
6.2
4.9
6.2
11.0
11.3
10.0
1971
4.5
4.4
4.5
4.3
4.2
4.1
4.7
5.0
5.2
5.1
5.3
5.1
4.7
39
3.0
3.3
3.6
5.1
6.0
6.1
5.5
3.7
5.0
11.5
12.7
1972
4.1
4.1
4.1
4.0
3.8
3.7
4.3
4.6
4.7
4.6
4.8
4.5
4.1
32
2.1
2.4
2.5
4.1
4.9
4.8
3.7
.9
1.4
10.3
1973
3.9
3.8
3.8
3.7
3.5
3.3
3.9
4.2
4.3
4.2
4.4
4.0
3.5
25
1.2
1.4
1.4
3.1
3.8
3.5
1.6
-3.5
-6.9
1974
4.4
4.3
4.4
4.2
4.1
4.0
4.7
5.0
5.2
5.1
5.4
5.1
4.6
36
2.3
2.6
2.9
5.2
6.7
7.2
6.2
0
1975
4.6
4.6
4.6
4.5
43
4.2
50
5.4
5.6
5.5
5.9
5.6
5.2
41
2.6
3.1
3.5
6.6
9.1
11.0
12.8
1976
4.2
4.1
4.2
4.0
3.8
3.7
44
4.8
5.0
4.9
5.3
4.9
4.3
29
1.0
1.3
1.3
4.6
7.2
9.3
1977
39
3.9
3.9
3.7
35
3.3
41
4.5
4.6
4.5
4.8
4.3
3.6
18
-.5
-.6
-1.2
2.3
5.3
1978
39
3.8
3.8
3.6
33
3.1
40
4.4
4.6
4.4
4.8
4.2
3.3
12
-1.9
-2.5
-4.3
-.5
1979
4.1
4.0
4.1
3.9
3.6
3.5
4.4
4.9
5.2
5.0
5.5
5.0
4.1
16
-2.4
-3.6
-8.0
1980
4.9
4.9
5.0
4.9
4.7
4.6
5.7
6.5
6.9
7.0
8.0
7.8
7.3
50
.5
1.2
1981
5.2
5.2
5.3
5.2
5.0
4.9
6.3
7.1
7.8
8.1
9.4
9.5
9.5
70
-.1
1982
5.6
5.6
5.8
5.7
5.5
5.5
7.1
8.2
9.2
9.8
11.9
13.0
14.6
147
1983
4.9
4.9
5.0
4.8
4.5
4.4
60
7.2
8.1
8.6
11.1
12.1
14.5
1984
4.2
4.0
4.1
3.8
34
3.0
47
5.8
6.6
6.7
9.4
9.7
1985
37
3.5
3.5
3.1
25
2.0
37
4.8
5.5
5.2
9.0
1986
31
2.9
2.9
2.3
14
.6
24
3.4
3.8
1.5
1987
33
3.1
3.1
2.4
14
.4
27
4.4
6.3
1988
30
2.6
2.5
1.6
3
-1.5
10
2.6
1989
30
2.6
2.5
1.4
-5
-3.5
-6
1990
3.6
3.3
3.3
2.0
-.5
-6.4
1991
5.8
5.8
6.8
6.5
58
1992
5.8
5.9
7.3
7.3
1993
5.3
5.2
7.2
1994
4.3
3.2
1995
5.4
D-40 • National Data
April 1997
SURVEY OF CURRENT BUSINESS
Table C. 11.—Real Personal Consumption Expenditures, Nondurable Goods
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
2.0
2.0
2.0
2.0
2.0
2.0
2.2
2.2
2.2
2.2
2.2
2.1
2.1
2.0
1.9
2.1
2.2
2.5
2.5
2.3
2.3
1.8
1.9
3.2
3.1
1.8
1971
2.0
2.0
2.0
2.0
2.0
2.0
2.2
2.2
2.2
2.2
2.2
2.2
2.1
2.0
1.9
2.1
2.2
2.5
2.6
2.4
2.4
1.8
1.9
3.8
4.4
1972
1.9
1.9
1.9
1.9
1.9
1.9
2.1
2.1
2.1
2.1
2.1
2.0
2.0
1.8
1.7
1.8
1.9
2.3
2.3
2.0
1.9
.9
.6
3.3
1973
1.9
1.9
1.9
1.8
1.8
1.8
2.0
2.0
2.0
2.0
2.0
1.9
1.8
1.7
1.5
1.6
1.8
2.1
2.1
1.7
1.5
-.2
-2.0
1974
2.0
2.1
2.1
2.0
2.0
2.0
2.2
2.3
2.3
2.3
2.3
2.2
2.2
2.1
2.0
2.2
2.4
3.0
3.1
3.0
3.2
1.5
1975
2.1
2.1
2.1
2.0
2.0
2.1
2.3
2.4
2.4
2.3
2.4
2.3
2.3
2.2
2.0
2.3
2.6
3.3
3.7
3.8
5.0
1977
1976
1.9
1.9
1.9
1.8
1.8
1.8
2.1
2.1
2.1
2.1
2.1
1.9
1.9
1.6
1.4
1.5
1.8
2.9
3.5
1.9
2.0
1.9
1.9
1.9
1.9
2.1
2.2
2.2
2.1
2.1
2.0
2.0
1.8
1.6
1.8
2.0
2.8
3.0
2.6
1978
1.8
1.8
1.8
1.7
1.7
1.7
1.9
2.0
2.0
1.9
1.9
1.7
1.6
1.2
.8
.9
.9
2.3
1979
1.8
1.8
1.8
1.7
1.6
1.7
1.9
2.0
2.0
1.9
1.8
1.6
1.5
1.0
.3
.2
-.4
1980
1.9
1.9
1.9
1.8
1.8
1.8
2.1
2.3
2.3
2.2
2.2
2.0
2.0
1.5
.7
.9
1981
2.0
2.0
2.0
1.9
1.9
1.9
2.3
2.4
2.5
2.4
2.5
2.3
2.3
1.8
.6
1982
2.1
2.1
2.1
2.0
2.0
2.1
2.5
2.7
2.8
2.8
3.0
2.9
3.2
2.9
1983
2.0
2.1
2.0
1.9
1.9
2.0
2.4
2.7
2.8
2.7
3.0
2.9
3.5
1984
1.9
1.9
1.9
1.8
1.7
1.8
2.2
2.5
2.6
2.5
2.7
2.3
1985
1.9
1.9
1.9
1.7
1.7
1.7
2.2
2.6
2.6
2.6
3.2
1986
1.7
1.8
1.7
1.5
1.4
1.4
2.0
2.3
2.4
1.9
1987
1.7
1.7
1.7
1.4
1.3
1.3
2.0
2.6
2.8
1988
1.6
1.6
1.5
1.1
.9
.7
1.6
2.3
1989
1.4
1.5
1.3
.9
.5
0
1.0
1990
1.5
1.6
1.4
.8
.2
-1.0
1991
2.0
2.2
2.2
1.7
1.5
1992
2.2
2.5
2.6
2.0
1993
2.2
2.7
3.1
1994
1.8
2.3
1995
1.4
Table C.12—Real Personal Consumption Expenditures, Services
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
lemmiai year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
3.2
3.3
3.3
3.4
3.4
3.4
3.5
3.6
3.7
3.7
3.6
3.6
3.5
3.5
3.4
3.6
3.8
4.0
4.1
4.0
3.9
3.9
4.0
4.5
4.5
3.7
1971
3.2
3.2
3.3
3.3
3.4
3.4
3.5
3.6
3.7
3.7
3.6
3.6
3.5
3.5
3.4
3.5
3.8
4.0
4.1
4.0
4.0
3.9
4.1
4.9
5.4
1972
3.1
3.2
3.2
3.2
3.3
3.3
3.4
3.5
3.6
3.5
3.5
3.5
3.4
3.3
3.2
3.3
3.6
3.8
3.9
3.8
3.6
3.5
3.5
4.5
1973
3.1
3.1
3.1
3.2
3.2
3.2
3.4
3.4
3.5
3.5
3.4
3.4
3.3
3.2
3.0
3.2
3.4
3.7
3.8
3.6
3.4
2.9
2.4
1974
3.1
3.1
3.2
3.2
3.3
3.3
3.4
3.5
3.6
3.6
3.5
3.5
3.4
3.3
3.1
3.3
3.6
3.9
4.1
4.0
3.8
3.5
1975
3.1
3.1
3.2
3.2
3.3
3.3
3.4
3.5
3.6
3.6
3.5
3.5
3.4
3.3
3.1
3.3
3.6
4.1
4.4
4.2
4.2
1977
1976
3.0
3.0
3.1
3.1
3.2
3.2
3.4
3.4
3.5
3.5
3.4
3.5
3.3
3.1
2.9
3.1
3.5
4.0
4.4
4.2
3.0
3.0
3.0
3.1
3.1
3.1
3.3
3.4
3.5
3.4
3.3
3.4
3.1
3.0
2.6
2.8
3.2
3.9
4.7
1978
2.9
2.9
2.9
3.0
3.0
3.0
3.2
3.3
3.4
3.3
3.2
3.2
2.9
2.6
2.1
2.2
2.5
3.2
1979
2.8
2.9
2.9
3.0
3.0
3.0
3.2
3.3
3.4
3.3
3.2
3.2
2.8
2.5
1.8
1.7
1.9
1980
2.9
2.9
3.0
3.0
3.1
3.1
3.3
3.4
3.6
3.5
3.4
3.4
3.0
2.7
1.7
1.5
1981
3.0
3.0
3.1
3.2
3.2
3.3
3.5
3.7
3.9
3.8
3.8
3.9
3.5
3.3
1.9
1982
3.1
3.1
3.2
3.3
3.4
3.4
3.8
3.9
4.2
4.2
4.3
4.6
4.4
4.7
1983
2.9
3.0
3.1
3.2
3.2
3.3
3.6
3.8
4.1
4.1
4.1
4.5
4.1
1984
2.9
2.9
3.0
3.0
3.1
3.2
3.5
3.7
4.1
4.1
4.1
5.0
1985
2.7
2.7
2.7
2.8
2.9
2.9
3.3
3.4
3.8
3.7
3.2
1986
2.6
2.6
2.7
2.7
2.8
2.8
3.3
3.5
4.1
4.2
1987
2.4
2.4
2.5
2.5
2.5
2.4
3.0
3.1
4.0
1988
2.2
2.2
2.2
2.2
2.2
1.9
2.4
2.3
1989
2.2
2.2
2.2
2.2
2.1
1.7
2.6
1990
2.2
2.1
2.1
2.0
1.9
.8
1991
2.4
2.4
2.5
2.7
2.9
1992
2.3
2.3
2.3
2.4
1993
2.3
2.2
2.2
1994
2.3
2.2
1995
2.4
Table C.13.—Real Gross Private Domestic Investment
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980 .
1979
1978
1977
1976
1975
1974
1973
1972
1971
3.6
3.6
3.6
3.2
2.9
2.7
3.4
3.9
3.8
4.0
4.2
4.6
5.0
3.4
2.9
4.6
4.1
5.9
6.3
5.9
4.2
1.0
6.7
11.6
11.6
11.4
1971
3.3
3.3
3.3
2.8
2.5
2.3
3.0
3.5
3.4
3.6
3.8
4.2
4.5
2.8
2.1
4.0
3.3
5.3
5.6
5.0
2.8
-1.5
5.2
11.7
11.7
1972
1973
1974
3.0
3.1
2.6
2.9
2.5
3.0
2.9
2.5
3.0
2.4
1.9
2.4
2.1
1.6
2.1
1.8
1.3
1.8
2.5
2.0
2.6
3.0
2.5
3.1
2.9
2.3
3.0
3.1
2.5
3.2
3.2
3.4
2.6
3.6
3.0
3.9
4.0
3.3
4.3
2.0
1.0
1.9
.1
1.2
10
3.1
3.4
2.1
2.3
1.0
2.4
4.4
3.2
5.3
4.7
3.3
5.9
3.7
18
48
.7 -2.8
-.7
-5.5 -13.1 -19.1
2.1 -6.7
11.8
1975
4.3
4.2
4.3
3.8
3.5
3.3
4.2
4.9
5.0
5.3
5.7
6.5
7.3
4.9
4.3
7.8
7.3
12.5
15.9
193
21.8
1976
3.4
3.4
3.4
2.8
2.5
2.1
3.1
3.7
3.7
3.9
4.3
5.0
5.6
2.7
1.6
5.1
3.9
9.5
13.1
169
1977
2.8
2.7
2.7
2.0
1.6
1.2
2.1
2.7
2.5
2.7
2.9
3.6
4.1
.5
-1 2
2.4
0
6.0
9.4
1978
1979
2.4
2.4
2.3
2.3
2.2
2.3
1.4
1.5
.9
1.0
.4
.6
1.4
1.5
2.1
2.0
1.9
1.8
2.0
1.9
2.2
2.1
2.7
2.8
3.4
3.3
-1.1 -2.1
-3.7 -5.7
.2 -1.1
-4.5 -11.1
2.7
1980
1981
3.3
2.9
3.2
2.8
3.2
2.7
2.4
1.8
2.0
1.2
.7
1.5
2.7
1.9
3.6
2.8
3.5
2.6
3.9
2.9
3.4
4.5
5.8
4.7
7.3
6.4
1.1 -3.1
-2.9 -14.4
10.1
1982
4.2
4.2
4.3
3.4
3.0
2.5
4.1
5.6
5.8
6.8
8.4
12.0
18.7
9.7
1983
3.8
3.8
3.8
2.8
2.2
1.6
3.4
4.9
5.0
6.1
7.9
13.1
28.4
1984
2.0
1.8
1.7
.3
-.6
-1.7
-.3
.7
-.2
-.4
-1.1
-.3
1985
2.2
2.0
1.9
.4
-.7
-1.9
-.3
1.0
-.1
-.5
-1.9
1986
2.6
2.4
2.3
.7
-.5
-1.9
.1
1.9
.8
.8
1987
2.9
2.6
2.6
.7
-.7
-2.6
-.1
2.5
.7
1988
3.1
2.9
2.9
.7
-1.1
-3.7
-.5
4.3
1989
3.0
2.7
2.6
-.1
-2.8
-7.5
-5.2
1990
4.4
4.3
4.6
1.6
-1.7
-9.7
1991
7.5
8.2
9.9
7.8
7.1
1992
7.5
8.5
11.3
8.5
1993
7.2
8.6
14.3
1994
3.9
3.1
1995
4.6
National Data • D-41
SURVEY OF CURRENT BUSINESS
April 1997
Table C. 14.—Real Gross Private Domestic Fixed Investment
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
3.4
3.3
3.2
2.9
2.7
2.6
3.2
3.5
3.6
3.7
4.0
4.2
4.1
3.2
2.9
3.9
4.1
5.4
5.5
4.6
3.1
1.7
5.2
9.5
9.7
7.6
1971
3.3
3.1
3.0
2.7
2.5
2.4
2.9
3.3
3.4
3.4
3.7
3.9
3.9
2.9
2.5
3.6
3.8
5.2
5.2
4.2
2.2
.3
4.5
10.5
11.9
1972
2.9
2.8
2.6
2.3
2.1
1.9
2.5
2.8
2.9
2.9
3.2
3.4
3.2
2.1
1.6
2.7
2.8
4.2
4.1
2.7
-.1
-3.3
1.0
9.1
1973
1974
2.7
3.1
2.5
2.9
2.3
2.8
2.4
2.0
2.2
1.7
1.5
2.0
2.1
2.7
2.4
3.0
2.5
3.1
2.5
3.2
2.7
3.5
2.9
3.8
2.7
3.7
2.4
1.4
.8
1.8
3.2
1.9
3.4
1.9
3.5
5.6
3.1
5.7
3.8
1.1
-3.0 -1.2
-8.9 -11.2
-6.6
1975
3.9
3.7
3.6
3.2
3.0
2.9
3.6
4.1
4.3
4.5
5.0
5.4
5.5
4.2
3.8
5.8
6.6
10.2
11.9
12.3
9.9
1976
1977
3.6
3.4
3.3
2.9
2.6
2.4
3.2
3.7
3.9
4.0
4.5
4.9
5.0
3.4
2.8
5.0
5.8
10.4
13.0
14.7
3.0
2.8
2.6
2.2
1.9
1.6
2.4
2.9
3.0
3.0
3.4
3.8
3.6
1.6
.6
2.7
3.0
8.2
11.3
1978
2.6
2.3
2.1
1.6
1.2
.9
1.7
2.1
2.2
2.1
2.5
2.8
2.4
-.2
-2.0
0
-.9
5.3
1979
2.4
2.1
1.9
1.3
.9
.5
1.3
1.8
1.8
1.8
2.1
2.3
1.9
-1.5
-4.3
-2.5
-6.8
1980
3.0
2.8
2.5
2.0
1.6
1.2
2.2
2.8
3.0
3.0
3.7
4.3
4.1
.3
-3.0
1.9
1981
3.1
2.8
2.6
2.0
1.6
1.2
2.2
2.9
,3.1
3.2
4.0
4.9
4.9
-.5
-7.6
1982
3.9
3.7
3.5
2.9
2.5
2.2
3.5
4.5
5.0
5.5
7.2
9.4
11.8
7.2
1983
3.6
3.4
3.2
2.5
2.0
1.6
3.0
4.1
4.6
5.1
7.2
10.5
16.5
1984
2.6
2.3
1.9
1.0
.3
-.4
.9
1.8
1.8
1.6
2.8
4.8
1985
2.4
2.0
1.6
.6
-.3
-1.2
.2
1.0
.8
0
.7
1986
2.6
2.2
1.7
.5
-.5
-1.6
0
1.1
.8
-.7
1987
3.0
2.5
2.0
.8
-.4
-1.9
.3
2.0
2.4
1988
3.1
2.5
2.0
.4
-1.1
-3.2
-.8
1.7
1989
3.3
2.7
2.1
.1
-2.0
-5.6
-3.1
1990
4.4
3.9
3.4
1.2
-1.4
-8.0
1991
7.1
7.1
7.5
6.2
5.7
1992
7.4
7.6
8.4
6.8
1993
7.6
8.0
10.1
1994
6.4
6.0
1995
6.8
Table C, 15—Real Gross Private Domestic Fixed Investment, Nonresidential
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
3.9
3.8
3.5
3.3
3.1
3.2
3.7
3.9
3.9
3.9
4.2
4.8
4.7
3.8
4.2
5.0
5.0
5.6
5.1
4.0
2.7
2.3
58
7.6
4.3
-.1
1971
4.1
3.9
3.7
3.4
3.3
3.4
3.9
4.2
4.2
4.2
4.5
5.1
5.0
4.1
4.6
5.6
5.6
6.4
5.9
4.7
3.3
3.0
79
11.7
9.0
1972
3.9
3.7
3.5
3.2
3.0
3.1
3.6
3.9
3.9
3.9
4.2
4.8
4.7
3.6
4.2
5.2
5.2
6.0
5.4
3.9
2.0
1.0
73
14.6
1973
1974
3.4
3.6
3.4
3.3
3.0
3.1
2.8
2.6
2.4
2.6
2.5
2.6
3.2
3.0
3.4
3.3
3.2
3.4
3.1
3.3
3.7
3.5
4.1
4.4
4.2
3.9
2.9
2.6
3.1
3.4
4.1
4.6
4.5
3.9
4.7
5.5
3.7
4.5
1.3
1.6
-1.9 -3.1
-5.1 -10.5
5
1975
4.3
4.1
3.9
3.5
3.4
3.5
4.2
4.5
4.6
4.6
5.1
6.0
6.0
4.6
5.6
7.4
7.8
9.9
10.0
8.2
4.8
1977
1976
4.3
4.1
3.8
3.5
3.3
3.4
4.1
4.5
4.5
4.5
5.1
6.1
6.1
4.6
5.7
7.9
8.5
11.7
12.7
11.8
3.9
3.7
3.4
3.0
2.7
2.8
3.6
3.9
3.9
3.8
4.4
5.4
5.3
3.5
4.5
6.9
7.4
11.6
13.7
1978
3.4
3.1
2.7
2.3
2.0
2.0
2.7
3.1
3.0
2.8
3.3
4.3
4.0
1.6
2.4
4.7
4.5
9.6
1979
3.0
2.7
2.3
1.8
1.4
1.4
2.1
2.4
2.2
2.0
2.4
3.5
2.9
-.4
.1
2.4
-.5
1980
3.2
3.0
2.5
2.0
1.6
1.6
2.4
2.8
2.6
2.3
2.9
4.3
3.8
-.3
.3
5.3
1981
3.1
2.8
2.3
1.7
1.3
1.2
2.1
2.4
2.2
1.9
2.5
4.0
3.3
-3.1
-4.4
1982
3.6
3.4
2.9
2.3
1.9
1.9
2.9
3.5
3.4
3.2
4.3
7.0
7.4
-1.7
1983
4.1
3.8
3.3
2.7
2.3
2.3
3.6
4.3
4.4
4.4
6.3
11.6
17.3
1984
3.0
2.7
2.0
1.2
.5
.3
1.5
1.9
1.4
.4
1.2
6.2
1985
2.8
2.3
1.5
.5
-.3
-.6
.6
.9
-1
-2.3
-3.5
1986
3.4
3.0
2.2
1.1
.3
0
1.6
2.4
1.6
-1.1
1987
3.9
3.5
2.7
1.5
.6
.2
2.6
4.2
4.4
1988
3.9
3.4
2.4
1.0
-.4
-1.1
1.7
4.0
1989
3.8
3.3
2.1
.2
-1.8
-3.6
-.6
1990
4.6
4.1
2.7
.5
-2.4
-6.4
1991
7.0
6.9
6.0
4.1
1.9
1992
8.3
8.6
8.1
6.4
1993
8.9
9.7
9.8
1994
8.4
9.5
1995
7.4
Table C.16.—Real Gross Private Domestic Fixed Investment, Nonresidential Structures
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
leiimiiai yeai
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
.
... .
.. . .
.
1.1
1.0
.7
.7
.8
1.2
1.8
1.9
1.8
1.9
2.3
3.2
2.9
2.1
3.2
3.7
3.2
2.9
1.7
.5
-.3
-.8
1.8
3.1
.7
-1.6
1971
1.2
1.1
.8
.8
.9
1.3
2.0
2.1
2.0
2.1
2.5
3.6
3.3
2.4
3.7
4.2
3.8
3.4
2.2
.8
0
-.6
3.0
5.6
3.1
1972
1.2
1.0
.7
.7
.8
1.2
1.9
2.0
2.0
2.1
2.5
3.6
3.3
2.4
3.7
4.3
3.9
3.5
2.1
.4
-.7
-1.8
2.9
8.2
1973
1974
0.9
1.0
.7
.8
.4
.5
.3
.5
.4
.6
.9
1.0
1.6
1.8
1.6
1.9
1.6
1.9
1.7
2.0
2.1
2.4
3.2
3.7
3.4
2.9
1.8
2.2
3.2
3.9
4.7
3.9
4.2
3.3
2.7
3.7
.9
1.6
-1.5 -1.3
-3.5 -4.2
-6.4 -10.5
-2.1
1975
1.6
1.4
1.1
1.1
1.3
1.8
2.7
2.8
2.9
3.1
3.7
5.3
5.0
4.0
6.2
7.5
7.4
7.6
6.0
3.7
2.5
1976
1.6
1.4
1.1
1.0
1.2
1.8
2.7
2.9
2.9
3.1
3.8
5.6
5.4
4.2
6.8
8.6
8.7
9.4
7.8
4.9
1977
1.4
1.2
.8
.8
1.0
1.6
2.6
2.7
2.7
3.0
3.7
5.7
5.4
4.0
7.2
9.5
10.0
11.7
10.9
1978
0.9
.6
.2
.2
.3
.9
1.9
2.0
1.9
2.1
2.9
5.0
4.6
2.7
6.3
9.0
9.6
12.6
1979
0.2
-.1
-.5
-.7
-.6
-.1
1.0
1.0
.8
.9
1.5
3.7
3.0
.4
4.3
7.3
6.7
1980
-0.2
-.5
-1.0
-1.2
-1.2
-.6
.4
.3
.1
.1
.7
3.2
2.1
-1.6
3.1
7.9
1981
1982
-0.7 -0.6
-1.1 -1.0
-1.7 -1.7
-1.9 -2.0
-20 -20
-l!5 -1^5
-.4
-.2
-.6
-.4
-.9
-.9
-1.2 -1.1
-.7
-.5
2.0
3.2
.3
1.2
-6.0 -10.4
-1.5
1983
02
-.2
-.9
-1.1
-1 0
-3
1.3
1.3
1.2
1.3
3.1
10.7
14.3
1984
1985
-0.9 -1 6
-1.4 -2.3
-2.3 -3.3
-2.7 -3.9
-28 -42
-2.2 -37
-.7 -2.2
-1.1 -3.1
-1.9 -4.7
-2.6 -7.3
-2.1 -10.8
7.3
1986
-07
-1.3
-2.3
-2.8
-30
-2.2
0
-.3
-1.6
-3.6
1987
-03
-1.0
-2.1
-2.7
-29
-i!g
1.3
1.3
.5
1988
-04
-1.2
-2.5
-3.3
-37
-27
1.6
2.2
1989
-08
-1.7
-3.4
-4.7
-56
-s!o
1.1
1990
-1.1
-2.3
-4.5
-6.5
-88
-107
1991
0.9
-.1
-2.4
-4.3
-6.8
1992
2.9
2.3
-.1
-1.7
1993
4.5
4.4
1.5
1994
61
7.3
1995
4.9
D-42
SURVEY OF CURRENT BUSINESS
• National Data
April 1997
Table C. 17.—Real Gross Private Domestic Fixed Investment, Nonresidential Producers' Durable Equipment
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
1996 ...
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
5.3
52
5.0
4.7
4.4
4.4
4.8
5.1
5.2
5.1
5.4
5.7
5.7
4.7
4.7
5.8
6.0
7.3
7.1
6.1
4.5
4.2
8.3
10.4
6.6
.8
1971
5.5
5.4
5.2
4.9
4.6
4.5
5.0
5.4
5.4
5.4
5.7
6.0
6.1
5.1
5.1
6.3
6.6
8.1
8.1
7.0
5.3
5.1
10.9
15.6
12.7
1972
5.2
51
4.9
4.5
4.2
4.1
4.6
5.0
5.0
4.9
5.2
5.5
5.5
4.4
4.4
5.6
5.9
7.4
7.3
5.9
3.5
2.7
10.0
18.5
1973
1974
4.7
4.8
45
4.7
4.4
4.3
3.8
3.9
3.5
3.6
3.4
3.5
3.8
4.0
4.2
4.3
4.1
4.3
4.0
4.1
4.4
4.3
4.5
4.8
4.4
4.7
3.1
3.2
2.9
3.0
4.1
4.4
4.2
4.6
5.7
6.4
5.2
6.0
2.9
3.2
-1.0 -2.5
-4.4 -10.5
2.1
1975
5.6
55
5.2
4.8
4.5
4.4
5.0
5.5
5.5
5.4
5.9
6.4
6.5
5.0
5.1
7.1
7.8
11.1
12.2
10.8
6.1
1976
1977
5.6
54
5.2
4.7
4.4
4.3
4.9
5.4
5.5
5.4
5.9
6.4
6.6
4.9
4.9
7.3
8.3
12.9
15.3
15.6
5.1
49
4.6
4.1
3.7
3.5
4.1
4.6
4.6
4.4
4.9
5.4
5.3
3.2
2.9
5.4
5.9
11.5
15.1
1978
4.6
43
4.0
3.4
2.9
2.7
3.3
3.7
3.6
3.3
3.7
4.0
3.8
1.0
.1
2.3
1.6
8.1
1979
4.3
41
3.7
3.1
2.5
2.2
2.8
3.3
3.1
2.7
3.0
3.4
3.0
-.7
-2.5
-.5
-4.4
1980
4.9
47
4.3
3.7
3.1
2.9
3.6
4.2
4.1
3.7
4.3
5.0
4.9
.5
-1.5
3.7
1981
5.0
4.8
4.4
3.6
3.1
2.8
3.6
4.2
4.1
3.7
4.5
5.3
5.3
-1.0
-6.4
1982
5.9
57
5.3
4.6
4.1
3.9
4.9
5.9
6.0
5.9
7.4
9.6
11.7
4.6
1983
6.0
5.8
5.4
4.6
4.0
3.8
4.9
6.1
6.3
6.2
8.3
12.1
19.2
1984
4.9
4.6
4.1
3.1
2.3
1.7
2.7
3.6
3.3
2.2
3.2
5.5
1985
4.9
46
3.9
2.8
1.8
1.1
2.2
3.1
2.5
.6
1.0
1986
5.3
50
4.3
3.1
2.0
1.1
2.5
3.9
3.3
.3
1987
5.9
56
4.9
3.5
2.3
1.4
3.3
5.7
6.4
1988
5.8
5.4
4.6
3.0
1.3
-.3
1.7
5.0
1989
5.9
5.5
4.5
2.5
.1
-2.8
-1.5
1990
7.2
7.0
6.1
3.8
.9
-4.1
1991
9.6
9.9
9.8
8.1
6.2
1992
1993
1994
1995
10.5
11.2
11.6
10.0
10.6
11.8
13.2
9.3
10.4
8.3
1992
1993
1994
1995
Table C.18.—Real Gross Private Domestic Fixed Investment, Residential
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
minimal yeai
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
2.4
2.3
2.5
2.1
1.9
1.2
2.0
2.6
3.0
3.3
3.5
2.9
3.0
2.2
-.5
1.3
2.2
5.2
6.4
6.4
4.1
.6
4.3
14.2
22.5
27.4
1971
1972
1973
1974
0.9
1.0
2.1
1.5
1.4
.7
.8
1.9
2.1
1.5
.8
.9
.4
.4
1.1
1.7
.1
0
1.4
.8
.1
-.8
-.8
.5
-.1
1.4
.8
0
1.4
.5
.6
2.2
1.7
.8
.9
2.6
1.1
1.9
.9
3.0
1.1
3.2
2.0
1.0
1.4
.2
.3
2.4
.1
1.4
.2
2.5
.3 -1.1 -1.2
1.3
-2.7 -4.6 -5.0 -2.8
-.4
-1.0 -2.9 -3.2
-.2 -2.3 -2.5
.9
2.8
.8
1.0
6.0
3.7
2.0
1.5
8.6
3.2
.5
.8
9.2
3.7
0
^.0 -5.2
-5.2 -11.8 -16.9 -13.0
-2.4 -11.2 -20.6
8.2
-.6
17.8
1975
2.8
2.7
3.0
2.6
2.3
1.5
2.4
3.3
3.9
4.4
4.8
4.1
4.4
3.2
-1.3
1.8
3.9
11.4
16.9
22.4
23.6
1976
1977
1978
1979
1980
1981
0.7
0.9
1.0
2.5
3.3
.7
.7
.4
3.1
2.3
.9
2.7
.9
.6
3.5
-.1
.2
2.1
2.9
.3
-.1
-.3
2.5
-.6
1.6
.4
1.2
-1.2 -1.8 -1.6
1.7
-.6
2.9
-.3
-.9
-.1
.3
3.0
4.5
.5
5.7
.3
.8
3.9
.9
1.1
1.1
7.0
.6
4.8
1.2
8.5
.6
5.5
1.3
-.9
-.5
4.3
7.6
0
-.2 -1.3
-.8
9.8
5.0
7.4
-2.5 -4.2 -4.3
2.0
-9.4 -13.0 -16.0 -13.3 -18.2
-7.1 -11.3 -14.8 -8.0
-6.8 -12.8 -21.1
1.3 -3.7
6.6
1.9
1.7
2.0
1.5
1.1
.1
1.1
1.9
2.4
2.8
3.1
2.1
2.2
.6
-4.9
-2.0
-.5
7.6
13.7
21.2
1982
5.0
5.0
5.6
5.1
4.9
3.7
5.8
8.2
10.3
13.0
16.4
17.9
27.1
41.1
1983
2.6
2.4
2.8
2.1
1.5
-.3
1.6
3.5
5.0
6.9
9.2
7.8
14.6
1984
1.7
1.4
1.7
.8
0
-2.2
-.4
1.4
2.8
4.4
6.5
1.4
1985
1.7
1.4
1.8
.7
-.2
-2.8
-.8
1.5
3.2
5.9
12.0
1986
0.7
.2
.6
-.8
-2.2
-5.5
-3.7
-1.8
-.9
.2
1987
0.8
.2
.6
-1.0
-2.6
-6.9
-5.0
-2.8
-2.0
1988
1989
1990
1.2
1.9
3.9
.6
1.3
3.6
1.1
2.0
5.1
-.1
3.2
-.8
1.1
-2.8 -2.5
-8.5 -10.8 -12.3
-6.5 -9.3
-3.7
1991
7.4
8.0
11.6
12.0
16.6
5.2
5.2
9.2
7.6
4.5
4.1
10.8
1.4
-2.3
5.3
Table C.19—Real Exports of Goods and Services
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
6.6
6.6
6.5
64
6.6
6.6
6.6
6.5
6.2
5.6
5.3
52
5.4
5.1
5.8
7-.1
7.7
7.3
7.1
6.6
7.3
7.6
9.8
9.9
4.3
.7
1971
6.8
6.8
6.7
67
6.8
6.9
6.9
6.8
6.5
6.0
5.6
55
5.7
5.5
6.3
7.7
8.5
8.2
8.0
7.6
8.7
9.4
13.0
14.7
8.1
1972
6.8
6.8
6.7
66
6.8
6.8
6.8
6.7
6.4
5.8
5.5
53
5.5
5.3
6.1
7.7
8.5
8.2
8.0
7.5
8.9
9.9
15.6
21.8
1973
6.1
6.1
6.0
59
6.0
6.0
6.0
5.8
5.5
4.8
4.3
40
4.2
3.8
4.5
6.0
6.8
6.1
5.4
4.2
4.8
4.3
9.6
1974
6.0
6.0
5.8
57
5.9
5.8
5.8
5.6
5.2
4.4
3.9
36
3.6
3.1
3.9
5.5
6.3
5.4
4.4
2.5
2.5
-.7
1975
6.3
6.3
6.2
61
6.2
6.2
6.2
6.1
5.6
4.8
4.3
40
4.1
3.6
4.5
6.6
7.7
7.0
6.2
4.1
5.9
1976
6.3
6.3
6.2
61
63
6.3
6.2
6.1
5.6
4.7
4.1
38
3.9
3.3
4.3
6.8
8.2
7.4
6.3
2.4
1977
6.5
6.6
6.4
63
6.5
6.5
6.5
6.4
5.9
5.0
4.3
40
4.1
3.5
4.7
7.9
10.2
9.9
10.4
1978
6.3
6.3
6.2
60
6.3
6.2
6.2
6.0
5.5
4.4
3.6
31
3.1
2.1
3.3
7.1
10.2
9.5
1979
6.2
6.1
6.0
58
60
6.0
5.9
5.7
5.0
3.8
2.8
20
1.9
.4
1.4
5.9
10.8
1980
5.9
5.8
5.6
54
5.6
5.5
5.5
5.1
4.3
2.8
1.5
4
-.2
-2.9
-3.1
1.2
1981
6.2
6.2
6.0
58
6.0
6.0
6.0
5.6
4.8
3.1
1.6
2
-.7
-4.9
-7.1
1982
7.2
7.3
7.1
70
75
7.6
7.7
7.6
6.9
5.2
3.8
27
2.7
-2.6
1983
8.0
8.1
8.1
81
8.6
8.9
9.3
9.4
9.0
7.3
6.1
55
8.3
1984
8.0
8.1
8.0
80
8.7
9.0
9.4
9.6
9.1
7.0
5.0
27
1985
8.5
8.7
8.7
87
96
10.1
10.8
11.4
11.4
9.2
7.4
1986
8.6
8.8
8.8
89
99
10.6
11.7
12.8
13.4
11.0
1987
8.3
8.6
8.5
86
9.7
10.5
12.0
13.8
15.9
1988
7.4
7.6
7.3
72
82
8.8
10.1
11.7
1989
6.8
6.9
6.5
61
71
7.4
8.5
1990
6.5
6.6
6.0
53
64
6.3
1991
6.6
6.6
5.9
47
66
1992
6.6
6.6
5.5
29
1993
7.9
8.5
8.2
1994
7.7
8.9
1995
6.5
April 1997
SURVEY OF CURRENT BUSINESS
National Data •
D-43
Table C.20.—Real Imports of Goods and Services
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
5.7
5.7
5.6
5.3
5.1
5.0
5.3
5.4
5.5
5.5
5.5
5.3
5.2
3.9
3.2
3.6
3.7
4.9
5.4
4.9
4.0
1.1
4.4
6.9
8.1
5.3
1971
5.7
5.7
5.6
5.3
5.1
5.0
5.3
5.4
5.5
5.6
5.5
5.3
5.2
3.8
3.0
3.4
3.5
4.9
5.4
4.8
3.7
0
4.1
7.7
11.0
1972
5.5
5.4
5.3
5.0
4.8
4.7
5.0
5.0
5.1
5.2
5.1
4.9
4.8
3.1
2.2
2.6
2.6
4.0
4.4
3.6
1.9
-3.4
.8
4.5
1973
1974
5.9
5.5
5.5
5.9
5.4
5.8
5.0
5.5
4.8
5.3
4.7
5.1
5.5
5.0
5.1
5.6
5.7
5.2
5.3
5.9
5.2
5.9
5.6
4.9
4.8
5.6
3.7
3.0
2.0
2.6
3.2
2.4
3.2
2.4
5.3
4.0
4.4
6.3
3.4
5.5
3.0
1.1
-7.1 -11.3
-2.7
1975
6.8
6.8
6.8
6.5
6.3
6.3
6.7
6.9
7.2
7.5
7.6
7.5
7.6
5.7
4.7
5.8
6.4
10.0
12.9
15.1
19.6
1976
1977
6.2
6.2
6.1
5.8
5.6
5.4
5.9
6.0
6.2
6.4
6.5
6.2
6.2
3.8
2.5
3.2
3.4
6.9
9.7
10.7
6.0
6.0
5.8
5.5
5.2
5.1
5.5
5.7
5.8
6.0
6.0
5.7
5.6
2.7
.9
1.4
1.0
5.1
8.7
1978
5.8
5.8
5.7
5.3
5.0
4.8
5.3
5.4
5.5
5.7
5.7
5.3
5.1
1.6
-1.0
-.9
-2.6
1.7
1979
6.1
6.1
5.9
5.5
5.2
5.1
5.6
5.8
6.0
6.2
6.2
5.9
5.8
1.6
-1.8
-2.1
-6.7
1980
6.9
7.0
6.9
6.5
6.3
6.2
6.9
7.2
7.7
8.2
8.6
8.6
9.1
4.5
.7
2.6
1981
7.2
7.3
7.2
6.9
6.6
6.6
7.4
7.8
8.4
9.2
9.8
10.1
11.4
5.5
-1.3
1982
7.9
8.0
8.0
7.6
7.5
7.5
8.5
9.2
10.1
11.4
12.7
14.2
18.3
12.6
1983
7.5
7.6
7.6
7.1
6.9
6.8
7.9
8.6
9.6
11.1
12.8
15.0
24.3
1984
6.2
6.2
6.0
5.4
4.9
4.5
5.4
5.8
6.2
7.0
7.4
6.5
1985
6.2
6.2
6.0
5.2
4.7
4.2
5.2
5.6
6.1
7.3
8.4
1986
6.0
5.9
5.7
4.8
4.1
3.4
4.5
4.6
5.0
6.1
1987
6.0
5.9
5.6
4.6
3.7
2.8
3.9
3.9
3.9
1988
1989
6.2
6.2
5.9
4.7
3.6
2.4
3.9
3.9
1990
7.0
7.1
6.9
5.3
3.4
-.7
6.5
6.6
6.3
4.9
3.5
1.6
3.9
1991
8.6
9.1
9.5
8.3
7.5
1992
8.9
9.7
10.6
9.2
1993
8.8
10.0
12.0
1994
7.2
8.0
1995
6.4
Table C.21.—Real Government Consumption Expenditures and Gross Investment
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
leimiiicii year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
1.5
1.5
1.6
1.6
1.7
1.8
1.8
1.8
1.7
1.8
1.7
1.5
1.2
1.0
.9
.8
.8
.7
.6
.3
.2
.2
-.1
-.7
-.7
-1.8
1971
1.6
1.6
1.7
1.8
1.9
2.0
2.0
2.0
1.9
2.0
1.9
1.7
1.4
1.2
1.1
1.1
1.1
1.0
1.0
.6
.6
.7
.5
-.2
.4
1972
1.7
1.7
1.8
1.9
2.0
2.1
2.1
2.1
2.0
2.1
2.1
1.8
1.5
1.3
1.2
1.2
1.2
1.1
1.1
.7
.7
.9
.5
-.7
1973
1.8
1.8
1.9
2.0
2.1
2.2
2.3
2.3
2.2
2.3
2.3
2.0
1.7
1.5
1.4
1.4
1.5
1.4
1.4
1.1
1.1
1.6
1.7
1974
1.8
1.8
1.9
2.0
2.1
2.2
2.3
2.3
2.3
2.3
2.3
2.1
1.7
1.5
1.3
1.3
1.5
1.4
1.4
.8
.8
1.5
1975
1.8
1.8
1.9
2.0
2.2
2.3
2.4
2.4
2.3
2.4
2.4
2.1
1.7
1.5
1.3
1.3
1.4
1.4
1.3
.5
.1
1977
1976
1.9
1.9
2.0
2.2
2.3
2.4
2.6
2.5
2.5
2.6
2.6
2.3
1.9
1.7
1.5
1.6
1.8
1.8
1.9
.9
1.9
2.0
2.1
2.2
2.4
2.5
2.7
2.7
2.7
2.8
2.8
2.5
2.0
1.8
1.6
1.7
2.1
2.2
2.9
1978
1.9
1.9
2.1
2.2
2.4
2.5
2.7
2.6
2.6
2.8
2.8
2.5
1.9
1.6
1.3
1.3
1.7
1.6
1979
1.9
2.0
2.1
2.2
2.4
2.6
2.8
2.8
2.8
2.9
3.0
2.6
1.9
1.6
1.3
1.2
1.8
1980
1.9
2.0
2.1
2.3
2.5
2.7
2.9
2.9
2.9
3.1
3.2
2.8
2.0
1.6
1.0
.7
1981
2.0
2.1
2.2
2.4
2.7
2.9
3.1
3.1
3.2
3.5
3.7
3.3
2.4
2.1
1.3
1982
1983
2.0
2.1
2.3
2.5
2.8
3.0
3.4
3.4
3.5
4.0
4.3
4.0
3.0
2.8
2.0
2.1
2.2
2.5
2.8
3.1
3.4
3.5
3.6
4.2
4.8
4.6
3.1
1984
1.9
2.0
2.2
2.4
2.7
3.1
3.5
3.6
3.8
4.6
5.6
6.1
1985
1.5
1.6
1.7
2.0
2.3
2.6
3.0
3.0
3.0
3.9
5.1
1986
1.1
1.2
1.3
1.5
1.8
2.1
2.4
2.3
2.0
2.7
1987
1.0
1.0
1.1
1.3
1.6
1.9
2.4
2.0
1.3
1988
0.9
.9
1.1
1.3
1.7
2.1
2.9
2.8
1989
1990
0.7
.6
.7
1.0
1.4
1.8
3.0
0.3
.2
.2
.3
.5
.6
1991
0.2
0
.1
.1
.5
1992
0.1
-.1
-.1
-.2
1993
0.3
0
-.1
1994
0.4
0
1995
0.8
Table C.22.—Real Government Consumption Expenditures and Gross Investment, Federal
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
i en ilium yeai
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
.
0.3
.4
.6
.8
1.0
1.1
1.2
1.2
1.1
1.3
1.2
1.0
.6
.4
0
-2
-.7
-1.2
-1.5
-2.0
-2.6
-2.9
-3.6
-4.6
-4.4
-7.1
1971
0.7
.7
.9
1.1
1.4
1.5
1.7
1.6
1.7
1.9
1.8
1.6
1.2
1.1
.7
.5
.1
-.4
-.7
-1.2
-1.7
-1.9
-2.4
-3.3
-1.7
1972
0.8
.8
1.0
1.3
1.5
1.7
1.8
1.8
1.9
2.1
2.0
1.9
1.4
1.4
1.0
.7
.3
-.3
-.5
-1.1
-1.7
-1.9
-2.8
^.9
1973
1.0
1.1
1.3
1.6
1.9
2.1
2.3
2.3
2.3
2.6
2.6
2.4
2.0
2.0
1.6
1.4
1.1
.5
.4
-.1
-.6
-.4
-.6
1974
1.1
1.2
1.4
1.7
2.0
2.3
2.4
2.5
2.5
2.9
2.9
2.7
2.3
2.3
1.9
1.7
1.3
.8
.6
.1
-.6
-.2
1975
1.1
1.3
1.5
1.8
2.1
2.4
2.6
2.7
2.8
3.2
3.2
3.0
2.6
2.6
2.2
2.1
1.7
1.0
.9
.3
-1.0
1976
1.3
1.4
1.7
2.0
2.3
2.7
2.9
2.9
3.1
3.5
3.6
3.5
3.1
3.2
2.8
2.7
2.3
1.7
1.8
1.6
1977
1.2
1.4
1.7
2.0
2.4
2.7
3.0
3.1
3.2
3.7
3.8
3.7
3.3
3.4
3.0
3.0
2.6
1.8
2.1
1978
1.2
1.3
1.6
2.0
2.4
2.8
3.1
3.2
3.3
3.9
4.0
4.0
3.5
3.7
3.3
3.3
2.8
1.5
1979
1.2
1.3
1.6
2.0
2.5
2.9
3.2
3.3
3.5
4.2
4.4
4.4
3.9
4.2
3.9
4.2
4.2
1980
1.0
1.1
1.5
1.9
2.4
2.8
3.1
3.2
3.5
4.2
4.4
4.4
3.8
4.3
3.7
4.2
1981
0.8
.9
1.3
1.7
2.2
2.6
3.0
3.1
3.4
4.3
4.5
4.5
3.7
4.3
3.2
1982
0.6
.7
1.1
1.6
2.1
2.6
3.0
3.1
3.4
4.5
4.8
4.9
3.9
5.4
1983
0.2
.4
.7
1.2
1.7
2.2
2.6
2.7
3.0
4.2
4.6
4.6
2.4
1984
0.1
.2
.5
1.0
1.6
2.2
2.6
2.8
3.1
4.8
5.7
6.9
1985
-0.5
-.5
-.1
.3
.9
1.4
1.8
1.8
1.9
3.8
4.6
1986
-1.0
-1.0
-.7
-.3
.3
.8
1.1
.8
.6
3.1
1987
-1.5
-1.5
-1.2
-.8
-.2
.2
.5
-.3
-1.8
1988
-1.4
-1.5
-1.1
-.6
.2
.9
1.6
1.3
1989
-1.8
-2.0
-1.6
-1.1
-.2
.7
2.0
1990
-2.4
-2.7
-2.5
-2.1
-1.3
-.5
1991
-2.8
-3.3
-3.2
-2.8
-2.1
1992
-3.0
-3.6
-3.7
-3.6
1993
-2.8
^3.7
-3.8
1994
-2.3
-3.6
1995
-1.1
D-44
• National Data
SURVEY OF CURRENT BUSINESS
April 1997
Table C.23.—Real Government Consumption Expenditures and Gross Investment, State and Local
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1970
1996 .
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973 ....
1972
1971
2.3
2.4
2.4
2.4
2.4
2.4
2.4
2.3
2.2
2.2
2.1
1.9
1.7
1.5
1.6
1.8
2.1
2.4
2.5
2.3
2.6
3.0
3.0
2.8
2.7
3.3
1971
2.3
2.3
2.3
2.3
2.3
2.3
2.4
2.3
2.2
2.1
2.1
1.8
1.6
1.4
1.4
1.6
2.0
2.3
2.4
2.2
2.5
2.9
2.9
2.6
2.2
1972
2.3
2.3
2.3
2.3
2.3
2.3
2.4
2.3
2.2
2.1
2.0
1.8
1.5
1.3
1.4
1.5
2.0
2.3
2.4
2.1
2.6
3.2
3.3
3.0
1973
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.2
2.1
2.0
2.0
1.7
1.4
1.1
1.2
1.4
1.8
2.1
2.2
1.9
2.4
3.2
3.6
1974
2.2
2.2
2.2
2.2
2.2
2.2
2.3
2.2
2.0
1.9
1.8
1.5
1.1
.9
.9
1.0
1.6
1.9
1.9
1.4
1.9
2.9
1975
2.2
2.2
2.2
2.2
2.2
2.2
2.2
2.1
2.0
1.8
1.7
1.4
.9
.6
.6
.7
1.3
1.6
1.6
.6
.8
1977
1976
1978
2.4
2.4
2.4
2.4
2.4
2.4
2.5
2.4
2.2
2.0
2.0
1.6
1.0
.6
.6
.8
1.7
2.6
3.6
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.2
2.1
1.9
1.8
1.4
1.0
.6
.5
.7
1.4
1.9
2.0
.4
2.3
2.3
2.3
2.3
2.3
2.3
2.4
2.2
2.1
1.9
1.8
1.3
.6
0
-.2
-.1
.8
1.6
1979
2.3
2.4
2.4
2.3
2.4
2.4
2.4
2.3
2.1
1.9
1.8
1.2
.4
-.4
-.8
-1.0
0
1980
2.5
2.5
2.5
2.5
2.6
2.6
2.7
2.6
2.4
2.2
2.1
1.5
.5
-.5
-1.1
-2.0
1981
2.8
2.8
2.9
2.9
3.0
3.0
3.2
3.1
3.0
2.9
3.0
2.4
1.4
.2
-.3
1982
3.0
3.1
3.1
3.2
3.3
3.4
3.7
3.6
3.6
3.5
3.8
3.2
2.2
.7
1983
3.2
3.3
3.4
3.5
3.6
3.8
4.1
4.1
4.2
4.3
4.9
4.6
3.8
1984
3.1
3.2
3.3
3.4
3.6
3.8
4.2
4.2
4.3
4.4
5.4
5.3
1985
1986
1987
2.7
2.8
2.8
2.9
3.0
3.1
3.5
3.4
3.2
2.4
2.9
3.0
3.1
3.2
3.3
3.5
3.9
3.9
3.9
3.9
5.5
2.7
2.8
2.9
2.9
3.1
3.3
3.9
3.9
3.9
1988
2.6
2.7
2.7
2.7
2.9
3.1
3.9
4.0
1989
2.4
2.4
2.5
2.4
2.5
2.6
3.8
1990
2.1
2.2
2.1
2.0
1.9
1.4
1991
2.3
2.3
2.3
2.3
2.4
1992
2.3
2.3
2.3
2.2
1993
2.3
2.4
2.5
1994
2.2
2.4
1995
2.0
Table C.24.—Real Disposable Personal Income
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
1970
1996
1995
1994
1993
1992
1991
1990 .
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
2.8
2.8
2.8
2.8
2.9
2.9
3.0
3.1
3.2
3.1
3.2
3.2
3.2
2.9
2.9
3.1
3.2
3.5
3.6
33
3.4
3.3
3.7
5.2
4.3
4.0
1971
2.8
2.8
2.7
2.8
2.8
2.8
3.0
3.1
3.1
3.1
3.2
3.2
3.2
2.8
2.8
3.0
3.1
3.4
3.5
32
3.2
3.1
3.6
5.8
4.6
1972
2.7
2.7
2.7
2.7
2.8
2.7
2.9
3.0
3.0
3.0
3.1
3.0
3.0
2.7
2.7
2.9
2.9
3.3
3.3
30
2.9
2.6
3.1
7.0
1973
2.5
2.5
2.5
2.5
2.5
2.5
2.7
2.7
2.8
2.7
2.8
2.7
2.7
2.2
2.2
2.3
2.3
2.6
2.6
20
1.6
.4
-.8
1974
2.7
2.7
2.6
2.6
2.7
2.7
2.9
3.0
3.0
2.9
3.1
3.0
3.0
2.6
2.6
2.8
2.9
3.3
3.5
29
2.8
1.7
1975
2.7
2.7
2.7
2.7
2.8
2.8
3.0
3.0
3.1
3.1
3.2
3.2
3.2
2.7
2.7
3.0
3.1
3.7
4.1
36
3.9
1977
1976
2.7
2.7
2.6
2.6
2.7
2.7
2.9
3.0
3.1
3.0
3.1
3.1
3.1
2.5
2.5
2.8
2.9
3.7
4.2
32
2.6
2.6
2.6
2.6
2.7
2.7
2.9
3.0
3.0
3.0
3.1
3.1
3.1
2.4
2.3
2.7
2.8
3.9
5.1
1978
2.5
2.5
2.4
2.4
2.5
2.5
2.7
2.8
2.8
2.7
2.8
2.8
2.8
1.9
1.6
1.9
1.7
2.7
1979
2.5
2.5
2.4
2.4
2.5
2.5
2.7
2.8
2.8
2.7
2.9
2.8
2.8
1.6
1.3
1.5
.6
1980
2.6
2.6
2.5
2.5
2.6
2.6
2.9
3.0
3.1
3.0
3.3
3.3
3.3
2.0
1.6
2.3
1981
2.6
2.6
2.5
2.5
2.7
2.7
2.9
3.1
3.2
3.1
3.4
3.5
3.6
1.8
.9
1982
2.7
2.7
2.7
2.7
2.9
2.9
3.2
3.4
3.6
3.6
4.1
4.4
5.0
2.8
1983
2.7
2.7
2.7
2.7
2.9
2.9
3.3
3.5
3.8
3.8
4.5
5.2
7.3
1984
2.4
2.3
2.2
2.2
2.3
2.2
2.6
2.8
3.0
2.6
3.1
3.0
1985
2.3
2.3
2.1
2.1
2.2
2.1
2.5
2.7
2.9
2.4
3.2
1986
1987
2.2
2.1
2.0
1.9
2.0
1.9
2.3
2.5
2.8
1.6
2.3
2.2
2.0
2.0
2.1
1.9
2.6
3.0
3.9
1988
2.1
2.0
1.7
1.6
1.7
1.3
1.9
2.0
1989
2.1
2.0
1.6
1.5
1.6
.9
1.8
1990
2.1
2.0
1.6
1.3
1.4
0
1991
2.5
2.5
2.1
2.0
2.8
1992
2.5
2.3
1.8
1.2
1993
2.9
2.9
2.4
1994
3.2
3.5
1995
2.9
Table C.25—Real Disposable Personal Income Per Capita
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
iciiiimai year
1970
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
1971
1.8
1.8
1.8
1.8
1.9
1.9
2.0
2.1
2.1
2.1
2.2
2.2
2.2
1.9
1.9
2.0
2.1
2.4
2.5
2.3
2.3
2.2
2.6
4.0
3.1
2.7
1971
1.8
1.8
1.7
1.7
1.8
1.8
2.0
2.1
2.1
2.1
2.1
2.1
2.1
1.8
1.8
2.0
2.0
2.4
2.5
2.2
2.2
2.1
2.5
4.7
3.4
1972
1.7
1.7
1.7
1.7
1.7
1.8
1.9
2.0
2.0
2.0
2.1
2.0
2.0
1.6
1.6
1.8
1.9
2.2
2.3
2.0
1.9
1.6
2.1
6.0
1973
1.5
1.5
1.5
1.5
1.5
1.5
1.7
1.7
1.8
1.7
1.8
1.7
1.7
1.2
1.1
1.3
1.3
1.6
1.6
1.0
.6
-.5
-1.7
1974
1.7
1.7
1.6
1.6
1.7
1.7
1.9
2.0
2.0
1.9
2.1
2.0
2.0
1.5
1.5
1.7
1.8
2.3
2.4
1.9
1.8
.7
1975
1.7
1.7
1.7
1.7
1.8
1.8
2.0
2.0
2.1
2.1
2.2
2.2
2.2
1.6
1.6
1.9
2.0
2.7
3.0
2.5
2.9
1976
1.7
1.6
1.6
1.6
1.7
1.7
1.9
2.0
2.1
2.0
2.1
2.1
2.1
1.5
1.4
1.7
1.8
2.6
3.1
2.2
1977
1.6
1.6
1.6
1.6
1.7
1.7
1.9
2.0
2.1
2.0
2.1
2.1
2.1
1.4
1.3
1.6
1.7
2.8
4.0
1978
1.5
1.5
1.4
1.4
1.5
1.5
1.7
1.8
1.9
1.7
1.9
1.8
1.7
.8
.6
.8
.5
1.6
1979
1.5
1.5
1.4
1.4
1.5
1.5
1.7
1.8
1.9
1.7
1.9
1.8
1.8
.6
.2
.4
-.6
1980
1.6
1.6
1.5
1.5
1.7
1.7
1.9
2.1
2.2
2.1
2.3
2.3
2.3
1.0
.6
1.3
1981
1.6
1.6
1.5
1.6
1.7
1.7
2.0
2.2
2.3
2.2
2.5
2.5
2.7
.9
-.1
1982
1.8
1.8
1.7
1.7
1.9
1.9
2.3
2.5
2.7
2.7
3.2
3.4
4.1
1.9
1983
1.8
1.7
1.7
1.7
1.9
1.9
2.3
2.6
2.9
2.9
3.6
4.2
6.4
1984
1.4
1.3
1.2
1.2
1.3
1.3
1.7
1.8
2.0
1.7
2.2
2.1
1985
1.3
1.3
1.1
1.1
1.2
1.1
1.6
1.8
2.0
1.5
2.3
1986
1.2
1.1
1.0
.9
1.0
.9
1.4
1.6
1.9
.7
1987
1.3
1.2
1.0
.9
1.1
.9
1.6
2.0
3.0
1988
1.1
.9
.7
.5
.6
.3
.9
1.0
1989
1.1
.9
.6
.4
.5
-.1
.8
1990
1.1
.9
.5
.3
.3
-1.0
1991
1.5
1.4
1.1
.9
1.7
1992
1.5
1.3
.7
.1
1993
2.0
2.0
1.4
1994
2.3
2.6
1995
2.0
National Data • D-45
SURVEY OF CURRENT BUSINESS
April 1997
D. Domestic Perspectives.
These tables present data collected from other government agencies and private organizations, as noted. Quarterly
data are shown in the middle month of the quarter.
Table D.1.—Domestic Perspectives
1997
1996
1995
1996
Jan.
Feb.
Mar.
May
Apr.
June
July
Aug.
Sept.
Consumer and producer prices, (seasonally adjusted)
Oct.
Nov.
Dec.
Jan.
Feb.
l
Consumer price index for all urban consumers,
1982-84=100:
All items
Less food and energy
Services
152.4
161.2
168.7
156.9
165.6
174.1
154.7
163.8
171.5
155.1
164.2
172.1
155.6
164.6
172.4
156.1
164.9
172.9
156.5
165.3
173.5
156.7
165.6
173.9
157.1
166.0
174.5
157.4
166.2
174.9
157.9
166.7
175.4
158.3
167.0
175.8
158.8
167.4
176.3
159.2
167.7
176.8
159.4
167.9
177.2
159.8
168.3
177.6
Producer price index, 1982=100:
Finished goods
Less food and energy
Finished consumer goods
Capital equipment
Intermediate materials
Crude materials . . .
. . .
127.9
140.0
125.6
136.7
124.9
102.7
131.3
142.0
129.5
138.3
125.7
113.5
129.7
141.5
127.6
138.0
125.5
109.0
129.7
141.6
127.5
138.0
125.0
111.1
130.4
141.6
128.4
138.1
125.2
109.8
130.6
141.6
128.7
138.1
125.6
114.2
130.8
141.9
128.9
138.1
126.1
115.4
131.2
142.1
129.4
138.3
125.7
112.6
131.2
142.1
129.4
138.3
125.5
115.1
131.6
142.2
129.9
138.5
125.7
115.8
132.0
142.4
130.3
138.7
126.2
112.8
132.5
142.3
131.0
138.5
126.0
112.0
132.6
142.2
131.2
138.4
126.1
113.8
133.4
142.4
132.1
138.6
126.5
119.4
133.0
142.4
131.7
138.6
126.7
125.6
132.5
142.2
131.1
138.5
126.6
118.6
-0.02
.57
0.09
-0.12
.44
0.06
.62
Money, interest rates, and stock prices
2
Money stock (seasonally adjusted) :
Percent change:
M1
M2
Ratio:
Gross domestic product to M1
Personal income to M2
Interest rates (percent, not seasonally adjusted) 2:
Federal funds rate
Discount rate on new 91 -day Treasury bills .......
Yield on new high-grade corporate bonds
10-Year U S Treasury bonds
Yield on municipal bonds, 20-bond average
Mortgage commitment rate
Average prime rate charged by banks
Index of stock prices (not seasonally adjusted) 3:
500 common stocks, 1941-43=10
-0.60
.41
-0.21
.41
.78
-0.24
.29
-0.57
.03
-0.14
.44
-0.60
.22
-0.81
.34
-0.60
.33
-1.19
.33
0.57
.42
5877
1.712
6852
1.721
1.708
6625
1.713
1.703
1 709
6744
1 721
1729
1 724
6.920
1.728
1.732
1.728
1 729
1.730
1.729
1.736
5.83
5.51
7.72
6.57
5.95
7.95
8.83
5.30
5.02
7.62
6.44
5.76
7.80
8.27
5.56
5.02
7.00
5.65
5.43
7.03
8.50
5.22
4.87
7.14
5.81
5.43
7.08
8.25
5.31
4.96
7.57
6.27
5.79
7.62
8.25
5.22
4.99
7.81
6.51
5.94
7.93
8.25
5.56
5.02
7.87
6.74
5.98
8.07
8.25
5.27
5.11
8.00
6.91
6.02
8.32
8.25
5.40
5.19
7.97
6.87
5.92
8.25
8.25
5.22
5.09
7.68
6.64
5.76
8.00
8.25
5.30
5.15
7.84
6.83
5.87
8.23
8.25
5.24
5.01
7.69
6.53
5.72
7.92
8.25
5.31
5.03
7.43
6.20
5.59
7.62
8.25
5.29
4.87
7.45
6.30
5.64
7.60
8.25
5.25
5.05
7.63
6.58
5.72
7.82
8.25
5.19
5.00
7.54
6.42
5.63
7.65
8.25
662.68
674.88
735.67
743.25
766.22
798.39
541.64
670.83
614.42
649.54
647.07
647.17
661.23
668.5
644.07
7142
701.46
Labor markets (thousands, seasonally adjusted, unless otherwise noted) l
Civilian labor force
Labor force participation rates (percent):
Males 20 and over
Females 20 and over
16-19 years of age
Civilian employment
Ratio, civilian employment to working-age
population(percent)
Persons engaged in nonagricultural activities
Employees on nonagricultural payrolls
Goods-producing industries
Services-producing industries
Average weekly hours, manufacturing (hours)
Average weekly overtime hours,
manufacturing(hours)
Number of persons unemployed ..
Unemployment rates (percent):
Total
15 weeks and over
Average duration of unemployment (weeks)
Nonfarm business sector, 1992=100:
Output per hour of all persons
Unit labor costs
Hourly compensation
See footnotes at end of table.
132,304
76.7
59.4
53.5
133,943 132,899 133,070 133,464 133,427 133,759 133,709 134,165 133,898 134,291 134,636 134,831 135,022 135,848 135,634
76.8
59.9
52.3
76.6
59.5
52.7
76.7
59.5
52.7
76.8
59.7
52.7
76.7
59.7
52.6
76.8
59.7
53.1
76.9
59.7
51.8
77.0
59.9
52.2
76.8
59.9
50.7
76.7
60.0
52.2
76.8
60.1
52.4
76.9
60.2
52.0
76.8
60.3
52.3
76.9
60.2
52.8
77.1
60.4
51.9
124,900 126,708 125,311 125,706 126,062 126,125 126,428 126,590 126,889 126,988 127,248 127,617 127,644 127,855 128,580 128,430
62.9
63.2
62.8
62.9
63.1
63.0
63.1
63.2
63.2
63.2
63.3
63.4
63.4
63.4
63.5
63.6
121,460 123,264 121,813 122,207 122,592 122,713 122,954 123,182 123,419 123,570 123,768 124,167 124,290 124,429 125,112 125,138
117,203 119,554 118,070 118,579 118,750 118,922 119,332 119,537 119,772 120,052 120,050 120,311 120,492 120,723 120,970 121,309
24,206 24,259 24,112 24,254 24,196 24,209 24,263 24,274 24,264 24,298 24,257 24,284 24,319 24,356 24,389 24,498
92,997 95,295 93,958 94,325 94,554 94,713 95,069 95,263 95,508 95,754 95,793 96,027 96,173 96,367 96,581 96,811
41.6
41.6
40.0
41.4
41.3
41.5
41.7
41.8
41.6
41.7
41.7
41.7
41.7
42.0
41.7
41.9
4.4
4.5
4.1
4.3
4.3
4.6
4.6
4.6
4.4
4.5
4.5
4.4
4.5
4.6
4.6
4.7
7,404
7,236
7,588
7,364
7,402
7,302
7,331
7,119
7,276
6,910
7,043
7,019
7,187
7,167
7,268
7,205
5.6
1.8
5.4
1.7
5.7
1.8
5.5
1.7
5.5
1.8
5.5
1.8
5.5
1.8
5.3
1.8
5.4
1.7
5.2
1.7
5.2
1.7
5.2
1.7
5.3
1.6
5.3
1.6
5.4
1.6
5.3
1.6
16.6
16.7
100.9
106.7
107.7
101.6
109.8
111.6
16.2
16.6
101.5
108.5
110.2
17.2
17.3
16.9
101.7
1094
111.3
17.2
16.9
17.2
101.7
110.3
112.2
16.9
16.7
16.0
102.0
111 0
113.2
15.8
16.0
16.0
'
D-46 • National Data
SURVEY OF CURRENT BUSINESS
April 1997
Table D.1.—Domestic Perspectives—Continued
1995
1997
1996
1996
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Construction (value put in place, in billions of dollars, seasonally adjusted at annual rates, unless otherwise noted) 4
Total new private construction (billions of
dollars)
Residential construction
Nonresidential construction
410.2
236.6
133.9
427.4
246.5
140.7
418.9
242.5
137.4
411.2
238.6
134.9
419.7
245.9
134.3
424.2
248.0
135.5
418.1
247.5
130.9
423.1
246.9
137.7
419.3
244.9
136.2
426.7
246.0
140.7
428.4
246.4
142.2
433.9
244.3
149.8
444.7
248.1
154.2
443.4
248.6
149.5
445.7
249.7
153.8
Housing starts (thousands of units):
Total
1-unit structures
1,354
1,076
1,477
1,161
1,444
1,138
1,520
1,188
1,429
1,156
1,522
1,215
1,476
1,142
1,488
1,214
1,492
1,164
1,515
1,222
1,470
1,148
1,407
1,104
1,486
1,133
1,353
1,024
1,362 1,528
1,117 1,215
667
758
727
778
711
741
732
732
782
814
768
706
797
801
870
New 1 -family houses sold (thousands of
units)
_
Manufacturing and trade, inventories and sales (millions of dollars, seasonally adjusted) 4
Sales:
Total manufacturing and trade
Manufacturing
Merchant wholesalers
Retail trade
Inventories:
Total manufacturing and trade
Manufacturing
Merchant wholesalers
Retail trade
8,160,784
3,565,750
2,254,160
2,342,511
698,656
301,763
194,053
202,840
700,253
300,646
195,379
204,228
709,541
308,003
197,507
204,031
715,130
311,203
198,258
205,669
711,760
308,851
198,543
204,366
719,176
312,400
202,057
204,719
977,251 1,009,464 994,821 996,008 994,010
422,641 438,173 434,724 435,615 435,413
256,407 256,335 256,185 255,569 256,444
298,371 314,956 303,912 304,824 302,153
998,430
435,441
259,592
303,397
996,984
434,220
258,834
303,930
997,322
433,868
259,262
304,192
1,002,404
434,446
259,100
308,858
8,583,313
3,719,499
2,398,671
2,465,143
690,498
298,685
192,681
199,132
722,691
315,160
201,404
206,127
725,787
315,510
202,790
207,487
728,804
317,548
203,932
207,324
727,432
315,278
203,835
208,319
735,934
318,688
205,790
211,456
1,005,435 1,006,430
435,687 436,700
258,822 256,959
310,926 312,771
1,011,261
438,134
257,770
315,357
1,010,916
439,371
257,929
313,616
1,009,741
437,922
258,106
313,713
1,011,110
438,148
260,801
312,161
717,532
312,847
200,086
204,599
Industrial production indexes and capacity utilization rates2
Industrial production indexes, 1992=100:
Total
By industry:
Durable manufactures
Nondurable manufactures
By market category:
Consumer goods
Capacity utilization rates (percent):
total industry
Manufacturing
112.1
115.2
112.4
113.8
113.2
114.3
114.8
115.5
115.5
115.8
116.0
116.2
117.2
117.7
117.6 118.1
119.7
106.2
125.8
106.3
121.5
104.6
123.6
105.3
121.8
105.4
124.6
105.2
125.3
105.5
126.3
105.9
126.9
106.4
127.5
106.2
127.2
106.9
127.1
107.4
128.4
107.9
128.9
108.8
128.9 130.5
108.1 108.5
108.9
110.4
108.3
109.9
109.4
109.8
110.0
110.8
110.7
110.1
110.5
110.8
112.3
112.7
112.1 112.1
83.8
83.1
83.1
82.1
82.4
81.5
83.2
82.2
82.6
81.3
83.1
82.0
83.2
82.0
83.5
82.3
83.2
82.4
83.2
82.3
83.1
82.1
83.0
82.0
83.4
82.4
83.5
82.5
Credit market borrowing (billions of dollars, seasonally adjusted at annual rates) 2
All sectors, by instrument:
Total ... .
Open market paper
U.S. government securities
Municipal securities
Corporate and foreign bonds
Bank loans, n.e.c
Other loans and advances
Mortgages
Consumer credit
Sources:
1. Bureau of Labor Statistics.
2. Federal Reserve Board.
1,235.9
74.3
348.5
^4.2
307.3
113.5
61.6
233.3
141.6
1,345.8
102.6
376.1
1.9
272.5
95.6
62.6
340.1
94.4
1,261.0
39.6
3777
-18.9
2569
747
286
380.2
122.4
1,458.1
126.3
3584
37.7
290.2
113.6
761
364.8
90.9
3. Standard and Poor's, Inc.
4. Bureau of the Census.
1,334.1
1076
401 7
-76.2
2456
142.8
1165
2981
98.0
1,329.9
1368
366.5
65.2
2972
51.4
292
317.3
66.2
83.2
82.1
83.3
82.5
National Data • D-47
SURVEY OF CURRENT BUSINESS
April 1997
E. Charts,
Percent changes shown in this section are based on quarter-to-quarter changes and are expressed at seasonally
adjusted annual rates; likewise, levels of series are expressed at seasonally adjusted annual rates as appropriate.
SELECTED NIPA SERIES
Chained (1992) dollars
Apr Feb
28000
Dec Nw
Nov Mar
JanJyJIy
Jly Mar
Nov
28000
REA16ROSS DOMESTIC PRODUCT PER CAPITA
26000-
-26000
24000-
-24000
22000-
-22000
20000-
-20000
18000-
-18000
16000-
-16000
14000-
-14000
12000-
-12000
10000
I
59'
I 1I
'61
Apr Feb
RE/
I I
'63'
I I
'65'
I I
'67 1
I 1I
'69
I I
71 '
Dec Nov
I I
'73'
I 1I
'75
Nov Mar
I 1I
'77
I 1I
'79
I I
'81 1
Jan Jly Jly
I I
'83 '
I I
'85 '
I I
'87'
Nov
I I
'89'
I 1I
'91
I I1
'93
I I
'95'
!
'97
Jly Mar
10000
20
iROSS DOMESTIC PRODUCT (PERCENT \NGE)
15
-15
10 -
-10
5-
- 5
II,
-6 -
-10
U.& Department of Commerce, Bureau of Economic Analysis
- -5
'751
87
195! I97
-10
D-48
April ipp/
SURVEY OF CURRENT BUSINESS
• National Data
SELECTED NIPA SERIES
"ercerrt
Dec Nov
Apr Feb
60
Nov Mar
JanJIyJIy
Nov
Jy Mar
60
SHARIS OF FEDERAL GOVERNMENT RECEIPT^ ''
Personal tax and nontax payments
50 -
-50
40 -
-40
Contributions for social insurance
30 -
-30
20 -
-20
10 -
-10
Indirect business taxes
59'
'61
'63
6s'
67
69
71
73'
'75'
'77
79'
81'
'83
85
87'
89'
'91
'93'
'95 '
'97
^ercent
Apr Feb
Dec Ncv
Nov Mar
SHARES OF FEDERAL GOVERNMENT CURRENTStPENDITURES
70
JanJIyJIy
Nov
Jry Mar
70
60 -
-60
50 .
-50
40 -
40
30 .
-30
20 -
-20
Grants to State and local governments
10 -
10
0
Percent
59
97
RATKJt GOVERNMENT SURPLUS/DEFICIT) NIR4% GROSS DOMfiSlC PRODUCT
> 1 '«i' l«> "95
US Department of Commeree, Bureau of Economic Aralygfe
National Data • D-49
SURVEY OF CURRENT BUSINESS
April 1997
SELECTED NIPA SERIES
Percent
Dec Nov
Apr Feb
25
RAT», SAVING TO GROSS NATIONAL PRODUCT
JanJyJIy
Nov Mar
Jlv Mar
Nov
25
20-
-20
15-
-15
1
©Stporate and other privatowvmg f'r, •
•;*••/"--'-""-v.-- "
-10
-5
"
59
Percent
U <71 >
Dec Nov
Apr Feb
RATia INVESTMENT TO GROSS NATIONAL PRODUCT
>73 "
"76 '
'77'
'79'
si
JanJIyJIy
Nw Mar
83 >
95
"as >
Jly Mar
Ncv
*'ross S**"1"*"1 inveslmer4.
Net foreign investment
59'
Percent
'6V
'63'I
LJ
'65'
L,
'67
UJ
I71'
,. I '73'
Lol
I,.I
'75'
!„!
'77'
I'79'
'81'
'83'
'85 •
'87
91'
'93'
'95'
'97
Dec Nov
Nov Mar
SHARES OF GROSS PRIVATE DOMESTIC FIXED INVESTMENT
Producers' durable equipment, nonrawenBal
Residential investment • *
20-^
10
ee
7173
U.S. Department of Commerce, Bureau of Economic Analysis
91 '
'93'
95
97
D-50 • National Data
SURVEY OF CURRENT BUSINESS
April 1997
SELECTED NIPA SERIES
SHARES OF NATIONAL INCOME
1959
Wage and salary
accruals, 63.3%
1996
Wage and salary
accruals, 59.0%
Net interest, 2.5%
Net interest, 6.6%
Corporate profits
with IVA and CCAdj, 12.2%
„
Supplements to
wages and salaries, 5.2%
,.
Corporate profits
with IVA and CCAdj, 10.6%
,
Supplements to
x
™ °fperSOnS wages and salaries, 13.3%
Rental income of persons
Proprietors' income
wth IVA, 2.1%
with IVA and CCAdj, 8.4%
Proprietors' income
with IVA and CCAdj, 12.3%
SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR
1959
1996
Business, 86.1%
Business, 84.0%
General
government, 11.'
General
government, 11.5%
Households and
institutions, 2.4%
Households and
institutions, 4.5%
SHARES OF GROSS DOMESTIC PURCHASES
1959
Personal
consumption
expenditures, 62.5%
Nonresidential
investment, 10.0%
Government consumption
expenditures and gross
investment, 18.3%
Government consumption
expenditures and gross
investment, 22.0%
Residential investment, 5.5%
U.a Department o( Commerce, Bureau ot Economic Analysis
1996
Personal
consumption
expenditures, 67.1%
Nonresidential
investment, 10.5%
Residential investment, 4.0%
National Data • D-51
SURVEY OF CURRENT BUSINESS
April 1997
SELECTED NIPA SERIES
Percent
Par Mm/
60
Nat
.lan.llv.llu
Mar
Mm/
60
SHAHES OF GROSS DOMESTIC PRODUCT BY TYPE OF PRODUCTOutput of services
50-
-50
40-
-40
Output of goods
30-
-30
20-
-20
10-
-10
Output of structures
0
Percent
59'
'61'
'63'
'es'
'57'
14
'eg'
'71'
Dee Mro
Ant Fab
'73'
Ma/
'75'
'77'
'79'
'si'
JanJuJrv
Mar
'as'
'ss'
'a?'
'sg'
Nan
'91'
'93'
'95'
'97
Jhi Mar
14
EXPORTS AS SHARE OF GROSS DOMESTIC PRODUCT
IMPORTS AS SHARE OF GROSS DOMESTIC PURCHASES
12 _
-12
10 _
-10
8 _
-8
Exports
-6
h4
69
71
73
75
77
79
81
83
85
Percent
Anr Fflh
Dee Nai
NOD
Mar
JanJrvJtv
1
'91'
'93'
'95'
'97
Ik, uar
Nov
60
60
SHARES OF PERSONAL CONSUMPTION EXPENDITURES BY TYPE OF PRODUCT
50-
-50
40-
-40
30-
-30
20
"20
Durable goods
10
10
59'
U '«'
'es'
'e?'
'eg'
'71'
U.S. Department of Commerce, Bureau of Economic Analysis
'73'
'75'
'77'
'TB'
'si1
'as1
'as1
'93' '95' I97
D-52 • National Data
SURVEY OF CURRENT BUSINESS
April 1997
SELECTED NIPA SERIES
PefC8frt
Dec Nov
Aor Fab
20
Nov
JanJtvJv
Mar
Jv Mar
Nov
20
MARGIN, DOMESTIC NONFINANCIAL CORPORATIONS'
16-
-16
12-
-12
8-
- 8
4'Ratio of corporate profits per unit to cost and profit per unit
63
Ratio
V
65
ITS'
Dec Nov
APT Feb
INVPHORY/SALES RATIOS, CURRENT-DOLLAR*
Nov
'75!
IT/'
179! U
JanJv Jfv
Mar
U
U
'91'
Nov
'93'
'95'
'97
Jy Mar
Nonfarm inventories to
final sales of goods and structures
4-
-4
Inventones to
final sales of domestic business
3-
-3
Nonfarm inventories to "
final sales of domestic business
'Based on current-dollar estimates of inventories and sales
1
Ratio
e
59! i«i W V
>J "n
Aar
1
Dec Nov
U'
Nov
ITS'
'77!
IT.'
>«|l
JanJv Jv
Mar
U
Nov
"w"
>a8>
'«'
'95'
'97
1
Jlv Mar
IM^nORY/SALES RATIOS, REAL'
Nonfarm inventories to
final sales of goods and structures
4 -
-4
3-
Inventories to
final sales of domestic business
Nonfarm inventories to
final sales of domestic business
'Based on chained (1992) dollar estimates of inventories and sales
1
59' '6i' '53'
es
'67'
eg
71
U.S. Department o( Commerce, Bureau of Economic Analysis
'73'
'75'
'77'
'79'
'as I 'as'
1*1
-3
National Data
SURVEY OF CURRENT BUSINESS
April 1997
OTHER INDICATORS OF THE DOMESTIC ECONOMY
Percent Nov Mar
JanJIyJIy Nov
JlyMar
Percent
Nov Mar
I I I I I I I I I I I I I I I I I I I I I I I I I
72 74 76 78 80 82 84 86 88 90 92 94 96
Index
130
NwMar
JanJIyJIy Nov
JanJIyJIy Nov
JlyMar
ER PRICE INDEX (PERCENT CHANGE)
CONSUMER PRICE INDEX (PERCENT CHANGE)
JlyMar
INDUSTRIAL PRODUCTION INDEX
120-
M I II I Ml
72 74 76 78 80
95
"^NovMar
I I I I I I I I I I I I I I I I
82 84 86 88 90 92 94 96
JanJIyJIy Nov
JlyMar
90 -
11085-
10080 -
9075 -
8070 -
70-
60
I I I I I I I I I I I I I I I I I I I I I I I I I
72 74 76 78 80 82 84 86 88 90 92 94 96
Hours
JanJIyJIy Nov
Nov Mar
JlyMar
43
AVERAGE WEEKLY HOURS, MANUFACTURING
II I I I I II II II I I I II I I I I I I I I
72 74
Hours
6
Nov Mar
76 78 80
82 84 86 88
JanJIyJIy Nov
90 92 94
96
JlyMar
I AVgiWE WEEKLY OVlRTiiJi HOURS, MANUFACTUrt
42-
41 -
40-
39338-
37
I I I I I I II I I I I I I I II
72 74 76 78 80 82 84 86 88
I I I I I I I I
90 92 94 96
US. Department of Commerce, Bureau of Economic Analysis
I I I I I I I I I I I I I I I I I I I I I I I I I
72 74 76 78 80 82 84 86 88 90 92 94 96
D-53
D-54 • National Data
SURVEY OF CURRENT BUSINESS
April 1997
OTHER INDICATORS OF THE DOMESTIC ECONOMY
Percent
No. Mar
12
JanJyJyNov
Percent NovMar
JlyMar
JanJIyJtyNov
JlyMar
UNWPlOYMENTRATi
10-
8-
6-
4-
2-
72 74
i i i i 82i i84i i86n88r r90r i92i 94
i i i96i
76 78 80
Percent
NovMar
JanJIyJyNcv
M0t» SUPPLY (PERCENTCHANGE)
JlyMar
I I I I I I I I I I I I H ^ M l I TT I II
I I I
72 74 76 78 80 82 84 86 88 90 92 94 96
Ratio
JlyMar
Nov Mar
JanJtyJh/Noy
8.0
RATIO, GDP TO Ml
7.57.06.56.05.55.04.5TT I I I I I I I I I I II
I I I I I I I I I I I
72 74 76 78 80 82 84 86 88 90 92 94 96
Millions
JlyMar
JaMlyJIy Nov
NovMar
3.0
4.0
T
r i iii
72 74
76
Thousands
NovMar
1000
I I I I I I I I II I I I II
I I I II
78 80 8 2 8 4 8 6 8 8 9 0 9 2 9 4 96
JarvllyJIy Nov
JlyMar
SALES OF NEW ONE-FAMILY HOUSES
HOUfilG STARTS
2.5 -
800-
2.06001.54001.0-
200
0.5 -
I I I I I I I I II
I I I I I I I I I I I I I
72 74 76 78 80 82 84 86 88 90 92 94
U.S. Department of Commerce, Bureau of Economic Analysis
IT
96
I I I I I I I I I I I
72 74
76 78 80
I
82 84 86 88
I I I I I I I
90 92 94
96
International Data • D-55
SURVEY OF CURRENT BUSINESS
April 1997
International Data
F. Transactions TablesTable F.i includes the most recent estimates of U.S. international trade in goods and services; the estimates were
released on March 20, 1997 and include "preliminary" estimates for January 1997 and "revised" estimates for
January-December 1996. The sources for the other tables in this section are as noted.
Table F.1.—U.S. International Transactions in Goods and Services
[Millions of dollars; monthly estimates seasonally adjusted]
1995
1996r
1996
1995
Dec.
Jan.'
Feb.'
Mar.'
Apr.'
May
June'
1997
July
Aug.'
Sept.'
Oct.'
Nov.'
Dec,'
Jan./'
786,529
835,414
68,089
66,588
69,218
69,324
69,146
70,112
69,718
67,262
69,705
68,816
71,758
72,566
71,210
70,777
Goods
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles, engines, and parts
Consumer goods (nonfood), except automotive
Other goods
Adjustments!
575 939
50,466
146,255
233,046
61,828
64,425
28723
-8803
611 507
55,516
147,390
252,641
64,218
70,153
34609
-13020
50,120
4,477
12,106
21,160
5,243
5,470
2459
48,662
4,658
11,882
19,890
5,213
5,483
2225
50,891
4,456
12,228
21,290
5,348
5,763
2590
50500
4,877
12,567
20,766
4,916
5,713
2563
50749
4,666
12,752
21,067
4,867
5,764
2509
50980
4,517
12,301
20,740
5,520
5,938
2850
-902
-876
52,893
4,498
12,759
22,400
5,232
6,217
2848
-1 063
-1 276
51,924
4,381
12,484
22,033
5,289
6,014
3036
-1 313
51.474
4,385
12,210
21,497
5,735
6,021
2,440
-784
51,106
4,706
12,185
21,042
5,432
5,837
3,257
-1 352
53,302
5,018
12,226
22,308
5,779
6,095
-690
48,792
4,671
11,465
19,949
5,180
5,540
3426
-1 439
50.317
4,364
12,059
20,068
6,089
5,880
-795
51392
4,704
12,483
21,088
5,352
5,909
2987
-1 130
Services
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Transfers under U.S. military agency sales contracts2
U.S. Government miscellaneous services
210.590
61 137
18534
28,063
26,953
61 724
13,405
775
223,907
64499
19579
29,115
28,829
67268
13,802
815
17,968
5222
17,926
18,824
1 652
2,338
2,396
5571
1,115
94
1,127
58
18,738
5425
1 661
2,415
2,383
5587
1,218
49
18,599
5250
1 609
2,483
2,420
5618
18,720
5409
1 657
2,470
2,386
5590
1,156
50
1 602
2,429
2,421
5666
1,099
66
18,865
5347
l'638
2,526
2,413
5697
1,180
64
19,264
5623
1 705
2,495
2,411
5675
1,291
64
19,286
5567
1 688
2,495
2,410
5654
1,409
64
19,303
1 552
2,302
2,388
5399
1,036
87
18,397
5269
1 578
2,405
2,390
18,470
2,409
2,334
5279
1,076
59
18,327
5433
1 651
2,326
2,396
5486
942
93
Exports of goods and services
Imports of goods and services
1590
5161
5610
-886
5187
1 588
2,431
2,415
5656
1,131
62
5671
1,100
65
3166
-1 309
18,499
5217
3152
-813
5616
1 686
2,486
2,416
5748
1,283
67
891,593
949,714
74,487
76,282
76,130
77325
76802
60917
78217
79,226
80333
80,432
79,824
80,534
81,699
83,484
Goods
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles, engines, and parts
Consumer goods (nonfood), except automotive
Other goods
Adjustments ]
749,363
33,176
180,668
221,431
124,774
160,009
23387
799,274
35,703
199,267
229,014
130,062
171,105
26142
62,721
2,702
14,839
19,306
10,330
13,186
63,802
2,821
14,766
19,436
10,637
13,721
65,074
2,969
15,365
19,570
10,041
13,728
66,459
3,021
16,613
18,879
10,505
13,576
68,309
3,034
17,052
19,035
11,477
14,273
65,726
2,939
16,356
18,650
10,782
13,907
2031
2186
2251
2189
2217
219
64,284
2,786
15,624
19,523
10,561
13,564
1 948
277
390
1 215
1 614
1 249
875
66,406
2,941
17,044
18,675
11,133
13,963
2220
430
67,652
3,041
16,930
18,804
11,572
14,465
2068
772
67,956
2,988
17,456
18,932
11,214
14,850
2207
308
67,104
3,025
17,575
18,731
10,257
14,951
2244
321
67,706
2,961
16,856
19,129
11,280
14,812
2377
292
68,795
3,178
17,630
19,649
10,602
15,295
2204
237
70,493
3,057
18,370
19,715
12,017
15,030
2054
249
Services
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Direct defense expenditures2
U.S. Government miscellaneous services
142 230
45855
14313
29,205
6,312
33,970
9,820
2,755
11766
3798
1 168
2,295
568
2,919
789
229
11998
3930
1 147
2,339
537
2,966
849
230
12328
12251
4097
1 159
2,310
527
3,043
884
231
12343
3985
1 160
2,419
570
3,091
913
205
12608
4079
1 205
2,486
576
3,134
927
202
12491
4033
1 193
2,384
576
3,165
935
205
12820
3885
1 149
2,523
931
3,167
937 •
228
12681
12476
3950
1 171
2,464
516
3,199
939
236
12720
4023
1 199
2,570
542
3,223
934
229
12828
12904
4234
12991
Memoranda:
Balance on goods
Balance on services
Balance on goods and services
5918
7981
150440
48712
14287
29,100
7,036
37,626
10,993
2,686
2140
1 225
2,246
530
3,014
870
230
4031
1 185
2,481
634
3,177
939
234
4251
1251
2,397
547
3,220
933
229
1243
4221
1252
2,487
550
3,229
933
228
2,533
549
3,266
946
224
-173424 -187766 -12 600 -15,623 -12911 -14 574 -15710 -16917 -14746 -17614 -16546 -17639 -14211 -14404 -16871 -19018
6202
73467
5928
5999
68360
6573
6054
6 111
5650
5918
6024
6145
6436
6312
6248
6383
-105064 -114299 -6398 -9695 -6912 -8001 -9656 -10805 -8499 -11 964 -10628 -11 616 -8066 -7968 -10489 -12706
P Preliminary.
r
Revised.
1. Reflects adjustments necessary to bring the Census Bureau's component data in line with the concepts and
definitions used to prepare BEA's international and national accounts.
4212
2. Contains goods that cannot be separately identified.
Source: U.S. Department of Commerce, Bureau of Economic Analysis and Bureau of the Census
D-56 • International Data
SURVEY OF CURRENT BUSINESS
April 1997
Table F.2.—U.S. International Transactions
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
(Credits +; debits -) »
1995
1996"
I
1 Exports of goods, services, and Income
1996
1996
II
III'
IV*
\r
II-
III'
IV*
969,189
1,032,478
251,913
257,059
253,384
270,122
252,656
257,035
254,405
268,380
2
Goods, adjusted, excluding military2
575,940
611,669
150,885
154,329
145,763
160,692
150,032
153,120
150,144
158,373
3
4
Services3
Transfers under U.S. military agency sales contracts4
210,590
13,405
223,907
13,802
53,506
3,092
54,562
3,500
59,287
3,330
56,552
3,880
55,075
3,092
55,853
3,500
55,565
3,330
57,413
3,880
Travel
Passenger fares
Other transportation
61,137
18,534
28,063
64,499
19,579
29,115
14,486
4,470
6,839
16,052
4,813
7,274
18,697
5,653
7,400
15,264
4,643
7,602
16,205
4,854
6,966
16,103
4,896
7,289
15,653
4,799
7,343
16,538
5,030
7,516
Royalties and license fees 5
Other private services3
U.S. Government miscellaneous services
26,953
61,724
775
28,829
67,268
815
6,813
17,532
274
7,030
15,736
157
7,125
16,890
193
7,862
17,110
191
7,180
16,504
274
7,160
16,748
157
7,256
16,991
193
7,234
17,024
191
182,659
88,882
89,064
4,713
196,902
98,260
94,078
4,564
47,522
23,409
22,806
1,307
48,167
23,973
23,218
976
48,334
23,343
23,578
1,413
52,879
27,535
24,476
868
47,549
23,538
22,806
1,205
48,062
23,598
23,218
1,246
48,696
23,851
23,578
1,267
52,594
27,273
24,476
845
5
6
7
8
9
10
11
12
13
14
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
15
Imports of goods, services, and Income
16
Goods, adjusted, excluding military2
-749,364
17
18
Services3
Direct defense expenditures
-142,230
-9,820
-1,082,268 -1,155,101 -267,971 -287,807
-298,897 -300,427 -276,975 -288,208
-292,782 -297,139
-799,343 -187,248 -198,889 -204,588 -208,618 -193,159 -200,490 -202,013 -203,681
-150,440 -33,770 -38,435 -41,131 -37,104 -36,578 -37,441 -37,975 -38,450
-2,603
-2,800
-2,603
-2,775
-2,815
-2,800
-10,993
-2,775
-2,815
19
20
21
Travel
Passenger fares
Other transportation
-45,855
-14,313
-29,205
-48,712
-14,287
-29,100
-10,145
-3,247
-6,732
-13,185
-3,732
-7,220
-14,382
-3,984
-7,673
-11,000
-3,324
-7,475
-12,241
-3,531
-6,895
-12,097
-3,557
-7,288
-11,867
-3,506
-7,466
-12,508
-3,693
-7,453
22
23
24
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
-6,312
-33,970
-2,755
-7,036
-37,626
-2,686
-1,553
-8,799
-691
-1,659
-9,253
-612
-2,108
-9,472
-697
-1,716
-10,103
-686
-1,595
-9,022
-691
-1,722
-9,390
-612
-2,080
-9,544
-697
-1,639
-9,671
-686
-190,674
-31,418
-97,977
-61,279
-205,318
-33,817
-100,159
-71,342
-46,953
-6,667
-24,122
-16,164
-50,482
-8,925
-24,725
-16,832
-53,178
-9,513
-25,172
-18,493
-54,704
-8,711
-26,140
-19,853
-47,238
-6,952
-24,122
-16,164
-50,277
-8,720
-24,725
-16,832
-52,794
-9,129
-25,172
-18,493
-55,008
-9,015
-26,140
-19,853
-35,075
-42,472
-10,979
-8,871
-9,661
-12,961
-10,955
-9,420
-9,476
-12,621
-10,959
-3,420
-20,696
-14,634
-4,233
-23,605
-4,259
-831
-5,889
-2,364
-781
-5,726
-2,580
-1,188
-5,893
-5,431
-1,433
-6,097
-4,259
-1,012
-5,684
-2,364
-1,081
-5,975
-2,580
-1,064
-5,832
-5,431
-1,076
-6,114
-307,856
-306,830
-70,051
-52,420
-74,951 -109,409
-68,723
-50,699
-9,742
6,668
17
-523
7,489
-315
17
-523
7,489
-315
-808
-2,466
-6,468
370
-1,280
7,578
-199
-849
1,065
-133
-220
-170
848
-183
6,824
-146
-28
-141
-199
-849
1,065
-133
-220
-170
848
-183
6,824
-146
-28
-141
-280
-4,640
4,258
102
-665
-4,909
4,155
89
-152
-1,010
1,005
-147
-353
-1,489
875
261
166
-1,124
1,205
85
-326
-1,286
1,070
-110
-152
-1,010
1,005
-147
-353
-1,489
875
261
166
-1,124
1,205
85
-326
-1,286
1,070
-110
-297,834
-95,509
-98,960
-34,219
-69,146
424,462
-312,833
-88,304
-104,533
-31,777
-88,219
-69,916
-24,503
-34,420
-12,707
1,714
-51,544
-27,896
-20,200
n.a.
-74
-68,588
-23,175
-34,420
-12,707
1,714
-49,823
-26,175
-20,200
-3,374
-74
-80,968 -113,454
-9,143 -29,811
-22,933 -26,980
-15,696
n.a.
-33,196 -56,663
525,046
99,219
100,852
-82,606 -108,768
-10,781 -25,125
-22,933 -26,980
-15,696
n.a.
-33,196 -56,663
143,611 181,365
99,475
100,553
142,970
182,048
109,757
72,547
68,813
3,734
1,082
32,862
3,266
122,778
115,482
111,151
4,331
1,404
4,614
1,278
52,021
55,652
55,600
52
-156
-3,264
-211
13,566
-2,126
-3,384
1,258
220
14,187
1,285
24,235
26,689
25,472
1,217
1,061
-1,930
-1,585
32,956
35,267
33,463
1,804
279
-4,379
1,789
52,021
55,652
55,600
52
-156
-3,264
-211
13,566
-2,126
-3,384
1,258
220
14,187
1,285
24,235
26,689
25,472
1,217
1,061
-1,930
-1,585
32,956
35,267
33,463
1,804
279
^,379
1,789
314,705
60,236
99,340
95,268
34,578
25,283
402,268
83,950
153,784
131,682
n.a.
-1,558
47,198
28,438
11,832
35,993
6,506
-35,571
87,286
17,731
31,212
29,122
7,296
1,925
119,376
21,697
43,402
34,820
20,608
-1,151
148,409
16,085
67,338
31,747
n.a.
33,239
47,454
28,694
11,832
35,993
6,506
-35,571
86,987
17,432
31,212
29,122
7,296
1,925
118,735
21,056
43,402
34,820
20,608
-1,151
149,092
16,768
67,338
31,747
n.a.
33,239
31,548
-53,122
-2,131
-8,812
-13,486
-28,692
4,522
6,653
-9,261
-449
-21,804
-8,318
-26,573
2,119
-173,424
68,360
-105,064
-6,016
-113,079
-35,075
-148,154
-187,674
73,467
-114,207
-8,416
-122,623
-42,472
-165,095
-36,363
19,736
-16,627
569
-16,058
-10,979
-27,037
-44,560
16,127
-28,433
-2,315
-30,748
-8,871
-39,619
-58,825
18,157
-40,668
-4,844
-45,512
-9,661
-55,173
-47,926
19,447
-28,479
-1,825
-30,304
-12,961
-43,265
-43,127
18,497
-24,630
311
-24,319
-10,955
-35,274
^7,370
18,412
-28,958
-2,215
-31,173
-9,420
-40,593
-51,869
17,590
-34,279
-4,098
-38,377
-9,476
-47,853
-45,308
18,963
-26,345
-2,414
-28,759
-12,621
-41,380
25
26
27
28
29
30
31
32
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers6
33 U.S. assets abroad, net (increase/capital outflow (-))
34
35
36
37
38
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on US credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
47
U.S. private assets, net
Direct investment
i
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. claims reported by U.S. banks not included elsewhere
48
,
.
Foreign assets in the United States net (increase/capital Inflow (+))
49
50
51
52
53
54
55
Foreign official assets in the United States net
U.S. Government securities 9
.....*
U S. Treasury securities
.
Other10
,
„
t
Other U.S Government liabilities11 . .
U S liabilities reported by U S banks not included elsewhere .
Other foreign official assets 12
56
57
58
59
60
61
Other foreign assets in the United States net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U S liabilities to unaffiliated foreigners reported by U S nonbanking concerns
U S liabilities reported by U S banks not included elsewhere .
.
.
-73,313 -114,095
62 Allocations of special drawina rlahts
63 Statistical discrepancy (sum of above Items with sign reversed)
Of which seasonal adjustment discrepancy
63a
64
65
66
67
68
69
70
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
.
Balance on investment income (lines 11 and 25)
Balance on goods services and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers net (line 29)
.
Balance on current account (lines 1 15 and 29 or lines 68 and 69) 13
See footnotes to table F.3.
International Data •
SURVEY OF CURRENT BUSINESS
April 1997
D-57
Table F.3.—Selected U.S. International Transactions, by Area
[Millions of dollars]
European Union l4
Western Europe
(Credits +; debits -)
Line
J
1996
1 Exports of goods, services, and Income
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
-
Goods adjusted, excluding military2
Services3
Transfers under U S military agency sales contracts 4
Travel
Passenger fares
Other transportation
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
Income receipts on U.S. assets abroad
Direct investment receipts .
.
.
.
Other private receipts
U.S. Government receipts .
Imports of goods, services, and income
Goods, adjusted, excluding military2
Services3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net
U.S. Government grants4
U.S. Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))
U.S. official reserve assets, net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term assets, net
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S claims reported by U S banks not included elsewhere
Foreign assets In the United States, net (Increase/capital Inflow (+))
Foreign official assets in the United States net
.
U § Government securities9
.
.
.
t
U S Treasury
securities
. . .
Other 10 .
.
11
Other US Government liabilities
U.S. liabilities reported by U.S. banks not included elsewhere
Other foreion official assets 12
.
.
.
Other foreign assets in the United States net
. ..
Direct investment
U S Treasury securities
.
.
. . .
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks not included elsewhere
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of
above items with slon reversed) . . .
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
..
. . .
Balance on investment income (lines 11 and 25)
Balance on goods services and income (lines 1 and 1 5 or lines 66 and 67) 13
Unilateral transfers net (line 29)
.
.
Balance on current account (lines 1 15 and 29 or lines 68 and 69) 13
1996
lllr
IV
75,252
70,698
78,007
36,062
30,601
19,042
1,097
21,069
1,075
5,008
1,369
2,438
6,320
1,990
2,241
3,560
5,528
41
II
1996
1996
III'
IV
lllr
IV
22,372
20,358
21,211
35,383
33,425
37,592
32,755
9,037
6,961
6,977
18,694
16,848
20,442
17,536
457
4,816
146
5,271
79
5,129
72
8,985
564
9,806
163
8,988
171
5,761
1,893
1,755
4,305
1,447
1,836
1,682
349
355
2,040
505
363
1,666
442
372
2,236
747
842
2,920
1,121
896
1,978
783
881
3,393
4,940
37
3,420
5,185
22
3,891
5,564
36
606
1,672
6
588
1,694
2
683
1,882
13
2,058
2,518
20
2,013
2,675
18
2,320
2,837
18
22,313
12,521
9,571
221
18,386
9,395
8,823
168
16,986
7,891
8,825
270
19,679
10,504
8,996
179
8,519
3,082
5,437
8,126
2,935
5,191
9,104
3,679
5,397
28
7,704
4,829
2,719
156
6,771
3,720
2,887
164
8,162
5,144
2,879
139
II
III'
IV
II
67,860
63,580
69,970
35,649
32,480
27,917
20,045
862
16,994
913
18,677
641
4,843
1,540
2,449
4,600
1,287
1,823
3,585
5,833
26
4,069
6,239
43
20,148
10,711
9,245
192
19,028
9,332
9,374
322
II
-83,630
-82,907
-*2,957
-74,991
-74,916
-75,873
-25,847
-25,995
-27,793
-38,754
-38,500
-37,314
-41,951
-39,695
-41,638
-37,550
-36,116
^37,893
-7,391
-7,000
-7,675
-23,902
-23,153
-23,657
-16,383
-1,791
-17,302
-1,854
-14,841
-1,850
-14,393
-1,396
-15,330
-1,517
-13,072
-1,510
-4,634
^,938
-4,482
-123
-111
-110
-7,555
-1,186
-6,060
•-1,282
-6,771
-1,275
-5,159
-1,930
-2,430
-5,660
-2,020
-2,385
-3,429
-1,399
-2,452
-4,788
-1,776
-1,833
-5,113
-1,858
-1,926
-3,203
-1,295
-1,918
-1,333
-1,461
-1,090
-2,608
-2,713
-1,599
-725
-393
-733
-443
-567
-458
-718
-915
-754
-1,024
-510
-978
-1,068
^3,733
-1,110
-3,968
-1,193
-4,230
-909
-935
-3,452
-3,710
-1,011
-3,893
-272
-305
-288
-239
-271
-242
-25,296
-7,105
-11,913
-6,278
230
-41
-25,910
-6,670
-12,189
-7,051
84
-150
-316
-440
-499
-391
-447
-1,730
-19
-1,730
-28
-1,550
-1,618
-187
-222
-179
-24,908
-6,083
-12,046
-6,779
-13,822
-2,539
-8,370
-2,913
-14,057
-2,045
-6,577
-3,435
-15,637
-2,688
-9,142
-3,807
-7,297
-3,292
-2,340,
-1,665
-7,288
-3,160
-2,376
-1,752
-6,886
-2,652
-2,407
-1,827
321
335
264
206
197
203
-26,478
-6,098
-12,810
-7,570
-23,048
-6,345
-11,218
-5,485
-23,470
-5,811
-11,433
-6,226
2
356
337
270
-1
-26
-25
-166
-338
550
506
630
619
558
-46
367
-43
378
-43
307
-25,794
-48,423
-40,120
-18,770
-44,250
-29,926
-7,493
-25,230
-27,820
-273
-256
-263
154
-482
-109
-457
104
-457
154
-482
-109
-457
104
-457
-128
-158
243
-141
159
-106
-96
-81
14
-29
166
-16
181
21
40
-59
138
-39
3
3
1
-44,540
3,800
-16,770
-7,305
-24,265
-29,509
-14,522
-18,064
-25,231
4,706
-11,598
-2,314
-16,025
-27,943
-10,655
-16,330
3,077
-7,496
-11,572
-1,871
3,989
1,958
34,558
48,556
53
-23
369
15
298
^33
-25,820
-16,001
-8,899
6,679
-7,599
-48,184
2,291
-17,109
-8,672
-24,694
-40,170
-16,413
-19,148
-4,609
-18,217
-15,865
-7,530
7,146
-1,968
65,073
74,224
71,580
60,561
66,093
69,112
6,327
2,779
2,823
(18)
(18)
i"!
( )
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
17
( )
17
( )
(
8]
(17)
-130
n.a.
(17)
17
£3
R
P)
R
58,746
18,492
71,445
13,213
68,757
9,719
(17)
16,030
6,274
17
( )
23,692
10,431
n
16,331
-261
(18)
(18)
^47
-1,783
-467
-1,574
-19
574
-303
n.a.
3
150
(18)
(18)
R
1
123
-153
-150
-150
359
347
353
-14,611
-13,309
-1,353
-457
104
-457
^57
104
-457
-32
21
-38
123
R
H
18
(18)
(18)
H
("i
-32
21
-13,434
-1,301
-4,433
-4,153
-3,547
-1,724
-2,640
n.a.
-958
-14,122
-1,736
-5,391
2,656
-9,651
59,727
20,793
8,045
6,942
(18)
R
m
8
(18)
(13)
SZ
R
(18)
(18)
-38
-658
n.a.
3,506
i? R
J3 •a
(8)
(8)
•3
H
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
17,556
12,690
8,466
124
6,803
5,758
15,399
7,324
3,825
15,370
6,581
18
21 ,31 5
21,642
10,648
18
21 ,147
16,185
16,705
9,389
18
15,671
16,794
37,168
3,830
-1,035
18
2,969
4,477
961
18
-4,780
-1,350
44,311
10,154
7,540
18
16,722
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
( )
( )
n.a.
17
( )
-31,132
-13,677
-26,512
-35,016
-10,843
-33,554
-23,912
-18,024
-25,588
-3,017
10,143
-6,069
-5,889
2,659
-3,230
-5,148
-6,378
230
-8,148
-9,094
3,767
-5,327
-6,881
-12,208
84
-12,124
-5,989
5,204
-5,070
2,601
-2,469
-4,662
-7,132
356
-6,776
-8,199
3,347
-4,852
-6,484
-11,336
337
-10,999
-5,138
4,464
1,646
182
1,828
-5,303
-3,475
321
-3,154
-39
333
294
-5,931
-5,637
335
-5,302
-698
-5,208
1,430
-3,778
408
-3,371
206
-3,165
-6,305
1,746
-4,559
-3,215
2,217
17
17
pr Preliminary.
Revised.
* Less than $500,000 (±).
n.a. Not available.
1. Credits, +: Exports of goods, services, and income; unilateral transfers to United States; capital inflows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. official reserve assets; increase in foreign official assets in the United States.
Debits, -: Imports of goods, services, and income; unilateral transfers to foreigners; capital outflows (decrease
in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official reserve assets; decrease in
foreign offical assets in the United States.
2. Excludes exports of goods under U.S. military agency sales contracts identified in Census export documents,
excludes imports of goods under direct defense expenditures identified in Census import documents, and reflects
various other adjustments (for valuation, coverage, and timing) of Census statistics to balance of payments basis;
see table 2.
European Union (6) 15
United Kingdom
-785
-4,165
-4,950
2
-4,948
18
n.a.
-674
-5,229
-5,903
270
-5,633
18
n.a.
647
-51
-6,532
-6,583
264
-6,319
-516
-5,075
197
-4,878
18
n.a.
4,41 4
-998
1,276
278
203
481
3. Includes some goods: Mainly military equipment in line 4; major equipment, other materials, supplies, and petroleum products purchased abroad by U.S. military agencies in line 18; and fuels purchased by airline and steamship
operators in lines 7 and 21.
4. Includes transfers of goods and services under U.S. military grant programs.
5. Beginning in 1982, these lines are presented on a gross basis. The definition of exports is revised to exclude
U.S. parents' payments to foreign affiliates and to include U.S. affiliates' receipts from foreign parents. The definition
of imports is revised to include U.S. parents' payments to foreign affiliates and to exclude U.S. affiliates' receipts
from foreign parents.
6. Beginning in 1982, the "other transfers" component includes taxes paid by U.S. private residents to foreign
governments and taxes paid by private nonresidents to the U.S. Government.
7. For all areas, amounts outstanding December 31, 1996, were as follows in millions of dollars: Line 34, 75,089;
line 35, 11,048; line 36, 10,312; line 37,15,435; line 38, 38,294. Data are preliminary.
D-58 • International Data
SURVEY OF CURRENT BUSINESS
April 1997
Table F.3.—U.S. International Transactions, by Area—Continued
[Millions of dollars]
Line
Eastern Europe
Canada
1996
1996
(Credits +; debits -) '
II
III'
IV*
lll
\MP
r
II
II
III'
IV
2,883
3,002
43,565
42,238
43,344
45,009
47,586
50,592
26,934
27,269
26,773
1,638
1,788
1,999
34,066
32,399
34,390
26,440
27,718
30,251
16,615
16,130
16,178
686
88
808
176
688
73
5,061
36
4,778
21
4,542
18
7,587
128
8,642
98
8,485
104
8,359
158
9,032
131
8,200
95
Travel
Passenger fares
Other transportation ..
180
13
133
199
1
141
162
10
156
1,870
330
676
1,610
253
674
1,349
298
700
3,169
880
938
3,803
1,072
1,018
3,678
976
999
2,809
1,678
762
3,330
1,747
762
2,801
1,347
826
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
29
233
10
32
252
7
32
248
7
327
1,818
3
344
1,840
37
360
1,805
12
350
2,094
29
346
2,277
28
391
2,304
32
1,385
1,562
5
1,387
1,665
11
1,435
1,684
12
205
74
95
36
287
146
63
78
315
139
90
86
4,439
2,105
2,334
5,060
2,370
2,690
4,412
2,191
2,221
10,982
4,447
6,224
311
11,226
4,675
6,071
480
11,857
4,809
6,902
146
1,960
989
948
23
2,107
1,009
1,087
11
2,395
1,215
1,174
6
.
Goods, adjusted, excluding military2
3
4
Services3
Transfers under U.S. military agency sales contracts4
11
12
13
14
IV f
III'
2,528
1 Exports of aoods. services, and Income
2
8
9
10
1996
1996
II
5
6
1
Japan
Latin America and Othe r Western
Hemisphere
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
15
Imports of goods, services, and Income
-2,704
-2,754
-3,015
-47,806
-46,128
-46,138
^7,071
-47,997
-49,573
-38,149
-39,805
^1,495
16
Goods, adjusted, excluding military2
-1,678
-1,772
-2,165
-41,392
-39,183
-40,443
-30,958
-31,556
-32,481
-27,953
-28,402
-30,077
17
18
Services 3
Direct defense expenditures
-704
-672
-496
-3,599
-12
-4,439
-12
-3,214
-15
-6,601
-6,652
-6,924
-3,552
-3,727
-3,646
-117
-129
-128
-296
-228
-230
-2,033
-758
-3,413
-3,403
-3,569
-122
-963
-89
-1,010
-521
-623
-573
-627
-625
-581
-773
-149
-825
-166
-804
-160
-1,009
-1,300
-1,160
-402
-907
-298
-884
-301
-969
19
20
21
Travel
Passenger fares
Other transportation ..
22
23
24
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services
25
26
27
28
29
30
31
32
33
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers net
U S Government grants 4
U S Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))
-45
-76
-75
-73
-70
-50
-81
-1,191
-99
-1,001
-1
-82
-20
-1
-82
-15
-1
-64
-11
-38
-1,235
-23
-50
-1,188
-72
-53
-1,238
-52
-43
-1,794
-90
-44
-1,785
-92
-47
-1,866
-2,815
-1,156
-1,081
-2,505
-2,481
-9,511
-9,789
-10,167
-797
-732
-456
-394
-363
-689
-1,106
-1,187
-578
-602
-562
-7,055
-2,000
-7,137
-2,258
-7,369
-2,435
-2,694
-2,685
-2,709
-497
-137
-387
-169
-392
-180
-581
-103
-322
1
-326
-102
-194
-354
-310
-1
-93
18
-103
-220
-216
-234
-772
-877
-682
-441
-573
-368
-9
-322
101
-82
-22
8
-21
-22
-21
9
-1,231
-777
-6,145
-3,263
-7,111
-6,341
-18,623
-35,463
2,505
1,894
-6,077
-324
306
-32
-324
306
-32
31
-4
43
44
45
46
47
U S private assets net
Direct investment
...........
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere
130
-1,268
-660
-143
-101
-109
7,000
56
57
58
59
60
61
Other foreign assets in the United States, net .
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
62
Allocations of soecial drawing rlahts
63
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of
above items with sign reversed)
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67]I13
Unilateral transfers net (line 29)
Balance on current account (lines 1, 15, and 29 or lines 68 and 69) 13
8,448
9,732
-1,029
4,547
4,825
3,516
(8)
430
86
-12
(18)
-40
-18
-58
16
137
153
-23
129
-877
-748
3,430
2,409
-44
1,138
n.a.
-318
964
335
38
(18)
3,008
4,395
79
(18)
ft
4,221
R
a
(")
("»)
(8)
R
14
12
18
-1,268
R
3
R
8
«3
84
-78
18
-3,373
-117
-176
-772
-948
R
( )
(18)
18
4,554
16,509
-2,424
-3,375
R
-35,499
-2,417
3,251
-6,459
-6,512
-2,403
-11,330
13,786
n
(17)
3
(17)
17
(
)
1?
(
)
11
(17)
17
( )
R
8,445
3,069
(17)
2,449
( )
n.a.
17
( )
17
18)
-14
31
-4
1,557
-1,264
3,195
-6,041
-1,023
2,286
-36,333
2, 343
2, 343
-3, 374
452
3, 422
-190
-184
-7,304
69,648
6, 923
20,482
13,282
n.a.
(18
R
R
R
IS
18)
i
P
<'<'
3
43
-1,963
4,109
629
18
5,371
4,201
8,155
18
6,116
18)
-14
-296
-25,845
-4,812
-6,699
-9,427
-4,907
1
-7,112
-1,670
-3,018
n.a.
-242
337
-5
2
n.a.
-663
36
443
21
-3,265
-2,247
1,923
3,171
-6,112
-614
(18)
222
318
16
4
-381
-226
146
118
-216
-5
1,124
-47
1
2
-793
-196
8. Includes sales of foreign obligations to foreigners.
9. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible
bonds and notes.
10. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and of debt securities
of U.S. Government corporations and agencies.
11. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other transactions arranged with or through foreign official agencies; see table 4.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State
and local governments.
-30
9
-96
4
-6,149
-1,881
-89
836
-5,015
R
(»)
-12
-2,137
-117
(IS)
-43
-2,129
37
-19
27
29
R
-14
-2,060
-103
7,000
(18)
-7,772
-1,301
-1,536
-4,935
27
-29
-52
8
15
Foreign official assets in the United States net
U § Government securities9
US Treasury securities
Other 10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12
-1,545
-4,410
-7,676
-1,431
-1,528
-4,717
15
U.S. Government assets, other than official reserve assets, net
U S credits and other long-term assets
Repayments on U.S. credits and other long-term assets 8 ...
U.S. foreign currency holdings and U.S. short-term assets, net
Foreign assets In the United States, net (Increase/capital inflow (+))
-22
-6,644
30
-8
39
40
41
42
49
50
51
52
53
54
55
-26
-306
-9
U.S. official reserve assets, net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
64
65
66
67
68
69
70
-86
-16
-295
34
35
36
37
38
48
-73
-108
P
(18)
(IS)
(18)
3
3
3
a
18)
(18)
18
(18)
1.
-134
R
7,2
3,2
(18)
61 ,860
4,119
849
18
7,635
n.a.
(18)
R
ft
R
4, 871
259
"1,275
7,882
18
18)
n.a.
(18)
3,576
18
n.a.
6,395
-3,076
5,634
3,724
1,539
1,364
5,210
-32,496
1,901
-9,797
7,528
-166
-7,326
1,462
-5,864
1,624
-4,241
-73
-4,314
-6,784
339
-6,445
2,555
-3,890
-86
-3,976
-6,053
1,328
-4,725
1,931
-2,794
-82
-2,876
-4,518
986
-3,532
1,471
-2,061
-2,694
-4,755
-3,838
1,990
-1,848
1,437
-2,230
1,561
-11,338
4,807
-6,531
-4,684
-11,215
-14
-11,229
-12,272
5,306
-6,967
-5,570
-12,536
-43
-12,579
-13,899
4,554
-9,345
-5,377
-14,722
-12
-14,734
192
26
-39
-13
-682
-695
-411
-2,685
-3,096
-670
1,689
1,020
-2,709
-1,689
13. Conceptually, the sum of lines 70 and 62 is equal to "net foreign investment" in the national income and
product accounts (NIPA's). However, the foreign transactions account in the NIPA's (a) includes adjustments to the
international transactions accounts for the treatment of gold, (b) includes adjustments for the different geographical
treatment of transactions with U.S. territories and Puerto Rico, and (c) includes services furnished without payment
by financial pension plans except life insurance carriers and private noninsured pension plans. A reconciliation of
the balance on aoods and services from the international accounts and the NIPA net exports appears in the "Reconciliation and Other Special Tables" section in this issue of the SURVEY OF CURRENT BUSINESS. A reconciliation
of the other foreign transactions in the two sets of accounts appears in table 4.5 of the full set of NIPA tables
(published annually in the July issue of the SURVEY).
SURVEY OF CURRENT BUSINESS
April 1997
International Data •
D-59
Table F.3.—U.S. International Transactions, by Area—Continued
[Millions of dollars]
Line
(Credits +; debits -) *
Exports of goods, services, and income
2
Goods adjusted excluding military2
3
4
Services 3
Transfers under U.S. military agency sales contracts4
5
6
7
8
9
10
11
12
13
14
Other countries in Asia and Africa
1996
1996
International organizations
and
unallocated 16
1996
lllr
II
1
Australia
II
IV/>
IV P
III'
II
5,151
5,262
5,450
53,459
52,311
57,559
2,914
2,890
2,924
36,594
34,237
39,301
1,110
65
1,187
56
1,138
41
11,160
1,919
12,248
1,770
Travel
Passenger fares
Other transportation
385
118
62
451
129
65
392
116
68
2,631
425
1,963
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
145
335
149
336
1
164
355
2
1,127
710
417
1,185
868
317
....
Income receipts on U.S. assets abroad
Direct investment receipts .
Other private receipts
U.S. Government receipts .
5,137
5,396
12,019
2,685
1,558
9
1,522
3
1,435
2
2,984
461
2,113
2,039
356
2,151
302
386
253
866
3,287
69
909
3,928
83
1,000
3,709
79
368
879
373
760
411
765
4
1,388
932
456
5,706
3,760
1,666
280
5,826
3,787
1,668
371
6,238
4,271
1,704
263
3,601
1,178
2,289
134
3,614
1,155
2,308
151
3,961
1,457
2,358
146
-1,293
-1,824
-1,332
-750
-1,253
-658
-319
-327
-230
-577
-348
-339
-571
-674
15
Imports of goods, services, and income
-1,436
-1,659
-1,987
-65,720
-75,823
-73,931
16
Goods, adjusted, excluding military2
-882
-990
-1,187
-54,075
-62,990
-60,627
17
18
Services3 .. .
Direct defense expenditures
-495
-537
-624
-6,351
-6,549
-6,701
-503
-507
-492
-2,087
-1,962
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
Travel
Passenger fares
Other transportation
5
Royalties and license fees
Other private services5
U.S. Government miscellaneous services
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers 6
U.S. assets abroad, net (increase/capital outflow (-))
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term assets, net
43
44
45
46
47
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. claims reported by U.S. banks not included elsewhere
Foreign assets In the United States, net (increase/capital Inflow (+))
49
50
51
52
53
54
55
Foreign official assets in the United States net
U.S Government securities9
U.S. Treasury securities
Other 10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
56
57
58
59
60
61
Other foreign assets in the United States net
Direct investment
U.S. Treasury securities
U S securities other than U S Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S liabilities reported by U.S banks not included elsewhere
62
Allocations of special drawing rights
63
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of
above Items with sign reversed)
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 64 and 65)
Balance on investment income (lines 11 and 25)
Balance on goods services and income (lines 1 and 15 or lines 66 and 67) 13
Unilateral transfers, net (line 29)
Balance on current account (lines 1 15 and 29 or lines 68 and 69) 13
-5
-128
-10
-226
-116
-889
-885
-92
-1,683
-1,917
-1,869
-5
-5
-19
-1,028
-24
-1,073
-29
-1,214
-184
-176
-192
-6,285
-6,602
-162
-11
-58
63
-85
-36
-13
-B
-38
-60
-81
-35
-5,294
289
-2,311
-3,272
-24
-20
-132
-20
-2,020
-847
-84
-143
-6
-176
-64
-346
-88
-1
-542
128
82
112
-332
-239
-2,376
-3,577
-2,349
-4,014
-632
-38
-34
-68
-2,716
-3,159
-6,117
-2,812
-2,871
-3,341
-1,126
-1,407
-4,484
-259
-688
-649
-63
-21
-8
-12
-9
-15
-8
-12
-112
-115
-123
-646
-1,637
-1,510
-87
-2,466
-448
-1,478
-2,360
-2,674
128
-3,254
-4,165
-16,049
-1,143
-14,231
-825
-908
-1,465
2
-70
-829
2
-3,256
-1,206
513
-4,165
14,352
1,399
(18)
8
(18)
874
-13
(18)
(18)
92
679
(18)
211
-389
155
18
2,991
(18)
18
-127
-1,420
-6,374
932
2,032
615
2,647
1,069
3,716
-20
3,696
1,900
650
2,550
1,054
3,603
-24
3,579
^
691
18
n.a.
-433
1,737
514
2,251
1,212
3,462
-20
3,442
-878
-869
(18)
(18)
(18)
(18)
-37
(18)
-1,252
-2,474
29,724
18
18
18
-169
-238
-880
-105
n.a.
-841
13,823
-9
-413
-413
5
1,335
1,156
:°i
-321
-321
6
741
(18)
(18)
(18)
(18)
\
-234
-234
-3,052
-1,257
(18)
(18)
-28
4,402
18
18
18
-146
-183
-14,243
-2,170
-9,021
2,551
n.a.
848
-1,093
-1,437
-141
-174
-133
-220
426
27
-2,422
-420
-2,308
-441
665
366
-15
977
-492
-235
-123
12
-50
-401
-353
496
263
-15,979
-3,381
-5,199
111
-7,510
128
14. The "European Union" includes the "European Union (6)," United Kingdom, Denmark, Ireland, Greece, Spain,
and Portugal. Beginning with the first quarter of 1995, the 'European Union' also includes Austria, Finland, and
Sweden.
15. The "European Union (6)" includes Belgium, France, Germany (includes the former German Democratic Republic (East Germany) .beginning in the fourth quarter of 1990), Italy, Luxembourg, Netherlands, European Atomic
Energy Community, European Coal and Steel Community, and European Investment Bank.
16. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged
in international shipping and in operating oil and gas drilling equipment internationally. Also includes taxes withheld,
-173
-112
-83
-82
U.S. official reserve assets, net7
Gold . .
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
64
65
66
67
68
69
70
-9
-181
34
35
36
37
38
48
-11
IV
III'
5,159
R
H
35
(18)
(18)
(18)
-414
(18)
-688
-4,412
-395
n.a.
861
18
25,987
17,202
-17,481
4,809
-12,672
412
-12,261
-2,716
-14,977
1,443
-1,647
1
1
-1
107
1
1
-1
(18)
1,398
1,442
-1,646
-177
-169
-154
(18)
(18)
R
Q
i£
3,279
350
18
10,573
832
-118
-620
(18)
(18)
1,781
(18)
-15
92
18
1,534
(18)
-23
13,084
25
18
1,550
-1,909
22,368
-1,629
-977
2,389
-28,753
5,700
-23,054
-21,326
5,318
-16,008
808
808
3,059
3,867
-2,812
1,055
270
270
3,043
3,313
-2,871
442
111
111
3,287
4,064
-3,341
723
-459
-23,512
-3,159
-26,671
18
n.a.
-364
-16,372
-6,117
-22,489
18
n.a.
-1,469
current-cost adjustments associated with U.S. and foreign direct investment, and small transactions in business services that are not reported by country.
17. Details not shown separately; see totals in lines 49 and 56.
18. Details not shown separately are included in line 61.
NOTE—The data in tables F.2 and F.3 are from tables 1 and 10 in "U.S. International Transactions, Fourth Quarter and Year 1996" in this issue of the SURVEY OF CURRENT BUSINESS, which presents the most recent estimates
from the balance of payments accounts.
D-60
• International Data
SURVEY OF CURRENT BUSINESS
April 1997
Table FA—Private Service Transactions
[Millions of dollars]
Seasonally adjusted
1995
Line
1995
1996"
III
1 Exoorts of private services ....
2
3
4
5
6
7
Travel (table F 2 line 5)
Passenger fares (table F.2, line 6) .
Other transportation (table F.2, line 7)
Freight
Port services
Other
.
....
8
9
10
11
12
13
14
Royalties and license fees (table F.2, line 8)
Affiliated,
U S parents' receipts
U.S. affiliates' receipts
Unaffiliated
Industrial processes1
Other2
15
16
17
18
19
20
21
22
23
24
25
26
27
Other private services (table F.2, line 9)
Affiliated services,
U S parents' receipts ...
U.S. affiliates' receipts
Unaffiliated services
Education
Financial services
Insurance, net
Premiums received
Losses paid
Telecommunications
Business, professional, and technical services
Other Unaffiliated services 3
28
Imports of private services
.
.
. . . .
..
29
30
31
32
33
34
Travel (table F.2, line 19)
Passenger fares (table F.2, line 20)
Other transportation (table F2 line 21)
Freight
Port services
Other
35
36
37
38
39
40
41
Royalties and license fees (table F 2 line 22)
Affiliated
.
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated
Industrial processes l . ..
Other2
42
43
44
45
46
47
48
49
50
51
52
53
54
Other private services (table F 2 line 23)
Affiliated services
U.S. parents' payments
U S affiliates' payments
Unaffiliated services
Education
Financial services
Insurance net
Premiums paid
Losses recovered
Telecommunications .. .
Business, professional, and technical services
Other Unaffiliated services 3
55
56
57
Memoranda:
Balance on goods (table F.2, line 64)
Balance on private services (line 1 minus line 28)
Balance on goods and private services (lines 55 and 56)
.
. .
. . . . . .
1996
\r
IV
IK
III'
IVP
196,411
209,291
50,371
50,673
51,709
52,196
52,042
53,342
61,137
18,534
28,063
10,780
16,091
1,193
64,499
19,579
29,115
11,080
16,801
1,234
15,682
4,815
7,117
2,747
4,075
295
15,867
4,836
7,211
2,885
4,021
304
16,205
4,854
6,966
2,608
4,051
307
16,103
4,896
7,289
2,741
4,238
310
15,653
4,799
7,343
2,833
4,200
310
16,538
5,030
7,516
2,897
4,312
307
26,953
21,619
20,180
1,439
5,333
3,316
2,017
28,829
23,106
21,781
1,325
5,723
3,580
2,143
7,014
5,664
5,281
383
1,350
838
512
7,015
5,636
5,280
356
1,379
858
522
7,180
5,773
5,486
287
1,407
878
529
7,160
5,733
5,382
351
1,427
893
535
7,256
5,815
5,407
408
1,441
903
538
7,234
5,786
5,507
279
1,448
908
540
61,724
19,458
11,933
7,525
42,265
7,517
6,109
1,395
5,575
4,180
2,848
16,264
8,131
67,268
22,135
12,989
9,146
45,133
7,833
7,546
1,500
6,047
4,546
2,820
16,971
8,461
15,743
5,070
3,050
2,020
10,673
1,950
1,574
342
1,409
1,068
710
4,078
2,019
15,744
5,015
3,072
1,943
10,729
1,866
1,659
347
1,443
1,096
708
4,104
2,046
16,504
5,382
3,228
2,154
11,122
1,919
1,742
362
1,480
1,118
706
4,267
2,126
16,748
5,408
3,232
2,176
11,340
1,932
1,906
373
1,507
1,134
705
4,254
2,170
16,991
5,724
3,296
2,428
11,267
2,038
1,834
381
1,525
1,145
705
4,246
2,064
17,024
5,620
3,233
2,387
11,404
1,944
2,065
385
1,534
1,150
704
4,205
2,102
129,655
136,762
32,844
32,516
33,284
34,054
34,463
34,964
45,855
14,313
29,205
17,089
11,215
902
48,712
14,287
29,100
17,281
10,979
842
11,377
3,716
7,434
4,370
2,839
226
11,541
3,563
7,140
4,043
2,877
220
12,241
3,531
6,895
4,100
2,584
211
12,097
3,557
7,288
4,505
2,583
201
11,867
3,506
7,466
4,389
2,863
215
12,508
3,693
7,453
4,288
2,951
215
6,312
5,148
430
4,718
1,163
819
344
7,036
5,337
470
4,867
1,699
835
865
1,619
1,325
118
1,207
293
197
96
1,690
1,412
120
1,292
278
197
81
1,595
1,309
95
1,214
286
203
83
1,722
1,431
110
1,321
291
208
83
2,080
1,263
128
1,135
817
211
606
1,639
1,334
137
1,197
305
213
93
33,970
13,723
6,740
6,983
20,247
877
1,707
4,481
13,710
9,230
6,773
4,502
1,908
37,626
16,250
7,306
8,944
21,376
932
2,002
4,733
13,985
9,252
6,789
4,915
2,004
8,698
3,553
1,749
1,804
5,145
223
452
1,182
3,409
2,227
1,678
1,142
469
8,582
3,511
1,675
1,836
5,071
223
447
1,043
3,422
2,379
1,681
1,170
507
9,022
3,785
1,811
1,974
5,239
227
476
1,188
3,462
2,273
1,689
1,182
476
9,390
4,050
1,703
2,347
5,340
232
500
1,184
3,491
2,307
1,695
1,226
502
9,544
4,196
1,910
2,286
5,348
236
490
1,181
3,511
2,330
1,703
1,243
495
9,671
4,220
1,883
2,337
5,451
238
536
1,180
3,521
2,341
1,703
1,263
532
-173,424 -187,674 -42,548 -38,026 -43,127 -47,370 -51,869 -45,308
72,529 17,527 18,157 18,425 18,142 17,579 18,378
66,756
-106,668 -115,145 -25,021 -19,869 -24,702 -29,228 -34,290 -26,930
1. Patented techniques, processes, and formulas and other intangible property rights that are
used in goods production.
2. Copyrights, trademarks, franchises, rights to broadcast live events, and other intangible prop-
wages of foreign residents temporarily employed in the United States and Canadian and Mexican
commuters in U.S. border areas.
NoTE.-The data in this table are from table 3 in "U.S. International Transactions, Fourth Quar-
T& unaffiliated services receipts (exports) include mainly expenditures of foreign governments and international organizations in the United States. Payments (imports) include mainly
LS
S^
^
recem
estimaies
Trom
tne Daiance or
BUS NESS
Paymen« accounts.
'
' *"* *™* ** ™*
International Data • D-61
SURVEY OF CURRENT BUSINESS
April 1997
G. Investment Tables.
Table G.1.—International Investment Position of the United States at Yearend, 1994 and 1995
[Millions of dollars]
Changes in position in 1995 (decrease (-))
Attributable to:
Position,
1994
Type of investment
Line
Valuation adjustments
Capital
flows
Total
Position,
1995
Other 2
Price Exchange
rate
changes changes
* changes
(a)
(b)
(c)
(d)
(a+b+c+d)
1
2
Net international investment position of the United States:
With direct investment positions at current cost (line 3 less line 24)
With direct investment positions at market value (line 4 less line 25)
-580,095
-492,482
-116,606
-116,606
-119,855
-194,498
6,512
27,380
^,932
2,553
-233,881 -813,976
-281,171 -773,653
3
4
U.S. assets abroad:
With direct investment positions at current cost (lines 5+10+15)
With direct investment positions at market value (lines 5+10+16)
2,546,189
2,825,830
307,856
307,856
75,769
187,177
9,635
30,531
-7,545
1,517
385,715 2,931,904
527,081 3,352,911
163,394
100,110
10,039
12,030
41,215
9,742
808
2,466
6,468
190
153
1 413
81,269
79,188
78,327
861
2,081
280
382
431
-49
-1
U.S. official reserve assets
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
5
6
7
8
9
10
11
12
13
14
U.S. Government assets, other than official5 reserve assets
U S. credits and other long-term assets
Repayable in dollars
Other6
U S foreign currency holdings and U S short-term assets
15
16
U.S. private assets:
with direct investment at current cost (lines 17+19+22+23)
With direct investment at market value (lines 18+19+22+23)
Direct investment abroad:
At current cost
At market value
Foreign securities
Bonds
Corporate stocks
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U S claims reported by U S banks not included elsewhere
17
18
19
20
21
22
23
24
25
Foreign assets in the United States:
with direct investment at current cost (lines 26+33)
With direct investment at market value (lines 26+34)
26
27
28
29
30
31
32
Foreign official assets in the United States
U.S. Government securities
U.S. Treasury securities
Other
Other U.S. Government liabilities7
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets
33
34
Other foreign assets:
With direct investment at current cost (lines 35+37+38+41 +42)
With direct investment at market value (lines 36+37+38+41+42)
35
36
37
38
39
40
41
42
Direct investment in the United States:
At current cost
At market value
U.S. Treasury securities
U.S. securities other than U S Treasury securities
Corporate and other bonds
Corporate stocks
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported bv U.S. banks, not included elsewhere
1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation
at current exchange rates.
2. Includes changes in coverage, statistical discrepancies, and other adjustments to the value
of assets.
3. Reflects changes in the value of the official gold stock due to fluctuations in the market
price of gold.
4. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and bullion coins; also reflects replenishment through open market purchases. These demonetizations/monetizations are not included in international transactions capital flows.
5. Also includes paid-in capital subscriptions to international financial institutions and outstanding
3
1,177
1 177
1,756
-1
-102
-8
-8
4
32
-32
12,667
1,169
998
2,619
7,881
176,061
101,279
11,037
14,649
49,096
279
382
463
-81
81,548
79,570
78,790
780
1,978
-103
2,301,526
2,581,167
297,834
297,834
74,592
186,000
7,880
28,776
-7,537
1,525
372,769 2,674,295
514,135 3,095,302
779,300
1,058,941
556,241
232,265
323,976
95,509
95,509
98,960
48,263
50,697
6,410
117,818
68,182
29,628
38,554
6,279
27,175
-1,634
511
-2,145
-7,375
1,687
880,123
100,823
242,189 1,301,130
165,508
721,749
310,667
78,402
87,106
411,082
273,686
692,299
34,219
69,146
3,126,284
3,318,312
424,462
424,462
195,624
381,675
546,015
415,005
393,436
21,569
24,858
73,281
32,871
109,757
72,547
68,813
3,734
1,082
32,862
3,266
21,979
11,190
9,095
2,095
2,580,269
2,772,297
314,705
314,705
173,645
359,696
3,123
3,151
-3,772
-1,195
487,701 3,067,970
676,357 3,448,654
579,826
771,854
266,594
752,792
413,866
338,926
60,236
60,236
99,340
95,268
81,911
13,357
1,015
187,066
23,172
149,458
36,322
113,136
-28
-2,530
47
58,693
638,519
247,349 1,019,203
122,355
388,949
245,804
998,596
119,311
533,177
126,493
465,419
197,325
783.732
34,578
25.283
3,235
-162
3,123
3,151
-4,613
-1,036
159
158
158
1
10,789
-157
1,078
1,078
2,073
-1,085
37,454
68,984
311,140
761,283
619,596 3,745,880
808,252 4,126,564
131,895
83,895
78,066
5,829
1,083
32,862
14,055
35,566
25.283
677,910
498,900
471,502
27,398
25,941
106,143
46,926
232,891
809.015
amounts of miscellaneous claims that have been settled through international agreements to be
payable to the U.S. Government over periods in excess of 1 year. Excludes World War I debts
that are not being serviced.
6. Includes indebtedness that the borrower may contractually, or at its option, repay with its
currency, with a third country's currency, or by delivery of materials or transfer of services.
7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies.
NOTE.—The data in this table are from table 1 in "International Investment Position of the United States in 1995" in the July 1996 SURVEY OF CURRENT BUSINESS.
D-62 • International Data
SURVEY OF CURRENT BUSINESS
April 1997
Table G.2.—U.S. Direct Investment Abroad: Selected Items, by Country and by Industry of Foreign Affiliate, 1993-95
[Millions of dollars]
Direct investment position on a
historical-cost basis
All countries, all Industries
1993
1994
1995
564,283
621,044
711,621
Capital outflows (inflows (-))
1993
77,247
1994
Income
1993
1995
53,078
93,406
59,381
1994
65,994
1995
85,538
By country
69,922
74,987
81,387
3,584
6,287
7,767
3,959
5,550
8,386
Europe
France
Germany
Netherlands
United Kinadom
285,735
24,312
36,811
20,911
109,208
310,031
27,860
39,622
25,127
111,255
363,527
32,645
43,001
37,421
119,938
45,914
52,828
5,954
2,481
7,134
11,624
26,660
29,220
40,910
1,319
1,639
2,910
4,263
1,398
25,355
20,050
2,770
1,846
3,212
1,920
3,064
2,389
9,680
3,679
2,410
8,761
4,833
6,075
10,585
Latin America and Other Western Hemisphere
Canada
-495
100,482
112,226
122,765
16,895
14,797
14,614
14,275
15,562
14,840
Africa
5,469
5,530
6,516
837
173
970
1,226
1,413
1,866
Middle East
6,571
6,794
7,982
775
598
1,164
875
967
1,436
92,671
19,047
31,095
108,075
19,900
36,677
125,968
24,713
39,198
8,895
1,981
1,625
11,143
721
2,522
16,001
5,711
1,583
12,117
2,271
1,801
13,120
2,384
2,843
17,886
2,759
4,504
3,433
3,401
3,476
348
30
62
269
163
214
Asia and Pacific
Australia
Japan
International
By industry
64,175
66,272
69,653
5,539
2,090
2,667
8,582
7,544
9,338
192,244
217,416
257,589
18,522
25,533
43,520
21,699
27,868
35,775
25,858
45,623
9,937
26,927
16,842
22,957
44,100
28,931
50,385
10,811
29,000
20,414
29,159
48,716
31,079
68,082
13,026
33,551
25,579
32,353
53,920
6,088
4,247
752
755
1,052
1,734
3,894
3,661
5,681
743
1,970
3,615
5,365
4,498
2,487
18,215
2,314
6,537
5,050
3,373
5,544
4,110
6,103
632
1,227
1,808
3,123
4,256
7,343
4,547
9,426
Wholesale trade
57,534
67,272
71,354
5,700
8,969
8,339
6,700
8,184
9,752
Banking
27,074
29,224
30,441
1,673
1,277
587
3,725
3,252
2,742
212,089
41,358
6,712
18,815
15,643
15,073
21,839
6,832
1,809
1,677
3,091
12,646
1,223
2,397
3,001
Petroleum .
.
.
.
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Other manufacturing
174,684
186,558
Services
19,489
22,352
27,826
1,959
2,952
Other industries
29,083
31,950
42,668
2,497
5,545
Finance (except banking), insurance, and real estate
NOTES.—In this table, unlike in the international transactions accounts, income and capital outflows are shown without a current-cost adjustment, and income is shown net of withholding taxes.
In addition, unlike in the international investment position, the direct investment position is valued
at historical cost.
The data in this table are from tables 17 and 18 in "U.S. Direct Investment Abroad: Detail
4,696
1,004
1,447
2,427
4,337
4,009
4,052
7,958
3,104
3,847
5,887
for Historical-Cost Position and Related Capital and Income Flows, 1995" in the September 1996
SURVEY OF CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
April 1997
International Data •
Table G.3.—Selected Financial and Operating Data for Nonbank Foreign Affiliates of U.S. Companies, by Country and by
Industry of Affiliate, 1994
Millions of dollars
Number of
affiliates
All countries, all Industries
Total assets
21,300
Net income
Sales
2,359,964
1,754,852
94,031
Number of
employees
(thousands)
6,957.7
By country
Canada
Europe
France
Germany
Italy
Netherlands
Switzerland
United Kingdom
...
Latin America and Other Western Hemisphere
2,064
218,783
210,892
7,341
886.7
10,468
1,227
1,361
756
1,008
519
2,430
1,288,830
100,722
179,272
47,454
121,297
45,769
1,997
4,248
1,904
8,046
6,764
11,761
2,844.3
390.5
581.7
177.9
148.9
542,862
897,439
106,478
196,851
58,648
89,034
52,039
226,857
3,252
271,881
182,453
19,484
1,492.2
495
19,830
17,450
1,451
115.0
Africa
Middle East
50.7
869.6
343
28,602
18,000
2,058
4,574
838
986
517,250
67,537
260,817
421,230
59,789
196,724
17,460
2,516
3,045
104
14,788
7,389
467
24.7
Petroleum
1,507
252,462
293,661
9,752
228.1
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Other manufacturing
8,105
800
1,935
724
1,033
846
453
2,314
681,082
92,563
146,983
31,600
98,935
53,079
118,889
139,031
845,487
104,910
151,358
29,769
128,553
73,379
207,917
149,601
40,835
6,614
11,465
1,147
3,998
4,027
5,936
7,647
4,116.2
559.6
578.5
189.7
Wholesale trade
5,035
184,956
314,186
12,080
556.5
Asia and Pacific
Australia
Japan
International
83.7
1,511.1
251.0
419.6
By industry
605.5
738.7
955.5
Finance (except depository institutions), insurance, and real estate
2,688
979,910
91,303
25,194
172.8
Services
2,504
100,164
82,041
1,728
746.7
Other industries
1,461
161,391
128,173
4,443
1,137.4
NOTE.—The data in this table are from tables II.A.1 and II.A.2 in U.S. Direct Investment Abroad:
1994 Benchmark Survey, Preliminary Results.
D-63
D-64 • International Data
SURVEY OF CURRENT BUSINESS
April 1997
Table G.4.—Foreign Direct Investment in the United States: Selected Items, by Country of Foreign Parent and by Industry of
Affiliate, 1993-95
[Millions of dollars]
Direct investment position on a
historical-cost basis
1993
All countries, all industries
466,666
1994
502,410
1995
560,088
Income
Capital inflows (outflows (-))
1993
1994
1995
43,534
49,903
60,848
1993
5,893
1994
1995
21,171
31,815
By country
Canada
Europe
France
Germany
Netherlands
United Kinadom
Latin America and Other Western Hemisphere
40,487
42,133
46,005
3,799
4,031
4,489
856
2,705
3,513
287,940
30,672
35,086
71,860
103,270
309,415
34,139
40,297
68,212
111,058
360,762
38,240
47,907
67,654
132,273
34,996
6,778
7,698
2,967
13,232
30,153
3,987
6,551
-2,272
11,123
51,793
3,719
8,117
8,150
16,487
23,626
-184
8
1,944
22,081
19,716
25,042
22,716
3,225
4,472
-2,189
-52
2,006
1,713
1,657
5,593
4,214
7,491
5,262
12,029
1
979
885
73
-142
Africa
1,003
925
936
89
26
11
-58
-31
Middle East
5,220
5,565
5,053
410
276
-<335
35
-71
94
112,299
7,040
100,272
119,331
7,928
104,529
124,615
7,788
108,582
1,014
214
1,058
10,945
1,090
7,654
7,079
473
5,252
-3,092
-534
-2,276
1,102
3,623
-168
159
3,231
Asia and Pacific
Australia
Japan
973
By industry
32,057
33,103
35,636
-1,630
2,016
3,660
1,382
1,830
2,768
164,995
23,105
56,021
12,422
29,585
43,861
185,293
20,869
66,948
14,351
32,535
50,590
210,312
26,054
76,523
15,255
36,619
55,861
13,311
68
4,395
946
1,951
5,951
22,725
-1,636
12,347
1,833
3,829
6,352
26,246
5,002
12,346
608
4,406
3,883
3,841
867
10,604
16,447
1,680
5,109
6,884
Wholesale trade
60,817
67,271
71,652
3,333
6,807
5,011
Retail trade
12,720
13,429
13,434
1,428
1,939
866
Banking
33,464
35,624
41,843
3,290
4,026
Finance, except banking
35,303
38,762
47,941
20,048
2,736
Insurance
40,601
40,401
47,283
1,254
2,716
Real estate
29,099
28,452
26,518
-255
Services
35,886
36,251
37,930
Other industries
21.725
23.825
27.539
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturina
NOTES.—In this table, unlike in the international transactions accounts, income and capital
inflows are shown without a current-cost adjustment, and income is shown net of withholding
taxes. In addition, unlike in the international investment position, the direct investment position
is valued at historical cost.
The data in this table are from tables 16 and 17 in "Foreign Direct investment in the United
4,349
-209
-1,757
1,690
-193
1,368
592
728
3,281
2,252
4,254
550
2,739
4,025
39
504
557
5,844
389
2,672
4,453
10,135
235
1,559
1,047
4,057
1,405
2,260
1,879
426
-1,199
-1,661
-1,243
-1,296
-471
1,013
2,132
-587
-571
282
3.226
5.500
4.096
301
818
1.653
States: Detail for Historical-Cost Position and Related Capital and Income Flows, 1995" in the
September 1996 SURVEY OF CURRENT BUSINESS.
International Data • D-65
SURVEY OF CURRENT BUSINESS
April 1997
Table G.5.—Selected Financial and Operating Data of Nonbank U.S* Affiliates of Foreign Companies, by Country of Ultimate
Beneficial Owner and by Industry of Affiliate, 1994
Millions of dollars
Millions of dollars
Number of
affiliates
All countries, all industries
Thousands
Total
assets
Sales
Net
income
Gross
product
of
employees
U.S.
U.S.
merchandise
exports
shipped by
affiliates
merchandise
imports
shipped to
affiliates
113,774
219,172
1,447,628
13,377
262,334
145,221
3,214
43,256
682.4
7,368
12,636
5,381
661
1,281
384
1,240
1,166,048
210,783
163,003
137,922
362,587
769,034
111,139
152,588
89,007
243,692
7,742
970
1,217
4,997
191,972
22,674
36,961
24,684
68,893
2,989.4
369.2
584.1
323.4
1,013.9
48,846
11,989
9,613
4,892
9,353
77,816
11,685
23,511
8,552
13,160
1,076
49,324
44,819
970
11,635
138.0
5,202
8,542
68
(D)
6,557
124
1,515
16.1
602
985
381
26,484
19,925
106
5,549
65.7
678
3,734
4,229
172
3,281
608,807
37,417
536,061
445,586
20,355
388,713
-1,347
21
61,156
4,795
50,992
50,447
522
45,103
101,425
84
(D)
16,486
2,569
4,976
630
519
244
99,416
109,210
390
28,146
110.2
3,973
16,815
2,928
269
327
404
754
1,174
546,422
52,028
190,512
57,286
91,532
155,064
518,517
49,227
144,256
64,255
114,080
146,699
7,640
136
5,513
584
1,897
157,815
12,599
48,858
17,054
31,465
47,839
2,251.6
195.5
508.5
264.0
517.4
766.3
48,365
2,584
14,198
4,023
16,130
11,430
66,981
3,369
13,870
7,597
25,563
16,581
12,523
2,208,329
1,304
320,060
4,866.6
By country
Canada
Europe
France
Germany
Netherlands
United Kinadom
. .
.
.
.
Latin America and Other Western Hemisphere
Africa
Middle East
Asia and Pacific
Australia
japan
United States
-254
-768
934.9
70.5
756.5
40.0
114,940
972
By industry
Petroleum
Manufacturing
..
Food and kindred products ..
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturina
-490
2,247
219,325
452,615
3,785
40,672
485.6
57,108
131,290
Retail trade
352
46,588
94,183
1,164
23,396
764.6
1,468
3,154
Finance, except depository institutions
872
523,641
33,527
689
2,027
46.7
12
6
Wholesale trade
.
.
.
.
.
0
0
13
2
595.5
698
387
430.3
2,136
537
172
443,147
78,250
3,007
8,795
151.6
Real estate
3,457
104,823
14,968
-2,555
5,732
30.4
Services
1,258
121,337
61,741
-844
24,892
993
103,630
84,618
28,583
Insurance
Other industries
D
Suppressed to avoid disclosure of data of individual companies.
NOTE.-The data in this table are from tables A1 and A2 in Foreign Direct Investment in the
United States: Operations of U.S. Affiliates of Foreign Companies, Preliminary 1994 Estimates.
101
SURVEY OF CURRENT BUSINESS
D-66 • International Data
April 1997
H. International PerspectivesTable H.1.—International Perspectives
1995
1995
1997
1996
1996
Jan.
Dec.
Feb.
Apr.
Mar.
May
June
July
Sept.
Aug.
Nov.
Oct.
Jan.
Dec.
Exchange rates (not seasonally adjusted)
Canada (Can $/US$)
France (FFr/US$)
Germany (DM/US$)
Italy L/US0)
Japan (V/US0)
Mexico (Peso/US$)
United Kingdom (US$/£)
Addendum:
Exchange value of the U.S. dollar '
1.3725
4.9864
1.4321
16.2945
.9396
6.4467
1.5785
1.3638
5.1158
1.5049
15.4276
1.0878
7.6004
1.5607
1.3693
4.9565
1.4406
15.9388
1.0185
7.6870
1.5405
1.3669
5.0117
1.4635
15.8487
1.0575
7.4806
1.5288
1.3752
5.0440
1.4669
15.7000
1.0579
7.5183
1.5360
1.3656
5.0583
1.4776
15.6243
1.0594
7.5472
1.5271
1.3592
5.1049
1.5048
15.6560
1.0720
7.4694
1.5160
1.3693
5.1855
1.5324
15.5671
1.0634
7.4368
1.5152
1.3658
5.1787
1.5282
15.4230
1.0896
7.5648
1.5416
1.3697
5.0881
1.5025
15.2682
1.0919
7.6179
1.5530
1.3722
5.0636
1.4826
15.1662
1.0787
7.5143
1.5499
1.3694
5.1307
1.5080
15.2048
1.0993
7.5441
1.5593
1.3508
5.1652
1.5277
15.2382
1.1241
7.7345
1.5863
1.3381
5.1156
1.5118
15.1366
1.1230
7.9119
1.6623
1.3622
5.2427
1.5525
15.2844
1.1398
7.8769
1.6639
1.3494
5.4145
1.6047
15.6791
1.1791
7.8289
1.6585
84.25
87.34
85.07
86.23
86.42
86.57
87.46
88.28
88.16
87.25
86.54
87.46
87.99
86.98
88.71
91.01
10.0
12.6
10.6
10.0
12.7
10.7
12.5
12.7
10.9
Unemployment rates (percent, seasonally adjusted)
Canada
France
Germany . .
Italy
Japan
Mexico
United Kingdom
Addendum:
United States
9.6
11.8
9.4
12.0
3.1
6.3
8.3
5.6
9.7
12.4
10.4
12.2
9.4
11.6
9.9
9.6
11.9
10.0
9.6
12.1
10.3
12.1
9.3
12.3
10.4
9.4
12.3
10.2
9.4
12.4
10.3
12.2
10.0
12.4
10.3
9.8
12.4
10.3
9.4
12.5
10.3
12.0
9.9
12.6
10.5
9.7
12.7
11.3
3.4
5.5
7.5
3.3
6.9
8.0
3.4
6.5
7.9
3.3
6.2
7.9
3.1
5.9
7.8
3.4
5.7
7.8
3.6
5.4
7.7
3.5
5.6
7.7
3.4
5.4
7.6
3.3
5.0
7.5
3.3
5.2
7.4
3.4
5.2
7.2
3.2
5.2
6.9
3.3
5.0
6.7
3.3
5.4
5.6
5.7
5.5
5.5
5.5
5.5
5.3
5.4
5.2
5.2
5.2
5.3
5.3
5.4
6.5
Consumer prices, seasonally adjusted, 1990=100
Canada
France .
Germany (1991=100)
Italy
Japan . ...
Mexico
United Kingdom
111.8
111.6
114.8
127.7
107.0
224.6
118.2
Addendum:
United States
116.6
112.3
112.7
115.5
130.7
106.7
270.4
119.1
112.5
113.1
116.1
131.1
106.5
276.8
119.6
112.9
113.8
116.2
131.5
106.7
282.8
120.1
113.3
114.0
116.3
132.2
107.3
290.9
121.0
113.6
114.2
116.5
132.7
107.5
296.1
121.2
113.5
114.1
116.6
133.0
107.2
300.9
121.3
113.5
113.9
117.0
132.8
107.1
305.2
120.8
113.6
113.6
116.9
132.9
107.0
309.2
121.4
113.8
114.0
116.8
114.0
114.3
116.8
114.5
114.2
116.7
114.5
114.4
117.0
114.8
114.7
117.6
107.1
301.8
121.1
112.1
112.5
115.4
130.4
106.8
261.0
119.5
107.4
314.2
121.9
107.6
318.2
121.9
107.3
323.0
122.0
107.4
333.3
122.4
107.3
341.8
122.4
120.0
117.9
118.4
118.7
119.1
119.5
119.8
119.9
120.2
120.5
120.8
121.2
121.5
121.8
122.0
113.5
113.8
116.5
Real gross domestic product (percent change from preceding quarter, seasonally adjusted at annual rates)
Canada .
France
Germany
Italy
japan
Mexico ..
United Kingdom
Addendum:
United States
See footnotes at end of table.
2.3
2.2
1.5
1.3
2.1
3.0
14
5.1
2.2
2.0
2.4
14
-0.5
2.5
6.0
-1 4
-1 1
4.2
2.6
20
47
84
2.5
-6.2
14
51
-1 6
17
16.7
33
3.1
3.3
2.3
4
49
29
06
18
5.2
3.1
21
3.8
International Data •
SURVEY OF CURRENT BUSINESS
April 1997
D-67
Table H.1.—International Perspectives—Continued
1995
1995
1996
Dec.
1996
Jan.
Feb.
Mar.
Apr.
May
June
1997
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Short-term, 3-month, interest rates (percent, not seasonally adjusted)
Canada
France
Germany
Italy
Japan
Mexico
United Kingdom
Addendum:
United States, yield on new 91-day U.S. Treasury bills
7.07
6.58
4.53
10.46
1.23
48.24
6.68
4.43
3.94
3.31
8.82
.59
32.91
6.02
5.83
5.56
3.94
10.61
.52
48.01
6.49
5.51
4.70
3.61
10.07
.56
41.57
6.36
5.21
4.41
3.35
9.93
.61
40.66
6.16
5.18
4.27
3.36
9.85
.65
43.05
6.04
5.03
4.00
3.33
9.62
.62
37.15
6.00
4.78
3.90
3.29
8.92
.64
31.07
6.01
4.83
3.97
3.39
8.77
.57
29.64
5.84
4.69
3.84
3.38
8.75
.68
31,66
5.73
4.24
3.96
3.29
8.81
.64
29.16
5.75
4.06
3.75
3.12
8,44
.54
27.79
5.76
3,49
3.51
3.12
8.02
.52
27.68
5.94
3.00
3.47
3.19
7.41
.52
28.94
6.29
3.08
3.44
3.23
7.25
•52
26,51
6.34
3.11
3.35
3,14
7,23
.53
24.60
6.32
5.51
5.02
5.16
5.02
4.87
4.96
4.99
5.02
5.11
5.19
5.09
5.15
5.01
5.03
4.87
5.05
Long-term interest rates, government bond yields (percent, not seasonally adjusted)
Canada
France
Germany
Italy
Japan
Mexico
United Kinadom
Addendum:
United States, 10-year U.S. Treasury bonds
8.36
7.66
6.80
11.79
3.21
7.54
6.51
6.10
8.85
2.98
7.53
6.89
6.00
10.83
2.91
7.40
6.77
5.80
10.04
3.00
7.62
7.00
6.10
9.97
3.39
7.93
6.92
6.30
10.09
3.11
8.03
6.76
6.20
9.82
3.38
7.99
6.71
6.30
9.12
3.16
8.04
6.84
6.40
8.94
3.17
7.92
6.59
6.40
8.82
3.32
7.57
6.62
6.20
8.92
2.96
7.64
6,20
6.10
8,62
2.81
7.00
6.11
5,90
7.78
2.51
6.48
5.79
5.80
7.15
2.44
6.81
5.82
5.70
6.95
2.38
6.99
5.69
5.70
6.76
2.40
8.25
8.10
7.75
7.79
8.09
8.33
8.30
8.34
8.35
8.25
8.16
8.16
7.87
7.80
7.7
7.74
6.58
6.44
5.71
5.65
5.81
6.27
6.51
6.74
6.91
6.87
6.64
6.83
6.53
6.20
6.30
6.58
Share price indices, selected countries (not seasonally adjusted, 1990=100)
Canada
France
Germany
Italy
Japan
Mexico
United Kingdom
130.0
103.0
102.4
95.0
63.0
389.3
147.0
154.0
118.0
115.6
96.0
74.0
554.8
167.0
138.0
101.0
105.4
88.0
71.0
487.3
157.0
145.0
107.0
109.8
92.0
73.0
532.3
160.0
144.0
111.0
111.6
94.0
73.0
496.8
162.0
145.0 M50.0
113.0 119.0
112.2 113.3
91,0
95.0
72.0
77.0
538.9 559.0
163.0 169.0
153.0
120.0
112.9
102.0
77.0
562.2
168.0
147.0
120.0
115.0
102.0
78.0
563.2
167.0
144.0
116.0
114.0
97.0
75.0
527.4
163.0
150.0
114.0
115.0
93.0
73.0
579.8
167.0
155.0
116.0
116.7
92.0
72.0
567.6
170.0
164.0
121.0
120.3
96.0
73.0
563.6
173.0
176.0
125.0
121.9
99.0
72.0
577.3
170.0
173.0
128,0
124.9
100.0
69.0
589.5
171.0
179.0
135.0
130.0
114.0
63.0
639,7
176.0
Addendum:
United States
159.0
195.0
179.0
179.0
189.0
189.0
189.0
193.0
195.0
188.0
193.0
197.0
204.0
212.0
213.0
220.0
1. Index of weighted average exchange value of U.S. dollar against currencies of other G-10 countries. March
1973-100. Weights are 1972-76 global trade of each of the 10 countries. Series revised as of August 1978. For
description and back data, see "Index of the weighted-average exchange value of the U.S. dollar: Revision" on
page 700 of the August 1978 Federal Reserve Bulletin.
NOTE.—All exchange rates are from the Board of Governors of the Federal Reserve System. U.S. interest rates,
unemployment rate, and GDP growth rate are from the Federal Reserve, the Bureau of Labor Statistics, and BEA,
respectively. All other data (including U.S. consumer prices and U.S. share prices, both of which have been rebased
to 1990 to facilitate comparison) are © OECD, March 1997, OECD Main Economic Indicators and are reproduced
with permission of the OECD.
D-68 • International Data
SURVEY OF CURRENT BUSINESS
April 1997
I. Charts.
THE U.S. IN THE INTERNATIONAL ECONOMY
Bi«on$
10
BillionS
BALANCE ON CURRENT ACCOUNT
COMPONENTS OF CURRENT ACCOUNT BALANCE, ,__ x ,.--•''"''
'~ "
82 I 83 I 84 I 85 1 86 87 88 89' 90* 91*92'93*94 95 96 97
Billion $
50
~' Services
82 '83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
BilllonS
100
U.S. DIRECT INVESTMENT ABROAD AND
FOREIGN DIRECT INVESTMENT IN THE U.S.
40-
80-
30-
60
FDIUS
20-
10-
-10
82'838485868788899091929394959697
82838485868788899091929394959697
BillionS
BWonS
250
50
EXPORTS AND IMPORTS
NET INTERNATIONAL INVESTMENT POSITION
VALUED AT CURRENT COST
40-
20030-
U..S. assets abroad
20-
150-
Foreign assets in the United States
Exports
10-
100
^Net investment position
50
-10
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
US. Department at Commerce, Bureau ot Economic Analysis
8 2 8 3 8 4 8 5 8 6 8 7 8 8 8 9 9 0 9 1 9 2 9 3 9 4 95 96 97
RegionalData • D-69
SURVEY OF CURRENT BUSINESS
April 1997
Regional Data
J. State and Regional Tables.
The annual estimates of State personal income in this section are from the 1996 comprehensive revision of the
annual estimates for 1969-95. The quarterly estimates of State personal income are from the 1996 comprehensive
revision of the quarterly estimates for 1990 through the first quarter of 1996; updated quarterly estimates are shown
for the second and third quarters of 1996. In fall 1997, the revised quarterly State estimates for 1969-89 will be
released, and the quarterly estimates for 1990-96 will be revised again and released.
Annual estimates of gross state product are shown for 1992; in summer 1997, a comprehensive revision of the
gross state product estimates for 1977-92 and new estimates for 1993-94 will be released.
Table J.1.—Total and Nonfarm Personal Income for States and Regions
Nonfarm *
Total
Millions of dollars
State and region
Millions of dollars
2
Percent change
1993
1994
1995
I
United States
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island ....
Vermont .
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
Great Lakes
Illinois
Indiana ...
Michigan
Ohio
Wisconsin
Plains
Iowa
Kansas ...
Minnesota
Missouri .
Nebraska
North Dakota
South Dakota
Southeast
Alabama
Arkansas
Florida .
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
Southwest
Arizona
New Mexico
Oklahoma
Texas
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
Far West . . . .
Alaska
California
Hawaii .
Nevada
Oregon
Washington
II
III
1996:111996:111
1.7
1.4
385,882
109,733
26,187
180,998
30,984
24,794
13,186
1.8
1.2
1.2
2.3
1.6
1.8
1.3
1.3
1.4
1.3
1.3
1.3
1.1
1.6
1,090,608 1,133,015 1,193,674 1,226,365 1,240,427 1,254,879
16,781
17,579
20,043
18,843
19,457
19,800
17,615
18,068
19,028
19,186
18,541
18,958
126,637
139,437
120,330
132,784
137,934
135,769
224,474
251,114
216,990
247,743
237,155
243,731
457,517
476,626
525,587
519,868
501,965
517,255
261,376
269,632
299,513
296,054
284,386
291,196
1.1
1.8
.4
1.6
1.6
.5
1.7
1.2
1.2
.8
1.1
1.4
1.1
1.2
342,546
98,434
23,703
159,142
27,390
22,145
11,733
364,595
104,056
24,957
170,185
29,381
23,601
12,415
374,040
106,945
25,533
174,541
30,117
24,093
12,812
380,779
108,211
25,846
178,624
30,587
24,534
12,978
1993
1994
1995
I
II
III
5,425,182 5,695,861 6,064,095 6,247,637 6,344,025 6,426,997
1.5
1.3
1.3
1.3
1.3
1.3
1.3
1.0
1.2
1,088,226 1,131,035 1,191,927 1,224,274 1,238,156 1,252,235
16,624
19,289
19,589
19,784
17,436
18,716
18,541
18,958
19,028
17,615
18,068
19,186
135,487
126,350
137,610
139,042
120,009
132,556
236,871
243,368
247,346
216,729
224,206
250,626
519,287
524,941
456,817
476,098
501,465
516,678
268,877
290,494
295,295
298,657
260,432
283,778
1.1
1.6
.4
1.6
1.6
.5
1.7
1.1
1.0
.8
1.0
1.3
1.1
1.1
1.7
1.2
2.1
2.4
1.7
1.4
1.1
1.3
.8
.9
.9
1.5
424,167
61,568
58,658
118,421
122,314
35,983
12,524
14,700
1.4
.9
1.2
1.8
1.5
1.0
2.5
1.8
1.2
1.3
1.1
1.7
.8
1.2
1.3
1.2
1,168,293 1,235,974 1,321,257 1,363,516 1,384,556 1,403,399
84,043
85,137
71,834
75,846
80,733
82,811
40,807
43,642
44,731
45,595
38,453
46,216
302,469
324,770
338,806
341,867
287,330
346,986
160,094
164,064
143,416
154,619
134,110
166,555
67,535
71,948
73,806
75,220
76,222
64,075
81,917
73,262
77,550
83,798
85,215
86,208
41,752
46,804
38,726
44,476
45,649
46,418
138,029
148,958
154,333
157,294
130,376
159,579
12,614
72,134
13,766
11,879
70,970
73,205
114,517
102,835
110,258 , 112,633
96,185
116,061
149,741
158,195
162,837
164,785
142,609
166,756
30,754
32,324
33,404
29,514
33,048
33,670
1.5
1.5
1.9
.9
2.5
1.9
1.7
1.7
1.9
1.6
1.7
1.2
1.1
1.4
1.3
1.4
1.5
1.5
1.3
1.2
.8
1.5
1.5
1.3
1.2
.8
363,938
103,862
24,846
170,031
29,331
23,560
12,308
373,270
106,728
25,400
174,370
30,056
24,040
12,675
379,882
107,941
25,705
178,423
30,518
24,472
12,823
1.7
1.2
2.1
2.4
1.7
1.5
1.1
1.3
.8
.9
1.0
1.6
901,352
267,007
111,328
198,235
223,594
101,188
953,687 1,014,483 1,038,754 1,056,460 1,067,585
279,957
307,192
310,792
298,300
314,723
124,297
130,422
126,813
129,416
117,181
214,092
237,227
239,271
227,829
231,633
235,597
256,226
262,837
250,313
260,491
118,534
113,744
106,860
116,890
120,333
360,070
52,396
51,247
97,949
103,038
31,835
10,863
12,742
382,751
57,073
53,255
104,783
108,952
33,366
11,620
13,702
418,344
61,601
58,000
115,186
119,785
36,674
12,288
14,810
430,956
63,242
59,405
119,284
122,652
38,119
12,805
15,449
1.6
1.2
1.3
1.8
1.5
2.1
2.9
2.6
1.4
1.5
1.2
1.7
.9
1.8
1.2
1.7
354,482
51,740
49,814
97,887
102,600
30,082
10,478
11,879
373,220
54,479
51,903
103,500
108,245
31,578
10,902
12,614
1,181,182 1,249,083 1,333,148 1,379,059 1,403,909 1,425,582
72,957
77,018
83,994
86,867
81,578
85,468
48,394
39,703
42,142
47,724
46,267
44,958
290,074
304,114
350,163
326,668
341,139
344,675
135,718
145,420
170,466
156,555
162,790
167,235
65,131
68,620
77,899
72,762
74,844
76,531
73,718
78,050
86,934
82,422
84,331
85,939
39,196
42,458
47,595
44,998
46,192
47,096
133,180
141,017
151,841
165,650
158,526
162,683
62,179
65,735
73,827
72,662
69,786
71,448
96,658
103,398
110,579
116,522
113,015
114,960
143,094
150,305
167,572
165,511
158,669
163,448
29,572
33,694
30,806
32,333
33,066
33,425
1.8
1.8
3.1
1.0
2.7
2.3
1.9
2.0
2.6
1.7
1.7
1.3
1.1
1.5
1.6
1.4
1.6
1.9
1.8
1.2
1.1
1.8
1.6
1.4
1.2
.8
425,212
62,327
58,729
117,292
121,567
37,453
12,650
15,194
1996:111996:111
1.8
1.1
1.2
2.3
1.5
1.8
1.2
341,910
98,269
23,591
158,988
27,338
22,111
11,613
958,103 1,016,245 1,041,541 1,059,761 1,071,423
281,732
311,527
315,599
307,761
298,413
117,815
124,384
130,875
129,809
127,130
214,473
232,211
239,913
228,369
237,840
236,614
264,102
251,037
261,516
257,115
107,469
114,042
117,324
120,935
119,070
403,508
59,453
56,028
110,494
116,154
35,161
11,945
14,272
1996:11996:11
384,787
109,391
26,030
180,760
30,906
24,718
12,983
328,456
95,001
22,833
152,335
25,489
21,698
11,100
905,527
268,318
112,116
198,910
224,420
101,762
398,882
58,233
55,341
109,853
116,070
33,902
11,717
13,766
413,111
60,268
57,313
114,452
119,555
35,196
12,063
14,264
419,009
60,806
58,001
116,472
121,289
35,557
12,364
14,520
507,103
72,900
26,691
56,123
351,390
536,163
79,010
28,338
58,254
370,561
575,072
86,420
30,685
60,901
397,067
597,694
91,246
31,751
62,635
412,062
606,812
92,389
31,963
63,646
418,815
616,209
94,272
32,404
64,533
425,001
1.5
1.3
.7
1.6
1.6
1.5
2.0
1.4
1.4
1.5
500,880
72,167
26,221
55,033
347,458
531,868
78,658
28,030
57,387
367,792
571,617
85,769
30,396
60,528
394,925
593,767
90,471
31,448
62,256
409,592
602,334
91,493
31,607
63,235
415,999
611,233
93,136
31,997
64,099
422,001
1.4
1.1
.5
1.6
1.6
1.5
1.8
1.2
1.4
1.4
152,352
78,455
19,371
14,817
30,500
9,209
161,175
83,009
20,559
15,158
32,940
9,509
173,325
89,771
21,993
16,052
35,577
9,932
179,842
93,445
22,746
16,493
37,108
10,050
183,317
95,192
23,310
16,645
37,990
10,179
185,520
96,151
23,620
16,796
38,671
10,282
1.9
1.9
2.5
.9
2.4
1.3
1.2
1.0
1.3
.9
1.8
1.0
148,924
77,531
18,238
14,021
30,195
8,939
159,278
82,537
19,868
14,771
32,701
9,401
171,618
89,340
21,315
15,720
35,397
9,846
178,019
93,009
21,949
16,199
36,906
9,957
181,312
94,747
22,343
16,364
37,772
10,086
183,383
95,701
22,560
16,525
38,416
10,182
1.8
1.9
1.8
1.0
2.3
1.3
1.1
1.0
1.0
1.0
1.7
1.0
945,045
13,632
697,911
27,505
30,973
59,235
115,788
977,014 1,038,409 1,072,266 1,092,924 1,111,843
14,131
14,488
14,799
14,893
14,610
715,923
799,817
760,431
785,079
813,638
28,304
29,184
29,638
29,831
29,400
34,112
37,319
39,403
40,370
41,317
62,938
73,177
67,870
70,549
71,929
121,606
129,117
138,987
133,226
136,370
1.9
1.3
1.9
.8
2.5
2.0
2.4
1.7
.6
1.7
.7
2.3
1.7
1.9
934,569
13,621
690,314
27,312
30,882
58,368
114,073
968,890 1,030,373 1,062,926 1,082,317 1,100,206
14,476
14,595
14,782
14,120
14,873
709,991
754,400
778,053
791,736
804,752
28,122
29,023
29,249
29,485
29,676
37,274
40,322
34,053
39,355
41,268
67,329
69,956
71,316
62,228
72,532
127,870
131,718
134,677
120,375
137,106
1.8
1.3
1.8
.8
2.5
1.9
2.2
1.7
.6
1.6
.6
2.3
1.7
1.8
1. Nonfarm personal income is total personal income less farm earnings. Farm earnings consists of proprietors'
net income; the cash wages, pay-in-kind, and other labor income of farm employees; and the salaries of officers
of corporate farms.
2. Percent change was calculated from unrounded data.
NOTE.—The personal income level shown for the United States is derived as the sum of the State estimates.
It differs from the national income and product accounts (NIPA) estimate of personal income because, by definition,
1996:11996:11
5,471,129 5,739,851 6,097,977 6,289,150 6,393,140 6,482,295
329,243
95,220
22,977
152,531
25,549
21,744
11,223
Percent change2
1996
1996
it omits the earnings of Federal civilian and military personnel stationed abroad and of U.S. residents employed
abroad temporarily by private U.S. firms. It can also differ from the NIPA estimate because of different data sources
and revision schedules.
Source: Table 1 in "Comprehensive Revision of State Personal Income, 1969-95" in the October 1996 SURVEY
OF CURRENT BUSINESS and table 1 in "Personal Income by State and Region, Third Quarter 1996" in the February
1997 SURVEY.
D~70 • Regional Data
SURVEY OF CURRENT BUSINESS
April 1997
Table J.2.—Percent of Personal Income for Selected Components for States and Regions
Personal income
State and region
1969
United States
New England ..
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Mideast . . .
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
Percent of personal income
Millions of dollars
1980
Net earnings by place of residence '
1995
...
»
. . .
1980
1980
1995
Transfer payments
1969
1995
1980
65.9
14.3
16.1
17.3
9.1
14.1
16.8
364,595
104,056
24,957
170,185
29381
23,601
12,415
74.1
75.3
74.3
68.9
66.2
67.4
16.7
14.3
17.1
18.1
18.8
17.4
17.6
18.6
17.7
9.2
7.1
62.6
66.6
67.4
61.7
64.8
17.0
18.6
15.2
16.4
16.4
16.4
11.4
10.0
14.2
10.9
18.2
10.5
17.6
15.5
15.7
13.8
20.0
15.8
14.0
20.6
16.2
182,246
2,396
3,465
16,176
32,157
83,309
44,744
458,491 1,193,674
6316
18843
7,962
18,541
46,024
132,784
86,327
237,155
193,271
501,965
118,592
284,386
75.2
15.3
70.6
66.4
68.5
64.4
67.5
62.9
68.0
66.6
62.9
63.3
15.3
12.5
22.4
13.0
12.5
16.2
16.6
14.0
21.1
14.9
14.0
19.5
19.0
160,459
48,244
19,011
35,797
41,240
16,166
425,095 1,016,245
125,702
298,413
51,115
124,384
95,087
228,369
106,648
251,037
114,042
46,543
78.8
78.0
80.9
79.6
78.9
76.8
70.7
67.4
13.4
70.5
71.8
70.6
70.8
70.1
67.3
69.7
14.6
163,442
27,716
23,412
41,457
45,987
14,308
5,123
5,438
403,508
59,453
56,028
110,494
116,154
35,161
11,945
14,272
76.3
75.8
76.6
77.1
76.5
75.2
68.2
66.7
65.9
65.4
66.3
68.7
64.1
75.1
76.0
61.9
64.3
66.0
62.0
63.5
452,556 1,333,148
30,128
81,578
17,077
44,958
97,357
326,668
46,061
156,555
29,609
72,762
82,422
37,030
17,472
44,998
151,841
47,583
23,901
69,786
37,389
110,579
53,244
158,669
15,705
32,333
77.7
79.4
68.9
70.7
64.4
66.4
75.5
68.6
80.5
78.6
78.0
79.2
81.7
81.9
80.0
65.9
59.7
69.5
73.0
72.8
71.6
71.6
68.2
65.0
55.6
70.3
65.3
63.8
65.1
69.1
67.1
68.9
67.9
58.8
72.9
67.8
70.4
70.7
74.4
68.5
64.5
65.0
64.1
70.3
68.4
49,634
14,543
3,115
24,183
2,728
3,587
1,477
57,810
10,196
7,912
14,100
16,476
5,278
1,872
1,976
133,361
9,413
5,011
24,271
14,406
9,399
10,467
5,281
15,213
7,194
11,501
16,346
4,859
131,783
38108
9,313
61,704
9*108
9,150
4,399
729
76.2
74.5
74.5
76.3
74.2
80.0
77.5
72.6
76.8
80.1
76.2
70.6
66.6
68.3
71.2
66.0
67.3
68.4
72.6
63.7
72.1
68.8
71.1
67.5
67.2
72.9
70.1
73.2
54,417
6,016
2,937
8,084
37,380
207,312
25,519
10,773
28,742
142,278
575,072
86,420
30,685
60,901
397,067
77.4
74.1
77.0
Rocky Mountain
Colorado
Idaho ,
Montana
Utah
Wyoming
16,915
8,031
2,282
2,242
3,192
1,168
63,456
31,163
8,129
6,962
11,785
5,417
173,325
89,771
21,993
16,052
35,577
9,932
76.3
75.1
78.2
72.3
72.7
70.4
74.8
79.1
76.0
65.9
74.5
76.0
377,038 1,038,409
14,488
5,611
280,601
760,431
10,514
29,184
9,376
37,319
26,251
67,870
129,117
44,686
75.3
86.9
74.7
78.9
79.4
75.4
76.6
70.2
82.9
69.8
72.9
73.1
68.5
70.6
117,184
1,374
89,097
3,330
2,150
7,568
13,665
75.1
78.4
1. Net earnings by place of residence is earnings by place of work—the sum of wage and
salary disbursements, other labor income, and proprietors' income—less personal contributions for
social insurance plus the adjustment for residence.
Source: Table 5 in "Comprehensive Revision of State Personal Income, 1969-95" in the Octo-
Dividends, interest, and rent
1969
69.7
Southwest
Arizona
New Mexico
Oklahoma
Texas
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
1995
76.6
772,027 2,279,172 6,097,977
..
1969
67.6
66.0
67.7
175
153
14.7
15.0
17.4
137
12.5
15.0
17.0
13.4
11.8
12.7
13.2
14.2
14.5
15.4
14.0
14.1
14.1
16.0
14.8
13.8
12.6
10.0
11.8
20.7
8.5
10.8
17.2
19.0
16.3
15.0
13.9
14.9
16.9
17.4
14.9
17.9
15.4
16.8
15.3
14.0
14.8
15.6
16.8
18.1
15.5
16.9
15.9
16.8
7.8
7.5
7.3
7.7
7.9
9.0
14.0
12.7
18.2
18.1
18.6
18.1
16.8
18.7
19.2
18.8
18.2
9.2
8.8
9.4
8.9
9.4
8.7
13.6
16.0
13.3
13.1
12.8
14.7
16.0
15.6
14.5
17.2
13.0
15.1
15.3
14.8
19.2
15.5
17.1
18.2
20.0
18.1
16.1
17.8
19.8
23.0
20.4
15.6
12.2
15.2
24.0
13.2
13.5
13.5
12.2
18.5
16.0
17.1
19.4
17.6
17.7
17.4
9.5
6.3
12.1
7.5
7.6
10.4
9.8
10.1
10.2
9.7
11.8
13.1
14.7
12.4
13.6
14.0
25.5
14.8
15.0
14.4
12.4
14.4
14.2
13.1
17.8
14.9
13.7
16.3
12.5
13.3
13.4
15.3
18.0
14.6
15.4
15.2
17.6
15.4
15.7
14.8
14.5
8.2
69.0
67.8
59.6
72.4
63.7
14.5
15.8
12.5
14.9
12.0
15.7
16.0
16,4
16.8
17.3
16.4
9.2
9.0
9.3
66.4
15.0
16.7
70.6
66.2
67.7
68.9
64.7
66.6
11.0
10.7
11.8
9.5
10.3
9.5
10.6
11.8
10.7
8.2
15.3
14.6
13.4
14.9
14.1
15.3
12.4
12.9
16.3
19.3
13.1
15.5
8.6
17.1
14.7
15.4
17.4
15.8
20.1
13.2
20.5
17.6
12.0
17.8
16.0
16.7
18.3
17.1
10.6
12.7
10.7
8.5
10.7
10.1
11.3
8.0
8.6
9.3
8.1
13.1
9.0
9.6
10.5
11.7
10.4
8.9
8.3
9.7
4.9
10.0
6.5
7.1
9.7
9.3
12.9
15.4
14.4
14.3
18.9
16.4
14.0
16.4
13.3
18.3
14.1
15.4
15.3
13.7
19.5
11.9
14.2
15.1
14.0
10.8
11.7
10.8
13.3
14.8
12.4
8.5
13.1
8.4
13.1
12.4
11.5
14.1
13.6
17.7
15.8
14.6
14.9
15.5
18.1
15.5
18.3
20.0
20.9
18.9
14.9
19.8
21.8
22.5
16.5
18.7
18.0
14.3
26.3
16.4
17.9
19.5
20.2
15.2
14.8
13.7
15.8
20.3
14.3
15.8
16.1
17.5
16.0
16.3
14.4
17.0
16.3
ber 1996 SURVEY OF CURRENT BUSINESS and the CD-ROM, "State Personal Income, 1969-95,"
October 1996.
April 1997
Regional Data • D-71
SURVEY OF CURRENT BUSINESS
Table J.3.—Per Capita Personal Income and Per Capita Disposable Personal Income for States and Regions, 1993-95
Per capita personal income1
State and region
Dollars
1993
United States
Per capita disposable personal income *
1994
1995
21,224
22,047
23,208
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
24,876
29,048
18,533
25,346
22,725
21,753
19,495
25,812
30,054
19,111
26,343
24,093
22,217
20,221
27,388
31,776
20,105
28,021
25,587
23,844
21,231
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
24,633
23,989
30,475
24,290
27,611
25,201
21,727
25,514
24,784
31 860
25,318
28,400
26,228
22,372
26,844
26,273
33452
26,333
29,848
27,678
23,558
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
21,080
22,961
19,650
21,026
20,289
20,174
22,186
23,974
20,482
22,584
21,312
21,148
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
19,911
18,571
20,215
21,649
19,682
19,727
17,058
17,774
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
1993
1995
Rank in U.S.
Dollars
Rank in U.S.
1994
1995
1995
18,551
19,241
20,189
21,322
24,464
16,409
21,606
20,171
19,126
17,120
22,070
25,296
16,853
22,354
21,421
19,479
17,783
23,332
26,686
17,692
23,651
22,626
20,914
18,685
5
2
4
19
21,191
20,777
26,120
20,895
23,824
21,423
19,028
21,946
21,436
27,185
21,748
24,407
22,372
19,555
23,031
22,600
28,420
22,510
25,687
23,521
20,540
7
2
4
17
23,386
25,225
21,433
23,915
22,514
22,261
8
28
16
21
22
18,334
19,923
17,183
18,340
17,666
17,409
19,227
20,711
17,815
19,600
18,546
18,184
20,217
21,702
18,698
20,688
19,552
19,073
8
29
16
21
23
21,014
20,172
20,851
22,942
20,644
20,555
18,204
18,934
21,992
20,921
21,841
23,971
21,819
21,477
18,625
19,576
33
23
14
24
27
43
37
17,370
16,189
17,770
18,463
17,343
17,383
15,052
15,920
18,331
17,694
18,252
19,558
18,142
18,115
16,176
17,115
19,103
18,302
19,038
20,360
19,075
18,856
16,456
17,608
33
24
20
22
28
42
37
19074
17,451
16,366
21,136
19,662
17,167
17,182
14,846
19,158
17,129
18,974
22,107
16,261
19,899
18,256
17,182
21,799
20,612
17,931
18,088
15,906
19,949
17,941
19,979
22,944
16,902
20,970
19,181
18,101
23,061
21,741
18,849
18,981
16,683
21,103
18,998
21,038
23,974
17,687
38
48
20
25
42
40
50
31
39
32
13
49
16,925
15,631
14,684
18,785
17,222
15,107
15,537
13,588
16,816
15,281
17,102
19,240
14,610
17,616
16,302
15,372
19,314
18,039
15,787
16,354
14,537
17,441
15,976
17,978
19,879
15,179
18,498
17,062
16,092
20,378
18,951
16,520
17,088
15,218
18,380
16,850
18,862
20,702
15,852
39
47
19
26
41
38
50
32
40
27
15
48
Southwest
Arizona
New Mexico
Oklahoma
Texas
18,911
18,479
16,520
17,360
19,498
19,593
19,389
17,138
17,880
20,163
20,608
20,489
18,206
18,580
21,206
35
47
44
30
16,892
16,306
14,753
15,389
17,482
17,495
17,050
15,287
15,844
18,085
18,348
17,970
16,226
16,389
18,967
35
44
43
25
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
19,446
22,015
17,604
17,619
16,399
19,606
20,075
22,707
18,145
17,707
17,264
19,977
21,107
23,961
18,906
18,445
18,232
20,684
41
45
46
34
16,896
18,974
15,408
15,461
14,333
17,331
17,350
19,470
15,726
15,561
14,988
17,622
18,136
20,455
16,208
16,203
15,682
18,196
18
45
46
49
34
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
22,155
22,801
22,356
23,599
22,411
19,518
22,018
22,668
23,344
22,778
24,016
23,412
20,393
22,759
23,882
24,002
24,073
24,590
24,390
21,611
23,774
11
9
10
26
18
19,380
19,961
19,571
20,365
19,386
16,705
19,503
19,812
20,374
19,929
20,802
20,350
17,357
20,117
20,792
20,888
20,970
21,405
21,065
18,391
20,922
14
11
9
10
31
12
1. Per capita personal income and per capita disposable personal income were computed using
midyear population estimates of the Bureau of the Census.
NOTE.—The personal income level shown for the United States is derived as the sum of the
State estimates. It differs from the national income and product accounts (NIPA) estimate of personal income because, by definition, it omits the earnings of Federal civilian and military personnel
1
36
3
7
17
29
6
15
12
1
36
3
5
13
30
6
stationed abroad and of U.S. residents employed abroad temporarily by private U.S. firms. It can
also differ from the NIPA estimate because of different data sources and revision schedules.
Source: Tables 2 and 4 in "Comprehensive Revision of State Personal Income, 1969-95" in
the October 1996 SURVEY OF CURRENT BUSINESS.
D-72 • Regional Data
SURVEY OF CURRENT BUSINESS
April 1997
Table J.4.—Gross State Product for States and Regions by Industry, 1992
[Millions of dollars]
Rank of
total
gross
state
product
State and region
United States
Total
gross
state
product
Farms
Agricultural
services,
forestry,
and
fishing
Manufacturing
Mining
Construction
Total
Durable
goods
Transportation
and
Nondurapublic
ble goods utilities
Wholesale
trade
Retail
trade
Finance,
insurance,
and real
estate
1,106,114 1,182,724
Services
Federal
civilian
government
Federal
military
government
State and
local
government
5,994,063
85,569
29,941
85,198
567,978
495,003
529,299
394,431
557,462
153,425
77,035
507,769
343,875
98,873
24,085
161,966
25,524
21,582
11,844
1,448
338
289
362
123
56
280
1,582
363
218
688
113
124
75
206
68
5
65
30
10
27
10,554
3,044
978
4,538
895
573
527
65,258
19,357
4,230
29,538
5,512
4,405
2,217
44,595
13,396
1,801
20,756
3,871
3,190
1,581
20,663
5,961
2,429
8,783
1,641
1,215
636
24,447
6,918
1,903
11,594
1,957
1,244
831
22,817
6,808
1,346
11,433
1,424
1,132
673
30,966
8,602
2,845
13,667
2,585
1,996
1,272
74,740
23,854
4,359
34,187
5,414
4,781
2,145
78,101
20,418
4,507
41,046
5,042
4,699
2,389
5,659
1,375
789
2,417
385
426
268
2,275
572
405
783
68
388
59
25,821
7,155
2,210
11,647
1,977
1,749
1,083
4,737
204
0
657
442
1,563
1,872
3,352
55
8
516
677
1,074
1,023
2,205
16
8
2
6
1,167,946
23,666
40,441
116,169
223,146
497,555
266,969
7
103
96
363
1,629
40,424
824
427
6,332
7,585
15,013
10,243
175,347
4,819
1,234
11,153
37,435
68,067
52,640
82,178
1,009
121
5,604
12,324
35,341
27,778
93,169
3,809
1,113
5,549
25,111
32,725
24,862
101,211
1,226
2,313
9,699
20,742
42,019
25,212
76,697
809
659
6,974
19,660
32,260
16,334
93,447
1,404
1,490
11,655
17,891
36,906
24,101
262,921
9,319
4,925
22,478
46,395
129,913
49,892
263,137
3,016
13,703
26,895
48,349
114,564
56,610
38,262
323
12,781
7,867
3,772
7,006
6,514
6,988
246
1,111
1,964
848
1,741
1,078
99,217
1,417
1,784
9,879
19,254
47,065
19,819
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin .
4
15
9
1
19
971,639
294,449
121,647
204,421
241,604
109,517
11,609
3,307
1,822
1,702
2,161
2,618
3,648
1,124
441
702
843
537
4,374
1,472
658
989
1,100
155
35,501
11,376
4,874
6,598
8,389
4,263
238,642
54,808
35,339
55,704
63,448
29,343
149,549
27,853
23,479
40,973
40,309
16,934
89,093
26,954
11,859
14,731
23,139
12,408
83,477
29,928
11,077
13,814
20,331
8,327
67,252
23,925
6,977
13,449
16,142
6,760
88,990
25,545
12,030
18,941
22,757
9,717
164,862
55,643
17,900
33,650
38,957
18,712
172,369
58,200
18,267
36,268
42,340
17,295
16,470
5,471
2,351
2,488
4,363
1,799
4,203
1,664
516
639
1,089
294
80,241
21,987
9,395
19,476
19,685
9,698
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
30
31
18
17
34
49
47
402,903
59,457
56,164
110,276
111,604
37,213
13,057
15,131
18,235
3,912
2,579
3,001
1,900
3,575
1,491
1,776
2,236
458
341
466
488
271
83
129
2,788
105
748
656
338
67
659
215
14,216
1,970
1,833
4,200
4,143
1,149
446
476
75,917
13,251
10,518
22,938
22,264
4,699
891
1,356
38,908
6,984
5,004
11,978
11,176
2,431
427
908
37,008
6,268
5,513
10,960
11,088
2,268
464
447
37,533
4,706
5,943
8,508
12,153
3,875
1,184
1,165
30,091
4,151
4,052
8,775
8,308
2,837
1,033
935
38,224
5,478
5,315
10,156
11,271
3,169
1,254
1,581
66,926
9,654
8,445
19,392
17,841
6,289
2,002
3,302
68,676
8,800
8,837
20,182
20,762
5,824
2,015
2,256
9,639
1,177
1,297
2,188
3,032
1,023
431
490
4,002
182
1,216
297
899
663
452
293
34,420
5,613
5,041
9,517
8,205
3,772
1,115
1,155
Southeast .
Alabama
Arkansas
Florida
Georgia
Kentucky
.
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
24
33
5
13
25
22
32
11
27
20
12
39
1,283,225
78,137
43,994
268,609
153,534
75,561
96,245
44,298
159,637
69,810
108,894
153,808
30,699
20,940
1,484
1,977
4,138
2,258
2,198
873
1,200
3,291
605
1,420
1,257
239
6,463
382
294
2,343
610
314
333
244
652
300
348
560
84
22,161
1,182
337
696
688
2,510
11,084
662
289
142
297
1,043
3,230
48,872
2,588
1,412
11,457
5,451
2,766
3,972
1,365
5,416
3,158
3,783
6,300
1,203
250,316
17,190
10,396
23,462
27,995
18,836
18,685
10,819
49,091
18,522
25,908
24,744
4,668
102,586
8,338
5,169
13,248
10,320
9,048
3,797
5,419
16,620
6,423
12,619
9,439
2,144
147,730
8,852
5,227
10,214
17,675
9,787
14,889
5,400
32,471
12,100
13,288
15,305
2,524
121,515
7,748
4,892
25,777
17,142
6,631
10,000
5,406
12,507
5,846
8,259
13,272
4,034
81,540
4,676
2,419
18,582
14,001
3,938
5,053
2,279
9,676
3,259
7,692
8,367
1,597
127,430
7,272
4,742
30,830
13,974
7,055
7,881
4,416
14,910
7,512
12,300
13,817
2,722
201,845
10,899
6,066
53,439
24,619
10,308
13,565
6,310
21,910
9,437
15,783
25,105
4,402
224,806
12,441
6,352
63,064
26,836
10,828
14,382
5,530
21,591
9,798
20,139
29,127
4,719
38,844
3,591
996
5,726
4,635
2,246
1,488
1,252
2,726
1,685
4,102
9,679
717
29,543
1,375
476
4,825
3,125
1,653
1,390
863
4,221
2,403
667
8,412
134
108,952
7,309
3,635
24,269
12,201
6,278
7,538
3,951
13,358
7,143
8,195
12,124
2,949
Southwest
Arizona
New Mexico
Oklahoma
Texas
26
38
29
3
582,977
74,060
31,863
60,188
416,867
8,509
953
682
1,752
5,122
2,867
495
131
281
1,960
31,509
1,154
2,451
3,185
24,719
21,403
3,413
1,180
1,741
15,068
89,028
9,322
3,931
9,367
66,408
44,955
7,175
3,093
5,442
29,245
44,073
2,147
838
3,924
37,164
61,556
5,797
3,085
5,999
46,674
37,903
4,312
1,332
3,549
28,710
57,447
8,468
3,128
6,147
39,704
92,119
13,609
4,528
9,107
64,876
106,719
15,682
5,739
9,665
75,633
14,510
2,136
1,419
2,230
8,724
8,790
1,053
754
1,371
5,613
50,616
7,664
3,504
5,795
33,654
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wvomina
23
45
46
36
48
167,325
82,463
20,860
15,227
35,590
13,186
4,248
1,257
1,375
768
458
390
930
403
254
117
85
71
7,048
1,185
167
820
1,381
3,495
7,278
3,787
991
617
1,412
472
21,170
10,318
3,647
1,260
5,350
595
12,250
5,705
2,191
667
3,504
183
8,921
4,612
1,456
593
1,846
413
17,636
8,330
1,710
1,926
3,469
2,201
9,794
5,214
1,167
859
2,150
403
16,610
8,472
2,181
1,552
3,373
1,032
27,019
13,957
3,474
2,515
5,502
1,572
31,516
17,643
3,190
2,529
6,922
1,233
5,986
2,778
593
597
1,701
317
2,846
1,770
259
236
401
178
15,245
7,351
1,850
1,432
3,386
1,226
Far West
Alaska
California
Hawaii
Nevada
Oregon
.
Washington
40
1
37
35
28
14
1,074,173
25,957
787,896
33,203
36,816
62,724
127.578
15,843
17
11,277
309
128
1,553
2,559
8,862
447
5,893
182
133
656
1,552
14,906
7,889
4,441
33
2,147
91
305
43,866
883
30,363
1,976
1,893
2,540
6.211
147,305
1,148
111,743
1,247
1,301
11,196
20.671
92,959
277
68,972
264
820
7,948
14.678
54,346
870
42,771
983
480
3,248
5,993
81,924
3,391
56,760
3,448
3,089
5,670
9.566
68,338
532
51,073
1,323
1,524
4,769
9.117
104,348
1,437
76,128
4,107
3,379
6,079
13,216
215,681
3,415
167,182
6,378
6,167
10,998
21,541
237,399
2,476
178,245
7,471
13,220
11,360
24.628
24,056
953
15,760
1,476
684
1,654
3,528
18,389
1,108
11,738
2,423
403
217
2.501
93,257
2,261
67,291
2,830
2,749
5,942
12.183
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
21
42
10
41
44
50
... .
Mideast
Delaware .
.
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
43
...
.
.
.
222,115 1,062,981
NOTE.—Totals shown for the United States differ from NIPA estimates because State data exclude wages and
salaries of Federal civilian and military personnel stationed abroad and because of differences in revision schedules.
Source: Tables 1 and 2 in "Gross State Product, 1991-92" in the May 1995 SURVEY OF CURRENT BUSINESS.
Regional Data • D-73
SURVEY OF CURRENT BUSINESS
April 1997
K. Local Area Table.
Annual estimates of local area personal income are shown for 1992-94; in August 1997, a comprehensive revision
of the local area estimates for 1969-94 and new estimates for 1995 will be released.
Table K.1.—Total Personal Income and Per Capita Personal Income by Metropolitan Area, 1992-94
Per capita personal income 3
Total personal income
1992
United States!
Metropolitan portion
Nonmetropolitan portion
Percent
change2
Millions of dollars
Area name
1993
1994
5,138,091 5,365,006 5,648,263
4,334,364 4,524,575 4,754,997
803,727 840,431 893,266
1993-94
5.3
5.1
6.3
Rank in
Dollars
1992
1993
U.S.
1994
Consolidated Metropolitan
Statistical Areas
Chicago-Gary-Kenosha, IL-IN-WI
Cincinnati-Hamilton, OH-KY-IN
Cleveland-Akron OH
Dallas-Fort Worth TX
Denver-Boulder-Greeley, CO
Detroit-Ann Arbor-Flint Ml
Houston-Galveston-Brazoria, TX
Los Angeles-Riverside-Orange
County, CA
Miami-Fort Lauderdale FL
Milwaukee-Racine Wl
New York-No. New Jersey-Long
Island, NY-NJ-CT-PA
Philadelphia-Wilmington-Atlantic City,
PA-NJ-DE-MD
Portland-Salem OR-WA
Sacramento-Yolo, CA
San Francisco-Oakland-San Jose, CA
Seattle-Tacoma-Bremerton, WA
Washington-Baltimore, DC-MD-VA-
WV . . ..
Columbia MO
Columbia SC
Columbus GA-AL
Columbus OH
Corpus Christi, TX
Cumberland, MD-WV
Dallas TX*
Danville, VA
Davenport-Moline-Rock Island, IA-IL
Dayton-Springfield, OH
196,420
37,549
60,022
91,499
46,969
113,216
84,527
205,074
39,188
62,709
96,436
50,477
118,481
88,264
215,361
41,447
66,444
102,300
53,390
128,545
92,840
5.0
5.8
6.0
6.1
5.8
8.5
5.2
23,384
20,166
20,790
21,751
22,498
21,622
21,397
321,087
63,663
35,318
324,298
70,760
36,884
329,646
74,698
38,849
1.6
5.6
5.3
21,316 21,321 21,542
19,193 21,098 21,918
21,681 22,569 23,728
534,539
552,201
571,868
3.6
27,324 28,105 29,021
138,314
38,422
32,163
171,152
73,606
143,257
41,086
33,035
177,172
76,373
149,311
43,949
34,632
184,469
79,941
4.2
7.0
4.8
4.1
4.7
23,333
20,230
20,604
26,699
23,498
173,493
181,186
189,819
4.8
25,115 25,957 26,919
4.9
6.4
7.8
4.2
8.4
8.1
4.2
5.3
7.0
3.9
16,933
19,094
15,407
20,941
17,829
14,990
20,384
16,402
17,879
25,221
17,778
19,864
16,226
21,820
18,801
16,627
21,038
17,148
18,805
26,358
18,572
21,012
17,376
22,700
19,889
17,804
21,827
18,048
19,788
27,026
216
115
267
60
153
247
84
238
159
16
22,324
15,159
19,535
18,065
16,235
21,828
23,615
17,399
18,881
15,963
23,526
15,633
20,116
19,082
17,217
22,711
24,401
18,053
19,793
16,411
25,525
16,251
21,189
19,764
18,158
23,633
25,236
18,745
20,611
16,505
23
293
110
160
235
46
26
207
129
292
24,223
20,830
21,669
22,536
23,517
22,585
21,913
24,108
21,131
20,958
27,386
23,949
25,257
21,883
22,921
23,450
24,379
24,458
22,651
Daytona Beach FL .
Decatur AL
Decatur IL
Denver CO*
Des Moines IA
Detroit Ml*
Dothan AL
Dover DE
Dubuque IA
Duluth-Superior MN-wi
25,055
22,172
21,810
28,322
24,784
Metropolitan Statistical Areas4
Abilene TX
Akron OH*
Albany GA
Albany-Schenectady-Troy NY
Albuquerque NM
Alexandria LA
Allentown-Bethlehem-Easton, PA
Altoona, PA
Amarillo TX
Anchorage, AK
Ann Arbor, Ml*
Anniston, AL
Appleton-Oshkosh-Neenah, Wl
Asheville, NC
Athens GA
Atlanta GA
Atlantic-Cape May NJ *
Augusta-Aiken, GA-SC
Austin-San Marcos, TX
Bakersfield, CA
Baltimore, MD*
Bangor, ME (NECMA)
Barnstable-Yarmouth, MA (NECMA)
Beaumont-Port Arthur, TX
Bellingham, WA
Benton Harbor, Ml ....
Bergen-Passaic, NJ *
BiHinqs MT
Biloxi-Gulfport-Pascagoula, MS
Binghamton, NY
Birmingham, AL
Bismarck ND
Bloomington, IN
Bloomington-Normal, IL
Boise City ID
Boston-Worcester-Lawrence-LowellBrockton, MA-NH (NECMA)
Boulder-Longmont, CO *
Brazoria TX *
Bremerton WA*
Brownsville-Harlingen-San Benito, TX
Bryan-College Station, TX
Buffalo-Niagara Falls, NY
Burlington, VT (NECMA)
Canton-Massillon, OH
Casper, WY
Cedar Rapids, IA
Champaign-Urbana, IL
Charleston-North Charleston, SC
Charleston, WV
Charlotte-Gastonia-Rock Hill, NC-SC
Charlottesville VA
Chattanooga, TN-GA
Cheyenne WY
Chicago, IL*
Chico-Paradise, CA
Cincinnati OH-KY-IN*
See footnotes at end of table.
2,047
12,761
1,772
1,885
18,267
10,987
2,156
3,416
6,198
19,075
11,845
2,082
12,816
2,260
3,645
6,597
2,264
14,221
2,032
19,868
12,839
2,252
13,353
2,379
3,899
6,855
11,259
11,982
13,153
1,760
6,331
1,829
6,611
1,899
3,574
2,096
68,433
3,833
1,955
12,353
2,158
13,363
2,251
2,421
73,325
8,005
8,009
18,450
9,846
78,720
8,328
8,406
19,869
10,057
9.8
3.9
6.5
5.0
7.5
7.4
4.0
5.0
7.7
2.1
54,696
2,478
4,364
56,450
2,574
9,712
6,613
10,101
6,699
2,630
3,008
39,375
59,115
2,680
4,883
10,820
7,060
2,790
3,207
40,587
2,520
5,767
4.7
4.1
5.9
7.1
5.4
6.1
6.6
3.1
5.4
9.4
22,511
16,961
22,930
17,791
17,902
18,146
17,686
29,544
18,937
14,729
23,098
17,606
23,897
18,259
18,010
18,494
18,601
30,344
19,782
15,953
24,046
18,291
24,889
19,385
18,940
19,190
19,828
31,121
20,530
17,005
42
228
29
175
198
182
157
4
132
279
5,099
18,503
1.6
6.0
5.6
5.7
9.3
9.8
18,693
19,357
17,851
16,280
19,775
19,194
18,979
20,191
18,454
16,880
20,219
20,391
19,464
21,214
19,300
17,590
21,819
21,511
172
109
176
258
85
96
7,711
7,703
16,992
9,388
2,507
2,857
38,111
2,237
4,755
4,965
16,578
1,535
1,802
2,641
6,144
136,289
5,631
3,552
3,923
4,611
2,391
5,272
5,017
17,457
1,611
1,894
2,748
6,815
141,685
6,032
3,719
4,081
1,731
3,193
1,866
23,149
3,659
7,070
23,952
3,835
7,403
2,960
1,336
3,533
3,009
8,561
4,829
24,123
2,875
7,744
1,457
181,057
3,068
31,978
1,405
3,714
3,075
8,912
5,136
25,773
3,105
8,230
1,560
188,945
3,161
33,356
7,039
4,023
1,701
2,002
3,002
7,481
149,517
6,406
3,945
4,246
3,399
1,985
25,067
3,951
7,835
1,458
3,992
3,222
9,191
5,427
27,659
3,265
8,735
1,631
198,329
3,299
35,266
5.5
6.2
6.1
4.0
6.5
6.4
4.7
3.0
5.8
3.8
7.5
4.8
3.1
5.7
7.3
5.1
6.1
4.5
5.0
4.4
5.7
24,020
23,660
17,489
18,607
10,619
13,838
19,406
20,218
17,733
21,428
20,422
17,181
16,251
19,096
19,930
21,193
17,994
19,317
23,973
16,192
20,529
24,858
24,697
17,953
18,962
10,988
14,510
20,086
20,896
18,460
22,312
21,232
18,039
16,954
20,212
20,894
22,441
18,912
20,281
24,822
16,542
21,220
26,093
25,661
18,648
19,264
11,346
15,225
21,079
21,247
19,468
22,824
22,577
19,237
17,598
21,304
21,945
23,208
19,890
20,903
25,865
17,161
22,303
1992
Clarksville-Hopkinsville, TN-KY
Cleveland-Lorain-Elyria, OH*
Colorado Springs, CO
20
22
208
178
311
300
114
107
171
58
64
181
256
106
80
49
152
119
21
274
73
Dutchess County, NY*
Eau Claire Wl
El Paso TX
Elkhart-Goshen IN
Elmira, NY
Enid OK
Erie PA
Eugene-Springfield, OR
Evansville-Henderson, IN-KY
Fargo-Moorhead ND-MN
Fayetteville NC
Fayetteville-Springdale-Rogers, AR ....
Flagstaff AZ-UT
Flint, Ml*
Florence AL
Florence SC
Fort Collins-Loveland, CO
Fort Lauderdale FL*
Fort Myers-Cape Coral, FL
Fort Pierce-Port St. Lucie, FL
Fort Smith, AR-OK
Fort Walton Beach, FL
Fiirt VA/awna IM
Fort Worth-Arlington, TX*
Fresno CA
...
Gadsden, AL
Gainesville, FL
Galveston-Texas City, TX*
Gary IN*
Glens Falls NY
Goldsboro NC
Grand Forks ND-MN
Grand Junction CO
Grand Rapids-Muskegon-Holland, Ml
Great Falls MT
Greeley, CO*
Green Bay Wl
Greensboro-Winston-Salem-High
Point, NC
Greenville NC
Greenville-Spartanburg-Anderson, SC
Hagerstown MD * . .
Hamilton-Middletown, OH*
Harrisburg-Lebanon-Carlisle, PA
Hartford CT (NECMA)
Hattiesburg MS
Hickory-Morganton-Lenoir, NC
Honolulu HI
Houma LA
Houston TX*
Huntington-Ashland, WV-KY-OH
Huntsville AL
Indianapolis IN
Iowa City IA
Jackson Ml
Jackson MS
Jackson TN
Jacksonville FL
Jacksonville NC
Jamestown NY
Janesville-Beloit Wl
Percent
change2
Millions of dollars
Area name
1994
20,147 20,812 21,696
21,303 21,996 22,888
15,588 16,136 16,984 ••"""•"•"
Per capita personal income 3
Total personal income
1993-94
Rank in
Dollars
U.S.
1994
1994
1993
1994
7,716
2,635
49,346
8,208
2,780
52,222
8,873
5.5
5.8
8.1
14,061 14,618 14,946
21,301 22,216 23,502
18,341 18,870 19,612
304
48
162
2,120
2,245
8,694
4,330
27,810
5,943
2,412
9,718
4,503
29,405
7.4
5.8
4.6
6.7
5.2
4.2
6.4
3.0
5.7
5.8
18,138
18,449
16,063
19,990
16,475
15,401
22,558
15,676
19,173
19,380
18,823
19,122
16,603
20,866
16,772
15,859
23,444
16,310
19,753
20,145
19,853
19,982
17,175
22,058
17,351
16,547
24,480
16,719
20,844
21,366
155
149
273
77
268
290
35
286
122
101
6.5
5.9
4.0
5.8
6.7
8.3
4.1
5.2
7.3
5.1
16,250
17,118
19,177
22,815
21,691
21,855
16,352
16,094
18,096
16,963
16,832
17,643
19,915
23,835
22,421
22,820
16,590
16,573
18,588
17,430
17,591
18,555
20,844
24,732
23,681
24,692
17,183
17,208
19,891
18,376
257
218
122
30
45
32
272
271
151
224
.4
5.8
5.0
8.8
4.8
3.9
3.9
6.9
5.2
8.1
22,518
16,565
12,421
18,579
17,253
17,320
17,968
17,284
19,093
17,921
22,791
17,099
12,669
19,389
17,921
17,951
18,564
18,162
19,954
18,233
23,006
17,995
12,940
20,796
18,886
18,496
19,253
19,167
20,878
19,502
54
239
310
126
202
221
179
184
120
170
3.1
9.3
7.9
9.2
6.2
5.3
7.6
6.1
6.2
5.5
15,967
17,413
14,729
18,485
15,915
16,104
18,405
22,929
20,351
21,122
16,416
17,966
15,126
19,135
16,407
16,943
19,417
23,843
21,234
21,863
16,785
19,010
15,859
20,866
17,381
17,630
20,174
24,706
22,053
22,566
284
192
294
121
266
255
135
31
78
65
7.4
4.6
6.3
5.4
1.9
6.3
6.2
5.4
5.5
4.6
15,713
17,770
19,513
20,163
16,629
15,324
17,519
18,846
18,327
17,019
15,950
18,531
20,193
20,735
17,028
16,089
18,524
19,294
19,057
17,443
16,970
18,959
21,330
21,412
17,104
17,004
19,412
20,107
20,026
18,223
281
197
104
100
278
280
174
141
145
231
4.5
7.9
6.4
9.1
2.9
4.5
6.6
14,442
16,387
16,914
19,296
17,753
16,469
19,877
15,288
16,322
17,588
20,073
18,548
17,469
20,771
15,777
17,576
18,187
21,663
18,887
17,757
21,838
297
259
234
91
201
249
83
6.2
6.7
6.6
19,902 20,806 21,789
16,769 17,729 18,535
16,906 17,718 18,640
88
219
209
4.4
6.0
5.1
2.9
8.4
6.7
2.8
8.0
5.1
5.3
16,641
18,308
20,639
25,361
14,056
17,287
24,285
13,271
21,788
15,606
17,036
18,847
21,362
26,025
14,817
18,191
24,868
14,079
22,311
16,074
17,701
19,758
22,289
26,842
15,831
19,170
25,328
15,135
23,046
16,928
251
161
74
17
295
183
25
301
52
282
4.3
6.4
8.5
7.1
8.3
8.5
5.5
3.9
3.7
7.4
20,167
21,077
18,894
16,722
17,027
17,258
19,180
12,599
16,020
18,637
20,427
22,048
20,061
17,432
17,870
17,977
20,038
13,148
16,767
19,288
21,137
23,169
21,545
18,574
19,137
19,240
20,938
13,548
17,423
20,489
112
50
95
215
188
180
117
309
265
133
2,514
47,261
9,182
1,564
6,195
1,606
62,931
66,679
4,708
31,386
6,518
1,673
70,946
1,711
1,784
1,838
6,836
18,577
7,058
19,317
7,458
20,434
6,878
2,323
2,260
39,097
7,275
2,430
2,336
41,995
9,240
98,222
2,220
7,749
2,572
2,430
44,425
9,863
106,351
8,810
93,967
2,177
1,867
1,581
4,103
5,913
2,321
7,798
2,959
1,642
978
5,014
5,030
5,407
2,826
4,427
3,930
1,583
7,991
2,133
1,905
1,962
1,636
4,213
5,991
2,413
8,195
3,134
1,703
1,014
5,194
5,361
2,311
2,064
1,755
4,427
6,016
2,554
8,603
3,410
1,785
1,053
5,397
5,731
5,686
5,984
2,915
3,152
4,662
4,807
4,609
4,218
1,677
1,809
9,041
5,623
8,276
2,220
2,028
3,982
32,207
7,629
5,954
2,836
2,925
3,142
2,717
2,915
9,415
3,049
10,005
31,354
14,276
3,648
30,063
7,185
9,036
28,568
13,385
1,531
3,310
4,282
11,259
2,057
29,757
14,012
2,358
2,136
4,284
34,168
8,103
6,280
1,607
1,708
3,529
4,478
11,764
4,719
3,747
2,127
12,414
2,225
1,549
1,697
1,660
1,650
1,689
1,771
1,724
1,821
1,885
18,610
19,556
1,407
2,241
21,338
1,490
1,533
2,450
4,248
2,559
4,526
22,720
2,022
15,276
24,121
14,407
2,087
2,146
5,571
5,832
12,935
29,138
2,241
6,181
4,003
21,458
1,886
12,398
28,445
1,417
5,160
20,910
2,464
76,693
4,910
6,193
1,514
2,156
16,279
13,590
29,988
1,641
5,494
21,549
2,624
80,067
5,087
5,862
22,145
2,834
84,176
5,357
6,407
31,817
6,682
33,865
1,853
1,986
2,155
2,535
6,874
2,660
2,847
7,882
30,024
1,386
7,281
1,464
18,218
19,284
1,820
1,908
1,982
2,276
2,664
2,387
2,784
2,477
1,588
20,348
2,991
1992
1993
D-74 • Regional Data
April 1997
SURVEY OF CURRENT BUSINESS
Table K.1.—Total Personal Income and Per Capita Personal Income by Metropolitan Area, 1992-94—Continued
Per capita personal income 3
Total personal income
Area name
Percent
change 2
Millions of dollars
Rank in
U.S.
Dollars
1992
1993
1994
11,717
7,176
3,908
2,216
8,229
1,684
33,733
2,421
3,757
11,155
11,920
7,450
3,997
2,350
8,640
1,807
35,103
2,557
4,137
11,835
12,255
7,778
4,187
2,525
9,165
1,918
37,296
2,699
4,467
12,600
1,883
2,156
5,223
2,803
2,735
6,821
8,710
8,148
1,551
1,915
2,021
2,276
5,516
2,959
2,874
7,114
9,241
8,377
1,685
2,013
2,166
2,412
5,982
3,165
3,108
7,661
9,656
9,048
1,841
2,130
19,651
1,321
1,725
1,823
7,917
2,726
4,288
9,703
3,368
195,661
21,546
1,392
1,741
1,885
8,263
2,764
4,491
10,164
3,488
196,416
24,043
1,478
1,774
1,975
8,688
2,939
4,779
10,743
3,694
197,289
19,597
3,823
3,427
5,188
8,441
2,818
4,140
2,678
7,958
20,168
20,481
4,075
3,629
5,410
8,968
2,976
4,441
2,848
8,306
21,243
21,658
4,295
3,819
5,718
9,537
3,141
4,770
3,067
8,678
22,774
5.7
5.4
5.2
5.7
6.3
5.5
7.4
7.7
4.5
7.2
22,081
18,633
18,825
18,599
24,437
17,891
10,346
18,892
19,567
21,564
76
210
206
213
36
242
313
200
167
93
Merced CA
Miami FL*
Middlesex-Somerset-Hunterdon, NJ *
Milwaukee-Waukesha, Wl*
Minneapolis-St. Paul, MN-WI
Mobile, AL
Modesto, CA
Monmouth-Ocean, NJ* .
Monroe, LA
Montgomery, AL
2,831
33,601
29,400
31,690
60,964
7,844
6,634
25,309
2,171
5,541
2,906
38,553
30,658
33,108
63,873
8,312
6,869
26,472
2,274
5,750
2,974
40,530
32,008
34,858
67,831
8,783
7,055
27,464
2,419
6,117
2.3 14,961 15,092 15,110
5.1 16,751 19,247 20,014
4.4 28,152 29,010 29,948
5.3 21,860 22,769 23,948
6.2 23,296 24,061 25,231
5.7 15,866 16,463 17,150
2.7 16,787 17,068 17,344
3.7 25,063 25,886 26,534
6.4 14,959 15,586 16,515
6.4 18,318 18,707 19,606
302
146
8
43
27
275
269
18
291
163
Muncie, IN
Myrtle Beach SC
Naples FL
Nashville TN
Nassau-Suffolk NY*
New Haven-Bridgeport-StamfordDanbury-Waterbury, CT*
New London-Norwich, CT (NECMA)
New Orleans, LA
New York, NY*
Newark NJ*
2,094
2,430
4,720
21,176
73,472
2,175
2,517
5,119
22,692
76,602
2,300
2,722
5,453
24,643
79,569
5.7
8.2
6.5
8.6
3.9
17,510
16,029
28,565
20,723
27,921
18,214
16,947
29,986
21,725
28,980
19,285
17,807
30,906
23,038
30,006
177
246
5
53
7
48,985
5,528
23,379
232,218
53,431
50,431
5,710
24,490
238,919
55,325
52,232
6,009
25,960
247,284
57,339
3.6
5.2
6.0
3.5
3.6
30,054
22,302
18,000
27,174
27,817
30,971
22,947
18,780
27,866
28,687
32,118
24,076
19,833
28,800
29,652
3
41
156
10
9
Jersey City NJ *
Johnson City-Kingsport-Bristol, TN-VA
Johnstown, PA ..
Joplin, MO
Kalamazoo-Battle Creek, Ml
Kankakee, IL* ...
Kansas City, MO-KS
Kenosha, Wl* ....
Killeen-Temple, TX
Knoxville, TN
Kokomo, IN
La Crosse, WI-MN
Lafayette, LA
Lafayette, IN
Lake Charles, LA
Lakeland-Winter Haven, FL
Lancaster, PA ....
Lansing-East Lansing, Ml
Laredo, TX
Las Cruces, NM
Las Vegas, NV-AZ
Lawrence, KS ....
Lawton, OK
Lewiston-Auburn, ME (NECMA)
Lexington, KY ....
Lima OH
Lincoln NE
Little Rock-North Little Rock, AR
Longview-Marshall, TX
Los Angeles-Long Beach, CA*
Louisville KY-IN
Lubbock, TX
Lynchburg VA
Macon, GA
Madison W l
.
.
Mansfield OH
McAllen-Edinburg-Mission, TX
Medford-Ashland, OR
Melbourne-Titusville-Palm Bay, FL
Memphis TN-AR-MS
.
Newburgh, NY-PA*
Norfolk-Virginia Beach-Newport News,
VA-NC
Oakland CA*
Ocala FL
Odessa-Midland, TX
Oklahoma City, OK
Olympia WA*
Omaha, 'NE-IA
Orange County, CA* ....
Orlando FL
Owensboro KY
Panama City, FL
Parkersburg-Marietta, WV-OH
Pensacola, FL
Peoria-Pekin, IL
Philadelphia, PA-NJ* ....
Phoenix-Mesa, AZ
Pine Bluff AR
Pittsburgh PA
Pittsfield, MA (NECMA)
Portland, ME (NECMA) .
Portland-Vancouver, OR-WA*
Providence-Warwick-Pawtucket, Rl
(NECMA)
Provo-Orem, UT
Pueblo CO
Punta Gorda FL
Racine Wl*
1993-94
1992
1993
1994
75
270
264
245
128
199
61
165
299
150
21,804
20,081
16,554
18,984
17,929
17,834
21,811
20,745
11,289
13,698
87
143
289
194
241
244
86
127
312
308
11.6 20,332 21,325 22,339
6.1 15,658 16,112 16,785
1.9 14,332 14,740 15,085
4.8 17,533 18,145 19,012
5.1 18,877 19,402 20,165
6.3 17,492 17,725 18,858
6.4 19,486 20,083 21,169
5.7 18,470 19,071 19,986
5.9 17,051 17,470 18,346
.4 21,577 21,504 21,562
72
284
303
191
137
203
111
148
226
94
7.2
6.0
8.4
7.0
8.1
7.7
4.5
8.0
9.2
5.8
19,141
18,227
14,802
17,093
16,002
16,280
20,062
18,695
10,461
13,099
20,288
17,026
17,196
17,388
22,200
16,097
9,828
17,347
18,716
19,550
20,391
19,088
15,426
17,876
16,711
16,822
21,070
19,216
10,774
13,258
21,028
17,908
18,082
17,854
23,207
16,993
10,030
18,002
19,059
20,382
6,709
6,930
7,174
3.5
19,277 19,656 20,152
139
26,940
53,828
3,245
4,338
17,542
3,517
13,486
62,135
24,206
27,908
55,799
3,415
4,518
18,327
3,734
14,031
62,849
25,802
29,065
57,899
3,655
4,698
19,170
3,951
14,922
64,893
27,391
4.1
3.8
7.0
4.0
4.6
5.8
6.4
3.3
6.2
18,010
25,057
15,633
18,636
17,870
19,908
20,572
24,996
18,572
18,435
25,727
16,096
19,264
18,405
20,364
21,324
24,986
19,344
19,007
26,530
16,628
19,798
19,031
21,101
22,514
25,516
20,119
193
19
287
158
190
113
68
24
140
1,475
2,191
2,550
5,872
6,583
115,908
44,562
1,209
50,679
2,949
1,532
2,360
2,676
6,168
6,953
119,863
47,638
1,274
52,431
2,954
1,630
2,496
2,822
6,495
7,375
124,821
51,938
1,326
54,647
3,068
6.4
5.8
5.5
5.3
6.1
4.1
9.0
4.1
4.2
3.9
16,621
16,418
16,980
16,299
19,216
23,495
19,103
14,215
21,075
21,507
17,132
17,203
17,722
16,901
20,271
24,262
19,914
15,102
21,783
21,670
18,080
17,838
18,619
17,519
21,468
25,220
20,999
15,776
22,751
22,523
237
243
212
263
98
28
116
298
59
67
5,430
33,522
5,666
35,878
5,974
38,374
5.4
7.0
22,173 23,024 24,090
20,867 21,817 22,890
40
57
18,473
3,595
1,929
2,117
3,628
19,345
3,887
2,051
2,241
3,776
20,000
4,203
2,186
2,400
3,991
3.4
8.1
6.6
7.1
5.7
20,185
13,047
15,577
17,580
20,240
21,162
13,717
16,310
18,165
20,959
81
305
277
196
79
21,928
14,444
17,121
18,977
21,964
1. The, personal income level shown for the United States is derived as the sum of the county estimates; it
differs from the national income and product accounts (NIPA) estimate of personal income because, by definition,
it omits the earnings of Federal civilian and military personnel stationed abroad and of U.S. residents employed
abroad temporarily by private U.S. firms. It can also differ from the NIPA estimate because of different data sources
and revision schedules.
2. Percent change was calculated from unrounded data.
Area name
1994
2.8 21,179 21,563 22,186
4.4 16,150 16,618 17,260
4.7 16,218 16,618 17,462
7.4 16,098 16,821 17,813
6.1 18,858 19,629 20,705
6.2 16,999 17,997 18,939
6.2 20,897 21,524 22,641
5.6 18,067 18,782 19,587
8.0 14,725 15,364 15,554
6.5 18,287 19,079 19,966
Per capita personal income3
Total personal income
Percent
change2
Millions of dollars
Rank in
U.S.
Dollars
1994
1994
1992
1993
1994
Raleigh-Durham-Chapel Hill, NC
Rapid City SD
Reading PA
19,344
1,506
7,130
20,778
1,574
7,437
22,190
1,657
7,810
6.8
5.3
5.0
21,235 22,149 22,992
17,758 18,296 19,138
20,788 21,521 22,465
55
187
69
Redding CA
Reno, NV
Richland-Kennewick-Pasco, WA
Richmond-Petersburg, VA
Riverside-San Bernardino, CA*
Roanoke VA
Rochester MN
Rochester NY
Rockford, IL
Rocky Mount, NC
2,725
6,873
3,065
20,071
48,296
4,648
2,423
22,893
6,435
2,219
2,825
7,033
3,356
21,175
49,552
4,914
2,498
23,784
6,716
2,361
2,932
7,656
3,578
22,329
51,565
5,122
2,610
24,640
7,225
2,505
3.8
8.9
6.6
5.5
4.1
4.2
4.5
3.6
7.6
6.1
17,295
25,635
19,075
22,442
17,110
20,517
21,949
21,152
18,954
16,238
17,789
25,610
20,188
23,374
17,281
21,572
22,199
21,834
19,563
17,068
18,323
27,059
20,798
24,358
17,741
22,407
23,112
22,593
20,837
17,933
227
15
125
37
250
71
51
63
124
240
Sacramento, CA*
Saginaw-Bay City-Midland, Ml
St Cloud MN
St Joseph MO .
St Louis MO-IL
Salem OR*
Salinas, CA
Salt Lake City-Ogden, UT
San Angelo TX
San Antonio TX
29,323
7,507
2,409
1,645
54,898
4,900
7,798
19,034
1,661
23,642
30,075
7,836
2,523
1,677
56,775
5,209
7,923
20,400
1,756
25,038
31,504
8,411
2,689
1,785
60,066
5,576
7,935
21,944
1,843
26,542
4.7
7.3
6.6
6.4
5.8
7.0
.2
7.6
4.9
6.0
20,708
18,660
15,710
16,755
21,819
16,738
21,145
16,885
16,708
17,169
21,022
19,440
16,240
17,061
22,457
17,373
21,631
17,670
17,529
17,794
21,855
20,908
17,139
18,216
23,685
18,234
22,547
18,623
18,201
18,466
82
118
276
232
44
230
66
211
233
223
San Diego, CA
San Francisco, CA*
San Jose CA *
San Luis Obispo-Atascadero-Paso
Robles, CA
Santa Barbara-Santa Maria-Lompoc,
53,829
52,262
40,896
55,046
54,057
42,300
56,923
56,424
43,992
3.4
4.4
4.0
20,689 21,075 21,627
32,136 33,007 34,281
26,772 27,402 28,250
92
1
12
4,032
4,141
4,286
3.5
18,265 18,649 19,159
185
Santa Cruz-Watsonville, CA*
Santa Fe, NM ....
Santa Rosa, CA*
Sarasota-Bradenton, FL
Savannah, GA ...
8,916
5,340
2,642
9,229
12,497
4,868
9,050
5,521
2,866
9,572
13,161
5,088
9,316
5,717
3,081
9,979
14,026
5,398
2.9
3.5
7.5
4.3
6.6
6.1
23,679
23,074
21,434
22,926
24,797
18,235
24,485
24,329
23,561
24,328
27,081
19,581
34
38
47
39
14
166
Scranton-Wilkes-Barre-Hazleton, PA
Seattle-Bellevue-Everett, WA*
Sharon PA
Sheboygan Wl
Sherman-Denison TX
Shreveport-Bossier City, LA
Sioux City IA-NE
Sioux Falls SD
South Bend IN
Spokane WA
11,638
54,674
2,017
2,021
1,661
6,343
2,164
2,987
4,631
6,937
11,988
56,511
2,026
2,143
1,705
6,722
2,229
3,172
4,919
7,329
12,485
59,060
2,144
2,282
1,798
7,124
2,404
3,484
5,258
7,746
4.1 18,188 18,758 19,600
.4.5 25,725 26,180 27,097
5.8 16,527 16,575 17,548
6.5 19,207 20,205 21,325
5.5 17,416 17,741 18,484
6.0 16,940 17,843 18,829
7.8 18,471 18,810 20,198
9.8 20,477 21,354 22,991
6.9 18,483 19,405 20,584
5.7 18,156 18,750 19,565
164
13
262
105
222
204
134
56
130
168
Springfield IL
Springfield, MO
Springfield, MA (NECMA)
State College, PA
Steubenville-Weirton, OH-WV
Stockton-Lodi, CA
Sumter, SC
Syracuse, NY
Tacoma, WA*
Tallahassee FL
3,992
4,820
11,405
2,127
2,284
8,637
1,378
14,177
11,491
4,198
4,140
5,081
11,725
2,211
2,347
9,036
1,455
14,650
12,047
4,499
4,393
5,441
12,248
2,292
2,474
9,376
1,540
15,156
12,684
4,809
6.1
7.1
4.5
3.7
5.4
3.8
5.8
3.5
5.3
6.9
20,685
17,481
19,056
16,704
16,189
17,137
13,280
18,844
18,549
17,151
21,285
18,000
19,620
17,133
16,674
17,689
13,721
19,407
19,066
18,024
22,432
18,826
20,562
17,654
17,636
18,094
14,429
20,101
19,870
18,980
70
205
131
253
254
236
306
142
154
195
Tampa-St. Petersburg-Clearwater, FL
Terre Haute IN
Texarkana, TX-Texarkana, AR
Toledo OH
Topeka, KS
Trenton NJ*
Tucson AZ
Tulsa OK
Tuscaloosa AL
Tyler TX
40,584
2,431
1,893
11,761
3,229
9,273
11,581
13,833
2,463
2,920
43,231
2,532
1,944
12,233
3,362
9,579
12,380
14,293
2,594
3,020
46,059
2,645
2,032
13,036
3,537
9,941
13,588
14,897
2,759
3,179
6.5
4.5
4.5
6.6
5.2
3.8
9.8
4.2
6.3
5.3
19,172
16,320
15,657
19,145
19,774
28,335
16,746
18,938
16,031
18,882
20,232
16,876
15,955
19,937
20,472
29,154
17,439
19,359
16,726
19,194
21,358
17,676
16,568
21,233
21,422
30,176
18,575
20,047
17,561
19,994
103
252
288
108
99
6
214
144
261
147
5,373
9,597
14,995
1,418
2,623
5,084
3,127
116,710
2,168
2,111
5,575
9,923
15,482
1,501
2,708
5,227
3,254
122,590
2,242
2,215
5,775
10,458
15,899
1,602
2,800
5,418
3,464
128,464
2,405
2,345
3.6
5.4
2.7
6.7
3.4
3.7
6.4
4.8
7.3
5.9
16,851
20,235
21,837
18,426
18,861
15,343
16,294
26,812
17,428
17,867
17,556
20,696
22,312
19,199
19,478
15,455
16,733
27,796
18,019
18,521
18,253
21,671
22,625
20,162
20,171
15,785
17,567
28,762
19,444
19,525
229
90
62
138
136
296
260
11
173
169
West Palm Beach-Boca Raton, FL ....
Wheeling WV-OH
Wichita KS
Wichita Falls TX
Williamsport PA
Wilmington-Newark, DE-MD*
Wilmington NC
Yakima WA
Yolo CA*
York PA
28,549
2,667
10,210
2,279
2,062
12,072
3,111
3,361
2,840
7,004
30,415
2,752
10,547
2,392
2,144
12,681
3,355
3,558
2,960
7,401
31,994
2,898
10,902
2,518
2,238
13,362
3,591
3,688
3,127
7,757
5.2 31,406 32,642 33,518
5.3 16,815 17,357 18,359
3.4 20,409 20,886 21,511
5.3 17,805 18,392 19,073
4.4 17,120 17,738 18,509
5.4 22,822 23,715 24,685
7.0 17,131 17,901 18,568
3.7 16,919 17,469 17,760
5.7 19,588 20,335 21,359
4.8 20,038 20,920 21,679
2
225
96
189
220
33
217
248
102
89
Youngstown-Warren OH
Yuba City CA
Yuma AZ'
10,487
2,136
1,549
10,919
2,183
1,701
11,572
2,273
1,757
6.0
4.1
3.3
17,336 18,038 19,154
16,412 16,485 16,81
13,092 13,666 13,764
186
283
307
Utica-Rome NY
Vallejo-Fairfield-Napa CA *
Ventura CA*
Victoria TX
Vineland-Millville-Bridgeton, NJ*
Visalia-Tulare-Porterville, CA
Waco TX
Washington, DC-MD-VA-WV*
Waterloo-Cedar Falls IA
Wausau Wl
1993-94
1992
1993
23,943
23,653
22,574
23,559
25,781
18,730
3. Per capita personal income was computed using Bureau of the Census midyear population estimates. Estimates for 1992-94 reflect county population estimates available as of October 1995.
4. Includes Metropolitan Statistical Areas, Primary Metropolitan Statistical Areas (PMSA's designated by *), and
New England County Metropolitan Areas (NECMA's). The New Haven-Bridgeport-Stamford-Danbury-Waterbury, CT
NECMA is presented as a PMSA (part of the New York CMSA).
Source: Table 1 in "Local Area Personal Income, 1992-94" in the June 1996 SURVEY OF CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
April 1997
Regional Data •
L. Charts.
SELECTED REGIONAL ESTIMATES
SHARES OF U.S. PERSONAL INCOME BY REGION
1969
1995
Great Lakes
16.7%
Great Lakes
20.8%
New England
6.4%
Mideast
19.6%
Plains
6.6%
New England
6.0%
Far West
17.0%
Southwest
7.0%
Rocky Mountain
2 2%
-
Rocky Mountain
2.8%
SHARES OF U.S. GROSS STATE PRODUCT BY REGION
1992
1977
Great Lakes
19.9%
Mideast
19.5%
New England
5.3%
Plains
7.5%
New England
5.7%
Far West
17.9%
Southeast
19.6%
Southwest
9.6%
Rocky Mountain
2.8%
Southwest
9.7%
Rocky Mountain
2.8%
AVERAGE ANNUAL GROWTH RATE OF PERSONAL INCOME, 1969-95
STATES WITH FASTEST GROWTH
U.S. average
8.3 %
STATES WITH SLOWEST GROWTH
U.S. average
8.3%
Nebraska
Indiana
Rhode Island
Michigan
North Dakota
Pennsylvania
Illinois
Ohio
New York
Iowa
Percent
US. Department of Commerce, Bureau ot Economic Analysis
Percent
D-75
SURVEY OF CURRENT BUSINESS
D-76 • Regional Data
April 1997
SELECTED REGIONAL ESTIMATES
PER CAPITA PERSONAL INCOME.1995
ND
$18,625
; MN
\ $23,971
wi yj ^ •>
\$22,26l7 (
;'
$23,915 )
United States $23,208
States with highest levels
States with lowest levels
All other States
PERSONAL INCOME GROWTH: AVERAGE QUARTERLY PERCENT CHANGE, 1995:111-1996:111
MT
Ai7
/V
'" '"
^r
NH 1.2
ND 1.8
United States 1.4%
States with largest percent change
, States with smallest percent change
All other States
U.S. Dep«rtmenlo(Convnerc«, Bureau of Economic Analysis
Appendixes
SURVEY OF CURRENT BUSINESS
April 1997
Appendix A
Additional Information About BEA'S NIPA Estimates
Statistical Conventions
Changes in current-dollar GDP measure changes in the
market value of goods and services produced in the
economy in a particular period. For many purposes,
it is necessary to decompose these changes into quantity and price components. To compute the quantity
indexes, changes in the quantities of individual goods
and services are weighted by their prices. (Quantity
changes for GDP are often referred to as changes in "real
GDP.") For the price indexes, changes in the prices for
individual goods and services are weighted by quantities
produced. (In practice, the current-dollar value and
price indexes for most GDP components are determined
largely using data from Federal Government surveys,
and the real values of these components are calculated
by deflation at the most detailed level for which all the
required data are available.)
Except for the most recent period, the annual and
quarterly changes in real GDP and prices are "chaintype" measures that are both based on the "Fisher Ideal"
formula that incorporates weights from two adjacent
years. For example, the 1992-93 percent change in real
GDP uses prices for 1992 and 1993 as weights, and the
1992-93 percent change in price uses quantities for 1992
and 1993 as weights. Because the quantity and price
index numbers calculated in this way are symmetric,
the product of the annual change in real GDP and the
annual change in prices equals the annual change in
current-dollar GDP.
In the most recent period, a variant of the formula is
used because only i year's information is available for
computing the index number weights. Accordingly, BEA
uses a single year's weights and, as a consequence, the
product of the percentage changes in the price and quantity indexes does not equal the current-dollar change
during this period. For this reason, another measure,
known as the "implicit price deflator," is presented in
the NIPA tables. The implicit price deflator is calculated
as the ratio of current-dollar value to the corresponding
chained-dollar value multiplied by 100.
In addition, BEA prepares measures of real GDP and its
components in a dollar-denominated form, designated
"chained (1992) dollar estimates." These estimates are
computed by multiplying the 1992 current-dollar value
of GDP, or of a GDP component, by the corresponding
quantity index number. For example, if a current-dollar
GDP component equaled $100 in 1992 and if real output
for this component increased by 10 percent in 1993, then
the "chained (1992) dollar" value of this component in
1993 would be $110 ($100 X 1.10). Note that percentage changes in the chained (1992) dollar estimates and
the percentage changes calculated from the quantity indexes are identical, except for small differences due to
rounding.
Because of the formula used for calculating real GDP,
the chained (1992) dollar estimates for detailed GDP
components do not add to the chained-dollar value of
GDP or to any intermediate aggregates. A "residual" line
is shown as the difference between GDP and the sum of
the most detailed components shown in each table. The
residual generally is small close to the base period but
tends to become larger as one moves further from it. In
cases where the residual is large, the table of contributions of the major components to the change in real GDP
provides a better basis for determining the composition
of GDP growth than the chained-dollar estimates.
For quarters and months, the estimates are presented
at annual rates, which show the value that would be registered if the rate of activity measured for a quarter or
a month were maintained for a full year. Annual rates
are used so that time periods of different lengths—for
example, quarters and years—may be compared easily.
These annual rates are determined simply by multiplying the estimated rate of activity by 4 (for quarterly data)
or 12 (for monthly data).
Percent changes in the estimates are also expressed
at annual rates. Calculating these changes requires a
variant of the compound interest formula:
r = \\ir}
~ 1 x 100,
where Y is the percent change at an annual rate;
Xt is the level of activity in the later period;
X0 is the level of activity in the earlier period;
m is the yearly periodicity of the data (for
example, i for annual data, 4 for quarterly,
or 12 for monthly); and
n is the number of periods between the earlier
and later periods (that is, t - o).
Quarterly and monthly NIPA estimates are seasonally
adjusted, if necessary. Seasonal adjustment removes
from the time series the average impact of variations
that normally occur at about the same time and in about
the same magnitude each year—for example, weather,
holidays, and tax payment dates. After seasonal adjustment, cyclical and other short-term changes in the
economy stand out more clearly.
•
D-77
D-78 • Appendixes
SURVEY OF CURRENT BUSINESS
April 1997
Reconciliation Tables
Table 1.—Reconciliation of Changes in BEA-Derived Compensation Per Hour with BLS Average Hourly Earnings
[Percent change from preceding period]
Seasonally adjusted at annual rates
1995
1994
1996
1996^
1995
IV
BEA-derived compensation per hour of all persons in the nonfarm business sector (less
housing)
.
..
2.1
Less: Contribution of supplements to wages and salaries per hour
.1
Plus: Contribution of wages and salaries per hour of persons in housing and in nonprofit institutions
0
Less: Contribution of wages and salaries per hour of persons in government enterprises, unpaid
family workers and self-employed
Equals: BEA-derived wages and salaries per hour of all employees in the private nonfarm
sector
3.1
3.7
4.0
3.4
4.0
3.3
3.8
0
-.3
-.2
-.5
-.4
-.1
-.2
-.3
0
0
0
-.4
0
0
.1
.3
-.2
-.2
.5
-.2
2.8
3.9
3.9
4.1
4.1
2.9
4.3
0
0
T.1
2.0
\MP
III
II
I
Less: Contribution of wages and salaries per hour of nonproduction workers in manufacturing
0
0
-.1
-.3
.1
-.1
-.1
Less: Other differences !
-.6
-.1
.7
.5
2.2
.1
-.6
.4
Equals: BLS average hourly earnings of production or nonsupervisory workers on private
nonfarm payrolls
2.7
2.9
3.2
3.5
2.3
3.8
3.6
4.0
Addendum:
BLS estimates of comoensation oer hour in the nonfarm business sector2
2.1
3.2
3.6
4.0
3.4
3.9
3.3
3.6
p Preliminary.
1. Includes BEA use of non-BLS data and differences in detailed weighting. Annual estimates
ateo include differences in BEA and BLS benchmark procedures; quarterly estimates also include
differences in seasonal adjustment procedures.
2. These estimates differ from the BEA-derived estimates (first line) because the BLS estimates
include compensation and hours of tenant-occupied housing.
NOTE—The table incorporates BLS revisions to reflect the 1995 Hours at Work Survey.
BLS Bureau of Labor Statistics
Table 2.—Relation of Net Exports of Goods and Services and Net Receipts of Factor Income in the National Income and
Product Accounts (NIPA's) to Balance on Goods, Services, and Income in the Balance of Payments Accounts (BPA's)
[Billions of dollars]
Seasonally adjusted at annual rates
Line
1996
1995
Exports of goods, services, and income, BPA's
Less: Gold, BPA's
Statistical differences 1
Other items
1
2
3
4
1996
1995
IV
III
969.2
5.1
0
.9
1,032.5
6.9
8.3
1.0
977.9
3.4
0
1.2
1,000.5
3.7
0
.8
8.4
8.5
9.6
-4.4
IV
I
II
III
1,010.6
6.3
1,028.1
1,017.6
5.2
-1.7
.7
12.5
-6.3
-5.4
1,073.5
3.7
-4.4
.8
1.2
1.0
6.9
8.1
8.7
Plus: Adjustment for grossing of parent/affiliate interest payments
Adjustment for U.S. territories and Puerto Rico
. ..
Services furnished without payment by financial intermediaries except life
insurance carriers and private noninsured pension plans
5
6
Equals: Exports of goods and services and receipts of factor income, NIPA's
8
1,015.6
1,083.6
1,026.1
1,050.3
1,059.9
1,073.9
1,070.7
1,129.8
Imports of goods, services, and income, BPA's
Less: Gold, BPA's
Statistical differences l
Other items ..
9
10
11
12
1,082.3
5.3
0
0
1,155.1
7.7
1,092.7
2.5
0
0
1,085.6
3.4
0
0
1,107.9
6.8
1,152.8
1,171.1
6.2
1,188.6
3.4
Plus- Gold, NIPA's
Adjustment for grossing of parent/affiliate interest payments
Adjustment for U.S. territories and Puerto Rico .
.
Imputed interest paid to rest of world
13
14
15
16
7
30.2
14.0
-3.7
8.3
21.8
14.0
31.4
14.8
-2.9
0
-3.6
8.4
21.3
14.8
30.2
14.0
-3.7
8.5
21.0
14.0
30.7
14.2
-4.0
9.6
21.9
14.2
10.0
30.3
14.4
31.3
14.6
31.1
15.0
32.8
15.2
-3.2
14.6
-3.0
0
0
0
0
-3.4
10.0
21.1
14.4
-3.5
-3.8
-3.8
6.9
21.4
14.6
-2.9
8.1
-2.6
8.7
21.2
15.0
21.6
15.2
Equals: Imports of goods and services and payments of factor income, NIPA's
17
1,117.3
1,191.2
1,130.0
1,123.9
1,146.5
1,180.6
1,208.4
1,229.5
Balance on goods, services, and income, BPA's (1-9)
Less: Gold (2-10+13)
Statistical differences (3-11) !
Other items (4-12)
.
.
18
19
20
21
-113.1
-122.6
-114.8
-85.1
-97.3
-124.7
-153.5
-3.7
-3.9
-115.1
^.5
Plus" Adjustment for U S territories and Puerto Rico (6-15)
22
8.4
Equals: Net exports of goods and services and net receipts of factor income,
NIPA's (8-17)
23
-101.7
1. Consists of statistical revisions in the NIPA's that have not yet been incorporated in the
BPA's (1996-.IV) and statistical revisions in the BPA's that have not yet been incorporated in the
NIPA's (1996:I-1996:IV).
-3.9
0
.9
-4.4
-1.5
1.0
10.1
-107.6
-2.8
0
1.2
0
.8
1.5
.7
9.2
8.8
-103.9
-73.6
-5.6
-3.3
-4.8
-2.5
.8
1.2
9.2
9.9
9.9
-86.6
-106.7
-137.7
-1.8
1.0
11.2
-99.7
April 1997
Appendixes • D-79
SURVEY OF CURRENT BUSINESS
Appendix B
Suggested Reading
Mid-Decade Strategic Plan
BEA has published the following articles in the SURVEY OF CURRENT BUSINESS on the development and
implementation of its strategic plan for improving
the accuracy, reliability, and relevance of the national,
regional, and international accounts.
"Mid-Decade Strategic Review of BEA'S Economic
Accounts: Maintaining and Improving Their
Performance" (February 1995)*
"Mid-Decade Strategic Review of BEA'S Economic
Accounts: An Update" (April 1995)*
"BEA'S Mid-Decade Strategic Plan: A Progress
Report" (June 1996)*
Mid-Decade Strategic Review of BEA'S Economic Accounts: Background Papers (1995) presents seven background papers that evaluate the state of the U.S.
economic accounts and that identify the problems and
the prospects for improving the accounts.
Methodology
BEA has published a wealth of information about the
methodology used to prepare its national, regional, and
international estimates.
National
National income and product accounts (NIPA'S)
NIPA Methodology Papers: This series documents
the conceptual framework of the NIPA'S and the
methodology used to prepare the estimates.
An Introduction to National Economic Accounting (NIPA Methodology Paper No. i, 1985) [Also
appeared in the March 1985 issue of the SURVEY]
Corporate Profits: Profits Before Tax, Profits Tax Liability, and Dividends (NIPA Methodology Paper No.
2,1985)
Foreign Transactions (NIPA Methodology Paper No.
3,1987)
GNP: An Overview of Source Data and Estimating
Methods (NIPA Methodology Paper No. 4, 1987)
[Also appeared in the July 1987 issue of the SURVEY]
Government Transactions (NIPA Methodology Paper
No. 5,1988)
Personal Consumption Expenditures (NIPA Methodology Paper No. 6,1990)
* These items can be
http t//www.bea.doc.gov.
found
on
BEA'S
Internet
site
The methodologies described in these papers are
subject to periodic improvements that are typically
introduced as part of the annual and comprehensive revisions of the NIPA'S; these improvements are
described in the SURVEY articles that cover these
revisions.
"Annual Revision of the U.S. National Income and
Product Accounts": This series of SURVEY articles,
the latest of which was published in the August 1996
issue,* describes the annual NIPA revisions and the
improvements in methodology.
The most recent comprehensive revision of the NIPA'S
is described in the following series of SURVEY articles.
"Preview of the Comprehensive Revision of the National Income and Product Accounts: BEA'S New
Featured Measures of Output and Prices" (July
1995)"
"Preview of the Comprehensive Revision of the National Income and Product Accounts: Recognition
of Government Investment and Incorporation of
a New Methodology for Calculating Depreciation"
(September 1995)*
"Preview of the Comprehensive Revision of the National Income and Product Accounts: New and
Redesigned Tables" (October 1995)*
"Improved Estimates of the National Income
and Product Accounts for 1959-95: Results of
the Comprehensive Revision" (January/February
1996)*
"Updated Summary Methodologies" (August 1996
SURVEY)* identifies the principal source data and estimating methods that are used to prepare the estimates
of gross domestic product (GDP).
Information on the sources and methods used to prepare the national estimates of personal income, which
provide the basis for the State estimates of personal in-
Availability
For the availability of some of these publications, see
the inside back cover of this issue. See also the User's
Guide to BEA Information: To request a copy, write to the
Public Information Office, BE-SS, Bureau of Economic
Analysis, U.S. Department of Commerce, Washington
DC 20230, call 202-606-9900, or visit BEA'S Internet site
at http: //www. bea. doc. gov.
D-80
• Appendixes
SURVEY OF CURRENT BUSINESS
come, can be found in State Personal Income, 1929-93
(1995)-*
"Gross Domestic Product as a Measure of U.S. Production" (August 1991 SURVEY) briefly explains the
difference between GDP and gross national product.
The conceptual basis for the chain-type measures of
real output and prices used in the NIPA'S are described
in the following SURVEY articles.
"Alternative Measures of Change in Real Output and
Prices" (April 1992)*
"Economic Theory and BEA'S Alternative Quantity
and Price Indexes" (April 1992)*
"Alternative Measures of Change in Real Output
and Prices, Quarterly Estimates for 1959-92" (March
1993)*
"Preview of the Comprehensive Revision of the National Income and Product Accounts: BEA'S New
Featured Measures of Output and Prices" (July
1995)"
"Reliability and Accuracy of the Quarterly Estimates
of GDP" (October 1993 SURVEY)* evaluates GDP estimates
by examining the record of revisions in the quarterly
estimates.
"A Look at How BEA Presents the NIPA'S" (May 1996
SURVEY)* explains how to locate the NIPA estimates and
some of the conventions used in their presentation.
Gross product by industry
"Improved Estimates of Gross Product by Industry,
1959-94" (August 1996 SURVEY)* describes the most recent comprehensive revision of the estimates of gross
product by industry.
Input-output accounts
Benchmark Input-Output Accounts of the United States,
1987 (1994)* describes the concepts and methods used
in the generation of the benchmark input-output tables
for 1987.
International
Balance of payments accounts (BPA'S)
The Balance of Payments of the United States: Concepts, Data Sources, and Estimating Procedures (1990)
describes the methodologies used in preparing the estimates in the BPA'S and of the international investment
position of the United States. These methodologies
are subject to periodic improvements that are typically introduced as part of the annual revisions of
the BPA'S.
"U.S. International Transactions, Revised Estimates":
This series of SURVEY articles, the latest of which was
published in the July 1996 issue,* describes the annual
BPA revisions and the improvements in methodology.
Direct investment
The coverage, concepts, definitions, and classifications
used in the benchmark surveys of U.S. direct investment abroad and of foreign direct investment in the
United States are presented in the publications of the
final results of the most recent benchmark surveys.
U.S. Direct Investment Abroad: 1989 Benchmark
Survey, Final Results (1992)*
Foreign Direct Investment in the United States: 1992
Benchmark Survey, Final Results (1995)*
The types of data on direct investment that are collected and published by BEA and the clarifications of the
differences between the data sets are presented in the
following SURVEY articles.
"A Guide to BEA Statistics on U.S. Multinational
Companies" (March 1995)*
"A Guide to BEA Statistics on Foreign Direct
Investment in the United States" (February 1990)*
Regional
Personal income
State Personal Income, 1929-93 (1995)* includes a description of the methodology used to prepare the
estimates of State personal income. [Also available on
the State Personal Income 1969-95 CD-ROM]
Local Area Personal Income, 1969-92 (1994)* includes
a description of the methodology used to prepare the estimates of local area personal income. [Also available on
the Regional Economic Information System CD-ROM]
Gross state product
"Gross State Product, 1977-90" (December 1993 SURVEY)* summarizes the sources and methods for BEA'S
estimates of gross state product, [^jjj
April 1997
BEA INFORMATION
The economic Information prepared by the Bureau of Economic Analysis (BEA) is
available in news releases, in publications, on computer diskettes, on CB-BQM'S, and on
the Internet For a description of these products in the free User's Guide to BMA
Information, write to the Public Information Office, BE-SB, Bureau of Economic
Analysis, U;S, Department of Commerce* Washington* PC 20230, or call (202) 6069900, The User's €rt*Meand other information are also available on BEA'S home page at
In addition* the following publications are available from the Superintendent of
Documents of the Government Printing Office (GFO). To order, write to Superintendent of Documents> P.O. Box 371954, Pittsburgh, PA 15250-7954, call (202) 512-1800
or fax (202) 512-2250, Pay by check to the Superintendent of Documents or charge to a
GPO deposit account, to VISA, or to MasterCard.
•
Benchmark Input-Output Accounts of the United States, 1987, (1994)
Presents summary and detailed mate and use tables for industries and
commodities; tables showing commodity- and industry-output-requirements per dollar of commodity demanded;:and tables showing the inputoutput (i-o) commodity composition of personal consumption expenditures and producers* durable equipment expenditures in die national income and product accounts* Presents concepts and methods used In the
1987 benchmark accounts; concordance beween i-o and 1987 Standard
Industrial Classification codes; description of the components of the
measures of output, intermediate inputs, and value added; and mathematical derivation of total requirements tables. (468 pages) $29*00,
stock no, 003-010-00251-4,
e
^Regional Multipliers: A User Handbook for the Regional InputOutput Modeling System (RIMS n), Third Edition, (1997) This handbook
describes the five types of RIMS n multipliers that are available for nearly
500 industries and for any county or for any group of counties. It details
the information that the users need in order to effectively use the &IMS ti
multipliers to analyze the economic and industrial impact of public and
private projects and programs on State and local areas, The handbook also
includes case studies that illustrate the uses of the RIMS 11 multipliers and
a description of the methodology that the Bureau of Economic Analysis
uses to estimate the multipliers. (63 pages) $6,00, stock no, 003-01000264-6.
State Personal Income, 1929-93. (1995) Presents detailed annual estimates for States and regions of personal income for 1929-93* including
estimates of per capita personal income*; personal income by major
source* and earnings by industry* Also presents annual estimates of
disposable personal income and per capita disposable personal income
for 1948-93 and quarterly estimates of personal income for 1969-93, Provides information about the sources and methods used to prepare the
estimates for 1987-93 and samples of all the detailed tables of personal
income and employment that are available for regions* States* counties?
and metropolitan areas, (444 pages) $27,00* stock no, 003-010-00257-3,
Foreign Direct Investment in the United States: 1992 Benchmark Sur; vey* Final Results* (1995) Presents detailed data on the financial structure
I and operations of IIS, affiliates of foreign direct investors, on the foreign
direct investment position in the United States, and on the baknce-ofpayments transactions between U,S. affiliates and their foreign parent
companies in 1992. Includes data for items, such as employment covered
by collective bargaining agreements and merchandise trade by product
;
and country of destination and origin, that are only collected in
benchmark surveys. Benchmark surveys are conducted every 5 years and
are BBA'S most comprehensive surveys in terms of bofh the number of
companies covered and the amount of information gathered, The data
are classified by industry of affiliate and by country of ultimate beneficial
owner* and selected data are classified by State* Provides information
about the:coverage, the concepts and definitions* and the classifications
used in the survey. (312 pages) $20,00, stock no. 003-010-00259-0,
Foreign Direct Investment in; the United States: Operations of U»S.
Affiliates of Foreign Companies, (1996) Two publications: One presents
the revised estimates for 1993, and the other* the preliminary estimates
for 1994 from BIA'S annual surveys of the financial structure and
operations of nonbank U.S. affiliates of foreign direct investors. The
estimates are presented by industry of the U*S, affiliate ind by country of
the ultimate beneficial owner (UBO) and for selected estimates, by
industry of UBO and by State, Preliminary 1994 Estimates (108 pages)
$8,50, stock no* 003-010-00261-1; Revised 1993 Estimates (108 pages)
$8.50, stock no, 003-010-00260-3,
Foreign Direct Investment in the United States: Establishment Data
for Manufacturing, 1991. (1994) A joint effort by BEA and the Bureau of
the Census, Presents the most recently available data for foreign-owned
U.S. manufacturing establishments (plants) by detailed industry {up to
459 industries) j by State, and by country of investor* Includes data on the
number of plants, value added? shipments, employment, total employee
compensation, employee benefits* the hourly wage rates of production
workers, the cost of materials and energy used* inventories by stage of
fabrication, and expenditures for new plant and equipment (220 pages)
$14,00, stock no, 003-010-00250-6,
U*S» Direct Investment Abroad: 1994 Benchmark Survey, Preliminary
Results, (1997) Presents preliminary results from the latest benchmark
survey of the worldwide operations of U,S* multinational companies,
Contains detaEed 1994 data on the operations of U,S, parent companies
and their foreign affiliates in 103 tables organized by: country and by
industry, (140 pages) $14,00* stock no, 003-010-00263-8,
U.S. Direct Investment Abroad; Operations of U»S. Parent Companies
and Their Foreign Affiliates; Revised 1993 Estimates, (1996) Provides
revised results for 1993 from BEA'S annual survey of the worldwide operations of U.S. multinational companies. Contains information on the financial structure and operations of U,S, parent companies and their
foreign affiliates. Data are classified by country and industry of affiliate
and by industry of U,S, parent, (120 pages) $11*00, stock no, 003-01000262-0,
UNITED STATES
GOVERNMENT PRINTING OFFICE
SUPERINTENDENT OF DOCUMENTS
WASHINGTON, BC 20402
PERIODICAL?
POSTAGE AND FEES PAID
U.S. GOVERNMENT PRINTING OFFICE
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PENALTY FOR PRIVATE USE* $3OO
Schedule of Upcoming BEA News Releases
Subject
Release
Date
U.S. International Trade in Goods and Services, February 1997
State Personal Income, 4th quarter 1996 and Per Capita Personal Income, 1996 (preliminary)
Gross Domestic Product, ist quarter 1997 (advance)
* Apr. 17
Apr. 28
Apr. 30
Personal Income and Outlays, March 1997
U.S. International Trade in Goods and Services, March 1997
Gross Domestic Product, ist quarter 1997 (preliminary) and Corporate Profits, ist quarter 1997
(preliminary).
May i
* May 21
May 30
Personal Income and Outlays, April 1997
Gross State Product, 1977-94
U.S. International Trade in Goods and Services, April 1997
U.S. International Transactions, ist quarter 1997
Gross Domestic Product, ist quarter 1997 (final) and Corporate Profits, ist quarter 1997
(revised).
Personal Income and Outlays, May 1997
June 2
June 3
* June 19
June 19
June 27
U.S. International Trade in Goods and Services, May 1997
State Personal Income, ist quarter 1997
Gross Domestic Product, 2nd quarter 1997 (advance)
* July 18
July 24
July 31
* Joint release by the Bureau of the Census and BEA.
For information, call (202) 606-9900, Bureau of Economic Analysis, U.S. Department of Commerce.
June 30
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