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APRIL 1998
<*** VOLUME 78 NUMBER
4
SURVEY of CURRENT BUSINESS
IN THIS ISSUE ...
U.S. Transportation Satellite Accounts
The Domestic Orientation ofProMu<^ionand
Sales by Foreign-Owned, Manufacturers
U.S. DEPARTMENT OF COMMERCED <^v ECONOMICS AND STATISTICS ADMINISTRATION
BUREAU;OF ECONOMIC ANALYSIS
APRIL
1998
VOLUME 78
NUMBER
4
SURVEY of
CURRENTBUSINESS
U.S. Department of Commerce
SURVEY OF CURRENT BUSINESS (ISSN
0039-6222). Published monthly by the
Bureau of Economic Analysis of the U.S.
Department of Commerce.
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correspondence should be addressed to
the Editor-in-Chief, SURVEY OF CURRENT
BUSINESS, Bureau of Economic Analysis,
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of
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J< Steven Landefeld, Director
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Expenditure* and Wealth Accounts
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THIS ISSUE of the SURVEY went to the printer on April 9,1998.
It incorporates data from the following monthly BE A news releases:
U.S. International Trade in Goods and Services (March 19),
Gross Domestic Product (March 26) > and
Personal Income and Outlays (March 27),
April 1998
SURVEY OF CURRENT BUSINESS
TABLE
OF
CONTENTS
(Special in this issue
16
U.S. Transportation Satellite Accounts for 1992
The new satellite accounts for U.S. transportation integrate information from
a variety of sources to present a more comprehensive picture of the role of
transportation in the U.S. economy. The new transportation satellite accounts
(TSA'S) are based on and are an extension of the 1992 benchmark input-output
(i-o) accounts. The TSA'S expand the definition of transportation activities to
include transportation services by businesses for their own use, and they show
more accurately the total use of these services across industries. Under the expanded TSA definition, the value added of transportation industries represents
5.0 percent of GDP in 1992, compared with the 3.i-percent share shown in the
i-o accounts.
29
The Domestic Orientation of Production and Sales by U.S.
Manufacturing Affiliates of Foreign Companies
Detailed industry data on the production of foreign-owned U.S. manufacturing affiliates and of domestically owned manufacturing firms show that in
most industries, domestic content tends to account for the dominant share of
output. However, the shares for U.S. affiliates tend to be lower than those for
domestically owned firms across the detailed industries, and the difference at
the aggregate level increases rather than decreases when industry mix is held
constant. In most industries, U.S. affiliates and domestically owned manufacturers both tend to sell most of their output in the United States, but the
domestic-market shares of sales for U.S. affiliates tend to be higher than those
for domestically owned firms.
l\egular features
1
Business Situation
The "final" estimate of real GDP indicates a 3.7-percent increase in the fourth
quarter of 1997, 0.2 percentage point lower than the "preliminary" estimate;
downward revisions to consumer spending and net exports more than offset
an upward revision to business fixed investment. Corporate profits decreased
$9.2 billion in the fourth quarter after increasing $32.2 billion in the third; the
downturn was accounted for by the profits of domestic nonfinancial corporations. The Federal Government current deficit increased $1.3 billiony to $12.1
billiony in the fourth quarter; the State and local government current surplus
decreased $1.3 billiont to $110.1 billion.
— Continued on next page —
«
SURVEY OF CURRENT BUSINESS
10 State and Local Government Fiscal Position in 1997
The current surplus of State and local governments increased $2.5 billiony to
$167.8 billion, in 1997. Receipts and current expenditures both increased at
about the same pace as they had in 1996. For 1998, available information
suggests some acceleration in both receipts and current expenditures and little
change in the current surplus.
51 U.S. International Transactions, Fourth Quarter and Year 1997
In the fourth quarter 0/1997, the U.S. current-account deficit increased to $45.6
billion from $43.1 billion in the third quarter; a decrease in the deficit on goods
was more than offset by an increase in net unilateral transfers, a decrease in
the surplus on services, and an increase in the deficit on investment income.
In the capital account, outflows for U.S. assets abroad decelerated $14.0 billion
in the fourth quarter, while inflows for foreign assets in the United States
decelerated only $1.4 billion. For the year 1997, the U.S. current-account deficit
increased to $166.4 billion from $148.2 billion in 1996; a shift to a deficit on
investment income and an increase in the deficit on goods more than offset an
increase in the surplus on services and a decrease in net unilateral transfers.
In the capital account, outflows for U.S. assets abroad accelerated $74.5 billion
in 1997, while inflows for foreign assets in the United States accelerated $142.9
billion.
l\eports and statistical presentations
8
D-l
Real Inventories, Sales, and Inventory-Sales Ratios
for Manufacturing and Trade
BEA Current and Historical Data
LOOKING AHEAD
Gross State Product by Industry. Revised estimates of gross state product by industry for
1993-94 and new estimates for 1995-96 will be presented in the June issue of the SURVEY.
The estimates incorporate the most recent annual revisions of the NIPA'S and of State
personal income, as well as the new and revised national estimates of gross product by
industry that were published in the November 1997 SURVEY.
RECRUITMENT
Chief Economist. BEA is recruiting for the position of Chief Economist. The Chief
Economist directs BEA'S research program; plans and develops new concepts and methods
to be implemented by the Office of the Chief Statistician and by the Associate Directors
for National, Industry, International, and Regional Accounts; advises the Director of BEA
on major conceptual and theoretical developments in economic accounting; and serves as
BEA'S liaison to the academic and research community.
This is a career reserved position in the Senior Executive Service, salary range: $106,412$125,900. The application deadline is May 15,1998. To obtain the required application and
qualification information, please contact the BEA Administrative Office at (202) 606-5556.
BEA is an Equal Opportunity Employer.
April 1998
SURVEY OF CURRENT BUSINESS
April 1998
Ralph W. Morris
prepared the first
section of this
article, Daniel
Larkins prepared
the section on
corporate profits,
and Benyam
Tsehaye prepared
the section on the
government sector.
BUSINESS
SITUATION
EAL GROSS domestic product (GDP)
^ increased 3.7 percent in the fourth quarter of 1997, according to the "final" estimates
of the national income and product accounts
(NIPA'S) (chart i).1 The acceleration from the 3.1percent increase in the third quarter was more
than accounted for by upturns in business inventory investment and in net exports. In contrast,
consumer spending and government spending
increased less than in the third quarter, and
business fixed investment turned down (table i).
The "final" estimate of the change in real
GDP is 0.2 percentage point lower than the
3.9-percent increase indicated by the "preliminary" estimate reported in the March "Business
Situation" (table 2). The revision is slightly less
than the average revision—0.3 percentage point,
without regard to the sign—from the preliminary to the final estimate for 1976-97. Downward
revisions to consumer spending and net exports
more than offset an upward revision to business fixed investment. In consumer spending,
the largest revision was to services and primarily reflected the incorporation of newly available
data on hospital expenses and on residential gas
sales. In net exports, the incorporation of revised data on trade in goods and services, resulted
in a slightly larger downward revision to exports
than to imports. The revisions to both exports
and imports were mostly to services. In business
fixed investment, the upward revision was mostly
to producers' durable equipment, reflecting the
incorporation of revised data for shipments of
commercial aircraft.
i. Quarterly estimates in the NIPA'S are expressed at seasonally adjusted
annual rates unless otherwise specified. Quarter-to-quarter dollar changes are
differences between published 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.
Table 1.—Real Gross Domestic Product, Real Gross Domestic Purchases,
and Real Final Sales to Domestic Purchasers
[Seasonally adjusted at annual rates]
Billions of chained (1992) dollars
Level
Percent change from
preceding quarter
Change from preceding
quarter
1997
1997
1997
I
II
III
3.3
3.1
3.7
4.4
8.3
5.3
IV
IV
I
II
III
IV
Gross domestic product
7,280.0
84.2
58.0
54.4
66.0
4.9
Less: Exports of goods and services
Plus'. Imports of goods and services
992.7
1,151.8
21.6
42.3
39.8
50.2
10.5
38.0
19.7
14.7
9.9
Equals: Gross domestic purchases
7,426.1 102.5
66.0
77.7
61.5
5.9
3.7
4.3
3.4
Percent
66.8
27.1
15.5
26.3
37.9
37.5
29.9
5.3
c
-5A
5.6
2.5
1.9
10
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic fixed investment
Nonresidential fixed investment
Structures
Producers' durable equipment
Residential investment
Change in business inventories
Nonfarm
Farm
Government consumption expenditures and
gross investment
Federal
National defense
Nondefense
State and local
Addenda:
Final sales to domestic purchasers
Final sales of domestic oroduct
4,926.1 61.7 11.3
659.3 20.7 -8.8
1,460.9 16.6 -7.8
2,806.4 25.7 25.9
1,154.6 10.3 32.4
872.7 8.1 28.1
195.5 -1.0 -2.4
684.8 9.9 32.7
286.3 2.2 4.9
74.0
64.5
9.8
30.8
31.8
-1.1
1,274.4 -1.3
456.1 -6.8
311.1 -9.7
2.8
144.8
5.4
818.3
13.9
11.8
??
3.2
36.0
1.9
^30.1
-31.8
?0
3.2
-4.6
30.3
5.3
-1.8
-1.2
-.5
6.2
17.9
14.1
18.4
20.5
4.7 -2.1
3.9
3.9
3.9 12.6
4.1 14.6
-2.1
6.7
3.3
-4.1
23.0
7.4
14.6
18.4
4.3 -1.2
3.9 4.4
14.4
1.8
19.2
-.8
6.7 -2.3
24.1
-.3
2.7
9.1
26.5
26.2
5
0
. -5
10
REAL GROSS DOMESTIC PRODUCT
Nil..Mil.Mill
REAL GROSS NATIONAL PRODUCT
On a
Command-Basis
5
.3
-.4
1.0
3.3
9.6
-5.8
7.3 -1.3 -2.7
.8 -11.8
.9
5.5
8.0
1.7 -2.2 -3.2
2.7
2.4
3.6
4.6
3.1
1.1
.3
6.6 -1.1 -2.3
7.5
1.2
1.0
4.9 -5.7 -S.6
1.2 2.3
1.8
,.wL m...M....m.\.!&....m....m...m \.™....m...i& ..Mi. .M...M...M..M
I
1904
I
1995
Note.—Percent eftanga at'annual ratefrompreceding quarter;
7,346.9 70.4
7.201.1 52.4
51.6
43.6
106.2
8P.6
36.0
44.2
4.0
3.0
2.9
2.5
6.0
4.7
2.0
2.3
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 usually are not additive. Chained (1992) dollar levels and residuals,
which measure the extent of nonadditivity in each table, are in NIPA tables 1.2, 1.4, and 1.6. Percent changes are calculated from
unrounded data. Percent changes in major aggregates are shown in NIPA table 8.1.
Selected Product Measures;
Change From Preceding Quarter
U>S. Department of Commerce, Bureau of Economic Analysis
I
1007
SURVEY OR CURRENT BUSINESS
2 • April 1998
Real final sales of domestic product increased
2.3 percent in the fourth quarter, 0.2 percentage
point less than the preliminary estimate.2 The revision was the same as that to GDP because business inventory investment was unrevised. Real
gross domestic purchases increased 3.4 percent,
o.i percentage point less than the preliminary
estimate.
The price index for gross domestic purchases
increased 1.4 percent in the fourth quarter, the
same as the preliminary estimate; the index increased 1.3 percent in the third quarter. The price
index for GDP increased 1.4 percent in the fourth
quarter, the same as the preliminary estimate; the
index increased 1.4 percent in the third quarter.
2. Final sales of domestic product equals GDP less change in business
inventories.
Table 2.—Revisions to Real Gross Domestic Product and Prices,
Fourth Quarter 1997
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter
Preliminary
estimate
Gross domestic product
3.9
1
Less Exports of Qoods and services
Goods
Services
10.0
14.5
-.8
Final
estimate
Final estimate minus
preliminary estimate
Percentage
points
Billions
of
chained
(1992)
dollars
3.7
-0.2
-3.3
8.3
-1.7
^3.7
14.1
-5.1
-.4
-.7
-4.3
-2.7
-1.1
-3.1
Plus' Imports of goods and services
Goods
.
Services
6.4
6.6
5.4
5.3
6.2
.3
Equals'. Gross domestic purchases
3.5
3.4
-.1
-2.6
3.1
1.7
2.5
1.9
-.6
.2
-.2
-7.4
Personal consumption expenditures
Durable goods
Nondurable goods
Services
.
Fixed investment
Nonresidential
Structures
.
Producers' durable equipment
Residential
-1.0
5.4
0
-3.5
-4.3
-4.3
9.7
-1.2
4.4
1.8
-.8
-2.3
-.3
9.1
-.4
-5.1
-1.0
1.8
2.7
2.0
3.0
-.6
Addenda:
Final sales of domestic product
Gross domestic purchases price index *
GDP orice index *
3. For the fourth quarter, estimates of gross national product and corporate profits are released only with the final GDP estimates. GNP equals GDP
plus receipts of factor income from the rest of the world less payments of
factor income to the rest of the world.
4. In the estimation of command-basis GNP the current-dollar value of
the sum of exports of goods and services and of receipts of factor income is
deflated by the implicit price deflator (IPD) 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 IPD for the sum of exports of
goods and services and of receipts of factor income; in the denominator,
Table 3.—Relation of Real Gross Domestic Product, Real
Gross National Product, and Real Command-Basis Gross
National Product
[Seasonally adjusted at annual rates]
.4
-1.0
-6.5
Billions of chained
(1992) dollars
5.4
6.1
1.0
5.1
-.4
1.8
1.8
-.1
-.2
-.3
0
0
2.5
1.4
1.4
2.3
1.4
1.4
-.2
0
0
.4
-2.1
1.3
-8.6
.3
-2.3
1.0
-8.6
-.3
-.3
-.2
0
0
-3.4
1. Based on chained-type annual (1992) weights.
NOTE.—The final estimates for the fourth quarter of 1997 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, revised consumer price indexes for October through
December, hospital expenses for October and November, and residential volume gas sales for November.
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 December.
Exports and imports of goods and services: Revised data on exports and imports of goods for December and revised balanceof-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 export and import prices for September through December and revised prices of single-family homes under
construction for November and December.
Gross national product (GNP).—Real GNP—goods
and services produced by labor and property supplied by U.S. residents—increased 3.6 percent in
the fourth quarter, o.i percentage point less than
real GDP (table 3).3 Receipts of factor income
from the rest of the world changed little, and
payments of factor income increased; interest income more than accounted for the increase in
payments.
Real GNP on a command basis—a measure of
the goods and services produced by the U.S.
economy in terms of their purchasing power—
increased the same as real GNP—3.6 percent—
reflecting no change in the terms of trade.4
0
.1
0
Change in business inventories
Nonfarm
Farm
Government consumption expenditures and gross investment
Federal
National defense
Nondefense
State and local
-.8
-2.1
Real disposable personal income increased
4.5 percent, the same as the preliminary estimate. The personal saving rate was 3.9 percent,
o.i percentage point more than the preliminary
estimate.
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 l
Level
Change from
preceding
quarter
1997
1997
Percent
change from
preceding
quarter
1997
III
IV
III
IV
7,280.0
54.4
66.0
IV
3.1
3.7
242.0
6.2
-.5
10.9
-.7
258.7
6.1
1.8
10.1
2.9
7,262.6
54.4
63.8
3.1
3.6
1,234.7
17.1
18.7
5.8
6.3
1,281.3
20.2
19.4
6.7
6.3
7,309.3
57.6
64.5
3.2
3.6
0
.8
103.8
.2
0
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.
SURVEY OF CURRENT BUSINESS
In the third quarter, command-basis GNP increased slightly more than real GNP—3.2 percent,
compared with 3.1 percent—reflecting a slight
improvement in the terms of trade.
Corporate Profits
Profits from current production—profits excluding nonoperating income such as capital gains (loses) and special charges—decreased
$9.2 billion in the fourth quarter after increasing $32.2 billion in the third (table 4).5
the IPD 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 several
factors, including movements in exchange rates, changes in the composition
of the traded goods and services, and changes in producers' profit margins.
For example, if the U.S. dollar depreciates 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, or it may choose to raise the
price of the product and risk a loss in market share.
5. 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 NIPA tables 1.9,1.14,1.16, and 6.i6c in the "Selected
NIPA Tables" that begin on page D-2 as corporate profits with inventory
Table 4.—Corporate Profits
[Quarterly estimates seasonally adjusted at annual rates]
Level Chancje from Level Chang e from
eding
sding
1997
qu<irter
ye ar
1997
1997
IV
1996
III
1997
IV
Billions of dollars
Profits from current production
Domestic industries
Financial
Nonfinancial
Rest of the world
Receipts (inflows)
Payments (outflows) . .
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
32.2 -9.2 805.0
33.1 -5.7 706.5
5.0 109.5
1.6
31.5 -10.7 596.9
-.9 ^3.6 98.6
2.2 -5.5 145.9
3.1 -1.9 47.3
85.9
76.8
737.3
253.6
483.7
5.5
5.6
-2.3
1.3 69.7
.9
729.8
-16.1
33.6
13.7 -4.6 249.4
19.9 -11.5 480.3
21.8
10.2
54.0
15.8
38.2
8.0
7.9
53.2
20.4
32.7
703.4
17.7
^.5 695.1
53.0
40.8
746.5
650.2
124.5
525.7
229.0
31.4 -10.6 735.3
32.3 -7.0 636.7
5.1 119.5
1.9
30.4 -12.1 517.2
19.4 -11.4 224.7
75.7
66.5
61.2
58.5
16.0
42.5
19.2
818.1
721.8
114.3
607.5
96.3
145.0
48.7
9.2
71.6
91.5
51.7
55.2
98.2
96.3
.4
4.6
3.0
2.9
-.9
1.5
-2.4
-2.7
2.9
^3.6
90.7
51.1
55.8
95.0
98.6
5.5
71.2
9.2
12.5
3.2
5.9
60.6
24.2
5.3
11.4
7.0
12.7
9.2
69.1
66.5
15.3
51.1
2.7
13.2
10.6
-1.0
12.8
6.9
4.7
2.7
Dollars
Unit price, costs, and profits of
nonfinancial corporations:
Unit price
Unit labor cost
Unit nonlabor cost'
Unit profits from current
production
1.073 0
.001 1.072
.007 .698
.702 -.003
.227 -.001 -.001 .229
.145
.005 -.004
.145
-.002
.009
.008
-.003
.012
.005
.013
.003
NOTE.—Levels of these and other profits series are found in NIPA tables 1.14, 1.16, 6.16C,
and 7.15.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
Profits of domestic industries decreased $5.7 billion after increasing $33.1 billion. Profits of domestic nonfinancial corporations decreased $10.7
billion after increasing $31.5 billion, primarily
reflecting a downturn in profits per unit; this
downturn, in turn, reflected an upturn in unit
labor costs and little change in prices. Profits
of domestic financial corporations increased $5.0
billion after increasing $1.6 billion. Profits from
the rest of the world decreased $3.6 billion after decreasing $0.9 billion; receipts turned down
more sharply than payments.6
Cash flow from current production, a profitsrelated measure of internally generated funds
available for investment, decreased $4.5 billion after increasing $17.7 billion. The ratio of cash flow
to nonresidential fixed investment, an indicator
of the share of the current level of investment that
could be financed by internally generated funds,
slipped slightly to 81.0 percent from 81.2 percent.
The ratio remains in the lower part of the range
in which it has fluctuated during most of this
decade.
Industry profits.—Industry profits decreased
$10.6 billion after increasing $31.4 billion.7 The
downturn was accounted for by domestic nonfinancial corporations. Most manufacturing industries contributed to the downturn; however,
food and kindred products increased more in
the fourth quarter than in the third. Wholesale
trade and retail trade also turned down. In contrast, transportation and public utilities increased
more in the fourth quarter than in the third.
"Other" nonfinancial corporations increased the
same amount as in the third quarter.
Related measures.—Profits before tax (PBT) decreased $16.1 billion after increasing $33.6 billion.
The difference between the $16.1 decrease in PBT
and the $9.2 billion decrease in profits from current production mainly reflected larger negative
inventory profits in the fourth quarter than in
the third.8
valuation and capital consumption adjustments. These adjustments convert
inventory withdrawals and depreciation charges reported to businesses to a
current-replacement-cost basis.
6. Profits from the rest of the world is calculated as (i) receipts by U.S.
residents of earnings from their foreign affiliates plus dividends received by
U.S. residents from unafftliated foreign corporations minus (2) payments by
U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S.
corporations to unaffiliated foreign residents. These estimates are derived
from BEA s international transactions accounts.
7. Industry profits, which are estimated as the sum of corporate profits before tax and the inventory valuation adjustment, are shown in NIPA
table 6.i6c (on page D-i6). 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.
8. As prices change, companies that value inventory withdrawals at original acquisition (historical) costs may realize inventory profits or losses.
Inventory profits—a capital-gains-like element in profits—result from an
April 1998
SURVEY OF CURRENT BUSINESS
April 1998
The year 1997.—For the year 1997, profits from
current production increased $69.1 billion (or
9.4 percent) to a level of $805.0 billion; in 1996,
the increase was $85.9 billion (13.2 percent).
Profits of domestic nonfinancial corporations increased $51.1 billion after increasing $71.2 billion,
reflecting a slowdown ip profits per unit; the
slowdown in unit profits, in turn, reflected a
slowdown in unit prices and a step-up in unit
labor costs. The foreign component of profits
also increased less than in 1997, $2.7 billion, than
in 1996, $9.2 billion. In contrast to these slowdowns, profits of domestic financial corporations
increased $15.3 billion after increasing $5.5 billion.
Industry profits increased $61.2 billion after
increasing $75.7 billion. The slowdown was
more than accounted for by domestic nonfinancial corporations. Profits in the transportation
and utilities group turned down, and profits
in manufacturing and in "other" nonfinancial
corporations increased less than in 1996.
PBT increased $53.2 billion, about the same
amount as in 1996. Inventory profits—the main
difference between PBT and profits from current
production—turned negative for the first time
since 1991.
Government Sector
The combined current surplus, which measures the net saving of the Federal Government
and State and local governments, decreased
$2.6 billion in the fourth quarter, to $98.0 billion
(table 5).9 The fourth-quarter decrease in the fiscal position of the government sector was the first
since the third quarter of 1995. The decrease was
equally attributable to an increase in the Federal
Government deficit and a decrease in the State
and local government surplus.10
Federal
The Federal Government current deficit increased
$1.3 billion, to $12.1 billion, in the fourth quarter,
the first increase in seven quarters. The deficit
decreased $26.0 billion in the third quarter.
increase in inventory prices, and inventory losses—a capital-loss-like element
in profits—result from a decrease in inventory prices. In the NIPA s, inventory profits or losses are shown as adjustments to business income (corporate
profits and proprietors' income); they are shown as the inventory valuation
adjustment with the sign reversed.
9. Net government saving equals gross saving less consumption of fixed
capital.
10. The NIPA estimates for the government sector are derived from financial statements for the Federal Government and for State and local
governments but differ from them in several respects. The major differences
are shown in NIPA tables 3.188 and 3.19, which reconcile the NIPA estimates
with government financial statements; these tables were published in the
October 1997 SURVEY OF CURRENT BUSINESS on pages 11-13.
Receipts.—Federal receipts increased $25.6 billion
in the fourth quarter after increasing $32.5 billion
in the third. The deceleration resulted from a
downturn in corporate profits tax accruals that
more than offset accelerations in personal tax
and nontax receipts and contributions for social
insurance.
Corporate profits tax accruals decreased
$3.8 billion after increasing $11.6 billion; the
downturn reflected the downturn in domestic
corporate profits.
Indirect business tax and nontax accruals decreased $0.1 billion after increasing $0.2 billion.
Customs duties turned down, but excise taxes accelerated. Within excise taxes, air transport taxes
increased $1.5 billion after increasing $0.3 billion,
as a result of several provisions of the Taxpayer
Relief Act of 1997 that became effective October i.
Personal tax and nontax receipts increased
$19.1 billion after increasing $14.0 billion. Receipts from income taxes increased $18.4 billion
after increasing $14.4 billion; the acceleration was
more than accounted for by an acceleration in,
withheld income taxes, reflecting higher growth
in wage and salary disbursements. "Estimated
income tax payments and final settlements, less
refunds" increased $1.5 billion after increasing
$4.3 billion. Estate and gift taxes increased
$0.7 billion after decreasing $0.4 billion.
Contributions for social insurance increased
$10.4 billion after increasing $6.7 billion. Reflecting stronger fourth-quarter wage and salary
disbursements, contributions to the old-age, survivors, disability and hospital insurance and to
the State unemployment insurance trust funds
increased $10.2 billion after increasing $6.1 billion.
Current expenditures.—Current expenditures increased $26.9 billion in the fourth quarter after
increasing $6.6 billion in the third. The acceleration was mostly accounted for by step-ups
in transfer payments (net), in grants-in-aid to
State and local governments, and in consumption
expenditures.
Transfer payments (net) increased $15.7 billion
after increasing $3.1 billion. Transfer payments
to the rest of the world increased $11.6 billion
after decreasing $0.8 billion; the upturn was accounted for by the yearly payment to Israel of
$3.0 billion—$12.0 billion at an annual rate—in
economic support and other payments. Transfer
payments to persons increased $4.1 billion after
increasing $4.0 billion.
Grants-in-aid to State and local governments
increased $6.4 billion after increasing $1.7 billion.
The acceleration was accounted for by upturns in
SURVEY OF CURRENT BUSINESS
grants for medicaid, health care, and family assistance that were only partly offset by downturns
in grants for education, mass transit, highways,
and other programs.
Consumption expenditures increased $3.7
billion after increasing $0.5 billion. Expenditures for national defense increased $2.8 billion
after increasing $0.3 billion; the acceleration was
primarily accounted for by an upturn in expenditures for durable goods, mainly for aircraft parts
and for parts of other military durable goods.
Nondefense expenditures increased $0.9 billion
after increasing $0.2 billion.
Subsidies less current surplus of government
enterprises increased $1.1 billion after decreasing
$0.2 billion. The upturn was mostly accounted
for by a downturn in the surplus of government
enterprises.
Net interest paid increased $0.1 billion after
increasing $1.4 billion. The deceleration was
mainly accounted for by an upturn in gross interest received from persons, business, and the rest
of the world, which increased $0.2 billion after
decreasing $0.7 billion.
April 1998
grants-in-aid increased $6.4 billion after increasing $1.7 billion. Personal tax and nontax receipts
increased $5.0 billion after increasing $4.8 billion.
Current expenditures increased $13.8 billion
after increasing $12.6 billion. The acceleration
was more than accounted for by consumption
expenditures, which increased $10.3 billion after
increasing $8.7 billion, largely because of accelerations in "other" services and in nondurable
goods. Transfer payments to persons increased
$4.7 billion after increasing $4.5 billion.
Table 5.—Government Sector Receipts and Current Expenditures
[Billions of dollars, seasonally adjusted at annual rates]
Level
Government sector
Receipts ..
Current expenditures
Current surplus or deficit(—)
Social insurance funds
Other
... .
Change from preceding quarter
1997
1996
IV
IV
I
II
III
IV
2,648.5
2,550.5
52.3
32.2
47.6
21.6
40.2
21.3
49.9
17.4
31.8
34.4
98.0
20.1
26.0
18.9
32.5
-2.6
142.8
-44.8
2.3
1997
2.1
3.8
7.0
17.8
-2.1
28.1
16.8
28.8
-9.7
1,767.4
43.0
33.7
34.0
32.5
25.6
801.0
215.5
21.8
-4.7
18.7
29.4
12.9
21.0
14.0
11.6
19.1
^3.8
-22.0
Federal Government
State and local
The State and local government current surplus
decreased $1.3 billion, to $110.1 billion, in the
fourth quarter after increasing $6.5 billion in the
third. The downturn was mostly attributable to
a deceleration in receipts.
Receipts increased $12.6 billion after increasing
$19.1 billion. The deceleration was more than
accounted for by a deceleration in indirect business tax and nontax accruals and a downturn in
corporate profits tax accruals.
Indirect business tax and nontax accruals increased $0.5 billion after increasing $9.0 billion;
the deceleration was more than accounted for
by a downturn in "other tax and nontax accruals" and a deceleration in sales taxes. "Other
tax and nontax accruals" decreased $2.8 billion
after increasing $4.6 billion; these accruals had
been boosted in the third quarter by a payment
of $0.92 billion— or $3.7 billion at an annual
rate—to two States by tobacco companies as
out-of-court settlements of lawsuits. Sales taxes
increased $0.9 billion after increasing $2.8 billion;
the deceleration primarily reflected a deceleration
in retail sales.
Corporate profits tax accruals decreased
$0.8 billion after increasing $2.1 billion; the
downturn reflected the downturn in domestic
corporate profits. As previously noted, Federal
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals
Contributions for social insurance
....
Current expenditures .
92.3
658.6
. .
1,779.5
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
Less1 Current surplus of government enterprises
Less* Wage accruals less disbursements
Current surplus or deficit (— )
468.4
314.4
154.0
810.2
788.6
21.6
230.6
231.3
39.0
34.5
8.0
-4.5
0
-12.1
Social insurance funds
Other
71.3
-83.4
7.2
20.6
-.4
-1.7
1.4
15.8
4.7
11.0
-1.2
5.2
1.1
.3
.1
-.9
0
22.4
2.4
20.1
13.3
12.0
4.4
-1.2
5.7
8.6
21.1
-12.4
2.1
-2.9
-.1
.4
.0
.4
0
21.6
-1.9
23.5
2.8
4.0
6.2
15.2
6.2
4.9
1.2
5.5
5.0
.3
2.9
0.9
-.3
.5
.1
.8
0
18.7
1.7
17.0
t\
.£.
-.1
6.7
10.4
6.6
26.9
c
is
.2
3.1
4.0
-.8
1.7
1.4
-.2
0
0
.3
0
26.0
4.0
3.7
2.8
.9
15.7
4.1
11.6
6.4
.1
1.1
.2
.5
-.9
0
-1.3
6.9
22.0
-8.2
19.1
12.6
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
Current expenditures
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
NOTE.—Dollar levels are found in NIPA tables 3.1, 3.2, and 3.3.
'
1,111.7
8.2
221.1
3.4
-.9
5.7
1.1
38.1
533.5
88.4
230.6
1,001.5
776.4
318.7
-66.3
14.9
-12.4
0.3
12.7
0
110.1
71.5
38.6
-1.2
10.3
7.4
4.0
-.8
.3
-.1
0
0
0
-2.2
-.1
-2.2
16.0
3.6
2.4
6.9
1.1
2.1
11.6
9.1
2.6
.4
2.0
1.2
2.9
9.0
4.8
2.1
9.0
1.4
1.7
12.6
5.0
-.8
.5
1.6
6.4
13.8
8.7
4.5
-.7
0
.1
0
-.1
0
10.3
.3
.2
0
-.1
0
5.7
4.4
-.9
.4
.1
0
-.2
0
4.3
.2
6.5
-1.3
-.1
4.6
.3
-.2
-.2
6.7
-1.4
8.4
4.5
-1.0
4.7
-.7
.2
-.3
0
.3
0
.1
6 • April 1998
SURVEY OF CURRENT BUSINESS
The Government Sector in 1997
The combined fiscal position of the Federal
Government and State and local governments
shifted from a current deficit of $5.1 billion in
1996 to a current surplus of $79.0 billion in 1997,
the first surplus since 1979." The shift in the
fiscal position was primarily accounted for by a
substantial decrease in the Federal current deficit.
The Federal current deficit decreased $81.7
billion, to $28.8 billion, the smallest Federal
deficit since 1979; the decrease was attributable to
a much larger increase in receipts than in current expenditures.12 Federal receipts increased
$135.8 billion; the increase was more than accounted for by increases in personal tax and
11. For NIPA estimates of government receipts and current expenditures
for calendar years 1996 and 1997, see NIPA tables 3.1,3.2, and 3.3 in this issue.
12. The NIPA budget estimates differ from the official Federal 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 1999," SURVEY 78 (March 1998): 8-16.
nontax receipts, contributions for social insurance, and corporate profits tax accruals. Federal
current expenditures increased $54.1 billion; the
increase was mostly accounted for by increases
in transfer payments (net) and consumption
expenditures.
The State and local government current surplus increased $2.5 billion, to $107.8 billion; the
increase was attributable to a slightly larger increase in receipts than in current expenditures.13
Receipts increased $47.0 billion; all categories
of receipts increased, but the largest increases
were in indirect business tax and nontax accruals and in personal tax and nontax receipts.
Current expenditures increased $44.6 billion; the
increase was more than accounted for by consumption expenditures and transfer payments to
persons. Q
13. For more information, see "State and Local Government Fiscal
Position in 1997" in this issue.
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contact the Public Information Office of the Bureau of Economic Analysis at (202) 606-9900.
SURVEY OF CURRENT BUSINESS
8
April 1998
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 1992:^-1997:11 of real manufacturing and trade inventories, sales, and inventorysales ratios and of real manufacturing inventories by
stage of fabrication were published in the October 1997
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 1959-96 are also available from
BEA on the underlying NIPA historical data diskette:
Product number NDN-oi62, price $60.00. To order
using Visa or MasterCard, call the BEA Order Desk at
1-800-704-0415 (outside the United States, 202-6069666). To order by mail, send a check made payable
to "Bureau of Economic Analysis, BE-53" to BEA Order Desk (BE-53), Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230.
Table 2.—Real Manufacturing and Trade Sales, Seasonally Adjusted at
Monthly Rate
Table 1—Real Manufacturing and Trade Inventories, Seasonally
Adjusted, End of Period
[Billions of chained (1992) dollars]
[Billions of chained (1992) dollars]
19 97
III
IV
Aug.
Sep.
Oct.'
Nov.'
Dec.'
Jan./7
976.5
990.9
971.9
976.5
980.6
985.5
990.9
993.4
425.8
431.2
425.6
425.8
428.1
429.8
431.2
433.1
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 '
271.0
21 9
273.6
224
271.1
220
271.0
272.5
273.3
273.6
274.9
26.0
61.1
40.0
26.1
61.9
40.6
25.8
61.2
40.1
21.9
26.0
61.1
40.0
22.0
26.1
61.6
40.1
22.4
26.1
61.9
40.6
663
144
666
137
663
140
663
669
51.9
52.9
52.2
575
579
575
14.4
51.9
57.5
13.9
53.0
57.5
22.1
26.2
61.8
40.4
66.7
13.7
53.0
58.0
13.7
52.9
57.9
22.5
26.3
61.9
41.0
66.8
13.8
53.0
58.1
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
155.0
326
157.8
334
154.7
155.0
155.9
156.7
157.8
158.4
14.1
14.2
32.4
13.9
390
399
386
13.7
14.7
14.2
14.9
407
41 1
14.0
14.7
40.8
32.6
14.1
39.0
13.7
14.7
40.7
32.8
14.0
39.5
13.5
14.8
41.0
33.0
14.1
39.9
13.6
14.9
41.0
33.4
14.2
39.9
14.2
14.9
41.1
33.5
14.3
40.0
14.2
14.9
41.2
255.2
260.0
252.5
255.2
255.3
257.2
260.0
259.5
162.8
926
261
164.5
955
274
160.5
162.8
162.0
162.5
164.5
165.3
92.1
92.6
93.4
263
261
274
66.8
68.5
66.1
66.8
66.3
94.7
28.0
67.0
95.5
27.4
68.5
94.4
27.1
67.5
295.4
299.7
293.8
295.4
297.2
298.4
299.7
300.7
1536
72.8
1575
75.5
1530
73.4
153.6
156.1
157.3
157.5
156.9
81 0
141.5
290
112.5
822
141.9
287
113.2
798
140.5
72.8
81.0
74.7
81.6
76.0
81.5
75.5
82.2
74.8
82.3
140.8
140.7
141.9
Manufacturing and trade
Manufacturing
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Motor vehicle dealers 3
Other durable goods 3
Nondurable goods
Food stores
Other nondurable goods
141.5
666
143.5
29.0
29.0
28.8
28.9
28.7
28.8
111.4
112.5
111.9
111.8
113.2
114.7
p Preliminary.
' Revised.
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 tp 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 inventory series are calculated as the product of the chain-type quantity index and the
average of the end-of-year fixed-weighted inventories for 1991 and 1992, 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.
19 97
1998
1997
III
1997
IV
Aug.
Sep.
Oct.'
1998
Nov.r
Dec/"
Jan/1
7221
726.1
717.5
7253
7234
7230
7319
7366
314.1
316.5
311.5
315.8
3155
3147
3194
3183
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 {
1799
13.8
181.1
177.8
1818
13.8
1805
13.8
1800
1828
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
Manufacturing and trade
Manufacturing
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods .
Retail trade
Durable goods
Motor vehicle dealers3
Other durable goods 3
Nondurable goods
Food stores
Other nondurable ooods
p
13.8
13.7
176
177
175
178
177
137
177
138
177
181 4
139
176
42.5
31.5
41.7
31.6
39.8
28.0
12.2
35.8
43.2
32.4
42.9
31.7
42.2
31.6
44.2
32.1
44.9
31.4
399
400
407
404
28.0
12.6
36.7
43.1
31.8
40.4
28.0
12.8
36.7
27.6
12.7
37.2
28.5
12.0
36.7
27.7
13.4
27.9
12.9
37.2
395
265
134.5
135.8
134.1
134.4
36.3
36.4
12.1
28.2
36.0
1353
36.7
1350
37.1
28.4
37.2
12.4
28.5
148
144
150
11.3
31.8
11.6
32.0
2003
1071
402
363
1369
37.6
13.4
369
1372
38.4
122
124
122
125
123
28.6
28.6
28.3
28.7
28.2
144
145
142
144
147
11.2
31.5
11.4
32.0
11.6
31.8
11.4
32.0
11.8
32.1
11.5
32.4
201.3
197.5
2019
2005
2002
2033
2061
107.6
938
105.1
924
108.4
936
1077
1069
1082
1101
929
934
951
961
32.9
60.1
33.8
34.2
34.0
34.3
34.6
602
34.1
60.2
603
592
599
61 3
209.3
209.8
209.9
209.1
209.0
209.7
210.9
85.4
121
932
33.5
86.1
44.5
86.0
44.9
85.2
85.1
86.0
87.3
444
420
123.8
332
427
123.5
332
421
123.7
331
442
41 9
123.7
333
437
425
123.7
332
443
427
454
430
90.1
89.9
90.1
90.0
90.1
1235
1233
621
2137
887
453
447
1247
333
331
329
89.8
89.8
91.4
Preliminary.
Revised.
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.
r
SURVEY OF CURRENT BUSINESS
April 1998 • 9
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]
1£ 97
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 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 ooods
Aug.
Sep.
Oct.'
Nov.'
Dec.'
Jan./'
1.35
1.37
1.36
1.35
1.36
1.36
1.35
1.35
1.36
1.36
1.37
1.35
1.36
1.37
1.35
1.36
1 51
151
1.49
1.59
1.46
1.42
1.23
1.66
1.51
1.59
1.47
1.44
1.26
1.67
1.52
1.61
1.48
1.47
1.28
1.64
1.50
1.63
1.48
1.40
1.27
1.65
1.52
1.62
1.50
1.38
1.30
1.69
.52
.49
.49
.49
1.59
1.62
1.53
1.61
1 48
148
1 48
1.44
1.27
1.44
1.28
165
.51
1 65
.49
1.47
1.27
1.67
4.12
4.14
157
157
4.29
1.61
4.09
1.55
4.42
1.57
3.95
1.60
4.09
1.56
3.96
1.57
1 15
90
1 16
90
1 15
.89
1.15
1 15
.89
1.16
1.15
1.15
1.15
1.37
1.13
1.16
1.41
.50
.91
.89
.89
1.14
1.39
.52
.87
1.17
1.42
1.16
1.15
1.15
137
93
140
99
137
.94
1.30
1.28
1.28
1.29
1.32
1.29
1.28
1.27
1.27
1.29
1.30
1.28
1.26
1.28
1.30
1.27
1.28
1.29
1.28
1.26
1.27
1.28
1.28
1.26
1 52
.99
.78
1 11
153
1 53
1.50
1.00
1.52
1.01
1.52
1.01
1.50
1.02
1.50
1.01
.80
.95
.99
.77
138
.93
.80
.96
.83
.98
.80
.97
.98
.79
.80
1 14
1.10
1.11
1.12
1.12
1.12
1.09
1.41
1.43
1.40
1.41
1.42
1.42
1.42
1.41
180
1.83
1.70
1.78
1.63
1.90
1.14
1.80
1.65
1.93
1.14
1.84
1.71
1.92
1.14
1.83
1.72
1.91
1.14
1.80
1.66
1.91
1.15
1.77
1.65
1.84
1.15
.87
.87
1.64
193
1 92
1.14
1.15
87
1.25
86
1.26
.88
1.24
87
1.25
.87
1,?4
1.?5
1.26
.88
1.25
p Preliminary.
' Revised.
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.
1<397
1998
1997
IV
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 '
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 goods 2 .
1997
III
IV
136.9
800
7.6
9.6
17.1
13.3
6.4
6.1
1998
Aug.
Sep.
Oct.'
Nov.'
Dec.'
Jan/>
137.7
135.8
136.9
137.2
136.7
1377
1391
802
7.7
9.5
792
7.6
9.4
800
7.6
9.6
801
7.7
9.5
801
7.6
9.5
802
7.7
9.5
809
7.6
9.6
17.0
13.6
16.9
13.3
17.1
13.3
17.2
13.3
17.2
13.5
17.0
13.6
17.1
13.9
6.6
5.7
6.7
5.7
6.4
6.1
6.5
6.0
6.6
5.7
6.6
5.7
6.9
5.7
20.0
20.2
19.8
20.0
20.1
20.2
20.2
20.3
57.0
10.4
57.5
10.4
56.6
10.3
57.0
10.4
57.1
10.4
56.6
10.2
57.5
10.4
58.2
10.5
6.8
12.9
4.0
5.6
17.3
6.9
12.8
4.2
5.7
6.8
12.7
4.1
5.5
6.8
12.9
4.0
5.6
17.4
17.3
17.3
6.8
12.8
4.0
5.6
6.8
12.8
4.0
5.6
6.9
12.8
4.2
5.7
7.0
12.9
4.4
5.8
17.5
17.1
17.4
17.6
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 '
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 goods 2
Manufacturing
Finished goods
.
. .
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 '
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 goods 2
142.6
145.8
143.0
142.6
143.2
1452
1458
1459
116.3
74
7.5
118.3
76
7.4
116.8
74
7.4
116.3
74
7.5
1164
1180
1183
1183
23.6
15.5
24.6
15.9
23.7
15.5
23.6
15.5
23.8
15.5
24.0
15.7
24.6
15.9
24.2
16.1
4.8
421
4.0
435
4.3
430
4.8
421
15.6
15.5
15.7
15.6
43
427
154
42
436
157
40
435
155
38
435
156
26.4
27.5
26.3
26.4
26.8
27.2
27.5
27.5
74
74
75
75
76
74
77
75
47
1.6
70
31
2.1
79
49
1.6
77
31
2.1
81
46
1.5
69
31
2.1
80
47
16
70
31
2.1
79
146.4
147.9
146.9
146.4
74.9
75.1
75.2
749
6.9
90
761
69
92
752
70
92
751
71
91
756
72
92
20.6
11.2
20.8
11.4
20.8
11.3
20.4
11.2
20.8
11.0
31
4.3
208
29
3.7
208
31
3.8
209
31
3.8
21 1
720
177
57
730
180
57
729
180
57
727
181
57
6.9
90
20.6
11.2
32
3.7
7.1
91
20.4
11.2
3.1
3.8
6.9
90
20.9
11.5
3.1
3.6
32
3.7
20.7
20.9
20.8
20.7
71.7
17.5
72.9
18.0
71.8
17.5
71 7
57
5.7
56
17.5
57
47
16
74
30
2.0
80
1479
49
16
75
31
2.1
81
1482
49
16
77
31
2.1
81
1479
49
17
77
32
2.1
80
1482
19.2
19.4
19.1
19.2
19.4
19.7
19.4
19.4
67
7.0
157
68
7.1
158
69
7.1
157
67
7.0
157
65
7.1
157
65
7.2
159
68
7.1
158
66
7.1
158
p Preliminary.
' Revised.
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 inventory series are calculated as the product of the chain-type quantity index and the
average of the end-of-year fixed-weighted inventories for 1991 and 1992, 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.
SURVEY OF CURRENT BUSINESS
1O
April l
State and Local Government
Fiscal Position in 1997
By Florence Campi and David F. Sullivan
HE CURRENT surplus of State and local governments, which is a measure of the net
saving by these governments, increased $2.5 billion, to $107.8 billion, in 1997 from $105.3 billion
in 1996 (table i, chart i). 1 As in recent years,
little of the increase in the current surplus was
accounted for by employee retirement, workers'
compensation, or other social insurance funds;
instead, it was mainly accounted for by general
receipts and by current expenditures for other
programs, which include education, medical care,
highways, and police. The social insurance funds
surplus increased $0.1 billion, to $71.4 billion, and
the "other" funds surplus increased $2.2 billion,
to $36.3 billion. 2
T
Receipts
State and local government receipts increased
4.5 percent, to $1,090.4 billion, in 1997 after increasing 4.4 percent in 1996 (table 2). General
own-source receipts—that is, receipts exclud1. The NIPA current surplus or deficit reflects the treatment of government investment that was introduced in January 1996. Current expenditures
now include (0 consumption of fixed capital for general government in consumption expenditures, and (2) consumption of fixed capital lor government
enterprises as an expense in the calculation of the current surplus of government enterprises. Gross investment in fixed assets by general government
and government enterprises is no longer classified as a current-account expenditure in the year the asset is purchased but is classified, instead, as an
expenditure over the service life of the asset.
2. The social insurance funds surplus is calculated as the sum of receipts
from personal contributions and employer contributions for social insurance
plus interest and dividends received less transfer payments and administrative
expenses (consumption expenditures) of social insurance funds. The detailed
estimates of social insurance funds receipts and current expenditures are
shown annually in NIPA table 3.14, most recently in the August 1997 SURVEY.
ing contributions for social insurance and Federal grants-in-aid—increased 4.9 percent in 1997,
compared with a 4.8-percent increase in 1996. All
the major components of receipts increased.
Personal tax and nontax receipts.—Personal tax
and nontax receipts, which accounted for about
20 percent of total State and local government
receipts, increased 7.0 percent, to $214.3 billion,
in 1997, an acceleration from a 5.7-percent increase in 1996. Personal income tax receipts
increased 7.2 percent, to $159.8 billion, after a
6.3-percent increase. Personal income accelerated only slightly to a 5.8-percent increase from
a 5.6-percent increase. The faster acceleration in
personal income taxes than in personal income
is within the normal range of variation, but it
may also reflect increases in taxes on other types
of income, such as capital gains. State legislative
actions reduced income tax receipts by $0.6 billion in 1997; excluding these actions, income tax
receipts would have increased 7.6 percent.
Personal nontax receipts (largely fines, donations, and unclaimed bank deposits) increased
CHART1
State and Local Government
Current Surplus or Deficit, NIPA Basis
Billion $
120
100
H Total
Social Insurance Funds
Other Funds
Table 1.—State and Local Government Receipts, Current
Expenditures, and Current Surplus or Deficit, NIPA Basis
60
[Billions of dollars]
Calendar years
40
Receipts
Current expenditures
Current surplus or deficit (-)
Social insurance funds
Other funds
1993
1994
1995
894.4
807.0
949.2
852.3
87.4
67.8
19.7
96.8
68.9
27.9
999.0 1,043.4 1.090.4
982.6
895.9
9380
105,3
107.8
103.1
70.5
32.5
1996
71.3
34.1
1997
20
71.4
36.3
1993
NOTE—The estimates for 1996-97 are in NIPA table 3.3 ol this issue ol lie SURVEY OF
CURRENT BUSINESS: the estimates (or 1992-96 are in NIPA table 3 3 ol the August 1997 issue.
NIPA National income and product accounts
1994
1995
1996
U.S. Department of Commerce, Bureau of Economic Analysis
1997
SURVEY OF CURRENT BUSINESS
7.6 percent after a /.9-percent increase. "Other"
personal tax receipts increased 5.4 percent after a
o.4-percent decrease; the upturn was accounted
for by upturns in motor vehicle license taxes and
in other taxes (largely hunting, fishing, and other
personal licenses).3
Corporate profits tax accruals.—Corporate profits
tax accruals, which accounted for about 3 percent
of total receipts, increased 9.0 percent in 1997,
following a io.9-percent increase in 1996. The
deceleration reflected a deceleration in corporate
profits. Corporate profits before tax increased 7.9
percent after increasing 8.7 percent.
Indirect business tax and nontax accruals.—
Indirect business tax and nontax accruals, which
accounted for about 48 percent of total receipts,
decelerated slightly in 1997; they increased 3.8
percent, to $528.1 billion, in 1997 and 4.0 percent in 1996.4 Sales taxes, which accounted for
about 49 percent of indirect I business tax and
nontax accruals, continued to decelerate; they increased 3.0 percent, to $257.4 billion, in 1997 and
4.3 percent in 1996. All the components of sales
taxes except taxes on alcoholic beverages and on
insurance receipts decelerated; both these com3. The detailed estimates of personal tax and nontax receipts are shown
annually in NIPA table 3.4, most recently in the August 1997 SURVEY.
4. The detailed estimates of indirect business tax and nontax accruals are
shown annually in NIPA table 3.5, most recently in the August 1997 SURVEY.
April 1998 •
ponents accelerated. The deceleration in general
sales taxes is partly attributable to a deceleration in retail sales, which increased ?4.i percent in
1997 after increasing 5.2 percent in 1996. Tobacco
sales taxes decreased $0.2 billion in 1997. Legislative actions reduced sales taxes only slightly in
1997; excluding these actions, sales taxes would
still have increased 3.0 percent in 1997.
Property taxes, which accounted for about 40
percent of indirect business tax and nontax accruals, accelerated in 1997; they increased 3.2 percent,
to $208.8 billion, after decelerating for 7 years.
"Other" indirect business tax and nontax accruals increased 9.2 percent, to $62.0 billion, in
1997 after increasing 8.2 percent in 1996. The
acceleration was primarily accounted for by motor vehicle license taxes and indirect business
nontax accruals. The pickup in nontaxes was
attributable to payments of $0.9 billion to two
States by tobacco companies as a result of outof-court settlements of lawsuits. Severance taxes
and "other" indirect business taxes decelerated.
Other receipts.—Contributions for social insurance, which accounted for about 8 percent of
total receipts, increased 5.9 percent, to $86.2 billion in 1997, an acceleration from a 5.3-percent
increase in 1996. Employer contributions accelerated, primarily reflecting an acceleration in private workers' compensation contributions. Per-
Table 2.—State and Local Government Receipts, NIPA Basis
Calendar years
Percent change
Billions of dollars
1993
Receipts
General own-source receipts
Personal tax and nontax receipts
Income taxes
Nontaxes
Other
Corporate profits tax accruals
1994
1995
1996
1997
949.2
999.0
1,043.4
1,090.4
6.1
5.2
4.4
4.5
676.5
709.8
743.7
780.1
5.7
4.9
4.8
4.9
167.4
124.2
176.8
131.2
189.4
140.3
200.2
149.1
214.3
159.8
23.4
19.8
24.8
20.8
26.7
22.4
28.8
22.3
31.0
23.5
5.6
5.6
6.0
5.1
7.1
6.9
7.7
7.7
5.7
6.3
7.9
-.4
7.0
7.2
7.6
5.4
4.0
10.9
9.0
62.0
5.4
6.2
3.5
9.4
4.2
4.9
3.1
4.6
4.0
4.3
2.5
8.2
3.8
3.0
3.2
9.2
86.2
6.8
5.3
5.3
5.9
218.3
224.2
7.2
6.4
3.0
2.7
1,042.7
743.0
1,090.3
780.1
6.0
5.6
5.3
4.9
4.6
4.9
4.6
5.0
29.9
31.1
34.5
37.6
469.8
228.2
191.4
489.3
239.4
197.4
508.9
249.8
202.3
528.1.
257.4
208.8
45.9
50.2
52.5
56.8
68.7
73.4
77.3
81.4
Federal grants-in-aid
185.8
199.2
211.9
Addenda: Receipts excluding selected law changes:!
Total
General own-source receipts
893.7
639.2
947.4
674.8
997.3
708.1
1. Estimates of the effect of law changes on receipts are calculated as follows. For changes
of which BEA is aware (hence the use of "selected" in the line title in the table), the estimate
is the amount of the change over the 12-month period after the change is introduced. For personal taxes, the change is introduced when the tax is paid or refunded or when the withholding
is changed. For indirect business taxes, the change is introduced to coincide with the transaction
affected. The calculations are made by months for personal taxes and nontaxes (because they
are used to prepare monthly estimates of disposable personal income) and by quarters for other
taxes. Two characteristics of the resulting estimates should be noted. First, aggregation of the
monthly or quarterly estimates to calendar years may give results that appear anomalous. For
example, a sales tax imposed for 1 year beginning July 1 would be recorded as follows: (a) For
quarters, an increase in receipts by the amount of the 12-month yield in the third quarter of that
1997
1996
639.9
26.9
Contributions for social insurance
1995
894.4
445.6
214.8
185.0
Indirect business tax and nontax accruals
Sales taxes
Property taxes
Other
1994
11.2
year and a decrease by the same amount in the third quarter of the following year, and (b) for
calendar years, an increase in receipts by the amount of the 12-month yield divided by 2 in the
year that the increase takes place, no change in receipts in the following year, and a decrease
by the amount of the 12-month yield divided by 2 in the year after that (that is, 2 years after
the increase). Second, a law change after July, which is the beginning of the fiscal year for many
States, would have more impact on receipts of the next calendar year than on those of the calendar year in which it occurs.
The effects of tax law changes that are excluded from receipts to derive the addenda items
in the table cover the changes beginning with those introduced in 1992. The 12-month effects,
recorded for calendar years as described above, are cumulated.
NIPA National income and product accounts
11
SURVEY OF CURRENT BUSINESS
12 • April 1998
sonal contributions decelerated, primarily reflecting a deceleration in contributions for temporary
disability insurance.
Federal grants-in-aid to State and local governments, which accounted for about 21 percent of
total receipts, increased 2.7 percent, to $224.2 billion, after increasing 3.0 percent in 1996. Most
categories of grants increased, but grants for cash
benefits (public assistance), education, and health
care decreased.5
Current expenditures
Current expenditures increased 4.8 percent, to
$982.6 billion, in 1997 (table 3). The increase was
more than accounted for by increases in consumption expenditures and transfer payments to
persons.
Consumption expenditures.—Consumption expenditures—which consist primarily of compensation of employees and net purchases of goods
and services from businesses—increased 4.4 percent, to $762.9 billion, in 1997 after increasing 4.6
percent in 1996. The deceleration primarily reflected decelerations in expenditures for durable
goods other than equipment and in expenditures for nondurable goods. The deceleration in
nondurable goods largely reflected a decrease in
petroleum prices.
Compensation of general government employees, which accounted for about 75 percent of
5. The detailed estimates of Federal grants-in-aid are shown annually in
NIPA table 3.16, most recently in the October 1997 SURVEY. See also "Federal
Budget Estimates, Fiscal Year 1999," SURVEY 78 (March 1998): 8-16.
consumption expenditures, increased 4.3 percent,
to $570.6 billion, in 1997 after increasing 4.1 percent in 1996 (table 4). State and local government
employment increased 1.6 percent in 1997 after
increasing 1.3 percent in 1996. The employment
cost index for the wages and salaries of State and
local government workers increased 2.7 percent
in 1997, slightly less than in 1996.6
In the NIPA'S, consumption expenditures are
net of receipts for certain goods and services
that are defined as government sales and that
are subtracted in the estimation of consumption expenditures; the largest components of
government sales are tuition charges and health
and hospital charges. Government sales decelerated in 1997, reflecting decelerations in sales of
nondurable goods and of services.7
Consumption of general government fixed capital, or depreciation, increased 4.2 percent in 1997,
compared with a 4.4-percent increase in 1996.
Real consumption expenditures accelerated to
a 2.o-percent increase in 1997 from a 1.2-percent
increase in 1996 (table 4). Most of the acceleration was accounted for by compensation of
general government employees, which increased
1.5 percent after increasing 0.4 percent, reflecting
the acceleration in State and local government
employment.
6. The employment cost index and the employment figures are reported
in the U.S. Department of Labor, Bureau of Labor Statistics, Employment
Cost Index: Historical Listing (January 1998); Current Employment Statistics
(June 1997); and The Employment Situation News Release (March 6, 1998).
7. The detailed estimates of government sales are shown annually in NIPA
table 3.9, most recently in the August 1997 SURVEY.
Table 3.—State and Local Government Current Expenditures, NIPA Basis
Calendar years
Billions of dollars
1993
Current expenditures
1994
1995
Percent change
1994
1997
1996
1995
1996
1997
807.0
852.3
895.9
938.0
982.6
5.6
5.1
4.7
4.8
Consumption expenditures
631.6
663.8
698.6
730.9
762.9
5.1
5.2
4.6
4.4
Transfer payments to persons
Benefits from social insurance funds
Medical care
Family assistance
All other
247.2
264.3
280.6
294.8
311.8
66.0
71.1
76.8
83.5
91.0
132.5
141.7
151.3
159.9
171.0
6.2
8.0
6.8
5.1
8.7
5.7
24.0
24.6
24.3
27.2
23.3
29.2
21.7
29.7
18.8
31.1
6.9
7.7
6.9
1.3
Net interest paid
Interest paid
Loss' Interest received by government
Social insurance funds
Other
-52.4
-55.1
-59.6
-61.7
-65.2
Less' Dividends received by government
Social insurance funds
Other
Subsidies less current surplus of government
enterprises
... .
Subsidies
Less: Current surplus of government enterprises
Less: Waae accruals less disbursements
NIPA National income and product accounts
64.5
63.7
64.1
116.9
118.8
123.7
126.3
129.8
59.9
57.0
61.4
57.4
64.3
59.4
67.1
59.2
69.7
60.1
10.5
10.3
11.4
11.2
12.5
12.3
13.6
13.4
14.6
14.4
.2
.2
-9.0
-9.3
.4
9.3
.4
9.7
0
0
64.6
64.6
.2
.2
.2
-11.2
.3
-12.3
.3
-12.2
.3
11.5
12.7
12.6
0
0
0
10.6
7.4
1.7
5.8
9.0
6.9
-13.4
4.7
-1.2
1.6
2.5
.7
.6
4.1
4.7
3.4
.8
2.1
4.4
-.3
.0
2.8
3.9
1.5
8.6
8.7
0
9.6
9.8
0
8.8
8,9
0
7.4
7.5
0
0
0
-.8
0
4.3
-4.1
-25.0
18.6
-6.9
10.4
SURVEY OF CURRENT BUSINESS
April 1998
in 1996.8 Family assistance, which has decreased
since 1994, decreased 13.4 percent, to $18.8 billion,
in 19979 All other transfer payments (including those for education and for employment and
training) increased 4.7 percent, to $31.1 billion, in
1997
Transfer payments to persons.—Transfer payments to persons—which include medicaid, employee retirement benefits, and family assistance
payments—increased 5.8 percent, to $311.8 billion, in 1997 after increasing 5.1 percent in 1996
(table 3).
Other current expenditures.—Net interest paid
(interest paid by State and local governments
less interest received by them) has become more
negative each year since 1993, because interest received has increased more than interest paid. In
1997, interest received increased 2.8 percent, and
interest paid was unchanged. Interest received
Benefits from social insurance funds increased
9.0 percent, to $91.0 billion, in 1997 after an
8.7-percent increase in 1996. State and local employee retirement payments have continued to
increase about 10 percent a year, workers' compensation payments increased 2.2 percent in 1997,
and temporary disability insurance has declined
since 1994. Medical care transfers (primarily
medicaid), which accounted for about 55 percent
of transfer payments, increased 6.9 percent, to
$171.0 billion, in 1997 after increasing 5.7 percent
8. The detailed estimates of government transfer payments to persons are
shown annually in NIPA table 3.12, most recently in the August 1997 SURVEY.
9. Through 1995, family assistance consists of aid to families with dependent children; beginning in 1996, it also includes additional programs
under the Personal Responsibility and Work Opportunity Reconciliation Act
of 1996.
Table 4.—State and Local Government Consumption Expenditures and Gross Investment, NIPA Basis
Calendar years
1993
1994
1995
1996
1997
1994
Consumption expenditures
Durable goods
Nondurable goods
Services
Compensation of general government
employees except
force-account construction J
Consumption of general government fixed capital
Other services
Gross investment
Structures
....
Equipment
1996
1997
Percent change
Billions of dollars
Consumption expenditures and gross investment
1995
802.8
846.0
886.7
928.9
4.9
5.4
4.8
4.8
631.6
663.8
698.6
730.9
762.9
13.2
64.3
13.9
67.8
14.7
73.0
15.3
78.2
15.8
80.6
554.2
582.1
610.9
637.5
666.5
5.1
5.3
5.4
5.0
5.2
5.8
7.7
4.9
4.6
4.1
7.1
4.4
4.4
3.3
3.1
4.5
479.5
502.6
525.5
547.2
570.6
48.8
25.9
51.3
28.1
54.2
31.2
56.6
33.7
59.0
36.9
4.8
5.1
8.5
4.6
5.7
4.1
4.4
8.0
4.3
4.2
9.5
133.4
108.7
138.9
113.4
147.4
121.0
155.7
128.5
166.0
138.4
24.7
25.6
26.4
27.3
27.6
6.1
6.7
3.1
5.6
6.2
3.4
6.6
7.7
1.1
765.0
4.1
4.3
3.6
11.0
Billions of chained (1992) dollars
Consumption expenditures and gross investment
Consumption expenditures
Durable goods
Nondurable goods
Services
Compensation of general government
employees except
force-account construction l
Consumption of general government fixed capital
Other services
Gross investment
Structures
Equipment
Residual
746.4
765.7
781.6
793.7
812.7
2.6
2.1
1.5
2.4
615.8
633.4
646.0
653.6
666.6
2.9
4.6
5.3
2.5
2.0
2.2
2.7
1.9
1.2
3.6
3.3
.9
2.0
2.8
3.6
1.8
1.8
2.7
1.4
2.6
9.3
.4
2.6
6.6
1.5
2.7
5.3
1.2
.9
2.9
2.6
2.2
3.6
3.3
3.0
5.0
4.3
4.1
5.1
13.0
64.0
13.6
67.4
13.9
69.2
14.4
71.5
14.8
74.1
538.9
552.5
563.0
567.9
577.9
463.2
471.6
478.2
479.9
486.9
48.1
27.5
49.4
32.1
50.7
35.1
52.0
37.4
53.4
39.4
130.6
106.1
132.2
107.1
135.6
109.5
140.1
112.8
146.1
117.4
24.5
25.2
26.1
27.4
28.8
-1.1
-1.7
-2.1
0
-.7
16.7
Index numbers, 1992=100
2
Addenda:
Consumption expenditures:
Quantity index
Price index
Gross investment:
Quantity index
Price index
102.03
102.56
104.94
104.80
107.02
108.14
108.28
111.84
110.44
114.44
2.9
2.2
2.0
3.2
1.2
3.4
2.0
2.3
98.81
102.17
100.06
105.06
102.60
108.69
106.03
111.14
110.52
113.71
1.3
2.8
2.5
3.5
3.3
2.3
4.2
2.3
1. Compensation of government employees engaged in new force-account construction and related expenditures for goods and services are classified as investment in structures.
2. Quantity and price indexes are chain-type indexes. The indexes are shown in NIPA table
7.11. For a discussion of the indexes, see "Preview of the Comprehensive Revision of the National Income and Product Accounts: BEA's New Featured Measures of Output and Prices," in
the July 1995 SURVEY.
NOTES.—The current-dollar estimates are shown in NIPA table 3.7.
Real estimates are expressed in chained (1992) dollars, which are shown in NIPA table 3.8.
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.
NIPA National income and product accounts
• 13
SURVEY OF CURRENT BUSINESS
14 • April 1998
by social insurance funds increased 3.9 percent;
general government interest received increased 1.5
percent. Dividends received, primarily by State
and local government pension funds, increased
7.4 percent after an increase of 8.8 percent.
The current surplus of government enterprises—
certain government agencies that operate like
businesses, such as water and sewerage facilities,
public utilities, lotteries, and public transit—
decreased slightly to $12.6 billion in 1997 after
10 consecutive years of increases.10 The downturn reflected a downturn in Federal subsidies
paid to housing and urban renewal enterprises
and to public transit enterprises; other enterprise
revenues and current expenditures increased at
about the same rate in 1997 as in 1996.
Gross investment
Government expenditures for structures and
equipment are now classified as "gross investment" (see footnote i) and do not directly affect
the NIPA current surplus (or deficit), but they
remain an important activity of State and local
governments. State and local government gross
investment increased 6.6 percent, to $166.0 billion, in 1997 after an increase of 5.6 percent in
1996 (table 4).11
Gross investment in structures increased 7.7
percent, to $138.4 billion, in 1997 after increasing 6.2 percent in 1996. Investment in buildings
accelerated, reflecting increases of 8 percent or
more in all types of buildings. In structures
other than buildings, the largest increases were
in conservation and development and in "other"
construction (which consists primarily of electric
and gas facilities, transit systems, and airfields).
Investment in highways and streets increased
7.7 percent, or $3.4 billion, to $47.5 billion.
Construction of water systems increased 7.3 percent; construction of sewer systems increased 1.6
percent.
Gross investment in equipment increased 1.1
percent, to $27.6 billion, in 1997 after a 34percent increase in 1996. The deceleration largely
reflected a continuing decline in computer prices.
In real terms, gross investment accelerated, primarily reflecting an acceleration in structures.
Structures increased 4.1 percent after an increase
of 3.0 percent. Real investment in equipment increased 5.1 percent after an increase of 5.0 percent.
10. The detailed estimates of current surplus of government enterprises are
shown annually in NIPA table 3.13, most recently in the August 1997 SURVEY.
11. The detailed estimates of gross government investment by type are
shown annually in NIPA tables 5.14 and 5.15, most recently in the August 1997
SURVEY.
The steady growth in real equipment investment
contrasts with the deceleration in cur rent-dollar
equipment investment; the contrasting movements are partly the result of the continuing
decline in computer prices.
Fiscal position in 199812
A major factor affecting the State and local fiscal
position in 1998 will be the pace of overall economic activity during the year. In the Economic
Report of the President^ real gross domestic product in 1998 is projected to grow more slowly than
in 1997, the unemployment rate is projected to be
unchanged, and the rate of inflation is projected
to step up slightly.13
Receipts.—In State and local government receipts,
the growth of the economy will have the largest
effect on personal income taxes, corporate profits tax accruals, and sales taxes, which together
account for approximately two-fifths of total
receipts. Federal grants-in-aid, which are determined by the Federal Government, account for
approximately one-fifth of receipts.14 Business
and personal property taxes account for about
one-fifth of total receipts, and other personal
and business taxes and nontaxes and contributions for social insurance, which are influenced
by such factors as State and local government
employment and fiscal policies, and by changes
in demographics, account for the remaining
one-fifth.
Total receipts in 1998 are expected to increase
$5O-$55 billion, to $i,i4O-$i,i45 billion. Personal
tax and nontax receipts are likely to decelerate
because of an expected deceleration in personal
income taxes. The deceleration is partly attributable to the effect of the projected slowdown
in economic growth; in addition, State tax law
changes already enacted are expected to reduce
personal income taxes more in 1998 than in 1997.
Sales tax receipts are also expected to decelerate in 1998; tax law changes already enacted are
expected to have little effect. Corporate tax accruals are unlikely to match the large increases
12. One of the reasons that BEA prepares these projections is that source
data for a number of the components of State and local government receipts
and expenditures are not available at the time NIPA estimates are made. For
these components, estimates are made using indicator series or judgmental
trends. These trends are used in conjunction with the available source data
to prepare the current quarterly NIPA estimates. For more information, see
"A Guide to the NIPA'S" SURVEY 78 (March 1998): 56-61.
13. Economic Report of the President (Washington, DC: U.S. Government
Printing Office, February 1998).
14. Grants-in-aid have been appropriated for fiscal year 1998 and estimated for fiscal year 1999; they are shown in the 1999 Budget Appendix of
the United States (Washington, pc: U.S. Government Printing Office, 1998)
and in "Federal Budget Estimates, Fiscal Year 1999," SURVEY 78 (March 1998):
8-16.
SURVEY OF CURRENT BUSINESS
in 1996 and JL997 Property tax accruals, which
are related to property values and to changes in
investment as well as to the national economy,
are expected to increase at about the same rate
as in 1997. Reflecting all these changes, general
own-source receipts are expected to increase less
in 1998 than in 1997.
Federal grants-in-aid are expected to increase
about 7 percent in 1998. This increase represents
an acceleration after 2 years of deceleration. Almost all of the grants programs are expected to
increase; the largest increases are expected in the
programs for health care, community development, cash benefits (public assistance), and "all
other."15
Contributions for social insurance are assumed
to increase at about the same rate in 1998 as in
1997
Current expenditures.—Evidence from State and
local budgets suggests that expenditures for current operations will accelerate in 1998. Current
expenditures are likely to increase $5O-$55 billion,
to $i,O33-$i,038 billion. Consumption expenditures are likely to accelerate in 1998; the acceleration is expected to be widespread among the
components of consumption expenditures.
Transfer payments, which are partly funded
by Federal grants-in-aid, are likely to increase
slightly more in 1998 than in 1997 Benefits from
15. "All other" grants consists of a variety of programs; the largest
programs are human development services, employment training, unemployment insurance trust fund administrative expenditures, disaster relief, justice
assistance, and atomic energy defense activities.
social insurance are likely to increase at about the
same rate.
Net interest paid in 1998 will be affected by
the refinancing of debt and new borrowing at
relatively low rates. Interest paid and interest
received are likely to increase slowly again; dividends received is likely to increase at about the
same rate as in 1997
Current surplus or deficit.—These changes in receipts and in current expenditures would result
in a NIPA surplus of $107-$H2 billion in 1998.
The social insurance funds surplus is expected to
increase about $1 billion, and the "other funds"
surplus is likely to increase slightly.
Gross investment.—Gross investment is likely to
increase in 1998. New borrowing by State and
local governments, which is used to finance gross
investment, increased in 1997 Most categories
of structures are expected to increase in 1998,
but at slower rates than in 1997 The largest increases are expected in educational and "other"
buildings (including offices, police and fire stations, courthouses, and prisons). Water and
sewer construction are also expected to remain
relatively strong. Highway construction is expected to increase in 1998. Recently proposed
Federal legislation on transportation increases
the likelihood that it will accelerate: Presidential and congressional proposals currently under
consideration, if enacted, would increase Federal funding for State and local government
investment in transportation facilities, including
highways. £g
April 1998 • 15
16
SURVEY OF CURRENT BUSINESS
April 1998
U.S. Transportation Satellite Accounts for 1992
By Bingsong Fang, Xiaoli Han, Ann M. Lawson, and Sherlene K.S. Lum
Bingsong Fang and
Xiaoli Han are
economists with
the Bureau of
Transportation
Statistics, U.S.
Department of
Transportation.
HIS ARTICLE introduces the transportation
satellite accounts (TSA'S), which are an extension of the U.S. input-output (i-o) accounts.1
Satellite accounts rearrange information from
the basic economic accounts for the purpose
of analyzing important economic activities more
completely than is otherwise possible. They
expand the analytical capacity of the basic accounts without overburdening them with details
or interfering with their general-purpose orientation. The TSA'S were jointly developed by
the Bureau of Transportation Statistics (BTS) of
the U.S. Department of Transportation and the
Bureau of Economic Analysis (BEA).2 In 1994,
BEA introduced a set of prototype economic and
environmental satellite accounts and a satellite
account for research and development expenditures; BEA is also developing satellite accounts for
travel and tourism that will be introduced in a
few months.3
Like other satellite accounts, the TSA'S provide
a more comprehensive measure of an economic
activity by bringing together components of that
activity wherever they occur throughout the
economy, including activities which are internal
to the firm and for which there are no observable
T
1. For a description of the i-o accounts, see Ann M. Lawson, "Benchmark Input-Output Accounts for the U.S. Economy, 1992: Make, Use, and
Supplementary Tables," SURVEY OF CURRENT BUSINESS 77 (November 1997):
36-82; and "Benchmark Input-Output Accounts for the U.S. Economy, 1992:
Requirements Tables," SURVEY 77 (December 1997): 22-47.
2. The 1991 Intermodal Surface Transportation Efficiency Act (ISTEA)
established BTS and charged it with carrying out various statistical functions, including "compiling, analyzing, and publishing a comprehensive set
of transportation statistics to provide timely summaries and totals (including
industry-wide aggregates and multi-year averages) of transportation-related
information" ISTEA also mandated that "such statistics shall be suitable
for conducting cost-benefit studies (including comparisons among individual
transportation modes and intermodal transport systems) and shall include
information on—(A) productivity in various parts of the transportation sector." See appendix A of The Bureau of Transportation Statistics—Priorities for
the Future (National Academy Press, 1997) by the National Research Council.
In its first annual report to the U.S. Congress, BTS recommended that special studies be undertaken to measure total transportation services in a way
that is consistent with the national economic accounts. See pages 4-5 of the
Transportation Statistics Annual Report, 1994, prepared by BTS.
3. For a description of the environmental satellite accounts, see "Integrated Economic and Environmental Satellite Accounts" and "Accounting
for Mineral Resources: Issues and BEA'S Initial Estimates," SURVEY 74 (April
1994): 33-72.; for a description of the research and development account, see
"A Satellite Account for Research and Development," SURVEY 74 (November
1994)- 37-71- For the travel and tourism satellite accounts, BEA is proceeding with funding provided by the International Trade Administration of the
Department of Commerce.
prices. In this case, the activity is transportation, and the intrafirm transportation activities
identified in the TSA'S include, for example, the
transportation activities that are conducted by
a grocery company's truck fleet when it moves
goods from warehouses to the retail outlets of the
grocery store chain. The TSA'S identify and aggregate such transportation activities whether they
are purchased from other firms or performed by
other units in the same firm and present the data
on both an industry and a commodity basis.
The TSA'S are based on and are an extension
of the i-o accounts. They are the result of
rearranging the 1992 i-o data using additional information from other sources of transportation
data so as to provide a unified picture of the impact of transportation on the U.S. economy. The
TSA'S cover both the transportation activities conducted on a for-hire basis, which are identified as
transportation within the published i-o accounts,
and those conducted by businesses for their own
use, which—though included—are not separately
identified as transportation activities in the i-o
accounts. The estimates from the TSA'S, therefore,
have several major advantages for transportation
analyses.
First, the TSA estimates provide a more comprehensive measure of all transportation activities,
both in terms of their contribution to the economy and their use of inputs from other industries
in the economy. For example, the value added of
transportation industries as defined in the TSA'S
represents 5.0 percent of gross domestic product (GDP) in 1992. In contrast, the total value
added of all transportation industries identified
in the i-o accounts is 3.1 percent of GDP for
the same year.4 In addition, the TSA'S show
that transportation industries used $33.2 billion
of petroleum products in 1992, while the i-o accounts show that transportation industries used
$21.6 billion of these products in the same year.
4. Industries in the i-o accounts that provide transportation commodities
for hire as their primary products include the following: Railroads and related
services and passenger ground transportation; motor freight transportation
and warehousing; water transportation; air transportation; pipelines, freight
forwarders, and related services; and State and local government passenger
transit. These industries are described in table 2.
April 1998
SURVEY OF CURRENT BUSINESS
and derivation of the TSA'S. The final section
summarizes the TSA estimates for 1992.
Second, the TSA estimates show more accurately the total use of transportation across industries, as shown in table i. For example, in the
i-o estimates, the largest user of transportation
was manufacturing ($80.2 billion, 21.0 percent),
followed by motor freight and warehousing ($35.0
billion, 9.2 percent), services ($21.5 billion, 5.6
percent), and air transportation ($14.4 billion,
3.8 percent). In the TSA estimates, the largest
user was still manufacturing ($102.0 billion, 18.7
percent), but the next largest user was services
($63.5 billion, 11.6 percent), followed by construction ($52.2 billion, 9.6 percent) and wholesale and
retail trade ($51.8 billion, 9.5 percent).
Background
Current statistics on transportation from the i-o
accounts and other data sources do not provide a
comprehensive and consistent view of transportation activities in the economy. Specifically, the
i-o accounts separately identify only transportation that is provided on a for-hire basis—that is,
services provided by common carriers of freight
and passengers—but not those that are provided
by a business for its own use—for example, delivery of furniture by a retailer using either an
owned or leased truck.
Third, the TSA estimates on transportation are
not affected by changes in the way transportation
is provided, and therefore they provide a more
reliable representation of transportation in the
economy. For example, when a grocery company
contracts out its internal trucking operations to
a common carrier trucking company, the i-o
estimates show an increase in the output of transportation; when the company switches back to its
internal operations for its trucking needs, the i-o
estimates show a decrease in the output of transportation. In contrast, the TSA estimates remain
unchanged in both cases.
Current measures of transportation activities
The current statistics on transportation from various public and private sources are presented in
different ways, reflecting the multifaceted nature
of transportation and the variety of uses for the
statistics. The major methods of presentation
include the following:
• By what is transported: The transportation statistics are divided into two broad
groups—the conveyance of goods (freight
transportation) and the conveyance of people
(passenger transportation).
• By mode of transportation: The statistics
are organized according to the means of
transportation, such as rail, urban transit,
highway, air, water, and pipeline.
• By industry provider of transportation: The
statistics focus on those businesses or estab-
The first section of this article explains why
the TSA'S were developed. The second section
provides a conceptual overview of the TSA'S, including their relationship to the i-o accounts.
The third section describes the major components of the TSA'S. The fourth section provides
a methodological overview of the estimation
Table 1.—Total Use of Transportation Across Industries
Commodity
Percent
Industry
Millions of dollars at producers' prices
For-hire
transportation
Agriculture forestry and fisheries
Mining
,
Construction
Manufacturing
Railroads and related services; passenger ground transportation
Motor freight transportation and warehousing
Water transportation
Air transportation
Pipelines freight forwarders and related services
.....
State and local government passenger transit
Own-account transportation
Cornrnunications and utilities
Wholesale and retail trade
Finance Insurance and real estate
Services
Other1 .
.
Total commodity output
5,720
2,810
13,286
80,248
3,470
35,049
5,889
14,409
1,294
173
1,306
8,803
8,963
10,523
21,482
4,500
381,300
* Less than 0.1 percent.
1. "Other" consists of government enterprises (except state and local government passenger
transit) and other input-output special industries. See Ann M. Lawson, "Benchmark Input-Output
Own-account
transportation
13,177
3,870
38,950
21,806
1,187
42,819
899
42,035
718
165,461
Total
transportation
18,897
6,680
52,235
102,054
3,470
35,049
5,889
14,409
1,294
173
1,306
9,990
51,783
11,422
63,517
5,218
546,761
Share of
total for-hire
transportation
1.5
.7
3.5
21.0
.9
9.2
1.5
3.8
.3
<3
2.3
2.4
2.8
5.6
1.2
100.0
Share of
total ownaccount
transportation
8.0
2.3
23.5
13.2
Share of
total transportation
3.5
1.2
9.6
18.7
.6
6.4
1.1
2.6
.2
(
.7
25.9
.5
25.4
.4
100.0
l
1.8
9.5
2.1
11.6
1.0
100.0
Accounts for the U.S. Economy, 1992: Make, Use, and Supplementary Tables," SURVEY OF CURRENT BUSINESS 77 (November 1997): S&-62.
• I?
l8 • April 1998
SURVEY OF CURRENT BUSINESS
lishments that sell transportation in the marketplace. These establishments as a group
are referred to as an industry, such as the air
transportation industry, water transportation
industry, and motor freight transportation
industry.
Though useful for certain analytical purposes,
the existing transportation data do not provide
a comprehensive and comparable measure of the
contribution of all transportation activities to an
economy for two reasons.
First, they do not identify those transportation
activities for which there are no corresponding,
identifiable market transactions. Second, the data
are often presented in a way that does not provide
a common basis for comparison.
In the first case, the i-o accounts identify
only for-hire transportation activities. Most
of the estimates on transportation in the i-o
accounts are based on data from the Census
Bureau5 that are collected at the establishment
level of detail and are classified on the basis of
the 1987 Standard Industrial Classification (sic)
system.6 Two types of establishments are distinguished in the sic: Operating establishments
primarily produce goods or provide services for
personal or household use or for use by other
enterprises; auxiliary establishments primarily
perform management or support services within
the same enterprise.7 If transportation activities are conducted by an operating establishment,
the activities are referred to as "for-hire" transportation, and the establishment is classified
as transportation in the sic system. If transportation activities are conducted as a support
activity by an operating establishment within a
5. The Census Bureau collects information—such as revenues, payroll,
and employment— for all for-hire transportation industries except railroads
and air transportation in the quinquennial Census of Transportation, Communications, and Utilities (TCU). In addition, the Census publishes in the
quinquennial TCU data collected by other sources on railroads and air transportation. Data on railroad transportation were collected by the Association
of American Railroads. Data on air transportation were collected by the
Office of Airline Statistics, U.S. Department of Transportation.
Data on revenues and expenses for the trucking and warehousing industries are from the annual Motor Freight Transportation and Warehousing
Survey. Data on flows of commodities are from the Commodity Flow Survey, and those on flows of passengers are from the American Travel Survey,
both of which are collected every 5 years. Data on the physical and operational characteristics of trucks are collected from the Truck Inventory and
Use Survey, which is conducted at the same time as the quinquennial census.
6. The sic system defines an establishment as an economic unit that is
typically at a single location where business is conducted or where services
or industrial operations are performed. An establishment is classified into
an industry on the basis of the primary activity of the establishment, which
is the activity that makes up the largest proportion of the establishment's
output. All other activities of the establishment are secondary. See Office
of Management and Budget, Standard Industrial Classification Manual, 1987
(Springfield, Virginia: National Technical Information Service): 11-18 and
265.
7. Auxiliaries that primarily produce goods and services for other establishments of the same enterprise are generally classified as establishments in
the industry where the goods or services are primary.
nontransportation enterprise, they) are referred
to as "own-account" transportation. Data on
these own-account transportation activities are
not identified separately from the primary activity of the establishment; hence they are not
classified as transportation in the sic system.
In the sic system, an exception is made for
auxiliary establishments primarily engaged in
long-distance trucking, stevedoring, water and
pipeline transportation within nontransportation
enterprises; these establishments are classified as
for-hire transportation operating units in the sic
system, but auxiliary establishments performing
other types of transportation activities are not.8
In the second case, there are different forms of
limitations in the transportation statistics. Data
from many sources, including various government transportation agencies and trade organizations, provide information on the physical
characteristics of the transportation system—
such as number of trips taken, number of people
and tonnage of goods transported, and number
of firms providing specific types of transportation. Though they usually cover all the activities
for specific modes of transportation, two characteristics limit their usefulness. First, they are
often measured in physical units, such as tonmiles and passenger-miles, rather than in dollar
8. Under the newly developed North American Industrial Classification
System (NAICS), an auxiliary establishment is classified according to the nature
of its own activity. Therefore, auxiliary establishments primarily engaged in
transportation activities are classified as transportation.
Acknowledgments
The U.S. Transportation Satellite Accounts for 1992
were prepared by staff in the Bureau of Transportation
Statistics (BTS) under the direction of Rolf R. Schmitt,
Associate Director, and in the Bureau of Economic
Analysis (BEA) under the direction of Sumiye Okubo,
Associate Director of Industry Accounts, and Ann M.
Lawson, Chief of the Industry Economics Division.
The project was initiated by J. Steven Landefeld, Director of BEA, and T.R. Lakshmanan, former Director of
BTS.
Bingsong Fang and Xiaoli Han from BTS developed the framework for the accounts and designed the
data processing system. They developed the estimates
with Simon Randrianarivel from BTS and Belinda L.
Bonds from BEA. Also from BEA, Brian D. Kajutti and
John Turner assisted with the computer programming
and data processing; Mark A. Planting and Karen J.
Horowitz provided valuable comments during the review of the estimates; and Mary L. Roy and Kimberly
A. Mourey coordinated the preparation of the article.
Other contributors were Timothy D. Aylor, William
McCarthy, and Robert E. Yuskavage from BEA and
David P. Vogt from Oak Ridge National Laboratory.
SURVEY OF CURRENT BUSINESS
values. Second, they are generally presented by
mode of transportation, and detailed information on industry distributions of their use are not
available. As a result, it is very difficult to use
these data with data from the national economic
accounts for industry analysis.
Satellite accounts
In general, satellite accounts are frameworks designed to expand the analytical capacity of the
"basic" economic accounts without overburdening them with details or interfering with their
general-purpose orientation. Satellite accounts,
which are meant to supplement rather than to
replace the existing accounts, organize information in an internally consistent way that suits
their particular analytical focus, while maintaining links to the existing accounts. They
typically expand a particular segment of the existing accounts with more details and additional
dimensions of information, including nonmonetary information; in addition, they may use
definitions and classifications that differ from
those in the existing accounts. Depending on
the analytical focus, the production boundary
of the national accounts can be maintained or
modified.9
In the United States, satellite accounts have
been used to extend the analytical capacity of
the national economic accounts in two ways. In
1994, BEA released the Integrated Economic and
Environmental Satellite Accounts (IEESA'S) and
a satellite account for research and development
expenditures. BEA also has produced supplementary balance of payments accounts that record
U.S. trade and capital flows on an ownership basis rather than a residence basis. Currently, BEA
is working with the International Trade Administration to develop satellite accounts for travel
and tourism.
The 1993 manual of the System of National
Accounts (SNA) recommends using satellite accounts to handle such situations as measuring own-account transportation.10 Own-account
transportation in the TSA'S is what is referred to
as an "auxiliary" activity in the sic and as an
"ancillary" activity in the SNA manual. According to the SNA manual, an ancillary unit is one
whose sole function is to produce one or more
common types of services for intermediate consumption within the same enterprise. In the SNA,
9. For a discussion of the purposes and characteristics of satellite
accounts, see Commission of the European Communities, International Monetary Fund, Organisation for Economic Co-operation and Development,
United Nations, World Bank, System of National Accounts 1993, pages 489-518.
10. See SNA 1993, page 490.
ancillary units are not treated as separate units.
However, it is suggested that for some types of
analysis it may be useful and necessary to estimate and record the activities of ancillary units
separately—preferably by using satellite accounts.
In addition, the UN handbook of input-output
accounts suggests the satellite account approach
to estimating own-account transportation and
including it in the output of the transportation industry.11 The satellite account approach
has also been used for own-accoiint transportation in other countries. For example, France's
Department of Transportation and Tourism developed national transportation satellite accounts
in 1992.
Conceptual Overview
As a satellite to the 1992 benchmark i-o accounts,
the TSA'S focus on transportation-related activities by industries. Its primary purpose is to
provide a systematic and consistent framework
and data set for conducting analytical studies of
the role of transportation in the economy on both
an industry and commodity basis.
Boundary of transportation
Transportation in the TSA'S includes all activities
related to the use of vehicles (such as trucks, aircraft, and boats) and of related structures (such
as highways, airports, and port facilities) for the
movement of goods and passengers. Specifically, transportation in the TSA'S consists of six
groups of for-hire transportation industries from
the i-o accounts and a single group for ownaccount transportation. Table 2 lists all the
for-hire transportation industries and one ownaccount transportation industry in the TSA'S. The
table also shows the major output components
of these industries.
Relationship to the i-o accounts
The TSA'S are a satellite to the i-o accounts.
This relationship facilitates the construction and
application of the TSA'S in two ways. First,
the i-o accounts provide detailed estimates of
the intermediate purchases by industries, including the for-hire transportation industries; this
detailed information can be used to prepare
11. United Nations, Statistics Division, Handbook of National
Accounting—Input-Output Table Compilation and Analysis, Manuscript
(November 1997): 149-50.
12. France's satellite account provides estimates of transportation expenditures by transportation modes in a framework similar to BEA'S national
income and product accounts. See Commission Des Comites Des Transports
de la Nation, Le Compte Satellite Des Transports En 1992.
April 1998 • 19
SURVEY OF CURRENT BUSINESS
2O • April 1998
• The overall industry and cotnfeodity classification system and the special definitions
and conventions in the i-o accounts are
used in the TSA'S except for the single
new industry and commodity (own-account
transportation).
• The total value added for all industries, or
GDP, is the same in the TSA'S as in the i-o
accounts.13
• The general valuation conventions used in
the TSA'S are consistent with those in the
i-o accounts. In particular, all transactions are valued in producers' prices, and
the TSA estimates. Second, the i-o accounts
provide an analytical framework with detailed
linkages among industries and between industries and final demand; this framework facilitates
the estimates of the interdependencies between
transportation and the rest of the economy.
What is the same.—The TSA'S maintain
following i-o account treatments:
the
• The measurement of the value of ownaccount transportation activities is similar to
that of own-account construction activities
in the i-o accounts; that is, the intermediate
inputs and the value-added inputs associated
with the own-account construction, such
as capital consumption allowance and labor
costs, are moved—or, using i-o terminology,
"redefined"—to the other industries in which
the activities are primary. In the TSA'S, these
inputs are similarly redefined, but to a new
industry—own-account transportation.
13. Though total value added for the total economy remains unchanged,
the value-added estimate for transportation industries is increased by the
amount of the value added of the own-account transportation that is
subtracted from other industries' value added. In addition, though the
output for each industry remains unchanged, the total output for all industries is increased by the amount of output identified for the own-account
transportation industry; this is because the total of all purchases of intermediate inputs—including own-account transportation commodities—by
industries is increased by the same amount as the sum of the own-account
transportation industry output.
Table 2.—Components of Transportation industry and Industry Output
Industry output
Industry components
Industry
For-hire transportation industries
Total operating revenues
Less: Rental receipts
Railroads including AMTRAK
Railroads and related services*
passenger ground transportation. Switching and terminal companies
Freight car rental
Private local and suburban passenger transportation
Intercity, rural, and other bus services, including charter and school
buses
Bus terminal and service facilities
Taxicabs
Motor freight transportation and
warehousing.
Trucking and courier services except air
Public warehousing and storage
Trucking terminal facilities
Total operating revenues
Plus: Trucking receipts of construction firms
Warehousing revenues of wholesalers
Delivery and storage charges of retailers
Less; Merchandise sales
Rental receipts
Water transportation
Deep sea and other water transportation of freight
Water transportation of passengers
Services incidental to water transportation, including marinas and
other services
Total operating revenues
Plus: Docking and boat cleaning and maintenance at retailers
Federal excise tax on cruise ship receipts
Less: Merchandise sales
Boat repair at marinas
A i r transportation
. . . . Domestic and international passenger and freight air transportation ... Total operating revenues
Plus: Federal taxes on air fares, air freight, and air facilities
Airport terminal services
Aircraft storage and services by wholesalers and retailers
Less: Rental receipts
Flight training and instruction
Pipelines freight forwarders and
related services.
Refined petroleum pipelines
Other pipelines, including crude petroleum and natural gas
Arrangement of freight and passenger transportation, including freight
forwarding
Miscellaneous services incidental to transportation
Total operating revenues
P/ivs: Pipeline receipts by wholesalers
Less: Rental receipts
State and local government
passenger transit.
State and local government passenger transit
Total operating revenues
Less: Operating subsidies
Own-account transportation industries
Own-account transportation
Private trucking and bus operations in all nontransportation industries
Total operating expenses of highway motor vehicles and overhead
expenses
Less: Expenses on advertising, depository institutions, security and
commodity brokers, and other services unrelated to own-account
transportation operations
SURVEY OF CURRENT BUSINESS
the valuations of purchases for final use are
unchanged.
What is different.—The TSA'S differ from the i-o
accounts in the following ways:
• They introduce a new industry called "ownaccount transportation" whose output is a
new commodity called "own-account transportation." The own-account transportation
commodity is only produced by the ownaccount transportation industry, and the
own-account transportation industry only
produces the own-account transportation
commodity.
• The treatment of own-account transportation provided by an industry for its own use
in the TSA'S is different from the treatment of
for-hire transportation used by an industry
in the i-o accounts. In the TSA'S, the use of
own-account transportation by an industry
includes the costs of operating the industry's own trucks and buses, whether those
trucks are used to move the industry's intermediate inputs or its output. In the i-o
accounts, the use of for-hire transportation
by an industry includes only those transportation expenses associated with moving
intermediate inputs to the industry plus the
expenses for certain direct use of transportation commodities. For example, if a for-hire
truck carries wheat from a farm to a mill, the
i-o use table shows this activity as the mill
using the trucking services, whether the services are purchased by the farm or the mill.
If an own-account truck of the mill is used,
the TSA use table shows this activity as the
mill using the services; however, if an ownaccount truck of the farm provides the same
services, the TSA use table shows this activity
as the farm using the services.
future "work
The TSA'S now provide a comprehensive picture
of all for-hire and most own-account transportation activities. Future work could proceed in
several directions to improve and extend the
accounts. These include the following:
• The TSA'S omit own-account transportation
activities through modes other than truck
and bus—such as the business use of automobiles and water transportation. These
omissions can be addressed as additional
information becomes available. For example, when the capital flow table for the
1992 benchmark i-o accounts is published
by BEA later this year, additional information on the business use of automobiles will
be available upon which to base estimates of
related operating expenses for own-account
transportation activities in the TSA's.14
• The accounts may be expanded to include the
service values of government-owned transportation capital, such as highway infrastructure, and to include transportation provided
by households for their own use, such as
commuting to and from work in a privately
owned automobile. Inclusion of these services in the TSA'S would result in the expansion
of the production boundary beyond that of
the i-o accounts.
• Because the value of own-account transportation output cannot be measured directly, its output in the current TSA'S is valued
by summing the costs of all the intermediate inputs and the value-added inputs of
compensation, indirect business taxes, and
capital consumption allowances that are used
for its production. Though this approach is
frequently used to measure the value of ownaccount types of production, the resulting
estimates of output are understated because
they do not include profits. As a result, such
estimates have limited value for productivity analyses and similar types of studies. An
alternative approach would be to value ownaccount transportation output as the product
of a quantity measure of output and the market price for a similar service. This approach
requires the development of quantity and
price estimates of for-hire transportation.
Before this approach can be implemented,
however, quantity measures for transportation activities at the detailed industry-level
must be developed. For the TSA'S, consistent
measures of the related inputs would also
have to be estimated.
• The treatment of own-account transportation used by industries in the TSA'S may
also be improved. Ideally, the TSA'S should
treat the use of own-account transportation
as the i-o accounts treat the use of for-hire
transportation, but doing so requires detailed
information on the type of commodities
carried by own-account trucks and on the
14. The capital flow table (CFT) shows how much each industry used of
each type of new structures and equipment contained in gross private fixed
investment (GPFI) in the i-o use table. In other words, the CFT disaggregates
GPFI to show the flows of structures and equipment to using industries.
April 1998
21
SURVEY OF CURRENT BUSINESS
22 • April 1998
origin and destination of the transported
commodities.
Components of the Transportation
Satellite Accounts
The TSA'S consist of four tables. The TSA make
table (table 3) and the TSA use table (table 4)
present for-hire and own-account transportation in a complete i-o framework. The TSA
direct requirements table (table 5) presents the
industry use of intermediate and value added
inputs as a percentage of the industry output. The TSA total requirements table (table 6)
presents industry-by-commodity output multipliers.15 This section presents the four TSA tables
and their descriptions.
TSA make table
The TSA make table is an i-o make table with an
additional column for own-account transportation as a commodity and an additional row for
an aggregation of all redefined industry ownaccount transportation activities as an industry.
An i-o make table shows the value in producers' prices of each commodity produced by each
industry. In each row, the cell on the main diagonal shows the value of the production of the
commodity for which the industry has been designated the primary producer. The other cells in
the row show the value of the production of commodities for which the industry is a secondary
15. This article presents these tables at a highly aggregated level of industry
and commodity detail. For additional detail, see the box "Data Availability"
on page 26.
producer. The sum of all the entries!in a row is
the total output of that industry.
In the TSA make table, the own-account
transportation industry produces only the ownaccount transportation commodity, and the ownaccount transportation commodity is produced
only by the own-account transportation industry.
Therefore, the cell value at the intersection of the
additional column and row equals the total output of own-account transportation; all other cell
entries in the own-account transportation column and row are zero. The data shown in the
other parts of the TSA make table are the same as
those provided in the 1992 i-o make table.
TSA use table
The TSA use table is an i-o use table with an
additional row for the own-account transportation commodity and an additional column for
the aggregation of all redefined industry ownaccount transportation activities as an industry.
An i-o use table shows the values in producers' prices of own-account transportation and all
other intermediate and value-added inputs used
by industries or final users. The cell in each row
of a given column shows the commodity that is
used by the industry or final user in that column.
The sum of all the entries in a row is the total
output of the commodity in that row, and the
sum of all the entries in a column is the total
output of the industry in that column.
In the TSA use table, the use of the own-account
transportation commodity is shown in the ownaccount transportation row. By assumption, the
following cell values are equal to zero: The
Table 3.—The TSA Make of Commodities by Industries, 1992
[Millions of dollars at producers' prices]
Commodity
Transportation
Industry
Agriculture forestry and fisheries
Mining .. ..
.
Construction
Manufacturing
Railroads and related services; passenger ground
transportation .. ..
.
Motor freight transportation and warehousing
Water transportation
Air transportation
Pipelines, freight forwarders, and related services
State and local government passenger transit
Own-account transportation .
.
Communications and utilities
Wholesale and retail trade
Finance, insurance, and real estate
Services
Other '
Total commodity output
Agriculture,
forestry,
and
fisheries
Motor
ConManu- Railroad
Mining struction
freight
and
facturing passenand
ger
wareground housing
Air
1,022
0
0
235,591
0
9,716
0 147,001
0 679,330
0
0
0 2,879,654
561
0
0
0
0
0
11
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
0
0
0
37
0
0
0
235,591 147,562 679,330 2,890,437
55,576
0
0
0
542
5,876
0
0
0
0
0
64
62,058
174
155,590
0
0
1,320
0
0
0
0
0
15
0
157,110
0
0
32,440
0
194
0
0
0
0
0
0
1,713
34,347
0
0
0
94,141
2,632
0
0
0
0
0
0
2,046
98,819
1. "Other" consists of government enterprises (except state and local government passenger transit) and other
input-output special industries. See Ann M. Lawson, "Benchmark Input-Output Accounts for the U.S. Economy, 1992:
Make, Use, and Supplementary Tables," SURVEY OF CURRENT BUSINESS 77 (November 1997): 58-62.
Water
Communi- WholePipelines
Owncations sale and
and
and
retail
account
freight transpor- utilities
trade
fortation
warders
Finance,
insurance,
and real
estate
Services
0
0
0
0
0
0
0
0
1,038
0
0
69,509
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
28,928
0
0
0
0 165,461
0
0
0
0
0
0
38
0
0
0
28,966 165,461
0
0
0
43
Other1
Total
industry
output
0
237,662
0
156,717
0
679,330
1,536 2,951,303
0
0
0
4
0
55,754
11,363
0
0
0
0
166,953
0
0
0
0
0
32,440
0
0
0
0
0
94,141
0
0
0
0
0
33,616
0
0
0
0
0
5,876
0
0
0
0
0
165,461
491,312
0
0
28,838
538
520,688
0 1,091,489
0
0
0 1,091,489
0 1,629,618
0
25,114
0 1,654,732
0
0
666 2,226,302
521 2,227,550
48,012
3,659
9,132
3,301 846,432
914,396
550,730 1,095,148 1,639,416 2,354,102 849,031 10,988,108
SURVEY OF CURRENT BUSINESS
April 1998 •' 2$
The TSA direct requirements table is derived
from the TSA use table by dividing each industry's commodity or value-added input by that
industry's total output. Unlike the TSA use table, however, this table does not include the
components of final use or gross domestic product. In table 5, each column shows, for the
industry named at the head of the column, the
input coefficients for the commodities and for
the value-added components thaj an industry
directly requires to produce a dollar of output.
cell value at Ae intersection of the own-account
transportation row and column (the use of the
own-account transportation commodity to support own-account transportation activities) and
the cell values at the intersections between the
own-account transportation row and the for-hire
transportation columns (the use of the ownaccount transportation commodity to support
for-hire transportation activities).
TSA direct requirements table
TSA industry-by-commodity total requirements
table
The TSA direct requirements for a dollar of industry output are presented in table 5 as input
coefficients (also referred to as "direct requirement coefficients"). The sum of the coefficients
for total intermediate inputs and those for total
value added for each industry is equal to i.ooooo.
The TSA industry-by-commodity total requirements table shows the interdependencies among
the producers and consumers in the economy.
Using this table, estimates of the direct and in-
Table 4.—The TSA Use of Commodities by Industries, 1992
[Millions of dollars at producers' prices]
Industry
Transportatior
Commodity
Agriculture forestry, and fisheries
Mining
Construction
. .
.
Manufacturing
Railroads and related services; passenger ground transportation
Motor freight transportation and warehousing
Water transportation
Air transportation
Pipelines freight forwarders and related services
Own-account transportation
Communications and utilities
Wholesale and retail trade
Finance, insurance, and real estate
Services
Other1
Total intermediate inputs
Compensation of employees .
Indirect business tax and non tax liability
Other value added 2
Total value added
Total industry output
forestry,
and
fisheries
Construction
Mining
55,569
298
43
4,027
5,445
2,877
36,994
1,515
3,231
25985
2,655
11,446
1,039
917
199,947
1,294
10,302
436
457
81
427
413
14
723
963
4
13,177
3,954
11,131
15,528
5949
3,870
7,218
2,600
19,183
5037
1,172
82021
27777
8,164
38755
74,696
156,717
38,950
4,343
53,758
11,224
64,747
156
151 352
25870
5,206
55234
86,310
237,662
552
696
396,974
219,347
3,246
59,762
282,356
679,330
Manufacturing
Railroad
and
passenger
ground
Motor
freight and
warehousing
1
0
2,465
123,104
94,010
18,050
1,017,125
14,759
44,955
4,261
11,485
4,788
21,806
74,295
163,845
48,672
165,357
24,581
1,831,093
688,213
37,864
394,134
1,120,210
2,951,303
7,174
2,368
368
78
214
442
0
596
1,706
1,849
3,771
332
21,364
23,458
1,006
9,926
34,390
55,754
Water
3
0
736
12,818
442
28,810
209
622
4,966
0
5,499
5,824
6,108
16,423
1,122
83,582
55,533
2,615
25,223
83,371
166,953
6
g
30
3,208
19
104
4,282
77
1,407
0
192
520
1,990
4,836
2,964
19,644
7,140
583
5,073
12,796
32,440
1
0
239
13,201
128
233
164
6,064
7,820
0
1,636
1,505
3,157
8,903
8,924
51,975
32,761
5,696
3,709
42,166
94,141
Indi stry
Commodity
Agriculture forestry and fisheries
Mining
.
.
..
Construction
Manufacturing
Railroads and related services; passenger ground transportation
Motor freight transportation and warehousing
Water transportation
Air transportation
Pipelines freight forwarders and related services
Own-account transportation
Communications and utilities
Wholesale and retail trade
Finance insurance and real estate
Services
Other1
Total intermediate inputs
Compensation of employees
Indirect business tax and non tax liability
Other value added2
Total value added
Total industry output
Finance,
insurance,
and real
estate
6714
6
52,996
16,886
971
5759
52
3,674
67
899
28,152
4180
229746
123 478
16,653
490 234
285 305
182,984
696 209
1 164498
1 654 732
Services
6861
32
19,287
227,662
2,674
9,102
473
8,021
1212
42,035
53,421
44012
153,929
302,923
19,311
890 954
935987
48,332
352278
1 336 596
2 227 550
0
83
574
1,475
33
209
State and
local
passenger
transit
2
0
1,664
3,460
69
50
56
233
763
0
392
29
1
24
0
643
303
116
214
4
13,992
10,710
6,579
9,018
1,444
326
1,769
6,635
0
993
7,921
19,624
33,616
-9721
-703
5,876
Ownaccount
transportation
0
0
680
14,760
211
790
183
10
112
0
4,503
6,787
1,323
13,990
582
43,931
84,160
3870
33,501
121,531
165,461
Communi- Wholesale
cations and and retail
utilities
trade
61
54440
30,084
20,577
4,937
1,029
838
1,476
894
30
7246
44,062
881
3,459
169
4144
523
311
1,187
55,863
4,537
13,890
49,673
7,823
246 938
84,298
31 844
157 609
273,750
520.688
42819
33,509
18588
71,101
124604
11,064
362881
425,306
173188
130 114
728 608
1.091.489
Final uses
Other1
315
2,688
19,484
8,714
1,113
1,339
390
1,648
11
718
8,506
829
4,560
7,783
2,593
60,690
730,160
Total
intermediate
inputs
197,601
183,026
159,618
1,639,510
32,452
110,656
12,771
39,502
22,544
165,461
283,773
320,451
584,145
904,324
98,369
123546
853,706
914396
1. "Other" consists of government enterprises (except state and local government passenger transit) and other
input-output special industries. See Ann M. Lawson, "Benchmark Input-Output Accounts for the U.S. Economy, 1992:
Make, Use, and Supplementary Tables," SURVEY OF CURRENT BUSINESS 77 (November 1997): 58-62.
2. For all industries except own-account transportation, "other value added" consists of the following national in-
Pipelines
and freight
forwarders
Air
Personal
consumption
expenditures
27,054
107
0
842,150
19,504
25,965
6,249
36,404
3,474
0
221,574
629,893
960,078
1,413,094
23,172
Gross
private fixed
investment
0
73
360,278
339,058
957
4,138
18
1,539
0
0
5,065
62,525
28,407
19,226
-30,293
Change in
business
inventories
4,847
-107
0
3,566
135
629
36
137
8
0
11
2,658
0
-37
-6,453
Exports of
goods and
services
19,857
8,202
77
342,980
3,973
10,161
9,695
23,317
2,700
0
4,476
44,746
39,510
19,530
73,385
Imports of
goods and
services
-14,601
-43,527
0
-485,599
-164
-2,059
3,530
-8,544
0
0
-695
18,317
-14,12
-4,027
-92,856
Government
expenditures
833
-212
159,357
208,772
5,201
7,620
2,048
6,464
240
0
36,526
16,558
28,688
1,992
783,707
GDP
37990
-35464
519,712
1,250,927
29,606
46454
21,576
59,317
6422
0
266,957
774 697
1,055,271
1,449,778
750,662
Total
commodity
output
235591
147562
679 330
2,890 437
62,058
157110
34347
98819
28966
165461
550 730
1 095 148
1 639416
2354102
849 031
6,233,905
10988108
come and product account components of gross domestic income: Consumption of fixed capital, net interest, proprietors1 income, corporate profits, rental income of persons, business transfer payments, and subsidies less current
surplus of government enterprises. "Other value added" for own-account transportation consists of consumption of
fixed capital.
SURVEY OF CURRENT BUSINESS
24 • April 1998
direct effects of changes in final uses on for-hire
and own-account transportation industries and
commodities can be derived. For example, this
table can be used to analyze the relative effects on
transportation and nontransportation industries
of an increase in personal consumption expenditures or of a change in the composition of fixed
investment that results from a change in business
activity.16
16. When using the TSA industry-by-commodity total requirements coefficients to estimate the effects of changes in final uses on industries and
commodities, the underlying i-o assumptions have to be kept in mind. For
example, the table is based on a set of relationships that exist between producers and consumers in a given year; these relationships assume that technology
and relative prices are constant. The interindustry relationships reflect the
average input structure in each industry for that year, but these relationships
do not necessarily reflect the input structure of an additional unit of production. Therefore, for analyses that require alternative assumptions, other
This table shows the total requirements coefficients for each industry group's output that is
directly and indirectly required to deliver a dollar of a commodity to final users. Each column
shows the commodity delivered to final users,
and each row shows the total production that is
required from an industry in response to a dollar change in the final demand for a commodity.
The coefficients in the table are referred to as
industry-by-commodity total requirements coefficients. The table is derived from both the TSA
make and the TSA use tables.
The last row of the table shows the sum of all
the changes in industry outputs that are required
economic tools may be required. See Lawson, "Benchmark Input-Output
Accounts for the U.S. Economy, 1992: Requirements Tables," footnote 2.
Table 5.—The TSA Commodity-by-lndustry Direct Requirements, 1992
[Direct requirements per dollar of industry output, at producers' prices]
Industry
Transportation
Commodity
Agriculture forestry and fisheries
Mining
Construction
Manufacturing
Railroads and related services; passenger ground
transportation
Motor freight transportation and warehousing
Water transportation
Air transportation
Pipelines, freight forwarders, and related services
Own-account transportation
Communications and utilities
Wholesale and retail trade
Finance insurance and real estate
Services
Other1
Total value added
Total
Agriculture,
forestry,
and
fisheries
Mining
Construction
Manufacturing
Railroad
and
passenger
ground
Motor
freight
and
warehousing
Water
0.23382
.00125
.01210
.15566
0.00027
.16581
.01694
.07304
0.00593
.00802
.00081
.29433
0.04171
.03185
.00612
.34464
0.00002
.00000
.04421
.12867
0.00002
.00000
.00441
.07678
.00637
.01359
.00183
.00192
.00034
.05544
.01664
.04683
.06533
.02503
.00066
.36316
1.00000
.00663
.00585
.00273
.00263
.00009
.02470
.04606
.01659
.12241
.03214
.00748
.47663
1.00000
.00191
.01516
.00106
.00142
.00001
.05734
.00639
.07913
.01652
.09531
.00102
.41564
1.00000
.00500
.01523
.00144
.00389
.00162
.00739
.02517
.05552
.01649
.05603
.00833
.37956
1.00000
.04247
.00660
.00140
.00384
.00793
.00000
.01069
.03060
.03316
.06764
.00595
.61682
1.00000
.00265
.17256
.00125
.00373
.02974
.00000
.03294
.03488
.03659
.09837
.00672
.49937
1.00000
Finance,
insurance,
and real
estate
Services
Other1
0.00082
.00003
.00664
.04037
0.00406
.00000
.03203
.01020
0.00308
.00001
.00866
.10220
0.00034
.00294
.02131
.00953
.00948
.00198
.00161
.00283
.00101
.00228
.10729
.00871
.02668
.09540
.01502
.52575
1.00000
.00081
.00317
.00016
.00380
.00028
.03923
.03070
.01703
.06514
.11416
.01014
.66754
1.00000
.00059
.00348
.00003
.00222
.00004
.00054
.01701
.00253
.13884
.07462
.01006
.70374
1.00000
.00120
.00409
.00021"
.00360
.00054
.01887
.02398
.01976
.06910
.13599
.00867
.60003
1.00000
.00122
.00146
.00043
.00180
.00001
.00079
.00930
.00091
.00499
.00851
.00284
.93363
1.00000
Communications
and
utilities
Wholesale and
retail
trade
Finance,
insurance,
and real
estate
Services
Other1
0.01181
.14927
.08671
.17479
.01312
.03892
.00326
.00535
.00389
.00139
.01649
1.01879
.03537
.07896
.13360
.12372
1.89544
0.00901
.01112
.01687
.12020
.00228
.00947
.00066
.00554
.00174
.00024
.04612
.04493
1.02887
.09975
.15692
.02428
1.57800
0.01095
.00706
.04379
.07032
.00163
.00863
.00038
.00364
.00107
.00017
.00716
.02836
.01433
1.16842
.11124
.02360
1.50075
0.01863
.01539
.02004
.25783
.00332
.01320
.00091
.00600
.00239
.00035
.02783
.05502
.04198
.12299
1.13745
.02239
1.74572
0.00129
.00157
.01025
.01666
.00070
.00230
.00030
.00208
.00040
.00007
.00197
.00589
.00286
.00558
.00897
.99993
1.06082
Communi- Wholecations
sale and
and
retail
utilities
trade
Air
Pipelines
and
freight
forwarders
State
and
local
passenger
transit
Ownaccount
transportation
0.00018
.00028
.00092
.09889
0.00001
.00000
.00254
.14023
0.00000
.00247
.01708
.04388
0.00034
.00000
.28319
.58884
0.00000
.00000
.00411
.08921
0.00012
.10455
.05778
.03952
.00059
.00321
.13200
.00237
.04337
.00000
.00592
.01603
.06134
.14908
.09137
.39445
1.00000
.00136
.00248
.00174
.06441
.08307
.00000
.01738
.01599
.03353
.09457
.09479
.44790
1.00000
.00098
.00622
.00167
.00693
.02270
.00000
.04296
.00970
.05262
.19738
.01166
.58377
1.00000
.01174
.00851
.00494
.00017
.00408
.00000
.10943
.05157
.01974
.03642
.00068
-.11964
1.00000
.00127
.00477
.00111
.00006
.00068
.00000
.02721
.04102
.00799
.08455
.00352
.73450
1.00000
1. "Other" consists of government enterprises (except state and local government passenger transit) and other
input-output special industries. See Ann M. Lawson, "Benchmark Input-Output Accounts for the U.S. Economy, 1992:
Make, Use, and Supplementary Tables," SURVEY OF CURRENT BUSINESS 77 (November 1997): 58-62.
Table 6.—TSA Industry-by-Commodity Total Requirements, 1992
[Total requirements, direct and indirect, per dollar of delivery to final demand, at producers' prices]
Commodity
Transportation
Industry
Agriculture forestry and fisheries
Mining
Construction
Manufacturing
Railroads and related services; passenger ground transportation
Motor freight transportation and warehousing
Water transportation
Air transportation
Pipelines freight forwarders and related services
State and local government passenger transit
Own-account transportation
Communications and utilities
Wholesale and retail trade
Finance insurance and real estate
Services
...
Other1
Total industry output multiplier
Agriculture,
forestry,
and
fisheries
Mining
Construction
Manufacturing
Railroad
and
passenger
ground
Motor
freight
and
warehousing
Water
1.32661
.02486
.02990
.38378
.01081
.03265
.00368
.00565
.00360
.00114
.08477
.04616
.09563
.13299
.10472
.01570
2.30265
0.01332
1.21270
.03596
.20388
.01005
.01728
.00437
.00545
.00232
.00106
.03800
.07109
.04149
.19132
.09420
.02481
1.96730
0.03876
.03724
1.01361
.53168
.00567
.03216
.00249
.00532
.00322
.00060
.07340
.03732
.12252
.06742
.17678
.01589
2.16408
0.09211
.07757
.02256
1.61763
.00971
.03545
.00331
.00834
.00563
.00102
.02732
.05871
.10595
.07475
.14030
.02668
2.30704
0.02170
.02166
.08035
.35810
.93508
.01965
.00295
.00662
.01990
.09886
.01426
.04215
.06712
.07277
.13189
.01963
1.91269
0.01294
.01678
.01778
.20657
.00645
1.20178
.00235
.00714
.04849
.00054
.00966
.05863
.06200
.08603
.17807
.02223
1.93744
0.01632
.01578
.02867
.25097
.00290
.01339
1.07995
.00584
.05630
.00031
.01112
.03498
.04238
.11907
.23439
.16886
2.08123
1. "Other" consists of government enterprises (except state and local government passenger transit) and other
input-output special industries. See Ann M. Lawson, "Benchmark Input-Output Accounts for the U.S. Economy, 1992:
Make, Use, and Supplementary Tables," SURVEY OF CURRENT BUSINESS 77 (November 1997): 58-62.
Air
Pipelines
and
freight
forwarders
Ownaccount
transportation
0.01771
.01861
.02141
.29130
.00385
.01314
.00299
1.01853
.11725
.00041
.01000
.04387
.04242
.08024
.17358
.13190
1.98721
0.00952
.01754
.03166
.14239
.00283
.01311
.00207
.00835
1.02072
.00030
.00981
.06043
.02704
.09163
.24863
.02566
1.71169
0.01085
.01309
.01155
.18043
.00286
.01172
.00171
.00180
.00192
.00030
1.00758
.04027
.05725
.03365
.12187
.01275
1.50960
April 1998 • 25
SURVEY OF CURRENT BUSINESS
to deliver a 'dollar of each commodity to final
users. Because each of these sums is a dollar multiple of the initial dollar spent for a commodity
group's output, the sum is often referred to as an
"industry output multiplier." These multipliers
can be used to estimate the impact of changes in
the final uses of commodities on total industry
output.17
Methodological Overview
The TSA'S were estimated in two broad steps.
First, the inputs used by each industry for its
own-account transportation activities were estimated. Second, these estimates were used with
the i-o make and use tables to derive the TSA tables. The following sections describe these two
steps in more detail. The major sources of data
are identified in table 7.
Estimating the transportation inputs
Transportation inputs include both intermediate inputs and value-added inputs. The value of
these inputs for each industry in the i-o use table
is for a combination of all uses. The TSA transportation estimates were separated from all other
uses through the following steps.
• Identifying the transportation-related inputs.—
A set of commodity inputs that are unique
to or are mostly used for transportation were
identified from the estimates underlying the
i-o accounts. These inputs, which are called
17. For more information on the derivation of the industry-by-commodity
total requirements table, see Appendix D in U.S. Department of Commerce,
Bureau of Economic Analysis, Benchmark Input-Output Accounts of the United
States, 1987 (Washington, DC: U.S. Government Printing Office, November
1994).
"transportation-related inputs" (TRI'S), consist of motor gasoline, light fuel oil, liquefied
petroleum gases, tires, motor vehicle parts,
and automotive repair services.
» Developing industry distribution weights.—
Distribution weights were developed that can
be used separately or in combination to distribute TRI commodities to using industries.
Nine sets of weights were developed using
industry-level information for the number of
buses, the number of trucks, miles driven
by trucks, and fuels used by trucks. These
weights were based on several data sources,
the most important of which are the Truck
Inventory and Use Survey from the Census
Bureau and the occupational employment
data from the Bureau of Labor Statistics and
the Census Bureau.
• Distributing TRI'S.—For each TRI commodity,
an estimate was made of its total usage for
nontransportation purposes, such as gasoline
used for heating or for operating machinery;
this nontransportation use was subtracted
from the total output of the commodity. The
remaining amount of the commodity was
then distributed to different transportation
modes. Finally, for modes for which the current TSA'S provide estimates of own-account
transportation, the distribution weights were
matched with and applied to the TRI'S.
Estimating other inputs.—Transportation activities require certain inputs that are not
uniquely or mainly used for transportation.
For example, office supplies and accounting
services are shared by transportation and all
other production activities. The transportation use of these commodities was estimated
Table 7.—Principal Data Sources
Data
Sources
Estimates of input-output accounts, 1992
U.S. Department of Commerce, Bureau of Economic Analysis, Benchmark Input-Output Accounts for the U.S. Economy, 1992 (forthcoming)
and detailed underlying data files for the I-O accounts.
Trucks, truck mileage, fuel use by industry, 1992
U.S. Department of Commerce, Census Bureau, 1992 Census of Transportation, Truck Inventory and Use Survey—United States, May 1995.
Statistics on occupation and industry, 1990
Census Bureau, 1990 Census of Population and Housing, Occupation
and Industry—National and State Totals (CD-ROM), March 1995.
Employment of truck drivers by industry, 1992
U.S. Department of Labor, Bureau of Labor Statistics, Employment Projection Division, Industry-Occupation Employment Matrix, 1983-1993
(Diskettes).
Energy use, 1992
U.S. Department of Energy, Energy Information Administration, Annual
Energy Review, historical data for 1949-1996. EIA Website.
Energy use by transportation modes, 1992
U.S. Department of Energy, Oak Ridge National Laboratory, Transportation Energy Data Book: Edition 14, May 1994.
Vehicle miles of travel by type of vehicles, 1992
U.S. Department of Transportation, Federal Highway Administration,
Highway Statistics 1993.
26 • April 1998
SURVEY OF CURRENT BUSINESS
for each industry using the relationships
from for-hire transportation industries.18
Two assumptions underlie these TSA procedures: First, that the distribution weights selected
are reliable predictors of the use of TRI'S for
own-account transportation; second, that the distribution of commodity inputs (except for some
value-added inputs) within a for-hire transportation industry {is similar to the distribution of
these inputs within a nontransportation industry
for its transportation-related activities.
Deriving the TSA make and use tables
The TSA make and use tables are i-o make and
use tables that have been modified using the
estimates of transportation inputs. First, the estimates of transportation inputs for each industry
are arranged in a transportation input matrix so
that its rows and columns correspond to those in
the intermediate industry portion of the i-o use
table.19 Second, this input matrix is subtracted
from the intermediate industry portion of the i-o
use table; the result is a residual use table that
shows the intermediate and value-added inputs
to industries for nontransportation activities.
Third, the TSA make table is derived by adding
an additional column and an additional rowrepresenting own-account transportation—to the
i-o make table. Fourth, the TSA use table is derived by combining the residual use table derived
above, an own-account transportation column
with row totals from the transportation input
matrix, an own-account transportation row with
column totals from the transportation input matrix, and the final-demand portion of the i-o use
table.
Estimates of Transportation for 1992
This section discusses how the results from the
TSA'S can be used to assess the size and impact
of transportation in the U.S. economy.
Transportation as a share of GDP
From the TSA'S, a measure of transportation value
added on an expanded industry basis provides a
picture of transportation in comparison to the
18. Adjustments were made before and after applying the for-hire relationship. First, some commodities, such as advertising and brokerage services
that are used by for-hire transportation industries but not by other industries for own-account transportation, were excluded. Second, estimates were
made to reflect the total use in the i-o accounts. Third, the estimates of
value-added inputs were adjusted to exclude profits.
19. Inputs for for-hire transportation industries in this matrix are all zeros
because it is assumed that these industries do not have any own-account
transportation activities.
economy as a whole that is more Comprehensive than that provided by the corresponding
industry-basis measure found in the i-o accounts.
Comparisons of aggregate measures such as total
value added between for-hire and own-account
transportation indicate the importance of including own-account transportation in the analyses
of transportation.
Own-account transportation activities generated $121.5 billion of value added in 1992, and
for-hire transportation generated $191.6 billion.
Together, these activities accounted for 5.0 percent of U.S. GDP in 1992—3.1 percent from
for-hire and 1.9 percent from own-account.
Use of transportation by industry
The biggest industry user of own-account transportation services was the wholesale and retail
industry group, which generated and used $42.8
billion of the output of such services, accounting
for 25.9 percent of total own-account transportation (table i); in contrast, this industry group
used only $9.0 billion of for-hire transportation
services output.20 The next largest group was
services, which used $42.0 billion, accounting for
25.4 percent of the own-account total; this in20. See the section "Conceptual Overview" for an explanation of the different treatment of the uses of own-account and for-hire transportation in
the TSA'S.
Data Availability
This article presents the aggregated estimates of the
1992 transportation satellite accounts (TSA'S). Summary
estimates for 99 industries at the i-o summary level and
detailed estimates for 499 industries at the i-o six-digit
level are available on the following diskettes:
•The summary estimates for the make, use, direct requirements, and industry-by-commodity
total requirements tables (one diskette)—product
number NDN-0193, price $20.00.
•The estimates at the i-o six-digit level of the
make, use, and direct requirements tables (three
diskettes)—product number NDN-0194, price
$60.00.
•The estimates at the i-o six-digit level of industryby-commodity total requirements (one diskette)—
product number NDN-O195, price $20.00.
To order using Visa or MasterCard, contact the BEA
Order Desk at 1-800-704-0415 (outside the United
States, call 202-606-9666). To order by mail, send a
check made payable to "Bureau of Economic Analysis,
BE-53" to BEA Order Desk, BE-53, Bureau of Economic
Analysis, U.S. Department of Commerce, Washington,
DC 20230.
SURVEY OF CURRENT BUSINESS
dustry group rused only $21.5 billion of for-hire
services. The smallest user (excluding the group
"other") was the finance, insurance, and real
estate industry group.
Alternatively, measuring the use of ownaccount transportation as a share of an industry's total output (in i-o terminology, the direct
requirements for own-account transportation)
presents a different picture. According to this
measure, the construction industry group was the
largest user among all industry groups, at 5,7 percent. In contrast, the share for the wholesale
and retail industry group, which was the largest
user in absolute terms, was 3.9 percent, less than
the share for agriculture (5.5 percent), which was
only the fifth largest user in absolute terms. The
finance, insurance, and real estate industry group
had the smallest share.
The same measure for for-hire transportation
shows the direct importance of for-hire transportation services in an industry's total output.
Except for the transportation industries, manufacturing had the largest direct requirement of
for-hire transportation services, at 2.7 percent.
The industry groups of trade, of finance, insurance, and real estate, of services, and of "other"
each had less than i percent.
Transportation cost by commodities
The use of transportation on an industry basis
differs from that on a commodity basis because many industries produce more than one
commodity and many commodities are produced by more than one industry. To analyze the importance of direct transportation
costs in the producers' prices of commodities,
both own-account transportation costs and forhire transportation costs were distributed on a
commodity-by-commodity basis.21
Among nontransportation commodity groups,
agriculture, forestry, and fisheries had the highest
21. The total direct use of own-account transportation for an industry
from the TSA use table is distributed to the commodities produced by the
industry, using the industry's output mix from the i-o make table. Repeating
this procedure for every industry results in a table that shows the contributions of own-account transportation within each industry to the output of
various commodities, that is, the direct costs of own-account transportation
in the producers' prices of commodities.
The direct costs of for-hire transportation are distributed to commodities
in the same manner. If a commodity is produced in more than one industry,
then the commodity will receive the distributed own-account and for-hire
transportation costs from more than one industry; the sum of all these costs
is the direct cost of transportation in the producers' prices of that commodity.
transportation content (8.0 percent), followed by
construction (7.7 percent), reflecting the general
pattern of the use of transportation by industry. For both commodity groups, own-account
transportation costs had a larger share in the total transportation cost than for-hire. The services
commodity group had a transportation content
of 2.8 percent, of which 1.8 percentage points
were own-account and i.o percentage point were
for-hire. The commodities of ^finance, insurance, and real estate and "other"1 had the lowest
transportation content, at less than i percent
each.
Transportation and multipliers
The multipliers derived from the TSA'S capture
the total interdependence between transportation
and the rest of the economy. Excluding changes
in the final demand for transportation services itself, transportation as a combined group
of industries, including both for-hire and ownaccount, was most affected by the changes in
the final demand for agriculture, forestry, and
fisheries commodities. For example, a i-dollar
increase in the demand for these commodities caused an increase of 14.2 cents in total
transportation industry output, while a i-dollar
increase for services commodities caused only a
5.4-cent increase. For own-account transportation alone, the response pattern was similar,
but for-hire transportation alone was more responsive to the changes in demand for communications and utilities and for manufacturing
commodities.
The changes in demand for transportation
services also induce changes in the output of
transportation and of all other industries. This
effect can be measured by the total industry
output multiplier. The pipelines and freight
forwarders group had the lowest total industry output multiplier, at 1.7. The multiplier
for each of the other transportation groups was
above 1.9. Overall, the economy's response
to changes in demand for transportation was
larger than that for communications and utilities, for trade, for finance, insurance, and real
estate, and for services, but less than that for
agricultural, construction, and manufacturing
commodities. H
April 1998
Now Available!
FOREIGN DIRECT INVESTMENT IN THE UNITED STATES
Operations of U.S. Affiliates of Foreign Companies
Revised 1994 Estimates
and
Preliminary 1995Estimates
These two publications provide a comprehensive view of foreign direct investment in the United States. They present detailed
information on the financial structure and the operations of nonbank U.S. affiliates of foreign companies from the annual surveys
conducted by the Bureau of Economic Analysis. These publications include the following information:
1
Balance sheets and income statements
FOREIGN
EIGN DIRECT INVESTMENT
IN THE UNITED STATES
Gross product
Employment and employee compensation
Property, plant, and equipment
Trade in goods
Sales of goods and services
Research and development expenditures
The estimates are presented by industry of the U.S. affiliate and by country of the ultimate beneficial owner. Selected estimates
are presented by industry of the ultimate beneficial owner and by State. The estimates are based on data at the company, or
enterprise, level.
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P.O. Box 371954, Pittsburgh, PA 15250-7954
SURVEY OF CURRENT BUSINESS
April 1998
The Domestic Orientation of Production
and Sales by U.S. Manufacturing Affiliates
of Foreign Companies
By William J. Zeile
Q INGE THE surge in foreign direct investment
O in the United States in the late 1980*8, much
attention has focused on the role of foreignowned firms in the U.S. economy, particularly
in manufacturing.1 A question that is frequently
posed concerns the degree to which U.S. affiliates of foreign companies are integrated into
the U.S. economy through their sourcing behavior and value-added activity. A related question
is whether U.S. manufacturing affiliates in comparison with domestically owned firms are more
oriented toward producing for the U.S. market or for their home-country and other foreign
markets.
Data from the benchmark and annual surveys
of foreign direct investment in the United States
that are conducted by the Bureau of Economic
Analysis (BEA) can be used to gauge the domestic content of output by U.S. affiliates of foreign
companies.2 For affiliates in manufacturing,3
aggregate estimates presented in two previous
articles in the SURVEY OF CURRENT BUSINESS
show a high share of domestic content in output; in each of the years examined, about 90
percent of the output of these affiliates was accounted for by the affiliates' own value added
and by the value of inputs purchased from suppliers located in the United States.4 In both
1. As an indicator of the increased importance of foreign-owned affiliates
in U.S. manufacturing, the share of U.S. manufacturing employment that is
accounted for by U.S. affiliates of foreign companies increased steadily from
7.6 percent in 1987 to 11.7 percent in 1994 before dipping to 11.4 percent in
1995. The employment shares for 1990-95 are shown in table 12 of "Foreign
Direct Investment in the United States: New Investment in 1996 and Affiliate
Operations in 1995," SURVEY OF CURRENT BUSINESS 77 (June 1997): 54.
2. In this article, the term "domestic content" refers to the difference
between gross output and direct imports of intermediate inputs. This terminology is used for analytical purposes only and does not constitute an official
definition.
3. In BEA s data on direct investment, manufacturing excludes petroleum
and coal products manufacturing, which is classified under the major industry
"petroleum."
4. See Jeffrey H. Lowe, "Gross Product of U.S. Affiliates of Foreign
Companies, 1977-87," SURVEY 70 (June 1990): 45-53; and William J. Zeile,
"Merchandise Trade of U.S. Affiliates of Foreign Companies," SURVEY 73
(October 1993): 52-65.
In addition, estimates of domestic content for all nonbank U.S. affiliates were presented as supplementary items in two articles in the SURVEY
articles, imports are estimated to have accounted
for less than 20 percent of the intermediate inputs purchased by all manufacturing affiliates.
In addition, the second article shows that import shares of affiliate purchases of intermediate
inputs in 1991 were generally low across more
detailed manufacturing industries; however, in
a few industries, the import shares were quite
high—more than 30 percent—particularly for
Japanese-owned affiliates.
An outstanding question from these results is
the degree to which the domestic content for
affiliates in manufacturing differs from that for
domestically owned manufacturers, both in the
aggregate and across detailed industries. A related question is the degree to which any observed
differences in domestic content at the aggregate
level reflect systematic differences in behavior
across industries rather than differences in a few
specific industries or differences in the types of
industries in which affiliates and domestically
owned companies are concentrated.
In this article, measures of domestic content
for U.S. manufacturing affiliates in 1989 and 1994
are compared with measures of domestic content
for domestically owned U.S. parent companies
in manufacturing (which in 1994 accounted for
more than one-half of the gross output of all
domestically owned U.S. companies in manufacturing); the data are from BEA'S 1989 and
1994 benchmark surveys of U.S. direct investment abroad.5 Domestically owned U.S. parent
companies are an appropriate comparison group
that featured an alternative disaggregation of the U.S. current account based
on ownership. See J. Steven Landefeld, Obie G. Whichard, and Jeffrey H.
Lowe, "Alternative Frameworks for U.S. International Transactions," SURVEY
73 (December 1993): 50-61; and Obie G. Whichard and Jeffrey H. Lowe,
"An Ownership-Based Disaggregation of the U.S. Current Account, 1982-93,"
SURVEY 75 (October 1995): 52-61.
5. In addition to the two SURVEY articles cited above, the analysis in
this article builds on earlier work by the author that will be presented in
William J. Zeile, "Imported Inputs and the Domestic Content of Production
by Foreign-Owned Manufacturing Affiliates in the United States," in Geography and Ownership as Bases for Economic Accounting, ed. Robert E. Baldwin,
Robert E. Lipsey, and J. David Richardson (Chicago: University of Chicago
Press, forthcoming in 1998).
3O • April 1998
SURVEY OF CURRENT BUSINESS
because of their similarity with U.S. affiliates in
terms of size and international orientation. In
addition, the data for U.S. parent companies are
highly comparable with those for U.S. affiliates
because the data for both are collected at the enterprise level and are based on the same concepts
and definitions.6
Domestic content is analyzed in terms of three
related measures that provide information about
the inputs used in production: (i) The domestic content of gross output, (2) the value-added
share of gross output, and (3) the import share
of intermediate inputs. The first measure is the
broadest measure of domestic content: It shows
the share of a company's gross output (sales
plus inventory change) that is accounted for by
wages and salaries, profits, and other incomes
earned through its production in the United
States and by the value of raw materials, components, and other intermediate inputs that are
purchased from U.S. suppliers.
The domestic content of output is determined
by two decisions that are captured by the second
and third measures: The "make or buy" decision
and the "import or procure locally" decision. The
"make or buy" decision determines the degree
of vertical integration in firm production, which
is reflected in the share of output accounted for
by the firm's own value added. The "import
or procure locally" decision, which determines
the firm's linkages to domestic suppliers, is captured by the share of imports in its intermediate
inputs.7
In addition, the market orientation of affiliate
output is analyzed in terms of the export share
of sales. This measure shows the degree to which
affiliates target their output to markets abroad
rather than to the U.S. market.
The analysis in this article includes more detailed information than previous SURVEY articles,
and it introduces a number of new features.
First, each of the four measures for affiliates is
compared with the corresponding measure for
domestically owned companies in the same industries; the comparisons are made across 32
detailed manufacturing industries. Second, for
affiliates in selected industries, data for a fixed
panel of affiliates for 1988-94 are used to assess
changes in affiliate behavior over time. Third,
differences in affiliate domestic content and market orientation by country of ownership are
6. See the section "Data used to construct measures" in the appendix.
7. See the discussion of affiliate linkages with host-country suppliers
in John H. Dunning, Multinational Enterprises and the Global Economy
(Wokingham, England: Addison-Wesley, 1993): 446-459.
systematically examined through comparisons of
averages for the four measures that are adjusted
for industry effects.
The overall profile of affiliate operations that
emerges from this analysis reveals both similarities and differences between U.S. affiliates and
domestically owned manufacturers. For both
groups of firms, domestic content accounts for
a high share of output. However, the share
for affiliates is not quite as high as that for the
domestically owned firms; the domestic-content
share for affiliates tends to be lower than that
for domestically owned companies across the
detailed industries, and the difference at the
aggregate level increases, rather than decreases,
when industry mix is held constant.
The differences in content are attributable to
differences in both value-added shares and the
sourcing of intermediate inputs. Value added
within the firm accounts for less than one-half of
the value of output for both affiliates and domestically owned firms, but the value-added share for
affiliates is somewhat smaller than the share for
the domestically owned firms. Both affiliates and
domestically owned firms purchase most of their
inputs from domestic suppliers, but the share of
imports in intermediate inputs is much higher for
affiliates, largely due to their use of inputs purchased from their foreign parent companies and
other affiliated foreign suppliers. With respect to
market orientation, both U.S. affiliates and domestically owned manufacturers sell most of their
output in the United States, but the share of exports in sales is somewhat smaller for affiliates
than for the domestically owned .firms.
The following are among the specific findings:
• The domestic content of gross output for all
manufacturing affiliates is 87 percent, compared with 93 percent for domestically owned
manufacturing companies. In most industries, the measure for affiliates is just below
that for domestically owned companies.
• The domestic-content share for affiliates
tends to be lowest in industries in machinery,
transportation equipment, and instruments
manufacturing—industries whose intermediate inputs consist mainly of manufactured
components rather than commodity-type
bulk materials.
• The value-added share of gross output for all
manufacturing affiliates is 30 percent, compared with 37 percent for domestically owned
manufacturing companies. In most of the
32 manufacturing industries, the value-added
SURVEY OF CURRENT BUSINESS
share for affiliates is more than 20 percent lower than that for domestically owned
companies.
• Affiliates rely on imports to a much greater
degree than do domestically owned companies. The share of intermediate inputs that
are imported is 19 percent for all manufacturing affiliates, compared with 11 percent
for domestically owned companies. In about
two-thirds of the 32 industries, the import
share of intermediate inputs for affiliates is
more than twice that for domestically owned
companies.
• About two-thirds of the imports by U.S.
manufacturing affiliates are obtained from
the affiliates' foreign parent companies or
other foreign firms with which the parents
are associated.
• Production by U.S. manufacturing affiliates
is strongly oriented toward the domestic
market: The export share of sales for all
manufacturing affiliates is only 10 percent,
compared with 14 percent for domestically
owned companies. The export share for affiliates is lower than that for domestically
owned companies in about two-thirds of the
32 industries.
• For affiliates in the electronic components
and motor vehicle industries, domestic content has increased over time, reflecting a
decrease in the import share of intermediate
inputs. In other machinery-type industries,
however, the domestic-content and importshare measures for affiliates show no sustained trend. For affiliates in construction
machinery, metalworking machinery, and instruments, the export share of sales has
increased.
• German-, Swiss-, and Japanese-owned affiliates have the lowest average domestic content in comparison with domestically owned
U.S. parent companies in comparable industries. The relatively low domestic content for
German- and Swiss-owned affiliates reflects
their relatively high reliance on imports for
their purchased inputs. For Japanese-owned
affiliates, the relatively low domestic content
reflects a relatively low share of value added
in gross output and a high share of imports
in intermediate inputs.
• British-owned affiliates have the highest average domestic content, the highest average
value-added share, and the lowest average
import share of purchased inputs. The measures for these affiliates are closest to those
for domestically owned companies in comparable industries, perhaps reflecting the fact
that, compared with investments from other
countries, British direct investment in U.S.
manufacturing industries tends to be older
and has almost exclusively taken the form of
acquisitions of existing U.S. companies.
• For most of the investing countries, the average export share of sales for affiliates does not
differ significantly from the export share for
domestically owned companies. However,
Japanese-owned affiliates have a high average
share of exports in sales in comparison with
domestically owned companies, particularly
in such primary resource-intensive industries
as lumber and wood products and food and
kindred products other than beverages.
The next section of the article discusses the
measures of domestic content and market orientation. The article then compares the industrylevel estimates of the measures for U.S. affiliates
with those for domestically owned manufacturing companies. Next, the article examines
changes over time in the measures for a panel of
affiliates in selected industries. It then examines
differences in affiliate behavior by country of ultimate beneficial owner (UBO).S Finally, the article
examines differences in the geographic pattern
of international purchases and sales of affiliates
by country of ownership. An appendix discusses
the data used to construct the measures and
investigates the extent to which the results are
affected by imports unrelated to manufacturing
production in the data for affiliates.
Measures of Content
and Market Orientation
Data from BEA'S benchmark and annual surveys
of foreign direct investment in the United States
were used to construct three measures that reveal
information about the content of output of U.S.
manufacturing affiliates: The domestic content
of gross output, the value-added share of gross
output, and the import share of intermediate
inputs.
8. The UBO is that person, proceeding up a U.S. affiliate's ownership
chain, beginning with and including the foreign parent, that is not owned
more than 50 percent by another person. "Person" is broadly defined to
include any individual, corporation, branch, partnership, associated group,
association, estate, trust, or other organization and any government (including any corporation, institution, or other entity or instrumentality of a
government). The foreign parent is the first foreign person in the affiliate's
ownership chain. Unlike the foreign parent, the UBO of an affiliate is identified to ascertain the person that ultimately owns or controls the U.S. affiliate
and that, therefore, ultimately derives the benefits from owning or controlling
the affiliate.
April 1998 • 31
SURVEY OF CURRENT BUSINESS
32 •• April 1998
The domestic content of gross output can be
expressed as follows:
(1) Domestic Content of Gross Output
= (Gross Output - Imports) / Gross Output,
where gross output is computed as sales plus the
change in end-of-year inventories (table i).9 As
defined, domestic content for a U.S. affiliate is
that portion of its gross output that is accounted
for by wages and salaries, profits, and other incomes earned within the affiliates themselves and
by the value of raw materials, components, and
other inputs purchased from domestic suppliers.
Conceptually, gross output for a firm is equal
to its value added, or gross product originating
in the firm, plus the value of intermediate inputs
purchased from others.10 Because value added by
an affiliate represents production in the country
in which the affiliate is located, other things being equal, a higher share of value added in total
output implies higher domestic content.11 This
share can be expressed as follows:
(2) Value-Added Share of Gross Output
= Gross Product / Gross Output
9. The data for affiliates are enterprise data that include some output
unrelated to manufacturing: In 1994, about 15 percent of the sales by affiliates classified in manufacturing were accounted for by sales associated with
secondary activities in other industries, most notably wholesale trade.
10. Intermediate inputs are goods and services that are consumed in
production and that are purchased from other U.S. or foreign businesses.
11. However, in terms of the distribution of value added in the form of
payments factors to production, some of the value added of an affiliate can
be viewed as "foreign" insofar as it includes property income paid to the
affiliate's foreign owners.
For a U.S. affiliate, the value-added share measures the portion of the affiliate's gross output that
is accounted for by incomes earned by labor, capital, and other factors of production employed
within the firm.
The other component of a firm's gross output is its intermediate inputs. These inputs can
be procured either domestically or through imports. Other things being equal, a higher share
of imports in intermediate inputs implies lower
domestic content. This share can be expressed as
follows:
(3) Import Share of Intermediate Inputs
= Imports / Intermediate Inputs
= Imports / (Gross Output - Gross Product),
where intermediate inputs is computed as a residual from the data on affiliates' gross output and
gross product.12 The import share of raw materials, components, and other purchased inputs
provides a measure of the affiliates' reliance on
imported versus domestically produced goods
and services.
12. It should be noted that measures (i) and (3) capture direct (or firstround) imports only—they exclude any imports (direct or indirect) that may
be embodied in the inputs purchased from domestic distributors or manufacturers. These measures also exclude purchases of services from abroad,
because the benchmark and annual data on affiliate imports cover only imports of goods. In addition, it should be understood that the split between the
domestic and foreign components in the measures is based on the geographic
location of the suppliers of intermediate inputs—that is, whether or not the
suppliers are located within the borders of the United States—not on their
country of ownership; thus, intermediate inputs that are supplied to a U.S.
affiliate by another U.S. affiliate are included in the domestic components.
Table 1.—Construction of Measures of the Domestic Versus Foreign Orientation of Production and Sales for U.S. Affiliates
and Domestically Owned U.S. Parent Companies in Manufacturing, 1989 and 1994
U.S. affiliates
Line
U.S. parents
1994
1989
1989
1994
Millions of dollars
1
2
3
4
5
6
7
8
9
10
Sales
Inventories end of current year
Inventories end of previous year
.
Inventory change (line 2 — line 3) J
Gross output (line 1 + line 4)
Gross product
Intermediate inputs (line 5 — line 6)
Imports of goods
Exports of goods
Domestic content (line 5 - line 8)2
325,307
47,531
42,022
5,509
330,816
101,346
229,470
38,596
29,355
292,220
512,568
67,610
62,902
4,708
517,276
153,643
363,633
67,576
48,815
449,700
1,362,291
171,629
n.a.
7,086
1,369,377
522,726
846,650
91,731
158,892
1,277,646
1,681,149
179,261
n.a.
11,846
1,692,995
631,380
1,061,615
120,388
234,221
1,572,607
93.3
38.2
10.8
11.7
92.9
37.3
11.3
13.9
Percent
11 Domestic content as a percentage of gross output ((line 10 / line 5) * 100) ...
12 Value added as a percentage of gross output ((line 6 / line 5) * 100)
13 Imports as a percentage of intermediate inputs ((line 8 / line 7) * 100)
14 Exoorts as a oercentaae of sales (dine 9 / line 1) * 100)
1. For domestically owned U.S. parent companies, the change in inventories in 1993-94 was
estimated by applying to the U.S.-parent-company data on inventories in 1994 the percentage
by which inventories in the 1993 balance sheet differed from inventories in the 1994 balance sheet
for U.S. manufacturing corporations reporting in Corporation Source Book of Statistics of Income,
Washington, D.C.: Internal Revenue Service, U.S. Department of Treasury. The change in inven-
88.3
30.6
16.8
9.0
86.9
29.7
18.7
9.5
tories in 1988-89 was similarly estimated using the balance sheet data on inventories for 1988
and 1989 reported in Statistics of Income.
2. Includes imported services and any imports that may be embodied in domestic purchases.
n.a. Not available.
SURVEY OF CURRENT BUSINESS
The market orientation of affiliates is measured
by the export share of sales, which is expressed
as follows:13
(4) Export Share of Sales - Exports / Sales
This ratio measures the propensity of affiliates to
sell their output abroad rather than to customers
in the United States.
For this article, the four measures have been
constructed for U.S. manufacturing affiliates at
the level of 32 detailed manufacturing industries. For comparative purposes, each of these
measures has been constructed by industry for
a group of domestically owned companies in
manufacturing—specifically, domestically owned
U.S. parent companies in manufacturing. Domestically owned U.S. parent companies are
highly comparable with U.S. affiliates because of
their typically large size ancT their international
orientation. In addition, these companies account for a large share of the total output of all
domestically owned manufacturing companies—
more than one-half of total output in 1994 (see
the section "Data used to construct measures"
in the appendix). In the rest of this article, the
term "domestically owned companies" refers to
"domestically owned U.S. parent companies."
13. The data for affiliate exports cover only exports of goods; they exclude
exports of services. However, for manufacturing affiliates, exports of services
tend to be very small: In 1994, services sold to foreign persons accounted for
only 0.3 percent of the total sales of manufacturing affiliates.
April 1998 • 33
Industry-Level Results
In this section, the measures of content and
market orientation at the industry level for U.S.
affiliates are compared with those for domestically owned companies. The comparisons are
made across 32 detailed manufacturing industries
for 1989 and 1994-14
Content of output
Domestic content.—In the aggregate, U.S. manufacturing affiliates display a high level of domestic content. In 1994, the domestic content
of gross output for all manufacturing affiliates
was 87 percent, compared with 93 percent for
all domestically owned manufacturing companies
(table 2). Of the domestic content, one-third
represents value added by the affiliates, and twothirds represents intermediate inputs purchased
domestically (chart i). The shares were similar
in 1989.
The difference between the aggregate domesticcontent shares for affiliates and the aggregate
shares for domestically owned companies is more
than accounted for by differences in domestic
content within the 32 industries: As shown in
the addendum to table 2, the aggregate domesticcontent share for affiliates in 1994 would be
reduced to 84 percent if the industry composition
14. It should be noted that differences between the measures for 1989
and 1994 may reflect changes in the population of affiliates through new
investments or sell-offs as well as changes in the behavior of given affiliates. In
addition, differences for individual industries may reflect changes in industry
classification.
Content of Gross Output of U.S. Affiliates in Manufacturing
1994
$517 Billion
1989
$331 Bilion
Value added by affiliates
Value added by affiliates
Imported inputs.
Domestically purchased inputs
U.S. Department of Commerce, Bureaff of Economic AMfysfe
Imported inputs.
Domestically purchased inputs
IBB Domestic content
rZD Foreign content
SURVEY OF CURRENT BUSINESS
34 • April 1998
of output for affiliates was the same as that for
domestically owned companies.
By industry, the domestic content of affiliate
output in 1989 and 1994 was more than 90 percent in about one-half of the 32 industries, and
it was more than 80 percent in over four-fifths
of the industries. In both years, the domestic content for affiliates was lower than that for
domestically owned companies in all but two industries. However, in about two-thirds pf.the
industries, the domestic-content shares of gross
output for affiliates were within 10 percent of
those for domestically owned companies.15
Both in absolute terms and in relation to the
domestically owned companies, the domesticcontent shares for affiliates tend to be lowest
in "machinery-type" industries, which are de-
fined here as the 12 industries in machinery,
transportation equipment, and instruments manufacturing.16 The intermediate inputs of these
industries consist mainly of manufactured components, which may be subject to product differentiation across foreign and domestic suppliers,
rather than of commodity-type bulk materials,
which in the United States generally can be
procured most cheaply from domestic suppliers
because of transportation costs. In addition, because manufacturing in these industries involves
the assembly of components, their production
processes can often be separated into distinct
16. The 12 industries are construction and mining machinery; metalworking machinery; special industrial machinery; general industrial machinery;
computer and office equipment; other industrial machinery and equipment;
audio, video, and communications equipment; electronic components and
accessories; household appliances and other electrical machinery; motor vehicles and equipment; other transportation equipment; and instruments and
related products.
In 1994, these industries accounted for 32 percent of the gross output
of all manufacturing affiliates and for 50 percent of the gross output of all
domestically owned companies in manufacturing.
15. Across the 32 industries, the coefficient of correlation between the
domestic-content measures for U.S. affiliates and the domestically owned
companies is 0.68 in 1989 and 0.79 in 1994.
Table 2.—Domestic-Content Share of Gross Output for U.S. Affiliates and Domestically Owned U.S. Parent Companies in
Manufacturing, by Industry, 1989 and 1994
Domestic content as a percentage of gross output
U.S. affiliates
1989
Manufacturing l
Beverages
Other food and kindred products
Textile mill products
.
Apparel and other textile products
Lumber and wood products
.
.
Furniture and fixtures
Paper and allied products
.
.
.
Printing and publishing
Industrial chemicals and synthetics
.
Drugs
Soap cleaners and toilet goods
Other chemicals
Rubber products
Miscellaneous plastics products
Glass products
.
..
Stone clay and concrete products
Primary ferrous metals
Primary nonferrous metals
Fabricated metal products
Construction and mining machinery2
Metalworking machinery2
Special industrial machinery2
General industrial machinery2
Computer and office equipment2
Other industrial machinery and equipment2
Audio video and communications equipment2
Electronic components and accessories2
Household appliances and other electrical machinery2
Motor vehicles and equipment2
Other transportation equipment2
Instruments and related products2
Other manufacturing
Addendum:
Manufacturinq, standardized for industry mix3
U.S. parent companies
1994
1989
1994
Ratio of measure for
U.S. affiliates to
measure for U.S.
parent companies
1989
U.S.
affiliates
1994
88.3
86.9
93.3
92.9
88.4
95.6
85.8
91.9
89.2
94.2
94.5
91.4
99.1
98.6
99.4
94.8
98.6
98.2
98.0
94.2
.89
.97
.86
.97
.90
.96
.96
.97
94.9
81.3
91.1
98.9
94.4
95.6
92.5
98.7
98.7
97.3
98.0
97.6
98.9
97.9
97.4
98.7
.96
.84
.93
.95
.98
.95
91.2
88.8
97.6
91.7
90.5
87.1
97.5
87.4
95.1
97.4
95.2
97.0
94.5
97.0
97.0
98.3
.95
92.1
88.9
92.5
95.8
82.5
89.0
90.9
95.1
93.9
98.0
98.7
97.9
92.8
97.6
98.9
97.7
.98
.91
.94
.98
92.0
82.1
93.7
89.2
82.4
90.8
95.8
92.5
98.3
95.3
93.9
97.8
85.7
79.5
88.1
71.7
82.5
82.4
88.5
92.3
96.1
72.7
71.2
92.2
86.9
66.5
83.0
66.5
77.3
87.2
0.95
Addendum: Percent
distribution of gross
output in 1994
0.94
100
1
8
1
1
n
U.S. parent
companies
100
5
9
1
1
2
4
1
1
6
3
.89
13
8
4
3
5
5
2
2
.89
.91
.92
.97
2
1
1
3
1
1
1
1
.96
.89
.95
.94
.88
.93
4
3
5
1
2
2
89.1
95.7
96.6
.97
.86
.92
.80
.86
.85
2
1
1
97.4
86.7
93.4
90.1
80.4
94.2
.75
.82
.99
.97
.83
.88
2
2
2
68.9
78.8
82.2
93.7
87.9
98.0
91.4
91.2
96.7
.71
.88
.89
.75
.86
.85
4
2
6
57.3
82.7
90.0
91.9
74.2
83.8
90.9
91.9
81.5
97.5
95.3
97.2
83.9
96.1
94.3
95.1
.70
.85
.94
.95
.88
.87
.96
.97
6
1
3
2
82.0
84.0
93.3
92.9
.88
.90
* Less than 0.5 percent.
1. Excludes petroleum and coal products manufacturing, which, in BEA's data on direct investment, is classified under the major industry "petroleum."
2. "Machinery-type" industries.
3. The measures shown in columns 1-4 of this line were derived as weighted averages of
the measures for individual industries, using-for both U.S. affiliates and U.S. parent companies—
the industry shares in U.S.-parent-company gross output as the weights. For U.S. parents, the
1.01
.96
.91
1.03
1.00
.96
.90
1.01
1
n
n
1
6
2
1
6
3
18
7
4
1
measures so derived are identical to those shown in line 1. For U.S. affiliates, they show what
the domestic-content shares would have been if the shares for each industry had been as shown,
but the industry composition of output had been rthe same as that for U.S. parents. With industry
mix differences thus controlled for, the ratios of the measures for affiliates to the measures for
U.S. parents (shown in columns 5 and 6) indicate differences in domestic content attributable to
within-industry differences alone.
NOTE.—See the section in the appendix on data used to construct measures.
SURVEY OF CURRENT BUSINESS
April 1998 • 35
in these industries reflects their reliance on foreign sources for the affiliates' intermediate inputs;
imports accounted for more than 30 percent
of affiliate purchases of intermediate inputs in
each industry. In the computer and motor vehicle industries, the low domestic-content share
also reflects a low share of value added in gross
output.
stages that can be performed in different locations, permitting a greater degree of outsourcing
in a firm's production. Finally, the relatively low
domestic content in these industries may reflect
the existence of some direct investment in finalassembly operations that were put in place in
response to potential or actual barriers to the importation of final goods produced by the foreign
parent firms.
In 1994, the domestic-content shares for affiliates were less than 75 percent in four industries,
all of which are machinery-type industries: Computer and office equipment (67 percent); audio,
video, and communications equipment (69 percent); construction and mining machinery (72
percent); and motor vehicles and equipment (74
percent).17 The relatively low domestic content
Vattie-added shares.—In 1994, value added accounted for 30 percent of the gross output of all
manufacturing affiliates, compared with a valueadded share of 37 percent for domestically owned
companies in manufacturing (table 3). The difference in shares at the aggregate level is more
than accounted for by differences within the 32
industries: The value-added share for all affiliates would have been 27 percent if the industry
17. A substantial portion of the data for affiliates in motor vehicles and
equipment is accounted for by affiliates that produce motor vehicle parts
and accessories. In addition, some of the largest affiliates with operations in
autpmobile manufacturing are classified in wholesale trade (where their sales
are largest) rather than in manufacturing. In 1994, five affiliates that were
classified in motor vehicles wholesale trade had at least one-fourth of their
sales in motor vehicles manufacturing; these affiliates were primarily engaged
in the distribution of vehicles or parts manufactured by their foreign parents.
As might be expected, their domestic-content share of output—60 percent—
was significantly below that of the affiliates classified as manufacturers of
motor vehicles and equipment.
Table 3.—Value-Added Share of Gross Output for U.S. Affiliates and Domestically Owned U.S. Parent Companies in
Manufacturing, by Industry, 1989 and 1994
Value added as a percentage of gross output
U.S. parent companies
U.S. affiliates
1989
1
Manufacturing
B0v9rag9S
Other food and kindred products
Textile mill products
Apparel and other textile products
Lumber and wood products
Furniture and fixtures
Paper and allied products
Printing and publishing
Industrial chemicals and synthetics
Drugs
Soap cleaners and toilet goods
Other chemicals
Rubber products
Miscellaneous plastics products
Glass products
Stone, clay, and concrete products
Primary ferrous metals
Primary nonferrous metals
Fabricated metal products
Construction and mining machinery2
Metalworking machinery2
.. .
Special industrial machinery2
General industrial machinery2
Computer and office equipment2
Other industrial machinery and equipment2
Audio video and communications equipment2
Electronic components and accessories2
Household appliances and other electrical machinery2
Motor vehicles and equipment2
Other transportation equipment2 2
Instruments and related products
Other manufacturing
Addendum:
Manufacturing, standardized for industry mix3
1. See table 2, footnote 1.
2. "Machinery-type" industries.
3. See table 2, footnote 3.
1989
1994
Ratio of measure for U.S.
affiliates to measure for
U.S. parent companies
1989
1994
1994
30.6
29.7
38.2
37.3
0.80
32.0
21.7
31.8
28.2
30.9
23.9
36.9
32.6
45.3
29.2
38.8
37.6
42.4
24.8
39.8
38.9
.71
.74
.82
.75
33.5
25.4
37.2
29.9
32.3
21.0
31.8
38.7
32.4
40.4
42.3
41.8
33.5
41.2
38.0
45.8
35.6
37.9
23.1
28.0
35.8
35.1
26.0
25.6
43.5
54.4
33.0
36.8
33.9
26.6
39.6
33.6
37.3
29.0
33.2
36.0
27.7
24.7
33.2
0.80
.73
.97
.93
.84
.63
.88
.72
.96
.51
.84
.84
38.5
46.0
36.8
35.0
.82
.70
.70
.76
.93
.76
.71
.73
41.8
34.9
51.9
38.9
44.7
37.2
43.9
31.9
.81
.76
.76
.86
.83
.78
.76
27.5
19.7
26.9
35.3
40.1
33.1
35.6
30.3
38.9
.79
.62
27.4
32.1
33.8
23.8
31.1
27.0
34.2
34.1
40.6
34.5
34.4
39.3
.80
.94
.83
.69
.91
.69
32.9
41.6
28.9
36.9
15.4
26.6
44.2
45.0
37.4
45.6
36.0
33.3
.74
.93
.77
.81
.43
.80
29.3
32.9
28.9
24.4
27.1
29.9
37.4
43.8
41.6
31.4
36.3
42.1
.78
.75
.69
.78
.75
.71
12.9
26.8
37.3
39.6
18.9
29.0
38.9
37.2
27.5
43.2
49.1
39.9
33.4
44.3
49.9
43.1
.47
.62
.76
.99
.57
.66
.78
.86
28.0
27.0
38.2
37.3
.73
.72
1.03
1.00
NOTE.—See the section in the appendix on data used to construct measures.
1.13
.77
.65
.69
3 6 • April 1998
SURVEY OF CURRENT BUSINESS
composition of output for affiliates had been the
same as that for domestically owned companies.
By industry, the value-added shares of gross
output for affiliates were less than 40 percent
in all 32 industries and were less than 30 percent in 17 industries. The value-added shares
were lowest in computer and office equipment
(15 percent), motor vehicles and equipment (19
percent), and primary nonferrous metals (20 percent). The value-added shares for domestically
owned companies in these industries were also
relatively low.18
The value-added shares for affiliates were lower
than those for domestically owned companies
in 30 industries in 1989 and in 31 industries in
1994; in most industries, the shares for affiliates were at least 20 percent lower than those
for domestically owned companies. In both
years, the value-added shares for affiliates were
more than 30 percent lower than those for domestically owned companies in four industries—
furniture and fixtures, primary nonferrous metals, motor vehicles and equipment, and other
transportation equipment—indicating that the
production operations of affiliates in these industries tend to be much less vertically integrated
than the operations of their domestically owned
counterparts.
Imported inputs.—Both in the aggregate and
across industries, affiliates purchase most of their
intermediate inputs from domestic suppliers, but
they rely on imports to a much greater degree than do domestically owned companies. In
1994, the import share of intermediate inputs
purchased by all manufacturing affiliates was 19
percent, compared with an import share of 11
percent for domestically owned companies in
18. The value-added shares for affiliates and for domestically owned companies tend to be higher or lower in the same industries: Across the 32
industries, the coefficient of correlation between the value-added shares for
U.S. affiliates and those for domestically owned companies is 0.69 in 1989
and 0.61 in 1994. For both U.S. affiliates and domestically owned companies,
the machinery-type industries are among the industries with the highest and
lowest value-added shares.
Table 4.—Import Share of Intermediate Inputs for U.S. Affiliates and Domestically Owned U.S. Parent Companies in
Manufacturing, by Industry, 1989 and 1994
Imports as a percentage of intermediate inputs
U.S. affilates
1994
1989
1
Manufacturing
Beverages
,
Other food and kindred products
Textile mill products
Apparel and other textile products
Lumber and wood products
Furniture and fixtures
Paper and allied products
Printing and publishing
Industrial chemicals and synthetics
Drugs
Soap, cleaners, and toilet goods
Other chemicals
Rubber products
Miscellaneous plastics products
Glass products
Stone, clay, and concrete products
Primary ferrous metals
Primary nonferrous metals
Fabricated metal products
Construction and mining machinery2
Metalworking machinery2
Special industrial machinery2
General industrial machinery2
Computer and office equipment2
Other industrial machinery and equipment2
Audio, video, and communications equipment2
Electronic components and accessories2
Household appliances and other electrical machinery2
Motor vehicles and equipment2
Other transportation equipment2
Instruments and related products2
Other manufacturing
Addendum:
Manufacturing, standardized for industry mix3
1. See table 2, footnote 1.
2. "Machinery-type" industries
3. The measures shown in columns 1-4 of this line were derived as weighted averages of
the measures for individual industries, using the industry shares in U.S.-parent-company intermediate inputs as the weights. See table 2, footnote 3.
16.8
17.0
5.6
20.8
11.3
7.7
25.0
14.1
1.5
13.6
18.1
3.1
11.5
11.9
15.0
12.4
6.3
11.1
23.8
9.4
19.7
30.2
18.0
40.7
49.4
11.0
47.4
33.8
18.0
49.1
23.7
15.9
13.4
24.9
Ratio of measure for U.S.
affiliates to measure for
U.S. parent companies
U.S. parent companies
18.7
15.6
7.6
8.8
12.7
8.3
5.6
11.0
2.1
14.8
19.9
3.4
17.0
27.9
15.5
13.6
7.7
14.8
21.9
12.5
37.1
25.5
24.1
20.7
39.6
23.2
1989
1994
1989
10.8
11.3
1994
1.55
1.65
9.92
2.93
1.36
6.38
3.16
2.58
1.33
3.95
5.47
3.98
4.92
1.60
2.59
1.7
1.9
1.0
8.4
2.4
2.4
3.4
9.5
1.9
4.6
3.6
4.2
1.7
3.5
4.2
2.4
8.7
5.6
7.2
4.7
9.0
5.6
4.7
2.6
1.57
3.22
20.79
.37
.44
.90
1.65
3.59
.71
2.46
6.48
3.0
2.8
3.5
3.9
1.9
3.4
1.13
5.00
4.52
1.83
2.13
3.99
7.19
2.27
6.4
7.2
8.8
3.7
1.72
1.89
3.72
2.05
2.50
3.40
1.13
2.57
2.75
2.23
3.88
4.34
8.70
2.05
1.04
1.13
1.29
2.66
4.74
1.57
5.39
3.30
2.11
4.43
1.93
5.38
1.73
2.90
1.32
3.23
1.31
1.49
2.29
1.82
10.5
12.6
2.5
17.5
11.7
6.5
4.7
24.1
10.6
41.1
29.1
25.4
10.0
21.5
31.8
22.8
14.9
12.9
25.5
20.6
10.8
3.3
4.4
9.2
4.6
13.1
16.6
6.6
5.6
18.3
30.6
8.7
12.5
13.8
5.7
24.1
7.1
11.4
8.7
11.3
NOTE.—See the section in the appendix on data used to construct measures.
SURVEY OF CURRENT BUSINESS
manufacturing (table 4).19 As with the domesticcontent and value-added shares, the difference
between the import shares at the aggregate level
is more than accounted for by differences within
industries: The import share for affiliates would
have been 21 percent if the industry composition
of output for affiliates had been the same as that
for domestically owned companies.
In both 1989 and 1994, the import shares of intermediate inputs were higher for affiliates than
for domestically owned companies in all but two
industries (printing and publishing and soap,
cleaners, and toilet goods). In about two-thirds
of the industries, the import shares for affiliates
were more than twice as high as those for domestically owned companies. However, in many of
these industries, the high ratios reflect very low
import shares for domestically owned companies;
for example, in the three industries in which the
ratios were higher than 6 in 1994—glass products, other chemicals, and beverages—the import
shares for domestically owned companies were
lower than 3 percent.20
For both U.S. affiliates and domestically owned
companies, the import shares of intermediate inputs have tended to be highest in machinery-type
industries: In 1994, these industries accounted
for 9 of the 10 industries with the highest import shares for U.S. affiliates and for 7 of the
10 industries with the highest import shares for
domestically owned companies.21 For affiliates,
the import shares were highest in audio, video,
and communications equipment (41 percent) and
in computer and office equipment (40 percent).
For domestically owned companies, the import
shares were highest in computer and office equipment (31 percent) and in motor vehicles and
equipment (24 percent).
In five machinery-type industries—household
appliances and other electrical machinery; special
19. As noted before, these estimates understate the import content of
intermediate inputs to the extent that imports are embodied in the inputs
purchased from domestic suppliers. A rough estimate indicates that the
share of imports in inputs purchased from domestic suppliers may be as
high as 7 percent for all manufacturing affiliates and as high as 4 percent
for all domestically owned companies in manufacturing. This share, which
probably represents an upper bound, is based on an estimate of the imports
used by all manufacturing establishments computed from data in BEA s 1992
benchmark input-output accounts. Adding the estimated value of imports
in domestically supplied intermediate inputs to the data on direct imports,
the respective import shares of intermediate inputs for U.S. manufacturing
affiliates and domestically owned U.S. parent companies in manufacturing in
1994 are estimated to be 24 percent and 15 percent; their domestic content
shares are estimated to be 83 percent and 90 percent.
20. The relatively high import share for affiliates in the beverage industry
appears to reflect their secondary operations in wholesale trade: As shown
in the appendix, most of the imports by these affiliates are goods for resale
without further manufacture by the affiliates.
21. Across the 32 industries, the coefficient of correlation between the
import share of intermediate inputs for U.S. affiliates and that for the
domestically owned companies is 0.65 in 1989 and 0.74 in 1994.
April 1998
industrial machinery; metalworking machinery;
audio, video, and communications equipment;
and "other" transportation equipment—the import shares for affiliates in 1994 were more than
three times as high as the shares for the domestically owned companies. The relatively high
import shares for these affiliates appear to reflect a high reliance on their parent companies
for specialized inputs; in each industry, more
than,*, two-thirds of the affiliates' imports were
from their foreign parents and other members
of their foreign parent groups (table 5).22 In
some cases, this reliance may reflect direct invest22. The foreign parent group consists of (i) the foreign parent, (2) any
foreign person, proceeding up the foreign parent's ownership chain, that
owns more than 50 percent of the person below it, up to and including the
ultimate beneficial owner, and (3) any foreign person, proceeding down the
ownership chain (s) of each of these members, that is owned more than 50
percent by the person above it.
Table 5.—Intrafirm Imports of U.S. Affiliates as a Percentage
of Affiliates' Total Imports and Intermediate Inputs, 1989
and 1994
Intrafirm
Intoifirm
imports as a imports a s a
percentage of perce ntage
of iritertotal imports
mpr
iiate
inp uts
1989 1994
Manufacturing '
1989
1994
11.6
12.9
69.0
69.7
54.4
39.9
55.0
72.0
67.5
56.4
54.8
52.9
Lumber and wood products
Furniture and fixtures
Paper and allied products
Printing and publishing
27.0
79.3
67.8
38.1
55.2
50.5
65.0
48.4
Industrial chemicals and synthetics
Drugs
Soap, cleaners, and toilet goods
Other chemicals ....
.
63.1
94.5
44.3
75.8
48.0
90.2
75.8
93.2
Rubber products
Miscellaneous plastics products
Glass products .;
Stone, clay, and concrete products
57.3
91.9
57.7
37.4
64.6
41.0
92.9
48.4
Primary ferrous metals
Primary nonferrous metals
Fabricated metal products
52.8
71.7
59.1
51.2
76.1
70.1
17.0
Construction and mining machinery2
Metalworking machinery 2
Special industrial machinery2
60.5
89.8
69.3
73.6
70.5
76.3
11.9
27.1
12.4
27.3
18.0
18.4
General industrial machinery2
Computer and office equipment2
Other industrial machinery and equipment2
90.6
93.9
65.0
82.5
42.9
80.6
36.9
46.3
17.1
17.0
18.7
52.6
62.9
70.7
56.0
24.9
21.3
29.1
16.3
77.8
67.9
14.0
17.3
95.2
88.5
72.9
3?.1
92.3
87.7
71.3
48,0
46.7
21.0
11.6
29.4
20.0
10.6
Beverages ..
Other food and kindred products
Textile mill products
Apparel and other textile products
. .
Audio, video, and communications equipment2
Electronic components and accessories2
Household appliances and other electrical
machinery 2
2
Motor vehicles and equipment
Other transportation equipment 2
Instruments and related products2
Other manufactured
9.3
2.3
11.4
8.2
2.1
19.9
9.6
.6
8.6
17.1
1.4
8.7
6.8
13.8
7.2
2.4
5.8
5.6
7.2
43
10.5
4.3
4.8
6.7
4.6
2.8
7.1
1.0
7.1
18.0
2.5
15.8
18.0
6.3
12.7
3.7
7.6
16.6
8.8
6?
1. See table 2, footnote 1.
2. "Machinery-type" industries
NOTES.—Intrafirm imports are imports by affiliates from their foreign parent groups (see footnote 22 in the text).
See the section in the appendix on data used to construct measures.
• 37
SURVEY OF CURRENT BUSINESS
38 • April 1998
ment in final-assembly operations by the parent
companies that may have been in response to
potential or actual trade barriers.
components by concentrating their production in
one location rather than trying to produce the
parts in each country in which they have affiliates.
Intrafirm imports accounted for about twothirds of the imports by all manufacturing affiliates in both 1989 and 1994. By industry, the
intrafirm shares of affiliate imports have been
particularly high in the drug industry and in most
of the machinery-type industries. In a number
of machinery-type industries, intrafirm imports
have accounted for a substantial share—more
than 20 percent—of the affiliates' total purchases
of intermediate inputs, suggesting that affiliates in
these industries may rely extensively on their parent companies (or other foreign firms with which
the parents have ownership ties) for customized
parts and other inputs subject to product differentiation across firms. In many cases, foreign
multinationals with affiliates in these industries
may be able to realize economies of scale in the
design and production of firm-specific parts and
Market for output
Production by U.S. manufacturing affiliates is targeted for the U.S. market even more than the
production by domestically owned manufacturers. For all manufacturing affiliates combined,
exports accounted for only about 10 percent of
total sales in 1994, compared with 14 percent of
total sales for the domestically owned companies
(table 6).23
The export shares for affiliates were less than
those for domestically owned companies in 20 industries in 1989 and in 22 industries in 1994. The
23. The low export share for affiliates in comparison with that for domestically owned companies in manufacturing does not reflect differences in
industry mix: As shown in the addendum to table 6, the aggregate share for
affiliates would be 9.4 percent instead of 9.5 percent if the industry composition of output for affiliates was the same as that for domestically owned
companies.
Table 6.—Export Share of Sales for U.S. Affiliates and Domestically Owned U.S. Parent Companies in Manufacturing,
by Industry, 1989 and 1994
Exports as a percentage of sales
1989
Manufacturing J
Beverages
.. ..
Other food and kindred products
Textile mill products
Apparel and other textile products
Lumber and wood products
Furniture and fixtures
Paper and allied products
Printing and publishing
Industrial chemicals and synthetics
Drugs
Soap cleaners and toilet goods
Other chemicals
Rubber products
Miscellaneous plastics products
Glass products
Stone clay and concrete products
Primary ferrous metals
Primary nonferrous metals
Fabricated metal products
Construction and mining 2machinery2
Metalworking machinery
. .
Special industrial machinery2
2
General industrial machinery 2
Computer and office equipment
.
Other industrial machinery and equipment2
2
Audio video and communications equipment
Electronic components and accessories2
Household appliances and other electrical machinery2
Motor vehicles and equipment 22
Other transportation equipment 2
Instruments and related products
.
Other manufacturing
Addendum:
Manufacturina standardized for industry mix3
D
Suppressed to avoid disclosure of data of individual companies.
1. See table 2, footnote 1.
2. "Machinery-type" industries
3. The measures shown in columns 1-4 of this line were derived as weighted averages of
the measures for individual industries, using the industry shares in U.S.-parent-company sales as
1989
1994
9.0
9.5
2.0
3.6
6.2
4.6
4.1
5.2
7.3
3.6
B
A
8.8
1.6
A
A
13.4
5.7
2.3
10.0
Ratio of measure for U.S.
affiliates to measure for
U.S. parent companies
U.S. parent companies
U.S. affiliates
11.0
1.6
12.8
7.4
4.1
10.8
1989
1994
11.7
6.1
5.4
4.4
2.1
12.9
3.2
7.3
.7
12.5
10.3
3.8
11.9
13.9
5.9
8.4
5.7
2.6
8.4
5.8
10.0
1.4
17.9
9.6
4.4
12.6
5.6
4.8
7.9
2.0
9.0
5.8
5.7
2.8
7.8
6.5
7.2
3.9
9.2
8.1
9.7
6.1
2.8
9.6
7.3
2.5
3.7
6.9
11.0
8.9
12.4
8.4
21.1
5.2
27.7
16.1
9.9
3.8
19.3
13.7
8.8
9.9
10.6
7.0
18.1
12.0
17.2
9.3
12.1
11.9
14.5
15.7
16.2
6.1
14.3
17.5
19.8
9.4
10.0
5.8
10.9
8.0
28.4
19.1
13.6
16.6
25.3
16.3
22.8
12.7
19.2
25.8
15.5
11.4
22.5
14.0
22.2
12.3
8.5
13.8
20.3
15.5
6.0
11.7
8.1
15.0
25.5
16.5
11.0
13.9
1994
0.77
.33
.67
1.41
2.22
(D)
i3
2.31
1.07
.55
.60
.84
.72
.74
1.09
.52
.75
.96
1.27
.58
.65
.75
.52
.93
.41
2.42
.72
1.15
.28
.95
.88
1.47
.85
0.68
.69
.62
1.28
1.36
(D)
(D)
1.11
1.14
.71
.77
.93
.86
.98
.72
.59
.46
.37
.97
.88
.64
1.47
.68
.49
.47
.77
1.03
.71
1.31
.41
.56
1.06
1.80
.68
the weights. See table 2, footnote 3.
NOTES.—See the section in the appendix on data used to construct measures.
Size ranges are given in the percentage cells that are suppressed; these ranges are A—0.01
to 19.9; B-20.0 to 39.9; C-40.0 to 59.9; E-60.0 to 79.9; F-80.0 to 100.
SURVEY OF CURRENT BUSINESS
lower export propensity of U.S. affiliates suggests
that the affiliates operate in the United States
to service the U.S. market rather than to exploit any locational advantages associated with
production in the United States (such as proximity to U.S. research centers) to service worldwide
markets. Foreign multinationals appear to service non-U.S. markets primarily through sales by
the parent companies or affiliates located in other
countries.
For both U.S. affiliates and the domestically
owned companies, the export shares of sales have
tended to be highest in machinery-type industries.24 In most of these industries, the export
shares for affiliates were substantially lower than
those for the domestically owned companies in
24. The export shares of sales for U.S. affiliates and domestically owned
companies tend to be higher or lower in the same industries: Across the 32
industries, the coefficient of correlation between the export share for U.S.
affiliates and that for domestically owned companies is 0.69 in 1989 and 0.75
in 1994.
Table 7.—Intrafirm Exports of U.S. Affiliates as a Percentage
of Affiliates' Total Exports and Sales, 1989 and 1994
Intrafirm
Intrafirm
exports as a exports as a
percentage of percentage
of sales
total exports
1989
1
Manufacturing .
1994
1989
1994
25.3
28.4
3.2
2.7
Beverages
Other food and kindred products
Textile mill products
Apparel and other textile products
33.3
33.1
23.2
90.5
41,6
35.9
16.4
53.8
1.0
1.5
2.1
5.5
1.7
1.9
1.2
1.9
Lumber and wood products
Furniture and fixtures
Paper and allied products
Printing and publishing
26.7
94.1
45.0
20.3
23.6
(D)
37.2
31.2
8
6.2
.5
4.1
.5
Industrial chemicals and synthetics
Drugs
Soap, cleaners, and toilet goods
Other chemicals
21.8
50.4
15.3
11.9
17.8
54.6
50.7
48.5
4.5
4.6
.4
1.6
2.3
4.0
2.1
5.3
Rubber products
Miscellaneous plastics products
Glass products
Stone, clay, and concrete products
26.0
42.6
14.3
10.0
21.4
17.2
13.2
2.2
2.7
1.9
.3
1.9
1.0
.5
.4
Primary ferrous metals
Primary nonferrous metals
Fabricated metal products
27.3
42.1
11.5
16.1
37.4
14.3
1.0
5.3
1.2
.4
4.0
1.0
Construction and mining machinery2
Metalworking machinery 2
.-.
Special industrial machinery2
11.2
49.2
29.5
24.7
33.0
14.4
1.7
6.2
5.5
4.5
4.0
2.5
General industrial machinery2
Computer and office equipment2 ..
Other industrial machinery and equipment2
55.7
23.9
26.9
26.0
33.5
24.1
6.7
8.6
1.9
2.4
4.0
2.9
13.6
38.7
29.4
24.4
5.2
9.2
4.3
3.8
39.0
30.0
5.3
4.9
21.0
14.1
29.0
29.6
32.1
24.4
25.2
27.3
.9
3.6
6.3
4.3
2.0
3.5
4.4
5.4
Audio, video, and communications equipment2
Electronic components and accessories2
Household appliances
and other electrical
machinery 2
Motor vehicles and equipment2
Other transportation equipment2 2
Instruments and related products
Other manufacturina
1.2
9.0
* Less than 0.05 percent.
Suppressed to avoid disclosure of data of individual companies.
1. See table 2, footnote 1.
2. "Machinery-type" industries.
NOTES.—Intrafirm exports are exports by affiliates to their foreign parent groups.
See the section in the appendix on data used to construct measures.
D
n
both 1989 and 1994; in motor vehicles and equipment, the export share for affiliates was less than
one-half as much as the share for the domestically
owned companies. However, in audio, video,
and communications equipment and in household appliances and other electrical machinery,
the export shares for affiliates were higher than
those for the domestically owned companies.
In contrast to affiliate imports, which have been
dominated by trade with the affiliates' foreign
parent groups, affiliate exports have been mainly
accounted for by trade with unrelated parties
(table 7). In both 1989 and 1994, intrafirm exports accounted for only one-fourth of the total
exports of all manufacturing affiliates and for less
than one-half of affiliate exports in all but a few
industries. In 1994, intrafirm exports accounted
for less than 3 percent of total sales and for less
than 6 percent of sales for any of the 32 industries.
Trends in Content and Market Orientation
This section examines the changes in the domestic content of production and in the market orientation of sales for a panel of U.S.
manufacturing affiliates in 1988-94.
In the case of investment in new manufacturing facilities—often referred to as "greenfield"
investment—foreign direct investment typically
begins with affiliates undertaking final assembly
operations that rely heavily on components and
parts from the foreign parent or other suppliers
abroad. Over time, these affiliates are expected
to increase the domestic content of their output
through vertical expansion of their production
operations, which results in a higher share of
value added in gross output, and through increased procurement from domestic suppliers,
which results in a lower share of imports in intermediate inputs. In addition, affiliates that were
initially set up to service the domestic market begin with a very low export share of sales, but this
share is expected to increase with the expanded
scale of production operations over time.
For U.S. affiliates, however, the expected pattern of affiliate behavior over time is more
ambiguous, because much of the foreign direct
investment in U.S. manufacturing industries has
been to acquire existing U.S. companies. In
some cases, an acquisition may simply represent a
change in management and results in no change
in domestic content or the international orientation of sales. In other cases, the domestic content
of an acquired firm might decrease, as the firm's
April 1998 • 39
April 1998
SURVEY OF CURRENT BUSINESS
operations become more integrated with those of
its foreign parent.
To investigate changes in domestic content and
market orientation that are isolated from the effects of changes in the population of affiliates, a
panel was constructed of affiliates that were classified in the 12 machinery-type industries in 1994
and that existed in each of the years 1987-94 (see
the section "Data used to construct measures"
in the appendix).25 Affiliates in the machiftferytype industries are of special interest because the
shares of both imports in intermediate inputs and
exports in sales tend to be the highest in these
industries. The affiliates in the panel account for
a dominant share—69 percent—of the gross output of all affiliates in machinery-type industries
in 1994.
Aggregating the data for affiliates in the panel,
the four measures have been computed at the industry level for each of the years 1988-94. The
results show little sustained change in affiliate
behavior; in most industries, the four measures
are either steady or fluctuate without showing a
trend (table 8). However, in the few industries in
which a sustained trend is shown, the movement
is in the direction described in the discussion on
greenfield investment.
25. As noted earlier, differences between years in the measures for the
universe of affiliates may reflect not only changes in the behavior of individual
affiliates but also changes in the population of affiliates. While working with
a panel of affiliates is an important step towards isolating changes in the
behavior of economic entities from changes in the population of entities, there
may be some problems in drawing inferences based on changes in operating
behavior even for the same set of affiliates, because some of these affiliates
may have acquired or sold off operating units during this period.
In two industries—electronic components and
motor vehicles—the domestic content of affiliate output trends upward, reflecting, in each
industry, a sustained decrease in the import share
of the affiliates' intermediate inputs—from more
than 50 percent in 1988 to less than 35 percent
in 1994 (chart 2). The upward trend in domestic
content for affiliates in the motor vehicles industry is consistent with expectations, given that this
industry has been characterized by a high degree
of greenfield investment in relation to foreign
acquisition activity.
In a number of industries, the import shares
of intermediate inputs drop sharply between 1988
and 1989, perhaps because of lagged substitution
effects in response to the substantial depreciation
of the U.S. dollar in international currency markets in 1985-88.26 After this drop, the import
shares fluctuate in most industries but show a
high degree of stability in two industries: Metalworking machinery and household appliances
and other electrical machinery.
The export shares of affiliate sales trend upward
in three industries: Construction machinery,
metalworking machinery, and instruments and
related products (chart 3). In each of these industries, the export share has more than doubled
since 1988, suggesting an expanded orientation
toward world markets that reflected locational
advantages associated with production in the
26. In 1985-88, the multilateral trade-weighted value of the U.S. dollar in
real terms depreciated 33 percent. See the Economic Report of the President
(Washington, DC: U.S. Government Printing Office, February 1997): Table B108.
CHART 2
CHARTS
Import Share of Intermediate Inputs:
Selected Industries, 1988-94
Export Share of Sales:
Selected Industries, 1988-94
Percent
25
20
10
30
1988
89
90
91
92
US. Department of Commerce, Bureau of Economic Analysis
93
1988
89
90
91
92
US, DepartfTiM of Commerce, Bureau of Sconomfc Analysis
93
94
:
SURVEY OF CURRENT BUSINESS
United States. Particularly in an industry such
as instruments, in which the United States is
very competitive in world markets, affiliates initially set up to service the U.S. market may
turn increasingly to exports as they expand
operations.27
27. Census Bureau data on trade in goods by product indicate that U.S.
exports of professional, scientific, and controlling instruments were about
double U.S. imports in each of the years 1988-94.
April 1998 •
Comparisons by Country of Ownership
This section examines the differences in the four
measures of domestic content and market orientation among affiliates with ultimate beneficial
owners in six major investing countries: Canada,
France, Germany, Switzerland, the United Kingdom, and Japan. In terms of affiliate value added
and gross output, these six countries are the
largest investing countries in U.S. manufactur-
Table 8.—Measures for a Panel of U.S. Affiliates in Machinery-Type Industries, 1988-94
1988
Domestic content as a percentage of gross output:
Construction and mining machinery
Metalworking machinery
\Special industrial machinery
728
76.9
772
81 6
1992
1991
1990
1989
77.7
1994
1993
780
807
86.4
76.1
80.5
85.8
70.3
80.3
84.8
877
886
863
85.7
85.6
87.0
83.2
81.1
84.5
General industrial machinery
Computer and office equipment
Other industrial machinery and equipment
830
E
859
851
C
850
855
864
Audio video, and communications equipment ..
Electronic components and accessories
Household appliances and other electrical machinery
62.2
62.7
787
821
806
815
81 4
799
803
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
54.7
55.3
59.7
58.5
67.2
68.9
71.3
703
873
786
891
809
897
823
830
91 7
789
764
91.7
91.2
90.7
242
238
239
275
261
21 6
30.9
25.9
31.5
27.0
35.9
25.3
34.1
27.8
34.7
29.4
34.7
30.2
21.1
33.9
29.2
32.8
38.2
38.4
39.7
36.3
37.7
38.7
306
241
B
235
212
244
436
250
Value added as a percentage of gross output:
Construction and mining machinery
Metalworking machinery
Special industrial machinery
81 1
c
c
c
60.2
75.0
832
685
830
757
755
652
648
71.7
71.8
68.9
676
69.0
71.9
69.0
74.8
68.1
74.5
General industrial machinery
Computer and office equipment
Other industrial machinery and equipment
21 4
256
Audio video and communications equipment
Electronic components and accessories
Household appliances and other electrical machinery
238
273
267
248
281
265
242
29.5
29.3
28.6
28.7
25.3
28.5
29.4
30.2
31.9
29.3
27.2
27.5
25.8
27.2
131
169
c
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Imports as a percentage of intermediate inputs:
Construction and mining machinery
Metalworking machinery
.
. . . .
Special industrial machinery
c
c
c
15.8
25.3
30.2
14.5
32.1
17.2
27.3
31.5
16.5
28.9
17.0
25.5
350
363
368
401
41 6
409
396
359
334
299
269
293
295
232
286
298
296
305
299
376
298
19.3
19.7
17.4
21.5
19.3
20.4
21.4
General industrial machinery
Computer and office equipment
Other industrial machinery and equipment .
253
E
179
240
F
202
235
F
242
226
F
41 5
193
E
222
183
224
Audio, video, and communications, equipment
Electronic components and accessories
Household appliances and other electrical machinery
49.6
53.1
30.1
479
43.4
48.0
37.9
250
272
37.5
44.1
26.6
398
196
515
307
172
472
281
162
93
44
136
94
131
11 2
16.3
12.6
3.6
A
67
5.8
B
69
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Exports as a percentage of sales:
Construction and mining machinery
Metalworking machinery
Special industrial machinery
53.8
.
General industrial machinery
Computer and office equipment
Other industrial machinery and equipment
.. ..
. .
Audio video and communications equipment
Electronic components and accessories
Household appliances and other electrical machinery
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Addendum:
Multilateral trade-weighted value of the U.S. dollar, adjusted
by
changes in consumer prices (March 1973 = 100) l
28.3
8.3
11.6
4.3
3.2
13.7
23.0
7.2
8.9
88.2
1. Economic Report of the President (Washington, DC: U.S. Government Printing Office, February 1997): Table B-108.
NOTES.—Industry-level measures were constructed from data for a fixed panel of affiliates clas-
27.3
12.5
11.5
94.4
50.1
243
138
50.5
44.3
321
326
41.3
42.2
34.7
42.1
34.4
263
277
271
394
249
142
373
297
149
345
31 7
153
451
156
11 4
21 8
108
16.1
12.2
19.5
19.2
18.7
21 4
108
145
7.0
220
103
6.1
21 8
109
5.3
185
104
4.8
185
101
8.7
212
101
24.6
16.7
15.1
17.8
17.4
170
8.7
94
17.6
13.3
84
184
9.1
14.0
20.0
150
14.1
16.1
3.6
5.4
16.0
11.0
13.4
12.7
13.5
17.3
14.6
15.2
86.0
86.5
83.4
90.0
88.7
6.0
53
154
sified in the industry in 1994; the panel consists of affiliates that existed in 1987 and were fully
operational in each of the years 1988-94.
Size ranges are given in the percentage cells that are suppressed; these ranges are A—0.01
to 19.9; B-20.0 to 39.9; C-40.0 to 59.9; E-60.0 to 79.9; F-80.0 to 100.
41
SURVEY OF CURRENT BUSINESS
42 • April 1998
A mean value of i indicates that the measure
for affiliates, on average, equals that for the
domestically owned companies in comparable industries.29 For affiliates of each investing country,
a t test was performed to determine if the mean
is significantly different from i, which would
indicate that the measure for affiliates differs systematically from the measure for the domestically
owned companies.
ing; in 1994, the manufacturing affiliates of these
countries accounted for about 80 percent of both
the value added and the gross output of all U.S.
manufacturing affiliates.
Comparisons among the investing countries'
affiliates are made in terms of mean values of
affiliate-level measures "normalized" by industry;
to normalize, each measure for a given affiliate
was divided by the corresponding industry-level
measure for domestically owned U.S. parent
companies in the affiliate's industry.
The mean values for samples of affiliates of
each country for 1989 and 1994 are shown in tables 9.1 and 9.2, respectively. The samples of
affiliates consist of the affiliates in all the manufacturing industries and the affiliates in two
industry subgroups: Machinery-type industries
and all the other manufacturing industries.28
Content of output
In 1994, German-, Swiss-, and Japanese-owned
affiliates show the lowest average domestic content in relation to domestically owned companies in comparable industries. For Germanand Swiss-owned affiliates, the mean value for
29. In interpreting the figures in tables 9.1 and 9.2, it should be noted
that the all-country averages for the normalized measures are conceptually
different from the aggregate ratios shown in tables 2-4 and 6, because in
those tables, the numerator of each ratio is the industry-level measure for
the affiliates and is constructed by aggregating the data for all the affiliates
in the industry. In contrast, the figures in tables 9.1 and 9.2 are unweighted
averages (across the sample of affiliates) of the affiliate-level measures relative
to the industry-level measures for U.S. parent companies in corresponding
industries.
28. Each sample consists of all the manufacturing affiliates that had at least
$5 million in sales. Smaller affiliates were excluded to prevent the averages
from being skewed by the presence of large outliers that may result when the
denominator (total output, purchased inputs, or sales) in the measure for an
affiliate is very small. The extreme measures for some small affiliates may
reflect the start-up or shutdown of affiliate operations in the year for which
the measures are constructed.
Table 9.1 .--Means of Normalized Measures for U.S. Affiliates, by Country of UBO, 1989
[Standard deviations in parentheses]
All countries
Domestic content as a percentage of gross output:
All industries
0.88
(.27)
United
Kingdom
Japan
Other
countries
(.19)
0.96
(.15)
081
(.45)
088
(.21)
Germany
Switzerland
0.89
(.21)
0.84
0.87
(.21)
Canada
France
0.92
(.19)
.97 a
.80
(.23)
.82
(-25)
75
(.19)
.83
(.27)
.96
(.28)
(.18)
(.40)
(.26)
.90
(.25)
.91
(.18)
.91
(.17)
.88
(.18)
.91
(.15)
.97
(.12)
.84
(.49)
.90
(.18)
.72
(.52)
.76
(.38)
.70
(.38)
.72
(.42)
.76
(-36)
.83
(.37)
.66
(.62)
.68
(.68)
Machinery-type industries
.66
(-62)
.78
(.36)
.57
(.35)
.69
(.38)
.81
(-40)
.82
(.37)
.51
(.54)
57
(1.05)
Other industries
.76
(.45)
.76
(.39)
.75
(.38)
.75
(.44)
.74
(.33)
.84
(.37)
.76
(.66)
.72
(.40)
.84
Machinery-type industries
Other industries
.
...
Value added as a percentage of gross output:
All industries
Imports as a percentage of intermediate inputs:
All industries
Machinery-type industries
Other industries
Exports as a percentage of total sales:
All industries
Machinery-type industries
Other industries
4.43
4.70
5.25
5.04
4.34
2.18
4.66
4.88
(9.80)
(9.47)
(8.93)
(7.00)
(5.42)
(3.82)
(15.87)
(9.25)
4.71
a
3.51
2.00
1.66
(3-71)
(6.29)
462
(4.90)
3.82
(4.79)
(3.68)
(2.31)
373
(5.36)
399
(5.39)
498
(11.81)
5.67
(10.66)
547
(9.85)
539
(8.36)
463
(6.20)
262
(4.71)
533
(20.34)
529
(10.55)
(3.10)
.77 a
(1.88)
1.36a
(2.34)
.96 a
(1.57)
.81a
(1.20)
.93 a
(2.22)
1 73
(4.30)
1 30a
(4.09)
.73
(.96)
.53
(.77)
1 16a
(1.70)
66
(.82)
.76a
(-81)
78
(1.01)
64
(-96)
78
(.85)
.86a
(2.14)
1.44a
(2.57)
1.21"
(1.96)
.84a
(1.37)
1.07a
(2.88)
(5.46)
1.18
1.45
(3.83)
Addenda: Number of affiliates:
All industries
Machinery-type industries
Other industries
83
2.53
1,441
163
99
253
89
220
264
543
898
43
120
29
70
115
138
32
57
101
119
111
153
1.55a
(4.89)
353
112
241
a
Not statistically different from 1 at the 95-percent confidence level.
affiliate's industry.
NOTES.-TO normalize, the measure of content calculated for each affiliate was divided by the
*
corresponding aggregate measure for domestically owned U.S. parent companies classified in the
ssts f
°
™ facturing affiliates
that existed in
***
1988 and 1989 and
April 1998 • 43
SURVEY OF CURRENT BUSINESS
as well as a high import share of purchased intermediate inputs. The relatively low value-added
share for Japanese-owned affiliates (particularly
in machinery-type industries) is consistent with
established patterns of organizing production in
Japan, where manufacturing companies tend to
rely heavily on subcontracting.31
The average domestic content of Japaneseowned affiliates is substantially higher in 1994
than^in 1989. In 1989, Japanese-owned affiliates show the lowest domestic content among the
six investing countries, averaging 81 percent of
that of domestically owned companies in all industries and 75 percent of that of domestically
owned companies in machinery-type industries
(table 9.1). In machinery-type industries, the low
domestic content partly reflects a lower share
of value added in the total output of Japaneseowned affiliates (averaging only one-half of the
share for domestically owned companies). In
all industries, the import share of intermedi-
all manufacturing industries is 0.88, indicating
that their domestic content averages 12 percent
less than that of domestically owned companies in comparable industries (table 9.2). For
Japanese-owned affiliates, the domestic content
averages 11 percent less than that for domestically
owned companies. In machinery-type industries,
the domestic content for German-, Swiss-, and
Japanese-owned affiliates averages 15-17 percent
less than that for domestically owned companies.
The relatively low domestic content for
German- and Swiss-owned affiliates reflects a relatively high reliance on foreign sources for their
intermediate inputs; the import shares of their
purchased inputs average almost four times that
of the domestically owned companies.30 For
Japanese-owned affiliates, the relatively low domestic content reflects a relatively low share of
value added in gross output (averaging two-thirds
of the share for domestically owned companies)
30. As shown in the appendix, the high import share for Swiss-owned
affiliates partly reflects substantial imports of goods for resale without further
manufacture by the affiliates.
31. See, for example, Masahiko Aoki, "Toward an Economic Model of the
Japanese Firm," Journal of Economic Literature 28 (March 1990): 1-27.
Table 9.2.-Means of Normalized Measures for U.S. Affiliates, by Country of UBO, 1994
[Standard deviations in parentheses]
All countries
Domestic content as a percentage of gross output:
All industries
091
(-20)
Machinery-type industries
Switzerland
Japan
Other
countries
(.16)
089
(.23)
090
(.20)
84
United
Kingdom
Canada
France
093
(.19)
091
088
088
096
(.19)
(.20)
(.18)
Germany
(.24)
(.19)
90
(.23)
85
(.20)
83
(.21)
97a
(.20)
(.26)
90
(.24)
92
(.18)
92
(.19)
92
(.16)
91
(.18)
91
(.16)
96
(.13)
93
(.19)
91
(.18)
74
(.53)
75
(.49)
77
(-62)
78
(.39)
83
(.44)
83
(-44)
67
(.62)
(.52)
Machinery-type industries
.71
(.57)
.79
(.61)
.65
(.74)
.75
(.39)
.78
(.42)
.82
(-42)
.61
(-74)
.71
(.41)
Other industries
76
(.50)
74
(.45)
.83
(.54)
.82
(.39)
85
(.45)
84
(-46)
72
(.52)
71
(.56)
388
(5.29)
201
(3.93)
298
(5.75)
349
(5.98)
88
Other industries
Value added as a percentage of gross output:
All industries
Imports as a percentage of intermediate inputs:
All industries
Machinery-type industries
Exports as a percentage of total sales:
All industries
Machinery-type industries
Other industries
Addenda: Number of affiliates:
All industries
Machinery-type industries
Other industries
71
3.20
3.46
3.01
3.86
(5.83)
(7.36)
(5.68)
(6.02)
2.40
1.44a
(2.97)
1.96
3.15
3.40
1.41
2.51
2.36
(2.90)
(3.29)
(3.52)
(2.34)
(2.92)
(3.13)
(3.05)
Other industries
99 «
a
3.68
4.06
3.52
4.51
(6.93)
(8.13)
(6.59)
(7.68)
415
(6.05)
239
(4.63)
331
(7.06)
407
(6.94)
1 04a
(2.01)
99a
(1.84)
1.06a
(1.39)
94a
(1.46)
91 a
(1.19)
82
(1.43)
1 18
(2.08)
(2.73)
076
(.73)
0.68
(.89)
1 07a
(1.83)
099 a
(1.38)
a
0.87
0.85
(1.03)
(1.20)
1 15
(2.41)
(2.00)
103
a
1.02a
(1.10)
1 08a
(1.51)
0.80
a
(.68)
(1.04)
1 08a
(1.24)
a
143
(2.53)
1 10a
(3.24)
091
0.83
(1.74)
2236
219
157
323
116
272
627
836
50
169
52
105
155
168
41
75
105
167
256
371
1.400
109
522
177
345
a
Not statistically different from 1 at the 95-percent confidence level.
affiliate's industry.
NOTES.-TO normalize, the measure of content calculated for each affiliate was divided by the
The ™V* Sffncli!! iUToof"^9
corresponding aggregate measure for domestically owned U.S. parent companies classified in the
UBO Ultim^e beneficiaulwner
affiliateS that existed in
^ 1"3 and 1"4 and
SURVEY OF CURRENT BUSINESS
44 • April 1998
ate inputs is much higher in 1989 (averaging
more than four times that of domestically owned
companies) than in 1994.
In both 1989 and 1994, British-owned affiliates
had the highest share of domestic content (in
1994) it averaged 96 percent of that for domestically owned companies), the highest value-added
share (83 percent of the share for the domestically owned companies), and the lowest import
share of intermediate inputs (but twice th^jLof
the domestically owned companies). In 1994,
both the domestic content and the import share
of purchased inputs for British-owned affiliates
in machinery-type industries are barely distinguishable from those for domestically owned
companies. This similarity may reflect the fact
that British direct investment in U.S. manufacturing industries tends to be older and has
almost exclusively been to acquire existing U.S.
companies.32
Canadian-owned affiliates in machinery-type
industries also show a high share of domestic
content and a low share of imports in intermediate inputs; in 1994, both measures were similar
to those for domestically owned companies.33
However, for Canadian-owned affiliates in other
manufacturing industries, the domestic-content
share is relatively low (averaging 92 percent of
that for domestically owned companies in 1994)
and the import share of intermediate inputs is
very high (averaging more than four times that
of domestically owned companies). The high import share may be related to the relatively low
costs of shipping bulk materials (which serve as
intermediate inputs in many of these industries)
from Canadian parent companies to their U.S.
affiliates due to Canada's proximity to the United
States.
Market for output
For most of the major investing countries, the
average export shares of sales for affiliates in all
industries do not differ significantly from the
export shares for the domestically owned companies. Japanese-owned affiliates stand out as
having high average export shares of sales in relation to those of domestically owned companies
32. Outlays to acquire existing U.S. businesses accounted for 96 percent
of the total outlays by British direct investors to acquire or establish U.S.
manufacturing enterprises in 1987-92, according to data from BEA'S survey of
new investment; in comparison, 86 percent of total outlays by Japanese direct
investors and 92 percent of total outlays by direct investors from all countries
were to acquire existing U.S. businesses.
33. The relatively high domestic content for these Canadian-owned affiliates may also reflect the fact that Canadian direct investment has mainly
been to acquire existing U.S. companies: Outlays to acquire existing U.S.
businesses accounted for 97 percent of the total outlays by Canadian direct
investors in 1987-92.
(averaging 18 percent higher in 1994), particularly
in industries other than machinery-type industries (43 percent higher), in which the export
shares for both the domestically owned companies and affiliates are generally low. Among
specific industries, the export shares for Japaneseowned affiliates average more than eight times
the aggregate share for domestically owned companies in lumber and wood products and more
than three times the aggregate share for the domestically owned companies in other food and
kindred products. In other food and kindred
products, exports on average account for more
than one-fourth of the sales of Japanese-owned
affiliates, reflecting very high export shares for
affiliates specializing in seafood products, meat
products, and preserved fruits and vegetables.
The relatively high export activity in these industries suggests that some Japanese investments in
the United States are aimed at obtaining access
to primary resources in which the United States
is relatively abundant (with some processing taking place in the United States in order to reduce
transportation and other costs) rather than at
increasing sales to the U.S. market.
In machinery-type industries, Japanese-owned
affiliates, together with German-, Swiss- and
British-owned affiliates, on average, have substantially lower export shares than domestically
owned companies, indicating that their production in these industries is much more oriented
toward the domestic market.
Geographic Pattern of International
Purchases and Sales
This section examines differences in the geographic pattern of international purchases and of
sales by manufacturing affiliates in 1992, on the
basis of data collected in the 1992 benchmark survey of foreign direct investment in the United
States.
Aggregate figures on the geographic origin of
intermediate inputs purchased from abroad by
U.S. manufacturing affiliates of the six major
investing countries show considerable diversity
in the reliance on the investing country for
imported intermediate inputs. Imports from
the ultimate beneficial owner (UBO) country account for almost 90 percent of the imported
inputs of Japanese-owned affiliates and for about
three-fourths of the imported inputs of Germanand Swiss-owned affiliates (table 10). In contrast, imports from the investing country account
for only one-third of the inputs imported by
April 1998 • 45
SURVEY OF CURRENT BUSINESS
Table 10.—Geographic Origin of Imports by Manufacturing Affiliates of Selected UBO Countries, 1992
[Percentage of imports from all countries]
Country of UBO
Country of origin
Canada
France
Switzerland
Germany
United
Kingdom
Japan
All industries
100.0
100.0
100.0
100.0
100.0
100.0
Canada
66.6
12.9
6.4
3.4
7.0
2.1
Europe
France
Germany
Switzerland
United Kingdom
Other
11.9
50.9
Latin America and Other Western Hemisphere ....
Mexico
Other
12.0
All countries
A
1.3
.2
4.1
A
85.7
.9
2.4
.1
1.5
12.6
11.8
78.6
.3
.9
5.0
2.7
1.5
1.2
A
A
8.7
3.0
Africa
A
1.9
n
Middle East
0
0
0
Asia and Pacific
Japan
Other
7.7
A
A
22.2
4.9
17.3
Unallocated
Machinery-type industries
All countries
100.0
92.1
Canada
1.2
Europe
France
Germany
Switzerland
United Kingdom
Other
.3
1.7
100.0
100.0
6.7
35.1
24.3
1.6
0
1.0
8.3
Latin America and Other Western Hemisphere
Mexico
Other
3.4
2.3
1.1
A
A
A
87.6
3.2
3.8
76.3
1.2
3.1
2.1
100.0
.3
92.2
85.9
.1
A
A
78.1
1.1
3.9
1.1
.5
.6
0
n
0
Middle East
0
0
0
3.8
3.1
.8
7.0
1.9
5.2
Asia and Pacific
Japan
Other
44.9
9.6
35.3
.,
Unallocated
3.4
3.0
2.5
.5
0
13.0
2.5
10.5
90.8
86.6
4.2
1.0
2.4
100.0
100.0
.5
9.2
58.2
1.1
5.0
A
1.2
A
.2
44.5
A
1.1
1.0
.2
Africa
,
A
A
0
n
39.4
8.3
1.0
7.3
1.4
90.3
.6
4.3
2.8
A
3.6
A
A
4.4
2.5
1.9
1.6
.2
.3
68.6
3.0
3.0
.1
0
0
30.5
8.0
22.5
92.6
88.7
3.9
1.0
2.7
100.0
Other industries
All countries
100.0
100.0
100.0
100.0
100.0
Canada
59.7
17.6
10.0
4.5
6.5
Europe
France
Germany
Switzerland
United Kingdom
Other
14.7
63.0
42.0
82.4
86.0
4.3
1.9
Latin America and Other Western Hemisphere
Mexico
Other
15.2
A
A
.3
A
A
A
A
3.0
.2
1.9
15.8
A
A
A
1.1
73.3
.5
75.7
71.3
5.1
2.2
A
A
A
1.3
2.9
38.1
3.9
2.2
1.7
A
A
A
10.2
Africa
A
3.4
A
A
Middle East
0
0
A
0
Asia and Pacific
Japan
Other
A
A
A
4.9
1.4
3.5
3.1
1.8
1.4
3.4
2.7
.7
4.0
A
1.1
0
A
A
1.0
9.2
3.0
.4
2.7
2.6
A
A
8.4
1.0
7.4
81.7
75.7
6.0
.6
Unallocated
* Less than 0.05 percent.
NOTE.—Size ranges are given in the percentage cells that are suppressed; these ranges are
10.4
A-0.01 to 19.9; B-20.0 to 39.9; C-40.0 to 59.9; E-SO.O to 79.9; F-80.0 to 100.
UBO Ultimate beneficial owner
SURVEY OF CURRENT BUSINESS
46 • April 1998
Table 11.—Geographic Destination of Exports by Manufacturing Affiliates of Selected UBO Countries, 1992
[Percentage of exports to all countries]
Country of UBO
Country of destination
France
Canada
Switzerland
Germany
United
Kingdom
Japan
All industries
100.0
100.0
Canada
30.8
23.4
20.6
16.6
16.9
16.4
Europe
France
Germany
Switzerland
United Kingdom
Other
27.5
37.3
21.3
38.6
2.0
46.0
38.2
3.4
4.9
17.7
All countries
:
Latin America and Other Western Hemisphere
Mexico
Other
3.1
3.6
A
4.4
A
13.1
4.8
.6
3.2
7.3
10.8
4.8
8.4
6.8
4.0
.5
.6
Africa
Middle East
Asia and Pacific
Japan
Other
Unallocated
Machinery-type industries
All countries
100.0
24.5
.4
2.3
1.6
100.0
21.6
9.5
12.1
5.6
2.5
4.5
100.0
.9
26.8
9.4
3.5
8.6
8.8
4.8
4.1
9.0
3.6
5.4
18.4
10.6
7.7
3.8
3.9
100.0
2.1
4.0
.4
4.2
7.0
8.8
5.9
2.9
4.0
.8
25.7
10.2
15.6
100.0
.6
25.8
6.4
19.4
4.8
2.3
17.6
3.9
13.7
4.5
3.5
24.9
11.0
13.8
.4
52.1
38.4
13.6
8.1
4.0
100.0
100.0
100.0
100.0
Canada
49.8
18.8
18.9
13.8
16.7
17.8
Europe
France
Germany
Switzerland
United Kingdom
Other
13.3
37.6
29.3
52.6
32.5
43.4
18.1
1.1
.2
2.3
4.8
41.7
Latin America and Other Western Hemisphere
Mexico
Other
17.6
2.8
1.2
A
4.6
A
8.0
9.6
100.0
4.2
.2
1.9
4.5
8.0
6.4
7.4
4.8
2.6
14.4
2.1
5.1
12.3
4.7
8.3
8.2
4.7
3.5
Africa
A
.7
.1
7.9
Middle East
A
.9
.4
A
Asia and Pacific
Japan
Other
Unallocated
Affiliates in other manufacturing industries
All countries
17.3
A
A
22.8
10.7
12.1
16.2
4.4
11.8
1.8
4.8
4.4
100.0
29.4
4.8
24.7
4.0
7.0
.1
24.8
7.5
7.3
4.3
2.9
1.8
3.4
A
4.8
A
11.1
7.8
3.3
.7
.9
1.1
.3
17.5
5.4
12.1
13.5
46.9
29.4
17.5
4.7
100.0
100.0
100.0
100.0
Canada
26.3
26.7
21.4
19.1
17.1
14.4
Europe
France
Germany
Switzerland
United Kingdom
Other
30.8
37.1
15.7
32.0
58.0
35.4
17.1
Latin America and Other Western Hemisphere
Mexico
Other
12.1
Africa
Middle East
Asia and Pacific
Japan
Other
Unallocated
3.1
4.2
A
4.3
A
4.0
8.1
A
A
27.7
A
A
1.6
NOTE.—Size ranges are given in the percentage cells that are suppressed; these ranges i
A-0.01 to 19.9; B-20.0 to 39.9; O^O.O to 59.9; E-60.0 to 79.9; F-80.0 to 100.
UBO Ultimate beneficial owner
7.5
1.0
3.8
9.2
8.2
5.8
2.3
.6
.7
20.8
8.6
12.2
6.1
.9
16.3
.5
2.5
11.7
9.5
4.7
4.7
2.9
4.1
39.8
2.4
8.9
9.7
2.6
7.1
.1.2
7.3
23.0
4.9
14.8
12.4
7.0
3.1
3.9
2.4
4.7
A
3.5
A
8.0
3.5
4.5
5.6
3.4
2.3
.6
.3
4.9
.7
30.3
3.2
3.8
1.3
100.0
29.0
14.2
.5
59.1
50.7
4.1
8.4
5.1
2.9
SURVEY OF CURRENT BUSINESS
French- and British-owned affiliates.
In
machinery-type industries, French- and Britishowned affiliates purchase a substantial share of
their imported inputs from the developing and
newly industrializing countries of East Asia. For
affiliates in all six countries, more than 80 percent of the imports from the investing country
are intrafirm imports from the affiliates' foreign
parent groups.34
The destinations of foreign sales by U.S. manufacturing affiliates of the six countries are less
geographically concentrated than the origins of
affiliate imports. In most cases, exports to the
investing country account for 20-30 percent of all
affiliate exports (table 11). The investing-country
share is largest for Japanese-owned affiliates (38
percent); exports to Japan account for onehalf of the exports by Japanese-owned affiliates
in industries other than machinery-type industries. In machinery-type industries, the share
of exports to the investing country is largest for
German-owned affiliates (42 percent).
Appendix
Data used to construct measures
The measures of domestic content and market
orientation that are examined in this article are
based on BEA'S data for U.S. affiliates of foreign companies and U.S. parent companies of
foreign affiliates. For analytical purposes, adjustments have been made to these data; hence their
presentation in this article differs in a number
of ways from the standard presentation in BEA
publications.
The data used to construct the measures of
content and market orientation for U.S. manufacturing affiliates are from BEA'S benchmark and
annual surveys of foreign direct investment in the
United States. These data are collected at the enterprise level from reports by fully consolidated
enterprises. All of the data for an affiliate are assigned to the affiliate's "primary" industry—the
industry in which it has the most sales—even
though the affiliate may have production and
sales in more than one industry. As a result,
data for a given manufacturing industry may include some data for secondary activities in other
industries.35
34. However, imports from the investing country do not account for a uniformly large share of the affiliates' imports from their foreign parent groups:
Only 56 percent of the intrafirm imports by British-owned affiliates originate
in the United Kingdom and only 69 percent of the intrafirm imports by
French-owned affiliates originate in France.
35. The data on affiliate sales can be broken down by each industry in
which the given affiliate reports sales. In 1994, manufacturing sales accounted
The data used to construct the four measures
for domestically owned U.S. parent companies
are from BEA'S benchmark surveys of U.S. direct
investment abroad for 1989 and 1994. Because
some U.S. parent companies are also U.S. affiliates of foreign companies, the data on U.S. parent
companies have been adjusted to exclude U.S.
parents that are foreign owned. (In 1994, foreignowned U.S. parents accounted for 12 percent of
the gross output of all U.S. parent companies in
manufacturing.)
Domestically owned U.S. parent companies in
manufacturing are used in the comparisons for
four reasons. First, these companies are very similar to U.S. affiliates because of their international
orientation and typically large size. Second, both
the data for these companies and those for U.S.
affiliates are collected at the enterprise level, using
the same survey methods and the same procedures for industry classification.36 Third, the data
covering U.S. parent companies provide the only
directly collected industry-level data on the imported intermediate inputs used by domestically
owned U.S. companies.37 Fourth, domestically
owned U.S. parent companies in manufacturing
can be viewed as representative of U.S. manufacturing companies insofar as they account for
a large share—more than one-half—of the gross
output of all domestically owned U.S. companies
in manufacturing.38
The industry-level measures for U.S. affiliates
and domestically owned U.S. parent companies
were constructed for 32 detailed manufacturing
for 85 percent of the total sales of affiliates classified in manufacturing; about
7 percent of their sales were accounted for by sales in wholesale trade.
36. Like the data for U.S. manufacturing affiliates, the data for U.S. parent companies classified in manufacturing include some data related to the
companies' secondary activities in nonmanufacturing industries: In 1994,
nonmanufacturing sales accounted for 15 percent of the total sales of U.S.
parent companies in manufacturing.
37. Some researchers have constructed indirect estimates of imported inputs used in U.S. manufacturing industries by combining input-output data
with data on imports classified by the industries producing the imported
goods. These estimates are based on the assumption that the share of imports
in the goods supplied by an industry is identical for all industries using the
supplying industry's goods as intermediate inputs.
38. In 1994, domestically owned U.S. parent companies in manufacturing
accounted for 56 percent of the gross output of all domestically owned companies in manufacturing. To compute this share, the gross output of U.S.
corporations in manufacturing was computed from data in 1994 Corporation
Source Book of Statistics of Income from the Internal Revenue Service (IRS);
the gross output of domestically owned U.S. manufacturing companies was
derived by subtracting the gross output of U.S. manufacturing affiliates from
the gross output of U.S. corporations in manufacturing. (This share may be
understated because of potential double-counting in the IRS data due to less
than fully consolidated reporting by some U.S. corporations.)
Of the 32 manufacturing industries in table 2, domestically owned U.S.
parent companies accounted for more than one-half of the gross output of
all domestically owned companies in 17 industries, including 8 of the 12
machinery-type industries. The shares were less than 20 percent in the lumber
and wood products, fabricated metal products, and other manufacturing
industries. (Because the level of consolidation for company reports to the
IRS may differ from that required in BEA'S surveys of direct investment, these
shares by detailed industry are approximate.)
April 1998 •
47
48 • April 1998
SURVEY OF CURRENT BUSINESS
industries (tables 2-7); this presentation is more
detailed than the industry presentation in BEA'S
standard tables for either U.S. affiliates or U.S.
parent companies.39 Specifically, the industries
are disaggregated to represent the production
stages or processes in an industry group; for
example, lumber and wood products is separated from furniture and fixtures. In addition,
more detail is shown for industries that are usually grouped in "other industrial machinery and
equipment."
For industry-level results, the data used to
construct the measures for the manufacturing affiliates in 1994 are restricted to affiliates that also
existed in 1993, so that the change-in-inventories
component of gross output could be computed
from reported data on inventory levels. This
group of affiliates accounts for 98 percent of the
gross product and sales of manufacturing affiliates in the universe in 1994. Similarly, the data
used to construct the measures for affiliates in
1989 are restricted to those for affiliates that also
existed in 1988. For domestically owned U.S. parent companies, the change-in-inventories component of total output was estimated (table i),
because data on U.S.-parent-company inventories
are collected only in benchmark survey years.
For changes in behavior over time, panel data for
affiliates classified in machinery-type industries
are used in order to isolate changes in affiliate
behavior from changes in the population of affiliates. The panel consists of 371 affiliates that were
classified in machinery-type industries in 1994
and that existed in each of the years 1987-94*°
The panel affiliates accounted for only about onethird of the 1,110 affiliates that were classified in
machinery-type industries in 1994, but they accounted for 69 percent of the gross output of all
affiliates in those industries in 1994; in 9 of the
12 industries, they accounted for more than onehalf of the gross output (table 12).41 The panel
data include data for inventories for 1987 and
data for each of the items needed to compute the
measures of content and market orientation for
39. For examples of the standard level of detail, see tables 19.1 and 19.2
in "Foreign Direct Investment in the United States: New Investment in 1996
and Affiliate Operations in 1995," and tables 17.1 and 17.2 in "U.S. Multinational Companies: Operations in 1995," SURVEY 77 (October 1997). For the
most detailed presentation, see table A-i in Foreign Direct Investment in the
United States: Operations of U.S. Affiliates of Foreign Companies, Revised 1994
Estimates (Washington, DC: U.S. Government Printing Office, June 1997).
40. The panel is based on the industry classification of the affiliates in
1994; however, some of the affiliates that were classified in a given industry
in 1994 may have been classified in other industries in other years covered by
the panel.
41. However, the affiliates in the panel accounted for only 15 percent of the
total output of affiliates in computer and office equipment, so the behavior
of the affiliates in the panel may not be generalized to that of all affiliates in
this industry.
Table 12.—Gross Output of Affiliates in the Panel as a Percentage of Gross Output of All Affiliates in the Industry,
Machinery-Type Industries, 1994
Construction and mining machinery
Metalworking machinery
Special industrial machinery
586
458
560
General industrial machinery
.
Computer and office equipment
Other industrial machinery and equipment
853
154
430
Audio and video, and communications, equipment
Electronic components and accessories
Household appliances and other electrical machinery
92.6
656
76.8
Motor vehicles and equipment
Other transportation equipment
Instruments and related oroducts
725
592
76.4
1988-94. Aggregating the data for affiliates in the
panel, the four measures were computed at the
industry level for each of the years 1988-94.
For comparisons by country of ownership, the
four measures for 1989 and 1994 were constructed at the affiliate level for affiliates that also
existed the previous year (so that the change-ininventories component of affiliate gross output
could be computed). To control for industrymix effects in the comparisons, the affiliatelevel measures were normalized by dividing the
measure for each affiliate by the corresponding
industry-level measure for domestically owned
U.S. parent companies in the affiliate's industry. The comparisons are made in terms of
unweighted averages of the normalized measures
across samples of affiliates. The samples are restricted to manufacturing affiliates that had at
least $5 million in sales in order to prevent the
averages from being skewed by the presence of
large outliers that may result when the denominator (total output, purchased inputs, or sales)
in the measure for an affiliate is very small.
Intended use of imports by U.S. affiliates
The results reported for U.S. affiliates—
particularly the import share of their intermediate inputs—may be biased by the inclusion of
imports that are unrelated to their manufacturing
production. Some affiliates classified in manufacturing may have substantial imports of goods
for resale without further manufacture as a result
of their secondary operations in wholesale trade.
The degree of this bias can be examined using BEA'S data on U.S. affiliate operations in 1994,
which provide information on the intended use
of affiliate imports. Specifically, the data include
the value of that portion of affiliate imports that
consists of the goods intended for further processing, assembly, or manufacture by the affiliate
(in contrast to goods intended for resale without
April 1998 •
SURVEY OF CURRENT BUSINESS
further manufacture or to capital goods intended
as additions to the affiliate's capital stock).42
In 1994, imports of goods for further manufacture accounted for 53 percent of the total imports
of the affiliates in manufacturing (table 13, column 3). The shares of affiliate imports accounted
for by goods intended for further manufacture
were less than 50 percent in one-half of the 32
industries and were less than 30 percent in five
of them—beverages, rubber products, glass products, household appliances and other electrical
equipment, and instruments.
The degree of bias that is introduced by the
inclusion of these imports can be assessed by reconstructing the measure for a restricted sample
of affiliates for whom goods intended for further manufacture account for at least 50 percent
of imports. Table 13 shows the industry-level
import-share measures for this restricted sample of affiliates (column 4) in comparison with
the measures for all manufacturing affiliates (column i); the last two columns show the ratios of
these measures to the corresponding measure for
domestically owned U.S. parent companies.43
In most industries, the import shares for the
full and restricted samples of affiliates are very
similar, both in absolute terms and relative to the
measures for the domestically owned companies.
In a few industries, however, the import-share
measures are substantially lower for affiliates in
42. Data on imports intended for further manufacture have been collected
annually beginning with the 1992 benchmark survey. The benchmark-survey
data also include separate data on imports of goods for resale without further
manufacture and on imports of capital equipment; in 1992, imports for resale
accounted for 95 percent of manufacturing affiliates' imports of goods that
were not intended for further manufacture.
43. For most of the affiliates in the restricted sample, the shares of imports
accounted for by goods intended for further manufacture are much higher
than 50 percent. As shown in column 6 of table 13, imports for further
manufacture accounted for 88 percent of the total imports of affiliates in the
restricted sample; at the industry level, the shares in two-thirds of the 32
industries are more than 90 percent.
49
Table 13.—Import-Share Measures for Full and Restricted Samples of U.S. Manufacturing Affiliates, by Industry, 1994
Restricted sample 1
Full sample
Imports as a
percentage of
intermediate
inputs
(1)
3
Manufacturing
Beverages .
Other food products
Textile mill products
Apparel and other textile products
Lumber and wood products
Furniture and fixtures
Paper and allied products
Printing and publishing
18.7
15.6
7.6
8.8
12.7
8.3
5.6
11.0
2.1
Imports of
goods for further
manufacture as
a percentage of
intermediate
inputs
Imports of
goods for further
manufacture as
a percentage of
total imports
(2)
(3)
10.0
67.4
80.7
70.3
40.6
7.8
52.6
54.5
47.6
67.0
27.9
15.5
13.6
Primary ferrous metals
Primary nonferrous metals
Fabricated metal products
14.8
21.9
12.5
14.0
Construction and mining machinery
Metalworking machinery
Special industrial machinery
37.1
25.5
24.1
General industrial machinery
Computer and office equipment
Other industrial machinery and equipment
20.7
39.6
23.2
Audio video, and communications equipment
Electronic components and accessories
Household appliances and other electrical machinery
41.1
29.1
25.4
29.2
11.8
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Other manufacturina
31.8
22.8
14.9
12.9
23.8
10.6
7.7
10.8
1.6
11.4
17.2
.2
8.0
5.8
12.4
6.3
4.9
9.4
1.3
13.0
18.1
3.8
22.7
Imports of
goods for further
manufacture as
a percentage of
intermediate
inputs
Imports of
goods for further
manufacture as
a percentage of
total imports
(5)
(6)
15.2
.2
7.4
5.8
10.2
6.3
4.9
8.2
1.2
10.8
15.1
3.6
21.9
Full sample
Restricted
sample
(7)
(8)
88.0
1.65
1.52
100.0
6.38
3.16
2.58
1.33
3.30
1.72
1.30
4.92
1.60
2.59
3.70
1.41
2.23
93.3
99.0
82.4
100.0
100.0
87.2
98.6
83.4
83.2
95.8
96.5
.90
1.65
3.59
.71
.07
.53
1.45
3.26
.80
6.48
8.66
82.8
2.13
3.99
7.19
2.27
1.24
1.67
5.60
1.67
97.1
71.2
74.4
2.05
2.50
3.40
2.17
2.62
2.30
76.5
2.23
3.88
4.34
2.10
3.39
4.98
5.0
5.2
3.6
3.5
17.8
33.7
26.4
45.2
16.2
8.9
60.1
64.2
31.9
15.7
23.0
19.5
12.4
18.0
52.7
48.8
74.6
34.9
22.2
27.6
26.7
22.2
25.8
100.0
9.5
46.0
57.6
45.9
14.7
43.3
17.3
11.4
33.0
16.6
78.1
76.3
95.9
2.66
1.41
1.98
71.1
40.6
24.5
45.4
21.4
11.6
44.1
21.3
97.1
99.2
99.5
3.30
2.11
4.43
3.64
1.55
2.02
74.7
46.5
29.2
74.5
32.2
15.2
29.3
14.6
91.1
95.6
91.8
83.6
1.32
3.23
1.31
1.49
1.33
2.16
4.0
22.8
10.6
6.2
4.4
9.6
1. Restricted to manufacturing affiliates that had at least $5 million in sales and whose imports, if any, consisted
mainly of goods intended for further processing, assembly, or manufacture by the affiliate.
2. Import share for the given sample of affiliates divided by the import share for domestically owned U.S. parent
companies shown in table 4.
A
C
5.6
4.5
7.7
.9
Rubber products
Miscellaneous plastics products ..
Glass products
Stone clay and concrete products
3.4
53.3
48.5
72.9
14.8
19.9
17.0
(4)
A
A
4.2
9.3
Industrial chemicals and synthetics
Drugs
Soap cleaners and toilet goods
Other chemicals
Imports as a
percentage of
intermediate
inputs
Addenda:
Imports as a percentage of
intermediate inputs:
Ratio of measure for U.S.
affiliates to measure for U.S.
parent companies 2
6.5
10.6
5.6
8.5
9.3
13.1
14.9
6.2
10.6
4.7
15.2
16.3
6.3
11.5
8.6
10.9
92.2
95.5
100.0
93.4
1.13
1.29,
.80
.82
1.51
3. See table 2, footnote 1.
NOTE.—Size ranges are given in the percentage cells that are suppressed; these ranges are A—0.01 to 19.9;
B-20.0 to 39.9; C-^0.0 to 59.9; E-60.0 to 79.9; F-30.0 to 100.
SURVEY OF CURRENT BUSINESS
5O • April 1998
the restricted sample, indicating that the measures for the full sample are biased by the inclusion
of imports that are unrelated to manufacturing
production. The bias is particularly pronounced
in beverages, rubber products, miscellaneous
plastics products, and household appliances.
The restricted sample of affiliates was also
used to evaluate the degree to which the comparisons by country of ownership in table 9.2
reflect imports unrelated to manufacturing production. Table 14 presents the mean values of
the normalized measures for affiliates of each
country based on the restricted sample. For
the import-share measure, the means shown in
table 14 for the restricted sample are generally
lower than the means shown in table 9.2 for
the full sample; however the overall pattern
across countries is very similar. In both tables, German-owned affiliates have very high
import shares, and British-owned affiliates have
relatively low shares.
The rankings among
countries in terms of the import shares are
also similar for Canadian- and Japanese-owned
affiliates.
For French- and Swiss-owned affiliates, however, the average import shares
are substantially lower in the restricted sample than in the full sample, indicating that
the shares in the full sample are inflated
by imports unrelated to their manufacturing
production, gg
Table 14.—Means of Normalized Measures for Restricted Sample of Manufacturing Affiliates, by Country of UBO, 1994
[Standard deviations in parentheses]
All countries
United
Kingdom
Japan
Other countries
095
092
089
0.91
0.99
(.19)
(.21)
(.22)
(.18)
(.15)
091
(.24)
093
(.19)
1 03a
(.12)
86
(.28)
85
(.23)
.87
(.21)
1.00a
(-20)
85
(.24)
(.27)
93
(.22)
.94
(.18)
.92
(.20)
.95a
(.16)
.92
(.20)
.93
(.17)
.98 a
(.12)
.95
(.19)
94
(.18)
.73
(.50)
.71
(.51)
.74
(.74)
.77
(.43)
.83
(.51)
.83
(.49)
.68
(.50)
.72
(.47)
Machinery-type industries
.71
(.49)
.80 a
(.69)
.52
(.84)
.73
(.44)
.80 a
(.53)
.84
(.44)
66
(.41)
70
(.46)
Other industries
.75
(.51)
.69
(.45)
.85a
(.66)
.80
(.42)
.84
(.50)
.83
(.52)
.70
(.55)
72
(.48)
093
(.21)
90
Machinery-type industries
Other industries
Value added as a percentage of gross output:
All industries
Imports as a percentage of intermediate inputs:
All industries
Machinery-type industries
Other industries
Exports as a percentage of total sales:
All industries
Machinery-type industries
Other industries
Addenda: Number of affiliates:
All industries
Machinery-type industries
Other industries
. .. .
a
2.70
3.12
2.28
3.61
3.10
1.63
2.50
2.84
(6.08)
(8.07)
(4.26)
(6.62)
(5.42)
(4.05)
(6.00)
(6.10)
2.16
.77a
(1.29)
3.14
2.66
(3.56)
(3.75)
(3.06)
1.13a
(2.36)
2.27
(3.02)
(2.65)
209
(3.20)
301
(7.24)
3.79
2.27
4.02
3.28
1.92
(9.01)
(4.61)
(8.35)
(6.15)
(4.75)
266
(7.49)
319
(7.04)
1.10a
(2.07)
a
97a
(1.50)
.86a
(1.59)
.90a
(1.19)
.77a
(1.56)
(2.29)
1 01 a
(2.03)
1.04a
(1.96)
:97
2.29
a
1.25
.87
(1.13)
(1.33)
1.05a
(1.23)
.74
(-90)
.86a
(.76)
.61
(.71)
.85a
(1.11)
1 09a
(1.43)
1 13a
(2.29)
1 14a
(2.23)
92a
(1.63)
96 a
(2.01)
.91a
(1-33)
.86 a
(1.89)
1 53
(2.80)
98 a
(2.26)
1,436
159
90
194
62
173
518
918
35
124
31
59
90
104
18
44
64
109
Not statistically different from 1 at the 95-percent confidence level.
NOTES.—To normalize, the measure of content calculated for each affiliate was divided by the
corresponding aggregate measure for U.S. parent companies classified in the industry of the affiliate.
Switzerland
France
Domestic content as a percentage of gross output:
All industries
a
Germany
Canada
419
172
247
339
108
231
The sample is restricted to manufacturing affiliates that had at least $5 million in sales and
whose imports, if any, consisted mainly of goods intended for further processing, assembly, or
manufacture by the affiliate.
UBO Ultimate beneficial owner
SURVEY OF CURRENT BUSINESS
April 1998
U.S. International Transactions,
Fourth Quarter and Year 1997
By Christopher L Bach
FOURTH QUARTER 1997
in the increase in U.S. assets abroad than in the
increase in foreign assets in the United States.
The statistical discrepancy—errors and omissions in recorded transactions—was a negative
$39.6 billion in the fourth quarter, compared with
a negative $29.5 billion in the third. In the fourth
quarter, and perhaps in the third, the size of the
discrepancy is believed to reflect the imperfect
recording of short-term capital flows.
The following are highlights for the fourth
quarter of 1997:
HE u.s. current-account deficit increased to
$45.6 billion in the fourth quarter from $43.1
T
billion (revised) in the third (table A, table i). A
1
decrease in the deficit on goods was more th^i
offset by an increase in net unilateral transfers,
a decrease in the surplus on services, and an
increase in the deficit on investment income.
In the capital account, net recorded inflows
were $85.2 billion in the fourth quarter, compared
with net inflows of $72.6 billion in the third. The
step-up in net inflows reflected a larger slowdown
• The deficit on goods fell as exports resumed
their rise.
• Net U.S. purchases of foreign securities were
sharply lower, reflecting uncertainties created by financial problems in Asia. Direct
investment outflows were sharply higher, off-
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.
Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
Line
Lines in tables 1 and 10 in which transactions are included indicated in ( )
1
2
3
4
Exports of goods, services, and income (1)
Goods, adjusted excluding military (2)
Services (3)
Income receipts on investments (11)
5
6
7
8
Imports of goods, services, and income (15)
Goods adjusted excluding military (16)
Services (17)
Income payments on investments (25)
9
10
Unilateral transfers (29)
1,055,233
612,069
236,764
206,400
1997^
1,167,610
678,348
253,220
236,043
Change:
1996-97
112,377
66,279
16,456
29,643
Change:
1997
1996
1997
I
256,382
150,048
57,057
49,277
II
262,335
153,411
58,736
50,188
III
261,979
150,764
59,322
51,893
IV
274,545
157,846
61,656
55,043
r
• \
279,320
162,341
61,736
55,243
\\"
293,668
171,227
63,335
59,106
UK
295,527
170,255
64,397
60,875
IV*
IIHV
299,096
174,525
63,754
60,817
3,569
4,270
-1,163,450 -1,295,530 -132,080 -278,860 -289,231 -295,865 -299,493 ^310,659 -322,608 -329,571 -332,691
-74,043 -192,973 -200,973 -203,257 -206,036 -212,185 -218,415 -222,256 -224,426
-803,239 -877,282
-11,295 -38,671 -38,953
-167,929
-156,634
-39,345 •^39,664 -41,216 ^1,817 -42,303 ^2,592
-203,577 -250,320 -46,743
-£7,258
^9,305
-47,216
-65,012 -65,673
-62,376
-53,793
-53,263
-3,120
-2,170
-39,968
-38,526
^352,444
6,668
^26,938
-1,010
177
-426,105
-8,947
-8,577
-10,406
-5,689
-74,494
-7,678
-70,768
17
-49,698
867
-67,683
-70,575
-48,817
-21
-284
162
-65,193 -153,837 -132,756
-90,760
1,442
-11,926
-8,855
-643
-58
-289
-661
-9,070
-12,024
-2,954
-91,264 -110,696
-96,678
^,524
14,018
-3,794
461
-110,427
5
-92,159
18,268
U.S. assets abroad, net (increase/capital outflow (-))
(33)
11
12
1996
-77,542 -154,436 -128,297
4,480
-315
7,489
U S. official reserve assets net (34)
U.S. Government assets, other than official reserve
assets net (39)
U.S. private assets, net (43)
•^358,422
15
16
Foreign assets in the United States.net (increase/ capital
inflow (+)) (48)
Foreign official assets net (49)
Other foreign assets, net (56)
547,555
122,354
425,201
690,497
142,942
18,157 -104,197
247,139
672,340
88,233
52,014
36,219
106,114
13,154
92,960
158,629
24,089
134,540
194,579
33,097
161,482
182,282
28,891
153,391
143,059
-5,374
148,433
183,292
21,867
161,425
181,863
-27,227
209,090
-1,429
-49,094
47,665
17
18
Allocations of special drawing rights (62)
Statistical discrepancy (63)
-46,927
-97,113
-50,186
15,419
-20,831
-38,254
-3,269
-14,069
-14,000
-29,482
-39,566
-10,084
19
20
21
22
23
Memoranda:
Balance on goods (64)
Balance on goods and services (66)
Balance on investment income (67)
Balance on current account (70)
Net capital flows (33 and 48)
-191,170
-111,040
2,824
-148,184
195,111
-198,934
-113,643
-14,277
-166,446
263,559
-7,764
-2,603
-17,101
-18,262
68,448
-42,925
-24,539
2,061
-32,884
17,465
-47,562
-27,779
883
-35,585
56,416
-52,493
-32,516
-1,370
^2,833
81,087
-48,190
-26,198
1,250
-36,874
40,143
-49,844
^29,324
-2,015
-39,916
53,985
-47,188
-25,670
-3,270
-37,795
51,795
-52,001
-29,907
-4,137
-43,114
72,596
-49,901
-28,739
-4,856
-45,619
85,185
2,100
1,168
13
14
r
Revised.
p Preliminary.
-690
-210
-523
-358
-236
-268
-730
-456
-719
-2,505
12,589
SURVEY OF CURRENT BUSINESS
5-2 • April 3998
setting some of the decline in outflows for
net securities purchases.
U.S. banks borrowed heavily to fund strong
demand for credit at financial centers in the
Caribbean and the United Kingdom and to
replace the drop-off in deposit inflows to
foreign-owned banks in the United States. In
addition, some foreigners elected to hold deposits at banks in the United States, rather
than at foreign banking institutions, in the
face of uncertainties created by deteriorating
economic and financial conditions in Asia.
premium paid by some Japanese banks over nonJapanese banks for dollar funding. Falling equity
prices, asset values, and currency prices in developing Asian countries also adversely affected
the Japanese economy and exchange rate. Late
in December, Japanese monetary authorities confirmed that they had intervened to support the
yen in exchange markets.
In late October, the Hong Kong Monetary Authority moved to defend the tie of the Hong Kong
dollar to the U.S. dollar, despite the round of
U.S. dollar in exchange markets
CHART 1
In the fourth quarter, the U.S. dollar depreciated
i percent on a trade-weighted quarterly average
basis against the currencies of 10 industrial countries. Against the European currencies, the dollar
depreciated 3—4 percent. Against the Japanese
yen, the dollar appreciated 6 percent. Against
the currencies of developing countries in Asia,
appreciation was substantial: 7 percent against
the Singapore dollar, 10 percent against the Taiwan dollar, 24 percent against the Thai baht, 25
percent against the Malaysian ringgit, 31 percent
against the South Korean won, and 47 percent
against the Indonesian rupiah (table B, chart i).
The U.S. dollar depreciated 3-4 percent against
most European currencies in the quarter. Weakness of the dollar for much of the quarter partly
reflected a decision by German monetary authorities to raise short-term interest rates 30 basis
points in early October. By the end of the quarter,
the market had pushed German rates up further,
leading to a more rapid rise in German rates
than in U.S. rates and a narrowing of the interest differential in favor of U.S. assets (charts 2
and 3). The dollar strengthened late in the quarter, partly because the U.S. economy came to be
seen as less vulnerable to the financial problems
in Asia than the European economies. In addition, at the end of the quarter, German and other
European officials reached an understanding to
orient interest rates toward the lowest interest
rates among "core" countries of the European
Monetary Union.
The U.S. dollar appreciated 6 percent against
the Japanese yen, as additional evidence accumulated of slowing economic growth in Japan. Negative prospects about future economic growth
were exacerbated when several large, prominent,
financial institutions failed in November. By
early December, concerns over creditworthiness
led to a widening to 100 basis points of the
Indexes of Foreign Currency
Price of the U.S. Dollar
December 31,1996=100
160
140
German mark
120
100
Japanese yen
80
160
Philippines peso
140
120
Singapore dollar-^
100
" Hong Kong dollar
80
1997:1
1997:11
1997:111
Indexes prepared by BEA from weekly data.
Data: Federal Reserve Board and The Wall Street Journal
U.S. Department of Commerce, Bureau of Economic Analysis
1997:IV
SURVEY OF CURRENT BUSINESS
• 53
stock exchange, which in turn triggered temporary sharp price declines in stock markets around
the world and sharply raised risk premiums in
world bond markets. In November, the Republic of Korea announced that it would no longer
competitive currency devaluations just completed
by other developing countries in Asia, including
Taiwan. A sharp rise in interest rates halted depreciation of the Hong Kong dollar, but led to a
sudden, sizable drop in prices on the Hong Kong
CHART 3
CHART 2
Long-Term Interest Rates
Short-Term Interest Rates
Percent
10
U.S. and Foreign Long-Term Government Interest Rates'
.United Kingdom
Percent
10
April 1998
U.S. and Foreign Short-Term Interest Rates'
Japan
Japan •
Short-Term Interest-Rate Differentia,
(Plus (+) Indicates Differentials
in Favor of U.S. C
Assets)
(Plus (+) Indicates Differentials in Favor of U.S. Dollar Assets)
0 ~--_
1993
1994
1995
1996
1993
1997
1994
1995
1996
1997
1. Secondary-market yields on long-term government borids-U.S.(composite over 10
years); Germany (7-15 year public sector bonds); UK. (20-year government bonds);
Japan (Central Government 10-year benchmark bond)
2. US. interest rates less respective foreign interest rales.
Data:OECD.
US. Department of Commerce, Bureau of Economic Analysis
1. Interest rates for 9May deposits.
2. US. interest rates less respective foreign interest rates.
Dat&OECD.
U.S. Department of Commerce, Bureau of Economic Analysis
Table B.—Indexes of Foreign Currency Price of the U.S. Dollar
[March 1973=100]
19 97
1996
IV
Trade-weighted average against 10 currencies '
Selected currencies: 2
Canada
European currencies:
Belgium
France
Germany
Italy
Netherlands
Switzerland
United Kingdom
Japan
879
1355
I
937
1364
II
III
IV
95.7
98.6
97.4
88.7
139.1
139.0
141.3
136.7
89.8
94.7
92.0
81.2
Dec.
Jan.
91 0
Feb.
945
135.4 1360
Mar.
Apr.
May
June
95.6
96.4
95.3
95.4
983
139.2
138.5
138.9
138.2
139.5
89.6
89.3
94.0
96.5
936
134.0
137.3
132.9
63.8
65.4
63.5
307.3
316.3
306.8
704
461
721
801
868
123.9
128.0
134.7
130.3
116.1
125.2
126.6
127.7
127.3
58.9
61.0
64.2
62.4
55.2
57.0
59.5
60.2
60.9
60.6
267.9
288.3
297.6
310.1
302.8
269.0
276.0
291.3
297.7
298.2
296.4
598
400
649
446
67.2
44.9
709
46.3
68.9
44.5
607
413
628
432
655
452
664
455
671
454
668
445
677
448
151 6
151.2
152.2
148.9
153.6
151.7
151.5
150.3
463
45.7
45.1
47.9
46.9
48.0
45.5
43.7
431
975 100.0
139.9
54.4
1491
45.0
Sept.
88.7
114.6
1486
43.5
Aug.
137.7
90.5
129.1
61.4
298.3
1510
July
87.7
84.0
119.9
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.
2. Data: Federal Reserve Board. Monthly and quarterly average rates. Indexes prepared by BEA.
19137
1996
1521
47.0
1481
44.1
47.0
701
457
Oct.
971
1391
920
1306
62.5
Nov.
964
Dec.
988
141 7
1432
907
933
131 9
1284
61 6
632
3029 2987 3069
690
451
154.2
154.4
151 4
45.0
46.2
462
680
437
1464
479
698
447
1490
495
SURVEY OF CURRENT BUSINESS
54 • April 1998
support the won in exchange markets and, experiencing a large number of corporate failures and
an inability to pay interest on its foreign currency
debt, applied to the International Monetary Fund
(IMF) for assistance. An IMF rescue package was
approved in early December for Korea. An IMF
rescue package for Indonesia had previously been
approved in November.
Current Account
Goods and services
The deficit on goods and services decreased to
$28.7 billion in the fourth quarter from $29.9 billion in the third. The deficit on goods decreased,
and the surplus on services decreased.
Goods.—The deficit on goods decreased to $49.9
billion in the fourth quarter from $52.0 billion in
the third. The reduction resulted from a larger
increase in exports than in imports (table A,
table 2).
Exports.—Exports increased $4.3 billion, or 3
percent, to $174.5 billion in the fourth quarter.
Quantity, measured in chained (1992) dollars,
also increased 3 percent. Prices were unchanged.
Nonagricultural goods increased $3.5 billion,
or 2 percent, to $159.2 billion. Quantity increased 3 percent, and prices decreased i percent.
In value, capital goods accounted for nearly
two-thirds of the increase. Gains for the quarter included record deliveries of civilian aircraft,
mostly in December, over two-thirds of which
was to Saudi Arabia. The bunching of deliveries late in the quarter reflected a makeup for
production that was curtailed by parts shortages
during the summer and autumn months. Excluding civilian aircraft and parts, capital goods
were virtually unchanged. Automotive products
increased to both Canada and Mexico. Consumer
goods, mostly to Western Europe, also increased.
Nonagricultural industrial supplies and materials
changed little; they had decreased in the third
quarter when nonmonetary gold shipments had
dropped sharply.
Agricultural exports increased $0.8 billion, or
6 percent, to $15.4 billion. Quantity increased 7
percent, and prices fell i percent. In value, an
especially strong increase in soybeans more than
accounted for the rise, with large shipments to
Asia, Western Europe, and Latin America.
Imports.—Imports increased $2.2 billion, or i
percent, to $224.4 billion in the fourth quarter. Quantity, measured in chained (1992) dol-
lars, increased 2 percent, and prices decreased i
percent.
All of the increase was accounted for by nonpetroleum products, which increased $2.2 billion,
or i percent, to $206.8 billion. Quantity increased
2 percent, and prices decreased i percent. In
value, consumer goods accounted for nearly all
of the increase, with over one-half of the increase
from Western Europe and other large increases
from Japan, Latin America, and Canada. Consumer goods from China declined. Capital goods
increased slightly; an increase in most types of
machinery, mostly from Japan, was partly offset by declines in computers and parts, mostly
from Singapore, and in semiconductors, all from
Japan. Nonpetroleum industrial supplies and
materials rose slightly. Automotive imports fell;
the decline consisted largely of autos from Japan.
Petroleum imports were unchanged at $17.6 billion. The average number of barrels imported
daily decreased to 10.87 million from 10.96 million, but the average price per barrel increased
to $17.72 from $17.58. Both consumption and
production increased, while inventories fell.
Balances by area.—The deficit on goods decreased
to $49.9 billion in the fourth quarter from $52.0
billion in the third. The deficit with Asia, excluding Japan, fell $5.1 billion, to $23.1 billion, more
than accounting for the decrease in the global
deficit; the deficit with China—which declined
$2.3 billion, to $12.9 billion—accounted for nearly
one-half of the reduction. Trade with the newly
industrialized countries was mixed, as a lower
deficit with Taiwan and a higher surplus with
Hong Kong were partly offset by higher deficits
with the Republic of Korea and Singapore.
The decrease in the deficit with Asia, excluding Japan, was partly offset by an increase in the
deficit with industrial countries to $24.7 billion
from $21.1 billion. Most of the increase was with
Canada, followed by Western Europe and Japan.
Services.—The surplus on services decreased to
$21.2 billion in the fourth quarter from $22.1
billion in the third (table A, table 3). Most major categories of service receipts decreased, more
than offsetting the rise in "other" transportation receipts. Within service payments, travel,
passenger fares, "other" transportation, and direct defense expenditures abroad increased, and
royalties and license fees and "other" services
decreased.
Foreign visitors spent $18.5 billion on travel in
the United States, down i percent. Receipts from
overseas visitors (excluding Canada and Mexico)
SURVEY OF CURRENT BUSINESS
were $16.0 billion, down i percent; a decline in
visitors from Asia as a result of the financial problems in the region partly offset continued growth
in visitors from the rest of the world. However, receipts from Canada and Mexico were both
down. U.S. travelers spent $13,2 billion abroad,
up 3 percent. Payments by U.S. travelers overseas were $10.5 billion, up 5 percent; payments
to Canada were unchanged, and payments to
Mexico were down.
Passenger fare receipts were $5.4 billion, down
i percent, and passenger fare payments were $4.3
billion, up 3 percent.
"Other" transportation receipts increased $0.3
billion, to $7.2 billion, as a result of higher port
expenditure receipts and freight receipts. "Other"
transportation payments increased $0.1 billion, to
$7.5 billion, as a result of higher port expenditure
payments.
Royalties and license fee receipts were unchanged at $75 billion, and royalties and license
fee payments decreased $0.2 billion, to $1.8
billion.
"Other" private service receipts decreased to
$21.0 billion from $21.3 billion, largely as a result of a decrease in affiliated services. Among
unaffiliated services, receipts on financial services
decreased, as foreign activity dropped sharply in
U.S. financial markets in response to market concerns over Asian financial problems. "Other" private service payments decreased to $12.0 billion
from $12.3 billion, as affiliated service payments
declined. Among unaffiliated services, payments
on financial services abroad decreased, as U.S.
activity in foreign financial markets dropped
sharply in response to the same concerns about
Asian financial problems.
Transfers under U.S. military sales contracts
were $4.0 billion, down from $4.3 billion; despite
the decline, deliveries in the fourth quarter remained above the levels of most recent quarters.
Direct defense expenditures abroad were $3.1 billion, up from $2.9 billion. Increased maneuvers
in the Persian Gulf in response to tensions in
Iraq and higher purchases of contractual services
boosted expenditures.
Investment income
The deficit on investment income increased to
$4.9 billion in the fourth quarter from $4.1 billion
in the third, as payments increased more than
receipts (table A).
Direct investment income.—Receipts of income on
U.S. direct investment abroad, which consist of
earnings and interest, decreased to $272 billion
in the fourth quarter from $28.2 billion in the
third. A $1.1 billion decrease in earnings more
than accounted for the drop. Earnings increased
for affiliates in Western Europe, but they decreased for Canada, Other Western Hemisphere,
and Asia. Within Asia, decreases were largest in
Hong Kong and Japan, where about half of U.S.
direct investment in Asia is located. For Indonesia, Korea, and Thailand, which experienced the
largest currency depreciations and account for
about 17 percent of investment in Asia, earnings
were down slightly.
Payments of income on foreign direct investment in the United States decreased to $11.1
billion in the fourth quarter from $11.7 billion in
the third, reflecting a decrease in earnings. The
largest decrease was in affiliates of Western European parents and was concentrated in chemicals,
machinery, and petroleum.
"Other" private and U.S. Government income.—
Receipts of income on "other" private investment
increased to $32.8 billion in the fourth quarter
from $31.8 billion in the third, mostly as a result
of higher outstanding bank claims. Payments of
income on "other" private investment increased
to $30.9 billion from $29.9 billion, as a result of
higher outstanding bank liabilities.
Receipts of income on U.S. Government assets
decreased slightly to $0.8 billion in the fourth
quarter. Payments of income on U.S. Government liabilities increased to $23.7 billion from
$23.5 billion.
Unilateral transfers
Net unilateral transfers were $12.0 billion in the
fourth quarter, up from $9.1 billion in the third
(table A, table i). Nearly all of the increase was
attributable to U.S. Government grants, which
rose to $5.1 billion from $2.2 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. Normally, these funds are drawn in their entirety as
soon as the U.S. Congress appropriates the funds
early in the new fiscal year, usually in October.
This year, because of delays in the budget process, these funds were appropriated and drawn in
December.
April 1998 • 55
56 • April 1998
SURVEY OF CURRENT BUSINESS
Capital Account
banks supplied funds to meet heavy foreign purchases of U.S. Treasury securities in October;
to meet strong interbank demand for credit,
particularly in Europe, toward the end of the
quarter; and to provide liquidity at a time when
overseas markets were reacting to deteriorating financial conditions in Asia. Foreign-owned
banks also supplied funds to the interbank market in Europe, but on a smaller scale than U.S.owned banks. U.S. banks' domestic customers'
claims fell sharply, $12.6 billion, as U.S. residents
reduced their deposits with banks in foreign financial centers, possibly in response to concerns
about the Asian financial situation.
Net recorded capital inflows—that is, the difference between changes in net U.S. assets abroad
and changes in net foreign assets in the United
States—were $85.2 billion in the fourth quarter,
compared with net inflows of $72.6 billion in the
third. The step-up in net inflows from the third
to the fourth quarter reflected a larger slowdown
in the increase in U.S. assets abroad than in the
increase in foreign assets in the United States.
U.S. assets abroad
U.S. assets abroad increased $96.7 billion in
the fourth quarter, compared with an increase
of $110.7 billion in the third. The slowdown
reflected sharply lower net outflows for U.S. purchases of foreign securities. Direct investment
outflows increased sharply.
Foreign securities.—Net U.S. purchases of foreign
securities were $3.7 billion in the fourth quarter, down sharply from $39.2 billion in the third
(table 6).
Net U.S. purchases of foreign bonds fell to $6.3
billion from $23.7 billion, largely as a result of a
drop in foreign new issues in the United States
to $12.5 billion from $23.6 billion. Uncertainties
about credit risks of new bond issues by emerging
market countries in Asia as well as Latin America led to a sharp reduction in new bond issues
in the U.S. market. Corporations in these areas had been heavy borrowers in the first half of
the year, but by the fourth quarter, risk premiums on new issues by Asian emerging countries
had risen 180-200 basis points from the first half
of the year, effectively curtailing much borrowing. Some borrowing may have shifted to the
banking markets. New issues from the emerging market countries in Latin America were also
adversely affected by the Asian developments, although the risk premiums on these issues rose
only 40-60 basis points. Borrowing by Latin
U.S. official reserve assets.—U.S. official reserve
assets increased $4.5 billion in the fourth quarter, compared with an increase of $0.7 billion in
the third. In the fourth quarter, the U.S. reserve position with the International Monetary
Fund (IMF) increased $4.2 billion, mainly reflecting drawings by Indonesia and Korea on the IMF'S
credit facilities (table C, table i).
Claims reported by U.S. banks.—U.S. claims on
foreigners reported by U.S. banks increased $30.5
billion in the fourth quarter, compared with an
increase of $30.6 billion in the third (table 8).
Banks' own claims payable in dollars increased
strongly in the fourth quarter, by $48.1 billion, in
response to heightened demands for credit in the
Eurodollar market, particularly by banks in the
Caribbean and the United Kingdom. U.S.-owned
Table C.—Selected Transactions With Official Agencies
[Millions of dollars]
1QQR
Changes in foreign official assets in the United States, net
(decrease -) (table 1 line 49)
Industrial countries *
Members of OPEC2
Other countries
Changes in U.S. official reserve assets, net (increase -) (table 1 ,
line 34)
122,354
65,498
12,278
44,578
1QQ7/»
Change:
1996-97
1996
II
I
18,157 -104,197
-54,310
11,188
12,782
504
-50,391
-5,813
52,014
39,787
-1,539
13,766
Change:
19 97
III
IV
I
13,154
9,434
5,239
-1,519
24,089
11,367
5,263
7,459
33,097
4,910
3,315
24,872
28,891
18,013
9,272
1,606
-523
7,489
-315
4,480
6,668
-1,010
-7,678
17
-8,300
-3,500
4,800
-1,300
-7,000
-5,500
-3,300
^3,500
4,800
-1,300
-7,000
-<3,500
II
-5,374
6,326
2,287
-13,987
-236
nir
21,867
4,944
2,619
14,304
-730
1QQ7
NP
IIHV
-27,227
-18,095
-1,396
-7,736
-49094
-23 039
-4,015
-22,040
^,524
-3,794
Activity under U.S. official reciprocal
currency arrangements with
foreign monetary authorities:3
Foreign drawings, or repayments (-), net
Drawings
Reoavments
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.
3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange Stabilization Fund.
SURVEY OF CURRENT BUSINESS
America dropped to $1.5 billion from $6.8 billion,
and by other emerging market countries (mainly
Asia) to $3.6 billion from $9.1 billion. Issues from
Eastern Europe were delayed. Borrowing by corporations in Western Europe was $6.0 billion, up
from $5.5 billion. In total, foreign new bond issues in the United States dropped to their lowest
level since the second quarter of 1996. Trading activity in bonds—gross purchases plus gross
sales—increased less than i percent.
U.S. transactions in foreign stocks shifted to net
sales of $2.6 billion from net purchases of $15.6
billion. Transactions in Japanese stocks shifted
to net sales of $4.2 billion from net purchases of
$3.1 billion, reflecting weak economic prospects
for that country and large declines in stock prices
and currency values of Japan and other Asian
countries. The repercussions of Asian developments were also felt in the European markets,
where U.S. transactions shifted to net sales of
$0.1 billion from net purchases of $7.9 billion;
the shift was partly in response to the sharp,
but temporary, pullback in European stock prices
that quickly followed the sudden drop in Hong
Kong stock prices at the end of October. Trading
activity in stocks increased 6 percent.
Direct investment.—Net capital outflows for U.S.
direct investment abroad were $32.9 billion in the
fourth quarter, up from $22.8 billion in the third
(table 5). Equity capital outflows increased $8.6
billion, and reinvested earnings increased $1.8 billion. Equity capital outflows financed several
exceptionally large mergers, particularly in the
European investment management and securities
industries.
Foreign assets in the United States
Foreign assets in the United States increased
$181.9 billion in the fourth quarter, compared
with an increase of $183.3 billion in the third. U.S.
banks acquired an exceptionally large amount of
foreign funds in the fourth quarter. These inflows were partly offset by a sharp reduction in
inflows for net foreign purchases of U.S. securities other than U.S. Treasury securities and by a
decrease in foreign official assets in the United
States.
Foreign official assets.—Foreign official assets in
the United States decreased $27.2 billion in the
fourth quarter, following a $21.9 billion increase
in the third. In the fourth quarter, industrial
countries accounted for about two-thirds of the
decrease, partly through intervention sales in
exchange markets, and developing countries accounted for one-third. Dollar assets of developing Asian countries were mixed; some countries
sold dollar assets in response to financial problems, and others purchased dollar assets (table C,
table i).
Liabilities reported by banks.—U.S. liabilities reported by U.S. banks, excluding U.S. Treasury
securities, increased $87.0 billion in the fourth
quarter, up sharply from an increase of $10.1 billion in the third (table 9). U.S.-owned banks
borrowed heavily from banks in financial centers
in the Caribbean and the United Kingdom in order to fund especially strong interbank demand
in the Eurodollar market, particularly toward the
end of the quarter. In addition, some inflows
were in response to the desire to hold liquid
dollar assets at a time when financial conditions in Asia were deteriorating. In contrast,
most foreign-owned banks in the United States
borrowed little from financial centers abroad.
However, Japanese-owned banks in the United
States borrowed heavily from parent banks in
Japan in order to replace deposit inflows that fell
sharply in response to adverse developments both
in Japan and throughout Asia.
U.S. Treasury securities.—Net foreign purchases
of U.S. Treasury securities remained strong at
$33.8 billion in the fourth quarter, down $2.5 billion from the third (table 9). The U.S. Treasury
bond market continued to rally in the fourth
quarter, benefiting from continued low inflation
and news of a pending Federal budget surplus.
These conditions, together with a desire to hold
U.S. Treasury securities as the seriousness of the
Asian situation became evident, led to exceptionally large purchases in October, nearly all from
Western Europe. Net purchases weakened significantly in November and shifted to net sales
in December—partly as Japan sold securities to
meet liquidity needs, perhaps to fund banks in
the United States whose borrowing costs escalated after several prominent financial institutions
in Japan failed in November, and partly as investors in Western European countries reassessed
their outlook following the initial reaction to
the financial problems in Asia. Net purchases
through the Caribbean picked up substantially,
perhaps reflecting a shift of transactions from
other market centers. Trading activity in U.S.
Treasury securities decreased 5 percent.
U.S. currency flows.—Net outflows of U.S. currency were $9.9 billion in the fourth quarter, up
April 1998 •
57
SURVEY OF CURRENT BUSINESS
April 1998
from $6.6 billion in the third (table 9). Much of
the growth in recent quarters was concentrated
in Russia and other states of the Commonwealth
of Independent States. Elsewhere, the demand
for U.S. banknotes has been relatively stable.
Other U.S. securities.—Net foreign purchases of
U.S. securities other than U.S. Treasury securities
were $38.4 billion in the fourth quarter, down
from $60.4 billion in the third quarter (table 6).
Net foreign purchases of U.S. stocks were $11.8
billion, down from $23.2 billion. Transactions by
brokers and dealers in the Caribbean shifted to
net sales of $4.6 billion from net purchases of $6.3
billion, most likely reflecting both the temporary
7-percent decline in U.S. stock prices at the end
of October and uncertainties created by financial
problems in Asia. However, net purchases by
Western Europeans continued unabated, rising to
$16.7 billion from $15.1 billion. Trading activity
in stocks increased 10 percent.
Net foreign purchases of U.S. bonds were $26.6
billion, down from $37.2 billion. The decline was
more than accounted for by a sharp drop in new
issues sold abroad by U.S. corporations to $8.2
billion from $27.5 billion. As the financial situation in Asia deteriorated, many new issues were
postponed or borrowing shifted to banking markets, either in the United States or abroad, as
borrowers reassessed their funding needs in the
face of a possible economic slowdown in Asia.
Trading activity in bonds decreased 13 percent.
swings; Other Western Europe and Australia contributed the most to the net decrease. Equity
inflows included especially large acquisitions of
U.S. pharmaceutical and U.S. insurance companies by Western European companies but primarily reflected capital contributions to existing
U.S. affiliates.
THE YEAR 1997
The U.S. current-account deficit increased to
$166.4 billion in 1997 from $148.2 billion in 1996.
The increase was more than accounted for by
a shift to a deficit on investment income and
an increase in the goods deficit. The surplus
on services increased, and net unilateral transfers
decreased (table D).
In the capital account, net inflows in 1997 were
higher than in 1996—$263.6 billion, compared
with $195.1 billion—reflecting a larger step-up in
the increase in foreign assets in the United States
than in the increase in U.S. assets abroad.
The statistical discrepancy—errors and omissions in recorded transactions—was a negative
$97.1 billion in 1997, compared with a negative
$46.9 billion in 1996. Much of increase occurred
in the last half of the year; in the fourth quarter,
and perhaps in the third, the size of the discrepancy is believed to reflect the imperfect recording
of short-term capital flows.
Direct investment.—Net capital inflows for foreign direct investment in the United States were
$24.6 billion in the fourth quarter, down from
$25.9 billion in the third (table 5). A $5.1 billion decrease in intercompany debt inflows and a
$1.2 billion decrease in reinvested earnings were
partly offset by a $5.0 billion increase in equity
capital inflows. For intercompany debt, both receivables and payables registered especially large
The following are highlights for the year 1997:
• Goods exports and goods imports both accelerated in 1997. Exports increased nearly twice
as fast as in 1996 in response to a pickup
in economic activity in industrial countries
abroad in the last half of 1996 and in 1997;
export growth was between the strong increases in 1994 and 1995. Imports increased
somewhat more rapidly in 1997 than in 1996,
reflecting more rapid growth in the U.S.
Table D.—Selected Balances oh U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
•jqqc
19<)7
iQQfi
1QQ7/>
\r
Goods net
\\r
III''
IV*
-173,560
-191,170
-198,934
-49,844
-47,188
-52 001
-49901
71,703
80,130
85,291
20,520
21,518
22,094
21,162
Investment income net
Direct net
Other private net
U S Government net
6808
60,004
3,388
-56,584
2,824
66,758
2,763
-66,698
-14277
67,700
5,566
-87,543
-2,015
17,326
-3270
17,722
810
-20,304
-21,802
-4137
16523
1 930
-22,590
-4856
963
16128
1 863
-22 847
Unilateral transfers net
-34,046
-09,968
-38,526
-8,577
-8,855
-9070
-12024
-129,095
-148,184
-166,446
-39,916
-37,795
-43,114
-45,619
Services net
Current account balance
r
Revised.
f Preliminary.
SURVEY OF CURRENT BUSINESS
economy over the past 2 years; however, import growth remained well below the sizable
increases in 1994 and 1995.
• Net U.S. purchases of foreign securities were
sharply lower in 1997 than in 1996; although
purchases in the first three quarters were
ahead of the pace of a year earlier, uncertainties and higher risks created by Asian
financial conditions sharply curtailed net
purchases in the fourth quarter. In contrast,
net foreign purchases of U.S. securities other
than U.S. Treasury securities were substantially higher in 1997 than in 1996, despite a
slowdown in the fourth quarter when foreign
investors reassessed the impact of financial
conditions in Asia. Net foreign purchases of
U.S. Treasury securities remained strong.
• The increase in credit extended by U.S. banks
to their offices abroad in 1997 was in response
to the heightened level of financial activity in
interbank markets abroad, to the strong pace
of merger and acquisition activity, particularly in Western Europe, and to the unique
set of developments in the fourth quarter
that led U.S. banks to provide liquidity in
response to developments in Asia. During
the first three quarters, U.S. banks borrowed
relatively small amounts from abroad to finance this overseas lending, but in the fourth
quarter, heavy borrowing from foreign banks
and the receipt of funds in response to uncertainties created by financial developments
in Asia led to very large net inflows of capital
to U.S. banks.
• Foreign official assets in the United States
increased much less in 1997 than in 1996.
U.S. dollar in exchange markets
The dollar appreciated 11 percent on a tradeweighted basis against the currencies of 10 industrial countries in 1997. Appreciation against the
German mark and most other major European
currencies averaged 14 percent, and appreciation
against the Japanese yen was also 14 percent. Appreciation was even larger against the currencies
of many developing countries in "Asia: 19 percent
against the Taiwan dollar, 20 percent against the
Singapore dollar, 53 percent against the Malaysian
ringgit, 82 percent against the Thai baht, 100
percent against the South Korean won, and 230
percent against the Indonesian rupiah (table B,
chart i).
Early in 1997, the dollar advanced sharply
against the European currencies, encouraged by a
further increase in short- and long-term interestrate differentials in favor of U.S. dollar assets.
U.S. interest rates were pushed higher, partly by
a strengthening in U.S. economic activity and
partly by expectations that U.S. monetary policy
might be tightened. In late March, the Federal
Reserve Board raised the target federal funds rate
25 basis points. Subsequently, through the summer months, the U.S. expansion continued while
inflation remained low, and the dollar reached an
8-year high in August against the German mark
and registered strong increases against other European currencies. During this period, German
economic growth remained below that of the
United States. In October and November, a
strengthening in German economic growth and
a rise in German and other European interest
rates led to ~a temporary strengthening of the
mark and other European currencies against the
dollar. Nonetheless, interest-rate differentials in
favor of dollar assets remained large (charts 2
and 3). At times during the last half of the year,
there were concerns that the European Monetary Union (EMU) would include a broad group
of currencies and thus would result in a "weak"
single currency. There were also temporary concerns that France and, perhaps, Germany might
not meet the requirements for participation in
the EMU. However, by yearend, European countries had made major progress in converging their
interest rates and lowering inflation, in reducing
central government fiscal deficits relative to gross
domestic product, and in increasing the growth
rates of their economies. In addition, at yearend,
German and other European officials reached an
understanding to orient interest rates toward the
lowest rates among "core" countries of the EMU.
The dollar also appreciated strongly against the
Japanese yen, especially in the first and fourth
quarters. Early in the year, there was concern
about the economic health of Japanese financial institutions, particularly banks and brokerage
firms. Subsequently, it became apparent that
Japanese growth would, at best, be moderate,
and interest-rate differentials in favor of U.S. assets remained large (charts 2 and 3). Additional
evidence of weakening Japanese growth accumulated over the last half of the year, and several
large, prominent Japanese financial institutions
failed in November. During the last half of the
year, currency devaluations and declining stock
prices in many other Asian countries had negative repercussions on the Japanese economy and
were additional factors holding down the value
of the yen against the dollar.
April 1998 • 59
SURVEY OF CURRENT BUSINESS
6O • April 1998
Several Asian countries were unable to maintain their currencies' fixed exchange rates against
the U.S. dollar during the last half of the year.
Efforts to do so led initially to the loss of large
amounts of reserve assets and then to decisions
by many countries to permit their currencies to
fluctuate freely in exchange markets. A decision by Thailand in July to break its link with
the dollar was followed by similar decisions by
Indonesia in August, by Malaysia and the Philippines in September, by Taiwan in October, and
by the Republic of Korea in November. Currency
values relative to the dollar fell sharply immediately following these decisions and continued
to depreciate through yearend. The declines in
currency values, stock prices, and financial asset
values reduced prospects for economic growth in
the region and had a major impact on international capital flows, including those to the United
States. The spread of the economic difficulties to
the regional banking centers of Hong Kong and
Singapore reflected the dominant role of these
regional centers in financing local economies.
The economic difficulties also adversely affected
Japan, another major supplier of banking capital
to the region.
for the increase; the surplus on services increased
(table D).
Goods.—The deficit on goods increased to $198.9
billion in 1997 from $191.2 billion in 1996. Both
exports and imports increased substantially, but
the increase in imports exceeded that in exports.
Goods exports increased $66.3 billion, or 11 percent, to $678.3 billion. The n-percent increase
was up sharply from a 6-percent increase in 1996
and was between the strong increases of 10 percent and 15 percent in 1994 and i995> respectively.
Agricultural exports decreased $3.1 billion, while
nonagricultural exports increased $69.4 billion,
more than double the increase in 1996 (tables E
and F).
Goods imports increased $74.0 billion, or 9 percent, to $877.3 billion. The 9-percent increase
exceeded the 7-percent increase in 1996 but was
well below the sizable increases of 13 percent and
12 percent in 1994 and 1995, respectively. An increase in the volume of petroleum imports was
more than offset by a sharp decline in prices,
leading to a $0.7 billion reduction in petroleum
imports for the year. Nonpetroleum imports
increased $74.7 billion, double the increase in
1996.
U.S. exports increased substantially in 1997,
reflecting considerably faster economic expansion abroad in industrial countries and in Latin
America (especially Mexico) and slightly slower
economic expansion in the developing countries of Asia. Economic expansion accelerated
in Canada, the United Kingdom, Germany, and
Current Account
Goods and services
The deficit on goods and services increased to
$113.6 billion in 1997 from $111.0 billion in 1996.
The larger deficit on goods more than accounted
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
1997
1995
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 e and U S goods returned
1996
1997'
II'
III'
\\IP
1995
1996
1997'
\r
II'
III'
\\IP
575,871 612,069
57,229
61,488
518,642 550,581
678,348
58,414
619,934
162,341
14,352
147,989
171,227
14,137
157,090
170,255
14,559
155,696
174,525
15,366
159,159
565,887
49,484
516,856
622,803
48,569
575,745
716,675
49,430
670,523
169,813
11,950
158,616
180,049
11,820
169,278
180,355
12,391
168,685
186,458
13,269
173,944
50,472
146,374
233,776
61,828
64,425
18,996
55,533
147,973
253,141
65,022
70,138
20,262
51,371
158,102
294,122
73,391
77,418
23,944
12,861
38,451
68,899
17,669
18,792
5,669
12,224
40,733
74,129
18,292
19,699
6,150
12,485
39,605
74,505
18,213
19,222
6,225
13,801
39,313
76,589
19,217
19,705
5,900
44,476
120,631
263,489
59,955
62,607
17,961
43,978
127,873
310,356
62,385
67,260
19,553
44,045
137,125
387,815
69,828
73,713
23,750
10,862
33,291
88,902
16,844
17,931
5,602
10,290
35,328
97,027
17,404
18,797
6,077
10,744
34,231
98,944
17,313
18,272
6,200
12,149
34,275
102,942
18,267
18,713
5,871
749,431
56,155
693,276
803,239
72,744
730,495
877,282
72,053
805,229
212,185
19,153
193,032
218,415
17,732
200,683
222,256
17,581
204,675
224,426
17,587
206,839
741,078
59,285
680,515
817,392
63,823
751,801
935,491
66,966
868,677
221,026
15,521
205,572
232,852
17,017
215,788
238,728
17,287
221,510
242,885
17,141
225,807
33,176
184,987
221,429
123,796
159,906
26,137
35,711
209,497
229,049
128,938
171,007
29,037
39,704
217,397
254,167
140,720
192,947
32,347
9,516
54,904
59,344
35,406
45,321
7,694
9,997
55,023
62,940
34,430
48,031
7,994
10,148
53,621
65,634
35,772
48,787
8,294
10,043
53,849
66,249
35,112
50,808
8,365
29,319
176,418
246,462
114,769
155,136
24,337
32,253
189,345
294,526
118,781
165,317
27,032
35,506
200,243
377,732
129,337
188,680
30,384
8,550
47,909
85,142
32,602
44,130
7,184
8,839
51,471
92,423
31,733
46,905
7,513
9,069
50,348
98,402
32,848
47,784
7,795
9,048
50,515
101,765
32,154
49,861
7,892
r
Revised.
p Preliminary.
1. Because chain indexes use weights of more than one period, the corresponding chained-dollar estimates are
usually not additive.
1997
\r
SURVEY OF CURRENT BUSINESS
most other countries in Europe. Expansion in
Japan slowed sharply. Expansion in the developing countries in Asia slowed, as it has every year
since 1994 (chart 4).
U.S. imports accelerated in 1997, reflecting
faster growth in the U.S. economy. Growth in
U.S. real gross domestic product (GDP) was 3.8
percent in 1997, above the 2.8 percent growth in
1996 and 2.0 percent growth in 1995.2
Domestic prices of exports decreased in 1997;
the largest declines were in foods and many types
of capital goods (table G). Prices of total industrial supplies and materials, automotive products,
and consumer goods changed little. However,
prices increased significantly for most major categories when converted into foreign currencies,
as depreciation of foreign currencies more than
offset the decrease in domestic prices or added to
small domestic price increases (table H).
Dollar prices of most imports decreased or
changed little. Prices of many capital goods,
nonpetroleum industrial supplies and materials,
petroleum products, and consumer goods were
all lower (table G).
April 1998
CHART 4
Major Industrial Countries:
Real GDP
Percent change from four quarters earlier
8
6
United Kingdom
United States
4
2
Canada
0
-2
-4
8
6
Japan
4
2
Exports.—Nonagricultural exports increased $69.4
billion, or 13 percent, to $619.9 billion in 1997, up
sharply from a 6-percent increase in 1996. Quantity increased 17 percent, following an n-percent
increase. In value, capital goods increased $41.0
billion in 1997, up from an increase of $19.4 billion
in 1996, and total industrial supplies and materials increased $10.1 billion, up from an increase of
$1.6 billion. Automotive products and consumer
0
Italy1
-2
-4
1992
1993
1994
1995
1996
1997
Data: International Monetary Fund.
US. Department of Commerce, Bureau of Economic Analysis
2. GDP estimates are shown in table 1.2 on page D-2 in this issue.
Table P.—Percent Changes in U.S. Trade in Goods, Current and Chained (1992) Dollars
[Balance of payments basis]
Current dollars
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
.
.
14.6
21.6
13.9
20.3
20.4
13.9
7.0
7.4
19.6
12.1
Petroleum and products . ,
Nonpetroleum products
Foods feeds and beverages
Industrial supplies and matenals
Capital goods, except automotive
Automotive vehicles, parts, and engines
Consumer goods (nonfood) except automotive
Imports, n.e.c., and U.S. goods returned
>' Preliminary.
1997'
1996
1995
9.5
12.3
7.2
12.2
20.1
4.7
9.3
9.9
Chained (1992) dollars
6.3
7.4
6.2
10.0
1.1
8.3
5.2
8.9
6.7
7.2
29.5
1995
10.8
-5.0
12.6
12.6
11.5
12.8
10.1
-1.8
11.4
-7.5
10.8
-1.1
6.8
16.2
12.9
10.4
18.2
9.2
-.9
5.4
10.2
7.6
11.2
13.2
3.4
4.2
6.9
11.1
1997"
1996
3.8
11.0
9.1
12.8
11.4
6.2
20.6
5.7
6.0
15.8
9.6
-1.5
10.6
2.2
2.2
25.1
1.7
7.7
5.6
6.0
17.8
4.1
7.4
8.9
10.3
7.7
10.5
10.0
7.3
19.5
3.5
6.6
11.1
15.1
1.8
16.5
.2
7.2
25.0
11.9
9.6
21.5
14.4
4.9
15.5
10.1
5.8
28.3
8.9
14.1
12.4
•
6l
SURVEY OF CURRENT BUSINESS
62 • April 1998
goods also increased significantly more in 1997
than in 1996 (chart 5).
Capital goods jumped $41.0 billion, or 16 percent, to $294.1 billion, following an 8-percent
increase; in both dollar and percentage terms, this
jump exceeded the sizable increases in 1994 and
1995- Quantity increased 25 percent, following
an 18-percent increase. In value, exports to all
major areas rose strongly in 1997; Latin America
($11.3 billion), Western Europe ($11.1 billion), and
Asia, excluding Japan ($9.2 billion) accounted for
over three-fourths of the increase. The gains in
1996 were as follows: Latin America ($3.9 billion), Western Europe ($2.0 billion), and Asia,
excluding Japan ($6.6 billion).
About one-fourth of the jump in 1997 in capital
goods was attributable to civilian aircraft, en-
gines, and parts, which rose $10.6 billion, more
than double a 1996 increase that in turn followed
declines in 1993-95. The strength in 1997 occurred in the first half of the year, as production
problems and parts shortages curtailed shipments
in the last half. Although there were scattered cancellations of future deliveries by Asian
countries, there was no effect on deliveries in
1997CHART 5
Growth in Exports by Selected Commodity
Categories and Areas
1990=100
350
300
Table G.—Percent Changes in U.S. Goods Trade ChainWeighted Price Indexes
250
CAPITAL GOODS, EXCEPT AUTOMOTIVE
— Canada
- - - Western Europe
— Japan
Asia, excluding Japan
Latin America
[Based on index numbers (1992=100)]
200
1995
Exports
Agricultural products
Nonagricultural products
Foods, feeds, and beverages
Industrial supplies and materials
Capita! 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
1.7
9.2
1.0
8.6
9.4
-4.8
-3.7
-6.6
-3.3
13.3
-5.6
-7.0
-24.5
4.0
-24.7
3.7
-3.7
-5.6
-4.2
1.3
1.4
3.2
2.2
11.2
4.9
9.6
-4.1
-144
2.4
-.5
3.0
1.5
4.1
100
-.3
1.2
1.4
.8
.7
-2.1
-2.7
-2.8
20.4
-4.6
-4.6
-5.6
^t.6
1.0
-2.2
5.6
-13.4
-18.1
4.3
-12.8
.6
.3
0
150
-7.7
-18.8
3.4
1.6
0
-3.3
1997 P
11.3
-4.6
-8.0
Imports
Petroleum and products
Foods feeds and beverages
Industrial supplies and materials
Capital goods except automotive
Computers, peripnerals, 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. aoods returned
1996
50
I
!
I
350
INDUSTRIAL SUPPLIES AND MATERIALS
300
250
200
-1.9
-13.5
-20.8
4.1
-11.8
.2
150
100
-1.1
-.8
50
I
I
I
L
Preliminary.
350
CONSUMER GOODS (NONFOOD), EXCEPT AUTOMOTIVE,
Table H.—Percent Changes in Foreign Currency Cost of
U.S. Exports of Goods
300
[Based on index numbers (1992=100)]
250
1995
Exports
Agricultural products
Nonagricultural products
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods except automotive
Computers, peripnerals and parts
Civilian aircraft, engines, and parts
Other capital goods
Automotive vehicles parts and engines
Consumer goods (nonfood), except automotive
Exports, n.e.c
-6.1
1996
0.1
134
.8
-68
-1 4
.3
46
15.3
-1 2
-129
-250
^».5
-11.1
-47
-21 8
7.8
-2.2
-65
48
-6.4
^».7
5.0
1.4
1997"
6.3
3.0
66
200
150
1.8
99
26
100
-169
14.4
5.7
11 2
11.1
7.3
50
_L
1990
91
92
93
94
95
p Preliminary
US. Department of Commerce, Bureau of Economic Analysis
' Preliminary.
NOTE.—Chain-weghled price indexes multiplied by trade-weghled exchange rate index ol the
currencies of Belgium, Canada, France, Germany, Italy, Japan. Netherlands, Sweden, Switzerland, and United Kingdom.
96
9T
SURVEY OF CURRENT BUSINESS
April 1998 •
ports were particularly strong to the Netherlands
and the United Kingdom. Semiconductors continued to rise, but the increase was modest in
comparison with the increase in 1995, which was
three times as large; higher exports to Asia and
Mexico more than accounted for the rise in 1997.
Telecommunications equipment jumped, led by
stronger sales to Mexico and Brazil, but the in-
Excluding civilian aircraft, engines, and parts,
capital goods increased $30.4 billion, or 14 percent, to $252.7 billion. This double-digit growth
rate is more in line with the growth rates of 16
percent in 1994 and 19 percent in 1995 than with
the /-percent growth rate in 1996. Computers,
peripherals, and parts strengthened in 1997, but
the increase was less than in 1995; in 1997, ex-
Table I.—U.S. Trade in Capital Goods, Except Automotive
[Balance of payments basis, millions of dollars]
1992
Exports
.
1993
1994
1995
1996
1997'
176,070
182,096
205,248
233,776
253,141
294,122
Computers peripherals and parts
Semiconductors
Telecommunications equipment
Scientific hospital and medical equipment and parts
28763
15,987
11,450
9,930
29,317
19,122
13,513
10,569
33320
25,178
16,296
11523
39654
34,153
20,248
13073
43719
35,768
20,323
14747
49276
38,823
23,795
16,160
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
26291
9,836
9,620
6,658
15,480
28422
10,650
9,474
7,506
16,959
31 922
12320
10,216
19,674
37088
14259
11,514
10,160
23,040
40096
15606
12,693
10287
24,113
45564
18,236
14,824
12,518
27,940
Civilian aircraft, engines parts
37,725
32,678
31475
26129
30792
41,398
4330
3,886
4148
4458
4997
5,588
134,252
152,305
184,369
221,429
229,049
254,167
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Scientific hospital and medical equipment and parts
31,686
15,475
10,776
5436
38,026
19,482
11,275
5746
46,160
26156
14184
5908
56,276
39042
15,332
6669
61,515
36707
14375
7208
70,186
36868
15,601
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
23,358
7055
2,948
31,852
9804
5325
5758
20030
36,707
12244
15336
26,149
8040
4,314
4094
17,421
24150
37,671
13463
5685
6266
24749
41,287
14959
6,656
6528
27921
Civilian aircraft engines parts
12581
11,275
11 298
10709
12671
16664
6.483
7.894
8.643
8.739
9.346
Other capital goods n e e
Imports
Other capital aoods. n.e.c
3618
5.983
9176
5481
6176
8151
Preliminary.
Table J.—U.S. Trade in Industrial Supplies and Materials, Excluding Agricultural Products
[Balance of payments basis, millions of dollars]
1992
Exports
Enerav products
Chemicals, excluding medicinals
Paper and paper base stocks
Textile supplies and related materials
Building materials except metals
Other nonmetals
Metals and nonmetallic products
Steelmaking materials and iron and steel products
Nonferrous metals
Other metals and nonmetallic products
Imports
.
1993
1994
1995
1996
1997^
101,688
105,002
112,558
135,485
137,935
14364
12,713
12041
13777
15533
16266
29,840
9,298
6809
8078
10302
30,082
8,483
6,999
35137
10,104
8183
42985
14,488
9284
42472
12,482
9555
8751
8839
11 900
9061
9261
10750
13410
15262
46843
12,782
10703
9477
16641
22,997
5405
10,963
6,629
27,224
5443
14,649
7,132
26,354
5789
12,279
8286
32,480
8575
14,602
9303
33,370
7564
15,480
10326
34,661
136,035
147,879
160,224
179,416
203,036
211,150
147,373
8155
15,020
11 486
Enerav products
56,820
57,390
58,080
62,159
80,278
80,276
Chemicals excluding medicinals
Paper and paper base stocks
Textile supplies and related materials
Building materials, except metals
Other nonmetals
16,872
8,232
6,866
8,282
9455
18,081
8,320
7,550
10,556
10330
21 359
8,931
8,182
12,684
11 047
25551
12,880
8,617
12,819
12503
26897
10871
8,843
15,035
13353
29,159
10,681
10,109
16,833
14139
Metals and nonmetallic products
Steelmaking materials and iron and steel products
Nonferrous metals
Other metals and nonmetallic oroducts
29,508
12,603
13,228
3.677
35,652
13,591
18128
3.933
39,941
18,377
16728
4.836
44,887
19,134
20260
5.493
47,759
20,265
21 679
5.815
49,953
21,167
22034
6.752
p Preliminary.
63
64 • April 1998
SURVEY OF CURRENT BUSINESS
crease was less than those in 1994 and in 1995.
Most types of heavy machinery also contributed
to the rise in capital goods exports in 1997; the
increase exceeded that in the peak year of 1995
(table I),
Nonagricultural industrial supplies and materials increased $9.4 billion, or 7 percent, to
$147.4 billion in 1997, compared with a 2-percent
increase in 1996. Quantity increased 7 percent, following a 6-percent increase. In value,
chemicals, textiles, and metals and nonmetallic
products were all higher. Chemicals increased 10
percent, or $4.4 billion, compared with a decrease
of i percent; nearly one-half of the increase was
to Canada and Mexico. Textile supplies increased
12 percent, or $1.2 billion. Within metals, iron
and steel products and steelmaking materials increased, and nonmonetary gold fell sharply after
a sizable increase in 1996 (table J).
Automotive products increased $8.4 billion, or
13 percent, to $73.4 billion in 1997, following a
5-percent increase in 1996. Quantity increased
12 percent, following a 4-percent increase. In
value, the surge was due to a 17-percent increase
in engines and parts, largely to Mexico. In 1995,
shipments to Mexico were held down as a result of the December 1994 currency devaluation
and economic recession in 1995, but they grew
rapidly in both 1996 and 1997 as auto manufacturers shifted production to Mexico. Shipments of
engines and parts, as well as of completed autos,
to Canada also accelerated sharply in 1997.
Consumer goods increased $7.3 billion, or 10
percent, to $77.4 billion, up from a 9-percent increase. Quantity increased 10 percent, following
an 8-percent increase. In value, shipments picked
up substantially to Canada and Mexico.
Agricultural products decreased $3.1 billion, or
5 percent, to $58.4 billion, in contrast to a 7percent increase in 1996. The decrease was more
than accounted for by a 7-percent decline in
prices; prices had increased 9 percent in 1996
when production shortages had driven prices for
grains and soybeans to record levels. Quantity increased 2 percent, following a 2-percent decrease.
In value, sharply reduced shipments of corn and
wheat more than accounted for the decline. The
largest declines were to Asia and Mexico.
Corn dropped $3.2 billion, or 36 percent, to
$5.7 billion. Prices fell 27 percent, as world supplies improved, while quantity declined 8 percent.
Shipments to Asia and Mexico dropped the most.
Wheat dropped $2.2 billion, or 34 percent to
$4.2 billion. Prices dropped 20 percent, as world
supplies improved, while quantity dropped 16
percent. Shipments to Asia and Latin America
dropped the most.
Soybeans increased $0.1 billion, or i percent, to
$7.5 billion, following increases of 36 percent in
1996 and 24 percent in 1995. Shipments increased
to Latin America. In the fourth quarter, shipments increased sharply when the United States
had a record crop and supplies abroad remained
tight.
Imports.—Nonpetroleum imports increased $74.7
billion, or 10 percent, to $805.2 billion in 1997, up
from a 5-percent increase in 1996. Quantity increased 16 percent, up from a 10-percent increase.
In value, capital goods increased $25.1 billion, up
from a $7.6 billion increase, and consumer goods
increased $21.9 billion, up from an $11.1 billion
increase. Automotive products also increased.
Petroleum imports fell after a substantial increase
in 1996 (chart 6).
Capital goods increased $25.1 billion, or 11 percent, to $254.2 billion, compared with a 3-percent
increase in 1996. Quantity increased 28 percent,
following a 20-percent increase. Computers, peripherals, and parts increased $8.7 billion, or 14
percent, up from an increase of 9 percent in
1996 but below the 21-percent and 22-percent
increases in 1994 and 1995, respectively. Semiconductors increased $0.2 billion, rebounding from
a 6-percent decline in 1996 that resulted from
overproduction. As with computers, peripherals,
and parts, imports came primarily from Asia, excluding Japan. Telecommunications equipment
increased $1.2 billion, rebounding from a $1.0
billion decrease in 1996. Machinery increased
strongly in 1997, following a lackluster performance in 1996 and larger increases in 1994 and
1995. Within this group, industrial, agricultural,
and service industry machinery increased $3.6
billion, or 10 percent, and electric generating machinery, electric apparatus, and parts increased
$3.2 billion, or 13 percent. Civilian aircraft, engines, and parts were sharply higher, increasing
$4.0 billion, or 32 percent (table I).
Consumer goods increased $22.0 billion, or 13
percent, to $192.9 billion, up from a 7-percent increase. Quantity increased 14 percent, up from a
7-percent increase. In value, imports from China
increased $7.1 billion, accounting for 33 percent
of the growth. Other sizable increases were from
Mexico and Canada. Three-fifths of the increase
was accounted for by nondurable goods, mainly
apparel, footwear, and household goods. Twofifths of the increase was accounted for by durable
goods, mainly household goods and recreational
equipment.
SURVEY OF CURRENT BUSINESS
Automotive products increased $11.8 billion, or
9 percent, to $140.7 percent, following a 4-percent
increase. Quantity increased 9 percent, following
a 3-percent increase. In value, imports of autos
from Germany, Canada, and Japan were higher
than in 1996.
Nonpetroleum industrial supplies and materials increased $8.6 billion, or 6 percent, to $145.3
billion, following a 6-percent increase. Quantity
increased 6 percent, following an 8-percent inCHART 6
Growth in Imports by Selected Commodity
Categories and Areas
1990-100
350
300
250
CAPITAL GOODS, EXCEPT AUTOMOTIVE
— Canada
Western Europe
— Japan
— Asia, excluding Japan
Latin America
April 1998 •
crease. In value, chemicals increased $2.3 billion,
or 8 percent. A 6-percent rise in industrial production in the United States led to strong imports
and rising prices for most imported chemical
products. Metals and nonmetallic products increased $2.2 billion, or 5 percent; the increase
was held down by a decrease in nonmonetary
gold. Building materials increased $1.8 billion,
or 12 percent; paper and paper based stocks declined. Textile supplies increased $1.3 billion, or
14 percent (table J).
Petroleum imports decreased $0.7 billion, or i
percent, to $72.1 billion in 1997, compared with
a 30-percent increase. The decrease in 1997 resulted from a decline in prices to an average of
$18.58 per barrel from $19.71 per barrel. Quantity increased to 10.62 million barrels per day
from 10.11 million barrels. OPEC'S share of total
petroleum imports remained about unchanged
CHART?
200
U.S. Petroleum Imports and Price,
Total and from Selected Countries
150
Millions of barrels per day
100
J
50
Price
$20
I
10.5
$19
350
INDUSTRIAL SUPPLIES AND MATERIALS
Total quantity
(left scale)
300
10
250
9.5
$17
9
$16
8.5
$15
$18
200
150
100
J
I
8
Millions of barrels per day
50
$14
3
350
CONSUMER GOODS (NONFOOD), EXCEPT AUTOMOTIVE
SELECTED COUNTRIES:
• Saudi Arabia
Venezuela
• Canada
Mexico
» Nigeria
300
250
200
150
100
50
I
1990
J_
_L
91
92
93
94
95
p Preliminary
US. Department of Commerce, Bureau of Economic Analysis
96
97°
1992
1993
1994
1995
1996
p Preliminary
U.S. Department of Commerce, Bureau of Economic Analysis
1997°
65
SURVEY OF CURRENT BUSINESS
66 • April 1998
at 48 percent. In quantity, imports from Saudi
Arabia decreased 2 percent; imports from Mexico and Nigeria increased 10 percent each; and
imports from Canada and Venezuela increased 3
percent each (chart 7).
U.S. consumption of petroleum and products
increased 2 percent to 18.6 million barrels per
day. Production and inventories each increased
2 percent. Imports as a percent of consumption
increased to 57 percent from 55 percent.
to accelerated European economic growth in the
past 2 years. Imports of capital goods, consumer
goods, and automotive products strengthened,
partly in response to continued expansion in the
United States (table K).
The deficit with Canada decreased to $19.0 billion from $24.0 billion. Exports of capital goods,
total industrial supplies and materials, and automotive products increased more strongly than in
1996, as Canadian economic, growth accelerated.
Imports by the United States strengthened for
automotive products, but most other categories
were only slightly stronger or were somewhat
weaker.
Balances by area.—The U.S. deficit in goods increased to $198.9 billion in 1997 from $191.2 billion
in 1996; the increase in imports exceeded the
increase in exports.
The deficit with Western Europe decreased to
$22.9 billion from $24.4 billion. Exports of capital
goods picked up sharply, and total industrial supplies and materials increased, partly in response
The deficit with Japan increased to $56.9 billion from $49.2 billion. Exports decreased, led
by declines in foods and in total industrial supplies and materials. Imports accelerated, led by
Table K.—U.S. Trade in Goods by Major End-Use Category for Selected Areas and Countries
[Balance of payments basis, millions of dollars]
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 nee and U S goods returned
Balance
1996
1997"
1995
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
..
Preliminary.
1995
1996
1997"
Japan
1995
1996
1997"
1995
1996
1997"
134,609
6,984
127,625
151,824
8,060
143,764
132,431
9,804
122,627
137,194
10,517
126,677
152,936
10,442
142,494
28,024
1,086
26,938
30,246
1,239
29,007
35,907
1,315
34,592
21,879
1,258
20,621
22,970
1,501
21,469
24,203
1,319
22,884
63,108
11,110
51,998
65,954
11,690
54,264
64,683
10,562
54,121
6,504
28,247
40,810
34,043
13,201
4,780
6,819
29,603
43,166
35,138
13,888
5,995
7,789
33,832
49,135
39,085
15,629
6,354
7,952
34,433
61,596
6,197
17,459
4,794
8,647
34,953
63,557
6,659
18,442
4,936
8,098
37,032
74,626
7,318
20,016
5,846
928
6,365
15,686
929
3,289
827
1,050
7,578
16,062
919
3,753
884
1,111
7,047
20,893
1,123
4,376
1,357
949
4,416
11,693
1,700
2,498
623
1,225
4,127
12,073
2,182
2,589
774
1,037
4,694
12,541
2,195
2,597
1,139
11,890
15,985
21,942
4,697
7,994
600
12,402
15,079
24,795
4,605
8,458
615
10,919
14,071
26,358
3,936
8,087
1,312
147,110
9,814
137,296
158,640
12,194
146,446
170,829
11,996
158,833
147,680
5,652
142,028
161,629
6,908
154,721
175,884
6,222
169,662
26,766
2,828
23,938
28,832
2,893
25,939
32,498
2,135
30,363
36,764
96
36,668
38,831
166
38,665
43,003
184
42,819
123,453
50
123,403
115,167
53
115,114
121,556
112
121,444
6,583
55,515
22,206
44,382
8,611
9,813
7,765
60,420
24,182
45,914
9,945
10,414
8,562
63,371
26,425
50,412
11,166
10,893
7,054
36,817
50,045
16,462
30,452
6,850
7,628
41,698
52,679
17,912
33,802
7,910
8,178
41,695
58,808
20,504
37,807
8,892
885
6,998
10,123
2,200
4,928
1,632
933
7,071
10,987
2,386
5,607
1,848
987
6,711
13,649
2,682
6,254
2,215
646
7,065
14,720
9,161
3,832
1,340
672
7,593
15,079
10,048
3,886
1,553
660
8,006
15,834
11,761
4,946
1,796
360
11,620
59,382
37,938
12,300
1,853
343
11,871
54,376
34,694
11,778
2,105
423
12,764
56,868
36,069
12,952
2,480
-19,525
-24,031
-19,005
-15,249
-24,435
-22,948
1,258
1,414
3,409 -14,885 -15,861 -18,800
-60,345
-49,213
-56,873
1995
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
1997"
127,585
6,614
120,971
Latin America
Exports
Agricultural products
Nonagricultural products
1996
Germany
United Kingdom
Western Europe
Canada
1995
1996
Asia, excluding Japan
Mexico
1997"
1995
1996
1997"
1995
1996
1997"
China
Hong Kong, Republic of
Korea, Singapore, Taiwan
1995
1996
1997"
1995
1996
1997"
135,380
16,299
119,081
144,803
14,444
130,359
71,836
8,145
63,691
73,319
8,624
64,695
76,417
7,470
68,947
11,754
2,636
9,118
11,938
2,096
9,842
12,669
1,601
11,068
12,653
34,458
63,955
5,123
10,056
4,191
13,387
31,736
70,557
5,334
10,744
3,622
11,675
31,801
79,767
5,502
11,480
4,578
6,433
20,145
36,053
2,357
5,391
1,457
7,340
18,022
39,434
1,955
5,680
888
6,188
17,882
41,798
2,306
5,836
2,407
1,702
4,350
5,094
167
338
103
1,324
4,109
5,741
181
484
99
1,001
4,138
6,584
392
534
20
75,108
8,127
66,981
86,674 199,698
8,459 10,846
78,215 188,852
212,788
13,401
199,387
234,843
12,527
222,316
81,957
286
81,671
82,705
216
82,489
86,135
269
85,866
45,542
326
45,216
51,511
434
51,077
62,566
475
62,091
4,290
12,494
13,185
18,641
11,213
2,944
4,221
14,825
15,596
23,345
13,823
3,298
4,620
15,853
19,767
25,881
16,816
3,737
5,935
27,608
73,390
5,035
84,581
3,149
6,210
30,671
78,558
5,493
88,143
3,713
6,888
31,973
87,563
5,689
98,250
4,480
691
6,757
46,173
3,297
23,440
1,599
667
6,821
48,449
3,566
21,176
2,026
711
7,632
50,875
3,707
20,898
2,312
622
3,857
7,596
635
32,464
368
662
4,260
8,741
750
36,697
401
737
5,179
11,527
788
43,873
462
-16,578
-18,373
-15,460 -69,262
-77,408
-90,040 -10,121
-9,386
-9,718
-33,788
-39,573
-49,897
87,564
6,761
80,803
100,248
9,125
91,123
123,643
8,962
114,681
46,189
3,529
42,660
56,735
5,461
51,274
71,214 130,436
5,223 16,559
65,991 113,877
5,533
26,071
32,832
9,723
10,732
2,673
7,666
28,857
36,734
10,923
12,988
3,080
7,202
33,479
48,007
15,196
15,949
3,810
2,931
13,802
15,900
6,961
4,811
1,784
4,581
16,573
18,594
8,284
6,524
2,179
4,242
19,644
24,940
11,600
8,095
2,693
98,739
17,488
81,251
117,475
23,972
93,503
132,503
24,288
108,215
62,767
6,270
56,497
11,076
31,465
14,566
19,703
18,329
3,600
11,337
39,042
17,004
24,500
21,583
4,009
12,892
40,399
21,544
27,363
25,808
4,497
-11,175
-17,227
-8,860
April 1998 •
SURVEY OF CURRENT BUSINESS
billion, and service payments increased to $167.9
billion from $156.6 billion (table L).
Foreign visitors spent $74.4 billion for travel in
the United States in 1997, an increase of 6 percent. Receipts from overseas (excluding Canada
and Mexico) increased 7 percent, following an
n-percent increase; the growth in visitors from
Western Europe was less than in 1996, partly
reflecting the restraining effect of dollar appreciation against the European currencies. The
growth in visitors from Asia was also less; it was
held down by a decline in visitors in the fourth
quarter when financial conditions in Asia deteriorated. Receipts from Canada were unchanged,
and receipts from Mexico increased.
U.S. residents spent $52.0 billion for travel
abroad in 1997, an increase of 7 percent. Expenditures overseas increased 7 percent, following
a 5-percent increase; the growth in travelers to
Western Europe and Japan were both up 11 percent, as U.S. income continued to rise strongly
and the dollar appreciated. Expenditures in
Canada were down, and expenditures in Mexico
increased.
"Other" transportation receipts were $28.2 billion in 1997, up 4 percent after a i-percent
increases in capital goods, automotive products,
and consumer goods that followed sharp declines
in these categories in 1996.
The deficit with Latin America decreased to
$8.9 billion from $17.2 billion. Sharply higher
exports, mostly of capital goods but also of
total industrial supplies and materials and automotive products, were only partly offset by
continued strength in most import categories,
except petroleum imports, which changed little.
The deficit with the Asia, excluding Japan,
increased to $90.0 billion from $77.4 billion. Exports of capital goods recovered somewhat from
the sharp slowdown in 1996, and total industrial
supplies and materials were unchanged. Imports of capital goods, largely computers and
semiconductors, picked up somewhat (but those
from Hong Kong, the Republic of Korea, Singapore, and Taiwan, collectively, increased about
the same amount as in 1996), while imports of
consumer goods from China accelerated sharply.
Services.—The surplus on services increased to
$85.3 billion in 1997 from $80.1 billion in 1996,
a smaller increase than in 1996. In 1997, service
receipts increased to $253.2 billion from $236.8
Table L.—Services
[Millions of dollars, quarters seasonally adjusted]
•JQQC
1QQC
1997p
19 37
\r
\\r
III'
\\JP
218,739
236,764
253,220
61,736
63,335
64,397
63,754
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Affiliated services
Unaffiliated services
Education
Financial
Insurance
Telecommunications
Business professional and technical
Other
63395
19,125
27,412
27,383
66,850
20272
46578
69908
20,557
27,216
29,974
73,569
22810
50,759
7807
8,034
74407
21,710
28,194
30,269
82,681
25483
57,198
18585
5,316
7,001
7,688
19753
18634
5,508
7,045
7,608
20,622
6425
14,197
2003
2,492
18,732
5,468
6,939
7,520
21,277
6622
14,655
2074
2,701
18456
5,418
7,210
7,452
21,031
6334
14,697
Military transactions l
U.S. Government receipts
Exports
.
7512
3,405
19247
10,145
10,104
2558
3,596
22116
10690
13,756
14,647
818
893
147,036
46,053
14,433
28,249
6503
39285
13597
25,689
7,029
1 390
3,183
17765
9699
.
Imoorts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Affiliated services
Unaffiliated services
Education
Financial
Insurance
Telecommunications
Business professional and technical
Other
..
637
895
648
913
5543
2627
5642
2677
15,175
3,190
3,727
4,261
784
203
191
200
3,997
190
156,634
167,929
41,216
41,817
42,303
42,592
52,029
16,927
29,771
12,989
4,190
7,541
1 846
11,893
4,368
7,525
12,813
4,166
7,368
2043
12,320
4,600
7,720
13,224
4,298
7,484
47548
17610
29,938
1,131
4,059
4,817
8576
6464
4,891
13,004
4,272
7,377
1 797
11,327
4227
7,100
4,420
48,739
15,776
28,453
7322
42,796
16,026
26,770
1,041
3,184
4,387
8385
5,253
4,520
9890
2623
10861
2687
11345
2796
4691
Revised.
p Preliminary.
1. Consists of transfers under U.S. military agency sales contracts. Includes goods which can-
2071
2,652
654
944
5644
2732
620
845
949
....
6103
13650
1 986
2,259
5287
2653
2,472
5,383
7773
Direct defense expenditures 2
U S Government payments
r
8134
2121
7512
1826
12,009
4,415
7,594
291
883
1,251
2205
279
285
1,106
1,195
1,182
1,232
2137
2157
1 612
1,196
1,648
1,215
1664
2753
2679
2,863
686
679
730
3050
701
276
888
1,139
2076
1,540
1,180
1,299
not be separately identified.
2. Consists of imports of U.S. defense agencies. Includes goods which cannot be separately
identified.
67
SURVEY OF CURRENT BUSINESS
68 • April 1998
1996. Among unaffiliated services, business, professional, and technical services increased more
rapidly in 1997 than in 1996. Financial services
increased only slightly more rapidly than in 1996:
Activity in financial markets abroad was particularly high in the second and third quarters, but
fell sharply in the fourth quarter as a result of
repercussions from financial problems in Asia.
Transfers under U.S. military sales contracts
increased to $15.2 billion in 1997, up from $14.6
billion in 1996. Most of the increase was in the
delivery of aircraft, missiles, and weapons systems
to Turkey, Saudi Arabia, and Taiwan.
Direct defense expenditures abroad were $11.3
billion in 1997, up from $10.9 billion in 1996.
Much of the increase was attributable to higher
personnel expenditures.
Key developments
within the year included the continuation of the
U.S. peace-keeping mission to Bosnia at half the
troop strength of 1996 and, toward yearend, the
repositioning of U.S. troops to the Persian Gulf
area as tensions escalated with Iraq over the access of United Nations' weapons inspection teams
to Iraqi facilities.
decrease in 1996. The increase in overseas demand for U.S. goods exports, particularly by
Western Europe and Latin America, had the
greatest impact on air export volumes, resulting
in substantial growth in air freight receipts; ocean
export volumes decreased slightly. Port service
receipts were up slightly.
"Other" transportation payments were $29.8
billion in 1997, up 5 percent after a i-percent
increase in 1996. Like receipts, the increase
in payments was strong for Western Europe
and Latin America. Freight payments increased:
While ocean freight payments were held down
by the continued erosion of liner freight rates,
particularly on imports from Asia due to overcapacity on that trade route, air freight payments
continued to rise, partly because of a jump in import tonnage carried by Asian airlines. Air port
service payments increased, reflecting both larger
import and export volumes carried by U.S. airlines, and ocean port service payments decreased
for the second consecutive year.
"Other" private service receipts were $82.7
billion in 1997, up from $73.6 billion in 1996. Affiliated services increased about the same amount
in 1997 as in 1996. Among unaffiliated services, business, professional, and technical services
increased more rapidly in 1997 than in 1996. Financial services also increased more rapidly than
in 1996, reflecting heightened activity in U.S. financial markets that was tempered late in the year
by repercussions from financial problems in Asia.
"Other" private service payments were $47.5
billion in 1997, up from $42.8 billion in 1996.
Affiliated services increased less in 1997 than in
Investment income
The balance on investment income shifted to
a deficit of $14.3 billion in 1997 from a surplus of $2.8 billion in 1996 (table D). "Other"
private receipts increased much more strongly
than in 1996; direct investment receipts also
increased more strongly. All types of payments—
U.S. Government, "other" private, and direct
investment—increased substantially more than in
1996.
Table M.—Direct Investment Income and Capital
[Millions of dollars, quarters seasonally adjusted]
/frpdite +• riphitc \
Income
Income receipts on U S. direct investment abroad
Distributee! earnings
Reinvested earnings
Interest net
1995
1996
90,349
32,991
54,007
3,350
98,890
37,629
57,885
3377
Income payments on foreign direct investment in the United States
Distributed earnings
Reinvested earnings
interest, net
-30345
-12,254
-9,826
-8,265
-32132
-12,024
-12,187
-7,921
Capital
U S direct investment abroad (increase/capital outflow (— ))
Equity capital
Reinvested earnings
Intercompany debt
-86737
-36,611
-54,007
3,881
-87813
-21,605
-57,885
-8,323
67,526
45,057
9826
12643
76,955
53,030
12187
11739
Foreign direct investment in the United States (increase/capital inflow (+))
Equity capital
Reinvested earnings
Intercompany debt
. . . .
r
Revised.
p Preliminary.
195)7
•j 997/7
109,227
40,778
63955
\r
\\r
III'
iv/>
25,864
9,036
15,938
28,189
11,835
15135
1 219
27,209
8,932
16949
1 328
890
27,963
10,975
15,933
1,055
-8538
-2,200
-4,229
-2,110
-10241
-3,575
-3,894
-2,772
-1 1 666
-2,299
-6,707
-2,660
-1 1 081
-2,879
-5,525
-2,677
-119443
-48,054
-63,955
-7,433
-26,754
-11,252
-15,938
436
-36,988
-10,036
-15,933
-11,019
-22 763
-9,102
-15,135
1,474
-32936
-17664
-16,949
1 677
107,927
47,849
20355
39724
30,685
11,799
42S9
14657
26,652
8,558
3894
14,200
25,949
11,265
6707
7977
24,641
16226
5525
2890
4491
-41 527
-10,953
-20,355
-10,217
SURVEY OF CURRENT BUSINESS
Direct investment income.—Receipts of income on
U.S. direct investment abroad were $109.2 billion in 1997, compared with $98.9 billion in 1996
(table M, chart 8). The increase was about the
same as that in 1996, but both years trailed an increase in 1995 that was more than twice as large.
Most of the increase in earnings in 1997 was in
finance, wholesale trade, services, and "other"
industries. Earnings of manufacturing affiliates
increased moderately (chart 9).
Payments of income on foreign direct investment in the United States were a record $41.5
billion in 1997, up sharply from the previous
record of $32.1 billion in 1996 (table M, chart 8).
Earnings in "other" industries increased $4.5 billion, mainly in insurance and finance, following
a decline in 1996. Earnings in manufacturing increased $2.0 billion, more than twice the increase
in 1996; more than half of the increase in 1997 was
in machinery. Earnings in petroleum increased
$0.6 billion (chart 10).
"Other" private and U.S. Government income.—
Receipts of income on "other" private investment
increased to a record $123.3 billion in 1997, up
from the previous record of $102.9 billion in
1996 (table N, chart 8). All the major components increased, led by higher interest income
receipts by banks and nonbanks, as increased financial activity resulted in higher outstanding
claims on foreigners. Income receipts from stocks
and bonds reflected an increase in U.S. holdings
of foreign securities.
CHART9
Earnings on U.S. Direct Investment
Abroad
Billion $
120
CHARTS
100
Western Europe
Latin America & Other
Western Hemisphere
Asia & Pacific
Private Investment Income
80
Billion $
60
Total
40
20
.nil ilihlill
1986 87 88 89 90 91 92 93 94 95 96 97
1986
87 88 89 90 91 92 93
94 95 96 97
Seasonally adjusted
U.S. Department of Commerce, Bureau of Economic Analysis
NOTE.—To be consistent with earnings by area and by industry, total earnings are
shown in this chart without ttie current-cost adjustment and after deduction o!
withholding taxes, the only basis on which area and industry data are available.
U.S. Department of Commerce, Bureau of Economic Analysis
April 1998 •
69
7<? • April 1998
SURVEY OF CURRENT BUSINESS
Receipts of income on U.S. Government assets decreased to $3.5 billion from 34.6 billion
(table O).
Payments of income on "other" private investment increased to a record $117.7 billion from the
previous record of $100.1 billion in 1996 (table N,
chart 8). Payments of interest on U.S. corporate
bonds increased the most, largely as a result of
higher foreign holdings. Payments of interest on
U.S. bank liabilities reflected higher outstanding
liabilities, as interest rates changed little.
Payments of income on U.S. Government liabilities were a record $91.1 billion, up from the
previous record of $71.3 billion, as a result of a
large increase in foreign holdings of U.S. Treasury
securities (table O).
Unilateral transfers
Net unilateral transfers were $38.5 billion in
1997, compared with $40.0 billion in 1996. U.S.
Government grants decreased to $11.7 billion
from $14.9 billion (table O); they had been
boosted to an unusually high level in early
1996 as the Federal Government resumed operations after the budget deadlock and U.S.
Government shutdown at the end of 1995.
Grant disbursements for debt forgiveness were
$0.2 billion in 1997, compared with none in
1996. The decrease in grants was partly offset by an increase in private remittances and
other transfers.
Table N.—Other Private Income
[Billions of dollars]
CHART 10
Receipts
1995
1996
1997^
101.8
102.9
123.3
17.9
20.7
24.7
269
260
296
266
280
367
339
Dividends
Interest on bonds
Interest on bank claims
Interest on other claims '
31 0
260
Payments
100.1
117.7
11.2
29.1
12.3
33.5
14.3
40.2
427
154
377
428
16.6
20.4
98.4
Dividends
Interest on bonds
Interest on bank liabilities
Interest on other liabilities '
Earnings on Foreign Direct Investment
in the United States
Western Europe
Canada
Asia & Pacific
'• Preliminary
1. Primarily income of business concerns other than banks.
NOTE.—Excludes direct investment income receipts and payments
Table 0.—Selected U.S. Government Transactions
[Millions of dollars]
1997
II
I
U.S. Government grants
Disbursed
For debt forgiveness
Other disbursements
-11,096
-14,933
-1 1 096 -14933
HP
III'
-2,109
-2,245
-2,231
-5,103
-1 1 688 -2,109
-2245
-2,231
-5,103
-11,688
-69
-89
-21
-10,662
-14,933
-11,509
-2,109
-2,176
-2,142
-5,082
^1,803
-1,067
-3,736
^1,930
-5,237
-1,114
^t,123
-1,107
-1,613
-1,415
-1,102
-593
-352
-1,027
-1,020
-1,063
-1,013
4,115
174
4,134
373
5,439
1,111
26
1,358
480
1,876
323
1,094
49
9
3,761
4,423
1,085
66
812
63
3,533
1,490
1,036
4,695
4,644
3,538
103
150
174
955
45
747
80
1,019
26
817
23
1
25
13
-434
-179
Received
For Defense Cooperation Account
Other receipts
U.S. Government credits and other longterm assets
For debt rescheduling
Other disbursements
Repayments of U.S. Government credits
and other long-term assets
From debt rescheduling
From debt forgiveness
....
..
Other repayments
U.S. Government receipts of income
From debt rescheduling
From debt forgiveness
Other receipts
U.S. Government payments of income
' Revised.
" Preliminary.
-876
-1,054
878
-80
138
408
39
26
-89
4,567
4,494
3,325
910
666
968
781
1986 87 88 89 90 91 92 93 94 95 96 97
-61,279
-71,342
-91,081
-21,139
-22,794
-23,469
-23,679
NOTE.—To be consistent with earnings by area and by industry, total earnings are
shown in this chart without the current-cost adjustment and after deduction of
withholding taxes, the only basis on which area and industry data are available.
U.S. Department ol Commerce, Bureau of Economic Analysis
April 1998 • Jl
SURVEY OF CURRENT BUSINESS
reported by U.S. banks and in U.S. direct investment outflows were both higher in 1997 than in
1996. Net U.S. purchases of foreign securities
were lower.
Capital Account
Net recorded capital inflows—that is, the difference between changes in net U.S. assets abroad
and changes in net foreign assets in the United
States—were $263.6 billion in 1997, compared
with $195.1 billion in 1996, reflecting a larger stepup in the increase in foreign assets in the United
States than in the increase in U.S. assets abroad.
U.S. official reserve assets.—U.S. official reserve
assets increased $1.0 billion in 1997, compared
with a decrease of $6.7 billion in 1996. In 1997,
reserve assets decreased in the first quarter, when
Mexico made the last repayment on its mediumterm swap arrangement with the United States,
and increased in the fourth, when the U.S. reserve
position with the IMF increased, mainly reflecting drawings by Indonesia and the Republic of
Korea on the IMF'S credit facilities. U.S. mone-
U.S. assets abroad
U.S. assets abroad increased $426.9 billion in 1997,
compared with an increase of $352.4 billion in
1996. The increases in U.S. claims on foreigners
Table P.—Private Capital Flows, Net
[Billions of dollars]
Claims (increase/capital outflow (-));
liabilities (increase/capital inflow (+))
•JQQC
19<37
•JQQ7/7
iQQfi
2462
206
576
-44.6
-751
30.2
-8.6
-151 1
.1
-28.0
958
-100.1
181.2
-108.2
2731
436
66.9
-44.9
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
-504
-497
-620
17.4
142.5
-79.3
685
38.8
10.2
21.7
23.2
11.8
300
372
266
3.5
4.8
6.6
9.9
1079
4.0
-26.7
307
-10.3
-37.0
267
3.1
-22.8
259
-32.9
246
-324
-316
-143
-64.2
-76.3
-29.5
44.7
15.2
-119
-4.0
-7.9
-178
22.0
17.3
24.8
Direct investment net
...
. . .
U.S. direct investment abroad
Foreign direct investment in the United States
-19.2
-86.7
675
-10.8
-87.8
770
-11.5
-119.4
Nonbank-reported capital net
U S claims
US liabilities
-4
-35.0
34.6
31.8
.
-3.7
286
12.3
.
575
-39.2
338
384
829
.
56.4
-305
86.9
363
604
1631
1893
66.9
1224
.
-306
10.1
451
517
1556
1338
12.6
1212
U.S. currency flows, net
1169
26
-€3
-380
-41 3
352.4
13.5
74.9
-21.9
50.9
-20.5
-156
-236
96.7
-588
-49.4
289.4
195.9
995
964
28.1
720
-14.6
-11 8
-28
iv/>
III'
-88.4
-98.2
9.8
Private capital flows
Bank-reported capital, net1
US claims
U.S. liabilities l
.
II
I
-133
-86
86.6
96.8
478
42
72.2
-8.3
-96
-25.0
15.4
r
Revised.
p Preliminary.
1. Liabilities exclude U.S. Treasury securities.
Table Q.—U.S. Bank-Reported Claims and Liabilities by Type
[Billions of dollars]
19 V
1995
Claims on foreigners reported by U.S. banks (increase/capital outflow (-))
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
Liabilities to foreigners reported by U.S. banks (excluding U.S. Treasury
securities) (increase/capital inflow (+)) '
.
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 foreian currencies
p Preliminary.
1. Excludes liabilities to foreign official agencies.
. . .
,
1996
1997^
I
II
III'
-75.1
-98.2
-151.1
-62.0
-27.9
-30.6
-24.4
8.8
-31.6
-19.4
-551
-561
-11.9
-21.2
-26.8
-178
-4.9
-191
-1.1
-13.2
-19.6
-3.1
-6.5
52
.2
-13.2
-25.0
-19.0
-8.5
4.4
-22.6
-27.5
-19.3
30.2
9.8
142.5
17.4
28.1
10.1
87.0
82.5
12.0
73.5
-71
7.7
5.1
32
4.0
-8.1
-35
.8
3.4
7.1
-1.7
20.5
5.2
-101
14.5
2.7
-2.6
17.2
26.6
19.7
-4.2
9.0
16.7
-.9
IV*
50
14.8
-6.4
-55
1.5
11.2
11.0
-30.5
-542
-44
105
10.9
6.7
59
4.1
2.9
.6
72 • April 1998
SURVEY OF CURRENT BUSINESS
tary authorities did not intervene in the foreign
exchange markets in 1997 (table C).
Claims reported by banks.—Claims on foreigners
reported by U.S. banks increased $151.1 billion in
1997, compared with an increase of $98.2 billion
in 1996 (tables P and Q).
Banks' own claims payable in dollars increased
$104.2 billion in 1997, up sharply from an increase of $68.3 billion in 1996. The 1997 increase
was just under the record $104.3 billion increase
in 1982. Foreign-owned banks accounted for
much of the increase in claims in 1997. Outflows were especially strong in the first half of
the year, when foreign-owned banks extended
$65.0 billion in credit, but their lending slowed
to $12.3 billion in the second half. In the first
half, foreign-owned banks shifted the booking of
international loans from overseas to their U.S.
offices, but this practice ended abruptly in the
third quarter. The lending supported buoyant
credit conditions in Europe, where consolidation and merger and acquisition activity among
both industrial companies and major European
banking groups accelerated in preparation for
the beginning of the European Monetary Union.
The lending also supported, through October,
strong foreign purchases of U.S. Treasury bonds,
as bond prices rose and the dollar appreciated.
In the fourth quarter, foreign-owned banks were
joined by U.S.-owned banks in meeting the surge
in borrowing abroad that was partly attributable
to uncertainties created by financial problems
in Asia and to the desire of many foreign borrowers to enter into shorter term borrowing
arrangements.
U.S.-owned banks did not participate in the
cross-border funding of financial activity) in Europe or elsewhere during the first three quarters;
their claims decreased $10.2 billion during this
period. In the fourth quarter, however, U.S.owned banks provided $37.2 billion in credit to
meet a surge in demand for credit by banks
in financial centers in the Caribbean and the
United Kingdom. Much of the increased lending financed unusually strong purchases of U.S.
Treasury securities in October and met a step-up
in credit demand toward the end of the quarter.
However, some lending provided dollar credits
during a period of uncertainty when the Asian
financial situation depressed credit availability
and Asian currencies depreciated rapidly. Uncertainty also adversely affected the bond markets
worldwide. With the temporary drying up of
available funds, particularly for less than highly
rated borrowers, some borrowing was shifted to
the banking markets, particularly borrowing for
working capital purposes.
Banks' claims on other private foreigners and
foreign public borrowers increased $22.6 billion
in 1997, following a $21.2 billion increase in 1996.
A large part of the 1997 increase occurred in
the third quarter, when U.S. securities dealers
lent to international bond mutual funds in the
Caribbean to finance purchases of U.S. Treasury securities, largely in the form of repurchase
agreements. The step-up in lending to public
(sovereign) borrowers in Latin America in the
fourth quarter reflected a shift of borrowing to
the bank markets when risk premiums on emerging market new issues rose sharply as a result of
financial problems in Asia.
Banks' own claims payable in foreign currencies increased $20.8 billion in 1997, compared
with a decrease of $5.4 billion in 1996. Most of
the increase in 1997 was in the first half of the
year and was mostly to Western Europe.
Banks' domestic customers' claims increased
$26.0 billion in 1997, down from an increase of
$35.3 billion in 1996. In 1997, the increase in
deposits abroad was sharply lower, and less commercial paper was issued in the United States by
foreigners. Outstanding collections shifted to an
increase.
Foreign securities.—Net U.S. purchases of foreign
securities were $79.3 billion in 1997, down from
$108.2 billion in 1996; a sharp decline occurred
in the fourth quarter, reflecting uncertainties created by Asian financial problems. For the year,
net U.S. purchases of foreign stocks were $38.0
billion, down from $58.8 billion, and net purchases of foreign bonds were $41.3 billion, down
from $49.4 billion (table P, charts 11 and 14).
A decline of 97 basis points in U.S. corporate
Aaa rates from a high in April sharply reduced
the cost of borrowing in the United States in
1997. Lower U.S. rates than foreign rates and
longer maturities available in the U.S. market
than in foreign markets led to record borrowing
in the first three quarters of the year before uncertainties and elevated risk premiums for most
borrowers from Asia and Latin America slowed
borrowing in the fourth quarter. Stock prices in
most foreign markets were sharply higher, particularly in Western Europe where gains averaged
more than 40 percent in local currencies even after sharp, but temporary, retrenchments in the
fourth quarter. Stock prices in Latin America
also pulled back sharply in the fourth quarter but
were up 28 percent for the year. However, stock
prices in Asian countries, including Japan, fell
SURVEY OF CURRENT BUSINESS
nearly 40 percent for the year, mostly in the last
half (chart 12).
U.S. institutional investors maintained their
cross-border portfolio holdings in 1997. The
value of U.S. pension fund assets invested abroad
as a share of total U.S. pension fund assets increased to approximately 18 percent late in 1997
from 14 percent late in 1996, reflecting strong
price gains and, to a lesser extent, new investments. The share of total capital flows into U.S.
equity mutual funds that was invested abroad
in 1997 remained unchanged at approximately 11
percent. The value of U.S. equity mutual fund
assets invested abroad as a share of total U.S.
equity mutual fund assets decreased to approximately 15 percent at yearend 1997 from 16 percent
at yearend 1996.
Net U.S. purchases of foreign stocks were $38.0
billion in 1997, down from $58.8 billion in 1996.
Net purchases in the first three quarters of 1997
were just under the strong net purchases in first
three quarters of 1996. However, declines in
Asian currency markets and equity markets in
the fourth quarter led to a sharp and substantial shift to net sales for the quarter in most
major countries and areas, including many countries in Western Europe, as investors became
cautious of the economic and financial implications of developments in Asia. For the year
1997, net purchases from Western Europe, at
April 1998
$13.3 billion, were less than half the 1996 total:
There were large slowdowns or shifts to net sales
with France, Germany, and Switzerland; however, net purchases from the United Kingdom
increased. Transactions with Canada declined to
net purchases of $1.3 billion from net purchases
of $3.5 billion, and transactions with Latin America slowed to net purchases of $0.3 billion from
net purchases of $3.6 billion. Net purchases from
Japan declined slightly to $9.4 billion. Net purchases in other markets, mostly Asian emerging
markets, slowed to $5.3 billion from $8.6 billion; emerging-market countries account for only
6 percent of U.S. holdings of foreign equities.
Trading activity in stocks—gross purchases plus
gross sales—increased 53 percent in 1997.
Net U.S. purchases of foreign bonds were $41.3
billion, down from $49.4 billion. However, new
issues placed in U.S. markets increased $14.1 billion to $66.5 billion. The continued strength
in new issues reflected low U.S. long-term rates,
compared with foreign rates, and heavy financing
needs of foreign governments and corporations.
The pace of new issues was stronger in the first
three quarters of 1997 than in the first three quarters of 1996, but fell off sharply in the fourth
quarter when the market placed substantial risk
premiums on new issues from emerging-market
countries, more so for Asian issues than for Latin
American issues (chart 13).
CHART 11
CHART 12
Gross Trading Activity
Selected Stock Price Indexes
in Local Currencies
Billion $
9000
December 1992»it)0
240
8000
U.S; Treasury securities-
7000
6000
5000
4000
2000,
U.S: securities other than' U.S. Treasury securities^ -
1000
0
J
I
1993
1994 : 1995
1996
Source;toganaanley:C?|jytemalional • • ' ' • ;
'intosabased byBEA, ,
•- •-' '
, Barnaul Economic Analysis
1997
'
-
,
-
•
73
SURVEY OF CURRENT BUSINESS
74 • April 1998
Transactions in outstanding bonds shifted to
net sales of $9.3 billion from net purchases of
$13.1 billion. Net purchases in the United Kingdom, where much of the trading takes place,
slowed substantially to $2.3 billion from $17.6 billion. Much of the reduction occurred in the first
half of the year; there was renewed interest, particularly in British "gilt-edged" securities, in the
last half. Trading activity in bonds increased 33
percent in 1997.
Direct investment.—Net capital outflows for U.S.
direct investment abroad were $119.4 billion in
1997, up from $87.8 billion in 1996. Equity capital outflows more than doubled, and reinvested
earnings were higher. In contrast, intercompany
debt outflows were lower (table M).
Equity capital outflows were a record $48.1
billion, up from $21.6 billion in 1996 and well
above the previous record of $36.6 billion in
1995. The outflows in 1997 reflected numerous
multibillion dollar acquisitions. Several of the
largest transactions occurred in the finance industry, where consolidations and restructurings
were propelled partly by the continuing integration of capital markets around the world and
partly by the advent of the European Monetary
Union. Additional large investments occurred
in public utilities (electric power and telecommunications); these transactions partly reflected
the desire to capitalize on new market opportunities provided by privatizations of State-owned
enterprises and partly reflected the desire to enter
foreign markets where the potential for growth
was greater than in the United States. Western
Europe accounted for nearly 60 percent of equity
outflows in 1997.
Reinvested earnings were $64.0 billion, up from
$57.9 billion; the largest increase was in Western
Europe.
Intercompany debt outflows were $7.4 billion,
down from $8.3 billion. Although little changed
for the year, debt flows fluctuated widely during
the year, particularly as U.S. parents borrowed or
loaned funds to their finance affiliates abroad.
Foreign assets in the United States
Foreign assets in the United States increased
$690.5 billion in 1997, compared with an increase
of $547.6 billion in 1996. The increases in U.S.
liabilities reported by U.S. banks, in net inflows
CHART 14
Securities Transactions
Billion $
U.S. SECURITIES
Marketable U.S. Treasury bonds and notes
Other bonds
Stocks
Total
X
CHART 13
Emerging Market Bond Yields
Percent
16
15
120
14
100
13
80
12
60
11
40
10
20
FOREIGN SECURITIES
• Stocks
• Bonds
Net Purchases
. Total
0
1996
1997
Source: J.R Morgan. Emerging Market Bond Index Phis, EMBI+, represents
external currency denominated debt in emerging markets. It is comprised mostly
of US. dollar issues.
US. Department of Commerce, Bureau of Economic Analysis
-20
1994
1995
1996
1. Excluding transactions of foreign official agencies.
US. Department of Commerce, Bureau of Economic Analysis
1997
SURVEY OF CURRENT BUSINESS
for foreign direct investment in the United States,
and in net foreign purchases of U.S. securities
other than U.S. Treasury securities were all substantially larger in 1997 than in 1996. The increase
in foreign official assets in the United States was
substantially smaller.
Foreign official assets.—Foreign official assets in
the United States increased $18.2 billion in 1997,
compared with an increase of $122.4 billion in
1996, as both industrial and developing countries slowed their accumulation of dollar assets
(table C). Dollar assets of industrial countries
increased $11.2 billion, down from an increase of
$65.5 billion. The accumulation was in the first
three quarters; in the fourth, there were net sales,
partly to support certain currencies in exchange
markets.
Assets of developing countries increased $7.0
billion; following an increase of $56.9 billion.
While most developing countries had accumulated dollar assets in 1996, many sold dollar
assets in 1997. In 1997, large increases by several countries in Latin America and Asia were
offset in large part by decreases by several
emerging-market countries in Asia.
Liabilities reported by banks.—U.S. liabilities to
foreigners reported by U.S. banks, excluding U.S.
Treasury securities, increased $142.5 billion in
1997) compared with an increase of $9.8 billion
in 1996; the previous record inflow was $104.3
billion in 1994 (tables P and Q).
U.S.-owned banks' liabilities payable in dollars increased little during the first three quarters
of 1997. Given the strong growth in domestic
deposits, U.S.-owned banks had little need to
borrow from abroad to meet either domestic or
foreign demand for credit. In the fourth quarter,
U.S.-owned banks borrowed heavily to fund the
strong demand for credit at financial centers in
the Caribbean and the United Kingdom, as well
as in other countries in Western Europe, particularly toward the end of the quarter. In addition,
some foreigners elected to hold dollar deposits at
U.S. banking institutions rather than at foreign
banking institutions, in the face of uncertainties
created by the deteriorating financial situation in
Asia.
Foreign-owned banks' liabilities increased only
moderately in the first half of the year. During
the first half, funds drawn from related branches
in the Caribbean complemented funds raised
in the United States to finance increased dollar
lending in the United States and overseas. In
the fourth quarter, the surge in borrowing was
attributable to transactions of Japanese-owned
banks and, to a small extent, of other Asianowned banks in the United States. Repercussions
from Asian financial problems led to a substantial
loss in deposit inflows to Japanese banks located
in the United States. In order to replace these
inflows and to continue to meet their loan commitments, Japanese banks borrowed heavily from
their parent offices in Japan rather than borrow in
the U.S. interbank market where borrowing costs
had risen sharply to reflect the failure of several
Japanese banking and securities firms. In order
to provide these funds, parent banks in Japan
may have liquidated holdings of U.S. Treasury
securities. European-owned banks in the United
States also accelerated their foreign borrowing in
the fourth quarter, mostly to finance overseas
lending.
Banks' liabilities to "other" private foreigners
increased $19.3 billion in 1997, following an increase of $11.5 billion in 1996. Most of the
borrowing in 1997 was by U.S. securities dealers from international bond mutual funds in
the Caribbean and was likely in the form of
repurchase agreements.
Banks' custody liabilities increased $26.6 billion
in 1997, compared with an increase of $2.7 billion
in 1996. Much of the increase in 1997 reflected
strong borrowing from banks in the United
Kingdom and Caribbean by U.S. nonbanking
concerns.
Banks' liabilities payable in foreign currencies
increased $19.7 billion in 1997, compared with an
decrease of $2.6 billion in 1996. Most of the
increase in 1997 was in liabilities to Japan, the
Caribbean, and Western Europe.
U.S. Treasury securities.—Net foreign purchases
of U.S. Treasury securities were a record $163.1
billion in 1997, up from the previous record of
$155.6 billion in 1996. Net purchases in the first
three quarters of 1997 were well ahead of net purchases in the first three quarters of 1996, but they
fell off in the fourth quarter (table P, charts 11
and 14).
Economic conditions in the United States were
particularly favorable for bonds. Low inflation
and the prospects of a dwindling supply of U.S.
Treasury bonds as the Federal budget deficit
moved toward a surplus led to the lowest yields
since 1993. Yield differentials in favor of U.S.
Treasury bonds over German and Japanese Government bonds widened in the early months of
the year, but even with some narrowing later
in the year, differentials in favor of U.S. Treasury bonds remained sizable (chart 3). Dollar
April 1998 • 75
SURVEY OF CURRENT BUSINESS
76 • April 1998
appreciation increased the attractiveness of U.S.
Treasury bonds and complemented large price
appreciation.
Net purchases by Western Europeans increased
substantially. Early in the year, the strength was
attributable to a rise in the interest-rate differential in favor of U.S. Treasury bonds, and in the
July-October period, it was related indirectly to
preparations for the European Monetary Union
and the desire to hold dollar assets when financial difficulties in Asia first became evident. In
contrast, net purchases by Japan were sharply
lower in 1997 than in 1996; net sales began in
the third quarter and accelerated in the fourth as
balance sheets of Japanese financial institutions
weakened. Net purchases by Asian countries
other than Japan were also sharply lower in 1997
than in 1996; there were few net purchases over
the last three quarters. Net purchases by international bond mutual funds in the Caribbean
fell substantially, reflecting net sales in the first
three quarters when international bond funds
took profits before a shift to net purchases in the
fourth. Trading activity in U.S. Treasury bonds
increased 37 percent in 1997.
chases of U.S. currency by these areas have not
declined, even after their political and economic
situations have stabilized. Their high demand
most likely reflects the underdevelopment of their
financial sector, as well as strengthening in their
income and consumption. At the end of 1997,
dollar purchases in Russia increased, likely reflecting concern about the ruble redenomination.
Elsewhere in the world, the demand for U.S. bank
notes has been relatively stable.
Other U.S. securities.—Net foreign purchases of
U.S. securities other than U.S. Treasury securities
were a record $189.3 billion in 1997, compared
with the previous record of $133.8 billion in 1996.
Net foreign purchases of U.S. stocks increased
more than fivefold—to $66.9 billion from $12.6
billion (table P, charts 11 and 14).
U.S. stock prices continued to advance; the
Standard and Poor's 500 index rose 32 percent in
1997. Falling U.S. interest rates, low U.S. inflation,
strong corporate earnings, and rising valuations
placed on those earnings pushed U.S. stock prices
to record highs. After rising early in the year,
yields on U.S. corporate bonds declined an average of 85 basis points through yearend 1997,
leading to an average price rise of 14 percent.
Net foreign purchases of U.S. stocks surged to
a record $66.9 billion—over five times the purchases of $12.6 billion in 1996 and over three
times the previous record of $19.0 billion in 1993.
The increase in the demand for U.S. stocks was
U.S. currency flows.—Net outflows of U.S. currency were $24.8 billion in 1997, compared with
$17.3 billion in 1996 (table P). A large part of the
increase in currency outflows in 1997, and since
i994> has been to Russia and the other states in
the Commonwealth of Independent States. Pur-
Table R.—New International Bond Issues by U.S. Borrowers
[Millions of dollars]
19 37
•jQQC
1QQfi
1997^
II
I
Total
By issuer:
Industrial corporations
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:
US dollars
Foreign currencies
Japanese yen
Swiss franc .
.
German mark
British pound
European currency unit
Canadian dollar
Other currencies
fr Preliminary.
Revised.
91,411
71,400
64,858
3540
10,967
35,571
12,139
9,183
2410
7810
15539
27741
11,413
7,755
23,543
44,014
11,278
4,766
\\JP
UK
24,616
26,889
30,492
9,414
2,303
8,034
9,250
3,876
1,153
1 113
5943
14884
3,170
1,779
3592
7376
15855
2190
3016
654
14,233
13,869
6,259
2,045
1,919
2033
49,339
19,662
1,037
1,167
39,254
24,195
53,240
34,967
2059
12,856
11,206
16,014
10,816
18,999
10,006
554
59
688
601
198
195
43869
27531
6,112
4,148
8,664
978
488
346
6,795
298
801
310
39572
25286
601
544
1,762
8,372
2363
61,165
30,246
2,774
3,331
4,751
6,432
147
456
257
7226
12,244
5416
17599
7,017
18802
8087
699
737
690
860
1,331
19060
11 431
1 014
953
1,073
1 212
2,255
102
171
144
285
12
1 687
3,937
2461
1. Includes banks and bank holding companies.
2. Principally credit, securities, brokerage, and insurance companies.
2421
4491
803
40S5
1 216
1 181
262
5371
2940
757
346
5703
3711
372
782
92
337
2128
SURVEY OF CURRENT BUSINESS
April 1998 •
77
in the U.S. market. Foreign purchases dropped
sharply in the fourth quarter, to one-half of those
in the third quarter, largely as a result of uncertainties created by developments in Asia and
by the related sharp, but temporary, drop in
U.S. stock prices at the end of October; however, net purchases in the fourth quarter were still
from Western Europe; purchases by the United
Kingdom increased fivefold to a record $21.3 billion, and purchases by Germany, Switzerland also
accelerated sharply. These increases occurred
despite stock price increases of more than 40
percent in local currencies in many European
markets, which exceeded the 32-percent increase
Table S.-Selected U.S. Transactions With OPEC Members
[Millions of dollars]
(Credits +; debits -)
1983
1984
1985
1986
1987
1988'
1989'
1990'
1991'
1992'
1993'
1994'
1995'
1996'
1997^
15,257
13,775
11,397
10,386
10,714
13,777
12,669
12,712
18,446
19,726
18,692
17,113
18,384
20,325
24240
5,555
81
3,397
44
3241
2,890
2,992
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
2,708
22
3,675
173
2,363
13
2,980
161
2,186
14
4,490
216
2,441
17
4,974
219
2,503
11
4588
241
1,965
1,680
167
1,875
1,941
215
1,835
2,435
154
2,854
2,326
261
3,293
1,441
217
3,224
1,202
187
2,745
1,045
141
2,782
1,470
122
4,047
1,593
200
4,359
1,489
343
Exports of goods, services, and income:
Goods, adjusted excluding military
Transfers under U.S. military agency sales
contracts
Royalties and license fees 1
Other private services 1
U S Government miscellaneous services .
Income receipts on U.S. assets abroad:
Direct investment receipts
Other private receipts
U S Government receipts
75
2611
84
2482
48
41
2,830
2,256
3,366
2,453
2,485
1,995
274
212
222
2
48
2,270
15
1,858
1,535
196
2621
10
4639
1829
311
Imports of goods, services, and income:
Goods, adjusted, excluding military
Direct defense expenditures
Royalties and license fees!
Other private services l
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 longterm assets
. ...
U.S. foreign currency holdings and U.S.
short-term assets net ..
-24,919 -26,853 -22,834 -18,893
-1,976
(D)
P
-1,440
(D)
P
-962
P)
P
-494
-24,416 -23,016 -29,243 -37,024 -33,431 -52,377 -32,644 -31,674 -35,609 -44,393 -46286
-377
-$
-614
(*)
-259
-96
-245
-104
-370
P)
2/D)
-106
-116
-120
-102
-253
-118
27
-2,914
-5,462
38
-3,094
-4,806
-72
-2,499
-4,241
114
-1,916
-3,141
-78
-1,837
-2,586
164
-2,175
-2,141
-51
-66
-62
-8
-8
-9
-74
-21
-84
-25
-97
-20
^,294
-1 138
2005
82
-525
-92
-425
-7
-358
-571
-945
158
-195
141
-165
-782
-59
-1,419
0
-683
-455
-361
-96
—2
^10
-41
-26
-39
-34
-31
-50
-2,798
-2,758
-98
-2,892
-3,297
-93
-2,669
-2,784
182
-2,302
-2,514
-82
-2,176
-2,218
-49
-1,964
-1,995
-94
-2,944
-2,406
-179
-329
-2,789
-2,685
-3111
-3943
-130
5
3,368
-25
27,422
^305
1,019
^32
-196
-203
-196
-147
-1,875
1,847
-577
-12,161
-513
-253
-647
-788
-246
135
-396
-212
-330
586
331
348
349
308
344
343
481
21
2
3
4
-2
-7
4
-87
-4,376
-1,292
-1,046
-1,665
-77
2,100
-1,277
-2815
-64
58
1,133
324
-1,103
-1,357
33
-712
331
156
-365
-2,010
535
96
171
208
43
81
41
100
13
-3 105
124
1 317
178
-787
-1 532 -2741
6179
-7,931
-8,561
-3,133
-4,664
-3,393
-6,644
-9,380
-9,308
-5,371
-9,939
-2,885
15,282
10,724
-6,650
-1,947
-3,501
-3,228
-1,389
-2,327
-4,938
-1,746
-5,398
-1,808
838
23
-427
-957
1,688
-2,591
177
7,815
3,170
437
1,043
3,458
-11
747
325
176
-1,459
510
2,405
296
-1,146
1,629
-90
-1,447
-201
-1,320
91
All other transactions with OPEC and transfers of
funds between foreign areas, n e t
...
18,217
15,086
10,876
15,834
16,335
Memorandum:
Balance on goods
-9662 -13078 -11,437
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
98
Foreign assets in the United States, net (increase/
capital inflow(+))
Of which: foreign official
U.S. Treasury securities and U.S. currency
flows
Other US. 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
D
r
-276
2,012
-8,507 -13,702
Suppressed to avoid disclosure of data of individual companies.
Revised.
p Preliminary.
* Less than $500,000 (+).
1. 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.
-784
-1
^83
-87
-1
397
-939
-528
-275
278
-531
-37
-27
19
-85
224
-360
-4
-412
-335
-545
-475
-599
(*)
-20
-767
-23
-581
-31
-28
-27
-94
-38
-60
-2,556
324
-6163
-8279
-421
-232
177
-120
-366
-532
-509
-924
-180
-851
134
^10
208
507
581
207
164
-37
833
-2,584
-5,983
-2144
-2777
-8413
-3468
-2297
211 -11,633
-2,706 -1,465
337
-17
-1,597
-679
-2,135
-3,037
-2077
^4
^306
-134
3158
-10461
2050
3113
4123
-589
-2665
3,320
1,555
-4,416
-5,235
14,529
5,626
-8,902
-3,848
1,350
-1,508
5,247
4,034
17,145
12,278
"17953
12782
-244
-5,902
1,989
151
4,323
4,186
569
-6,302
3,322
732
-1,668
-2,676
505
1,829
1,592
590
13,926
334
9844
3265
-214
-858
1,836
1,503
5,686
-164
1 773
767
4198
-812
1,677
245
1,059
81
4,793
167
-5,665
-662
^85
521
711
-571
491
-177
163
423
559
853
8,684
2,501
14,145 -11,192
3,335
18,790
11,106
5,161
6277
-723
-728
-224
-820
1 753
-675
-31
-246
-473
17
651
7016
-9,239 -16,574 -24,312 -14,985 -12,651 -13,952 -14,561 -17,225 -24 068 -22 046
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.
2. Break in series. See Technical Notes in June 1989 and June 1990 SURVEY.
NOTE.—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 is not available for all accounts; therefore, some accounts are estimated from regional data.
April 1998
SURVEY OF CURRENT BUSINESS
considerably stronger than those in most quarters
in recent years. Purchases from Western Europe
continued unabated during the fourth quarter;
the large shift to net sales occurred in transactions conducted through brokers and dealers in
the Caribbean. Trading activity in stocks was 56
percent higher than in 1996.
Net foreign purchases of U.S. bonds were a
record $122.4 billion, slightly higher than the
previous record of $121.2 billion in 1996. New issues sold abroad by U.S. corporations were $80.1
billion, up from $53.4 billion, reflecting continued strong demand from Western Europe for
new issues, many of which were part of global
launch programs or asset-backed securities; issues of asset-backed securities were strongest in
the third and fourth quarters. Both bank and
nonbank financial institutions stepped up their
borrowing considerably. By type of instrument,
straight fixed-rate instruments increased considerably more than floating-rate instruments.
The dollar was increasingly favored as the most
popular currency of issue. New issues fell by
two-thirds in the fourth quarter in response to
uncertainties created by the situation in Asia
(table R). Net foreign purchases of outstanding U.S. bonds slowed, partly because foreigners
sold bonds to realize capital gains resulting from
the large run-up in bond prices. Trading activity in bonds was 48 percent higher than
in 1996.
Direct investment.—Net capital inflows for foreign direct investment in the United States were a
record $107.9 billion in 1997, up from the previous
record of $77.0 billion in 1996. Intercompany debt
inflows increased sharply, reinvested earnings increased, and equity capital inflows decreased
(table M).
Intercompany debt inflows were $39.7 billion,
up from $11.7 billion. Inflows in 1997 were dominated by a few exceptionally large transactions
by a number of European financial institutions
who loaned large amounts to their finance affiliates in the United States. In addition, other
large inflows of funds to financial institutions occurred from the Caribbean. Reinvested earnings
were $20.4 billion, up from $12.2 billion; increases
were strong for affiliates of Western European
and Japanese parents. Equity capital inflows were
$47.8 billion, down from $53.0 billion; new acquisitions trailed those in 1996 because several
large-scale transactions in 1996 were not matched
by comparable transactions in 1997.
Tables i through 10 follow. H
SURVEY OF CURRENT BUSINESS
April 1998 •
79
Table 1.—U.S. International Transactions
[Millions of dollars]
Not seasonally adjusted
Line
1996
(Credits +; debits -) »
1,055,233
Exports of goods, services, and income
Seasonally adjusted
1997
1997*
1997
I
II
1,167,610
278,315
293,478
294,591
III'
\r
If
lllr
301,226
279,320
293,668
295,527
299,096
IV
IV*
t
Goods adjusted excluding military2
612,069
678,348
162,812
172,548
165,548
177,440
162,341
171,227
170,255
174,525
4
Services3
Transfers under U.S military agency sales contracts4
236,764
14,647
253,220
15,175
59,841
3,190
61,652
3,727
68,949
4,261
62,778
3,997
61,736
3,190
63,335
3,727
64,397
4,261
63,754
3,997
69,908
20,557
27,216
74,407
21,710
28,194
16,421
4,976
6,873
18,428
5,302
7,029
22,350
6,376
6,990
17,208
5,056
7,302
18,585
5,316
7,001
18,634
5,508
7,045
18,732
5,468
6,939
18,456
5,418
7,210
29,974
73,569
893
30,269
82,681
784
7,389
20,789
203
7,445
19,530
191
7,460
21,312
200
7,975
21,050
190
7,688
19,753
203
7,608
20,622
191
7,520
21,277
200
7,452
21,031
190
206,400
98,890
102,866
4,644
236,043
109,227
123,278
3,538
55,663
26,164
28,544
955
59,278
28,380
30,151
747
60,094
27,268
31,807
1,019
61,008
27,415
32,776
817
55,243
25,864
28,544
835
59,106
27,963
30,151
992
60,875
28,189
31,807
879
60,817
27,209
32,776
832
5
C
7
8
9
10
11
12
13
14
Travel
Passenger fares
Other transportation
Royalties and license fees 5
Other private services 5
U S Government miscellaneous services
.
c
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts
U S Government receipts
-1,163,450 -1,295,530
15
Imports of goods, services, and income
-300,017
-322,999
-336,367
-636,147
-310,659
-322,608
-329,571
-332,691
16
Goods adjusted excluding military2
-603,239
-677,282
-204,876
-217,230
-225,541
-229,635
-212,185
-218,415
-222,256
-224,426
17
18
Services3
Direct defense expenditures
-156,634
-10,861
-167,929
-11,345
-38,247
-2,753
-43,073
-2,679
^5,522
-2,863
-41,087
-3,050
-41,216
-2,753
-41,817
-2,679
-42,303
-2,863
^2,592
-3,050
^8,739
-15,776
-28,453
-52,029
-16,927
-29,771
-10,935
-3,947
-7,191
-14,205
^,445
-7,514
-15,347
^,672
-7,538
-11,542
-3,863
-7,528
-13,004
^,272
-7,377
-12,989
-4,190
-7,541
-12,813
-4,166
-7,368
-13,224
-4,298
-7,484
-7,322
-42,796
-2,687
-7,512
-47,548
-2,796
-1,772
-10,962
-1,758
-11,793
-2,056
-12,316
-1,926
-12,477
-1,797
-11,327
-1,846
-11,893
-2,043
-12,320
-1,826
-12,009
-203,577
-32,132
-100,103
-71,342
-250,320
-41,527
-117,712
-91,081
-56,895
-8,175
-27,581
-21,139
-62,696
-10,561
-29,341
-22,794
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
Royalties and license fees 5
Other private services 5
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 grants4
U S Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))
-686
-679
-730
-701
-686
-679
-730
-701
-65,304
-11,958
-29,877
-23,469
-65,425
-10,833
-30,913
-23,679
-67,258
-8,538
-27,581
-21,139
-62,376
-10,241
-29,341
-22,794
-65,012
-11,666
-29,877
-23,469
-65,673
-11,081
^30,913
-23,679
-39,968
-38,526
-6,604
-8,623
-9,031
-12,268
-8,577
—8,855
-9,070
-12,024
-14,933
-4,331
-20,704
-11,688
-4,075
-22,763
-2,109
-2,231
-5,837
-5,103
-1,260
-5,905
-2,109
-5,700
-2,245
-1,057
-5,321
-5,480
-2,245
-1,033
-5,577
-2,231
-1,031
-5,808
-5,103
-1,023
-5,898
-352,444
-426,938
-130,316
-92,849
-112,046
-91,727
-128,297
-91,264
-110,696
-96,678
6,668
-1,010
4,480
-236
-730
-4,524
4,480
-236
-730
-350
-133
-139
-150
72
1,055
3,353
-133
-139
-150
^3,575
2,915
72
1,055
3,353
-795
34
35
36
37
38
U.S. official reserve assets net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
370
-1,280
7,578
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
-4,930
4,134
106
177
-5,237
5,439
-25
-21
-1,107
1,111
-25
-1,613
1,358
-13
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
-358,422
-87,813
-108,189
-£4,234
-98,186
-426,105
-119,444
-79,287
-76,298
-151,076
-134,775
-28,773
-14,510
-29,466
-62,026
-690
54
-963
-988
^63
-4,221
-157
-128
-153
-268
461
-1,415
1,876
5
-1,102
1,094
13
-21
-1,107
1,111
-25
-1,613
1,358
-13
-92,345
-38,573
-21,841
-6,984
-27,947
-111,777
-24,113
-39,214
-17,848
-60,602
-67,208
-27,985
-3,722
-25,000
-30,501
-132,756
-56,754
-14,510
-29,466
-62,026
54
-4,524
^63
-4,221
-157
-128
-153
-268
461
-1,415
1,876
5
-1,102
1,094
13
-90,760
-36,988
-21,841
-3,984
-27,947
-110,427
-22,763
^39,214
-17,848
-30,602
-92,159
-32,936
-3,722
-25,000
-30,501
547,555
690,497
181,978
143,508
183,846
181,165
182,282
143,059
183,292
181,863
49
50
51
52
53
54
55
Foreign official assets in the United States net
U.S. Government securities
U.S. Treasury
securities9
Other 10
Other U.S. Government liabilities u
U S liabilities reported by U S banks not included elsewhere
Other foreign official assets12
122,354
115,634
111,253
4,381
720
4,722
1,278
18,157
-2,971
-7,019
4,048
539
21,274
28,891
23,940
23,289
651
478
7,698
-3,225
-5,374
-11,464
-12,108
644
654
4,536
900
21,867
9,353
6,686
2,667
28,891
23,940
23,289
651
478
7,698
-3,225
-5,374
-11,464
-12,108
644
654
4,536
900
21,867
9,353
6,686
2,667
12,391
633
-27,227
-24,800
-24,886
86
-83
-3,351
1,007
12,391
633
-27,227
-24,800
-24,886
86
-83
-3,351
1,007
56
57
58
59
60
61
Other foreign assets in the United States net
Direct investment
.
U S Treasury securities and U S currency flows
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
425,201
76,955
172,878
133,798
31,786
9,784
672,340
107,928
187,854
189,273
44,740
142,545
153,087
30,381
51,289
38,820
15,210
17,387
148,882
27,101
49,915
51,682
-7,916
28,100
161,979
26,503
42,919
60,409
22,046
10,102
208,392
23,943
43,731
38,362
15,400
86,956
153,391
30,685
51,289
38,820
15,210
17,387
148,433
26,652
49,915
51,682
-7,916
28,100
161,425
25,949
42,919
60,409
22,046
10,102
209,090
24,641
43,731
38,362
15,400
86,956
-46,927
-57,113
-21,356
-12,515
-20,993
-42,249
-14,069
7,287
-14,000
-1,485
-29,482
-8,489
-69,566
2,683
-191,170
80,130
-111,040
2,824
-108,216
^39,968
-148,184
-198,934
85,291
-113,643
-14,277
-127,920
-38,526
-166,446
-42,064
21,594
-20,470
-1,232
-21,702
-8,604
-60,306
-44,682
18,579
-26,103
-3,418
-29,521
-6,623
-48,144
-59,993
23,427
-36,566
-5,210
-41,776
-9,031
-50,807
-52,195
21,691
-30,504
-4,417
•^34,921
-12,268
-47,189
-49,844
20,520
-29,324
-2,015
-61,339
-8,577
-39,916
-47,188
21,518
-25,670
-3,270
-28,940
-8,855
-37,795
-52,001
22,094
-29,907
-4,137
-34,044
-9,070
-43,114
-49,901
21,162
-28,739
^,856
-33,595
-12,024
-45,619
48
62
63
63a
64
65
66
67
68
69
70
Foreign assets in the United States net (increase/capital inflow (+))
-685
-510
-510
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 91.
SURVEY OF CURRENT BUSINESS
SO • April 1998
Table 2.—U.S. Trade in Goods
[Millions of dollars]
Not seasonally adjusted
1996
Line
1997^
II
A
Balance of payments adjustments to Census trade data:
1
Exports of goods, Census basis ' including reexports and including
military grant shipments
Seasonally adjusted
1997
1996
III
I
IV
II
1996
\MP
III'-
II
1997
\r
IV
III
IK
III'-
\\fp
EXPORTS
625,075 688,896 157,053 149,771 164,419 165,022 175,097 168,755 180,022 156,266 154,865 161,505 164,551 173,775 173,462 177,108
Adjustments:
2
Private gift parcel remittances
816
774
209
187
207
3
Gold exports nonmonetary
264
22
247
8
c
4
5
6
Inland U S freight to Canada2
U S -Canadian reconciliation adjustments n e e net 3
Exports transferred under4 U.S. military agency sales contracts identified
in Census documents
Other adjustments net5
-12,427
-1,659
-9,116
-2,228
-2,943
-3,859
^37
-3,465
-1,929
-2,177
-2,755
-411
-498
-590
-642
7
8
Equals: Exports of goods, adjusted to balance of payments basis
excluding "military" (table 1, line 2)
-568
217
196
190
209
187
207
247
8
c
-2,255
-2,943
-3,859
^,465
-498
-368
-437
-411
171
22
217
196
190
171
-2,177
-2,755
-2,255
-590
-642
-498
22
-1,929
^98
612,069 678,348 154,198 145,670 160,759 162,812 172,548 165,548 177,440 153,411 150,764 157,846 162,341 171,227 170,255
174,525
IMPORTS
9
Imports of goods Census basis ' (general imports)
795,289 870,723 195,717 204,016 209,703 202,744 214,423 224,814 228,742 197,240 201,755 205,197 210,052 215,609 221,529 223,533
Adjustments:
10
11
12
13
14
15
Electric energy
Gold imports nonmonetary
Inland freight in Canada2
U S -Canadian reconciliation adjustment n e e net3
Imports of U.S. military agencies identified in Census documents4
Other adjustments net6''
16
Equals: Imports of goods, adjusted to balance of payments basis,
excluding "military" (table 1, line 16)
B
Trade in goods, by area and8 country, adjusted to balance of payments
basis, excluding military:
1
Total, all countries (A-8)
73
4,948
3,595
73
3,536
3,704
18
2,973
913
-504
-162
-633
-121
-136
-55
18
794
862
-131
-41
19
125
885
-139
-51
18
1,352
917
18
1,980
982
-119
-144
-36
-29
18
914
-178
-27
19
204
891
-192
-29
18
2,973
913
-136
-35
18
794
862
-131
-41
19
125
885
-139
-51
18
1,352
917
18
1,980
982
-119
-144
-36
-29
18
914
-178
-27
19
204
891
-192
-29
803,239 877,282 199,450 205,518 210,542 204,876 217,230 225,541 229,635 200,973 203,257 206,036 212,185 218,415 222,256 224,426
EXPORTS
612,069 678,348 154,198 145,670 160,759 162,812 172,548 165,548 177,440 153,411 150,764 157,846 162,341 171,227 170,255
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
12
13
14
15
Canada 3
japan
..
Australia New Zealand and South Africa 10
Australia
16
Eastern Europe
17
18
19
20
21
174,525
137,194 152,936
124,786 138,823
12,685 13,891
14,454 15,818
22,970 24,203
8,621
8,909
16,501 19,662
30,246 35,907
19,309 20,433
12,408 14,113
36,075
32,501
3,126
3,560
5,805
2,312
3,917
9,025
4,756
3,574
30,568
27,890
3,056
3,175
5,295
1,780
3,523
6,954
4,107
2,678
35,621
32,732
3,355
3,977
6,017
2,123
4,932
6,992
5,336
2,889
38,645
35,089
3,429
3,842
6,136
2,229
4,755
9,554
5,144
3,556
39,866
35,147
3,373
3,985
6,268
2,332
4,818
9,327
5,044
4,719
35,316
32,354
3,412
3,718
5,737
2,004
4,759
8,150
4,574
2,962
39,109
36,233
3,677
4,273
6,062
2,344
5,330
8,876
5,671
2,876
35,853
32,294
3,101
3,532
5,761
2,300
3,920
8,946
4,734
3,559
31,614
28,815
3,148
3,269
5,468
1,844
3,653
7,167
4,266
2,799
35,059
32,220
3,303
3,924
5,926
2,086
4,845
6,890
5,246
2,839
38,545
35,032
3,429
3,844
6,129
2,223
4,742
9,537
5,128
3,513
39,534
34,843
3,337
3,943
6,211
2,314
4,785
9,236
5,017
4,691
36,302
33,226
3,497
3,809
5,888
2,064
4,892
8,360
4,716
3,076
38,555
35,722
3,628
4,222
5,975
2,308
5,243
8,774
5,572
2,833
134,609 151,824
65,954 64,683
34,378
16,476
32,353
16,131
34,674
16,181
36,823
16,448
39,042
16,557
36,783
15,711
39,176
15,967
34,124
16,474
33,323
16,768
34,135
15,802
36,868
16,303
38,690
16,507
37,668
16,249
38,598
15,624
11,705
11,904
2,910
2,895
2,915
2,823
3,095
3,071
2,915
2,879
2,980
2,873
2,824
3,061
3,144
2,875
7,359
7,582
1,634
1,788
2,004
1,811
2,110
1,743
1,918
1,646
1,873
1,944
1,785
2,109
1,818
1,870
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
108,864 133,606
12,347 15,835
56,735 71,214
6,585
4,665
35,117 39,972
26,460
2,918
13,647
1,216
8,679
27,718
3,373
14,343
1,181
8,821
30,000
3,499
15,780
1,205
9,516
29,516
3,377
15,665
1,298
9,176
32,425
3,829
16,980
1,653
9,963
34,449
4,099
18,538
1,846
9,966
37,216
4,530
20,031
1,788
10,867
26,305
2,889
13,574
1,210
8,632
28,642
3,476
14,813
1,220
9,133
29,442
3,442
15,487
1,183
9,330
29,474
3,378
15,659
1,292
9,145
32,165
3,790
16,837
1,642
9,896
35,376
4,196
19,022
1,894
10,264
36,591
4,471
19,696
1,757
10,667
22
23
24
25
26
27
28
29
30
31
Other countries
in Asia and Africa8 10
Asia 810
Members of OPEC
China
Hong Kong
Korea Republic of
Sinaaoore
Taiwan
Africa810
Members of OPEC
146,382 155,813
135,380 144,803
13,856 16,042
11,938 12,669
13,873 15,061
25,653 24,624
16,253 17,557
17,540 19,175
10,636 10,619
1,804
1,613
36,265
33,548
3,507
2,486
3,575
6,354
4,104
4,573
2,608
602
34,217
31,452
3,272
2,514
3,300
6,264
3,909
3,995
2,685
381
39,364
36,593
3,823
3,788
3,841
6,732
3,930
4,613
2,664
425
36,746
34,380
3,275
2,857
3,486
6,337
4,336
4,542
2,281
310
39,453
36,807
3,953
2,921
3,933
6,982
4,290
4,546
2,550
389
38,475
35,197
3,660
2,957
3,778
5,842
4,686
4,562
3,157
523
41,139
38,419
5,154
3,934
3,864
5,463
4,245
5,525
2,631
391
36,130
33,402
3,484
2,486
3,560
6,345
4,064
4,559
2,608
604
35,564
32,656
3,421
2,624
3,417
6,502
4,029
4,162
2,814
400
38,591
35,912
3,749
3,716
3,770
6,595
3,882
4,515
2,595
415
36,542
34,210
3,247
2,850
3,466
6,290
4,337
4,510
2,248
303
39,161
36,533
3,921
2,909
3,907
6,936
4,235
4,523
2,532
387
39,698
36,286
3,781
3,051
3,896
6,037
4,792
4,720
3,287
544
40,412
37,774
5,093
3,859
3,792
5,361
4,193
5,422
2,552
379
32
International organizations and unallocated
91,044
5,325
57,829
83,222
4,834
57,614
90,552
5,453
64,754
95,852
4,883
62,077
99,836
5,995
66,717
92,130
6,029
67,389
98,464
7,333
71,643
90,525
5,298
57,588
86,001
5,041
59,722
89,009
5,347
63,490
95,653
4,842
61,846
99,057
5,950
66,220
94,645
6,219
69,391
96,927
7,229
70,369
..
2
Memoranda:
33
34
35
Industrial countries88
Members of OPEC
Other countries 8
See footnotes on page 91.
...
.
354,301 386,282
20,325 24,240
237,441 267,826
April 1998 •
SURVEY OF CURRENT BUSINESS
8l
Table 2.—U.S. Trade in Goods—Continued
[Millions of dollars]
Not seasonally adjusted
1996
Line
1997^
1996
Seasonally adjusted
1996
1997
1997
II
III
IV
I
II
III''
IV^
II
III
IV
\r
II'-
lllr
WP
B Trade in goods, by area and country, adjusted to balance of
payments basis, excluding military8—Continued:
IMPORTS
36
Total all countries (A-16)
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 E U
47
48
49
50
Canada3
Japan
Australia New Zealand and South Africa 10
Australia
.
51
Eastern Europe
52
53
54
55
56
Latin America and Other Western Hemisphere
Brazil
. . .
Mexico
Venezuela
Other
57
58
59
60
61
62
63
64
65
66
Other countries in Asia and Africa810
Asia 810
Members of OPEC
China
67
Korea, Republic of
Sinaaoore
Taiwan
Africa 810
Members of OPEC
803,23
877,28
199,45
205,51
210,54
204,87
217,23
225,54
229,63
200,97
203,25
206,03
212,18
218,41
222,25
224,426
161,62
146,29
41,98
37,55
39,82
36,20
41,72
37,94
40,90
37,26
45,11
41,22
43,10
39,32
46,76
42,39
42,28
37,82
39,35
35,77
40,84
37,13
42,34
38,59
45,36
41,45
42,45
38,73
3,30
4,65
9,58
4,46
1,73
4,67
9,80
4,66
1,85
4,97
2,70
4,58
3,96
5,02
2,05
5,48
2,12
5,60
2,02
5,40
10,04
10,98
10,34
11,63
10,40
11,04
10,18
7,47
7,59
1,903
28,83
24,73
15,33
32,49
26,24
15,67
7,38
2,292
7,012
1,753
7,743
4,49
1,81
7,57
6,254
4,433
6,02
6,55
3,78
6,053
3,633
4,90
1,94
8,11
6,47
3,77
5,14
1,97
8,85
7,06
4,37
4,66
1,87
7,85
6,27
3,75
4,81
1,87
8,00
6,68
3,91
4,83
1,91
7,99
6,37
3,619
4,78
1,85
7,94
6,65
3,89
4,858
10,167
4,584
1,713
7,594
6,406
3,707
3,97
5,06
4,68
1,71
4,62
9,68
4,59
2,27
6,92
5,94
3,57
2,77
4,75
10,37
3,32
4,69
9,65
4,50
1,91
7,43
6,30
4,45
1,81
18,63
38,83
18,29
175,88
160,20
10,84
20,69
43,00
19,33
3,723
45,712
41,427
2,078
5,474
11,373
5,019
1,931
8,648
6,904
4,285
158,64
115,16
170,82
121,55
40,97
27,953
38,910
28,434
40,678
30,012
42,004
30,09
43,38
29,31
41,32
30,78
44,11
31,35
41,254
28,16
38,456
28,085
39,824
29,302
43,46
31,21
43,57
29,46
40,68
30,307
43,111
30,578
9,49
.
.
.
. . .
'
3,86
4,87
882
992
1,168
1,15
1,16
1,29
1,252
889
98
1,148
1,194
1,17
1,273
1,226
7,003
8,444
1,679
1,766
2,182
1,864
2,00
2,32
2,246
1,694
1,748
2,143
1,93
2,02
2,292
2,198
124,933
8,773
75,108
13,171
27,88
140,484
9,628
86,674
13,47
30,71
31,405
2,176
18,791
3,269
7,169
32,039
2,320
19,195
3,452
7,072
33372
2,217
20,014
3,778
7,363
32,83
2,327
19,89
3,297
7,316
34,925
2,507
21,488
3,280
7,650
36,11
36,614
2,247
23,149
3475
7,743
31,643
2,191
18,943
3,288
7,221
31,724
2,290
18,998
3,438
6,998
32,733
2,173
19,582
3,747
7,231
33,933
2,413
20,606
3,346
7,568
35,108
2,518
21,616
3,289
7,685
35,622
2,507
21,838
3,394
7,883
35,821
2,190
22,614
3,442
7,575
231,998
212,788
21,011
51,511
9,854
22,611
20,338
29,902
18,940
10,211
255,215
234,843
21,720
62,566
10,296
23,143
20,073
32,623
20,084
11,095
54,574
49,620
4,973
11,313
2,237
5,508
5,022
7,246
4,889
2,727
63,554
58,262
5,709
15,792
2,741
5,299
5,194
7,945
5,187
2,997
61,410
56,474
6,038
14,345
2,606
5,606
5,063
7,843
4,884
2,401
56,021
50,880
4,754
12,520
2,131
5,086
4,566
7,256
5,078
2,794
61,312
56,143
5,453
14,500
2,242
5,802
5,129
7,928
5,088
2,902
70,593
65,473
5,839
18,409
67,289
62,347
5,674
17,137
2,842
6,010
4,984
8,776
4,885
2,549
55,041
50,060
5,010
11,455
2,259
5,537
5,058
7,306
4,916
2,741
62,913
57,653
5,671
15,660
2,712
5,223
5,130
7,853
5,155
2,984
60,046
55,160
5,957
13,968
2,537
5,474
4,950
7,661
4,836
2,388
58,107
52,866
4,888
13,072
2,223
5,279
4,733
7,540
5,175
2,829
61,70
56,514
5475
14,618
2,260
5,839
5,160
7,975
5,105
2,911
69,627
64,562
5,775
18,165
3,039
6,152
5,314
8,535
4,981
2,827
65,780
60,901
5,582
16,711
2,774
5,873
4,866
8,573
4,823
2,528
443,093
44,393
315,753
477,222 112,830 109,135 114,511 115,035 120,110 117,600 124,477 113,640 107,836 112,028 119,122 120,715 115,790 121,595
46,286 10,969 12,158 12,217 10,845 11,635 12,108 11,698 11,039 12,093 12,092 11,063 11,675 11,996 11,552
353,774 75,651 84,225 83,814 78,996 85,485 95,833 93,460 76,294 83,328 81,916 82,000 86,025 94,470 91,279
2,54
22,14
3,41
8,002
3,08
6,245
5,394
8,633
5,033
2,850
International organizations and unallocated
Memoranda:
68
69
70
Industrial countries 88
Members of OPEC
Other countries 8
.
BALANCE (EXCESS OF EXPORTS +)
71
72
73
74
75
76
77
78
79
80
81
-191,170 -198,934 -45,252 -59,848 -49,783 -42,064 -44,682 -59,993 -52,195 -47,562 -52,493 -48,190 -49,844 -47,188 -52,001 -49,901
Total, all countries
Western Europe
European Union
Belgium and Luxembourg
France
Germany9
Italy
Netherlands
United Kingdom
Other
Western Europe excluding EU
3
-24,435
-21,507
3,186
^,176
-15,861
-9,673
9,028
1,414
-5,425
-2,928
-22,948
-21,384
3,042
-4,872
-18,800
-10,427
12,071
3,409
-5,807
-1,564
-24,031
^9,213
-19,005 -6,593 -6,557 -6,004 -5,181 -4,341 -4,543 ^,940 -7,130 -5,133 -5,689 -6,594 -4,886 ^3,012 ^,513
-66,873 -11,477 -12,303 -13,831 -13,648 -12,760 -15,076 -15,389 -11,692 -11,317 -13,500 -14,907 -12,954 -14,058 -14,954
82
83
84
85
Canada
Japan
Australia New Zealand and South Africa 10
Australia
86
Eastern Europe
87
88
89
90
91
Latin America and Other Western Hemisphere
Brazil
Mexico
.
Venezuela
Other
-16,069
3,574
-18,373
-8,506
7,236
Other countries in Asia and Africa810
Asia 810
Members of OPEC
China
Hong Kong
Korea Republic of
Singapore
Taiwan
Africa 810
Members of OPEC
-85,616 -39,402
-77,408 -90,040
-7,155
-5,678
-39,573 ^9,897
4,019
4,765
3,042
1,481
-4,085 -2,516
-12,362 -13,448
-8,304 -9,465
-8,407 -9,482
92
93
94
95
96
97
98
99
100
101
102
7,836
356
7,034
-5,911 -9,255 -6,099 -2,256 -5,249
-5,052 -8,314 -5,208 -2,179 -6,073
-181
1,323
1,498
728
-591
-1,092 -1,504
-995
-739
-1,041
-3,782 -4,511 -4,362 -3,905 -4,716
-2,157 -2,881 -2,563 -2,268 -2,457
2,014
1,231
3,179
2,938
2,961
1,644
-58
-751
1,976
1,378
-1,498 -1,914 -1,214
-909
-1,607
-859
-941
-891
-77
824
2,028
1,903
-45
22
-6,878 ^,945
6,207
742
-15,460 -5,144
-6,886 -2,053
9,261
1,510
^,321
1,053
-4,852
-2,271
1,749
-862
1,747
-178
-7,790
-6,973
1,354
-1,763
-4,607
-2,904
2,817
32
-1,902
-817
-7,653
-6,159
1,551
-1,329
-5,572
-2,798
3,355
23
-1,389
-1,494
1,664
1,926
1,781
1,663
-53
101
-582
-328
-7,736
-6,958
1,433
-1,161 -1,357
-3,898 -4,215
-2,202 -2,755
1,379
2,003
1,512
240
-1,566 -1,683
-6,433
-5,533
-221
-900
1,990
1,999
^8
125
-3,372 -3,315 -2,500 -1,665
602 -5,338
1,282
1,322
1,050
1,552
2,283
698
^,234 -4,226 ^,508 -3,608 -3,118 -5,369
-2,573 -1,999 -1,627 -1,573 -1,687 -2,078
2,153
1,964
3,124
1,411
1,860
2,313
-18,309 -29,337 -22,046
-16,072 -26,810 -19,881
-1,466 -2,437 -2,215
-8,827 -13,278 -10,557
1,338
559
1,235
846
965
1,126
-918
-1,285 -1,133
-2,673 -3,950 -3,230
-2,281 -2,502 -2,220
-2,125 -2,616 -1,976
-778
-18,911
-16,658
-1,526
-8,969
1,301
808
1,725
1,630
-199
-146
-6,153
-5,506
1,474
-1,592
-4,294
-2,775
2,977
361
-1,657
-647
-7,157
-5,705
1,550
-1,252
-5,398
-2,711
3,312
126
-1,332
-1,452
1,884
1,871
1,649
86
^74
^328
-3,082 -3,291 ^J.459 -2,943
-246
1,186
1,269
965
1,272
1,689
-4,185 -4,095 -4,947 ^t,779 -2,816
-2,218 -2,564 -2,054 -1,647 -1,500
2,135
2,099
1,577
2,211
2,381
770
2,281
-2,918
-1,685
3,092
-27,349
-24,997
-2,250
-13,036
705
1,279
-994
-230
-1,101
-839
-708
-739
-2,714 -3,382 -4,101 -3,251 -2,747 -3,691
-2,797 -2,538 -1,876 -2,254 -2,308 -2,341
-2,484 -2,513 -2,327 -2,158 -2,137 -2,584
-19,275 -21,859 -32,118 -26,150
-16,500 -19,336 -40,276 -53,928
-1,479 -1,500 -2,179
-520
-9,663 -11,579 -15,452 -13,203
697
1,022
1,355
1,691
-547
1,251
1,180
-403
-5,781 ^3,803 -5,835
-4,913 -3,563 -6,610
1,492
658
-640
-934
-911
-1,117
^,278 -4,830
H241
-2,498 -2,440 -2,501
3,132
2,867
2,915
-704
1,687
1,235
-1,160 -1,146 -1,672
-868
-240
775
-21,455
-19,248
-2,208
-10,252
1,233
1,121
-1,068
-3,146
-2,241
-1,973
-21,565
-18,656
-1,641
-10,222
1,243
1,011
-496
-22,540
-19,981
-1,554
-11,709
1,647
1,097
-925
-29,929 -25,368
-28,276 -23,127
-1,994
^89
-15,114 -12,852
857
1,018
-115
-522
-512
-£73
-3,030 ^3,452 -3,815 -3,151
-2,927 -2,573 -1,694 -2,271
-2,526 -2,524 -2,283 -2,149
2
International organizations and unallocated
Memoranda:
103
104
105
Industrial countries8
Members of OPEC 8
Other countries 8
See footnotes on page 91.
. .
-88,792 -30,940 -21,786 -25,913 -23,959 19,183 -20,274 -25,470 -26,013 23,115 -21,835 -23,019 -23,469 -21,658 -21,145 24,668
-24,068 -22,046 -5,644 -7,324 -6,764 -5,962 -5,640 -6,079 -4,365 -5,741 -7,052 -6,745 -6,221 -5,725 -5,777 ^1,323
-78,312 -85,948 -17,822 -26,611 -19,060 -16,919 -18,768 -28,444 -21,817 -18,706 -23,606 18426 -20,154 -19,805 -25,079 -20,910
SURVEY OF CURRENT BUSINESS
82 • April 1998
Table 2.—U.S. Trade in Goods—Continued
[Millions of dollars]
Not seasonally adjusted
1996
Line
1997^
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
Agricultural products
Nonagricultural products
4
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 lubricants u
Coal and related fuels
Petroleum and products
IV
I
II
1996
III'-
iv/>
II
III
1997
IV
\r
II'
III'-
iv/>
678,348 154,198 145,670 160,759 162,812 172,548 165,548 177,440 153,411 150,764 157,846 162,341 171,227 170,255 174,525
61,488 58,414 14,341 13,667 16,653 15,196 13,463 13,175 16,580 15,080 15,093 15,452 14,352 14,137 14,559 15,366
550,581 619,934 139,857 132,003 144,106 147,616 159,085 152,373 160,860 138,331 135,671 142,394 147,989 157,090 155,696 159,159
5
6
7
8
9
10
11
12
15
612,069
III
Seasonally adjusted
1997
1996
55,533
51,371
13,063
13,090
14,917
13,199
11,574
11,862
14,736
13,762
13,785
13,954
12,861
12,224
12,485
13,801
51,203
21,230
6,413
8,874
7,364
7,184
8,080
7,345
47,403
16,037
4,238
5,675
7,451
7,251
8,281
8,383
12,103
5,219
1,471
2,462
1,199
1,871
2,029
1,785
11,822
5,293
2,108
1,776
1,158
1,683
1,945
1,743
13,836
4,974
1,122
2,208
2,815
1,821
2,204
2,022
12,139
4,400
846
1,770
2,178
1,645
1,956
1,960
10,627
3,627
868
1,369
1,162
1,799
2,056
1,983
10,791
3,857
1,426
1,255
860
1,899
2,038
2,137
13,846
4,153
1,098
1,281
3,251
1,908
2,231
2,303
12,674
5,270
1,471
2,462
1,730
1,852
2,023
1,799
12,746
5,408
2,108
1,776
1,821
1,700
2,090
1,727
12,782
4,928
1,122
2,208
2,138
1,755
1,989
1,972
11,798
4,255
846
1,770
1,745
1,721
2,051
2,026
11,175
3,696
868
1,369
1,691
1,777
2,014
1,997
11,583
3,974
1,426
1,255
1,432
1,905
2,169
2,103
12,847
4,112
1,098
1,281
2,583
1,848
2,047
2,257
4,330
3,117
3,968
2,793
960
678
1,268
964
1,081
715
1,060
780
947
642
1,071
760
890
611
1,088
805
1,039
734
1,172
808
1,063
784
1,049
744
902
591
954
674
147,973 158,102
38,131
35,636
37,105
38,656
41,261
39,146
39,039
37,757
36,175
37,416
38,451
40,733
39,605
39,313
10,729
2,711
1,553
1,666
4,799
2,173
443
311
460
959
1,797
244
215
421
917
2,756
683
432
400
1,241
2,979
862
452
468
1,197
2,762
722
504
445
1,091
2,330
472
226
395
1,237
2,658
655
371
358
1,274
2,346
485
340
440
1,081
2,284
532
304
424
1,024
2,607
715
370
440
1,082
2,488
528
387
446
1,127
2,896
687
562
424
1,223
2,906
871
288
406
1,341
2,439
625
316
390
1,108
137,935 147,373
15,533 16,266
15,404 16,093
4,439
4,095
9,631 10,156
35,958
3,476
3,447
1,142
1,938
33,839
3,913
3,874
1,122
2,378
34,349
4,434
4,401
1,132
2,914
35,677
3,869
3,849
988
2,508
38,499
3,901
3,874
1,024
2,336
36,816
4,220
4,174
1,088
2,654
36,381
4,276
4,196
995
2,658
35,411
3,465
3,435
1,131
1,937
33,891
3,888
3,850
1,094
2,382
34,809
4,416
4,382
1,114
2,912
35,963
3,920
3,901
1,039
2,508
37,837
3,892
3,865
1,013
2,338
36,699
4,202
4,156
1,069
2,656
36,874
4,252
4,171
974
2,654
10,038
2,744
1,366
1,693
4,235
26
27
28
29
30
Paper and paper base stocks
Textile supplies and related materials
Chemicals excluding medicinals
Building materials, except metals
Other nonmetals
12,482
9,555
42,472
9,261
15,262
12,782
10,703
46,843
9,477
16,641
3,063
2,432
10,843
2,315
3,782
3,054
2,394
10,344
2,307
3,776
3,125
2,477
10,631
2,454
3,944
3,119
2,526
11,347
2,380
4,067
3,164
2,732
12,217
2,505
4,261
3,234
2,701
11,795
2,356
4,073
3,265
2,744
11,484
2,236
4,240
3,038
2,359
10,628
2,246
3,716
3,022
2,449
10,478
2,312
3,793
3,189
2,479
10,810
2,479
4,052
3,151
2,573
11,343
2,443
4,025
3,127
2,642
11,941
2,437
4,177
3,164
2,745
11,853
2,340
4,096
3,340
2,743
11,706
2,257
4,343
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
33,370
2,116
5,448
15,480
6,940
1,448
7,092
10,326
34,661
2,247
5,908
15,020
5,722
1,815
7,483
11,486
10,047
567
1,399
5,460
3,128
437
1,895
2,621
8,051
567
1,322
3,532
1,307
441
1,784
2,630
7,284
461
1,279
2,899
928
292
1,679
2,645
8,369
495
1,434
3,716
1,684
272
1,760
2,724
9,719
590
1,472
4,754
2,322
569
1,863
2,903
8,437
642
1,507
3,354
861
471
2,022
2,934
8,136
520
1,495
3,196
855
503
1,838
2,925
9,959
535
1,400
5,488
3,128
438
1,922
2,536
7,949
539
1,325
3,433
1,307
439
1,687
2,652
7,384
488
1,274
2,920
928
292
1,700
2,702
8,508
525
1,442
3,777
1,684
271
1,822
2,764
9,621
559
1,471
4,793
2,322
573
1,898
2,798
8,299
612
1,498
3,249
861
473
1,915
2,940
8,233
551
1,497
3,201
855
498
1,848
2,984
253,141 294,122
63,029
59,831
67,898
68,869
74,131
72,826
78,296
63,153
61,694
66,320
68,899
74,129
74,505
76,589
220,277 250,426
24,113 27,940
196,164 222,486
12,693 14,824
10,287 12,518
6,508
5,801
9,805 11,728
40,096 45,564
54,127
5,855
48,272
3,238
2,487
1,549
2,428
10,133
52,818
5,961
46,857
3,120
2,462
1,448
2,389
9,746
58,156
6,420
51,736
3,349
2,797
1,459
2,531
10,280
58,484
6,508
51,976
3,292
3,118
1,403
2,680
10,552
62,234
7,071
55,163
3,665
3,270
1,587
2,936
11,472
63,363
7,038
56,325
3,790
2,957
1,714
2,916
11,561
66,345
7,323
59,022
4,077
3,173
1,804
3,196
11,979
54,254
5,805
48,449
3,203
2,488
1,548
2,399
9,871
54,573
6,039
48,534
3,131
2,551
1,499
2,475
10,038
56,687
6,412
50,275
3,354
2,708
1,413
2,527
10,201
58,521
6,551
51,970
3,311
3,146
1,414
2,638
10,682
62,235
6,999
55,236
3,612
3,261
1,583
2,894
11,141
64,902
7,063
57,839
3,806
3,031
1,757
2,997
11,828
64,768
7,327
57,441
4,095
3,080
1,754
3,199
11,913
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
53
54
55
Civilian aircraft engines parts
Civilian aircraft complete all types
Other transportation equipment
56
Automotive vehicles engines and parts
.
43,719
35,768
20,323
2,925
14,747
49,276
38,823
23,795
3,290
16,160
10,409
8,714
4,973
696
3,645
10,162
8,398
4,871
731
3,530
11,580
9,318
5,779
776
3,867
11,906
9,471
4,903
717
3,934
12,029
9,573
5,861
815
3,955
12,363
9,952
6,289
830
3,953
12,978
9,827
6,742
928
4,318
10,846
8,712
5,036
692
3,654
10,885
8,613
4,934
753
3,655
10,830
9,253
5,424
747
3,818
11,531
9,444
5,230
730
3,844
12,479
9,569
5,917
812
3,968
13,099
10,079
6,295
853
4,094
12,167
9,731
6,353
895
4,254
30,792
15,660
2,072
41,398
23,600
2,298
8,325
4,705
577
6,588
2,951
425
9,291
5,134
451
9,914
5,708
471
11,366
6,833
531
8,927
4,597
536
11,191
6,462
760
8,322
4,705
577
6,696
2,951
425
9,182
5,134
451
9,907
5,708
471
11,363
6,833
531
9,067
4,597
536
11,061
6,462
760
65,022
73,391
17,163
14,846
16,928
18,093
19,540
16,536
19,222
16,048
16,552
16,753
17,669
18,292
18,213
19,217
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
35,138
7,840
5,140
3.625
18,533
39,085
9,337
6,022
3,835
19,891
9,802
2,310
1,424
1,008
5,060
7,961
1,602
1,178
822
4,359
8,694
2,088
1,356
831
4,419
9,896
2,327
1,371
1,011
5,187
10,666
2,833
1,479
1,012
5,342
8,496
1,805
1,372
864
4,455
10,027
2,372
1,800
948
4,907
8,845
1,972
1,281
932
4,660
9,086
1,962
1,307
939
4,878
8,777
2,071
1,332
831
4,543
9,638
2,299
1,418
968
4,953
9,583
2,462
1,321
925
4,875
9,658
2,213
1,501
988
4,956
10,206
2,363
1,782
954
5,107
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
29,884
9,126
3,870
2,309
14,579
34,306
7,517
4,875
2,912
19,002
7,361
2,156
978
564
3,663
6,885
1,895
819
545
3,626
8,234
2,392
1,220
669
3,953
8,197
1,962
1,124
770
4,341
8,874
2,086
1,168
723
4,897
8,040
1,504
1,108
672
4,756
9,195
1,965
1,475
747
5,008
7,203
2,127
980
545
3,551
7,466
2,307
816
567
3,776
7,976
2,139
1,215
673
3,949
8,031
1,849
1,132
760
4,290
8,709
2,060
1,166
708
4,775
8,555
1,822
1,095
699
4,939
9,011
1,786
1,482
745
4,998
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 91.
70,138
77,418
17,477
17,182
18,665
18,403
19,751
19,088
20,176
17,485
17,348
18,227
18,792
19,699
19,222
19,705
34,090
7,988
33,154
13,891
2,894
37,229
9,210
37,157
15,531
3,032
8,460
2,079
8,209
3,496
808
8,556
1,887
8,005
3,380
621
8,845
2,033
9,051
3,593
769
8,940
2,212
8,775
3,652
688
9,335
2,368
9,562
3,984
854
9,361
2,180
9,006
3,852
721
9,593
2,450
9,814
4,043
769
8,513
2,074
8,170
3,435
802
8,418
1,896
8,294
3,517
636
8,707
2,035
8,748
3,580
772
9,226
2,211
8,890
3,608
676
9,344
2,372
9,508
3,912
847
9,214
2,192
9,271
3,982
737
9,445
2,435
9,488
4,029
772
20,262
23,944
5,335
5,085
5,246
5,592
6,291
6,090
5,971
5,206
5,210
5,176
5,669
6,150
6,225
5,900
SURVEY OF CURRENT BUSINESS
April 1998 •
83
Table 2.—U.S. Trade in Goods—Continued
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
1996
Line
C
Trade in goods, by principal end-use category, adjusted to balance of
payments basis, excluding military—Continued:
74
Imports of goods, balance of payments basis, excluding military (A-
75
76
Petroleum and products7
Nonpetroleum products
77
Foods feeds and beverages
78
79
80
81
82
83
84
85
86
87
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
88
Industrial supplies and materials
89
90
91
92
Agricultural
Nonagricultural products
Energy products
Fuels and lubricants7n
93
94
95
96
97
98
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
,
1996
1996
1997
III
IV
I
II
Ilk
IV
II
III
IV
205,51
210,54
204,87
217,23
225,54
229,63
200,97
203,25
206,03
212,185 218,41
222,25
224,426
18,40
181,04
19,13
186,38
20,67
18,89
189,864 185,98
17,69
199,53
17,72
207,81
17,74
211,89
18,51
182,45
19,05
184,20
20,55
185,47
19,15
193,03
17,73
200,68
17,58
204,67
17,587
206,839
35,71
39,70
8,98
8,79
9,435
9,37
9,97
9,95
10,40
8,98
8,95
9,17
9,51
9,99
10,14
10,043
26,48
29,29
6,83
6,83
96
59
92
7,59
1,38
1,04
1,11
2,01
7,08
1,36
7,40
1,04
6,63
1,06
6,78
5,03
3,57
4,16
7,62
3,25
9,21
7,21
1,24
6,71
4,11
2,49
3,76
7,39
2,79
8,41
9,22
6,66
6,34
1,06
7,09
1,24
7,40
1,36
92
79
7,48
1,38
1,04
1,11
1,88
7,308
1,045
792
1,047
1,984
829
2,403
2,735
2,061
544
10,41
7,70
2,19
209,49
217,39
6,46
6,24
2,18
71
56
97
1,46
91
61
92
1,75
81
97
2,29
1,02
1,47
1,04
1,83
86
93
96
59
92
2,03
70
56
97
1,81
72
46
745
2,103
2,445
1,737
574
54,30
53,294
54,45
54,38
55,67
53,74
53,59
53,93
53,37
1,61
1,726
51,568
20,925
20,637
1,524
52,927
22,970
22,721
1,614
52,77
21,130
20,910
1,68
1,51
1,59
53,99
19,52
19,285
52,22
19,68
19,37
1,430
52,162
19,942
19,655
1,756
51,62
21,002
20,714
2,610
2,318
6,610
3,951
3,381
2,548
2,375
7,439
3,731
3,298
2,624
2,609
4,458
3,606
2,71
2,59
7,26
4,47
11,087
737
4,550
4,335
859
717
1,201
1,558
1,465
12,249
605
4,391
5,627
2,170
488
1,318
1,651
1,626
13,77
750
4,702
6,622
2,739
554
1,571
1,758
1,697
2,04
2,14
1,55
52,69
20,02
19,80
80
622
2,43
2,07
2,605
2,164
1,91
1,57
565
464
83
2,24
2,38
1,72
2,35
2,87
2,14
51
58
622
2,08
2,26
1,63
504
52,33
20,179
19,958
2,05
2,32
1,66
52
6,72
2,597
2,246
6,702
3,645
3,587
3,313
11,855
784
4,599
4,768
741
718
1,402
1,907
1,704
12,078
858
4,478
5,017
951
873
1,540
1,653
1,725
3,36
2,602
2,278
6,453
4,221
3,464
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
47,759
3,044
17,221
21,679
7,747
2,494
5,071
6,367
5,815
49,953
2,997
18,170
22,034
6,601
2,633
5,831
6,969
6,752
13,898
840
4,206
7,393
3,659
612
1,395
1,727
1,459
11,625
736
4,578
4,818
1,539
576
1,182
1,521
1,493
229,049 254,167
56,105
57,040
59,425
57,463
62,564
66,035
214,433 235,521 52,420
24,749 27,921
6,006
189,684 207,600 46,414
5,685
6,656
1,498
6,266
6,528
1,595
7,503
1,901
8,245
5,960
6,714
1,445
37,671 41 £87 9,592
53,305
6,371
46,934
1,371
1,572
1,885
1,530
9,248
55,527
6,552
48,975
1,422
1,538
1,914
1,561
9,460
53,595
6,331
47,264
1,547
1,547
2,055
1,508
9,502
58,191
6,894
51,297
1,854
1,702
2,104
1,623
10,642
60,767
7,181
53,586
1,592
1,588
1,918
1,723
10,290
7,40
2,54
2,99
2,24
2,794
2,530
7,056
4,172
3,590
2,588
2228
6,872
3,723
Transportation equipment except automotive
Civilian aircraft, engines, parts
Civilian aircraft complete all types
\MP
199,45
10,68
10,109
29,159
16,833
14,139
...
lllr
72,05
805,22
10,87
8,843
26,897
15,035
13,353
Computers, peripherals, and parts
Semiconductors
.
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and parts
IK
877,28
Paper and paper base stocks
Textile supplies and related materials
Chemicals excluding medicinals
Building materials, except metals
Other nonmetals
. .
.
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
lr
72,74
730,49
203,036 211,15
80,278 80,27
79,31
79,225
Capital goods, except automotive
1997
II
803,23
2,045
. . .
1997/>
2,595
2,158
91
61
92
1,91
72
2,31
2,38
1,765
49
81
98
1,89
76
2,21
2,41
1,75
81
2,28
2,51
1,81
92
1,02
1,85
84
2,31
2,74
2,072
54
54
56
54,65
54,90
55,02
53,62
53,849
1,53
1,585
53,31
21,21
20,990
1,66
1,560
52,06
19,725
19,419
1,438
52,411
19,741
19,453
2,699
2,544
7,498
4,283
3,548
2,768
2,581
7,307
4,293
3,599
11,764
751
4,584
4,724
741
709
1,386
1,888
1,705
12,122
839
4,499
5,037
951
878
1,546
1,662
1,747
53,117
22,779
22,53
53,35
19,59
19,363
2,593
2,465
3,381
2,573
2,370
6,868
4,061
3,397
13,783
799
4,160
7,399
3,659
613
1,398
1,729
1,425
11,602
703
4,573
4,826
1,539
577
1,185
1,525
1,500
11,069
719
4,557
4,312
859
713
1,192
1,548
1,481
12,448
692
4,446
5,660
2,170
492
1,332
1,666
1,650
68,105
56,572
56,846
57,855
59,344
62,940
65,634
66,249
62,968
7,515
55,453
1,663
1,691
2,168
1,860
10,853
52,878
5,982
46,896
1,404
1,562
1,813
1,450
9,364
53,143
6,294
46,849
1,422
1,570
1,938
1,514
9,405
53,942
6,428
47,514
1,487
1,547
1,942
1,536
9,512
55,489
6,650
48,839
1,529
1,592
2,094
1,566
9,640
58,568
6,833
51,735
1,742
1,657
2,001
1,624
10,349
60,359
7,068
53,291
1,653
1,573
1,954
1,699
10,365
61,105
7,370
53,735
1,732
1,706
2,196
1,825
10,933
18,879
9,595
4,468
1,954
2,322
15,189
9,138
3,536
1,655
1,785
15,423
8,573
3,524
1,666
1,814
15,698
8,390
3,799
1,760
1,843
16,385
8,670
3,721
1,744
1,898
17,655
9,009
3,820
1,920
1,958
18,417
9,739
3,962
1,835
2,094
17,729
9,450
4,098
1,865
2,201
4,09
7,16
3,985
3,456
2,62
2,519
7,193
4,272
3,536
13,619
715
4,64
6,613
2,739
554
1,567
1,753
1,650
61,515
36,707
14,375
6,794
7,208
70,186
36,868
15,601
7,364
8,151
14,558
9,136
3,349
1,593
1,747
15,705
8,499
3,572
1,687
1,865
16,654
8,534
4,126
1,825
1,941
15,625
8,521
3,495
1,710 ;
1,754 :
16,942
9,030
3,633
1,849
1,918
18,740
9,722
4,005
1,851
2,157
14,616
12,671
3,920
18,646
16,664
4,599
3,685
3,182
1,010
3,735
3,289
965
3,898
3,481
1,049
3,868
3,423
745
4,373
3,882
1,059
5,268
4,750
1,472
5,137
4,609
1,323
3,694
3,191
1,010
3,703
3,258
965
3,913
3,495
1,049
3,855
3,410
745
4,372
3,880
1,059
5,275
4,757
1,472
5,144
4,617
1,323
128,938 140,720
33,406
30,920
33,587
35,156
35,770
33,096
36,698
32,274
33,420
32,236
35,406
34,430
35,772
35,112
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
45,915
24,139
8,835
2,540
10,401
50,412
26,046
10,272
2,823
11,271
12,845
6,929
2,437
679
2,800
11,029
5,830
2,097
581
2,521
10,950
5,540
2,187
626
2,597
12,754
6,848
2,454
694
2,758
13,265
7,009
2,682
765
2,809
11,473
5,694
2,507
675
2,597
12,920
6,495
2,629
689
3,107
11,870
6,303
2,305
640
2,622
12,215
6,400
2,360
660
2,795
10,619
5,307
2,083
642
2,587
13,037
7,216
2,456
646
2,719
12,163
6,307
2,518
721
2,617
12,580
6,217
2,789
747
2,827
12,632
6,306
2,509
709
3,108
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
83,023
41,725
4,840
9,210
27,248
90,308
46,969
5,536
8,901
28,902
20,561
9,988
1,190
2,423
6,960
19,891
9,765
1,295
2,153
6,678
22,637
12,165
1,301
2,307
6,864
22,402
11,384
1,430
2,365
7,223
22,505
11,735
1,302
2,214
7,254
21,623
11,350
1,420
2,022
6,831
23,778
12,500
1,384
2,300
7,594
20,404
10,096
1,184
2,360
6,764
21,205
10,688
1,332
2,245
6,940
21,617
11,110
1,276
2,319
6,912
22,369
11,397
1,434
2,349
7,189
22,267
11,805
1,294
2,147
7,021
23,192
12,539
1,463
2,104
7,086
22,480
11,228
1,345
2,301
7,606
124
Automotive vehicles engines, and parts
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)
71,007
80,780
39,604
9,772
81,502
31,076
15,424
10,010
8,385
8,725
92,947
93,499
46,805
10,574
89,563
34,694
18,106
10,546
8,571
9,885
39,238
18,470
8,621
2,214
18,791
7,351
3,236
2,220
1,936
1,977
48,321
23,081
12,025
2,734
22,927
8,798
4,531
2,976
2,473
2,313
46,081
20,976
10,229
2,550
22,885
8,254
4,724
2,864
2,320
2,220
41,077
20,375
9,951
2,559
18,308
7,432
3,213
2,054
1,616
2,394
45,133
21,910
10,485
2,644
21,007
8,433
4,036
2,394
1,944
2,216
54,619
27,171
14,537
2,918
24,710
9,581
5,178
3,117
2,481
2,738
52,118
24,043
11,832
2,453
25,538
9,248
5,679
2,981
2,530
2,537
41,905
19,694
9,640
2,311
20,078
7,516
3,779
2,494
2,119
2,133
43,308
20,264
9,982
2,415
20,832
8,020
3,915
2,629
2,149
2,212
44,850
21,524
10,701
2,670
21,073
8,209
4,030
2,495
2,074
2,253
45,321
21,754
10,720
2,707
21,277
8,255
4,079
2,533
2,027
2,290
48,031
23,281
11,674
2,752
22,374
8,574
4,697
2,660
2,122
2,376
48,787
23,821
12,039
2,565
22,382
8,660
4,486
2,746
2,159
2,584
50,808
24,643
12,372
2,550
23,530
9,205
4,844
2,607
2,263
2,635
145
146
147
Imports n e e and U S goods returned
U S goods returned
Other products, including balance of payments adjustments not
included above (minimum value shipments and miscellaneous
imoorts)
29,037
18,552
32,347
20,640
7,406
4,685
7,152
4,600
7,563
4,914
7,421
4,613
8,108
5,139
8,097
5,238
8,721
5,650
7,309
4,611
7,353
4,787
7,268
4,658
7,694
4,826
7,994
5,055
8,294
5,416
8,365
5,343
10.485
11.707
2.721
2.552
2,649
2.808
2.969
2.859
3.071
2.698
2.566
2.610
2.868
2.939
2.878
3.022
See footnotes on page 91.
SURVEY OF CURRENT BUSINESS
84 • April 1998
Table 3.—Private Service Transactions
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
1996
Line
1997"
I
1 Exports of private services
II
1996
1997
1996
III
IV
I
II
lllr
IV"
I
II
1997
III
IV
I-
II'
UK
IV"
221,224
237,261
52,029
52,974
59,782
56,440
56,448
57,734
64,488
58,591 53,676
54,588
55,540
57,427
58,343
59,417
59,936
59,567
Travel (table 1 line 5)
Passenger fares (table 1, line 6)
Other transportation (table 1 line 7)
Freight
Port services
Other
69,908
20,557
27,216
11,161
14,691
1,364
74,407
21,710
28,194
11,691
15,001
1,503
14,804
4,768
6,436
2,629
3,467
340
17,165
4,769
6,788
2,844
3,603
342
21,041
6,104
6,763
2,736
3,683
343
16,898
4,916
7,229
2,952
3,938
339
16,421
4,976
6,873
2,885
3,618
370
18,428
5,302
7,029
2,942
3,711
377
22,350
6,376
6,990
2,867
3,745
378
17,208
5,056
7,302
2,997
3,927
378
16,712
5,087
6,555
2,649
3,565
340
17,356
4,952
6,805
2,823
3,639
342
17,659
5,237
6,716
2,747
3,625
343
18,183
5,282
7,142
2,941
3,861
339
18,585
5,316
7,001
2,910
3,722
370
18,634
5,508
7,045
2,920
3,749
377
18,732
5,468
6,939
2,877
3,685
378
18,456
5,418
7,210
2,986
3,847
378
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 '
Other2
29,974
23,760
21,916
1,844
6,214
3,979
2,235
30,269
23,411
21,977
1,434
6,857
4,456
2,402
7,121
5,616
5,232
384
1,505
956
549
7,170
5,639
5,322
317
1,531
978
554
7,410
5,845
5,456
389
1,566
1,006
560
8,273
6,661
5,907
754
1,612
1,040
573
7,389
5,722
5,450
272
1,666
1,080
587
7,445
5,738
5,345
393
1,707
1,109
598
7,460
5,725
5,360
365
1,735
1,129
607
7,975
6,226
5,823
403
1,749
1,139
610
7,432
5,927
5,531
396
1,505
956
549
7,345
5,814
5,436
378
1,531
978
554
7,495
5,929
5,505
424
1,566
1,006
560
7,703
6,091
5,445
646
1,612
1,040
573
7,688
6,022
5,755
267
1,666
1,080
587
7,608
5,901
5,452
449
1,707
1,109
598
7,520
5,785
5,402
383
1,735
1,129
607
7,452
5,703
5,369
334
1,749
1,139
610
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, and technical services
Other unaffiliated services3
73,569
22,810
13,763
9,047
50,759
7,807
8,034
2,121
6,179
4,058
3,405
19,247
10,145
82,681
25,483
14,997
10,486
57,198
8,134
10,104
2,558
6,744
4,186
3,596
22,116
10,690
18,900
5,474
3,400
2,074
13,426
3,147
1,847
450
1,480
1,030
863
4,681
2,438
17,082
5,477
3,389
2,088
11,605
999
1,938
513
1,524
1,011
854
4,734
2,568
18,464
5,674
3,358
2,316
12,790
2,071
1,925
561
1,567
1,006
838
4,847
2,547
19,124
6,186
3,617
2,569
12,938
1,589
2,325
597
1,609
1,012
850
4,985
2,592
20,789
5,940
3,521
2,419
14,849
3,266
2,259
620
1,650
1,030
845
5,287
2,573
19,530
6,320
3,756
2,564
13,210
1,032
2,492
637
1,681
1,044
895
5,543
2,611
21,312
6,510
3,719
2,791
14,802
2,155
2,701
648
1,702
1,054
913
5,642
2,744
21,050
6,713
4,001
2,712
14,337
1,681
2,652
654
1,712
1,058
944
5,644
2,762
17,890
5,623
3,494
2,129
12,267
1,916
1,847
450
1,480
1,030
863
4,681
2,510
18,130
5,571
3,429
2,142
12,559
1,938
1,938
513
1,524
1,011
854
4,734
2,583
18,433
5,777
3,410
2,367
12,656
1,998
1,925
561
1,567
1,006
838
4,847
2,486
19,117
5,840
3,431
2,409
13,277
1,955
2,325
597
1,609
1,012
850
4,985
2,565
19,753
6,103
3,623
2,480
13,650
1,986
2,259
620
1,650
1,030
845
5,287
2,653
20,622
6,425
3,802
2,623
14,197
2,003
2,492
637
1,681
1,044
895
5,543
2,627
21,277
6,622
3,776
2,846
14,655
2,074
2,701
648
1,702
1,054
913
5,642
2,677
21,031
6,334
3,796
2,538
14,697
2,071
2,652
654
1,712
1,058
944
5,644
2,732
143,086
153,787
32,572
36,725
38,943
34,846
34,807
39,715
41,929
37,336
35,406
35,549
35,873
36,257
37,777
38,459
38,710
38,841
48,739
15,776
28,453
16,879
10,792
783
52,029
16,927
29,771
17,799
11,162
812
10,492
3,545
6,648
3,970
2,485
193
13,236
4,188
7,222
4,386
2,643
193
14,321
4,406
7,380
4,326
2,857
198
10,690
3,637
7,203
4,197
2,807
199
10,935
3,947
7,191
4,257
2,720
214
14,205
4,445
7,514
4,608
2,707
200
15,347
4,672
7,538
4,463
2,884
192
11,542
3,863
7,528
4,471
2,851
206
12,484
3,860
6,816
4,025
2,598
193
12,099
3,943
7,253
4,414
2,647
193
11,915
3,920
7,218
4,312
2,709
198
12,241
4,053
7,166
4,130
2,838
199
13,004
4,272
7,377
4,319
2,844 ,
214
12,989
4,190
7,541
4,637
2,705
200
12,813
4,166
7,368
4,447
2,730
192
13,224
4,298
7,484
4,396
2,883
206
7,322
5,301
554
4,748
2,021
1,126
895
7,512
5,932
742
5,190
1,580
1,159
421
1,697
1,331
117
1,214
366
267
99
1,606
1,226
137
1,089
380
279
101
2,154
1,274
136
1,138
880
288
592
1,865
1,471
164
1,307
394
292
103
1,772
1,377
155
1,222
396
291
106
1,758
1,373
172
1,201
385
290
95
2,056
1,642
192
1,450
414
289
125
1,926
1,541
224
1,317
385
289
96
1,724
1,358
117
1,241
366
267
99
1,684
1,304
137
1,167
380
279
101
2,144
1,264
136
1,128
880
288
592
1,770
1,376
164
1,212
394
292
103
1,797
1,401
155
1,246
396
291
106
1,846
1,461
172
1,289
385
290
95
2,043
1,629
192
1,437
414
289
125
1,826
1,441
224
1,217
385
289
96
42,796
16,026
7,505
8,521
26,770
1,041
3,184
4,387
15,473
11,086
8,385
5,253
4,520
47,548
17,610
8,630
8,980
29,938
1,131
4,059
4,817
16,525
11,708
8,576
6,464
4,891
10,190
3,677
1,714
1,963
6,513
213
774
1,188
3,816
2,629
2,127
1,234
978
10,473
3,905
1,783
2,122
6,568
256
781
1,089
3,833
2,745
2,103
1,278
1,062
10,682
3,968
1,879
2,089
6,714
315
769
1,047
3,877
2,830
2,066
1,335
1,181
11,451
4,476
2,129
2,347
6,975
259
859
1,064
3,947
2,884
2,089
1,406
1,299
10,962
4,013
1,764
2,249
6,949
231
888
1,139
4,046
2,907
2,076
1,540
1,074
11,793
4,328
2,130
2,198
7,465
278
1,106
1,195
4,119
2,924
2,137
1,612
1,138
12,316
4,471
2,177
2,294
7,845
342
1,182
1,232
4,168
2,936
2,157
1,648
1,284
12,477
4,798
2,559
2,239
7,679
280
883
1,251
4,192
2,941
2,205
1,664
1,395
10,522
3,877
1,914
1,963
6,645
253
774
1,188
3,816
2,629
2,127
1,234
1,070
10,570
3,945
1,788
2,157
6,625
256
781
1,089
3,833
2,745
2,103
1,278
1,119
10,676
4,073
1,935
2,138
6,603
262
769
1,047
3,877
2,830
2,066
1,335
1,122
11,027
4,130
1,867
2,263
6,897
269
859
1,064
3,947
2,884
2,089
1,406
1,210
11,327
4,227
1,979
2,248
7,100
276
888
1,139
4,046
2,907
2,076
1,540
1,180
11,893
4,368
2,145
2,223
7,525
279
1,106
1,195
4,119
2,924
2,137
1,612
1,196
12,320
4,600
2,251
2,349
7,720
285
1,182
1,232
4,168
2,936
2,157
1,648
1,215
12,009
4,415
2,255
2,160
7,594
291
883
1,251
4,192
2,941
2,205
1,664
1,299
2
3
4
5
6
7
28
Imports of private 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 '
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
See footnotes on page 91.
-191,170 -198,934 -36,287 -45,252 -59,848 -49,783 -42,064 -44,682 -59,993 -52,195 -42,925 -47,562 -52,493 -48,190 -49,844 -47,188 -52,001 -49,901
83,474 19,457 16,249 20,839 21,594 21,641 18,019 22,559 21,255 18,270 19,039 19,667 21,170 20,566 20,958 21,226 20,726
78,138
-113,032 -115,460 -16,830 -59,003 -39,009 -28,189 -20,423 -26,663 -37,434 -30,940 -24,655 -28,523 -32,826 -27,020 -29,278 -26,230 -30,775 -29,175
SURVEY OF CURRENT BUSINESS
April 1998
•
85
Table 4.—Selected U.S. Government Transactions
[Millions of dollars]
Not seasonally adjusted
1996
Line
1997^
1996
1
U S Government grants and transactions increasing Government assets, total
.
.
II
1997
III
IV
I
II
III'
\MP
19,758
16,949
5,544
3,652
3,735
6,828
3,240
3,871
3,645
6,192
14,933
5,461
9,472
11,688
3,661
8,028
4,32
2,423
527
1,896
2,690
812
1,878
5,499
2,383
3,116
2,109
534
1,575
2,245
423
1,822
2,23
1,739
2,582
5,103
2,284
2,820
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
4,930
1,814
2,487
-6
636
5,237
1,588
2,982
-5
670
1,076
438
49!
1,489
358
974
1,127
433
53;
1,238
586
484
1,107
427
525
1,613
411
1,030
1,415
415
832
15<
173
166
1,102
336
595
-7
178
-106
147
-20
25
60
25
13
13
23
26
-13
-3
U
40
1*
27
2"
9
10
1
2
6
t
r
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 grants and credits
Other US 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
By program
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 US Government other than for grants or credits (line A1 9)
Other (including changes in administrative cash holdings), net
A1
By category
4a
4b
5
6
8
c
10
11
12
13
14
15
16
• :S
33
34
35
36
37
38
39
40
41
42
43
44
45
Grants net (table 1 line 30 with sign reversed)
Financing military purchases '
.
..
Other grants
Cash contributions received from coalition partners for Persian Gulf operations
. . . .
77
:...
By disposition3
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 Government 5 (line C6)
By long-term credits
By short-term credits l
US Government grants and credits to repay prior U S Government credits l*
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 military sales contracts ' (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
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 '
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
Plus financing of military sales contracts by U.S. Government5 (line A36)
By long-term credits
By short-term credits '
.
By grants '
Less transfers of goods and services (including transfers financed by grants for military purchases, and by creditsj/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 91.
r
18
91
£
n
n
n
10
i
6
10
5
1
i
1
n
n
16
25
6
-27
4
-6
-17
-7
-6
r
6
-5
116
16
-3
-27
-6
1
34
20
70
60
-19
73
-26
1,814
823
13,710
1,356
216
1,161
58
77
696
1,588
811
10,738
1,552
505
1,044
47
-13
651
438
207
4,173
218
109
176
25
20
218
358
196
2,143
478
71
295
14
34
132
433
175
2,461
392
31
187
11
16
61
586
245
4,933
269
6
503
8
6
285
427
147
1,947
336
29
171
17
4
170
411
190
2,136
405
346
192
6
-17
170
415
261
1,927
413
118
347
20
-6
139
336
213
4,729
398
13
334
4
6
172
12,012
6,282
2,635
2,553
457
10,609
5,067
2,533
2,011
259
3,337
2,135
662
447
151
2,329
674
718
654
147
2,458
869
669
813
67
3,888
2,603
586
638
92
1,988
737
627
588
77
2,543
737
736
505
102
2,365
964
642
442
65
3,713
2,629
529
477
16
2,096
413
233
1,752
940
61
297
42
70
508
231
93
746
91
50
545
48
19
511
36
4
404
523
34
377
309
5
460
73
18
n
n
n
n
n
n
n
n
2,206
8
8
34
1,323
19
16
1,277
6
2,940
1
4
1,252
8
-17
1,328
1
-6
1,280
6
6
2,480
1,013
850
69
558
172
51
870
704
72
213
398
21
1,206
1,040
92
565
295
63
26
167
1,045
887
169
249
279
41
149
157
1,111
938
39
529
337
33
18
1,358
1,191
96
340
421
331
3
167
1,876
1,713
181
578
728
113
113
163
1,094
910
174
284
300
24
128
184
907
854
160
187
478
503
654
666
4,804
83
1,151
638
92
2,790
333
3,631
83
3,180
342
-648
-341
-432
n
C1
2
3
11
-20
16<
-83
-5
-13
-17
-147
Repayments on U.S. Government long-term assets, total (table 1, line 41)
Receipts of principal on U.S. Government credits
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 credit programs
Receipts on other long-term assets
12
13
14
15
&
-261
1
B1
2
3
4
5
6
7
8
4
5
6
7
8
9
10
14!
419
1,812
n
n
n
27
77
7,747
16
-13
6,339
4,134
3,482
402
1,585
1,145
175
175
652
5,439
4,752
490
1,731
1,786
501
244
687
720
724
539
553
14,993
867
1,307
2,553
457
11,945
869
-2,643
2,011
259
n
18
-215
n
18
n
-103
-143
-107
-204
-209
3,561
368
657
447
151
2,913
31
3,714
386
-216
-285
654
147
813
67
n
n
588
77
n
505
102
-510
-550
442
65
n
-83
-66
2,344
111
-1,222
477
16
2,096
1,752
297
508
746
545
511
404
377
460
14,647
15,175
3,092
3,961
3,572
4,022
3,190
3,727
4,261
3,997
(*)
-15
-61
47
-1
42
B44
-8
-11
43
8
-3
12
-10
-6
n
-5
34
-43
5
1
-39
2
n
1
8
-4
n
-26
-34
3
5
-3
-3
-7
18
23
n
n
-17
-41
23
r)
86 • April 1998
SURVEY OF CURRENT BUSINESS
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 -)
1996
1997"
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
Interest '
U S parents' receipts
U.S. parents' payments
Less: Current-cost adjustment
Less1 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
Interest [
U.S. affiliates' payments
U S affiliates' receipts
Less: 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 .
Decreases in equity capital4
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 (line 60)
Petroleum
Manufacturing
Other
Royalties and license fees, before deduction of
withholding taxes n e t
. . .
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 91.
98,890
95,514
37,629
57,885
3,377
6,737
-3,360
2,252
1,572
109,227
104,733
40,778
63,955
4,491
7,855
-6,363
2,887
1,632
1997
1996
II
III
IV
I
II
1996
III'
1997
IV"
I
II
III
IV
\r
II'-
III'
IV"
23,613
22,821
6,697
16,124
792
1,622
24,318
23,496
9,091
14,405
822
1,667
23,837
22,993
8,235
14,758
843
1,678
27,123
26,204
13,606
12,598
920
1,769
26,164
25,273
7,317
17,956
890
1,703
28,380
27,325
9,806
17,518
1,055
1,860
27,268
26,050
9,565
16,484
1,218
2,077
27,415
26,087
14,089
11,998
1,328
2,215
23,389
22,597
8,521
14,076
792
1,622
23,929
23,107
10,165
12,942
822
1,667
24,675
23,831
10,169
13,662
843
1,678
26,898
25,978
8,773
17,205
920
1,769
25,864
24,974
9,036
15,938
890
1,703
27,963
26,908
10,975
15,933
1,055
1,860
28,189
26,970
11,835
15,135
1,219
2,077
27,209
25,881
8,932
16,949
1,328
2,215
-830
-846
-835
-850
-813
-605
-858
-687
-630
-846
-835
-850
-813
-805
-858
-887
702
351
742
381
95,067 104,705 22,820 23,379 22,899 25,969 25,144 27,327
3,154
3,484
3,735
2,611
3,007
2,858
11,960
12,725
8,624
8,194
9,917
8,436
9,356
34,975
36,348
8,990
48,132
55,633 10,823 11,165 12,094 14,050 12,785 14,256
-67,813 -119,443 -24,258 -55,097 -12,200 -26,258 -28,773 -38,573
-21,605 ^8,054 -9,370 -2,161 -4,788 -5,286 -11,252 -10,036
^38,895 -61,164 -12,469 -7,949 -7,545 -10,932 -13,604 -14,891
2,757
2,352
4,855
5,646
17,290
13,110
3,098
5,788
-57,885 -63,955 -16,124 -14,405 -14,758 -12,598 -17,956 -17,518
7,346 -8,374
1,237 -8,531
436 -11,019
-8,323 -7,433
4,505 -9,793 -6,167 -12,564
7,254 -10,528
-8,563 -22,981
6,602
1,544
2,841
1,997
1,419
241
15,548 -6,017
26,145
3,017
8,903
14,225
-24,113
-9,102
-11,787
2,685
-16,484
1,474
-4,122
5,596
504
289
543
396
583
355
622
532
662
358
504
318
543
459
583
409
622
385
702
403
742
435
781
397
26,092 22,567 22,926 23,683 25,891 24,806 26,858
2,864
3,296
2,819
2,969
3,488
3,262
2,831
8,792
8,905
8,725
8,545
8,533
8,913
9,340
14,367 10,823 11,165 12,094 14,050 12,785 14,256
-27,985 -22,210 -23,634 -11,104 -60,865 -26,754 -36,988
-17,664 -9,370 -2,161 -4,788 -5,286 -11,252 -10,036
-20,881 -12,469 -7,949 -7,545 -10,932 -13,604 -14,891
2,757
5,646
3,217
3,098
5,788
2,352
4,855
-11,998 -14,076 -12,942 -13,662 -17,205 -15,938 -15,933
1,677
1,237 -6,531
7,346 -8,374
436 -11,019
7,254 -10,528
-129
4,505 -9,793 -6,167 -12,564
1,997
2,841
1,419
6,602
1,544
1,806 -6,017
27,012
3,320
9,467
14,225
-22,763
-9,102
-11,787
2,685
-15,135
1,474
-4,122
5,596
26,030
2,654
9,008
14,367
-32,936
-17,664
-20,881
3,217
-16,949
1,677
781
542
662
396
-129
1,806
-622
-742
-504
-543
-583
-662
-662
-702
-781
-702
-622
-504
-742
-543
-583
-2,252 -2,887
-781
-65,561 -116,556 -23,754 -24,554 -11,617 -25,636 -28,111 -37,871 -23,371 -27,204 -21,706 -23,090 -10,521 -30,244 -26,092 -66,286 -22,021 -32,155
-21,605 -48,054 -9,370 -2,161 -4,788 -5,286 -11,252 -10,036 -9,102 -17,664 -9,370 -2,161 ^,788 -5,286 -11,252 -10,036 -9,102 -17,664
-762
-1,074 -1,776
2,215
-910
-623
-762
-631
-873
-1,074 -1,776
-910
-623
-873
2,215
352
^,486
-431
-2,105 -3,595 -1,287 -1 ,944 -2,901
-873
-2,105 -3,595 -1,287 -1,944 -2,901 -4,668 -1,378
-9,727 -4,668 -1,378
-9,024
-873
-12,933 -43,841 -4,371 -2,998 -3,005 -2,559 -6,895 -7,876 -6,084 -12,987 -4,371 -2,998 -3,005 -2,559 -6,895 -7,876 -6,084 -12,987
-55,633 -61,068 -15,620 -13,862 -14,175 -11,976 -17,294 -16,816 -15,742 -11,217 -13,572 -12,399 -13,079 -16,583 -15,276 -15,231 -14,393 -16,168
-7,116 -1,640 -1,141 -1,000 -1,753 -2,580 -1,325 -1,914 -1,297 -1,166 -1,420 -1,047 -1,900 -2,044 -1,608 -2,064 -1,399
-5,533
-21,248 -18,381 -6,589 -6,542 -4,518 -3,599 -5,642 -5,280 -4,952 -2,508 -6,370 -5,274 -4,431 -5,173 -5,411 -3,552 -4,904 -4,515
-28,852 -65,572 -7,391 -6,179 -6,658 -6,624 -6,073 -10,211 -8,877 -7,411 -6,036 -5,705 -7,601 -9,510 -7,821 -10,071 -7,425 -10,254
1,474
1,677
1,237 -8,531
7,346 -8,374
436 -11,019
1,474
1,237 -8,531
436 -11,019
1,677
7,346 -8,374
-6,323
-7,433
-607
947 -1,722
419
-607
-286
1,082
435
435
35
35
-286
947 -1,722
1,082
419
1,266
-963
937 -2,693
772 -1,953
1,521 -1,042
1,987
937 -2,693
-678
772 -1,953
1,987
-678
1,521 -1,042
1,743
-2,893
2,694 -10,376
2,694 -10,376
1,637 -1,698 -7,581
8,880 -8,704
239
-5,807 -1,698 -7,581
239
1,637
8,880 -8,704
-9,102
21,363
21,916
21,235
21,977
5,115
5,232
5,185
5,322
5,319
5,456
5,742
5,907
5,296
5,450
5,173
5,345
5,168
5,360
5,599
5,823
5,415
5,531
5,299
5,436
5,369
5,505
5,281
5,445
5,600
5,755
5,280
5,452
5,210
5,402
5,145
5,369
-554
-742
-117
-137
-136
-164
-155
-172
-192
-224
-117
-137
-136
-164
-155
-172
-192
-224
6,259
13,763
-7,505
6,367
14,997
-8,630
1,686
3,400
-1,714
1,606
3,389
-1,783
1,479
3,358
-1,879
1,488
3,617
-2,129
1,757
3,521
-1,764
1,626
3,756
-2,130
1,542
3,719
-2,177
1,442
4,001
-2,559
1,580
3,494
-1,914
1,641
3,429
-1,788
1,475
3,410
-1,935
1,564
3,431
-1,867
1,643
3,623
-1,979
1,657
3,802
-2,145
1,525
3,776
-2,251
1,541
3,796
-2,255
-32,132
-24,211
-12,024
-12,187
-7,921
-13,220
5,299
1,873
-41,527
-31,308
-10,953
-20,355
-10,217
-15,904
5,687
1,900
-6,488 -6,184 -9,905
-5,259 -6,079 -7,569
-2,652 -2,496 -2,131
-2,607 -3,583 -5,438
-1,230 -2,105 -2,336
-2,935 -6,077 -3,596
972
1,260
1,706
468
468
468
-64
-47
-38
-7,554
-5,304
-4,745
-6,175 -10,561
-6,065 -7,789
-2,141 -3,447
-3,924 -4,342
-2,110 -2,772
-6,437 -4,069
1,327
1,297
471
473
^39
^4
-11,958
-9,298
-2,037
-7,262
-2,660
-4,167
1,507
476
-51
-10,833
-8,157
-6,330
^,827
-2,677
-4,232
1,556
480
-53
-6,842
-5,612
-2,792
-2,821
-1,230
-2,935
1,706
468
-47
-7,873
-5,767
-2,639
-3,129
-2,105
-3,077
972
468
-38
-9,612 -7,805
-7,276 -5,555
-2,439 ^,155
-4,836 -1,400
-2,336 -2,250
-3,596 -3,612
1,363
1,260
469
468
-64
-96
-8,538 -10,241 -11,666
-6,429 -7,469 -9,006
-2,200 -3,575 -2,299
^,229 -6,894 -6,707
-2,110 -2,772 -2,660
-3,436 ^,069 -4,167
1,327
1,297
1,507
471
473
476
-38
^4
-51
-11,081
-8,404
-2,879
-5,525
-2,677
-4,232
1,556
480
-53
-8,607 -10,990 -12,383 -11,260
-1,182 -1,126 -1,377 -1,155
-4,189 -5,638 -5,524 -4,742
-3,236 -4,226 -5,482 -5,364
30,381 27,101 26,503 23,943
8,558 11,265 16,226
11,799
12,622
9,553 13,709 18,138
-2,444 -1,912
-822
-995
3,924
7,262
4,827
4,342
7,977
14,657 14,200
2,890
21,500 18,061 .16,069 -1,076
-6,843 -6,860 -8,092
3,965
-7,263
-3,916
-2,643
15,877
16,996
18,194
-1,198
2,821
-3,940
5,317
-9,257
-6,303 -10,016 -8,178
-1,426 -1,072
-988
-4,551 -4,368 ^,427
-2,764 -4,221 -2,679
17,440 25,977 17,661
7,141 12,993 15,900
10,625 16,116 17,804
-3,484 -3,123 -1,904
1,400
3,129
4,836
360
7,170
8,148
4,912
8,345
5,528
-197
-4,552
1,642
-245
-186
-559
-2,250
-6,612
1,363
469
-96
-33,759 -43,240 -6,909 -8,615 -10,309 -7,927
-704
-688
-1,426 -1,072
-4,839
-4,190
-17,262 -20,093 -3,562 -4,863 -4,662 -4,176
-12,308 -18,308 -2,643 -2,764 -4,221 -2,679
76,955 107,927 15,662 17,894 26,579 16,820
7,141 12,993 15,900
47,849 16,996
53,030
54,022 18,194 10,625 16,116 17,804
62,739
-6,173 -1,198 ^3,484 -3,123 -1,904
-9,709
2,607
3,583
5,438
559
12,187
20,355
39,724 -3,940
360
7,170
8,148
11,739
4,912
5,528
5,317
54,554
8,345
24,102
1,642
-197
^,552
-12,363 -14,830 -9,257
-1,873
78,828
53,030
4,608
14,764
33,659
-1,900
109,827
47,849
4,063
19,035
24,750
-468
-468
-468
-469
-471
16,130
16,996
1,896
5,825
9,275
18,362
7,141
2,202
2,306
2,633
27,047
12,993
211
4,327
8,456
17,289
15,900
299
2,306
13,295
30,852
11,799
1,033
5,553
5,214
^73
27,574
8,558
482
2,668
5,408
14,060
2,320
9,574
2,166
11,739
1,186
4,774
5,779
22,255
3,986
11,685
6,584
39,724
2,566
244
36,913
3,075
375
2,135
565
-3,940
3,097
-1,442
-5,595
4,051
713
3,244
94
7,170
5,906
1,052
2,832
2,021
8,148
1,028
180
1,363
-992
-317
-602
7,467
695
960
7,505
-2,212
3,174
4,395
859
2,567
969
14,657
576
1,308
12,773
4,815
895
3,412
508
14,200
1,590
719
11,891
-2,905
-4,748
1,844
-3,756
-5,190
1,434
-631
-772
-749
-553
-1,214 -1,089
317
384
-1,138 -1,307
754
389
^949
-1,222
272
526
-6,521
9,047
1,505
-8,980
10,486
^34
111
-1,963 -2,122
2,088
2,074
227
-2,089
2,316
222
-2,347
2,569
170
-2,249
2,419
-515
360
-704
-8,971 -10,670 -12,091 -11,509
-1,182 -1,126 -1,377 -1,155
-4,553 -5,318 -5,232 -4,990
^3,236 ^,226 -5,482 -5,364
30,685 26,652 25,949 24,641
11,799
8,558 11,265 16,226
12,622
9,553 13,709 18,138
-822
-995
-2,444 -1,912
4,229
3,894
6,707
5,525
14,657 14,200
7,977
2,890
21,500 18,061 16,069 -1,076
-6,843 -3,860 -8,092
3,965
-476
-480
-468
-468
-468
-469
-471
-473
26,979
11,265
701
2,934
7,630
24,423
16,226
1,847
7,881
6,498
16,345
16,996
1,896
5,825
9,275
17,908
7,141
2,202
2,306
2,633
26,445
12,993
211
4,327
8,456
18,130
15,900
299
2,306
13,295
31,156
11,799
1,033
5,553
5,214
27,125
8,558
482
2,668
5,408
7,738
1,327
3,369
3,042
7,977
539
5,307
906
2,337
2,064
2,890
3,289
375
2,349
565
-3,940
3,097
-1,442
-5,595
3,597
713
2,790
94
7,170
5,304
1,052
2,231
2,021
8,148
1,869
180
2,204
-992
-417
-602
7,467
695
960
7,505
-2,212
3,174
4,700
859
2,872
969
14,657
576
1,308
12,773
4,367
895
2,964
508
14,200
1,590
719
11,891
-139
-515
360
^76
26,425
11,265
701
2,934
7,630
-480
25,121
16,226
1,847
7,881
6,498
7,183
1,327
2,814
3,042
7,977
539
6,005
906
3,035
2,064
2,890
-747
8,185
-1,037
4,065
-139
8,185
-1,037
4,065
-1,086
-1,450
365
-914
-645
-789
-703
-567
-979
-840
-1,201
393
-1,317
403
-1,241
396
-1,167
378
-1,128
424
-1,212
646
-1,246
267
-1,289
449
-1,054
-1,437
383
-1,217
334
365
-2,198
2,564
497
-2,294
2,791
472
-2,239
2,712
166
-1,963
2,129
-15
-2,157
2,142
229
-2,138
2,367
146
-2,263
2,409
231
-2,248
2,480
399
-2,223
2,623
497
-2,349
2,846
378
-2,160
2,538
-808
-747
-683
April 1998 • 87
SURVEY OF CURRENT BUSINESS
Table 6.—Securities Transactions
[Millions of dollars]
Not seasonally adjusted
A1
t
t\
5
6
7
8
g
10
11
12
13
14
15
16
17
18
1996
(Credits +; debits -)
Line
-108,189
Foreign securities, net U.S. purchases (-), (table 1, line 45 or lines 2 + 13 below)
1996
1997^
1997
I
II
III
IV
I
II
Ilk
-79,287
-34,455
-20,328
-23,206
-30,200
-14,510
-21,841
-39,214
\MP
-3,722
-58,786
-37,984
-22,520
-17,519
-8,164
-10,583
-11,757
-13,257
-15,561
2,591
New issues in the United States
Of which Western Europe
Canada
Latin America
-11,353
-5,796
(D)
(D)
-13,045
-3,454
(D)
(D)
-2,920
-757
-645
-394
-4,908
-3,341
-561
-92
-1,342
-644
(D)
-119
-2,183
-1,054
(D)
-oW
-2,007
-547
(D)
-2,377
-757
-56
-917
-3,305
-787
-182
-1,555
-5,356
-1,363
-1,172
-99
Transactions in outstanding stocks net
Western Europe
Of which United kingdom
Canada
japan
Other
.
-47,433
-25,408
-12,983
-2,152
-9,561
-10,312
-24,939
-9,810
-15,876
289
-9,384
-£,034
-19,600
-6,919
-2,054
-889
-7,929
-3,863
-12,611
-6,917
H843
-933
-2,527
-2,234
-6,822
-5,088
-1,958
372
-102
-2,004
-6,400
-6,484
-4,128
-702
997
-2,211
-9,750
-4,824
-3,122
1,506
-1,920
-4,512
-10,880
664
-2,378
-804
-8,642
-2,099
-12,256
-7,113
-8,057
-1,494
-3,052
-597
7,948
1,463
-2,319
1,081
4,229
1,175
-49,403
-41,299
-11,935
-2,809
-15,042
-19,617
-2,753
-8,583
-23,650
-6,313
-52,472
-66,527
-12,895
-6,411
-13,800
-17,366
-14,959
-15,476
-23,554
-12,538
-9,867
-10,206
-31,280
-1,119
-9,988
-5,042
-50,710
-787
^3,022
-2,716
-6,957
-200
-89
-1,587
-6,725
-10
-5,517
-1,014
-6,423
-846
-1,239
-4,889
-11,175
-63
-3,990
-910
-9,859
-200
-2,861
-111
-12,504
-2,237
-3,899
-16,831
-587
-900
-122
-11,516
-11,380
-7,531
-197
-16,169
-16,076
-1,119
-18,121
-£,229
-135
-19,443
-22,399
-200
-3,942
-3,042
-1,989
-1,493
^,029
-2,033
-4,023
-1,220
-2,614
-1,668
-5,518
-2,065
-3,330
-2,381
-200
-1,420
-963
-197
-2,785
-3,036
-10
-6,518
-2,954
-846
-3,536
-7,705
-63
-5,825
-3,691
-200
-5,245
-5,949
-6,837
-9,134
-5,966
-1,276
-135
-1,536
^3,625
16,176
6,125
3,141
5,813
1,097
15,912
4,853
3,019
4,684
3,357
3,475
2,508
388
579
3,438
977
1,206
1,230
4,500
1,578
983
1,764
175
4,763
1,062
564
2,240
897
3,633
888
678
517
1,550
1,566
274
493
701
99
3,947
988
1,042
1,403
515
6,766
2,704
806
2,062
1,193
-13,107
-20,645
-17,577
1,524
3,419
2,595
9,315
2,957
-2,292
751
-1,015
6,623
-2,515
-1,820
-2,668
-356
^78
139
2,164
1,491
4,818
1,148
-589
114
-5,742
-10,458
-8,872
2,057
3,216
-557
-7,014
-9,858
-10,855
-1,325
1,270
2,899
8,573
5,141
2,848
1,518
-1,471
3,385
5,327
7,206
5,710
^392
-1,591
103
-4,043
-7,343
-8,950
-1,718
514
4,503
-541
-2,048
-1,900
1,342
1,533
-1,369
133,798
189,273
36,475
29,761
35,115
32,447
38,820
51,682
60,409
38,362
12,604
66,907
3,530
6,068
1,681
1,325
10,223
21,675
23,209
11,800
6,307
1,252
2,606
3,942
2,156
-443
4,584
56,735
8,984
7,672
21,287
-1,176
4,665
6,683
2,129
277
736
-682
1,059
-807
1,149
491
352
531
120
-274
2,309
3,542
3,273
542
1,008
1,484
-35
-1,314
-243
414
81
331
3,020
1,406
-631
136
10,579
2,727
1,331
3,231
1,130
-2,340
854
14,384
2,090
1,996
5,949
155
4,151
2,985
15,088
2,018
1,030
6,625
-1,280
1,398
8,002
16,684
2,149
3,315
5,483
-1,182
1,456
-5,158
121,194
122,368
32,945
23,693
33,434
31,122
28,597
30,007
37,202
26,562
53,445
44,558
23,191
80,133
39,538
2,697
13,511
14,392
5,042
11,643
5,662
6,388
13,716
12,162
7,556
14,575
12,342
4,205
20,740
7,422
435
23,719
9,624
-3,336
27,476
12,470
-2,744
8,198
10,023
8,341
74,561
5,218
888
54,991
3,902
13,749
28,941
41
71,860
1,554
284
57,160
6,205
9,393
34,842
64
21,356
2,329
-60
14,963
504
984
10,026
75
16,090
1,658
271
10,462
1,420
2,601
3,593
-11
20,656
1,237
785
15,366
1,000
5,464
6,323
-9
16,459
-6
-108
14,200
978
4,700
8,999
-14
20,368
400
-151
18,239
1,794
3,339
3,097
-1
18,142
109
147
15,087
822
3,251
7,789
3
23,658
1,476
-1,202
18,460
1,498
4,243
7,803
-4
9,693
-431
1,490
5,374
2,091
-1,440
16,152
66
86,875
4,381
1,636
-358
157,259
42,815
4,048
1,121
-1,806
152,195
26,044
52
-9
-202
11,500
8,087
1,258
831
454
30,538
30,404
1,217
905
-2,490
44,479
22,340
1,854
-91
1,880
70,742
25,060
651
365
-3,590
48,222
20,534
644
16
884
37,106
8,913
2,667
642
-9
33,845
-11,692
86
98
909
33,022
Stocks net U.S purchases
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 corporations '
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
Other transactions in outstanding bonds net3
Western Europe
Of which United Kingdom
Canada
. . . .
Japan
Other
..
. .
.
. .
.
.
H
B1
purchases (+) (table 1 line 59 or lines 2 + 10 below)
2
3
4
5
6
7
8
9
Stocks, net foreign purchases
,
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom
Canada
japan
Other
10
Corporate and other bonds net foreign purchases
11
12
13
By type:
New issues sold abroad by U S corporations
U S federally-sponsored agency bonds net
Other outstanding bonds net
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
.
...
.
.. ..
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):
US Treasury marketable bonds (line A4)
Other U S Government securities (line A6)
US corporate and other bonds (part of line A1 4)
US stocks (part of line A 14)
Other foreign transactions in U S Treasury bonds and notes (table 9 line B5)
See footnotes on page 91.
88 • April 1998
SURVEY OF CURRENT BUSINESS
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.)
1996
1996
1997*>
I
A1
2
3
4
5
6
7
8
9
10
11
12
13
14
Claims total (table 1 line 46)
-64,234
-76,298
-61,568
-41,661
-19,907
-76,021
-31,437
-14,583
By type* Deposits2
Other claims23
-60,856
-75,859
By area1 Industrial countries4
. . .
Of which United Kingdom
Canada
Caribbean banking centers5
...
Other
-29,780
-18,167
-1,061
-30,719
-1,069
Financial claims
Denominated in U S dollars
Denominated in foreign currencies
-712
-2,666
^2,657
-9
Commercial claims
Denominated in U S dollars
Denominated in foreign currencies
.
-162
-26,878
-15,681
2,814
-48,294
-848
-278
168
-446
II
-15,778
-17,848
-25,000
449,040
-16,257
-4,470
-11,787
^,832
-4,891
59
-17,774
-8,639
-9,135
-22,705
-23,661
956
-30,369
-26,035
-4,334
-4,005
2,596
-6,601
-16,647
-12,998
-3,648
-25,000
-25,000
420,239
332,387
87,852
-16,147
-4,672
-17,563
-22,474
-30,823
454
-3,749
-16,287
-25,000
-256
-360
415,206
5,033
-16,197
-8,873
894
-14,279
107
-2,656
-4,827
2,843
-8,025
-1,981
-957
-392
-8,058
-110
-14,987
-10,672
-141
-1,234
-36
-153
-348
-231
-100
B1
Liabilities, total (table 1, line 60)
9
10
11
By area1 Industrial countries4
Of which United Kingdom
Caribbean banking centers5
Other
12
13
By type* Trade payables
Advance receipts and other liabilities
14
15
16
By area1 Industrial countries4
Members of OPEC6
Other
See footnotes on page 91.
-72
120
-263
-263
-13,000
-6,603
-4,101
-9,232
-473
480
432
48
^3,410
-3,333
-77
266
214
-3,215
1,015
-195
-112
645
-91
-74
-1,503
-1,700
485
68
350
-207
903
916
-13
21
148
-923
-25,000
-563
-1,202
168,270
80,468
8,418
238,835
13,134
-896
-306
28,802
27,060
1,742
-52
73
-290
-912
25,148
3,654
159
83
-992
-122
16,071
1,979
10,752
-127
-221
-88
44,740
6,800
7,288
20,610
-2,912
15,210
-7,916
22,046
15,400
321,788
41,780
47,270
-1,490
5,774
3,574
2,200
7,108
3,100
4,008
18,375
11,156
7,219
-5,063
-5,410
347
13,863
11,301
2,562
-3,161
-3,713
20,678
24,282
-3,604
15,400
15,400
287,212
252,462
34,750
27,031
25,140
18,900
20,721
22,600
280
10,054
7,757
-4,105
6,530
7,738
900
-175
-322
10,247
9,176
7,897
231
200
469
-5,349
86
11,177
11,896
2,300
386
-1,118
167
-7,000
-43
8,841
8,658
11,900
-63
2,960
2,896
64
1,026
1,338
180
102
78
2,235
2,356
-121
2,151
2,123
28
1,347
1,434
-87
245
236
9
1,368
7,226
142
34,576
33,405
1,171
266
-86
524
1,711
914
1,237
-1,200
2,547
-168
1,217
260
758
1,522
293
336
637
308
402
10,954
23,622
&
15,802
4,005
14,769
-327
.
-62
-8,112
^,072
3,126
-9,399
-231
31,786
5,592
5,919
Denominated in U S dollars
Denominated in foreign currencies
810
-49
-211
26,194
12,420
13,774
-657
-180
Commercial liabilities
-297
875
-1,161
5
6
7
8
6,319
3,180
55
-10,854
-215
-166
By area* Industrial countries4
Members of OPEC 6
Other
Denominated in U S dollars
Denominated in foreign currencies
-160
479
410
69
17
18
19
Financial liabilities
IV 1
-3,984
-396
2
3
4
Ilk
-29,466
-951
29
41
II
-26,115
-2,227
^39
-278
I
-17,294
By type' Trade receivables
Advance payments and other claims
-1,227
IV
III
Amounts
outstanding Dec.
31, 1997
-5,047
15
16
673
1997
1,506
4,086
-1,761
4,721
3,967
632
993
1,511
1,095
354
-312
-198
1,224
1,371
-225
-120
-143
304
19
-448
-393
638
1,536
46
131
68
-116
828
656
15,400
94,490
82,714
176,000
16,722
April 1998 •
SURVEY OF CURRENT BUSINESS
89
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.)
1996
1997^
I
1 Total, net (table 1, line 47)
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
By type:
Banks' own claims
.
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
;
Payable in foreign currencies
IV P
III
IV
I
II
Ilk
-98,186
-151,076
1,868
192
-33,589
-66,657
-62,026
-27,947
^0,602
II
Amounts
outstanding Dec.
31, 1997
-30,501
1,004,111
-62,878
-125,038
5,304
-1,932
-11,136
-55,114
-^4,047
-26,233
-11,673
-43,085
787,491
-68,258
-104,231
1,257
^,736
-8,734
-56,045
-35,969
-14,957
-5,219
-48,086
704,762
-35,084
-11,929
294
-21,539
-86,107
4,432
1,441
-23,997
9,811
-2,107
-6,338
-1,109
-9,802
-1,814
4,775
2,105
-4,170
^,033
153
-17,832
^,891
-6,657
-6,589
-19,085
-1,083
4,983
14,796
-684
^30,923
-<3,975
704
-21,851
428,616
109,139
20,771
146,236
-17,794
-11,568
-11,389
-23,612
11,745
-15,137
-1,317
3,727
H213
582
-6,760
7,364
-5,814
^,784
3,991
-11,245
-3,751
-18,531
-17,290
-62,495
-7,313
-7,419
11,128
-5,834
-2,234
-10,384
4,946
^84
1,644
751
^,522
-19,678
-361
-9,856
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
1997
1996
-224
-2,616
-530
-888
5,741
-24,110
-54,173
^,390
9,516
961
7,062
1,591
-1,634
3,428
600
2,992
2,433
7,676
-13,963
-36,535
1,878
-2,532
166,653
38,885
107,549
-24,894
-6,482
-11,612
-22,513
-1,683
2,219
2,550
7,120
-11,035
-17,638
-6,268
13,009
261,963
70,254
59,458
5,380
-20,807
4,047
2,804
-2,402
931
-8,078
-11,276
-6,454
5,001
82,729
-35,308
-26,840
-19,131
-10,668
-1,993
4,952
^8,468
-26,038
-27,513
-7,907
-6,897
-5,207
-7,502
1,475
-3,436
-3,197
-10,431
3,577
1,387
2,270
2,124
3,294
-1,453
-2,142
5,377
1,512
-1,170
-22,453
-22,617
-10,292
-10,163
-2,060
-11,543
-4,320
3,045
-1,940
-6,697
1,272
-7,223
-17,979
-19,600
-17,474
-1,107
1,153
-2,172
1,621
-1,714
221
556
1,211
-1,508
-38
-1,935
-18,929
-18,984
-7,092
-8,271
-2,967
55
12,584
10,850
16,103
1,270
-1,885
-4,638
1,734
216,620
208,144
85,580
72,901
27,006
22,657
8,476
-52,753,
^0,870
-17,842
-10,760
2,305
^3,428
-71,511
-70,579
^31,239
-4,031
3,773
-33,987
-24,806
-16,076
-6,129
-22,432
-7,885
686
-2,929
-10,625
-208
-8,637
-7,479
1,857
-4,189
2,416
615
-61,572
-50,727
-21,261
-12,749
1,468
436
-3,218
1,681
3,574
-2,552
-1,208
-1,139
4,093
-19,244
-62
14,165
7,829
1,343
-10,814
-2,289
-13,470
-2,895
^,316
-1,314
512,160
355,762
169,394
56,510
86,616
13,272
-239
-102
164
-654
22
23
24
25
26
27
By area:
Industrial countries5
Western Europe
O f which United Kingdom
Canada
Japan
Other
28
Caribbean banking centers6
-17,366
-64,338
-2,497
14,461
-4,663
-25,667
8,308
-16,988
-33,307
-22,351
306,746
29
30
31
32
33
34
Other areas
Of which Members of OPEC, included below7
Latin America
Asia
Africa
Other8
-28,067
-15,227
-2,665
-15,269
-2,600
-5,632
-3,762
-7,741
-603
-197
-122
-7,494
-30
2,567
4,061
-1,862
-1,449
4,729
213
568
-18,558
-9,058
-7,751
23
-1,772
144
^,920
-61
-3,925
-4,427
-5,174
3,098
-7,938
2,609
677
^4,914
-78
-3,623
2,431
-1,388
1,219
-2,518
2,422
82
-1,374
2,664
-3,565
-8,468
5,072
94
5,966
185,205
18,780
96,177
78,995
3,238
6,795
-17,199
-44,681
3,223
1,012
2,326
-23,760
-10,367
-2,403
2,728
-24,639
254,277
-15,723
563
1,495
-3,534
-21,247
^3,396
6,264
-3,870
859
-30
-3,304
4,443
963
-1,090
2,744
-21,427
515
1,574
-4,703
670
56
-17,999
-2,376
-4,188
-3,854
339
-2,664
-634
145
-38
5,534
-86
-2,086
-1,212
-5,055
152,186
59,095
6,868
36,128
4,872
-22,071
-1214
-4,009
-30,672
825
-278
-141
3,309
3,501
1,153
-983
1,982
-25,742
-1,341
-9,026
2,430
-4,833
-622
-303
-810
-235
.
.
.
.
Memoranda:
1 International banking facilities' (IBF's) own claims, payable in dollars (lines 1-13 above)
By borrower:
Claims on:
2
own foreign offices
3
unaffiliated foreign banks
4
foreign public borrowers
.
5
all other foreigners
By bank ownership: 2
6
U S -owned IBPs
7
Foreign-owned IBF's
8 Banks' dollar acceptances payable by foreigners
See footnotes on page 91.
-589
-10,505
-15,430
128
-2,260
-674
-456
-289
-3,749
12,303
-700
H309
2,487
10,724
-733
-675
-210
-2,842
-525
-61
-993
-472
-228
-571
1,484
1,244
583
-373
-6,582
-18,057
1287
61,948
192,329
9587
SURVEY OF CURRENT BUSINESS
April 1998
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.)
1996
1997"
I
A1
2
3
4
5
6
7
8
9
10
11
12
13
14
Foreign official assets in the United States net (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 '
Other liabilities2
Banks' custody liabilities payable in dollars ' 3
Other foreign official assets' (table 1 line 55)
1997
1996
II
III
IV
1
II
III'-
IV*
Amounts
outstanding Dec.
31, 1997
122,354
18,157
52,014
13,154
24,089
33,097
28,891
-5,374
21,867
-27,227
808,319
111,253
24,901
86,875
-7,019
-49,805
42,815
-29
4,048
539
21,274
21,369
822
7,731
12,816
-95
55,600
29,848
26,044
-3,383
-11,211
8,087
25,472
-6,049
30,404
117
1,217
907
-1,922
-5,948
33,564
11,313
22,340
-89
1,854
160
-4,270
-6,687
-12,108
-32,269
20,534
6,686
-2,340
8,913
113
2,667
-645
-24,886
-13,309
-11,692
115
86
-83
^3,351
-3,945
566
1,338
-5,849
594
1,007
575,735
143,630
426,166
5,939
33,678
27,503
134,643
101,962
2,333
41,408
58,221
32,681
36,760
1,886,869
-523
4,381
720
4,722
-4,107
-588
2,947
-6,467
8,829
1,278
-685
-143
-204
-3,284
5,206
14,198
3,322
788
6,464
-3,930
10,876
1,285
-162
-539
23,289
-1,887
25,060
116
651
478
7,698
11,294
879
-4,014
-1,772
4,026
-1,585
-1,238
-4,911
2,417
1,789
11,060
-3,596
-3,225
7,003
229
-1,810
900
12,391
7,674
263
35
7,376
4,717
633
114,286
68,676
78,015
53,021
130,687
-292
52
-675
1,735
4,146
-8,490
-211
-259
1,258
-373
644
654
4,536
6,346
-686
-510
By area (see text table C):
B1
2
3
4
5
6
7
8
9
Other foreign assets in the United States, net (table 1, lines 58 and 61)
By type:
U S Treasury securities and US currency flows (line 58)
U S Treasury securities
Bills and certificates
Marketable bonds and notes
U S currency flows
US liabilities reported by U S banks (line 61)
Banks' own liabilities '
Payable in dollars
11
12
13
By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners:
demand deposits
time deposits l
other liabilities2
14
15
16
17
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners
international financial institutions4
10
18
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 institutions4
Payable in foreign currencies
Banks' custody liabilities payable in dollars J 3
Of which negotiable and readily transferable instruments
US Treasury securities and U S liabilities reported by U S banks by area6
Industrial countries 7
Western Europe
Canada
Other
Caribbean banking centers8
Other areas
O/ w/wc/? Members of OPEC included below9
Latin America
Asia
Africa
Other10
.
.
.
.
Memoranda i
International banking facilities' (IBF's) own liabilities, payable in dollars (in lines A9, and B9 above)
.
182,662
330,399
-22,933
38,471
52,838
172,878
187,854
10,602
36,152
50,798
75,326
51,289
49,915
42,919
43,731
924,312
155,578
-1,681
157,259
17,300
163,068
10,873
152,195
24,786
13,002
1,502
11,500
-2,400
31,652
1,114
30,538
4,500
43,398
-1,081
44,479
7,400
67,526
-3,216
70,742
7,800
47,805
48,222
3,484
45,093
7,987
37,106
4,822
36,339
2,494
33,845
6,580
33,831
809
33,022
9,900
689,926
45,145
644,781
234,386
9,784
7,037
9,657
142,545
115,990
96,267
-33,535
-29,897
-28,944
2,319
2,107
-2,991
2,040
295
686
38,960
34,532
40,906
17,387
21,543
12,564
28,100
11,401
12,258
10,102
-1,056
-12,102
86,956
84,102
83,547
962,557
892,411
775,673
-21,934
-10,350
-7,473
44,995
12,012
5,050
-8,050
73,496
484,056
-1,703
7,083
2,779
2,067
-2,570
-3,586
150
2,519
-2,117
2,759
-9,110
13,559
-1,476
536
-3,112
3,181
4,430
2,440
29,768
152,021
109,828
5,050
3,217
2,303
1,688
-8,050
-5,520
3,440
-1,972
73,496
5,912
4,339
-200
484,056
157,570
122,723
11,324
674
40,530
-8,313
6,846
196,725
39,076
85,242
32,966
14,225
-2,707
287,331
118,494
48,805
-417
5,238
82,508
3,172
-6,788
8,035
4,614
-1,625
10,770
-5,720
3,226
-10,429
14,562
5,238
-10,077
11,488
3,008
82,508
-3,490
19,295
-2,046
-21,934
-6,418
1,161
-1,753
-10,350
140
4,899
2,320
-7,473
3,046
2,184
2,929
44,995
-6,845
3,244
-488
12,012
-7,099
9,213
-1,562
-12,363
4,374
8,175
41,823
-3,905
13,064
-13,019
2,241
-3,102
-7,698
6,811
9,191
^,562
-2,576
12,916
-4,385
4,662
3,268
-2,274
224
-2,649
7,377
4,151
1,843
17,601
-14,451
6,321
40,685
415
4,185
-6,915
-6,659
2,510
-2,652
-6,671
-1,972
-2,911
3,339
7,689
32,079
-2,460
-1,906
8,744
-4,825
7,427
7,699
-4,160
-8,724
^,825
-160
-375
-591
-418
-872
-293
-695
-2,620
19,723
-953
-6,374
8,979
-657
11,046
555
116,738
2,747
3,093
26,555
22,058
-3,638
-3,084
212
115
1,745
2,023
4,428
4,039
^,156
^,644
16,699
13,989
11,158
10,812
2,854
1,901
70,146
60,272
165,362
100,586
92,042
10,326
-1,782
41,832
22,944
3,537
8,066
17,755
216
-3,093
305,613
234,812
192,633
-9,133
51,312
36,479
34,322
485
3,124
27,764
1,112
2,322
-20,533
1,662
3,263
4,434
-6,035
-20,485
-1,710
796
1,073
3,848
-62
-6,569
33,971
22,833
19,077
3,574
182
6,618
4,520
586
2,342
2,046
^8
180
45,438
24,824
25,747
106,486
51,267
43,955
2,561
4,751
50,515
4,704
65,192
46,261
30,073
73,193
51,104
37,760
5,013
8,331
14,426
7,663
46,441
44,941
58,925
-9,634
-4,350
-1,692
3,192
265
226
5,358
120,787
92,506
65,875
-3,816
30,447
18,037
10,244
1,652,483
1,033,785
736,949
42,067
254,769
387,598
231,100
33,972
57,161
136,302
7,767
29,870
5,098
-243
-680
5,184
15,430
2,466
2,351
10,559
140
2,380
-696
-311
16,884
5,708
13,223
1,181
2,300
1,302
186
916
-747
-373
-509
15,072
131
-1,233
2,224
802
5,146
-2,221
4,154
5,110
350
630
-171
-588
-16,782
53,650
-5,842
-6,316
-13,832
11,208
-2,109
8,175
344
47,240
406,465
2
3
4
5
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
foreign official agencies
other private foreigners and international financial institutions4
-2,699
-18,151
974
3,094
46,641
-6,418
16,230
-2,803
-1,445
-7,420
1,414
1,609
-7,696
-7,155
7,508
-10,311
-4,961
2,141
16,753
-2,875
-2,987
317
5,691
-5,664
-1,038
-1,098
44
-5,335
12,247
1,219
3,064
-2,926
2,467
-2,261
37,842
7,507
2,554
-663
208,135
113,892
56,538
27,900
6
7
By bank ownership: 5
U S -owned IBF's
Foreign-owned IBF's
-13,645
^3,137
-3,114
56,764
2,030
-7,872
-1,857
-6,459
-16,065
2,233
2,247
8,961
-3,755
1,646
-4,906
13,081
-2,254
2,598
7,801
39,439
66,527
339,938
831
1.517
902
-532
-602
1.844
101
174
16.046
1
8
Neootiable certificates of deoosit held for foreioners » (in lines A13 and B26 above)
See footnotes on page 91.
-973
-360
-701
821
SURVEY OF CURRENT BUSINESS
FOOTNOTES TO U.S.
General notes for all tables: P Preliminary.
D
r
Revised.
INTERNATIONAL TRANSACTIONS TABLES 1-1O
'Less than $500,000 (±)
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 31,1997, were as follows in millions of dollars: Line 34, 69,955; line
35,11,047; line 36,10,027; line 37,18,071; line 38,30,809. 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 August 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, July 1996,
and July 1997 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 military equipment 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 1975-62, 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.
April 1998
Table 4:
1. Expenditures to release foreign governments from their contractual liabilities to pay for military goods and services
purchased through military sales contracts—^irst 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 not 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.
TableS:
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
inlineASO.
Table 7:
1. Estimates of transactions other than those with U.S. banks' Caribbean branches are not available.
2. Deposits (line A5) include other financial claims (line A6) for some countries due to the commingling of these
categories in foreign source data.
3. Primarily mortgages, loans, and bills and notes drawn on foreigners.
4. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
5. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
6. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Beginning
in January 1993, excludes Ecuador.
Table 8:
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.
Table9:
1. Negotiable certificates of deposit issued by banks in the United States are included in banks' custody liabilities and
are separately identified in memorandum lined. Nonnegotiable certificates of deposit are included in time deposits.
2. Includes borrowing under Federal funds or repurchase arrangements, deferred credits, and liabilities other than
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. U.S. currency flows are not included, because no geographic data are available.
7. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
8. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
9. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Beginning
in January 1993, excludes Ecuador.
10. 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, in operating oil and gas drilling equipment internationally, and in petroleum trading. Also includes
taxes withheld; current-cost adjustments associated with U.S. and foreign direct investment; small transactions in business
services that are not reported by country; and net U.S. currency flows, for which geographic source data are not available.
17. Details not shown separately; see totals in lines 49 and 56.
18. Details not shown separately are included in line 61.
SURVEY OF CURRENT BUSINESS
92 • April 1998
Table 10.—U.S. International
[Millions
Western Europe
(Credits +; debits -) »
Line
European Union 14
1997
1996
1997*'
I
II
III'"
IV"
1996
1997*
Exports of goods services and income
305,718
340,426
82,285
85,940
84,503
87,698
275,794
306,248
2
Goods adjusted excluding military2
137,194
152,936
38,645
39,866
35,316
39,109
124,786
138,823
3
4
Services3
Transfers under U S military agency sales contracts4
80,819
3,451
86,836
3,833
19,651
934
21,070
879
24,087
1,111
22,028
909
72,288
2,334
76,950
2,344
Travel
Passenger fares
Other transportation
22,166
6,804
7,703
23,945
7,294
8,057
4,678
1,448
1,942
5,896
1,728
2,002
7,537
2,375
2,020
5,834
1,743
2,093
20,092
6,443
6,113
21,704
6,908
6,525
Royalties and license fees 5
Other private services 5
U S Government miscellaneous services
15,522
25,007
167
14,752
28,795
160
3,711
6,896
42
3,540
6,990
35
3,582
7,419
43
3,919
7,490
40
14,804
22,357
145
14,020
25,310
139
87,705
45,686
40,948
1,071
100,655
49,089
50,646
920
23,990
12,013
11,695
282
25,004
12,442
12,392
170
25,100
11,690
13,135
275
26,561
12,944
13,424
193
78,720
39,496
38,298
926
90,475
42,760
46,927
788
1
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
-324,755
-367,894
-83,405
-94,876
-94,566
-95,047
-293,572
-334,568
16
Goods adjusted excluding military2
-161,629
-175,884
-40,901
-45,115
-43,106
-46,762
-146,293
-160,207
-61,827
-7,043
-66,322
-6,900
-14,442
-1,780
-17,876
-1,594
-18,462
-1,724
-15,542
-1,802
-54,592
-5,678
-58,712
-5,424
17
18
3
Services
Direct defense expenditures
19
20
21
Travel
Passenger fares
Other transportation
-16,738
-7,863
-9,527
-17,912
-8,337
-10,294
-3,057
-1,752
-2,456
-5,609
-2,338
-2,683
-5,728
-2,455
-2,577
-3,518
-1,792
-2,578
-15,573
-7,102
-7,545
-16,663
-7,529
-8,155
22
23
24
Royalties and license fees5
Other private services 5
U S Government miscellaneous services
-4,543
-14,903
-1,210
-4,989
-16,721
-1,168
-1,213
-3,890
-1,196
-4,168
-1,331
-4,354
-1,249
-4,309
-293
-288
-293
-294
-3,820
-13,812
-1,061
-4,225
-15,712
-1,004
-101,299
-25,805
^8,444
-27,050
-125,689
-31,539
-58,237
-35,913
-28,063
-6,311
-13,688
-8,064
-32,743
-7,952
-15,245
-9,546
-92,688
-23,311
^5,539
-23,838
-115,649
-28,333
-54,400
-32,916
63
1,230
1,049
-76
-28
-1,087
2,164
-161,454
25
26
27
28
29
30
31
32
33
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
US Government payments
Unilateral transfers net
360
US 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
US 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 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
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
US Treasury securities
Other10
Other U S Government liabilities ' '
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 and U S currency flows
U S securities other than U S Treasury securities
U S liabilities to unaffiliated foreigners reported by U S nonbanking concerns
US 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 1 6)
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 91.
63
-32,998
-8,698
-14,829
-9,471
-2
428
527
465
475
-97
-1,049
2,376
-83,486
-21,851
-54,737
-22,360
-154,604
-457
-102
-1,269
1,895
-281
-171,397
-182,434
-134
-330
-145
-322
-336
-649
-611
-196
-139
-142
-134
-609
-1,377
-649
-611
-196
-139
-142
-134
-609
-1,377
933
-44
908
-42
157
-86
255
-12
-171,074
-43,470
-57,674
-29,176
-40,754
-182,357
-58,456
-23,576
-29,747
-70,578
-63,447
-12,590
-3,366
-16,678
-50,813
-21,695
-22,885
4,773
-5,269
1,686
-54,781
-8,044
-19,773
-7,800
-19,164
-22,434
-14,937
-5,210
290,120
427,129
111,398
85,754
126,783
29,320
7
6,617
11,034
1,172
( )
17
( )
695
(7)
(7)
R
3
R
260,800
59,640
420,512
77,352
100,364
26,390
-563
.
45
169
^76
-1,259
2,095
326
.
-31,885
-8,578
-14,475
-8,832
534
-332
C)
R
686
17
(17)
(
(
17
)
80,868
28,281
7
128,594
22,021
7
30,948
12,825
C7)
-100,047
-217,396
-24,435
18,993
-5,442
-13,594
-19,036
360
-18.676
-22,948
20,514
-2,434
-25,034
-27,468
169
-27.299
C)
C
-17
109
-14
186
-71
281
-24
208
-63
263
8
-112
222
355
-247
-166
506
-37
564
-43
-2,287
-154,217
-38,973
-54,498
-28,199
-32,547
-160,432
-52,546
-23,609
-29,378
-54,899
103,194
284,192
390,522
832
-6,421
(18)
R
&
R
R
R
R
£2
R
84,582
14,755
C7)
32,525
125,951
18,650
109,615
17,557
-368
(
17
Sol
i
PI
«a
689
8
59,898
57,355
C(18))
R
(18)
(18)
38,745
9,564
17
26,376
n
18
77,157
28,090
11 9,003
(.8)
119,055
21,506
191,917
18
)
( )
-26,837
-55,030
-61,981
-73,548
-113,039
-201,796
-2,256
5,209
2,953
-4,073
-1,120
45
-1.075
-5,249
3,194
-2,055
-6,881
-3,936
63
-8.873
-7,790
5,625
-2,165
-7,898
-10,063
-2
-10,065
-7,653
6,486
-1,167
-6,182
-7,349
63
-7.286
-21,507
17,696
-3,811
-13,968
-17,779
1,230
-16.549
-21,384
18,238
-3,146
-25,174
-28,321
1,049
-27.272
SURVEY OF CURRENT BUSINESS
April 1998 •
93
Transactions, by Area
of dollars]
European Union 14
1997
74,107
II
III'-
IV
76,451
76,344
79,346
82,363
1997^
1996
97,038
Line
1997
1997
1997P
1996
I
European Union (6) 15
United Kingdom
I
II
UK
IV
23,784
24,050
24,122
25,082
1
148,524
II
III''
IV
161,235
38,711
40,599
40,411
41,514
1
20,776
35,089
35,147
32,354
36,233
30,246
35,907
9,554
9,327
8,150
8,876
75,231
82,483
20,391
19,630
21,686
2
17,350
566
18,686
487
21,463
695
19,451
596
20,916
393
23,330
520
5,347
213
5,673
108
6,336
107
5,974
92
37,642
1,051
39,653
608
8,859
150
9,613
109
11,321
183
9,860
166
3
4
4,247
1,375
1,557
5,388
1,639
1,593
6,892
2,260
1,664
5,177
1,634
1,711
7,306
1,645
1,433
7,896
1,762
1,737
1,602
358
458
2,023
379
423
2,332
550
421
1,939
475
435
9,654
3,815
2,727
10,422
4,090
2,981
1,937
821
687
2,536
1,008
715
3,548
1,378
776
2,401
883
803
5
6
7
3,542
6,026
37
3,355
6,194
30
3,403
6,512
37
3,720
6,578
35
2,665
7,433
41
2,733
8,638
44
625
2,079
12
630
2,099
11
709
2,209
8
769
2,251
13
8,832
11,486
77
8,498
12,984
69
2,162
3,086
15
2,014
3,217
14
2,080
3,333
23
2,242
3,348
17
8
9
10
21,668
10,583
10,843
242
22,618
10,967
11,506
145
22,527
10,096
12,200
231
23,662
11,114
12,378
170
31,201
13,862
17,311
28
37,801
15,282
22,493
26
8,883
3,795
5,088
9,050
3,537
5,513
9,636
3,711
5,925
10,232
4,239
5,967
26
35,652
20,076
14,913
663
39,100
21,227
17464
409
9,462
5,184
4,137
141
10,210
5,783
4,295
132
9,460
4,884
4,440
136
9,968
5,376
4,592
11
12
13
14
-75,539
-66,504
-66,289
-66,236
-102,700
-125,457
-28,874
^1,843
-32,436
-32,304
-150,141
-164,341
-36,856
-42,988
-42,258
-42,239
15
-37,268
-41,220
-39,327
-42,392
-28,832
-32,498
-7,578
-7,949
-8,118
-8,853
-92,727
-101,469
-23,637
-26,620
-24,733
-26,479
16
-12,697
-1,415
-15,744
-1,263
-16,509
-1,351
-13,762
-1,395
-17,658
-20,847
-4,671
-5,438
-5,850
^,888
-437
-589
-136
-132
-166
-155
-29,012
-4,742
-29,836
-4,462
-6,567
-1,168
-7,937
-1,044
-8,273
-1,100
-7,059
-1,150
17
18
-2,871
-1,593
-1,932
-5,133
-2,102
-2,062
-5,357
-2,220
-2,073
-3,302
-1,614
-2,088
^,790
-2,844
-1,646
-5,121
-3,025
-2,213
-1,020
-1,450
-1,526
-1,125
-1,632
-697
-574
-598
-560
-8,790
-3,130
-4071
-2,738
-899
-514
-8,216
-2,946
-3,863
-1,554
-631
-565
-679
-967
-828
-892
-731
-1,002
-1,021
-1,081
19
20
21
-1,035
-3,599
-995
-1,139
-4,116
-1,056
-4,055
-549
-449
-465
-454
-487
-517
-1,946
-23
-2,118
-20
-1,977
-24
-1,923
-6,703
-1,547
-1,687
-1,708
-1,761
-252
-1,785
-23
-1,740
-6,702
-253
-1,983
-7,826
-90
-474
-247
-1,875
-5,974
-92
-511
-3,942
-252
-603
-756
-186
-184
-199
-187
22
23
24
-2,866
-29,540
-7,951
-13,523
-8,066
-30,453
-7,838
-13,873
-8,742
-30,082
-7,023
-14,242
-8,817
-56,210
-9,220
-34,129
-12,861
-72,113
-11,435
-41,262
-19,416
-16,626
-2,666
-9,776
-4,184
-18,456
-3,247
-10,345
^,864
-18,468
-2,801
-10,505
-5,162
-18,563
-2,721
-10,636
-5,206
-28,402
-12,155
-9,406
-6,841
-33,036
-14,158
-10,697
-6,181
-6,652
-2,344
-2,429
-1,879
-8,431
-3,964
-2,570
-1,897
-5,252
^,289
-2,770
-2,193
-8,701
-3,561
-2,928
-2,212
25
26
27
28
243
288
261
257
1,206
1,416
350
374
386
306
809
406
87
110
70
139
29
-17
-11
-25,574
^5,521
-12,762
-7,291
295
30
31
32
-18,659
6,401
33
189
-1,351
189
-1 ,351
34
35
36
37
38
-14
2
-178
-185
543
531
1,384
1,601
-48
422
-48
434
-45
351
-614
581
^4
394
-599
509
1,408
1,020
231
267
227
-75370
-20,810
-42,925
-21,849
-92,218
-99,981
-34,277
-14,108
-21,006
-30,590
-56,708
-3,431
12
-227
189
-1,351
12
-227
f-
-282
-249
-282
-274
189
-1,351
141
-35
188
-12
-62
-51
4
-15
158
-35
212
-19
118
-45
160
3
-76,023
-11,023
-2,135
-16,590
^6,275
-20,521
-21,951
4,397
-5,152
2,185
-43,272
-5,872
-20,224
-7,636
-9,540
-20,616
-13,700
-5,647
103,122
84,121
117,481
(18)
(18)
(18)
(18)
0)
(18)
(18)
(18)
(18)
94
157
Cs8)
(18)
(18)
C8)
24,223
8
C)
18
29,431
12560
36,81 4
18
C88)
C)
175
123
125
3
127
-4
-5
-1,269
-92,346
-18,310
-37,776
-18,418
-17,842
-100,104
-25,804
-27,424
-15,637
-31,239
-34,272
-2,446
-2,013
-8,552
-21,261
85,798
187,456
243,065
80,358
R
R
(18)
(IS)
(.8)
12,349
9,666
11,117
38,489
9332
59,819
20,901
.......„„.„....
*0
-386
41 ,767
18
128
4
-4
127
1
-14,112
-14,312
1,663
-5,037
3,574
-21,002
978
-19,850
-2,048
-82
40,075
.8)
C)
18)
(18)
(18
18)
C8)
(18
18)
(18)
(18)
(18)
(18)
-77
-32
-609
-1,377
12
-227
-37
-8
-38
-17
^38
^37
^8
-17
-14
2
^5,306
-21,772
3,042
-8,877
-17,699
-31,035
-6,631
1,504
-7,145
-18,763
-3,187
-6,722
1,111
1,708
716
-18,834
-5,645
7,750
-2,774
1,249
""-13^470
-56,061
-14,984
-13,889
-11,184
-16,004
66,546
56,086
66,972
117,664
11,978
42,247
39,911
(18)
(18)
(18)
(18)
(18)
18)
(18)
(18)
(18)
(18)
18)
(18
18)
(18)
(18)
(18)
,8)
18
18
76
106
83
95
-30,718
-10,024
-7,224
8
-822
-3440
-8,927
9,275
23,528
C)
R
°!
3
R
P
(18)
(18)
(18)
(18)
(18)
(.8)
(18)
(18)
(18)
13,684
1,488
C8)
21,027
412
18
17,180
1,280
-460
40,099
37,511
10,138
11,037
6,204
10,132
(18)
15,992
18
-227
(18)
R
C8)
78,438
20,630
128,064
12
(18)
(18)
R
18
-31,031
-1,377
-156
(18)
(18)
(18)
58,933
26,082
83,500
-46,720
-609
-157
(18)
(18)
-59
(18)
-157
(8)
(8)
(8)
(8)
45
(8)
(8)
12
18,929
18
-4
(18
8
§
4
(18
(18)
(18
""
R
(18)
-5
128
-144
21,470
11,576
33,705
5
8
«ffl
8,642
31,535
18
!(18)
18)
-290
(18)
10,857
18
45,644
)
)
8
)
8
)
360
8
18
14,503
1,819
10,841
18
33J3
51
46,408
18)
<J3
18
713
-4,952
18
7,ffl
-914
24,387
18
18
(18)
11,774
252
21,598
18
(18)
7,926
l8
'5"375
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
-26,062
-53,546
-64,872
-57,316
-76,108
-116,081
-41,341
-18,548
-37,612
-18,580
-9,456
-68,244
17,111
^36,537
-19,475
-29,343
63
-2,179
4,653
2,474
-3,906
-1,433
243
-1,190
-£,073
2,942
-3,131
-6,922
-10,053
288
-9,765
-6,973
4,954
-2,019
-7,926
-5,945
261
-9,684
-6,159
5,689
1,414
3,258
4,672
-25,009
-20,337
1,206
-19,131
3,409
2,484
5,893
-34,312
-28,419
1,416
-27,003
1,976
677
2,653
-7,743
-5,090
350
-4,740
1,378
235
1,613
-9,406
-7,793
374
-7,419
32
486
518
-8,832
-6,314
386
-7,928
23
1,086
1,109
-6,331
-7,222
306
-6,916
-17,496
8,629
-6,867
7,250
-1,617
809
-18,986
9,817
-9,169
6,063
-3,106
406
-2,700
^3,246
2,292
-5,844
1,676
-4,168
1,779
-2,389
110
-2,279
-5,103
3,048
-2,055
208
-1,847
70
-1,777
-4,793
2,801
-1,992
1,267
64
65
66
67
68
69
70
-470
-6,420
-6,890
257
-6,633
-808
-954
2,809
1,855
87
1,942
-725
139
-586
94
SURVEY OF CURRENT BUSINESS
il 1998
Table 10.—U.S. International
[Millions
Eastern Europe
Line
(Credits +; debits -) '
Canada
1997
1996
1997^
I
II
III'-
1996
1997'
W
12,028
12,867
3,108
3,403
3,217
3,139
172,286
192,907
2
Goods adjusted excluding military2
7,359
7,582
1,811
2,110
1,743
1,918
134,609
151,824
3
4
Services 3
Transfers under U S military agency sales contracts4
3,548
477
3,637
318
881
96
846
80
981
56
929
86
20,181
166
20,767
92
842
100
'474
909
109
454
173
20
99
227
22
97
287
29
130
222
38
128
6,763
1,331
2,889
6,746
1,160
3,015
127
1,485
42
160
1,643
44
42
442
9
36
374
10
41
423
15
41
404
10
1,416
7,552
63
1,392
8,310
51
1,122
497
348
277
1,648
898
492
258
416
247
100
69
447
302
109
36
493
242
131
120
292
107
152
33
17,497
8,642
8,855
20,316
10,610
9,706
1 Exports of goods, services, and income
5
6
7
8
9
10
11
12
13
14
..
Travel
Passenger fares
Other transportation
Royalties and license fees 5
... .
Other private services 5
U S Government miscellaneous services
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts
U S Government receipts
....
..
.
15
Imports of goods services and income
-10,897
-12,723
-2,792
-3,108
-3,552
-3,271
-182,614
-196,614
16
Goods adjusted excluding military2
-7,003
-8,444
-1,864
-2,009
-2,325
-2,246
-158,640
-170,829
17
18
Services3
Direct defense expenditures
-2,612
-2,641
-580
-722
-777
-562
-309
-252
-13,967
-47
-14,986
-60
-1,087
-1,162
-4,606
-4,840
-276
-309
-294
-276
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
Royalties and license fees5
Other private services 5
U S Government miscellaneous services
25
26
27
28
29
30
31
32
33
.
.
-8
-561
..
.
U S assets abroad, net (increase/capital outflow (-))
-151
-205
-52
-53
-2
-2
-146
-150
-18
-1,171
-246
..
-3,283
-2,659
.
.
-1,972
-36
-1,275
-1,296
-38
-1,325
-352
-318
-330
-325
..
-3,816
-2,444
^,738
1,044
-2,636
-122
-132
11
11
-28
27
12
20
-647
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 o 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
-14
-15
^50
8
-463
-283
-137
-321
-147
^321
-653
-S87
-799
-520
-292
-359
-459
-186
-377
-348
-3
-99
-482
-15
5
-99
-9
-10
-455
-3,787
-192
-565
-5,022
-5,440
-101
-10,007
-3,285
-4,429
-2,293
5
-10
-391
-3,607
-9
-140
-10,799
-3,356
-5,234
-2,209
-338
-361
-408
-421
70
60
2,886
-25,200
-16,722
-7
-56
47
2
7
10
7
10
2,893
176
179
-16,732
-11,281
-3,763
2,343
-4,031
....
... .
Foreign assets in the United States net (increase/capital inflow (+))
..
Foreign official assets in the United States net
U S Government securities9
US Treasury securities
Other10
Other U S Government liabilities ' '
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 and U S currency flows
U S securities other than U S Treasury securities
U S liabilities to unaffiliated foreigners reported by U S nonbanking concerns
US liabilities reported by U S banks not included elsewhere
-748
-578
-577
-352
-609
-31
2,243
-23
-1,672
2,538
-25,207
-6,875
-6,324
-1,248
-10,760
3,708
1,911
-6,586
24,647
440
1,829
-2,578
17
R
( )
P
-41
<21
-85
38
-2,954
3,467
213
1,180
R
!
R
R
-14
R
-22
(18)
(18)
(18)
(18)
°!
(18)
Sel
'3
18
Allocations of special drawing rights
63
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with sign
reversed)
(18)
-67
-44
3,1 79
270
204
18
-180
2,501
4,747
356
936
1,292
-862
^
J
(
75
'71
!!
2,896
-4,360
-53
301
248
68
315
101
124
225
70
295
18
:i
(18)
-47
3,606
33
1,419
R
£
(
R
U
189
218
18
1,314
18
i
32
18
17
( )
C7)
R
22,818
5,670
3,018
8,436
(17)
6,058
765
17
5,S
-1f
-6,519
( )
1,859
4,352
11,219
20,351
-582
-328
-24,031
6,214
-17,817
7,490
-10,327
-19,005
5,781
-13,224
9,517
-3,708
...
-161
.
-2,656
98
-1,567
76
62
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
1,057
-2,455
-1,502
-1,092
-16
155
R
R
R
...
-3,749
^3,694
-1,804
.
-235
226
29
615
43
..
-13
-328
315
47
-37
-421
49
50
51
52
53
54
55
-1
-2
-142
-589
^07
-84
-73
-410
-871
39
40
41
42
See footnotes on page 91.
-7
-96
-70
-1,638
15
US official reserve assets net7
Gold
Special drawing rights
..
Reserve position in the International Monetary Fund
Foreign currencies
64
65
66
67
68
69
70
-338
-52
-80
-85
-1,282
-1
34
35
36
37
38
48
-212
-37
-62
..
US Government grants4
U S Government pensions and other transfers
Private remittances and other transfers6
-51
-62
.
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
US Government payments
..
Unilateral transfers, net
-79
.
1,131
-3,283
-2,152
996
134
10
143
-2,659
-2,516
-653
-338
-687
-392
204
-378
43
-335
-799
-1,134
367
39
-171
-132
-520
-652
-338
-10,665
-361
-4,069
SURVEY OF CURRENT BUSINESS
95
April 1998
Transactions, by Area—Continued
of dollars]
)
1997
1997
1996
II
III'
IV
47,188
49,685
47,166
48,868
191,974
36,823
39,042
36,783
39,176
5,448
24
5,392
22
5,082
22
4,845
24
1,954
327
726
1,907
307
768
1,622
269
753
343
2,056
17
329
2,043
16
4,917
2,581
2,336
5,251
2,793
2,458
I
Japan
Latin America and Other Western Hemisphere
Canada
199" ID
Line
1997
199c
I
II
III'
112,615
28,710
28,385
28,391
27,129
65,954
64,683
16448
16,557
15,711
15,967
2
35,907
564
38,752
559
9,753
156
9,266
98
10,518
195
9,215
110
3
4
13,163
6,174
3,205
14,085
6,584
3,184
3,486
1,743
774
3,243
1,627
796
4,075
1,772
805
3,281
1,442
809
5
6
7
483
3,220
38
5,484
7,227
89
5,974
8,308
58
1,445
2,135
14
1,573
1,919
10
1,478
2,170
23
1,478
2,084
11
8
9
10
16,018
5,677
10,244
97
9,466
3,950
5,449
67
9,180
3,589
5,539
52
2,509
1 103
1,399
7
2,562
1,148
1,392
22
2,162
797
1,366
-1
1,947
541
1,382
24
11
12
13
14
I
II
III'-
IV
230,958
51,153
55,830
60,576
63,399
108,864
133,606
29,516
32,425
34,449
37,216
34,694
475
38 ,680
480
8,905
114
9,046
95
10,564
110
•10,165
161
1,263
257
768
14,379
3,933
3,438
15,741
4,283
3,701
3,543
979
849
3,551
993
930
4,487
1,199
931
4,160
1,112
991
344
2,058
14
376
2,153
4
1,401
10,922
146
1,655
12,670
150
362
3,019
39
390
3,050
37
420
3,381
36
5,301
2,844
2,457
4,847
2,392
2,455
48,417
17,404
29,680
1,333
58,672
21 174
37,071
427
12,732
4,192
8,401
139
14,359
5,450
8,841
68
15,563
5,855
9,585
123
111,326
IV
1
-47,506
-50,077
-48,784
-50,247
-194,558
-220,324
-51,733
-54,841
-56,526
-57,224
-157,101
-172,857
-41,415
-41,837
-44,445
-45,160
15
•42,004
^3,383
-41,326
-44,116
-124,933
-140,484
-32,831
-34,925
-36,114
-36,614
-115,167
-121,556
-30,096
-29,317
-30,787
-31,356
16
-3,009
-18
^3,781
-14
-4,770
-13
^3,426
-15
-30,929
-33,493
-8,081
-65
-3,362
-83
-8,563
-8,487
-15,371
-1,129
-3,754
-4,025
-4,044
-110
-14,392
-1,050
-3,548
-101
-257
-293
-299
-280
17
18
-619
-1,270
121
-2,157
-794
-13,850
-2,426
-2,241
-3,713
-3,708
-3,166
-679
-4,340
-3,381
-617
-672
^3,693
-675
-3,711
-742
-589
-790
-190
-982
-865
-182
-879
-183
-847
-170
-4,269
-1,018
-1,170
-1,099
-28
-2,815
-1,496
-4,253
-326
-978
-110
-1,398
-3,662
-98
-27,541
-3,106
-6,188
-18,247
-35,930
-6,608
-6,843
-22,479
-82
-95
-925
-965
-157
-937
-960
-59
-1,275
-32
-70
-1,308
-33
-66
-1,401
-39
-70
-1,456
-36
-2,493
-2,913
-2,688
-2,705
-685
-983
-845
-843
-1,279
-1,380
-1,278
-1,297
-529
-550
-565
-565
-102
-74
-93
-92
-379
-458
-14,825
-2 691
-2,446
-144
-11,409
-153
-12,552
-448
-401
-38,697
-1,557
-28,438
-8,702
-46,347
-1,861
-33,410
-11,076
-10,821
-10,423
-1,433
-594
-657
-591
^37
-3,134
-49
-3,335
-39
-3,268
-111
-116
-11,554
-11,849
-111
-12,123
-351
-477
-552
-481
-7,668
-2,802
-8,240
-2,837
-8,586
-2,71 1
-8,916
-2,726
-10,877
-2,627
-2,700
-2,739
-2,811
-1 196
-342
-161
-245
-156
-333
-173
-725
-117
-121
-119
19
20
21
-323
-419
-428
-24
-1,049
-24
-1,040
-35
-1,186
-34
22
23
24
-7,771
-1,016
-1,610
-5,145
-8,766
-1,408
-1,758
-5,600
-9,633
-5,129
-1,678
-5,826
-9,760
-2,055
-1,797
-5,908
25
26
27
28
-66
-25
-14
-14
29
30
31
32
-660
-630
-276
-140
-1
28
9
24
-8,330
-9,051
-2,211
-2,197
-2,338
-2,305
-86
-35
-89
-30
-22
-44
-23
-2
-23
9
-21
7
-12,332
-5,131
5,716
-4,975
-76,268
-173,025
-13,440
-40,996
-53,869
-64,720
-5,729
-7,769
-2,623
-11,820
4,409
2,265
33
8,300
3,500
3,500
-73
26
49
-18
14
-19
8,300
3,500
3 500
-73
26
49
-18
14
-19
34
35
36
37
38
476
106
27
10
8
3
1
-2
386
-10
437
10
-17,046
-4,657
-6,992
-101
-102
-1
1
-102
-116
384
-1 047
10
-1 Ofin
1,540
1489
16
-177,001
-48, 9fl7
-13, 384
-2,895
-79,673
8,487
-41,224
-7,024
-11,098
-1 576
-21,526
-9,219
-2,060
90,776
117,042
7,023
-1,430
645
P
(iC )
-2,475
(7)
(7)
(7)
R
18)
:^
}
-7
58
10
5,706
-2,942
-4,417
-1 100
14,165
3,906
7,813
682
(7)
(7)
17
I?
( 7)
l
^,975
-2,862
782
R
R
R
R*
3,224
2,034
9,243
3,509
-9,864
^29
C7)
218
-19
415
3,322
131
7
O)
977
-256
17)
17
( )
i'7)
-386
64,628
18
32,458
22,577
54,1 25
!
18
2,469
3,861
332
-1
39
40
41
42
27
10
8
3
1
-2
-5,683
-1,317
-5,812
-2,680
-1,045
-3,258
1SR
1,468
-10,150
67
-1,208
4,394
_ 796
-2,439
2,286
500
6,102
2,305
-7,805
-1,855
-9,745
22
3,773
-11,805
-35,729
-64,801
-5,799
-3,097
-25 000
-30,905
7,829
H316
43
44
45
46
47
27,322
30,916
51,781
57,710
79,771
26,740
20,656
9,091
23,284
48
(.8)
(18)
(18)
Kg"!
8
!3
R
( )
°>)
I?
-Q 527
(18)
(18)
(18)
3,832
2,470
1,144
8,725
-6,935
21 ,689
18)
12,755
11,643
4,070
18
359
yR
2
(18)
(18)
(18)
18
-250
17
-53,930
-6, 358
-2,816
R
t
81
385
,,,
18)
,8)
. 389
26,516
18
/
°)
(.8)
Q
338
-24,003
(18)
43
R
-10
-24,
61
•U1
-219
-58
1
-5,132
-2,314
-2,428
2 762
-2,552
2,924
-1,038
C7)
97f)
-84,952
-14,299
-10,620
-32072
-27,961
-1
-12,331
-2,563
2,300
681
-12,749
«3
228
18
10,786
15,400
24,505
8
18)
8
a
tt
R
74
:°!
1,709
30,691
18
-242
55,941
56
(18)
(18)
!?
18)
22
!?
,8)
(18)
18)
18)
1 670
3, m
3,131
5,640
162
-553
""1820,259
'(,8)
-9
18
18)
1i<219
18\
14,057
13,C 306
18
-i
R
(8)
(18)
?nn
429
8
"( )
18)
1V80
18)
-514
-111
24,787
7,402
18
-293
11, 448
(.8)
18
,8)
16
49
50
51
52
53
54
55
56
57
58
59
60
61
62
8,847
-2,216
5,214
8,506
-1,501
56,225
9,623
15,385
21,642
9,575
-6,086
-11,641
-11,346
4,641
2,568
-7,504
63
-5,181
2,439
-2,742
2,424
-4,341
1,611
-2,730
2,338
-C192
-74
-4,543
312
-4,231
2,613
-1,618
-93
-1,711
-4,940
1,419
-3,521
2,142
-1,379
-92
-1,471
-16,069
3,765
-12,304
9,720
-2,584
-10,423
-13,007
-6,878
5,187
-1,691
12,325
10,6 34
-10,877
-3,315
824
-2,491
1,911
-e 80
-2,627
-3,207
-2,500
684
-1,816
2,805
989
-2,700
-1,711
-1,665
2,001
336
3,714
4,C 50
-2,739
1,311
602
1,678
2,280
3,895
6,175
-2,811
3,364
-49,213
21,514
-27,699
-18,075
-45,7 74
-56,873
23,382
-33,491
-26,750
-60,242
-13,648
6,206
-7,442
-5,262
-12,7 05
-66
-12,771
-12,760
5,512
-7,248
-6,204
-13,452
-25
-13,477
-15,076
6,493
-8,583
-7,471
-16.C 54
-14
-16,068
-15,389
5,171
-10,218
-7,813
-18,0 31
-14
-18,045
64
65
66
67
68
69
70
-319
-102
-421
-466
-243
-121
-45,895
-119
-60,361
SURVEY OF CURRENT BUSINESS
9 6 • April 1998
Table 10.—U.S. International
[Millions
Australia
(Credits +; debits -) '
Line
1997
1996
1997^
I
1
Exports of goods services and income
2
Goods adjusted excluding military2
3
4
Services3
Transfers under U S military agency sales contracts4
5
6
7
8
9
10
11
12
13
14
Income receipts on U S assets abroad
Direct investment receipts
Other private receipts
US Government receipts
.
....
IV P
III'
23,347
5,319
6,174
6,005
5,849
11,705
11,904
2,823
3,095
3,071
2,915
4,792
204
5,365
378
1,122
35
1,293
46
1,470
76
1,480
221
1,819
461
297
1,941
494
320
392
100
72
480
133
79
608
143
84
461
118
85
575
1,423
13
625
1,595
12
141
379
3
159
393
3
161
396
2
164
427
4
5,229
2,979
2,250
6,078
3,598
2,480
1,374
777
597
1,786
1,169
617
1,464
836
628
1,454
816
638
Travel
Passenger fares
Other transportation
Royalties and license fees5
Other private services5
US Government miscellaneous services
II
21,726
.
...
15
Imports of goods, services, and income
-6,820
-8,194
-2,074
-1,658
-2,196
-2,266
16
Goods adjusted excluding military2
^3,869
-4,870
-1,159
-1,169
-1,290
-1,252
17
18
Services3 .
.
Direct defense expenditures
-2,501
-53
-2,702
-88
-743
-567
-645
-747
-943
-503
-326
-1,003
-325
-157
19
20
21
Travel
Passenger fares
Other transportation
22
23
24
Royalties and license fees5
Other private services 5
U S Government miscellaneous services
25
26
27
28
29
30
31
32
33
.. .
.
...
-599
-45
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U S Government payments
Unilateral transfers, net
...
..
US Government grants4
U S Government pensions and other transfers
Private remittances and other transfers6
..
-77
-702
-54
.
^50
31
-622
..
-333
-148
-468
-75
-12
-25
-175
-114
-61
-60
-55
-8
-8
-54
-155
-187
-&
-7
-186
-14
78
213
-172
-306
-141
-174
-11
-17
^30
-197
-126
-12
-261
-108
-133
-267
-115
-132
-79
-65
-88
-19
-20
-20
-20
-92
-88
-25
-22
-21
-20
-34
-58
-35
-53
-9
-16
-9
-13
-9
-12
-6
-12
-11,507
-4,782
15
n
.
-115
..
U S assets abroad, net (increase/capital outflow (-))
34
35
36
37
38
US 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 assets 8
U S foreign currency holdings and U S short-term assets net
43
44
45
46
47
US 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
-02
-538
-241
-21
-595
-2,026
-146
-2,015
..
....
..
...
.
.
15
-11,522
-3,789
-4,470
-222
-3,041
Foreign assets in the United States net (increase/capital inflow (+))
4,280
49
50
51
52
53
54
55
Foreign official assets in the United States net
.
.
U S Government securities9
US Treasury
securities
10
Other
Other US Government liabilities n
US liabilities reported by US
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 and U S currency flows
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
n
-4,782
-1,658
-2,727
150
R
an
-547
4,887
-921
°!
-150
(18)
,8)
3,412
(18)
-614
427
2,391
717
-73
18
981
272
128
18
-1,813
(18)
2
-1
2
-2,025
-148
-2,015
207
-632
-197
-436
-517
-921
-57
-1,139
65
501
2,560
2,788
460
(18)
R
R
R
Jtt
$
fj
fl
23
2,129
C)
18
!
R
R
R
£3
8
-1
-1
-594
-797
-1,092
142
1,153
(18)
..
-1
£3
(18)
(18)
R
§
-153
2,1 73
-159
(18)
(18)
(18)
3,277
(18)
£3
325
18
-l"062"
-48
-720
18
-175
18
1,341
62
Allocations of special drawing rights
63
Statistical discrepancy and transfers of funds between foreign areas net (sum of above items with sign reversed)
-7,587
-15,169
-1,703
-5,028
-6,430
-2,008
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
7,836
2,291
10,127
4,779
14,906
-92
14,814
7,034
2,662
9,696
5,456
15,152
-88
15,064
1,664
378
2,042
1,202
3,244
-25
3,219
1,926
726
2,652
1,864
4,516
-22
4,494
1,781
825
2,606
1,203
3,809
-21
3,788
1,663
733
2,396
1,187
3,583
-20
3,563
See footnotes on page 91.
.
.
SURVEY OF CURRENT BUSINESS
April 1998 •
97
Transactions, by Area-Continued
of dollars]
International organizations and unallocated 16
Other countries in Asia and Africa
1997*
1996
II
I
Line
1997
1997
1997"
1996
III'"
1
IV
II
IV
III'
18,320
4,424
4,402
4,634
4,860
1
5,704
13
5,634
1,458
1,359
1,383
1,434
3
4
527
520
181
107
109
123
1,101
4,374
83
1,550
3,614
1,567
3,547
382
895
385
867
387
887
413
898
8
9
10
6,463
3,514
2,629
320
11,659
4,304
6,725
630
12,686
4,999
7,122
565
2,966
1,165
1,659
142
3,043
1,164
1,745
134
3,251
1,246
1,866
139
3,426
1,424
1,852
150
11
12
13
14
-4,181
-3,835
-1,019
-914
-933
-969
222,809
236,170
56,128
59,659
60,099
60,284
146,382
155,813
36,746
39,453
38,475
41,139
£
51,121
9,297
53,549
9,515
12,623
1,831
13,380
2,507
14,864
2,691
12,682
2,486
10,776
1,754
8,683
11,040
1,786
8,943
2195
359
2,230
3,124
492
2,250
3,734
589
2,158
1,987
346
2,305
3,899
16,339
373
4,143
17,813
309
962
4,967
79
1,033
3,894
80
1,047
4,578
67
25,306
15,429
8,611
1,266
26,809
15,271
10,222
1,316
6,760
4,087
2,357
316
6,826
3,912
2,597
317
6,760
3,758
2,639
363
-282,525
-313,088
-70,072
-75,688
-85,365
-81,963
-231,998
-255,215
-56,021
-61,312
-70,593
-67,289
-27,379
-1,901
-29,976
-2,537
-7,146
-7,439
-7,701
-7,690
-513
-632
-664
-728
-8,349
-3,638
-7,125
-8,906
-3,887
-7,395
-2,219
-2,240
-2,286
-972
-977
-982
-1,741
-1,811
-1,903
-2,161
—956
-1,940
-101
-5,497
-70
-6,374
-22
-1,483
-19
-1,563
-13
-1,638
-16
-1,690
-768
-807
-196
-197
-215
-199
-6,905
-7,071
-59
-2,501
-4,511
17,364
2
5
6
7
15
16
17
18
-3,028
-2,437
-697
-572
-579
-589
-978
-1,063
^357
-235
-229
-242
-104
-233
-122
-228
-115
-232
22
23
24
-342
-354
^380
427
-904
^56
-1,144
-2
-918
-115
-225
-6,984
181
-2,616
^,549
-1,153
1,628
-2,590
-1,398
1,713
-2,968
-726
19
20
21
-23,148
^36
-9,271
-13,841
-27,897
184
-10,070
-18,011
-2,423
-4,306
-6,937
238
-2,530
-4,645
-190
-143
-28
-27
-44
^4
25
26
27
28
-16,610
-15,059
-3,061
-2,818
-3,040
-6,140
-9,461
-9,532
-2,115
-2,360
-2,323
-2,734
29
-10,180
-1,213
-1,203
-1,233
^,377
-372
-713
-125
-123
-119
-1,490
-1,684
-1,644
-1,105
-7,714
-149
-218
-1,727
-1,340
-7,249
-207
-297
-131
-121
-226
-112
-5,922
-8,026
^88
-6,545
-1,777
-1,856
-1,956
^78
-2,125
30
31
32
-51,803
-34,754
-16,737
-10,535
-9,432
1,950
-6,725
-5,007
2,636
-1,534
-1,351
-4,758
33
-910
-3,925
1,127
-79
-602
-4,371
370
-1,280
-350
-133
-139
-463
-150
-3,575
72
1,055
-4,221
34
35
36
37
38
-333
-X333
-340
-340
-293
-293
-254
-254
39
40
41
42
1,842
-1,115
-927
-828
-456
-860
-133
-887
43
44
45
46
47
-508
-176
-1,220
-1,220
984
-35
-21
^79
452
6
-1,287
-1,287
497
-12
-10,406
-3,198
-2,297
123
-5,034
-9,906
-4,468
-8,760
1,971
-3,740
-2,921
-4,528
-4,348
526
-52
138
^3,502
3,262
-106
-510
-16,769
-5,445
-3,665
24
-7,683
3,575
8,632
-654
39,563
31,640
-11,650
17,290
2283
17,340
-40
-1,901
1,665
196
356
-1,958
2,376
-62
32
^390
443
-21
-51,763
-11,412
-23,394
-1,203
-15,754
-35,110
-16,851
-17,643
59,216
i?
|J
8
O
(18
R
£3
3
(18)
(18)
(18)
3,100
514
-315
-340
(18)
18
(.8)
(8)
(8)
7,695
779
51 ,493
18
8,ffi
1,426
27,147
18
3,509
880
26,265
-475
-253
R
-ft
H
3,520
1,680
79
-16,941
18
2,640
467
15,771
429
425
-744
-735
54
-763
335
1,648
56
1,065
-417
-107
-206
21,452
1,012
7,345
4,286
8,809
133
-3
521
-10
960
18
2,052
21,452
-1,900
17,338
-1,873
-118
255
19,074
1,012
18
140
23,268
7,345
^73
r,
-471
a
(18)
18
48
49
50
51
52
53
54
55
2
n
Jffl
£3
(18)
(18)
18
1
el
-755
(18)
432
2
R
R
R
R12
3
(,8
(18
474
-129
-614
-322
18
24
1,450
a
18
57
7,786
4,286
8,809
-476
-480
a
18
59
4,776
9,256
56
57
58
59
60
61
(18)
33
18
62
68,913
87,168
2,102
41,032
20,448
23,586
-14,338
-21,398
-4,938
-6,939
-4,313
-5,208
63
-85,616
23,742
-61,874
2,158
-59,716
-16,610
-76,326
-99,402
23,573
-75,829
-1,088
-76,918
-15,059
-91,977
-19,275
5,477
-13,798
-21,859
5,941
-15,918
-32,118
7,163
-24,955
-26,150
4,992
-21,158
2
2,676
2,678
10,506
13,184
-9,461
3,723
3,197
3,197
11,288
14,486
-9,532
4,954
761
761
2,644
3,406
-2,115
1,291
787
787
2,701
3,488
-2,360
1,128
804
804
2,897
3,701
-2,323
1,378
845
845
3,046
3,891
-2,734
1,157
64
65
66
67
68
69
70
-145
-13,944
-3,061
-17,005
-111
-16,029
-2,818
-18,847
-311
-25,266
-3,040
-28,306
-521
-21,679
-6,140
-27,819
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SURVEY OF CURRENT BUSINESS
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Contents
D-l
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 (BEA)
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 makes its economic information available on three World Wide Web sites.
The BEA Web site
<http://www.bea.doc.gov> contains data, articles, and news releases from BEA'S national, international, and regional programs. The Federal Statistical Briefing Room (FSBR) on the White House Web site <http://www.whitehouse.gov/fsbr>
provides summary statistics for GDP and a handful of other NIPA aggregates. The Commerce Department's STAT-USA Web
site <http://www.stat-usa.gov> provides detailed databases and news releases from BEA and from other Federal Government
agencies 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.
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
International 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
..............................
F. Transactions tables:
D-2
D-6
D-j
D-n
D-13
D-i6
D-ij
D-24
B. Other NIPA and NiPA-related tables:
Monthly estimates: [MA]
B.i. Personal income
..................................
D-2/
B.2. Disposition of personal income ................ D-2/
Annual estimates: [A]
6.3. GDP by industry
..................................
D-28
6.4. Personal consumption expenditures by type of
expenditure
.........................................
D-29
6.5. Private purchases of structures by type ....... D-30
B.6. Private purchases of producers' durable
equipment by type
................................
D-3O
B.j. Compensation and wage and salary accruals
by industry
..........................................
D-31
B.8. Employment by industry ........................ D-32
6.9. Wage and salary accruals and employment
by industry per full-time equivalent ............. D-33
B.io. Farm sector output, gross product,
and national income
..............................
D-34
B.n. Housing sector output, gross product,
and national income
..............................
D-34
B.12. Net stock of fixed private capital, by type . . . D-35
C. Historical tables: [A]
C.i. Historical estimates for major NIPA
aggregates
...........................................
C.2.-C./. Growth rates of selected components
of real GDP
..........................................
D-36
D-39
D. Domestic perspectives [MA, QA]
E. Charts:
Selected NIPA series
....................................
D-43
Other indicators of the domestic economy ........ D-49
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,
by area [Q]
F.4. Private service transactions [A]
D-5i
D-52
0-53
D-56
G. Investment tables:
G.i. International investment position of the United
States [A]
D-57
G.2. USDIA: Selected items [A]
D-58
G.3. Selected financial and operating data for nonbank
foreign affiliates of U.S. companies [A]
D-59
G.4. FDIUS: Selected items [A]
D-6o
G.S. Selected financial and operating data of nonbank
U.S. affiliates of foreign companies [A]
D-6i
H. International perspectives [MA, QA]
D-62
I. Charts
D-64
Regional Data
J. State and regional tables:
I.i. Total and nonfarm personal income [QA].... D-6s
J.2. Percent of personal income for selected
components [A]
D-66
J.3. Per capita personal income and
disposable personal income [A]
D-67
1.4. Gross state product [A]
D-68
K. Local area table
D-69
L. Charts
D-ji
Appendixes
Appendix A: Additional information about
BEA'S NIPA estimates:
Statistical conventions
Reconciliation tables [QA]
D-73
D-74
Appendix B: Suggested reading
£>-75
D-2 • National Data
SURVEY OF CURRENT BUSINESS
April 1998
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 26,1998 and include the "final" estimates for the fourth quarter of 1997
and for the year 1997.
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. Most of the "annual only" NIPA tables were presented in the
August 1997 SURVEY OF CURRENT BUSINESS; tables 8.20-8.26 were presented in the September 1997 SURVEY; and
the remaining "annual only" tables—tables 3.15-3.20 and 9.1-9.6—were presented in the October 1997 SURVEY.
The selected NIPA tables are available on printouts or diskettes from BEA. To order NIPA subscription
products using Visa or MasterCard, call the BEA Order Desk at 1-800-704-0415 (outside the United States,
202-606-9666).
The news release on gross domestic product (GDP) is available at the time of release, and the selected NIPA
tables are available later that day, on STAT-USA'S Economic Bulletin Board and Internet services; for information,
call STAT-USA on 202-482-1986. In addition, the GDP news release is available the afternoon of the day of the
release, and the selected NIPA tables are available about 2 weeks later (when the SURVEY is sent to the printer),
on BEA'S Internet site <http://www.bea.doc.gov>.
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
•IQQC
iyyo
1996
1997
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
IV
I
II
III
5,207.6 5,485.8 5,227.4 5,308.1 5,405.7 5,432.1 5,527.4 5,577.8
634.5 659.3 634.5 638.2 658.4 644.5 667.3 666.8
1,534.7 1,592.0 1,538.3 1,560.1 1,587.4 1,578.9 1,600.8 1,600.9
3,038.4 3,234.5 3,054.6 3,109.8 3,159.9 3,208.7 3,259.3 3,310.0
1,116.5 1,242.5 1,149.2 1,151.1 1,193.6 1,242.0 1,250.2 1,284.1
1,090.7 1,174.1 1,112.0 1,119.2 1,127.5 1,160.8 1,201.3 1,206.8
781.4 846.9 798.6 807.2 811.3 836.3 872.0 868.0
215.2 230.2 217.7 227.0 227.4 226.8 232.9 233.9
566.2
309.2
616.7
327.2
580.9
313.5
580.2
312.0
583.9
316.2
609.5
324.6
639.1
329.3
634.2
338.8
25.9
68.4
37.1
31.9
66.1
81.1
48.9
77.2
-S8.7 -111.3 -105.3
-94.8 -101.1 -114.0
-88.6
870.9 957.1
617.5 686.3
253.3 270.8
965.7 1,058.1
809.0 888.5
156.7 169.6
904.6 922.2 960.3 965.8 980.0
640.5 656.2 690.0 691.1 707.9
264.2 266.0 270.3 274.8 272.1
993.2 1,021.0 1,049.0 1,077.1 1,085.4
834.6 855.8 880.1 905.6 912.6
158.6 165.2 168.9 171.6 172.7
863.7
609.7
254.0
977.6
820.2
157.5
-98.8
1,406.7 1,452.7 1,413.5 1,422.3 1,433.1 1,449.0 1,457.9 1,470.9
520.0
352.8
167.3
886.7
523.8
350.3
173.5
928.9
521.6
354.8
166.8
891.9
517.6
350.6
167.0
904.7
516.1
343.3
172.8
917.0
526.1
350.6
175.5
923.0
525.7
352.1
173.6
932.3
527.3
355.2
172.0
943.6
1996
1997
III
IV
7,636.0 8,079.9 7,676.0 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4
NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Seasonally adjusted at annual rates
1996
1997
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
1997
IV
I
II
III
IV
6,928.4 7,188.8 6,943.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0
4,714.1 4,867.5 4,718.2 4,756.4 4,818.1 4,829.4 4,896.2 4,926.1
617.1 637.8 629.0 656.1 659.3
611.1 645.5 611.9
1,432.3 1,458.5 1,433.9 1,441.2 1,457.8 1,450.0 1,465.5 1,460.9
2,671.0 2,764.1 2,672.8 2,698.2 2,723.9 2,749.8 2,776.1 2,806.4
1,069.1 1,197.0 1,100.3 1,104.8 1,149.2 1,197.1 1,204.6 1,237.2
..
1,041.7 1,123.6 1,060.9 1,068.7 1,079.0 1,111.4 1,149.3 1,154.6
771.7 848.3 789.3 800.8 808.9 837.0 874.5 872.7
188.7 195.4 190.0 196.9 195.9 193.5
196.7 195.5
586.0
272.1
659.0
279.5
602.9
274.1
606.7
271.1
616.6
273.3
649.3
278.2
685.3
280.1
684.8
286.3
25.0
65.7
37.9
32.9
63.7
77.6
47.5
74.0
-114.4 -146.5 -138.9 -105.6 -126.3 -136.6 -164.1 -159.1
857.0 962.7
628.4 725.0
229.9 241.7
971.5 1,109.2
823.1 947.5
149.0 163.0
851.4 901.1 922.7 962.5 973.0 992.7
623.0 666.2 686.2 725.8 731.8 756.3
229.4 236.8 238.9 240.8 245.0 241.8
990.2 1,006.6 1,048.9 1,099.1 1,137.1 1,151.8
841.7 857.5 891.3 938.4 972.7 987.6
149.3
150.0 158.4
161.8
165.8
165.9
1,257.9 1,269.6 1,261.5 1,261.8 1,260.5 1,270.1 1,273.4 1,274.4
464.2
317.8
146.1
793.7
457.0
308.6
147.9
812.7
465.7
319.4
146.0
795.9
459.6
313.6
145.7
802.3
452.8
303.9
148.5
807.7
460.1
309.4
150.2
810.1
-1.6
-4.3
-2.4
-3.8
-2.9
^3.9
458.8
310.3
148.0
814.7
^.6
456.1
311.1
144.8
818.3
-6.0
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 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.
D-3
National Data
SURVEY OF CURRENT BUSINESS
April 1998
Table 1.3.—Cross 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
1996
1997
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
1996
1997
IV
I
II
7,636.0 8,079.9 7,676.0 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4
7,610.2 8,011.5 7,638.9 7,761.0 7,867.4 7,953.2 8,075.3 8,150.2
25.9
68.4
37.1
31.9
66.1
81.1
77.2
48.9
2,785.2 2,945.1 2,797.8 2,826.9 2,904.6 2,936.0 2,952.1 2,987.6
2,759.3 2,876.7 2,760.7 2,795.0 2,838.4 2,854.9 2,903.2 2,910.4
25.9
68.4
37.1
31.9
66.1
81.1
77.2
48.9
1,228.9 1,317.0 1,249.5 1,232.4 1,279.8 1,322.1 1,323.9 1,342.1
1,212.0 1,284.0 1,216.3 1,233.5 1,248.0 1,275.3 1,305.3 1,307.3
16.9
33.0
33.3
-1.1
31.8
46.8
34.8
18.6
1,556.3 1,628.1 1,548.3 1,594.5 1,624.7 1,613.9 1,628.2 1,645.5
1,547.3 1,592.7 1,544.4 1,561.5 1,590.4 1,579.6 1,597.9 1,603.1
34.4
42.4
9.0
35.3
3.9
33.0
34.3
30.3
4,187.3 4,430.4 4,208.1 4,282.7 4,338.2 4,400.1 4,462.3 4,521.0
663.6 704.4 670.1 683.3 690.8 698.2 709.8 718.8
271.4
284.2
278.7
267.2
281.4
270.4
III
IV
III
287.4
297.8
7,364.7 7,795.7 7,397.3 7,525.8 7,652.2 7,764.0 7,836.9 7,929.6
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1996
1997
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 outout
1997
IV
I
II
IV
III
6,928.4 7,188.8 6,943.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0
6,901.0 7,118.3 6,905.0 6,981.7 7,034.1 7,077.7 7,160.3 7,201.1
37.9
63.7
32.9
77.6
47.5
74.0
.9
3.8
2.8
6.2
4.3
4.9
2,662.6 2,808.3 2,673.1 2,704.1 2,769.3 2,796.7 2,815.4 2,851.8
2,635.5 2,735.6 2,634.0 2,668.4 2,699.6 2,711.8 2,760.7 2,770.0
25.0
2.4
25.0
65.7
4.8
65.7
37.9
32.9
63.7
77.6
47.5
74.0
1,222.1 1,326.4 1,244.0 1,228.5 1,277.0 1,327.5 1,338.4 1,362.9
1,205.8 1,294.0 1,211.4 1,230.1 1,245.8 1,281.4 1,320.4 1,328.4
15.9
31.0
31.3
-.9
29.9
43.8
17.5
32.9
1,443.7 1,488.4 1,433.5 1,477.9 1 4961 1 476 2 1 4843 1,496.9
1,433.2 1,448.9 1,426.5 1,442.6 1,458,3 1,4375 1 4490 1 4507
6.6 33.8
9.1
34.7
33.8
33.8' 30.1
41.1
3,686.6 3,789.1 3,689.0 3,723.9 3,743.9 3,774.4 3,804.8 3,833.3
582.2 598.7 585.0 592.9 595.1 595.7 600.7 603.1
-4.4
-7.6
-6.0
-5.0
241.3
252.2
246.8
236.5
66871 69367 6.696.8 6,781,0
-5.2
247.5
-7.0
-8.5
-9.5
240.6 i 254.0
266.7
6 854 1 69191 6.960.1 7.013.4
NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity jndex 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
7,636.0 8,079.9 7,676.0 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4
957.1
863.7
904.6
965.7 1,058.1
977.6
993.2 1,021.0 1,049.0 1,077.1 1,085.4
870.9
922.2
960.3
965.8
980.0
7,730.9 8,181.0 7,790.0 7,881.5 8,032.4 8,123.1 8,235.6 8,332.7
25.9
68.4
37.1
31.9
66.1
81.1
48.9
77.2
7,705.0 8,112.6; 7,752.8 7,849.6 7,966.3 8,042.0 8,186.6 8,255.5
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
6,928.4 7,188.8 6,943.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0
857.0
962.7
971.5 1,109.2
851.4
901.1 922.7 962.5 973.0
7,037.7 7,324.6 7,075.3 7,118.4 7,220.9 7,286.9 7,364.6 7,426.1
25.0
65.7
37.9
32.9
63.7
77.6
47.5
7,010.2 7,253.9 7,036.4 7,082.7 7,153.1 7,204.7 7,310.9 7,346.9
Table 1.7.—Gross Domestic Product by Sector
Table 1.8.—Real Gross Domestic Product by Sector
[Billions of dollars]
[Billions of chained (1992) dollars]
7,636.0 8,079.9 7,676.0 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4
6,401.0 6,794.0 6,434.2 6,543.1 6,666.5 6,755.0 6,831.8 6,922.7
6,311.6 6,699.4 6,341.7 6,450.0 6,573.1 6,657.9 6,736.8 6,829.8
5,652.8 6,010.1 5,677.3 5,777.1 5,892.55,971.06,044.2 6,132.7
658.8 689.3 664.4 673.0 680.6 686.8 692.7 697.1
89.4 94.6 92.5 93.0 93.4 97.1 95.0 93.0
346.0
366.3
11.5
11.4
355.0
919.6
285.8
633.7
334.6
281.4
607.6
357.7 363.6
11.4
11.1 11.1
11.3
336.6 341.0 346.6 352.3
909.4 915.8
893.9
282.1 281.1 286.2 286.2
611.8 616.7 623.3 629.6
347.9
352.0
369.3
374.8
11.4
11.6
363.2
357.9
923.2
929.9
286.1
637.1
644.9
284.9
1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Gross 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 3.7.
74.0
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.
Percent changes from preceding period for selected items in this table are shown in table 8.1.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Gross domestic product
Business1
Nonfarm1
Nonfarm less housing
Housing
Farm
Households and institutions ...
Private households
Nonprofit institutions
General government2
Federal
State and local
992.7
990.2 1,006.6 1,048.9 1,099.1 1,137.1 1,151.8
Gross domestic product
Business1
Nonfarm1
Nonfarm less housing
Housing
Farm
Households and institutions ...
Private households
Nonprofit institutions
General government2
Federal
State and local
Residual
6,928.4 7,188.8 6,943.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0
5,842.9 6,092.1 5,854.9 5,928.5 6,009.6 6,064.4 6,114.4 6,180.0
5,766.8 6,011.8 5,779.8 5,853.3 5,929.7 5,983.2
5,181.4 5,417.3 5,191.3 5,261.3 5,335.3 5,388.2
585.7 595.3 588.7 592.3 594.9 595.6
79.5 74.6
74.7
80.4
75.5
79.0
311.2 320.5 312.5 314.4 316.9 319.2
10.1
9.6 10.0
9.6
9.6
9.6
301.1 310.9 302.5 304.8 307.4 309.6
775.9 779.3 778.1 776.6 777.7 778.8
240.9 235.9 241.3 238.9 238.2 237.1
535.2 543.7 537.0 537.9 539.9 542.1
-2.1 -2.7
-1.5 -3.4 -1.6
-3.0
6,034.0 6,100.1
5,439.2 5,506.6
595.7 594.8
79.6
79.1
321.7 324.3
9.7
9.7
312.1 314.6
781.1 779.4
236.3 232.2
545.2 547.8
-3.8
1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Gross 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 3.8.
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.
D-4 • National Data
SURVEY OF CURRENT BUSINESS
April 1998
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
1996
1996
1997
III
Gross domestic product
IV
I
II
III
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
234.3
262.2
235.4
248.8
248.2
261.6
269.4
269.8
232.6
282.0
242.3
245.6
262.5
282.3
290.1
293 1
7,637.7 8,060.1 7,669.1 7,796.1 7,919.2 8,013.6 8,103.5 8,204.2
830.1
682.7
867.9
716.9
835.4
687.7
845.6
697.2
855.0
705.4
863.0
712.3
871.6
720.3
881 9
729.4
709.9
750.4
715.4
725.3
736.6
745.9
754.3
764.8
27.1
33.6
27.8
28.1
31.2
33.6
34.0
147.4
151.0
147.8
148.4
149.6
150.6
151.3
^5
jgijj
125.1
127.8
125.4
125.8
126.8
127.4
128.0
129.0
23.6
6,807.6 7,192.2 6,833.6 6,950.4 7,064.2 7,150.7 7,231.9 7322.3
22.3
23.3
604.8
619.4
33.6
35.3
-59.9
-86.0
22.4
22.6
22.9
23.3
23.4
600.9
625.3
610.2
616.2
625.4
6258
35.9
«ft n
103 1
33.8
34.2
-79.5
-59.5
24.9
26.0
34.4
35.0
-64.3
-73.5
-103.2
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
Government
General
government
Government
enterprises
1997
IV
I
II
III
IV
6,928.4 7,188.8 6,943.8 7,017.4 7,101.6 7,159.6 7,214.0 7,280.0
214.2
236.3
214.8
226.0
224.6
236.3
242.5
242.0
210.2
250.1
218.1
219.8
234.0
250.8
256.9
258.7
6,932.0 7,174.4 6,940.2 7,023.1 7,091.8 7,144.4 7,198.8 7,262.6
776.4
642.4
134.2
807.3
672.2
135.4
779.8
645.7
134.3
786.7
652.2
134.6
797.3
662.6
135.0
806.5
671.5
135.3
816.0
680.8
135.6
809.5
674.0
135.8
114.1
114.9
114.2
114.4
114.6
114.8
115.0
115.1
20.0
20.5
20.1
20.2
20.3
20.4
20.6
20.7
Equals: Net national product
6,155.6 6,367.2 6,160.4 6,236.4 6,294.5 6,338.2 6,383.3 6,452.8
Addenda:
Gross domestic income!
Gross national income2
Net domestic product . .
6,982.7 7,265.3 7,015.7 7,070.9 7,159.2 7,225.2 7,305.6 7,371.2
6,986.3 7,250.9 7,012.1 7,076.7 7,149.4 7,210.0 7,290.5 7,353.8
6,151.9 6,381.5 6,164.0 6,230.7 6,304.4 6,353.3 6,398.3 6,470.1
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 seres 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 chainedd ar estimates are usually not additive
°"
-
Table 1.11.—Command-Basis Real Gross National Product
25.4
26.1
26.1
26.0
25.8
267
[Billions of chained (1992) dollars]
6,254.5 6,649.7 6,303.3 6,376.5 6,510.0 6,599.0 6,699.6 67901
Less: Corporate profits with
inventory valuation and capital
735.9 805.0 739.6 747.8 779.6 795.1 827.3 818.1
consumption adjustments
425.1 448.7 430.9 430.6 440.5 448.1 451.8 454.2
Net interest
Contributions for social
692.0 732.1 696.8 705.1 719.5 726.9 735.0 746.9
insurance
Wage accruals less
1.2
1.2
1.2
1.1
disbursements
1.1
1.1
1.2
1-2
Plus: Personal interest income ... 735.7 768.6 742.7 749.8 757.2 766.1 772.6
Personal dividend
291.2 321.5 292.0 295.2 312.5 318.3 324.5 330 7
income
Government transfer
....payments to persons 1,042.0 1,094.1 1,046.3 1,055.1 1,080.5 1,090.0 1,098.4 1'107-3
Business transfer
fc C
26.4
26.7
27.2
26.9
26.1
26.0
27.1
payments to persons
7
013
5
6,495.2 6,873.9 6,541.9 6,618.4 6,746.2 6,829.1 6,906.9 5
Equals: Personal income
'
Addenda:
7,695.9 8,165.9 7,755.5 7,852.4 7,997.9 8,107.9 8,227.4 8 330 5
Gross domestic income
j'/vw'o
7,697.6 8,146.2 7,748.5 7,855.5 7,983.6 8,087.2 8,206.7 S'Si K
Gross national income
6,805.9 7,212.0 6,840.6 6,947.3 7,078.5 7,171.4 7,252.6 /,0*rO.O
Net domestic product
1996
1997
IV
. .. . 7,636.0 8,079.9 7,676.0 7,792.9 7,933.6 8,034.3 8,124.3 8,227.4
Plus: Receipts of factor income
from the rest of the world
Less: Payments of factor income
to the rest of the world
Equals* National income
1996
1997
f)-l
Gross national product
6,932.0 7,174.4 6,940.2 7,023.1 7,091.8 7,144.4 7,198.8 7,262.6
Less: Exports of goods and
services and receipts of factor
income from the rest of the
1,071.7 1,199.2 1,066.8 1,127.6 1,147.3 1,198.9 1,216.0 1,234.7
world
plus: Command-basis exports of
goods and services and !
1,091.1 1,239.2 1,090.2 1,143.4 1,171.9 1,241.7 1,261.9 1,281.3
receipts of factor income
Equals: Command-basis gross
6,951.4 7,214.4 6,963.6 7,038.9 7,116.4 7,187.2 7,244.8 7,309.3
national product
Addendum:
2
Terms of trade
101.8 103.3 102.2 101.4 102.1 103.6 103.8 103.8
1. Exports of goods and services and receipts of factor income deflated by the implicit price deflator for imports
°* 9°°ds and services aRd payments of factor income.
2. Ratio of the implicit price deflator for exports of goods and services and receipts of factor income to the
corresponding implicit price deflator for imports with the decimal point shifted two places to the right.
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.
Pprrpnt rhannps frnm nrprprlinn nerinrl fnr splprtwl items in this tahlp are shown in tahlp ft 1
National Data •
SURVEY OF CURRENT BUSINESS
April 1998
D-5
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
Table 1.14.—National Income by Type of Income
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1997
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
Seasonally adjusted at annual rates
1997
1996
IV
I
II
III
1996
IV
1996
1997
III
6,254.5 6,649.7 6,303.3 6,376.5 6,510.0 6,599.0 6,699.6 6,790.1
4,426.9 4,703.6 4,461.0 4,520.7 4,606.3 4,663.4 4,725.2 4,819.6
3,633.6 3,878.6 3,664.0 3,718.0 3,792.7 3,842.7 3,897.3 3,981.6
6426 6653 6455 6489 657.8 662.0 667.7 673.7
2,991.0 3,213.3 3,018.4 3,069.0 3,134.9 3,180.8 3,229.6 3,307.9
793.3
825.0
797.0
802.7
813.6
820.7
827.9
837.9
385.7
407.6
408.4
416.6
388.6
408.4
393.6
409.1
401.3
412.3
405.6
415.1
410.2
417.7
416.6
421.4
520.3
544.5
523.8
528.3
534.6
543.6
547.2
552.5
37.2
40.7
40.1
40.4
40.2
43.6
40.9
38.2
45.0
48.3
47.9
48.1
47.9
51.2
48.5
45.7
-7.8
-7.6
-7.8
-7.8
-7.7
-7.6
-7.5
-7.5
483.1
455.3
503.8
474.5
483.7
456.1
487.9
460.0
494.4
466.3
500.0
470.8
506.3
477.0
514.3
484.1
-.1
.6
—.2
.5
28.0
28.9
27.8
27.5
28.1
28.7
29.1
29.8
146.3
193.3
147.9
197.3
148.0
195.5
149.2
197.3
149.0
197.9
148.7
197.6
148.0
197.7
145.7
196.0
-47.0
-49.4
-47.5
-48.1
-48.9
^8.9
-49.7
-50.3
735.9
805.0
739.6
747.8
779.6
795.1
827.3
818.1
674.1
676.6
229.0
447.6
304.8
142.8
735.3
729.8
249.4
480.3
336.1
144.2
676.4
679.1
231.6
447.5
305.7
141.8
683.4
680.0
226.0
454.0
309.1
144.9
711.9
708.4
241.2
467.2
326.8
140.3
725.7
719.8
244.5
475.3
333.0
142.3
757.1
7534
258.2
495.2
339.1
156.1
746.5
737.3
253.6
483.7
345.6
138.1
3.3
3.5
5.9
3.6
9.2
-2.5
5.5
-2.7
61.8
69.7
63.2
64.4
67.7
425.1
448.7
430.9
430.6
440.5
694
70.3
71.6
448.1
451.8
454.2
506.9
555.6
508.0
521.8
538.4
550.6
569.1
564.5
654.3
695.1
657.8
674.6
678.9
690.2
707.9
703.4
202.1
219.5
202.3
212.6
211.5
217.6
230.0
218.9
452.3
475.6
455.5
462.0
467.4
472.6
478.0
484.5
-2.5
5.5
689.6
-2.7
3.3
671.3
3.5
675.5
5.9
684.4
3.6
704.3
9.2
694.2
656.8
660.5
1997
IV
I
II
III
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
4,624.9 4,942.6
4,661.0
475.6
455.5
452.3
4,733.2 4,824.8 4,897.2 4,989.2 5,059.3
462.0
467.4
472.6
478.0
484.5
4,172.6 4,467.0 4,205.5 4,271.2 4,3574 4,424.6 4,511.3 4,574.9
i
463.9 476.3 460.9 ! 485.0 465.9 474.4 483.1 481.9
3,708.7 3,990.7 3,744.6 3,786.2 3,891.5 3,950.2 4,028.2 4,093.0
2,926.7 3,127.3 2,951.4 2,997.9 3,056.5 3,098.2 3,142.3 3,212.2
2,433.5 2,614.4 2,456.3 2,500.7 2,550.7 2,588.0 2,627.6 2,691.3
493.2
512.9
495.1
497.3
505.8
510.2
514.7
520.9
640.0
580.7
229.0
351.6
270.8
706.5
631.2
249.4
381.8
298.2
647.8
587.4
231.6
355.7
265.6
640.3
572.5
226.0
346.5
281.6
682.2
611.0
241.2
369.8
292.7
6944
619.1
244.5
374.5
293.6
721.8
641.0
253.6
387.4
314.4
80.8
83.6
90.1
64.9
77.1
80.9
727.5
653.5
258.2
395.3
292.0
103.3
-2.5
5.5
-2.7
3.3
3.5
5.9
3.6
73.0
9.2
61.8
69.7
63.2
64.4
67.7
69.4
70.3
71.6
142.1
157.0
145.4
148.0
152.8
157.6
158.4
159.0
492.5
539.9
495.2
513.2
525.1
536.1
543.0
555.3
4,132.4 4,402.8 4,165.8 4,220.1 4,299.7 4,361.1 4,446.3 4,504.1
393.4
413.3
396.2
401.8
406.3
410.7
415.3
420.8
3,739.0 3,989.5 3,769.7 3,818.3 3,893.4 3,9504 4,031.0 4,083.3
421.8 439.6 423.7 430.0 432.2 437.0 445.3 443.8
3,317.2 3,549.9 3,345.9 3,388.3 3,461.2 3,513.3 3,585.7 3,639.4
2,682.9 2,866.8 2,704.7 2,745.3 2,801.9 2,840.1 2,880.6 2,944.6
2,228.6 2,394.2 2,248.7 2,287.5 2,335.8 2,370.0 2,406.3 2,464.6
454.4
472.6
456.0
457.8
466.0
470.1
474.2
480.0
545.8
477.2
154.8
322.4
596.9
511.7
165.4
346.3
211.1
135.2
553.3
483.4
156.8
326.6
191.8
134.8
561.7
484.4
159.0
325.5
199.4
126.1
5754
494.5
586.7
501.5
161.8
339.8
208.1
131.7
618.2
534.2
174.1
360.1
207.7
607.5
516.5
350.2
221.8
1524
1284
1964
126.0
-2.5
71.1
88.5
5.5
79.7
86.2
-2.7
72.6
88.0
3.3
74.0
81.3
1594
335.1
207.0
128.2
3.5
774
83.9
5.9
79.3
86.6
3.6
804
87.0
1664
9.2
81.8
87.3
Billions of chained (1992) dollars
Gross domestic product
of nonfinancial
corporate business ' ...
Consumption of fixed 3capital2 ....
Net domestic product
3,887.8 4,108.4 3,913.7 3,963.5 4,022.2 4,068.9 4,146.5 4,196.1
374.4 402.7 376.6 381.7 396.0 402.2 408.2 404.2
,513.5 3,705.8 3,537.1 3,581.8 3,626.2 3,666.7 3,738.3 3,791.9
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 1998
2. Personal Income and Outlays.
Table 2.2.—Personal Consumption Expenditures by Major Type of
Product
Table 2.1.—Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rate s
1996
1996
1997
III
Personal income
Wage and salary
disbursements
Private industries
Goods-producing
industries
Manufacturing
Distributive industries
Service industries
Government
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Nonfarm
Rental income of persons
with capital consumption
adjustment
Personal dividend income ...
Personal interest income
Transfer payments to
persons
Old-age, survivors,
disability, and health
insurance benefits
Government unemployment
insurance benefits . . .
Veterans benefits
Government employees
retirement benefits
Other transfer payments
....
Family assistance l
Other
Less: Personal
contributions for social
insurance
Less: Personal tax and nontax
payments
Equals: Disposable personal
income
Less: Personal outlays
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) dollars2
Per capita:
Current dollars
Chained (1992) dollars
Population (mid-period,
millions)
Personal saving as a
percentage of disposable
personal income
Seasonally adjusted at annual rates
1997
IV
I
II
III
1996
IV
3,632.5 3,877.4 3,662.8 3,716.9 3,791.5 3,841.6 3,896.1
2,989.9 3,212.1 3,017.3 3,067.9 3,133.7 3,179.6 3,228.4
39804
3,306.7
Personal consumption
expenditures
Durable goods
909.1 960.3 917.2 927.8 942.9 952.8 961.4
674.7 706.0 680.1
685.6 694.1 700.3 706.0
823.3 ; 876.3 829.0 840.6 856.8 867.0 880.8
1,257.5 1,375.5 1,271.1 1,299.5 1,334.1 1,359.8 1,386.3
642.6 665.3 645.5 648.9 657.8 662.0 667.7
984.1
723.4
900 6
14220
Motor vehicles and parts
Furniture and household
equipment
Other
0/O.7
416.6
408.4
409.1
412.3
415.1
417.7
42U
520.3
544.5
523.8
528.3
534.6
543.6
547.2
552.5
37.2
40.7
40.1
40.4
40.2
43.6
40.9
483.1
503.8
483.7
487.9
494.4
500.0
506.3
38.2
514.3
,.__
146.3
147.9
148.0
149.2
149.0
148.7
148.0
1 D
291.2
321.5
292.0
295.2
312.5
318.3
324.5
3307
735.7
768.6
742.7
749.8
757.2
766.1
772.6
778 4
-
1,068.0 1,121.1 1,072.4 1,081.5 1,107.2 1,117.0 1,125.7
537.6
566.7
540.0
545.6
558.9
564.4
569.4
574.2
22.0
21.6
21.8
22.4
21.3
21.7
21.6
21.4
22.1
22.4
21.9
22.4
21.6
22.5
22.3
142.5
344.2
153.4
356.9
143.7
345.7
145.9
347.0
150.4
353.5
152.7
355.6
154.2
358.0
21.7
18.8
21.6
20.7
19.7
19.0
18.2
322.5
338.2
324.2
326.2
333.8
336.6
339.8
306.3
886.9
323.7
988.7
308.2
897.3
311.5
922.6
318.2
955.7
321.3
979.2
324.8
156.3
360 5
«]?•!
342 4
330.4
5,608.3 5,885.2 5,644.6 5,695.8 5,790.5 5,849.9 5,908.9
5991.4
5,368.8 5,658.5 5,390.6 5,475.4 5,574.6 5,602.8 5,700.8
5,755.6
52076 54858 52274 53081 54057 54321 5,527.4
145.2 154.8 147.4 150.5 151.9 153.1 155.1
55778
'1591
15.9
17.9
15.9
16.7
17.0
17.6
18.2
226.7
254.0
220.4
215.9
247.0
208.2
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Qoniirec
^rvices
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
I
II
III
IV
5,207.6 5,485.8 5,227.4 5,308.1 5,405.7 5,432.1 5,527.4 5,577.8
634.5
659.3
634.5
638.2
658.4
644.5
667.3
261.3
263.4
260.0
258.9
265.7
252.7
268.7
266.3
252.6
120.6
267.4
128.5
254.2
120.3
255.9
123.4
263.8
128.9
265.4
126.5
269.9
128.8
270.6
129.9
666.8
1,534.7 1,592.0 1,538.3 1,560.1 1,587.4 1,578.9 1,600.8 1,600.9
756.1
264.3
122.6
776.4
277.3
124.6
757.4
265.7
121.4
766.6
266.2
126.0
775.5
275.2
128.5
771.4
274.8
121.6
779.3
280.5
123.5
779.4
278.7
124.7
11.6
10.8
11.2
12.0
11.0
11.0
10.9
10.5
380.1
402.8
382.7
389.3
397.1
400.0
406.5
407.6
3,038.4 3,234.5 3,054.6 3,109.8 3,159.9 3,208.7 3,259.3 3,310.0
787.2
315.9
125.3
190.6
218.4
808.1
908.9
826.5
327.8
126.2
201.6
236.3
854.2
989.7
791.8
313.4
122.8
190.6
219.7
811.9
917.8
800.7
321.8
126.8
195.0
224.8
826.9
935.6
810.5
320.8
124.9
195.9
228.9
841.0
958.8
821.2 831.9 842.4
326.7 328.8 334.9
127.2 125.2 127.5
199.5 203.6 207.4
233.4 238.5 244.4
849.6 859.7 866.5
977.9 1,000.4 1,021.9
Pr0dUCt
[Billions of chained (1992) dollars]
91 5
998.0 1,022.1
239.6
Mnnrinrahln nnArlo
1997
IV
Table 2.3.—Real Personal Consumption Expenditures by Major Type of
18.7
235.8
Personal consumption
expenditures
CApciniuiiw.
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
KlnnHnrahla nnnrto
Food
rinthinn smrl chnec
Gasoline and oil
Fuel oil and coal
Other
U
.
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
.. ..
Residual
5,076.9 5,221.9 5,094.8 5,103.8 5,161.1 5,200.9 5,234.1 5,291.4
21,117 21,969 21,229 21,373 21,689 21,865 22,034 22,285
19,116 19,493 19,161 19,152 19,331 19,439 19,518 19,681
265.6
267.9
265.9
266.5
267.0
267.5
268.2
268.9
4.3
3.9
4.5
3.9
3.7
4.2
3.5
3.9
1. Consists of aid to families with dependent children and, beginning with 1996, assistance programs operating
under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996.
2. 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
6,495.2 6,873.9 6,541.9 6,618.4 6,746.2 6,829.1 6,906.9 7,013.5
407.6
1996
1997
4,714.1 4,867.5 4,718.2 4,756.4 4,818.1 4,829.4 4,896.2 4,926.1
611.1
645.5
611.9
617.1
637.8
629.0
656.1
659.3
231.3
233.1
229.7
228.0
233.4
223.1
238.7
237.3
269.5
113.3
296.4
121.4
272.3
113.2
276.8
116.3
287.4
121.4
292.3
119.7
301.1
121.7
304.9
123.1
1,432.3 1,458.5 1,433.9 1,441.2 1,457.8 1,450.0 1,465.5 1,460.9
689.7
267.7
114.1
689.7
278.0
116.0
687.3
270.8
114.1
689.0
270.0
114.8
10.6
10.0
10.6
10.3
351.2
366.7
352.5
358.3
694.6
277.1
114.7
9.4
363.7
688.2
273.8
116.1
689.5
281.3
116.2
10.1
10.4
363.4
370.0
686.6
279.6
117.0
9.9
369.8
2,671.0 2,764.1 2,672.8 2,698.2 2,723.9 2,749.8 2,776.1 2,806.4
700.2
289.6
117.8
171.7
194.6
688.1
799.4
713.8
294.5
116.1
178.2
202.7
711.1
842.5
701.7
285.8
114.8
170.9
195.4
689.8
800.8
704.8
291.7
117.7
173.9
197.0
697.1
808.4
708.3
288.0
113.8
174.0
199.3
704.4
824.3
712.0
294.2
117.8
176.2
200.9
708.8
834.5
715.6
295.7
115.7
179.7
203.9
714.2
847.1
719.3
300.1
116.9
182.9
206.8
716.9
864.0
-5.1
-5.2
-5.7
-6.0
-7.7
-7.5
-8.9
-8.9
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.
SURVEY OF CURRENT BUSINESS
April 1998
National Data
3. Government Receipts, Current Expenditures, and Gross InvestmentTable 3.1.—Government Receipts and Current Expenditures
[Billions of dollars]
Seasonally adjusted at annual rates
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 payments (net)
To persons
To the rest of the world (net)
..
.
IV
II
I
III
IV
2,412.7 2,589.6 2,426.7 2,479.0 2,526.6 2,566.8 2,616.7 2,648.5
886.9
229.0
604.8
692.0
988.7
249.4
619.4
732.1
897.3
231.6
600.9
696.8
922.6
226.0
625.3
705.1
955.7
241.2
610.2
719.5
979.2
244.5
616.2
726.9
998.0 1,022.1
258.2 253.6
625.4 625.8
735.0 746.9
2,417.8 2,510.6 2,423.6 2,455.8 2,477.4 2,498.7 2,516.1 2,550.5
.
..
.
Net interest paid
.
Interest paid
To persons and business
To the rest of the world
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
1997
1996
1997
1,182.4 1,226.8 1,189.8 1,197.0 1,2097 1,221.6 1,230.8 1,244.8
1,058.3 1,107.3 1,058.2 1,078.0 1,091.0 1,100.8 1,108.5 1,128.9
1,042.0 1,094.1 1,046.3 1,055.1 1,080.5 1,090.0 1,098.4 1,107.3
16.3
13.2
11.9
22.9
10.5
10.8
10.0
21.6
165.4
317.7
246.4
165.1
319.2
228.1
164.4
318.1
244.1
168.8
320.7
241.3
164.9
317.9
233.3
164.9
319.1
227.9
165.6
319.7
225.9
165.0
320.0
225.3
71.3
152.3
91.1
74.0
79.4
84.6
91.2
93.9
94.7
154.1
153.7
152.0
153.0
154.1
154.1
155.0
13.6
14.6
13.7
14.0
14.3
14.7
14.7
14.9
25.4
33.5
26.1
34.6
24.9
33.5
26.0
33.7
26.1
34.1
26.0
34.6
25.8
34.7
26.7
34.9
8.1
8.4
8.5
7.7
8.0
8.6
8.8
0
0
0
0
0
0
0
23.2
49.2
68.1
100.6
98.0
129.9
-80.7
132.0
-63.9
135.8
-35.1
142.8
-44.8
-5.1
126.6
-131.7
79.0
3.1
135.1 129.7 132.0
-56.1 -126.6 -108.8
8.2
0
D-7
D-8 • National Data
SURVEY OF CURRENT BUSINESS
Table 3.2.—federal Government Receipts and Current Expenditures
[Billions of dollars]
April 1998
Table 3.3.—State and Local Government Receipts and Current
Expenditures
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1996
1997
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
1,587.6 1,723.4
1,598.6
Seasonally adjusted at annual rates
1997
IV
II
I
III
774.4
751.1
695.7
674.8
717.5
697.2
746.9
725.0
767.9
744.1
781.9
758.5
801.0
776.9
17.5
20.6
18.4
17.7
19.3
21.1
20.7
21.4
2.5
2.7
2.5
2.6
2.6
2.6
2.7
2.7
194.5
211.9
196.7
192.0
204.9
207.7
219.3
215.5
20.1
21.5
20.1
20.4
20.9
190.4
176.6
171.7
184.0
91.5
55.7
20.2
15.5
110.2
58.7
19.7
12.9
59.6
16.8
33.7
88.2
56.5
18.6
13.2
645.9
614.8
622.0
635.3
95.8- i 91.3
56.4
19.2
20.2
610.5
21.7
22.1
197.7
193.4
92.2
59.0
20.5
12.7
92.4
59.0
20.9
12.6
92.3
60.4
19.0
13.0
641.5
648.2
658.6
21.2
186.5
1,698.1 1,752.2 1,698.2 1,718.8 1,730.8 1,746.0 1,752.6 1,779.5
451.5
463.8
454.0
453.6
458.0
464.2
464.7
468.4
763.5
747.2
795.5
782.3
761.5
749.7
777.3
754.4
785.9
775.5
791.4
780.5
794.5
784.5
810.2
788.6
16.3
13.2
11.9
22.9
10.5
10.8
10.0
21.6
218.3
224.2
218.7
217.5
219.6
222.5
224.2
230.6
227.1
253.1
181.8
230.3
254.5
163.5
226.6
253.4
179.5
231.8
256.1
176.7
228.9
253.2
168.7
229.8
254.4
163.3
231.2
255.1
161.2
231.3
255.4
160.6
71.3
91.1
74.0
79.4
84.6
91.2
93.9
94.7
26.0
24.2
26.9
24.3
24.4
24.6
23.9
24.1
37.7
33.1
38.4
34.2
37.4
33.1
38.5
33.4
38.4
33.8
38.1
34.3
37.9
34.3
39.0
34.5
-4.6
-4.2
.-4.2
-5.1
-4.7
-3.9
^3.6
-4.5
0
0
0
0
0
0
0
-110.5
55.3
-165.8
-28.8
63.7
0
-99.5
58.2
1997
-77.1
60.6
-55.5
58.7
-92.5 -157.8 -137.7 -114.2
-36.8
60.4
-97.2
-10.8
64.4
-75.2
-12.1
71.3
-83.4
1996
III
1,641.6 1,675.3 1,709.3 1,741.8 1,767.4
686.7
666.8
174.4
1996
IV
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
1997
IV
II
I
III
IV
1,043.4 1,090.4 1,046.7 1,054.9 1,070.9 1,080.0 1,099.1 1,111.7
200.2
149.1
214.3
159.8
201.7
150.3
205.1
153.1
208.7
155.7
211.3
157.4
28.8
22.3
31.0
23.5
29.1
22.3
29.6
22.5
30.1
22.9
30.7
23.3
31.3
23.7
31.8
24.1
34.5
37.6
34.9
34.0
36.4
36.8
38.9
38.1
508.9
249.8
202.3
528.1
257.4
208.8
509.4
249.6
203.0
515.1
251.9
204.7
522.0
256.2
206.2
524.0
255.6
207.8
533.0
258.4
209.4
533.5
259.3
211.9
56.8
62.0
56.8
58.5
59.6
60.6
65.2
62.4
81.4
86.2
82.0
83.1
84.2
85.4
86.8
88.4
218.3
224.2
218.7
217.5
219.6
222.5
224.2
230.6
938.0
982.6
944.2
954.5
966.1
975.1
987.7 1,001.5
216.1
161.2
221.1
165.1
730.9
762.9
735.9
743.3
751.7
757.4
766.1
776.4
294.8
311.8
296.6
300.6
305.1
309.5
314.0
318.7
-61.7
-65.2
-62.2
-63.0
-64.0
-64.9
-65.6
-66.3
64.6
64.6
64.6
64.7
64.6
64.6
64.6
64.7
128.6
129.5
130.3
130.9
126.3
129.8
126.8
127.7
13.6
14.6
13.7
14.0
14.3
14.7
14.7
14.9
-12.3
.3
-12.2
.3
-12.4
.3
-12.5
.3
-12.3
.3
-12.2
.3
-12.1
.3
-12.4
.3
12.7
12.6
12.8
12.8
12.7
12.5
12.4
12.7
0
0
0
0
0
0
0
0
105.3
107.8
102.6
100.4
104.7
104.9
111.4
110.1
71.3
34.1
71.4
36.3
71.5
31.1
71.4
28.9
71.3
33.5
71.6
33.3
71.4
40.0
71.5
38.6
D-9
National Data
SURVEY OF CURRENT BUSINESS
April 1998
Table 3.7.—Government Consumption Expenditures and Gross
Investment by Type
Table 3.8.—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
1996
1997
III
1996
1997
1996
IV
I
II
III
Government consumption
expenditures and
gross investment '
1,406.7 1,452.7 1,413.5 1,422.3 1,433.1 1,449.0 1,457.9 1,470.9
Federal
520.0 523.8 521.6 517.6 516.1 526.1 525.7 527.3
National defense
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
Equipment
Nondefense
Consumption expenditures
Durable goods 2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
force-account3
construction
Consumption of
general government
fixed capital4^.
Other services . . .
Gross investment
Structures
Equipment
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
capital4 ...
Other services
Gross investment
Structures
Equipment
Addenda:
Compensation of general
government employees3 ....
Federal
State and local
352.8 350.3
305.7 310.9
22.3
20.9
7.1
7.9
275.6 282.9
354.8 350.6
309.3 307.6
24.7
20.6
8.5
7.2
276.1 279.8
135.2
135.9
135.9
57.3
83.0
47.0
6.8
40.2
167.3
145.7
c
5.7
57.0 57.2
90.0 83.0
39.4
45.5
6.2
6.6
33.1
38.8
173.5 166.8
152.5 144.6
—A
6.1
139.2
_(
-1
6.9
5t
145.4 138.7
77.5
6.9
81.1
5.2
77.6
134.7
343.3
306.4
20.6
7.6
278.2
350.6
311.3
21.9
6.8
282.7
352.1 355.2
311.6 314.4
20.7
20.5
72
7.0
283^9 286.6
136.8
136.1
135.8
134.8
57.0
57.1 57.1 57.0 56.9
94.9
87.9 84.3 89.6 91.2
40.5
40.8
37.0 39.3
42.9
6.2
6.2
6.3
6.3
6.6
30.7 33.1
34.3
34.5
36.3
167.0 172.8 175.5 173.6 172.0
146.0 151.7 152.9 153.1 154.0
f
.8
.6
.6
.9
6.7
6.6
7.6
6.6
5.6
r
—.£
—.c
5.9
139.9
0
6.6
144.2
B.Q
145.5
6.8
145.9
.2
7.4
145.8
77.8
80.6
81.4
81.4
81.1
12.0
11.8
11.3
11.2
11.4 11.5 11.7 11.8
50.4 52.5 49.8 50.7 52.0 52.5 52.7 52.7
22.1
22.6
20.5
18.0
21.5
20.6
21.0 21.1
8.2
10.9
10.2
11.3
11.3 11.4 11.2 10.5
9.6
9.9 12.0
9.8
10.2
10.3
10.9
9.6
886.7 928.9 891.9 904.7 917.0 923.0 932.3 943.6
730.9 762.9 735.9 743.3 751.7 757.4 766.1 776.4
15.7 15.9
16.1
15.6
15.3
15.8
15.4
15.5
81.2
81.0 79.9 80.3
78.2
80.6
78.3
80.3
637.5 666.5 642.2 647.6 655.1 661.8 669.9 679.1
551.1 555.4
561.1
566.7
573.7
580.8
57.3
34.9
161.4
133.9
27.4
58.1
36.0
165.2
137.7
27.5
58.7
36.3
165.6
138.0
27.6
59.2
37.0
166.2
138.5
27.7
60.0
38.4
167.2
139.5
27.7
547.2
570.6
56.6
33.7
155.7
128.5
27.3
59.0 56.8
36.9 34.3
166.0 156.0
138.4 128.6
27.6 27.4
763.9
212.8
551.0
791.8 768.5
217.1 213.5
574.7 555.0
772.0
212.6
559.4
782.7
217.5
565.2
788.4
217.5
570.9
795.2
217.3
577.9
800.9
216.0
585.0
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.
1997
1996
III
IV
1997
IV
Government consumption
expenditures and
1,257.9 1,269.6 1,261.5 1,261.8
gross investment l
464.2 457.0 465.7 459.6
Federal
317.8 308.6 319.4 313.6
National defense
275.5 272.9 278.1 274.4
Consumption expenditures
24.1
20.2
21.8
20.3
Durable goods 2
7.8
6.2
6.6
7.2
Nondurable goods
246.5 245.8 246.3 247.8
Services
Compensation of
general government
employees, except
force-account3
117.2 112.9 117.2 115.4
construction
Consumption of
general government
51.4
50.4
51.3
51.0
fixed capital4
77,9 81.6
78.0
83.0
Other services
423 357 41 4 392
Gross investment
5.4
5.4
5.6
5.0
Structures
33.7
36.5
35.8
30.6
Equipment
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
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
Equipment
146.1
125.3
1.1
5.1
r
—.c
5.4
119.1
61.3
I
II
III
IV
1,260.5 1,270.1 1,273.4 1,274.4
452.8 460.1
303.9 309.4
270.3 273.9
21.2
20.0
6.6
6.3
243.5 246.3
3JQ.3 311.1
2>3.6 273.9
19.9
20.2
6.9
6.6
246.6 246.9
114.5
113.3
113.0
50.8
78.4
335
5.0
28.2
148.5
127.7
1.2
6.0
50.5
50.3
50.0
83.0
86.7
83.9
354 367 37.2
4.9
4.9
5.0
30.3
31 7 32.1
150.2 148.0 144.8
128.2 127.8 126.6
1.2
1.1
1.0
6.0
5.9
6.8
458.8
456.1
111.0
146.0
124.6
1.1
4.7
145.7
125.1
c
5.'l
-.4
-.1
6.2
5.1
120.4 118.9
r
—.£.
5.3
119.1
0
6.0
120.6
e!i
121.1
6.1
120.9
.2
6.6
118.9
61.7
61.4
61.6
61.9
61.5
59.7
147.9
127.6
1.1
6.2
61.2
A
—.e,
10.8
10.8
11.0 11.1
11.3
11.2
11.3
11.5
47.4
48.5 46.7 47.2 48.3
48.6
48.7
48.6
21.6
21.0
20.6
20.3
22.2
20.8
20.3
17.8
10.0
8.8 10.0
10.0
9.8
9.1
9.3
6.9
11.1
11.9
10.7
11.9
13.8
11.2
11.3
11.6
793.7 812.7 795.9 802.3 807.7 810.1 814.7 818.3
653.6 666.6 655.7 657.8 661.1 664.3 668.6 672.5
14.4
14.5
14.7
14.8
14.6
14.8
14.9
15.0
71.5 74.1
71.8
73.2
72.5
73.8
74.4
75.1
567.9 577.9 569.6 570.9 573.5 576.0 579.5 582.7
479.9
486.9
481.5
482.0
483.5
485.4
488.2
53.4
39.4
146.1
117.4
28.8
-2.9
52.2
37.3
140.1
112.6
27.6
-2.4
52.6
37.9
144.5
116.6
28.0
-2.2
52.9
38.8
146.6
118.4
28.3
-2.1
53.2
39.0
145.8
117.2
28.6
-3.1
53.5
39.6
53.8
40.2
146.1
117.2
145.8
116.8
29.1
29.3
Residual
52.0
37.4
140.1
112.8
27.4
-2.1
^3.0
-4.1
Addenda:
Compensation of general
government employees3 ....
Federal
State and local
661.9
178.9
483.2
664.5
174.6
490.5
664.0
179.4
484.9
662.3
177.2
485.4
663.2 664.1
176.5 175.6
487.1 489.0
666.2
175.0
491.7
664.4
171.1
494.0
490.5
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 3.7.
SURVEY OF CURRENT BUSINESS
D-10 • National Data
April 1998
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]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
III
1996
1997
1996
1997
IV
I
II
III
National defense
consumption
expenditures and
gross investment '
352.8
350.3
354.8
350.6
343.3
350.6
352.1
Consumption expenditures
305.7
310.9
309.3
307.6
306.4
311.3
311.6
Durable goods2
Aircraft
Missiles
Ships
Vehicles
Electronics
Other durable goods
22.3
20.9
24.7
10.6
20.6
20.6
21.9
10.1
20.5
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
capital4
Other services
Research and
development
Installation support
Weapons support
Personnel support
Transportation of
material
Travel of persons
Other
9.7
3.2
.9
3.8
1.3
1.1
2.9
5.0
9.2
2.8
.6
.9
2.3
4.8
9.2
2.8
.7
1.2
2.5
4.1
IV
319.4
313.6
303.9
309.4
310.3
311.1
272.9
278.1
274.4
270.3
273.9
273.6
273.9
21.8
20.3
24.1
10.2
20.2
20.0
21.2
19.9
20.2
9.2
3.2
.7
.8
2.6
4.0
8.5
7.2
7.6
6.8
7.2
7.0
2.9
1.3
3.0
4.1
1.1
3.3
3.0
.7
3.6
3.1
1.5
3.0
3.0
1.1
2.7
3.0
1.1
3.2
25
2.5
11.55
3.1
275.6
282.9
276.1
279.8
278.2
282.7
283.9
286.6
135.2
135.9
135.9
134.7
136.8
136.1
135.8
85.8
49.4
86.7
49.1
86.3
49.5
86.2
48.5
87.1
49.7
86.7
49.4
86.8
49.0
1348
134.8
86
86.33
48
48.55
57.3
83.0
57.0
90.0
57.2
83.0
57.1
87.9
57.1
84.3
57.0
89.6
56.9
91.2
57.0
570
94
94.99
23.5
27.4
27.5
26.8
24.2
28.3
26.2
26.4
25.8
25.9
27.5
26.7
25.9
27.9
6.3
6.8
8.0
5.9
19.0
22.3
307
30.7
26.7
26.7
66.88
23.5
23.5
20.2
22.4
23.3
-2.1
-1.6
-2.6
-1.9
-1.8
-2.0
-1.5
46
4.6
3.7
-1
-1.11
Gross investment
Structures
47.0
39.4
45.5
42.9
37.0
39.3
40.5
40.8
40.8
Equipment
Aircraft
Missiles
Ships
Vehicles
Electronics
Other equipment
Addendum:
Compensation of general 3
government employees ....
40.2
4.7
4.3
6.8
4.4
3.8
6.2
33.1
4.7
4.2
6.6
38.8
9.3
4.1
6.8
.9
3.6
5.8
3.0
6.1
1.2
3.3
7.6
4.3
6.6
.9
4.0
15.5
13.7
15.5
4.7
4.1
6.6
36.3
5.9
3.7
6.3
.8
3.2
16.3
4.5
3.9
6.3
30.7
4.7
2.9
5.6
1.0
3.3
13.2
4.2
3.9
6.2
33.1
4.0
3.4
6.7
1.3
3.4
14.3
4.1
3.7
6.2
34.3
6.8
2.9
6.4
1.3
3.3
13.5
6.3
34.5
34.5
77.55
22.99
58
5.8
11.22
33.11
140
14.0
135.9
135.9
134.7
136.8
136.1
135.8
•1040
134.8
fixed
1. Gross government investment consists of general government and government enterprise expenditures forJT 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.
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
Residual
135.2
IV
308.6
7.1
20.5
III
275.5
3.4
1.1
3.4
18.8
II
317.8
3.1
.7
.9
2.6
4.4
7.7
I
Consumption expenditures
20.7
20.7
99.88
22.99
.66
.66
22.44
44.44
6.9
IV
355.2
7.9
5.4
III
314.4
2.6
5.0
;
1997
National defense
consumption
expenditures and
gross investment '
9.6
3.0
.7
.9
2.5
4.3
1.0
1996
1997
Addendum:
Compensation of general
government employees3....
4.0
1.2
1.1
3.0
4.6
8.9
3.1
e
c
2.4
4.4
8.9
2.9
.7
1.2
2.6
3.8
9.8
3.1
.7
9
2.B
4.0
8.9
3.2
.7
.7
2.8
3.7
9.6
2.9
.6
.6
2.5
4.0
6.6
7.8
6.2
6.6
6.3
6.9
6.6
2.8
1.1
2.8
3.7
1.0
3.1
2.4
.6
3.4
2.6
1.3
2.8
2.9
9
2^6
3.1
c
3.Q
2.5
1.3
2.9
246.5
245.8
246.3
247.8
243.5
246.3
246.6
246.9
117.2
112.9
117.2
115.4
114.5
113.3
113.0
111.0
76.9
40.4
74.9
38.2
76.7
40.6
76.1
39.4
75.5
39.0
74.8
38.6
74.9
38.2
74.4
36.9
51.4
78.0
50.4
83.0
51.3
77.9
51.0
81.6
50.8
78.4
50.5
83.0
50.3
83.9
50.0
86.7
23.5
24.9
27.0
24.2
24.3
25.6
26.0
23.8
25.7
23.5
27.1
24.2
25.4
25.2
29.9
23.9
7.1
5.2
6.1
6.7
9.3
3.4
.8
9
2.7
4.6
9.3
3.0
.7
8
2.7
3.9
7.2
3.1
1.0
3.2
5.7
17.2
4.7
4.1
6.0
19.6
4.3
3.5
4.9
17.0
4.6
4.0
18.1
4.6
3.8
17.7
4.4
3.6
19.8
4.1
3.6
20.5
4.0
3.4
5.9
20.3
4.6
3.4
-1.9
-1.4
-2.3
-1.6
-1.6
-1.7
-1.3
-1.0
42.3
35.7
41.4
39.2
33.5
35.4
36.7
37.2
5.6
36.5
7.1
4.4
6.1
.8
4.4
14.1
-.6
117.2
5.0
30.6
4.9
3.0
5.4
1.0
4.5
5.4
35.8
6.4
4.5
5.9
.7
5.0
5.4
33.7
5.0
4.0
5.6
.7
4.2
5.0
28.2
4.0
2.9
4.9
.9
4.3
4.9
30.3
3.3
3.4
5.9
1.1
4.6
4.9
31.7
5.9
2.9
5.6
1.1
4.5
5.0
32.1
6.5
2.8
5.1
1.0
4.4
12.3
13.9
14.7
11.8
12.7
12.0
12.6
-1.3
-1.0
-.9
-.5
-1.3
-.9
-1.5
112.9
117.2
115.4
114.5
113.3
113.0
111.0
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 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 1998
4. Foreign TransactionsTable 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
1996
III
Receipts from the rest of
the world
1996
1997
1996
1997
IV
II
I
III
1,105.1 1,219.3 1,099.0 1,153.4 1,170.4 1,221.9 1,235.2 1,249.9
870.9
617.5
421.2
196.3
253.3
957.1
686.3
481.5
204.8
270.8
863.7
609.7
415.8
193.9
254.0
904.6
640.5
438.8
201.6
264.2
922.2
656.2
455.9
200.3
266.0
960.3
690.0
486.3
203.7
270.3
965.8
691.1
485.6
205.4
274.8
980.0
707.9
498.2
209.8
272.1
Receipts of factor income
234.3
262.2
235.4
248.8
248.2
261.6
269.4
269.8
Capital grants received by the
United States (net)
Payments to the rest of
the world
0
0
0
0
0
0
0
0
1,105.1 1,219.3 1,099.0 1,153.4 1,170.4 1,221.9 1,235.2 1,249.9
Imports of goods and services ...
Goods l
Durable
Nondurable
Services l
965.7 1,058.1
809.0 888.5
533.6 589.9
275.5 298.6
156.7 169.6
977.6
820.2
540.3
279.8
157.5
993.2 1,021.0 1,049.0 1,077.1 1,085.4
834.6 855.8 880.1 905.6 912.6
541.3 563.4 583.8 603.2 609.2
293.3 292.5 296.3 302.4 303.4
158.6 165.2 168.9 171.6 172.7
Payments of factor income
232.6
282.0
242.3
245.6
262.5
282.3
290.1
293.1
Transfer payments (net)
From persons (net)
From government (net)
From business
39.8
15.9
16.3
39.4
17.9
13.2
35.4
15.9
11.9
47.4
16.7
22.9
35.2
17.0
10.5
36.5
17.6
10.8
36.9
18.2
10.0
48.9
18.7
21.6
Net foreian investment
7.6
8.2
7.7
7.8
7.7
8.1
8.7
8.5
-132.9 -160.2 -156.4 -132.9 -148.4 -146.0 -168.9 -177.4
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.
Exports of goods and services
Goods1
Durable
Nondurable
Services1
857.0
628.4
463.3
169.1
229.9
962.7
725.0
553.2
180.6
241.7
236.3
Receipts of factor income
214.2
Imports of goods and services
Goods ]
Durable
Nondurable
Services1
971.5 1,109.2
823.1 947.5
569.9 671.1
253.5 279.5
149.0 163.0
Payments of factor income
210.2
250.1
1997
I
II
851.4
623.0
460.8
166.4
229.4
901.1
666.2
494.0
177!0
236.8
922.7
686.2
517.0
176.0
238.9
962.5
725.8
555.8
179.2
240.8
214,8
226.0
224.6
236.3
III
IV
Exports of goods and services ...
Goods J ...
Durable
Nondurable
Services l
1996
1997
IV
III
IV
973.0 992.7
731.8 756.3
559.8 580.0
181.1 186.1
245.0 241.8
242.5 242.0
990.2 1,006.6 1,048.9 1,099.1 1,137.1
841.7 857.5 891.3 938.4 972.7
582.6 596.6 630.8 660.7 688.5
259.4 261.6 263.3 280.1 287.2
149.3 150.0 158.4 161.8 165.8
218.1 219.8 234.0 250.8 256.9
1,151.8
987.6
704.2
287.4
165.9
258.7
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 are reclassified from goods
to services.
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.
SURVEY OF CURRENT BUSINESS
D-12 • National Data
April 1998
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
1996
1996
1997
III
Exports of goods and services
Exports of goods '
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 !
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!
Direct defense expenditures ..
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Addenda:
Exports of agricultural goods 2
Exports of nonagricultural goods
Imports of nonoetroleum aoods
IV
I
II
III
51.1
48.6
141.0 152.7 139.5 145.9 147.4
154.0
53.2
94.3
55.7
98.3
51.0
90.1
51.0
55.0
97.7
55.1
51.0
88.5
55.8
51.9
94.0
49.6
54.9
155.3 154.0
55.5
99.8
55.8
98.2
253.1 294.3 246.8 265.3 275.9 296.9 298.4 306.1
30.8
43.7
41.4
49.5
26.8
43.5
36.7
43.3
178.6 203.5 176.5 185.2
65.0
70.1
35.8
34.3
32.7
16.3
16.3
73.6
77.5
40.0
37.6
37.1
18.5
18.5
66.2
69.4
35.5
33.9
32.7
16.3
16.3
67.0
72.9
37.8
35.1
33.5
16.8
16.8
39.6
46.3
45.5
50.1
36.3
52.6
44.3
48.8
190.0 201.3 209.5 213.1
70.9
75.3
38.1
37.2
35.6
17.8
17.8
73.4
78.9
41.2
37.7
38.2
19.1
19.1
73.1
77.0
39.8
37.2
37.7
18.8
18.8
77.0
79.0
40.7
38.2
36.9
18.5
18.5
253.3 270.8 254.0 264.2 266.0 270.3 274.8 272.1
13.5
69.9
20.6
27.2
30.0
72.2
19.9
13.4
73.6
21.3
29.1
31.5
80.5
21.5
12.8
70.6
20.9
26.9
30.0
72.4
20.4
14.9
72.7
21.1
28.6
30.8
75.2
20.8
12.3
74.5
21.3
28.2
30.9
77.7
21.0
14.0
72.6
21.2
28.8
31.9
80.2
21.5
14.2
74.1
21.5
29.2
31.8
82.5
21.6
13.0
73.0
21.3
30.3
31.5
81.5
21.6
965.7 1,0581 977.6 993.2 1,0 2D 1,049) 1,0771 1,0851
809.0 888.5 820.2 834.6 855.8 880.1 905.6 912.6
35.7
39.7
35.8
36.7
38.0
40.0
125.2 135.0 127.1 128.7 130.7 134.3
63.1
62.1
72.7
69.1
65.9
71.8
64.7
62.4
76.2
64.9
63.8
82.2
65.7
65.0
76.7
69.4
64.9
71.0
40.5
40.1
137.6 137.5
70.3
67.3
70.4
71.0
66.6
69.2
229.0 254.2 227.4 231.4 237.3 251.7 262.5 265.4
12.7
61.5
16.7
70.1
13.0
61.7
14.0
62.8
13.6
65.5
15.5
70.5
19.0
73.6
18.6
70.9
154.9 167.4 152.7 154.6 158.2 165.6 169.9 175.9
128.9 141.4 133.7 128.9 142.2 138.3 143.7 141.4
171.0 192.8 173.2 179.4 181.2 192.0 195.1 203.0
92.4
98.4
93.2
98.0
98.8 103.5
91.2
89.3
81.7
46.4
23.2
23.2
94.4
53.5
26.8
26.8
82.0
46.7
23.4
23.4
87.0
47.2
23.6
23.6
88.0
49.6
24.8
24.8
94.1
52.8
26.4
26.4
96.3
55.8
27.9
27.9
99.5
56.0
28.0
28.0
156.7 169.6 157.5 158.6 165.2 168.9 171.6 172.7
10.9
48.7
15.8
28.5
7.3
38.9
6.6
61.5
11.6
53.2
17.5
29.9
8.2
42.5
6.8
58.3
11.1
47.7
15.7
28.9
8.6
38.9
6.7
60.4
10.9
49.0
16.2
28.7
7.1
40.0
6.8
61.8
11.2
52.3
17.1
29.3
7.6
40.9
6.8
57.3
11.4
52.6
17.2
30.0
8.4
42.4
6.8
56.4
11.5
53.0
17.6
29.9
8.8
43.9
6.9
58.1
12.2
54.7
18.1
30.4
7.9
42.7
6.8
61.4
556.0 628.0 549.3 578.7 598.9 633.5 632.9 646.5
736.3 816.7 743.9 752.4 779.1 809.1 835.2 843.5
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 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.
1997
IV
870.9 957.1 863.7 904.6 922.2 960.3 965.8 980.0
617.5 686.3 609.7 640.5 656.2 690.0 691.1 707.9
55.5
Seasonally adjusted at annual rates
1996
1997
III
Exports of goods and services
Exports of goods J
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 1
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 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
Residual
Addenda:
Exports of agricultural goods 2
Exports of nonagricultural goods
Imports of nonpetroleum goods
1997
1996
IV
I
II
III
IV
857.0 962.7 851.4 901.1 922.7 962.5 973.0 992.7
628.4 725.0 623.0 666.2 686.2 725.8 731.8 756.3
44.0
43.8
42.8
47.2
121.9 132.4 121.3 126.6
44.8
77.1
48.8
83.7
45.4
76.0
46.3
80.4
43.2
40.9
42.7
48.3
127.6 133.5
134.3
134.2
49.1
84.5
48.9
85.4
50.2
84.1
46.9
80.8
310.4 388.0 305.8 337.2 356.1 388.7 396.0 411.4
27.0
35.0
23.3
31.8
33.7
38.7
30.6
37.2
97.2 145.9 100.3 106.8 122.3 142.5 160.7 158.0
203.3 241.9 202.4 217.2 224.7 238.7 249.4 254.7
62.4
67.3
34.9
32.4
31.5
15:8
15.8
70.1
73.8
38.5
35.3
36.8
18.4
18.4
63.5
66.5
34.5
32.0
31.6
15.8
15.8
64.1
69.8
36.8
33.0
33.0
16.5
16.5
67.6
71.8
36.8
35.0
35.1
17.6
17.6
69.8
75.2
39.7
35.5
37.8
18.9
18.9
69.5
73.2
38.4
34.8
37.5
18.7
18.7
73.2
75.0
39.2
35.8
36.7
18.4
18.4
229.9 241.7 229.4 236.8 238.9 240.8 245.0 241.8
12.2
62.6
18.7
25.8
27.4
67.0
16.3
12.1
64.0
20.1
27.5
28.4
73.6
16.4
11.6
62.9
19.1
25.4
27.3
67.0
16.2
13.5
64.4
18.8
26.7
28.0
69.3
16.2
11.1
65.3
20.7
26.5
28.0
71.4
16.3
12.6
63.4
19.4
27.2
28.8
73.5
16.3
12.8
64.6
19.9
27.8
28.6
75.4
16.4
11.7
62.8
20.3
28.6
28.3
74.2
16.4
-59.2 -29.9 -32.4 -42.8 -55.9 -70.3 -67.1
971.5 1,102 990.2 1,0065 1,049 1,0991 1,1371 1,15B
823.1 947.5 841.7 857.5 891.3 938.4 972.7 987.6
-27.7
32.3
35.5
32.5
33.2
34.2
35.3
36.2
36.1
114.2 123.2 116.9 117.7 118.3 123.3 125.5 125.7
57.3
56.8
63.8
61.7
61.5
66.7
58.8
58.1
67.5
59.1
58.5
64.0
59.1
59.2
62.2
61.7
61.6
68.1
62.2
63.2
69.2
63.7
61.9
67.5
294.5 377.7 298.6 319.6 340.3 369.4 393.4 407.6
11.2
14.2
11.4
12.2
11.7
13.2
16.1
15.7
118.3
177.6
118.8
165.3
170.3
217.6
130.0
188.6
121.5
179.1
123.1
167.6
130.2
191.8
118.7
173.9
144.4
202.8
131.0
176.5
165.2
214.5
127.6
187.6
183.7
221.2
132.0
191.0
86.6
78.7
43.2
21.6
21.6
97.6
91.0
50.3
25.1
25.1
88.6
78.9
43.6
21.8
21.8
90.0
83.9
44.0
22.0
22.0
91.5
84.9
46.4
23.2
23.2
97.0
90.5
49.6
24.8
24.8
98.2
92.7
52.4
26.2
26.2
188.1
231.8
129.4
199.2
103.5
95.8
52.8
26.4
26.4
149.0 163.0 149.3 150.0 158.4 161.8 165.8 165.9
10.1
44.6
14.9
27.6
6.7
39.2
11.5
50.3
15.7
28.9
7.4
43.0
10.3
43.0
15.0
28.0
7.8
39.3
10.0
44.7
15.1
27.4
6.4
40.3
11.0
49.1
15.7
28.1
6.9
41.4
11.2
49.9
15.3
28.9
7.6
42.9
11.7
50.6
15.6
29.1
7.9
44.7
12.3
51.7
16.1
29.5
7.1
43.1
6.0
6.1
6.2
6.3
6.3
6.3
6.3
6.2
-22.2 -50.2 -22.4 -29.1 -37.0 ^7.3 -55.9 -60.5
48.6
49.3
46.8
51.7
47.7
47.2
49.5
53.0
581.3 679.3 578.1 616.0 641.6 682.8 686.1 706.7
757.8 881.1 772.3 792.7 829.7 870.3 903.7 920.5
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 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.
D-13
National Data
SURVEY OF CURRENT BUSINESS
April 1998
5. Saving and InvestmentTable 5.1.—Gross Saving and Investment
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1996
1997
III
Gross saving
1,267.8 1,394.3
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
. . ..
1997
IV
II
I
III
IV
1,295.9 1,303.0 1,332.9 1,396.9 1,411.6 1,435.8
1,125.5 1,164.2 1,145.1 1,131.4 1,134.0 1,178.1 1,159.6 1,185.2
239.6 226.7 254.0 220.4 215.9 247.0 208.2 235.8
202.1 219.5 202.3 212.6 211.5 217.6 230.0 218.9
142.8
144.2 141.8 144.9 140.3
142.3 156.1 138.1
-2.7
3.3
3.5
3.6
-2.5
5.5
5.9
9.2
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
61.8
69.7
63.2
64.4
67.7
69.4
70.3
71.6
452.3
230.5
1.1
475.6
241.2
1.2
455.5
232.2
1.1
462.0
235.2
1.1
467.4
238.0
1.2
472.6
239.7
1.2
478.0
242.4
1.2
484.5
244.9
1.2
142.3
-39.2
230.0
150.8
-28.3
171.6
198.9
218.8
251.9
250.6
71.2
-5.9
71.3
15.9
71.4
34.7
71.5
60.8
71.6
59.7
71.8
-12.1
190.9
71.2
42.8
71.6
-28.8
187.3
-99.5
179.1
-77.1
177.5
-55.5
182.9
^36.8
184.1
-10.8
191.1
76.2
79.5
76.5
77.2
78.2
79.2
79.7
80.8
105.3
107.8
102.6
100.4
104.7
104.9
111.4
110.1
-110.5
181.5
Capital grants received by the United States (net)
0
Gross investment
0
0
0
0
0
0
0
1,207.9 1,308.3 1,216.4 1,243.5 1,268.6 1,323.4 1,308.4 1,332.7
x
Gross private domestic investment
Gross government investment
Net foreign investment
1,116.5 1,242.5 1,149.2 1,151.1 1,193.6 1,242.0 1,250.2 1,284.1
224.3 226.0 223.6 225.3 223.3 227.4 227.1 226.1
-132.9 -160.2 -156.4 -132.9 -148.4 -146.0 -168.9 -177.4
Statistical discrepancy
»59.9
-86.0
16.6
17.3
Addendum:
Gross saving as a percentage of gross national product
-79.5
16.9
-59.5
-64.3
16.7
16.8
-73.5
17.4
-103.2 -103.1
17.4
17.5
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
1996
1997
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 l
Other
Industrial equipment
Transportation and related
equipment
Residential
Structures
Single family
Multifamily
Other structures
Producers' durable
equipment
IV
I
II
III
781.4
846.9
798.6
807.2
811.3
836.3
872.0
868.0
215.2
230.2
217.7
227.0
227.4
226.8
232.9
233.9
159.8
174.8
162.5
171.2
174.0
172.1
177.5
175.6
33.3
33.1
32.7
34.1
32.0
33.7
33.2
33.6
16.1
6.2
15.9
6.4
16.5
6.0
16.0
5.8
16.1
5.3
15.6
5.5
16.2
5.9
15.8
8.9
566.2
616.7
580.9
580.2
583.9
609.5
639.1
634.2
195.1
212.3
201.1
200.3
202.8
208.4
219.5
218.7
78.7
85.4
80.9
81.0
81.8
84.5
88.1
87.1
116.3
127.5
127.0
134.8
120.3
128.2
119.3
127.9
121.0
127.7
123.9
134.9
131.3
137.5
131.5
138.9
134.5
109.1
150.0
119.5
140.0
111.5
140.1
111.9
137.7
115.7
147.1
119.1
159.9
122.2
155.3
121.3
309.2
327.2
313.5
312.0
316.2
324.6
329.3
338.8
301.7
159.1
319.3
163.6
305.9
162.2
304.4
160.6
308.3
161.0
316.7
162.5
321.4
163.1
330.9
167.9
20.3
22.9
19.2
20.1
21.9
23.0
22.3
24.2
122.3
132.8
124.5
123.7
125.3
131.2
135.9
138.8
7.5
7.9
7.5
7.6
7.9
7.9
8.0
7.9
1996
1997
III
IV
1,090.7 1,174.1 1,112.0 1,119.2 1,127.5 1,160.8 1,201.3 1,206.8
1. Includes new computers and peripheral equipment only.
1996
1997
1996
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
1997
IV
I
II
III
IV
188.7
1,060.9 1,068.7 1,079.0 1,111.4 1,149.3 1,154.6
848.3 789.3 800.8 808.9 837.0 874.5 872.7
195.4 190.0 196.9 195.9
193.5 196.7 195.5
140.0
148.5
141.7
148.4
150.1
147.1
150.1
146.9
29.3
28.1
28.7
29.5
27.5
28.7
28.0
28.2
13.9
13.2
14.1
13.8
1,041.7 1,123.6
771.7
5.5
5.5
5.4
13.6
13.0
13.4
12.8
5.1
4.6
4.7
5.1
7.5
586.0
659.0
602.9
606.7
616.6
649.3
685.3 684.8
253.1
306.2
264.3
270.4
281.4
296.9
320.5
325.9
160.8
116.3
117.0
225.5
127.3
123.1
170.0
120.3
117.6
182.4
119.3
116.9
195.8
121.5
116.8
216.1
124.4
123.5
240.5
131.5
125.6
249.5
131.9
126.6
125.0
100.8
138.3
109.6
129.5
102.8
129.7
102.5
127.5
106.1
136.0
109.1
146.8
112.1
143.1
111.0
272.1
279.5
274.1
271.1
273.3
278.2
280.1
286.3
265.0
136.6
272.0
136.7
266.9
138.3
263.9
136.2
265.9
136.2
270.8
136.5
272.6
135.7
278.7
138.4
18.6
20.2
17.5
18.0
19.6
20.4
19.6
21.1
110.2
115.7
111.5
110.0
110.5
114.4
117.9
119.9
7.6
7.6
7.1
^39.4
7.5
-75.6
7.2
^3.7
7.2
7.4
7.5
-50.3
-58.2
-70.0
-84.6 -89.9
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.
SURVEY OF CURRENT BUSINESS
D-14 • National Data
April 1998
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
1996
Change in business inventories ....
Farm
Nonfarm
Change in book value
Inventory valuation adjustment
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
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 goods
Other
Durable goods
Nondurable goods
25.9
2.9
23.0
28.2
-5.1
10.6
10.2
.4
1997
68.4
6.7
61.7
50.5
11.2
22.9
13.2
9.7
IV
I
37.1
31.9
66.1
5.8
15.3
14.4
.9
3.3
2.5
.8
21.8
12.3
-7.7
2.4
1.9
.5
.9
.6
.3
18.2
10.6
-8.0
4.7
9.4 -12.4
3.5
2.3
4.2
7.6 -12.1
.3
3.6
.6
1.8
-.3
1.8
7.5 21.2
5.5 14.6
1.0 11.9
2.7
4.5
6.6
1.9
5.0
2.3
2.6
9.5
1.9
7.7
4.1
1.9
-1.6
2.5
-.5
2.9
1996
1997
1996
III
31.3
33.8
-2.4
3.2
28.7
32.6
13.3
6.8
6.4
3.9
62.2
44.5
17.7
22.3
12.9
9.3
10.1
-5.5
15.6
24.3
15.4
11.7
-3.2
14.8
-1.6
-2.3
18.9
12.3
.8
1.1
-3.3
-5.3
2.0
4.4
4.3
.8
3.4
8.9
II
III
IV
81.1
48.9
77.2
85
68 7
61 .8
7
-°
227
1 0.6
6.2
74.9
57.5
17.4
15.8
10.3
26.0
23.5
15.8
2.4
18.4
18.6
-.2
7.6
4.9
2.7
.6
1.4
8.3
2.4
4.2
-.8
15.2
2.1
13.0
2.6
30.9
19.1
11.8
6.6
5.4
3.1
2.3
-2.9
8.1
40.9
38.2
5.5
4.0
11.8
15.1
4.3
10.9
.7
-.3
1.0
6.4
5.9
3.0
1.7
-.6
2.3
1.3
9.8
1.8
8.0
6.3
2.6
3.7
-4.0
12.1
21.0
6.4
14.6
20.3
7.1
133
7
~6
1-3
18.1
168
11 7
5.1
6.9
1 .0
NOTE.—Estimates for nonfarm industries other than manufacturing and trade for 1986 and earlier periods are
based on the 1972 Standard Industrial Classification (SIC). Manufacturing estimates for 1981 and earlier periods
and trade estimates for 1966 and and earlier periods are based on the 1972 SIC; later estimates for these industries
are based on the 1987 SIC. The resulting discontinuities are small.
Seasonally adjusted at annual rates
Change in business inventories ....
Farm
Nonfarm
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Hnrahlp nnnrk
Nondurable goods
Merchant wholesalers
Durable aoods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers
Other
Nondurable goods
other
Durable goods
Nondurable goods
Residual
25.0
2.6
1997
65.7
8.0
1996
1997
III
IV
I
II
III
IV
37.9
32.9
63.7
77.6
47.5
74.0
6.5
6.4
5.3
7.5
9.5
9.8
57.8
31.6
26.5
58.3
70.1
38.3
64.5
9.9
9.7
.4
21.5
12.6
14.3
13.8
12.3
20.9
12.3
29.0
18.2
10.8
14.8
21.5
10.2
11.2
4.0
2.4
1.6
3.2
1.8
1.3
.8
.6
.3
20.6
11.9
6.9
3.4
1.7
1.7
-8.7
4.0
1.7
20.0
13.3
10.6
4.5
2.1
2.4
7.0
5.0
.9
4.2
1.9
8.7
1.6
7.1
-.4
0
22.5
-1.4
3.3
2.3
8.9
8.6
17.1
10.2
.8
-5.0
4.5
-9.0
-5.2
3.9
.3
.5
-.2
6.6
5.7
9.4
-5.2
13.9
10.9
-3.0
13.3
-1.5
-2.3
.6
.9
-3.0
-4.7
2.5
6.5
1.8
4.1
2.3
-.4
2.8
3.9
.7
3.2
-.7
.5
8.5
22.9
14.8
8.1
17.8
11.8
6.0
5.1
3.0
2.1
.6
1.2
-2.5
3.9
-.7
13.7
1.8
12.0
.2
24.6
22.7
2.3
17.5
17.9
-.1
7.2
4.8
2.5
7.7
2.0
9.9
5.0
14.9
3.8
19.7
6.2
10.8
13.2
14.3
19.0
4.1
9.9
.6
-.3
.9
6.8
11.9
.7
-.6
1.3
5.9
5.8
2.8
1.5
-.6
2.1
1.3
8.9
1.5
7.5
5.7
2.3
3.4
4.8
1.2
6.3
.9
5.5
0
.4
-3.7
-1.0
17.0
15.4
10.6
NOTE.—Chained (1992) dollar series for real change in business inventories are calculated as the period-to-period
change in chained-dollar end-of-period inventories. Quarterly changes in end-of-period inventories are stated at annual rates. 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.
See note to table 5.10.
SURVEY OF CURRENT BUSINESS
April 1998
D-15
National Data
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
1996
III
Inventories '
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods .
Wholesale trade
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 goods
Other
Durable goods
Nondurable goods
Final sales of domestic business 2
Final sales of goods and structures of
domestic business2
Ratio of inventories to final sales of domestic
business
Inventories to final sales
Nonfarrn inventories to final sales
Nonfarm inventories to final sales of goods and
structures
1,287.1
106.0
1,181.2
675.6
505.5
436.3
271.4
164.9
300.3
186.6
113.6
257.9
161.9
Seasonally adjusted quarterly totals
1996
1997
IV
1,294.5
102.6
1,191.9
675.2
516.7
440.3
273.7
166.6
300.8
184.9
116.0
258.6
160.7
I
1,306.1
107.2
1,198.9
684.4
514.5
443.3
277.0
166.3
306.2
188.7
117.5
263.4
163.9
II
III
1,334.1
109.1
1,225.0
697.0
528.0
453.5
283.2
170.3
316.1
195.0
121.2
271.4
169.0
102.4
98.2
1,318.1
107.7
1,210.4
693.2
517.2
448.0
280.7
167.3
310.8
194.4
116.4
266.6
168.4
IV
1,342.5
108.1
1,234.4
703.6
530.8
457.1
285.6
171.5
318.6
195.6
123.0
274.3
170.0
104.4
96.0
42.4
24.8
17.6
97.9
42.3
24.1
18.1
99.5
42.8
24.9
17.9
44.2
26.1
18.2
44.7
25.9
18.8
44.3
25.6
18.6
312.5
168.8
313.0
167.7
313.3
168.7
313.2
167.7
314.7
168.0
318.1
171.5
85.5
83.3
83.9
83.9
83.6
85.1
80.9
86.7
80.7
87.3
83.2
88.3
143.6
132.1
145.3
137.7
144.6
136.1
145.6
138.3
146.7
140.7
146.6
140.6
48.7
83.4
48.9
88.8
50.0
86.2
50.5
87.9
50.8
89.9
50.9
89.6
533.1
542.6
550.0
556.2
565.2
570.5
285.9
289.9
294.1
296.1
301.1
302.4
2.41
2.22
2.39
2.20
2.37
2.18
2.37
2.18
2.36
2.17
2.35
2.16
413
4.11
4.08
409
4,07
4.08
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.
l
Inventories
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
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 goods
Other
Durable goods
Nondurable goods
Residual
Final sales of domestic business2
Final sales of goods and
structures of
domestic business 2
Ratio of inventories to final sales of domestic
business
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
1997
III
IV
I
II
III
IV
1,200.7
100.9
1,099.3
634.3
464.9
406.6
259.3
147.5
280.1
179.2
101.1
240.1
155.1
85.3
39.9
24.2
15.8
292.4
153.2
75.7
77.5
138.9
120.1
42.3
77.7
.5
484.7
1,208.9
102.5
1,105.9
634.0
471.7
409.7
260.9
148.9
282.4
177.9
104.6
242.8
154.3
88.6
39.5
23.6
16.0
292.7
152.4
74.5
78.0
140.0
121.1
42.5
78.4
.7
491.1
1,224.8
103.8
1,120.5
641.5
478.8
414.9
264.0
151.1
288.1
181.6
106.6
247.3
157.3
90.1
40.8
24.3
16.5
292.8
152.7
73.9
79.0
139.8
124.5
42.9
81.4
.7
495.1
1,244.2
105.7
1,138.0
652.5
485.4
422.1
268.6
153.8
294.3
187.3
107.2
251.7
161.8
90.1
42.6
25.5
17.1
294.7
153.2
73.0
80.4
141.2
126.7
43.3
83.3
.4
498.5
1,256.1
108.0
1,147.6
656.8
490.6
425.8
271.0
155.0
298.0
188.3
109.9
255.2
162.8
92.6
42.8
25.5
17.3
295.4
153.6
72.8
81.0
141.5
128.2
43.9
84.2
.5
505.0
1,274.6
110.5
1,163.7
665.0
498.5
431.2
273.6
157.8
303.0
189.8
113.2
260.0
164,5
95.5
43.0
25.3
17.6
299.7
157.5
75.5
82.2
141.9
129.7
44.1
85.6
.5
508.4
268.2 271.8
274.5 275.6
280.0 281.0
2.48
2.27
2.46
2.25
2.47
2.26
2.50
2.28
2.49
2.27
2.51
2.29
4.10
4.07
4.08
4.13
4.10
4.14
1. Inventories are as of the end of the quarter. Quarter-to-quarter chai
terly 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 inventory series are calculated as the product of the chain-type quantity index and
the average of the end-of-year fixed-weighted inventories for 1991 and 1992, divided by 100. Chained (1992) dollar
final sales series are calculated as the product of the chain-type 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 dif- ^
ference between the first line and the sum of the most detailed lines for inventories.
SURVEY OF CURRENT BUSINESS
D-16 • National Data
April 1998
6. Income and Employment by Industry.
Table 6.16C.—Corporate Profits by Industry
Table 6.1C.—National Income Without Capital Consumption Adjustment
by Industry
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1996
1997
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
1996
1997
IV
I
II
IV
6,217.9 6,627.8 6,274.7 6,337.3 6,485.1 6,578.0 6,678.2 6,769.7
5,362.6 5,741.7 5,415.0 5,472.0 5,608.9 5,696.1 5,788.8 5,873.0
113.1
109.0
109.6
110.8
115.5
114.1
112.0
46.9
48.4
46.9
45.0
48.2
49.2
48.0
48.1
285.2
305.6
286.9
291.4
298.2
302.2
307.4
314.5
1,110.1 1,170.3 1,120.8 1,122.1 1,134.6 1,160.5 1,187.8 1,198.5
669.7 691.2 696.2
634.5 677.0 642.7 639.4 651.0
475.6 493.3 478.1 482.8 483.6 490.8 496.6 502.3
456.7
191.0
135.0
475.5
205.7
137.6
459.3
194.6
137.0
457.3
192.3
133.1
467.1
199.6
135.5
471.5
203.0
135.2
477.2
207.6
139.0
486.4
212.7
140.8
130.8
132.2
127.7
131.9
132.0
133.3
130.6
132.9
349.1
503.7
383.3
538.4
350.6
506.8
364.8
512.3
372.4
527.7
379.3
533.0
388.7
542.6
392.8
550.2
1,095.3 1,192.0 1,111.5 1,116.5 1,168.9 1,185.0 1,199.2 1,215.1
1,410.1 1,515.0 1,423.2 1,452.9 1,481.1 1,500.1 1,523.7 1,555.2
855.3
1.7
886.1
859.7
-19.8
-7.0
865.2
3.1
876.2
881.9
889.4
896.8
-14.3
-20.7
-20.7
-23.3
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
1997
1996
III
III
6,219.6 6,608.0 6,267.7 6,340.4 6,470.8 6,557.3 6,657.5 6,746.5
105.6
1997
IV
I
II
IV
III
735.9 805.0 739.6 747.8 779.6 795.1 827.3 818.1
640.0 706.5 647.8 640.3 682.2 694.4 727.5 721.8
94.2 109.5
78.5
94.6
545.8 596.9 553.3 561.7
91.8
107.5
132.7 145.9 133.4
142.6
95.9
36.7
98.6
47.3
41.6
35.0
106.8 107.7 109.3 114.3
575.4 586.7 618.2 607.5
97.4
100.8
99.9
96.3
139.9 148.3
150.5
145.0
47.5
50.6
48.7
42.5
674.1 735.3 676.4 683.4 711.9 725.7 757.1 746.5
578.2 636.7 584.6 575.8 614.5 624.9 657.2 650.2
103.5 119.5 104.0 88.1 116.5 117.5 119.4 124.5
22.0
23.5
22.0
22.3
22.8
23.2
23.7
24.2
93.7
65.8
82.0
81.5
96.0
95.7 100.3
94.3
474.7 517.2 480.7 487.8 498.0 507.4 537.8 525.7
205.5 224.7 210.5 209.7 208.2 221.0 240.4 229.0
99.0 114.5 102.9 99.7 101.3 111.8 128.1 116.6
5.6
6.0
5.1
7.0
5.6
3.9
7.0
7.6
17.1
18.9
18.0
18.1
25.8
28.8
25.6
23.9
-3.2
29.8
33.8
-1.9
28.9
25.2
-1.5
28.6
17.4
18.4
24.6
24.0
27.8
32.5
30.8
29.6
-8.3
30.6
31.4
-1.3
25.9
33.3
-3.5
30.2
36.7
33.7
-3.3
29.7
106.5 110.2 107.7 109.9 106.9
109.2
20.8
.4
30.0
18.8
112.3 112.4
28.5
31.2
10.0
36.8
91.7
11.7
36.0
44.0
38.3
48.9
90.3
29.9
29.3
12.2
38.7
90.7
16.1
32.8
41.7
51.1
55.8
95.0
28.8
31.5
10.0
37.3
91.2
13.0
37.6
40.6
37.7
50.6
90.6
34.2
28.9
11.9
34.9
90.5
11.4
34.8
44.3
47.4
48.3
91.9
28.0
28.8
12.4
37.7
91.5
14.9
33.8
42.8
49.0
55.1
94.2
28.2
29.9
10.3
40.8
89.6
16.4
30.8
42.4
49.5
54.9
92.4
29.1
30.0
12.4
40.9
90.0
16.9
33.4
39.8
54.1
57.9
95.3
34.4
28.6
13.9
35.6
91.5
16.3
33.4
41.8
51.7
55.2
98.2
95.9
98.6
91.8
107.5
97.4
100.8
99.9
96.3
NOTE.— Estimates in this table are based on the 1987 Standard Industrial Classification.
National Data • D-17
SURVEY OF CURRENT BUSINESS
April 1998
7. Quantity and Price IndexesTable 7.1.—Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
1997
1996
III
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
Chain-type price 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 ...
Chairvtype price index
Implicit orice 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
1996
1997
IV
I
II
III
1996
III
Exports of goods and
services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
1997
IV
I
II
III
IV
122.29
110.95
110.22
110.21
129.39
115.12
112.45
112.40
122.93
111.20
110.59
110.54
124.80
112.38
111.10
111.05
127.05
113.73
111.78
111.71
128.66
114.66
112.27
112.22
130.10
115.53
112.67
112.62
131.76
116.58
113.07
113.01
123.41
111.71
110.47
110.47
130.00
115.35
112.71
112.70
1P3.88
111.81
110.80
110.79
125.79
112.72
111.61
111.60
128.10
114.18
112.21
112.20
128.73
114.45
112.49
112.48
130.99
116.03
112.91
112.89
132.18
116.74
113.24
113.23
129.88
125.09
103.83
103.83
134.95
132.14
102.17
102.12
129.87
125.25
103.72
103.69
130.64
126.32
103.45
103.41
134.77
130.55
103.27
103.24
131.92
128.75
102.50
102.46
136.60
134.31
101.74
101.71
136.50
134.96
101.18
101.14
116.11
108.36
107.15
107.15
120.44
110.34
109.16
109.15
116.38
108.48
107.29
107.28
118.03
109.03
108.26
108.25
120.09
110.29
108.90
108.89
119.45
109.70
108.89
108.88
121.10
110.87
109.24
109.23
121.11
110.52
109.59
109.59
Imports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
144.36 158.18 146.14 148.47 152.63 156.81 161.02 162.24
145.22 165.82 148.03 150.48 156.80 164.30 169.98 172.18
99.41 95.52 98.76 98.75 97.42 95.52 94.81 94.31
99.40 95.39 98.73 98.66 97.34 95.44 94.73 94.23
126.10
110.86
113.76
113.76
134.24
114.72
117.02
117.02
126.78
110.93
114.29
114.28
129.07
111.99
115.26
115.25
131.15
113.05
116.02
116.01
133.17
114.13
116.70
116.69
135.27
115.22
117.42
117.41
137.38
116.48
117.96
117.95
Imports of goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
148.49 163.08 150.53 153.18 157.07 161.53 166.21 167.50
151.06 173.90 154.49 157.37 163.58 172.24 178.53 181.25
98.30 93.91 97.47 97.42 96.11 93.87 93.18 92.49
98.29 93.78 97.44 97.34 96.02 93.78 93.10 92.41
141.26
135.26
104.50
104.43
157.19
151.44
104.13
103.79
145.38
139.21
104.63
104.44
145.63
139.77
104.50
104.19
151.01
145.39
104.23
103.86
157.12
151.45
104.07
103.75
158.17
152.40
104.11
103.78
162.45
156.53
104.10
103.78
139.22
132.97
104.70
104.70
149.87
143.42
104.52
104.50
141.94
135.42
104.85
104.82
142.86
136.41
104.75
104.73
143.91
137.73
104.52
104.49
148.17
141.86
104.47
104.45
153.34
146.70
104.55
104.52
154.05
147.37
104.56
104.53
140.07 151.81 143.15 144.69 145.43 149.90 156.30 155.60
138.33 152.06 141.48 143.54 145.00 150.03 156.75 156.43
101.26 99.87 101.21 100.82 100.31 99.93 99.73 99.49
101.26 99.84 101.18 100.80 100.29 99.91 99.71 99.47
127.22 136.09 128.66 134.16 134.40 134.05 137.65 138.24
111.51 115.50 112.32 116.40 115.79 114.39 116.26 115.58
114.09 117.86 114.58 115.30 116.11 117.23 118.44 119.65
114.09 117.82 114.55 115.26 116.07 117.19 118.40 119.61
145.67 158.65 149.45 149.27 150.23 156.80 164.42 163.16
150.77 169.55 155.10 156.09 158.63 167.05 176.32 176.19
96.62 93.62 96.38 95.65 94.72 93.88 93.27 92.62
96.62 93.57 96.36 95.63 94.70 93.86 93.25 92.60
137.10
120.64
113.64
113.64
145.07
123.91
117.06
117.07
138.97
121.51
114.37
114.36
138.33
120.18
115.10
115.10
140.16
121.17
115.68
115.68
143.90
123.36
116.65
116.65
146.01
124.19
117.57
117.56
150.20
126.93
118.33
118.33
NOTE.— Chain-type quantity and price indexes are calculated from weighted averages of the detailed output and
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 chained-
1997
IV
136.19
134.03
101.61
101,61
Exports of goods:
137.63
Current dollars
Chain-type quantity index ... 140.05
98.27
Chain-type price index
98.27
Implicit price deflator
149.68
150.56
99.38
99.41
135.07
133.15
101.47
101.44
141.48 144.22 150.18 151.05 153.27
140.92 144.30 150.53 152.17 155.25
100.35 99. 9( 99.72 99.21 98.68
100.39 99.95 99.77 99.26 98.73
152.96 135.89 142.75 146.26 153.78 154.02 157.78
161.59 138.85 148.48 152.94 161.76 163.11 168.57
94.60 97.89 96.06 95.55 94.99 94.35 93.52
94.66 97.86 96.14 95.63 95.07 94.43 93.60
Exports of services:
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
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:
, Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
132.81
120.51
110.21
110.21
141.96
126.69
112.04
112.06
133.14
120.28
110.70
110.70
138.49
124.14
111.55
111.56
139.43
125.27
111.29
111.30
141.70
126.25
112.23
112.24
144.05
128.46
112.12
112.14
142.67
126.78
112.51
112.53
126.23
120.06
105.13
105.13
136.66
131.33
104.08
104.06
133.13
127.64
104.31
104.30
136.09
130.41
104.37
104.36
138.23
133.58
103.49
103.48
139.19
133.67
104.15
104.13
111.31
99.54
111.83
111.83
114.95 111.84 112.54 113.40
100.46 99.83 99.85 99.74
114.47 112.07 112.76 113.74
114.42 112.04 112.71 113.69
114.66
100.50
114.14
114.09
115.37
100.77
114.54
114.49
116.39
100.84
115.46
115.41
126.89
120.29
105.50
105.49
127.76
120.90
105.69
105.68
98.49 99.20 98.79 98.03 97.75 99.64 99.56 99.86
87.92 86.55 88.21 87.04 85.76 87.14 86.89 86.39
112.03 114.74 112.05 112.74 114.10 114.46 114.71 115.71
112.02 114.62 111.99 112.62 113.98 114.34 114.58 115.59
93.87 93.22 94.41 93.29 91.37 93.29 93.70 94.53
84.56 82.14 85.00 83.44 80.86 82.33 82.58 82.78
111.02 113.64 111.16 111.94 113.14 113.46 113.62 114.35
111.02 113.50 111.07 111.80 112.99 113.31 113.47 114.20
109.90 113.97 109.58 109.72 113.52 115.31 114.04 113.02
96.01 97.16 95.93 95.69 97.54 98.71 97.27 95.11
114.47 117.38 114.25 114.72 116.44 116.87 117.30 118.89
114.47 117.31 114.23 114.66 116.39 116.82 117.24 118.83
120.51
107.88
111.71
111.71
126.25
110.46
114.31
114.30
121.22
108.17
112.07
112.07
122.96
109.04
112.77
112.76
124.63
109.78
113.54
113.52
125.44
110.10
113.95
113.94
126.70
110.73
114.44
114.43
128.25
111.22
115.32
115.31
dollar output multiplied by 100.
Percent change from preceding period for 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).
SURVEY OF CURRENT BUSINESS
D-18 • National Data
April 1998
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
S easonalh/ adjuste<J
1996
III
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
Chawtype 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 energy
12229
110.95
110.22
110.21
12939
115.12
112.45
112.40
12293
111.20
110.59
110.54
1996
1997
1996
1997
IV
12480
112.38
111.10
111.05
I
12705
113.73
111.78
111.71
II
12866
114.66
112.27
112.22
III
13010
115.53
112.67
112.62
131.76
116.58
113.07
113.01
12201
110.64
11028
110.28
12844
114.12
11255
112.55
12247
110.70
110.65
110.63
12443
111.93
111.17
111.16
12613
112.77
111.85
111.85
127.51
113.47
112.37
112.37
129.47
114.80
112.78
112.78
130.67
115.45
113.18
113.18
12322
112.17
109.86
10985
13039
116.75
111.76
111 69
12416
112.77
110.15
11010
12562
113.46
110.79
11072
12803
115.09
111.32
11124
129.47
116.14
111.55
111.48
131.27
117.38
111.90
111.83
132.81
118.36
112.28
112.21
122.95
111.86
10991
109.91
129.45
115.75
111 86
111.84
123.71
112.28
110.20
110.18
125.25
113.02
110.85
110.83
127.11
114.14
111.39
111.37
128.32
114.96
111.65
111.62
130.63
116.66
112.00
111.98
131.73
117.23
112.39
112.37
109.42 112.23 109.98 111.02 111.35 111.79 112.67 113.12
10701 10742 10672 10923 110.89 105.91 106.16 106.71
110.06 111.93 110.34 110.86 111.36 111.81 112.10 112.47
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 product:
Current 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-type quantity index
122.10
110.81
110.19
110.18
128.85
114.69
112.40
112.35
122.60
110.95
110.55
110.50
124.63
112.27
111.06
111.01
126.60
113.37
111.73
111.67
128.10
114.21
112.22
112.17
129.54
115.08
112.62
112.57
137.88 154.28 137.24 145.06 147.60 154.24 156.43 158.84
140.35 159.40 140.23 147.07 150.74 159.72 162.32 164.82
111.12 115.33 111.32 112.52 113.76 114.89 115.81 116.84
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
131.15
116.10
113.02
112.96
1996
1997
III
IV
Chain-type quantity indexes
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
Chain-type price indexes
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
Addenda:
Price indexes for personal
consumption expenditures:
Food .
. . .
Energy *
Personal consumption
expenditures less food
and energy
1997
IV
I
II
III
IV
111.71 115.35 111.81 112.72 114.18 114.45 116.03 116.74
125.09 132.14 125.25 126.32 130.55 128.75 134.31 134.96
111.82 112.68 111.06 110.19 112.83 107.82 115.39 114.69
142.35 156.53 143.80 146.18 151.75 154.35 159.01 161.00
122.72 131.58 122.66 125.98 131.48 129.70 131.81 133.33
108.36 110.34 108.48 109.03 110.29 109.70 110.87 110.52
104.51
118.70
107.02
97.19
110.16
104.51
123.25
108.83
91.28
115.03
104.14
120.09
107.01
96.86
110.55
104.39
119.73
107.69
94.75
112.37
105.25
122.88
107.56
86.25
114.07
104.28
121.39
108.95
92.53
113.98
104.48
124.74
109.05
95.48
116.06
104.04
123.98
109.74
90.87
115.99
110.86 114.72 110.93 111.99 113.05 114.13 115.22 116.48
108.25
116.65
110.55
121.17
123.11
106.42
112.64
110.36
118.64
108.92
125.78
128.27
109.96
118.71
108.48
115.15
107.74
120.61
123.64
106.67
112.84
108.97
117.51
110.47
122.71
124.64
107.81
113.91
109.52
116.02
106.82
122.79
126.10
108.93
116.15
110.09
118.51
110.55
124.38
127.14
109.61
117.59
110.64
119.14
108.60
126.86
129.02
110.45
119.36
111.21
120.90
109.73
129.09
130.81
110.87
121.74
110.47 112.71 110.80 111.61 112.21 112.49 112.91 113.24
103.83 102.17 103.72 103.45 103.27 102.50 101.74 101.18
112.95 112.97 113.15 113.55 113.84 113.26 112.55 112.23
93.71 90.29 93.38 92.50 91.84 90.84 89.67 88.81
106.48 105.82 106.26 106.14 106.22 105.64 105.85 105.58
107.15 109.16 107.29 108.26 108.90 108.89 109.24 109.59
109.63
98.75
107.44
108.92
108.22
112.57
99.75
107.47
108.81
109.85
110.20
98.08
106.47
105.69
108.57
111.27
98.56
109.83
116.17
108.67
111.65
99.29
112.13
116.49
109.21
112.09
100.37
104.77
108.78
110.08
113.02
99.68
106.31
104.55
109.87
113.51
99.67
106.66
105.42
110.24
113.76 117.02 114.29 115.26 116.02 116.70 117.42 117.96
112.43
109.08
106.35
111.01
112.22
117.43
113.69
115.78
111.29
108.69
113.14
116.56
120.13
117.49
112.85
109.63
106.92
111.55
112.43
117.72
114.63
113.60
110.32
107.73
112.16
114.15
118.62
115.76
114.42
111.37
109.66
112.63
114.88
119.41
116.33
115.34
111.05
107.98
113.21
116.14
119.88
117.20
116.25
111.17
108.16
113.28
116.98
120.38
118.12
117.11
111.58
108.98
113.43
118.23
120.87
118.30
109.63 112.57 110.20 111.27 111.65 112.09 113.02 113.51
106.96 108.10 106.63 109.07 111.11 106.47 107.11 107.71
110.88 113.06 111.21' 111.87 112.41 112.97 113.28 113.58
1. Consists of prices for gasoline and oil, fuel oil and coal, and electricity and gas.
National Data • D-19
SURVEY OF CURRENT BUSINESS
April 1998
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
1996
1997
III
Seasonally adjusted
1997
1996
IV
I
II
III
1996
IV
1997
Chain-type quantity indexes
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 1
Other
Industrial equipment
Transportation and related
equipment
Other
.
Residential
Structures
Single family
Multifamily
Other structures
Producers' durable
equipment
Chain-type price indexes
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
132.97 143.42 135.42 136.41 137.73 141.86 146.70 147.37
138.33 152.06 141.48 143.54 145.00 150.03 156.75 156.43
111.51 115.50 112.32 116.40 115.79 114.39 116.26 115.58
123.67 131.25 125.22 131.15 132.58 129.98 132.61 129.83
84.83 81.52 83.23 85.66 79.80 83.07 81.32 81.88
104.18
66.68
99.21 106.20 103.54 102.45
66.64 65.30 61.90 55.98
96.38
91.22
150.77 169.55 155.10 156.09 158.63 167.05 176.32 176.19
188.61 228.19 196.97 201.54 209.70 221.31 238.88 242.88
365.81 513.06 386.78 414.95 445.54 491.73 547.14 567.82
128.90 141.12 133.29 132.21 134.66 137.85 145.77 146.20
131.01 137.88 131.64 130.91 130.81 138.25 140.67 141.77
145.10 160.53 150.25 150.54 147.92 157.79 170.32 166.09
127.58 138.65 130.11 129.66 134.23 138.07 141.85 140.47
120.64 123.91 121.51 120.18 121.17 123.36 124.19 126.93
120.71
117.22
142.27
122.54
123.91
117.34
154.15
128.64
121.59
118.73
133.41
123.96
120.21
116.95
137.49
122.33
121.13
116.95
149.84
122.86
123.35
117.14
156.03
127.25
124.17
116.45
149.56
131.15
126.99
118.82
161.16
133.31
118.12 124.25 118.83 119.28 122.83 123.91 125.40 124.86
104.70 104.52 104.85 104.75 104.52 104.47 104.55 104.56
101.26
99.87 101.21 100.82 100.31
99.93
99.73
99.49
114.09 117.86 114.58 115.30 116.11 117.23 118.44 119.65
114.14 117.74 114.72 115.38 116.02 117.03 118.33 119.58
113.70 117.76 113.75 115.29 116.17 117.45 118.42 119.00
115.89 120.83 116.56 116.21 118.47 120.25 121.28 123.33
112.33 116.64 112.46 113.43 114.82 116.51 116.93 118.30
96.62
93.62
96.38
95.65
94.72
93.88
93.27
92.62
77.09
69.44
76.06
74.05
72.06
70.16
68.46
67.07
48.98 37.84 47.21 44.10 41.47 38.81 36.41 34.67
100.04 99.74 100.02 100.07 99.65 99.67 99.89 99.75
108.96 109.43 109.06 109.41 109.34 109.23 109.47 109.69
107.56 108.47 108.18 108.03 108.09 108.22 108.97 108.58
108.24 109.11 108.46 109.20 109.05 109.16 108.99 109.26
113.64 117.06 114.37 115.10 115.68 116.65 117.57 118.33
113.88
116.50
109.10
111.02
117.38
119.68
113.32
114.81
114.62
117.27
110.17
111.68
115.36
117.84
111.69
112.50
115.94
118.15
111.87
113.47
116.96
119.05
112.73
114.66
117.91
120.26
113.87
115.29
118.71
121.26
114.82
115.82
104.84 105.23 104.94 105.59 106.27 105.27 104.89 104.49
1. Includes new computers and peripheral equipment only.
97.40 100.62
57.50 61.86
Chain-type quantity indexes
Exports of1 goods and services
Goods
Durable
Nondurable
Services!
Receipts of factor income
Imports of1 goods and services
Goods
Durable
Nondurable
Services!
Payments of factor income
Chain-type price indexes
Exports of1 goods and services
Goods
Durable
Nondurable
Services1
Receipts of factor income
Imports ofJ goods and services
Goods
Durable
Nondurable
Services l
Payments of factor income
134.03
140.05
153.97
114.40
120.51
150.56
161.59
183.85
122.22
126.69
1996
1997
III
IV
I
II
III
IV
133.15
138.85
153.17
112.57
120.28
140.92
148.48
164.19
119.77
124.14
144.30
152.94
171.81
119.12
125.27
150.53
161.76
184.74
121.23
126.25
152.17
163.11
186.07
122.57
128.46
155.25
168.57
192.76
125.95
126.78
155.36 171.39 155.79 163.87 162.90 171.33 175.83 175.51
145.22
151.06
164.50
127.78
120.06
165.82
173.90
193.70
140.86
131.33
148.03
154.49
168.17
130.74
120.29
150.48
157.37
172.22
131.83
120.90
156.80
163.58
182.08
132.70
127.64
164.30
172.24
190.72
141.15
130.41
169.98
178.53
198.74
144.77
133.58
172.18
181.25
203.25
144.85
133.67
165.78 197.20 171.97 173.34 184.53 197.73 202.54 203.98
101.61 99.38 101.47 100.35 99.90 99.72 99.21 98.68
98.27 94.60 97.89 96.06 95.55 94.99 94.35 93.52
90.93 87.02 90.21 88.77 88.13 87.43 86.69 85.84
116.09 113.26 116.61 113.78 113.67 113.55 113.28 112.54
110.21 112.04 110.70 111.55 111.29 112.23 112.12 112.51
109.36 110.95 109.56 110.08 110.49 110.73 111.10 111.48
99.41 95.52 98.76 98.75 97.42 95.52 94.81 94.31
98.30 93.91 97.47 97.42 96.11 93.87 93.18 92.49
93.63 87.95 92.74 90.73 89.31 88.36 87.61 86.53
108.65 107.12 107.94 112.34 111.27 105.99 105.47 105.75
105.13 104.08 105.50 105.69 104.31 104.37 103.49 104.15
110.63 112.81 111.14 111.81 112.24 112.65 113.00 113.35
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 are reclassified from goods
to services.
SURVEY OF CURRENT BUSINESS
D-20 • National Data
April 1998
Table 7.10.—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services by Type of Product
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
1997
1997
1996
III
IV
I
II
1996
III
Exports of goods l
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 l
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 '
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
goods 2
Exports of nonagricultural
goods
Imports of nonpetroleum
goods
NOTE.—See footnotes to table 4.3.
III
IV
1997
IV
I
II
III
IV
Chain-type price indexes
Chain-type quantity indexes
Exports of goods and
services
1996
1997
134.03 150.56 133.15 140.92 144.30 150.53 152.17 155.25
140.05 161.59 138.85 148.48 152.94 161.76 163.11 168.57
109.04 108.52 106.22 117.01 107.05 101.39 105.81 119.82
116.02 126.05 115.44 120.53 121.51 127.10 127.82 127.79
121.61 132.47 123.20 125.69 127.44 133.28 132.87 136.27
113.07 122.68 111.36 117.81 118.39 123.86 125.15 123.34
176.29 220.39 173.67 191.52 202.24 220.74 224.90 233.66
71.59
92.88
61.81
84.26
89.29 102.57
81.03
98.65
337.98 507.27 348.56 371.25 425.35 495.59 558.72 549.44
185.57 220.73 184.71 198.17 205.08 217.82 227.57 232.46
132.62 148.96 135.07 136.33 143.80 148.52 147.80 155.73
130.81
131.21
130.37
109.60
109.60
109.60
143.52
145.03
141.91
127.90
127.90
127.90
129.26
129.81
128.68
109.92
109.92
109.92
135.65
138.38
132.80
114.59
114.60
114.59
139.66
138.59
140.75
122.19
122.20
122.19
146.32
149.53
142.95
131.33
131.33
131.33
142.33
144.41
140.13
130.36
130.36
130.35
145.76
147.60
143.82
127.71
127.71
127.71
120.51 126.69 120.28 124.14 125.27 126.25 128.46 126.78
Exports of goods and
services
Exports of goods '
.
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 l
101.61
98.27
81.56
44.97
87.85
104.27
102.71
105.95
103.61
103.61
103.61
115.54
115.75
116.59
114.98
143.74
147.40
109.45
117.72
117.95
119.52
117.26
142.94
151.24
109.87
151.06 173.90 154.49 157.37 163.58 172.24 178.53 181.25
116.82 128.46 117.84 120.16 123.78 127.97 131.19 130.92
138.73
146.42
131.63
123.72
149.66
157.49
142.42
129.41
142.02
150.17
134.50
130.93
142.95
150.97
135.54
123.98
143.73
150.80
137.18
120.50
149.80
157.53
142.64
132.12
152.42
158.96
146.42
134.16
152.70
162.66
143.45
130.86
219.36 281.32 222.42 238.05 253.47 275.14 293.05 303.62
88.71 112.51
90.58
96.77
92.67 105.06 127.72 124.60
373.29 537.57 383.34 410.89 455.71 521.20 579.68 593.67
197.41 241.77 199.06 213.17 225.32 238.34 245.82 257.60
129.38 141.62 134.07 129.32 142.67 138.97 143.84 140.99
134.78
135.52
133.96
124.65
124.65
124.65
153.74
152.64
154.90
145.18
145.18
145.18
136.62
138.66
134.41
125.92
125.92
125.92
141.81
140.82
142.86
127.07
127.07
127.07
143.88
143.19
144.62
133.79
133.79
133.79
152.92
151.76
154.15
143.13
143.13
143.13
155.69
153.68
157.83
151.38
151.38
151.38
162.44
161.91
163.03
152.43
152.43
152.43
120.06 131.33 120.29 120.90 127.64 130.41 133.58 133.67
72.71
115.75
141.57
108.20
131.88
156.64
107.59
83.39
130.51
148.33
113.46
145.54
171.94
112.04
74.42
111.42
142.09
109.77
154.18
157.00
108.64
72.34
115.97
143.35
107.70
126.69
161.19
109.99
79.33
127.31
149.12
110.16
135.99
165.61
111.87
81.05
129.34
144.58
113.41
149.43
171.31
112.06
84.47
131.36
147.33
114.41
156.31
178.47
113.05
88.71
134.05
152.27
115.83
140.44
172.37
111.16
110.25 112.00 106.20 117.38 108.28 107.13 112.27 120.32
143.68 167.89 142.86 152.24 158.58 168.75 169.57 174.65
153.63 178.61 156.57 160.69 168.20 176.44 183.20 186.62
Imports of goods!
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
goods 2
Exports of nonagricultural
goods
Imports of nonpetroleum
goods
93.52
75.84
80.68
78.60
77.42
76.31
75.28
74.34
34.06
84.08
43.23
87.16
40.46
85.25
37.77
84.49
35.06
84.28
32.64
83.96
30.78
83.60
105.04
103.70
106.50
100.76
100.81
100.81
104.39
102.86
106.05
103.38
103.42
103.42
1.04.53
102.92
106.27
101.61
101.65
101.65
104.80
103.38
106.32
101.12
101.16
101.16
104.86
103.75
106.05
101.12
101.17
101.17
105.18
103.77
106.72
100.38
100.42
100.42
105.34
103.90
106.90
100.43
100.47
100.47
110.21 112.04 110.70 111.55 111.29 112.23 112.12 112.51
Imports of goods and
services
101.68
119.26
124.53
111.72
139.78
143.25
109.21
98.68
94.35
104.25 105.12 104.24 104.53 104.92 105.15 105.21 105.21
145.22 165.82 148.03 150.48 156.80 164.30 169.98 172.18
124.35
117.69
113.35
112.55
139.76
139.03
108.73
99.21
94.99
114.01 118.34 114.97 115.70 117.81 117.63 118.82 119.10
111.29
111.60
109.86
105.61
109.41
107.81
122.10
106.13
114.82
114.88
107.32
136.63
134.48
108.48
99.72
95.55
97.89
126.27 115.97 128.50 117.48 117.60 117.98 115.48 112.81
107.86
114.74
122.23
120.55
141.23
148.79
110.10
110.70
116.92
120.72
116.13
141.92
147.67
109.66
99.90
96.06
94.60
115.72 115.34 115.05 115.29 115.52 115.36 115.71 114.77
113.74 112.73 112.30 112.12 113.19 113.30 113.32 111.13
116.78 116.78 116.58 117.06 116.81 116.48 117.03 116.81
Transfers under U.S. military
agency sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other .. .
111.75
114.43
112.61
108.78
136.87
134.38
109.14
99.38 101.47 100.35
110.18
114.93
106.25
105.87
111.01
109.28
131.07
109.83
112.38
109.73
105.69
109.62
107.95
126.05
109.65
112.89
112.16
107.16
110.14
108.43
128.28
110.56
114.09
102.75
106.69
110.55
108.78
129.06
110.84
114.62
109.52
105.73
110.79
109.16
131.79
109.69
114.78
108.05
105.06
111.15
109.36
131.76
109.63
116.24
104.67
105.99
111.54
109.83
131.65
99.41
95.52
98.76
98.75
97.42
95.52
94.81
94.31
98.30
93.91
97.47
97.42
96.11
93.87
93.18
92.49
110.72 111.93 110.06 110.71 111.37 113.17 112.05 111.12
109.62
110.07
109.26
113.99
109.60
112.06
107.26
107.93
108.70
109.99
107.49
112.85
109.35
109.86
108.95
128.60
110.46
111.36
109.66
123.38
108.90
112.51
105.41
104.18
109.65
112.95
106.47
101.73
109.40
111.42
107.49
102.46
77.78
67.34
76.05
72.32
69.65
68.05
66.63
65.04
113.54 118.15 114.47 114.99 117.21 117.65 118.63 119.13
52.01
87.18
41.38
76.98
50.65
85.15
48.16
80.62
45.26
78.03
42.64
77.23
40.00
76.79
37.61
75.89
108.57 108.84 108.64 108.67 108.67 108.50 108.90 109.28
103.45
103.06
103.87
107.43
107.43
107.43
102.27
100.85
103.81
106.43
106.43
106.43
103.37
102.90
103.89
107.08
107.08
107.08
103.14
102.61
103.72
107.24
107.24
107.24
102.67
101.84
103.57
107.05
107.05
107.05
102.38
101.00
103.89
106.36
106.36
106.36
102.14
100.57
103.84
106.34
106.34
106.34
101.88
99.99
103.94
105.99
105.99
105.99
105.13 104.08 105.50 105.69 104.31 104.37 103.49 104.15
107.97
109.23
105.58
103.29
109.42
99.25
109.36
100.22
105.70
111.73
103.46
111.01
98.71
108.92
107.94
110.96
104.56
103.32
109.62
98.93
110.20
108.89
109.53
107.13
104.57
110.14
99.08
109.96
101.94
106.66
108.68
104.33
110.55
98.61
109.04
101.45
105.58
112.91
103.88
110.79
98.98
108.74
98.05
104.74
112.86
102.65
111.15
98.34
108.61
99.45
105.82
112.48
102.96
111.54
98.92
109.28
126.61 117.53 128.81 118.80 119.38 118.84 116.80 115.08
95.65
92.44
95.04
93.91
93.31
92.75
92.22
91.46
97.16
92.74
96.32
94.93
93.92
92.98
92.43
91.64
D-21
National Data
SURVEY OF CURRENT BUSINESS
April 1998
Table 7.11.—Chain-Type Quantity and Price Indexes for Government Consumption Expenditures and Gross Investment by Type
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
1997
III
Chain-type quantity indexes
Government consumption
expenditures
and gross
investment ]
Federal
National defense
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account3
construction
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment
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
State and local
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of general
government
employees, except
force-account
construction3
Consumption of general
government
fixed
capital4
Other services
Gross investment
Structures
Equipment
Addenda:
Compensation of general 3
government employees ....
Federal
State and local
NOTE.-See footnotes to table 3.7.
1996
1997
1996
IV
I
II
III
99.54 100.46
99.83
99.85
99.74 100.50 100.77 100.84
86.55
88.21
87.04
85.76
87.14
86.89
86.39
84.56
86.20
72.27
76.05
88.01
82.14
85.38
67.50
69.83
87.76
85.00
86.99
79.98
82.30
87.94
83.44
85.84
67.04
66.02
88.45
80.86
84.57
66.37
70.26
86.93
82.33
85.69
70.43
66.46
87.94
82.58
85.60
66.16
72.52
88.05
82.78
85.68
67.05
70.08
88.14
81.89
78.91
81.93
80.64
79.99
79.14
78.93
77.58
93.62 93.17 92.70 92.19
94.74 100.30 101.42 104.70
59.66 63.13 65.42 66.25
96.54 94.56 93.91 95.67
55.49 59.61 62.26 62.98
96.01
95.37
97.16
97.09
95.93
94.84
95.69
95.21
97.54
97.18
98.71
97.60
97.27
97.24
95.11
96.34
75.08
95.57
86.91
96.62
70.86
95.43
74.38
95.61
83.75
96.75
85.82
97.23
85.41
97.03
92.66
95.46
90.66
90.43
91.20 • 90.70
91.10
91.42
90.91
88.28
115.70 121.31 116.42 117.80
99.49 101.89 98.03 99.16
100.61 97.46 103.75 99.08
97.44 85.27 96.76 97.41
104.93 113.31 112.70 101.49
119.30
101.47
100.06
94.95
106.77
120.73 122.01 123.19
102.05 102.13 101.90
106.81 97.31 85.67
88.29 90.52 67.31
130.76 105.85 109.86
107.88
108.28
115.98
117.38
107.08
109.78
109.53
118.18
120.12
108.15
110.10
110.06
119.04
121.18
108.61
110.46
110.44
119.47
121.71
108.98
108.17
108.63
116.49
117.92
107.41
109.04
108.98
117.32
119.06
107.66
110.73
110.77
119.90
122.24
109.28
111.22
111.41
120.76
123.30
109.87
105.08 106.62 105.44 105.54 105.87 106.30 106.90 107.40
111.57
138.73
106.03
104.30
114.13
114.41
146.07
110.52
108.59
119.81
111.94
138.20
106.03
104.15
114.91
112.66
140.65
109.35
107.84
116.33
113.37
143.86
110.95
109.49
117.57
114.07
144.66
110.28
108.43
119.08
114.76
146.73
110.52
108.39
120.88
115.43
149.02
110.35
108.03
121.73
98.66 99.06 98.98 98.72 98.87 99.00 99.31 99.05
84.83 82.79 85.07 84.02 83.73 83.27 82.98 81.17
105.06 106.63 105.42 105.54 105.89 106.31 106.91 107.41
1996
III
IV
87.92
94.82 92.92 94.57 94.12
94.25 100.29 94.08 98.60
75.34 63.61 73.76 69.89
107.11 95.17 103.75 102.80
71.80 60.08 70.43 66.21
1997
Chain-type price indexes
Government consumption
expenditures
and gross
investment l
Federal
National defense
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment
Nondefense
Consumption expenditures
Durable goods2
Nondurable goods
Commodity Credit
Corporation
inventory change .
Other nondurables
Services
Compensation of
general government
employees, except
force-account3
construction
Consumption of
general government
fixed capital4
Other services
Gross investment
Structures
Equipment
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
Equipment
Addenda:
Compensation of general 3
government employees ....
Federal
State and local
1997
IV
I
II
III
IV
111.83
112.03
114.47 112.07 112.76 113.74 114.14 114.54 115.46
111.02
110.96
102.41
109.95
111.78
113.64
113.97
102.96
108.29
115.11
114.74 112.05 112.74 114.10 114.46 114.71 115.71
111.16
111.26
102.60
109.14
112.12
111.94
112.16
102.17
116.27
112.96
113.14
113.39
102.89
114.14
114.31
113.46
113.70
103.22
107.47
114.81
113.62
113.95
103.01
105.14
115.17
114.35
114.83
102.73
106.43
116.13
115.40 120.33 115.87 116.76 119.51 120.16 120.26 121.41
111.40
106.45
111.22
121.50
110.07
113.13
108.49
111.17
125.40
109.40
111.61
106.69
110.39
122.21
109.00
111.91
107.82
110.29
123.57
108.67
112.50
107.65
111.26
124.09
109.72
112.78
108.07
111.65
125.35
109.95
113.26
108.71
111.10
126.15
109.19
113.99
109.55
110.68
125.99
108.72
114.47 117.38 114.25 114.72 116.44 116.87 117.30 118.89
116.32 119.92 116.10 116.74 118.80 119.30 119.87 121.70
112.73 111.18 113.82 109.98 110.07 111.40 111.61 111.64
116.89 120.79 116.64 117.48 119.65 120.14 120.73 122.65
126.39 132.74 125.72 126.91 130.91 131.68 132.41 135.95
104.51
106.39
102.76
113.14
92.16
104.23
108.10
101.45
116.64
86.86
104.40
106.65
102.53
113.30
91.56
104.15
107.29
101.99
113.92
90.00
104.08
107.60
101.63
114.63
88.66
103.77
107.92
101.67
116.18
87.56
104.43
108.29
101.24
117.11
86.12
104.65
108.58
101.26
118.63
85.10
111.71
111.84
106.39
109.36
112.25
114.31
114.44
106.79
108.76
115.32
112.07
112.23
106.32
109.07
112.75
112.77
113.01
106.45
110.70
113.43
113.54
113.71
106.42
110.77
114.23
113.95
114.02
106.45
108.30
114.90
114.44
114.58
107.01
107.82
115.60
115.32
115.45
107.30
108.16
116.56
114.02 117.18 114.45 115.24 116.04 116.75 117.52 118.40
108.74 110.56 108.85 108.95 109.84 110.41 110.57 111.40
90.09 93.72 91.97 92.13 92.76 93.05 93.55 95.51
111.14 113.71 111.34 111.69 112.73 113.64 113.78 114.70
113.93 117.95 114.25 114.90 116.36 117.75 118.20 119.51
99.35 95.94 99.09 98.20 97.49 96.39 95.28 94.59
115.42 119.17 115.75 116.59 118.03 118.73 119.38 120.55
119.00 124.43 119.08 120.08 123.26 123.94 124.26 126.25
114.03 117.18 114.46 115.24 116.04 116.75 117.53 118.41
SURVEY OF CURRENT BUSINESS
D-22 • National Data
April 1998
Table 7.14.—Chain-Type Quantity and Price Indexes for Gross Domestic
Product by Sector
Table 7.16.—Implicit Price Deflators for Inventories of Business by
Industry
[Index numbers, 1992=100]
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
III
Chain-type quantity indexes
Gross domestic
product
Business1
Nonfarm l
Nonfarm less housing
Housing
Farm
Households and institutions ...
Private households
Nonprofit institutions
General government2
Federal
State and local
Chain-type price indexes
Gross domestic
product
Business!
Nonfarm1
Nonfarm less housing
Housing
..
Farm
Households and institutions ...
Private households
Nonprofit institutions
General government2 .
Federal
State and local
1996
1997
1996
1997
IV
I
II
IV
III
Inventories l
110.95 115.12 111.20 112.38 113.73 114.66 115.53 116.58
112.70 117.51 112.93 114.35 115.92 116.98 117.94 119.20
112.99 117.79 113.25 114.69 116.18 117.23 118.23 119.52
113.61 118.79 113.83 115.36 116.99 118.15 119.27 120.74
107.83 109.59 108.37 109.05 109.53 109.66 109.67 109.50
93.75 98.71 92.56 92.75 98.07 99.75 98.78 98.24
111.52 114.86 111.96 112.66 113.55 114.40 115.28 116.20
100.06 95.64 98.67 95.09 94.77 95.54 95.97 96.28
111.96 115.59 112.47 113.33 114.27 115.11 116.02 116.96
99.34
99.78
99.63
99.43
99.58
99.72 100.01
99.80
87.79 85.99 87.94 87.08 86.80 86.40 86.12 84.63
105.65 107.33 106.00 106.18 106.56 107.00 107.61 108.13
110.22 112.45 110.59 111.10 111.78 112.27 112.67 113.07
109.56 111.58 109.95 110.43 111.00 111.45 111.80 112.08
109.46
109.11
112.48
118.34
111.45
110.96
115.81
122.39
109.76
109.40
112.88
125.11
110.21
109.82
113.63
128.16
110.88
110.47
114.42
121.56
111.29
110.83
115.32
124.35
111.67
111.14
116.29
122.82
111.98
111.39
117.21
120.83
111.19 114.29 111.36 111.98 112.87 113.90 114.79 115.59
113.51 117.66 114.29 115.40 115.86 116.84 118.22 119.72
111.10 114.17 111.25 111.86 112.77 113.79 114.68 115.45
114.58 118.02 114.89 115.62 116.95 117.60 118.21 119.31
116.82 121.20 116.92 117.71 120.19 120.74 121.11 122.75
113.53 116.55 113.93 114.64 115.46 116.15 116.86 117.74
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
product1
Consumption of fixed capital
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies
Domestic income
Compensation of
employees
Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits tax liability
Profits after tax with
inventory valuation
and capital
consumption
adjustments
Net interest
1.063
1.072
1.064
1.065
1.069
1.072
1.072
1.073
.101
.101
.101
.101
.101
.101
.100
.100
.962
.971
.963
.963
.968
.971
.972
.973
108
853
.107
.864
.108
.855
.108
.855
.107
.861
.107
.863
.107
.865
.106
.867
690
698
.691
.693
.697
.698
.695
.702
.145
.040
.141
.040
.142
.040
.143
.040
.144
.040
.149
.042
.145
.040
.105
.021
.101
.022
.102
.021
.103
.021
.104
.021
.107
.021
.105
.021
.140
.040
101
.023
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted
two places to the left.
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
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 goods
Other
Durable goods
Nondurable goods
.
1997
III
IV
I
II
107.20
105.03
107.45
106.52
108.74
107.08
100.15
107.77
106.49
109.53
107.47
104.89
111.85
106.53
103.90
110.90
106.48
104.14
110.43
106.86
102.26
113.64
106.96
110.06
112:57
107.52
103.80
113.73
115.15
113.22
106.63
103.26
107.00
106.69
107.45
106.84
104.92
110.06
106.26
103.91
110.16
106.50
104.17
110.44
104.87
102.24
108.77
107.01
110.48
113.16
107.79
103.44
109.34
116.40
105.81
105.93
101.90
106.36
106.25
106.54
107.32
104.68
111.79
107.22
104.14
112.38
107.39
104.39
112.55
106.18
102.54
111.59
106.85
110.22
112.94
107.50
103.39
109.96
115.20
107.36
106.13
104.52
108.80
105.62
103.80
108.61
105.93
104.06
109.05
103.79
102.07
106.34
106.28
109.42
110.90
107.83
103.08
109.15
116.50
105.46
III
IV
106.21 105.33
101.00 97.87
106.74 106.07
106.12 105.80
107.62 106.47
106.49 106.00
104.50 104.39
109.84 108.68
106.08 105.17
103.56 103.05
110.27 108.68
106.35 105.52
103.83 103.31
110.61 109.25
104.50 103.09
101.79 101.31
108.52 105.74
106.53 106.16
109.38 108.94
110.89 110.30
107.76 107.46
103.64 103.35
109.74 108.34
115.80 115.50
106.73 104.75
1. Implicit price deflators are as of the end of the quarter and are consistent with the inventory stocks shown
in tables 5.12 and 5.13.
SURVEY OF CURRENT BUSINESS
April 1998
Table 7.17.—Chain-Type Quantity Indexes for Gross Domestic Product
by Major Type of Product
National Data • D-23
Table 7.18.—Chain-Type Quantity Indexes for Auto Output
[Index numbers, 1992=100]
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
1997
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
1997
98.69
98.77 105.25
93.58
98.45
96.09 100.49 100.04
101.94
97.99 101.44
99.35
99.31
94.84 100.39
1997
1996
III
1996
IV
I
II
1996
III
III
IV
110.95 115.12 111.20 112.38 113.73 114.66 115.53 116.58
110.64 114.12 110.70 111.93 112.77 113.47 114.80 115.45
114.72 120.99 115.17 116.51 119.31 120.49 121.30 122.87
113.89 118.22 113.83 115.32 116.66 117.19 119.31 119.71
127.97 138.89 130.25 128.64 133.71 139.00 140.14 142.71
124.84 133.96 125.41 127.35 128.97 132,66 136.70 137.53
105.69 108.96 104.94 108,19 109.52 108.07 108.66 109.58
106.32 107.48 105.82 107.01 108.17 106.63 107.49 107.61
108.08 111.08 108.15 109.17 109.76 110.65 111.54 112.38
113.63 116.85 114.19 115.73 116.16 116.27 117.26 117.72
117.55 122.87 120.25 115.23 120.59 117.22 123.72 129.92
110.73 114.86 110.89 112.28 113.50 114.57 115.25 116.13
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
ExDorts
Imports
..
Gross government investment
Change in business
inventories of new and used
autos
New
Used
Addenda:
Domestic output of new
autos *
Sales of imported new autos2
1997
IV
I
103.07 103.22 102.94 100.38 105.11
95.25 95.86 93.43 93.83 96.91
II
III
IV
97.41
99.69 106.36 101.74
89.70 100.20 96.61
128.03 132.71 133.95 127.22 136.19 130.82 136.50 127.34
126.10 126.82 133.00 121.72 130.80 126.22 129.36 120.92
112.16 110.83 112.99 110.84 109.44 119.00 106.05 108.81
126.62 140.15 131.31 125.96 143.81 139.60 143.34 133.87
102.75 98.19 89.32 115.71 103.02 82.28 100.78 106.68
110.93 110.36 120.25 103.63 109.88 108.14 114.28 109.16
98.06 107.19 97.64 99.15 108.82 102.63 109.56 107.75
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.
Table 7.19.—Chain-Type Quantity Indexes for Truck Output
[Index numbers, 1992=100]
Truck output *
Final sales .
Personal consumption
expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
Change in business
inventories
1. Includes new trucks only.
144.61
157.51 141.72 146.38 152.43 147.62 157.14 172.86
147.62 156.53 144.35 152.03 150.72 147.96 158.65 16880
121.78 123.02 118.29 120.90 119.17 113.36 12605 13349
181.34 199.56 184.46 190.80 193.20 192.36 202.08 210.60
156.23 185.31 147.53 177.17 175.57 169.89 17636 21943
11645 13516 12533 11392 13314 13075 14562 131 15
91.90 105.17 79.52 82.80 97.68 109.59 120.72 92.70
SURVEY OF CURRENT BUSINESS
D-24 • National Data
April 1998
8. Supplementary Tables.
Table 8.1.—Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
1996
1996 1997
III
Gross domestic product:
Current dollars
Chain-type quantity index
Chain-type price index
Seasonally adjusted at annual rates
1996 1997
1997
IV
I
II
5.8
3.8
2.0
2.0
3.6
1.0
2.7
2.6
6.2
4G
1.9
1.9
7.4
4.9
2.4
2.4
5.2
3.3
1.8
1.8
4.6
3.1
1.4
1.4
5.2
3.7
1.4
1.4
5.0
2.6
2.4
2.4
5.3
3.3
2.0
2.0
3.0
6.3
3.3
3.0
2.9
7.6
5.3
2.2
2.2
2.0
9
i!o
1.0
7.2
5.6
1.5
1^5
3.7
2.5
1.2
1.2
Durable goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator ....
2.4
4.3
3.9 -2.6
4.7
5.6 -1.9
3.5
-.4 -1.6
—.6 -1.0
-.4 -1.6
-.7 -1.1
13.3
14.1
-8.2
-5.4
-3.0
-3.0
15.0
18.4
-2.9
-2.9
-.3
1.9
Nondurable goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
4.0
1.4
2.6
2.6
7.2 -2.1
4.7 -2.1
2.4
0
2.4
0
5.7
4.3
1.3
1.3
Personal consumption expenditures:
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
5.7
2.7
2.9
2.9
7.5
7.8
-.2
-.3
8.2
8.3
-.1
-.1
8.1
9.2
-1.0
-1.0
3.7
1.8
1.9
1.9
6.5
3.5
2.9
2.9
11.3
12.0
-4
-.6
7.7
7.9
-.2
-.2
8.4
9.9
-1.4
-1.4
c
2^5
2.5
1.6
.6
.9
.9
4.9
1.0
3.9
3.9
16.8
16.5
1.2
.3
11.6
10.1
1.4
1.3
5.8
2.1
3.7
3.7
7.4
3.9
3.4
3.4
-.7
-.7
6.6
3.9
2.6
2.6
.7 15.6
1.6 17.1
_ 5 -1.0
_'g -1.3
2.6
3.0
-.4
-.4
3.0
3.9
-.9
-.9
4.4
5.9
-.3 -1.5
-.3 -1.5
-2.0
-2.0
-2.1
16.1
16.5
2.1
4.1
6.3
3.9
2.4
2.4
17.2
17.7
-.6
-.4
12.4
12.6
-.2
-.2
6.5
3.9
2.5
2.5
2.7
2.5«
.d.
.1
14.7
14.4
g
^3
12.9
14.6
-1.5
-1.5
18.2
19.2
.7 -1.0
11.2
-2.2
-2.2
0
-1.2
1.3
1.3
6.4
4.4
1.9
1.9
11.3
11.3
0
0
1.9
1.8
0
0
-1.8
-.8
-.8 -1.0
-.8 -1.0
1.7
6.7 -2.3
4.2
4.1
4.1
4.2
7.3
4.8
2.3
2.3
7.0
3.6
3.3
3.3
14.2
10.0
18.2
15.3
3.9
3.8
2.5
2.5
2.8
2.8
3.9
3.9
8.4
8.9
12.5
^3.1
^3.2
-.5
2.6
2.6
6.7
^3.0
^3.0
-3.8
-3.8
18.7
23.0
^3.5
-3.5
20.9
24.1
-2.6
-2.6
-3.0
10.9
-2.3
-2.3
16.9
19.1
-1.9
-1.9
5.4
3.3
2.0
2.0
11.1
12.0
7.4
3.4
3.4
6.0
2.7
3.2
3.2
8.0
9.9
17.6
18.4
2.3
4.4
6.0
8.3
8.5
5.9
2.4
2.4
5.8
1.0
2.7 -4.5
5.7
3.0
5.7
3.0
-1.8
•4.3
6.4
8.3
9.9
-.6
1.9
20.4
25.5
-4.3
-1.8
-1.8
5.8
9.5
12.3
-2.2
-2.2
-2.6
-2.4
-2.7
-3.4
-3.4
11.1
15.4
-3.7
-3.7
-5.3
-5.1
8.0
5.5
2.4
6.9
5.1
1.7
4.6
.3
4.3
2.5
2.6
2.6
-1.8
^.1 -1.8
-4.7
-.7 -2.0
-.7 -2.0
21.8
30.7
-7.3
-£.9
10.2
12.6
-2.1
-2.1
22.2
25.1
-2.3
-2.3
17.1
13.5
2.7
3.7
-.9
6.7
3.2
3.4
3.1
NOTE.—Contributions to the percent change in real gross domestic product are shown in table 8.2.
I
II
III
3.1
-.9
3.4
-.4
Imports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
6.8 9.6 8.1
9.1 14.2 13.2
-2.2 -3.9 -4.2
-2.2 -4.0 -4.5
6.5
6.8
0
-.3
11.7
17.9
-5.3
-5.3
11.4
20.5
-7.6
-7.6
11.2
14.6
-3.0
-3.0
Imports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
6.8 9.8 8.9
9.9 15.1 15.7
-2.8 -4.5 -5.6
-2.8 -4.6 -5.9
7.2 10.5
7.7 16.7
-.2 -5.3
-.4 -5.3
11.8
22.9
-9.0
-9.0
12.1
15.4
-2.9
-2.9
-2.9
-2.9
Implicit price deflator
5.1
2.8
2.3
2.3
.6
3.4
-2.6
-2.6
-.3
-2.8
-2.8
9.1
2.6
2.6
-2.1
-2.1
10.1
14.1
-3.5
-4.5
6.8 -3.8
7.2 -5.1
-.4
1.4
1997
4.3
III
IV
III
1996
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
Imnlirit nrirp Hpflatnr
Federal:
Current dollars
Chain-type quantity index
Chain-type price index
National defense:
Current dollars
Chain-type quantity index
Chain-type price index
Nondefense:
Current dollars
Chain-type quantity index
Chain-type price index
2.4
1.7
6.6
5.5
1.1
1.1
-1.0
-1.0
3.8
.5
3.3
3.3
3.3
.9
2.4
2.3
2.1
-1.3
3.4
3.4
2.4
-1.5
8.3
9.4
.7
-1.6
2.4
2.3
IV
1.4
3.1
5.3
-2.1
-2.1
3.1
6.2
4.3
1.2
3.1
3.1
2.8 17.9
2.1 24.2
.7 -5.1
.7 -5.1
9.2
6.4
8.9 10.1
.2 -4.3
.2 -3.3
2.8
.3
2.5
2.5
1.8
3.1
3.0
2.5
.1
2.5
2.4
4.5
3.1
1.4
1.4
3.6
.3
3.3
3.3
-2.3
-4.2
-3.0
-5.2
-1.1
-5.8
2.1
1.9
2.5
2.3
4.9
4.9
-1.1
-7 -2.8
-2.9
IV
-4.6
2.1
1.9
3.9
3.9
2.4
2.2
1.4
-.9
2.3
2.3
3.7 -1.3
1.2 -3.2
2.2
2.5
2.0
2.5
4.8
1.6
3.2
3.2
4.8
2.4
2.3
2.3
5.2
2.8
2.3
2.3
3.1
-.4
3.5
3.5
-4.7 -3.0
-7.1 -11.8
2.8
2.6
4.3
4.3
.5
14.6
2.5
1.1
1.4
1.4
7.9 -.3
1.2
6.6 -1.1 -2.3
1.3
.9
3.5
1.3
.9
3.6
8.7
7.5
1.1
1.1
1.8
1.2
.6
.6
3.6
1.0
2.6
2.6
1.7
1.5
8.0
6.1
6.1
6.4 ^.3 -3.5
4.9 -5.7 -3.6
1.5
1.5
5.5
1.5
1.5
5.5
4.4
.7
3.6
3.6
5.9
3.3
2.5
2.5
5.5
2.7
2.7
2.7
2.6
1.2
1.5
1.5
4.1
2.3
1.7
1.7
5.0
1.8
3.1
3.1
5.3
3.1
2.1
2.1
2.9
.2
2.7
2.7
6.6
4.5
1.9
2.0
5.6
3.0
2.5
2.5
4.4
2.5
1.9
1.9
6.3
4.7
1.5
1.5
3.8
2.3
1.4
1.4
5.2
2.9
2.2
2.2
5.8
4.1
1.7
1.7
4.7
2.4
2.4
2.2
4.8
2.5
2.4
2.3
7.9
5.9
1.9
1.9
4.6
3.7
.8
.9
5.7
4.3
1.3
1.3
4.8
3.4
1.4
1.4
5.2
3.0
2.2
2.2
5.3
3.5
1.8
1.8
4.0
1.5
2.4
2.4
5.1
2.7
2.4
2.4
6.1
4.0
2.0
2.0
3.9
2.9
.9
.9
7.4
6.0
1.3
1.3
3.4
2.0
1.4
1.4
5.0
2.7
2.3
2.3
5.5
3.5
2.0
2.0
3.1
.6
2.6
2.5
6.8
4.9
1.9
1.8
6.5
4.0
2.4
2.4
4.9
3.0
1.8
1.8
4.6
3.1
1.4
1.4
5.1
3.6
1.4
1.4
Command-basis gross national product:
Chain-type quantity index
2.8
3.8
.8
4.4
4.5
4.0
3.2
3.6
Disposable personal income:
Current dollars
Chained (1992) dollars
4.7
2.3
4.9
2.9
5.2
2.7
3.7
.7
6.8
4.6
4.2
3.1
4.1
2.6
5.7
4.5
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
Imolicit orice deflator
Final sales to domestic purchasers:
Current dollars
Chain-type quantity index .
Gross national product:
Current dollars
Chain-type quantity index
Implicit price deflator
-1.0
Table 8.3.—Selected Per Capita Product and Income Series in Current
and Chained Dollars
Table 8.2.—Contributions to Percent Change in Real Gross Domestic
Product
[Dollars]
Seasonally adjusted at annual rates
1996 1997
II
I
IV
III
Seasonally adjusted at annual rates
1997
1996
1996
IV
III
1997
2.8
3.8
1.0
4.3
4.9
3.3
3.1
3.7
1.8
2.2
.4
2.2
3.6
.6
3.8
1.7
Percentage points at annual rates:
Personal consumption expenditures
A
.<«
1.1
.4
.4
1.4
-.2
.1
.4
.<d
.4
1.5
1.1
g
li
_c
-^4
1.5
1.4
.8
1.5
.2
-.2
1.8
Gross private domestic investment ...
1.1
1.6
2.3
.2
2.4
2.5
.4
1.7
Fixed investment .
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories
1.1
'l
.8
.2
0
1.1
1.0
.1
.9
.1
.6
1.4
1.6
.3
1.3
-.2
.8
.4
.6
.4
.2
-.2
-.2
.6
.4
-.1
.5
.1
1.8
1.7
2.0
1.4
1.9
-.1
.2
1.7
1.6
.1
.3
.8 -1.6
.3
-.1
-.1
0
.4
1.4
Net exports of goods and services ...
-.2
-.3 -1.4
Durable goods
Nondurable goods
Services
Exports
Goods
Services
Imports
Goods
Services
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense
State and local
1996
III
Percent change at annual rate:
Gross domestic product
g
.9
.7
.2
-1.1
-1.0
-.1
1.3
1.2
.2
-1.7
-1.5
.2
.2
0
-1.6
-1.6
1.8 -1.0
-.4 -1.3
2.7
1.1
2.2
1.0
.1
.4
-.8 -2.1
-.8 -1.7
0
-.5
2.0
1.9
.1
-2.5
-2.3
-.2
.5
.3
.2
-1.7
-1.6
-1
.3
1.0
1.1
-.2
-.7
-.7
0
-.2
0
.1
.2
-.2
0
-.1
.6
.2
.1
-.1
-.1
0
?
-.1
-.1
0
3
-.3
-.2
-.1
,1
-.4
-.3
0
.4
—4
.4
.3
.1
.1
-.1
.1
-.1
.3
-.1
0
-.2
.2
-!e
.2
.3
D-25
National Data
SURVEY OF CURRENT BUSINESS
April 1998
1997
IV
I
II
III
IV
Current dollars:
Gross domestic
product
Gross national
product
Personal income
Disposable personal
income
Personal
consumption
expenditures
Durable goods ....
Nondurable
goods
Services
28,752
30,161
28,869
29,243
29,715
30,030
30,295
30,602
28,759
24,457
30,088
25,660
28,843 29,254
24,604 i|4,835
29,662
25,268
29,952
25,525
30,218
25,756
30,515
26,087
21,117
21,969
21,229
21,373
21,689
21,865
22,034
22,285
19,608
2,389
20,478
2,461
19,660
2,386
19,919
2,395
20,247
2,466
20,303
2,409
20,612
2,488
20,747
2,480
5,779
11,441
5,943
12,074
5,786
11,488
5,854
11,669
5,945
11,836
5,901
11,993
5,969
12,154
5,955
12,312
Chained (1992)
dollars:
Gross domestic
product .
Gross national
product
Disposable personal
income
Personal
consumption
expenditures
Durable goods ....
Nondurable
goods
Services
Population (mid-period,
thousands)
26,088
26,835
26,116
26,333
26,599
26,760
26,901
27,078
26,101
26,781
26,102
26,354
26,562
26,704 26,844
27,013
19,116
19,493
19,161
19,152
19,331
19,439
19,518
19,681
17,750
2,301
18,170
2,410
17,745
2,301
17,848
2,316
18,046
2,389
18,051
2,351
18,258
2,447
18,323
2,452
5,393
10,057
5,445
10,318
5,393
10,052
5,408
10,125
5,460
10,202
5,420
10,278
5,465
10,352
5,434
10,438
265.579 267.889 265.887 266,491 266.987 267.545 268.171 268.854
SURVEY OF CURRENT BUSINESS
D-26 • National Data
April 1998
Table 8.4.—Auto Output
Table 8.5.—Real Auto Output
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1997
134.6
140.0
134.9
144.5 128.7 136.4 130.2 138.1 134.7
134.7
140.8
140.2 138.0 137.9 131.1 137.4 132.6
141.5 138.4 145.2 136.7 144.0 137.3
1996
III
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
141.3
86.1
55.3
45.3
4, , 79.2
v
86.8
54.1
48.4
79.8
1997
IV
84.8
56.7
48.0
84.0
85.3
53.2
45.9
76.9
I
87.9
57.3
48.8
82.5
II
81.3
55.4
47.4
79.5
III
90.7
53.3
50.4
81.4
87.2
50.1
47.0
75.9
-33.9 -31.4 -35.9 -31.1 -33.7 -32.1 -31.0 -28.9
-56.7 ^51,3 -48.8 -58.4 -54.9 ^59.4 -54.2
16.2
17.1
16.6
18.1
16.6
16.9
16.8
65.7
73.0 75.5
75.0
70.8
73.6
68.3
2.3
1.9
2.3
2.3
2.2
2.5
2.0
2.6
-5.4
-5.6
.2
.1
.7
-.6
-.9
4.3 -9.3 -1.5
3.7 -9.0
-.8
.3
.6 -.4 -.6 -1.2
.7
1.1
-.4
2.2
2.3
-.1
120.7
58.2
63.7
131.6 113.5 120.8 116.8 126.3 118.8
58.2
59.2
64.8
61.1
65.1
63.8
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 invest-
III
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
Addenda:
Domestic output of new autos l
Sales of imported new autos2
Chanae in business inventories
1. Includes new trucks only.
1367
137.4
III
IV
124.4 119.6 123.8 121.3 121.2 115.8 122.6 118.9
121.2 121.4 121.0 118.0 123.6 117.2 125.0 119.6
78.2
42.1
45.1
72.0
78.7
41.8
46.8
72.4
76.7
43.2
47.2
75.9
77.0
40.2
44.9
69.5
79.6
43.1
48.0
74.7
73.7
42.4
46.1
72.1
82.3
42.0
48.1
73.9
79.3
39.7
44.9
69.0
-26.6 -25.6 -28.4 -24.6 -26.6 -25.9 -25.8 -24.2
-43.6 -50.1 ^5.6 -43.4 -52.0 ^8.7 -52.3 -47.4
16.0
59.6
15.8
65.9
16.1
61.8
15.8
59.2
15.6
67.6
17.0
65.7
2.1
2.0
1.8
2.3
2.1
1.7
2.0
2.2
-4.7
-5.2
4.0
3.6
.5
-7.9
-8.1
.9
2.3
.3
.3
1.1
-.7
-.6
0
-.5
2.5
2.9
-.2
.6
.4
.3
.8
.5
.4
0
-1.8
-1.0
-.7 -1.2
.5
.4
15.1
67.4
15.5
63.0
110.9 110.3 120.2 103.6 109.8 108.1 114.2 109.1
52.9
57.8
52.6
53.5
58.7
55.3
59.1
58.1
[Billions of chained (1992) dollars]
!
121.1 131.9 118.7 1??6 127.6 123.6 131.6 144.7
71 6
783
729
749
761
-4.7
-5.0
-6.3
-3.2
-5.4
60.1
75.5
-5.4
90
137
6R
109
159
7.8
R5
148
59
10?
134
6.1
10?
100
-67 -?5
130
10.4
15.7
15.3
17.1
7?
R1
R9
fiR
Truck output
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
-.7
3.2
-.4
-3.1
3.8
1.8
1.0
6.0
Change in business inventories
-6
30
Residual
-2
-.3
63.7
II
I
IV
Table 8.7.—Real Truck Output
[Billions of dollars]
Truck output !
1997
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
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
1996
119.9 120.0 127.9 113.7 119.7 116.8 122.1 121.6
Auto output
Residual
121.1
1997
IV
^8.9
17.0
65.9
Change in business inventories of new
and used autos
New
Used
Addenda:
Domestic output of new autos ] ...
Sales of imported new autos2
1996
1996
1494
134?
1385
145,0
140,? 149.3
163,1
146.2
134.6
141.6
141.1
138.3
148.3
157.0
65.2
62.1
63.9
63.2
66.8
70.7
793
820
15.5
121.7 129.0 119.0 125.3 124.2 121 9 1307 1391
55.8
56.4
63.7
700
-37 -41
8.7 10.3
1?4 144
69
61
54.2
55.4
54.6
647 67.0 67.8
-51 -23 -44
8.2
9.8
98
134 1?1 14?
64
52
55
-3 -?9
.1 -1
36
-.4
51.9
67.5
57.7
61.2
709 739
-57 -1 8
98 122
155 140
13.9
72
80
61
-45
94
1.7
-2
.9
-2
5.7
-4
1. Includes new trucks 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.
SURVEY OF CURRENT BUSINESS
April
National Data •
D-27
B. Other NIPA and NiPA-Related 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 27,1998 and include "preliminary" estimates for February 1998 and "revised" estimates
for October-December 1997 and January 1998.
Table B.1.—Personal Income
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
19 97
Jan.
Persons! income
Wage and salary disbursements
Private industries
Commodity-producing industries
Manufacturing
Distributive industries
Service industries
Government
6,495.2
36325
2,989.9
:
9091
674.7
8233
1 2575
642.6
Other labor income
407.6
Proprietors' income with IVA and CCAdj
Farm
Nonfarm
520.3
372
483.1
146.3
291.2
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
1998
1997
1996
7357
1 0680
537.6
220
508.4
306.3
Mar.
Feb.
Apr.
Sept.
Oct.'
Nov.''
Dec.'
Jan.r
Feb.^
6,912.2
6,935.5
6,970.4
7,019.8
7,050.4
7,091.3
3,902.3
3,234.5
962.0
706.5
8837
1,388.9
667.8
3,916.1
3,246.2
966.6
710.0
886.4
1,393.3
669.8
3,943.6
3,271.7
975.4
717.8
893.1
1,403.1
671.9
3,989.9
3,316.0
984.9
724.4
904.1
1,427.0
673.9
4,007.9
3,332.5
40383
3,358.6
9952
728.5
1 ,449.9
679.7
7,135.0
40729
3,390.7
9995
7298
9240
1 4672
682.2
416.6
546.8
417.6
418.9
548.7
420.1
551.6
421.4
425.1
44.0
43.0
40.8
39.0
38.5
38.1
502.4
503.9
147.4
322.4
505.3
513.1
146.6
514.1
148.5
509.6
148.2
422.6
553.9
381
515.8
423.9
546.1
145.0
555.3
360
519.3
144.1
556.6
335
523.1
143.6
324.5
7725
326.6
7743
328.6
332.8
7805
334.9
7825
336.8
7843
1,1259
570.4
214
534.1
1,129.0
570.4
21 6
537.0
326.1
1 1400
577.8
21 6
540.6
332.2
1 1488
582.6
21 4
544.8
336.4
1 1543
585.0
21 4
5478
338.6
May
June
July
68228
6,863.5
38351
3,173.1
9537
700.3
8650
1,354.5
661.9
3,867.6
3,204.5
954.5
701.2
872.9
1,377.1
663.1
6,873,1
3,870.0
3,204.6
955.5
701.5
872.2
1 ,376.8
665.4
415.3
543.6
438
499.8
415.6
546.5
6,873.9
38774
3,212.1
9603
706.0
8763
13755
665.3
6,700.1
3 754.1
3,098.7
936.3
690.5
8477
1 314.6
655.5
6,750.3
3 799.1
3,140.9
943.4
693.4
8579
1,339.6
658.2
6,788.2
416.6
544.5
407
503.8
410.5
532.2
412.5
534.5
413.9
537.2
414.4
39.4
39.9
41.4
43.0
492.8
494.6
495.8
497.9
149.3
149.2
314.4
7604
149.3
316.3
7634
148.9
318.3
147.8
320.3
7660
1 1 1 1 .9 1,114.6
562.4
561.5
220
220
528.4
530.2
1 1166
564.8
21 9
529.9
320.9
7689
1,119.7
565.9
21 9
531.9
147.9
321.5
7686
148.5
310.7
7543
312.5
7570
1 121 1 1 105.5
559.5
566.7
221
218
523.9
532.7
315.8
323.7
1 1041
555.6
220
526.5
318.7
3,821.3
3,161.7
948.8
698.4
8648
1,348.1
659.7
320.1
6,800.9
3,822.1
3,161.2
950.3
699.5
8631
1 ,347.7
660.9
540.9
320.1
771.0
1,122.1
567.3
21.7
533.1
323.1
323.0
Aug.
325.2
776.3
1,131.5
572.0
552.2
145.5
330.7
778.3
1,132.9
572.7
21.4
21.4
538.1
327.9
538.8
331.0
9921
728.1
9047
1,435.7
675.4
9135
Source: U.S. Department of Commerce, Bureau,of Economic Analysis.
pr Preliminary.
Revised.
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
Table B.2—The Disposition of Personal Income
[Monthly estimates seasonally adjusted at annual rates]
1997
1996
1998
1997
Jan.
Mar.
Feb.
May
Apr.
June
July
.Aug.
Sept.
Oct.'
Nov.'
Dec.'
Jan.r
Feb.''
6,935.5
1,003.5
5,932.0
6,970.4
1,012.1
7,019.8
1,024.4
5,995.3
5,752.4
5,575.4
670.0
1,600.9
3,304.5
158.3
7,091.3
1,023.6
6,067.7
7,135.0
1,033.2
5,958.3
5,735.8
5,559.3
655.4
1,604.8
3,299.1
157.8
7,050.4
1,029.7
6,020.8
5,778.8
5,598.8
675.1
1,597.0
3,326.6
161.3
5,814.8
5,636.2
688.3
1,607.4
3,340.5
159.9
Billions of dollars, unless otherwse 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
Personal transfer payments to rest of world
Equals: Personal savings
Addenda:
Disposable personal income:
Billions of chained (1992) dollars '
Per capita:
Current dollars
Chained (1992) dollars
Population (thousands)
Personal consumption expenditures:
Billions of chained (1992) dollars
Durable goods
Nondurable goods
Services
Implicit price deflator t992=1 00
Personal saving as percentage of disposable personal income2
6,495.2
886.9
5,608.3
5,368.8
5,207.6
634.5
1,534.7
3,038.4
145.2
6,873.9
988.7
5,885.2
5,658.5
5,485.8
659.3
1,592.0
3,234.5
154.8
6,700.1
942.3
5,757.8
5,565.9
5,396.7
661.0
1,584.5
3,151.1
152.2
6,788.2
6,750.3
957.7
5,792.7
967.0
5,821.2
5,578.5
5,409.7
659.8
1,589.0
3,160.9
151.7
5,579.5
5,410.8
654.4
1,588.6
3,167.8
151.6
6,800.9
970.4
5,830.5
5,592.3
5,422.0
642.9
1,577.0
3,202.1
152.7
6,822.8
978.3
5,844.5
5,592.7
5,422.4
643.5
1,577.1
3,201.8
152.7
6,863.5
988.9
5,874.5
5,623.5
5,451 .9
647.0
1,582.6
3,222.3
154.0
6,873.1
991.2
5,881.9
5,690.4
5,518.7
670.8
1,597.6
3,250.3
153.5
6,912.2
999.3
5,913.0
5,699.3
5,525.8
670.5
1,599.8
3,255.5
155.2
5,712.6
5,537.8
660.7
1,604.9
3,272.2
156.6
6,101.8
5,838.6
5,659.3
688.5
1,615.2
3,355.7
160.6
15.9
17.9
17.0
17.0
17.0
17.6
17.6
17.6
18.2
18.2
18.2
18.7
18.7
18.7
18.7
18.7
239.6
226.7
191.9
,214.2
241.7
238.2
251.8
251.0
191.4
213.7
219.4
222.5
243.0
242.0
252.9
263.2
5,076.9
5,221.9
5,142.3
5,159.4
5,181.4
5,185.5
5,198.7
5,218.3
5,214.8
5,239.8
5,247.8
5,264.7
5,293.6
5,316.1
5,356.5
5,382.7
22,049 22,102 22,183 22,299 22,373 22,535
19,539
19,553
19,601
19,689
19,754
19,893
268,171 268,391 268,594 268,859 269,108 269,263
22,648
19,979
269,423
21,579 21,697 21,789 21,808 21,845 21,941
21,951
21,117
21,969
19,272
19,394
19,326
19,396
19,490 19,462
19,431
19,116
19,493
265,579 267,889 266,826 266,975 267,161 267,354 267,541 267,741 267,952
4,714.1
611.1
1,432.3
2,671.0
110.47
4,867.5
645.5
1,458.5
2,764.1
112.70
4,819.8
641.2
1,456.0
2,724.2
111.97
4,818.3
638.4
1,458.1
2,723.2
112.27
4,816.1
633.8
1,459.2
2,724.2
112.35
4,822.2
625.9
1,446.3
2,749.1
112.44
4,823.2
628.1
1,449.1
2,745.5
112.42
4,842.9
633.0
1,454.7
2,755.0
112.58
4,892.8
657.7
1,466.0
2,771.0
112.79
4,896.8
659.9
1,464.8
2,774.1
112.85
4,899.0
650.9
1,465.6
2,783.2
113.04
4,912.2
647.0
1,464.0
2,800.7
113.17
4.3
3.9
3.3
3.7
4.2
4.1
4.3
4.3
3.3
3.6
3.7
4,943.4
667.9
1,458.1
2,818.2
113.26
3.7
4,922.8
663.0
1,460.6
2,800.3
113.26
4.1
4,992.4
684.1
1,477.5
2,833.3
113.36
4.0
4,975.5
682.6
1,469.2
2,826.1
113.28
4.2
4.3
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
5.6
5.8
0.5
0.7
0.6
0.2
0.3
0.6
0.1
0.6
0.3
0.5
0.7
0.4
0.6
0.6
4.7
2.3
4.9
2.9
.5
.4
.6
.3
.5
.4
.2
.1
.2
.3
.5
.4
.1
-.1
.5
.5
.3
.2
.4
.3
.6
.5
.4
.4
.8
.8
.6
.5
5.0
2.6
5.3
3.3
1.1
1.0
.2
0
.5
.4
1.2
1.0
.1
.1
.2
0
.4
.3
.3
.2
.4
.4
.7
.6
.4
.3
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
0
.2
.1
0
0
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
D-28
SURVEY OF CURRENT BUSINESS
• National Data
April 1998
Annual Estimates:
Except as noted, these tables, are derived from the NIPA tables published in the August 1997 SURVEY OF CURRENT
BUSINESS; they are consistent with the most recent comprehensive and annual revisions.
Table B.3.—Gross Domestic Product by Industry, Current-Dollar and Real Estimates for 1994-96
Billions of dollars
1994
Gross domGStic 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
1995
1996
1994
1995
6,947.0 7,265.4 7,636.0 6,610.7 6,742.1 6,928.4
119.2
111.0
129.8
119.1
111.4
111.7
83.5
35.7
73.5
37.5
89.4
40.5
84.9
34.9
74.2
37.0
75.5
37.6
94.9
99.8
113.6
6.8
102.5
5.7
108.4
5.5
101.9
6.3
15.5
72.2
15.7
77.7
16.6
69.4
10.1
5.9
6.8
9.2
9.6
12.3
84.4
10.2
268.7
286.4
306.1
12.3
71.0
9.2
249.8
9.5
254.1
264.3
Manufacturing
1,216.1 1,286.3 1,332.1 1,193.2 1,273.7 1,323.7
731.2
679.2 716.8
749.0 671.3
785.5
Durable goods
38.4
40.7
41.4
29.8
31.6
33.6
Lumber and wood products
18.7
19.4
20.5
18.0
18.8
Furniture and fixtures
18.5
30.7
32.7
27.7
29.1
28.8
27.0
Stone clay and glass products
44.4
50.6
45.0
46.8
Primary metal industries
46.3
52.0
89.7
98.2
84.5
94.0
Fabricated metal products
84.2
89.5
142.4
150.2
131.5
164.5
186.1
Industrial machinery and equipment
122.3
Electronic and other electric equipment ... 132.9 134.0 143.8 145.8 175.6 217.4
87.4
78.0
79.3
76.1
Motor vehicles and equipment
87.3
85.1
49.7
49.5
46.9
47.6
43.8
44.5
Other transportation equipment
45.1
48.7
49.7
52.3
42.6
38.3
Instruments and related products
22.2
24.6
21.5
22.8
23.3
Miscellaneous manufacturing industries ...
24.3
Nondurable goods
522.0 543.2 541.0
536.9 569.5 583.1
118.7
122.6
106.5
120.9
112.9
109.6
Food and kindred products
22.3
24.3
23.9
Tobacco products
16.3
17.6
18.1
25.4
25.4
25.5
27.3
26.6
Textile mill products
23.6
26.6
28.3
28.5
26.9
28.2
27.3
Apparel and other textile products
52.1
45.4
47.3
57.1
Paper and allied products
51.3
59.9
90.4
74.3
Printing and publishing
78.0
77.5
86.0
85.0
131.2
142.2
157.8
138.9
140.6
155.9
Chemicals and allied products .
30.4
32.2
33.8
30.2
27.6
Petroleum and coal products
30.1
49.7
45.4
48.2
44.4
50.9
46.1
Rubber and miscellaenous plastics
5.2
4.7
4.8
Leather and leather products
4.7
4.5
5.1
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit ....
Pipelines, except natural gas
598.7
219.9
622.4
228.7
645.3
235.1
584.1
214.3
593.8
216.0
608.9
220.8
24.2
11.4
95.0
10.9
51.7
24.5
12.4
97.5
10.8
54.9
25.3
13.6
92.2
11.2
63.2
25.9
11.0
88.7
10.8
51.4
27.7
12.0
87.4
11.0
49.8
31.0
12.2
80.3
10.7
59.0
4.6
5.7
5.5
4.8
5.4
5.0
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.
1994
1996
6,013.5 6,301.3 6,639.8 5,763.6 5,921.4 6,094.1
13.1
66.7
Billions of dollars
Billions of chained
(1992) dollars
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric oas and sanitarv services
Wholesale trade
Retail trade
1995
1996
Billions of chained
(1992) dollars
1994
1995
1996
22.1
184.6
142.1
42.5
194.2
47.5
50.6
38.8
41.7
40.4
202.0
210.0
193.1
199.6
207.0
468.0
484.4
516.8
448.6
457.5
493.3
615.3
637.6
667.9
601.2
622.5
648.5
23.0
24.0
21.7
23.2
24.0
191.6
144.1
200.3
149.6
176.9
137.9
178.4
136.4
181.6
141.2
Finance, insurance, and real estate
Depository instituions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and services
Real estate
Nonfarm housino services
Other real estate
Holdino and other investment offices
1,267.6 1,361.3 1,448.5 1,196.9 1,231.1 1,258.5
207.4 229.6 247.4 197.0 193.4 192.0
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
Membership organizations
Other services
Private households
1,350.4 1,440.3 1,539.5 1,256.5 1,298.8 1,342.9
Statistical discrepancy !
36.1
78.5
108.8
39.0
79.5
126.5
49.9
90.0
136.6
45.0
47.1
50.4
802.9
607.3
195.6
-11.1
842.7
642.8
199.9
886.2
673.3
212.9
-12.0
^3.2
33.9
83.0
91.3
41.6
32.6
81.9
35.4
92.2
105.1
110.1
42.1
43.6
758.3
573.3
185.0
775.6
587.9
187.7
793.3
596.8
196.6
12.9
12.6
12.6
57.4
45.8
60.6
46.6
63.7
49.1
54.4
42.6
55.4
42.4
55.8
43.3
256.0
283.3
318.5
247.1
271.3
295.7
59.3
19.2
23.0
51.4
61.1
20.7
25.9
56.2
65.0
22.5
29.9
60.8
53.3
16.7
21.8
47.5
53.3
17.0
23.9
49.7
55.3
15.9
26.2
51.6
410.2
428.9
371.6
376.6
96.5
55.1
46.7
47.0
447.0
100.0
369.7
93.8
52.3
43.2
45.1
58.2
49.3
48.9
86.0
48.9
41.6
42.1
85.5
49.6
43.7
42.5
85.1
50.7
44.9
43.1
182.6
199.9
215.2
175.4
184.6
192.9
11.0
11.8
11.5
10.4
10.8
14.6
-28.2
^59.9
13.9
-26.3
-54.7
10.1
933.5
964.1
996.3
878.3
877.4
874.1
Federal
General gvernment
Government enterprises
324.9
275.2
326.2
275.5
331.5
281.4
306.9
258.4
297.1
248.1
290.6
240.9
49.7
50.7
50.2
48.6
49.0
49.7
State and local
General government
Government enterprises
608.6
557.5
637.9
583.4
664.7
607.6
571.3
524.2
580.3
532.2
583.4
535.2
51.1
54.5
57.1
47.1
48.0
48.2
Government
Not allocated by industry
2
-60.4 -87.9 -101.1
NOTE—Estimates are based on the 1987 Standard Industrial Classification. The table is derived from tables 7
and 10 in "Gross Product by Industry, 1947-96" in the November 1997 SURVEY OF CURRENT BUSINESS.
National Data • D-29
SURVEY OF CURRENT BUSINESS
April 1998
Table B.4.—Personal Consumption Expenditures by Type of Expenditure
Billions of dollars
1994
1995
Billions of dollars
Billions of chained
(1992) dollars
1996
1994
1995
1996
Personal consumption expenditures
4,717.0 4,957.7 5,207.6 4,486.0 4,595.3 4,714.1
Food and tobacco
761.7
783.8 805.7 735.0 737.9 736.5
Food purchased for off-premise consumption (n.d.)
462.2 478.4 434.5 433.4 434.7
451.6
248.7 246.6
268.7 245.1
Purchased meals and beverages ' (n.d.)
254.3 264.1
8.7
7.8
7.9
8.0
Food furnished to employees (including military) (n.d.)
8.4
8.1
5
5
c
.4
.4
.4
Food produced and consumed on farms (n.d.)
47^4
472
46.8
Tobacco products (n.d.)
48.7
49.6
47^3
608.7
Addenda: Food excluding alcoholic beverages (n.d.)
633.6 652.0 669.9 608.7 610.2
Alcoholic beverages purchased for off-premise
53.7
55.5
54.5
consumption (n.d.)
53.9
54.9
57.3
25.7
25.6
25.9
28.2
Other alcoholic beverages (n d )
27.0
28.9
335.3
312.7
323.4 336.3 308.5 321.8
Clothing, accessories, and jewelry
35.7
37.6
38.1
36.6
Shoes (n.d.)
36.0
36.8
2
217.7
220.6 229.9
211.6
226.0 211.2
Clothing and accessories except shoes
150.7
144.2
137.0
137.5
141.3
145.8
Women's and children's (n.d.)
74.1
76.4
79.2
74.1
76.4
80.2
Men's and boys' (n.d )
.3
.3
.3
Standard clothing issued to military personnel (n. d)
.3
.3
.3
11.3
11.0
11.5
Cleaning, storage, and repair of clothing and shoes (s.) ...
12.3
12.3
11.6
39.7
35.6
36.8
37.7
39.3
41.6
Jewelry and watches (d.)
17.1
14.7
16.0
16.6
18.1
Other MS.)
15.6
Toilet articles and preparations (n d )
Barbershops, beauty parlors, and health clubs (s.)
Housing
Owner-occupied nonfarm dwellings space rent4 (s.)
Tenant-occupied nonfarm dwellings rent 5 (s )
Rental value of farm dwellings (s )
Household operation
Furniture, including mattresses and bedsprings (d.)
Kitchen and other household appliances^ d.)
China glassware tableware and8 utensils d )
Other durable house furnishings (d )
Semidurable house furnishings 9 (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.)
Medical care
Drug preparations and sundries11 (n.d.)
Ophthalmic products and orthopedic appliances (d.)
Physicians (s )
Dentists (s.)
Other professional services 12 (s )
Hospitals and nursing homes ^
Nonprofit (s j
Proprietary (s.j
Government (s.)
Nursing homes (s.)
Health insurance
Medical care1 5and hospitalization 14 (s.) ...
Income loss (s )
Workers' compensation 16 (s.)
68.4
45.3
23.0
71.9
47.2
24.7
75.7
49.9
25.7
65.5
43.7
21.8
67.9
45.0
22.9
70.1
47.0
23.0
712.7
507.0
174.0
5.8
750.3
532.2
184.6
5.9
787.2
558.3
193.6
6.1
674.3
479.6
165.2
5.2
688.2
487.2
171.1
5.2
700.2
495.3
174.9
5.1
26.0
27.5
29.1
24.3
24.8
25.0
535.0
562.8
591.9
514.5
533.6
548.4
45.9
25.6
24.0
52.3
27.2
48.0
27.2
25.3
54.5
28.9
49.6
27.8
27.4
58.2
30.1
43.2
25.0
23.5
51.4
25.7
44.2
26.6
25.0
53.1
26.9
44.6
27.1
26.9
56.1
28.2
50.8
15.1
52.3
15.8
54.5
17.0
50.2
14.4
50.0
14.4
50.6
14.8
163.8
168.5
177.9
156.3
159.4
163.1
84.2
32.4
36.6
10.5
82.6
11.9
35.8
88.0
31.5
38.8
10.2
90.2
12.8
39.4
90.3
34.9
41.1
11.6
96.9
12.5
40.1
82.6
30.0
33.0
10.7
79.6
11.2
34.2
84.3
30.7
33.8
10.5
86.6
11.7
35.9
85.2
32.7
34.6
10.6
91.1
11.0
35.3
826.1
871.6
912.8
751.0
766.2
782.4
81.6
12.9
85.7
13.1
90.9
13.9
76.7
12.3
79.1
12.2
81.7
12.6
180.0
191.4
196.5
162.4
166.1
169.3
43.9
95.7
47.6
50.9
110.2
394.2
325.1
217.3
41.1
95.6
42.0
99.1
357.0
298.1
200.2
104.4
375.9
310.6
207.9
39.8
89.2
331.5
276.9
187.8
336.6
278.5
188.2
343.1
284.4
191.8
32.1
65.8
58.9
55.0
42.9
34.5
68.2
65.2
53.6
40.7
37.1
70.7
69.1
56.3
41.8
29.2
59.9
54.6
40.0
36.6
30.3
60.0
58.1
37.5
35.2
31.9
60.7
58.7
36.9
34.7
2.7
9.4
2.9
10.0
3.2
11.3
2.4
2.3
2.5
1.8
2.6
1.8
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.
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.)
Other18 (s)
Transportation
New autos (d )
Net purchases of used autos (d )
Other motor vehicles (d )
Tires, tubes, accessories, and other parts (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 j
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 sports21 (s.)
Clubs and fraternal organizations22 (s23 )
Commercial participant amusements (s.)
Pari-mutuel net receipts (s)
Other24 (s)
Education and research
Higher education 25 (s )
Nursery, elementary, and secondary schools26 (s.)
Other 2 7 (s)
Religious and welfare activities28 (s.)
Foreion travel and other net
ruwyn irdvt? uy u. o. rebiueriib \s>.y
Less: Expenditures in the United States by nonresidents
1994
1995
1996
1994
1995
1996
370.4
389.1
421.1
352.1
350.7
363.6
36.2
38.8
47.2
37.8
41.8
50.0
31.6
33.9
37.3
27.5
27.8
28.9
151.5
159.8
169.9
146.5
141.9
143.9
72.6
48.8
11.1
18.5
75.4
49.1
12.2
19.9
79.9
52.2
12.8
21.8
68.1
45.3
10.1
17.1
67.9
44.0
10.5
17.6
68.5
45.2
10.4
18.7
542.2
502.6
572.3
530.1
602.2
557.7
515.3
476.6
528.0
487.8
540.3
497.7
91.2
44.1
76.8
34.5
87.1
52.4
79.4
35.8
86.1
55.3
82.1
37.9
86.2
37.5
71.4
35.1
80.6
40.8
71.7
36.2
78.2
42.1
72.5
38.3
116.4
109.4
2.6
128.7
114.4
2.8
140.1
122.6
2.9
108.5
109.8
2.4
116.5
113.1
2.4
123.3
114.1
2.5
27.5
29.4
30.9
10.1
25.6
26.0
26.2
8.9
5.9
3.0
30.7
.7
1.1
25.8
Less: Personal remittances in kind to nonresidents (n.d.)
9.2
6.0
3.2
33.0
.8
1.3
27.7
6.6
3.5
34.4
.8
1.3
28.2
8.6
5.7
2.9
30.1
.7
1.1
25.5
8.5
55
3^0
31.7
.7
1.4
26.8
8.5
5.6
3.0
34.2
.7
1.4
28.8
3.2
3.3
2.8
2.8
3.3
370.2
402.5
431.1
365.2
395.7
424.4
20.6
24.5
39.7
22.1
25.5
42.2
23.2
26.5
45.4
19.6
22.9
38.9
20.6
22.9
41.4
20.8
22.7
43.9
35.6
39.1
42.0
34.8
37.7
40.3
78.5
85.2
89.7
87.4
101.8
4.5
119.5
4.5
13.2
18.2
14.4
18.9
4.5
13.4
19.0
4.9
13.9
20.2
4.0
5.1
14.9
22.1
4.2
13.4
17.8
5.6
6.0
6.3
5.2
5.4
5.4
8.2
5.2
8.7
5.5
9.3
6.4
7.7
4.9
7.9
5.0
8.0
5.5
11.8
36.2
3.3
12.7
41.5
3.3
13.0
46.2
3.5
11.2
34.1
3.1
11.5
38.0
3.1
11.8
41.1
3.1
83.1
91.9
99.6
79.1
85.5
89.3
104.7
112.2
119.6
62.2
22.8
27.2
65.2
24.0
30.3
96.8
53.1
20.4
23.4
99.4
53.7
20.8
25.0
102.7
59.0
21.4
24.4
54.0
21.7
27.2
131.2
139.8
150.5
125.6
128.6
136.6
-18.3
-22.1
-26.5
-16.2
-19.5
-21.5
50.1
51.9
54.9
48.8
48.9
50.8
2.7
69.7
Residual
Billic ns of chained
992) dollars
1.4
2.6
75.2
1.4
2.6
82.7
1.2
2.8
66.4
1.3
-5.7
2.4
69.5
2.4
73.5
1.3
1.1
-10.6
-17.8
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 pf net receipts of lotteries and expenditures fpr 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 (d.), nondurable goods (n.d.), and services (s.).
Estimates of foreiqn 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
D-30 • National Data
Table B.6.—Private Purchases of Producers' Durable Equipment by Type
Table B.5.—Private Purchases of Structures by Type
Private purchases of structures
Nonresidential
New
Nonresidential buildings, excluding farm
Industrial
Commercial
Office 2buildings1
Other
Religious
Educational
Hospital and institutional
Other3
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
1994
1995
1996
463.6
478.4
184.5
200.6
184.3
200.2
Billions of dollars
Billions of chained
(1992) dollars
. Billions of dollars
1994
1995
1996
517.0
432.8
430.0
453.7
215.2
172.5
179.9
188.7
214.7
172.2
179.5
188.2
125.5
140.8
156.1
116.9
126.1
136.7
28.9
61.9
25.8
36.1
32.5
70.8
29.8
41.0
32.1
77.6
32.1
45.5
27.0
57.7
24.1
33.6
29.1
63.4
26.7
36.7
28.1
68.0
28.2
39.8
4.4
7.5
3.5
5.2
3.8
5.6
3.9
6.6
13.7
11.6
12.5
14.5
13.4
21.1
12.7
10.8
11.2
13.0
11.7
18.5
32.0
33.2
33.3
29.9
30.0
29.3
3.3
3.5
4.6
10.1
13.0
11.0
12.3
11.9
11.0
3.8
5.6
4.2
6.2
3.0
9.6
3.1
10.1
11.0
3.9
10.4
4.6
1.0
5.5
.9
4.7
1.0
4.2
.9
5.0
.8
9.8
4.2
.9
3.2
3.0
3.7
3.0
2.7
3.2
16.7
14.7
16.3
14.8
16.1
14.8
15.8
14.0
14.3
13.0
13.9
12.7
1.9
6.9
1.5
6.9
1.3
5.7
1.8
6.6
1.3
6.3
1.1
5.0
1.5
1.6
1.8
12.1
1.4
1.5
1.6
-1.2
-1.3
-1.3
-1.2
-1.1
-1.2
279.1
277.8
301.7
260.3
250.0
265.0
248.5
246.9
267.0
230.8
220.8
233.6
177.2
167.9
153.8
174.4
163.1
145.2
192.1
179.4
159.1
162.0
153.7
140.1
153.1
143.5
126.9
165.2
154.8
136.6
14.1
17.9
11.3
72.0
20.3
12.6
74.4
13.6
16.9
8.3
9.5
68.4
18.6
10.3
67.7
.6
.3
9.3
71.0
.3
31.6
-1.0
.5
32.1
-1.1
36.3
-1.6
30.4
-.9
.3
67.3
.4
30.3
-1.0
-.1
.5
32.7
-1.4
.3
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 and the sum of the most detailed lines.
April 1998
1994
Private purchases of producers' durable
equipment
Nonresidential equipment
1995
1996
Billions of chained
(1992) dollars
1994
1995
1996
483.0 529.6 573.7 483.5 535.2 593.1
476.1 522.4 566.2 476.8 528.3 586.0
Information processing and related equipment
Office, computing, and accounting machinery
Computers and peripheral equipment *
Other
Communication equipment
Instruments
Photocopy and related equipment
152.1
172.8
59.3
51.8
73.5
65.6
52.8
22.1
17.9
59.4
22.4
17.6
65.9
23.4
17.7
53.7
21.2
17.3
Industrial equipment
Fabricated metal products
Engines and turbines
Metalworking machinery
Special industry machinery n e e
General industrial, including materials handling,
equipment
Electrical transmission, distribution, and
industrial apparatus
109.3
121.5
127.5
105.5
10.5
11.1
11.7
10.4
10.6
4.8
4.2
4.0
4.6
4.0
3.7
24.4
26.9
28.2
31.2
29.6
32.8
23.3
25.9
26.0
29.0
26.6
29.9
Transportation and related equipment
Trucks buses and truck trailers
Autos
Aircraft
Ships and boats
Railroad equipment
Other equipment
Furniture and fixtures
Tractors
Agricultural machinery except tractors
Construction machinery except tractors
Mining and oilfield machinery
Service industry machinery
Electrical equipment n e e
. . .
Other
Less: Sale of equipment scrap, excluding autos
Residential equipment
7.5
195.1 165.1 201.8 253.1
88.1
73.9 108.1 164.2
78.7
67.2 102.8 160.8
7.9
9.3
7.3
7.5
9.0
69.9
21.8
16.4
113.4 117.0
11.0
23.6
25.8
28.5
22.6
24.0
26.0
19.0
20.9
20.9
18.6
19.8
19.7
118.6 125.7
134.5
55.0
48.0
8.9
1.5
5.1
99.9
25.6
9.9
9.7
12.0
63.3
42.3
12.8
1.5
5.7
68.9
45.3
13.4
,1.6
5.3
106.9
113.7
28.1
10.4
10.4
13.5
30.2
10.9
10.9
14.4
1.5
1.8
13.4
10.7
16.9
14.4
10.8
17.5
2.3
15.2
11.1
18.6
113.2 118.9 125.0
50.6
47.8
8.4
1.5
4.9
96.0
24.5
9.5
9.2
11.4
56.7
43.4
11.6
61.3
45.1
11.8
1.4
5.2
1.4
4.6
100.3 104.6
26.2
9.8
9.6
12.4
27.4
10.2
9.9
13.0
1.5
1.7
2.1
13.0
10.6
16.3
13.5
10.4
16.5
14.0
10.8
17.2
3.7
4.5
4.6
3.1
3.4
3.8
6.9
7.2
7.5
6.7
7.0
7.1
Residual
Addenda:
Private purchases of producers' durable
equipment
Less' Dealers' margin on used equipment
Net purchases of used equipment from
government
Plus: Net sales of used equipment
Net exports of used equipment
Sale of equipment scrap
Equals: Private purchases of new equipment
62.0
21.2
16.6
-1.4
-10.3
-33.8
483.0 529.6 573.7
4.9
53
58
1.0
31.3
1.1
37.6
1.2
39.7
1.5
.7
.6
3.8
4.6
4.6
513.7 566.0 611.8
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.
D-31
National Data
SURVEY OF CURRENT BUSINESS
April 1998
Table B.7.—Compensation and Wage and Salary Accruals by Industry
[Millions of dollars]
Compensation
1994
Total
Domestic industries
Private industries
1995
1994
1995
1996
4,012,002 4,215,434 4,426,912 3,254,030 3,442,583 3,633,641
4,014,482 4,217,968 4,429,472
3,256,510 3,445,117 3,636,201
3,213,814 3,392,629 3,574,191 2,654,320
34,780
14,477
37,011
15,588
39,619
16,385
29,852
12,325
31,915
13,309
34,476
14,163
20,303
21,423
23,234
17,527
18,606
20,313
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
32,656
2,791
6,375
19,069
4,421
32,892
3,145
6,174
18,929
4,644
33,678
3,358
5,974
19,539
4,807
26,378
2,187
4,993
15,606
3,592
26,843
2,518
4,884
15,628
3,813
27,644
2,707
4,739
16,240
3,958
182,016
193,746
209,279
147,425
157,684
172,234
792,034
486,844
23,018
14,927
21,564
36,102
56,398
95,407
816,853
505,167
23,802
15,443
22,129
37,261
58,594
100,891
839,754
521,750
24,832
15,754
22,920
37,888
60,161
105,182
625,496
379,616
18,495
11,986
17,054
26,841
44,496
76,720
651,750
398,272
19,401
12,584
17,706
27,990
46,794
82,191
675,067
416,061
20,459
12,964
18,548
28,866
48,553
86,528
72,726
61,771
47,367
44,806
77,181
65,047
46,243
45,579
80,895
65,911
47,105
47,745
58,302
42,384
36,861
35,960
62,681
44,886
36,172
37,013
66,179
46,377
37,186
39,158
12,758
305,190
59,381
2,768
19,274
21,352
32,236
58,652
63,653
10,769
12,997
311,686
61,042
2,949
18,956
20,996
32,936
60,387
65,393
10,834
13,357
318,004
62,422
3,014
18,744
20,379
33,661
62,308
67,538
10,738
10,517
245,880
47,614
2,062
15,840
17,442
26,230
48,193
50,743
7,796
10,854
253,478
49,527
2,215
15,697
17,322
27,058
50,087
52,582
7,837
11,243
259,006
50,746
2,268
15,544
16,816
27,672
51,718
54,41 1
7,791
34,133
2,972
35,322
2,871
36,478
2,722
27,527
2,433
28,784
2,369
29,803
2,237
265,575
144,649
15,346
276,517
150,664
15,313
287,023
156,924
15,525
211,840
113,626
11,249
221,770
119,110
11,271
231,072
124,815
11,422
8,911
63,763
7,757
34,424
1,126
13,322
9,374
66,914
7,843
35,714
1,051
14,455
10,101
60,838
7,895
46,492
1,007
15,066
7,292
49,750
6,238
27,189
929
10,979
7,731
52,594
6,323
28,339
869
11,983
8,381
47,040
6,429
38,220
829
12,494
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment ...
Electronic and other electric
equipment
Motor vehicles and equipment
Instruments and related products
Miscellaneous manufacturing
Nondurable goods
Tobacco products
Textile mill products
Apparel and other textile products
Printing and publishing
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
Transportation and public utilities
Transportation
Railroad transportation
Local and inter urban passenger
transit
Trucking and warehousing
Water transportation
Transportation by air
Pipelines, except natural gas
Transportation services .
1. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not
elsewhere classified.
2. Includes Coast Guard.
3. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory
workers employed temporarily in the United States.
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
Wage and salary accruals
1994
1995
1996
1994
1995
67,070
51,679
15,391
53,856
71,112
53,701
17,411
54,741
75,153
56,202
18,951
54,946
55,320
42,517
12,803
42,894
58,933
44,315
14,618
43,727
1996
;
62,279
46,361
15,918
43,978
2,822,137 2,993,607
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and
fishing
Manufacturing
Durable goods
Lumber and wood products
Compensation
Wage and salary accruals
1996
Wholesale trade
259,828
276,202
289,438
217,964
234,467
246,452
Retail trade
365,722
383,120
399,951
313,776
329,936
345,994
Finance, insurance, and real estate ....
Depository institutions
Nondepository institutions
Security and commodity brokers
310,211
77,101
21,474
53,798
70,378
324,894
80,243
21,677
59,450
72,737
350,180
83,793
25,089
68,973
75,871
260,045
62,949
18,087
46,857
58,148
273,124
65,664
18,317
51,967
60,125
296,112
69,013
21,223
60,688
63,079
29,514
41,284
16,662
31,008
42,182
17,597
32,828
44,906
18,720
25,039
34,567
14,398
26,384
35,442
15,225
28,031
37,910
16,168
970,992 1,051,394 1,125,269
34,231
37,676
35,886
24,609
22,439
23,495
168,265
193,888
221,473
25,924
27,830
30,388
10,222
11,247
12,103
16,837
14,426
18,956
31,264
34,526
37,235
325,041
344,680
359,179
56,886
58,333
60,452
49,079
51,755
54,601
821,544
28,966
19,383
142,292
22,053
8,709
12,224
26,179
271,678
48,407
41,294
894,648
30,557
20,405
165,300
23,824
9,650
14,399
29,150
289,564
49,761
43,697
964,556
32,322
21,518
190,526
26,212
10,455
16,289
31,764
303,790
51,905
46,503
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
Amusement and recreation services ...
Health services
Legal services
Educational services
Social services and membership
organizations
Social services
Membership organizations
Other services1
Private households
Government
Federal
General government
Civilian 2
Military ...
Government enterprises
State and local
General government
Education
Other
Government enterprises
.
Rest of the world
Receipts from the rest of the world
Less: Payments to the rest of the world 3
Addenda:
Households and institutions
Nonfarm business
86,121
42,375
43,746
136,059
11,035
91,565
45,862
45,703
149,531
11,821
95,877
48,350
47,527
161,263
11,457
73,364
35,109
38,255
116,205
10,790
78,346
38,282
40,064
128,432
11,563
82,749
40,766
41,983
139,316
11,207
800,668
258,006
208,312
123,976
84,336
49,694
542,662
506,154
265,457
240,697
36,508
825,339
258,051
207,288
123,427
83,861
50,763
567,288
529,188
279,024
250,164
38,100
855,281
264,853
212,849
125,174
87,675
52,004
590,428
551,031
292,665
258,366
39,397
602,190
173,413
139,744
84,864
54,880
33,669
428,777
399,489
207,472
192,017
29,288
622,980
175,045
140,708
84,540
56,168
34,337
447,935
417,381
217,962
199,419
30,554
642,594
177,228
142,038
85,541
56,497
35,190
465,366
433,845
228,252
205,593
31,521
-2,480
1,239
3,719
-2,534
1,323
3,857
-5,560
1,338
3,898
-2,480
1,239
3,719
-2,534
1,323
3,857
-2,560
1,338
3,898
312,741
331,760
346,034
2,972,798 3,134,144 3,303,173
NOTE.—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 August 1997 SURVEY OF CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
D-32 • National Data
April 1998
Table B.8.—Employment by Industry
[Thousands]
Full-time and part-time
employment
1994
Total
1995
1996
Full-time and part-time
employment
Persons engaged in
production '
1994
1995
124,602
126,992
118,560
121,370
123,666
Domestic industries
122,258
125,171
127,543
119,042
121,858
124,151
Private industries
100,326
103,195
105,596
100,750
103,531
105,947
1,936
840
1,096
2,004
868
1,136
2,069
860
1,209
3,148
1,791
1,357
3,199
1,810
1,389
3,300
1,818
1,482
606
49
113
339
105
587
52
106
321
108
583
54
99
321
109
607
49
110
345
103
590
52
103
327
108
586
54
97
327
108
5,197
5,383
5,669
6,406
6,654
6,954
18,428
10,507
776
505
535
697
1,396
2,000
1,582
900
852
860
404
7,921
1,683
43
681
982
693
1,566
1,056
147
18,592
10,722
790
512
542
708
1,443
2,069
1,626
969
817
841
405
7,870
1,688
42
664
946
692
1,570
1,039
143
18,574
10,834
801
506
547
709
1,452
2,115
1,658
967
820
855
404
7,740
1,697
42
629
874
682
1,565
1,032
139
18,445
10,584
835
515
544
693
1,390
1,996
1,573
895
850
853
440
7,861
1,654
43
676
998
686
1,551
1,039
145
18,613
10,802
857
525
550
701
1,441
2,083
1,616
952
816
834
427
7,811
1,659
42
661
952
686
1,560
1,032
142
18,577
10,911
858
521
558
707
1,446
2,100
1,653
960
819
850
439
7,666
1,664
42
631
881
677
1,536
1,024
138
954
116
978
108
981
99
951
118
967
110
971
102
6,060
3,834
233
407
1,843
179
750
17
6,175
3,962
232
420
1,916
178
778
15
6,292
4,063
224
440
1,658
177
1,119
14
6,045
3,922
220
437
1,977
175
704
17
6,176
4,048
220
431
2,054
178
731
15
6,318
4,182
212
444
1,854
174
1,050
14
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing
Mining
Metal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
Construction
Manufacturing
Durable goods
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
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
Truckinq and warehousinq
Water transportation
Transportation by air
Pipelines except natural gas
1. Equals the number of full-time equivalent employees (table 6.5) plus the number of self-employed persons
(table 6.7). Unpaid family workers are not included.
2. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not
elsewhere classified.
1994
1996
121,695
Transportation services
Communications . .
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
Wholesale trade
405
1,293
916
377
933
1995
423
1,307
915
392
906
1996
431
1,347
936
411
882
Persons engaged in
productionl
1994
1995
1996
392
1,192
844
348
931
419
1,219
851
368
909
434
1,258
873
385
878
6,235
6,475
6,558
6,324
6,559
6,589
21,159
21,867
22,256
18,897
19,476
19,866
7,021
2,068
488
543
1,522
723
1,422
255
6,926
2,023
463
554
1,497
732
1,410
247
7,051
2,018
513
582
1,503
746
1,441
248
7,251
1,973
485
592
1,468
853
1,635
245
7,216
1,937
466
622
1,449
856
1,648
238
7,315
1,923
506
648
1,447
873
1,680
238
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
33,684
1,712
1,276
6,352
1,075
350
458
1,421
9,318
1,059
2,024
35,186
1,754
1,300
6,935
1,132
374
506
1,519
9,568
1,056
2,075
36,544
1,791
1,317
7,484
1,205
389
553
1,593
9,809
1,063
2,141
33,627
1,549
1,725
6,538
1,338
568
498
1,264
8,677
1,184
1,860
35,048
1,587
1,776
7,109
1,362
591
543
1,327
8,903
1,173
1,915
36,442
1,625
1,805
7,664
1,480
573
583
1,420
9,168
1,147
1,986
4,478
2,328
2,150
2,877
1,284
4,637
2,454
2,183
3,049
1,281
4,760
2,534
2,226
3,193
1,246
4,351
2,563
1,788
3,254
821
4,504
2,689
1,815
3,439
819
4,623
2,772
1,851
3,572
796
Government
Federal
General government
Civilian 3
Military
Government enterprises
State and Ixal
General government
Education
Other
Government enterprises
21,932
5,720
4,748
2,100
2,648
972
16,212
15,295
8,220
7,075
917
21,976
5,560
4,573
2,026
2,547
987
16,416
15,485
8,389
7,096
931
21,947
5,357
4,366
1,952
2,414
991
16,590
15,655
8,542
7,113
935
18,292
4,661
3,867
2,052
1,815
794
13,631
12,754
6,635
6,119
877
18,327
4,530
3,725
1,984
1,741
805
13,797
12,910
6,770
6,140
887
18,204
4,368
3,562
1,912
1,650
806
13,836
12,945
6,791
6,154
891
-563
-569
-551
-482
-488
-485
Retail trade
Depository institutions
Nondepository institutions
Insurance carriers .
Insurance agents, brokers, and service
Real estate
Holding and other investment offices
Rest of the world4
.
3. Includes Coast Guard.
4. Beginning with 1993, incjudes estimates of foreign professional workers and undocumented Mexican migratory
workers employed temporarily in the United States.
NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
SURVEY OF CURRENT BUSINESS
April 1998
National Data •
D-33
Table B.9.—Wage and Salary Accruals Per Full-Time Equivalent Employee and Full-Time Equivalent Employees by Industry
Dollars
Thousands
Dollars
Thousands
Wages and salaries per
full-time equivalent
Full-time equivalent
employees
Wages and salaries per
full-time equivalent
Full-time equivalent
employees
1994
1995
1996
1994
1995
30,131
31,032
32,121
107,996
110,935
113,125
Domestic industries
30,020
30,919
32,006
108,478
111,423
113,610
Private industries
29,432
30,314
31,378
90,186
93,096
95,406
1,741
744
997
1,827
757
1,070
575
52
103
315
105
572
54
97
315
106
Total '
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing
17,833
17,118
18,372
18,331
17,888
18,662
18,870
18,709
18,984
1,674
720
954
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
44,482
44,633
45,391
47,006
35,216
46,683
48,423
47,417
49,613
36,314
48329
50,130
48,856
51,556
37,340
593
49
110
332
102
Construction
30,191
30,453
31,649
4,883
5,178
5,442
Manufacturing
Durable goods
34,725
36,724
24,400
24,312
32,299
38,788
32,455
39,063
37,277
47,516
43,674
42,506
27,317
32,032
29,157
47,953
23,642
18,169
38,292
33,259
48,932
53,766
35,852
37,751
25,131
25,068
33,345
40,100
32,954
40,093
39,005
47,248
44,712
44,810
28,192
33,226
30,163
52,738
24,002
18,828
39,558
34,543
51,200
55,190
37,165
39,030
26,162
26,085
34,799
41,003
34,072
41,761
40,279
48,410
45,683
46,451
28,902
34,516
30,681
54,000
24,950
19,877
40,935
35,791
53,344
56,457
18,013
10,337
758
493
528
692
1,371
1,964
1,564
892
844
846
385
7,676
1,633
43
670
960
685
1,449
1,037
145
18,179
10,550
772
502
531
698
1,420
2,050
1,607
950
809
826
385
7,629
1,642
42
654
920
684
1,450
1,027
142
18,164
10,660
782
497
533
704
1,425
2,072
1,643
958
814
843
389
7,504
1,654
42
623
846
676
1,445
1,020
138
29,253
21,531
29,921
22,349
30,884
23,547
941
113
962
106
965
95
37,401
31,882
51,132
19,655
28,924
37,353
38,953
54,647
38,369
32,279
51,232
20,133
29,366
37,862
39,088
57,933
39,278
32,994
53,877
20,848
30,348
38,729
36,644
59,214
5,664
3,564
220
371
1,720
167
698
17
5,780
3,690
220
384
1,791
167
725
15
5,883
3,783
212
402
1,550
166
1,043
14
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
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
Transportation and public utilities
Railroad transportation
Local and interurban passenger transit
Trucking and warehousing
Water transportation
Transportation by air
Pipelines except natural gas
...
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.
2. Consists of museums, botanical, zoological gardens; engineering and management services; and services, not
elsewhere classified.
1994
1995
1996
29,593
46,802
50,736
37,218
46,725
30,884
49,316
52,945
40,832
48,857
31,551
50,716
54,287
42,561
50,433
Wholesale trade
36,504
37,817
39,256
5,971
6,200
6,278
Retail trade
18,130
18,300
18,821
17,307
18,029
18,383
Finance, insurance, and real estate
Depository institutions
Nondepository institutions
Security and commodity brokers
39,282
31,921
38,647
89,937
39,610
36,447
27,456
58,767
41,698
33,935
41,070
97,499
41,494
37,854
28,308
63,971
44,629
35,926
43,224
108,760
43,593
39,648
29,780
67,933
6,620
1,972
468
521
1,468
687
1,259
245
6,550
1,935
446
533
1,449
697
1,252
238
6,635
1,921
491
558
1,447
707
1,273
238
27,886
19,585
17,337
24,554
21,943
27,216
34,434
22,904
32,780
51,497
23,637
28,987
20,117
17,915
25,942
22,454
28,134
36,639
23,680
34,098
53,107
24,263
29,935
20,733
18,518
27,713
23,074
29,204
37,706
24,509
34,624
54,984
24,895
29,461
1,479
1,118
5,795
1,005
320
355
1,143
8,288
940
1,747
30,864
1,519
1,139
6,372
1,061
343
393
1,231
8,492
937
1,801
32,222
1,559
1,162
6,875
1,136
358
432
1,296
8,774
944
1,868
19,266
17,381
21,395
43,984
13,143
19,834
17,931
22,074
45,754
14,118
20,346
18,396
22,681
47,146
14,079
3,808
2,020
1,788
2,642
821
3,950
2,135
1,815
2,807
819
4,067
2,216
1,851
2,955
796
32,921
37,205
36,138
41,357
30,237
42,404
31,456
31,323
31,269
31,380
33,396
33,992
38,641
37,774
42,611
32,262
42,655
32,466
32,330
32,195
32,479
34,446
35,300
40,574
39,876
44,739
34,241
43,660
33,634
33,514
33,611
33,408
35,377
18,292
4,661
3,867
2,052
1,815
794
13,631
12,754
6,635
6,119
877
18,327
4,530
3,725
1,984
1,741
805
13,797
12,910
6,770
6,140
887
18,204
4,368
3,562
1,912
1,650
806
13,836
12,945
6,791
6,154
891
-482
-488
-485
1996
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
r
Insurance agents, brokers, and services
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
Membership organizations
Other services2
Private households
Government
Federal
General government
Military3
Government enterprises
State and local
General government
Education ..
Other
Government enterprises
Rest of the world4
1994
371
1,182
838
344
918
1995
388
1,195
837
358
895
1996
396
1,228
854
374
872
3. Includes Coast Guard.
4. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory
workers employed temporarily in the United States.
NOTE.-Estimates in this table are based on the 1987 Standard Industrial Classification v(SIC).
'
SURVEY OF CURRENT BUSINESS
D-34 • National Data
Table B.11.—Housing Sector Output, Gross Product, and National
Income
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
Equals: Gross farm product
Billions of chained
(1992) dollars
Billions of dollars
1994
1995
1996
1994
1995
1996
202.9
197.9
219.9
199.4
192.0
193.1
180.9
193.9
106.9
204.2
111.4
178.2
188.5
179.0
87.0
92.9
88.4
89.9
96.9
91.3
88.9
90.5
92.8
88.1
5.8
.5
4.9
10.8
9.7
1.1
5.9
.5
5.6
-7.9
-8.2
.2
6.1
.4
6.3
2.9
4.1
-1.3
5.2
.5
4.8
11.7
9.2
1.2
5.2
.5
5.2
-9.2
-7.7
.3
5.1
.4
5.3
2.6
3.0
-1.5
119.4
124.4
130.6
114.7
117.6
117.3
105.3
110.0
113.7
100.7
103.4
101.2
14.1
14.3
16.8
14.0
14.2
16.2
83.5
73.5
89.4
85.0
74.2
75.5
Less' Consumption of fixed capital
23.7
24.7
25.6
22.4
22.8
23.2
Equals'. Net farm product
59.8
48.8
63.8
62.9
51.3
52.2
Less: Indirect business tax and nontax
liability
Plus' Subsidies to operators
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
48
5.1
51
66
61
61
61.5
49.7
64.9
146
157
165
12.3
13.3
14.2
2.2
37.8
36.9
.9
9.1
2.4
24.7
23.4
1.2
9.4
April 1998
Billions of chained
(1992) dollars
1994
1995
1996
686.7
722.7
680.9
507.0
174.0
5.8
716.8
532.2
184.6
5.9
87.6
Equals'. Gross housing product
Nonfarm housing
Owner-occupied
Tenant-occupied
Farm housing
599.1
594.4
439.5
155.0
4.7
Less: Consumption of fixed capital
Capital consumption allowances
Less: CCAdj
60.9
59.6
62.8
-59.6
-55.1
-55.4
Equals'. Net housing product
478.6
519.4
545.8
Less: Indirect business tax and nontax
liability plus business transfer payments ...
112.9
116.2
119.5
Housing output '
Nonfarm housing
Owner-occupied
Tenant-occupied
Farm housing
Less: Intermediate goods and services
consumed
Plus: Subsidies less current surplus of
government enterprises
Equals: Housing national income
Compensation of employees
Proprietors' income with IVA and CCAdj ...
Rental income of persons with CCAdj
Corporate profits with IVA and CCAdj
Net interest
2.3
38.6
37.2
1.4
9.8
120.5
1994
1995
1996
758.1
649.9
663.4
675.2
752.0
558.3
193.6
6.1
644.8
479.6
165.2
5.2
658.3
487.2
171.1
5.2
670.2
495.3
174.9
5.1
88.5
94.1
83.1
82.1
85.3
634.2
629.2
462.8
166.4
5.0
664.0
658.8
484.0
174.9
5.1
566.8
562.7
415.6
147.1
4.2
581.3
577.0
423.1
153.9
4.3
589.9
585.7
428.3
157.5
4.2
118.2
112.2
103.6
104.6
454.5
477.8
485.5
114.8
20.6
20.8
22.6
386.4
424.0
448.9
7.7
17.6
96.7
4.2
260.2
8.1
8.5
25.2
27.1
104.3
5.1
281.3
115.8
5.6
292.0
1. Equals personal consumption expenditures for housing less expenditures for other housing as shown in table
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
B.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.
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
SURVEY OF CURRENT BUSINESS
April 1998
National Data •
D-35
Table B. 12.—Net Stock of Fixed Private Capital, by Type
[Yearend estimates]
Chain-type quantity indexes (1992=100)
Current-cost valuation (billions of dollars)
1991
Fixed private capital
Private producers' durable equipment
Nonresidential equipment
Information processing and related equipment
Office, computing, and accounting machinery
Computers and peripheral equipment
Other office equipment
Communication equipment
Instruments
Photocopy and related equipment
1992
1994
1993
1996
1991
1992
1993
1994
1995
1996
12,955.2
13,484.1
14,198.8
15,064.5
15,738.6
98.49
100.00
101.94
104.15
106.67
109.58
2,570.3
2,642.7
2,742.1
2,881.7
3,050.3
3,232.9 -
98.37
100.00
102.74
106.62
111.68
117.63
2,519.5
2,590.0
2,686.7
2,823.1
2,989.3
3,168.9
98.39
100.00
102.72
106.61
111.70
117.69
603.2
119.0
629.0
120.7
101.0
650.4
128.3
107.9
673.8
138.5
118.0
704.0
151.2
130.4
785.4
175.7
153.9
94.86
87.31
85.14
99.35
97.21
95.09
97.52
100.00
100.00
100.00
100.00
100.00
100.00
100.00
106.40
120.18
124.20
101.27
102.41
105.34
104.27
113.96
144.51
154.49
101.08
106.50
109.32
109.02
125.25
189.31
211.49
101.82
112.84
112.73
112.00
140.31
264.83
308.42
108.04
120.39
116.19
113.98
99.38
100.79
97.84
97.48
101.47
100.38
99.14
100.53
97.65
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
101.38
100.07
102.12
102.13
102.06
100.48
101.85
100.70
102.57
103.55
100.95
104.56
104.33
106.76
102.74
104.03
102.25
105.65
106.34
101.72
105.58
104.68
114.34
106.16
107.46
104.37
109.13
108.92
102.72
105.86
104.57
118.43
109.54
109.64
107.35
112.29
98.93
98.99
97.44
97.17
103.69
101.16
100.00
100.00
100.00
100.00
100.00
100.00
102.30
105.33
100.93
102.25
98.25
99.65
106.91
115.39
109.20
100.57
95.33
100.79
111.87
127.18
113.03
101.80
92.42
102.22
116:89
100.42
96.81
100.22
96.59
102.77
102.43
103.99
103.85
104.46
110.04
103.27
94.43
99.31
93.87
98.81
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
101.19
103.04
100.43
103.21
99.71
100.28
97.68
98.79
99.09
93.67
99.38
104.87
101.98
105.20
103.18
103.29
105.84
101.74
106.12
101.34
102.61
96.85
99.07
100.51
87.79
103.02
107.43
104.43
107.77
106.40
106.07
110.10
103.22
110.55
103.25
105.11
96.65
99.89
103.15
83.85
107.46
109.26
107.35
109.47
109.34
117.36
111.42
110.74
111.49
112.59
99.5
19.5
318.9
101.4
16,503.4
19.7
20.4
20.6
20.9
21.8
330.8
109.9
333.0
117.9
335.3
124.1
342.7
130.6
391.5
136.2
79.4
82.0
1,050.3
1,083.6
90.3
56.8
51.5
93.5
58.4
52.5
95.7
59.7
53.5
5.0
174.4
207.5
194.9
228.7
5.4
183.0
218.2
202.5
240.5
5.9
197.0
232.1
212.5
256.7
6.3
205.8
240.0
220.8
261.6
510.0
169.1
107.6
121.2
538.9
185.5
111.7
127.1
581.2
210.1
124.6
129.2
627.2
236.8
131.1
136.2
660.5
259.6
138.0
140.3
45.5
68.2
45.1
67.1
45.6
69.0
44.7
72.7
44.3
78.8
44.4
78.3
526.8
140.0
9.0
131.0
534.2
146.1
9.1
137.0
551.8
153.8
9.4
144.4
576.6
163.0
9.7
153.3
607.7
175.0
639.4
186.2
10.1
10.5
164.9
175.7
54.1
42.3
11.8
65.4
66.7
16.7
61.0
41.5
54.1
42.4
11.7
64.9
66.0
15.3
60.3
44.6
55.1
43.2
11.9
65.6
66.8
14.6
61.0
47.2
57.2
45.1
12.1
67.1
69.6
14.0
64.5
48.9
59.1
46.8
12.3
69.9
73.2
13.8
69.2
50.3
60.9
48.2
12.7
72.2
77.1
13.3
76.7
50.9
64.0
67.5
71.2
75.8
898.3
916.8
945.7
991.4
87.7
50.8
46.0
86.7
51.8
47.1
87.0
53.2
48.2
4.8
167.1
193.4
185.7
213.6
4.7
168.8
199.4
189.0
221.0
Transportation and related equipment
Trucks, buses, and truck trailers
Autos
Aircraft
Ships and boats
Railroad equipment
491.2
160.6
102.5
114.4
Other equipment
Furniture and fixtures ..
Household furniture
Other furniture
Tractors
.
.
.
Farm tractors
Construction tractors
Agricultural machinery except tractors
Construction machinery except tractors
Mining and oilfield machinery
Service industry machinery
Electrical equipment n e e
Household appliances
Other
Other nonresidential equipment
Industrial equipment
Fabricated metal products
Engines and turbines ..
Steam engines
Internal combustion engines ..
Metalworking machinery
Special industry machinery, n.e.c
General industrial including materials handling equipment
Electrical transmission, distribution, and industrial apparatus
1995
4.5
4.7
4.6
4.9
5.1
37.0
81.2
40.1
83.0
42.5
87.7
44.0
92.4
45.2
97.2
50.8
52.6
55.4
58.6
61.0
5.2
45.7
102.1
139.25
117.20
103.08
89.79
102.81
109.92
115.18
105.88
115.79
105.60
107.84
97.69
101.40
106.11
78.91
97.03
100.00
103.36
107.18
111.01
114.80
10,384.9
10,841.4
11,456.7
12,182.8
12,688.3
13,270.4
98.52
100.00
101.75
103.57
105.50
107.74
4,177.2
4,302.7
4,528.9
4,775.6
4,970.8
5,163.3
98.92
100.00
101.16
102.20
103.61
105.43
Nonresidential buildings excluding farm
Industrial buildings
Office buildings1
Commercial buildings
Mobile structures
Other commercial 2
Religious buildings
Educational buildings
Hospital and institutional buildings
Other
Hotels and motels
Amusement and recreational buildings
Other nonfarm buildings3
2,593.9
589.7
611.2
653.7
6.4
647.4
119.7
102.6
246.2
270.8
135.6
2,686.1
613.0
625.4
678.7
6.6
672.1
123.5
108.0
259.8
277.6
139.2
2,834.9
636.2
670.1
717.2
7.2
710.1
129.4
114.7
276.7
290.6
145.9
3,011.3
673.6
707.8
765.0
7.9
757.1
136.6
123.5
297.9
307.0
153.7
3,144.1
700.7
736.5
803.8
8.3
795.5
141.4
130.2
311.6
319.9
161.0
3,299.0
725.9
767.1
855.8
8.7
847.1
146.2
138.0
325.6
340.5
173.3
67.8
67.4
70.2
68.2
98.44
98.36
98.72
98.46
98.26
98.47
99.10
97.05
96.87
99.67
99.51
98.63
101.07
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
101.38
100.17
101.51
101.96
101.54
101.97
101.10
102.47
102.72
100.79
101.03
101.25
99.84
102.97
101.44
102.54
103.93
103.27
103.94
102.06
105.40
105.71
101.88
101.79
103.20
100.73
105.02
103.03
104.24
106.63
105.36
106.64
103.23
108.64
108.08
103.76
104.25
106.83
99.60
107.92
104.54
106.37
111.20
107.95
111.24
104.47
112.77
110.59
108.01
109.82
111.45
100.81
Utilities
Railroad
Telecommunications
Electric light and power
1,032.3
266.7
181.1
410.9
136.8
1,062.0
272.4
185.3
423.8
143.1
99.44
100.93
98.21
99.61
97.56
100.12
100.00
100.00
100.00
100.00
100.00
100.00
100.59
99.08
101.66
100.86
101.42
100.18
100.76
98.22
103.71
100.77
101.99
100.25
101.29
97.42
106.33
101.20
102.88
100.00
101.73
96.92
109.22
101.28
103.23
99.92
100.00
100.00
100.00
100.00
100.00
102.10
99.14
98.97
100.48
104.32
101.29
98.31
97.82
101.99
107.95
100.48
97.36
96.76
101.92
111.30
99.14
101.14
113.37
Residential equipment
Private structures
Nonresidential structures
Gas
Petroleum pipelines
.
73.7
71.0
1 1202
290.1
194.0
443.4
153.0
78.6
74.7
1 1597
294.0
204.8
459.6
160.0
83.2
75.7
1 1997
300.3
218.3
476.5
163.1
64.1
88.7
78.5
1 2364
311.1
229.9
481.8
170.4
36.8
37.5
39.6
41.2
41.5
43.2
182.0
263.8
234.7
183.5
259.0
229.3
194.3
260.1
229.2
201.6
274.5
241.6
204.6
283.7
250.0
206.1
278.5
244.5
29.0
29.7
31.0
32.9
33.7
34.1
105.2
112.1
119.4
128.4
138.7
143.3
101.36
101.90
102.17
99.81
94.60
Residential structures
6,207.7
6,538.7
6,927.8
7,407.2
7,717.5
8,107.1
98.25
100.00
102.14
104.47
106.75
109.25
Housing units
Permanent site
•j-to-4-unit
5-or-more-unit
Mobile homes
Improvements
Other residential5
5,057.2
4,959.6
4,226.4
733.2
5,327.0
5,226.1
4,465.3
760.7
100.9
1,185.1
5,667.3
5,557.9
4,796.1
761.9
109.4
1,232.6
6,078.4
5,956.2
5,182.3
773.8
122.2
1,299.8
6,322.4
6,190.1
5,398.5
791.5
132.3
1,365.8
6,639.3
6,497.7
5,662.9
834.8
141.5
1,438.0
98.37
98.36
98.09
99.97
99.10
97.64
100.98
100.00
100.00
100.00
100.00
100.00
100.00
100.00
102.00
102.00
102.37
99.78
102.02
102.83
99.67
104.20
104.17
105.01
99.05
105.56
105.87
98.53
106.43
106.36
107.45
99.64
110.07
108.42
97.95
108.99
108.86
110.22
100.47
115.21
110.75
97.69
Farm related buildings and structures
Mining exploration shafts and wells
Petroleum and natural gas
Other mining
Other nonfarm structures4
97.6
1,124.7
.
25.9
26.6
1. Consists of office buildings, except those occupied by electric and gas utility companies.
2. Consists primarily of stores, restaurants, garages, service stations, warehouses, and other buildings used for
commercial purposes.
3. Consists of buildings not elsewhere classified, such as passenger terminals, greenhouses, and animal hospitals.
4. Consists primarily of streets, dams, reservoirs, sewer and water facilities, parks, and airfields.
5. Consists primarily of dormitories, fraternity and sorority houses, and nurses' homes.
27.8
29.0
29.3
n.e.c. Not elsewhere classified.
29.9
95.89
95.21
D-36 • National Data
SURVEY OF CURRENT BUSINESS
April 1998
C. Historical Tables.
The tables in this section are derived from the "Summary National Income and Product Series" tables that were
published in the August 1997 issue of the SURVEY OF CURRENT BUSINESS and from the "Selected NIPA Tables"
that are published in this issue. (Changes in prices are calculated from indexes expressed to three decimal
places.)
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from preceding
od
Billions of chained (1992) dollars
Year and
quarter
Gross domestic
product
Final sales of
Gross national Gross domestic
domestic
product
product
product
Chain-type price indexes
Implicit price deflators
Percent change from preceding period
Chain-type price index
Implicit price deflators
Final sales of Gross domestic Gross domestic Gross domestic Gross national
Gross domestic Gross domestic Gross domestic Gross national
purchases
product
product
product
domestic
product
purchases
product
product
product
1959
2,210.2
2,206.9
2,222.0
7.4
6.5
22.95
22.44
22.95
22.96
1.0
1.0
1.0
1.0
1960
1961
1962
1963
1964
2,262.9
2,314.3
2,454.8
2,559.4
2,708.4
2,264.2
2,318.0
2,445.4
2,552.4
2,705.1
2,276.0
2,329.1
2,471.5
2,577.3
2,727.8
2.4
2.3
6.1
4.3
5.8
2.6
2.4
5.5
4.4
6.0
23.27
23.54
23.84
24.12
24.48
22.75
23.00
23.28
23.58
23.94
23.27
23.54
23.84
24.12
24.48
23.28
23.55
23.85
24.13
24.49
1.4
1.2
1.3
1.2
1.5
1.4
1.1
1.2
1.3
1.6
1.4
1.2
1.3
1.2
1.5
1.4
1.2
1.3
1.2
1.5
1965
1966
1967
1968
1969
2,881.1
3,069.2
3,147.2
3,293.9
3,393.6
2,860.4
3,033.5
3,125.1
3,278.0
3,377.2
2,901.4
3,087.8
3,166.4
3,314.5
3,413.3
6.4
6.5
2.5
4.7
3.0
5.7
6.1
3.0
4.9
3.0
24.95
25.66
26.48
27.64
28.94
24.39
25.07
25.83
26.95
28.21
24.96
25.67
26.49
27.64
28.94
24.97
25.68
26.50
27.66
28.96
1.9
2.8
3.2
4.4
4.7
1.9
2.8
3.0
4.3
4.7
2.0
2.8
3.2
4.4
4.7
2.0
2.8
3.2
4.4
4.7
1970
1971
1972
1973
1974
3,397.6
3,510.0
3,702.3
3,916.3
3,891.2
3,406.5
3,499.8
3,689.5
3,883.9
3,873.4
3,417.1
3,532.1
3,726.3
3,950.1
3,930.2
.1
3.3
5.5
5.8
-.6
.9
2.7
5.4
5.3
-.3
30.48
32.05
33.42
35.30
38.46
29.73
31.32
32.71
34.64
38.17
30.48
32.06
33.42
35.30
38.47
30.50
32.08
33.44
35.32
38.49
5.3
5.2
4.2
5.6
8.9
5.4
5.3
4.5
5.9
5.3
5.2
4.2
5.6
9.0
5.3
5.2
4.2
5.6
8.9
1975
1976
1977
1978
1979
3,873.9
4,082.9
4,273.6
4,503.0
4,630.6
3,906.4
4,061.7
4,240.8
4,464.4
4,614.4
3,903.3
4,118.8
4,314.5
4,543.7
4,687.4
-.4
5.4
4.7
5.4
2.8
.9
4.0
4.4
5.3
3.4
42.09
44.55
47.42
50.88
55.22
41.72
44.15
47.18
50.65
55.22
42.09
44.55
47.43
50.89
55.23
42.11
44.58
47.46
50.92
55.26
9.4
5.8
6.5
7.3
8.5
9.4
5.8
6.5
7.3
8.5
9.4
5.9
6.5
7.3
8.5
1980
1981
1982
1983
1984
4,615.0
4,720.7
4,620.3
4,803.7
5,140.1
4,641.9
4,691.6
4,651.2
4,821.2
5,061.6
4,670.8
4,769.9
4,662.0
4,844.8
5,178.0
-.3
2.3
4.0
7.0
.6
1.1
-.9
3.7
5.0
60.34
66.01
70.18
73.16
75.92
61.10
66.72
70.64
73.31
75.90
60.33
66.01
70.17
73.16
75.92
60.36
66.05
70.21
73.20
75.97
9.3
9.4
6.3
4.3
3.8
9.2
5.9
3.8
3.5
9.2
9.4
6.3
4.3
3.8
9.2
9.4
6.3
4.3
3.8
1985
1986
1987
1988
1989
5,323.5
5,487.7
5,649.5
5,865.2
6,062.0
5,296.9
5,480.9
5,626.0
5,855.1
6,028.7
5,346.7
5,501.2
5,658.2
5,878.5
6,075.7
3.6
3.1
2.9
3.8
3.4
4.6
3.5
2.6
4.1
3.0
78.53
80.58
83.06
86.10
89.72
78.34
80.40
83.11
86.13
89.78
78.53
80.58
83.06
86.09
89.72
78.57
80.62
83.09
86.12
89.75
3.4
2.6
3.1
3.7
4.2
3.2
2.6
3.4
3.6
4.2
3.4
2.6
3.1
3.7
4.2
3.4
2.6
3.1
3.7
4.2
1990
1991
1992
1993
1994
6,136.3
6,079.4
6,244.4
6,389.6
6,610.7
6,126.7
6,082.6
6,237.4
6,368.9
6,551.2
6,157.0
6,094.9
6,255.5
6,408.0
6,619.1
1.2
-.9
2.7
2.3
3.5
1.6
-.7
2.5
2.1
2.9
93.64
97.32
100.00
102.64
105.09
93.83
97.30
100.00
102.48
104.85
93.60
97.32
100.00
102.64
105.09
93.63
97.33
100.00
102.63
105.08
4.4
3.9
2.8
2.6
2.4
4.5
3.7
2.8
2.5
2.3
4.3
4.0
2.8
2.6
2.4
4.3
4.0
2.7
2.6
2.4
1995
1996
1997
6,742.1
6,928.4
7,188.8
6,712.7
6,901.0
7,118.3
6,748.7
6,932.0
7,174.4
2.0
2.8
3.8
2.5
2.8
3.1
107.76
110.22
112.45
107.52
109.86
111.76
107.76
110.21
112.40
107.73
110.18
112.35
2.5
2.3
2.0
2.5
2.2
1.7
2.5
2.3
2.0
2.5
2.3
2.0
1959: I
II
Ill
IV
2,165.0
2,223.3
2,221.4
2,231.0
2,165.5
2,204.2
2,232.6
2,225.3
2,176.2
2,234.5
2,233.5
2,243.9
8.6
9.2
7.3
5.3
22.86
22.92
22.96
23.05
22.35
22.41
22.45
22.53
22.92
22.91
22.94
23.03
22.93
22.91
22.95
23.04
.8
1.1
.7
1.5
1.1
1.1
.7
1.5
.8
-.3
.6
1.6
.8
-.3
.6
1.6
1960: I
II
III
IV
2,279.2
2,265.5
2,268.3
2,238.6
2,248.5
2,268.4
2,265.1
2,274.7
2,291.6
2,278.2
2,281.6
2,252.7
4.2
3.6
-.6
1.7
23.10
23.21
23.32
23.44
22.57
22.69
22.80
22.92
23.13
23.22
23.32
23.40
23.14
23.23
23.33
23.41
.9
2.0
2.0
2.1
.8
2.1
2.0
2.1
1.8
1.5
1.7
1.4
1.9
1.5
1.7
1.4
1961: 1
||
III
IV
2,251.7
2,292.0
2,332.6
2,381.0
2,277.7
2,301.1
2,320.4
2,372.8
2,266.8
2,306.3
2,347.1
2,395.9
2.4
7.4
7.3
8.6
.5
4.2
3.4
9.3
23.48
23.51
23.55
23.61
22.96
22.97
23.01
23.06
23.45
23.51
23.56
23.63
23.46
23.52
23.57
23.64
.7
.5
.7
1.1
.6
.2
.7
.9
.9
1.0
.8
1.2
.9
1.0
.8
1.2
1962: 1
II
III'...'.""....
IV
2,422.6
2,448.0
2,471.9
2,476.7
2,400.3
2,440.7
2,462.0
2,478.7
2,437.4
2,464.4
2,488.4
2,495.9
7.2
4.3
4.0
.8
4.7
6.9
3.5
2.7
23.73
23.80
23.86
23.96
23.17
23.24
23.31
23.41
23.75
23.81
23.87
23.94
23.76
23.81
23.87
23.95
2.0
1.1
1.1
1.7
1.9
1.4
1.1
1.8
2.0
1.0
1.0
1.2
2.0
1.0
1.0
1.2
1963: 1
II
Ill
IV
2,508.7
2,538.1
2,586.3
2,604.6
2,492.4
2,533.8
2,578.0
2,605.3
2,526.9
2,555.5
2,604.0
2,622.9
5.3
4.8
7.8
2.9
2.2
6.8
7.2
4.3
24.03
24.07
24.11
24.26
23.48
23.53
23.58
23.72
24.00
24.07
24.12
24.29
24.01
24.08
24.13
24.30
1.2
.6
.7
2.4
1.3
.8
.9
2.5
1.1
1.1
.8
3.0
1.1
1.1
.8
3.0
1964: 1
II
Ill
IV
2,666.7
2,697.5
2,729.6
2,739.7
2,663.1
2,695.0
2,727.6
2,734.5
2,686.8
2,716.8
2,749.5
2,758.1
9.9
4.7
4.8
1.5
9.2
4.9
4.9
1.0
24.33
24.41
24.53
24.64
23.80
23.89
23.99
24.09
24.35
24.41
24.52
24.64
24.36
24.42
24.53
24.65
1.2
1.3
1.9
1.8
1.3
1.5
1.8
1.6
.9
.9
1.8
2.1
.9
.9
1.8
2.1
1965: 1
II
Ill
IV
2,808.9
2,846.3
2,898.8
2,970.5
2,777.2
2,826.7
2,879.8
2,957.8
2,830.0
2,868.2
2,918.9
2,988.6
6.4
7.3
7.7
24.76
24.88
25.01
25.16
24.19
24.31
24.44
24.61
24.77
24.88
25.01
25.17
24.78
24.89
25.02
25.18
2.0
2.0
2.1
2.5
1.6
2.0
2.2
2.8
2.0
1.9
2.1
2.6
2.0
1.9
2.1
2.6
1966: 1
II
III
IV
3,042.4
3,055.5
3,076.5
3,102.4
3,008.8
3,023.1
3,047.2
3,054.8
3,061.1
3,074.2
3,094.7
3,121.4
1967: 1
II
III
IV
3,127.2
3,129.5
3,154.2
3,178.0
3,085.6
3,119.0
3,134.2
3,161.5
3,145.9
3,147.7
3,174.4
3,197.5
-2.1
11.2
-.3
1.7
8.9
-2.4
.5
-5.1
10.5
5.4
7.6
10.3
-1.3
11.3
10.2
9.3
5.8
6.9
7.4
9.0
10.7
1.7
2.8
3.4
7.1
1.9
3.2
1.0
25.30
25.50
25.82
26.03
24.73
24.93
25.22
25.41
25.32
25.53
25.79
26.02
25.34
25.54
25.81
26.03
2.2
3.2
5.1
3.4
1.9
3.2
4.8
3.1
2.5
3.2
4.2
3.5
2.5
3.3
4.2
3.5
3.2
.3
3.2
3.1
4.1
4.4
2.0
3.5
26.16
26.32
26.57
26.87
25.52
25.67
25.92
26.21
26.14
26.31
26.60
26.90
26.15
26.32
26.61
26.91
2.0
2.5
3.9
4.6
1.6
2.5
3.9
4.5
1.9
2.5
4.5
4.6
2.0
2.5
4.5
4.6
10.0
SURVEY OF CURRENT BUSINESS
April 1998
National Data •
D-37
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from preceding
iod
Billions of chained (1992) dollars
Year and
quarter
Gross domestic
product
Final sales o
domestic
product
Chain-type price indexes
Percent change from preceding period
Implicit price deflators
Chain-type price index
Gross nationa
product
Gross domestic
product
Final sales o
domestic
product
Implicit price deflators
Gross domestic Gross domestic Gross domestic Gross nationa
Gross domestic Gross domestic Gross domestic Gross national
product
purchases
product
product
product
purchases
product
product
1968: 1
II
Ill
IV
3,236.2
3,292.1
3,316.1
3,331.2
3,225.3
3,258.0
3,303.9
3,325.1
3,256.2
3,312.5
3,337.3
3,352.2
7.5
7.1
3.0
1.8
8.3
4.1
5.8
2.6
27.19
27.50
27.75
28.12
26.52
26.80
27.06
27.43
27.21
27.49
27.75
28.12
27.22
27.50
27.76
28.13
4.8
4.5
3.7
55
4.9
4.2
4.0
5.5
4.7
4.1
3.8
5.5
4.8
4.1
3.8
5.5
1969: 1
II
Ill
IV
3,381.9
3,390.2
3,409.7
3,392.6
3,357.5
3,373.0
3,389.6
3,388.9
3,402.8
3,410.3
3,428.5
3,411.4
6.2
1.0
2.3
4.0
1.9
2.0
28.38
28.74
29.14
29.51
27.66
28.02
28.40
28.77
28.39
28.73
29.14
29.51
28.40
28.75
29.16
29.52
3.7
5.2
5.7
5.2
3.5
5.3
5.6
5.2
3.8
5.0
5.8
5.1
3.9
5.0
5.8
5.1
1970: 1
II
Ill
IV
3,386.5
3,391.6
3,423.0
3,389.4
3,397.6
3,391.9
3,421.9
3,414.8
3,406.0
3,411.9
3,442.9
3,407.4
1.(
3^6
-.8
29.92
30.36
30.60
31.02
29.18
29.59
29.87
30.29
29.94
30.36
30.61
31.02
29.95
30.37
30.63
31.03
5.7
6.0
3.2
5.6
5.9
5!
3i8
5.7
6.0
5.7
3.4
5.4
6.0
5.7
3.4
5.4
1971: 1
II
Ill
IV
3,481.4
3,500.9
3,523.8
3,533.8
3,458.9
3,481.2
3,509.4
3,549.5
3,503.3
3,524.3
3,544.7
3,556.0
2.3
2.6
1.1
5.3
2.6
3.3
4.7
31.50
31.93
32.25
32.53
30.75
31.18
31.52
31.81
31.50
31.93
32.27
32.54
31.52
31.94
32.29
32.55
6.3
5.7
4.1
3.5
6.2
5.7
45
3.7
6.4
5.5
4.4
3.3
6.4
5.5
4.4
3.3
1972: 1
II
Ill
IV
3,604.7
3,687.9
3,726.2
3,790.4
3,608.0
3,665.7
3,700.0
3,784.3
3,627.9
3,710.7
3,751.2
3,815.3
8.3
9.6
4.2
7.1
6.8
6.5
3.8
9.4
33.01
33.23
33.50
33.93
32.28
32.53
32.82
33.23
33.02
33.20
33.49
33.95
33.03
33.22
33.51
33.97
6.0
2.6
3.3
5.2
6.0
3.1
3.6
5.1
6.0
2.2
3.5
5.6
6.1
2.2
3.5
5.6
1973: 1
II
Ill
IV
3,892.2
3,919.0
3,907.1
3,947.1
3,867.0
3,884-5
3,890.9
3,893.1
3,921.5
3,950.4
3,944.1
3,984.4
9.0
1.J
34.38
34.96
35.63
36.24
33.69
34.33
34.95
35.60
34.36
34.94
35.61
36.29
34.38
34.96
35.63
36.31
5.5
6.9
7.8
7.0
5.6
7.8
7.5
7.6
5.0
6.9
7.9
7.8
5.0
6.9
7.9
7.8
1974- I
II
Ill
IV
3,908.1
3,922.6
3,880.0
3,854.1
3,889.1
3,899.7
3,882.5
3,822.2
3,952.4
3,964.3
3,917.6
3,886.1
1975: 1
||
III
IV
3,800.9
3,835.2
3,907.0
3,952.5
3,848.3
3,887.9
3,922.7
3,966.7
1976: 1
II
Ill
IV
4,044.6
4,072.2
4,088.5
4,126.4
1977: 1
II
Ill
IV
-2.0
.6
3.7
-3.9
11.3
11.2
2.8
-1.2
.i
4.2
-4.3
-2.6
-1.8
-6.1
36.98
37.79
38.93
40.14
36.55
37.59
38.71
39.84
37.01
37.79
38.96
40.13
37.03
37.81
38.98
40.15
3,827.3
3,861.8
3,936.1
3,987.9
-5.4
3.7
7.7
4.7
2.8
4.2
3.6
4.6
41.04
41.67
42.44
43.21
40.69
41.34
42.05
42.79
41.05
41.66
42.41
43.19
41.07
41.68
42.44
43.22
4,027.0
4,039.1
4,061.7
4,119.0
4,078.8
4,107.9
4,124.8
4,163.7
9.7
2.8
1.6
3.8
6.2
1.2
2.3
5.8
43.68
44.17
44.78
45.56
43.26
43.76
44.42
45.16
43.69
44.15
44.77
45.57
4,176.3
4,260.1
4,329.5
4,328.3
4,161.4
4,228.4
4,270.0
4,303.3
4,219.4
4,302.2
4,371.2
4,365.0
4.9
8.3
6.7
-.1
4.2
6.6
4.0
3.2
46.31
47.08
47.74
48.55
45.99
46.81
47.55
48.36
1978: 1
II
Ill
IV
4,345.5
4,510.7
4,552.1
4,603.7
4,306.0
4,474.6
4,511.6
4,565.4
4,388.6
4,546.1
4,591.1
4,649.0
.3
1979: 1
II
Ill
IV
4,605.7
4,615.6
4,644.9
4,656.2
4,579.0
4,577.0
4,639.2
4,662.5
4,652.6
4,668.7
4,708.8
4,719.5
1980: 1
II
Ill
IV
4,679.0
4,566.6
4,562.3
4,651.9
4,675.3
4,579.0
4,637.1
4,676.1
4,743.0
4,625.6
4,617.8
4,696.6
1981: 1
II
Ill
IV
4,739.2
4,696.8
4,753.0
4,693.8
4,692.9
4,699.0
4,702.5
4,672.0
4,787.7
4,742.6
4,801.4
4,747.9
1982: 1
II
III
IV
4,615.9
4,634.9
4,612.1
4,618.3
4,655.4
4,651.2
4,616.9
4,681.3
4,658.5
4,682.9
4,651.1
4,655.6
.5
1983: 1
II
Ill
IV
4,663.0
4,763.6
4,849.0
4,939.2
4,719.4
4,785.3
4,860.7
4,919.5
4,700.1
4,804.4
4,891.3
4,983.5
3.9
8.9
7.4
7.7
1984: 1
||
III
IV
5,053.6
5,132.9
5,170.3
5,203.7
4,961.0
5,050.0
5,085.6
5,149.9
5,092.6
5,172.4
5,209.5
5,237.5
1985: 1
II
Ill
IV
5,257.3
5,283.7
5,359.6
5,393.6
5,231.7
5,261.0
5,336.9
5,358.0
1986: 1
II
III
IV
5,460.8
5,466.9
5,496.3
5,526.8
1987: 1
II
Ill
IV
1988: 1
II
Ill
IV
-3.9
1.5
—A
1.1
8.4
9.0
12.9
12.5
9.2
6.3
7.6
7.4
8.8
6.5
7.0
7.2
9.5
6.1
7.4
7.6
9.5
6.1
7.4
7.6
43.72
44.18
44.80
45.60
4.4
4.6
5.7
7.2
4.5
4.7
6.1
6.9
4.7
4.2
5.7
7.3
4.7
4.2
5.7
7.3
46.32
47.07
47.66
48.63
46.34
47.10
47.69
48.66
6.7
6.8
5.7
7.0
7.6
7.3
6.4
7.1
6.8
6.6
5.1
8.4
6.7
6.7
5.1
8.4
7.0
8.6
7.3
7.9
6.7
8.2
7.0
8.7
6.7
8.2
7.1
8.7
9.0
9.1
8.8
8.9
8.1
9.1
8.8
8.9
8.1
16.6
3.7
4.6
3.4
4.9
49.39
50.43
51.32
52.37
49.19
50.22
51.11
52.08
49.42
50.41
51.27
52.35
49.45
50.44
51.30
52.39
7.1
8.6
7.3
8.4
.2
.9
2.6
1.0
1.2
-.2
5.5
2.0
53.46
54.70
55.82
56.92
53.21
54.52
55.89
57.25
53.51
54.65
55.82
56.92
53.54
54.68
55.85
56.95
8.6
9.6
8.5
8.1
1.1
58.25
59.59
60.93
62.57
58.89
60.41
61.77
63.33
58.18
59.55
61.01
62.59
58.22
59.58
61.05
62.64
9.7
9.6
9.3
64.19
65.35
66.65
67.85
64.96
66.15
67.27
68.48
64.15
65.37
66.65
67.87
64.20
65.42
66.69
67.91
5.7
68.85
69.71
70.69
71.46
69.42
70.17
71.10
71.85
68.86
69.72
70.66
71.44
3.3
5.7
6.4
4.9
72.12
72.84
73.50
74.19
72.33
73.03
73.65
74.24
9.6
6.4
3.0
2.6
3.4
7.4
2.9
5.2
75.00
75.62
76.25
76.82
5,280.3
5,310.8
5,378.4
5,417.5
4.2
2.0
5.9
2.6
6.5
2.3
5.9
1.6
5,410.5
5,448.4
5,518.2
5,546.6
5,481.1
5,480.1
5,510.4
-.5,533.1
5.1
.4
2.2
2.2
5,561.8
5,618.0
5,667.4
5,750.6
5,535.8
5,608.4
5,671.5
5,688.3
5,568.7
5,628.7
5,676.0
5,759.6
5,785.3
5,844.0
5,878.7
5,952.8
5,774.2
5,840.1
5,869.2
5,937.0
5,802.3
5,857.5
5,889.4
5,964.9
2.0
-9.3
-8.0
-.4
8.1
5.2
3.4
7.7
1.4
.5
.3
8.2
8.7
12.9
12.6
16.1
1.6
8.2
8.7
11.1
11.9
12.5
12.2
12.7
13.0
10.2
10.4
10.2
12.0
10.7
9.3
9.2
9.7
11.2
10.5
10.2
10.8
10.7
10.7
10.3
9.2
9.7
10.2
10.8
10.4
7.4
8.2
7.4
7.5
7.0
7.3
7.8
8.0
7.5
7.8
8.0
7.5
68.91
69.77
70.70
71.47
6.0
5.1
5.7
4.5
5.6
4.4
5.4
4.3
6.0
5.1
5.5
4.4
6.0
5.1
5.5
4.4
72.08
72.83
73.48
74.19
72.12
72.87
73.52
74.24
3.7
4.1
3.7
3.8
2.7
3.9
3.4
3.2
3.7
4.2
3.7
3.9
3.7
4.2
3.7
3.9
75.04
75.65
76.19
76.71
75.02
75.58
76.25
76.81
75.06
75.63
76.29
76.85
4.4
3.3
3.4
3.0
4.4
3.3
2.9
2.7
4.5
3.1
3.5
3.0
4.5
3.1
3.6
2.9
77.64
78.25
78.80
79.44
77.38
78.02
78.58
79.37
77.63
78.25
78.76
79.45
77.67
78.29
78.80
79.49
4.3
3.2
2.8
3.3
3.6
3.3
2.9
4.1
4.4
3.3
2.6
3.5
4.3
3.2
2.6
3.5
4.0
2.8
5.2
2.1
79.81
80.26
80.81
81.44
79.77
79.97
80.60
81.25
79.81
80.22
80.84
81.45
79.85
80.26
80.88
81.49
1.9
2.2
2.8
3.2
2.0
1.0
3.2
3.3
1.8
2.1
3.1
3.1
1.8
2.1
3.1
3.0
2.6
4.1
3.6
6.0
-.8
5.4
4.6
1.2
82.11
82.68
83.35
84.08
82.07
82.74
83.44
84.19
82.09
82.68
83.33
84.09
82.12
82.71
83.36
84.12
3.3
2.8
3.3
3.6
4.1
3.3
3.4
3.6
3.2
2.9
3.2
3.7
3.2
2.9
3.2
3.7
2.4
4.1
2.4
5.1
6.2
4.6
2.0
4.7
84.69
85.56
86.67
87.46
84.81
85.68
86.58
87.44
84.67
85.56
86.66
87.44
84.69
85.59
86.69
87.47
2.9
4.2
5.3
3.7
3.0
4.2
4.3
4.0
2.7
4.3
5.2
3.7
2.8
4.3
5.2
3.7
-3.5
4.9
^.9
-6.5
1.7
-2.0
-2.6
-1.4
-.4
-2.9
D-38
SURVEY OF CURRENT BUSINESS
• National Data
April 1998
Table C.!—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from preceding
period
Billions of chained (1992) dollars
Year and
quarter
Final sales of
domestic
product
Gross national
product
IV
0
6,055.6
6,088.0
6,093.5
59700
6,010.9
6,063.1
6,070.8
60231
6,065.5
6,101.8
6,112.3
1990'!
II
Ill
IV
61526
6,171.6
6,142.1
6,079.0
61446
6,127.5
6,126.6
6,108.1
6,1728
6,188.0
6,155.7
6,111.3
1991: I
II
Ill
IV
6,047.5
6,074.7
6,090.1
6,105.3
6,065.4
6,095.9
6,085.4
6,083.8
6,074.3
6,086.4
6,099.2
6,119.5
1992: 1
II
Ill
IV
6,175.7
6,214.2
6,260.7
6,327.1
6,175.8
6,203.8
6,249.5
6,320.7
6,192.0
6,225.2
6,270.3
6,334.6
4.7
2.5
3.0
4.3
1993: 1
II
Ill
IV
6,327.9
6,359.9
6,393.5
6,476.9
6,297.3
6,344.9
6,379.3
6,453.8
6,351.3
6,375.9
6,415.3
6,489.7
.1
2.0
2.1
5.3
1994: I
II
6,524.5
6,600.3
66295
6,688.6
6,473.0
6,526.7
65804
6,624.8
6,540.5
6,609.3
6,635.6
6,691.2
III
IV
6,703.7
6,708.8
6,759.2
6,796.5
6,654.3
6,685.3
6,739.3
6,771.9
1996' I
II
Ill
IV
68264
6,926.0
6,943.8
7,017.4
1997: I
II
Ill
IV
7,101.6
7,159.6
7,214.0
7,280.0
Ill
IV
1995: I
II
6011
Implicit price deflators
Percent change from preceding period
Chain-type price index
Gross domestic
product
1989' I
II
Ill
Chain-type price indexes
Gross domestic
product
Final sales of
domestic
product
Gross domestic
product
Gross domestic
purchases
2.2
2.8
3.5
.5
88.44
89.40
90.13
90.91
89.52
90.14
90.98
88.45
89.39
90.13
90.88
5.0
92.01
93.20
94.19
95.14
92.17
93.14
94.32
95.68
96.26
97.02
97.70
98.30
Gross domestic Gross national
product
product
Implicit price deflators
Gross domestic
product
Gross domestic
purchases
Gross domestic
product
Gross national
product
88.48
89.42
90.16
90.91
4.5
4.4
3.3
3.5
4.8
4.8
2.8
3.8
4.7
4.3
3.3
3.4
47
4.3
3.3
3.4
92.00
93.18
94.14
95.11
92.04
93.21
94.17
95.13
4.9
5.2
4.3
4.1
5.4
4.2
5.2
5.9
5.0
5.2
4.2
4.2
51
5.2
4.2
4.2
96.42
96.95
97.58
98.27
96.27
97.00
97.70
98.31
96.29
97.01
97.71
98.32
4.8
3.2
2.8
2.5
3.1
2.2
2.6
2.9
5.0
3.1
2.9
2.5
4.9
3.1
2.9
2.5
99.14
99.81
100.17
100.88
99.04
99.76
100.28
100.92
99.13
99.79
100.17
100.88
99.13
99.79
100.17
100.88
3.4
2.8
1.4
2.8
3.2
2.9
2.1
2.6
3.4
2.7
1.5
2.9
3.4
2.7
1.5
2.9
3.1
2.2
4.8
101.85
102.38
102.83
103.52
101.71
102.28
102.64
103.28
101.84
102.35
102.83
103.51
101.84
102.34
102.83
103.50
3.9
2.1
1.8
2.7
3.2
2.3
1.4
2.5
3.9
2.0
1.9
2.7
3.8
2.0
1.9
2.6
3.0
4.7
1.8
3.6
1.2
3.4
3.3
2.7
104.16
104.74
105.39
106.07
103.80
104.46
105.24
105.88
104.13
104.71
105.39
106.09
104.14
104.71
105.38
106.06
2.5
2.2
2.5
2.6
2.0
2.6
3.0
2.5
2.4
2.2
2.6
2.7
2.5
2.2
2.6
2.6
6,711.3
6,721.0
6,758.3
6,804.2
.9
.3
3.0
2.2
1.8
1.9
3.3
2.0
106.93
107.49
108.03
108.60
106.66
107.33
107.79
108.29
106.94
107.46
108.02
108.61
106.91
107.43
107.99
108.59
3.3
2.1
2.0
2.1
3.0
2.5
1.7
1.9
3.3
2.0
2.1
2.2
3.2
2.0
2.1
2.2
68150
6,902.3
6,905.0
6,981.7
6,834 7
6,930.1
6,940.2
7,023.1
1.8
6.0
1.0
4.3
2.6
5.2
.2
4.5
109.35
109.86
110.59
111.10
109.01
109.50
110.15
110.79
109.39
109.84
110.54
111.05
109.37
109.82
110.50
111.01
2.8
1.9
2.7
1.9
2.7
1.8
2.4
2.4
2.9
1.7
2.6
1.9
29
1.6
2.5
1.8
7,034.1
7,077.7
7,160.3
7,201.1
7,091.8
7,144.4
7,198.8
7,262.6
4.9
3.3
3.1
3.7
3.0
2.5
4.7
2.3
111.78
112.27
112.67
113.07
111.32
111.55
111.90
112.28
111.71
112.22
112.62
113.01
111.67
112.17
112.57
112.96
2.4
1.8
1.4
1.4
1.9
.8
1.3
1.4
2.4
1.8
1.4
1.4
2.4
1.8
1.4
1.4
^
4.0
3.0
2.2
.4
3.9
1.2
-1.1
-.1
-1.9
-4.0
-1.2
-2.1
-2,8
1.8
1.0
1.0
2.0
-.7
'-.1
6.2
1.8
3.0
4.6
-1.5
88.47
SURVEY OF CURRENT BUSINESS
April 1998
National Data • D-39
Table C.2.—fleal Gross Domestic Product
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1971
2.8
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
2.6
2.5
3.0
3.1
3.5
3.6
3.3
3.1
2.5
3.5
5.6
5.5
1997
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
1972
2.7
2.6
2.6
2.7
2.6
2.6
2.6
2.8
2.9
2.9
2.9
2.9
2.8
2.8
2.4
2.2
2.7
2.8
3.2
3.3
2.9
2.5
1.5
2.5
5.8
1973
1974
2.7
2.7
2.7
2.7
2.6
2.7
2.7
2.9
3.0
3.0
2.9
2.9
2.9
2.8
2.4
2.2
2.8
2.9
3,5
3.7
3.2
2.4
-.4
2.6
2.5
2.5
2.5
2.5
2.5
2.5
2.7
2.8
2.7
2.7
2.6
2.6
2.5
2.1
1.9
2.4
2.4
2.8
2.8
2.2
1.4
-.5
-.6
1975
1976
2.7
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
2.3
2.1
2.9
3.1
4.3
5.0
4.7
2.9
2.8
2.8
2.9
2.8
2.8
2.9
3.1
3.3
3.2
3.2
3.2
3.2
3.2
2.7
2.5
3.3
3.6
4.6
5.1
5.0
5.4
1977
1979
1978
2.6
2.6
2.6
2.6
2.5
2.6
2.5
2.8
3.0
2.9
2.8
2.8
2.8
2.7
2.0
1.6
2.5
2.6
4.1
5.4
2.5
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
.9
-.1
1.0
-.3
2.5
2.4
2.4
2.4
2.4
2.4
2.3
2.6
2.7
2.7
2.6
2.5
2.4
2.2
1.3
.6
1.6
1.2
2.8
1980
1981
2.6
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
1.3
.1
2.3
2.7
2.6
2.6
2.6
2.6
2.6
2.6
3.0
3.2
3.1
3.0
3.1
3.1
2.9
.9
1982
1983
3.0
2.9
2.9
3.0
3.0
3.1
3.1
3.6
4.0
4.1
4.1
4.4
4.8
5.5
4.0
1984
2.9
2.9
2.9
2.9
2.9
3.0
3.0
3.6
4.0
4.1
4.1
4.5
5.3
7.0
1985
2.6
2.5
2.5
2.5
2.4
2.5
2.4
3.0
3.4
3.4
3.2
3.3
3.6
1986
2.5
2.4
2.3
2.4
2.2
2.2
2.1
2.8
3.4
3.4
2.9
2.5
2.4
2.4
2.4
2.3
2.3
2.2
2.9
3.3
3.3
3.0
3.1
1987
1988
2.4
2.3
2.2
2.3
2.1
2.0
1.9
2.8
3.6
3.8
2.3
2.1
2.0
2.0
1.7
1.6
1.2
2.3
3.4
1989
1990
2.2
1.9
1.8
1.7
1.3
1.0
.1
1.2
2.3
2.0
1.9
1.9
1.4
.9
-.9
1991
1992
2.8
2.6
2.6
2.8
2.5
2.7
1993
2.9
2.6
2.6
2.9
2.3
3.0
2.7
2.7
3.5
1994
1995
2.8
2.4
2.0
1996
3.3
2.8
3.8
-2.1
Table C.3.—Chain-Type Price Index for Gross Domestic Product
[Average annual percent change]
Initial year
1971
49
5.1
52
5.3
5.4
5.6
5.7
5.8
5.9
60
6.1
63
6.6
6.9
71
7.4
7.5
7.3
7.0
6.8
6.7
6.8
7.0
63
4.9
4.2
1997
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
1972
50
5.1
52
5.3
5.5
5.6
5.8
5.9
6.0
61
6.3
65
6.8
7.1
74
7.7
7.9
7.7
7.4
7.3
7.3
7.5
8.0
73
5.6
1973
49
5.1
52
5.3
5.5
5.6
5.8
5.9
6.0
61
6.3
66
6.9
7.2
76
7.9
8.1
8.0
7.7
7.6
7.7
8.1
9.2
89
1974
48
4.9
50
5.2
5.3
5.5
5.6
5.7
5.8
59
6.1
64
6.7
7.0
74
7.8
8.0
7.8
7.5
7.2
7.2
7.6
9.4
1975
4.6
4.7
4.8
4.9
5.1
5.2
5.4
5.5
5.6
5.7
5.8
6.1
6.4
6.8
7.2
7.6
7.8
7.5
7.0
6.5
6.1
5.8
1976
4.5
4.6
48
4.9
5.0
5.2
5.3
5.4
5.5
56
5.8
61
6.5
6.9
7.3
7.9
8.2
7.9
7.4
6.9
6.5
1977
1978
44
4.5
47
4.8
4.9
5.1
5.3
5.4
5.5
56
5.8
61
6.5
7.0
75
8.2
8.6
8.4
7.9
7.3
1979
43
4.4
45
4.6
4.8
4.9
5.1
5.2
5.3
54
5.6
59
6.4
6.9
75
8.4
9.1
8.9
8.5
4.0
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
3.7
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
3.4
3.5
3.6
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
3.2
3.3
3.4
3.4
3.5
3.6
3.7
3.7
3.6
3.5
3.4
3.5
3.8
4.0
4.3
1983
1984
3.1
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
3.1
3.2
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.2
3.0
3.0
3.4
1985
3.0
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
3.2
3.3
3.4
3.5
3.7
3.8
3.8
3.6
3.4
3.1
1987
3.1
3.2
3.3
3.4
3.6
3.8
4.0
4.1
3.9
3.7
1988
3.0
3.1
3.3
3.4
3.6
3.8
4.2
4.3
4.2
1989
2.9
3.0
3.1
3.2
3.4
3.7
4.1
4.4
1990
2.6
2.8
2.9
2.9
3.1
3.3
3.9
1991
2.4
2.5
2.6
2.6
2.7
2.8
1992
2.4
2.5
2.5
2.5
2.6
1993
2.3
2.4
2.5
2.4
1994
2.3
2.4
2.5
1995
22
2.3
1996
20
Table C.4.—Real Gross Domestic Purchases
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
1971
1997
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
. . ..
28
2.7
27
2.7
27
27
2.7
2.9
30
3.0
3.0
3.1
3.0
30
2.5
2.3
27
27
3.3
3.5
3.2
27
1.8
29
5.2
5.7
1972
27
2.6
26
2.6
26
25
2.5
2.7
29
2.9
2.9
2.9
2.8
28
2.3
2.0
24
2.3
3.0
3.1
2.7
2.0
.6
16
4.8
1973
26
2.5
25
2.5
24
2.4
2.4
2.6
27
2.7
2.7
2.7
2.7
26
2.0
1.6
21
20
2.7
2.8
2.2
1.1
-1.4
1974
27
2.7
27
2.7
27
26
2.6
2.9
30
3.1
3.1
3.1
3.1
3.0
2.4
2.0
26
26
3.5
3.9
3.4
2.5
1975
29
2.9
29
2.9
29
2.9
2.9
3.2
3.4
3.4
3.4
3.5
3.5
3.5
2.9
2.5
32
3.4
4.8
5.7
5.9
6.4
1976
28
2.7
27
2.7
27
2.7
2.6
3.0
31
3.2
3.2
3.2
3.2
3.1
2.4
1.9
2.6
2.7
4.3
5.3
5.4
1977
26
2.6
25
2.6
25
2.5
2.5
2.8
29
3.0
3.0
3.0
2.9
2.8
1.9
1.2
19
1.8
3.7
5.3
1978
25
2.4
24
2.4
23
2.3
2.2
2.6
27
2.7
2.7
2.7
2.6
2.4
1.2
.2
9
.1
2.2
1979
25
2.4
24
2.4
2.3
2.3
2.2
2.6
2.8
2.8
2.8
2.8
2.7
2.5
1.0
-.4
.2
1980
28
2.7
27
2.8
27
2.7
2.6
3.1
3.3
3.4
3.5
3.6
3.7
3.6
2.0
.4
2.4
1981
28
2.7
27
2.8
27
2.7
2.7
3.1
3.4
3.5
3.6
3.8
4.0
4.0
1.8
1982
31
3.1
31
3.2
3.1
3.1
3.1
3.7
4.2
4.4
4.7
5.2
5.9
6.9
5.3
-1.6
-2.0
-1.3
-1 5
NOTE.—In these triangles, the growth rate from one year to any other year can be found at the intersection
of the column for the earlier year and the row for the later year; thus, growth rates from one year to the next
are shown on the main diagonal. For example, from 1985 to 1995, real gross domestic product grew at an average
annual rate of 2.4 percent; from 1984 to 1985, it grew 3.6 percent.
1983
3.0
2.9
2.9
3.0
2.9
2.9
2.9
3.5
4.0
4.2
4.6
5.2
6.2
8.5
1984
2.6
2.4
2.4
2.4
2.3
2.2
2.1
2.7
3.1
3.2
3.3
3.6
3.9
1985
2.4
2.3
2.2
2.3
2.1
1.9
1.8
2.5
2.9
3.0
3.0
3.3
1986
2.4
2.2
2.1
2.1
1.9
1.7
1.5
2.3
2.8
2.8
2.7
1987
2.3
2.1
2.0
2.1
1.8
1.5
1.2
2.1
2.8
2.9
1988
2.3
2.0
1.9
1.9
1.5
1.2
.6
1.8
2.7
1989
2.2
1.9
1.8
1.8
1.2
.7
-.4
.8
1990
2.4
2.1
2.0
2.0
1.4
.6
-1.6
1991
3.1
2.9
2.9
3.2
2.9
2.8
1992
3.1
2.9
2.9
3.4
2.9
1993
32
2.9
29
3.9
1994
30
2.4
19
1995
35
2.9
1996
4 •)
SURVEY OF CURRENT BUSINESS
D-40 • National Data
April 1998
Table C.5.—Chain-Type Price Index for Gross Domestic Purchases
[Average annual percent change]
Initial year
Terminal year
1997
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
5.1
5.3
5.4
5.5
5.7
5.8
5.9
6.0
6.1
6.3
6.5
6.8
7.0
7.3
7.7
7.9
7.7
7.3
7.1
7.1
.7.1
7.4
6.8
5.2
4.5
1972
5.0
5.2
5.3
5.4
5.6
5.7
5.9
6.0
6.1
6.2
6.4
6.6
6.9
7.3
7.6
8.0
8.2
8.1
7.8
7.6
7.6
7.8
8.4
8.0
5.9
1973
5.0
5.1
5.3
5.4
5.6
5.7
5.9
6.0
6.1
6.3
6.5
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
4.8
4.9
5.1
5.2
5.3
5.5
5.7
5.8
5.9
6.0
6.2
6.4
6.8
7.1
7.5
8.0
8.3
8.2
7.7
7.3
7.3
7.5
9.3
1975
4.6
4.7
4.8
5.0
5.1
5.3
5.4
5.6
5.6
5.7
5.9
6.1
6.5
6.9
7.3
7.8
8.1
7.9
7.3
6.7
6.3
5.8
1976
4.5
4.7
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
8.5
7.7
7.1
6.9
1977
1978
4.4
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
4.3
4.4
4.5
4.7
4.8
5.0
5.2
5.3
5.3
5.5
5.7
5.9
6.4
7.0
7.7
8.7
9.6
9.8
9.0
1979
4.0
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
8.6
9.9
10.7
1980
3.6
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
6.3
7.5
9.2
1981
3.3
3.4
3.5
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
3.1
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
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.3
3.2
3.1
3.4
3.5
3.0
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
3.0
3.1
3.2
3.3
3.4
3.5
3.7
3.7
3.5
3.2
3.0
2.6
1987
1986
3.0
3.2
3.3
3.4
3.5
3.7
3.9
3.9
3.7
3.5
3.4
3.0
3.1
3.3
3.4
3.6
3.8
4.0
4.1
3.9
3.6
1988
2.9
3.1
3.2
3.3
3.5
3.8
4.1
4.4
4.2
1989
2.8
2.9
3.1
3.2
3.4
3.7
4.1
4.5
1990
2.5
2.7
2.8
2.8
3.0
3.2
3.7
1991
2.3
2.5
2.5
2.5
2.6
2.8
1992
2.2
2.4
2.4
2.4
2.5
1993
2.2
2.3
2.4
2.3
1994
2.2
2.4
2.5
1995
2.0
2.2
1996
1.7
Table C.6.—Real Final Sales of Domestic Product
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
1971
1997
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
2.8
28
2.8
28
2.8
2.8
28
3.0
3.1
31
3.0
30
3.0
29
2.7
26
3.0
3.2
35
3.5
33
30
2.8
3.4
53
5.4
1972
2.7
26
2.6
26
2.6
2.7
27
2.9
2.9
29
2.9
29
2.8
27
2.5
23
2.7
2.9
32
3.2
28
24
1.9
2.5
53
1973
2.6
25
2.5
25
2.5
2.5
25
2.7
2.8
28
2.7
27
2.6
24
2.2
20
2.4
2.6
29
2.8
22
15
.3
-.3
1974
2.7
27
2.7
27
2.7
2.7
2.7
2.9
3.0
30
2.9
29
2.9
27
2.5
23
2.8
3.1
36
3.6
3.1
24
.9
1975
2.8
27
2.7
28
2.8
2.8
28
3.0
3.1
32
3.1
31
3.1
29
2.7
25
3.1
3.5
4.3
4.6
4.2
40
1976
2.7
27
2.7
27
2.7
2.7
27
3.0
3.1
31
3.0
30
3.0
28
2.5
23
2.9
3.4
4.3
4.8
4.4
1977
1978
2.6
26
2.6
26
2.6
2.6
26
2.9
3.0
3.0
2.9
29
2.8
26
2.2
19
2.6
3.1
4.3
5.3
1979
2.5
24
2.4
24
2.4
2.4
2.4
2.7
2.8
2.7
2.6
26
2.5
2.1
1.5
10
1.7
2.0
3.4
2.4
24
2.4
24
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
1980
2.5
2.5
2.5
25
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
2.6
3.0
3.2
3.2
3.1
3.2
3.1
2.6
1.4
-.9
1982
2.9
2.9
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
2.7
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
2.8
2.9
2.9
3.5
3.8
4.0
3.9
4.4
4.8
5.0
1985
2.5
2.4
2.4
2.4
2.3
2.4
2.3
3.0
3.3
3.4
3.1
3.5
1987
1986
2.4
2.3
2.3
2.3
2.2
2.2
2.1
2.8
3.2
3.4
2.6
2.4
2.3
2.2
2.2
2.1
2.1
2.0
2.9
3.5
4.1
1988
2.2
2.1
2.0
1.9
1.7
1.6
1.3
2.3
3.0
1989
2.1
1.9
1.8
1.7
1.4
1.1
.4
1.6
1990
2.2
'2.0
1.8
1.7
1.3
.9
-.7
1991
2.7
2.6
2.5
2.5
2.3
2.5
1992
2.7
2.6
2.5
2.5
2.1
1993
2.8
2.7
2.7
2.9
1994
2.8
26
2.5
1995
3.0
28
1996
3.1
Table C.7.—Real Disposable Personal Income
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
lermmai year
1971
2.7
2.7
2.7
27
27
2.8
2.8
99
OOO-r-
2.8
2.8
2.8
28
28
2.8
2.8
30
3.1
3.1
3.1
32
3.2
3.2
2.8
28
3.0
31
3.4
3.5
33
33
3.1
36
58
4.6
cococo'c-
1997
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
1973
1972
3.1
3.1
2.7
27
2.9
29
3.3
3.4
30
30
2.6
31
71
2.5
2.5
2.5
25
25
2.5
2.5
27
2.7
2.8
2.7
28
2.7
2.7
2.3
22
2.4
24
2.7
2.6
20
16
.5
-7
1974
2.7
2.7
2.7
26
27
2.7
2.7
29
3.0
3.0
3.0
31
3.0
3.1
2.6
26
2.8
29
3.4
3.5
30
2.8
1.7
1975
2.7
2.7
2.7
27
2.7
2.8
2.8
30
3.0
3.1
3.1
32
3.2
3.2
2.7
27
3.0
31
3.8
4.1
36
3.9
1976
2.6
2.6
2.7
26
2.6
2.7
2.7
2.9
3.0
3.1
3.0
31
3.1
3.1
2.5
2.5
2.8
29
3.7
4.2
32
1977
2.6
2.6
2.6
26
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
28
3.9
5.2
1978
2.5
2.5
2.5
24
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
17
2.7
1979
2.5
2.4
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
2.6
2.5
2.6
2.6
2.6
2.9
3.0
3.1
3.0
3.2
3.2
3.3
2.0
1.6
2.3
1981
2.6
2.6
2.6
2.5
2.6
2.7
2.6
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
2.7
2.8
2.8
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
2.7
2.9
2.9
3.3
3.5
3.8
3.8
4.5
5.1
7.3
1984
2.4
2.3
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
2.3
2.1
2.1
2.2
2.1
2.5
2.7
2.9
2.4
3.2
1986
2.2
2.2
2.1
2.0
2.0
2.0
1.9
2.3
2.5
2.8
1.6
1987
2.3
2.2
2.2
2.1
2.0
2.1
1.9
2.6
2.9
3.9
1988
2.1
2.0
2.0
17
1.7
1.7
1.3
1.9
2.0
1989
2.1
2.0
2.0
1.7
1.6
1.6
.9
1.8
1990
22
2.0
2.0
1.7
1.5
1.4
0
1991
2.5
2.4
2.5
2.2
2.2
2.8
1992
2.4
2.3
2.4
1.9
1.7
1993
2.6
2.6
2.7
22
1994
2.8
2.8
3.3
1995
2.6
2.3
1996
2.9
SURVEY OF CURRENT BUSINESS
April 1998
D-41
National Data
D. Domestic Perspectives.
This table presents 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
1998
1997
Jan.
Feb.
Mar.
May
Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Consumer and producer prices, (seasonally adjusted) l
Consumer price index for all urban consumers,
1982-84=100:
All items
Less food and energy
Services
Producer price index, 1982=100:
Finished goods
Less food and energy
Finished consumer goods
Capital equipment
Intermediate materials
Crude materials
156.9
165.6
174.1
160.5
169.5
179.4
159.4
168.0
177.2
159.7
168.3
177.6
159.8
168.6
178.1
160.0
169.2
178.5
160.1
169.4
178.8
160.4
169.7
179.3
160.6
170.0
179.8
160.9
170.1
180.0
161.3
170.4
180.4
161.6
170.8
181.0
161.8
171.0
181.4
131.3
142.0
129.5
1383
131.8
142.5
130.2
133.0
142.4
131.6
132.6
142.4
131.1
132.4
142.6
131.0
131 7
142.3
130.0
1383
1386
1385
1385
126.0
107.4
125.5
108.2
131.8
142.6
130.3
138.0
125.4
113.2
131.7
142.6
130.1
138.1
125.7
114.1
1376
126.4
116.4
131.3
142.2
129.5
138.1
125.3
106.8
1377
126.5
127.1
131.1
142.1
129.3
138.1
125.2
106.4
1378
125.6
110.9
131 4
142.3
129.6
138.2
125.4
106.9
131 8
142.7
130.1
125.7
113.8
131.9
142.6
130.2
138.4
125.6
107.9
125.3
108.2
124.5
103.3
124.2
100.7
0.68
0.63
1382
125.5
109.9
1384
161.9
171.4
181.7
161.9
171.7
181.9
162.0
172.2
182.3
1314
1305
1304
142.5
129.8
142.3
128.7
142.5
128.5
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):
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
-0.19
.38
-0.19
.32
-0.36
.40
-0.63
.54
-0.38
.06
.39
.35
.79
-0.71
.52
-0.16
.48
0.10
0.01
0.51
.56
-0.26
.60
0.23
.60
.77
6.904
1 734
7.552
1 749
1 745
7.358
1 752
1 755
1 748
7.537
1.753
1 756
1 752
7.616
1 749
1 745
1.746
7.696
1.747
1 745
1 745
1 742
5.30
5.02
7.62
6.44
5.76
7.80
8.27
5.46
5.07
7.40
6.35
5.52
7.60
8.44
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
5.39
5.14
7.85
6.69
5.76
7.90
8.30
5.51
5.17
8.04
6.89
5.88
8.14
8.50
5.50
5.13
7.90
6.71
5.70
7.94
8.50
5.56
4.92
7.71
6.49
5.53
7.69
8.50
5.52
5.07
7.44
6.22
5.35
7.50
8.50
5.54
5.13
7.30
6.30
5.41
7.48
8.50
5.54
4.97
7.04
6.21
5.39
7.43
8.50
5.50
4.95
6.90
6.03
5.38
7.29
8.50
5.52
5.15
6.79
5.88
5.33
7.21
8.50
5.50
5.16
6.68
5.81
5.19
7.10
8.50
5.56
5.09
6.62
5.54
5.06
6.99
8.50
5.51
5.11
6.66
5.57
5.10
7.04
8.50
670.83
872.72
766.22
798.39
792.16
763.93
833.09
876.29
937.02
951.16
938.92
962.37
2
Index of stock prices (not seasonally adjusted): 3
500 common stocks 1941-43=10
925.29
927.74
963.36 1,023.74
!
Labor markets (thousands, seasonally adjusted, unless otherwise noted)
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 the end of the table.
133,943 136,297 135,729 135,689 136,115 136,043 136,060 136,206 136,294 136,404 136,439 136,406 136,864 137,169 137,493 137,557
76.8
59.9
52.3
77.0
60.5
51.6
77.1
60.3
51.9
76.9
60.3
52.6
77.1
60.5
52.4
77.1
60.4
52.0
76.9
60.5
51.9
77.0
60.5
51.2
126,708 129,558 128,541 128,515 129,035 129,275 129,494 129,392
63.2
63.8
63.5
63.5
63.7
63.8
63.8
63.7
77.0
60.5
51.4
76.9
60.6
51.0
76.8
60.6
51.0
76.8
60.5
50.9
77.0
60.4
51.8
77.0
60.7
51.6
77.1
60.6
53.1
76.9
60.6
53.3
129661 129,747 129,761 129,910 130,575 130,777 131,083 131,163
63.8
63.8
63.7
63.8
64.0
64.1
64.2
64.2
123,264 126,159 125,088 125,175 125,648 125,813 126,076 126,003 126,209 126,368 126,339 126,583 127,191 127,392 127,764 127,829
119,523 122,259 120,909 121,162 121,344 121,671 121,834 122,056 122,440 122,492 122,792 123,083 123,512 123,866 124,241 124,551
24,431 24,739 24,581 24,653 24,670 24,667 24,702 24,714 24,713 24,765 24,771 24,814 24,888 24,995 25,132 25,169
95,092 97,520 96,328 96,509 96,674 97,004 97,132 97,342 97,727 97,727 98,021 98,269 98,624 98,871 99,109 99,382
41.6
42.0
41.8
41.9
42.1
42.1
42.0
41.8
41.8
41.8
41.9
42.0
42.1
42.2
42.1
42.0
4.5
4.8
4.7
4.7
4.9
4.9
4.8
4.6
4.7
4.7
4.7
4.8
4.9
4.9
4.9
4.7
7,236
6,739
7,188
7,174
7,080
6,768
6,566
6,814
6,633
6,657
6,678
6,496
6,289
6,392
6,409
6,393
5.4
1.7
4.9
1.5
5.3
1.6
5.3
1.6
5.2
1.5
5.0
1.5
4.8
1.5
5.0
1.5
4.9
1.6
4.9
1.5
4.9
1.5
4.8
1.5
4.6
1.4
4.7
1.4
4.7
1.3
4.6
1.3
16.7
15.8
102.6
108.0
110.8
104.3
110.2
115.0
15.9
15.9
1034
1098
1135
15.4
15.4
15.3
1040
110.0
114.4
15.3
16.5
15.8
1049
1101
115.5
15.9
16.3
15.6
105.3
111 0
117.0
16.3
15.6
15.6
SURVEY OF CURRENT BUSINESS
D-42 • National Data
April
Table D.1.—Domestic Perspectives-Continued
1997
1996
1998
1997
Jan.
Mar.
Feb.
May
Apr.
June
July
Sept.
Aug.
Construction (seasonally adjusted at annual rates)
Oct.
Nov.
Dec.
Jan.
Total new private construction put in
place (billions of dollars)
Residential
Nonresidential
437.1
247.2
149.4
462.1
260.1
161.5
444.4
246.7
161.0
452.0
251.4
163.7
452.7
254.0
160.5
457.6
259.9
156.5
459.9
259.7
160.0
456.9
257.3
159.2
464.3
258.8
164.5
465.2
260.0
163.4
468.8
263.8
163.3
469.6
265.7
162.0
470.3
267.5
161.4
474.7
271.0
161.7
480.1
273.8
163.3
Housing starts (thousands of units):
Total
1-unit structures
1,477
1,161
1,474
1,134
1,394
1,138
1,547
1,231
1,477
1,139
1,480
1,134
1,404
1,095
1,502
1,132
1,461
1,144
1,383
1,076
1,501
1,174
1,529
1,124
1,523
1,167
1,540
1,130
1,543
1,218
757
803
811
764
810
799
809
805
877
795
New 1 -family houses sold
(thousands of units)
817
823
762
808
Feb.
4
1,636
1,270
877
Manufacturing and trade, inventories and sales (millions of dollars, seasonally adjusted) 4
Inventories:
Total manufacturing and trade
Manufacturing
Merchant wholesalers
Retail trade
1,004,708 1,047,574 1,007,321 1,011,899 1,013,376 1,017,150 1,019,025 1,026,255 1,027,787 1,030,243 1,037,172 1,040,265 1,043,460 1,047,574 1,047,535
434,434 453,591 435,743 437,873 438,560 441,508 443,460 444,823 446,602 448,447 449,152 452,139 454,182 453,591 454,124
256,178 272,529 257,522 258,088 259,389 258,046 259,029 264,154 262,314 264,899 268,112 268,183 270,004 272,529 271,231
314,096 321,454 314,056 315,938 315,427 317,596 316,536 317,278 318,871 316,897 319,908 319,943 319,274 321,454 322,180
Sales:
Total manufacturing and trade
Manufacturing
Merchant wholesalers
Retail trade
8,601,158
3,735,183
2,420,679
2,445,296
9,022,040
3,948,737
2,527,449
2,545,854
736,480
319,725
207,448
209,307
747,790
322,967
211,801
213,022
745,460
322,923
210,195
212,342
746,769
326,909
209,926
209,934
742,945
323,567
210,008
209,370
750,027
328,315
210,772
210,940
757,485
332,895
211,041
213,549
752,886
330,178
208,336
214,372
762,543
335,366
213,372
213,805
759,880
334,064
212,299
213,517
757,708
332,955
210,919
213,834
764,311
336,734
212,679
214,898
763,719
333,423
213,341
216,955
Industrial production indexes and capacity utilization rates (seasonally adjusted) 2
Industrial production indexes,
1992=100:
Total
By industry:
Durable manufactures
Nondurable manufactures ....
By market category:
Consumer goods
Capacity utilization rates (percent):
Total industry
Manufacturing
118.5
124.5
121.3
122.1
122.5
123.1
123.3
123.5
124.5
125.2
125.6
126.5
127.5
127.9
128.0 128.1
131.7
108.0
142.3
111.2
136.1
110.2
137.8
110.4
138.7
110.5
139.5
110.8
140.1
110.7
141.2
110.5
142.4
110.9
144.3
111.0
144.4
111.3
145.5
112.2
147.7
112.6
148.4
112.9
148.8 148.9
113.4 113.2
111.8
114.4
113.2
113.1
113.4
113.4
113.9
113.5
113.9
114.6
114.5
115.9
116.7
116.2
116.8 116.5
82.4
81.4
82.7
81.7
82.4
81.4
82.6
81.7
82.5
81.6
82.4
81.4
82.3
81.3
82.6
81.5
82.8
81.8
82.7
81.6
83.0
81.9
83.3
82.3
83.2
82.3
82.6
81.6
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 e
Other loans and advances
Mortgages
Consumer credit
Sources:
1. Bureau of Labor Statistics.
2. Federal Reserve Board.
1,326.5
102.6
376.5
2.6
278.4
1,424.6
184.1
236.5
70.2
1,076.4
198.6
1869
43.7
323.1
347.8
131.8
153.8
11 7
279.1
88.8
53.8
708
92.1
62.5
302.8
129.7
99.8
1,329.9
108.5
189.1
1,346.7
171.1
201.9
1,945.5
2581
3680
95.9
51.8
335.5
126.8
3568
83.6
330.6
108.5
354.9
189.4
195.6
426.4
60.0
53.0
31.5
3. Standard and Poor's, Inc.
4. Bureau of the Census,
n.e.c. Not elsewhere classified.
48.7
89.3
3871
83.0
82.2
82.7
81.8
SURVEY OF CURRENT BUSINESS
April 1998
National Data • D-43
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 Nov
Nov Mar
Jan Jly Jly
Jly Mar
Nov
28000
REAL GROSS DOMESTIC PRODUCT PER CAPITA
26000 -
-26000
24000 -
-24000
22000 -
-22000
20000 -
-20000
18000-
-18000
16000
-16000
14000-
-14000
12000
-12000
10000 ' i i i i i i i i i i I i i i r~i i i i i i i i i i i i i i i i i i i i i i i ' 10000
5 gi
Percent
20
I61I
. _.
Apr Feb
l^l
Iggl
Igyl
Iggl
I71 I
Dec Nov
I73I
Nov
I75I
Mar
I77I
I7gl
I81I
Jan Jly Jly
Iggl
Nov
Igg I
I yj I
Iggl
I gj I
I 931
Iggl
lg?
Jly Mar
REAL GROSS DOMESTIC PRODUCT (PERCENT CHANGE)
- -5
-10
59
U.S. Department of Commerce. Bureau of Economic Analysis
D-44 • National Data
SURVEY OF CURRENT BUSINESS
April 1998
SELECTED NIPA SERIES
Percent
Apr Feb
60
Dec Nov
Nov
JanJIyJIy
Mar
Nov
Jly Mar
60
OF FEDERAL GOVERNMENT RECEII
Personal tax and nontax
50 -
- 50
40 -
- 40
30 -
- 30
20
- 20
10
- 10
Indirect business taxes
59'
'61.
'S3'
'65'
70
'as1 'as1
175' "77" '79'
'67'
Percent
Dec Nov
Apr Feb
Nov Mar
Jan Jly Jly
'93' '95 '
Nov
Jly Mar
70
SHAftfS OF FEDERAL GOVERNMENT CURRENfliPENDITURES"'
60 -
-60
50 -
-50
40 -
-40
30 -
-30
20 -
-20
Granb to Stale and local governments
- 10
10 -
Net interest
0
Percent
59'
'el'
'63'
'69
Apr Feb
1
'71
Dec Nov
1
'73'
Nov
'75
1
'77'
'79'
'si
1
JanJIyJIy
Mar
'83
1
(
85 '
'87
1
'91 '
'931
'95 '
!
97
Jly Mar
Nov
RAIJBTGOVERNMENT SURPLUS/DEFICIT( NIWJllGROSS DOM^fe'PRODUCT
Jwvi
Total
'65'
'67'
'69'
71
'
U.S. Department of Commerce, Bureau of Economic Analysis
59'
'61'
'63'
ITS' ITS'
"77"
I
79 I
'as 1 "as 1
I
89I
'91'
'95 > '97
National Data •
SURVEY OF CURRENT BUSINESS
April 1998
D-45
SELECTED NIPA SERIES
Percent
Aur Feb
25
Dec Nov
Jan Jlv Jv
Nov Mar
Jlv Mar
Nov
25
RATKXSAVING TO GROSS NATIONAL PRODUCT
20-
-20
15-
-15
, Corporate and other privatesiving
•v/
10-
-10
Personal saving
- 5
59'
1*1 lea'
'as'
'67'
Percent
Apr Feb
25
IJ 71'
'73'
Dec Nov
'75'
'77! '79'
Iggl
JanJIyJy
Nov Mar
I 87 I
Iggl
Nov
1^1
Iggl
Igg I
Ig-f
Jlv Mar
25
R/TO INVESTMENT TO GROSS NATIONAL PRODUCT
20-
-20
15-
-15
Gross private domestic investment-
10-
-10
-5
Gross government investment
-5
-5
59'
Percent
'er
'es'
'eg'
'es'
Apr Feb
71 '
73'
Dec Nov
'75'
Nov Mar
'77'
'79'
'sr
JanJIyJIy
'as'
Nov
'as'
'37'
'39'
'91'
'93'
Jly Mar
SHARIS OF GROSS PRIVATE DOMESTIC FIXED INVESTMENT
'95'
'97
60
-50
Producers' durable equipment, nonraaoential
-40
Residential investment
-30
20-
-20
10-
-10
59!
lei
63
'67!
I69' '71'
U.S. Department of Commerce, Bureau of Economic Analysis
173'
'75!
I77i (79! I81I
'87I lnl I91' 193
D-46
SURVEY OF CURRENT BUSINESS
• National Data
April 1998
SELECTED NIPA SERIES
SHARES OF NATIONAL INCOME
1959
Wage and salary
accruals, 62.8%
1997
Wage and salary
accruals, 58.3%
Net interest, 2.5%
Net interest, 6.7%
Corporate profits
with IVA and CCAdj, 12.8%
Corporate profits
with IVA and CCAdj, 12.1%
. ,.
.
Supplements to
Rentanncorneo, persons ^ndsalanes,
n
Supplements to
wages and salaries, 5.2%
Rental income of persons
Proprietors' income
wth IVA, 2.2%
with IVA and CCAdj, 8.2%
Proprietors' income
with IVA and CCAdj, 12.5%
SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR
1959
Business, 86.1%
1997
Business, 84.1%
General
government. 11.4%
General
government, 11.4%
Households and
institutions, 4.5%
SHARES OF GROSS DOMESTIC PURCHASES
1959
Personal
consumption
expenditures, 62.5%
Nonresidential
investment, 10.0%
Residential investment, 5.5%
1997
Government consumption
expenditures and gross
investment, 17.8%
Government consumption
expenditures and gross
investment, 22.0%
U.S. Department of Commerce, Bureau of Economic Analysis
Personal
consumption
expenditures, 67.1%
Nonresidential
investment, 11.2%
Residential investment, 4.0%
SURVEY OF CURRENT BUSINESS
April 1998
National Data • D-47
SELECTED NIPA SERIES
Percent
Dec Nov
Apr Feb
60
Nov
JanJIyJIv
Mar
Nov
Jlv Mar
60
SH4JtS OF GROSS DOMESTIC PRODUCT BY TYPE OF PRODUCT
50-
-50
40 -
30-
-30
20 -
-20
Output of structures
10-
10
59'
Percent
14
'61'
'63'
'65'
'67'
'73'
Apr Feb
Dec Nov
EXBBTS AS SHARE OF GROSS DOMESTIC PRODUCT
IMPJPIrS AS SHARE OF GROSS DOMESTIC PURCHASES
Nov
'75
n
JanJIyJIy
Mar
Nov
Jly Mar
14
12 _
-12
10 .
8.
-8
Exports
6 _
-6
- 4
'69 1
59
Percent
60
"71"
'73'
ITS'
'77'
Dec Nov
Nov Mar
Apr Feb
SHARfe OF PERSONAL CONSUMPTION EXPENDITURES BY TYPE OF PRODUCT
TV
"si 1
JanJIyJIy
'83 I
I
85 I
'87<
Nov
'91'
'93'
'95'
Jly Mar
'97
60
Services
50-
-50
40-
-40
30~
-30
20
20
Durable goods
10
10
59'
lei1
IBS' [67]
'711 '73'
U.S. Department of Commerce, Bureau of Economic Analysis
"75'
'77'
'79'
"si 1 '831 'as'
'91'
'93'
'95'
SURVEY OF CURRENT BUSINESS
D-48 • National Data
April 1998
SELECTED NIPA SERIES
Percent
20
Aor Fab
Dec Nov
JanJIyJty
Nov Mar
Nov
Jly Mar
20
r MARGIN, DOMESTIC NONFINANCIAL OOWORATIONS'
16-
-12
8-
- 8
4'Ratio of corporate profits per unit to cost and profit per unit
lei"
RaH
P
'73 1
U
Apr Feb
Oec Nov
ORY/SALES RATIOS, CURRENT-DOLLAR*
Nov
1^1
Mar
I81I
JanJryJfy
Igg I
Iggl
Jy Mar
Nov
Nonfarm inventories to
final sales of goods and structures
-4
4-
Inventories to
final sales of domestic business
-3
Nonfarm inventories to
final sales of domestic business
'Based on current-dollar estimates of inventories and sales
1
^ Ui' V"T^T
W
]
I
7i > 73
I
'75'
Nov Mar
Dec Nov
'77!
1
79
let' '831
JanJty Jly
'
Nov
'95' W
1
1
Jly Mar
IHfpNTORY/SALES RATIOS, REAL'
Nonlarm 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
2-
'Based on chained (1992) dollar estimates of inventories and sale
"71"
U.S. Department of Commerce, Bureau of Economic Analysis
I
73
I
ITS' '77! "79'
1
'si
'83
1
las'
I
87I
"91 ' '93'
-2
SURVEY OF CURRENT BUSINESS
April 1998
National Data
OTHER INDICATORS OF THE DOMESTIC ECONOMY
Percent
JlyMar
NovMar
JanJIyJIyNov
JlyMar
1
73 1 w w w w u u v y \\
I I I I I I I I I I I I ! I I I I ! I I I I I i I
73 75 77 79 81 83 85 87 89 91 93 95 97
Index
NovMar
130
JanJIyJIyNov
PRODUCER PRICE NDEXJPERCENT CHANGE)
CONSUMER PRICE INDEX (PERCENT CHANGE)
JlyMar
INDUSTRIAL PRODUCTION INDEX
120110100908070-
w wvw w u
60
Hours
JanJIyJIyNov
JlyMar
43 Nov Mar
/WfflAGE WEEKLY VD\m, MANUFACTURING
w
i M i77i n
M I N I i i i i i i i i i i in
79 81 83 85 87 89 91 93 95 97
73 75
Hours
NovMar
6
JanJyJlYNov
JyMar
AVEflAGE WEEKLY OVERTIME HOURS, MANUFACTUBING
42-
5-
41 -
40-
39338-
37
73' 75' W W 8l' '831 U 87' U
U.S. Department of Commerce, Bureau of Economic Analysis
ww yyy
91
93 95
97
D-49
D-50
• National Data
SURVEY OF CURRENT BUSINESS
April 1998
OTHER INDICATORS OF THE DOMESTIC ECONOMY
Percent
NovMar
12
JanJIyJIyNov
JlyMaf
18
UNariPLOYMENT BATE
10-
15-
8-
12-
6-
9-
4-
6-
2-
3-
JanJIyJIyNov
INTEREST RATES
w ki1 y -w w y y y y y
0
I I I I II I I I I I I I I I I I I I I I I I I !
73 75 77 79 81 83 85 87 89 91 93 95 97
Percent
JanJIyJyNov
NovMar
JlyMaf
MONEY SUPPLY (PERCB«T CHANGE)
JlyMar
Ratio
NovMar
JanJIyJIyNov
8.0
RATIO, GDP TO M1
JlyMar
7.57.06.56.05.55.04.54.0
Thousands
1000
TiiM
i i i M i i i i i i i i i i i rr
77 79 81 83 85 87 89 91 93 95
73 75
U.S. Department ot Commerce, Bureau of Economic Analysis
97
w y y wu y wy y y u w
JanJIyJIyNov
SALES OF NEW ONE-FAMWf HOUSES
I ! I ! I I !!
73 75
JlyMar
I I I I I I I i I I I I I I M I
77 79 81
83 85 87
89
91 93 95 97
D-51
International Data
SURVEY OF CURRENT BUSINESS
April 1998
International Data
F. Transactions Tables.
Table F.i includes the most recent estimates of U.S. international trade in goods and services; the estimates were
released on March 19, 1998 and include "preliminary" estimates for January 1998 and "revised" estimates for
January-December 1997. 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]
19 97
1996
1QQR
1997
Dec.
Jan.r
Feb.'
Mar.'
Apr."
May
Juner
1998
July
Aug.'
Sept"
Oct.'
Nov.'
Dec.r
Jan./"
848,833
931,370
72,444
71,789
74,224
78,065
78,325
77,930
78,306
77,681
78,867
78,104
80,067
78,661
79,352
77,283
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 '
612,069
55,534
147,652
252,895
65,021
70,138
33,836
-13006
678,150
51,375
157,984
293,965
73,367
77430
34,576
-10547
52,133
4,398
12,463
22,052
5,465
6,015
3,056
-1316
51,624
4,355
12,061
21527
5,578
53,625
4,299
12,676
22,687
5,885
6,257
2,492
57,093
4,208
13,701
24,684
6,206
6,474
2,807
57,100
4,189
13,477
24,943
6,149
6,331
2,708
56,809
4,079
13,369
24,731
5,913
6,656
3,056
57,317
3,956
13,855
24,454
6,229
6,712
2,967
-697
-995
-857
58,388
4,708
13,198
25,321
6,436
6,745
3,020
-1,040
56,296
4,155
12,985
24210
6,455
6630
2,486
-988
56,308
4,364
13,102
24,750
5,822
6,393
3,009
-1,133
58,414
4,455
12,997
26,696
5,878
6409
2,857
-671
57,264
4,261
13,343
24,885
6,152
6,440
3,227
-1 ,044
57,524
4,639
13,065
24,419
6,880
6,562
2,622
-551
56,683
3,860
13,139
24,869
6,239
6,389
3,217
-1 ,031
-663
-878
-624
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
236,764
69,908
20,557
27,216
29,974
73,569
14,647
893
253,220
74,407
21,710
28,194
30,269
82681
15,175
784
20,311
5,823
1,690
2,349
2,574
6,426
1,381
68
20,165
5,957
1,710
2292
2,557
6508
1,074
68
20,599
6,252
1,796
2,321
2,560
6,585
1,015
68
20,972
6,376
1,810
2,388
2,571
6,660
1,101
67
21,225
6,399
1,879
2,380
2,545
6,754
1,205
64
21,121
6,198
1,829
2,365
2,536
6,875
1,252
64
20,989
6,037
1,800
2,300
2,527
6,993
1,270
63
20,998
5,933
1,753
2,290
2,518
7,104
1,333
67
21,603
6,164
1,788
2,336
2,506
7,137
1,605
67
21,796
6,635
1,927
2,313
2,496
7,036
1,323
66
21,679
6,290
1,838
2,445
2,489
7,111
1,440
66
21,137
6,209
1,825
2,327
2,483
6988
1,242
63
20,938
5957
1,755
2438
2,480
6932
1,315
61
20987
Exports of goods and services
6061
2,594
6010
1,777
2377
2473
6964
1,320
66
959,873 1,045,054
83,045
83,408
84,088
85,905
86,454
87,127
86,652
87,600
87,860
89,100
89,046
87,565
90,249
89,327
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'
803,239
35710
204,482
229,050
128,938
171,007
26,102
7,950
877,125
39703
213,467
254,293
140,795
192,913
29,397
6,556
69,828
69,791
3077
17,936
19,472
11,712
15,124
2224
247
70,405
3,108
17,634
19,445
12,061
15,263
2,465
429
71,989
72,646
72,579
3254
17,558
21,256
11,543
15,723
2,355
891
73,550
3,399
17,449
21,580
12,239
16,107
2,549
227 '
73,842
3,351
17,871
22,066
11,765
16,017
2,531
242
74,865
3,399
18,280
21,990
11,769
16,663
2,505
259
74,886
3,308
18,355
22,392
11,200
16,652
2,738
242
73,265
76,117
3216
3519
17,512
21,391
1 1 ,754
16,753
2,405
234
17,443
22,588
12231
17,370
75,092
3 379
17242
21,898
11 924
17,275
2551
2811
414
563
Services
Travel
Passenger fares
.
Other transportation
Royalties and license fees
Other private services
Direct defense expenditures 2 . .
U.S. Government miscellaneous services
156,634
48,739
15,776
28,453
7,322
42796
10,861
2,687
167,929
52,029
16,927
29,771
7,512
47548
11,345
2,796
13,217
4,061
1,342
2,366
604
3707
911
226
13,617
4,290
1,407
2,448
587
13,683
4,308
1,422
2,438
598
3773
917
229
14,073
4,383
1,408
2,478
623
4064
891
226
14,050
4,244
1,379
2,414
698
14,018
4,245
1,381
2,416
676
4100
14,160
4,285
1,397
2,560
621
4040
1,020
237
14,300
4,559
1,473
2,412
606
4005
1,012
233
14,132
4,380
4139
14,235
4,324
1,406
2,539
669
4080
974
243
14,235
4,390
1 445
2,476
618
4047
1 026
233
Imports of goods and services
Memoranda:
Balance on goods
Balance on services
Balance on goods and services
3189
18,698
19,581
10,846
15,149
2,130
235
3741
914
229
3361
17,568
20,692
11,314
16,221
1,019
13,916
4,406
1,443
2,491
612
13,808
4,270
1,393
2,518
609
3895
896
227
13,936
4,336
1,389
2,545
614
3934
892
226
3813
922
228
2471
934
242
955
245
1428
2,513
599
3963
1018
231
-191,170 -198975 -17,695 -18 167 -16,780 -14896 -15546 -16,381 -15,262 -16,867 -16,577 -18,557 -16,498 -15741 -17702 -18 795
7,561
7,094
6,548
6,916
7,056
7,417
7,185
6,916
7,585
80,130
85,291
6,948
7,519
6,837
6,806
6752
-1 1 1 040-113684 -10601 -11 619 -9,864 -7840 -8129 -9,196 -8346 -9919 -8992 -10,996 -8979 -8904 -10896 -12043
p Preliminary.
' Revised.
1. Reflects adjustments necessary to bring the Census Bureau's component data in line with the concepts and
3331
17,962
20,428
11,633
14,935
2243
1,456
73,191
3,382
17,898
20,994
11,574
16,087
2,360
897
definitions used to prepare BEA's international and national accounts.
2. Contains goods that cannot be separately identified.
Source: U.S. Department of Commerce, Bureau of Economic Analysis and Bureau of the Census
D-52 • International Data
SURVEY OF CURRENT BUSINESS
April 1998
Table F.2.—U.S. International Transactions
[Millions of dollars]
Not seasonally adjusted
(Credits +; debits -) »
Line
1996
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
63a
64
65
66
67
68
69
70
Exports of goods, services, and income
Goods adjusted excluding military2
Services3 . ..
Transfers under U S military agency sales contracts4
Travel
Passenger fares
....
.
Other transportation
5
Royalties and license fees
Other private services 5
U S Government miscellaneous services
Income receipts on U S assets abroad .
..
Direct investment receipts
Other private receipts
..
. . .
US Government receipts
Imports of goods services and income
Goods adjusted excluding military2 ..
Services 3
Direct defense expenditures
..
Travel
Passenger fares
Other transportation
..
. . .
Royalties and license 5fees 5
Other private services
.
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 .
US Government grants4
U S Government pensions and other transfers
Private remittances and other transfers 6
. . . .
U.S assets abroad, net (increase/capital outflow (-))
US 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 US credits and other long-term assets8
U s foreign currency holdings and U S short-term assets net
U S private assets n e t
.
.
.
.
.
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 S Government securities9
U S Treasury securities
Other 10
Other US Government liabilities11
U S liabilities reported by U S banks not included elsewhere
Other foreign official assets l2
Other foreign assets in the United States net
Direct investment
U S Treasury securities and U S currency flows
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 (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 1 7)
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.
1,055,233
II
1997
III'
\\JP
lr
\\\r
II''
\\P
1,167,610
278,315
293,478
294,591
301,226
279,320
293,668
295,527
299,096
612,069
678,348
162,812
172,548
165,548
177,440
162,341
171,227
170,255
174,525
236,764
14,647
253,220
15,175
59,841
3,190
61,652
3,727
68,949
4,261
62,778
3,997
61,736
3,190
63,335
3,727
64,397
4,261
63,754
3,997
69,908
20,557
27,216
74,407
21,710
28,194
16,421
4,976
6,873
18,428
5,302
7,029
22,350
6,376
6,990
17,208
5,056
7,302
18,585
5,316
7,001
18,634
5,508
7,045
18,732
5,468
6,939
18,456
5,418
7,210
29,974
73,569
893
30,269
82,681
784
7,389
20,789
203
7,445
19,530
191
7,460
21,312
200
7,975
21,050
190
7,688
19,753
203
7,608
20,622
191
7,520
21,277
200
7,452
21,031
190
206,400
98,890
102,866
4,644
236,043
109,227
123,278
3,538
55,663
26,164
28,544
955
59,278
28,380
30,151
747
60,094
27,268
31,807
1,019
61,008
27,415
32,776
817
55,243
25,864
28,544
835
59,106
27,963
30,151
992
60,875
28,189
31,807
879
60,817
27,209
32,776
832
-1,163,450
-1,295,530
-300,017
-322,999
-336,367
-336,147
-310,659
-322,608
-329,571
-332,691
-503,239
-877,282
-204,876
-217,230
-225,541
-229,635
-212,185
-218,415
-222,256
-224,426
-156,634
-10,861
-167,929
-11,345
^38,247
-2,753
^3,073
-2,679
^5,522
-2,863
^1,087
-3,050
-41,216
-2,753
-41,817
-2,679
-42,303
-2;863
-42,592
-3,050
-48,739
-15,776
-28,453
-52,029
-16,927
-29,771
-10,935
^3,947
-7,191
-14,205
-4,445
-7,514
-15,347
-4,672
-7,538
-11,542
-3,863
-7,528
-13,004
^,272
-7,377
-12,989
-4,190
-7,541
-12,813
-4,166
-7,368
-13,224
-4,298
-7,484
-7,322
-42,796
-2,687
-7,512
-47,548
-2,796
-1,772
-10,962
-1,758
-11,793
-2,056
-12,316
-1,926
-12,477
-1,797
-11,327
-1,846
-11,893
-2,043
-12,320
-1,826
-12,009
-203,577
-32,132
-100,103
-71,342
-250,320
-41,527
-117,712
-91,081
-56,895
-8,175
-27,581
-21,139
-62,696
-10,561
-29,341
-22,794
-39,968
-38,526
-8,604
-14,933
-4,331
-20,704
-11,688
-4,075
-22,763
-2,109
-352,444
6,668
-686
-679
-730
-701
-686
-65,304
-11,958
-29,877
-23,469
-65,425
-10,833
-30,913
-23,679
-57,258
-8,538
-27,581
-21,139
-8,623
-9,031
-12,268
-8,577
-2,231
-5,837
-5,103
-1,260
-5,905
-2,109
-5,700
-2,245
-1,057
-5,321
-426,938
-130,316
-92,849
-112,046
-1,010
4,480
-236
-730
-350
-133
-3,575
2,915
72
1,055
3,353
-139
-463
-128
-4,930
4,134
106
177
-5,237
5,439
-25
-21
-1,107
1,111
-25
-1,613
1,358
-13
-358,422
-87,813
-108,189
-64,234
-88,186
-426,105
-119,444
-79,287
-76,298
-151,076
-134,775
-28,773
-14,510
-29,466
-62,026
547,555
690,497
122,354
115,634
111,253
4,381
720
4,722
1,278
18,157
-2,971
-7,019
4,048
539
21,274
425,201
76,955
172,878
133,798
31,786
9,784
370
-1,280
7,578
-795
54
-157
-963
-679
-62,376
-10,241
-29,341
-22,794
-730
-701
-65,012
-11,666
-29,877
-23,469
-65,673
-11,081
-30,913
-23,679
-8,855
-9,070
-12,024
-5,480
-2,245
-1,033
-5,577
-2,231
-1,031
-5,808
-5,103
-1,023
-5,898
-91,727
-128,297
-91,264
-110,696
-96,678
^,524
4,480
-236
-730
-150
72
1,055
3,353
-133
-139
-4,221
-153
-988
54
^63
-4,524
-150
-4,221
-157
-128
-153
-268
461
-1,415
1,876
5
-1,102
1,094
13
-92,159
-32,936
-3,722
-25,000
-30,501
461
-1,415
1,876
5
-1,102
1,094
13
-21
-1,107
1,111
-25
-1,613
1,358
-13
-92,345
-38,573
-21,841
-3,984
-27,947
-111,777
-24,113
-39,214
-17,848
-40,602
-87,208
-27,985
-3,722
-25,000
-30,501
-132,756
-26,754
-14,510
-29,466
-62,026
-90,760
-36,988
-21,841
-3,984
-27,947
-110,427
-22,763
-39,214
-17,848
-30,602
181,978
143,508
183,846
181,165
182,282
143,059
183,292
181,863
28,891
23,940
23,289
651
478
7,698
•4,225
-5,374
-11,464
-12,108
644
654
4,536
900
21,867
9,353
6,686
2,667
28,891
23,940
23,289
651
478
7,698
-3,225
-5,374
-11,464
-12,108
644
654
4,536
900
21,867
9,353
6,686
2,667
12,391
633
-27,227
-24,800
-24,886
86
-33
-3,351
1,007
12,391
633
-27,227
-24,800
-24,886
86
-83
-3,351
1,007
672,340
107,928
187,854
189,273
44,740
142,545
153,087
30,381
51,289
38,820
15,210
17,387
148,882
27,101
49,915
51,682
-7,916
28,100
161,979
26,503
42,919
60,409
22,046
10,102
208,392
23,943
43,731
38,362
15,400
86,956
153,391
30,685
51,289
38,820
15,210
17,387
148,433
26,652
49,915
51,682
-7,916
28,100
161,425
25,949
42,919
60,409
22,046
10,102
209,090
24,641
43,731
38,362
15,400
86,956
-46,927
-97,113
-21,356
-12,515
-20,993
-42,249
-14,069
7,287
-14,000
-1,485
-29,482
-8,489
-39,566
2,683
-191,170
80,130
-111,040
2,824
-108,216
-39,968
-148,184
-198,934
85,291
-113,643
-14,277
-127,920
-38,526
-166,446
-42,064
21,594
-20,470
-1,232
-21,702
-8,604
-30,306
-44,682
18,579
-26,103
-3,418
-29,521
-8,623
-38,144
-59,993
23,427
-36,566
-5,210
-41,776
-9,031
-50,807
-52,195
21,691
-30,504
-4,417
-34,921
-12,268
-47,189
-49,844
20,520
-29,324
-2,015
-31,339
-8,577
-39,916
^7,188
21,518
-25,670
-3,270
-28,940
-8,855
-37,795
-52,001
22,094
-29,907
-4,137
-34,044
-9,070
^3,114
-49,901
21,162
-28,739
-4,856
-33,595
-12,024
^5,619
-690
.
Seasonally adjusted
1997
1997*
-685
-268
-510
-510
D-53
International Data
SURVEY OF CURRENT BUSINESS
April 1998
Table F.3.—Selected U.S. International Transactions, by Area
[Millions of dollars]
European Union 14
Western Europe
Line
Exports of goods, services, and income
Goods, adjusted, excluding military2
Services 3
t
Transfers under U.S. military agency sales contracts4
5
Travel
Passenger fares
|
Other transportation
Royalties and license fees5
I
Other private services5
U.S. Government miscellaneous services
1C
11
Income receipts on U.S assets abroad
12
Direct investment receipts
13
Other private receipts
14
U S Government receipts
15 Imports of goods, services, and income
Goods, adjusted, excluding military2
16
17
Services3
Direct defense expenditures
18
Travel . . . .
19
20
Passenger fares
Other transportation
21
22
Royalties and license fees 5
23
Other private services 5
24
U S Government miscellaneous services
Income payments on foreign assets in the United States
25
26
Direct investment payments
27
Other private payments
U.S. Government payments
28
29 Unilateral transfers, net
30
U.S. Government grants4
U S Government pensions and other transfers
31
32
Private remittances and other transfers6
33 U.S. assets abroad, net (increase/capital outflow (-))
34
U S official reserve assets net 7
35
Gold .
Special drawing rights
36
37
Reserve position in the International Monetary Fund
Foreign currencies
38
U.S. Government assets, other than official reserve assets, net
39
U S. credits and other long-term assets .
40
Repayments on U S credits and other long-term assets 8
41
42
U S foreign currency holdings and U S short-term assets net
43
U S private assets net
44
Direct investment
Foreign securities
45
46
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns
47
U.S. claims reported by U.S. banks, not included elsewhere
48 Foreign assets in the United States, net (increase/capital inflow (+))
Foreign official assets in the United States net
49
50
U S Government securities9
U.S. Treasury securities
51
52
Other 10
Other U S. Government liabilities l l
53
54
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
55
56
Other foreign assets in the United States, net
57
Direct investment
58
U S Treasury securities and U S currency flows
59
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
60
concerns
U S liabilities reported by U S banks not included elsewhere
61
62 Allocations of special drawing rights
63 Statistical discrepancy, and transfers of funds between foreign areas, net
(sum of above Herns with sign reversed)
Memoranda:
64 Balance on goods (lines 2 and 16)
65 Balance on services (lines 3 and 17)
66 Balance on goods and services (lines 64 and 65)
67 Balance on investment income (lines 1 1 and 25)
68 Balance on goods, services, and income (lines 1 and 15 or lines 66 and 67) 13
69 Unilateral transfers, net (line 29)
70 Balance on current account (lines 1. 15. and 29 or lines 68 and 69) -13
II
III'
IV
II
III'
IV*
85,940
39,866
21,070
879
5,896
1,728
2,002
3,540
6,990
35
25,004
12,442
12,392
170
-94,876
-45,115
-17,876
-1,594
-5,609
-2,338
-2,683
-1,196
-4,168
-288
-31,885
-8,578
-14,475
-8,832
63
-134
-330
527
-21,851
-139
84,503
35,316
24,087
1,111
7,537
2,375
2,020
3,582
7,419
43
25,100
11,690
13,135
275
-94,566
^3,106
-18,462
-1,724
-5,728
-2,455
-2,577
-1,331
-4,354
-293
-32,998
-8,698
-14,829
-9,471
-2
-145
-322
465
-54,737
-142
87,698
39,109
22,028
909
5,834
1,743
2,093
3,919
7,490
40
26,561
12,944
13,424
193
-95,047
^6,762
-15,542
-1,802
-3,518
-1,792
-2,578
-1,249
-4,309
-294
-32,743
-7,952
-15,245
-9,546
63
-76
-336
475
-22,360
-134
76,451
35,147
18,686
487
5,388
1,639
1,593
3,355
6,194
30
22,618
10,967
11,506
145
-86,504
-41,220
-15,744
-1,263
-5,133
-2,102
-2,062
-995
-3,942
-247
-29,540
-7,951
-13,523
-8,066
288
-11
-282
581
-20,810
-227
76,344
32,354
21,463
695
6,892
2,260
1,664
3,403
6,512
37
22,527
10,096
12,200
231
-66,289
-39,327
-16,509
-1,351
-5,357
-2,220
-2,073
-1,139
-4,116
-253
-30,453
-7,838
-13,873
-6,742
261
79,346
36,233
19,451
596
5,177
1,634
1,711
3,720
6,578
35
23,662
11,114
12,378
170
-66,236
-42,392
-13,762
-1,395
-3,302
-1,614
-2,088
-1,056
-4,055
-252
-30,082
-7,023
-14,242
-8,817
257
-282
543
^12,925
189
-274
531
-21,849
-1,351
-139
-17
-112
109
-14
-21,695
-22,885
4,773
-142
186
-71
281
-24
-54,781
-8,044
-19,773
-134
208
-63
263
8
-22,434
-14,937
-5,210
-227
-62
-51
4
-15
-20,521
-21,951
4,397
189
158
-35
212
-19
-43,272
-5,872
-20,224
-1,351
118
-45
160
3
-20,616
-13,700
-5,647
-5,269
1,686
85,754
1,172
-7,800
-19,164
126,783
832
••••—»
-5,152
2,185
84,121
-7,636
-9,540
117,481
••••—£
R
Q
R
R
la
R
125,951
§R ER
R
84,582
14,755
103,194
-6,421
157
40,411
19,630
11,321
183
3,548
1,378
776
2,080
3,333
23
9,460
4,884
4,440
136
-42,258
-24,733
-6,273
-1,100
-2866
-892
-1021
-187
-1,708
-199
-9,252
-4,289
-2,770
-2,193
70
-42,239
-26,479
-7,059
-1,150
-1,632
-731
-1,081
-517
-1,761
-187
-8,701
^3,561
-2,928
-2,212
139
-157
267
-3,431
-227
-157
227
-18,659
189
-156
295
6,401
-1,351
-31,843
-7,949
-5,438
-132
-1,450
-899
™514
-474
-1,946
-23
-18,456
-4,247
-10,345
^,864
374
-32,436
-8,118
-5,850
-166
-1,526
-897
-574
-549
-2,118
-20
-18,468
-2,801
-10,505
-5,162
386
25,082
8,876
5,974
92
1,939
475
435
769
2,251
13
10,232
4,239
5,967
26
-32,304
-8,853
-4,888
-155
-1,125
-598
-560
-449
-1,977
-54
-18,563
-2,721
-10,636
-5,206
306
-48
422
-14,108
-48
434
-21,006
-45
351
-30,590
4
-4
128
-227
-17
189
-14
-1,351
2
4
-14, 112
-14, 312
1, 663
-4
-21,002
978
-19,850
127
1
-30,718
-10,024
-7,224
-17
-3,187
-6,722
1,111
-14
-18,834
-5,645
-822
2
7,750
-2,774
1,249
-5, 037
3, 574
40, 375
-2,048
-62
66,546
-13,470
56,086
1,708
716
42,247
^3,440
-8,927
39,911
9,275
23,528
(.8)
(.8)
R
R
•a
R
R
R
106
R
n
85,798
j
(
's
(18)
(18)
}
18\
(18)
(18)
1,'188
^60
(.8)
18\
1,280
(IT)
R
i,$
26,376
30,234
38,489
20,901
2U)27
«0
10,857
-368
9,564
pi
18
-386
41 ,767
(18)
(18)
18
9,332
59,81 9 •1853,517
IV*
24,122
8,150
6,336
107
2,332
550
421
709
2,209
8
9,636
3,711
5,925
(18)
38,745
(.7)
III'-
40,599
20,776
9613
109
2,536
1,008
715
2,014
3,217
14
10,210
5,783
4,295
132
-42,988
-26,620
-7,937
-1,044
-2,738
-828
-1,002
-^54
-1,687
-184
-8,431
-3,964
-2,570
-1,897
110
24,050
9,327
5,673
108
2,023
379
423
630
2,099
11
9,050
3,537
5,513
9,666
32,525
C7)
II
(18)
109,615
17,557
(17)
\\IP
12,349
18,650
(17)
175
C8)
1997
III'
II
R
(18)
H2
L
18
17,1 80
18
8,642
31, 535
(18)
18
45,644
18
-914
24,387
R
R95
R
( 8)
il
<0
«£
i&
(18)
41,514
21,686
9,860
166
2,401
883
803
2,242
3,348
17
9,968
5,376
4,592
(18)
10,132
(18)
11,774
252
21,598
18
7,926
18
5,375
-55,030
-61,981
-73,548
-53,546
-64,872
-57,316
-18,548
-37,612
-18,580
-36,537
-19,475
-29,343
-5,249
3,194
-2,055
-6,881
-6,936
63
-6,873
-7,790
5,625
-2,165
-7,898
-10,063
-2
-10.065
-7,653
6,486
-1,167
-6,182
-7,349
63
-7,286
-6,073
2,942
-3,131
-6,922
-10,053
288
-9,765
-6,973
4,954
-2,019
-7,926
-9,945
261
-9,684
-6,159
5,689
-470
-6,420
-6,890
257
-6,633
1,378
235
1,613
-9,406
-7,793
374
-7,419
32
486
518
-6,832
-6,314
386
-7,928
23
1,086
1,109
-8,331
-7,222
306
-6,916
-5,844
1,676
-4,168
1,779
-2,389
110
-2,279
-5,103
3,048
-2,055
208
-1,847
70
-1.777
-4,793
2,801
-1,992
1,267
-725
139
-586
p Preliminary.
r
Revised.
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 in "U.S. International Transactions, Fourth Quarter and Year 1997" in this issue of the SURVEY.
1997
1997
1997
(Credits +; debits -) '
European Union (6) 15
United Kingdom
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 31,1997, were as follows in millions of dollars: Line 34, 69,955;
line 35,11,047; line 36,10,027; line 37,18,071; line 38, 30,809. Data are preliminary.
D-54 • International Data
SURVEY OF CURRENT BUSINESS
April 1998
Table F.3.—Selected U.S. International Transactions, by Area
[Millions of dollars]
(Credits +; debits -) '
Line
Eastern Europe
Canada
1997
1997
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
Exports of goods services and income
Goods adjusted excluding military2
Services 3
Transfers under US military agency sales contracts4 .
Travel
. .
. . .
Passenger fares
Other transportation
Royalties and license fees 5
Other private services 5
..
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
Services 3
Direct defense expenditures
Travel
.
. .
Passenger fares
Other transportation
Royalties and license fees5
Other private services 5
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 assets 8
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 S Government securities9
U S Treasury securities
Other10
.
Other U S Government liabilities ' '
U.S. liabilities reported by U.S.
banks, not included elsewhere
Other foreign official assets 12
.
. .
Other foreign assets in the United States net
Direct investment
U.S. Treasury securities and U S. currency flows
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 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 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
II
IV"
III'-
1997
III''
IV"
II
III'
IV"
II
III'-
IV"
3,403
3,217
3,139
49,685
47,166
48,868
55,830
60,576
63,399
28,385
28,391
27,129
2,110
1,743
1,918
39,042
36,783
39,176
32,425
34,449
37,216
16,557
15,711
15,967
846
80
981
56
929
86
5,392
22
5,082
22
4,845
24
9,046
95
10,564
110
10,165
161
9,266
98
10,518
195
9,215
110
227
22
97
287
29
130
222
38
128
1,907
307
768
1,622
269
753
1,263
257
768
3,551
993
930
4,487
1,199
931
4,160
1,112
991
3,243
1,627
796
4,075
1,772
805
3,281
1,442
809
36
374
10
41
423
15
41
404
10
329
2,043
16
344
2,058
14
376
2,153
4
390
3,050
37
420
3,381
36
483
3,220
38
1,573
1,919
10
1,478
2,170
23
1,478
2,084
11
447
302
109
36
493
242
131
120
292
107
152
33
5,251
2,793
2,458
5,301
2,844
2,457
4,847
2,392
2,455
14,359
5,450
8,841
68
15,563
5,855
9,585
123
16,018
5,677
10,244
97
2,562
1,148
1,392
22
2,162
797
1,366
-1
1,947
541
1,382
24
-3,108
-3,552
-3,271
-60,077
-48,784
-50,247
-54,841
-56,526
-57,224
-41,837
-44,445
-45,160
-2,009
-2,325
-2,246
-43,383
-41326
-44,116
^34,925
-36,114
-36,614
-29,317
-30,787
-31,356
-722
-777
-562
-3,781
-14
-4,770
-13
-3,426
-15
-8,362
-83
-8,563
-8,487
-3,754
-4,025
-4,044
-101
-110
-293
-299
-280
-1,270
-2,157
-794
-3,708
-3,693
-3,711
-157
-937
-675
-594
-657
r591
-379
-183
-960
-617
-672
-865
-182
-647
-121
-965
-70
-1,308
-33
-66
-1,401
-39
-70
-1,456
-36
^37
-3,134
-49
-3,335
-39
-3,268
-111
-116
-111
-2,913
-2,688
-2,705
-11,554
-37
-51
^338
-96
-70
-85
-407
-205
-94
-73
-1
-52
-53
-2
-2
-150
-146
-151
-15
-18
-15
^377
5
-99
-463
-450
8
5
-283
-321
-147
-321
-€87
-799
-520
-359
-459
-186
-137
-10
-9
-10
-318
-330
-325
1,044
-2,636
2,886
-95
-843
-477
-652
-481
-650
-565
-665
-8,240
-2,837
-3,586
-2,711
-6,916
-2,726
-3,766
-1,408
-1,758
-6,600
-9,633
-2,129
-1,678
-5,826
-9,760
-2,055
-1,797
-6,908
-74
-2,700
-2,739
-2,811
-25
-14
-14
-342
-161
-245
-156
-333
-173
-93
-92
28
9
24
-2,197
-2,338
-2,305
-23
-2
-23
9
-21
7
-5,131
5,716
-4,975
-40,996
-53,869
-64,720
-11,820
4,409
2,265
-18
14
-19
-18
14
-19
3
1
-2
-102
1
-102
-116
10
1
10
-678
-577
5, 706
-2, 942
-4, 417
^,975
-5,862
782
-41,224
-7,024
-11,098
-31
2,243
2, 538
2,762
-2,552
-1,100
14, 165
......_
-1, 872
-1,576
-21,526
3,708
1, 911
-6, 586
7,813
-9,219
-2,060
li
tf
8)
8)
8)
A
1
(18)
3
75
(
18)
'%
-47
18
3,606
-4,360
101
124
225
70
295
89
18
1,
218
314
61
341
385
17
228
-219
3q3
-1,430
X
3
9,243
3,509
F)
<3
R
W
18
(
17
437
10
27,322
645
-2,475
j
-!
M
!'!
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-9, 364
*29
415
3,322
J3
3
)
-19
17
)
-256
-6,519
-428
-1,186
-34
-1,297
-5,132
-2,914
-2,428
-23
-419
-1,040
-35
-345
2,893
176
179
1,057
^323
-1,049
-24
-1,099
-1,278
-2,656
352
-4609
315
-12,123
-1,170
-983
-7
-56
47
2
-328
-11,849
-170
-1,018
-1,380
20
235
226
29
-13
n
(.7)
909
-250
332
-1
3
1
-2
305
->514
-10, 150
4,394
-2,439
2,286
500
6,102
-25,000
-30,905
67
-1, 208
7,829
-4,316
51,781
20, 556
9,091
23,284
330
-6, 358
-2, 316
-64,801
-6,799
-3,097
-8, 527
729
30, »16
-63,
-35,
(8)
%
i<!
n
a3
11
&
81
2,
£
.3
-11,
(18)
3
B
-54
(18)
(18)
(18)
1,144
1,
a%
%
-796
-200
l?
(18)
S
(18)
(18)
(.8)
J2
3,131
(.8)
(18)
16
10,786
7, 102
5,640
(")
543
18
4,()70
15,400
18
24,505
293
18
11,<148
162
18
-553
12,
-122
18\
-6,935
18
21 ,689
11,(
R
R
(
18
20,259
1,859
4,352
-2,216
5,214
8,506
15,385
21,642
9,575
4,641
2,568
-7,504
-582
^328
367
39
-132
-392
-4,543
312
-4,231
2,613
-1,618
-93
-1,711
-4,940
-171
-4,341
1,611
-2,730
2,338
-2,500
684
-1,816
2,805
989
-2,700
-1,711
-1,665
2,001
336
3,714
4,050
-2,739
1,311
602
1,678
2,280
3,895
6,175
-2,811
3,364
-12,760
5,512
-7,248
-6,204
-13,452
-25
-13,477
-15,076
6,493
-3,583
-7,471
-16,054
-14
-16,068
-15,389
5,171
-10,218
-7,813
-18,031
-14
-18,045
204
-378
43
-687
-335
-799
-592
-1,134
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 in "U.S. International Transactions, Fourth
Quarter and Year 1997" in this issue of the SURVEY.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State
and local governments.
Japan
1997
II
1
Latin America and Other Western
Hemisphere
-520
-652
-74
-466
1,419
-3,521
2,142
-1,379
-92
-1,471
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 NIPA net exports appears in Appendix
A of this section 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 August issue
of the SURVEY).
D-55
International Data
SURVEY OF CURRENT BUSINESS
April 1998
Table F.3.—Selected U.S. International Transactions, by Area
[Millions of dollars]
Line
(Credits +; debits -) »
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
rv>
III'-
II
1,464
836
628
5,849
2,915
1,480
221
461
118
85
164
427
4
1,454
816
638
-1,658
-1,169
-2,196
-1,290
-2,266
-1,252
-567
-645
-747
6,005
3,071
1,470
76
608
143
84
3,095
1,293
46
480
133
79
159
393
3
1,786
1,169
617
161
396
2
-12
-197
-126
-306
-141
-60
-55
-65
-8
-54
-7
-187
-174
-11
-186
-14
78
213
-12
-267
-115
-132
-261
-108
-133
-115
-20
-20
-21
-20
-22
-9
-13
-9
-12
-8
-12
-2,026
-20
Internal onal organizations and
unallocated 16
60,099
38,475
14,864
2,691
3,734
589
2,158
1,047
4,578
67
6,760
3,758
2,639
363
—85,365
-70,593
-7,701
II
60,284
41,139
12,682
2,486
1,987
346
2,305
1,101
4,374
83
6,463
3,514
2,629
320
-81,963
-67,289
-7690
-632
-664
-728
-2,240
-2,286
-2,161
-977
-982
-956
-1,811
-19
-1,563
-1,903
-13
-1,638
-1,940
-16
-1,690
-197
-215
-199
-6,937
238
-5,530
-4,645
-2,818
-1,203
-7,071
-59
-5,501
-4,511
-3,040
-1,233
-6,984
181
-2,616
-4,549
-6,140
-4,377
-125
-1,490
-10,535
-2,015
-146
\MP
III'
59,659
39,453
13,380
2,507
3,124
492
2,250
1,033
3,894
80
6,826
3,912
2,597
317
-75,688
-61,312
-7,439
-30
-25
-175
-114
-123
-119
-1,684
-5,432
-1,644
1,950
UK
-1
2
-1
-5,025
-148
-632
-197
-921
2
207
-57
-1,139
2,560
3
3
i°!
ft
£3
65
501
2,788
-153
2,1 73
-2,015
^36
-517
-1,062
460
4,634
4,860
1,359
1,383
1,434
107
109
123
385
867
387
887
413
898
3,043
1,164
1,745
134
3,251
1,246
1,866
139
3,426
1,424
1,852
150
-914
-933
-569
-572
-579
-589
-235
-229
-242
-104
-233
-122
-228
-115
-232
^342
429
-354
^380
427
-744
-735
-27
-2,360
-763
-44
-2,323
-44
-2,734
425
-207
-297
-149
-218
-131
-478
-1,856
-1,534
-79
-1,956
-1,351
-602
-2,125
-4,758
-4,371
-133
-139
-463
-4,221
-159
8
-293
-293
-254
-254
-456
-860
-133
-887
3$
£3
^8
-720
18
-5,906
^t.468
-8,760
1,971
-3,740
-2,921
-1,115
8,632
2,283
-417
-107
-206
7,345
4,286
8,809
7,345
4,286
8,809
-473
-476
-480
(18)
3,520
-175
18
1,341
18
^340
-10,406
^3,198
-2,297
123
-5,034
-11,650
Cs)
C8)
-340
452
6
.8)
,8)
-547
-21
-479
984
-35
O)
(18)
474
-475
-150
497
-12
;?
1 3
:«!
-?i
"!
2
18
-129
-614
IV*
4,402
54
i,Q79
-253
3,575
17,290
R
H
R
-B
-16,941
-Sol
18
376
2,052
-55
57
18
7,786
-6,939
-4,313
-5,208
787
787
2,701
3,488
-2,360
1,128
804
804
2,897
3,701
-2,323
1,378
845
845
3,046
3,891
-2,734
1,157
41,032
20,448
23,586
1,926
726
2,652
1,864
4,516
-22
4,494
1,781
825
2,606
1,203
3,809
-21
3,788
1,663
733
2,396
1,187
3,583
-20
3,563
-21,859
5,941
-15,918
-52,118
7,163
-24,955
-26,150
4,992
-21,158
-16,029
-2,818
-18,847
-25,266
-3,040
-28,306
960
(18)
-2,008
-311
521
-10
(18)
-6,430
-111
133
-5
13
(18)
2,640
467
18
15,771
-628
1
-755
-5,028
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, in operating oil and gas drilling equipment internationally, and in petroleum trading. Also
1997
6,174
Exports of goods, services, and income
Goods adjusted excluding military2
Services3 ...
Transfers under U S military agency sales contracts4
Travel
:
Passenger fares
Other transportation
Royalties a n d license fees 5
. . . .
Other private services 5
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
.
3
Services
Direct defense expenditures
Travel . . . .
Passenger fares
Other transportation
Royalties and license fees 5
.. ..
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 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 assets 8
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 S Government securities
US Treasury securities9
Other10
Other U S Government liabilities 1 1
U S. liabilities reported by U S banks, not included elsewhere
Other foreign official assets 12
Other foreign assets in the United States, net
Direct investment
U S. Treasury securities and U.S currency flows
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 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 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
Other countries in Asia and Africa
1997
1997
II
1
Australia
-521
-21,679
-6,140
-27,819
18
•359
4,776
<3
18
9,256
includes taxes withheld; current-cost adjustments associated with U.S. and foreign direct investment; small transactions in business services that are not reported by country; and net U.S. currency flows, for which geographic
source data are not available.
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 1997" in this issue of the SURVEY OF CURRENT BUSINESS, which presents the most recent estimates
from the balance of payments accounts.
D-56 • International Data
SURVEY OF CURRENT BUSINESS
April 1998
Table FA—Private Service Transactions
[Millions of dollars]
Seasonally adjusted
Line
1996
1996
1997^
III
1997
IV
I'
II'
III'
IV*
221,224
237,261
55,540
57,427
58,343
59,417
59,936
59,567
Travel (table F 2 line 5)
Passenger fares (table F 2 line 6)
Other transportation (table F 2 line 7)
Freight
Port services
Other
69,908
20,557
27,216
11,161
14,691
1,364
74,407
21,710
28,194
11,691
15,001
1,503
17,659
5,237
6,716
2,747
3,625
343
18,183
5,282
7,142
2,941
3,861
339
18,585
5,316
7,001
2,910
3,722
370
18,634
5,508
7,045
2,920
3,749
377
18,732
5,468
6,939
2,877
3,685
378
18,456
5,418
7,210
2,986
3,847
378
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
29,974
23,760
21,916
1,844
6,214
3,979
2,235
30,269
23,411
21,977
1,434
6,857
4,456
2,402
7,495
5,929
5,505
424
1,566
1,006
560
7,703
6,091
5,445
646
1,612
1,040
573
7,688
6,022
5,755
267
1,666
1,080
587
7,608
5,901
5,452
449
1,707
1,109
598
7,520
5,785
5,402
383
1,735
1,129
607
7,452
5,703
5,369
334
1,749
1,139
610
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 services3
73,569
22,810
13,763
9,047
50,759
7,807
8,034
2,121
6,179
4,058
3,405
19,247
10,145
82,681
25,483
14,997
10,486
57,198
8,134
10,104
2,558
6,744
4,186
3,596
22,116
10,690
18,433
5,777
3,410
2,367
12,656
1,998
1,925
561
1,567
1,006
838
4,847
2,486
19,117
5,840
3,431
2,409
13,277
1,955
2,325
597
1,609
1,012
850
4,985
2,565
19,753
6,103
3,623
2,480
13,650
1,986
2,259
620
1,650
1,030
845
5,287
2,653
20,622
6,425
3,802
2,623
14,197
2,003
2,492
637
1,681
1,044
895
5,543
2,627
21,277
6,622
3,776
2,846
14,655
2,074
2,701
648
1,702
1,054
913
5,642
2,677
21,031
6,334
3,796
2,538
14,697
2,071
2,652
654
1,712
1,058
944
5,644
2,732
143,086
153,787
35,873
36,257
37,777
38,459
38,710
38,841
48,739
15,776
28,453
16,879
10,792
783
52,029
16,927
29,771
17,799
11,162
812
11,915
3,920
7,218
4,312
2,709
198
12,241
4,053
7,166
4,130
2,838
199
13,004
4,272
7,377
4,319
2,844
214
12,989
4,190
7,541
4,637
2,705
200
12,813
4,166
7,368
4,447
2,730
192
13,224
4,298
7,484
4,396
2,883
206
7,322
5,301
554
4,748
2,021
1,126
895
7,512
5,932
742
5,190
1,580
1,159
421
2,144
1,264
136
1,128
880
288
592
1,770
1,376
164
1,212
394
292
103
1,797
1,401
155
1,246
396
291
106
1,846
1,461
172
1,289
385
290
95
2,043
1,629
192
1,437
414
289
125
1,826
1,441
224
1,217
385
289
96
42,796
16,026
7,505
8,521
26,770
1,041
3,184
4,387
15,473
11,086
8,385
5,253
4,520
47,548
17,610
8,630
8,980
29,938
1,131
4,059
4,817
16,525
11,708
8,576
6,464
4,891
10,676
4,073
1,935
2,138
6,603
262
769
1,047
3,877
2,830
2,066
1,335
1,122
11,027
4,130
1,867
2,263
6,897
269
859
1,064
3,947
2,884
2,089
1,406
1,210
11,327
4,227
1,979
2,248
7,100
276
888
1,139
4,046
2,907
2,076
1,540
1,180
11,893
4,368
2,145
2,223
7,525
279
1,106
1,195
4,119
2,924
2,137
1,612
1,196
12,320
4,600
2,251
2,349
7,720
285
1,182
1,232
4,168
2,936
2,157
1,648
1,215
12,009
4,415
2,255
2,160
7,594
291
883
1,251
4,192
2,941
2,205
1,664
1,299
-191,170 -198,934
83,474
78,138
-113,032 -115,460
-52,493
19,667
-32,826
-48,190
21,170
-27,020
^9,844
20,566
-29,278
-47,188
20,958
-26,230
-52,001
21,226
-30,775
-49,901
20,726
-29,175
1
2
3
4
5
6
7
28
Exports of private services
.
..
Imports of private services
29
30
31
32
33
34
Travel (table F2 line 19)
Passenger fares (table F 2 line 20)
Other transportation (table F 2 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 services3
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)
p Preliminary.
r
Revised.
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" nn c
3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign govern-
ments 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.
NOTE.—The data in this table are from table 3 in "U.S. International Transactions, Fourth Quarter and year 1997"" in this issue of the SURVEY OF CURRENT BUSINESS, which presents the most
recent estimates from the balance of payments accounts.
International Data • D-57
SURVEY OF CURRENT BUSINESS
April 1998
G. Investment Tables.
Table G.1.-international Investment Position of the United States at Yearend, 1995 and 1996
[Millions of dollars]
Changes in position in 1996 (decrease (-))
Attributable to:
Position
Type of investment
Line
Valuation adjustments
1995 "
Capital
flows
Tntal
Exchange Other
Price
rate
changes changes! changes2
(a)
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)
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)
5
6
7
8
9
U S official reserve assets
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
U.S Government assets other than official reserve assets
U S credits and other long-term assets4
Repayable in dollars
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
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.o Government securities
U S Treasury securities
Other
Other US Government liabilities 7
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+39+42+43)
With direct investment at market value (lines 36+37+38+39+42+43) ....
35
36
37
38
39
40
41
42
43
Direct investment in the United States:
At current cost
At market value
U.S. Treasury securities
U.S currency
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
pr Preliminary.
Revised.
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
3. Reflects changes in the value of the official gold stock due to fluctuations in the market
price of gold.
4. Also includes paid-in capital subscriptions to international financial institutions and outstanding
352,444
352,444
176,061
101,279
11,037
14,649
49,096
-6,668
81,897
79,958
79,178
780
1 939
U S foreign currency holdings and U S short-term assets
(b)
(c)
(a+b+c+d)
(d)
32,038
39,063
-22,195
-46,339
2,446
8,564
-182,822
-193,823
-870,524
-831,303
121,367
267,858
-21,849
-45,567
-3,964
9,373
447,998
584,108
3,720,729
4,284,540
-4,581
-4,581
-4,073
-15,322
96,698
160,739
^4,581
-687,702 -195,111
-337,480 -195,111
3,272,731
3,700,432
Position
1996^
3
^370
1 280
-7,578
-725
-355
786
-10,802
^94
-3,224
-34
-1
690
796
846
-50
-1
-33
-106
1
1
-12
13
657
796
834
-38
-139
10,312
15,435
38,294
82,554
80,754
80,012
742
1,800
3,014,773
3,442,474
358,422
358,422
125,948
272,439
-17,742
-41,460
^3,965
9,372
462,663
598,773
3,477,436
4,041,247
884,290
1,311,991
1,054,352
355,284
699,068
307,982
87,813
87,813
108,189
49,403
58,786
64,234
7,375
153,866
118,573
806
117,767
^,726
-28,444
-7,675
-7,521
^3,954
9,383
86,508
222,618
219,087
42,688
176,399
61,073
970,798
1,534,609
1,273,439
397,972
875,467
369,055
768,149
98,186
-2,180
-11
95,995
864,144
3,960,433
4,337,912
547,555
547,555
89,329
228,795
346
772
-6,410
809
630,820
777,931
4,591,253
5,115,843
678,451
498,906
471,508
27,398
25,225
107,394
46,926
122,354
115,634
111,253
4,381
720
4,722
1,278
4,345
-4,333
-3,802
-1
126,698
111,301
107,451
3,850
719
4,722
9,956
805,149
610,207
578,959
31,248
25,944
112,116
56,882
3,281,982
3,659,461
425,201
425,201
84,984
224,450
-6,409
810
504,122
651,233
3,786,104
4,310,694
654,502
1,031,981
389,383
192,300
999,537
534,116
465,421
232,891
76,955
76,955
155,578
17,300
133,798
121,194
12,604
31,786
5,356
144,822
-14,411
-7,335
74,550
221,661
141,167
17,300
225,950
120,028
105,922
38,644
729,052
1,253,642
530,550
209,600
1,225,487
654,144
571,343
271,535
813,369
9.784
6,511
819.880
-154
-3,161
-531
-1
8,678
94,039
721
93,318
346
772
-426
-116
-1,887
-1,887
5,932
-3,273
926
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.
5. 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.
6. 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 1996" in the July 1997 issue of the SURVEY OF CURRENT BUSINESS.
D-58 • International Data
SURVEY OF CURRENT BUSINESS
April 1998
Table G.2.—U.S. Direct Investment Abroad: Selected Items, by Country and by Industry of Foreign Affiliate, 1994-96
[Millions of dollars]
Direct investment position on a
historical-cost basis
Income
Capital outflows (inflows (-))
1994
1995
1996
1994
1995
1996
1994
1995
1996
640,320
717,554
796,494
68,272
85,115
85,560
68,597
87,448
95,067
78,018
85,441
91,587
6,760
8,435
6,875
5,873
8,812
8,642
Europe
Of which:
France
Germany
Netherlands
United Kingdom
320,135
360,994
399,632
28,785
45,292
45,274
30,468
41,320
46,183
28,204
38,467
29,558
121,321
32,950
44,226
39,344
122,767
34,000
44,259
44,667
142,560
2,586
2,217
6,331
7,177
5,726
4,373
8,420
4,515
5,221
955
7,140
18,310
1,296
3,107
5,081
8,082
2,728
4,783
6,890
11,384
3,322
4,286
7,991
13,862
Latin America and Other Western Hemisphere
Of which:
Brazil
Mexico
115,093
128,252
144,209
19,010
14,753
14,299
16,299
15,221
17,404
18,400
16,169
23,706
15,980
26,166
18,747
3,517
3,674
4,899
2,955
3,064
2,747
4,756
2,497
3,515
1,369
3,879
2,931
5,606
6,383
7,568
332
873
1,221
1,395
1,861
1,963
All countries, all industries
By country
Canada
Africa
Middle East
Asia and Pacific
Of which:
Australia
Japan
..
.
International
6,741
7,669
8,743
242
905
1,044
964
1,393
1,458
111,373
125,834
140,402
13,121
15,241
14,752
13,474
18,542
18,937
20,217
36,524
25,003
38,406
28,769
39,593
32
2,384
6,450
1,079
3,789
1,817
2,392
2,379
3,402
4,117
2,979
3,950
3,355
2,981
4,352
22
-384
2,096
124
300
480
67,104
70,229
75,479
1,690
2,437
6,144
7,177
9,730
11,960
250,253
32,439
62,151
12,032
33,716
25,242
33,972
50,701
272,564
36,179
69,430
13,603
35,020
29,519
33,543
55,270
23,953
3,764
4,992
819
2,010
2,867
5,993
3,508
42,531
2,871
18,477
1,935
5,286
4,995
4,636
4,330
28,530
3,280
7,835
5,009
2,016
4,513
714
5,163
26,699
4,690
6,839
896
2,177
3,234
3,539
5,324
35,065
4,728
8,877
1,365
4,373
4,494
3,952
7,277
34,975
4,684
10,001
1,004
4,579
4,374
3,429
6,903
By industry
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
211,431
29,588
49,128
10,017
26,781
19,925
29,420
46,572
Wholesale trade
62,608
67,222
72,462
6,325
8,511
7,048
7,753
9,191
9,272
Banking
26,693
28,123
32,504
1,786
714
1,329
3,785
2,889
3,767
213,175
228,744
257,213
22,982
12,109
28,985
18,302
23,757
27,797
Services
26,734
32,769
36,673
5,613
7,702
3,644
2,796
3,815
3,997
Other industries
32,575
40,213
49,600
5,924
11,113
9,880
2,085
3,002
3,299
Finance (except banking) insurance, and real estate
NOTE.—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
for Historical-Cost Position and Related Capital and Income Flows, 1996" in the September 1997
SURVEY OF CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
April 1998
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, 1995
Number of
affiliates
All countries, all industries
21,318
Millions of dollars
Total assets
2,815,141
Sales
2,140,438
Net income
Number of
employees
(thousands)
124,675
7,377.0
By country
Canada
2,023
246,242
231,081
8,313
918.1
10,435
1,567,904
1,176,126
63,083
3,014.5
1,226
1,358
757
999
505
124,457
234,169
68,550
112,182
60,128
363,372
4,303
6,467
2,315
11,492
7,203
14,338
413.9
596.3
198.7
138.8
2,393
135,906
219,538
59,468
139,078
132,464
641,348
928.8
3,256
316,495
191,340
23,419
1,485.2
400
823
48,477
59,115
44,536
61,122
5,073
4,732
299.9
743.6
Africa
502
22,604
20,587
1,845
126.5
Middle East
338
30,231
21,703
2,899
73.4
4,665
614,555
492,181
24,464
1,747.6
855
1,006
81,055
280,164
63,056
211,821
2,944
4,979
258.7
414.9
17,110
7,421
653
Europe
Of which:
France
Germany
Italy
Netherlands
Switzerland
United Kingdom
Latin America and Other Western Hemisphere
Of which:
Brazil
Mexico
Asia and Pacific
Of which:
Australia
Japan
International
50.6
11.8
By industry
Petroleum
1,520
272,087
428,030
13,981
230.9
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
8,023
2,238
779,339
99,571
180,964
35,266
112,921
71,483
124,721
154,413
984,868
113,166
189,096
36,862
159,205
95,395
218,333
172,811
53,795
7,064
15,695
1,227
7,611
6,443
4,406
11,348
4,376.6
554.4
591.9
195.7
529.4
846.0
697.6
961.5
Wholesale trade
4,878
206,015
367,515
15,124
538.3
Finance (except banking), insurance, and real estate .
2,742
1,229,643
108,441
30,507
191.0
Services
2,671
114,995
100,035
4,050
779.8
Other industries
1,484
213,062
151,548
7,219
1,260.4
NOTE.—The data in this table are from "U.S. Multinational Companies: Operations in 1995"
in the October 1997 SURVEY OF CURRENT BUSINESS.
764
1,942
722
1,033
855
469
D-59
D-60
SURVEY OF CURRENT BUSINESS
• International Data
April 1998
Table G.4.—Foreign Direct Investment in the United States: Selected Items, by Country of Foreign Parent and by Industry of
Affiliate, 1994-96
[Millions of dollars]
Direct investment position on a
historical-cost basis
1994
All countries, all industries
496,539
1995
1996
560,850
630,045
Capital inflows (outflows (-))
Income
1994
1995
1996
1994
1995
1996
46,995
69,414
78,828
21,286
32,029
33,759
By country
Canada
Europe
Of which:
France
Germany
Netherlands
United Kingdom
Latin America and Other Western Hemisphere
Of which:
Brazil
Mexico
41,959
48,258
53,845
4,960
7,080
5,670
2,996
3,911
3,285
303,649
357,193
410,425
28,002
55,300
59,809
16,059
22,975
25,806
33,603
40,345
67,210
104,867
38,480
49,269
65,806
126,177
49,307
62,242
73,803
142,607
3,881
7,144
-3,174
8,076
4,500
10,229
-1,789
20,446
10,928
16,283
8,225
18,929
-63
2,256
4,120
7,232
1,722
1,908
5,212
11,006
2,654
2,097
6,294
9,220
26,070
25,240
24,627
4,767
-1,121
131
1,391
1,349
1,557
629
2,412
751
1,980
591
1,078
-8
1,248
-99
-470
-447
88
2
91
81
34
-8
-66
97
Africa
1,230
1,164
717
44
-440
-19
54
Middle East
6,674
6,008
6,177
161
-298
555
54
209
141
116,956
122,986
134,255
9,061
8,519
13,104
805
3,531
3,084
8,080
102,999
7,833
107,933
9,747
118,116
1,101
6,238
504
6,591
2,129
11,930
-268
985
112
3,405
-31
3,106
32,290
33,888
42,343
1,665
3,152
8,113
1,902
2,970
4,190
189,459
21,411
66,028
14,320
35,196
52,504
213,026
26,898
71,367
14,085
37,638
63,037
234,323
28,089
74,810
18,727
37,093
75,604
19,673
-1,375
10,820
1,982
3,826
4,419
27,849
5,596
11,306
312
3,986
6,648
29,112
2,439
6,880
5,280
•^35
14,548
10,788
2,134
4,643
1,165
3,063
15,886
1,709
6,202
1,273
2,316
4,386
17,262
1,780
6,247
1,060
1,739
6,436
Wholesale trade
63,792
66,393
77,937
5,785
6,453
9,799
2,611
3,863
3,548
Retail trade
11,857
12,743
15,008
1,532
1,207
2,140
399
544
496
Depository institutions
27,139
34,076
31,903
3,800
6,566
562
2,837
4,725
2,626
Finance except depository institutions
41,000
62,369
70,185
3,652
16,681
7,775
831
697
714
3,048
Asia and Pacific
Of which:
Australia
jaoan
-113
By industry
Petroleum
Manufacturing
Food and Kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
/Other manufacturing
38,833
50,975
59,566
2,759
4,114
7,739
2,237
1,913
.
31,613
29,704
30,118
259
-880
388
-680
-623
.
37,045
32,887
38,945
2,303
1,946
8,618
^345
212
396
23,511
24,788
29,716
5,570
2,326
4,583
705
1,841
1,418
Insurance
Real estate
Services
Other industries
.
NOTE.—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.
-216
62
The data in this table are from tables 16 and 17 in "Foreign Direct Investment in the United
States: Detail for Historical-Cost Position and Related Capital and Income Flows, 1996" in the
September 1997 SURVEY OF CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
April 1998
International Data • D-61
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, 1995
Millions of dollars
Millions of dollars
Number of
affiliates
12,497
All countries, all industries
Total assets
2,383,612
Sales
1,561,879
Net income
15,608
Gross
product
326,955
Thousands of
employees
U.S.
U.S.
exports of
goods
shipped by
affiliates
imports of
poods
shipped to
affiliates
4,928.3
136,702
254,895
By country
Canada
1,285
267,378
141,292
2,446
36,532
703.7
5,402
13,565
Europe
Of which:
France
Germany
Netherlands .
Switzerland
United Kingdom
5,363
1,327,437
832,286
14,273
202,361
2,991.0
59,344
86,349
668
1,291
394
603
1,205
232,662
210,408
154,877
229,335
381,241
111,966
161,099
98,084
92,343
264,355
1,053
1,331
2,790
8,101
24,178
37,182
28,013
18,624
71,049
348.2
580.6
334.2
308.3
986.5
14,882
12,308
5,357
6,398
11,728
11,255
27,753
8,730
7,847
14,367
1,078
53,830
52,067
917
13,345
166.6
6,193
10,126
75
265
8,661
9,593
3,903
8,540
89
-20
213
1,798
4.3
35.6
866
661
1,310
2,182
68
(D)
10,495
2,393
20.8
551
723
414
25,516
18,121
-198
4,861
46.6
641
4,628
4,212
598,404
489,928
-5,027
62,558
954.6
63,933
138,425
172
3,241
37,003
519,577
22,209
418,656
-577
73.6
-3,621
4,211
52,000
758.2
877
55,519
1,110
119,942
77
(D)
17,690
2,851
4,904
44.9
638
1,079
.
Latin America and Other Western Hemisphere
Of which:
Brazil
Mexico
Africa
Middle East
Asia and Pacific
Of which:
Australia
Japan
United States
-137
345
By industry
Petroleum
Manufacturing
.
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturing
Wholesale trade
-.
240
104,358
131,889
2,419
30,525
105.7
9,956
19,522
2,896
252
331
396
739
1,178
587,049
57,195
191,614
55,979
96,130
186,132
562,151
50,879
131,892
70,086
123,167
186,128
9,824
632
3,903
1,547
176
3,566
156,991
12,229
39,768
17,804
32,163
55,028
2,276.8
228.6
407.1
246.9
541.6
852.6
55,561
2,790
13,778
3,988
18,861
16,144
81,790
3,238
13,582
8,018
29,219
27,734
2,228
222,616
466,192
174
39,135
455.5
65,500
148,735
93,624
759.1
1,793
3,742
Retail trade
353
47,982
759
23,951
Finance except depository institutions
874
568,216
45,074
1,392
2,910
45.3
18
25
Insurance
167
514,601
88,149
3,570
8,557
148.2
0
0
Real estate
3,494
96,852
14,184
-2,283
5,574
24.9
9
1
Services
1,250
110,674
59,264
-1,975
23,753
633.0
492
690
995
131,264
101,352
1,729
35,561
479.9
3.372
389
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 1995 Estimates.
D-62
SURVEY OF CURRENT BUSINESS
• International Data
April 1998
H. International Perspectives.
Quarterly data in this table are shown in the middle month of the quarter.
Table H.1.—International Perspectives
1997
1996
1996
1998
1997
Jan.
Dec.
Feb.
Mar.
May
Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Exchange rates per U.S. dollar (not seasonally adjusted)
Canada (Can $/US$)
France (FFr/US$) .
Germany (DM/US$)
Italy (L/US0)
Japan (¥/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
1.3622
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
1.3556
5.6536
1.6747
16.5500
1.2296
7.8023
1.6285
1.3725
5.7154
1.6946
16.9121
1.2277
7.9562
1.6096
1.3942
5.7672
1.7119
16.9452
1.2564
7.9059
1.6293
1.3804
5.7482
1.7048
16.8433
1.1919
7.9037
1.6322
1.3843
5.8293
1.7277
16.9454
1.1429
7.9498
1.6449
1.3775
6.0511
1.7939
17.4591
1.1538
7.8679
1.6694
1.3872
6.2010
1.8400
17.9712
1.1793
7.7818
1.6035
1.3872
6.0031
1.7862
17.4322
1.2089
7.7809
1.6013
1.3869
5.8954
1.7575
17.2109
1.2106
7.8708
1.6330
1.4128
5.8001
1.7323
16.9708
1.2538
8.2716
1.6889
1.4271
5.9542
1.7788
17.4386
1.2973
8.1271
1.6597
1.4409
6.0832
1.8165
17.8787
1.2955
8.2272
1.6350
84.25
87.34
88.71
91.01
94.52
95.60
96.39
95.29
95.42
97.48
99.96
98.29
97.07
96.37
98.82
100.52
Unemployment rates (percent, seasonally adjusted)
Canada
France
Germany
Italy
Japan
Mexico
United Kingdom
:
. .
Addendum:
United States
9.7
12.3
10.4
12.1
3.4
5.5
7.5
5.6
9.2
12.5
11.5
12.3
9.8
12.5
10.9
9.7
12.5
11.2
9.7
12.5
11.2
12.2
9.3
12.5
11.2
9.5
12.5
11.2
9.4
12.5
11.4
12.4
9.1
12.6
11.4
9.0
9.0
12.5
11.5
12.5
11.6
12.1
9.0
12.5
11.7
9.1
12.5
11.8
9.0
12.4
11.8
12.2
8.6
12.2
11.8
8.9
12.1
11.6
3.4
3.7
5.6
3.3
5.0
6.7
3.3
4.5
6.5
3.3
4.2
6.2
3.2
4.2
6.1
3.3
4.2
5.9
3.6
3.9
5.8
3.5
3.4
5.7
3.4
3.8
5.5
3.4
3.4
5.3
3.4
3.3
5.2
3.4
3.2
5.2
3.5
3.3
5.1
3.5
3.2
5.0
3.5
5.4
5.3
5.3
5.3
5.2
5.0
4.8
5.0
4.9
4.9
4.9
4.8
4.6
4.7
4.7
5.0
Consumer prices (seasonally adjusted, 1990=100)
Canada
France
Germany (1991=100)
Italy
Japan
Mexico
United Kingdom
113.5
113.8
116.5
133.2
107.1
301.7
121.1
Addendum:
United States
120.0
114.8
114.7
117.6
134.9
107.6
341.9
122.4
114.9
114.9
118.1
135.1
107.6
347.6
122.9
115.2
115.0
117.9
135.4
107.5
352.0
123.2
115.2
115.0
117.9
135.6
109.1
355.8
123.9
115.3
115.2
118.4
136.0
109.0
359.0
124.4
115.5
115.2
118.6
136.0
109.3
362.2
124.9
115.5
115.0
119.2
136.0
109.3
365.3
124.9
115.7
115.3
119.3
136.1
109.5
368.6
125.7
115.6
115.5
119.0
136.2
109.7
373.2
126.3
115.7
115.5
118.9
136.6
109.9
376.2
126.5
115.5
115.7
118.9
137.1
109.7
380.4
126.5
115.4
115.7
119.1
116.0
115.3
119.1
109.0
364.0
124.9
114.5
114.4
117.0
134.4
107.5
333.3
122.4
109.6
385.7
126.9
109.6
394.1
126.5
122.9
121.8
122.0
122.3
122.4
122.5
122.5
122.7
122.9
123.1
123.5
123.7
123.8
123.9
123.9
115.3
115.2
118.6
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 the end of the table.
12
15
14
6
3.9
51
4.1
13
1.2
-.9
8.3
3.3
4.6
2.3
2.8
3.8
4.9
3.4
4.1
3.5
3.2
1.7
31
4.7
3.8
3.3
3.1
5.4
4.4
4.1
7.7
-106
19.4
37
D-63
International Data
SURVEY OF CURRENT BUSINESS
April 1998
Table H.1.—International Perspectives—Continued
1997
1996
1996
1998
1997
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
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
4.43
394
3.31
8.82
.59
32.91
6.02
Addendum:
United States
5.51
3.53
3.08
3.11
3.10
3.20
3.41
346
344
335
333
336
340
3.33
6.88
3.23
7.25
3.14
7.23
3.19
7.36
3.26
7.43
3.23
7.13
3.29
3.48
3.17
6.83
3.22
3.43
3.14
6.88
3.51
3.39
3.14
6.89
3.63
3.43
3.26
6.87
3.60
3.41
3.31
6.67
3.76
3.59
3.58
6.65
3.99
3.69
3.74
6.49
.60
21.26
.52
26.51
.53
24.60
.55
21.96
.56
22.32
.56
22.37
.58
20.59
.61
21.40
.67
19.40
.59
20.15
.56
20.51
.53
19.91
.55
22.01
.89
19.88
19.37
6.83
6.34
6.32
6.19
6.20
6.37
6.45
6.66
6.95
7.15
7.20
7.25
7.54
7.62
7.48
502
4.87
505
5.00
5.14
5.17
5.13
4.92
5.07
5.13
4.97
4.95
5.15
516
509
4.58
4.62
369
362
3.74
6.08
3.57
6.09
Long-term interest rates, government bond yields (percent, not seasonally adjusted)
Canada
France
Germany
IItaly
iai
1 /
Japan
Mexico
United Kingdom
Addendum:
United States
7.54
6.51
6.10
8.85
2.98
6.47
5.67
5.50
6.55
2.11
6.81
5.82
5.70
6.95
2.57
6.99
5.69
5.70
6.76
2.38
7.82
7.04
7.55
7.54
644
635
630
658
6.30
5.65
5.50
6.53
2.01
6.19
5.55
5.50
6.10
1.88
5.94
5.80
5.50
5.76
5.66
5.50
5.85
5.45
5.30
5.58
5.26
5.10
590
581
544
521
2.37
6.30
5.50
5.40
6.38
2.12
1.62
1.73
1.66
1.77
716
713
7.04
7.08
6.80
650
661
636
609
6.71
6.49
6.22
6.30
6.21
6.03
588
581
554
206.0
160.0
170.2
145.0
200.0
159.0
171.5
149.0
1570
1630
171.2
154.0
550
917.2
200.0
176.7
175.0
801.4
205.0
275.0
275.0
6.74
5.39
5.40
6.92
5.80
5.60
7.09
5.93
5.70
6.90
5.96
5.60
693
755
737
702
682
2.40
2.27
2.36
2.55
7.20
746
765
6.42
6.69
6.89
6.63
5.67
5.60
. . . .
Share price indices (not seasonally adjusted, 1990=100)
Canada
France
Germany
Italy
Japan
Mexico
United Kingdom
Addendum:
United States
179.0
180.0
171.0
148.0
145.8
114.0
175.0
187.0
1510
70.0
68.0
65.0
62.0
696.1
185.0
160.2
123.0
700
781.9
186.0
888.9
190.0
815.3
194.0
933.4
198.0
815.2
203.0
190.0
151 0
161.5
145.0
570
872.5
194.0
236.0
249.0
262.0
262.0
267.0
272.0
268.0
1280
1350
1450
740
554.8
167.0
158.4
131.0
640
779.2
189.0
124.9
100.0
690
589.5
171.0
130.0
114.0
630
639.7
176.0
138.9
119.0
640
673.7
179.0
63.0
63.0
68.0
657.4
182.0
658.9
179.0
195.0
249.0
213.0
220.0
228.0
227.0
219.0
96.0
193.0
161.0
176.4
139.0
1490
154.4
119.0
189.0
1520
115.6
173.0
201.0
161.0
174.8
138.0
1450
145.7
116.0
154.0
1180
188.0
196.0
196.0
1. Index of weighted average exchange value of U.S. dollar against currencies of other G-10 countries. March
NOTE.—All exchange rates are from the Board of Governors of the Federal Reserve System. U.S. interest rates,
1973=100. Weights are 1972-76 global trade of each of the 10 countries. Series revised as of August 1978. For unemployment rates, and GDP growth rates are from the Federal Reserve, the Bureau of Labor Statistics, and
description and back data, see: "Index of the weighted-average exchange value of the U.S. dollar: Revision" on BEA, respectively. All other data (including U.S. consumer prices and U.S. share prices, both of which have been
page 700 of the August 1978 Federal Reserve Bulletin.
rebased to 1990 to facilitate comparison) are © OECD, March 1998, OECD Main Economic Indicators and are
reproduced with permission of the OECD.
D-64 • International Data
SURVEY OF CURRENT BUSINESS
April 1998
I. Charts,
THE U.S. IN THE INTERNATIONAL ECONOMY
Billion $
30
COMPONENTS OF CURRENT ACCOUNT BALANCE
i~
8 2 ' 8 3 ' 8 4 85 86 8788 89 90 91 '92 ' 93 ' 94 ' 95' 96' 97
-60
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
Billion $
120
Billion $
50
U.S. DIRECT INVESTMENT ABROAD AND
FOREIGN DIRECT INVESTMENT IN THE U.S.
40-
30FDIUS
20-
10-
-20
-10
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96' 97
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
Billion $
5000
Billion $
300
i NET INTERNATIONAL INVESTMENT POSITION
! VALUED AT CURRENT COST
EXPORTS AND IMPORTS
4000 _;
250-
3000-
Foreign assets in the United States
200-
2000-
U..S. assets abroad
150-
1000Exports
Net investment position
100-
-1000
50
82 83 84 85 86 87 88 89 90 91 92 93 94' 95 96 97
U.S. Department of Commerce, Bureau of Economic Analysis
r
r. i r
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
_J
SURVEY OF CURRENT BUSINESS
April 1998
Regional Data •
D-65
Regional Data
J. State and Regional Tables.
The tables in this section include the most recent estimates of State personal income and gross state product.
The sources of these estimates are noted.
The quarterly and annual State personal income estimates and the gross state product estimates are available on diskettes or CD-ROM. For information on personal income, e-mail reis.remd@bea.doc.gov; write
to the Regional Economic Information System, BE-55, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230; or call 202-606-5360. For information on gross state product, e-mail
gspread@bea.doc.gov; write to the Regional Economic Analysis Division, BE-6i, Bureau of Economic
Analysis, U.S. Department of Commerce, Washington, DC 20230; or call 202-606-5340.
Table J.1.—Quarterly Personal Income for States and Regions
Millions of dollars
1995
Area name
I
United States
IV
I
II
III
IV
I
II
III
. . .
.
.
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
.
.
.
...
...
.
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
.
1997:11997:11
1997:111997:111
1.9
1.2
1.1
1.7
1.6
1.6
1.8
1.5
1.7
.7
2.1
2.8
1.5
2.0
1.3
1.5
1.8
1.0
1.0
1.1
.8
1.7
.9
1.0
1.3
1.6
1.1
1.3
1.1
1.1
1.3
1,186,541 1,194,849 1,203,961 1,216,140 1,237,524 1,251,871 1,264,426 1,280,913 1,304,447 1,311,683 1,325,982
18,424
19,552
19,842
20,252
18,573
18,823
19,208
20,735
20,806
20,858
21,170
18,097
18,444
17,999
18,011
18,299
18,629
18,787
19,046
19,128
17,979
18,980
137,621
135,171
139,245
140,748
142,657
145,585
146,772
148,279
132,435
133,396
134,073
239,921
242,202
245,984
260,234
238,211
249,308
251,460
254,430
259,568
263,035
235,873
502,971
507,122
527,239
532,396
550,752
500,818
512,336
522,825
540,159
552,885
559,445
286,012
300,941
283,700
289,126
293,099
297,938
308,691
311,954
314,925
281,013
304,145
1.3
2.4
.8
1.4
1.2
1.5
1.1
1.8
.3
1.4
2.1
2.0
2.0
1.5
.6
.2
0
.8
.3
.4
1.1
1.1
1.5
.8
1.0
1.1
1.2
1.0
1,011,205 1,016,414 1,025,335 1,037,991 1,050,678 1,067,473 1,080,212 1,088,807 1,107,241 1,118,858 1,128,709
299,874
302,507
320,221
306,538
311,898
316,298
323,827
329,728
338,706
297,953
334,795
127,120
131,434
125,000
125,260
125,840
128,813
133,113
134,643
136,273
137,946
139,130
228,072
229,862
232,862
235,014
227,381
238,849
241,129
246,604
246,771
242,326
247,980
249,836
252,041
254,992
257,084
261,194
247,297
264,418
270,378
275,415
265,610
273,296
112,884
114,063
115,086
116,480
119,697
122,402
124,257
117,869
121,331
126,050
127,478
.8
1.1
1.1
.5
.5
.9
1.7
1.8
1.2
1.8
1.8
1.5
1.0
1.5
1.2
.1
1.1
1.4
.9
1.2
.9
.5
.8
1.1
458,272
66,789
63,322
127,214
130,487
40,287
13,933
16,240
1.0
.8
.9
.9
1.3
1.5
0
.7
1.6
1.5
1.6
1.1
2.2
1.7
1.3
1.0
1.5
1.4
1.9
1.8
.8
1.3
1.9
2.5
.9
.4
1.0
1.3
.9
1.1
1.3
.4
1,315,532 1,330,900 1,346,689 1,366,123 1,384,840 1,409,188 1,427,939 1,443,187 1,472,789 1,490,004 1,506,729
81,643
83,247
84,122
85,655
80,849
82,531
87,568
86,740
88,998
90,587
89,800
44,711
45,284
47,567
44,006
46,153
50,252
46,329
48,005
48,436
48,995
50,187
322,062
330,072
334,334
346,800
362,557
371,547
325,801
342,159
351,320
355,118
366,848
158,784
162,162
156,103
168,023
170,891
172,857
154,451
164,063
176,818
178,647
181,433
72,417
72,972
77,707
71,560
74,008
75,075
76,525
79,899
80,934
81,762
78,235
82,912
83,053
83,917
81,220
81,823
85,273
86,111
86,892
88,374
89,748
90,871
44,797
46,721
47,627
44,325
45,387
46,079
48,188
48,402
49,263
50,571
50,109
148,917
156,724
158,014
151,505
153,258
161,859
170,544
163,920
166,616
172,999
174,230
69,827
74,607
69,009
70,483
71,511
72,080
73,495
75,377
76,809
78,662
77,602
113,817
114,441
111,021
112,222
116,169
109,635
117,626
118,806
121,368
123,994
122,635
160,764
162,642
165,259
167,219
169,444
157,790
159,368
171,277
175,302
178,236
176,238
32,392
32,021
32,659
32,976
33,381
31,708
31,885
33,603
33,864
34,585
34,258
1.1
1.0
.9
1.1
1.2
.7
.9
.4
1.6
1.0
1.0
1.1
.7
2.1
1.6
1.2
2.1
2.3
2.1
1.7
1.8
2.4
1.9
2.2
2.3
.8
1.2
.9
2.4
1.2
1.0
1.3
1.6
1.7
1.4
1.0
1.0
.5
1.2
1.1
.9
.1
1.3
1.6
1.0
1.3
.9
.7
1.4
1.1
1.1
1.0
366,632
105,263
24,975
170,826
29,559
23,507
12,502
401,414
58,654
55,957
110,264
116,225
34,631
11,828
13,854
370,349
106,209
24,979
173,256
29,592
23,684
12,630
405,940
59,339
56,483
111,360
117,492
35,324
11,871
14,072
375,186
107,485
25,282
175,702
30,050
23,853
12,815
411,894
60,349
56,978
113,501
118,622
36,008
12,141
14,295
379,607
109,083
25,590
177,592
30,336
23,971
13,034
422,854
62,444
58,546
116,196
121,011
36,963
12,842
14,853
385,048
110,491
25,984
180,415
30,727
24,270
13,160
430,289
63,330
59,253
118,885
122,784
37,686
13,111
15,239
388,521
111,178
26,251
182,334
31,109
24,341
13,307
436,027
64,071
59,992
120,959
124,035
38,117
13,347
15,505
394,993
112,912
26,669
185,678
31,584
24,743
13,407
440,502
64,608
60,546
122,079
125,633
38,681
13,338
15,617
403,164
116,058
27,068
189,306
31,984
25,105
13,643
447,509
65,608
61,519
123,362
128,408
39,335
13,507
15,769
407,102
117,258
27,371
190,836
32,533
25,330
13,773
454,004
66,547
62,694
125,624
129,378
39,833
13,758
16,170
568,008
85,300
30,231
60,341
392,135
576,315
86,460
30,580
61,041
398,234
584,361
88,345
31,009
61,604
403,402
592,619
89,968
31,304
62,385
408,962
603,099
92,200
31,823
63,239
415,838
613,576
93,851
32,152
64,273
423,301
623,327
95,623
32,367
65,003
430,334
630,151
96,709
32,526
65,541
435,376
645,366
99,123
33,301
67,017
445,924
656,488
100,860
33,837
67,547
454,244
665,435
102,407
34,154
68,659
460,215
1.1
1.1
.5
.8
1.2
2.4
2.5
2.4
2.3
2.4
1.7
1.8
1.6
.8
1.9
1.4
1.5
.9
1.6
1.3
172,902
89,985
21,944
15,891
35,196
9,885
174,647
90,804
22,135
16,029
35,701
9,977
177,649
92,494
22,446
16,250
36,388
10,072
180,764
93,779
22,945
16,456
37,378
10,205
183,459
95,749
23,112
16,566
37,856
10,177
187,084
97,514
23,581
16,788
38,848
10,354
190,154
99,191
23,795
17,017
39,697
10,453
192,566
100,578
23,877
17,213
40,397
10,501
196,311
102,455
24,354
17,294
41,520
10,687
199,637
104,393
24,760
17,536
42,153
10,795
202,462
105,785
25,169
17,660
42,921
10,926
1.3
1.4
.3
1.2
1.8
.5
1.9
1.9
2.0
.5
2.8
1.8
1.7
1.9
1.7
1.4
1.5
1.0
1.4
1.3
1.7
.7
1.8
1.2
1,027,694 1,040,967 1,052,169 1,061,958 1,082,884 1,101,474 1,115,412 1,131,570 1,153,406 1,175,334 1,190,893
14,789
15,574
14,500
14,590
14,615
14,731
14,826
14,894
15,384
14,548
15,055
752,421
761,430
768,728
775,160
790,291
803,573
825,321
840,004
855,514
866,436
812,716
30,067
29,352
29,902
29,669
29,633
29,716
30,150
30,169
30,837
31,095
30,549
41,286
42,207
36,893
37,503
38,351
39,055
40,255
43,050
44,032
44,799
45,490
67,167
71,934
69,323
70,580
73,336
68,155
74,683
75,735
77,505
79,098
80,046
138,424
131,544
135,771
132,832
140,830
142,401
146,261
152,252
127,361
129,663
149,703
1.4
.5
1.6
.1
2.0
1.4
1.1
1.9
1.1
1.8
1.3
2.3
2.3
2.7
1.9
2.2
1.8
.9
1.7
2.1
2.4
1.3
1.2
1.3
.8
1.5
1.2
1.7
1. Percent changes are expressed at quarterly rates and are calculated from seasonally adjusted 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,
it omits the earnings of Federal civilian and military personnel stationed abroad and of U.S. residents employed
1996:IV1997:1
1.2
396,928
58,230
55,452
108,996
114,669
34,259
11,619
13,702
;
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
1996:1111996:IV
412,469
119,092
27,668
193,262
32,896
25,600
13,952
361,426
104,157
24,630
168,247
28,839
23,121
12,433
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York ..
Pennsylvania
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wvomina
III
1997
6,040,235 6,102,138 6,166,454 6,242,674 6,344,946 6,446,004 6,526,017 6,602,689 6,730,234 6,813,111 6,890,952
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Southwest
Arizona
New Mexico
Oklahoma
Texas
II
Percent change '
1996
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 m "Personal Income by State and Region, Third Quarter 1997" in the February 1998 issue
of the SuRVEY OF
CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
D-66 • Regional Data
April 1998
Table J.2.—Annual Personal Income and Disposable Personal Income for States and Regions
Personal income
Millions of dollars
Area name
1994
United States
1995
Disposable personal income
M Ilions of dollars
Percent change '
1996
1994-95
1995-96
1994
1995
Percent change '
1996
1994-95
1995-96
5,774,806
6,137,875
6,479,914
6.3
5.6
5,036,648
5,343,656
5,593,988
6.1
4.7
345,430
99,703
23,865
160,247
27,532
22,296
11,787
368,398
105,778
24,966
172,008
29,510
23,541
12,595
387,042
110,916
26,124
181,505
30,939
24,331
13,227
6.6
6.1
4.6
7.3
7.2
5.6
6.9
5.1
4.9
4.6
5.5
4.8
3.4
5.0
295,605
84,190
21,091
135,860
24,522
19,562
10,381
313,755
88,514
22,099
145,105
26,221
20,683
11,132
325,596
91,395
22,963
151,149
27,221
21,247
11,622
6.1
5.1
4.8
6.8
6.9
5.7
7.2
3.8
3.3
3.9
4.2
3.8
2.7
4.4
1,138,137
17,517
17,795
127,014
225,686
479,156
270,969
1,200,373
18,757
18,021
133,769
239,052
505,812
284,963
1,258,684
20,095
18,539
140,068
250,295
530,655
299,031
5.5
7.1
1.3
5.3
5.9
5.6
5.2
4.9
7.1
2.9
4.7
4.7
4.9
4.9
977,624
15,016
15,167
108,911
193,487
407,831
237,212
1,029,807
16,074
15,405
114,640
205,302
429,520
248,867
1,070,910
17,069
15,859
119,139
212,443
447,031
259,369
5.3
7.0
1.6
5.3
6.1
5.3
4.9
4.0
6.2
2.9
3.9
3.5
4.1
4.2
964,118
284,319
119,665
215,266
237,118
107,749
1,022,736
301,718
125,805
229,544
251,041
114,628
1,071,792
318,061
132,001
239,330
262,077
120,325
6.1
6.1
5.1
6.6
5.9
6.4
4.8
5.4
4.9
4.3
4.4
5.0
834,810
245,498
103,684
186,873
206,164
92,591
884,726
260,030
109,145
199,127
217,936
98,488
919,565
271,612
113,693
206,030
225,788
102,442
6.0
5.9
5.3
6.6
5.7
6.4
3.9
4.5
4.2
3.5
3.6
4.0
382,697
56,787
53,088
104,727
109,613
33,218
11,661
13,602
404,044
59,143
56,218
111,031
116,752
35,055
11,865
13,981
432,418
63,613
59,585
119,530
123,366
37,862
13,159
15,303
5.6
4.1
5.9
6.0
6.5
5.5
1.7
2.8
7.0
7.6
6.0
7.7
5.7
8.0
351,357
51,960
49,000
94,081
102,314
30,756
10,602
12,643
373,267
55,617
51,481
100,058
107,573
32,985
11,748
13,805
5.2
4.1
5.5
5.5
6.3
4.9
1.6
2.4
6.2
7.0
5.1
6.4
5.1
7.2
9.5
333,873
49,894
46,463
89,182
96,242
29,308
10,437
12,348
1,255,475
77,344
42,079
306,657
146,103
68,670
78,219
42,507
141,426
66,019
103,989
151,487
30,973
1,339,811
82,067
45,039
328,067
157,875
72,739
82,252
45,147
152,601
70,208
111,674
160,141
32,001
1,416,289
86,021
47,584
348,849
168,959
76,885
85,548
47,735
162,602
73,890
116,760
168,300
33,155
6.7
6.1
7.0
7.0
8.1
5.9
5.2
6.2
7.9
6.3
7.4
5.7
3.3
5.7
4.8
5.7
6.3
7.0
5.7
4.0
5.7
6.6
5.2
4.6
5.1
3.6
1,109,304
68,892
37,597
271,419
127,646
60,451
70,548
38,700
123,333
58,661
93,528
130,741
27,788
1,181,959
73,043
40,142
289,716
137,701
63,930
74,106
41,143
133,009
62,097
100,278
138,126
28,667
1,240,754
76,151
42,344
305,142
145,978
67,208
76,592
43,420
141,008
65,038
104,146
144,189
29,539
6.5
6.0
6.8
6.7
7.9
5.8
5.0
6.3
7.8
5.9
7.2
5.6
3.2
5.0
4.3
5.5
5.3
6.0
5.1
3.4
5.5
6.0
4.7
3.9
4.4
3.0
Southwest
Arizona
New Mexico
Oklahoma
Texas
541,429
79,868
28,518
58,691
374,353
580,326
87,518
30,781
61,343
400,683
617,538
94,596
32,217
64,514
426,212
7.2
9.6
7.9
4.5
7.0
6.4
8.1
4.7
5.2
6.4
483,571
70,242
25,388
52,010
335,932
518,174
76,887
27,508
54,409
359,370
547,021
82,509
28,661
56,831
379,020
7.2
9.5
8.4
4.6
7.0
5.6
7.3
4.2
4.5
5.5
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
163,203
84,643
20,732
15,137
33,171
9,522
176,490
91,766
22,368
16,157
36,166
10,035
188,316
98,258
23,591
16,896
39,199
10,371
8.1
8.4
7.9
6.7
9.0
5.4
6.7
7.1
5.5
4.6
8.4
3.4
141,204
72,629
18,136
13,275
28,761
8,403
152,796
78,826
19,588
14,258
31,239
8,885
161,621
83,523
20,545
14,792
33,633
9,128
8.2
8.5
8.0
7.4
8.6
5.7
5.8
6.0
4.9
3.7
7.7
2.7
984,317
14,125
722,002
28,469
34,292
63,667
121,762
1,045,697
14,563
764,435
29,593
37,951
68,806
130,350
1,107,835
14,810
807,975
30,072
41,699
73,922
139,356
6.2
3.1
5.9
3.9
5.9
1.7
5.7
1.6
9.9
7.4
6.9
860,656
12,247
632,206
24,640
29,699
54,244
107,621
911,081
12,655
665,609
25,916
32,870
58,879
115,154
955,254
12,778
695,767
26,119
35,718
62,833
122,040
5.9
3.3
5.3
5.2
4.8
1.0
4.5
.8
8.7
6.7
6.0
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 Virainia
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
..
.
....
.
1. Percent changes are 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, it omits the earnings of Federal civilian and military personnel
10.7
8.1
7.1
10.9
10.7
8.5
7.0
10.8
9.2
stationed abroad and of U.S. residents employed abroad temporarily by private U.S. firms. It can
also differ from Hie NIPAestimat^
. Source. Tables 1 and 3 in State Personal Income, Revised Estimates for 1958-96 in the
Regional Data • D-67
SURVEY OF CURRENT BUSINESS
April 1998
Table J.3.—Per Capita Personal Income and Per Capita Disposable Personal Income for States and Regions, 1994-96
Per capita disposable personal income '
Per capita personal income '
Dollars
Area name
1994
United States
1995
1996
23,582
27,063
17,842
23,901
22,836
20,856
19,036
24,387
27,913
18,469
24,810
23,416
21,457
19,743
4
17
22,000
21,215
26,702
21,784
24,474
22,412
19,672
23,136
22,417
27,780
22,751
25,826
23,612
20,635
24,028
23,549
29,195
23,491
26,595
24,583
21,514
6
2
4
15
24,575
26,848
22,601
24,945
23,457
23,320
7
28
16
21
22
19,346
20,922
18,032
19,699
18,579
18,211
20,394
22,054
18,828
20,877
19,574
19,228
21,084
22,928
19,466
21,474
20,209
19,854
8
32
17
21
25
22,018
20,802
21,929
24,061
21,949
21,385
18,495
19,165
23,414
22,306
23,165
25,663
23,022
22,917
20,448
20,895
30
23
11
25
27
38
37
18,325
17,616
18,221
19,504
18,244
18,030
16,315
17,051
19,147
18,276
19,114
20,388
19,234
18,763
16,526
17,331
20,211
19,503
20,015
21,482
20,075
19,966
18,255
18,849
31
23
16
22
24
38
35
20,003
18,349
17,142
21,959
20,686
17,949
18,135
15,931
19,979
18,138
20,120
23,129
16,998
21,076
19,327
18,126
23,129
21,901
18,860
18,960
16,745
21,188
19,146
21,284
24,208
17,532
22,016
20,131
18,959
24,226
22,977
19,797
19,664
17,575
22,205
19,977
21,949
25,212
18,160
39
47
20
26
42
43
50
32
40
33
14
49
17,674
16,344
15,316
19,436
18,072
15,801
16,356
14,504
17,423
16,116
18,096
19,961
15,250
18,593
17,202
16,155
20,425
19,102
16,576
17,083
15,260
18,467
16,934
19,113
20,880
15,706
19,288
17,821
16,872
21,190
19,852
17,305
17,605
15,986
19,256
17,584
19,577
21,600
16,179
39
45
19
26
42
40
50
33
41
30
14
49
19,739
19,562
17,187
18,039
20,308
20,673
20,329
18,215
18,731
21,311
21,614
21,363
18,803
19,544
22,282
35
48
45
31
17,630
17,205
15,301
15,985
18,224
18,459
17,860
16,278
16,614
19,114
19,146
18,633
16,727
17,217
19,815
36
48
44
27
20,286
23,109
18,243
17,672
17,334
20,013
21,467
24,487
19,181
18,563
18,468
20,941
22,490
25,704
19,837
19,214
19,595
21,544
10
41
46
44
34
17,552
19,829
15,959
15,499
15,029
17,661
18,585
21,034
16,798
16,382
15,952
18,542
19,302
21,849
17,276
16,821
16,812
18,961
12
43
46
47
34
22,867
23,487
23,022
24,278
23,422
20,575
22,755
24,052
24,170
24,217
25,095
24,748
21,851
23,927
25,173
24,398
25,346
25,404
26,011
23,074
25,187
19
13
12
9
24
15
19,994
20,364
20,158
21,012
20,285
17,530
20,112
20,955
21,002
21,087
21,978
21,435
18,698
21,138
21,706
21,050
21,826
22,065
22,280
19,612
22,057
20
13
10
9
29
11
26,040
30,462
19,277
26,522
24,250
22,383
20,299
27,688
32,341
20,157
28,332
25,700
23,738
21,538
28,989
33,875
21,011
29,792
26,615
24,572
22,470
Mideast
Delaware ...
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
25,613
24,748
31,327
25,405
28,547
26,332
22,471
26,968
26,159
32,499
26,547
30,071
27,806
23,628
28,242
27,724
34,129
27,618
31,334
29,181
24,803
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
22,342
24,230
20,811
22,692
21,368
21,192
23,575
25,590
21,702
24,066
22,547
22,379
21,005
20,049
20,819
22,904
20,779
20,435
18,229
18,783
.
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wvomino
...
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
. .
1. Per capita personal income and per capita disposable personal income are computed using
midyear population estimates of the Bureau of the Census.
NOTE.-™ personal income level shown for the United States is derived as the sum of the
State estimates!! differs from the national income and product accounts (NIPA) estimate of per-
1996
22,284
25,722
17,036
22,486
21,599
19,638
17,878
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Southwest
Arizona
New Mexico
Oklahoma
Texas
Rank in U.S.
1996
21,087
24,426
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
1995
20,327
23,348
.
1994
1996
19,345
22,180
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
Dollars
Rank in U.S.
1
3€
I
18
29
c
6
1
37
3
7
18
28
5
sonal 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
° f^ frwlh* Nl?^
™si°n SSS&'- *
_ ^urc*Jab'es 2 and * in Sta'e Personal lncome- Revised Estimates f<>r 1 958-96 in the
uctooer i yy/ OURVEY OF OURRENT BUSINESS.
als
D-68
SURVEY OF CURRENT BUSINESS
• Regional Data
April 1998
Table J.4.—Gross State Product for States and Regions by Industry, 1994
[Millions of dollars]
State and region
United States
Rank of
total
gross
state
product
. .. .
ftrtanufacturin
9
Agriculhiral
Trrtal
gross
state
product
Farms
services,
forestry,
Mining
and
461,863
182,651
79,948
604,284
27,786
7,744
1,864
12,883
2,327
1,739
1,229
25,962
7,328
1,510
13,237
1,742
1,274
872
33,195
8,813
3,159
14,784
2,913
2,204
1,323
92,056
30,138
4,742
42,919
6,502
5,456
2,299
88,578
22,939
4,816
47,245
5,723
5,151
2,704
6,712
30258
448
477
317
2,084
579
342
678
67
354
65
2,355
4
7
111
152
428
1,653
45,626
889
428
6,536
9,261
16,661
11,852
183,235
5397
1,267
11,442
36,841
70,346
57,941
85,106
1,486
153
5,676
12,144
35,556
30,091
98,129
86,894
1,046
577
8,199
23,374
35,683
18,014
100,291
1,114
5,766
24,698
34,790
27,850
114,721
1,354
2,596
11,144
25,750
46,605
27,272
1,367
11,787
19,096
40,005
26,523
321,733
10,414
6,888
29,253
57,125
164,081
53,972
294,563
3,419
15,636
29,531
54,124
129,468
62,385
46,598
358
16,102
9,956
4,186
8,443
7,553
7,278
273
1 166
2,117
832
1,804
1,087
115,987
1 733
1 981
11,416
22,862
54850
23,145
4,418
1,321
531
887
1,039
640
4,459
1,273
753
938
1,238
258
45,155
14,086
6493
8,584
10,583
5409
284,542
62,441
41843
71,415
73,887
34,956
188,314
35,277
29,115
54,414
48,605
20,903
96,229
27,164
12,728
17,001
25,282
14,053
90,978
31,940
11,407
16,156
22,592
8,882
77,674
26,639
8,382
16,373
18,534
7,745
97,284
27,549
12,734
19,958
25,922
11,120
179,209
63,253
18,448
36,385
41,404
19,719
198,663
66,853
21,325
42,288
47,899
20,298
19,212
6,357
2725
2,814
5,225
2,091
4,025
1,686
479
527
1,032
300
94,713
25,938
11 229
22580
23,366
11 600
2,562
553
348
534
563
308
84
173
2,466
156
815
507
356
98
349
185
19,202
2,700
2,402
49,443
9,775
5,638
14,510
14,477
3,088
534
1,422
38,916
6,924
5,090
10,440
12,540
2,944
445
534
43,306
5,388
7,444
9,564
13,476
4,559
1,496
1,378
34,207
4,718
4,545
10,061
9,406
3,147
1,255
1,076
41,979
5,966
5,956
11,134
12,493
3,488
1,291
1,652
69,161
9,632
7,831
21,869
18,734
5,937
1,673
3,487
79,879
10,090
10,003
23,882
24,172
6,724
2,302
2,706
10,786
1,263
1,584
5,823
1,714
588
657
88,359
16,699
10,727
24950
27,017
6,031
979
1,956
3,549
1,104
358
567
4,102
191
1,347
306
892
587
494
288
41,575
6,706
6,227
11 334
9,985
4,500
1 341
1,483
7,841
460
315
2,735
768
442
369
287
786
363
476
737
101
21,509
1,184
382
711
752
2,941
9,995
356
229
158
347
1,074
3,380
60,747
3,496
1,846
14,592
6,707
3,429
4,476
1,855
7,078
3,473
4,677
7,443
1,675
282,972
19,398
12,578
26,612
32,576
23,221
17,417
11,854
53,629
21,787
30,611
27,435
5,854
126,435
9,593
6,757
15,079
13,383
12,545
4,311
7,015
19,739
8,403
16,049
11,047
2,514
156,537
9,805
5,820
11,533
19,192
10,676
13,107
4,839
33,890
13,384
14,562
16,389
3,341
143,740
8,821
6,196
29,914
21,865
8,305
11,059
6,228
14,315
6,399
10,646
15,425
4,567
97,808
5,515
3,077
22,644
16,355
4,770
5,784
2,840
11,692
4,367
9,232
9,694
1,836
144,130
8,926
5,193
35,783
16,714
7,651
8,717
5,008
16,338
8,043
13,881
14,820
3,057
226,278
10,860
5,637
68,123
28,563
9,514
13,260
5,680
23,465
10,297
16,217
30,823
3,838
263,453
14,045
7,272
72,639
31,980
12,471
16,738
7,597
26,345
11,632
23,663
33,594
5,477
45,781
4,173
1,179
6,669
5,667
2,683
1,841
1,522
3,148
1,864
4,450
11,646
939
31,101
1,411
411
4,573
3,519
1,803
1,320
1,064
4,882
2,273
694
9009
142
133,092
8,861
4455
29,435
15,085
7387
9,241
5039
16,194
8545
10,403
14860
3,587
5381
3,541
673
178
311
2379
39,652
1,114
2,702
3,281
32,555
28,989
5,116
1,781
2,069
20,024
105,712
13,973
5,117
11,060
75562
61,747
11,155
4,422
6,615
39,555
43,964
2,817
695
4,445
36,007
72,514
8,345
3,672
7,281
53,216
46,743
5,677
1,645
4,051
35,369
62,877
10,034
3,551
6,663
42,630
98,977
17,115
5,130
8,203
68,529
120,958
18,155
6,595
10,788
85,419
17,331
2,538
1,791
2,500
10,502
9,967
1,200
834
1,476
6456
62,281
9,343
4272
6,915
41 750
3,989
1 180
1,260
835
418
297
1,120
506
276
135
123
79
8,816
1,660
169
837
1,484
4,666
10,271
5234
1,536
758
2,151
591
24,790
12,299
4,612
1,317
5,891
670
15,011
7,197
3,030
763
3,806
' 215
9,779
5,102
1,583
555
2,086
455
22,017
11,014
2,181
2,152
4,008
2,662
11,869
6,341
1,456
1,049
2,532
492
19,563
10,039
2,502
1,714
4,268
1,040
29,743
16,825
3,092
2,261
5,905
1,661
37,142
20,626
3,771
3,061
8,221
1,464
7,215
3,424
760
742
1,901
388
3,034
1,885
268
266
412
202
18,564
8736
2,301
1,734
4,346
1,447
15,306
18
11,171
282
142
1,481
10,241
356
7,189
198
178
734
46,084
1,038
29,222
2,151
3,090
3,447
2212
1586
10,563
4,238
4,459
26
1,438
96
306
161,354
1,149
121,842
1,128
2,002
14,814
20,418
103,692
317
76,608
296
1,269
11,260
13,942
57,662
833
45,234
832
733
3,554
6,476
91,293
3,835
63,122
3,475
3,376
5,909
11,576
80,707
672
59,860
1,414
1,990
5,888
10,882
110,589
1,539
79,662
4,063
4,084
6,773
14,467
256,519
2,480
199,078
8,584
8,058
12,464
25,856
259,485
2,653
193,314
7,586
14,967
13,248
27,716
29,015
1,113
18,900
1,745
840
2,020
4,397
18,357
1,094
11,187
2,623
435
223
2,795
107,814
2,535
76,691
3,442
3,358
7,269
14,519
16
8
2
6
4
15
9
7
19
1,111,598
332,853
138190
240,390
274,844
125321
11,265
3,515
29
31
20
17
36
49
46
455,013
68298
61,758
124641
128,216
41,357
13,494
17,250
17,428
4238
2,529
2822
25
33
5
11
26
22
32
12
27
18
13
39
1,478,627
88,661
50575
317,829
183,042
86485
101,101
50587
181,521
79925
126,539
177708
34,654
20,175
1,512
2035
3,399
2,491
24
37
30
3
677,888
94,093
37832
66,189
479 774
8,347
810
564
1,591
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
23
43
47
35
48
198,132
99767
24,185
16862
41,657
15,660
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
45
1
38
34
28
14
1,197,326
22720
875,697
36718
43,958
74,366
143867
Southwest
Arizona
New Mexico
Oklahoma
Texas
. . .
1839
1,486
2,121
2302
1751
3,160
1286
1,642
1867
882
1256
3,420
724
1,242
1 147
200
5318
7137
NOTE.—Totals shown for the United States differ from the NIPA estimates of gross domestic product (GDP) because State data exclude the statistical discrepancy (the djfference between GDP and gross domestic income), the
compensation of Federal civilian and military personnel stationed abroad, and government consumption of fixed capital for military structures located abroad and for military equipment, except office equipment; they may also differ
from the GDP estimates because of differences in revision schedules.
local
government
606,354
4,012
75
13
610
864
1,221
1,229
Southeast
Alabama
Arkansas
Florida . .
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
Ofohs anrl
22,743
6,381
2i439
10,142
1,718
1,372
691
4,504
221
0
601
479
1,399
1,805
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
Porloral
military
government
523,959
1,327,798
26697
48,028
132,703
254,945
570 994
294,431
.
Federal
civilian
government
43,392
12,231
2,200
20,245
4,336
2,776
1,605
237
38
12
113
29
14
31
.. .
609,908 1,273,678 1,342,720
Services
673,139
1,915
504
267
777
138
147
82
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
Retail
trade
66,134
18612
4,639
30387
6,053
4,148
2296
90,058
1,182
280
221
296
94
56
234
41
public
utilities
Finance,
insurance,
and real
estate
Wholesale
trade
13,158
3646
1,142
5943
1,031
822
574
35,651
389,259
110,449
26,069
186 199
29,393
23,867
13282
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
Total
Nondurable goods
and
269,232 1,197,098
82,197
21
42
10
40
44
50
Durable
goods
Transportation
fishing
6,835,641
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Construction
3911
1513
1510
827
3134
2361
8319
2,528
13804
2326
2,026
1 256
Sources: Tables 9 and 10 in "Comprehensive Revision of Gross State Product by Industry, 1977-94" in the June
1997 SURVEY OF CURRENT BUSINESS.
Regional Data • D-69
SURVEY OF CURRENT BUSINESS
April 1998
K. Local Area Table_
Table K.1.—Personal Income and Per Capita Personal Income by Metropolitan Area, 1993-95
1993
United States '
Metropolitan portion
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-VAWV
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 Arhnr Ml*
Anniston, AL
Appleton-Oshkosh-Neenah, Wl
Asneville, NC .
Athens GA
Atlanta, GA
;
Atlantic-Cape May, NJ*
Augusta-Aiken, GA-SC
Austin-San Marcos, TX
Bakersfield, CA
:
Baltimore MD*
Bangor ME (NECMA)
Barnsta'ble-Yarmouth, MA
(NECMA)
Baton Rouge LA
Beaumont-Port Arthur TX
Bellingham WA
Benton Harbor Ml
Bergen-Passaic NJ*
Billings, 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*
Percen
change
Millions of dollars
Area name
1994
1995
5,471,129 5,739,85 6,097,97
4,627,25 4,850,244 5,162,277
935.70C
843,87
889,60
1994-95
62
6.4
5.2
Rank in
Dollars
1993
21,22
22,48
16,23
1994
U.S.
1995
220,22
42,52
67,82
105,22
54,92
131,58
97,33
234,88
45,31
72,10
113,63
59,36
140,16
104,07
6.7
6.6
6.3
8.0
8.1
6.5
6.9
24,86
21,55
22,38
23,00
24,21
23,13
23,04
25,90
22,43
23,35
24,03
25,08
25,11
23,69
27,48
23,75
24,79
25,41
26,58
26,64
24,91
331,38
71,82
37,62
337,71
74,61
39,59
357,57
80,09
42,02
5.9
7.3
6.1
21,82
21,51
23,03
22,12
21,96
24,18
23,29
23,15
25,63
564,13
585,05
619,02
5.8
28,69
29,65
31,28
147,09
41,38
33,41
151,97
44,38
35,01
160,67
48,17
37,53
5.7
8.5
7.2
24,74
21,23
21,21
25,49
22,30
22,05
26,92
23,71
23,33
181,38
77,10
187,91
80,75
201,54
85,82
7.3
6.3
28,05
24,21
28,90
25,06
30,80
26,23
194,45
204,02
4.9
26,55
21,004
14,188
2,456
14,580
2,495
4,188
7,015
17,720
21,828
17,71
23,082
20,175
18,492
22,554
17,963
19,664
27,484
18,70
23,103
18,849
23,837
21,452
19,352
23,80
18,89
20,464
27,914
254
92
246
73
142
224
74
244
177
22
13,472
1,916
7,178
4,095
2,416
80,871
8,502
8,429
20,331
10,218
14,508
2,024
7,672
4,391
2,606
87,956
8,964
8,809
22,338
10,860
7.7
5.6
6.9
7.2
7.8
8.8
5.4
4.5
9.9
6.3
24,101
15,859
20,497
19,491
17,390
23,260
24,973
18,297
20,048
16,798
26,255
16,989
21,596
20,050
18,094
24,229
25,768
18,790
20,977
16,711
27,829
17,840
22,810
21,181
19,320
25,563
27,020
19,451
22,185
17,625
24
289
102
154
228
42
29
222
123
291
56,912
2,518
59,799
2,601
62,556
2,728
4.6
4.9
23,282 24,326 25,347
17,228 17,777 18,747
44
252
4,870
10,492
6,711
2,593
3,073
40,789
2,361
5,374
5,106
11,233
6,951
2,789
3,257
42,024
2,515
5,852
5,492
11,919
7,348
2,953
3,442
44,345
2,662
6,104
7.6
6.1
5.7
5.9
5.7
5.5
5.8
4.3
25,286
18,962
17,973
18,198
19,018
31,489
19,543
16,315
26,090
20,114
18,567
19,097
20,193
32,291
20,472
17,339
27,568
21,159
19,541
19,775
21,284
33,931
21,345
17,856
25
156
221
210
150
4
146
288
5,071
17,846
1,627
1,939
2,797
6,932
5,172
18,960
1,697
2,029
3,056
7,629
5',269
20,283
1,814
2,147
3,213
8,330
1.9
7.0
6.9
5.8
5.1
9.2
19,165
20,644
18,634
17,196
20,722
20,711
19,727
21,547
19,255
17,844
22,417
21,885
20,446
22,830
20,342
18,603
23,229
23,052
178
99
182
261
90
94
146,890
6,221
3,775
4,108
153,749
6,632
3,970
4,293
164,718
7,114
4,240
4,529
7.1
7.3
6.8
5.5
25,773
25,451
8,112
9,292
26,832
26,555
18,662
19,802
28,564
27,978
19,595
20,004
17
20
218
197
3,259
1,877
24,140
3,864
7,625
1,414
3,835
3,125
8,879
5,201
3,476
1,985
25,509
4,018
8,052
1,469
4,094
3,235
9,168
5,434
3,682
2,086
26,766
4,280
8,535
1,550
4,363
3,390
9,447
5,744
5.9
5.1
4.9
6.5
6.0
5.5
6.6
4.8
3.0
5.7
1,246
4,524
20,254
21,053
9,014
22,476
21,928
8,442
6,919
20,465
11,610
15,187
21,475
21,518
20054
22,978
23,184
9,518
7,769
21,352
1,960
5,872
22,645
22,687
21222
24,248
24,448
20,376
8,840
22,562
313
306
109
105
152
65
61
181
247
112
26,536
3,172
8,461
1,570
193,676
3,225
34,473
2,694
50,869
28,472
3,318
8,887
1,597
202,969
3,317
36,084
2,854
53,136
30,989
3,512
9,453
1,664
216,553
3,482
38,428
3,053
56,482
8.8
5.8
6.4
4.2
6.7
5.0
6.5
7.0
6.3
1,505
2,926
9,450
0,420
5,501
6,881
1,928
4,943
2,910
22,580 24,022
23,622 24,630
20,230 21,330
20,458 1,201
26,553 8,177
7,249 8,040
22,848 4,199
5,405 6,833
3,809 5,303
71
56
147
153
19
280
66
298
46
2,29
15,62
12,251
1,846
6,735
3,920
2,276
75,166
8,192
8,114
18,737
10,073
2,19
Brownsville-Harlingen-San Benito,
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, NCSC
Charlottesville, VA
Chattanooga, TN-GA
Cheyenne, WY
Chicago IL*
Chico-Paradise, CA
Cincinnati, OH-KY-IN*
Clarksville-Hopkinsville, TN-KY
Cleveland-Lorain-Elyria, OH*
See footnotes at the end of the table.
1994-95
1993
1994
U.S.
1995
1995
8,93
9,66
8.2
19,104 19,68
20,77
166
2,29
9,29
4,61
30,32
6,12
1,61
68,71
1,79
2,44
2,60
6.7
6.6
5.4
6.7
5.6
5.0
8.3
5.3
19,21
19,36
17,02
21,52
16,594
15,894
24,084
16,39
20,17
20,70
17,54
22,82
17,19
16,62
25,29
16,97
21,13
21,73
18,61
24,13
17,98
17,46
26,80
17,93
157
131
259
68
285
293
32
286
Dayton-Springfield, OH
19,88
5.3
6.3
19,64
20,53
20,734 21,83
21,58
23,23
137
89
2,344
1,865
4,782
7.6
5.7
3.4
8.3
6.9
6.5
5.7
7.7
5.3
5.3
17,12
17,91
20,10
24,57
22,74
23,395
16,919
17,494
19,01
17,959
17,74
19,06
20,85
25,49
23,98
25,32
17,81
18,23
20,11
18,83
18,79
19,95
21,64
27,06
25,33
26,88
18,77
19,333
21,160
19,959
249
200
134
28
45
31
250
226
155
199
5,278
5,327
5,853
2,952
3,564
1,773
1,063
5,510
5,667
6,071
3,165
6,302
2,754
9,299
3,780
1,863
1,099
5,811
6,043
6,360
3,348
2.8
6.5
5.6
6.1
5.0
3.3
5.5
6.6
4.8
5.8
23,177
17,292
12,964
20,485
17,745
18,246
18879
18,036
20,505
18,469
23,474
18,218
13,21
21,719
18,766
18,719
19,630
18,932
21,184
19,535
24,098
19,335
13,702
22,660
19,817
19,160
20,704
19,917
22,124
20,433
69
225
312
107
206
235
168
4,773
4,319
1,679
8,418
2,256
2,067
4,075
32,716
7,784
6,126
4,899
4,696
1,820
9,407
2,397
2,177
4,368
34,274
8,259
6,362
5,210
5,078
1,948
9,908
2,547
2,301
4,726
37,008
8,880
6,866
6.4
8.1
7.0
5.3
6.3
5.7
8.2
8.0
7.5
7.9
16,813
18,381
15,124
19,469
16,679
17,285
19,875
24,175
21,672
22,491
17,252
19,293
15,959
21,757
17,801
17,981
20,538
24,736
22,450
22,847
18,289
20,060
16,733
22,815
18,837
18,767
21,747
26,192
23,664
24,313
271
192
299
101
248
251
130
37
78
64
3,014
2,914
9,698
30,015
14,363
1,639
3,473
4,497
11,998
2,146
3,244
3,060
10,202
31,585
14,583
1,727
3,663
4,731
12,613
2,267
3,428
3,237
10,867
33,896
15,274
1,839
3,905
5,065
13,369
2,364
5.7
5.8
6.5
7.3
4.7
6.4
6.6
7.0
6.0
4.3
16,410
18,491
20,803
20,867
17,411
16,425
18,193
19,381
19,472
17,602
17,515
19,007
21,768
21,527
17,384
16,935
18,961
20,130
20,397
18,598
18,167
19,795
23,048
22,665
18,014
18,032
19,984
21,300
21,534
19,326
276
208
95
106
283
281
198
149
139
227
1,664
1,707
1,768
1,768
1,809
1,866
1,895
1,906
2,007
7.2
5.4
7.6
15,408 16,261 17,127
16,492 17,326 18,297
17,553 18,016 18,904
295
270
243
20,059
1,500
2,466
4,349
21,591
1,527
2,529
4,622
23,232
1,624
2,700
4,936
7.6
6.4
6.8
6.8
20,579
18,682
17,548
21,236
23,174
20,043
18,178
23,429
91
194
275
85
23,267
2,041
24,511
2,174
26,357
2,339
7.5
7.6
21,288 22,095 23,428
17,889 18,712 19,813
86
207
8,140 19,084 20,301
Daytona Beach, FL
Decatur, AL
Decatur, IL
Denver, CO*
Des Moines IA
Detroit Ml*
Dothan, AL
Dover DE
Dubuque IA
Duluth-Superior MN-WI
17,40
20,663
16,507
22,194
19,145
17,399
21,754
17,338
18,801
26,465
2,15
14,69
2,063
20,365
13,056
2,332
13,794
2,379
3,916
6,921
1995
8,30
7,01
27,584 28,70
1994
Rank in
Dollars
Columbia, MO
Columbia, SC
Columbus, GA-AL
Columbus, OH
Corpus Christi, TX
Cumberland, MD-WV
Dallas, TX*
Danville, VA
Davenport-Moline-Rock Island, IA-
Colorado Springs, CO
6.8
6.3
6.6
3.1
8.7
5.3
5.7
4.9
7.0
1.4
2,11
13,86
1,915
19,396
12,07
2,177
13,250
2,287
3,673
6,616
1993
Per capita personal income 3
Percen
change
Millions of dollars
Area name
1995
22,044 23,196
23,32 24,59
16,95
17,658
210,07
40,54
64,73
98,73
51,98
121,25
93,00
185,30
Personal income
Per capita personal income 3
Personal income
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
Pnrt 1 anrlorrlala PI *
Fort Myers-Cape Coral, FL
Fort Pierce-Port St. Lucie, FL
Fort Smith AR-OK
Fort Walton Beach FL
Fort Wayne IN
Fort Worth-Arlington, TX*
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-Saiem-High
Point NC
Greenville NC
Greenville-Spartanburg-Anderson,
SC
7,41
2,46
2,36
43,30
9,38
100,58
9,81
10,46
4,79
5,06
32,44
34,61
6,46
1,68
6,83
73,63
79,73
1,86
1,96
7,33
7,72
20,82
22,13
7,86
2,62
8,46
2,77
2,43
2,51
45,76
10,01
108,70
2,26
2,06
2,37
2,17
1,66
1,77
4,54
4,33
6,09
2,44
6,132
2,584
8,39
3,31
8,80
1,68
1,03
1,76
49,54
10,70
115,754
2,50
21,811
18,803
17,470
22,267
,202
124
180
15,643
16,664
17,948
7.7
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 ....
2,156
6,076
13,179
29,959
1,525
5,602
21,675
2,759
84,734
5,123
2,296
6,438
13,751
30,762
1,635
5,945
22,254
2,963
88,628
5,341
2,382
6,882
14,533
32,169
1,761
6,286
22,901
3,126
94,768
5,566
3.8
6.9
5.7
4.6
7.7
5.7
2.9
5.5
6.9
4.2
7,134
9,679
21,753
26,813
4,937
8,527
25,150
4,808
23,571
6,188
18,740
21,527
23,752
28,962
6,594
20,235
26300
6,585
25,449
7,570
253
141
75
14
301
186
35
302
43
292
Huntsville, AL
Indianapolis, IN
Iowa City IA
Jackson, Ml
Jackson, MS
Jackson TN
Jacksonville FL
Jacksonville NC
Jamestown NY
Janesviile-Beloit Wl
6,547
32,605
2,042
2,715
7,410
1,678
19,606
1,962
2,385
2,831
6,784
34,440
2,206
2,887
7,981
1,829
20,630
2,030
2,503
3,018
7,091
36,402
2,321
3,055
8,594
1,963
22,209
2,149
2,595
3,247
4.5
5.7
5.2
5.8
7.7
7.3
7.7
5.9
3.7
7.6
20,818 20,711 21,624
22,605 23,583 24,664
0,612 21,926 22,894
7,779 8,936 9,913
8,190 9,355 20,646
7,693 9,032 20,161
0,401 1,234 22,617
3,474 4,005 4,897
$,763 7,635 8,366
9,580 0,635 1,865
135
55
98
203
170
190
110
310
269
127
Jersey City, NJ*
Johnson City-Kingsport-Bristol, TN-
11,975
12,241
12,987
6.1
1,714
2,223
3,561
80
7,596
4,080
7,936
4,211
8,442
4,431
6.4
5.2
6,959
6,934
7,622
7,482
8,582
8,425
262
268
Johnstown PA
18,162
20,377
22,546
27587
5,773
9,402
25,602
5,807
24,214
6,865
184
SURVEY OF CURRENT BUSINESS
D-70 • Regional Data
April 1998
Table K.1.—Personal Income and Per Capita Personal Income by Metropolitan Area, 1993-95—Continued
Per capita personal income3
Personal income
Area name
Percent
change 2
Millions of dollars
1994-95
Rank in
U.S.
Dollars
1993
1994
1995
1994
1995
Jonesboro AR
Joplin, MO
Kalamazoo-Battle Creek, Ml
Kankakee, IL*
Kansas City MO-KS
Kenosha Wl*
Killeen-Temple, TX
1,154
2,357
8,737
1,808
36,359
2,597
4,202
1,226
2,543
9,229
1,892
38,533
2,751
4,530
1,335
2,739
9,821
2,020
41,123
2,948
4,828
8.9 15,905 16,704 17,826
7.7 16,857 17,960 19,088
6.4 19,895 20,964 22,203
6.7 18,003 18,699 19,901
6.7 22,290 23,244 24,576
7.2 19,092 19,990 21,117
6.6 15,600 15,682 16,508
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
12,153
2,071
2,314
5,720
2,994
2,957
7,175
9,537
8,531
1,730
12,964
2,203
2,430
6,161
3,164
3,176
7,709
9,785
9,168
1,885
13,814
2,368
2,550
6,527
3,353
3,394
8,344
10,321
9,686
1,966
6.6
7.5
4.9
5.9
6.0
6.9
8.2
5.5
5.7
4.3
LasCruces 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
2,059
21,342
1,417
1,778
1,849
8,660
2,795
4,541
10,489
3,507
2,160
23,786
1,505
1,803
1,918
9,080
2,988
4,831
11,105
3,660
2,343
26,198
1,608
1,880
2,019
9,743
3,117
5,156
11,916
3,905
Los Angeles-Long Beach, CA*
Louisville, KY-IN
Lubbock TX
Lynchburg, VA
Macon GA
Madison, Wl
Mansfield OH
McAllen-Edinburg-Mission, TX
Medford-Ashland OR
Melboume-Titusville-Palm Bay, FL
199,770
20,804
4,100
3,723
5,490
9,206
3,039
4,521
2,859
8,564
201,754
21,834
4,330
3,922
5,740
9,765
3,201
4,893
3,070
8,938
213,337
23,232
4,590
4,127
6,085
10,391
3,373
5,248
3,272
9,341
5.7
6.4
6.0
5.2
6.0
6.4
5.4
7.3
6.6
4.5
21,984
21,363
18,027
18,550
18,129
23,822
17,343
10,170
18,080
19,663
23,501
23,552
19,783
20,199
19,674
26,449
19,243
10,878
19,746
20,747
82
81
209
188
216
33
231
315
213
167
Memphis TN-AR-MS
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
21,862
3,025
39,110
23,432
3,043
40,344
25,222
3,017
43,087
7.6
-.9
6.8
20,988 22,215 23,640
15,735 15,494 15,653
19,699' 20,056 21,058
79
307
160
31V640
33,779
66,474
8,495
6,992
27,308
2,390
33,117
35,519
70,555
8,967
7,139
28,058
2,528
35,087
37,698
74,901
9,469
7,449
29,635
2,708
5.9
6.1
6.2
5.6
4.3
5.6
7.1
29,967
23,263
25,026
16,811
17,379
26,720
16,395
30,997
24,422
26,197
17,614
17,537
27,089
17,304
32,507
25,906
27,436
18,429
18,122
28,187
18,444
7
38
26
266
278
18
264
Montgomery AL
Muncie, IN
Myrtle Beach SC
Naples, FL
Nashville TN
Nassau-Suffolk N Y * . . .
New Haven-Bridgeport-StamfordDanbury-Waterbury, CT*
New London-Norwich, CT
(NECMA)
New Orleans LA
New York NY*
5,840
2,180
2,544
5,343
23,385
77,581
6,178
2,287
2,771
5,601
25,394
80,864
6,558
2,384
3,034
6,015
27,453
85,250
6.1
4.2
9.5
7.4
8.1
5.4
18,996
18,185
17,143
31,084
22,367
29,373
19,964
19,204
18,177
31,447
23,716
30,527
21,000
20,044
19,220
32,878
25,077
32,108
162
193
234
5
50
9
52,715
54,255
57,566
6.1
5,907
25,439
242,044
6,264
26,568
251,831
6,615
28,089
266,669
20,566
22,130
20,210
17,060
18,806
18,258
17,930
22,084
20,614
11,430
290
241
122
204
58
158
303
21,558
23,715
21,088
17,867
19,734
19,262
19,126
23,056
21,717
11,402
138
77
159
287
215
230
238
93
132
314
8.5 13,487 13,752 14,643
10.1 21,054 21 ,974 22,927
6.8 16,483 17,266 18,191
4.3 15,041 15,866 16,870
5.3 17,808 18,558 19,626
7.3 20,331 21,060 22,394
4.3 17,897 19,168 20,042
6.7 20,275 21,325 22,446
7.3 19,680 20,652 21,954
6.7 17,531 18,166 19,132
311
97
274
297
217
116
195
114
126
237
22,218
22,267
18,776
19,314
18,686
25,032
18,265
10,525
18,913
20,161
Area name
1995
1993
19,627
20,848
19,385
15,999
18,070
17,188
16,972
21,745
19,553
10,998
Personal income
32,372 33,352 35,400
3
5.6 23,761 25,157 26,436
5.7 19,497 20,277 21,374
5.9 28,163 29,227 30,896
34
144
11
I
Raleigh-Durham-Chapel Hill, NC ...
21,293
22,694
24,596
8.4
22,661 23,448 24,675
Rapid City SD
Reading PA
Redding CA
Reno NV
Richland-Kennewick-Pasco, WA ....
Richmond-Petersburg, VA
Riverside-San Bernardino, CA*
Roanoke VA
Rochester MN
Rochester NY
1,564
7,698
2,909
6,933
3,388
21,378
50,578
5,017
2,608
24,339
1,645
8,020
3,007
7,506
3,605
22,540
52,250
5,207
2,667
25,451
1,760
8,455
3,146
8,110
3,699
23,940
55,477
5,575
2,784
26,703
7.0
5.4
4.6
8.0
2.6
6.2
6.2
7.1
4.4
4.9
18,181
22,268
18,319
25,189
20,220
23,600
17,584
22,045
23,141
22,372
18,991
23,008
18,785
26,448
20,691
24,587
17,892
22,753
23,574
23,386
20,176
24,139
19,558
27,866
20,618
25,851
18,685
24,378
24,720
24,566
189
67
219
23
171
41
255
62
52
59
Rockford, IL
Rocky Mount NC
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
6,837
2,375
30,464
7,973
2,609
1,697
56,970
5,300
7,946
20,413
7,381
2,481
31,962
8,478
2,777
1,781
59,826
5,624
7,922
22,030
7,888
2,656
34,258
8,996
2,902
1,872
63,929
6,010
8,452
23,739
6.9
7.1
7.2
6.1
4.5
5.1
6.9
6.9
6.7
7.8
19,923
17,147
21,306
19,787
16,825
17,251
22,529
17,612
22,577
17,674
21,330
17,631
22,173
21,047
17,708
18,214
23,634
18,278
23,804
18,703
22,602
18,615
23,459
22,342
18,278
19,222
25,170
19,154
25,270
19,825
111
260
84
118
272
233
48
236
47
205
San Angelo, TX
San Antonio TX
San Diego, CA
San Francisco CA*
San Jose CA*
San Luis Obispo-Atascadero-Paso
Robles CA
Santa Barbara-Santa MariaLorn poc CA
Santa Cruz-Watsonviile, CA*
Santa Fe NM
Santa Rosa CA*
1,754
25,644
56,001
55,375
43,786
1,845
27,298
57,820
56,964
45,784
1,958
29,313
61,106
60,853
49,548
6.1
7.4
5.7
6.8
8.2
17,553
18,214
21,484
33,891
28,362
18,247
19,055
22,114
34,745
29,439
19,231
20,034
23,263
36,989
31,487
232
196
88
1
10
4,216
4,361
4,645
6.5
18,970 19,444 20,490
176
9,193
5,618
2,913
9,703
9,378
5,788
3,087
10,103
9,929
6,193
3,350
10,779
5.9
7.0
8.5
6.7
24,216
24,049
22,812
23,799
25,860
26,202
24,691
25,888
40
36
53
39
Sarasota-Bradenton, FL
Savannah GA
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
13,489
5,292
14,375
5,612
15,557
5,971
8.2
6.4
26,406 27,704 29,641
19,473 20,318 21,351
13
145
11,963
57,079
2,042
2,188
1,677
6,963
2,196
3,208
12,316
59,763
2,141
2,314
1,751
7,296
2,336
3,504
12,927
63,422
2,259
2,456
1,879
7,672
2,517
3,747
5.0
6.1
5.5
6.2
7.3
5.2
7.7
6.9
18,695
26,458
16,702
20,589
17,420
18,495
18,493
21,573
19,363
27,422
17,545
21,526
17,963
19,321
19,544
23,045
20,442
28,773
18,498
22,560
19,090
20,228
20,871
24,320
179
15
263
113
240
187
165
63
South Bend, IN
Spokane, WA
Springfield IL
Springfield MO
Springfield, MA (NECMA)
State College PA
Steubenville-Weirton, OH-WV
Stockton-Lodi CA
Sumter SC
Syracuse NY
5,126
7,409
4,145
5,243
12,124
2,247
2,326
9,115
1,463
14,898
5,399
7,849
4,381
5,640
12,566
2,333
2,420
9,385
1,549
15,544
5,741
8,271
4,554
6,053
13,264
2,475
2,521
9,924
1,645
16,171
6.3
5.4
3.9
7.3
5.6
6.1
4.2
5.7
6.2
4.0
20,215
18,932
21,311
18,562
20,321
17,403
16,519
17,826
13,811
19,745
21,150
19,788
21,657
19,556
21,080
17,977
17,278
18,085
14,557
20,676
22,350
20,575
22,426
20,616
22,342
18,957
18,079
18,874
15,387
21,592
117
173
115
172
118
242
279
245
308
136
Tacoma WA*
Tallahassee FL
Tampa-St. Petersburg-Clearwater,
FL
Terre Haute, IN
Texarkana, TX-Texarkana, AR
Toledo OH
Topeka KS
Trenton NJ*
Tucson AZ
Tulsa OK
12,125
4,504
12,706
4,784
13,586
5,083
6.9
6.3
19,231 19,899 20,945
18,014 18,760 19,753
163
212
43,934
2,574
1,975
12,583
3,409
9,809
12,644
14,918
45,864
2,654
2,080
13,292
3,554
10,194
13,782
15,473
49,391
2,789
2,215
14,038
3,753
10,770
14,770
16,274
7.7
5.1
6.5
5.6
5.6
5.7
7.2
5.2
20,567
17,160
16,184
20,521
20,775
29,853
17,767
20,192
21,246
17,757
16,939
21,730
21,540
30,964
18,761
20,823
22,646
18,640
17,998
22,971
22,752
32,633
19,556
21,789
108
258
284
96
104
6
220
129
2,678
3,054
5,632
10,108
16,035
1,513
2,720
5,263
3,297
126,237
2,856
3,238
5,892
10,476
16,494
1,594
2,786
5,363
3,474
132,361
3,045
3,456
6,085
11,174
17,485
1,700
2,936
5,615
3,734
139,085
6.6
6.7
3.3
6.7
6.0
6.6
5.4
4.7
7.5
5.1
17,306
19,357
17,729
21,138
23,196
19,197
19,567
15,516
16,963
28,631
18,411
20,245
18,680
21,820
23,527
19,892
20,063
15,517
17,528
29,644
19,281
21,253
19,740
23,328
24,736
21,042
21,312
16,144
18,674
30,824
229
151
214
87
51
161
148
305
257
12
2,258
2,247
30,995
2,717
10,710
2,384
2,119
13,709
3,499
3,599
2,406
2,370
32,424
2,796
10,934
2,519
2,184
14,321
3,741
3,738
2,540
2,530
35,204
2,926
11,617
2,707
2,290
15,249
4,062
3,934
5.6
6.8
8.6
4.7
6.2
7.5
4.9
6.5
8.6
5.2
18,142
18,772
33,197
17,138
21,238
18,295
17,517
25,649
18,667
17,559
19,419
19,689
33,862
17,723
21,574
19,020
18,080
26,507
19,314
17,810
20,660
20,902
36,057
18,682
22,823
19,933
19,102
27,924
20,247
18,427
169
164
2
256
100
201
239
21
185
267
2,952
7,632
11,051
2,191
1,757
3,055
7,823
11,641
2,233
1,687
3,276
8,299
12,302
2,366
1,976
7.2
6.1
5.7
5.9
20,293
21,563
18,249
16,566
14,112
20,864
21,727
19,317
16,569
13,228
22,083
22,759
20,512
17,414
16,221
125
103
175
294
304
62,684
7,729
6.3
4.5
29,599 30,459 32,346
20,037 20,813 21,528
8
140
28,554
56,796
3,533
4,650
18,503
3,791
14,167
65,005
29,768
58,801
3,804
4,875
19,443
3,996
14,958
67,212
31,217
62,995
4,090
5,152
20,474
4,288
16,108
71,272
4.9
7.1
7.5
5.7
5.3
7.3
7.7
6.0
18,826
26,196
16,673
19,829
18,575
20,662
21,535
25,681
19,485
26,973
17,318
20,618
19,277
21,301
22,540
26,213
20,332
28,729
18,130
21,674
20,139
22,258
24,002
27,420
183
16
277
133
191
120
72
27
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
26,180
1,562
2,373
2,739
6,229
7,005
122,479
48,394
1,290
53,184
27,690
1,669
2,471
2,853
6,484
7,418
126,364
52,629
1,319
54,634
29,645
1,758
2,592
2,999
6,818
7,692
133,528
58,036
1,397
57,518
7.1 19,621 20,313 21,395
5.3 17,468 18,496 19,390
4.9 17,295 17,680 18,229
5.1 18,115 18,816 19,774
5.1 17,195 17,391 18,025
3.7 20,428 21,551 22,235
5.7 24,775 25,521 26,959
10.3 20,180 21,178 21,839
5.8 15,294 15,649 16,685
5.3 22,090 22,760 24,071
143
223
273
211
282
121
30
128
300
70
3,048
1,121
5,649
36,081
3,145
1,182
5,896
38,758
3,326
1,245
6,253
42,160
5.8 22,395 23,151 24,611
5.3 16,056 16,404 17,033
6.1 23,032 23,839 25,127
8.8 21,897 23,046 24,553
57
296
49
60
Waterloo-Cedar Falls, IA
Wausau, Wl
West Palm Beach-Boca Raton, FL
Wheeling, WV-OH
Wichita, KS
Wichita Falls TX
Williamsport PA
Wilmington-Newark, DE-MD*
Wilmington NC
Yakima WA
19,832
3,895
2,061
2,294
3,849
20,241
4,248
2,176
2,456
4,073
21,576
4,691
2,390
2,649
4,327
76
309
265
174
83
Yolo CA*
York PA
Youngstown-Warren, OH
YubaCity CA .
.
Yuma AZ
23,730
15,099
18,441
20,539
23,498
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.
3. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates for
U.S.
1995
58,947
7,395
22,185
14,063
17,025
19,483
22,275
Rank in
Dollars
1994
57,117
7,061
6.6 21,687
10.4 13,736
9.9 16,378
7.9 18,636
6.2 21,217
Percent
change2
Millions of dollars
1993
Newark NJ*
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*
Pittsfield, MA (NECMA)
Pocatello, ID
Portland, ME (NECMA)
Portland-Vancouver, OR-WA*
Providence-Warwick-Pawtucket, Rl
(NECMA)
Provo-Orem UT
Pueblo CO
Punta Gorda FL
Racine Wl*
Per capita personal income 3
Tuscaloosa AL .
Tyler, TX
Utica-Rome, NY
Valleio-Fairfield-Napa, CA*
Ventura CA*
Victoria, TX
Vineland-Millville-Bridgeton, NJ*
Visalia-Tulare-PortervHIe, CA
Waco T X .
. . .
Washington, DC-MD-VA-WV*
1994-35
17.1
1993
1994
24,435
24,587
23,461
24,533
1995
1995
54
1993-95 reflect county population estimates available as of March 1997.
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 "Comprehensive Revision of Local Area Personal Income, 1969-95" in the September 1997
SURVEY OF CURRENT BUSINESS.
SURVEY OF CURRENT BUSINESS
April 1998
Regional Data • D-71
L. Charts.
SELECTED REGIONAL ESTIMATES
SHARES OF U.S. PERSONAL INCOME BY REGION
1969
1996
Mideast
s 23.6%
New England
New England
6.4%
6.0%
Plains
7.5%
Far West
15.2%
Southeast
17.3%
Rocky Mountain
2.2%
Southwest
Southwest
7.0%
Rocky Mountain
2.9%
9.5%
SHARES OF U.S. GROSS STATE PRODUCT BY REGION
1977
Mideast
20.1%
New England
5.2%
Far West
15.7%
Rocky Mountain
2.8%
AVERAGE ANNUAL GROWTH RATE OF PERSONAL INCOME, 1969-96
STATES WITH FASTEST GROWTH
US
' ff %96
STATES WITH SLOWEST GROWTH
U.S. average
8.2 %
North Dakota
Indiana
West Virginia
Rhode Island
Michigan
Pennsylvania
Illinois
New York
Ohio
Iowa
5
Percent
U.S. Department of Commerce, Bureau of Economic Analysis
6
9
Percent
10
11
12
SURVEY OF CURRENT BUSINESS
D-72 • Regional Data
April 1998
SELECTED REGIONAL ESTIMATES
PER CAPITA PERSONAL INCOME, 1996
i
WA
•S «5'187
$19,214
OR
$23,074
/
n
>
|D
$19337
i $20,448
L_.
_
.$25,663
SO
$20,895
NE
$22,917
KS
IA
\ «2'306 ^
T
I OH
\ ™WS;^
,'
H.
IN
$23,457 ^TT^v^ftV/
iW ./
X$2M«$22,601 _
'
NJ
X
CT
„
'
$25,404
. **
United States $24,426
S24'398
States with highest levels
States with lowest levels
i All other States
PERSONAL INCOME GROWTH: AVERAGE QUARTERLY PERCENT CHANGE, 1996:111-1997:111
.
\
States with largest percent change^States with smallest percent change
All other States
U.S. Department of Commerce, Bureau of Economic Analysis
United States 1.4%
SURVEY OF CURRENT BUSINESS
April 1998
Appendixes • D-73
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 index of real GDP and
the index of prices equals the index of 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 the prices and quantities from the two
adjacent quarters as weights to calculate Fisher chaintype measures for those estimates. For example, the
1996:11-1996:111 percent change in real GDP uses prices
for 1996:11 and 1996:111 as weights, and the 1996:111996:111 percent change in the GDP price index uses
quantities for 1996:11 and 1996:111 as weights.
BEA also presents another measure, known as the
"implicit price deflator," in the NIPA tables. The implicit price deflator is calculated as the ratio of currentdollar 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 currentdollar 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. The table of contributions of
the major components to the change in real GDP (NIPA
table 8.2) 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:
1 100
'•-[(I) - ]* '
r / y \ m/n
~]
where T 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 - 0).
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-74 • Appendixes
SURVEY OF CURRENT BUSINESS
April 1998
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
1996
1997
1996
1997
IV
II
I
III
IV
BEA-derived compensation per hour of ail persons in the nonfarm business sector
(less housing)
2.5
3.8
3.8
3.4
4.3
3.2
3.8
5.2
Less' Contribution of supplements to wages and salaries per hour
-.6
-.6
4
-.7
-.6
-.1
-.1
-.6
Plus: Contribution of wages and salaries per hour of persons in housing and in nonprofit
institutions
. . .
0
-.1
-.1
0
-.4
-.3
-.2
-.4
Less: Contribution of wages and salaries per hour of persons in government enterprises,
unpaid family workers and self-employed
-.2
-.1
-.1
—1
-.2
-.3
-.3
-.1
Equals: BEA-derived wages and salaries per hour of all employees in the private
nonfarm sector
4.1
4.0
4.6
3.3
3.5
5.6
2.8
4.3
Less: Contribution of wages and salaries per hour of nonproduction workers in
manufacturing
-1
-.2
-.2
-.8
-.1
-.3
-.1
-.1
Less: Other differences l
-1
1.2
-.5
-.9
-.6
-.5
-.2
-.4
Equals: BLS average hourly earnings of production or nonsupervisory workers on
private nonfarm payrolls
2.9
3.3
3.8
3.9
4.2
3.0
3.8
5.1
Addendum:
BLS estimates of comoensation oer hour in the nonfarm business sector2
2.5
3.8
3.8
3.4
4.3
3.2
3.8
5.2
1. Includes BEA use of non-BLS data and differences^ detailed weighting. Annual estimates
also 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,
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
1997
1996
III
Exports of goods, services, and income, BPA's
.
..
1
1997
IV
II
I
III
IV
1,055.2 1,167.6 1,047.9 1,098.2 1,117.3 1,174.7 1,182.1 1,196.4
Less- Gold BPA's
Statistical differences l
Other items
2
3
4
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
34.0
36.2
7
15.3
16.9
Equals: Exports of goods and services and receipts of factor income, NIPA's
8 1,105.1 1,219.3 1,099.0 1,153.4 1,170.4 1,221.9 1,235.2 1,249.9
Imports of goods, services, and income, BPA's
6.9
0
1.1
8.7
5.7
4.0
.7
9.1
6.7
-.2
.8
3.4
5.4
.6
5.2
0
1.5
3.7
0
1.1
8.4
33.6
8.9
3.4.9
35.4
36.5
36.0
37.0
15.9
16.3
16.5
17.0
17.1
17.1
8.6
9.3
4.8
.7
8.4
9.5
3.4
6.2
.8
9.8
9 1,163.4 1,295.5 1,183.5 1,198.0 1,242.6 1,290.4 1,318.3 1,330.8
Less1 Gold BPA's
Statistical differences *
Other items
10
11
12
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
.
.
7.7
0
0
-4.8
8.7
22.4
15.3
6.6
-2.4
0
-3.7
9.1
26.5
16.9
6.2
0
0
-4.0
8.4
22.4
15.9
3.4
0
0
-4.2
8.9
23.4
16.3
8.7
-4.0
11.0
-4.2
3.0
-1.0
0
0
0
-3.6
-3.9
-3.6
8.6
24.1
16.5
8.4
26.1
17.0
9.5
27.9
17.1
3.8
-.4
0
-3.7
9.8
27.9
17.1
Equals' Imports of goods and services and payments of factor income, NIPA's
17 1,198.3 1,340.1 1,219.9 1,238.8 1,283.5 1,331.3 1,367.2 1,378.4
Balance on goods, services, and income, BPA's (1-9)
18 -108.2 -127.9
Less: Gold (2-10+13)
Statistical differences (3-11) J
Other items (4-12)
19
20
21
-4.6
1
6.4
.7
Plus: Adjustment for U.S. territories and Puerto Rico (6-15)
22
11.6
9.7
Equals: Net exports of goods and services and net receipts of factor income, NIPA's
(8-17)
23
1. Consists of statistical revisions in the NIPA's that have not yet been incorporated into the
BPA's (1997:IV) and statistical revisions in the BPA's that have not yet been incorporated in the
NIPA's (1997:1-1997:IV).
0
1. !
-4.6
-135.6
-5.0
0
1.5
11.2
-93.2 -120.8 -120.9
-99.8 -125.3 -115.7 -136.2 -134.4
-3.9
0
1.1
11.5
-5.6
3.8
.8
11.3
-5.6
9.0
.7
10.4
-3.2
-4.1
6.4
.6
6.6
.8
8.1
9.1
-35.4 -113.1 -109.4 -132.0 -128.5
SURVEY OF CURRENT BUSINESS
April 1998
Appendixes • D-75
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) [Revised version forthcoming]
GNP: An Overview of Source Data and Estimating
Methods (NIPA Methodology Paper No. 4, 1987)
[Largely superseded by "A Guide to the NIPA'S"
(March 1998 SURVEY)*]
Government Transactions (NIPA Methodology
Paper No. 5,1988)*
Personal Consumption Expenditures (NIPA Methodology Paper No. 6,1990)*
* Items with an asterisk can be found on BEA'S Internet site at
<http://www.bea.doc.gov>.
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 1997
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"
(luly 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)*
"Completion of the Comprehensive Revision of
the National Income and Product Accounts,
1929-96" (May 1997)*
"A Guide to the NIPA'S" (March 1998 SURVEY)* provides the definitions of the major NIPA aggregates and
components; discusses the measures of real output and
prices; explains how production is classified and how
the NIPA'S are presented; describes the statistical conventions that are used; and lists the principal source
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-53, 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-76 • Appendixes
SURVEY OF CURRENT BUSINESS
data and methods 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 income, 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 is 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)*
"BEA'S Chain Indexes, Time Series, and Measures
of Long-Term Economic Growth" (May 1997)*
"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.
Wealth and related estimates
"Improved Estimates of Fixed Reproducible Tangible
Wealth, 1929-95" (May 1997 SURVEY)* describes the
most recent comprehensive revision of the estimates
of fixed reproducible tangible wealth.
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 1997 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 following 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 BE A 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
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.
"Gross Product by Industry, 1947-96" (November
1997 SURVEY)* presents the most recent revision to
the estimates of gross product by industry and briefly
describes changes in methodology.
Input-output accounts
"Benchmark Input-Output Accounts for the U.S.
Economy, 1992" (November 1997 SURVEY)* describes
the preparation of the 1992 input-output accounts
and the concepts and methods underlying the U.S.
input-output accounts.
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 CD-ROM "State Personal Income, 1958-96"]
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 CD-ROM "Regional Economic
Information System, 1969-95"]
Gross state product
"Comprehensive Revision of Gross State Product by
Industry, 1977-94" (June 1997 SURVEY)* summarizes
the sources and methods for BEA'S estimates of gross
state product. ^
April 1998
BEA INFORMATION
The economic information prepared by the Bureau of Economic Analysis (BEA) is
available in news releases, in publications, on computer diskettes, on CD-ROM'S, and on
the Internet. For a description of these products in the free User's Guide to BEA
Information* write to the Public Information!Office, 31-53, Bureau of Economic
Analysis* U.S. Department of Commerce, Washington, DC 20230, or call (202) 6069900. The User's Guide and other information are also available on BEA'S home page at
http;//www*be&»d0c,gov.
In addition, the following publications are available from the Superintendent of
Documents of the Government Printing Office (GPD). 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 make and use tables for industries and
commodities; tables showing commodity- and industry-output-requirements per dollar of commodity demanded; arid tables showing the inputoutput (i-o) commodity composition of personal consumption expenditures and producers' durable equipment expenditures in the national income and product accounts. Presents concepts and methods used in the
1987 benchmark accounts; concordance beween r-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.
Regional Multipliers; A User Handbook for the Regional Input- Output Modeling System (RIMS n), Third Edition. (1997) This handbook
describes the five types of RIMS 11 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 RIMS ir
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 o 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.
Foreign Direct Investment in the United States: 1992 Benchmark Survey, Final Results. (1995) Presents detailed data on the financial structure
and operations of U.S. affiliates of foreign direct investors, on the foreign
direct investment position in the United States, and on the balance-of*
payments 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
BEA'S most comprehensive surveys in terms of both 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, (1997) Two publications: One presents
the revised estimates for 1994, and the other, the preliminary estimates
for 1995 from BEA'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 and by country of the
ultimate beneficial owner (UBO) and for selected estimates, by industry
of UBO and by State. Preliminary 1995 Estimates (108 pages) $8,50, stock
no. 003-010-00268-9; Revised 1994 Estimates (108 pages) $$,50, stock
no, 003-010-00267-1.
Foreign Direct Investment in the United States: Establishment Data for
1992. (1997) This publication, which presents the results of a project by BBA
and the Bureau of the Census, provides the piost recently available data on
the number, employment, payroll, and shipments or sales of
foreign-owned U.S. establishments in more than 800 industries at the
Standard Industrial Classification four-digit level and by State and by
country of owner. Presents additional information—such as data on value
added, employee benefits, hourly wage rates of production workers, and
expenditures for plant and equipment—for manufacturing establishments, (364 pages) $28.00, stock no, 003-010-00265-4.
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.
Coptains detailed 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, Preliminary 1995 Estimates, (1997) Provides preliminary results for 1995 from BEA'S annual survey af 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. (116 pages) $9,00, stock no. 003010-00270-1.
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Schedule of Upcoming BEA News Releases
Subject
Release
Date
U.S. International Trade in Goods and Services, February 1998
State Personal Income, 4th quarter 1997 and Per Capita Personal Income, 1997 (preliminary)
Gross Domestic Product, ist quarter 1998 (advance)
* Apr. 17
Apr. 27
Apr. 30
Personal Income and Outlays, March 1998
Metropolitan Area Personal Income, 1996
U.S. International Trade in Goods and Services, March 1998
Gross Domestic Product, ist quarter 1998 (preliminary) and Corporate Profits, ist quarter 1998
(preliminary).
Personal Income and Outlays, April 1998
May i
May 4
* May 20
May 28
May 29
Gross State Product, 1993-96
June 2
Foreign Investors' Spending to Acquire or Establish U.S. Businesses, 1997
June 10
U.S. International Trade in Goods and Services, April 1998
* June 18
U.S. International Transactions, ist quarter 1998
June 18
Gross Domestic Product, ist quarter 1998 (final) and Corporate Profits, ist quarter 1998 (revised)... June 25
Personal Income and Outlays, May 1998
June 26
U.S. International Trade in Goods and Services, May 1998
State Personal Income, ist quarter 1998
Gross Domestic Product, 2nd quarter 1998 (advance)
* 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.
* July 17
July 23
July 31
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