Full text of Survey of Current Business : April 2003
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
--- - --- -----------------------------APRIL 2003
In This Issue . . .
Receipts and Outlays of Households and Nonprofit Institutions
U.S. International Transactions, Fourth Quarter 2002
<
and Year 2002
eriodicals
BUREAU OF ECONOMIC ANALYSIS
ECONOMICS AND STATISTICS ADMINISTRATION
U.S.forDEPARTMENT
OF
Digitized
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
COMMERCE
U.S. Department of Commerce
Donald L. Evans, Secretary
Economics and Statistics Administration
Kathleen B. Cooper, Under Secretaryfor Economic Affairs
Bureau of Economic Analysis
J. Steven Landefeld, Director
Rosemary D. Marcuss, Deputy Director
Dennis J. Fixler, Chief Statistician
Barbara M. Fraumeni, ChiefEconomist
Suzette Kern, Associate Directorfor Management
and ChiefAdministrative Officer
Ralph Kozlow, Associate Directorfor International Economics
Alan C. Lorish, Jr., ChiefInformation Officer
Brent R. Moulton, Associate Directorfor National
Economic Accounts
Sumiye Okubo, Associate Directorfor Industry Accounts
John W. Ruser, Associate Directorfor Regional Economics
BEA Advisory Committee
The Survey of Current Business (ISSN 0039-6222) is
published monthly by the Bureau of Economic Analysis of
the U.S. Department of Commerce. Editorial correspon
dence should be addressed to the Editor-in-Chief, Survey
of Current Business, Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230.
Subscriptions to the Survey of Current Business are
maintained, and the prices are set, by the U.S. Govern
ment Printing Office, an agency of the U.S. Congress. To
subscribe, call 202-512-1800, or go to
<bookstore.gpo.gov>. To inquire about your subscription,
call 202-512-1806. Send changes of address to Superinten
dent of Documents, U.S. Government Printing Office,
Washington, DC 20402. Postage paid at Washington, DC
and at additional mailing offices (USPS 337-790).
Subscription and single-copy prices
Second-class mail: $63.00 domestic, $88.20 foreign
First-class mail: $105.00
Single copy: $25.00 domestic, $35.00 foreign
Unless stated otherwise, the information in this journal is
in the public domain and may be reprinted without the
permission of the Bureau of Economic Analysis. Citation
of the Survey of Current Business as the source is
appreciated.
The BEA Advisory Committee advises the Director of BEA on matters related
to the development and improvement of BEAis national, regional, industry, and
international economic accounts, especially in areas of new and rapidly growing
economic activities arising from innovative and advancing technologies, and
provides recommendations from the perspective of businessmen, academicians,
researchers, and experts in government and international affairs.
The Secretary of Commerce has determined that the
publication of this periodical is necessary in the transac
tion of the public business required by law of this
Department.
William D. Nordhaus, Chair, Yale University
Alan J. Auerbach, University of California, Berkeley
Richard B. Berner, Morgan Stanley
Michael J. Boskin, Stanford University
Barry P. Bosworth, The Brookings Institution
Robert J. Gordon, Northwestern University
Maurine A. Haver, Haver Analytics, Inc.
Charles R. Hulten, University ofMaryland
Dale W. Jorgenson, Harvard University
Edward E. Learner, University of California, Los Angeles
Karen R. Polenske, Massachusetts Institute of Technology
Joel L. Prakken, Macroeconomic Advisers, LLC
Editor-in-Chief: Douglas R. Fox
Production Manager: Delores J. Barber
Graphic Designer: W. Ronnie Foster
Manuscript Editor: M. Gretchen Gibson
Production Editor: Ernestine T. Gladden
Editor: Kristina L. Maze
Technical Advisor: Brian V. Moran
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
This issue went to the printer on April 14, 2003.
It incorporates data from the following monthly BEA
news releases:
U.S. International Trade in Goods and
Services (March 12),
Gross Domestic Product (March 27), and
Personal Income and Outlays (March 28).
022-&
Survey of Current B
Volume 83 • Number 4
April 2003
1 Business Situation: Final Estimates for the Fourth Quarter of
2002
Real GDP increased 1.4 percent in the fourth quarter of 2002, according to the
“final” estimate, the same increase as shown in the “preliminary” estimate issued
last month. Corporate profits increased $25.1 billion (3.2 percent at a quarterly
rate) in the fourth quarter. The Federal Government current deficit increased
$37.2 billion, to $247.7 billion, and the state and local government current deficit
decreased $4.1 billion, to $50.6 billion.
10 Real Inventories, Sales, and Inventory-Sales Ratios for
Manufacturing and Trade, 2002:1V
Four tables present the latest quarterly and monthly estimates of real inventories
and sales for manufacturing and trade and of real inventories by stage of fabri
cation for manufacturing.
13 Income and Outlays of Households and of Nonprofit Institutions
Serving Households
As part of the upcoming comprehensive revision of the NIPA’s, BEA plans to
introduce two new annual tables. The first table shows income and outlays of
households separately from those of nonprofit institutions serving households.
The second table reconciles the new estimates for nonprofit institutions serving
households with the Internal Revenue Service estimates for nonprofit institutions.
Preliminary estimates for 1992-2001 prepared by BEA indicate that the decline in
the personal saving rate from 1992 to 1998 was entirely attributable to a decline in
household saving, but the decline from 1998 to 2001 was attributable to declines in
both household saving and saving by nonprofit institutions serving households.
18 U.S. International Transactions, Fourth Quarter and Year 2002
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
In the fourth quarter of 2002, the U.S. current-account deficit increased $10.6
billion, to $136.9 billion. Most of the increase was accounted for by an increase in
the deficit on goods. In the financial account, net recorded financial inflows
decreased $25.5 billion, to $144.1 billion, reflecting a shift in transactions for U.S.owned assets abroad from an outflow to an inflow and an increase in inflows for
foreign-owned assets in the United States.
www.bea.gov
/■/'
April 2003
In the year 2002, the U.S. current-account deficit increased $110.0 billion, to
$503.4 billion. Most of the increase was accounted for by an increase in the deficit
on goods and a decrease in the surplus on services. In the financial account, net
recorded financial inflows increased $92.4 billion, to $474.2 billion, as outflows for
U.S.-owned assets abroad decreased more than inflows for foreign-owned assets in
the United States.
D-1 BEA Current and Historical Data
Inside back cover: BEA Web Site and BEA Contacts
Back cover: Schedule of Upcoming News Releases
Looking Ahead
Annual Revision of Local Area Personal Income. On May 6, 2003, BEA will
release the results of the annual revision of local area personal income for
1999-2001. An article that presents the new estimates for 2001 and the
revised estimates for 1999 and 2000 of personal income for counties, met
ropolitan areas, and BEA economic areas will be published in the May
Survey.
Accelerated Estimates of GDP by Industry. An article scheduled for the May
Survey will present accelerated current-dollar and real estimates of GDP
by industry for 2002. These estimates, which are prepared using an abbre
viated methodology, will be provided for broad industry groups on a
Standard Industrial Classification basis.
State Government and Local Government Receipts and Expenditures. An
article that provides separate estimates of the finances of state govern
ments and of local governments for 1959-2001 on a NIPA basis will be
published in a forthcoming issue of the Survey. The article will describe
the state and local government estimates and how they are measured, and
it will summarize broad trends in the estimates.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
1
Business Situation
Final Estimates for the Fourth Quarter of 2002
more than twice as much to third-quarter growth
HE picture of the economy shown in the final esti
(table 2). Auto and truck purchases decreased after
mates of the national income and product ac
surging
in the third quarter in response to aggres
counts (NIPA’s) for the fourth quarter of 2002 is
sive sales-incentive programs that included gener
virtually the same as in the preliminary estimates re
ous rebates and zero-rate financing. In contrast to
leased last month. Revisions to the components of
the downturn in purchases of durable goods, pur
GDP were offsetting and generally small (see the sec
chases of nondurable goods accelerated, and pur
tion “Revisions”).
chases of services increased about as much as in the
According to both the final and the preliminary esti
third quarter.
mates, real gross domestic product (GDP) increased
• Exports turned down and subtracted from growth
1.4 percent in the fourth quarter (table 1 and chart l).1
in the fourth quarter after adding to it in the third.
(Over the past 20 years, the average revision to GDP
(Imports accelerated and subtracted more from
growth, without regard to the sign, from the prelimi
growth in the fourth quarter than in the third.)
nary estimate to the final estimate was 0.3 percentage
• Inventory investment also contributed to the slow
point.) In the third quarter, real GDP had increased 4.0
down in GDP growth, as inventory stocks grew
percent.
The slowdown in real GDP growth from the third
2. In this article, “consumer spending” is shorthand for the NIPA series
quarter to the fourth was mainly accounted for by con “personal consumption expenditures,” “government spending” is short
hand for “government consumption expenditures and gross investment,”
sumer spending and exports.2
and “inventory investment” is shorthand for “change in private invento
• Consumer spending contributed 1.19 percentage ries.
”
points to fourth-quarter growth after contributing
T
1. Quarterly estimates in the NIPA’s are expressed at seasonally adjusted
annual rates, unless otherwise specified. Quarter-to-quarter dollar changes
are differences between these published estimates. Percent changes are cal
culated from unrounded data and annualized. “Real” estimates are in
chained (1996) dollars, and price indexes are chain-type measures.
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 (1996) dollars
Daniel Larkins and Raymen G. Labella prepared this
article.
Chart 1. Real Gross Domestic Product
Percent
2002
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2002
I
II
III
IV
Gross domestic product..................
9,518.2
114.4
29.2
93.2
Less: Exports of goods and services
Plus: Imports of goods and services
1,061.6
1,593.8
8.8
29.9
34.9
75.8
10,005.5
132.9
25.8
69.5
Equals: Final sales to domestic
purchasers......................................
9,970.1
Personal consumption
expenditures................................
Durable goods............................
Nondurable goods......................
Services.......................................
IV
I
II
III
32.6
5.0
1.3
4.0
1.4
12.2
12.8
-16.1
28.1
3.5
8.5
14.3
22.2
4.6
3.3
-5.8
7.4
62.6
93.9
70.8
5.6
2.6
3.9
2.9
33.8
13.9
7.0
72.1
31.6
80.1
64.0
3.0
1.3
3.3
2.6
6,637.9
1,010.6
1,950.0
3,707.0
49.8
-16.1
36.4
25.6
28.6
4.8
-0.5
24.0
67.5
51.7
4.9
20.8
28.0
-21.8
24.2
20.0
3.1
-6.3
7.9
2.9
1.8
2.0
-0.1
2.7
4.2
22.8
1.0
2.3
1.7
-8.2
5.1
2.2
Private fixed investment.................
Nonresidential.............................
Structures................................
Equipment and software........
Residential...................................
1,588.5
1,185.3
212.6
992.1
395.9
-2.0
-18.0
-9.5
-6.6
12.6
-3.8
-7.3
-11.5
7.7
2.5
-1.0
-2.4
-13.5
15.8
1.0
16.9
6.6
-5.6
14.9
8.8
-0.5
-5.8
-14.2
-2.7
14.2
-1.0
-2.4
-17.6
3.3
2.7
-0.3
-0.8
-21.4
6.7
1.1
4.4
2.3
-9.9
6.2
9.4
Government consumption
expenditures and gross
investment....................................
Federal.........................................
National defense.....................
Nondefense............................
State and local............................
1,735.0
631.4
413.2
218.3
1,104.0
22.8
10.6
10.5
0.2
12.2
6.0
10.9
7.3
3.6
-4.6
12.3
6.4
6.7
-0.2
5.9
19.4
16.3
10.7
5.6
3.4
5.6
7.4
11.6
0.4
4.6
1.4
7.5
7.8
6.9
-1.7
2.9
4.3
6.9
-0.3
2.2
4.6
11.0
11.0
11.1
1.2
Addendum: Final sales of
domestic product..........................
9,483.1
54.5
-1.5
79.3
25.9
2.4
-0.1
3.4
1.1
Equals: Gross domestic purchases
U.S. Bureau of Economic Analysis
2002
IV
Less: Change in private inventories
Note. Percent change at annual rate from preceding quarter;
based on seasonally adjusted estimates.
Percent change from
preceding quarter
Change from
preceding quarter
Level
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996 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 usually are not additive. Chained (1996) dollar
levels and residuals, which measure the extent of nonadditivity in each table, are shown 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 S.1.
(See “Selected NIPA Tables," which begins on page D-2 in this issue.)
Business Situation
2
more slowly than in the third quarter. Inventory
investment contributed about half as much to GDP
growth in the fourth quarter as in the third.3
The dampening effects of these components on
Table 2. Contributions to Percent Change in Real
Gross Domestic Product
[Seasonally adjusted at annual rates]
2002
1
II
III
IV
5.00
1.30
4.00
1.40
Personal consumption expenditures..................................
Durable goods...................................................................
Nondurable goods............................................................
Services.............................................................................
2.22
-0.55
1.57
1.20
1.22
0.16
-0.02
1.08
2.93
1.74
0.22
0.97
1.19
-0.72
1.01
0.90
Gross private domestic investment....................................
Fixed investment..............................................................
Nonresidential..............................................................
Structures..................................................................
Equipment and software.........................................
Residential....................................................................
Change in private inventories..........................................
2.53
-0.07
-0.66
-0.44
-0.22
0.60
2.60
1.16
-0.15
-0.27
-0.53
0.26
0.12
1.31
0.55
-0.03
-0.08
-0.62
0.53
0.05
0.58
0.93
0.65
0.24
-0.25
0.49
0.41
0.28
Net exports of goods and services......................................
Exports...............................................................................
Goods............................................................................
Services........................................................................
Imports...............................................................................
Goods ............................................................................
Services........................................................................
-0.75
0.33
-0.23
0.56
-1.08
-0.40
-0.68
-1.40
1.29
0.99
0.30
-2.69
-2.74
0.05
-0.01
0.45
0.28
0.17
-0.47
-0.40
-0.07
-1.59
-0.59
-0.82
0.23
-1.00
-0.71
-0.30
Government consumption expenditures and gross
investment..........................................................................
Federal...............................................................................
National defense..........................................................
Nondefense...................................................................
State and local..................................................................
1.04
0.47
0.46
0.01
0.56
0.27
0.47
0.32
0.16
-0.21
0.56
0.29
0.29
-0.01
0.27
0.85
0.70
0.46
0.25
0.15
Percent change at annual rate:
Gross domestic product.......................................................
Percentage points at annual rates:
Note. More detailed contributions to percent change in real gross domestic product are shown in NIPA table
8.2. Contributions to percent change in major components of real gross domestic product are shown in tables
8.3 through 8.6.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
GDP growth were partly offset by a step-up in Federal
Government spending and by an upturn in private
fixed investment.
• Federal Government spending increased more than
twice as much as in the third quarter; it added 0.70
percentage point to fourth-quarter growth after
adding 0.29 percentage point to third-quarter
growth. Nondefense spending turned up, and
defense spending accelerated. In contrast, spending
by state and local governments slowed.
• Private fixed investment increased in the fourth
quarter after declining for 2 years. Investment in
nonresidential structures continued to be a source
of weakness, but it was more than counterbalanced
by investment in nonresidential equipment and
software, which increased for the third quarter in a
row, and by residential investment, which increased
for the fourth quarter in a row.
The price index for gross domestic purchases in
creased 1.8 percent, 0.2 percentage point higher than
the preliminary estimate. In the third quarter, the price
index had increased 1.2 percent. Food and energy
prices accounted for half of the step-up from the third
quarter to the fourth.
3. In the NIPA’s, the change in private inventories (inventory investment)
affects the level of GDP; the “change in the change” in private inventories
affects the change (or growth) in GDP.
April 2003
3
Survey of Current Business
Revisions
The most notable of the small, offsetting revisions to
the components of GDP were a downward revision to
exports of services and an upward revision to con
sumer purchases of services (table 3). The downward
revision subtracted 0.12 percentage point from real
GDP growth; the upward revision added the same
amount.
The revision to exports mainly reflected the incor
poration (on a “best-change” basis^neof revised
third-quarter data and newly available fourth-quarter
data on services from BEA’s international transactions
accounts.4
The revision to consumer purchases mainly re
flected the incorporation of newly available data for
November on electricity and gas usage and unit-values
from the Energy Information Administration.
The upward revision to the price index for gross do
mestic purchases primarily reflected a revision to the
implicit price for financial services; it reflected the in
corporation of newly available “call report” data from
the Federal Deposit Insurance Corporation.
The final NIPA estimates for the fourth quarter also
include revised third-quarter estimates of wages and
salaries, personal taxes, and contributions for social in
surance.
•Wages and salaries were revised down, reflecting the
incorporation of the most recently available tabula
tions of private wages and salaries from the state
unemployment insurance program by the Bureau of
Labor Statistics.
4. The relationship between estimates in the international transactions
accounts and corresponding estimates in the NIPA’s is shown in Appendix
A, table 2, on page D-74.
Incorporating the source data on a best-change basis provides accurate
measures of the change in the estimates for all periods, but it results in levels
of estimates that are not fully consistent with the source data. In general,
BEA incorporates source data on a best-change basis in order to preserve
accurate estimates of growth and consistent time series. (See also the box
“Incorporating Source Data on the Basis of Best Change,” Eugene P. Seskin
and David E Sullivan, “Annual Revision of the National Income and Prod
uct Accounts,” Survey of Current Business 80 (August 2000): 16.)
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
• Both personal taxes and contributions for social
insurance were revised down, reflecting the revision
to wages and salaries.
As a result of these revisions, real disposable per
sonal income is now estimated to have increased 1.8
percent in the third quarter (revised down from 3.1
percent) and 2.4 percent in the fourth quarter (revised
down from 2.7 percent).
Table 3. Revisions to Change in Real Gross Domestic Product and
Prices, Fourth Quarter 2002
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter
Preliminary
estimate
Final
estimate
Final estimate minus
Preliminary estimate
Percentage
points
Billions of
chained
(1996)
dollars
Gross domestic product................................
1.4
1.4
0
-1.3
Less: Exports......................................................
Goods.............................................................
Services..........................................................
-4.4
-11.1
12.3
-5.8
-11.5
8.0
-1.4
-0.4
-4.3
-3.9
-0.8
-3.0
Plus: Imports.......................................................
Goods.............................................................
Services..........................................................
7.2
6.1
12.4
7.4
6.2
13.0
0.2
0.1
0.6
0.7
0.4
0.3
Equals: Gross domestic purchases............
2.8
2.9
0.1
2.7
Less: Change in private inventories................
Equals: Final sales to domestic
purchasers....................................................
Personal consumption expenditures...........
Durable goods...........................................
Nondurable goods....................................
Services.....................................................
Private fixed investment................................
Nonresidential............................................
Structures..............................................
Equipment and software......................
Residential.................................................
Government consumption expenditures
and gross investment .....................
Federal........................................................
National defense...................................
Nondefense...........................................
State and local...........................................
Addendum:
Final sales of domestic product...................
Gross domestic purchases price index......
GDP price index.............................................
1.1
2.5
2.6
0.1
1.8
1.5
-8.5
5.1
1.9
4.5
2.5
-9.8
6.6
9.4
1.7
-8.2
5.1
2.2
4.4
2.3
-9.9
6.2
9.4
0.2
0.3
0
0.3
-0.1
-0.2
-0.1
-0.4
0
3.8
0.9
0.3
2.7
-0.7
-0.8
0
-0.7
0
4.9
11.2
11.4
10.8
1.6
4.6
11.0
11.0
11.1
1.2
-0.3
-0.2
-0.4
0.3
-0.4
-1.3
-0.2
-0.3
0.1
-1.1
1.2
1.6
1.6
1.1
1.8
1.8
-0.1
0.2
0.2
-2.2
Note. The final estimates for the fourth quarter of 2002 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, bank services data for the quarter,
and electricity and natural gas usage.
Nonresidential fixed investment: Revised construction put-in-place for November and December.
Residential fixed investment: Revised construction put-in-place for November and December.
Change in private inventories: Revised manufacturers’ and trade inventories for December.
Exports and imports of goods and services: Revised international transactions accounts data on services for
the third quarter and new data on services for the fourth.
Government consumption expenditures and gross investment: Revised State and local construction put-inplace for November and December.
Wages and salaries: Revised private wages and salaries for the third quarter, and revised employment,
average hourly earnings, and average weekly hours for December.
GDP prices: Revised export and import prices for October through December, revised unit-value index for
petroleum imports for December, and revised prices of single-family houses under construction for the quarter.
Gross National Product, next page.
Business Situation
4
April 2003
Gross National Product
Real gross national product (GNP) increased 1.4 per
cent in the fourth quarter, the same as real GDP; a de
cline in receipts from the rest of the world was offset by
a decline in payments to the rest of the world (table 4).5
The decreases in both receipts and payments were
more than accounted for by receipts and payments of
interest income.
“Command-basis” GNP also increased 1.4 percent
(chart 2). This variant of GNP measures the change in
the purchasing power in world markets of the goods
and services produced by the U.S. economy—in other
words, the change in the quantity of goods and services
that could be purchased by the United States as a result
of its current production.
Changes in command-basis GNP reflect changes in
the prices of traded goods and services as summarized
by movements in the “terms of trade”—the ratio of ex
port prices to import prices. In the fourth quarter, the
5. GNP is a measure of goods and services produced by labor and prop
erty supplied by U.S. residents. It is equal to GDP plus income receipts from
the rest of the world less income payments to the rest of the world.
terms of trade were unchanged.6
The national saving rate, which is measured as gross
saving as a percentage of GNP, held at 14.6 percent, the
same as the revised estimate for the third quarter. The
rate had peaked at 18.5 percent in the third quarter of
2000.
6. In the estimates of command-basis GNP, the current-dollar value of the
sum of exports of goods and services and income receipts is deflated by the
implicit price deflator (IPD) for the sum of imports of goods and services
and income payments.
The terms of trade 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 income receipts; in the denomina
tor, the IPD for the sum of imports of goods and services and of income
payments.
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.
Table 4. Relation of Real Gross Domestic Product, Real Gross National
Product, and Real Command-Basis Gross National Product
[Seasonally adjusted at annual rates]
Billions of chained (1996) dollars
Chart 2. Real Gross National Product
2002
Gross domestic product.................
Plus: Income receipts from the rest
of the world......................................
Less: Income payments to the rest of
the world...........................................
Percent change from
preceding quarter
Change from
preceding quarter
Level
2002
2002
IV
I
II
III
9,518.2
114.4
29.2
93.2
32.6
5.0
1.3
4.0
1.4
257.5
-4.6
9.0
9.5
-3.8
-7.2
15.7
15.9
-5.7
IV
I
II
III
IV
264.2
26.1
29.0
1.3
-5.3
58.7
58.2
1.9
-7.6
Equals: Gross national product....
9,512.1
84.0
9.2
101.2
34.2
3.7
0.4
4.4
1.4
Less: Exports of goods and services
and income receipts from the rest
of the world......................................
1,314.4
3.3
43.9
22.3
-19.8
1.1
14.6
7.0
-5.8
Plus: Command-basis exports of
goods and services and income
receipts from the rest of the world'
1,345.4
6.3
24.4
20.0
-20.2
1.9
7.6
6.1
-5.8
Equals: Command-basis gross
national product............................
9,543.1
86.9
-10.3
99.0
33.8
3.8
-0.4
4.3
1.4
-0.2
0.0
0.8
-6.0
-0.8
0.0
Index number
Addendum:
Terms of trade2...............................
Note. Percent change at annual rate from preceding quarter;
based on seasonally adjusted estimates.
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
102.4
0.2
-1.6
1. Exports of goods and services and income receipts deflated by the implicit price deflator for imports ot goods and
services and income payments.
2. The terms of trade is the following ratio, with the decimal point shifted two places to the right: In the numerator, the
implicit price deflator (IPD) for the sum of exports of goods and services and of income receipts; in the denominator, the IPD
for the sum of imports of goods and services and of income payments.
Note. See note to table 1 for an explanation of chained (1996) dollar series. Levels of these series are shown in NIPA
tables 1.10 and 1.11.
April 2003
5
Survey of Current Business
Corporate Profits
Profits from current production increased $25.1 bil
lion (3.2 percent at a quarterly rate) in the fourth quar
ter after decreasing in the first three quarters of 2002
(table 5).7 The after-tax measure of current-produc
tion profits also increased in the fourth quarter after
decreasing earlier in the year.
Profits of domestic nonfinancial corporations in
creased $26.8 billion (6.0 percent); unit costs de
creased, while prices and output increased.8 The
increase in prices followed four consecutive declines.
Profits of domestic financial corporations increased
slightly.
Profits from the rest of the world decreased $2.0 bil
lion.9 Both receipts and payments posted modest in
creases, but the increase in payments was larger.
Cash flow from current production, a profits-related measure of internally generated funds available
for investment, increased $14.0 billion, a little more
than it had decreased in the third quarter.10 The ratio
of cash flow to nonresidential fixed investment, an in
dicator of the extent to which the current level of in
vestment could be financed by internally generated
funds, increased to 86.7 percent from 86.0 percent.
(During the expansion of the 1990s, the ratio averaged
82.2 percent.)
Domestic industry profits. The current-produc
tion measure of profits is not available at detailed in
dustry levels, because industry detail for the capital
consumption adjustment does not exist. Consequently,
industry profits are best measured by profits with in
ventory valuation adjustment.
For nonfinancial industries, the largest increase in
this measure of profits was posted by wholesale trade
(chart 3). Retail trade profits, in contrast, decreased.
Manufacturing profits increased about as much as
in the third quarter. The largest increases were posted
7. Profits from current production is estimated as the sum of profits
before tax, the inventory valuation adjustment, and the capital consump
tion adjustment; it is shown in NIPA tables 1.9, 1.14, 1.16, and 6.16C (see
“Selected NIPA Tables,” which begins on page D-2) as corporate profits
with inventory valuation and capital consumption adjustments.
Percent changes in profits are shown at quarterly, not annual, rates.
8. “Output” here is the gross product of nonfinancial corporations. It
measures the contribution, or value added, of these businesses to the
Nation's output, and it is measured as the sum of incomes generated by
these businesses.
9. Profits from the rest of the world is calculated as (1) receipts by U.S.
residents of earnings from their foreign affiliates plus dividends received by
U.S. residents from unaffiliated 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 include
capital consumption adjustments (but not inventory valuation adjust
ments) and are derived from BEA’s international transactions accounts.
10. Cash flow from current production is undistributed profits with
inventory valuation and capital consumption adjustments plus the con
sumption of fixed capital.
Table 5. Corporate Profits
[Quarterly estimates, seasonally adjusted]
Billions of dollars (annual rate)
Percent change from preceding period1
Level
Change from preceding period
2002
2002
2002
2002
2001
2002
2001
IV
III
2002
IV
III
IV
Profits from current production ..............................................................................
Domestic industries....................................................................................................
Financial..................................................................................................................
Nonfinancial............................................................................................................
Rest of the world........................................................................................................
Receipts (inflows)...................................................................................................
Payments (outflows)...............................................................................................
787.4
668.1
209.7
458.4
119.3
177.0
57.7
796.1
682.0
207.6
474.4
114.1
187.3
73.3
-56.5
-63.9
-9.5
-54.4
7.5
-31.4
-38.9
55.8
87.2
36.2
51.0
-31.5
4.6
36.1
-14.0
-15.0
-3.4
-11.7
1.0
12.5
11.4
25.1
27.1
0.3
26.8
-2.0
1.4
3.6
-7.2
-9.9
-5.2
-11.8
5.2
-15.4
-64.2
7.6
15.0
20.9
12.5
-20.9
2.7
166.6
-1.8
-2.2
-1.6
-2.5
0.9
7.2
19.6
3.2
4.1
0.1
6.0
-1.8
0.8
5.0
IVA................................................................................................................................
CCAdj...........................................................................................................................
Profits before tax........................................................................................................
Profits tax liability...................................................................................................
Profits after tax.......................................................................................................
-6.9
129.1
665.2
213.3
451.9
-8.5
109.7
694.9
222.4
472.5
20.0
35.7
-112.1
-60.1
-52.0
-11.9
72.6
-5.0
14.0
-19.0
-9.4
-15.2
10.6
1.0
9.5
6.6
-7.9
26.4
7.7
18.7
-14.3
-23.2
-10.0
-0.7
7.0
-4.0
1.6
0.5
2.1
3.9
3.6
4.1
Profits from current production less tax liability..................................................
574.1
573.7
3.6
41.8
-15.0
17.4
0.7
7.9
-2.6
3.1
Cash flow from current production...............................................................................
967.3
968.7
38.1
55.5
-12.0
14.0
4.4
6.1
-1.2
1.5
Domestic industry profits:
Corporate profits of domestic industries with IVA...................................................
Financial..................................................................................................................
Nonfinancial............................................................................................................
Manufacturing....................................................................................................
Transportation and public utilities.....................................................................
Wholesale trade.................................................................................................
Retail trade.........................................................................................................
Other...................................................................................................................
539.0
217.3
321.7
92.6
16.7
47.3
81.2
83.9
572.3
216.5
355.8
108.9
21.5
58.9
75.1
91.5
-99.6
-10.4
-89.3
-76.4
-8.9
-17.3
5.7
7.8
14.6
26.7
-12.0
9.2
-11.0
2.5
2.1
-14.9
0.2
-2.4
2.6
8.6
-3.9
-0.3
-3.5
1.7
35.0
0.4
34.6
8.4
8.3
14.4
-7.4
10.9
-16.0
-5.2
-21.1
-47.8
-24.5
-28.0
7.8
8.6
2.8
14.0
-3.6
11.0
-39.7
5.7
2.6
-15.0
0.0
-1.1
0.8
9.3
-22.9
-0.7
-4.0
2.2
6.5
0.2
10.8
8.4
63.2
32.4
-9.0
13.5
-0 005
-0.015
0.002
0.007
-0.001
-0.001
0.002
-0.003
0.002
0.000
-0.001
0.004
Dollars
Unit price, costs, and profits of nonfinancial corporations:
Unit nonlabor cost
Unit profits from current production..........................................................................
1 036
0.680
0.269
0.086
1. Quarterly percent changes are not annualized.
Note. Levels of these and other profits series are shown in NIPA tables 1.14,1.16,6.16C, and 7.15.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1 037
0.679
0.270
0.088
0.012
0.007
0.017
-0.011
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
Business Situation
6
by petroleum refiners and by manufacturers of fabri
cated metal products. The largest decreases were
posted by manufacturers of industrial machinery and
equipment and by manufacturers of motor vehicles;
both industries continued to record losses in the
fourth quarter. For industrial machinery, the loss was
the 6th in a row; for motor vehicles, the 11th.
Profits in the transportation and public utility
group turned up sharply. Transportation registered
positive profits after four consecutive losses. In com
munications, which is included in this industry group,
losses continued for the 12th consecutive quarter, but
they were not as severe as in the third quarter. Profits
of utilities increased after decreasing.
Profits of “other” nonfinancial corporations in
creased much more than in the third quarter. Produc
ers of crude oil and of services were mainly responsible
for the step-up.
For financial industries, increases in the profits of
commercial banks and of property and casualty insur
ance companies were largely offset by lower earnings of
Federal Reserve banks.
Profits before and after tax. The fourth-quarter in
crease in profits before tax (PBT) was similar to the in
crease in profits from current production, as changes
in the inventory valuation and capital consumption
adjustments were offsetting.11 (Earlier in the year, the
capital consumption adjustment had been bigger—
11. Profits before tax is based on inventory and depreciation practices
used in tax accounting, whereas the current-production measure—which
excludes nonoperating items, such as special charges and capital gains and
losses—is based on depreciation of fixed assets and inventory withdrawals
valued at current cost.
April 2003
that is, more negative—and had not been offset by the
inventory valuation adjustment.12)
Profits after tax (PBT less profits tax liability) in
creased 4.1 percent in the fourth quarter, about twice
as much as in the third quarter and more than at any
time since the end of 1999.
The year 2002. For the year as a whole, profits from
current production rebounded $55.8 billion (7.6 per
cent), to $787.4 billion; in 2001, they had decreased
about that amount.13 Profits of domestic corporations
more than accounted for the upturn. Profits of domes
tic nonfinancial corporations increased $51.0 billion
after decreasing $54.4 billion, as unit profits and out
put turned up. Profits of domestic financial corpora
tions increased $36.2 billion after decreasing $9.5
billion.
Profits from the rest of the world turned down, as
payments by domestic affiliates to foreign parents
turned up sharply.
Domestic profits with inventory valuation adjust
ment increased $14.6 billion after decreasing $99.6 bil
lion. Nonfinancial profits decreased much less than in
2001, and financial profits turned up. The improve
ment in nonfinancial profits was accounted for by
manufacturing and, to a lesser extent, by wholesale
trade.
12. Since the fourth quarter of 2001, changes in the capital consumption
adjustment have been dominated by the effect of tax law changes that allow
accelerated depreciation for certain investments. See the box “Effects of the
Job Creation and Worker Assistance Act of 2002,” “Business Situation,” Sur
vey 82 (June 2002): 14.
13. These changes are calculated from annual levels for 2001 and 2002.
Current-production profits in the fourth quarter of 2002 were $15.3 billion
(1.9 percent) less than in the fourth quarter of 2001.
Chart 3. Corporate Profits with inventory Valuation Adjustment: Change from 2002:111 to 2002:1V
1. Also includes communications and public utilities.
2. “Other” nonfinancial corporations includes the agriculture, mining, construction, and services industries,
along with some activities included in the “finance, insurance, and real estate” group.
Note. Based on seasonally adjusted estimates.
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
7
Survey of Current Business
' In contrast to the increase in current-production
profits, PBT decreased a little in 2002. The difference
between the two measures of profits was more than ac
counted for by the capital consumption adjustment.
The divergent movements in current-production prof
its and PBT carried through to after-tax profits: PBT
less tax liability decreased 4.0 percent in 2002 after de
creasing more than twice as much in 2001; cur
rent-production profits less tax liability increased 7.9
percent after a much smaller increase.
Government Sector
Table 6. Government Sector Current Receipts and Expenditures
The combined current deficit of the Federal Govern
ment and of state and local governments increased
$33.1 billion, to $298.3 billion, in the fourth quarter
after increasing $24.5 billion in the third (table 6).14
The fourth-quarter increase was more than accounted
for by the Federal current deficit, which increased
more in the fourth quarter than in the third. The state
and local current deficit decreased in the fourth quar
ter after increasing in the third.
Federal
The Federal Government current deficit increased
$37.2 billion in the fourth quarter after increasing
$14.9 billion in the third. Current expenditures turned
up more than current receipts.
Current receipts. Federal current receipts increased
$5.6 billion in the fourth quarter after decreasing $19.6
billion in the third. The upturn reflected a smaller de
crease in personal tax and nontax receipts in the fourth
quarter than in the third and accelerations in corporate
profits accruals and in contributions for social insur
ance. In contrast, indirect business tax and nontax ac
cruals turned down.
Personal tax and nontax receipts decreased $6.0 bil
lion after decreasing $25.3 billion. The smaller de
crease in the fourth quarter than in the third was
mostly accounted for by personal income taxes. Within
personal income taxes, nonwithheld income taxes de
creased $3.6 billion after decreasing $13.7 billion, and
withheld income taxes decreased $2.3 billion after de
creasing $11.1 billion.
Corporate profits tax accruals increased $6.4 billion
after increasing $0.9 billion. The acceleration reflected
the pickup in domestic corporate profits before tax.
Contributions for social insurance increased $6.1
billion after increasing $2.6 billion. The acceleration
was more than accounted for by contributions for so
cial security (old-age, survivors, disability, and health
14. The combined current surplus or deficit of the Federal Government
and state and local governments is the NIPA measure of net saving by gov
ernment. Net saving equals gross saving less consumption of fixed capital.
These estimates are shown in NIPA table 5.1.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
[Billions of dollars, seasonally adjusted at annual rates]
Level
Change from preceding quarter
2002
2002
IV
I
II
III
IV
Current receipts............................................................
2,887.3
Current expenditures...................................................
3,185.6
-120.4
72.4
11.0
50.1
-7.3
17.2
17.9
51.0
-33.1
Current surplus or deficit(-)....................................
-298.3
-192.7
-39.1
-24.5
Social insurance funds.................................................
49.9
-12.4
-14.3
-1.6
1.9
Other..............................................................................
-348.2
-180.4
-24.8
-22.9
-350
Current receipts........................................................
1,869.7
-107.6
-1.0
-19.6
5.6
Personal tax and nontax receipts................................
Corporate profits tax accruals.....................................
825.3
-150.7
-18.2
-25.3
-6.0
187.5
27.6
9.7
0.9
6.4
Indirect business tax and nontax accruals................
111.5
1.1
1.8
2.2
-0.9
Federal Government
Contributions for social insurance..............................
745.4
14.5
5.6
2.6
6.1
Current expenditures...............................................
2,117.4
59.5
48.8
-4.7
42.8
Consumption expenditures..........................................
608.9
403.2
22.7
16.1
14.7
8.8
6.4
19.1
10.4
Nondefense..............................................................
Transfer payments (net)...............................................
205.8
6.7
4.4
2.3
4.9
948.5
46.0
10.7
6.5
14.4
To persons................................................................
To the rest of the world............................................
934.0
38.5
14.5
7.5
22.9
-12.2
7.4
-0.9
9.6
4.8
10.8
National defense......................................................
14.3
Grants-in-aid to State and local governments..........
315.8
2.9
17.3
Net interest paid............................................................
202.1
-13.1
6.4
-4.6
-9.1
-3.7
Subsidies less current surplus of government
enterprises................................................................
42.1
1.1
-0.3
-6.4
2.2
Subsidies..................................................................
Of which: Agricultural subsidies.............................
46.3
1.8
22.0
1.0
0.6
0.1
-0.5
-0.8
1.3
1.2
Less: Current surplus of government enterprises
Less: Wage accruals less disbursements.................
4.2
0.0
0.7
0.0
1.0
0.0
5.7
0.0
-0.8
0.0
Current surplus or deficit (-).......................................
-247.7
-167.1
-49.8
-14.9
-37.2
Social insurance funds.................................................
50.0
-12.3
-14.4
-1.6
1.9
Other..............................................................................
-297.7
-154.8
-35.4
-13.3
-39.1
23.1
State and local governments
Current receipts........................................................
1,333.4
-9.9
29.2
7.8
Personal tax and nontax receipts................................
Corporate profits tax accruals.....................................
Indirect business tax and nontax accruals................
271.4
34.9
701.8
-22.3
4.3
5.3
3.3
1.5
7.1
2.4
3.7
0.2
9.6
Contributions for social insurance..............................
Federal grants-in-aid....................................................
9.5
315.8
0.1
2.9
0.1
17.3
0.0
-4.6
1.2
7.3
0.1
Current expenditures...................................................
1,384.0
15.8
18.5
17.4
19.0
Consumption expenditures..........................................
1,050.1
12.9
9.0
10.5
Transfer payments to persons.....................................
349.5
-1.9
9.5
8.0
-0.1
7.3
-0.1
8.0
0.0
10.8
0.1
0.5
0.0
0.1
0.0
0.0
Net interest paid............................................................
Less: Dividends received by government.................
Subsidies less current surplus of government
enterprises................................................................
10.8
-13.2
-1.5
-1.6
0.4
-2.4
Subsidies..................................................................
Less: Current surplus of government enterprises
-0.4
-1.5
-2.1
0.0
-0.9
0.7
1.2
12.8
0.8
0.3
Less: Wage accruals less disbursements.................
0.0
0.0
0.0
0.0
0.0
Current surplus or deficit (-).......................................
-50.6
-25.6
10.7
-9.6
4.1
Social insurance funds.................................................
-0.1
0.0
-50.5
-25.6
0.0
-9.7
0.0
Other..............................................................................
0.1
10.7
Net lending or net borrowing (-)'...............................
-398.5
-200.0
-35.7
-20.9
-36.5
Federal...........................................................................
-271.7
-172.7
-53.7
-38.2
State and local..............................................................
-126.8
-27.3
18.0
-10.5
-10.4
4.1
Addendum:
1.7
1. “Net lending or borrowing” is conceptually similar to “net financial investment” in the flow of funds
accounts prepared by the Board of Governors of the Federal Reserve System. The two measures differ prima
rily because government net lending or borrowing is estimated from data for transactions, whereas net financial
investment is estimated from data for financial assets. There are also small conceptual differences, such as the
classification of the Federal Government's railroad retirement and veterans life insurance programs.
8
Business Situation
insurance trust funds), which increased $6.1 billion af
ter increasing $2.9 billion, reflecting an acceleration in
wage and salary disbursements.
Indirect business tax and nontax accruals decreased
$0.9 billion after increasing $2.2 billion. The downturn
was more than accounted for by a downturn in custom
duties, which decreased $1.8 billion after increasing
$3.0 billion. In contrast, nontaxes turned up, increas
ing $0.3 billion after decreasing $0.7 billion.
Current expenditures. Current expenditures in
creased $42.8 billion in the fourth quarter after de
creasing $4.7 billion in the third. The upturn was
accounted for by upturns in grants-in-aid to state and
local governments and in “subsidies less current sur
plus of government enterprises” and accelerations in
consumption expenditures and in transfer payments.
In addition, net interest paid decreased less than in the
third quarter.
Grants-in-aid to state and local governments in
creased $10.8 billion after decreasing $4.6 billion.
Grants for state Medicaid programs, for education, for
labor training and services, and for housing and com
munity services all turned up.
“Subsidies less current surplus of government enter
prises” turned up, increasing $2.2 billion after decreas
ing $6.4 billion. The upturn was mostly accounted for
by a downturn in “current surplus of government en
terprises.” The current surplus of the Postal Service
turned down, decreasing $0.8 billion after increasing
$4.9 billion; the third-quarter surplus had been
boosted by the postal rate increase for all classes of
mail that went into effect on June 30, 2002.
Consumption expenditures increased $19.1 billion
after increasing $8.8 billion. The acceleration was
mostly accounted for by an acceleration in defense
consumption expenditures. Within defense consump
tion expenditures, services increased $16.0 billion after
increasing $4.7 billion. Within services, “other ser
vices” (which includes expenditures for research and
development, transportation of materials, travel of
persons, and for other services) increased $17.3 billion
after a $3.5 billion increase; in contrast, compensation
of employees turned down, decreasing $1.9 billion af
ter a $0.9 billion increase. Durable goods turned down,
decreasing $1.1 billion after a $1.4 billion increase;
spending on parts for aircraft, for ships, for electronics,
and for other durable goods turned down, and spend
ing on parts for missiles decelerated.
Nondefense consumption expenditures increased
$4.9 billion after an increase of $2.3 billion. The accel
eration was mostly accounted for by services. Within
services, compensation of employees increased $3.4
billion after increasing $1.9 billion. The acceleration
was the result of increased employment at the Trans
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
portation Security Administration: In the third quar
ter, 16,200 employees were hired, and in the fourth
quarter, 35,800 more employees were hired.
“Transfer payments (net)” increased $14.4 billion
after increasing $6.5 billion. Transfer payments to the
rest of the world turned up, increasing $4.8 billion af
ter decreasing $0.9 billion. Transfer payments to per
sons accelerated, increasing $9.6 billion after
increasing $7.4 billion. The acceleration was accounted
for by accelerations in Medicare, food stamps, and so
cial security (old-age, survivors, and disability insur
ance). The acceleration in food stamps was partly due
to a 1.4-percent cost-of-living adjustment that took ef
fect in October.
Net interest paid decreased $3.7 billion after a de
crease of $9.1 billion. Gross interest paid decreased
$0.9 billion after decreasing $7.8 billion, primarily re
flecting an upturn in interest paid to persons and busi
ness.
State and local
The state and local government current deficit de
creased $4.1 billion in the fourth quarter after increas
ing $9.6 billion in the third. Current receipts
accelerated more than current expenditures.
Current receipts. State and local government cur
rent receipts increased $23.1 billion after increasing
$7.8 billion. The acceleration was more than accounted
for by the upturn in Federal grants-in-aid.
Personal tax and nontax receipts increased $3.7 bil
lion after increasing $2.4 billion. The acceleration was
mostly accounted for by personal income taxes, which
increased $2.8 billion after increasing $1.5 billion.
Corporate profits tax accruals accelerated, increas
ing $1.2 billion after increasing $0.2 billion.
Indirect business tax and nontax accruals deceler
ated, increasing $7.3 billion after increasing $9.6 bil
lion. The deceleration was more than accounted for by
sales taxes, which increased $1.4 billion after increasing
$6.6 billion. Within sales taxes, the deceleration was
accounted for by slowdowns in general sales taxes and
tobacco taxes.
Current expenditures. Current expenditures in
creased $19.0 billion after increasing $17.4 billion.
Transfer payments to persons and consumption ex
penditures accelerated, while “subsidies less current
surplus of government enterprises” turned down.
Transfer payments to persons increased $10.8 bil
lion after an increase of $8.0 billion. The acceleration
was mostly accounted for by a pickup in Medicaid pay
ments.
Consumption expenditures increased $10.5 billion
after increasing $9.0 billion. The acceleration was
mostly accounted for by nondurable goods, which
April 2003
Survey of Current Business
increased $3.7 billion after increasing $2.4 billion.
Within nondurable goods, petroleum products accel
erated.
“Subsidies less current surplus of government enter
prises” decreased $2.4 billion after increasing $0.4 bil
lion. This downturn was more than accounted for by
subsidies, which decreased $2.1 billion after increasing
$1.2 billion, reflecting California electricity subsidies.
(The NIPA’s treat the special purchases of electricity
made by California, net of receipts from commercial
and residential users, as a subsidy payment.) In
the fourth quarter, subsidies turned negative as
California recovered subsidies paid in earlier pe
riods.
Net lending or net borrowing
“Net lending or net borrowing(-)” is an alternative
measure of the government fiscal position. Net lending
is the financing requirement of the government sector
and is derived as the current surplus plus the con
sumption of fixed capital and “capital transfers re
ceived (net)” less gross investment and net purchases
of nonproduced assets.15
Net borrowing increased $36.5 billion in the fourth
quarter after increasing $20.9 billion in the third. Fed
eral net borrowing increased $38.2 billion as a result of
an increase in the current deficit. State and local net
borrowing decreased $1.7 billion, mainly as a result of
the decrease in the current deficit.
Government gross investment increased $0.5 billion
after increasing $3.5 billion. The deceleration was
mostly accounted for by state and local government
gross investment, which increased $0.4 billion after in
creasing $2.7 billion. Federal Government gross invest
ment also decelerated, increasing $0.1 billion after
increasing $0.8 billion.
The government sector in 2002
The combined fiscal position of the Federal Govern
ment and of state and local governments shifted from a
surplus of $40.7 billion in 2001 to a deficit of $251.4
billion in 2002. The shift was mostly accounted for by a
shift in the Federal fiscal position.
The Federal fiscal position decreased $271.9 billion
in 2002, from a current surplus of $72.0 billion to a
current deficit of $199.9 billion. Receipts decreased
and expenditures increased.
15. Net lending or net borrowing estimates are shown in NIPA tables
3.1-3.3.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9
Federal current receipts decreased $132.8 billion, to
$1,875.6 billion. Personal tax and nontax receipts de
creased $163.9 billion. In contrast, contributions for
social insurance increased $21.2 billion, corporate
profit tax accruals increased $9.6 billion, and indirect
business taxes increased $0.3 billion.
Federal current expenditures increased $139.1 bil
lion, to $2,075.5 billion. “Transfer payments (net)” in
creased $89.5 billion, consumption expenditures
increased $58.1 billion, and grants-in-aid to state and
local governments increased $28.3 billion. In contrast,
net interest paid decreased $30.3 billion, and “subsi
dies less current surplus of government enterprises”
decreased $6.6 billion.
The state and local government current deficit in
creased $20.2 billion, to $51.5 billion, in 2002. Current
expenditures increased more than current receipts.
State and local current receipts increased $43.6 bil
lion, to $1,304.9 billion. Federal grants-in-aid in
creased $28.3 billion, indirect business taxes and
nontax accruals increased $25.4 billion, corporate
profits tax accruals increased $4.4 billion, and contri
butions for social insurance increased $0.2 billion. In
contrast, personal tax and nontax receipts decreased
$14.6 billion.
State and local current expenditures increased $63.8
billion, to $1,356.4 billion. Consumption expenditures
increased $40.8 billion, and transfer payments to per
sons increased $31.2 billion. In contrast, “subsidies less
current surplus of government enterprises” decreased
$8.1 billion, and net interest paid decreased $0.1 bil
lion.
Total gross investment of the Federal Government
and state and local governments increased $16.0 bil
lion, to $351.9 billion.
Federal gross investment increased $7.5 billion, to
$107.2 billion. Defense equipment and software in
creased $5.7 billion, and nondefense structures in
creased $1.9 billion.
State and local gross investment increased $8.5 bil
lion, to $244.7 billion. Structures increased $10.6 bil
lion, while equipment and software decreased $2.1
billion.
Net lending or net borrowing. Net borrowing in
creased $305.0 billion, to $351.9 billion, in 2002. Most
of the increase was accounted for by a shift in the Fed
eral Government fiscal position from net lending of
$58.9 billion in 2001 to net borrowing of $224.5 billion
in 2002. State and local government net borrowing in
creased $21.6 billion, to $127.4 billion.
April 2003
10
Real Inventories, Sales, and Inventory-Sales Ratios
for Manufacturing and Trade, 2002:IV
Tables 1, 2, and 3 show quarterly and monthly estimates
of real inventories, sales, and inventory-sales ratios,
respectively. Table 4 shows real manufacturing invento
ries by stage of fabrication. Real estimates are in chained
(1996) dollars.
Data availability
Estimates for 1967:1 to 1997:IV
Standard Industrial Classification
beginning with 1997:IV on the
American Industry Classification
on the basis of the
system and estimates
basis of the North
System are available
as downloadable files on BEA’s Web site at
<www.bea.gov>; click on “GDP and related data”
and look under “Supplementary estimates, historical
underlying' detail,” and click on “Change in private
inventories.”
The most recent estimates are also available from
BEA: On diskette as part of the NIPA monthly update
(product number NDS-0171) and as separate monthly
printouts (product number NLS-0166). To order, call
the BEA Order Desk at 1-800-704-0415 (outside the
United States, call 202-606-9666).
Table 1B. Real Manufacturing and Trade Inventories, Seasonally Adjusted, End of Period
[Billions of chained (1996) dollars]
2002
2003
2002
IV
III
Aug.
Sep.
Oct.’
Nov.'
Dec. ’
Jan."
Manufacturing and trade industries................................................
1,145.8
1,151.4
1,142.9
1,145.8
1,144.4
1,148.3
1,151.4
Manufacturing industries.............................................. .................................
447.5
448.2
447.5
447.5
447.3
446.3
448.2
447.3
Durable goods industries...............................................................................
Wood product manufacturing....................................................................
Nonmetallic mineral product manufacturing............................................
Primary metal manufacturing....................................................................
Fabricated metal product manufacturing.................................................
Machinery manufacturing.................... ......... . ...........................................
Computer and electronic product manufacturing...................................
Electrical equipment, appliance, and component manufacturing.........
Transportation equipment manufacturing................................................
Furniture and related product manufacturing..........................................
Miscellaneous manufacturing............................,.......... ............................
273.9
8.6
9.0
20.6
30.7
36.4
61.8
13.6
65.4
6.6
18.2
275.3
8.5
9.1
20.9
30.7
36.4
61.8
13.2
66.6
6.6
18.4
274.9
8.6
9.1
20.6
30.6
36.6
62.2
13.7
65.8
6.6
18.1
273.9
8.6
9.0
20.6
30.7
36.4
61.8
13.6
65.4
6.6
18.2
273.6
8.6
9.1
20.6
30.7
36.2
61.9
13.4
65.4
6.6
18.2
272.9
8.6
9.1
20.8
30.7
36.1
62.3
13.3
64.4
6.6
18.1
275.3
8.5
9.1
20.9
30.7
36.4
61.8
13.2
66.6
6.6
18.4
274.7
8.5
9.1
21.0
30.5
36.2
61.3
13.2
66.6
6.7
18.5
Nondurable goods industries........................................................................
Food manufacturing................................ .................... ..............................
Beverage and tobacco product manufacturing.......................................
Textile mills...................................................................................................
Textile product mills.....................................................................................
Apparel manufacturing...............................................................................
Leather and allied product manufacturing...............................................
Paper manufacturing............................... .............................................. .
Printing and related support activities......................................................
Petroleum and coal product manufacturing.............................................
Chemical manufacturing............................................................................
Plastics and rubber product manufacturing.............................................
173.3
37.3
12.1
5.8
4.8
8.1
1.4
16.1
5.9
12.0
51.8
17.7
172.7
37.1
11.9
5.7
4.8
8.1
1.5
16.1
6.1
12.2
51.3
17.6
172.5
37.3
11.9
5.8
4.8
8.1
1.4
16.0
6.0
11.9
51.9
17.1
173.3
37.3
12.1
5.8
4.8
8.1
1.4
16.1
5.9
12.0
51.8
17.7
173.5
37.3
12.0
5.7
4.8
8.1
1.5
16.1
6.1
12.0
51.8
17.7
173.1
37.4
11.8
5.6
4.7
8.1
1.5
16.1
6.1
11.8
52.0
17.7
172.7
37.1
11.9
5.7
4.8
8.1
1.5
16.1
6.1
12.2
51.3
17.6
172.5
37.1
11.8
5.7
4.8
8.2
1.5
16.2
6.1
12.2
50.9
17.6
Merchant wholesale industries......................................................................
303.5
304.5
303.1
303.5
301.4
301.9
304.5
303.5
Durable goods industries....................................................... .......................
Nondurable goods industries........................................................................
183.1
119.4
183.6
120.0
183.0
119.1
183.1
119.4
182.6
118.0
183.0
118.0
183.6
120.0
182.9
119.6
Retail trade industries......................................................................................
394.1
397.9
391.6
394.1
394.9
399.2
397.9
400.7
Motor vehicle and parts dealers....................................................................
Furniture and home furnishings, electronics, and appliance stores.........
Building materials, garden equipment and supply stores..........................
Food and beverage stores..............................................................................
Clothing and accessory stores......................................................................
General merchandise stores......„..........:......................................................
Other retail stores............................................................................................
127.5
32.5
39.3
30.5
31.0
61.7
72.0
129.4
32.6
40.0
30.4
31.4
63.4
71.0
126.9
32.0
38.7
30.2
30.7
61.6
71.8
127.5
32.5
39.3
30.5
31.0
61.7
72.0
129.8
32.6
39.8
29.8
30.6
61.7
71.1
132.9
32.6
39.6
30.1
30.9
62.6
71.2
129.4
32.6
40.0
30.4
31.4
63.4
71.0
132.4
32.7
39.8
30.3
32.0
63.2
71.0
^Preliminary.
' Revised.
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
Chained (1996) dollar inventory series are calculated to ensure that the chained (1996) dollar change in
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1,152.5
inventories for 1996 equals the current-dollar change in inventories for 1996 and that the average of the 1995
and 1996 end-of-year chain-weighted and fixed-weighted inventories are equal. 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.
April 2003
11
Survey of Current Business
Table 2B. Real Manufacturing and Trade Sales, Seasonally Adjusted at
Monthly Rate
Table 3B. Real Inventory-Sales Ratios for Manufacturing and Trade,
Seasonally Adjusted
[Billions of chained (1996) dollars]
[Ratio, based on chained (1996) dollars]
2002
III
2003
2002
IV
Aug.
Sep.
Oct.'
Nov.r
Dec.r
Manufacturing and trade
industries.....................................
864.9
866.5
867.4
859.0
861.4
867.3
870.7
Manufacturing industries...........................
328.7
327.6
328.4
326.2
329.0
327.3
326.4
Durable goods industries..........................
Wood product manufacturing..............
Nonmetallic mineral product
manufacturing....................................
Primary metal manufacturing..............
Fabricated metal product
manufacturing....................................
Machinery manufacturing.....................
Computer and electronic product
manufacturing....................................
Electrical equipment, appliance, and
component manufacturing...............
Transportation equipment
manufacturing....................................
Furniture and related product
manufacturing....................................
Miscellaneous manufacturing..............
189.4
7.4
186.1
7.6
188.8
7.4
187.1
7.3
189.0
7.5
186.4
7.7
7.9
12.1
7.9
11.9
8.0
12.1
7.9
12.0
7.8
12.0
20.4
21.8
20.1
21.3
20.4
21.8
20.3
21.5
42.3
41.8
42.3
41.8
Jan. ?
Aug.
Sep.
1.33
1.32
1.33
1.33
1.37
1.36
1.37
1.36
1.48
1.11
1.46
1.16
1.46
1.18
1.45
1.14
1.14
1.70
1.16
1.76
1.14
1.70
1.14
1.71
1.51
1.67
1.52
1.71
1.50
1.68
1.46
1.48
1.47
III
VHA
Manufacturing and trade
industries......................................
1.33
330.0
Manufacturing industries...........................
1.36
182.8
7.7
188.3
7.5
1.45
1.16
■>7.8.
11.8
7.9
11.8
8.1
12.1
20.3
21.5
20.1
21.4
20.0
20.9
19.9
21.2
42.1
42.0
41.3
43.6
Durable goods industries..........................
Wood product manufacturing...............
Nonmetallic mineral product
manufacturing....................................
Primary metal manufacturing...............
Fabricated metal product
manufacturing....................................
Machinery manufacturing.....................
Computer and electronic product
manufacturing....................................
Electrical equipment, appliance, and
component manufacturing................
Transportation equipment
manufacturing....................................
Furniture and related product
manufacturing....................................
Miscellaneous manufacturing..............
2003
2002
2002
IV
Nov.r
Dec.'
Jan."
1.32
1.32
1.32
1.36
1.37
1.36
1.46
1.11
1.51
1.11
1.46
1.13
1.16
1.71
1.16
1.77
1.15
1.77
1.13
1.74
1.51
1.69
1.51
1.69
1.53
1.69
1.53
1.74
1.53
1.71
1.48
1.47
1.49
1.50
1.41
Oct.r
1.51
1.46
1.53
1.52
1.49
1.47
1.47
1.48
1.22
1.30
1.24
1.24
1.22
1.26
1.37
1.29
1.28
1.90
1.29
1.84
1.28
1.88
1.31
1.93
1.29
1.84
1.31
1.81
1.26
1.82
1.28
1.82
1.25
0.99
1.23
0.95
1.24
0.98
1.25
1.00
1.24
0.96
1.23
0.96
1.21
0.96
1.22
0.97
1.87
1.50
1.62
1.73
1.90
1.53
1.58
1.73
1.82
1.55
1.62
1.74
1.90
1.56
1.62
1.75
1.88
1.52
1.59
1.79
1.90
1.47
1.56
1.68
1.94
1.59
1.58
1.72
1.93
1.50
1.61
1.73
2.05
1.28
0.78
2.31
1.30
0.80
2.04
1.25
0.79
2.03
1.28
0.77
2.22
1.29
0.79
2.21
1.33
0.80
2.53
1.29
0.80
2.25
1.29
0.80
0.76
1.58
0.76
1.54
0.74
1.61
0.78
1.54
0.81
1.55
0.75
1.57
0.68
1.54
0.74
1.51
1.22
1.19
1.18
1.23
1.21
1.20
1.18
1.19
1.24
1.24
1.23
1.24
1.24
1.22
1.23
1.23
1.38
1.40
1.38
1.38
1.40
1.39
1.40
1.39
1.07
1.05
1.06
1.07
1.06
1.02
1.03
1.05
Retail trade industries.................................
1.32
1.32
1.30
1.33
1.33
1.33
1.30
1.31
Motor vehicle and parts dealers...............
Furniture and home furnishings,
electronics, and appliance stores.........
Building materials, garden equipment
and supply stores...................................
Food and beverage stores........................
Clothing and accessory stores................
General merchandise stores.....................
Other retail stores......................................
1.64
1.71
1.60
1.70
1.77
1.78
1.64
1.72
1.10
1.07
1.08
1.08
1.08
1.06
1.06
1.06
1.40
0.84
1.86
1.42
1.00
1.41
0.84
1.82
1.44
0.97
1.38
0.83
1.84
1.42
1.00
1.39
0.84
1.91
1.42
1.00
1.41
0.82
1.77
1.40
0.98
1.38
0.82
1.80
1.43
0.97
1.42
0.84
1.80
1.44
0.96
1.37
0.82
1.82
1.42
0.95
9.0
9.0
8.9
8.9
9.0
9.1
9.0
9.0
53.6
51.1
52.9
52.7
53.5
51.3
48.7
51.8
5.2
9.6
5.1
10.0
5.2
9.6
5.1
9.4
5.1
9.9
5.1
10.0
5.3
10.1
5.2
10.1
Nondurable goods industries....................
Food manufacturing...............................
Beverage and tobacco product
manufacturing....................................
Textile mills.............................................
Textile product mills...............................
Apparel manufacturing.........................
Leather and allied product
manufacturing....................................
Paper manufacturing............................
Printing and related support activities
Petroleum and coal product
manufacturing....................................
Chemical manufacturing.......................
Plastics and rubber product
manufacturing....................................
139.0
37.5
141.0
39.0
139.3
37.9
138.7
37.3
139.7
39.1
140.4
39.0
142.8
38.9
141.3
38.4
6.5
3.8
3.0
4.7
6.2
3.7
3.0
4.7
6.5
3.8
2.9
4.6
6.4
3.7
3.0
4.6
6.4
3.8
3.0
4.5
6.2
3.8
3.0
4.8
6.1
3.6
3.0
4.7
6.1
3.8
3.0
4.7
0.7
12.6
7.6
0.6
12.4
7.7
0.7
12.8
7.7
0.7
12.5
7.7
0.7
12.5
7.7
0.7
12.2
7.6
0.6
12.5
7.7
0.7
12.6
7.6
15.9
32.7
16.1
33.3
16.0
32.3
15.4
33.5
14.8
33.3
15.7
33.2
17.8
33.4
16.4
33.7
14.5
14.7
14.5
14.4
14.6
14.7
14.9
14.8
Nondurable goods industries....................
Food manufacturing...............................
Beverage and tobacco product
manufacturing....................................
Textile mills..............................................
Textile product mills................................
Apparel manufacturing..........................
Leather and allied product
manufacturing....................................
Paper manufacturing..............................
Printing and related support activities
Petroleum and coal product
manufacturing....................................
Chemical manufacturing.......................
Plastics and rubber product
manufacturing....................................
Merchant wholesale industries................
245.0
246.3
246.0
244.0
242.8
248.1
248.0
246.5
Merchant wholesale industries..................
Durable goods industries..........................
Nondurable goods industries....................
132.7
112.1
131.3
114.4
132.9
112.8
132.4
111.4
130.9
111.5
132.0
115.5
130.9
116.2
131.8
114.1
Durable goods industries..........................
Nondurable goods industries....................
Retail trade industries.................................
299.7
301.0
301.6
297.0
297.7
300.0
305.4
305.9
Motor vehicle and parts dealers..............
Furniture and home furnishings,
electronics, and appliance stores........
Building materials, garden equipment
and supply stores...................................
Food and beverage stores........................
Clothing and accessory stores.................
General merchandise stores....................
Other retail stores......................................
77.6
75.6
79.4
74.9
73.5
74.5
78.9
76.9
29.6
30.6
29.5
30.1
30.3
30.7
30.8
30.8
28.2
36.2
16.6
43.4
72.1
28.4
36.4
17.3
44.0
73.3
28.1
36.2
16.7
43.5
72.1
28.3
36.2
16.3
43.4
72.2
28.3
36.3
17.3
44.0
72.6
28.6
36.7
17.1
43.8
73.1
28.2
36.2
17.4
44.1
74.3
29.0
37.1
17.6
44.5
74.4
* Preliminary.
' Revised.
” Preliminary.
' Revised.
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
Chained (1996) dollar sales are calculated as the product of the chain-type quantity index and the 1996 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.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
Real Inventories and Sales
12
Table 4B. Real Manufacturing Inventories, by Stage of Fabrication, Seasonally Adjusted,
End of Period
[Billions of chained (1996) dollars]
2002
2002
2003
III
IV
Aug.
Sep.
Oct.'
Nov.'
Dec.'
Jan.
Manufacturing industries....................................................
154.6
152.8
155.2
154.6
154.7
154.0
152.8
153.2
Durable goods industries................................................
Wood product manufacturing....................................
Nonmetallic mineral product manufacturing............
Primary metal manufacturing....................................
Fabricated metal product manufacturing..................
Machinery manufacturing...........................................
Computer and electronic product manufacturing....
Electrical equipment, appliance, and component
manufacturing..........................................................
Transportation equipment manufacturing................
Furniture and related product manufacturing..........
Miscellaneous manufacturing....................................
93.7
3.6
3.2
6.8
11.8
13.6
23.5
92.4
3.5
3.2
6.9
11.7
13.5
23.2
94.4
3.6
3.2
6.8
11.7
13.9
23.8
93.7
3.6
3.2
6.8
11.8
13.6
23.5
93.7
3.6
3.2
6.9
11.8
13.6
23.7
92.8
3.5
3.2
6.8
11.8
13.4
23.6
92.4
3.5
3.2
6.9
11.7
13.5
23.2
92.0
3.5
3.2
6.9
11.6
13.3
22.9
5.1
16.2
3.1
6.5
5.0
15.8
3.1
6.4
5.2
16.2
3.2
6.5
5.1
16.2
3.1
6.5
5.1
16.1
3.1
6.4
5.1
15.8
3.1
6.3
5.0
15.8
3.1
6.4
5.1
15.8
3.1
6.3
Nondurable goods industries..........................................
Food manufacturing...................................................
Beverage and tobacco product manufacturing........
Textile mills...................................................................
Textile product mills.....................................................
Apparel manufacturing...............................................
Leather and allied product manufacturing...............
Paper manufacturing..................................................
Printing and related support activities......................
Petroleum and coal product manufacturing.............
Chemical manufacturing.............................................
Plastics and rubber product manufacturing.............
60.9
11.2
6.3
2.0
1.5
2.2
0.4
8.0
1.9
3.0
17.0
7.3
60.3
11.1
6.3
1.9
1.5
2.2
0.4
8.1
1.9
3.0
16.8
7.2
60.8
11.4
6.3
1.9
1.5
2.2
0.3
7.9
1.9
3.0
17.1
7.2
60.9
11.2
6.3
2.0
1.5
2.2
0.4
8.0
1.9
3.0
17.0
7.3
61.0
11.1
6.4
1.9
1.5
2.2
0.4
8.1
1.9
3.0
17.0
7.3
61.1
11.1
6.5
1.9
1.5
2.2
0.4
8.0
2.0
3.1
17.1
7.3
60.3
11.1
6.3
1.9
1.5
2.2
0.4
8.1
1.9
3.0
16.8
7.2
61.1
11.1
6.1
1.9
1.5
2.1
0.4
8.1
1.9
3.4
17.2
7.2
Manufacturing industries....................................................
128.0
129.1
128.6
128.0
127.3
126.9
129.1
129.1
Durable goods industries................................................
Wood product manufacturing....................................
Nonmetallic mineral product manufacturing............
Primary metal manufacturing....................................
Fabricated metal product manufacturing..................
Machinery manufacturing...........................................
Computer and electronic product manufacturing....
Electrical equipment, appliance, and component
manufacturing..........................................................
Transportation equipment manufacturing................
Furniture and related product manufacturing..........
Miscellaneous manufacturing....................................
98.8
1.8
1.2
6.9
9.2
10.8
21.5
100.6
1.8
1.2
6.9
9.2
10.7
21.7
99.3
1.8
1.2
6.9
9.1
10.9
21.2
98.8
1.8
1.2
6.9
9.2
10.8
21.5
98.3
1.8
1.2
6.9
9.1
10.5
21.3
98.0
1.8
1.2
7.0
9.2
10.6
21.6
100.6
1.8
1.2
6.9
9.2
10.7
21.7
100.7
1.8
1.2
7.1
9.1
10.6
21.6
4.3
34.4
1.2
4.1
4.3
35.8
1.1
4.2
4.3
35.0
1.2
4.1
4.3
34.4
1.2
4.1
4.2
34.4
1.2
4.1
4.2
33.8
1.2
4.1
4.3
35.8
1.1
4.2
4.3
35.8
1.2
4.4
Nondurable goods industries..........................................
Food manufacturing...................................................
Beverage and tobacco product manufacturing........
Textile mills..................................................................
Textile product mills.....................................................
Apparel manufacturing...............................................
Leather and allied product manufacturing...............
Paper manufacturing..................................................
Printing and related support activities......................
Petroleum and coal product manufacturing.............
Chemical manufacturing.............................................
Plastics and rubber product manufacturing.............
29.2
5.5
1.6
1.1
0.9
1.5
0.2
1.5
1.1
3.3
10.1
2.2
28.5
5.6
1.6
1.1
0.9
1.6
0.2
1.5
1.1
3.4
9.2
2.2
29.2
5.5
1.5
1.2
0.9
1.7
0.2
1.6
1.2
3.3
9.8
2.2
29.2
5.5
1.6
1.1
0.9
1.5
0.2
1.5
1.1
3.3
10.1
2.2
29.0
5.6
1.5
1.1
0.9
1.5
0.2
1.5
1.2
3.3
9.7
2.3
28.9
5.6
1.5
1.1
0.9
1.5
0.2
1.5
1.2
3.2
9.8
2.2
28.5
5.6
1.6
1.1
0.9
1.6
0.2
1.5
1.1
3.4
9.2
2.2
28.4
5.6
1.6
1.1
0.9
1.6
0.1
1.4
1.1
3.4
9.2
2.2
Manufacturing industries.....................................................
164.6
165.9
163.5
164.6
165.0
165.1
165.9
164.7
Durable goods industries................................................
Wood product manufacturing....................................
Nonmetallic mineral product manufacturing............
Primary metal manufacturing....................................
Fabricated metal product manufacturing..................
Machinery manufacturing...........................................
Computer and electronic product manufacturing....
Electrical equipment, appliance, and component
manufacturing..........................................................
Transportation equipment manufacturing................
Furniture and related product manufacturing..........
Miscellaneous manufacturing....................................
81.4
3.2
4.6
6.8
9.8
12.0
16.8
82.1
3.2
4.7
7.0
9.8
12.3
16.8
81.2
3.2
4.6
6.9
9.8
11.9
17.1
81.4
3.2
4.6
6.8
9.8
12.0
16.8
81.7
3.2
4.6
6.8
9.8
12.1
16.8
82.0
3.3
4.6
7.0
9.8
12.1
16.9
82.1
3.2
4.7
7.0
9.8
12.3
16.8
81.9
3.2
4.7
7.0
9.8
12.3
16.6
4.1
15.9
2.3
7.6
3.9
15.9
2.4
7.8
4.1
15.6
2.2
7.5
4.1
15.9
2.3
7.6
4.1
16.0
2.3
7.6
4.0
15.9
2.3
7.7
3.9
15.9
2.4
7.8
3.9
16.0
2.4
7.8
Nondurable goods industries..........................................
Food manufacturing...................................................
Beverage and tobacco product manufacturing........
Textile mills..................................................................
Textile product mills.....................................................
Apparel manufacturing...............................................
Leather and allied product manufacturing...............
Paper manufacturing..................................................
Printing and related support activities......................
Petroleum and coal product manufacturing.............
Chemical manufacturing.............................................
Plastics and rubber product manufacturing.............
83.1
20.5
4.2
2.7
2.3
4.5
0.9
6.6
2.9
5.7
24.7
8.1
83.7
20.3
4.0
2.7
2.4
4.4
1.0
6.6
3.1
5.8
25.3
8.2
82.3
20.3
4.2
2.7
2.3
4.2
0.9
6.5
2.9
5.5
24.9
7.7
83.1
20.5
4.2
2.7
2.3
4.5
0.9
6.6
2.9
5.7
24.7
8.1
83.3
20.5
4.0
2.7
2.3
4.4
0.9
6.6
2.9
5.7
25.0
8.1
83.0
20.6
3.8
2.6
2.3
4.4
0.9
6.6
2.9
5.5
25.0
8.2
83.7
20.3
4.0
2.7
2.4
4.4
1.0
6.6
3.1
5.8
25.3
8.2
82.8
20.3
4.1
2.7
2.4
4.5
1.0
6.6
3.1
5.5
24.5
8.2
p
Materials and supplies
Work-in-process
Finished goods
“ Preliminary.
' Revised.
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
Chained (1996) dollar inventory series are calculated to ensure that the chained (1996) dollar change in inventories for 1996 equals the
current-dollar change in inventories for 1996 and that the average of the 1995 and 1996 end-of-year chain-weighted and fixed-weighted inven
tories are equal. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chaineddollar estimates are usually not additive.
13
April 2003
Income and Outlays of Households and of Nonprofit
Institutions Serving Households
By Charles Ian Mead, Clinton P. McCully, and Marshall B. Reinsdorf
sectors will therefore aid in comparisons of the United
States with other countries.
N the national income and product accounts
(NIPA’s), the personal sector comprises households
and nonprofit institutions serving households
(NPISH’s). Since households and NPISH’s are likely to
differ in their circumstances and behavior, separate es
timates of their income and outlays are of interest to
many users of the NIPA’s. As part of the comprehensive
revision of the NIPA’s scheduled for late 2003, BEA
plans to introduce two new annual tables—one that
provides separate estimates of the income and outlays
of the household component and of the NPISH com
ponent of the personal sector and another that recon
ciles the new estimates for NPISH’s to estimates in the
Internal Revenue Service’s (IRS) SOI Bulletin. The
other NIPA tables will continue to show estimates for
the personal sector, which consolidates households
and NPISH’s. This article provides background infor
mation on the new tables and presents some prelimi
nary estimates.
The new estimates will help to distinguish the sav
ing behavior of households and NPISH’s in analyses of
personal saving. They can also be used to answer ques
tions about the importance of the nonprofit sector in
the U.S. economy or in the provision of particular
kinds of services, such as health care and recreation.
The estimates of transactions between the household
sector and the nonprofit institution sector can help to
answer questions about the sources of revenue for
NPISH’s, including charitable giving, and about the
NPISH’s use of this revenue. Finally, the System of
National Accounts 1993, which specifies international
guidelines for preparing national accounts, places
households and NPISH’s in separate sectors.1
The separate estimates for the household and NPISH
An important criterion for classifying an organization
as an NPISH is tax-exempt status, but many kinds of
tax-exempt organizations do not qualify for treatment
as an NPISH in the NIPA’s. Some nonprofit institu
tions—such as chambers of commerce, trade associa
tions, and homeowners’ associations—are considered
to serve businesses rather than households. These non
profit institutions serving business are included in the
business sector in the NIPA’s. Some other nonprofit
institutions that sell goods and services in the same
way as for-profit businesses are also classified in the
business sector. For example, tax-exempt coopera
tives, credit unions, mutual financial institutions, and
tax-exempt manufacturers—such as university press
es—are treated as businesses.
The nonprofit institutions that are recognized as
NPISH’s provide services in one of the following five
categories:
1. Religious and welfare, including social services,
grant-making foundations, political organiza
tions, museums and libraries, and some civic
and fraternal organizations;
2. Medical care;
3. Education and research;
4. Recreation, including cultural, athletic, and
some civic and fraternal organizations; and
5. Personal business, including labor unions, legal
aid, and professional associations.
Almost all public charities are included in the first
three categories, but a few are in the last two categories.
1. See Commission of the European Communities, International Mone
tary Fund, Organisation for Economic Co-operation and Development,
United Nations, and the World Bank, System of National Accounts 1993
(Brussels/Luxembourg, New York, Paris, and Washington, DC, 1993).
The authors are indebted to Helen Stone Tice, an econo
mist whose work while she was at BEA provided much of
the conceptual groundwork for the research presented in
this paper.
I
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Definition of NPISH’s
Income and Outlays of Households and Nonprofit Institutions
14
Table 1. NAICS Industries with Nonprofit Activity in Personal
Consumption Expenditures, 1997
1997
NAICS
code
513
514
541
611
621
622
623
624
711
712
713
721
813
Description
Percent of private industry
output that comes from
NPISH’s
Broadcasting and telecommunications...................................
Information and data processing services..............................
Professional, scientific and technical services.......................
Education services....................................................................
Ambulatory health care services.............................................
Hospitals.....................................................................................
Nursing and residential care facilities.....................................
Social assistance.......................................................................
Performing arts, spectator sports, and related industries....
Museums, historical sites, and similar institutions................
Amusement, gambling, and recreation industries.................
Accommodations.......................................................................
Religious, grant-making, civic, professional, and similar
organizations'.......................................................................
0.4
1.9
1.9
83.1
11.1
85.0
38.0
64.4
8.8
89.0
11.1
0.5
89.9
1. Excludes business associations, which are nonprofit institutions serving business.
NAICS North American Industry Classification System
NPISH Nonprofit institutions serving households
Table 1 shows the industries in the North American In
dustrial Classification System (NAICS) that contain
NPISH’s. NPISH’s account for more than half of the
output in the following industries: Education; hospi
tals; social assistance; museums, historical sites, and
similar institutions; and religious, grant-making, civic,
professional, and similar organizations.
Measurement of output and income of NPISH’s
Most of the output of NPISH’s is considered to be pur
chased by persons, and the personal consumption ex
penditures (PCE) component of gross domestic
product (GDP) includes the value of this output. The
output of NPISH’s is valued at its cost of production,
an approach that distinguishes the treatment of
NPISH’s from the treatment of businesses in the
NIPA’s. Business output that is sold to customers is val
ued at the amount that they pay.
For businesses, sales generally exceed operating ex
penses, which include compensation of employees,
purchases of intermediate inputs, indirect business
taxes, and consumption of fixed capital (depreciation).
For NPISH’s, on the other hand, the relationship be
tween sales and expenses is often the reverse: receipts
from sales of program services are usually not expected
to cover operating expenses. Instead, most nonprofit
institutions rely on contributions, government grants,
or dividend and interest income to cover at least a por
tion of their operating expenses. Because revenues
from sales of services may be far below the cost of pro
ducing the services, sales are not a good measure of the
value of NPISH output. However, the expenses that
NPISH’s incur to produce their output are a meaning
ful measure of the value of this output.2
The treatment of the income that helps NPISH’s to
fund the gap between their expenses and their sales de
pends on its source and nature. Transfers that NPISH’s
2. See Paula Cullen Young, “Nonprofit Institutions in an Input-Output
Framework,” Voluntas 4 (February 1993): 465-485.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
receive from households—or make to them—are ex
cluded from personal income because they are intra
sector transfers in the consolidated accounts of
households and NPISH’s. On the other hand, transfers
that NPISH’s receive from business and government
are included in personal income, as is the property in
come that NPISH’s receive as rental income, dividends,
and interest.3
The primary data sources used for the NIPA’s do not
provide separate measures of the property income of
NPISH’s and the property income of households. In
the NIPA’s, personal income from dividends, interest,
and tenants’ rents are calculated as residuals on the ba
sis of accounting identities. Personal dividend income
is measured as dividends paid by domestic corpora
tions, plus dividends paid by foreign corporations to
U.S. residents, less dividends received by domestic cor
porations from U.S. and foreign businesses and by for
eign residents from U.S. businesses, less dividends
received by government. Personal interest income is
measured as interest paid by domestic business, gov
ernment, persons, and the rest of the world less interest
received by domestic business, government, and the
rest of the world. Personal rental income received from
tenant-occupied housing is measured by subtracting
an estimate of the amount received by business and
government from an estimate of total rental income
from tenant-occupied structures.4 Our estimates of the
share of personal income attributable to NPISH’s must
therefore depend on additional sources, such as data
from the SOI Bulletin.
Data sources
The primary sources of data used to estimate the ex
penditures of nonprofit institutions included in PCE
are the Census Bureau’s quinquennial economic census
and annual economic surveys that collect information
on the expenses of NPISH’s.5 In addition, a few kinds
of NPISH’s—such as labor organizations, political
organizations, religious organizations, and educa
tional organizations other than technical and trade
schools—are not covered in Census Bureau surveys.
Estimates of their expenses come from alternative data
3. Note that capital gains are not part of the income concept that the
NIPA’s measure. See Maria G. Perozek and Marshall B. Reinsdorf, “Alterna
tive Measures of Personal Saving,” Survey of Current Business 82 (April
2002): 13-24.
4. For additional information, see “Updated Summary Methodologies,”
Survey 82 (October 2002): 20-38. See also U.S. Bureau of Economic Analy
sis, State Personal Income, 1929-97 (Washington, DC U.S. Government
Printing Office, May 1999).
5. For a description of how these data are used to create the estimates, see
U.S. Bureau of Economic Analysis, Personal Consumption Expenditures,
Methodology paper no. 6 (Washington, DC: U.S. Government Printing
Office, June 1990), and “Updated Summary Methodologies,” 20-38. The
Census Bureau occasionally uses data from administrative sources, includ
ing the IRS, to fill in missing information about NPISH’s.
April 2003
sources, such as the National Center for Education Sta
tistics, the National Council of Churches, and the Bu
reau of Labor Statistics. Estimates of transfer payments
by households and nonprofit institutions to the rest of
the world (which are not part of PCE but are part of
personal outlays) are from the international transac
tions accounts.
Additional data sets that help to complete the new
estimates of the NPISH sector and to improve their ac
curacy have also recently become available. The Na
tional Center for Charitable Statistics at the Urban
Institute has produced data sets based on the informa
tion that tax-exempt institutions file with the IRS.
These data sets include information on the type of ser
vice that the nonprofit institution performs, which is
important for identifying the tax-exempt institutions
that belong in the NPISH sector. Further, the Ameri
can Association of Fundraising Council Trust for Phi
lanthropy produces estimates of transfers and bequests
from households to nonprofit institutions based on
surveys and tax data. Finally, at least two surveys of
charitable contributions to religious organizations
have been primarily sponsored by the Lilly Endow
ment, Inc., and conducted by the Independent Sec
tor—one in 1992 and a second in 1998.
Preliminary estimates of income and outlays
On average, from 1992 to 2001, over 50 percent of the
expenditures of nonprofit institutions were for the
provision of medical care, about 25 percent were for
religious and welfare activities, and almost 15 percent
were for the provision of education (chart 1). These
shares vary only slightly over the years.
Table 2 provides preliminary estimates of the in
come and outlays of NPISH’s and households from
1992 to 2001. These estimates do not reflect additional
data that will be available in the upcoming compre
hensive revision of the NIPA’s. For comparison, the
first panel of table 1 (lines 1-16) reproduces the in
come and outlays of the personal sector published in
NIPA table 2.1. Corresponding items for the house
hold portion of the personal sector appear in the sec
ond panel (lines 17-37), and estimates for NPISH’s
appear in the third panel.
Receipts from sales of program services (line 45)
generally cover more than three-fourths of the ex
penses of nonprofit institutions (line 49), but this ratio
declined slightly in 1998-2001. Medical care providers
whose fees cover much of their costs are an important
reason for the high expense-coverage ratio.
In table 2, the sum of household income (line 17)
and the receipts of NPISH’s (line 38) is larger than per
sonal income (line 1) because one item in household
income—transfers from NPISH’s—and two items in
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
15
Survey of Current Business
the receipts of NPISH’s—transfers from households
and sales by NPISH’s of program services—are re
moved when households and NPISH’s are consoli
dated into a single sector.6 The sum of household
saving and NPISH saving does, however, equal per
sonal saving. The transfers between households and
NPISH’s have no effect on the combined saving of
these two sectors, because they count both as income
and as outlays. The sales to households by NPISH’s
have no effect on the combined saving of these sectors,
because they add the same amount to NPISH saving as
they subtract from household saving.7
The preliminary estimates in table 2 suggest that
households alone are responsible for the decline in
personal saving from 1992 to 1998 but that NPISH’s
play an important role in the decline thereafter. From
1998 to 2001, NPISH saving dropped by more than
$15 billion as the gap between the expenses and the
sales of nonprofit institutions grew from $125.4 billion
to $166.9 billion.8 The use of capital gains to help fund
6. The household portion of personal income consists of transfers from
government or business, wages and salaries, benefits, proprietors’ income,
rental income, interest, and dividends. Pension plan reserves and life insur
ance reserves are considered to be owned by persons.
7. Sales to business and government by NPISH’s are excluded from their
receipts and subtracted from their expenses in table 2 because these sales
are not included in PCE.
8. Under the assumption of no change in investment in tangible assets,
table F.lOOa in the Federal Reserve Board’s flow of funds accounts also
implies an abrupt drop in saving by nonprofit institutions. It shows that net
investment in financial assets less liabilities by nonprofit institutions fell
from $48-$86 billion in 1994-96 to less than $10 billion in 1997-99. Unlike
the NPISH sector in the NIPA’s, the nonprofit sector covered by table F. 100a
includes nonprofit institutions serving business and excludes religious
institutions.
Chart 1. Average Shares of Expenditures of
Nonprofit Institutions Serving Households
by Function, 1992-2001
Personal business
Recreation
(3.2%)
U.S. Bureau of Economic Analysis
16
Income and Outlays of Households and Nonprofit Institutions
April 2003
because it excludes the large amounts that NPISH’s re
ceive from households as transfers or as payments for
services. Measured by the operating expenses on line
49, services of NPISH’s constitute nearly 10 percent of
PCE. In addition, some nonprofit institutions have
sales from secondary activities (such as a restaurant
operated by a golf club or by a hospital) and sales to
business and government. These sales, which generally
operations probably played a role in the decline in sav
ing.
A comparison of line 58 to line 1 in table 2 shows
that less than 1 percent of personal income is received
by NPISH’s from business, government, or the rest of
the world. However, the income received by NPISH’s
that is included in personal income is not a meaningful
indicator of their importance in the personal sector,
Table 2. Preliminary Estimates of Personal Income and Its Disposition by Type, 1992-2001
[Billions of dollars]
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
5,390.4
2,982.6
449.5
5,610.0
3,085.2
482.8
5,888.0
3,236.7
507.5
6,200.9
3,424.7
497.0
6,547.4
3,626.5
490.0
6,937.0
3,888.9
475.4
7,426.0
4,192.8
490.6
7,786.5
4,470.4
510.2
8,406.6
4,836.3
544.2
8,685.3
4,950.6
570.4
434.3
63.3
185.3
750.1
751.7
226.6
635.8
4,754.6
461.8
90.9
203.0
725.5
798.6
237.8
674.6
4,935.3
476.6
110.3
234.7
742.4
833.9
254.1
722.6
5,165.4
497.7
117.9
254.0
792.5
885.9
268.8
778.3
5,422.6
544.7
129.7
297.4
810.6
928.8
280.4
869.7
5,677.7
581.2
128.3
334.9
864.0
962.2
297.9
968.8
5,968.2
623.8
138.6
348.3
964.4
983.7
316.3
1,070.4
6,355.6
678.4
149.1
328.0
969.2
1,018.5
337.4
1,159.1
6,627.4
714.8
146.6
375.7
1,077.0
1,070.3
358.4
1,286.4
7,120.2
727.9
137.9
409.2
1,091.3
1,170.4
372.3
1,292.1
7,393.2
Less: Personal outlays.................................................................................................
Personal consumption expenditures......................................................................
Interest paid by persons...........................................................................................
Personal transfer payments to the rest of the world (net)....................................
Equals: Personal saving...............................................................................................
4,340.9
4,209.7
118.7
12.5
413.7
4,584.5
4,454.7
115.4
14.4
350.8
4,849.9
4,716.4
117.9
15.6
315.5
5,120.2
4,969.0
134.7
16.5
302.4
5,405.6
5,237.5
149.9
18.2
272.1
5,715.3
5,529.3
164.8
21.2
252.9
6,054.1
5,856.0
173.7
24.3
301.5
6,453.3
6,246.5
179.5
27.3
174.0
6,918.6
6,683.7
205.4
29.5
201.5
7,223.5
6,987.0
205.4
31.1
169.7
5,364.0
2,982.6
449.5
5,579.3
3,085.2
482.8
5,851.5
3,236.7
507.5
6,161.1
3,424.7
497.0
6,505.0
3,626.5
490.0
6,892.1
3,888.9
475.4
7,384.8
4,192.8
490.6
7,746.6
4,470.4
510.2
8,370.1
4,836.3
544.2
8,647.2
4,950.6
570.4
21
22
23
24
25
26
27
28
29
Household Income........................................................................................................
Wage and salary disbursements.............................................................................
Other labor income...................................................................................................
Proprietors’ income with inventory valuation and capital consumption
adjustments...........................................................................................................
Rental income of households with capital consumption adjustment..................
Household dividend income....................................................................................
Household interest income.......................................................................................
Transfer payments to households............................................................................
From business and government.........................................................................
From nonprofit institutions1.................................................................................
Less: Household contributions for social insurance.............................................
Less: Household tax and nontax payments..............................................................
Equals: Disposable household income......................................................................
434.3
62.1
175.0
729.5
757.6
737.4
20.2
226.6
635.6
4,728.4
461.8
89.5
191.5
706.0
800.3
782.8
17.5
237.8
674.4
4,904.9
476.6
108.8
222.3
721.1
832.6
816.7
15.9
254.1
722.4
5,129.1
497.7
116.2
239.3
768.2
886.8
866.9
19.9
268.8
778.1
5,383.0
544.7
127.9
281.2
785.3
929.8
909.6
20.2
280.4
869.4
5,635.6
581.2
126.3
320.0
834.2
964.0
942.8
21.2
297.9
968.3
5,923.8
623.8
136.5
334.2
936.7
986.5
963.4
23.1
316.3
1,069.9
6,314.9
678.4
147.2
316.0
940.5
1,021.3
996.9
24.4
337.4
1,158.5
6,588.1
714.8
144.8
365.7
1,049.5
1,073.2
1,046.9
26.3
358.4
1,285.8
7,084.3
727.9
136.2
398.3
1,063.4
1,172.6
1,144.5
28.1
372.3
1,291.5
7,355.7
30
31
32
33
34
35
36
37
Less: Household outlays..............................................................................................
Household consumption expenditures...................................................................
From business and government.........................................................................
From nonprofit institutions...................................................................................
Interest paid by households....................................................................................
Household transfer payments to the rest of the world (net).................................
Household transfer payments to nonprofit institutions2......................................
Equals: Household saving............................................................................................
4,344.1
4,116.8
3,803.1
313.7
118.7
10.0
98.7
384.3
4,587.5
4,359.8
4,023.7
336.1
115.4
11.4
100.9
317.4
4,847.7
4,612.5
4,262.0
350.5
117.9
12.4
104.9
281.4
5,115.3
4,860.7
4,494.9
365.8
134.7
13.1
106.7
267.7
5,406.5
5,119.8
4,739.8
380.0
149.9
14.3
122.5
229.1
5,729.3
5,416.3
5,012.2
404.1
164.8
16.4
131.7
194.5
6,072.0
5,730.6
5,306.5
424.1
173.7
18.1
149.6
242.9
6,471.6
6,110.6
5,666.5
444.1
179.5
20.1
161.4
116.5
6,929.9
6,529.5
6,061.4
468.1
205.4
22.2
172.7
154.4
7,226.8
6,820.1
6,321.2
498.9
205.4
23.5
177.8
128.9
38
39
40
41
42
43
44
45
46
47
Nonprofit institution current receipts............................................................................
Rental income of nonprofit institutions with capital consumption adjustment...
Nonprofit institution dividend income.....................................................................
Nonprofit institution interest income.......................................................................
Transfer payments to nonprofit institutions............................................................
From business and government.........................................................................
From households2...............................................................................................
Receipts from sales of goods and services by nonprofit institutions3................
Less: Nonprofit institution tax and nontax payments................................................
Equals: Net current receipts of nonprofit institutions................................................
458.7
1.2
10.3
20.6
113.0
14.3
98.7
313.7
0.2
458.5
485.2
1.4
11.5
19.5
116.7
15.8
100.9
336.1
0.2
485.0
507.8
1.5
12.4
21.3
122.1
17.2
104.9
350.5
0.2
507.6
532.3
1.7
14.7
24.3
125.7
19.0
106.7
365.8
0.2
532.1
565.0
1.8
16.2
25.3
141.7
19.2
122.5
380.0
0.3
564.7
602.0
2.0
14.9
29.8
151.1
19.4
131.7
404.1
0.5
601.5
637.9
2.1
14.1
27.7
169.9
20.3
149.6
424.1
0.5
637.4
669.8
1.9
12.0
28.7
183.0
21.6
161.4
444.1
0.6
669.2
703.6
1.8
10.0
27.5
196.1
23.4
172.7
468.1
0.6
703.0
743.0
1.7
10.9
27.9
203.7
25.9
177.8
498.9
0.6
742.4
48
49
50
51
52
53
54
55
56
57
Less: Nonprofit institution outlays................................................................................
Nonprofit institution consumption expenditures4.................................................
Medical care..........................................................................................................
Recreation.............................................................................................................
Education and religion..........................................................................................
Religious and welfare activities..........................................................................
Personal business 5.............................................................................................
Nonprofit institution transfer payments to the rest of the world (net).................
Nonprofit institution transfer payments to households (gross)1.........................
Equals: Nonprofit institution saving.............................................................................
429.3
406.6
228.6
13.0
57.2
95.5
12.2
2.5
20.2
29.2
451.5
431.0
244.9
14.1
60.6
98.9
12.6
3.0
17.5
33.5
473.5
454.4
255.4
15.2
63.7
107.0
13.0
3.2
15.9
34.1
497.4
474.1
264.8
16.0
67.5
112.3
13.6
3.4
19.9
34.7
521.8
497.7
275.1
16.2
71.3
120.9
14.2
3.9
20.2
42.9
543.1
517.1
287.8
16.9
74.7
122.7
14.9
4.8
21.2
58.4
578.8
549.5
302.6
17.3
78.9
135.0
15.9
6.2
23.1
58.6
611.6
580.0
318.4
18.3
84.6
141.8
16.9
7.2
24.4
57.5
655.9
622.3
335.4
19.9
89.7
159.2
18.1
7.3
26.3
47.1
701.5
665.8
362.1
20.7
95.0
168.7
19.2
7.6
28.1
40.9
58
59
60
61
62
63
Addenda:
Portion of NPISH revenue included in personal income6.......................................
Gap between NPISH’s expenses and sales..............................................................
Transfers between nonprofit institutions7...................................................................
Personal saving as a percentage of disposable personal income..........................
Household saving as a percentage of disposable household income....................
NPISH saving as a percentage of disposable income of NPISH’s.........................
46.4
92.9
27.0
8.7
8.1
6.4
48.2
94.9
25.2
7.1
6.5
6.9
52.4
103.9
29.7
6.1
5.5
6.7
59.7
108.3
28.0
5.6
5.0
6.5
62.5
117.8
31.0
4.8
4.1
7.6
66.1
113.0
33.1
4.2
3.3
9.7
64.2
125.4
40.1
4.7
3.8
9.2
64.2
135.9
43.6
2.6
1.8
8.6
62.7
154.2
41.3
2.8
2.2
6.7
66.3
166.9
38.5
2.3
1.8
5.5
Line
1
2
3
4
5
6
7
8
9
10
11
Personal income............................................................................................................
Wage and salary disbursements.............................................................................
Other labor income....................................................................................................
Proprietors’ income with inventory valuation and capital consumption
adjustments...........................................................................................................
Rental income of persons with capital consumption adjustment........................
Personal dividend income........................................................................................
Personal interest income..........................................................................................
Transfer payments to persons.................................................................................
Less: Personal contributions for social insurance................................................
Less: Personal tax and nontax payments...................................................................
Equals: Disposable personal income.........................................................................
12
13
14
15
16
17
18
19
20
1. Includes grants and allocations, specific assistance to individuals, and benefits paid to members made by nonprofit
institutions, along with grants and allocations made by private foundations that directly support households.
2. Includes individual contributions and bequests from households.
3. Excludes unrelated sales, secondary sales, and sales to other sectors.
4. Expenditures are net of unrelated sales, secondary sales, and sales to other sectors.
5. Includes legal services, labor unions, professional association expenses, and club and fraternal housing.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6. Consists of the sum of nonprofit rental income, dividend income, interest income, transfer payments from business,
and transfer payments from government.
7. Includes grants and allocations made by nonprofit institutions and private foundations that indirectly support households through the support of other nonprofit institutions, along with their payments to affiliates.
NPISH Nonprofit institutions serving households
April 2003
total less than 1 percent of PCE, are shown in the busi
ness sector or in the government sector rather than in
the NPISH sector, but they are part of the total output
produced within institutions classified as NPISH’s. In
addition, NPISH’s gross transfers to households gener
ally account for 0.3 to 0.4 percent of PCE.
Comparison with IRS estimates
Table 3 compares receipts and expenses of tax-exempt
organizations published by the Statistics of Income Di
vision of the IRS in various issues of the SOI Bulletin
with BEA’s preliminary estimates of the receipts and
outlays of NPISH’s.9 Despite the differences in data
sources and the estimation of portions of NPISH in
come as residuals, the unexplained discrepancies be
tween the SOI estimates and the NIPA estimates are
relatively small. After adjustment for differences in ac
counting concepts and in scope of coverage, the unex
plained discrepancies between BEA’s estimates of
NPISH income and comparable figures based on SOI
data range from -3 percent to 5 percent of BEA’s esti
mates. For outlays, the unexplained discrepancies
range from 3 percent to 9 percent of BEA’s estimates.
The top half of table 3 shows a set of adjustments
that accounts for conceptual differences between the
SOI estimates of the receipts of nonprofit institutions
and BEA’s estimates. The residual discrepancy that re
mains after these adjustments (line 14) is attributable
to statistical causes, such as differences in samples or in
responses provided to the IRS and the Census Bu
reau.10 The bottom half of the table shows a similar set
of adjustments to the expenditures of nonprofit insti
tutions and the unexplained discrepancy that remains
after those adjustments (line 28). The largest down
ward adjustments to the SOI estimates are for hospitals
and schools that are treated as part of government in
the NIPA’s and for “out-of-scope activity,” such as ac
tivities of nonprofit institutions serving business, ac
tivities treated as businesses, and sales by NPISH’s to
business or government. The largest upward adjust
ment to the SOI Bulletin estimates is for omitted reli
gious organizations; it generally raised these estimates
by about 4 percent.
mation on NPISH’s is planned for the 2003 compre
hensive revision of the NIPA’s. The first table will show
expenditures, income, and saving separately for
NPISH’s and households, which together make up the
personal sector in the current NIPA tables. The second
table will reconcile BEA’s estimates of the expenditures
and receipts of NPISH’s with IRS statistics on tax-ex
empt organizations from the SOI Bulletin. The esti
mates in these tables will update the estimates
presented in tables 2 and 3 to incorporate the addi
tional and revised source data that will be used in the
comprehensive revision of the NIPA’s.
Preliminary estimates for 1992-2001 suggest two
distinct phases in the decline in the personal saving
rate, which expresses personal saving as a percent of
disposable personal income. The decline in the per
sonal saving rate from 8.7 percent in 1992 to 4.7 per
cent in 1998 was entirely due to the saving behavior of
households; saving by NPISH’s was stable. In contrast,
from 1998 to 2001, declines in saving by NPISH’s con
tributed to the further decline in the personal saving
rate to a postwar annual low of 2.3 percent in 2001.
Table 3. Preliminary Comparison of Receipts and Expenses of Nonprofit
Institutions Serving Households, 1992-98
[Billions of dollars]
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
Conclusion
23
The introduction of two new tables that provide infor-
24
25
26
27
28
9. For related comparisons of adjusted gross income from the SOI Bulle
tin and personal income from the NIPA’s, see Thae S. Park, “Comparison of
BEA Estimates of Personal Income and IRS Estimates of Adjusted Gross
Income,” Survey 82 (November 2002): 13-20.
10. Some statistical differences may arise from the adjustments for the
coverage of hospitals, religious organizations, and schools. Whereas most of
adjustment items in table 3 are calculated from SOI microdata, the adjust
ments for these industries are calculated as the difference between the BEA
and the SOI industry estimates.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
17
Survey of Current Business
1992
Receipts of nonprofit institutions recorded by the
IRS and reported in the SOI Bulletin1.............
Less: Portion of nonprofit receipts recorded by
the IRS not included in receipts of NPISH’s
Adjustment for different accounting
concepts2...................................................
Adjustment for different accounting periods
Nonresident institutions.................................
Government hospitals and schools3...........
Out-of-scope activity4...................................
Transfer payments from other nonprofit
institutions5.................................................
Plus: Portion of NPISH receipts not included
in IRS nonprofit receipts................................
Religious organizations3..............................
Other organizations.......................................
Equals: IRS-derived nonprofit receipts................
BEA-derived nonprofit receipts.............................
Nonprofit receipts gap............................................
IRS nonprofit expenditures (reported)1...............
Less: Portion of IRS nonprofit expenditures
(reported) not included in nonprofit outlays
Adjustment for different accounting periods
Nonresident institutions.................................
Government hospitals and schools3...........
Out-of-scope activity4...................................
Transfer payments from other nonprofit
institutions5................................................
Plus: Portion of nonprofit outlays not included
in IRS nonprofit expenditures (reported)....
Adjustment for different accounting
concepts6...................................................
Religious organizations3...............................
Other organizations.......................................
Equals: IRS-derived nonprofit outlays.................
BEA-derived nonprofit outlays..............................
Nonprofit outlay gap...............................................
1993
1994
1995
1996
1997
1998
682.1
728.1
764.5
849.1
919.5
987.3
997.1
265.6
258.0
279.1
324.6
360.9
410.0
369.4
18.3
8.3
10.8
85.4
115.8
22.2
4.3
10.3
82.1
113.9
20.1
4.9
12.6
88.6
123.2
36.8
1.7
12.6
91.3
154.2
60.0
10.1
11.4
89.6
158.8
80.8
9.8
11.4
99.4
175.5
60.7
7.8
9.9
107.3
143.6
27.0
25.2
29.7
28.0
31.0
33.1
40.1
27.5
25.4
2.1
444.0
458.7
-14.7
28.4
26.1
2.3
498.5
485.2
13.3
31.4
28.9
2.5
516.8
507.8
9.0
31.6
28.9
2.7
556.1
532.3
23.8
33.6
30.9
2.7
592.2
565.0
27.2
32.4
29.5
2.9
609.7
602.0
7.7
34.3
31.2
3.1
662.0
637.9
24.1
633.6
673.6
700.8
764.2
811.3
862.0
882.7
222.8
7.3
9.9
64.7
113.9
220.3
4.0
10.0
72.4
108.7
244.3
4.4
12.2
78.2
119.8
268.1
1.6
11.5
83.8
143.2
282.1
6.8
10.6
79.6
154.1
306.2
2.8
10.6
84.4
175.3
288.6
8.6
9.3
96.1
134.5
27.0
25.2
29.7
28.0
31.0
33.1
40.1
31.2
32.5
35.8
36.7
38.9
36.7
38.7
3.9
25.6
1.7
442.0
429.3
12.7
4.0
26.6
1.9
485.9
451.5
34.3
4.3
29.5
2.0
492.3
473.5
18.8
4.7
29.8
2.2
532.8
497.4
35.4
4.4
32.3
2.2
568.1
521.8
46.3
3.4
31.0
2.3
592.5
543.1
49.4
3.2
32.9
2.6
632.8
578.8
54.0
1. The figure for 1996 includes an adjustment that has been made to account for the lack of SOI statistics for some
classes of tax-exempt institutions for this year.
2. Reflects removal of the gains from the sales of assets.
3. Reflects adjustment for partial coverage in one of the data sources.
4. Includes activities of nonprofit institutions serving business, activities of NPISH's treated as businesses, and
secondary sales to business and government.
5. Includes grants and allocations made by nonprofit institutions and private foundations that indirectly support house
holds through the support of other nonprofit institutions, along with their payments to affiliates.
6. Reflects addition of capital consumption adjustments.
NPISH Nonprofit institutions serving households
18
April 2003
U.S. International Transactions Accounts, Fourth Quarter
and Year 2002
By Christopher L. Bach
Fourth Quarter
owned assets abroad shifted to an outflow from an in
HE U.S. current-account deficit—the combined flow.
The statistical discrepancy—errors and omissions in
balances on trade in goods and services, income,
recorded transactions—was a negative $7.4 billion in
and net unilateral current transfers—increased to
$136.9 billion (preliminary) in the fourth quarter of the fourth quarter, compared with a negative $43.4 bil
2002 from $126.3 billion (revised) in the third quarter lion in the third.
The following are highlights for the fourth quarter
(table A).1 An increase in the deficit on goods ac
counted for most of the increase, though a decrease in of 2002:
the surplus on services and an increase in net outflows
• Goods exports fell while good imports increased,
leading to a moderate increase in the goods deficit
for unilateral current transfers also contributed.
after little change in the third quarter.
In the financial account, net recorded financial
• Income receipts fell less than income payments,
inflows—net acquisitions by foreign residents of assets
leading to a moderately smaller deficit on income.
in the United States less net acquisitions by U.S. resi
• Transactions in foreign securities shifted to net U.S.
dents of assets abroad—were $144.1 billion in the
fourth quarter, down from $169.6 billion in the third.
purchases from net sales. Inflows into U.S. securities
other than U.S. Treasury securities were somewhat
Financial inflows for foreign-owned assets in the
higher than in the third quarter.
United States increased, while transactions for U.S.• U.S. claims reported by U.S. banks were reduced
further, but the reduction was not as large as in
1. Quarterly estimates of U.S. current- and financial-account components
the third quarter. U.S. liabilities reported by U.S.
are seasonally adjusted when series demonstrate statistically significant pat
banks were up sharply, reflecting strong needs for
terns. The accompanying tables present both adjusted and unadjusted esti
mates.
liquidity.
T
Table A. Summary of U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
Lines in tables 1 and 10 in which transactions
are included are indicated in ()
(Credits +; debits -)
Line
2001
2002’
Change:
2001-2002
2001
2002
III
II
I
1'
IV
II'
III'
IV’
Change:
2002
lll-IV
Current account
1
2
3
4
Exports of goods and services and income receipts (1)..................
Goods, balance of payments basis (3)...........................................
Services (4)........................................................................................
Income receipts (12).........................................................................
1,281,793
718,762
279,260
283,771
1,216,504
682,586
289,278
244,640
-65,289
-36,176
10,018
-39,131
349,040
193,284
72,720
83,036
331,612
184,846
71,920
74,846
309,477
173,274
69,051
67,152
291,667
167,358
65,572
58,737
291,005
164,372
68,587
58,046
304,923
172,150
72,101
60,672
312,392
175,372
73,545
63,475
308,183
170,692
75,048
62,443
-4,209
-4,680
1,503
-1,032
5
6
7
8
Imports of goods and services and income payments (18).............
Goods, balance of payments basis (20).........................................
Services (21)......................................................................................
Income payments (29)......................................................................
-1,625,701
-1,145,927
-210,385
-269,389
-1,663,908
-1,166,939
-240,467
-256,502
-38,207
-21,012
-30,082
12,887
-445,154
-306,316
-56,848
-81,990
-418,930
-292,565
-57,525
-68,840
-388,448
-279,025
-43,078
-66,345
-373,174
-268,021
-52,937
-52,216
-387,616
-270,975
-57,613
-59,028
-419,693
-294,795
-58,902
-65,996
-425,656
-298,225
-60,949
-66,482
-430,949
-302,944
-63,009
-64,996
-5,293
-4,719
-2,060
1,486
9
Unilateral current transfers, net (35)....................................................
-49,463
-56,023
-6,560
-11,608
-11,916
-12,360
-13,579
-15,931
-12,927
-13,073
-14,088
-1,015
826
708
-118
208
207
206
205
208
200
156
144
-12
Capital account
10
Capital account transactions, net (39)................................................
Financial account
11
12
13
14
15
16
17
18
19
20
U.S.-owned assets abroad, net (increase/financial outflow (-)) (40)
U.S. official reserve assets, net (41)...............................................
U.S. Government assets, other than official reserve assets, net
(46)..................................................................................................
U.S. private assets, net (50)............................................................
-370,962
-4,911
-156,169
-3,681
214,793
1,230
-215,815
190
-80,036
-1,343
24,978
-3,559
-100,088
-199
-26,184
390
-131,345
-1,843
40,271
-1,416
-38,915
-812
-79,186
604
-486
-365,565
379
-152,867
865
212,698
77
-216,082
-783
-77,910
77
28,460
143
-100,032
133
-26,707
42
-129,544
-27
41,714
231
-38,334
258
-80,048
Foreign-owned assets in the United States, net (increase/financial
inflow (+)) (55)....................................................................................
Foreign official assets in the United States, net (56)....................
Other foreign assets in the United States, net (63)......................
752,806
5,224
747,582
630,364
96,630
533,734
-122,442
91,406
-213,848
302,510
4,087
298,423
181,610
-20,831
202,441
17,889
16,882
1,007
250,797
5,086
245,711
113,600
7,641
105,959
204,411
47,252
157,159
129,320
9,534
119,786
183,030
32,203
150,827
53,710
22,669
31,041
Statistical discrepancy (sum of above items with sign reversed)
(70)......................................................................................................
10,701
28,524
17,823
20,819
-2,547
48,258
-55,828
24,918
54,431
-43,410
-7,405
36,005
Memoranda:
Balance on current account (76).........................................................
Net financial flows (40 and 55).............................................................
-393,371
381,844
-503,427
474,195
-110,056
92,351
-107,722
86,695
-99,234
101,574
-91,331
42,867
-95,086
150,709
-112,542
87,416
-127,697
73,066
-126,337
169,591
-136,854
144,115
-10,517
-25,476
'Revised.
Preliminary.
Digitized for’ FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
19
Survey of Current Business
U.S. dollar in exchange markets
The dollar was unchanged against major currencies in
the fourth quarter on a nominal, trade-weighted quar
terly average basis against a group of seven major cur
rencies that are widely traded in international markets
(table B, chart 1). The dollar depreciated 2 percent
against the euro and appreciated 3 percent against the
yen. The U.S. Federal Reserve Board, concerned about
the lack of expansion in the economy, lowered the tar
get federal funds rate 50 basis points. The European
Central Bank, also concerned about weak growth pros
pects, lowered its minimum financing rate 50 basis
points.
Chart 1. Nominal Indexes of Foreign Currency Price
of the U.S. Dollar
Current Account
Goods and services
The deficit on goods and services increased to $120.2
billion in the fourth quarter from $110.3 billion in the
third. The deficit on goods increased $9.4 billion, and
the surplus on services decreased $0.6 billion.
Goods
The deficit on goods increased to $132.3 billion in the
fourth quarter from $122.9 billion in the third, as ex
ports decreased and imports increased (table A).
Exports. Goods exports decreased $4.7 billion, or 3
percent, in the fourth quarter; real exports increased 3
percent, and export prices were unchanged.2 Most of
the decrease was in capital goods, which decreased $4.1
2. Quantity (real) estimates are calculated using a chain-type Fisher for
mula with annual weights for all years and quarterly weights for all quar
ters. Real estimates are expressed as chained (1996) dollars. Price indexes
(1996=100) are also calculated using a chain-type Fisher formula.
Note.-See table B for definitions of the indexes. Monthly average rates.
Data: Federal Reserve Board. Indexes rebased by BEA.
U.S. Bureau of Economic Analysis
billion; civilian aircraft and parts accounted for $2.1
billion of the decrease, and semiconductors accounted
for $1.5 billion. Automotive products decreased $1.3
billion; exports to Canada fell, following three quarters
of growth. Partly offsetting these decreases, nonagricultural industrial supplies and materials increased
$0.5 billion, mainly in petroleum and in chemicals.
Table B. Indexes of Foreign Currency Price of the U.S. Dollar
[January 1999=100]
2001
IV'
Nominal:1
Broad2...................................................
Major currencies3............................
Other important trading partners4
Real: ’.........................................................
Broad2...................................................
Major currencies3............................
Other important trading partners4
Selected currencies: (nominal)5
Canada ..................................................
European currencies:...........................
Euro area6........................................
United Kingdom................................
Switzerland.......................................
Japan .....................................................
Mexico....................................................
Brazil......................................................
2002
2001
2002
I'
II'
III'
IV
Dec.'
Jan.'
Feb.'
Mar.'
April'
May'
June'
July'
Aug.'
Sept.'
Oct.
Nov.
Dec.
110.4
114.8
106.0
112.3
117.7
106.8
110.5
113.3
108.0
109.0
108.7
109.9
109.9
108.7
112.0
110.6
115.7
105.4
112.1
117.5
106.4
112.8
118.3
107.0
112.1
117.2
106.9
111.8
116.4
107.2
110.5
113.2
107.9
109.3
110.3
108.8
107.9
107.6
108.7
109.1
109.1
109.7
110.0
109.4
111.2
110.8
110.0
112.5
109.7
108.5
111.8
109.2
107.5
111.8
111.7
118.3
104.1
113.4
121.3
104.3
111.9
116.9
106.0
110.2
112.2
107.8
110.6
112.1
108.8
111.7
118.9
103.3
113.1
120.9
104.1
113.6
122.0
104.2
113.4
120.9
104.7
113.3
120.2
105.3
111.8
116.7
106.0
110.6
113.7
106.8
109.1
111.0
106.7
110.4
112.6
107.7
111.2
113.0
108.9
111.9
113.6
109.8
110.4
112.0
108.5
109.6
110.7
108.1
104.0
105.0
102.3
102.9
103.3
103.9
105.3
105.1
104.5
104.1
102.0
100.8
101.7
103.3
103.7
103.9
103.4
102.6
129.6
114.4
118.9
109.3
91.2
168.7
132.2
115.7
121.3
116.9
90.0
157.6
126.1
112.8
115.1
111.9
93.6
165.6
117.8
106.5
107.4
105.3
97.7
207.3
115.9
105.4
105.8
108.1
100.5
242.9
130.1
114.5
119.6
112.6
90.4
156.3
131.2
115.2
120.6
117.1
90.5
157.4
133.1
116.0
122.5
118.0
89.9
160.3
132.2
115.9
120.8
115.7
89.5
155.1
130.8
114.3
119.4
115.4
90.5
153.6
126.4
113.0
114.7
111.6
93.9
163.7
121.2
111.2
111.1
108.8
96.4
179.5
116.7
106.0
106.2
104.1
96.6
194.5
118.5
107.4
108.1
105.0
97.1
205.6
118.2
106.0
107.8
106.9
99.4
221.9
118.1
105.9
107.8
109.4
99.7
251.1
115.8
106.4
105.8
107.3
100.7
237.6
113.7
104.0
103.9
107.6
101.0
239.9
’ Revised.
1. For more information on the nominal and real indexes of the foreign exchange value of the U.S. dollar, see
Federal Reserve Bulletin, vol. 84 (October 1998): 811-18.
2. Weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group
of U.S. trading partners, including the currencies of the euro-area countries, Australia, Canada, Japan,
Sweden, Switzerland, United Kingdom, Argentina, Brazil, Chile, Colombia, Mexico, Venezuela, China, Hong
Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Israel, Saudi Arabia,
and Russia. Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by BEA.
3. Weighted average of the foreign exchange value of the U.S. dollar against broad-index currencies that
circulate widely outside the country of issue, including the currencies of the euro-area countries, Australia,
Canada, Japan, Sweden, Switzerland, and the United Kingdom. The weight for each currency is its broad-index
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
weight divided by the sum of the broad-index weights for all of the currencies included in the major currency
index. Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by BEA.
4. Weighted average of the foreign exchange value of the U.S. dollar against broad-index currencies that do
not circulate widely outside the country of issue, including the currencies of Argentina, Brazil, Chile, Colombia,
Mexico, Venezuela, China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan,
Thailand, Israel, Saudi Arabia, and Russia. The weight for each currency is its broad-index weight divided by
the sum of the broad-index weights for all of the currencies included in the other important trading partners
index. Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by BEA.
5. Data: Federal Reserve Board. Monthly and quarterly average rates. Indexes prepared by BEA.
6. The euro area includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
Netherlands, Portugal, and Spain.
U.S. International Transactions
20
Agricultural products increased $0.5 billion as a result
of higher shipments of soybeans, wheat, and cotton.
Imports. Goods imports increased $4.7 billion, or 2
percent, in the fourth quarter; real imports and import
prices both increased 1 percent. Consumer goods in
creased $1.9 billion, spurred in part by continued
strength in U.S. consumer spending. Nonpetroleum
industrial supplies and materials increased $1.1 billion:
Iron and steel products, chemicals, and building mate
rials all increased. Foods, feeds, and beverages in
creased $0.4 billion. Capital goods changed little
overall; within capital goods, most categories de
creased, especially semiconductors and electric gener
ating equipment, but civilian aircraft increased $1.2
billion. Petroleum and petroleum products increased
$1.9 billion. The average^ number of barrels imported
daily increased to 12.59 million from 11.88 million.
The increase was more than accounted for by deliveries
from Western Europe, Canada, and Saudi Arabia,
which rose 22 percent, 14 percent, and 15 percent, re
spectively. In contrast, deliveries from Venezuela,
where the petroleum industry was shut down by a 64day strike that began December 2nd, decreased 16 per
cent. The average price per barrel increased slightly to
$25.73 from $25.52.
Balances by area. The goods deficit increased $9.4
billion in the fourth quarter, to a record high of $132.3
April 2003
billion, after an increase of $0.2 billion in the third
quarter.3 The deficit with Japan increased $3.9
billion, reflecting higher imports, mostly of passenger
cars, and lower exports, mostly of civilian aircraft. The
deficit with Western Europe increased $2.8 billion; an
increase in imports, largely passenger cars and phar
maceutical products, outpaced an increase in exports,
largely agricultural products. The deficit with Canada
increased $1.1 billion, reflecting higher imports of en
ergy products and lower exports of passenger cars.
The deficits with Latin America, with Asia, excluding
Japan, and with OPEC changed relatively little.
Services
The surplus on services decreased to $12.0 billion in
the fourth quarter from $12.6 billion in the third (table
A).
Travel receipts increased to $18.6 billion from $17.4
3. Seasonally adjusted estimates for exports for areas and countries are
derived by applying seasonal factors for total U.S. agricultural and nonagricultural exports to the unadjusted agricultural and nonagricultural exports
for areas and countries and then summing the seasonally adjusted esti
mates. Seasonally adjusted estimates for imports for areas and countries are
derived by applying seasonal factors for total U.S. petroleum and nonpetro
leum imports to the unadjusted petroleum and nonpetroleum imports for
areas and countries and then summing the seasonally adjusted estimates.
(The seasonal factors are derived from the seasonal adjustment of U.S.
exports and U.S. imports by five-digit end-use commodity category.)
Annual Revision of the U.S. International Transactions Accounts
Several major improvements to the quality and the pre introduced. Data in table 5, which pertain to BEA’s direct
sentation of the estimates will be introduced in the investment surveys, will be presented on a North Ameri
annual revision of the international transactions can Industry Classification System basis for both U.S.
accounts to be released in June 2003. First, results from direct investment abroad and foreign direct investment
the U.S. Treasury Department’s 2001 Benchmark Survey in the United States; historical data will be presented for
of U.S. Portfolio Investment Abroad will be incorporated 1999-2002. Several changes in data items and geography
into the international transactions accounts for 1998- will be introduced for tables 6-9, largely as a result of
2002. The results will also be incorporated into the inter improvements in the coverage of the Treasury Interna
national investment position accounts. Second, results tional Capital Reporting System (TIC), which generates
from BEA’s 1999 Benchmark Survey of U.S. Direct data that BEA uses in estimating securities transactions
Investment Abroad will be incorporated into the interna and bank and nonbank claims and liabilities. Table 6 will
tional transactions accounts and into the investment contain a new and expanded presentation of securities
position accounts for 1999-2002. Third, a new method transactions data; historical data will be presented in the
ology for estimating insurance services will be intro new format for 1998-2002. Data now in table 7, on
duced. These services are currently measured as transactions of securities brokers, will be reclassified to
premiums minus claims. The new estimates will be equal tables 8 and 9, where they will be listed with other similar
to premiums minus “expected” claims; “expected” claims transactions. The new presentations for tables 7 through
will be based on the relationship between claims and pre 9 will begin with estimates for the first quarter of 2003;
miums, averaged over many years. The new estimates historical data will be presented in the new format, but
will eliminate the sharp swings in estimates of insurance not in full detail, for 1998-2002. Finally, new tables rec
services that now occur whenever insurance claims are onciling BEA’s estimates of securities, bank, and nonbank
outside of normal bounds.
transactions to TIC source data will be presented. An
In addition, the presentation of tables 5 through 9 will article discussing these changes will be published in the
be substantially revised, and several new tables will be July 2003 issue of the Survey of Current Business.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
Survey of Current Business
billion, and travel payments increased to $15.7 billion
from $14.6 billion. These increases were the largest in
the past several quarters, but the levels of receipts and
payments still remain below the quarterly levels that
preceded the terrorist attacks of September 11th.
Passenger fare receipts increased to $4.6 billion from
$4.5 billion, and passenger fare payments increased to
$5.6 billion from $5.3 billion.
“Other” transportation receipts increased to $7.4
billion from $7.2 billion, and “other” transportation
payments increased to $10.2 billion from $9.7 billion.
Freight services for both receipts and payments ac
counted for much of the increase and reflected higher
freight rates. A work stoppage at West Coast ocean
ports in the last 2 days of September and the first 8
days of October had little impact on overall receipts
and payments for the fourth quarter.
Receipts of “other” private services increased to
$30.3 billion from $30.2 billion. Payments of “other”
private services increased to $20.7 billion from $20.2
billion. Small increases occurred in the affiliated com
ponent and in the insurance component of unaffiliated
services.
Transfers under U.S. military agency sales contracts
increased to $3.0 billion from $2.9 billion. Direct de
fense expenditures abroad increased to $5.2 billion
from $5.0 billion, reflecting the early stages of troop
buildup and deployment for the war with Iraq.
which fell as a result of a decline in average holdings,
and in interest earned on U.S. holdings of bonds,
which fell as a result of a decline in yields. Interest
earned on bank and nonbank claims decreased, mostly
reflecting an average decline of 30 basis points in inter
est rates.
Payments of “other” private income decreased $2.2
billion, to $28.9 billion. More than half of the decrease
was in dividends paid on foreign holdings of U.S.
stocks and in interest paid on foreign holdings of U.S.
bonds. Interest paid on bank and nonbank claims de
creased, mostly reflecting an average decline of 30 basis
points in interest rates.
Receipts of income on U.S. Government assets in
creased $0.2 billion, to $1.0 billion. Payments of in
come on U.S. Government liabilities decreased $0.5
billion, to $17.6 billion; the decrease was more than ac
counted for by declines in interest rates.
Unilateral current transfers
Net outflows for unilateral current transfers increased
to $14.1 billion in the fourth quarter from $13.1 billion
in the third (table A). U.S. Government grants in
creased, though Congress did not appropriate funds
for Israel and Egypt—under the credit waiver program
to finance military purchases and for general economic
support—that are often disbursed annually in the
fourth quarter; instead, these funds were disbursed in
the first quarter of 2003.
Income
The deficit on income decreased to $2.6 billion in the
fourth quarter from $3.0 billion in the third (table A).
Receipts of income on U.S. direct investment abroad
increased $1.1 billion, to $34.8 billion. Earnings in
creased $1.1 billion; manufacturing accounted for all
of the increase, which was especially strong in chemi
cals and in industrial machinery in Europe and in
transportation in Canada. Petroleum earnings and
“other” earnings were nearly unchanged.
Payments of income on foreign direct investment in
the United States increased $1.1 billion, to $16.3 bil
lion. Earnings increased $1.5 billion, and interest pay
ments decreased $0.4 billion. Earnings in “other”
industries increased $2.1 billion, largely in Japaneseowned and European-owned banks (mostly as a result
of a reversal of losses) and in insurance. Earnings in
petroleum increased $0.3 billion. In contrast, earnings
in manufacturing decreased $1.0 billion, largely in
chemicals and in “other manufacturing.”
Receipts of “other” private income decreased $2.3
billion, to $26.0 billion. Nearly half of the decrease was
in dividends earned on U.S. holdings of foreign stocks,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
21
Revisions to the Estimates
for the Third Quarter of 2002
The international transactions accounts estimates for
the third quarter of 2002 have been revised from the
preliminary estimates that were published in the Janu
ary 2003 Survey of Current Business. In addition, the
estimates have been revised to ensure that the season
ally adjusted estimates sum to the same annual totals
as the unadjusted estimates.
The current-account deficit for the third quarter
was revised to $126.3 billion from $127.0 billion. The
goods deficit was revised to $122.9 billion from $123.2
billion; the services surplus was revised to $12.6 bil
lion from $12.3 billion; the deficit on income was vir
tually unchanged at $3.0 billion; and unilateral
current transfers were revised to net outflows of $13.1
billion from net outflows of $13.2 billion. Revisions to
the estimates for the first and second quarters were
small. Net recorded financial inflows were revised to
$169.6 billion from $172.4 billion.
U.S. International Transactions
22
Capital Account
Capital account transactions were net inflows of $0.1
billion in the fourth quarter, virtually unchanged from
the third (table A).
Financial Account
Net recorded financial inflows—net acquisitions by
foreign residents of assets in the United States less net
acquisitions by U.S. residents of assets abroad—were
$144.1 billion in the fourth quarter, down from $169.6
billion in the third. Financial inflows for foreignowned assets in the United States increased, while
transactions for U.S.-owned assets abroad shifted to an
outflow from an inflow.
U.S.-owned assets abroad
Net U.S.-owned assets abroad increased $38.9 billion
in the fourth quarter, in contrast to a decrease of $40.3
billion in the third. Inflows to U.S. banks slowed, and
U.S. transactions in foreign securities shifted to net
U.S. purchases from net sales.
U.S. official reserve assets. U.S. official reserve as
sets increased $0.8 billion in the fourth quarter, follow
ing an increase of $1.4 billion in the third (table C).
The fourth-quarter increase largely reflected an in
crease in the U.S. reserve position in the International
Monetary Fund.
Claims on foreigners reported by banks and by
nonbanks. U.S. claims on foreigners reported by U.S.
banks decreased $11.0 billion in the fourth quarter,
following a decrease of $53.8 billion in the third.
Banks’ own claims denominated in dollars
increased $0.4 billion, in contrast to a $46.4 billion
decrease. In the fourth quarter, foreign-owned banks
in the United States extended sizable amounts of credit
to their parent banks and other banks abroad, particu
larly in Switzerland. However, U.S.-owned banks
increased lending to foreign offices only a moderate
amount, and U.S. securities brokers cut back lending
to borrowers in Asia and in Caribbean financial centers
by a sizable amount. Claims denominated in foreign
currencies were reduced.
April 2003
Banks’ domestic customers’ claims changed little, as
increases in negotiable and transferable instruments
and in foreign commercial paper in the United States
were nearly offset by decreases in dollar deposits and in
collections. Claims reported by U.S. nonbanking con
cerns increased $7.6 billion, following an increase of
$4.2 billion.
Foreign securities. Net U.S. purchases of foreign se
curities were $8.7 billion in the fourth quarter, a shift
from net sales of $18.5 billion in the third. Net U.S.
purchases of foreign stocks were $12.9 billion, follow
ing net sales of $12.8 billion. Most of the shift occurred
in Western Europe, where transactions shifted to net
purchases of $8.5 billion from net sales of $5.8 billion;
European stock prices increased 6 percent during the
fourth quarter, mostly on positive earnings reports
from U.S. and European corporations. Net U.S. sales of
foreign bonds slowed to $4.2 billion from $5.8 billion.
Direct investment. Net financial outflows for U.S.
direct investment abroad were $33.0 billion in the
fourth quarter, up from $26.4 billion in the third. Re
invested earnings and net equity capital outflows both
increased. Net intercompany debt flows changed little.
Foreign-owned assets in the United States
Net foreign-owned assets in the United States in
creased $183.0 billion in the fourth quarter, compared
with an increase of $129.3 billion in the third. Inflows
to U.S. banks, net foreign purchases of U.S. securities
other than U.S. Treasury securities, and inflows for for
eign official assets were all larger than in the third
quarter.
Foreign official assets. Foreign official assets in the
United States increased $32.2 billion in the fourth
quarter, following an increase of $9.5 billion in the
third (table C). Assets of industrial countries increased
$19.1 billion, and assets of developing countries in
creased $13.1 billion, principally of China, Korea, and
Mexico.
Liabilities reported by banks and by nonbanks.
U.S. liabilities to foreigners reported by U.S. banks, ex
cluding U.S. Treasury securities, increased $54.6 billion
Table C. Selected Transactions with Official Agencies
[Millions of dollars]
2001
2002"
Change:
20012002
Changes in foreign official assets in the United States, net (decrease -)
(table 1, line 56)...............................................................................................
Industrial countries1........................................................................................
Members of OPEC2........................................................................................
Other countries................................................................................................
5,224
-1,616
-1,725
8,565
96,630
50,099
-8,132
54,663
91,406
51,715
-6,407
46,098
Changes in U.S. official reserve assets, net (increase -) (table 1, line 41)
-4,911
-3,681
1,230
' Revised.
" Preliminary.
1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2001
I
2002
II
III
4,087
-7,273
673
10,687
-20,831
-10,007
-1,699
-9,125
16,882
7,199
-4,081
13,764
5,086
8,465
3,382
-6,761
7,641
5,222
-8,532
10,951
190
-1,343
-3,559
-199
390
IV
I
Change:
2002
lll-IV
III'
IV"
47,252
21,693
838
24,721
9,534
4,130
-1,289
6,693
32,203
19,054
851
12,298
22,669
14,924
2,140
5,605
-1,843
-1,416
-812
604
II
2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries.
Excludes Ecuador beginning January 1993 and Gabon beginning January 1995.
April 2003
in the fourth quarter, following an increase of $18.8
billion in the third.
Banks’ own liabilities denominated in dollars in
creased $61.3 billion, following an increase of $16.0
billion. In the fourth quarter, inflows were large to
U.S.-owned banks, where sizable inflows from abroad
supplemented deposit growth from domestic sources,
partly to fund purchases of U.S. Government securi
ties. Inflows to foreign-owned banks were also large, as
U.S. branches borrowed heavily, partly to fund liquid
ity needs of parent banks and other banks abroad. U.S.
securities brokers reduced their liabilities, especially
through sizable reductions in repurchase agreements.
Banks’ custody liabilities denominated in dollars de
creased $3.3 billion, following an increase of $12.2 bil
lion. Liabilities reported by U.S. nonbanking concerns
changed little, following a decrease of $3.8 billion.
U.S. Treasury securities. Net foreign purchasers of
U.S. Treasury securities dropped to $12.7 billion in the
fourth quarter from $52.9 billion in the third. The
drop resulted from a shift of $27.8 billion from large
net purchases to net sales by Japanese investors and a
decrease of $14.3 billion in net purchases by British in
vestors. The United Kingdom and Japan had been the
source of most of the surge in net purchases in the
third quarter.
Other U.S. securities. Net foreign purchases of U.S.
securities other than U.S. Treasury securities were
$62.6 billion in the fourth quarter, up from $46.5 bil
lion in the third.
Net foreign purchases of U.S. corporate and other
bonds were $50.6 billion in the fourth quarter, up from
$39.1 billion. Net foreign purchases of U.S. corporate
bonds were $39.8 billion, up from $17.1 billion; $11.8
billion was in new issues sold abroad by U.S. corpora
tions, which were up from $1.6 billion. After reaching
record highs early in October, corporate bond spreads
over U.S. Treasury bonds narrowed considerably; in
vestment-grade spreads decreased 40 basis points, and
noninvestment-grade spreads decreased 150 basis
points. Net purchases of agency bonds were $10.8 bil
lion, down from $21.9 billion.
Net foreign purchases of U.S. stocks were $12.0 bil
lion in the fourth quarter, up from $7.4 billion in the
third. U.S. markets rallied sharply in October and No
vember from a 4-year low in the third quarter. The
S&P index increased 8 percent in the fourth quarter af
ter an 18-percent decline in the third; the DJIA gained
10 percent after an 18-percent decline; and the
NASDAQ gained 14 percent after a 20-percent decline.
U.S. currency flows. Net U.S. currency shipments to
foreigners were $7.2 billion in the fourth quarter, up
from $2.6 billion in the third, as shipments to several
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
23
Survey of Current Business
areas were higher.
Direct investment. Net financial inflows for foreign
direct investment in the United States were $13.5 bil
lion in the fourth quarter, up from $2.9 billion in the
third. A large decrease in net outflows for intercom
pany debt and a small increase in reinvested earnings
more than offset a decrease in net inflows for equity
capital. The large decrease in intercompany debt out
flows, as well as the decrease in equity capital inflows,
reflected a large debt-capitalization transaction in the
third quarter.
The Year 2002
The U.S. current-account deficit—the combined bal
ances on trade in goods and services, income, and net
unilateral current transfers—increased to $503.4 bil
lion in 2002 from $393.4 billion in 2001. More than
two-thirds of the increase was accounted for by an in
crease in the deficit on goods and a decrease in the sur
plus on services. The balance on income shifted to a
deficit, and net outflows for unilateral current transfers
increased (table D, chart 2).
Net recorded financial inflows—net acquisitions by
foreign residents of assets in the United States less net
acquisitions by U.S. residents of assets abroad—were
$474.2 billion in 2002, up from $381.8 billion in 2001.
Financial outflows for U.S.-owned assets abroad de
creased more than financial inflows for foreign-owned
assets in the United States.
The statistical discrepancy—errors and omissions in
recorded transactions—was a positive $28.5 billion in
2002, compared with a positive $10.7 billion in 2001.
Chart 2. U.S. Current-Account Balance and
Its Components
Seasonally adjusted
U.S. Bureau of Economic Analysis
U.S. International Transactions
24
April 2003
Table D. Selected Balances on U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2002
(Credits +; debits -)
2000
2002’
2001
IV’
p
IP
IIP
-106,603
-122,645
-122,853
-132,252
Balance on goods......................................................................................
-452,423
-427,165
-484,353
Balance on services...................................................................................
73,742
68,875
48,811
10,974
13,199
12,596
12,039
Balance on income.....................................................................................
Investment income, net..........................................................................
Direct investment, net........................................................................
Other private, net...............................................................................
U.S. Government, net........................................................................
Compensation of employees, net.........................................................
21,782
27,651
88,862
17,916
-79,127
-5,869
14,382
20,539
102,595
-4,952
-77,104
-6,157
-11,862
-5,424
77,947
-13,776
-69,595
-6,438
-982
636
22,023
-3,685
-17,702
-1,618
-5,324
-3,675
18,749
-4,457
-17,967
-1,649
-3,007
-1,462
18,626
-2,756
-17,332
-1,545
-2,553
-927
18,548
-2,878
-16,597
-1,626
Unilateral current transfers, net.................................................................
-53,442
-49,463
-56,023
-15,931
-12,927
-13,073
-14,088
Balance on current account......................................................................
-410,341
-393,371
-503,427
-112,542
-127,697
-126,337
-136,854
'Revised.
" Preliminary.
The following are highlights for 2002:
• The deficit on goods increased as exports fell for the
second consecutive year, reflecting little pickup in
economic activity abroad, and as imports increased,
reflecting a strengthening in U.S. economic activity.
• The services surplus fell sharply. The services sur
plus had been boosted in 2001 by the recording of
large nonrecurring losses recovered from foreign
reinsurance companies.
• The balance on income shifted to a deficit, largely as
direct investment income payments were sharply
higher, reflecting a strengthening in U.S. economic
activity and a pickup in corporate profits.
• Financial outflows for U.S.-owned assets abroad
were substantially lower. Lending by U.S. banks was
sharply curtailed, and transactions in foreign secu
rities shifted from sizable net U.S. purchases to net
U.S. sales, as stock prices abroad fell.
• Financial inflows for foreign-owned assets in the
United States were also lower. Net financial inflows
for foreign direct investment in the United States
and net foreign purchases of U.S. securities were
sharply lower. Partly offsetting was a step-up in for
eign official assets in the United States.
U.S. dollar in exchange markets
The U.S. dollar depreciated 1 percent in 2002 on a
nominal, trade-weighted yearly average basis against
the group of seven currencies that are widely traded in
international markets, following a 6-percent apprecia
tion in 2001 (table B, chart 1). The dollar depreciated 5
percent against the euro and appreciated 3 percent
against the yen.
The dollar appreciated 3 percent to a 16-year high in
the first quarter. Economic reports released during the
quarter indicated that U.S. economic activity was re
covering more strongly than in the previous quarter.
Economic reports also suggested that euro-area econo
mies might be improving. Neither the U.S. Federal Re
serve Board nor the European Central Bank changed
interest-rate targets during the quarter.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
In the second quarter, the dollar depreciated 4 per
cent, as U.S. economic activity expanded more moder
ately than in the previous two quarters. U.S. stock
prices, which had rebounded from the previous Octo
ber, turned down decisively in the second quarter, de
clining 15 percent. By the end of the quarter, the dollar
depreciated to a 28-month low against the euro. The
euro benefitted from interest-rate differentials in favor
of owning euro-denominated assets. The dollar also
depreciated against the Japanese yen; Japanese mone
tary authorities attempted to limit the yen’s rise by sell
ing yen in foreign exchange markets on seven separate
occasions. The dollar appreciated against the curren
cies of several Latin American countries that were ex
periencing substantial economic and financial
difficulties.
The dollar depreciated another 4 percent in the
third quarter, as U.S. economic data on employment,
manufacturing, and consumer confidence released
during the quarter provided mixed indications of the
strength of U.S. economic activity. Uncertain U.S. eco
nomic prospects and weakness in the global economic
recovery were factors underlying an additional decline
of 18 percent in U.S. stock prices. Yields on U.S. Trea
sury securities fell, as losses in equity markets and in
noninvestment-grade corporate bond markets world
wide prompted some investors to reallocate funds into
lower risk assets. European equity markets fared even
worse than their U.S. counterpart, declining 24 per
cent. However, interest-rate differentials continued to
favor euro-area assets (charts 3, 4, and 5). Countries in
Latin America continued to encounter economic and
financial difficulties, and the dollar appreciated against
those countries’ currencies, particularly the Brazilian
real.
The dollar was unchanged in the fourth quarter.
U.S. and European stock markets rebounded in Octo
ber and November, following 6-month declines of 33
percent and 39 percent, respectively, but turned down
again in December. By December, risk premiums of in
vestment- and noninvestment-grade bonds over Trea-
April 2003
Survey of Current Business
Chart 3. Short-Term Interest Rates
Chart 4. Long-Term Interest Rates
1. Three-month interest rates.
2. U.S. interest rates less respective foreign interest rates.
Data: Federal Reserve Board.
1. Long-term government bonds, 10-year maturities.
2. U.S. interest rates less respective foreign interest rates.
Data: Federal Reserve Board.
U.S. Bureau of Economic Analysis
U.S. Bureau of Economic Analysis
sury securities fell to the same levels as in July, after
peaking in October. The U.S. Federal Reserve Board,
concerned about the weakness of the U.S. economy,
lowered the target federal funds rate 50 basis points in
early November. The European Central Bank, also
concerned about the lack of economic growth, lowered
its minimum refinancing rate 50 basis points in early
December. Interest rates in Europe remained higher
than those in the United States.
Chart 5. Key Interest Rates for Monetary Policy
Current Account
Goods and services
The deficit on goods and services increased to $435.5
billion in 2002 from $358.3 billion in 2001. The deficit
on goods increased, and the surplus on services de
creased (table D).
Goods
The deficit on goods increased to $484.4 billion in
2002 from $427.2 billion in 2001. Goods exports de
creased for the second year, while goods imports
turned up after a decline.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Note.-The rates shown are the following: The target level for the federal funds rate
in the United States, the target level for the overnight rate in Canada, the minimum
bid rate on main refinancing operations in the euro area, and the uncollateralized
overnight call rate in Japan.
Data: Federal Reserve Board and foreign monetary authorities.
U.S. Bureau of Economic Analysis
25
U.S. International Transactions
26
Goods exports decreased $36.2 billion, or 5 percent,
in 2002, after decreasing $53.2 billion, or 7 percent, in
2001. The decrease in 2002 was concentrated in capital
goods (tables E and F).
Goods imports increased $21.0 billion, or 2 percent,
in 2002 after decreasing $78.5 billion, or 6 percent, in
2001. Petroleum imports were unchanged after a de
crease of $16.6 billion. Nonpetroleum imports in
creased $21.0 billion, or 2 percent, after a decrease of
$61.9 billion, or 6 percent. Increases in consumer
goods and automotive vehicles, engines, and parts
were partly offset by decreases in capital goods and
nonpetroleum industrial supplies and materials.
U.S. exports in 2002 continued to be restrained by
limited expansion abroad. Except in Canada, where
there was a strong recovery, expansion in real GDP in
many countries in Western Europe and Japan was no
stronger than in 2001, though some European coun
tries grew faster in the second half of the year than in
the first half (chart 6). Growth in countries in Latin
America also failed to increase. There was a sizable
pickup in the growth of newly industrialized countries
in Asia. The cumulative effect of dollar appreciation in
recent years, despite depreciation in much of 2002, also
may have restrained U.S. exports.
U.S. imports increased, reflecting a pickup in U.S.
real GDP growth to 2.4 percent in 2002 from 0.3 per
cent in 2001; growth was 3.8 percent in 2000. The cu
mulative effect of dollar appreciation also may have
increased U.S. imports in 2002.
Domestic prices of most U.S. exports decreased
slightly in 2002, following a small decrease in 2001.
Prices of computers decreased more than in 2001.
Prices of the civilian aircraft component of capital
goods increased, but less than in 2001 (table G). When
April 2003
converted into foreign currencies, prices of U.S. ex
ports decreased by a larger amount, because apprecia
tion of foreign currencies augmented declines in
domestic prices (table H).
Dollar prices of most nonpetroleum imports de
creased, led by a decrease in computer prices, while
prices of petroleum and petroleum products increased
(table G).
Exports. Goods exports decreased $36.2 billion, or
5 percent, to $682.6 billion in 2002, following a de
crease of $53.2 billion, or 7 percent, in 2001. The 2year decline brought exports 12 percent below the
record level in 2000. Real exports decreased 5 percent,
and export prices were unchanged. In value, capital
goods accounted for more than 85 percent of the deTable F. Percent Change in U.S. Trade in Goods, Current and Chained
(1996) Dollars
[Balance of payments basis]
Current dollars
2000
2001
Chained (1996) dollars
2002 >
2000'
2001 '
2002 o
Exports................................................................
Agricultural products..................................
Nonagricultural products...........................
12.9
6.3
13.4
-6.9
4.0
-7.7
-5.0
-0.8
-5.4
11.6
8.2
11.8
-6.3
3.2
-7.0
-4.6
-2.4
-4.7
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..................................................
4.1
16.9
14.7
6.8
3.2
-7.2
-9.9
-6.1
0.3
-2.0
-9.7
4.0
5.9
10.0
15.3
5.9
2.8
-4.4
-9.9
-6.4
-2.1
-0.5
-8.9
3.4
10.4
7.9
-1.2
-4.3
-4.5
-4.6
10.0
6.0
-0.8
-3.9
-3.9
-4.6
Imports.................................................................
Petroleum and products.............................
Nonpetroleum products.............................
18.9
77.3
14.8
-6.4
-13.8
-5.6
1.8
0.0
2.0
13.5
5.9
14.1
-3.6
3.5
-1.3
3.6
-2.7
4.2
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....
5.4
34.8
17.3
9.4
1.4
-8.6
-14.1
-3.1
6.6
-2.4
-4.7
7.5
7.1
5.7
20.1
8.7
4.6
-1.2
-11.7
-3.0
5.5
0.6
-1.7
7.1
16.5
12.8
0.9
-1.0
8.2
2.3
17.5
11.4
1.7
-0.6
9.3
3.2
' Revised.
" Preliminary.
n.e.c. Not elsewhere classified.
Table E. U.S. Trade in Goods, Current and Chained (1996) Dollars
[Balance of payments basis, millions of dollars, quarters seasonally adjusted]
Current Dollars
Chained (1996) Dollars
2002
2000
2001
2002
2002"
2000'
p
IP
IIP
2001 '
2002"
IV"
P
IP
IIP
IV"
Exports....................................................................
Agricultural products......................................
Nonagricultural products...............................
771,994
52,801
719,193
718,762
54,889
663,873
682,586
54,447
628,139
164,372
13,766
150,606
172,150
13,506
158,644
175,372
13,342
162,030
170,692
13,833
156,859
820,566
68,307
751,650
769,089
70,521
699,081
733,911
68,804
665,886
178,471
18,066
160,732
185,707
17,540
168,412
187,564
16,431
171,279
182,169
16,767
165,463
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......................................................
47,872
172,650
357,000
80,356
49,408
160,200
321,723
75,435
49,541
157,001
290,649
78,435
12,421
36,820
70,917
18,435
12,142
39,740
73,348
20,085
12,364
39,934
75,250
20,593
12,614
40,507
71,134
19,322
60,583
174,822
394,568
78,475
62,294
167,151
355,686
73,433
60,998
166,267
323,939
75,947
15,843
40,284
78,797
17,898
15,331
42,322
81,679
19,481
14,861
41,641
83,984
19,935
14,963
42,020
79,479
18,633
89,376
24,740
88,330
23,666
84,391
22,569
20,520
5,259
21,023
5,812
21,456
5,775
21,392
5,723
88,645
25,302
87,917
24,305
84,454
23,197
20,541
5,472
21,086
5,998
21,456
5,899
21,371
5,828
Imports....................................................................
Petroleum and products................................
Nonpetroleum products.................................
1,224,417
120,185
1,104,232
1,145,927
103,588
1,042,339
1,166,939
103,570
1,063,369
270,975
19,192
251,783
294,795
27,056
267,739
298,225
27,709
270,516
302,944
29,613
273,331
1,293,416
86,219
1,205,086
1,246,514
89,209
1,152,864
1,291,059
86,823
1,200,764
307,228
20,592
285,792
325,381
22,177
302,188
327,001
21,397
304,979
331,449
22,657
307,805
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.........
45,978
302,104
347,023
195,876
46,642
276,115
297,992
189,781
49,716
269,476
283,889
203,923
11,845
57,800
69,294
47,578
12,321
68,462
72,059
51,849
12,558
70,112
71,292
52,472
12,992
73,102
71,244
52,024
49,423
262,316
452,266
192,510
51,699
259,227
399,524
186,703
54,528
260,847
392,677
200,012
13,279
62,554
95,315
46,783
13,614
65,577
99,392
50,932
13,725
65,403
98,606
51,443
13,910
67,313
99,364
50,854
282,008
51,428
284,486
50,911
307,859
52,076
71,443
13,015
76,886
13,218
78,837
12,954
80,693
12,889
293,870
51,156
298,896
50,850
326,831
52,498
75,681
13,186
81,707
13,352
83,691
13,045
85,752
12,915
' Revised.
" Preliminary.
n.e.c. Not elsewhere classified.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1. Because chain indexes use weights of more than one period, the corresponding chained dollar estimates are usually
not additive.
April 2003
27
Survey of Current Business
Chart 6. Major Industrial Countries: Real GDP
Chart 7. U.S. Trade in Goods
Percent
Note. Percent change from preceding quarter;
based on seasonally adjusted estimates.
U.S. Bureau of Economic Analysis
U.S. Bureau of Economic Analysis
crease (charts 7 and 8). Exports to Western Europe
were down $17.8 billion; to Latin America, down $10.6
billion; to Japan, down $6.2 billion; and to Canada,
down $2.4 billion.
Table G. Percent Change in U.S. Goods Trade Chain-Weighted Price
indexes
[Based on index numbers (1996=100)]
2000'
2001'
2002"
Exports...............................................................................................
Agricultural products................................................................
Nonagricultural products..........................................................
1.2
-1.8
1.4
-0.7
Foods, feeds, and beverages......................................................
Industrial supplies and materials.................................................
Capital goods, except automotive...............................................
Computers, peripherals, and parts.........................................
Civilian aircraft, engines, and parts........................................
Other capital goods..................................................................
Automotive vehicles, parts, and engines....................................
Consumer goods (nonfood), except automotive.......................
Exports, n.e.c.................................................................................
-1.6
6.4
-0.5
-4.8
4.1
-0.6
0.9
0.4
1.9
0.3
-3.0
-0.1
-3.1
5.5
-0.4
0.3
-0.3
-0.5
2.5
-1.5
-0.8
Imports......i......................................................................................
Petroleum and products...........................................................
Nonpetroleum products............................................................
4.8
67.5
0.5
-2.9
-16.7
-1.3
-1.7
2.3
-2.0
Foods, feeds, and beverages......................................................
Industrial supplies and materials.................................................
Capital goods, except automotive...............................................
Computers, peripherals, and parts.........................................
Civilian aircraft, engines, and parts........................................
Other capital goods..................................................................
Automotive vehicles, parts, and engines....................................
Consumer goods (nonfood), except automotive.......................
Imports, n.e.c„ and U.S. goods returned...................................
-1.6
27.7
-2.4
-5.9
3.0
-1.6
0.7
-0.8
1.3
-3.0
-7.6
-2.9
1.0
-3.0
-3.0
-7.5
2.0
-2.0
0.3
-1.1
-0.9
'Revised.
” Preliminary.
n.e.c. Not elsewhere classified.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
0.8
-0.8
-9.0
3.7
-1.3
0.0
-0.8
-0.4
-0.4
1.7
-0.6
Capital goods decreased $31.1 billion, or 10 percent,
following a decrease of $35.3 billion, or 10 percent.
High-technology products decreased $17.5 billion, fol
lowing a decrease of $26.4 billion. The 2-year decline
brought capital goods exports to the lowest level since
1996. In 2002, computers, peripherals, and parts de
creased $9.0 billion—largely to Western Europe, Can
ada, and Japan; telecommunications equipment
decreased $5.7 billion—largely to Western Europe,
Latin America, and Canada; and semiconductors de
creased $2.8 billion—largely to Western Europe, Can
ada, and Mexico. Exports of these products to the
newly industrialized countries in Asia changed little.
Other industrial, agricultural, and service machinery
and electric generating equipment and parts both deTable H. Percent Change in Foreign Currency Cost of U.S. Exports of
Goods
[Based on index numbers (1996=100)]
-4.9
2.7
-0.9
0.6
-0.6
0.0
2000'
2001'
2002"
Exports..............................................................................................
Agricultural products................................................................
Nonagricultural products..........................................................
5.8
2.7
6.0
5.2
6.8
5.1
-1.7
0.3
-1.9
Foods, feeds, and beverages......................................................
Industrial supplies and materials................................................
Capital goods, except automotive...............................................
Computers, peripherals, and parts........................................
Civilian aircraft, engines, and parts.......................................
Other capital goods.................................................................
Automotivevehicles, parts, and engines...................................
Consumer goods (nonfood), except automotive.......................
Exports, n.e.c.................................................................................
2.9
11.2
4.0
-0.5
8.9
6.3
1.2
-2.7
-2.1
-6.1
1.4
-2.1
-0.7
-1.9
-1.3
3.9
5.5
5.0
6.6
2.8
5.9
2.8
11.8
5.6
6.3
5.7
5.5
'Revised.
" Preliminary.
n.e.c. Not elsewhere classified.
Note. Chain-weighted price indexes multiplied by trade-weighted exchange rate index of the currencies of
Australia, Austria, Belgium, Canada, Finland, France, Germany, Ireland, Italy, Japan, Luxembourg, Nether
lands, Portugal, Spain, Sweden, Switzerland, the United Kingdom, and from January 2001, Greece.
U.S. International Transactions
28
Chart 8. Growth in Exports by Selected Commodity
Categories and Areas
1999=100
1999=100
160
150
160
CONSUMER GOODS (NONFOOD), EXCEPT AUTOMOTIVE
--------Household and kitchen
appliances
------- Medical, dental, and
pharmaceutical preparations
140
-------- Canada
150
------- Western Europe
------- Japan
------- Asia, excludinq Japan
140
—— Latin America
/................................................. ..............
130
130
/
/
/
/
120
120
/
/
/
/
110
110
-
100
...... ✓................................
\
90
1
80
1999
1
1
2000
2001
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1
1
2002
1999
2000
1
2001
100
90
80
2002
April 2003
creased, but by smaller amounts than in 2001. Civilian
aircraft, engines, and parts decreased $2.1 billion (table
I).
Consumer goods decreased $3.9 billion, or 4 per
cent, following a decrease of $1.0 billion, or 1 percent.
Exports to Latin America, Japan, and Western Europe
declined. Durable goods—largely artwork, antiques,
stamps, and collectibles to Western Europe—ac
counted for nearly three-fourths of the decrease.
Among nondurable goods, household and kitchen ap
pliances—largely to Mexico, Japan, and developing
countries in Asia—decreased $0.8 billion, and medical,
dental, and pharmaceutical products increased $0.8
billion. Unmanufactured consumer goods increased
$0.4 billion; the increase was accounted for by gem di
amonds and other gem stones to Israel and India.
Nonagricultural industrial supplies and materials
decreased $2.7 billion, or 2 percent, following a de
crease of $13.4 billion, or 8 percent. Much of the de
crease was in metals and nonmetallic products, of
which more than half was in nonmonetary gold to
Switzerland. Energy products, paper and paper base
products, and building materials all decreased. Chemi
cals increased a small amount (table J).
Automotive vehicles, engines, and parts increased
$3.0 billion, or 4 percent, following a decrease of $4.9
billion, or 6 percent. Complete cars, trucks, and buses,
mainly to Canada, accounted for most of the increase.
Agricultural exports decreased $0.4 billion, or 1 per
cent, following an increase of $2.1 billion, or 4 percent.
Increases in corn, wheat, and soybeans were more than
offset by a large decrease in meat products.
Imports. Goods imports increased $21.0 billion, or
2 percent, to $1,166.9 billion in 2002, following a de
crease of $78.5 billion, or 6 percent in 2001. Real im
ports increased 4 percent, and import prices decreased
2 percent. In value, increases in consumer goods and
autos were partly offset by decreases in capital goods
and in nonpetroleum industrial supplies and materials
(charts 7 and 9). Imports from Asia increased $23.5
billion; from Latin America, $6.0 billion; and from
Western Europe, $5.2 billion. In contrast, imports
from Canada decreased $5.6 billion and from Japan
decreased $5.0 billion.
Consumer goods increased $23.4 billion, or 8 per
cent, following an increase of $2.5 billion, or 1 percent,
when import growth was severely limited by the U.S.
recession. Durable goods increased $12.4 billion; 60
percent of the increase was in household and kitchen
appliances, three-fourths of which came from China.
Nondurable goods increased $9.4 billion; threefourths of the increase was accounted for by medical,
April 2003
29
Survey of Current Business
dental, and pharmaceutical preparations, most of
which came from Ireland (pharmaceutical prepara
tions), Germany, and the United Kingdom.
Automotive vehicles, engines, and parts increased
$14.1 billion, or 7 percent, following a decrease of $6.1
billion, or 3 percent. Cars and parts from Germany
and Japan and parts from Mexico accounted for most
of the increase. Total U.S. auto sales fell 2 percent in
2002; all of the decline was accounted for by sales of
domestic autos. Sales of domestic autos and trucks fell
3.3 percent, even after aggressive financing deals of
fered by domestic automakers, while sales of foreign
autos and trucks rose 6.3 percent.
Capital goods decreased $14.1 billion, or 5 percent,
following a decrease of $49.0 billion, or 14 percent. Ci
vilian aircraft, engines, and parts decreased $5.6 bil
lion, the first decrease in 7 years; imports from France,
Germany, the United Kingdom, and Canada all de
creased. Semiconductors decreased $4.4 billion, largely
from Asian countries, following a decrease of $17.9 bil-
Table I. U.S. Trade in Capital Goods, except Automotive
[Balance of payments basis, millions of dollars]
1997
1998
2000
1999
2002*"
2001
Exports..........................................................................................................................................
295,874
299,868
311,250
357,000
321,723
290,649
Computers, peripherals, and parts.........................................................................................
Semiconductors........................................................................................................................
Telecommunications equipment..............................................................................................
Scientific, hospital, and medical equipment and parts.........................................................
49,361
38,861
23,340
16,173
45,247
37,650
23,869
15,827
46,724
46,962
25,367
16,748
55,542
60,077
31,268
19,309
47,555
45,065
27,874
20,062
38,571
42,254
22,217
19,341
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............................................
46,347
18,275
15,965
12,614
27,977
43,573
18,815
15,943
11,727
27,301
44,695
19,349
11,965
10,993
29,353
53,143
23,837
12,598
11,602
35,766
46,060
19.985
14,057
11,992
30,887
42,871
18,373
12,911
11,563
27,576
Civilian aircraft, engines, and parts........................................................................................
41,359
53,547
52,921
48,091
52,619
50,508
Other capital goods, n.e.c........................................................................................................
5,602
6,369
6,173
5,767
5,567
4,464
Imports..........................................................................................................................................
253,398
269,451
295,718
347,023
297,992
283,889
Computers, peripherals, and parts.........................................................................................
Semiconductors........................................................................................................................
Telecommunications equipment..............................................................................................
Scientific, hospital, and medical equipment and parts.........................................................
70,177
36,880
13,822
8,958
72,475
33,416
15,723
10,513
81,456
37,628
21,553
12,150
89,762
48,353
32,688
14,941
74,001
30,422
24,632
15,212
75,256
26,043
23,178
16,033
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............................................
41,814
14,973
6,382
6,541
27,920
44,711
16,173
8,007
7,338
29,074
46,849
15,588
6,984
7,715
32,816
51,636
18,192
7,167
9,453
39,716
47,478
16,422
6,902
9,780
34,789
47,979
14,871
6,573
9,089
32,919
Civilian aircraft, engines, and parts........................................................................................
16,598
21,814
23,773
26,376
31,358
25,746
Other capital goods, n.e.c........................................................................................................
9,333
10,207
9,206
8,739
6,996
6,202
* Preliminary.
n.e.c. Not elsewhere classified.
Table J. U.S. Trade in Nonagricultural Industrial Supplies and Materials
[Balance of payments basis, millions of dollars]
1997
1998
1999
2000
2001
2002*
Exports............. ............................................................................................................................
147,730
138,528
140,314
163,889
150,476
Energy products........................................................................................................................
16,566
13,335
12,883
16,636
15,922
15,149
Chemicals, excluding medicinals............................................................................................
Paper and paper base stocks..................................................................................................
Textile supplies and related materials....................................................................................
Building materials, except metals...........................................................................................
Other nonmetals........................................................................................................................
46,829
12,785
10,700
9,482
16,705
44,944
12,151
8,918
7,977
18,043
45,927
12,174
9,807
8,157
18,895
52,242
14,001
11,367
8,755
21,628
49,326
12,386
10,866
7,770
19,599
49,830
12,218
11,145
7,613
19,550
Metals and nonmetallic products.............................................................................................
Steelmaking materials and iron and steel products.........................................................
Nonferrous metals............................... ................................................................................
Other metals and nonmetallic products............................................................................
34,663
8,186
15,026
11,451
33,160
7,328
14,235
11,597
32,471
7,156
13,526
11,789
39,260
8,560
16,047
14,653
34,607
7,966
14,219
12,422
32,255
7,845
12,173
12,237
Imports...................................................................................................... ...................................
211,000
196,853
218,545
296,497
270,803
264,219
Energy products........................................................................................................................
80,158
59,119
78,140
138,397
124,876
120,191
Chemicals, excluding medicinals...........................................................................................
Paper and paper base stocks..................................................................................................
Textile supplies and related materials....................................................................................
Building materials, except metals...........................................................................................
Other nonmetals...........................................................................................................
29,124
10,675
10,097
16,822
14,177
29,183
11,222
10,338
17,909
14,650
29,601
11,582
10,305
21,813
15,799
33,762
13,685
11,256
21,788
17,848
34,048
12,240
10,314
21,261
17,253
33,072
11,473
10,866
22,495
18,448
Metals and nonmetallic products............................................................................................
Steelmaking materials and iron and steel products.........................................................
Nonferrous metals................................................................................................................
Other metals and nonmetallic products............................................................................
49,947
21,163
22,035
6,749
54,432
24,456
22,837
7,139
51,305
20,917
22,795
7,593
59,761
24,006
26,685
9,070
50,811
18,944
23,246
8,621
47,674
20,165
18,824
8,685
Memorandum:
Nonpetroleum industrial supplies and materials imports....................................................
145,535
152,145
156,311
181,919
172,527
165,906
Preliminary.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
147,760
U.S. International Transactions
30
Chart 9. Growth in Imports by Selected Commodity
Categories and Areas
1999=100
210
1999=100
210
CAPITAL GOODS, EXCEPT AUTOMOTIVE
200
------- Computers, peripherals,
and parts
------- Semiconductors
190
200
-------- Canada
190
— —. Western Europe
180
180
170
equipment
------- Electric generating
160
machinery
------- Civilian aircraft
------- Asia, excluding Japan
170
------- Latin America
160
150
150
140
140
130
130
A
120
120
................. ......
110
110
100 .....
90
...............V..........
100
......
\x
.......................................\............................
90
\
80
80
X
70
70
I
60
I
I
I
L
I
lion. Telecommunications equipment decreased $1.5
billion, following a decrease of $8.1 billion; decreases
from Canada and Japan were sizable, but they were
partly offset by increases from China and Sweden.
Computers, peripherals, and parts increased $1.3 bil
lion after a $15.8 billion decrease. Deliveries from Ja
pan, Canada, Mexico, and Western Europe all
continued to decline, while deliveries from China were
up 42 percent, or $4.4 billion; China now accounts for
20 percent of all personal computer shipments to the
United States (table I).
Nonpetroleum industrial supplies and materials de
creased $6.6 billion, or 4 percent, following a decrease
of $9.4 billion, or 5 percent. Nonferrous metals, in
cluding nonmonetary gold, accounted for most of the
decrease. Chemicals and paper and paper base stocks
also decreased. Iron and steel products increased 6 per
cent after a 20-percent drop. Imports from Western
60
230
220
Chart 10. U.S. Current Petroleum Imports and Price,
Total and from Selected Countries
210
200
190
180
170
160
150
140
130
120
110
100
90
80
230
230
220
CONSUMER GOODS (NONFOOD), EXCEPT AUTOMOTIVE
-------- Household and kitchen
220
-------- Canada
210
------- Medical, dental, and
200 ............. pharmaceutical preparations........
190 ------- Textile apparel and
household goods
------- Western Europe
210
-------- Japan
200
------- Asia, excluding Japan
190
------- Latin America
180
180
170
160
150
140
receivers
/
........................................ "............ z............
/
170
160
/
.............................................z......................
/
/
z/Z
150
140
130
130
.... ..........
120
120
-------------
110
110
100
100
90
90
I
80
1999
I
I
2000
2001
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2002
I
I
1999
2000
2001
I
2002
April 2003
80
Data: Total quantity and price data from U.S. Bureau of Economic Analysis;
selected country data from U.S. Department of Energy.
U.S. Bureau of Economic Analysis
April 2003
31
Survey of Current Business
zuela on December 2nd and continued through early
February 2003.
Balances by area. The deficit on goods increased
$57.2 billion, to $484.4 billion, in 2002. Exports de
creased for the second consecutive year, while imports
increased after a decrease in 2001 (table K).
The deficit with Western Europe increased $23.0
billion, as a result of stronger imports and much
weaker exports. Exports, mostly of capital goods, fell
sharply. Increases in imports of consumer goods and
autos more than offset a decline in imports of capital
goods.
The deficit with Asia, excluding Japan, increased
$22.7 billion. Substantially higher consumer goods im
ports and moderately higher capital goods imports,
both largely from China, accounted for the increase.
Exports changed little.
Europe and Japan—the two areas most affected by the
imposition of selected steel tariffs decreased, while im
ports from North American Free Trade Agreement
(NAFTA) members Canada and Mexico—increased, as
NAFTA members were excluded from the imposed tar
iffs (table J).
Petroleum and petroleum products were unchanged
at $103.6 billion, following a decrease of $16.6 billion,
or 14 percent. The average number of barrels imported
daily fell to 12.06 million from 12.42 million. The aver
age price per barrel increased to $23.42 from $22.80
(chart 10). Domestic inventories fell, while consump
tion and production rose slightly. Deliveries from
OPEC dropped $5.5 billion, or 12 percent; 40 percent
of the decrease was from Iraq. The drop was offset by
increases in imports from Mexico, the United King
dom, Russia, and Canada. An oil strike began in Vene
Table K. U.S. Trade in Goods by Major End-Use Category for Selected Areas and Countries
[Balance of payments basis, millions of dollars]
Canada
2000
2001
United Kingdom
Western Europe
2002>
2000
2001
2002"
2000
2001
Germany
2002"
2000
2001
Japan
2002"
2000
2001
2002"
Exports....................................................................
Agricultural products.....................................
Nonagricultural products..............................
178,877
8,468
170,409
163,309
8,942
154,367
160,879
9,653
151,226
178,732
7,576
171,156
171,421
7,784
163,637
153,573
7,513
146,060
40,724
1,050
39,674
39,701
1,078
38,623
32,139
1,028
31,111
28,922
942
27,980
29,365
966
28,399
26,038
997
25,041
63,472
9,546
53,926
55,878
9,076
46,802
49,682
8,538
41,144
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......................................................
8,441
40,350
60,106
45,810
8,901
37,902
52,325
40,599
9,707
37,137
45,886
44,039
5,923
38,009
96,342
7,470
6,030
35,529
87,504
8,558
6,014
32,919
73,863
9,017
942
7,212
23,320
1,633
1,025
6,609
20,518
1,824
1,008
6,001
15,576
1,750
682
4,793
17,692
2,203
763
4,491
17,525
2,917
859
4,267
13,998
3,760
10,029
12,571
28,280
3,032
9,562
10,693
24,072
2,676
9,065
9,974
20,322
2,784
18,947
5,223
18,485
5,097
18,958
5,152
25,028
5,960
27,422
6,378
26,243
5,517
6,137
1,480
7,549
2,176
6,448
1,356
2,666
886
2,804
865
2,390
764
8 342
<218
7,596
1,279
6,335
<202
Imports....................................................................
Petroleum and products................................
Nonpetroleum products.................................
233,679
18,553
215,126
218,735
16,276
202,459
213,151
17,153
195,998
243,426
12,653
230,773
241,030
11,154
229,876
246,194
13,041
233,153
43,388
4,117
39,271
40,982
3,390
37^592
40,640
4,734
35,906
58,501
510
57,991
59,035
449
58,586
62,492
526
61,966
146,497
251
146,246
126,485
219
126,266
121,477
122
121,355
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........
10,275
85,872
40,361
63,953
11,431
83,109
33,855
57,865
11,914
78,889
29,180
59,773
9,709
53,004
78,166
30,393
9,639
48,356
76,423
31,118
10,689
47,947
69,595
35,358
1,262
10,040
15,561
4,201
1,186
8,824
14,780
3,852
1,257
9,461
11,820
5,277
664
9,191
21,640
18,426
648
8,532
21,868
18,831
683
8,857
19,800
22,314
440
13,039
62,200
47,564
385
11,477
47,501
44,854
410
10,928
39,315
49,265
15,955
17,263
15,589
16,886
15,966
17,429
59,022
13,132
61,970
13,524
68,993
13,612
8,772
3,552
8,624
3,716
9,212
3,613
5,854
2,726
6,377
2,779
7,739
3,099
19,303
3,951
18 301
3'967
17,942
3,617
Balance....................................................................
-54,802
-55,426
-52,272
-64,694
-69,609
-92,621
-2,664
-1,281
-8,501
-29,579
-29,670
-36,454
-83,025
-70,607
-71,795
Latin America
Asia, excluding Japan
Mexico
Hong Kong, Republic of Korea,
Singapore, Taiwan
China
2002"
2000
2002"
2000
2001
2000
2001
Exports....................................................................
Agricultural products.....................................
Nonagricultural products...............................
158,837
9,482
149,355
147,858
10,522
137,336
137,275
10,537
126,738
111,172
6,603
104,569
101,181
7,540
93,641
97,361
7,489
89,872
152,002
12,622
139,380
140.062
13,303
126,759
140,929
13,035
127,894
83,112
6,147
76,965
69,877
6,083
63,794
68,265
6,044
62,221
16,141
1,761
14,380
19,108
1,941
17,167
21,980
1,985
19,995
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......................................................
8,033
44,642
62,192
18,674
9,137
40,903
57,257
18,095
9,101
40,079
50,698
16,873
5,632
32,084
40,782
16,601
6,554
28,283
35,981
16,023
6,469
28,317
33,761
15,264
10,636
29,269
93,503
3,327
10,763
27,534
83,094
3,434
10,701
29,245
81,600
3,712
5,110
16,013
53,506
1,001
4,990
13,940
43,024
837
5,149
14,599
40,476
826
1,557
5,113
8,377
269
1,570
5,448
10,812
298
1,508
6,738
12,151
414
19,181
6,115
17,124
5,342
15,296
5,228
11,568
4,505
10,424
3,916
9,859
3,691
11,535
3,732
11,803
3,434
11,919
3,752
5,448
2,034
5,320
<766
5,156
2,059
661
164
842
138
1,014
155
Imports....................................................................
Petroleum and products................................
Nonpetroleum products.................................
199,833
37,083
162,750
190,188
30,217
159,971
196,159
32,478
163,681
136,811
12,800
124,011
132,204
10,154
122,050
135,632
12,214
123,418
340,265
26,145
314,120
313,479
24,179
289,300
337,018
21,055
315,963
111,460
1,081
110,379
93,260
1,126
92,134
91,901
743
91,158
100,021
618
99,403
102,278
318
101,960
125,215
321
124,894
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........
13,658
56,966
38,744
42,179
13,111
49,098
37,520
42,099
13,689
52,633
37,254
43,981
5,854
21,789
34,310
40,196
5,973
18,723
33,008
40,005
6,179
21,391
32,752
41,521
8,506
52,101
122,728
10,594
8,384
48,374
98,397
12,169
8,928
47,325
104,429
13,860
702
10,511
60,430
7,271
700
9,530
43,379
8,851
668
9,564
41,524
9,785
1,104
7,620
23,288
1,566
1,233
7,548
23,206
1,691
1,605
9,068
30,204
2,197
39,882
8,404
40,402
7,958
40,318
8,284
28,206
6,456
28,257
6,238
27,346
6,443
139,208
7,128
139,111
7,044
155,236
7,240
28,751
3,795
27,231
3,569
27,004
3,356
65,333
1,110
67,424
<176
80,769
1,372
Balance...................................................................
-40,996
-42,330
-58,884
-25,639
-31,023
-38,271
-188,263
-173,417
-196,089
-28,348
-23,383
-23,636
-83,880
-83,170
-103,235
2000
" Preliminary.
n.e.c. Not elsewhere classified.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2001
2001
2002"
2000
2001
2002"
2002"
U.S. International Transactions
32
The deficit with Latin America increased $16.6 bil
lion, as a result of stronger imports and lower exports.
Exports declined substantially for the second consecu
tive year, mostly in capital goods and consumer goods.
Imports of petroleum and of autos increased.
The deficit with Japan increased $1.2 billion. Export
declines, largely of capital goods and consumer goods,
were larger than import declines, largely of capital
goods.
The deficit with Canada decreased $3.2 billion. Ex
ports of capital goods fell, but imports of nonpetro
leum industrial supplies and capital goods fell even
more.
April 2003
pre-September 11th levels. Travel receipts decreased
$2.8 billion, to $70.3 billion, in 2002, following a de
crease of $9.1 billion in 2001. Slow economic growth
abroad also discouraged travel, despite substantial ap
preciation of major foreign currencies from late March
to the end of the year. In 2002, the number of visitors
declined 6 percent, following a decline of 14 percent in
2001. Passenger fare receipts reflected these same fac
tors, declining $0.6 billion after falling $2.8 billion.
Travel payments decreased $0.8 billion, to $59.3 bil
lion, in 2002, following a decrease of $4.7 billion in
Chart 11. Annual Services Data, 1990-2002
Services
The surplus on services decreased to $48.8 billion in
2002 from $68.9 billion in 2001. The surplus in 2002
was well below the peak of $90.4 billion in 1997 (table
L, chart 11). A substantial amount of the deterioration
from 2001 to 2002 was attributable to the recording of
large nonrecurring losses recovered from foreign rein
surers at the time of the September 11th attacks, which
lowered net payments and boosted the surplus in 2001.
In 2002, losses recovered returned to more normal lev
els, and insurance premiums increased strongly as
prices on property and casualty policies were in
creased; both factors boosted insurance payments.
The September 11th attacks continued to have resid
ual effects on the travel and passenger fares accounts,
as travel to and from the United States remained below
Table L. Services
[Millions of dollars, quarters seasonally adjusted]
2002
2000
2002'’
2001
1'
II'
III'
IV"
Exports............................................................................................................
292,245
279,260
289,278
68,587
72,101
73,545
75,048
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....................................................................................................
82,267
20,760
30,137
39,607
104,707
32,580
72,127
10,348
16,307
2,050
4,756
24,373
14,293
73,119
18,007
28,306
38,668
108,109
36,243
71,866
11,493
15,209
18
4,796
25,720
14,630
70,320
17,443
28,377
42,959
117,340
39,837
77,503
12,670
14,877
1,120
5,556
27,521
15,759
17,039
4,170
6,810
9,922
27,461
8,647
18,814
3,034
3,769
91
1,277
6,817
3,826
17,202
4,171
6,992
11,077
29,373
10,118
19,255
3,104
3,824
128
1,351
6,940
3,908
17,438
4,502
7,183
11,138
30,161
10,659
19,502
3,241
3,668
352
1,426
6,862
3,952
18,641
4,600
7,392
10,823
30,347
10,415
19,932
3,291
3,616
549
1,502
6,902
4,072
Military transactions1.............................................................................
U.S. Government receipts.....................................................................
13,981
786
12,220
831
12,044
795
2,990
195
3,087
199
2,923
200
3,044
201
Imports.............................................................................................................
218,503
210,385
240,467
57,613
58,902
60,949
63,009
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....................................................................................................
64,788
24,306
41,598
16,115
55,253
25,971
29,282
2,052
4,472
8,175
5,473
8,636
473
60,117
22,418
38,823
16,359
54,588
28,410
26,178
2,378
4,016
4,906
4,298
10,040
540
59,303
20,993
38,555
19,899
79,379
29,780
49,599
2,667
3,607
27,496
3,990
11,232
607
14,538
5,087
8,871
4,761
19,127
7,534
11,593
631
974
6,177
950
2,714
147
14,405
5,002
9,752
4,948
19,304
6,988
12,316
654
1,012
6,738
978
2,783
150
14,631
5,276
9,731
5,352
20,220
7,538
12,682
679
816
7,178
1,017
2,838
153
15,729
5,628
10,201
4,840
20,732
7,723
13,009
703
805
7,402
1,045
2,897
156
Direct defense expenditures2..............................................................
U.S. Government payments..................................................................
13,560
2,883
15,198
2,882
19,418
2,920
4,488
741
4,766
725
5,014
725
5,150
729
' Revised.
p Preliminary.
1. Consists of goods and services transferred under U.S. military agency sales contracts, which cannot be
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
separately identified.
2. Consists of imports of goods and services by U.S. defense agencies, which cannot be separately identified.
April 2003
33
Survey of Current Business
2001. U.S. travel overseas was slow to recover after Sep
tember 11th despite a strengthening in U.S. economic
growth; dollar depreciation from late March to the end
of the year also discouraged travel abroad. In 2002, the
number of U.S. travelers to overseas destinations was
down 7 percent, following a decline of 6 percent in
2001. Passenger fare payments reflected these same fac
tors, declining $1.4 billion after falling $1.9 billion.
“Other” private services receipts increased $9.2 bil
lion, to $117.3 billion, in 2002, up from a $3.4 billion
increase in 2001. Among unaffiliated services, most
major categories increased; the largest increases were
in business, professional, and technical services, in ed
ucation, and in insurance. Insurance receipts reflected
higher premiums on property and casualty insurance
that followed the attacks of September 11th. Financial
services receipts decreased for the second consecutive
year, reflecting reduced foreign activity in U.S. finan
cial markets.
“Other” private services payments increased $24.8
billion, to $79.4 billion, in 2002, following a decrease
of $0.7 billion in 2001. The increase in 2002 was mostly
attributable to the insurance payments, which are re
corded as the net of premiums paid and losses recov
ered. Losses recovered are recorded on an accrual basis
at the time an insured event occurs. The recording of
sizable losses recovered from foreign reinsurers as a re
sult of the September 11th attacks greatly reduced net
payments in 2001. In 2002, losses recovered returned
to more typical levels, and premiums paid rose sharply,
reflecting steep price increases on property and casu
alty policies. Business, technical, and professional ser
vices payments continued to rise. Financial services
payments decreased for the second consecutive year,
reflecting reduced U.S. activity in foreign financial
markets.
“Other” transportation receipts were nearly un
changed at $28.4 billion in 2002, following a decrease
of $1.8 billion in 2001.
Freight receipts increased $0.4 billion, or 3 percent,
following a decrease of $1.1 billion, as an increase in
air freight more than offset a decrease in ocean freight.
Air freight increased $0.4 billion, mostly from higher
freight rates, and ocean freight decreased $0.3 billion.
Tanker rates remained near record lows for most of the
year, U.S. tramp vessel revenues fell, and liner vessel
revenues were unchanged; all reflected reduced export
volume.
Port services receipts decreased $0.3 billion as a re
sult of a decline in air port services. Ocean port ser
vices were unchanged.
“Other” transportation payments decreased $0.3
billion in 2002, following a $2.8 billion decrease in
2001.
Port services payments decreased $0.5 billion, fol
lowing a decrease of $1.1 billion. Reflecting the drop in
international air travel following the attacks of Sep
tember 11th, most passenger carriers operated on re
duced flight schedules, resulting in lower expenses
overseas. In addition, jet fuel prices decreased 8 per
cent because of reduced demand.
Freight payments increased $0.2 billion, following a
decrease of $1.7 billion. Air freight increased $0.9 bil
lion, reflecting a 15-percent increase in import volume.
More than half of the increase resulted from higher air
imports from Asia, largely due to a West Coast ocean
port strike in the last 2 days of September and the first
8 days of October. Ocean freight decreased $0.8 billion;
revenues from tanker vessels decreased, more than off
setting an increase in revenues from liner vessels. Im
port volume on liners was strong in the last half of the
year.
Transfers under U.S. agency military sales contracts
fell slightly to $12.0 billion in 2002 from $12.2 billion
in 2001; at this level, transfers were well below the re
cent peak of $17.4 billion in 1998. Direct defense ex
Table M. Direct Investment Income and Capital
[Millions of dollars, quarters seasonally adjusted]
2002
2000
2001
2002 ”
r
II •
IIP
IV
p
Income
Income receipts on U.S. direct investment abroad........................................................................
Distributed earnings.....................................................................................................................
Reinvested earnings....................................................................................................................
Interest, net....................................................................................................................................
149,677
44,497
101,213
3,966
125,996
42,253
79,668
4,076
128,068
41,904
81,650
4,514
28,629
9,468
18,038
1,123
30,908
11,052
18,795
1,061
33,730
12,477
20,096
1,157
34,800
8,905
24,722
1,173
Income payments on foreign direct investment in the United States...........................................
Distributed earnings.....................................................................................................................
Reinvested earnings....................................................................................................................
Interest, net...................................................................................................................................
-60,815
-34,230
-6,519
-20,066
-23,401
-20,405
19,697
-22,694
-50,121
-17,341
-10,213
-22,565
-6,606
-6,451
5,198
-5,353
-12,159
-5,015
-1,321
-5,823
-15,104
-2,497
-6,727
-5,880
-16,252
-3,384
-7,359
-5,509
U.S. direct investment abroad (increase/financial outflow (-))....................................................
Equity capital.................................................................................................................................
Reinvested earnings....................................................................................................................
Intercompany debt........................................................................................................................
-178,294
-66,089
-101,213
-10,993
-127,840
-49,840
-79,668
1,668
-123,528
-27,335
-81,650
-14,546
-29,546
-9,507
-18,038
-2,001
-34,521
-3,441
-18,795
-12,285
-26,418
-5,934
-20,096
-388
-33,047
-8,453
-24,722
128
Foreign direct investment in the United States (increase/financial inflow (+))...........................
Equity capital.................................................................................................................................
Reinvested earnings....................................................................................................................
Intercompany debt........................................................................................................................
307,747
245,943
6,519
55,285
130,796
107,721
-19,697
42,771
30,114
57,618
10,213
-37,716
16,327
10,964
-5,198
10,561
-2,600
13,975
1,321
-17,896
2,891
21,930
6,727
-25,766
13,493
10,749
7,359
-4,615
Capital
' Revised.
*’ Preliminary.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
U.S. International Transactions
34
penditures abroad increased to $19.4 billion in 2002
from $15.2 billion in 2001. During the last half of the
year, expenditures reflected the gradual buildup and
deployment of troops prior to the war with Iraq in
2003. Most of the increased expenditures were for pur
chases of equipment and supplies and for transporta
tion of troops and materiel.
Income
The balance on income shifted to a deficit of $11.9 bil
lion in 2002 from a surplus of $14.4 billion in 2001 (ta
ble D). Income receipts fell more than income
payments.
Receipts of income on U.S. direct investment abroad
increased $2.1 billion, to $128.1 billion, in 2002 (table
M, chart 12). Limited economic expansion in indus-
Chart 12. Earnings on U.S. Direct Investment
Abroad
April 2003
trial countries abroad generated only a small increase
in earnings in 2002. Earnings had fallen sharply in
2001 when growth in industrial countries slowed
sharply. Appreciation of some key foreign currencies
against the dollar during much of 2002 contributed to
some of the increase in earnings in 2002. Depreciation
of foreign currencies against the dollar in 2001 con
tributed to some of the decline in earnings in 2001. In
2002, earnings in “other” industries increased $4.0 bil
lion, largely in telecommunications, mining, and
wholesale trade. Earnings in petroleum decreased $2.6
billion, largely in Europe and Canada. Earnings in
manufacturing decreased $0.4 billion; the decrease was
more than accounted for by declines in electronics,
largely from Asia and Pacific, and in transportation
equipment from Canada.
Payments of income on foreign direct investment in
the United States increased $26.7 billion, to $50.1 bil
lion, in 2002 (table M, chart 13). Earnings of U.S. affil
iates recovered strongly from the poor results of 2001,
as U.S. GDP grew 2.4 percent in 2002 after growth of
Chart 13. Earnings on Foreign Direct Investment
in the United States
p Preliminary
p Preliminary
NOTE.-To be consistent with earnings by area and by industry, total earnings are
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
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.
withholding taxes, the only basis on which area and industry data are available.
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
U.S. Bureau of Economic Analysis
April 2003
35
Survey of Current Business
only 0.3 percent in 2001. By industry, the largest in
creases were in manufacturing, which shifted $17.3 bil
lion to profits of $7.1 billion. Within “other”
industries, earnings increased to $5.0 billion from $2.9
billion; all industries except depository institutions in
creased. In contrast, petroleum earnings fell $2.5 bil
lion. By area, increases in payments of income were
largest for affiliates with parents in Japan (tires, whole
sale trade, machinery, and depository institutions),
Canada (smaller losses in machinery), and Europe.
Receipts of income on “other” private investment
Table N. Other Private Income
[Billions of dollars]
2002 "
2001
2000
Receipts.................................................................
197.1
151.8
110.8
Dividends............................................................
Interest on bonds...............................................
Interest on bank claims.....................................
Interest on other claims1..................................
35.9
42.6
57.1
61.5
25.4
39.9
42.3
44.2
26.2
37.9
23.6
23.1
Payments...............................................................
179.2
156.8
124.5
Dividends............................................................
Interest on bonds...............................................
Interest on bank liabilities..................................
Interest on other liabilities1..............................
19.6
51.9
65.1
42.6
20.7
56.1
42.0
38.0
22.6
61.0
20.1
20.8
' Preliminary.
1. Primarily income of financial concerns other than banks.
Note. Excludes direct investment income receipts and payments.
Chart 14. Private Investment Income
decreased to $110.8 billion in 2002 from $151.8 billion
in 2001 and were considerably below receipts of $197.1
billion in 2000 (table N, chart 14). The largest decrease
in 2002 was in interest earned on banks’ and non
banks’ claims, which decreased $39.8 billion. The aver
age interest rate on banks’ and nonbanks’ claims was
200 basis points lower than in 2001. Dividends earned
on stocks increased slightly, and interest earned on
bonds decreased slightly.
Payments of income on “other” private investment
decreased to $124.5 billion in 2002 from $156.8 billion
in 2001 and $179.2 billion in 2000 (table N, chart 14).
Declines in interest paid on banks’ and nonbanks’ lia
bilities more than accounted for the decrease in 2002
and were attributable to declines in interest rates. In
terest paid on bonds increased, reflecting an increase in
foreign holdings. Dividends paid increased, reflecting
an increase in yields that was only partly offset by a de
crease in foreign holdings.
For the second consecutive year, “other” private
payments exceeded “other” private receipts. In 2002,
the margin was $13.8 billion; in 2001, it was $5.0 bil
lion.
U.S. Government income payments decreased to
$72.9 billion in 2002 from $80.7 billion in 2001 and
$83.0 billion in 2000 (table O). In 2002, a decline in
yields more than accounted for the decrease; yields on
long-term Treasury securities were 100 basis points
lower on average.
Unilateral current transfers
Net unilateral current transfers were outflows of $56.0
billion in 2002, $6.6 billion more than in 2001. U.S.
Government grants accounted for most of the increase,
largely because grant funds that are often disbursed
annually to Israel and Egypt under the debt credit
waiver program and under economic assistance pro
grams in the fourth quarter of 2001 were not appropri
ated and disbursed until the first quarter of 2002 (table
O). Similar disbursements scheduled for the fourth
quarter of 2002 were delayed until the first quarter of
2003. Private remittances and other transfers also in
creased, mainly because of an increase in institutional
remittances and net taxes paid to foreigners.
Capital Account
Capital account transactions were net inflows of $0.7
billion in 2002, down from net inflows of $0.8 billion
in 2001.
Financial Account
Seasonally adjusted
p Preliminary
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Net recorded financial inflows—net acquisitions by
foreign residents of assets in the United States less net
acquisitions by U.S. residents of assets abroad—were
$474.2 billion in 2002, up from $381.8 billion in 2001.
Financial outflows for U.S.-owned assets abroad de-
U.S. International Transactions
36
Chart 15. Financial Flows, 1995-2002
April 2003
2001. Net outflows from U.S. banks were greatly re
duced, and U.S. transactions in foreign securities
shifted from sizable net purchases to net sales.
U.S. official reserve assets. U.S. official reserve as
sets increased $3.7 billion in 2002, following an in
crease of $4.9 billion in 2001 (table C). The increase in
2002 included a $2.6 billion increase in the U.S. reserve
position in the International Monetary Fund (IMF).
Sizable dollar credits that were extended by the IMF to
Brazil, Turkey, and Uruguay were only partly offset by
repayments of dollar credits to the IMF by Russia.
U.S. claims reported by banks and nonbanks. U.S.
claims on foreigners reported by U.S. banks increased
$3.1 billion in 2002, following an increase of $128.7
billion in 2001 (tables P and Q).
Banks’ own claims denominated in dollars in
creased $7.6 billion in 2002, following increases of
$119.4 billion in 2001 and $111.5 billion in 2000. The
marked slowdown in lending in 2002 reflected a wide
spread decline in demand for bank credit and sharp
dropoff in new syndicated loans due to a further de
cline in merger and acquisition activity. Syndicated
loan activity had been especially strong in late 1999
and in 2000 at the peak of the merger and acquisition
boom before declining in 2001 and 2002.
U.S.-owned banks’ claims decreased $18.3 billion in
2002, following an increase of $39.0 billion in 2001.
U.S. banks tightened lending standards and sought lit
tle additional international loan exposure over much
of the year—partly as a result of concerns about ques
tionable corporate accounting practices, sizable loan
defaults, and an uncertain global economic outlook.
Foreign-owned banks’ claims increased $16.8 billion,
down from an increase of $51.4 billion. Most lending
was to provide funds to parent banks abroad. Claims
on foreigners by U.S. securities brokers increased $9.1
billion, down from an increase of $29.0 billion, as fall-
Billion $
creased more than financial inflows for foreign-owned
assets in the United States (chart 15).
U.S.-owned assets abroad
Net U.S.-owned assets abroad increased $156.2 billion
in 2002, compared with an increase of $371.0 billion in
Table 0. Selected U.S. Government Transactions
[Millions of dollars]
2002
(Credits +; debits -)
2000
2002"
2001
IV o
I
II
U.S. Government grants................................................................................................................
-16,821
-11,628
-16,914
-6,273
-3,312
-3,118
U.S. Government forgiveness of foreign debt...........................................................................
-29
-25
-192
-5
-15
-82
-90
U.S. Government credits and other long-term assets..............................................................
For debt rescheduling....................... ”....................................................................................
-5,182
-1,687
-3,495
-4,431
-693
-3,738
-5,213
-2,634
-2,579
-853
-253
-600
-565
-88
-477
-1,375
-250
-1,124
-2,420
-2,043
-378
Other repayments.....................................................................................................................
4,265
741
20
3,504
3,873
474
12
3,386
5,696
2,185
159
3,352
994
136
3
855
566
24
9
533
1,452
201
81
1,170
2,684
1,824
66
794
U.S. Government foreign currency holdings and short-term assets, net...............................
From debt rescheduling...........................................................................................................
From debt forgiveness...............................................................................................................
Other...........................................................................................................................................
-24
303
(*)
-328
72
106
4
-38
-104
220
-8
31
41
36
-104
22
-33
131
-324
-39
5
-126
-164
U.S. Government receipts of income..........................................................................................
From debt rescheduling...........................................................................................................
From debt forgiveness”............................................................................................................
Other receipts............................................................................................................................
3,846
643
9
3,193
3,561
113
9
3,439
3,343
229
33
3,080
899
86
2
810
607
28
6
573
905
27
1
877
932
88
24
820
U.S. Government payments of income......................................................................................
-82,973
-80,665
-72,938
-18,514
-18,631
-18,168
-17,625
Other disbursements.................................................................................................................
Repayments of U.S. Government credits and other long-term assets...................................
From debt rescheduling...........................................................................................................
From debt forgiveness.”............................................................................................................
' Revised.
p Preliminary.
* Less than $500,000 (±).
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IIP
-4,211
April 2003
37
Survey of Current Business
ing asset prices and increased volatility in most finan
cial markets slowed foreign purchases of securities and
related lending by U.S. securities brokers.
Banks’ domestic customers’ claims increased $1.5
billion in 2002, following a decrease of $14.0 billion.
The increase was more than accounted for by a $22.5
billion increase in foreign commercial paper issued in
the United States, as foreigners sought short-term
funds. Claims on foreigners reported by nonbanking
concerns increased $28.5 billion, following an increase
of $14.4 billion; deposits abroad increased more than
twice as much in 2002 as in 2001 (table P).
Foreign securities. Net U.S. transactions in foreign
securities shifted to net sales of $2.2 billion in 2002
from net purchases of $94.7 billion in 2001. The sizable
swing was mostly attributable to a decline in net pur
chases of foreign stocks to $18.6 billion from $106.8
billion. Net U.S. sales of foreign bonds were $20.8 bil
lion, up from $12.1 billion (table P).
In merger-related transactions, stock swaps ac
counted for nearly half of the annual decline in net
U.S. purchases; stock swaps fell to $3.2 billion in 2002
from $44.7 billion in 2001. Stock swaps in both years
were considerably lower than the $80.4 billion in 2000
and the peak of $115.8 billion in 1999. Foreign acquisi
tions of U.S. firms accomplished by stock swaps are re
corded in the accounts as increases in foreign direct
investment in the United States and as increases in U.S.
portfolio holdings of foreign securities.
In nonmerger-related transactions, net U.S. pur
chases of stocks fell to $15.4 billion from $62.1 billion.
Growth in key European countries, especially Ger
many, was limited despite stimulus provided by the
European Central Bank, and growth in Japan re
mained weak. In addition, European stock prices were
down an additional 31 percent after a decline of 18
percent in 2001, and Japanese stock prices fell 19 per
cent after a decline of 20 percent (chart 16).
By area, net purchases of outstanding stocks from
Western Europe were $12.6 billion, down from $51.5
Table P. Private Financial Flows, Net
[Billions of dollars]
2002
Claims (increase/financial outflow (-)); liabilities (increase/financial inflow (+))
2000
2002’
2001
I
IIP
II
IV’
Private financial flows, net...................................................................................................
373.1
382.0
380.9
79.3
27.6
161.5
112.5
Bank-reported capital, net ’........................................................................................................
U.S. claims................................................................................................................................
U.S. liabilities1..........................................................................................................................
-31.7
-148.7
117.0
-18.0
-128.7
110.7
91.5
-3.1
94.6
-10.3
0.7
-11.1
-36.4
-68.7
32.2
72.6
53.8
18.8
65.7
11.0
54.6
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................................................................................................................................
250.7
-127.5
-103.6
-23.9
378.2
-77.0
455.2
192.4
262.8
305.3
-94.7
-106.8
12.1
400.0
-7.7
407.7
119.5
288.2
340.0
2.2
-18.6
20.8
337.8
53.2
284.6
55.8
228.8
65.9
2.0
1.5
0.6
63.8
-7.3
71.1
25.0
46.1
89.6
-9.7
-19.9
10.2
99.3
-5.1
104.4
11.4
93.0
117.9
18.5
12.8
5.8
99.4
52.9
46.5
7.4
39.1
66.6
-8.7
-12.9
4.2
75.3
12.7
62.6
12.0
50.6
U.S. currency flows, net................................................................................................................
1.1
23.8
21.5
4.5
7.2
2.6
7.2
Direct investment, net...................................................................................................................
U.S. direct investment abroad.................................................................................................
Foreign direct investment in the United States.....................................................................
129.5
-178.3
307.7
3.0
-127.8
130.8
-93.4
-123.5
30.1
-13.2
-29.5
16.3
-37.1
-34.5
-2.6
-23.5
-26.4
2.9
-19.6
-33.0
13.5
Nonbank-reported capital, net.....................................................................................................
U.S. claims................................................................................................................................
U.S. liabilities.............................................................................................................................
23.4
-150.8
174.3
68.0
-14.4
82.4
21.2
-28.5
49.7
32.4
0.1
32.3
4.4
-16.7
21.1
-8.0
-4.2
-3.8
-7.5
-7.6
0.1
' Revised.
p Preliminary.
1. Liabilities exclude U.S. Treasury securities.
Table Q. U.S. Bank-Reported Claims and Liabilities by Type
[Billions of dollars]
2002
2000
2001
2002’
IV’
IIP
II
I
Claims on foreigners reported by U.S. banks (increase/financial outflow (-)).............
-148.7
-128.7
-3.1
0.7
-68.7
53.8
11.0
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......................................................................................
-100.5
1.9
-13.0
-40.9
3.7
-82.8
-9.5
-27.2
7.3
-16.6
-22.5
19.6
-4.7
0.6
3.9
-5.3
5.7
-5.5
9.4
-3.6
-39.2
2.7
-11.9
-13.7
-6.6
59.8
-2.1
-11.3
5.2
2.2
-37.8
13.4
24.0
-0.4
11.9
Liabilities to foreigners reported by U.S. banks (excluding U.S Treasury securities)
(increase/financial inflow (+))1............................................................................................
117.0
110.7
94.6
-11.1
32.2
18.8
54.6
Banks’ liabilities for own accounts, payable in dollars:
Own foreign offices..............................................................................................................
Unaffiliated banks................................................................................................................
Other private foreigners and international financial institutions......................................
Banks’ custody liabilities, payable in dollars..........................................................................
Liabilities payable in foreign currencies.................................................................................
85.8
17.0
13.9
7.0
-6.8
66.6
-13.2
23.0
14.0
20.2
59.9
-1.6
27.1
11.2
-2.1
-11.4
5.3
-2.3
-4.2
1.5
15.3
-9.5
10.8
6.5
9.1
-7.8
-4.7
28.4
12.2
-9.4
63.7
7.3
-9.8
-3.3
-3.3
' Revised.
’ Preliminary.
1. Excludes liabilities to foreign official agencies.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
38
U.S. International Transactions
billion; net purchases from Asia and Latin America
were $5.9 billion, down from $28.2 billion; and net
purchases from Japan were $1.0 billion, down from
$19.9 billion. Trading activity (that is, gross purchases
plus gross sales) in foreign stocks decreased 11 percent
in 2002, following a decrease of 21 percent in 2001.
For bonds, new issues in the United States decreased
to $20.8 billion from $39.5 billion. Strong issuances of
U.S. bonds left little demand for issuances of foreign
bonds, and those borrowers with less than investmentgrade credit ratings encountered higher interest rates
(chart 17). New sovereign issues from Latin America
dropped to $6.0 billion from $14.7 billion. Latin
American financial markets and economies were un
der considerable political and economic pressure dur
ing 2002, as evidenced by debt default in Argentina,
election turmoil in Brazil, and the oil industry strike in
Venezuela. New issues from Canada were substantially
lower than in 2001. New issues from Western Europe
were slightly above those in 2001, but were available
only to the highest rated borrowers. Transactions in
outstanding bonds reflected a decline in net sales to
$6.3 billion from $18.2 billion. Trading activity in for
eign bonds increased 27 percent in 2002, following an
increase of 12 percent in 2001.
Direct investment. Financial outflows on U.S. di
rect investment abroad decreased to $123.5 billion in
2002 from $127.8 billion in 2001 (table M). Equity
capital outflows fell, intercompany debt shifted to net
outflows, and reinvested earnings increased.
Net equity capital outflows were $27.3 billion, down
from $49.8 billion. Net outflows were $66.1 billion in
2000 and had peaked at $79.2 billion in 1999. The de
cline partly reflected the sizable further reduction of
large-scale mergers and acquisitions that were espe
cially prevalent in 1999-2000. In 2002, the few largescale mergers were in food, electronics manufacturing,
and mining. The largest decreases in net equity capital
outflows were in depository institutions, which had in
cluded an unusually large acquisition in Mexico in
2001, and in finance. The largest decreases in outflows
in finance were to Europe and to the Caribbean.
Intercompany debt shifted $16.2 billion to net out
flows of $14.5 billion. Most of the shift was attributable
to finance affiliates, particularly in Europe and Can
ada.
Reinvested earnings increased $2.0 billion, to $81.7
billion.
Foreign-owned assets in the United States
Net foreign-owned assets in the United States in
creased $630.4 billion in 2002, compared with an in
crease of $752.8 billion in 2001. Net foreign purchases
of U.S. securities other than U.S. Treasury securities
Chart 17. U.S. Bond Yields and Spreads
Chart 16. Selected Stock Price Indexes in Local
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
Source: Merrill Lynch.
U.S. Bureau of Economic Analysis
April 2003
Survey of Current Business
and net inflows for foreign direct investment in the
United States were substantially lower. Foreign official
assets increased substantially.
Foreign official assets. Foreign official assets in the
United States increased $96.6 billion in 2002, following
an increase of $5.2 billion in 2001 (table C). The inflow
was the largest since 1996, when the dollar began its re
covery from lows reached in 1995. In 2002, assets of in
dustrial countries increased $50.1 billion; over half of
the increase was attributable to Japan and partly re
flected currency market interventions in the second
quarter to limit appreciation of the yen. Assets of de
veloping countries increased $46.5 billion, as China,
Taiwan, Korea, and Russia all increased their holdings
of foreign exchange reserves and dollar assets.
U.S. liabilities reported by banks and by non
banks. U.S. liabilities reported by U.S. banks, exclud
ing U.S. Treasury securities, increased $94.6 billion in
2002, following increases of $110.7 billion in 2001 and
$117.0 billion in 2000 (tables P and Q).
Banks’ own liabilities denominated in dollars in
creased $85.5 billion in 2002, following an increase of
$76.5 billion in 2001. Much of the increase in 2002 was
in liabilities of foreign-owned banks, which increased
$61.0 billion after an increase of $11.8 billion; the in
crease was concentrated in the first and fourth quar
ters. In contrast, liabilities of U.S.-owned banks
decreased $18.5 billion, following an increase of $44.0
billion; the decrease reflected the downturn in interna
tional lending, the decline in U.S. commercial and in
dustrial lending, and the rise in U.S. domestic deposits.
Liabilities of U.S. securities brokers to private foreign
ers in Western Europe and the Caribbean (largely mu
tual funds) increased $42.9 billion, up from an increase
of $20.7 billion, largely in the form of repurchase
agreements.
U.S. banks’ custody liabilities increased $11.2 bil
lion, mostly to the Caribbean and Western Europe, fol
lowing an increase of $14.0 billion. U.S. liabilities
reported by U.S. nonbanking concerns increased $49.7
billion, following an increase of $82.4 billion (table P).
U.S. Treasury securities. Foreigners shifted to net
purchases of $53.2 billion of U.S. Treasury securities in
2002, following 3 years of net sales. Net sales were $7.7
billion in 2001 (table P). Most net purchases occurred
in the second half of the year, especially in the third
quarter, when U.S. equity prices fell sharply and aver
sion to risk increased significantly. In this environ
ment, investors sought the liquidity and relative safety
of high-quality securities, despite sharp reductions in
their yields (chart 18).
Other U.S. securities. Net foreign purchases of U.S.
securities other than U.S. Treasury securities were
$284.6 billion in 2002, down from a near-record
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
39
$407.7 billion in 2001. Net foreign purchases of stocks
fell sharply; net foreign purchases of bonds also fell
(table P).
Net foreign purchases of U.S. stocks were $55.8 bil
lion in 2002, less than half the $119.5 billion in 2001.
U.S. stock prices fell sharply in 2002, marking the third
consecutive year of sizable declines. The S&P 500 index
declined 23 percent, its largest annual decline since
1974; the DJIA declined 17 percent, its largest annual
decline since 1977; and the NASDAQ declined 32 per
cent, its second largest annual decline. Uncertainties
over the pace of U.S. economic recovery, concerns over
corporate governance and accounting irregularities,
and toward yearend, concerns over the possibility of
war with Iraq all contributed to changes in prices and
in net foreign purchases. Net purchases from Western
Europe fell to $31.6 billion from $86.7 billion, ac
counting for most of the decline. An increase in net
purchases from Japan was partly offsetting. Trading ac
tivity in U.S. stocks (that is, gross purchases plus gross
sales) increased 5 percent in 2002, following a decrease
of 15 percent in 2001.
Net foreign purchases of U.S. bonds were $228.8 bil
lion in 2002, down from a record $288.2 billion in
2001. Although interest-rate differentials in favor of
U.S. over foreign bonds narrowed, U.S. bonds re
mained attractive and continued to provide better li
quidity and higher returns than foreign bonds. U.S.
dollar bonds yielded a total return of 10.3 percent,
compared with 9.3 percent on euro-area bonds, 9.6
percent on British sterling bonds, and 3.6 percent on
Japanese yen bonds. Some foreign investors probably
sought the relative safety of U.S. bonds, which kept net
Chart 18. Yield Curve for U.S. Treasury Securities
Percent
1. As of February 2002, the Federal Reserve no longer reports a 30-year constant maturity yield
for Treasury securities and begins reporting a yield tor Treasury securities with 25 years or
more remaining to maturity.
Data: Federal Reserve Board.
U.S. Bureau of Economic Analysis
U.S. International Transactions
40
bond purchases from falling further. Net purchases
from Western Europe decreased to $104.7 billion from
$181.0 billion, accounting for much of the decline.
Partly offsetting, net purchases from Japan nearly dou
bled to $35.8 billion from $18.5 billion. Trading activ
ity in U.S. bonds increased 35 percent in 2002,
following an increase of 71 percent in 2001.
New U.S. bond issues sold abroad were $105.4 bil
lion in 2002, down slightly from a record $112.1 billion
in 2001 (table R). Highly rated U.S. agency issuers,
such as Fannie Mae and Freddie Mac, sold $47.6 bil
lion of new debt to foreign investors, down only
slightly from a record $49.0 billion in 2001. U.S. corpo
rations sold $57.8 billion of new debt to foreigners,
down from $63.1 billion in 2001 but well below the
record $84.8 billion in 1997. Straight fixed-rate dollar
issues continued to dominate the market. Foreign cur
rency-denominated issues increased, reflecting an in
crease in euro-denominated issues.
U.S. currency flows. Net U.S. shipments of currency
to foreigners were $21.5 billion in 2002, compared
with $23.8 billion in 2001. The introduction of the
euro resulted in little increase in the demand for dol
lars. Dollar demand from Argentina and Russia, tradi
tionally heavy users of dollars, was moderate, reflecting
relative calm in Russia and weak economic conditions
in Argentina.
Direct investment. Net financial inflows for foreign
direct investment in the United States were $30.1 bil
lion in 2002, down substantially from $130.8 billion in
2001 (table M). Net equity capital inflows decreased,
and intercompany debt shifted to net outflows; in con
trast, there was a shift to positive reinvested earnings.
Net equity capital inflows were $57.6 billion, down
from $107.7 billion, leaving equity capital inflows well
April 2003
below the peak of $245.9 billion in 2000. The decline
over the past 2 years reflected the worldwide reduction
in merger and acquisition activity. The value of an
nounced mergers in 2002 was the lowest since 1994. In
addition, potential buyers in 2002 had concerns about
the future earnings prospects of acquisition targets in
the United States and the accuracy of financial report
ing. Among countries that are historically major
sources of foreign direct investment in the United
States—including France, Germany, the Netherlands,
Canada, the United Kingdom, and Japan—weak eco
nomic conditions in many also contributed to the
slowdown in equity inflows. In 2002, the largest reduc-
Data Availability
Interactive access to the estimates that are presented in
tables l-10a of the U.S. international transactions
accounts is available on BEA’s Web site at
<www.bea.gov>. You may view the most recent quar
terly (annual for table 10a) estimates for an entire
table with a single mouse click, or you may select the
time period, frequency, and line(s) that you wish to
view. The estimates are available as an HTML table or
as comma-separated values that can be downloaded
and imported into a spreadsheet or database.
The current and historical estimates presented in
tables 1-10a are also available as compressed files on
BEA’s Web site; click on “Catalog of Products,” and
look under “International Accounts Products,” “Bal
ance of Payments.”
The estimates are also available from BEA on dis
kettes. For more information, call BEA’s Order Desk at
1-800-704-0415 (outside the United States, call 202606-9666).
Table R. New International Bond Issues by U.S. Borrowers
[Millions of dollars]
2002
2002"
2001
2000
I
III
II
IV"
Total..................................................................................................................
109,201
112,121
105,435
35,352
35,999
12,657
21,427
By issuer:
Industrial corporations.............................................................................................
Banking corporations1............................................................................................
Nonbank financial corporations2...........................................................................
U.S. federally sponsored agencies........................................................................
All other borrowers...................................................................................................
17,999
6,153
33,961
44,236
6,852
19,485
4,255
37,011
49,008
2,362
8,404
10,007
38,552
47,649
823
2,134
2,198
16,599
14,197
224
3,922
3,258
15,495
12,794
530
681
217
735
11,024
1,667
4,334
5,723
9,634
69
92,866
14*698
' 49
103 432
8542
97 244
8,191
33 920
<432
31 320
<679
12477
'180
19 527
1,900
1,389
199
147
62,048
47,153
11,130
2,099
6,508
26,422
148
846
68,425
43,696
5,113
1,478
5,434
30,889
61,195
44,240
4,370
1,865
3,594
34,046
21,789
13,563
1,098
848
854
10,586
17,206
18,793
2,016
380
2,506
13,834
7,487
5,170
14,713
6,714
1,256
637
782
365
177
57
By instrument:
Straight fixed-rate bonds.........................................................................................
Floating-rate notes...................................................................................................
Zero-coupon bonds..................................................................................................
Bonds convertible into stock...................................................................................
Other debt instruments............................................................................................
By currency:
U.S. dollars................................................................................................................
Foreign currencies....................................................................................................
Japanese yen.......................................................................................................
Swiss franc...........................................................................................................
British pound........................................................................................................
Euro.......................................................................................................................
Canadian dollar....................................................................................................
Other currencies...................................................................................................
" Preliminary.
1. Includes banks and bank holding companies.
2. Principally credit, securities, brokerage, and insurance companies.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
234
4,936
4,690
131
April 2003
41
Survey of Current Business
tions in equity inflows were from Europe and Canada;
there had been exceptionally large acquisitions from
these areas in 2001. By industry, reductions in finance
and in depository institutions more than accounted for
the decrease.
Intercompany debt flows shifted $80.5 billion to an
outflow of $37.7 billion. Both payables and receivables
shifted to outflows.
Reinvested earnings shifted from a negative $19.7
billion to a positive $10.2 billion, as a result of an in
crease in total earnings.
Tables 1-10 follow.
Table S. Selected U.S. Transactions With OPEC Members
[Millions of dollars]
(Credits +; debits -)
1988
1989
1990
1991
1992
1993
1994
1995 •
1996'
1997'
1998r
1999'
2000'
2001 '
2002"
Exports of goods and services and income receipts:
Goods, balance of payments basis....................................................
13,777
13,189
13,141
18,105
20,666
18,319
16,297
17,405
19,224
23,696
22,933
18,315
17,625
19,502
18,103
Transfers under U.S. military agency sales contracts.......................
Royalties and license fees1..................................................................
Other private services'........................................................................
U.S. Government miscellaneous services..........................................
1,430
77
1,516
18
1,309
71
1,541
16
2,687
94
1,423
20
3,809
149
1,898
16
4,454
161
2,546
22
3,675
220
2,210
13
2,936
357
2,080
14
4,471
394
2,187
17
5,638
253
3,018
11
4,039
312
3,103
8
5,179
263
4,612
8
4,046
298
5,435
14
3,546
374
3,517
13
1,831
349
3,724
13
1,609
348
4,486
8
Income receipts on U.S.-owned assets abroad:
Direct investment receipts...............................................................
Other private receipts.......................................................................
U.S. Government receipts...............................................................
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
2,701
1,470
122
3,966
1,456
192
4,220
1,371
268
4,073
1,697
263
2,682
1,846
238
3,485
1,952
266
5,184
2,152
448
4,268
1,392
330
3,931
998
317
Goods, balance of payments basis....................................................
-23,016
-30,720
-38,399
-33,430
-33,718
-32,648
-31,674
-34,265
-42,676
-43,996
-33,673
-41,953
-66,996
-59,753
-53,337
Direct defense expenditures................................................................
Royalties and license fees1.................................................................
Other private services1........................................................................
U.S. Government miscellaneous services.........................................
-377
-6
-259
-96
-614
-1
-245
-104
-1,419
(*)
-306
-96
-784
-1
-461
-87
-883
-1
-388
-47
-455
-37
-340
-26
-360
-7
-405
-39
-335
-2
-456
-34
-545
-38
-628
-31
-944
-5
-585
-29
-1,754
-8
-860
-28
-1,815
-8
-872
-46
-1,568
-17
-686
-46
-1,647
-39
-588
-45
-3,741
-18
-606
-28
Income payments on foreign-owned assets in the United States:
Direct investment payments............................................................
Other private payments...................................................................
U.S. Government payments............................................................
164
-2,175
-2J41
-50
-2,798
-2,758
-98
-2,892
-3,241
-93
-2,669
-2,764
182
-2,302
<524
-82
-2,176
<160
-49
-1,964
-1747
-34
-2,679
-1,995
-136
-2,566
-2,365
-448
-2,800
<356
-111
-2,622
<112
-22
-2,828
-2;819
-170
-3,782
<’235
-500
-2,493
-2741
-121
-1,570
-1772
U.S. Government grants...........................................................................
U.S. Government pensions and other current transfers.......................
-97
-20
-94
5
3,368
-25
27,453
-305
1,018
-32
-197
-27
-204
-28
-195
-25
-152
-93
-55
-57
-54
-40
-108
-26
-115
-23
-81
-20
-169
-20
U.S.-owned assets abroad, net (increase/capital outflow (-)).............
-782
-1,875
1,847
-577
-12,162
-513
-3,107
143
-7,078
-8,974
-12,558
2,952
3,281
892
-1,892
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............
-59
-396
344
-7
135
-212
343
4
-253
-647
481
-87
-788
-246
397
-939
-529
-277
279
-531
19
-85
224
-120
-422
-234
177
-365
-901
-925
215
-191
-458
-912
290
164
12
-412
420
4
-10
-166
154
2
-317
-504
210
-23
-217
-566
366
-17
-610
-1,095
490
-5
-3
-304
339
-38
Imports of goods and services and income payments:
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......
-723
1,133
-365
-2,010
535
96
2,100
-1,277
-2,815
211
-2,706
-17
-11,633
-1,465
337
-532
-1,597
-679
-2,685
-3,575
-2,077
1,044
-2,379
-675
-6,620
-2,884
-2,882
-8,986
-2,411
-3,997
-12,548
-4,323
-677
3,269
1,358
97
3,498
-5,980
1,515
1,502
-2,915
2,080
-1,889
-1,587
1,107
41
-1,532
100
-2,741
13
6,179
-224
3,158
-44
-10,461
-306
2,050
-146
3,113
-25
4,123
-478
-376
-336
-2,242
369
-7,917
-534
2,348
566
7,397
430
1,907
65
-1,474
Foreign-owned assets in the United States, net (increase/capital
inflow(-t-)).................................................................................................
Of which: foreign official...................................................................
-728
-2,885
15,282
10,724
3,320
1,555
-4,416
-5,235
14,529
5,626
-8,904
-3,850
1,400
-1,464
4,544
4,061
18,133
14,105
17,353
12,700
-12,162
-11,420
10,039
1,510
30,095
12,000
-1,756
-1,725
-2,021
-8,132
1,688
-2,591
177
-1,146
1,629
7,815
3,170
437
1,836
1,503
-244
-2,676
505
5,686
-662
-5,902
1,989
151
-164
81
4,323
4,186
569
4,793
167
-6,302
3,322
730
-5,665
-812
-1,668
-820
1,797
1,677
251
1,293
1,276
617
1,059
-140
16,125
3
-982
1,813
623
8,965
3,657
-348
4,094
177
-13,870
3,393
-2,260
2,296
-1,291
3,501
2,104
-1,248
5,540
315
10,101
13,718
-734
4,473
2,237
-930
3,810
-307
-3,975
-26
-4,550
1,198
18
-791
794
U.S. Treasury securities....................................................................
Other U.S. securities........................................................................
Other U.S. Government liabilities...................................................
U.S. liabilities reported by U.S. banks, not included elsewhere...
Direct investment in the United States..........................................
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns...................................................................
-485
521
711
-571
491
-177
163
439
551
808
—430
-173
300
-328
1,310
All other transactions with OPEC and transfers of funds between
foreign areas, net...................................................................................
8,684
3,422
15,135
-10,794
3,866
19,197
12,207
5,245
4,172
6,705
29,221
3,695
10,403
37,362
35,495
Memorandum:
Balance on goods......................................................................................
-9,239
-17,531
-25,258
-15,325
-13,052
-14,329
-15,377
-16,860
-23,452
-20,300
-10,740
-23,638
-49,371
-40,251
-35,234
' Revised.
" 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.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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.
Note. OPEC members are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia,
United Arab Emerates, and Venezuela. Excludes Ecuador beginning January 1993 and Gabon in January 1995. Individual
country information is not available for all accounts; therefore, some accounts are estimated from regional data.
U.S. International Transactions
42
April 2003
Table 1. U.S. International Transactions
[Millions of dollars]
Not seasonally adjusted
(Credits +; debits -)1
Line
2001
Seasonally adjusted
2002
2002
2002'
I
III'
II
IV p
r
IV'
III'
II'
Current account
1
Exports of goods and services and income receipts.............................
1,281,793
1,216,504
289,712
306,297
309,363
311,132
291,005
304,923
312,392
308,183
2
Exports of goods and services.....................................................................
998,022
971,864
231,262
245,458
245,861
249,283
232,959
244,251
248,917
245,740
3
Goods, balance of payments basis2.......................................................
718,762
682,586
163,810
175,254
169,188
174,334
164,372
172,150
175,372
170,692
4
5
Services3....................................................................................................
Transfers under U.S. military agency sales contracts4....................
279,260
12,220
289,278
12,044
67,452
2,990
70,204
3,087
76,673
2,923
74,949
3,044
68,587
2,990
72,101
3,087
73,545
2,923
75,048
3,044
6
7
8
Travel.......................................................................................................
Passenger fares.....................................................................................
Other transportation..............................................................................
73,119
18,007
28,306
70,320
17,443
28,377
15,056
3,842
6,523
17,622
4,120
6,983
20,079
5,079
7,500
17,563
4,402
7,371
17,039
4,170
6,810
17,202
4,171
6,992
17,438
4,502
7,183
18,641
4,600
7,392
9
10
11
Royalties and license fees5.................................................................
Other private services5.........................................................................
U.S. Government miscellaneous services..........................................
38,668
108,109
831
42,959
117,340
795
9,651
29,195
195
10,796
27,397
199
10,851
30,041
200
11,661
30,707
201
9,922
27,461
195
11,077
29,373
*199
11,138
30,161
200
10,823
30,347
*201
12
13
14
15
16
17
Income receipts..............................................................................................
Income receipts on U.S.-owned assets abroad.....................................
Direct investment receipts....................................................................
Other private receipts............................................................................
U.S. Government receipts....................................................................
Compensation of employees....................................................................
283,771
281,389
125,996
151,832
3*561
244,640
242,177
128,068
110,766
3*343
2,463
60,839
60,225
31,132
28,486
607
614
63,502
62,884
33,688
28791
905
618
61,849
61,229
34,302
25,995
932
620
58,046
57,435
28,629
27,994
812
611
60,672
60,058
30,908
28 486
664
614
63,475
62,857
33,730
28,291
836
618
62,443
61,823
34,800
25395
<028
2,382
58,450
57,839
28,946
27,994
899
611
18
Imports of goods and services and income payments..........................
-1,625,701
-1,663,908
-373,988
-420,224
-434,361
-435,335
-387,616
-419,693
-425,656
-430,949
620
19
Imports of goods and services.....................................................................
-1,356,312
-1,407,406
-315,033
-353,557
-367,883
-370,933
-328,588
-353,697
-359,174
-365,953
20
Goods, balance of payments basis2.......................................................
-1,145,927
-1,166,939
-261,179
-292,767
-303,091
-309,902
-270,975
-294,795
-298,225
-302,944
21
22
Services3....................................................................................................
Direct defense expenditures.................................................................
-210,385
-15,198
-240,467
-19,418
-53,854
-4,488
-60,790
-4,766
-64,792
-5,014
-61,031
-5,150
-57,613
-4,488
-58,902
-4,766
-60,949
-5,014
-63,009
-5,150
23
24
25
Travel.......................................................................................................
Passenger fares....................................................................................
Other transportation..............................................................................
-60,117
-22,418
-38,823
-59,303
-20,993
-38,555
-12,389
-4,609
-8,457
-16,036
-5,522
-9,623
-17,554
-5,917
-10,151
-13,324
-4,945
-10,324
-14,538
-5,087
-8,871
-14,405
-5,002
-9,752
-14,631
-5,276
-9,731
-15,729
-5,628
-10,201
26
27
28
Royalties and license fees5.................................................................
Other private services5.........................................................................
U.S. Government miscellaneous services..........................................
-16,359
-54,588
-2,882
-19,899
-79,379
-2,920
-4,653
-18,517
-741
-4,835
-19,283
-725
-5,139
-20,292
-725
-5,272
-21,287
-729
-4,761
-19,127
-741
-4,948
-19,304
-725
-5,352
-20,220
-725
-4,840
-20,732
-729
29
30
31
32
33
34
Income payments...........................................................................................
Income payments on foreign-owned assets in the United States........
Direct investment payments.................................................................
Other private payments........................................................................
U.S. Government payments.................................................................
Compensation of employees....................................................................
-269,389
-260,850
-23,401
-156,784
-80,665
-256,502
-247,601
-50,121
-124,542
-72,938
-58,955
-56,822
-6,629
-31,679
-18,514
-66,667
-64,504
-12,930
-32,943
-18,631
-66,478
-64,270
-15,055
-31,047
-18,168
-64,402
-62,005
-15,507
-28,873
-17,625
-59,028
-56,799
-6,606
<<679
-65,996
-63,733
-12,159
<<943
-64,996
-62,750
-16,252
-28*873
-18,631
-8,539
-8,901
-2,133
-2,163
-2,208
-2,397
-18,514
-2*229
-66,482
-64,319
-15,104
-31,047
-18,168
<263
<163
-2,246
35
Unilateral current transfers, net....................................................................
U.S. Government grants4.............................................................................
U.S. Government pensions and other transfers.........................................
Private remittances and other transfers6....................................................
-49,463
-11,628
-5,798
-32,037
-66,023
-16,914
-5,131
-33,978
-16,381
-6,273
-1,330
-8,778
-12,305
-3,312
-1,005
-7,988
-12,795
-3J18
-923
-8,754
-14,542
<211
-1,873
-8,458
-15,931
-6773
-1,271
-8,387
-12,927
<312
-1,279
-8,336
-13,073
<118
-1,282
-8,673
-14,088
-4,211
-1,298
<,579
826
708
208
200
156
144
208
200
156
144
36
37
38
-17,625
Capital and financial account
Capital account
39
Capital account transactions, net.................................................................
Financial account
40
U.S.-owned assets abroad, net (increase/financial outflow (-))............
-370,962
-156,169
-28,121
-132,756
37,638
-32,930
-26,184
-131,345
40,271
<8,915
41
42
43
44
45
U.S. official reserve assets, net....................................................................
Gold7.................................................................................................... :.....
Special drawing rights...............................................................................
Reserve position in the International Monetary Fund..........................
Foreign currencies......................................................................................
-4,911
-3,681
390
-1,843
-1,416
-812
390
-1,843
-1,416
<12
-630
-3,600
-681
-475
-2,632
-574
-109
652
-153
-107
-1,607
-129
-132
-1,136
-148
-127
-541
-144
-109
652
-153
-107
-1,607
-129
-132
-1,136
-148
-127
-541
-144
46
47
48
49
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..................
-486
-4,431
3,873
72
379
-5,213
5,696
-104
133
-853
994
-8
42
-565
566
41
-27
-1,375
1,452
-104
231
-2,420
2,684
-33
133
-853
994
-8
42
-565
566
41
-27
-1,375
<452
231
-2,420
2*684
-104
-33
50
51
52
53
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..............
-365,565
-127,840
-94,662
-152,867
-123,528
2,222
-28,644
-31,483
2,047
-130,955
-35,932
-9,675
39,081
-29,051
18,543
-32,349
-27,062
-8,693
-26,707
-29*546
-129,544
-34*521
41 714
-26*418
-38 334
<<047
2,047
-9,675
18,543
<,693
-14,358
-128,705
-28,489
-3,072
65
727
-16,693
-68,655
-4,226
53,815
-7,635
11,041
65
727
-16,693
-68,655
-4,226
53,815
-7,635
11,041
183,030
54
U.S. foreign currency holdings and U.S. short-term assets, net..........
55
Foreign-owned assets in the United States, net (increase/financial
inflow (+))........................................................................................................
752,806
630,364
113,921
205,861
129,418
181,164
113,600
204,411
129,320
56
57
58
59
60
61
62
Foreign official assets in the United States, net........................................
U.S. Government securities.....................................................................
U.S. Treasury securities9.....................................................................
Other10...................................................................................................
Other U.S. Government liabilities11........................................................
U.S. liabilities reported by U.S. banks, not included elsewhere...........
Other foreign official assets12..................................................................
5,224
31,665
10J45
20,920
-1,882
-30,278
5719
96,630
74,013
43,656
30,357
158
18,831
3,628
7,641
6714
-582
7,296
-790
991
726
47,252
21J41
15393
6,548
54
24,531
926
9,534
<300
<415
32,203
33*258
27*630
5,628
-107
-2,089
1,141
47 252
21 741
15,193
6,548
54
24,531
926
9 534
19 arm
<415
10,885
1,001
-4,602
835
7,641
6714
-582
7,296
-790
991
726
10,885
1,001
-4,602
835
27,630
5,628
-107
-2,089
1,141
63
64
65
66
67
68
Other foreign assets in the United States, net............................................
Direct investment........................................................................................
U.S. Treasury securities............................................................................
U.S. securities other than U.S. Treasury securities...............................
U.S. currency...........................................’...................................................
747,582
130,796
-7,670
407,653
23783
533,734
30,114
53,155
284,611
21*513
106,280
16,648
-7,282
71,095
4,525
158,609
-1,150
-5,124
104404
<183
119,884
2,989
52,856
46494
2756
148,961
11,627
12 705
62 618
7749
105,959
16,327
-7282
71 095
4^525
157,159
-2,600
-5124
104 404
<183
119,786
2,891
52 856
46 494
2^556
150,827
13,493
12 705
62 618
7*249
69
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns..................................................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere...........
82,353
110,667
49,736
94,605
32,345
-11,051
21,056
32,240
-3,804
18,793
139
54,623
32,345
-11,051
21,056
32,240
-3,804
18,793
139
54,623
70
70a
Statistical discrepancy (sum of above items with sign reversed)........
Seasonal adjustment discrepancy............................................
10,701
28,524
14,649
52,927
-29,419
-9,633
24,918
10,269
54,431
1,504
-43,410
-13,991
-7,405
2 228
71
72
73
74
75
76
Memoranda:
Balance on goods (lines 3 and 20)...................................................................
Balance on services (lines 4 and 21)...............................................................
Balance on goods and services (lines 2 and 19)...........................................
Balance on income (lines 12 and 29)...............................................................
Unilateral current transfers, net (line 35).........................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13
-427,165
68,875
-358,290
14,382
-49,463
-393,371
-484,353
48,811
-435,542
-11,862
-56,023
-503,427
-97,369
13,598
-83,771
-505
-16,381
-100^657
-117,513
9,414
-108,099
-5,828
-12,305
-126*232
-133,903
11,881
-122,022
-2,976
-12,795
-137793
-135,568
13,918
-121,650
-2,553
-14 542
-138745
-106,603
10,974
-95,629
-982
-15 931
-112*542
-122,645
13,199
-109,446
-5,324
-12 997
-127*697
-122,853
12,596
-110,257
-3,007
13 073
-126337
-132,252
12,039
-120,213
-2,553
14 088
-136354
See footnotes on page 60.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
32 203
3.3 953
April 2003
43
Survey of Current Business
Table 2. U.S. Trade in Goods
[Millions of dollars]
Not seasonally adjusted
Line
2001
2002 p
2001
III
II
A
Balance of payments adjustments to Census trade data:
1
Exports of goods, Census basis1 including reexports
and including military grant shipments.........................
Seasonally adjusted
2002
IV
2002
2001
III7
II
I
IV p
II
III
IV
I7
II7
III7
IV p
EXPORTS
729,100
693,517 190,280 169,954 173,604 166,472 177,915 171,990 177,140 187,478 175,936 170,048 167,033 174,811 178,174 173,499
Adjustments:..........................................................................
2
3
4
5
6
7
8
Private gift parcel remittances.............................................
Gold exports, nonmonetary..................................................
Inland U.S. freight to Canada...............................................
U.S.-Canadian reconciliation adjustments, n.e.c., net2....
Exports transferred under U.S. military agency sales
contracts identified in Census documents3....................
Other adjustments, net4........................................................
508
455
126
120
130
113
111
109
122
126
120
130
113
111
109
122
-7,935
-2,911
-8,003
-3,383
-2,080
-679
-2,012
-770
-2,072
-748
-2,053
-722
-1,843
-929
-2,062
-849
-2,045
-883
-2,080
-679
-2,012
-770
-2,072
-748
-2,053
-722
-1,843
-929
-2,062
-849
-2,045
-883
Equals: Exports of goods, adjusted to balance of
payments basis, excluding ‘military’ (table 1, line 3)...
718,762
682,586 187,647 167,292 170,914 163,810 175,254 169,188 174,334 184,846 173,274 167,358 164,372 172,150 175,372 170,692
IMPORTS
9
Imports of goods, Census basis1 (general imports)
1,140,999 1,163,621 288,533 280,836 274,585 260,441 291,846 302,242 309,092 290,634 278,344 267,433 270,238 293,874 297,375 302,134
Adjustments:
10
11
12
13
14
15
16
Electric energy........................................................................
Gold imports, nonmonetary..................................................
Inland freight in Canada........................................................
U.S.-Canadian reconciliation adjustment, n.e.c., net2......
Imports of U.S. military agencies identified in Census
documents3........................................................................
Other adjustments, net5 6....................................................
Equals: Imports of goods, adjusted to balance of
payments basis, excluding ‘military’ (table 1, line 20)
25
2,221
3,609
10
400
3,786
14
1,198
956
4
5
863
6
840
1
6
893
3
150
988
3
151
955
3
93
950
14
1,198
956
4
5
863
6
840
1
6
893
3
150
988
3
151
955
3
93
950
-871
-56
-736
-142
-219
-19
-195
5
-232
-26
-136
-26
-163
-57
-224
-36
-213
-23
-219
-19
-195
5
-232
-26
-136
-26
-163
-57
-224
-36
-213
-23
1,145,927 1,166,939 290,463 281,518 275,173 261,179 292,767 303,091 309,902 292,565 279,025 268,021 270,975 294,795 298,225 302,944
B
Trade in goods, by area and country, adjusted to
balance of payments basis, excluding military:7
1
Total, all countries (A-8).........................................................
718,762
682,586 187,647 167,292 170,914 163,810 175,254 169,188 174,334 184,846 173,274 167,358 164,372 172,150 175,372 170,692
2
3
4
5
6
7
8
9
10
11
Western Europe.....................................................................
European Union................................................................
Belgium and Luxembourg............................................
France............................................................................
Germany8......................................................................
Italy..................................................................................
Netherlands....................................................................
United Kingdom.............................................................
Other...............................................................................
Western Europe, excluding EU.......................................
171,421
155,788
13,846
19,716
29,365
9,715
19,327
39,701
24,118
15,633
153,573
140,520
13,644
18,873
26,038
9,843
18,128
32,139
21,855
13,053
45,842
40,703
3,677
5,016
7,374
2,399
4,954
11,301
5,982
5,139
37,586
35,124
3,440
4,209
6,873
2,119
4,132
9,268
5,083
2,462
40,268
37,063
3,105
4,881
6,904
2,444
4,753
8,794
6,182
3,205
39,414
36,165
3,154
5,182
6,598
2,363
4,608
8,265
5,995
3,249
38,636
35,127
3,341
4,643
6,295
2,464
4,798
8,317
5,269
3,509
35,961
32,990
3,600
4,019
6,274
2,288
4,298
7,768
4,743
2,971
39,562
36,238
3,549
5,029
6,871
2,728
4,424
7,789
5,848
3,324
45,056
39,973
3,611
4,923
7,227
2,359
4,881
11,083
5,889
5,083
38,883
36,309
3,546
4,345
7,107
2,198
4,270
9,580
5,263
2,574
39,569
36,423
3,052
4,812
6,786
2,392
4,666
8,647
6,068
3,146
39,591
36,369
3,173
5,229
6,626
2,372
4,621
8,328
6,020
3,222
37,863
34,404
3,269
4,544
6,163
2,414
4,709
8,134
5,171
3,459
37,258
34,159
3,718
4,162
6,499
2,377
4,449
8,030
4,924
3,099
38,861
35,588
3,484
4,938
6,750
2,680
4,349
7,647
5,740
3,273
12
13
14
15
Canada2.................................................................................
Japan.......................................................................................
Australia, New Zealand, and South Africa9.......................
Australia..............................................................................
163,309
55,878
160,879
49,682
44,521
14,489
37,852
12,876
38,415
12,484
38,329
12,186
42,839
12,334
38,921
12,960
40,790
12,202
43,839
14,371
39,140
13,390
37,687
12,126
38,532
12,153
42,066
12,200
40,267
13,480
40,014
11,849
10,597
12,760
2,640
2,574
2,685
2,830
3,228
3,369
3,333
2,587
2,661
2,643
2,838
3,143
3,502
3,277
16
Eastern Europe......................................................................
6,804
6,369
1,842
1,595
1,688
1,519
1,641
1,579
1,630
1,837
1,661
1,632
1,526
1,617
1,641
1,585
17
18
19
20
21
Latin America and Other Western Hemisphere................
Brazil...................................................................................
Mexico.................................................................................
Venezuela...........................................................................
Other...................................................................................
158,973
15,790
101,181
5,600
36,402
148,355
12,297
97,361
4,238
34,459
40,440
4,270
25,263
1,464
9,443
38,780
4,135
24,366
1,401
8,878
38,586
3,557
24,910
1,366
8,753
34,669
3,084
22,512
1,105
7,968
37,695
3,032
24,856
1,185
8,622
37,588
3,149
24,786
1,024
8,629
38,403
3,032
25,207
924
9,240
39,823
4,179
24,885
1,442
9,317
40,128
4,270
25,195
1,451
9,212
37,754
3,504
24,368
1,337
8,545
34,864
3,107
22,669
1,117
7,971
37,018
2,964
24,398
1,160
8,496
38,929
3,252
25,657
1,064
8,956
37,544
2,974
24,637
897
9,036
22
23
24
25
26
27
28
29
30
31
Other countries in Asia and Africa7 9..................................
Asia7 9................................................................................
Members of OPEC........................................................
China...............................................................................
Hong Kong.....................................................................
Korea, Republic of.........................................................
Singapore.......................................................................
Taiwan............................................................................
Africa79..............................................................................
Members of OPEC........................................................
151,780
140,062
11,903
19,108
13,943
21,203
17,337
17,394
11,383
1,999
150,968
140,929
11,825
21,980
12,559
21,801
15,982
17,923
9,764
2,040
37,873
34,883
2,915
4,771
3,700
4,846
4,166
4,341
2,925
498
36,029
33,222
2,791
4,823
3,503
5,297
4,228
4,131
2,688
460
36,788
33,768
2,875
5,201
3,168
4,965
4,368
3,836
2,945
438
34,863
32,250
2,346
4,690
2,932
4,931
4,102
3,811
2,547
464
38,881
36,325
3,007
5,489
3,221
5,709
4,035
4,718
2,479
648
38,810
36,415
3,383
5,689
3,250
5,600
3,990
5,119
2,332
427
38,414
35,939
3,089
6,112
3,156
5,561
3,855
4,275
2,406
501
37,333
34,379
2,899
4,710
3,649
4,772
4,079
4,280
2,890
492
37,411
34,471
2,921
4,995
3,631
5,495
4,374
4,287
2,817
480
35,947
33,036
2,809
5,115
3,100
4,840
4,289
3,724
2,839
419
34,868
32,263
2,340
4,708
2,933
4,931
4,112
3,796
2,539
464
38,243
35,704
2,960
5,388
3,166
5,624
3,952
4,632
2,462
645
40,295
37,799
3,514
5,903
3,366
5,815
4,130
5,332
2,430
447
37,562
35,163
3,011
5,981
3,094
5,431
3,788
4,163
2,333
484
406,199
111,049
19,502
293,061
381,200 108,934
103,853 28,153
18,103
4,877
283,283 73,836
91,955
24,763
4,652
70,685
94,934
27,192
4,679
71,301
93,732
26,654
3,915
66,163
98,095
25,697
4,840
72,319
92,405
24,121
4,834
71,949
96,968 107,273
27,381
27,660
4,514
4,833
72,852 72,740
95,182
25,598
4,852
73,240
93,097
26,719
4,565
69,696
94,086
26,792
3,921
66,365
96,308
25,180
4,765
71,077
95,744
24,988
5,025
74,603
95,062
26,893
4,392
71,238
EXPORTS
32
International organizations and unallocated.......................
33
34
35
36
Memoranda:
Industrial countries7..............................................................
0/mfa?AEuro area10......................................................
Members of OPEC7..............................................................
Other countries7....................................................................
See footnotes on page 60.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
U.S. International Transactions
44
April 2003
Table 2. U.S. Trade in Goods—Continued
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
2001
2002*
B
Trade in goods, by area and country,
adjusted to balance of payments
basis, excluding military:Continued
37
Total, all countries (A-16)..........................
38
39
40
41
42
43
44
45
46
47
Western Europe.........................................
European Union....................................
Belgium and Luxembourg...............
France................................................
Germany8..........................................
Italy......................................................
Netherlands........................................
United Kingdom.................................
Other.......~.........................................
48
49
50
2002
2001
II
III
IV
I
II
2001
III7
IV*
II
2002
IV
III
I7
II7
III7
IV*
IMPORTS
290,463
281,518
275,173
261,179
292,767
303,091
309,902
292,565
279,025
268,021
270,975
294,795
298,225
302.944
241,030
219,492
10,462
30,372
59,035
23,768
9,455
40,982
45,418
21,538
246,194
225,679
10,132
28,290
62,492
24,272
9,831
40,640
50,022
20,515
62,521
55,952
2,719
7,640
15,374
5,939
2,472
10,482
11,326
6,569
56,568
52,156
2,313
6,855
14'617
58,948
54,605
2,595
7>07
61,841
56,650
2,381
7^052
57,355
53,146
2,529
7^209
62,828
57^097
15,797
6,314
2,413
10,339
12,354
5,191
62,994
56,391
2,737
7,705
15,489
5,983
2,491
10,563
11,423
6,603
56,043
51,674
2,295
6,786
14'464
6,027
2,573
10,611
12,644
5,689
66,713
61,150
2,651
7,340
17,903
6,463
2,671
10,558
13,564
5,563
57,381
53,152
2^527
7’526
13,993
5,826
2,422
10,179
11,883
4,343
62,395
56,706
2,662
6,954
15'235
5,803
2,157
9,382
11,029
4,412
55,245
51,173
2,438
6,944
13,557
5,468
2,174
9,132
11,460
4,072
5,739
2,138
9,293
10,959
4,369
13,628
5,679
2,362
9,890
11,540
4,229
14,094
5,679
2,259
9,471
11,905
4,209
2,681
6,997
15,343
6,071
2,589
10,678
12,738
5,731
60,781
55,662
2,339
6,922
15,523
6,198
2,371
10,168
12,141
5,119
65.230
59.774
2,583
A162
17,532
6.324
2,612
10,323
13,238
5,456
218,735
126,485
213,151
121,477
57,910
31,138
51,090
29,997
50,408
30,747
51,195
28,593
55,374
29,922
52,635
30,255
53,947
32,707
58,256
31,377
50,566
29,690
49,113
29,878
53,069
29,689
55,708
30,107
51,783
29,708
52,591
31,973
51
Canada2.....................................................
Japan...........................................................
Australia, New Zealand, and South
Africa9.....................................................
Australia.................................................
6,463
6,455
1,656
1,743
1,607
1,386
1,670
1,756
1,643
1,670
1,733
1,565
1,437
1,681
1,727
1,610
52
Eastern Europe..........................................
14,342
14,869
3,262
3,359
3,280
2,561
3,804
3,941
4,563
3,287
3,331
3,192
2,666
3,833
3,885
4,485
53
54
55
56
57
Latin America and Other Western
Hemisphere............................................
Brazil.......................................................
Mexico.....................................................
Venezuela...............................................
Other.......................................................
199,610
14,467
132,204
15,251
37,688
205,252
15,879
135,632
15,101
38,640
50,789
3,526
33,586
4,150
9,527
49,988
3,849
33,031
3,621
9,487
47,366
3,480
32,299
3,003
8,584
46,035
3,241
31,327
2,725
8,742
51,663
3,790
34,987
3,520
9,366
53,932
4,393
34,801
4,798
9,940
53,622
4,455
34,517
4,058
10,592
51,134
3,548
33,841
4,163
9,582
49,555
3,811
32,760
3,587
9,397
46,240
3,408
31,459
2,972
8,401
47,685
3,374
32,509
2,765
9,037
52,020
3,826
35,236
3,535
9,423
53,153
4,329
34,262
4,770
9,792
52,394
4,350
33,625
4,031
10,388
58
59
60
61
62
63
64
65
66
67
Other countries in Asia and Africa79......
Asia7 9....................................................
Members of OPEC............................
China...................................................
Hong Kong .........................................
Korea, Republic of............................
Singapore...........................................
Taiwan................................................
Africa79..................................................
Members of OPEC............................
339,262
313,479
33,026
102,278
9,648
35,192
15,038
33,382
25,437
11,476
359,541
337,018
29,878
125,215
9,330
35,578
14,782
32,211
22,163
8,358
83,187
75,978
8,858
23,843
2,289
8,446
3,766
8,493
7,129
3,444
88,773
82,384
8,719
28,947
2,755
8,382
3,490
8,194
6,302
2,764
82,817
77,660
6,989
27,094
2,254
8,912
3,600
7,903
5,051
1,989
76,164
71,723
6,716
23,698
2,028
8,232
3,441
7,252
4,370
1,530
87,939
81,705
7,396
29,671
2,200
8,851
3,531
8,259
6,166
2,357
98,731
92,966
7,804
36,191
2,663
8,883
3,852
8,596
5,651
2,113
96,707
90,624
7,962
35,655
2,439
9,612
3,958
8,104
5,976
2,358
83,847
76,612
8,891
24,112
2,309
8,505
3,793
8,560
7,154
3,450
88,107
81,770
8,653
28,793
2,738
8,308
3,454
8,117
6,251
2,747
80,652
75,574
6,879
26,306
2,185
8,680
3,496
7,691
4,974
1,973
79,074
74,536
6,872
24,736
2,115
8,542
3,575
7,532
4,463
1,548
88,618
82,348
7,431
29,948
2,220
8,907
3,554
8,314
6,202
2,367
97,188
91,481
7,717
35,627
2,620
8.730
3,787
8,441
5,594
2'099
94,661
88,653
7,858
34,904
2,375
9,399
3,866
7,924
5,904
£344
68
International organizations and
unallocated.............................................
599,353
166,198
59,753
486,821
593,589
172,524
53,337
520,013
155,106
42,374
16,452
118,905
141,048
39,889
15,104
125,366
143,151
41,250
11,981
120,041
137,747
39,091
10,971
112,461
151,054
42,812
13,273
128,440
148,156
43,502
14,715
140,220
156,632
47,119
14,378
138,892
156,191
42J10
16,504
119,870
139,664
39,514
14,987
124,374
139,342
40J 70
11,824
116,855
142,928
40^615
152,030
43,116
13,333
129,432
145,640
42,736
14,586
137,999
152,991
46,057
14,233
135,720
Western Europe, excluding EU...........
1,145,927 1,166,939
69
70
71
72
Memoranda:
Industrial countries7..................................
Of which:E\xo area10.........................
Members of OPEC7..................................
Other countries7........................................
73
Total, all countries.......................................
-427,165
74
75
76
77
78
79
80
81
82
83
Western Europe.........................................
European Union....................................
Belgium and Luxembourg...............
France................................................
Germany8..........................................
Italy......................................................
Netherlands........................................
United Kingdom.................................
Other..................................................
Western Europe, excluding EU...........
-69,609
-63,704
3,384
-10,656
-29,670
-14,053
9,872
-1,281
-21,300
-5,905
-92,621
-85,159
3,512
-9,417
-36,454
-14,429
8,297
-8,501
-28,167
-7,462
-16,679
-15,249
958
-2,624
-8,000
-3,540
2,482
819
-5,344
-1,430
-18,982
-17,032
1,127
-2,646
-7,744
-3,684
1,975
-114
-5,946
-1,950
-18,680
-17,542
510
-2,826
-7,089
-3,382
2,331
-1,385
-5,701
-1,138
-15,831
-15,008
716
-1,762
-6,959
-3,105
2,434
-867
-5,465
-823
-23,759
-21,579
679
-2,311
-8,940
-3,563
2,225
-2,294
-7,375
-2,180
-25,880
-23,660
1,219
-3,033
-9,523
-4,026
1,885
-2,571
-7,611
-2,220
-27,151
-24,912
898
-2,311
-11,032
-3,735
1,753
-2,769
-7,716
-2,239
-17,938
-16,418
874
-2,782
-8,262
-3,624
2,390
520
-5,534
-1,520
-17,160
-15,365
1,251
-2,441
-7,357
-3,541
2,132
287
-5,696
-1,795
-17,812
-16,729
525
-2,714
-6,842
-3,287
2,304
-1,243
-5,472
-1,083
-17,764
-16,777
644
-1,980
-7,468
-3,307
2,362
-1,143
-5,885
-987
-24,965
-22,693
588
-2,453
-9,180
-3,657
2,120
-2,544
-7,567
-2,272
-23,523
-21,503
1,379
-2,760
-9,024
-3,821
2,078
-2,138
-7,217
-2,020
-26,369
-24,186
901
-2,224
-10,782
-3,644
1,737
-2,676
-7,498
-2,183
84
85
86
-55,426
-70,607
-52,272
-71,795
-13,389
-16,649
-13,238
-17,121
-11,993
-18,263
-12,866
-16,407
-12,535
-17,588
-13,714
-17,295
-13,157
-20,505
-14,417
-17,006
-11,426
-16,300
-11,426
-17,752
-14,537
-17,536
-13,642
-17,907
-11,516
-16,228
-12,577
-20,124
87
Canada2.....................................................
Japan...........................................................
Australia, New Zealand, and South
Africa9.....................................................
Australia..................................................
4,134
6,305
984
831
1,078
1,444
1,558
1,613
1,690
917
928
1,078
1,401
1,462
1,775
1,667
88
Eastern Europe..........................................
-7,538
-8,500
-1,420
-1,764
-1,592
-1,042
-2,163
-2,362
-2,933
-1,450
-1,670
-1,560
-1,140
-2,216
-2,244
-2,900
89
90
91
92
93
Latin America and Other Western
Hemisphere............................................
Brazil.......................................................
Mexico.....................................................
Venezuela...............................................
Other.......................................................
-40,637
1,323
-31,023
-9,651
-1,286
-56,897
-3,582
-38,271
-10,863
-4,181
-10,349
744
-8,323
-2,686
-84
-11,208
286
-8,665
-2,220
-609
-8,780
77
-7,389
-1,637
169
-11,366
-157
-8,815
-1,620
-774
-13,968
-758
-10,131
-2,335
-744
-16,344
-1,244
-10,015
-3,774
-1,311
-15,219
-1,423
-9,310
-3,134
-1,352
-11,311
631
-8,956
-2,721
-265
-9,427
459
-7,565
-2,136
-185
-8,486
96
-7,091
-1,635
144
-12,821
-267
-9,840
-1,648
-1,066
-15,002
-862
-10,838
-2,375
-927
-14,224
-1,077
-8,605
-3,706
-836
-14,850
-1,376
-8,988
-3,134
-1,352
94
95
96
97
98
99
100
101
102
103
Other countries in Asia and Africa7 9......
Asia7 9....................................................
Members of OPEC...........................
China..................................................
Hong Kong .........................................
Korea, Republic of.............................
Singapore...........................................
Taiwan................................................
Africa79.................................................
Members of OPEC...........................
-187,482
-173,417
-21,123
-83,170
4,295
-13,989
2,299
-15,988
-14,054
-9,477
-208,573
-196,089
-18,053
-103,235
3,229
-13,777
1,200
-14,288
-12,399
-6,318
-45,314
-41,095
-5,943
-19,072
1,411
-3,600
400
-4,152
-4,204
-2,946
-52,744
-49,162
-5,928
-24,124
748
-3,085
738
-4,063
-3,614
-2,304
-46,029
-43 892
-4J14
-21,893
914
-3,947
768
^4,067
-2,106
-1,551
-41,301
-39,473
-4,370
-19,008
904
-3,301
661
-3,441
-1,823
-1,066
-49,058
-45 380
—4^389
-59,921
-56 551
—4^421
-24,182
1,021
-3,142
504
-3,541
-3,687
-1,709
-30,502
587
-3,283
138
-3,477
-3,319
-1,686
-58,293
-54,685
-4,873
-29,543
717
-4,051
-103
-3,829
-3,570
-1,857
-46,514
-42,233
-5,992
-19,402
1,340
-3,733
286
-4,280
-4,264
-2,958
-50,696
-47,299
-5,732
-23,798
893
-2,813
920
-3,830
-3,434
-2,267
-14,705
-42,538
-4,070
-21,191
915
-3,840
793
-3,967
-2,135
-1,554
-44,206
-42,273
-1,532
-20,028
818
-3,611
537
-3,736
-1,924
-1,084
-50,375
—46,644
-4,471
-24,560
946
-3,283
398
-3,682
-3,740
-1,722
-56,893
-53,682
-4,203
-29,724
746
-2,915
343
-3,109
-3,164
-1,652
-57,099
-53,490
-4,847
-28,923
719
-3,968
-78
-3,761
-3,571
-1,860
104
International organizations and
unallocated.............................................
-193,154
-55,149
-40,251
-193,760
-212,389
-68,671
-35,234
-236,730
-46,172
-14,221
-11,575
-45,069
-49,093
-15,126
-10,452
-54,681
-48,217
-14,058
-7,302
-48,740
-44,015
-12,437
-7,056
-46,298
-52,959
-17,115
-8,433
-56,121
-55,751
-19,381
-9,881
-68,271
-59,664
-19,738
-9,864
-66,040
-48,918
-15,050
-11,671
-47,130
-44,482
-13>6
-46,245
-13,451
-7,259
-17,159
-18,842
-13,823
-7,264
-50,497
-55,722
-17,936
-8,568
-58,355
-49,896
-17,748
-9,561
-63,396
-57,929
-19,164
-9,841
-64,482
11,185
116,862
BALANCE (EXCESS OF EXPORTS +)
105
106
107
108
Memoranda:
Industrial countries7..................................
Ofwhich:E\m area10.........................
Members of OPEC7..................................
Other countries7........................................
See footnotes on page 60.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-484,353 -102,816 -114,226 -104,259
-97,369 -117,513 -133,903 -135,568 -107,719 -105,751
-10,135
-51,134
-100,663 -106,603 -122,645 -122,853 -132,252
April 2003
45
Survey of Current Business
Table 2. U.S. Trade in Goods—Continued
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
2001
2002'°
2002
2001
2002
2001
II
III
IV
I
II
IIU
IV p
II
III
IV
U
IU
IIU
IV p
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)..........................................
718,762
682,586
187,647
167,292
170,914
163,810
175,254
169,188
174,334
184,846
173,274
167,358
164,372
172,150
175,372
170,692
2
3
Agricultural products..............................................
Nonagricultural products.......................................
54.889
663,873
54,447
628,139
12,805
174,842
12,552
154,740
15,414
155,500
14,152
149,658
12,619
162,635
12,445
156,743
15,231
159,103
13,637
171,209
13,643
159,631
13,962
153,396
13,766
150,606
13,506
158,644
13,342
162,030
13,833
156,859
4
Foods, feeds, and beverages....................................
49,408
49,541
11,425
11,656
13,665
12,501
11,238
11,934
13,868
12,325
12,193
12,420
12,421
12,142
12,364
12,614
5
6
7
8
9
10
11
12
13
14
Agricultural..............................................................
Grains and preparations....................................
Wheat..........'...................................................
44.889
13,942
3,477
5,344
5,500
7,987
8,261
9,199
4,519
3,266
44,940
14,378
3,760
5,792
5,698
7,001
8,601
9,262
4,601
3,213
10,377
3,212
798
1,209
698
1,982
2,110
2,375
1,048
716
10,351
3,549
856
1,561
599
1,970
1,949
2,284
1,305
994
12,571
3,575
1,020
1,257
2,240
2,140
2,203
2,413
1,094
767
11,408
3,597
836
1,398
1,817
1,739
2,078
2,177
1,093
814
10,277
3,260
761
1,404
755
1,731
2,203
2,328
961
619
10,460
3,592
1,019
1,477
782
1,773
2,014
2,299
1,474
1,081
12,795
3,929
1,144
1,513
2,344
1,758
2,306
2,458
1,073
699
11,159
3,472
847
1,317
1,228
2,006
2,090
2,363
1,166
824
11,071
3,593
799
1,552
1,160
1,997
2,062
2,259
1,122
819
11,302
3,384
940
1,225
1,539
2,005
2,025
2,349
1,118
819
11,238
3,537
933
1,350
1,411
1,816
2,183
2,291
1,183
881
11,083
3,540
813
1,543
1,279
1,751
2,196
2,317
1,059
706
11,085
3,535
944
1,409
1,395
1,793
2,108
2,254
1,279
894
11,534
3,766
1,070
1,490
1,613
1,641
2,114
2,400
1,080
732
Corn................................................................
Soybeans............................................................
Meat products and poultry................................
Vegetables, fruits, nuts, and preparations.......
Other agricultural foods, feeds, and beverages
Nonagricultural (fish, distilled beverages, etc)....
Fish and shellfish...............................................
15
Industrial supplies and materials..............................
160,200
157,001
42,169
37,745
37,430
36,769
40,363
39,562
40,307
41,533
38,301
37,524
36,820
39,740
39,934
40,507
16
17
18
19
20
Agricultural..............................................................
Raw cotton..........................................................
Tobacco, unmanufactured.................................
Hides and skins, including furskins..................
Other agricultural industrial supplies...............
9,724
2,177
1,270
1,971
4,306
9,241
2,067
1,060
1,751
4,363
2,353
554
313
536
950
2,148
564
231
488
865
2,777
489
384
450
1,454
2,662
638
370
431
1,223
2,268
544
267
443
1,014
1,939
386
142
458
953
2,372
499
281
419
1,173
2,407
522
284
524
1,077
2,501
666
362
489
984
2,597
544
339
479
1,235
2,456
527
316
418
1,195
2,353
521
255
429
1,148
2,193
454
238
454
1,047
2,239
565
251
450
973
21
22
23
24
25
Nonagricultural........................................................
Energy products.................................................
Fuels and lubricants......................................
Coal and related fuels..............................
Petroleum and products...........................
150,476
15,922
14,674
2,258
10,637
147,760
15,149
14,786
1,928
10,344
39,816
4,438
3,957
611
2,758
35,597
3,709
3,561
557
2,622
34,653
3,618
3,568
546
2,609
34,107
3,288
3,210
465
2,234
38,095
3,560
3,486
523
2,382
37,623
3,959
3,879
469
2,676
37,935
4,342
4,211
471
3,052
39,126
4,428
3,949
603
2,757
35,800
3,683
3,534
544
2,609
34,927
3,621
3,570
540
2,617
34,364
3,287
3,209
476
2,222
37,387
3,544
3,470
519
2,370
37,741
3,955
3,875
470
2,672
38,268
4,363
4,232
463
3,080
26
27
28
29
30
Paper and paper base stocks...........................
Textile supplies and related materials.............
Chemicals, excluding medicinals.....................
Building materials, except metals.....................
Other nonmetals.................................................
12,386
10,866
49,326
7,770
19,599
12,218
11,145
49,830
7,613
19,550
3,088
2,891
12,712
2,052
5,139
2,938
2,593
11,952
1,842
4,784
3,080
2,472
11,480
1,814
4,545
2,896
2,520
11,596
1,823
4,648
3,078
3,021
12,987
1,977
5,083
3,120
2,852
12,512
1,926
4,893
3,124
2,752
12,735
1,887
4,926
3,060
2,767
12,457
1,987
5,015
2,960
2,634
12,118
1,872
4,838
3,100
2,555
11,533
1,823
4,610
2,891
2,518
11,657
1,855
4,671
3,053
2,892
12,725
1,911
4,957
3,128
2,895
12,643
1,950
4,923
3,146
2,840
12,805
1,897
4,999
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.....
34,607
1,768
6,198
14,219
4.896
2,695
6,628
12,422
32,255
1,861
5,984
12,173
3,393
2,573
6,207
12,237
9,496
423
1,560
4,207
1,910
640
1,657
3,306
7,779
432
1,502
2,894
596
537
1,761
2,951
7,644
475
1,471
2,866
715
644
1,507
2,832
7,336
401
1,432
2,610
632
576
1,402
2,893
8,389
497
1,527
3,198
864
792
1,542
3,167
8,361
486
1,511
3,227
900
572
1,755
3,137
8,169
477
1,514
3,138
997
633
1,508
3,040
9,412
399
1,545
4.269
1,910
640
1,719
3,199
7,695
428
1,524
2,760
596
537
1,627
2,983
7,685
472
1,480
2,874
715
644
1,515
2,859
7,485
430
1,428
2,673
632
576
1,465
2,954
8,305
472
1,513
3,260
864
792
1,604
3,060
8,247
487
1,520
3,086
900
572
1,614
3,154
8,218
472
1,523
3,154
997
633
1,524
3,069
39
Capital goods, except automotive............................
321,723
290,649
83,622
74,062
73,854
70,638
74,438
72,719
72,854
82,728
76,153
72,178
70,917
73,348
75,250
71,134
266,431
237,716
68,577
61,532
60,770
57,833
60,498
59,586
59,799
68,513
62,402
59,432
58,172
60,394
60,639
58,511
30,887
235,544
27,576
210,140
8,040
60,537
7,069
54,463
6,883
53,887
6,603
51,230
7,066
53,432
7,058
52,528
6,849
52,950
8,015
60,498
7,142
55,260
6,869
52,563
6,598
51,574
7,035
53,359
7,106
53,533
6,837
51,674
40
41
42
43
44
45
46
47
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....................................
14,057
12,911
3,709
3,659
3,444
3,248
3,180
3,126
3,357
3,639
3,677
3,442
3,308
3,103
3,126
3,374
11,992
5,816
14,169
11,563
5,173
13,200
3,100
1,473
3,753
2,958
1,297
3,271
3,040
1,249
3,156
2,792
1,152
3,164
2,929
1,409
3,458
2,886
1,278
3,279
2,956
1,334
3,299
3,089
1,462
3,718
3,036
1,329
3,332
2,919
1,197
3,123
2,867
1,183
3,162
2,916
1,402
3,428
2,946
1,304
3,357
2,834
1,284
3,253
46,060
42,871
12,077
10,597
10,240
9,948
11,467
11,014
10,442
11,735
10,869
10,212
10,063
11,148
11,248
10,412
48
49
50
51
52
Computers, peripherals, and parts..............
Semiconductors............................................
Telecommunications equipment..................
Other office and business machines...........
Scientific, hospital, and medical equipment
and parts....................................................
47,555
45,065
27,874
2,894
38,571
42,254
22,217
2,039
11,763
11,398
7,437
742
10,785
9,854
6,600
668
11,118
9,650
6,331
640
9,696
10,177
5,743
539
9,399
10,688
5,567
506
9,161
11,181
5,409
482
10,315
10,208
5,498
512
12,062
11,675
7,306
742
11,110
9,961
6,357
670
10,446
9,531
6,166
619
9,752
9,846
6,078
550
9,644
10,947
5,469
507
9,444
11,460
5,320
484
9,731
10,001
5,350
498
20,062
19,341
5,085
4,774
5,019
4,771
4,829
4,712
5,029
5,070
4,919
4,908
4,765
4,795
4,844
4,937
53
54
55
Civilian aircraft, engines, and parts......................
Civilian aircraft, complete, all types.................
Other transportation equipment...........................
52,619
25,816
2,673
50,508
26,683
2,425
14,401
7,420
644
11,929
5,206
601
12,357
6,140
727
12,271
6,403
534
13,393
7,571
547
12,496
6,554
637
12,348
6,155
707
13,571
6,677
644
13,150
6,323
601
12,019
5,844
727
12,211
6,282
534
12,407
6,658
547
13,974
7,952
637
11,916
5,791
707
56
Automotive vehicles, engines, and parts.................
75,435
78,435
20,768
17,195
18,920
18,517
21,810
18,352
19,756
19,278
19,286
18,563
18,435
20,085
20,593
19,322
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............................
40,598
8,647
5,335
5,260
21,356
44,039
10,149
6,412
5,195
22,283
11,946
2,865
1,581
1,505
5,995
8,637
1,726
1,124
1,138
4,649
10,087
2,225
1,426
1,241
5,195
10,451
2,325
1,423
1,267
5,436
12,467
3,145
1,609
1,457
6,256
9,966
1,945
1.446
1,268
5,307
11,155
2,734
1,934
1,203
5,284
10,663
2,315
1,394
1,396
5,558
10,246
2,320
1,321
1,307
5,298
10,009
2,191
1,394
1,242
5,182
10,324
2,339
1,456
1,220
5,309
11,000
2,504
1,412
1,339
5,745
11,716
2,599
1,683
1,440
5,994
10,999
2,707
1,861
1,196
5,235
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............................
34,837
9,179
2,225
4,624
18,809
34,396
10,382
1,938
4,859
17,217
8,822
2,238
598
1,151
4,835
8,558
2,185
509
1,165
4,699
8,833
2,742
527
1,159
4,405
8,066
2,259
383
1,209
4,215
9,343
2,809
514
1,324
4,696
8,386
2,474
469
1,206
4,237
8,601
2,840
572
1,120
4,069
8,615
2,112
598
1,135
4,770
9,040
2,516
556
1,188
4,780
8,554
2,536
467
1,157
4,394
8,111
2,298
391
1,209
4,213
9,085
2,641
513
1,303
4,628
8,877
2,811
519
1,229
4,318
8,323
2,632
515
1,118
4,058
67
Consumer goods (nonfood), except automotive.....
88,330
84,391
23,294
20,752
21,392
20,289
21,447
20,914
21,741
22,766
21,386
21,125
20,520
21,023
21,456
21,392
41,601
40,097
10,796
10,030
10,184
9,431
10,115
10,175
10,376
10,573
10,066
10,156
9,714
9,904
10,163
10,316
16,577
42,019
17,341
39,186
4,268
11,209
4,016
9,645
4,434
10,185
3,882
9,688
4,349
10,023
4,357
9,435
4,753
10,040
4,125
10,941
4,097
10,188
4,369
9,924
4,040
9,677
4,212
9,852
4,438
9,922
4,651
9,735
17,740
16,954
4,574
4,225
4,361
4,252
4,365
4,088
4,249
4,477
4,400
4,310
4,222
4,279
4,268
4,185
4,710
5,108
1,289
1,077
1,023
1,170
1,309
1,304
1,325
1,252
1,132
1,045
1,129
1,267
1,371
1,341
23,666
22,569
6,369
5,882
5,653
5,096
5,958
5,707
5,808
6,216
5,955
5,548
5,259
5,812
5,775
5,723
68
69
70
71
72
73
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 60.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
U.S. International Transactions
46
April 2003
Table 2. U.S. Trade in Goods—Continued
[Millions of dollars]
Not seasonally adjusted
Line
2001
2002*’
Seasonally adjusted
2001
2002
2001
2002
II
III
IV
I
II
Ilk
IV p
II
III
IV
k
Ik
Ilk
IV p
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-16).............................................
1,145,927
1,166,939
290,463
281,518
275,173
261,179
292,767
303,091
309,902
292,565
279,025
268,021
270,975
294,795
298,225
302,9-!
75
76
Petroleum and products6...........................................
Nonpetroleum products..............................................
103,588
1,042,339
103,570
1,063,369
28,494
261,969
25,834
255,684
20,412
254,761
18,962
242,217
26,957
265,810
27.868
275,223
29,783
280,119
28,545
264,020
25,634
253,391
20,245
247,776
19,192
251,783
27,056
267,739
27,709
270,516
29,61
273,32
77
Foods, feeds, and beverages.........................................
46,642
49,716
11,498
11,698
12,282
11,395
12,371
12,469
13,481
11,467
11,936
11,771
11,845
12,321
12,558
12.9S
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..............
33,435
2,307
1,356
6,046
9,415
4,692
10,976
13,207
9,754
3,067
36,058
2,435
1,369
6,020
10,074
5,353
12,176
13,658
10,033
3,294
8,414
513
381
1,531
2,472
1,245
2,653
3,084
2,264
730
8,138
588
324
1,548
1,910
1,192
2,901
3,560
2,696
767
8,556
557
273
1,494
2,260
1,239
3,006
3,726
2,721
905
8,565
531
281
1,483
2,869
1,099
2,583
2,830
2,070
678
9,112
584
362
1,533
2,623
1,431
2,941
3,259
2,356
817
8,805
646
365
1,439
2,071
1,379
3,270
3,664
2,743
842
9,576
674
361
1,565
2,511
1,444
3,382
3,905
2,864
957
8,178
509
375
1,484
2,296
1,173
2,716
3,289
2,432
766
8,624
644
367
1,604
2,408
1,155
2,814
3,312
2,458
758
8,472
596
303
1,488
2,381
1,178
2,828
3,299
2,436
762
8,489
462
232
1,478
2,438
1,287
2,824
3,356
2,470
803
8,849
571
350
1,484
2,430
1,351
3,013
3,472
2,531
856
9,214
679
392
1,488
2,582
1,333
3,133
3,344
2,446
818
9,5C
75
35
1,51
2,65
1,35
3,2C
3,45
2,55
81
88
Industrial supplies and materials...................................
276,115
269,476
73,674
66,239
58,374
57,070
69,431
70,443
72,532
73,012
66,255
58,922
57,800
68,462
70,112
73,1C
89
90
91
92
Agricultural...................................................................
Nonagricultural products............................................
Energy products......................................................
Fuels and lubricants6........................................
5,312
270,803
124,876
122,114
5,257
264,219
120,191
119,024
1,355
72,319
34,092
33,074
1,273
64.966
29,875
29,309
1,320
57,054
23,603
23,424
1,256
55,814
22,695
22,433
1,393
68,038
30,816
30,538
1,311
69,132
31,877
31,495
1,297
71,235
34,803
34,558
1,305
71,707
34,505
33,485
1,372
64,883
29,811
29,523
1,315
57,607
23,345
23,225
1,256
56,544
22,711
22,346
1,335
67,127
31,081
30,811
1,363
68,749
31,931
31,689
1,3C
71,76
34,46
34,17
93
94
95
96
97
Paper and paper base stocks................................
Textile supplies and related materials..................
Chemicals, excluding medicinals.........................
Building materials, except metals.........................
Other nonmetals......................................................
12,240
10,314
34,048
21,261
17,253
11,473
10,866
33,072
22,495
18,448
3,077
2,737
8,707
5,836
4,383
2,923
2,510
7,856
5,786
4,394
2,881
2.425
7,811
5,023
4,212
2,694
2,461
7,826
5,225
4,056
2,848
2,884
8,630
6,202
4,705
2,975
2,897
8,219
5,778
4,930
2,956
2,624
8,397
5,290
4,757
3,112
2,602
8,573
5,456
4,317
2,918
2,528
8,222
5,516
4,317
2,837
2,491
8,125
5,300
4,185
2,731
2,548
7,474
5,693
4,262
2,877
2,738
8,421
5,761
4,633
2,948
2,878
8,451
5,433
4,800
2,91
2,7C
8,75
5,6C
4,76
98
99
100
101
102
103
104
105
106
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.........
50,811
2,236
16,708
23,246
4,305
6,063
6,397
6,481
8,621
47,674
2,461
17,704
18,824
2,855
3,709
6,596
5,664
8,685
13,487
612
4,248
6,456
1,622
1,521
1,592
1,721
2,171
11,622
558
4,172
4,781
546
1,103
1,607
1,525
2,111
11,099
512
4,126
4.412
606
824
1,522
1,460
2,049
10,857
439
4,204
4,243
506
743
1,559
1,435
1,971
11,953
641
4,029
5,049
863
1,073
1,694
1,419
2,234
12,456
658
4,711
4,815
752
794
1,781
1,488
2,272
12,408
723
4,760
4,717
734
1,099
1,562
1,322
2,208
13,142
565
4,111
6.349
1,622
1,530
1,479
1,718
2,117
11,571
525
4,077
4,839
546
1,141
1,630
1,522
2,130
11,324
539
4,198
4,524
606
823
1,635
1,460
2,063
11,125
473
4,380
4,261
506
751
1,551
1,453
2,011
11,616
595
3,898
4,944
863
1,080
1,583
1,418
2,179
12,308
635
4,597
4,810
752
800
1,781
1,477
2,266
12,65
75
4,85
4,8C
75
1,07
1,66
1,31
2,25
107
Capital goods, except automotive.................................
297,992
283,889
74,896
69,978
70,468
66,994
71,458
71,897
73,540
75,369
69,930
68,072
69,294
72,059
71,292
71,24
108
109
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.........................................
264,502
256,404
66,532
61,851
61,885
59,443
64,670
65,860
66,431
67,061
61,757
59,506
61,658
65,331
65,294
64,15
34,789
229.713
32,919
223,485
8,671
57,861
8,305
53,546
8,301
53,584
7,746
51,697
8,496
56,174
8,403
57,457
8,274
58,157
8,779
58,282
8,296
53,461
7,953
51,553
8,053
53,605
8,617
56,714
8,294
57,000
7,95
56,16
6,902
9,780
7,416
9,006
6,573
9.089
5,926
8,945
1,940
2,435
1,925
2,339
1,673
2,372
1,726
2,110
1,539
2,394
1.543
2.098
1,584
2,289
1,320
2,034
1,805
2,326
1,466
2,221
1,686
2,266
1,605
2,370
1,498
2,208
1,535
2,320
1,813
2,403
1,869
2,375
1,750
2,425
1,802
2,108
1,629
2,397
1,523
2,042
1,560
2,280
1,337
2,078
1,684
2,297
1,419
2,259
1,747
2,295
1,645
2,344
1,58
2,21
1,52
2,26
47,478
47,979
12,244
11,083
11,203
10,981
12,343
12,251
12,404
11,883
11,439
11,173
11,054
11,969
12,535
12,42
116
117
118
119
120
Computers, peripherals, and parts...................
Semiconductors.................................................
Telecommunications equipment.......................
Other office and business machines................
Scientific, hospital, and medical equipment
and parts.........................................................
74,001
30,422
24,632
4,864
75,256
26,043
23,178
4,463
18,257
7,581
6,247
1,221
17,720
6,291
5,698
1,123
18,278
6,019
5,385
1,130
17,614
6,298
4,961
973
18,536
6,706
5,880
1,046
19,336
6,660
6,110
1,068
19,770
6,379
6,227
1,376
18,802
7,766
6,332
1,251
17,177
6,306
5,620
1,140
17,123
5,789
5,028
1,073
18,892
6,307
5,287
990
19,131
6,913
5,995
1,074
18,657
6,695
5,975
1,073
18,57
6,12
5,92
1,32
15,212
16,033
3,672
3,750
3,995
3,643
3,845
4,105
4,440
3,788
3,694
3,776
3,820
3,973
4,034
4,20
121
122
123
Transportation equipment, except automotive.........
Civilian aircraft, engines, and parts......................
Civilian aircraft, complete, all types..................
33,490
31,358
14,885
27,485
25,746
12,538
8,364
7,831
3,604
8,127
7,644
3,400
8,583
8,144
4,181
7,551
7,158
3,703
6,788
6,278
2,887
6,037
5,594
2,447
7,109
6,716
3,501
8,308
7,775
3,604
8,173
7,690
3,400
8,566
8,127
4,181
7,636
7,243
3,703
6,728
6,219
2,887
5,998
5,555
2,447
7,12
6,72
3,50
124
Automotive vehicles, engines, and parts......................
189,781
203,923
48,592
44,934
48,949
47,440
52,583
49,348
54,552
47,869
47,944
46,885
47,578
51,849
52,472
52,02
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.................................
57,865
30,560
11,074
3,447
12,784
59,773
31,000
11,094
3,591
14,088
15,847
8,520
2,974
953
3,400
12,832
6,329
2,593
789
3,121
14,343
7,562
2,793
853
3,135
14,804
7,672
2,820
909
3,403
16,176
8,541
2,858
971
3,806
14,198
7,321
2,535
847
3,495
14,595
7,466
2,881
864
3,384
15,040
8,136
2,826
864
3,214
14,556
7,549
2,782
880
3,345
13,915
7,071
2,8C4
877
3,163
14,522
7,472
2,783
895
3,372
15,275
8,077
2,730
880
3,588
16,041
8,690
2,670
937
3,744
13,93
6,76
2,91
87
3,38
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.................................
131,916
76,090
8,162
10,345
37,319
144,150
83,143
8,307
11,376
41,324
32,745
18,438
2,001
2,652
9,654
32,102
17,985
2,513
2,453
9,151
34,606
20,368
2,364
2,572
9,302
32,636
18,606
1,935
2,596
9,499
36,407
20,587
2,114
2,961
10,745
35,150
19,530
2,147
2,925
10,548
39,957
24,420
2,111
2,894
10,532
32,829
18,742
1,972
2,613
9,502
33,388
18,857
2,470
2,561
9,500
32,970
18,852
2,381
2,537
9,200
33,056
18,932
2,010
2,588
9,526
36,574
21,071
2,074
2,904
10,525
36,431
20,518
2,086
3,010
10,817
38,08
22,62
2,13
2,87
10,45
135
136
137
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)..........................................................
284,486
136,625
307,859
145,990
68,701
33,299
76,390
37.583
71,977
32,494
65,698
32,258
73,583
34,252
86,016
41,693
82,562
37,787
71,818
34,623
70,465
34,109
69,658
33,406
71,443
33,744
76,886
35,428
78,837
37,688
80,69
39,13
62,983
11,776
134,609
64,317
11,617
147.017
14,708
2,884
32,033
18,256
3,232
35,550
14,403
2,542
36,301
13,982
2,738
29,703
14,341
2,794
35,619
19,783
3,333
40,617
16,211
2,752
41,078
15,968
2,956
33,654
15,504
2,949
33,168
15,114
2,772
32,976
14,793
2,729
34,082
15,498
2,852
37,512
16,828
3,004
37,610
17,19
3,03.
37,81
58,968
66,359
14,171
15,698
15,720
13,836
16,336
18,395
17,792
14,433
14,676
15,138
15,402
16,661
17,054
17,24;
21,885
20,675
23,210
23,135
4,680
5,010
6,389
5,278
6,294
5,805
4,174
4,385
5,197
5,681
6,856
6,396
6,983
6,673
5,387
5,275
5,637
4,839
5,169
5,082
5,325
5,363
6,000
6,012
5,980
5,836
5,90.
5,92.
9,195
9,647
2,183
2,564
2,575
1,737
2,458
2,810
2,642
2,259
2,313
2,302
2,198
2,548
2,504
2,39
13,252
14,852
3,369
3,257
3,182
3,737
3,712
3,706
3,697
3,541
3,188
3,276
3,617
3,946
3,539
3,73
Imports, n.e.c., and U.S. goods returned.....................
U.S. goods returned....................................................
Other products, including balance of payments
adjustments not included above (minimum value
shipments and miscellaneous imports)...............
50,911
32,693
52,076
32,948
13,102
8,351
12,279
7,849
13,123
8,754
12,582
8,235
13,341
8,145
12,918
8,198
13,235
8,370
13,030
8,353
12,495
8,079
12,713
8,442
13,015
8,522
13,218
8,093
12,954
8,227
12,88
8,10'
18,218
19,128
4,751
4,430
4,369
4,347
5,196
4,720
4,865
4,677
4,416
4,271
4,493
5,125
4,727
4,78
110
111
112
113
114
115
138
139
140
141
142
143
144
145
146
147
Digitized for See
FRASER
footnotes on page 60.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
47
Survey of Current Business
Table 3. Private Services Transactions
[Millions of dollars]
Not seasonally adjusted
Line
2001
2002'’
2001
II
III
Seasonally adjusted
2001
2002
IV
I
II
III'
IV p
II
III
2002
IV
r
II'
III'
IV'
1
Exports of private services.....................................
266,209
276,439
66,941
69,159
62,310
64,267
66,918
73,550
71,704
68,492
65,758
62,270
65,402
68,815
70,422
71,803
2
3
4
5
6
Travel (table 1, line 6).................................................
Passenger fares (table 1, line 7)..............................
Other transportation (table 1, line 8)........................
Freight......................................................................
Port services...........................................................
73,119
18,007
28,306
11,930
16,376
70,320
17,443
28,377
12,336
16,041
20,276
4,788
7,168
3,000
4,168
20,628
5,100
7,308
2,925
4,383
13,916
3,480
6,667
2,958
3,709
15,056
3,842
6,523
2,884
3,639
17,622
4,120
6,983
3,001
3,982
20,079
5,079
7,500
3,106
4,394
17,563
4,402
7,371
3,345
4,026
19,803
4,849
7,170
2,990
4,180
17,845
4,522
6,968
2,937
4,031
14,736
3,629
6,674
2,910
3,764
17,039
4,170
6,810
2,932
3,878
17,202
4,171
6,992
2,994
3,998
17,438
4,502
7,183
3,119
4,064
18,641
4,600
7,392
3,291
4,101
7
8
9
10
11
12
13
Royalties and license fees (table 1, line 9)..............
Affiliated..................................................................
U.S. parents' receipts.......................................
U.S. affiliates’ receipts......................................
Unaffiliated..............................................................
Industrial processes'.......................................
Other2................................................................
38,668
25,873
23,502
2,371
12,795
4,852
7,943
42,959
29,397
26,155
3,242
13,562
5,143
8,419
9,534
6,342
5,868
474
3,192
1,208
1,984
9,314
6,138
5,669
469
3,176
1,214
1,962
10,392
7,201
6,277
924
3,191
1,221
1,970
9,651
6,399
6,020
379
3,252
1,242
2,009
10,796
7,458
6,572
886
3,338
1,270
2,068
10,851
7,416
6,484
932
3,435
1,300
2,136
11,661
8,124
7,079
1,045
3,537
1,331
2,206
9,743
6,551
5,968
583
3,192
1,208
1,984
9,537
6,361
5,827
534
3,176
1,214
1,962
9,672
6,481
5,799
682
3,191
1,221
1,970
9,922
6,670
6,261
409
3,252
1,242
2,009
11,077
7,739
6,683
1,056
3,338
1,270
2,068
11,138
7,703
6,673
1,030
3,435
1,300
2,136
10,823
7,286
6,540
746
3,537
1,331
2,206
14
15
16
17
18
19
20
21
22
23
24
25
108,109
36,243
21,237
15,006
71,866
11,493
15,209
18
8,658
8,640
4,796
117,340
39,837
21,890
17,947
77,503
12,670
14,877
1,120
9,223
8,103
5,556
25,175
8,637
5,263
3,374
16,538
1,433
3,940
-13
2,137
2,150
1,201
26,809
8,713
5,154
3,559
18,096
3,104
3,531
-18
2,224
2,242
1,194
27,855
10,236
5,792
4,444
17,619
2,407
3,695
-79
2,175
2,254
1,192
29,195
8,508
4,841
3,667
20,687
4,996
3,770
91
2,204
2,113
1,277
27,397
9,695
5,420
4,275
17,702
1,571
3,832
128
2,304
2,176
1,351
30,041
10,270
5,503
4,767
19,771
3,445
3,658
352
2,324
1,972
1,426
30,707
11,364
6,126
5,238
19,343
2,658
3,617
549
2,391
1,842
1,502
26,927
8,969
5,288
3,681
17,958
2,831
3,935
-13
2,137
2,150
1,201
26,886
9,043
5,360
3,683
17,843
2,922
3,535
-18
2,224
2,242
1,194
27,559
9,408
5,381
4,027
18,151
2,980
3,692
-79
2,175
2,254
1,192
27,461
8,647
5,020
3,627
18,814
3,034
3,769
91
2,204
2,113
1,277
29,373
10,118
5,451
4,667
19,255
3,104
3,824
128
2,304
2,176
1,351
30,161
10,659
5,729
4,930
19,502
3,241
3,668
352
2,324
1,972
1,426
30,347
10,415
5,692
4,723
19,932
3,291
3,616
549
2,391
1,842
1,502
26
Other private services (table 1, line 10)...................
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............................
25,720
14,630
27,521
15,759
6,352
3,625
6,566
3,718
6,658
3,747
6,817
3,736
6,940
3,880
6,862
4,027
6,902
4,115
6,352
3,652
6,566
3,643
6,658
3,709
6,817
3,826
6,940
3,908
6,862
3,952
6,902
4,072
27
Imports of private services....................................
192,305
218,129
55,410
42,322
46,153
48,625
55,299
59,053
55,152
53,287
38,567
47,877
52,384
53,411
55,210
57,130
28
29
30
31
32
Travel (table 1, line 23)...............................................
Passenger fares (table 1, line 24).............................
Other transportation (table 1, line 25)......................
Freight......................................................................
Port services...........................................................
60,117
22,418
38,823
25,667
13,156
59,303
20,993
38,555
25,913
12,642
18,466
6,763
10,057
6,626
3,431
17,253
6,571
9,608
6,191
3,417
10,853
3,847
9,094
6,094
3,000
12,389
4,609
8,457
5,585
2,872
16,036
5,522
9,623
6,421
3,202
17,554
5,917
10,151
6,808
3,343
13,324
4,945
10,324
7,098
3,226
16,698
6,213
10,130
6,681
3,449
14,468
5,944
9,178
5,878
3,300
12,948
4,451
8,997
6,015
2,982
14,538
5,087
8,871
5,893
2,978
14,405
5,002
9,752
6,533
3,219
14,631
5,276
9,731
6,497
3,234
15,729
5,628
10,201
6,990
3,211
33
34
35
36
37
38
39
Royalties and license fees (table 1, line 26)............
Affiliated...................................................................
U.S. parents' payments....................................
U.S. affiliates' payments...................................
Unaffiliated..............................................................
Industrial processes1.......................................
Other2.................................................................
16,359
13,008
2,026
10,982
3,351
1,815
1,536
19,899
15,404
2,469
12,935
4,495
2,015
2,481
3,939
3,112
494
2,618
827
448
379
3,956
3,105
517
2,588
851
458
393
4,474
3,601
518
3,083
873
470
403
4,653
3,240
507
2,733
1,413
483
931
4,835
3,685
589
3,096
1,150
497
654
5,139
4,194
688
3,506
945
510
434
5,272
4,285
685
3,600
987
525
462
4,038
3,211
494
2,717
827
448
379
4,113
3,262
517
2,745
851
458
393
4,110
3,237
518
2,719
873
470
403
4,761
3,348
507
2,841
1,413
483
931
4,948
3,798
589
3,209
1,150
497
654
5,352
4,407
688
3,719
945
510
434
4,840
3,853
685
3,168
987
525
462
40
41
42
43
44
45
46
47
48
49
50
51
Other private services (table 1, line 27)..................
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............................
54,588
28,410
13,467
14,943
26,178
2,378
4,016
4,906
39,895
34,989
4,298
79,379
29,780
15,081
14,699
49,599
2,667
3,607
27,496
53,059
25,563
3,990
16,185
6,934
3,341
3,593
9,251
591
1,084
3,859
9,542
5,684
1,111
4,934
7,178
3,311
3,867
-2,244
777
882
-7,640
10,130
17,770
1,038
17,885
7,806
3,632
4,174
10,079
561
904
4,869
11,155
6,286
965
18,517
7,056
2,977
4,079
11,461
499
974
6,177
12,510
6,333
950
19,283
6,964
3,551
3,413
12,319
657
1,012
6,738
13,142
6,403
978
20,292
7,426
3,982
3,444
12,866
863
816
7,178
13,581
6,403
1,017
21,287
8,334
4,571
3,763
12,953
648
805
7,402
13,826
6,425
1,045
16,208
6,958
3,372
3,586
9,250
590
1,084
3,859
9,542
5,684
1,111
4,864
7,273
3,384
3,889
-2,409
612
882
-7,640
10,130
17,770
1,038
17,371
7,244
3,294
3,950
10,127
608
904
4,869
11,155
6,286
965
19,127
7,534
3,212
4,322
11,593
631
974
6,177
12,510
6,333
950
19,304
6,988
3,608
3,380
12,316
654
1,012
6,738
13,142
6,403
978
20,220
7,538
4,090
3,448
12,682
679
816
7,178
13,581
6,403
1,017
20,732
7,723
4,173
3,550
13,009
703
805
7,402
13,826
6,425
1,045
10,040
540
11,232
607
2,474
132
2,562
138
2,638
143
2,714
147
2,783
150
2,838
153
2,897
156
2,474
132
2,562
138
2,638
143
2,714
147
2,783
150
2,838
153
2,897
156
-427,165
73,904
-484,353
58,310
-102,816
11,531
-114,226
26,837
-104,259
16,157
-97,369
15,642
-117,513
11,619
-133,903
14,497
-135,568
16,552
-107,719
15,205
-105,751
27,191
-100,663
14,393
-106,603
13,018
-122,645
15,404
-122,853
15,212
-132,252
14,673
-353,261
-426,043
-91,285
-87,389
-88,102
-81,727
-105,894
-119,406
-119,016
-92,514
-78,560
-86,270
-93,585
-107,241
-107,641
-117,579
52
53
54
55
Memoranda:
Balance on goods (table 1,1ine 71)...............................
Balance on private services (line 1 minus line 27)......
Balance on goods and private services (lines 53 and
54).................................................................................
See footnotes on page 60.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
U.S. International Transactions
48
April 2003
Table 4. Selected U.S. Government Transactions
[Millions of dollars]
Not seasonally adjusted
Line
2002'°
2001
2001
1
A1
U.S. Government grants and transactions increasing Government assets, total..............................
II
2002
III
IV
II
III'
IV*
16,011
22,422
3,420
3,882
3,956
4,753
7,138
3,851
4,679
6,754
17,105
16,914
5,942
10771
2,426
2419
326
2,093
2,526
2722
337
2,185
2,916
2705
391
2,513
3,785
3'782
6,277
<273
3 327
<312
3200
<118
4301
<211
730
3,052
3,506
2J67
641
2,671
363
2,755
1 433
2J78
I
By category
2
3
4
5
6
7
Grants, net........................................................................................................................................................
U.S. Government current grants, net (table 1, line 36, with sign reversed).........................................
Financing military purchases1..............................................................................................................
Other grants.............................................................................................................................................
Cash contributions received from coalition partners for Persian Gulf operations..........................
Debt forgiveness (table 1, part of line 39, with sign reversed).................. ...........................................
11,652
11,628
1,784
9,844
25
192
8
4
11
2
5
15
82
90
8
9
10
11
12
Credits and other long-term assets (table 1, line 47, 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..............................................................................................................................
4,431
1,704
2,727
(*)
5,213
1,485
3,728
1,094
521
573
1,330
498
832
1,011
359
652
996
327
669
(*)
853
446
408
565
368
197
1,375
364
1,011
2,420
308
2,113
13
14
Foreign currency holdings and short-term assets, net (table 1, line 49 with sign reversed)..................
Foreign currency holdings (excluding administrative cash holdings), net..."..................’..................
-72
4
104
2
-100
26
2
30
-28
3
8
-41
2
104
(*)
33
1
3
(*)
2
(*)
2
(*)
44
(*)
73
(*)
13
(*)
30
(*)
29
(*)
-28
(*)
10
(*)
(*)
-23
(*)
92
-6
-120
30
-113
-5
1
-3
-2
-20
12
40
1,704
1,585
9716
<679
' 31
1,485
2,564
15^275
<460
521
317
1,825
446
15
410
498
313
2,012
772
5
288
2
359
342
2,931
93
8
224
327
613
3,049
369
3
392
3
446
291
5,906
230
3
266
368
239
2,759
118
10
377
2
364
383
3,006
636
15
263
(*)
308
1 652
3705
477
325
349
15
16
17
18
19
20
21
22
23
24
25
26
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 U.S. Government expenditures............................................................................................
Assets acquired in performance of U.S. Government guarantee and insurance obligations, net....
Other assets held under Commodity Credit Corporation Charter Act, net..........................................
Assets financing military sales contracts, net2..'....................................................................................
Other short-term assets (including changes in administrative cash holdings), net............................
1
1
1
2
By program
27
28
29
30
31
32
33
34
35
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......................... 7..................................................................................
Under Commodity Credit Corporation Charter Act....................................................................................
Under other grant and credit programs........................................................................................................
Other foreign currency assets acquired (lines A16, A17, and A19).........................................................
Less foreign currencies used by U.S. Government other than for grants or credits (line A22).............
Other (including changes in administrative cash holdings), net ...”.......................... ..............................
1,313
5
352
1,256
2
-120
30
-113
-5
1
-3
-2
-20
12
40
10,868
4,289
3,889
2,036
517
16,811
7,212
4,439
2,485
328
2,147
814
767
316
2
2,589
1,299
'872
3,377
1,380
<248
5,725
4,023
<174
5,365
1,371
<134
491
11
346
6
2,428
711
1,023
640
4
3,293
1,107
<109
363
29
2,756
796
1,002
866
476
677
317
822
1
1,518
'505
2,157
2^382
170
251
315
179
71
334
24
32
390
61
49
480
241
19
341
141
46
636
41
17
360
285
131
820
1,915
58
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
By disposition3
36
37
38
39
40
41
42
43
44
45
46
47
48
Estimated transactions involving no direct dollar outflow from the United States..................................
Expenditures on U.S. goods......................................................................................................................
Expenditures on U.S. services4................................................................................................................
Financing of military sales contracts by U.S. Government5 (line C6).................................................
By long-term credits...............................................................................................................................
By short-term credits'...........................................................................................................................
By grants'................................................................................................................................................
U.S.G”overnment grants and credits to repay prior U.S. Government credits14...............................
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 contracts1 (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 A22).........
Estimated dollar payments to foreign countries and international financial institutions.........................
21
-42
2
17
3
5
4
17
-67
5,143
5,612
1,273
1,294
1,200
1,376
1,414
1,423
1,387
1,389
B1
2
3
4
5
6
7
8
Repayments on U.S. Government long-term assets, total (table 1, line 48).......................................
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..............................................................................................................
3,873
3,872
601
1,662
1,219
218
172
(*)
5,696
5,696
1,763
1,609
1,683
561
81
1,071
1,071
99
486
366
65
56
573
573
13
251
270
37
2
1,118
1,118
173
553
262
75
56
1,111
1,111
316
373
322
42
59
(*)
994
994
47
509
340
91
6
566
566
39
254
219
52
2
1,452
1,452
161
569
635
87
(*)
2,684
2 684
1,515
'277
C1
2
3
U.S. Government liabilities other than securities, total, net increase (+) (table 1, line 60)..............
Associated with military sales contracts2....................................................................................................
U.S. Government cash receipts from foreign governments (including principal repayments on
credits financing military sales contracts), net of refunds1..............................................................
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 A39)........................................
By long-term credits...............................................................................................................................
By short-term credits1...........................................................................................................................
By grants ’...............................................................................................................................................
Less transfers of goods and services (including transfers financed by grants for military
purchases, and by credits)12 (table 1, line 5)....................................................................................
Associated with U.S. Government grants and transactions increasing Government assets (including
changes in retained accounts)7 (line A45)..............................................................................................
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.......
-1,882
-1,879
158
134
-676
-674
-791
-792
89
91
-504
-504
-790
-794
54
52
1,001
988
-107
-111
7,129
735
10,024
916
1,234
224
1,872
88
1,747
261
2,276
162
2,659
204
2,190
91
2,695
254
2,480
367
-1,912
2,036
517
-586
2,485
328
-806
316
2
-289
363
29
-817
866
476
491
11
607
346
6
-400
640
4
-793
677
317
1
822
1
1,518
2,157
315
334
390
480
341
636
360
820
12,220
12,044
2,806
3,227
3,078
3,108
2,990
3,087
2,924
3,044
(*)
-4
(*)
24
(*)
-2
(*)
1
(*)
-2
(*)
-1
(*)
5
(*)
2
14
4
(*)
-4
10
14
(*)
-2
2
-1
-2
-1
(*)
3
2
2
(*)
5
9
1
3
4
5
6
7
8
9
10
11
12
13
14
15
Other sales and miscellaneous operations.............................................................................................
See footnotes on page 60.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
b
489
331
74
April 2003
49
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 -)
2001
2001
2002 p
I
II
III
IV
I
II
2002
2001
2002
IIP
IV'
1
II
III
IV
P
IV'
IP
IIP
30,908
29,847
11,052
18,795
1,061
1.994
-933
3,618
241
33,730
32,573
12,477
20,096
1,157
2,010
-853
3,669
253
34,800
33,627
8,905
24,722
1,173
2,064
-890
3,722
223
U.S. direct investment abroad:
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
Income with current-cost adjustment, before
deduction of withholding taxes (table 1, line 14)....
Earnings....................................................................
Distributed earnings............................................
Reinvested earnings...........................................
Interest1....................................................................
U.S. parents' receipts.........................................
U.S. parents' payments.......................................
Less. Current-cost adjustment....................................
Less Withholding taxes................................................
Equals. Income without current-cost adjustment.
after deduction of withholding taxes *.....................
Petroleum..................................................................
Manufacturing...........................................................
Other..........................................................................
Capital with current-cost adjustment (table 1, line 51)
Equity capital.............................................................
Increases in equity capital3................................
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............ ,7......................................
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 9)........
U.S. parents’ payments (table 1, part of line 26)...
Other private services, before deduction of
withholding taxes, net...............................................
U.S. parents’ receipts (table 1, part of line 10).....
U.S. parents’ payments (table 1, part of line 27)...
125,996
121,922
42,253
79,668
4,076
8,082
-4,007
13,863
1.044
128,068
123,554
41,904
81,650
4,514
7,960
-3.445
14,579
1,055
35,713
34,721
9,226
25,494
993
2,030
-1,038
3,408
289
33,217
32,243
9,773
22,470
974
2,038
-1,063
3,445
255
30,084
28,973
7,997
20,976
1,111
2,044
-934
3,484
261
26,982
25,985
15,257
10,728
998
1,970
-972
3,526
239
28,946
27,823
7,847
19,976
1,123
1,892
-769
3,570
300
31,132
30,071
9,864
20,207
1,061
1,994
-933
3,618
219
33,688
32,531
9.801
22,730
1,157
2,010
-853
3,669
253
34,302
33,129
14,392
18,737
1,173
2,064
-890
3,722
283
35,270
34,277
11,554
22,723
993
2,030
-1,038
3,408
324
33,078
32,104
11,192
20,912
974
2,038
-1,063
3,445
281
30,211
29,100
9,962
19,138
1,111
2.044
-934
3,484
256
27,436
26,438
9,544
16,894
998
1,970
-972
3,526
182
28,629
27,506
9.468
18,038
1,123
1,892
-769
3,570
338
111,089
13,866
28,806
68,418
-127,840
-49,840
-70,785
20,945
-79,668
1,668
-4.045
5,714
112.434
11,275
28,314
72,845
-123,528
-27,335
-50,662
23,328
-81,650
-14,546
-26,281
11,736
32,016
4,307
8,884
18,826
-26,285
-7,082
-12.964
5,881
-25,494
6,291
5,571
721
29,517
4,368
7,045
18,104
-36,689
-13,912
-20,720
6,808
-22.470
-307
-5,492
5,185
26,339
3,052
6.811
16,476
-43,562
-17,803
-20.298
2,496
-20,976
-4,783
-4.757
-26
23,217
2,139
6,066
15,012
-21,304
-11,043
-16.803
5,760
-10,728
467
633
-166
25,076
2,337
6,125
16,614
-31.483
-9,507
-14,950
5,442
-19,976
-2,001
-2,551
551
27,295
2,981
6,768
17,546
-35,932
-3,441
-8,358
4,917
-20,207
-12,285
-19,830
7,545
29,766
2,954
7,439
19,373
-29,051
-5,934
-12,440
6,507
-22.730
-388
-1,981
1,593
30,297
3,003
7,982
19,312
-27.062
-8,453
-14,914
6,462
-18,737
128
-1,919
2,047
31,539
4,096
8,617
18,826
-23,514
-7,082
-12,964
5,881
-22,723
6,291
5,571
721
29,353
4,383
6,866
18,104
-35,131
-13,912
-20,720
6,808
-20,912
-307
-5,492
5,185
26,471
3,143
6,852
16,476
-41,724
-17,803
-20,298
2,496
-19.138
-4,783
-4.757
-26
23,727
2,244
6,471
15,012
-27,470
-11,043
-16.803
5,760
-16.894
467
633
-166
24,722
2,216
5,892
16,614
-29,546
-9,507
-14,950
5,442
-18,038
-2,001
-2.551
551
27,049
29,809
3,012
2,965
6,538
7,424
17,546
19,373
-34,521 -26,418
-3,441
-5,934
-8,358 -12,440
4,917
6,507
-18,795 -20.096
-12,285
-388
-19.830
-1,981
1,593
7,545
30,854
3,082
8,460
19,312
-33,047
-8,453
-14,914
6,462
-24,722
128
-1.919
2,047
-13,863
-113,977
-49,840
-4,079
-19.202
-26,559
-14,579
-108,950
-27,335
-2,024
-13,320
-11,992
-3,408
-22,877
-7,082
-479
-3,449
-3.154
-3,445
-33,244
-13,912
-1,231
-10,443
-2,238
-3,484
-40,078
-17,803
-60
-1,779
-15,964
-3,526
-17,778
-11.043
-2,309
-3,531
-5,203
-3,570
-27,913
-9,507
-93
-6,189
-3,226
-3,618
-32,314
-3,441
-474
-2,392
-575
-3,669
-25,382
-5.934
-408
-3,830
-1,696
-3,722
-23,340
-8,453
-1.049
-909
-6.495
-3,408
-20,106
-7,082
-479
-3,449
-3,154
-3,445
-31.686
-13.912
-1,231
-10,443
-2,238
-3,484
-38,240
-17.803
-60
-1,779
-15,964
-3,526
-23,944
-11.043
-2,309
-3,531
-5.203
-3,570
-25,976
-9,507
-93
-6.189
-3,226
-3,618
-3,669
-30,903 -22,749
-3,441
-5,934
-474
-408
-2,392
-3.830
-575
-1,696
-3.722
-29,325
-8,453
-1,049
-909
-6.495
-65,805
-7,250
-16,125
-42,430
1,668
-1,339
-1,054
4,061
-67,071
-6,171
-14,692
-46,205
-14,546
-1,387
2,391
-15,549
-22,086
-3.141
-5,634
-13,311
6,291
537
5,338
416
-19,025
-2,877
-3,725
-12,422
-307
-3,029
227
2,495
-17,492
-1,470
-4,198
-11,825
-4,783
823
-7,004
1,398
-7,202
238
-2,568
-4,872
467
330
385
-248
-16,406
-1,319
-2,438
-12,648
-2,001
-3,177
10,964
-9,787
-16,589
-1,393
-3,570
-11,625
-12,285
-320
-6,162
-5,803
-19.061
-1,880
-4,857
-12,323
-388
1,359
-531
-1,216
-15,015
-1.579
-3,827
-9,609
128
751
-1.880
1,257
-19,315
-2,523
-4,840
-11,952
6,291
537
5.338
416
-17,467
-2,650
-3.186
-11,631
-307
-3,029
227
2,495
-15.654
-1,409
-3,938
-10,307
-4,783
823
-7,004
1,398
-13,368
-670
-4,160
-8,538
467
330
385
-248
-14,468
-902
-1,589
-11,977
-2,001
-3,177
10,964
-9,787
-15,177 -16.427
-1,193
-1.905
-2,978
-4,462
-11,006 -10,060
-12.285
-388
-320
1,359
-6,162
-531
-5,803
-1.216
-21,000
-2,172
-5,665
-13.163
128
751
-1,880
1,257
21,476
23,502
-2,026
23,686
26,155
-2,469
5,191
5,688
-497
5,374
5,868
-494
5,152
5,669
-517
5,759
6,277
-518
5,513
6,020
-507
5,983
6,572
-589
5,796
6,484
-688
6,394
7,079
-685
5,411
5,908
-497
5,474
5,968
-494
5,310
5,827
-517
5,281
5,799
-518
5,754
6,261
-507
6,094
6,683
-589
5,985
6,673
-688
5,855
6,540
-685
7,770
21,237
-13,467
6,808
21,890
-15,081
1,845
5,028
-3,183
1,922
5,263
-3,341
1,843
5,154
-3,311
2,160
5,792
-3,632
1,864
4,841
-2,977
1,868
5,420
-3,551
1,521
5,503
-3,982
1,555
6,126
-4,571
1,791
5,208
-3,417
1,916
5,288
-3,372
1,976
5,360
-3,384
2,087
5,381
-3,294
1.808
5,020
-3,212
1,843
5,451
-3,608
1,639
5,729
-4,090
1,519
5,692
-4,173
-23,401
-708
-20,405
19,697
-22.694
-24,846
2,154
-6,361
-1,075
-50,121
-27,554
-17,341
-10,213
-22,565
-24,064
1.499
-6,492
-890
-13,015
-7,535
-6,833
-702
-5.480
-5,998
519
-1,611
-424
-6,022
-352
-2,946
2,594
-5.671
-6,217
547
-1,591
-180
-6,267
-695
-5,154
4,460
-5,573
-6,150
577
-1,580
-243
1,903
7.874
-5,472
13,345
-5,970
-6,481
511
-1,579
-228
-6,629
-1,275
-6,152
4,877
-5,353
-5,731
378
-1,587
-319
-12,930
-7,106
-4,335
-2,771
-5,823
-6,259
435
-1,605
-215
-15,055
-9,175
-2,349
-6,826
-5,880
-6,193
313
-1,632
-148
-15,507
-9.998
-4,505
-5,493
-5,509
-5,881
373
-1,668
-208
-13,021
-7,541
-7,453
-88
-5,480
-5,998
519
-1,611
-445
-5,246
425
-3,308
3,733
-5,671
-6,217
547
-1,591
-217
-6,303
-730
-5,436
4,706
-5,573
-6,150
577
-1,580
-242
1,166
7,136
-4,209
11,345
-5,970
-6,481
511
-1,579
-171
-6,606
-1,253
-6,451
5,198
-5,353
-5,731
378
-1,587
-328
-12,159 -15,104
-6,336
-9,224
-5,015
-2,497
-1,321
-6,727
-5,823
-5.880
-6,259
-6.193
435
313
-1,632
-1,605
-258
-145
-16,252
-10,743
-3,384
-7,359
-5,509
-5,881
373
-1.668
-161
-15,965
-8,971
-3,177
-3,816
130,796
107,721
125,488
-17,766
-19,697
42,771
31,871
10,901
-42,739
-6.360
-20,579
-15,798
30.114
57.618
72.064
-14.447
10,213
-37,716
-23,656
-14,060
-10,980
-3,516
-2,317
-5,147
44,204
20,513
22,240
-1,727
702
22,988
9,626
13,362
-4,251
-3,583
2,182
-2,850
52,241
44,445
50,935
-6,490
-2,594
10,390
11,358
-968
-4,444
-2,360
-2,962
878
14,455
12,695
18,677
-5,981
-4,460
6,219
7,643
-1,424
3,710
488
-80
3,303
19,896
30,068
33,636
-3,568
-13,345
3,174
3,244
-69
-4,723
-972
-2,691
-1,059
16,648
10,964
16,858
-5,894
-4,877
10,561
11,364
-803
-11,110
-2,518
-6 426
-2,166
-1,150
13,975
15,494
-1,520
2,771
-17,896
-9,848
-8,048
-13,275
-1,266
-6,875
-5,134
2,989
21,930
24,968
-3,038
6,826
-25,766
-20,961
-4,805
-13,631
-1,604
-4,587
-7,439
11,627
10,749
14,744
-3,995
5,493
-4,615
-4,211
-404
-10,964
-3,516
-2,301
-5,147
43.589
20,513
22,240
-1,727
88
22,988
9,626
13,362
-3,437
-3,583
2,996
-2,850
51,102
44,445
50,935
-6,490
-3,733
10,390
11,358
-968
-4,480
-2,360
-2,998
878
14,208
12,695
18,677
-5,981
-4,706
6,219
7,643
-1,424
2,916
488
-875
3,303
21,897
30,068
33,636
-3,568
-11,345
3,174
3,244
-69
^4,690
-972
-2.659
-1,059
16,327
10,964
16,858
-5,894
-5,198
10,561
11,364
-803
-10,297 -13,327
-2,518
-1,266
-5,613
-6 927
-2,166
-5,134
-2,600
2,891
13,975
21,930
15,494
24,968
-1,520
-3,038
1,321
6,727
-17,896 -25,766
-9,848 -20,961
-8,048
-4,805
-14,422
-1,604
-5,379
-7,439
13,493
10,749
14,744
-3,995
7,359
-4,615
-4,211
-404
6,361
124,435
107,721
4,146
24,866
78,709
6,492
23,622
57,618
3,250
27,987
26,381
1,611
42,593
20,513
477
6,274
13,762
1,591
50,650
44,445
481
7,695
36,269
1,580
12,875
12,695
99
5,721
6,875
1,579
18,317
30,068
3,089
5,176
21,803
1,587
15,061
10,964
203
2,889
7,872
1,605
-2,755
13,975
295
7,683
5,997
1,632
1,357
21,930
328
13,714
7,888
1,668
9,959
10,749
2,424
3,701
4,624
1,611
41,978
20,513
477
6,274
13,762
1,591
49,511
44,445
481
7,695
36,269
1,580
12,628
12,695
99
5,721
6,875
1,579
20,318
30,068
3,089
5,176
21,803
1,587
14,740
10,964
203
2,889
7,872
1,632
1,259
21,930
328
13,714
7,888
1,668
11,825
10,749
2,424
3,701
4,624
-26,058
5,533
-18,170
-13,420
42,771
629
22,551
19,592
3,721
3,123
1,416
-816
-37,716
-784
-23,241
-13,692
-909
1,132
-2,074
33
22,988
-1,129
15,039
9,078
-4,185
3,214
-6,415
-984
10,390
-249
7,637
3,002
-6,040
2,223
-3,812
-4,450
6,219
-509
1,851
4,877
-14,924
-1,036
-5.869
-8.019
3,174
2,516
-1,976
2,635
-6,464
-1,528
-1,272
-3,663
10,561
-544
3,532
7,573
1,166
2,397
1,031
-2,262
-17,896
607
-4,173
-14,331
5,194
1,176
2,300
1,718
-25,766
-136
-18,422
-7,208
3,825
1,078
-643
3,391
-4,615
-711
-4,178
274
-1,523
1,132
-2,404
-251
22,988
-1,129
15,039
9,078
-5,324
3,214
-7,727
-811
10,390
-249
7,637
3,002
-6,286
2,223
-3,676
-4,833
6,219
-509
1,851
4,877
-12,924
-1,036
-4,363
-7,525
3,174
2,516
-1,976
2,635
-6,785
-1,528
-1,372
-3,885
10,561
-544
3,532
7,573
-284
5,095
2,397
1,176
-626
2,501
1,418
-2,055
-17,896 -25,766
607
-136
-4,173 -18,422
-14,331
-7.208
5,691
1,078
909
3,704
-4,615
-711
-4,178
274
-8,611
-10,982
2,371
-9,693
-12,935
3,242
-2,188
-2,693
504
-2,144
-2,618
474
-2,120
-2,588
469
-2,159
-3,083
924
-2,354
-2,733
379
-2,210
-3,096
886
-2,574
-3,506
932
-2,555
-3,600
1,045
-2,227
-2,800
573
-2,134
-2,717
583
-2,211
-2,745
534
-2,037
-2,719
682
-2,432
-2,841
409
-2,153
-3,209
1,056
-2,689
-3,719
1,030
-2,422
-3,168
746
62
-14,943
15,006
3,248
-14,699
17,947
319
-3,309
3,629
-219
-3,593
3,374
-308
-3.867
3,559
270
-4,174
4,444
-412
-4.079
3,667
863
-3,413
4,275
1,323
-3,444
4,767
1.474
-3,763
5,238
98
-3,518
3,616
95
-3,586
3,681
-206
-3,889
3,683
77
-3,950
4,027
-695
-4,322
3,627
1,287
-3,380
4,667
1,482
-3,448
4,930
1,173
-3,550
4,723
Foreign direct investment in the United States:
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
Income with current-cost adjustment, before
deduction of withholding taxes (table 1, line 31)....
Earnings.....................................................................
Distributed earnings.............................................
Reinvested earnings...........................................
Interest1....................................................................
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 64)
Equity capital.............................................................
Increases in equity capital3...............................
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........... .7.......................................
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, net...............................................
U.S. affiliates’ payments (table 1, part of line 26)
U.S. affiliates' receipts (table 1, part of line 9)......
Other private services, before deduction of
withholding taxes, net...............................................
U.S. affiliates' payments (table 1, part of line 27)
U.S. affiliates’ receipts (table 1, part of line 10)....
See footnotes on page 60.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1,605
-4,205
13,975
295
7,683
5,997
U.S. International Transactions
50
April 2003
Table 6. Securities Transactions
[Millions of dollars]
Not seasonally adjusted
(Credits +; debits -)
Line
2001
I
A1
Foreign securities, net U.S. purchases (-), (table 1, line 52 or lines 2 + 13 below)
2002
2001
2002'
II
IV
III
III'
II
I
IV p
-94,662
2,222
-26,895
-51,764
10,087
-26,090
2,047
-9,675
18,543
-8,693
-55,718
-2,591
(D)
(D)
(D)
-10,886
-418
-18,673
-432
1,473
-1,455
-19,919
-1,544
(D)
(D)
12,765
-12,922
-430
-53,127
-24,516
1,742
-4,612
-10,370
-13,629
-10,468
-9,234
-11,213
1,375
-951
-1,658
-18,375
-11,023
-14,408
944
-3,247
-5,049
12,765
5,793
6,016
2,391
2,783
1,798
2
3
4
5
6
Stocks, net U.S. purchases.............................................................................................
New issues in the United States
Of which: Western Europe.........................................................................................
Canada
Latin America.............................................................................................
-106,810
-4,583
(D)
(D)
(D)
-18,603
-3,429
(D)
(D
(D)
-21,533
-1,142
(D)
7
8
9
10
11
12
Transactions in outstanding stocks, net........................................................................
Western Europe......................................................................................................
Of which. United Kingdom...............................................................................
Canada....................................................................................................................
Japan .......................................................................................................................
Other........................................................................................................................
-102,227
-51,465
-27,413
-2,687
-19,867
-28,208
-15,175
-12,642
-14,392
4,305
-952
-5,886
-20,391
-7,797
-6,125
225
-7,477
-5,342
13
Bonds, net U.S. purchases..............................................................................................
12,148
20,825
-5,362
3,954
20,973
-7,417
574
10,244
5,778
4,229
14
-39,511
-20,777
-8,325
-8,997
-9,895
-12,294
-6,012
-5,160
-2,887
-6,718
15
16
17
18
New issues in the United States...................................................................................
By issuer:
Central governments and their agencies and corporations...............................
Other governments and their agencies and corporations1...............................
Private corporations...............................................................................................
International financial institutions2.......................................................................
(D)
(D)
-23,969
(D)
-9,294
(D)
-9,751
(D)
-3,253
-59
-4,813
-200
-2,087
(D)
-5,350
(D)
(D)
-5,583
(D)
-3,273
-798
-8,223
-2,555
(D)
-2,854
(D)
-2,498
(D)
-1,739
(D)
-2,196
(D)
-636
(D)
-2,045
(D)
-4,522
(D)
19
20
21
22
23
24
By area:
Western Europe......................................................................................................
Canada ....................................................................................................................
Japan .......................................................................................................................
Latin America..........................................................................................................
Other countries.......................................................................................................
International financial institutions2.......................................................................
(D)
-9,108
(D)
-14,286
-10,547
(D)
(D)
(D)
-350
-923
(D)
-2,331
-2,455
-2,208
(D)
-897
(D)
(D)
(D)
-1,754
-2,921
-1,765
-6,001
(D)
(D)
-4,763
-2,089
-200
(D)
-3,646
(D)
-2,724
-1,212
(D)
-3,585
-2,829
(D)
-3,214
-4,417
-2,276
-1,745
(D)
-1,154
-1,785
(D)
-541
-537
(D)
-2,030
(D)
(D)
35,326
10,487
7,985
14,925
1,929
7,422
1,372
1,571
2,622
1,857
6,162
2,382
1,436
1,505
839
8,880
1,031
1,131
6,368
350
10,977
4,989
2,102
3,434
452
4,720
1,462
924
1,934
400
8,281
2,163
1,994
3,528
596
11,211
3,312
3,201
4,053
645
11,114
3,550
1,866
5,410
288
-256
-209
(D)
-18,241
-9,918
-11,817
325
-1,069
-7,579
2,928
1,105
194
1,463
163
197
-12,493
-8,517
-6,194
-493
-651
-2,832
25
26
27
28
29
Redemptions of U.S.-held foreign bonds3...................................................................
Western Europe.............. ”.....................................................................................
Canada ....................................................................................................................
Other countries.......................................................................................................
International financial institutions2.......................................................................
33,441
9,774
6,240
13,929
3,498
30
31
32
33
34
35
Other transactions in outstanding bonds, net3...........................................................
Western Europe......................................................................................................
Of which: United Kingdom...............................................................................
Canada ....................................................................................................................
Japan.......................................................................................................................
Other........................................................................................................................
18,218
-7,570
-17,998
3,999
147
21,642
6,276
6,849
4,335
-2,610
-8,687
10,724
-4,459
-11,438
-13,845
-247
-59
7,285
6,789
-4,248
-10,873
4,472
3,866
2,699
21,988
19,310
18,541
137
-689
3,230
-6,100
-11,194
-11,821
-363
-2,971
8,428
1,866
4,309
1,387
-1,159
-3,133
1,849
7,123
-1,607
-3
1,287
2,877
4,566
-2,546
756
58
-2,505
-459
-338
-167
3,391
2,893
-233
-7,972
4,647
B1
U.S. securities, excluding Treasury securities and transactions of foreign official
agencies, net foreign purchases (+), (table 1, line 66 or lines 2 + 10 below)......
407,653
284,611
129,990
113,556
64,787
99,320
71,095
104,404
46,494
62,618
2
Stocks, net foreign purchases........................................................................................
119,453
55,838
39,932
34,204
12,331
32,986
24,975
11,423
7,422
12,018
3
4
5
6
7
8
9
By area:
Western Europe..........................................................................................................
Of which: Germany................................................................................................
Switzerland............................................................................................
United Kingdom....................................................................................
Canada..........................................................................................................................
japan............................................................................................................................
Other.............................................................................................................................
86,712
8,282
3,335
37,353
11,708
6,660
14,373
31,633
-251
2,397
14,335
12,114
12,475
-383
33,597
3,730
2,043
11,160
4,370
-221
2,186
22,402
1,325
856
8,745
3,161
4,104
4,537
8,307
1,047
-1,067
9,156
1,825
1,179
1,020
22,406
2,180
1,503
8,292
2,352
1,598
6,630
19,686
1,211
1,578
8,008
6,440
955
-2,105
-896
-149
147
-1,207
2,149
7,517
2,653
1,640
-2,118
-1,619
3,301
2,446
6,125
-2,789
11,203
805
2,291
4,233
1,079
-2,122
1,858
10
Corporate and other bonds, net foreign purchases..................................................
288,200
228,772
90,058
79,352
52,456
66,334
46,119
92,981
39,072
50,600
11
12
13
By type:
New issues sold abroad by U.S. corporations.........................................................
U.S. federally sponsored agency bonds, net...........................................................
Other outstanding bonds, net....................................................................................
63,113
86,256
138,831
57,786
67,788
103,198
17,694
25,162
47,202
18,008
13,746
47,598
13,185
19,340
19,931
14,226
28,008
24,100
21,155
2,716
22,248
23,205
32,308
37,468
1,633
21,936
15,503
11,793
10,828
27,979
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............................................................................
180,957
10,762
5,701
159,857
516
18,472
88,387
-132
104,737
2,785
5,734
82,398
-3,611
35,791
92,063
-208
61,127
3,327
2,681
52,365
-44
3,345
25,679
-49
53,510
2,834
1,678
47,637
1,348
766
23,832
-104
30,498
1,264
766
29,791
-2,374
2,534
21,790
8
35,822
3,337
576
30,064
1,586
11,827
17,086
13
21,755
1,601
136
18,032
448
-4,626
28,447
95
46,475
563
2,319
37,151
599
15,182
30,966
-241
9,779
-217
2,815
5,885
-1,523
10,506
20,657
-347
26,728
838
464
21,330
-3,135
14,729
11,993
285
9,974
20,920
3,755
1,964
-16,281
15,151
30,357
5,613
-1,985
42,752
3,142
3,574
1,033
-30
-5,854
-4,885
9,932
567
461
-15,386
2,151
-216
623
1,358
-17,402
9,566
7,630
1,532
175
22,361
77
7,296
2,003
-1,277
-9,301
486
6,548
1,412
-486
-8,897
-8,144
10,885
999
-164
47,835
22,732
5,628
1,199
-58
13,115
Memoranda:
Other foreign transactions in marketable, long-term U.S. securities included elsewhere
in international transactions accounts:
1
2
3
4
5
Foreign official assets in the United States (lines in table 9):
U.S. Treasury marketable bonds (line A4)........................................................................
Other U.S. Government securities (line A6).....................................................................
U.S. corporate and other bonds (part of line A14)..........................................................
U.S. stocks (part of line A14)..............................................................................................
Other foreign transactions in U.S. Treasury bonds and notes (table 9, line B4)..............
See footnotes on page 60.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
51
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.)
2001
2002'
2002
2001
I
II
III
I
IV
II
III'
IV'
Amounts
outstanding
Dec. 31,
2002
A1
Claims, total (table 1, line 53).......................................................................
-14,358
-28,489
-51,759
9,670
-9,479
37,210
65
-16,693
-4,226
-7,635
873,276
2
3
4
Financial claims.............................................................................................
Denominated in U.S. dollars...............................................................
Denominated in foreign currencies...................................................
-19,624
-25,564
5,940
-32,037
-25,754
-6,283
-55,437
-43,179
-12,258
12,273
11,988
285
-11,475
-19,380
7,905
35,015
25,007
10,008
-1,354
1,651
-3,005
-18,088
-23,194
5,106
-4,960
3,424
-8,384
-7,635
-7,635
845,189
738,810
106,379
5
6
7
By type: Deposits2...................................................................................
Financial intermediaries' accounts.........................................
Other claims2 3.........................................................................
-19,118
3,038
-3,544
-10,316
8,082
197
-34,818
-16,538
-4,081
24,021
-12,079
331
-27,796
13,878
2443
19,475
17,777
-2737
7,224
-9,314
736
-8,162
-10,305
379
-25,718
21,676
-918
-13,660
6,025
658,901
171,702
14,586
8
9
10
11
12
By area: Industrial countries4................................................................
Of which: United Kingdom....................................................
Canada...”.............................................................
-30,732
-22,444
-1,568
-10,778
9,473
-61,004
-46,843
3,494
8,958
-3,391
-4,973
-7,603
222
17,174
72
-3,478
6,844
-3,160
-7,267
-730
34,762
25,560
1,836
1,085
-832
-29,729
-18,870
1,108
28,348
27
6,159
6,209
2'060
Caribbean banking centers5..................................................
Other..........................................................................................
-34,693
-22,042
2,392
19,950
-4,881
-24,870
623
-7,162
-9,783
-4736
2,107
95
13
14
15
Commercial claims.......................................................................................
Denominatedin U.S. dollars...............................................................
Denominatedin foreign currencies...................................................
5,266
3,943
1,323
3,548
4,463
-915
3,678
3,132
546
-2,603
-2,681
78
1,996
1,628
368
2,195
1,864
331
1,419
2,775
-1,356
1,395
1,565
-170
734
123
611
28,088
24,783
3,305
16
17
By type: Trade receivables.....................................................................
Advance payments and other claims.....................................
5,518
-252
3,899
-351
4,146
-468
-2,149
-454
1,779
217
1,742
453
1,951
-532
1,202
193
746
-12
23,513
4^575
18
19
20
By area: Industrial countries4................................................................
Members of OPEC6................................................................
Other..........................................................................................
3,071
440
1,755
1,967
-6
1,587
2,360
163
1,155
-1,532
-117
-954
1,256
175
565
987
219
989
1,159
136
124
764
-182
813
44
40
650
18,081
1,360
8,647
B1
Liabilities, total (table 1, line 68).................................................................
82,353
49,736
111,644
-5,307
-25,154
1,170
32,345
21,056
-3,804
139
829,852
2
3
4
Financial liabilities........................................................................................
Denominatedin U.S. dollars...............................................................
Denominatedin foreign currencies...................................................
74,316
72,603
1,713
40,269
30,508
9,761
105,966
90,382
15,584
-5,886
6,960
-12,846
-28,697
-23,877
-4,820
2,933
-862
3,795
27,260
21,516
5,744
17,043
6,548
10,495
-1,173
2,305
-6,478
139
139
802,365
743,543
58,822
5
6
By type: Financial intermediaries' accounts.........................................
Other liabilities...........................................................................
-13,324
87,640
-11,076
51,345
14,099
91,867
6,731
-12,617
-22,994
-5,703
-11,160
14,093
15,078
12,182
-687
17,730
-23,773
19,600
-1,694
1,833
224,194
578,171
7
8
9
10
By area: Industrial countries4................................................................
Of which: United Kingdom....................................................
Caribbean banking centers5..................................................
Other..........................................................................................
49,120
18,326
28,282
-3,086
7,174
12,466
29,452
3,643
92,203
77,624
16,655
-2,892
-13,977
-11,987
7,927
164
-21,829
-21,238
-4,531
-2,337
-7,277
-26,073
8,231
1,979
26,142
11,166
1,787
-669
4,207
8,167
11,642
1,194
-23,175
-6,867
18,598
404
-2,575
2714
541,100
321,683
238,111
23,154
11
12
13
Commercial liabilities...................................................................................
Denominated in U. S. dollars...............................................................
Denominated in foreign currencies...................................................
8,037
9,347
-1,310
9,467
9,662
-195
5,678
5,956
-278
579
1,060
-481
3,543
3,492
51
-1,763
-1,161
-602
5,085
4,809
276
4,013
4 J 74
-161
369
679
-310
27,487
26,194
1,293
14
15
By type: Trade payables..........................................................................
Advance receipts and other liabilities....................................
-2,473
10,510
2,177
7,290
-1,812
7,490
732
-153
-1,473
5,016
80
-1,843
3,103
1,982
-679
4,692
-247
616
13,712
13,775
16
17
18
By area: Industrial countries4................................................................
Members of OPEC6................................................................
Other..........................................................................................
8,289
-327
75
6,588
1,219
1,660
5,121
563
-6
538
-334
375
2,661
-18
900
-31
-538
-1,194
3,210
642
1,233
4,094
-35
-46
-716
612
473
15,303
4,474
7,710
See footnotes on page 60.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-16,363
8,728
503,324
296,249
10,437
324,958
16,907
U.S. International Transactions
52
April 2003
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.)
2001
2001
2002 p
2002
III
IV
Amounts
outstanding
Dec. 31,
2002
III7
IV p
-128,705
-3,072
-113,914
-685
69,576
-83,682
727
-68,655
53,815
11,041
1,438,874
2
By type:
Banks’ own claims......................................................................................
-142,744
-1,544
-105,573
-21,087
40,345
-56,429
-9,895
-55,450
53,213
10,588
1,141,679
3
Payable in dollars...................................................................................
-119,395
-7,611
-85,054
-15,565
29,207
-47,983
-5,149
-48,429
46,385
-418
1,065,061
4
5
6
7
By borrower:
Claims on:
own foreign offices....................................................................
unaffiliated foreign banks.........................................................
foreign public borrowers1.........................................................
other private foreigners............................................................
-82,779
-9,459
-11,389
-15.768
-22,457 I
19,582
737
-5,473
-44,336
-10,766
-11,494
-18,458
-20,620
10,194
-3,075
-2,064
24,171
-845
6,418
-537
-41,994
-8,042
-3,238
5,291
-5,328
5,667
-6,284
796
-39,197
2,683
4,520
-16,435
59,839
-2,122
-10,047
-1,285
-37,771
13,354
12,548
11,451
771,822
80,920
48,749
163,570
-32,435
-16,620
10,024
4,629
10,743
2,903
-3,375
-12,351
16,756
-3,222
7,274
857
-24,564
-2,669
-16,341
-1,274
-8,874
8,752
7,489
2,316
-5,254
-11,288
2,802
5,310
12,347
-389
11,131
-3,919
6,014
-8,284
210,706
27,397
27,794
-50,344
9,053
-10,104
-27,086
6,118
4,174
-40.961
665
-21,513
-17,398
3,662
-2,332
48,735
2,948
14,534
-40,720
1,778
-793
-12,817
3,489
-540
-27,909
-2,492
2,205
47,492
2,369
-7,750
-33,852
2,752
10,259
561,116
37,925
73,782
-1,892
-27,077
2,721
-11,813
920
-25,195
-742
-3,664
-1,124
7,688
-946
-5,906
-138
306
2,373
-19,430
-4,102
-14,713
4,588
22,024
15,598
110,743
I
1
Total (table 1, line 54)........................................................................................
8
9
10
11
12
13
14
15
By type of reporting institution: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.........................................................................
Brokers’ and dealers' claims on:
unaffiliated foreign banks.........................................................
other foreigners.........................................................................
II
I
II
16
Payable in foreign currencies................................................................
-23,349
6,067
-20,519
-5,522
11,138
-8,446
-4,746
-7,021
6,828
11,006
76,618
17
18
19
20
21
22
23
Banks’ domestic customers’ claims.........................................................
Payable in dollars...................................................................................
Deposits..............................................................................................
Foreign commercial paper3.............................................................
Other negotiable and readily transferable instruments4..............
Outstanding collections and other...................................................
Payable in foreign currencies................................................................
14,039
7,256
7,803
19,207
-16,665
-3,089
6.783
-1,528
596
20,810
-22,523
-5,910
8,219
-2,124
-8,341
-11,647
-10,974
11,253
-11,289
-637
3,306
20,402
20,440
17,667
3,380
2,276
-2,883
-38
29,231
28,971
22,119
5,146
-4,707
6,413
260
-27,253
-30,508
-21,009
-572
-2,945
-5,982
3,255
10,622
9,445
4,912
746
2,641
1,146
1,177
-13,205
-13,654
1,281
-9,461
-6,432
958
449
602
5,229
7,674
-7,608
5,091
72
-4,627
453
-424
6,943
-6,200
-7,210
6,043
877
297,195
277,597
79,512
136,574
55,221
6,290
19,598
24
25
26
27
28
29
By area:
Industrial countries5..................................................................................
Western Europe.....................................................................................
Of which: United Kingdom..............................................................
Canada.....................................................................................................
Japan .......................................................................................................
Other........................................................................................................
-84,748
-63,296
-31,419
-18,901
-5,119
2.568
-35,280
-20,110
-3,159
—4,484
-8,673
-2,013
-103,719
-89,855
-30,154
-6,137
-7,861
134
-15,780
-18,107
-2,311
-6,018
4,890
3,455
75,376
69,952
2,040
2,504
2,042
878
-40,625
-25,286
-994
-9,250
-4,190
-1,899
-26,629
-26,682
10,247
-2,419
2,294
178
-35,668
-29,587
-17,199
-5,597
-73
-411
26,884
34,863
-4,672
912
-8,072
-819
133
1,296
8,465
2,620
-2,822
-961
887,678
729,657
337,616
86,778
55,084
16,159
30
Caribbean banking centers6.....................................................................
-42,409
20,345
-7,858
14,736
-3,233
-46,054
30,187
-25,541
27,798
-12,099
410,680
31
32
33
34
35
36
Other areas..................................................................................................
Of which: Members of OPEC, included below7............................
Latin America..........................................................................................
Asia..........................................................................................................
Africa........................................................................................................
Other8......................................................................................................
-1,548
1,907
7,529
-8.644
214
-647
11,863
-1,474
12,635
-918
19
127
-2,337
286
2,847
-5,664
39
441
359
464
2,003
-239
-73
-1,332
-2,567
512
-2,631
-215
261
18
2,997
645
5,310
-2,526
-13
226
-2,831
-2,370
-493
-1,412
58
-984
-7,446
-859
-607
-7,223
-96
480
-867
863
5,541
-8,453
56
1,989
23,007
892
8,194
16,170
1
-1,358
140,516
15,874
73,620
58,310
1,422
7,164
-25,429
-7,763
-12,840
-18,786
31,183
-24,986
-2,996
-12,874
22,103
-13,996
314,314
-27,619
-2,837
1,414
3,613
-27,239
12,957
1,234
5,285
-15,552
330
353
2,029
-22,009
1,156
468
1.599
32,557
-943
138
-569
-22,615
-3,380
455
554
-8,982
4,732
-191
1,445
-15,142
355
529
1,384
21,154
-685
599
1,035
-24,269
8,555
297
1,421
262,026
27,079
3,052
22,157
-27,817
2,388
1.660
11,296
-19,059
141
-18.286
2,737
-15,577
1,255
-12,668
-6.118
-61
4,390
-7,042
38,225
586
17,849
-10,844
-14,142
-120
-25,505
19,824
-22,820
449
22,432
-6,723
-6,151
-214
-35,000
-1,490
23,593
3
-7,497
-315
-13,681
-97
1,779
72,921
241,393
2,450
158,101
1
2
3
4
5
6
7
8
9
Memoranda:
International banking facilities' (IBF's) own claims, payable in dollars (lines
1-13 above)......................................................................................................
By borrower:
Claims on:
own foreign offices....................................................................
unaffiliated foreign banks.........................................................
foreign public borrowers...........................................................
all other foreigners....................................................................
By bank ownership:2
U.S.-owned IBF’s............................................................................
Foreign-owned IBF's.....................................................................
Banks' dollar acceptances payable by foreigners............................................
Resale agreements9 (in lines 1 through 15 above).......................................
See footnotes on page 60.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
53
Survey of Current Business
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.)
A1
Foreign official assets in the United States, net (table 1, line 56)..........................
5,224
2
3
4
5
6
7
8
9
10
11
12
13
14
By type:
U.S. Treasury securities (table 1, line 58).................................................................
Bills and certificates................................................................................................
Bonds and notes, marketable................ ...............................................................
Bonds and notes, nonmarketable..........................................................................
Other U.S. Government securities (table 1, line 59)................................................
Other U.S. Government liabilities (table 1, line 60).................................................
U.S. liabilities reported by U.S. banks, not included elsewhere (table 1, line 61)
Banks’ liabilities for own account, payable in dollars ’.......................................
Demand deposits................................................................................................
Time deposits1...................................................................................................
Other liabilities2..................................................................................................
Banks’ custody liabilities, payable in dollars13...................................................
Other foreign official assets (table 1, line 62)...........................................................
10,745
2,709
9,974
-1,938
20,920
-1,882
-30,278
-13,292
-956
-15,940
3,604
-16,986
5,719
B1
Other foreign assets in the United States, net (table 1, lines 65 and 69)..............
102,997
2
By type:
U.S. Treasury securities (line 65)..............................................................................
3
4
By security:
Bills and certificates..........................................................................................
Marketable bonds and notes.............................................................................
5
6
7
U.S. liabilities reported by U.S. banks (line 69)........................................................
Banks’ own liabilities'............................................................................................
Payable in dollars................................................................................................
2001
2001
2002'
2002
Amounts
outstanding
Dec. 31,
2002
III7
IV'
4,087
-20,831
16,882
5,086
7,641
47,252
9,534
32,203
1,127,251
-1,027
-3,806
3,142
-363
3,574
-676
1,213
227
-433
-7,452
8,112
986
1,003
-20,798
-16,009
-4,885
96
9,932
-791
-10,202
2,953
-1,046
4,793
-794
-13,155
1,028
15,810
14,704
2,151
-1,045
-216
89
-782
1,424
573
-755
1,606
-2,206
1,981
16,760
7,820
9,566
-626
7,630
-504
-20,507
-17,896
-50
-12,526
-5,320
-2,611
1,707
-582
-407
77
-252
7,296
-790
991
—4,232
-337
-5,825
1,930
5,223
726
15,193
14,866
486
-159
6,548
54
24,531
13,419
-944
354
14,009
11,112
926
1,415
9,501
-8,144
58
10,885
1,001
-4,602
3,524
193
-1,211
4,542
-8,126
835
27,630
5,188
22,732
-290
5,628
-107
-2,089
-5,771
635
3,920
-10,326
3,682
1,141
710,656
190,375
517,486
2,795
187,377
11,903
140,939
90,742
2,535
17,508
70,699
50,197
76,376
147,760
10,889
40,318
-61,037
112,827
-18,333
27,116
71,649
67,328
1,870,319
-7,670
53,155
-4,744
-14,685
-15,470
27,229
-7,282
-5,124
52,856
12,705
463,005
8,611
-16,281
10,403
42,752
1,110
-5,854
701
-15,386
1,932
-17,402
4,868
22,361
2,019
-9,301
3,773
-8,897
5,021
47,835
-410
13,115
39,136
423,869
110,667
96,630
76,454
94,605
83,362
85,489
15,633
25,743
7,327
55,003
36,939
16,560
-45,567
-45,265
-26,360
85,598
79,213
78,927
-11,051
-6,882
-8,345
32,240
25,719
16,616
18,793
6,598
15,954
54,623
57,927
61,264
1,407,314
1,263,505
1,182,964
I
96,630
43,656
29,148
15,151
-643
30,357
158
18,831 I
6,940
-453
-2,762
10,155
11,891
3,628
II
III
IV
I
II
By area (see text table C)
66,627
59,922
-17,548
9,561
-11,104
85,718
-11,358
15,318
-7,765
63,727
851,925
9
10
11
By account:
Liabilities to own foreign offices...............................................................
Liabilities to unaffiliated foreigners:
demand deposits....................................................................................
time deposits1........................................................................................
other liabilities2.......................................................................................
1,338
-16,238
24,727
2,095
-20,839
44,311
1,159
2,445
21,271
-37
-6,016
13,052
2,351
-1,324
-16,283
-2,135
-11,343
6,687
3,176
-7,227
7,064
-927
-11,676
13,901
-2,766
-9,270
35,755
2,612
7,334
-12,409
32,739
117,076
181,224
12
13
14
15
By holder:
Liabilities to:
own foreign offices.................................................................................
unaffiliated foreign banks.......................................................................
other private foreigners..........................................................................
international financial institutions4.......................................................
66,627
-13,211
25,011
-1,973
59,922
-1,565
24,905
2,227
-17,548
15,720
9,397
-242
9,561
-5,661
11,078
1,582
-11,104
-4,789
-10,063
-404
85,718
-18,481
14,599
-2,909
-11,358
5,332
-3,085
766
15,318
-9,541
10,636
203
-7,765
-4,659
28,508
-130
63,727
7,303
-11,154
1,388
851,925
120,759
197,884
12,396
41,645
11,872
-9,479
-579
-340
-17,535
-61,310
3,478
-8,028
28,799
10,995
-3,160
21,864
230
4,764
52,292
-2,831
-3,055
-43,005
2,805
-2,902
20,841
-5,128
-4,863
-11,207
-2,493
-10,876
32,792
4,476
1,106
369,058
39,170
16,046
24,982
-25,949
12,720
60,501
-10,282
10,789
43,762
7,110
7,095
-19,238
-15,576
9,988
-32,968
-3,973
-6,347
33,426
-13,510
1,984
31,647
-4,949
515
-5,523
-4,113
1,171
3,442
-8,287
9,349
30,935
7,067
-246
482,867
64,310
91,055
866
19,797
9,057
33,878
5,132
10,088
-1,080
5,832
-1,046
-8,884
-2,140
12,761
7,476
68
-300
14,531
6,121
29,905
-4,240
-10,626
17,279
103,179
8
16
17
18
19
20
21
22
23
By type of reporting institution: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.....
Brokers' and dealers' liabilities to:
unaffiliated foreign banks......................................................................
other private foreigners and international financial institutions4.....
24
Payable in foreign currencies............................................................................
20,176
-2,127
18,416
20,379
-18,905
286
1,463
9,103
-9,356
-3,337
80,541
25
26
Banks’ custody liabilities, payable in dollars13...................................................
Of which: Negotiable and readily transferable instruments...........................
14,037
9,457
11,243
13,806
-10,110
-12,071
18,064
15,821
-302
-311
6,385
6,018
-4,169
680
6,521
6,023
12,195
9,551
-3,304
-2,448
143,809
114,015
27
28
29
30
31
32
33
34
35
36
37
By area:
Industrial countries6...................................................................................................
Western Europe......................................................................................................
Canada......................................................................................................................
Other.........................................................................................................................
Caribbean banking centers7......................................................................................
Other areas..................................................................................................................
Of which. Members of OPEC, included below8..............................................
Latin America...........................................................................................................
Asia...........................................................................................................................
Africa.........................................................................................................................
Other9.......................................................................................................................
35,339
17,303
-8,484
26,520
44,424
23,234
-2,274
9,080
9,653
-234
4,735
44,005
48,555
-2,946
-1,604
50,849
52,906
1,927
19,278
20,528
1,485
11,615
9,834
15,044
-5,807
597
2,328
-1,273
-1,871
-1,776
-2,256
321
2,438
30,515
22,052
1,526
6,937
3,345
6,458
-693
4,161
-3,100
158
5,239
-87,017
-83,867
-3,547
397
17,595
8,385
-1,580
5,665
2,112
-332
940
82,007
64,074
-656
18,589
21,156
9,664
1,870
1,030
12,897
-381
-3,882
-5,875
-10,232
-589
4,946
-20,096
7,638
1,597
3,488
3,087
726
337
-25,281
-14,948
-3,020
-7,313
39,095
13,302
1,419
8,815
-1,330
444
5,373
49,276
32,893
1,454
14,929
3,442
18,931
-944
8,165
8,809
263
1,694
25,885
40,842
-791
-14,166
28,408
13,035
-145
-1,190
9,962
52
4,211
885,473
600,761
35,941
248,771
603,473
381,373
69,077
148,800
160,967
8,157
63,449
Memoranda:
International banking facilities' (IBF’s) own liabilities, payable in dollars (in lines A9
and B7 above)..................................................................................................................
5,551
17,120
-23,791
18,932
-36,811
47,221
11,807
3,942
-19,052
20,423
406,440
2
3
4
5
By holder:
Liabilities to:
own foreign offices.................................................................................
unaffiliated foreign banks.......................................................................
foreign official agencies.........................................................................
other private foreigners and international financial institutions4......
42,720
-19,470
-14,109
-3,590
46,108
-19,192
-2,698
-7,098
-21,232
3,796
-5,654
-701
19,132
-5,488
8,023
-2,735
-33,742
-4,157
1,103
-15
78,562
-13,621
-17,581
-139
23,038
-6,571
-2,121
-2,539
11,061
-6,380
2,029
-2,768
-4,035
-8,639
-4,738
-1,640
16,044
2,398
2,132
-151
298,890
58,984
30,984
17,582
6
7
By bank ownership:5
U.S.-owned IBF’s.......................................................................................
Foreign-owned IBF's.................................................................................
36,261
-30,710
-5,180
22,300
-5,085
-18,706
27,488
-8,556
964
-37,775
12,894
34,327
-19,356
31,163
9,315
-5,373
5,179
-24,231
-318
20,741
68,540
337,900
8
9
Negotiable certificates of deposit held for foreigners1 (in lines A13 and B25 above)
Repurchase agreements 10 (in lines A12 and B11 above)............................................
-13,772
4,191
32,670
-9,694
366
-3,163
-1,656
-15,399
-2,788
39,628
1,058
-23,921
5,992
31,459
757
45,544
-3,616
-20,412
26,084
184,759
1
See footnotes on page 60.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
U.S. International Transactions
54
April 2003
Table 10. U.S. International
[Millions
European Union
Western Europe
(Credits +; debits -)1
Line
2002
2001
2002"
2001
I
III"
II
2002"
IV"
Current account
1
Exports of goods and services and income receipts................................................
397,085
365,039
87,531
91,183
91,423
94,902
354,145
326,227
2
Exports of goods and services........................................................................................
270,892
259,802
62,432
64,448
64,202
68,720
244,472
235,422
3
Goods, balance of payments basis2.........................................................................
171,421
153,573
39,414
38,636
35,961
39,562
155,788
140,520
4
5
Services3......................................................................................................................
Transfers under U.S. military agency sales contracts4......................................
99,471
3,603
106,229
3,158
23,018
677
25,812
838
28,241
788
29,158
855
88,684
2,420
94,902
2,101
6
7
8
Travel..........................................................................................................................
Passenger fares.......................................................................................................
Other transportation................................................................................................
22,557
5,978
9,138
21,771
5,832
9,093
4,179
1,140
2,070
5,328
1,344
2,225
6,243
1,726
2,451
6,021
1,622
2,347
20,555
5,788
7,906
19,865
5,643
7,943
9
10
11
Royalties and license fees5...................................................................................
Other private services5...........................................................................................
U.S. Government miscellaneous services............................................................
18,133
39,910
152
20,764
45,472
139
4,529
10,389
34
5,234
10,808
35
5,246
11,752
35
5,755
12,523
35
16,333
35,548
134
18,581
40,646
123
12
13
14
15
16
17
Income receipts.................................................................................................................
Income receipts on U.S.-owned assets abroad........................................................
Direct investment receipts.......................................................................................
Other private receipts..............................................................................................
U.S. Government receipts......................................................................................
Compensation of employees......................................................................................
126,193
126,033
54,407
70,600
1,026
160
105,237
105,069
53,557
50,550
962
168
25,099
25,058
12,132
12,662
264
41
26,735
26,694
13,469
13,049
176
41
27,221
27,178
13,925
12,990
263
43
26,182
26,139
14,031
11,849
259
43
109,673
109,525
45,249
63,360
916
148
90,805
90,649
43,848
45,981
820
156
18
Imports of goods and services and income payments.............................................
-460,387
-470,877
-106,813
-120,970
-121,435
-121,659
-415,109
-421,312
19
Imports of goods and services........................................................................................
-325,308
-344,079
-76,608
-87,927
-88,636
-90,908
-293,212
-310,906
20
Goods, balance of payments basis2.........................................................................
-241,030
-246,194
-55,245
-62,395
-61,841
-66,713
-219,492
-225,679
21
22
Services3......................................................................................................................
Direct defense expenditures...................................................................................
-84,278
-8,662
-97,885
-9,138
-21,363
-2,184
-25,532
-2,271
-26,795
-2,323
-24,195
-2,360
-73,720
-6,946
-85,227
-7,662
23
24
25
Travel.........................................................................................................................
Passenger fares.......................................................................................................
Other transportation................................................................................................
-20,901
-11,813
-13,033
-20,266
-10,993
-12,593
-3,526
-2,283
-2,745
-6,245
-3,187
-3,159
-6,338
-3,341
-3,326
-4,157
-2,182
-3,363
-19,053
-10,677
-10,568
-18,476
-9,957
-10,470
26
27
28
Royalties and license fees5...................................................................................
Other private services5...........................................................................................
U.S. Government miscellaneous services............................................................
-8,390
-20,332
-1,147
-8,979
-34,716
-1,200
-2,038
-8,300
-287
-2,186
-8,182
-302
-2,361
-8,801
-305
-2,394
-9,433
-306
-6,548
-18,952
-976
-6,994
-30,640
-1,028
29
30
31
32
33
34
Income payments.............................................................................................................
Income payments on foreign-owned assets in the United States..........................
Direct investment payments...................................................................................
Other private payments...........................................................................................
U.S. Government payments...................................................................................
Compensation of employees......................................................................................
-135,079
-134,481
-25,777
-86,257
-22,447
-598
-126,798
-126,160
-32,662
-74,467
-19,031
-638
-30,205
-30,040
-5,784
-19,177
-5,079
-165
-33,043
-32,891
-8,490
-19,462
-4,939
-152
-32,799
-32,650
-9,644
-18,407
-4,599
-149
-30,751
-30,579
-8,744
-17,421
-4,414
-172
-121,897
-121,376
-23,806
-77,333
-20,237
-521
-110,406
-109,851
-25,169
-67,772
-16,910
-555
35
36
37
38
Unilateral current transfers, net......................................................................................
U.S. Government grants4...............................................................................................
U.S. Government pensions and other transfers...........................................................
Private remittances and other transfers6......................................................................
-1,516
-753
-1,583
820
-1,765
-733
-1,566
534
-561
-209
-393
41
-327
-175
-369
217
-417
-181
-364
128
-460
-168
-440
148
106
-17
-1,307
1,430
-117
-6
-1,336
1,225
134
97
36
37
38
-14
122
139
Capital and financial account
Capital account
39
Capital account transactions, net...................................................................................
Financial account
40
U.S.-owned assets abroad, net (increase/financial outflow (-))..............................
-201,495
-115,403
-57,727
-57,624
16,037
-16,089
-182,988
-66,012
41
42
43
44
45
U.S. official reserve assets, net.......................................................................................
Gold7.............................................................................................................................
Special drawing rights.................................................................................................
Reserve position in the International Monetary Fund.............................................
Foreign currencies........................................................................................................
-223
-573
-152
-129
-148
-144
-529
-464
-223
-573
-152
-129
-148
-144
-529
-464
46
47
48
49
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............................
253
-515
791
-23
485
-301
834
-48
260
142
259
1
115
27
-62
-297
281
-46
145
-4
179
-30
244
-215
472
-13
314
-122
454
-18
50
51
52
53
54
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.................................
-201,525
-54,504
-52,503
-31,208
-63,310
-115,315
-66,504
-715
-27,950
-20,146
-57,835
-8,857
6,244
-28,544
-26,678
-57,637
-23,059
-12,323
7,369
-29,624
16,247
-21,658
9,862
-6,775
34,818
-16,090
-12,930
-4,498
1,338
-182,703
-46,597
-54,586
-28,944
-52,576
-65,862
-57,710
-1,964
-29,518
23,330
55
Foreign-owned assets in the United States, net (increase/financial inflow (+))...
450,172
226,428
80,524
30,557
21,472
93,875
404,151
136,715
56
57
58
59
60
61
62
Foreign official assets in the United States, net...........................................................
U.S. Government securities........................................................................................
U.S. Treasury securities9........................................................................................
Other ”.....................................................................................................................
Other U.S. Government liabilities "..........................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere.............................
Other foreign official assets12....................................................................................
-3,184
17,473
(,7)
63
3,838
1,998
11,574
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
(18)
(18)
(18)
63
64
65
66
67
68
69
CD
CD
CD
CD
CD
CD
CD
CD
(18)
-1,051
181
-54
-91
484
-158
-92
817
CD
cd
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
Other foreign assets in the United States, net..............................................................
Direct investment..........................................................................................................
U.S. Treasury securities..............................................................................................
U.S. securities other than U.S. Treasury securities.................................................
U.S. currency.................................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere.............................
453,356
111,304
208,955
15,992
80,461
20,918
26,719
-8,239
19,474
404
82,301
2,909
CD
CD
CD
59,069
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
70
71
72
73
74
75
76
124,617
67,877
18 20,270
6,184
18-17,617
-50,555
-160,427
24,360
-27,151
4,963
-22,188
-4,569
-460
-27,217
-63,704
14,964
-48,740
-12,224
106
-60,858
-85,159
9,675
-75,484
-19,601
-117
-95,202
136,369
41,440
45,579
11,419
56,851
7,425
27,838
5,052
-25,465
CD
CD
CD
CD
CD
CD
Statistical discrepancy (sum of above items with sign reversed)..........................
-183,993
-3,519
-2,990
57,144
-7,118
Memoranda:
Balance on goods (lines 3 and 20).....................................................................................
Balance on services (lines 4 and 21).................................................................................
Balance on goods and services (lines 2 and 19).............................................................
Balance on income (lines 12 and 29).................................................................................
Unilateral current transfers, net (line 35)............................................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13.................
-69,609
15,193
-54,416
-8,886
-1,516
-64,818
-92,621
8,344
-84,277
-21,561
-1,765
-107,603
-15,831
1,655
-14,176
-5,106
-561
-19,843
-23,759
280
-23,479
-6,308
-327
-30,114
-25,880
1,446
-24,434
-5,578
-417
-30,429
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CD
257,027
267,669
See footnotes on page 60.
22,714
37,931
April 2003
55
Survey of Current Business
Transactions, by Area
of dollars]
European Union14
2002
2002
II
IIP
IV p
Line
2002
2002"
2001
1
European Union (6)15
United Kingdom
2001
I
II
nr
IV"
II
I
nr
IV"
78,477
81,104
81,768
84,878
111,923
96,203
22,578
23,554
24,718
25,353
184,499
174,193
41,948
43,868
43,610
44,767
1
56,916
58,262
58,159
62,085
69,375
63,864
14,702
15,966
16,166
17,030
132,115
129,069
31,497
31,918
31,901
33,753
2
36,165
35,127
32,990
36,238
39,701
32,139
8,265
8,317
7,768
7,789
91,969
86,526
21,905
21,541
20,479
22,601
3
20,751
567
23,135
511
25,169
481
25,847
542
29,674
528
31,725
264
6,437
92
7,649
62
8,398
57
9,241
53
40,146
1,176
42,543
826
9,592
284
10,377
188
11,422
175
11,152
179
4
5
3,770
1,109
1,793
4,842
1,305
1,935
5,703
1,671
2,156
5,550
1,558
2,059
9,191
2,685
1,904
8,995
2,655
1,869
1,583
483
413
2,120
583
456
2,485
759
508
2,807
830
492
7,941
2,574
4,064
7,593
2,497
4,140
1,517
511
931
1,890
584
1,012
2,300
754
1,102
1,886
648
1,095
6
7
8
4,150
9,332
30
4,709
9,802
31
4,610
10,517
31
5,112
10,995
31
3,308
12,027
31
4,696
13,230
16
821
3,041
4
1,188
3,236
4
1,240
3,345
4
1,447
3,608
4
7,747
16,564
80
8,080
19,321
86
1,871
4,458
20
1,956
4,725
22
2,022
5,047
22
2,231
5,091
22
9
10
11
21,561
21,523
9,697
11,607
219
38
22,842
22,804
10,862
11,787
155
38
23,609
23,569
11,479
11,882
208
40
22,793
22,753
11,810
10,705
238
40
42,548
42,472
12,051
30,325
96
76
32,339
32,257
10,258
21,915
84
82
7,876
7,856
2,454
5,402
7,588
7,568
2,094
5,474
8,552
8,531
2,803
5,728
20
20
21
8,323
8,302
2,907
5,311
84
21
52,384
52,332
26,085
25,591
656
52
45,124
45,070
25,910
18,576
584
54
10,451
10,438
5,534
4,752
152
13
11,950
11,937
6,914
4,879
144
13
11,709
11,695
6,771
4,780
144
14
11,014
11,000
6,691
4,165
144
14
12
13
14
15
16
17
-95,682
-107,207
-108,662
-109,761
-137,040
-137,199
-31,993
-36,227
-34,593
-34,386
-209,943
-210,143
-47,091
-51,945
-54,941
-56,166
18
-69,563
-78,930
-80,042
-82,371
-64,655
-69,230
-15,500
-17,760
-17,985
-17,985
-171,859
-178,794
-40,271
-45,116
-45,768
-47,639
19
-51,173
-56,706
-56,650
-61,150
-40,982
-40,640
-9,132
-10,611
-10,339
-10,558
-133,092
-135,017
-30,581
-33,451
-33,957
-37,028
20
-18,390
-1,795
-22,224
-1,860
-23,392
-1,982
-21,221
-2,025
-23,673
-662
-28,590
-692
-6,368
-156
-7,149
-184
-7,646
-177
-7,427
-175
-38,767
-5,760
-43,777
-6,385
-9,690
-1,506
-11,665
-1,548
-11,811
-1,641
-10,611
-1,690
21
22
-3,290
-2,016
-2,256
-5,695
-2,884
-2,627
-5,648
-3,023
-2,787
-3,843
-2,034
-2,800
-5,990
-3,801
-2,416
-5,872
-3,583
-2,409
-1,196
-771
-520
-1,532
-938
-600
-1,757
-1,025
-641
-1,387
-849
-648
-9,603
-4,709
-5,198
-9,257
-4,328
-5,246
-1,627
-859
-1,116
-3,119
-1,381
-1,330
-2,636
-1,311
-1,402
-1,875
-777
-1,398
23
24
25
-1,535
-7,254
-244
-1,748
-7,151
-259
-1,871
-7,819
-262
-1,840
-8,416
-263
-1,508
-9,215
-81
-1,401
-14,553
-80
-367
-3,340
-18
-367
-3,508
-20
-340
-3,685
-21
-327
-4,020
-21
-4,045
-8,676
-776
-4,759
-12,974
-828
-934
-3,452
-196
-1,150
-2,928
-209
-1,363
-3,247
-211
-1,312
-3,347
-212
26
27
28
-26,119
-25,978
-3,754
-17,684
-4,540
-141
-28,277
-28,143
-6,076
-17,679
-4,388
-134
-28,620
-28,487
-7,683
-16,734
-4,070
-133
-27,390
-27,243
-7,656
-15,675
-3,912
-147
-72,385
-72,253
-11,823
-53,133
-7,297
-132
-67,969
-67,828
-12,627
-47,180
-8,021
-141
-16,493
-16,457
-2,181
-12,361
-1,915
-36
-18,467
-18,433
-4,103
-12,305
-2,025
-34
-16,608
-16,574
-2,984
-11,565
-2,025
-34
-16,401
-16,364
-3,359
-10,949
-2,056
-37
-38,084
-37,739
-9,197
-19,634
-8,908
-345
-31,349
-30,980
-8,617
-16,677
-5,686
-369
-6,820
-6,727
-655
-4,340
-1,732
-93
-6,829
-6,739
-870
-4,353
-1,516
-90
-9,173
-9,084
-3,627
-4,170
-1,287
-89
-8,527
-8,430
-3,465
-3,814
-1,151
-97
29
30
31
32
33
34
-100
-3
-331
234
34
-22
-2
-333
313
-29
-1
-341
313
1,561
1,413
320
372
358
363
-563
-665
-193
-131
-160
-181
-331
365
-235
1,796
-230
1,643
-58
378
-58
430
-59
417
-55
418
-712
149
-730
65
-179
-14
-179
48
-179
19
-193
12
35
36
37
38
33
34
35
37
26
33
8
8
8
9
72
84
20
21
21
22
39
-21,808
-52,116
870
7,042
-107,468
-54,113
-8,151
-31,750
-14,993
781
-80,176
-16,169
-10,460
-21,909
12,688
3,512
-152
-129
-97
-86
-187
-185
-99
-84
-2
-152
-129
-97
-86
-187
-185
-99
-84
-2
155
69
71
54
59
-10
-23
1
2
155
40
29
19
-122
154
-13
105
-34
56
-2
66
-7
1
-10
1
-24
-21,811
-6,693
4,710
-24,884
5,056
-52,056
-20,261
-12,717
8,582
-27,660
948
-19,437
9,987
-13,216
23,614
7,057
-11,319
-3,944
-54,172
-18,572
-10,616
-21,825
-3,159
-8,151
-1,316
1,534
-18,616
10,247
-15,961
-29,693
5,702
-11,438
19,468
-10,362
-4,010
1,344
-5,115
-2,581
-21,827
-9,374
925
-1,020
-12,358
12,690
-9,978
1,842
-5,303
26,129
3,538
-6,331
1,591
22,320
-107,522
-13,231
-41,494
-21,378
-31,419
21,010
43,684
14,200
57,821
237,383
100,511
329
H
(’8)
H
(,8)
(,e)
C8)
M
(,8)
(”)
(")
491
(”)
229
(18)
(18)
(’8)
(’8)
(18)
(”)
(”)
(”)
-166
(”)
(”)
C8)
C8)
(18)
(”)
104
(«)
(18)
(”)
C8)
(”)
-9
(18)
(”)
(’8)
H
2,453
(”)
14,226
(”)
(”)
-49
(’8)
H
(")
22,327
o
146
(’8)
(’8)
(’8)
40
41
42
43
44
45
-15
58
16
-15
66
-8
-31,766
-6,993
-13,967
6,393
-17,199
-14,978
-7,384
6,680
-9,602
-4,672
723
-2,879
-4,863
8,465
-79,979
-35,810
-17,782
-13,058
-13,329
8,278
50
51
52
53
54
49,530
19,529
31,123
140,778
7,725
11,737
-11,798
-11,380
19,166
55
(”)
(1B)
(,8)
(,8)
H
27
H
(”)
H
42
(18)
(”)
(”)
(,8
(”)
n
78
(”)
(18)
(”)
C8)
(,8)
(,8)
-75
(”)
(18)
(18>
(,e)
<’8)
,8
(”)
(”)
-316
(”)
(”)
(”)
(’8)
(18)
(,8)
18
(”)
(,8)
44
(,8>
C8)
66
<18)
(”)
(”)
(18)
(”)
(”)
24
(”)
(”)
56
57
58
59
60
61
62
(’8)
(’8)
(’8)
3,109
-4,875
(”)
8,408
(,8)
8,318
{,e)
(18)
-2,027
(”)
4,165
(”)
-5,497
(18)
(18)
-124
(’8)
16
(’8)
-26
2
-26
18
(18)
(")
63
(,e)
(”)
37,911
42,378
(”)
4,384
(”)
9,839
34,489
197,210
(’8)
9,402
H
96,732
26,040
35,944
9,186
819,499
18 -58,678
9,605
18 -1,995
-22,920
18 22,406
18 20,650
20,175
18 5,938
10,303
,8 -16,030
12,640
18 -41,451
7,870
1810,564
-10,207
>812,100
’’ 2,757
44,974
’8 2,670
1810,495
63
64
65
66
67
68
69
18,070
34,467
11,811
-39,988
-106,385
-6,848
16,909
-5,487
4,973
-23,243
-34,667
44,975
4,039
41,894
10,162
-11,120
70
-15,008
2,361
-12,647
-4,558
-100
-17,305
-21,579
911
-20,668
-5,435
34
-26,069
-23,660
1,777
-21,883
-5,011
-22
-26,916
-24,912
4,626
-20,286
-4,597
-29
-24,912
-1,281
6,001
4,720
-29,837
1,561
-23,556
-8,501
3,135
-5,366
-35,630
1,413
-39,583
-867
69
-798
-8,617
320
-9,095
-2,294
500
-1,794
-10,879
372
-12,301
-2,571
752
-1,819
-8,056
358
-9,517
-2,769
1,814
-955
-8,078
363
-8,670
-41,123
1,379
-39,744
14,300
-563
-26,007
-48,491
-1,234
-49,725
13,775
-665
-36,615
-8,676
-98
-8,774
3,631
-193
-5,336
-11,910
-1,288
-13,198
5,121
-131
-8,208
-13,478
-389
-13,867
2,536
-160
-11,491
-14,427
541
-13,886
2,487
-181
-11,580
71
72
73
74
75
76
(’8)
-6,450
(18)
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(’8)
('8,
(’8)
(18)
(18)
(”)
2,760
C8)
25,562
43,657
C8)
49,793
21,530
H
15,966
(18)
8,022
572
8,771
-3,764
18-18,437
7,983
18-20,159
1,346
18 -15,345
-13,093
18 6,572
46
47
48
49
U.S. International Transactions
56
April 2003
Table 10. U.S. International
[Millions
Eastern Europe
Canada
(Credits +; debits -)1
Line
2002
2002"
2001
2002"
2001
I
III'-
II
IV"
Current account
1
Exports of goods and services and income receipts................................................
14,285
14,089
3,541
3,477
3,699
3,372
209,676
2
Exports of goods and services........................................................................................
11,102
10,833
2,656
2,728
2,724
2,725
187,757
184,929
3
Goods, balance of payments basis2.........................................................................
6,804
6,369
1,519
1,641
1,579
1,630
163,309
160,879
4
5
Services3......................................................................................................................
Transfers under U.S. military agency sales contracts4......................................
4,298
483
4,464
432
1,137
111
1,087
147
1,145
95
1,095
79
24,448
99
24,050
90
6
7
8
Travel..........................................................................................................................
Passenger fares.......................................................................................................
Other transportation................................................................................................
1,238
58
271
1,177
57
244
245
16
56
309
13
58
335
13
63
288
15
67
6,484
1,668
2,212
6,192
1,543
2,346
9
10
11
Royalties and license fees5...................................................................................
Other private services5...........................................................................................
U.S. Government miscellaneous services............................................................
316
1,875
57
406
2,107
41
92
609
8
99
450
11
102
526
11
113
522
11
2,256
11,657
72
2,638
11,155
86
12
13
14
15
16
17
Income receipts.................................................................................................................
Income receipts on U.S.-owned assets abroad........................................................
Direct investment receipts......................................................................................
Other private receipts..............................................................................................
U.S. Government receipts......................................................................................
Compensation of employees......................................................................................
3,183
3,163
1,259
1,613
291
20
3,256
3,236
1,444
1,466
326
20
885
880
367
375
138
5
749
744
367
368
9
5
975
970
461
365
144
5
647
642
249
358
35
5
21,919
21,841
11,773
10,068
18,164
18,081
9,791
8,290
78
83
18
Imports of goods and services and income payments.............................................
-19,886
-20,353
-3,573
-5,185
-5,652
-5,943
-235,442
-236,903
203,093
19
Imports of goods and services........................................................................................
-16,953
-17,441
-3,029
-4,505
^4,805
-5,102
-237,166
-232,421
20
Goods, balance of payments basis2.........................................................................
-14,342
-14,869
-2,561
-3,804
-3,941
-4,563
-218,735
-213,151
21
22
Services3......................................................................................................................
Direct defense expenditures...................................................................................
-2,611
-152
-2,572
-191
-468
-41
-701
-52
-864
-48
-539
-50
-18,431
-77
-19,270
-74
23
24
25
Travel..........................................................................................................................
Passenger fares.......................................................................................................
Other transportation................................................................................................
-1,164
-382
-245
-1,128
-352
-242
-161
-56
-51
-323
-111
-57
-463
-114
-66
-181
-71
-68
-6,477
-684
-3,298
-6,516
-582
-3,704
26
27
28
Royalties and license fees5...................................................................................
Other private services5...........................................................................................
U.S. Government miscellaneous services............................................................
-76
-532
-60
-64
-538
-57
-26
-118
-15
-12
-132
-14
-12
-147
-14
-14
-141
-14
-1,195
-6,479
-221
-1,375
-6,842
-177
29
30
31
32
33
34
income payments..............................................................................................................
Income payments on foreign-owned assets in the United States..........................
Direct investment payments...................................................................................
Other private payments...........................................................................................
U.S. Government payments...................................................................................
Compensation of employees.......................................................................................
-2,933
-2,851
-267
-828
-1,756
-82
-2,912
-2,823
-857
-482
-1,484
-89
-544
-519
-65
-117
-337
-25
-680
-660
-171
-127
-362
-20
-847
-829
-308
-129
-392
-18
-841
-815
-313
-109
-393
-26
1,724
2,100
7,737
-3,974
-1,663
-376
-4,482
-4,087
788
-3,717
-1,158
-395
35
36
37
38
Unilateral current transfers, net......................................................................................
U.S. Government grants4...............................................................................................
U.S. Government pensions and other transfers...........................................................
Private remittances and other transfers6......................................................................
-3,432
-1,493
-59
-1,880
-3,888
-1,885
-52
-1,951
-880
-362
-13
-505
-987
-512
-14
-461
-1,031
-505
-14
-512
-990
-506
-11
-473
-744
-807
-528
-216
-550
-257
25
23
6
6
6
5
118
141
-180
-5
134
595
-616
-118
-32,180
-18,486
140
-89
229
102
-291
393
45
-6
51
-21
-40
19
15
-237
252
63
-8
71
-181
-334
853
-18,486
-17,328
4,692
-1,366
-4,484
Capital and financial account
Capital account
39
Capital account transactions, net...................................................................................
Financial account
40
U.S.-owned assets abroad, net (increase/financial outflow (-))..............................
41
42
43
44
45
U.S. official reserve assets, net.......................................................................................
Gold7....................................................................................................................
Special drawing rights..................................................................................................
Reserve position in the International Monetary Fund.............................................
Foreign currencies........................................................................................................
46
47
48
49
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.....................................
50
51
52
53
54
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.................................
-320
-1,629
1,601
140
-432
-107
-1,145
1,128
70
-160
89
224
465
35
-635
616
-692
358
82
868
-631
-343
-548
-47
307
-700
-32,180
-14,440
-1,886
3,047
-18,901
55
Foreign-owned assets in the United States, net (increase/financial inflow (+))...
11,331
20,721
1,324
12,285
7,040
72
10,941
2,204
56
57
58
59
60
61
62
Foreign official assets in the United States, net...........................................................
U.S. Government securities........................................................................................
U.S. Treasury securities9........................................................................................
Other10.....................................................................................................................
Other U.S. Government liabilities"...........................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere.............................
Other foreign official assets12....................................................................................
(.8)
(.8)
(,8)
(”)
(")
(«)
(18)
(18)
(18)
(’8)
(18)
(18)
(18)
(.8)
(18)
(18)
(18,
(18)
-285
-2,334
CD
CD
(18)
(’8)
(’8)
(’8)
(’8)
M
CD
63
64
65
66
67
68
69
Other foreign assets in the United States, net..............................................................
Direct investment..........................................................................................................
U.S. Treasury securities..............................................................................................
U.S. securities other than U.S. Treasury securities.................................................
U.S. currency.................................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere.............................
70
Statistical discrepancy (sum of above items with sign reversed)..........................
71
72
73
74
75
76
U.S. foreign currency holdings and U.S. short-term assets, net............................
Memoranda:
Balance on goods (lines 3 and 20).....................................................................................
Balance on services (lines 4 and 21).................................................................................
Balance on goods and services (lines 2 and 19).............................................................
Balance on Income (lines 12 and 29).................................................................................
Unilateral current transfers, net (line 35)............................................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13.................
See footnotes on page 60.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(’8)
27
197
31
61
62
43
2
(18)
(18)
(’8)
(18)
(’8)
(’8)
(’8)
(’8)
(18)
H
H
CD
H
CD
(")
6,756
(18)
(’8)
(,8)
(’8)
(’8)
7,548
-1,227
-2,297
-393
2,128
(”)
-596
150
H
-1,130
4,538
-5,533
(18)
4,985
'(”)
11,226
4,628
(18)
285
(”)
-178
-147
>8 5,922
-3
1815,276
123
181,063
206
”7,426
-332
”5,778
”1,009
CD
CD
-2,143
-10,587
-552
-10,191
-3,446
3,602
47,631
50,758
-7,538
1,687
-5,851
250
-3,432
-9,033
-8,500
1,892
-6,608
344
-3,888
-10,152
-1,042
669
-373
341
-880
-912
-2,163
386
-1,777
69
-987
-2,695
-2,362
281
-2,081
128
-1,031
-2,984
-2,933
556
-2,377
-194
-990
-3,561
-55,426
6,017
-49,409
23,643
-744
-26,510
-52,272
4,780
-47,492
13,682
-807
-34,617
H
CD
27
CD
12,224
8,505
2,858
4,512
April 2003
Survey
of
57
Current Business
Transactions, by Area—Continued
of dollars]
Japan
Latin America and Other Western Hemisphere
Canada
III'
IV"
2002"
2001
2001
II
I
II
Line
2002
2002
2002
1
III'
IV"
I
II
III'
IV"
48,535
53,186
49,761
51,611
274,573
247,953
57,860
62,323
63,512
64,258
97,114
90,788
22,297
22,202
24,133
22,156
1
44,463
48,936
44,835
46,695
211,765
202,678
46,938
50,892
51,891
52,957
87,172
81,103
19,868
19,940
21,646
19,649
2
38,329
42,839
38,921
40,790
158,973
148,355
34,669
37,695
37,588
38,403
55,878
49,682
12,186
12,334
12,960
12,202
3
6,134
23
6,097
23
5,914
22
5,905
22
52,792
877
54,323
510
12,269
122
13,197
114
14,303
156
14,554
118
31,294
411
31,421
722
7,682
111
7,606
211
8,686
199
7,447
201
4
5
1,663
422
512
1,823
375
589
1,446
404
588
1,260
342
657
20,671
5,496
3,089
20,331
5,465
3,111
4,292
1,160
705
4,804
1,264
752
5,556
1,530
813
5,679
1,511
841
8,899
2,806
3,298
8,278
2,644
3,292
2,173
655
759
2,023
640
802
2,532
860
845
1,550
489
886
6
7
8
567
2,927
20
672
2,593
22
666
2,766
22
733
2,869
22
3,368
19,125
166
3,470
21,267
169
810
5,138
42
905
5,316
42
848
5,358
42
907
5,455
43
6,972
8,837
71
7,382
9,012
91
1,759
2,200
25
1,823
2,085
22
1,865
2,363
22
1,935
2,364
22
9
10
11
4,072
4,051
1,906
2,145
4,250
4,230
2,125
2,105
4,926
4,905
2,821
2,084
4,916
4,895
2,939
1,956
11,621
11,587
4,393
7,110
84
34
11,301
11,266
4,753
6,406
107
35
9,942
9,934
5.683
4,225
26
8
9
2,429
2,427
1,728
698
1
2
2,507
2,505
1,858
647
21
11,431
11,397
4,073
7,216
108
34
2,487
2,485
1,834
651
21
10,922
10,888
3,755
7,062
71
34
2,262
2,259
1,602
657
20
45,275
45,138
16,974
27,794
370
137
9,685
9,676
7,022
2,653
21
62,808
62,676
18,719
43,558
399
132
3
2
2
12
13
14
15
16
17
-55,761
-61,486
-59,797
-59,859
-296,313
-301,234
-69,542
-76,005
-78,291
-77,396
-175,110
-174,218
-37,939
-43,380
-44,743
-48,156
18
-55,004
-60,182
-58,752
-58,483
-239,705
-255,289
-57,794
-64,272
-66,716
-66,507
-145,103
-141,135
-33,052
-34,659
-35,343
-38,081
19
-51,195
-55,374
-52,635
-53,947
-199,610
-205,252
-46,035
-51,663
-53,932
-53,622
-126,485
-121,477
-28,593
-29,922
-30,255
-32,707
20
-3,809
-18
-4,808
-18
-6,117
-19
-4,536
-19
-40,095
-358
-50,037
-324
-11,759
-60
-12,609
-92
-12,784
-87
-12,885
-85
-18,618
-1,326
-19,658
-1,482
-4,459
-368
-4,737
-365
-5,088
-379
-5,374
-370
21
22
-969
-122
-849
-1,612
-180
-959
-2,789
-172
-968
-1,146
-108
-928
-16,900
-2,888
-3,004
-16,996
-2,667
-2,832
-4,286
-625
-655
-4,273
-604
-731
-4.188
-705
-722
-4,249
-733
-724
-2,659
-1,006
-5,255
-2,623
-967
-5,096
-560
-201
-1,110
-676
-250
-1,258
-675
-233
-1,347
-712
-283
-1,381
23
24
25
-254
-1,552
-45
-336
-1,659
-44
-388
-1,737
-44
-397
-1,894
-44
-1,023
-15,424
-498
-2,075
-24,628
-515
-241
-5,759
-133
-602
-6,179
-128
-602
-6,354
-126
-630
-6,336
-128
-4,511
-3,732
-129
-5,291
-4,060
-139
-1,264
-907
-49
-1,142
-1,016
-30
-1,426
-998
-30
-1,459
-1,139
-30
26
27
28
-757
-657
591
-915
-333
-100
-1,304
-1,208
75
-966
-317
-96
-1,045
-950
286
-968
-268
-95
-1,376
-1,272
-164
-868
-240
-104
-56,608
-49,970
1,400
-42,542
-8,828
-6,638
-45,945
-39,077
-1,680
-28,118
-9,279
-6,868
-11,748
-10,173
-780
-7,273
-2,120
-1,575
-11,733
-10,031
-245
-7,439
-2,347
-1,702
-11,575
-9,798
-326
-7,060
-2,412
-1,777
-10,889
-9,075
-329
-6,346
-2,400
-1,814
-30,007
-29,923
-168
-9,086
-20,669
-84
-33,083
-32,996
-7,436
-7,126
-18,434
-87
-4,887
-4,863
1,353
-1,609
-4,607
-24
-8,721
-8,701
-1,933
-2,173
-4,595
-20
-9,400
-9,382
-2,982
-1,736
-4,664
-18
-10,075
-10,050
-3,874
-1,608
-4,568
-25
29
30
31
32
33
34
-220
-177
-212
-198
-4,406
-509
-175
-3,722
-4,597
-536
-245
-3,816
-56
-88
-57
-148
-50
-4,212
-472
-181
-3,559
-122
-135
-77
-4,342
-518
-205
-3,619
-323
-134
-43
-17,557
-2,035
-806
-14,716
-302
-133
-87
-16,758
-2,121
-850
-13,787
-122
-180
-124
-199
-32
-90
-33
-23
-33
-55
-26
-31
35
36
37
38
26
26
48
41
410
404
102
105
92
105
18
28
6
7
7
8
39
-8,452
-3,280
-4,744
-2,010
-65,373
13,549
55,087
-54,951
35,999
-22,586
-33,203
-22,020
-2,767
-3,964
-2,549
-12,740
40
-458
-1
-1
1
41
42
43
44
45
-458
-1
-1
258
-516
804
-30
251
-493
763
-19
43
-99
149
-7
44
-106
142
8
107
-168
305
-30
57
-120
167
10
-2
-6
1
-2
-6
1
-7
6
-6
13,298
-3,486
-6,874
-9,496
33,154
55,044
-2,471
-1,774
29,508
29,781
-54,995
-1,467
-2,492
-24,846
-26,190
35,892
2,155
-1,836
2,205
33,368
-22,643
-1,703
-772
-16,363
-3,805
-32,743
-5,474
-20,041
-2,109
-5,119
-22,013
-5,556
-9,037
1,253
-8,673
-2,767
-1,625
-3,036
-400
2,294
-3,957
-1,570
-370
-1,944
-73
-2,555
-1,071
2,991
3,597
-8,072
-12,734
-1,290
-8,622
-7
6
-6
46
47
48
49
-8,452
-7,532
332
1,167
-2,419
-3,280
-3,610
3,860
2,067
-5,597
-4,744
-2,390
1,334
-4,600
912
-2,010
-3,796
-834
2,620
-65,631
-26,511
-23,067
19,106
-35,159
-2,822
50
51
52
53
54
4,797
637
-1,889
-1,341
141,634
139,243
-1,898
74,576
30,726
35,839
52,534
83,244
-1,187
39,186
37,457
7,788
55
867
-3,197
(,7)
(,7)
C7)
16
(,7)
I17)
-988
(17)
(17S
984
(17)
M
H
(”)
(”)
(’8)
(’8)
(’8)
(,s)
(”)
(,8)
(18)
C7)
10
(’7)
C7)
<17)
2
(17)
C7)
(’8)
(’8)
(’8)
(’8)
-302
-8
8
10
(”)
-49
(”)
18
(18)
(”)
23
(”)
(’8)
(”)
(”)
(’8)
(”)
(18)
(’8)
(’8)
(’8)
(’8)
(”)
(’8)
(”)
-382
(”)
(,e)
(,8)
-121
(”)
H
(18)
18
H
C8)
-190
(”)
(,8)
56
57
58
59
60
61
62
3,930
-2,462
C7)
6,889
3,834
541
(17)
2,749
-901
-4,134
(17)
923
-2,325
522
f7)
-2,056
(”)
5,125
(18)
(18)
61,384
C8)
-5,541
(”)
-3,671
92
(,7)
3 564
C7)
856
C7)
(,7)
25,604
18 53'993
11,075
11,094
16,833
11,756
-12,866
2,325
-10,541
3,315
-220
-7,446
-12,535
1,289
-11,246
2,946
-177
-8,477
-13,714
-203
-13,917
3,881
-212
-10,248
-13,157
1,369
-11,788
3,540
-198
-8,446
(17)
(17)
C7)
-1
(’7)
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M
C8)
(,e)
(”)
(”)
-117
(18)
(18)
(18)
(,8)
(’8)
(’8)
(’8)
(’8)
(,e)
(,s)
H
H
(.8)
(18)
(,8)
-4,121
52,366
-6,218
(,e)
25,228
(”)
-1,693
4,392
(,e)
2,192
(”)
7,864
(’8)
955
(”)
1,598
C8)
14,882
-1,550
(”)
25,133
(”)
6,261
(,8)
48,265
28,883
18 62J23
2,603
18-20^989
10,153
,e 45^403
18,702
18 9374
-2,575
18 28,335
-2,941
,e 32,009
2,033
18 27,067
1,269
18 6,877
-38,173
-82,358
-37,267
-1,836
-47,632
4,377
58,949
22,501
-40,637
12,697
-27,940
6,200
-16,758
-38,498
-56,897
4,286
-52,611
-670
-17,557
-70,838
-11,366
510
-10,856
-826
-4,342
-16,024
-13,968
588
-13,380
-302
-4,212
-17,894
-16,344
1,519
-14,825
46
-4,406
-19,185
-15,219
1,669
-13,550
412
-4,597
-17,735
-70,607
12,676
-57,931
-20,065
-302
-78,298
-71,795
11,763
-60,032
-23,398
-323
-83,753
(,8)
(’8)
(’8)
(”)
(”)
-122
H
(’8)
(’8)
(’8)
(’8)
51
(”)
(,8)
22,699
(’•)
2,857
(,8)
16,630
12,607
-946
1813,735
1,710
1816,209
18 -9,754
63
64
65
66
67
68
69
19,712
-13,995
-14,217
31,001
70
-16,407
3,223
-13,184
-2,458
-122
-15,764
-17,588
2,869
-14,719
-6,459
-56
-21,234
-17,295
3,598
-13,697
-6,913
-88
-20,698
-20,505
2,073
-18,432
-7,568
-57
-26,057
71
72
73
74
75
76
3,820
(’8)
(’8)
U.S. International Transactions
58
April 2003
Table 10. U.S. International
[Millions
Australia
(Credits +; debits -)1
Line
2002
2002 p
2001
IVP
III7
II
I
Current account
1
Exports of goods and services and income receipts................................................
20,419
23,462
5,295
5,739
6,290
6,138
2
Exports of goods and services........................................................................................
15,506
17,944
3,984
4,491
4,740
4,729
3
Goods, balance of payments basis2.........................................................................
10,597
12,760
2,830
3,228
3,369
3,333
4
5
Services3......................................................................................................................
Transfers under U.S. military agency sales contracts4......................................
4,909
195
5,184
220
1,154
42
1,263
68
1,371
55
1,396
55
6
7
8
Travel..........................................................................................................................
Passenger fares.......................................................................................................
Other transportation................................................................................................
1,424
375
263
1,367
360
279
293
94
59
341
75
70
356
92
74
377
99
76
9
10
11
Royalties and license fees5...................................................................................
Other private services5...........................................................................................
U.S. Government miscellaneous services............................................................
722
1,922
8
837
2,110
11
182
482
2
199
507
3
235
556
3
221
565
3
12
13
14
15
16
17
Income receipts.................................................................................................................
Income receipts on U.S.-owned assets abroad........................................................
Direct investment receipts.......................................................................................
Other private receipts..............................................................................................
U.S. Government receipts......................................................................................
Compensation of employees......................................................................................
4,913
4,909
1,690
3,219
5,518
5,514
2,667
2,847
1,311
1,310
579
731
1,248
1,247
530
717
1,550
1,549
835
714
1,409
1,408
723
685
4
4
1
1
1
1
18
Imports of goods and services and income payments............................................
-10,398
-11,774
-2,369
-2,976
-3,306
-3,123
19
Imports of goods and services........................................................................................
-10,103
-10,170
-2,254
-2,423
-2,876
-2,617
20
Goods, balance of payments basis2.........................................................................
-6,463
-6,455
-1,386
-1,670
-1,756
-1,643
21
22
Services3......................................................................................................................
Direct defense expenditures.................................. .................................................
-3,640
-112
-3,715
-122
-868
-24
-753
-29
-1,120
-34
-974
-35
23
24
25
Travel.........................................................................................................................
Passenger fares.......................................................................................................
Other transportation................................................................................................
-1,542
-754
-216
-1,523
-735
-217
-353
-199
-57
-287
-124
-54
-541
-185
-56
-342
-227
-50
26
27
28
Royalties and license fees5...................................................................................
Other private services5...........................................................................................
U.S. Government miscellaneous services............................................................
-82
-902
-32
-106
-973
-39
-20
-206
-9
-24
-225
-10
-25
-269
-10
-37
-273
-10
29
30
31
32
33
34
Income payments..............................................................................................................
Income payments on foreign-owned assets in the United States..........................
Direct investment payments...................................................................................
Other private payments...........................................................................................
U.S. Government payments...................................................................................
Compensation of employees......................................................................................
-295
-274
918
-692
-500
-21
-1,604
-1,582
-604
-540
-438
-22
-115
-109
104
-116
-97
-6
-553
-548
-323
-123
-102
-5
-430
-425
-157
-150
-118
-5
-506
-500
-228
-151
-121
-6
35
36
37
38
Unilateral current transfers, net......................................................................................
U.S. Government grants4...............................................................................................
U.S. Government pensions and other transfers...........................................................
Private remittances and other transfers6......................................................................
-338
-328
-77
-78
-83
-90
-47
-291
-50
-278
-13
-64
-13
-65
-13
-70
-11
-79
4
4
1
1
1
1
-1,346
-856
-2,330
-2,125
2,845
754
Capital and financial account
Capital account
39
Capital account transactions, net...................................................................................
Financial account
40
U.S.-owned assets abroad, net (increase/financial outflow (-))..............................
41
42
43
44
45
U.S. official reserve assets, net......................................................................................
Gold7.............................'.......................................................................................
46
47
48
49
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.....................................
50
51
52
53
54
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................................
-1,346
424
-3,296
-1,323
2,849
-856
-2,040
436
-624
1,372
-2,330
-2,473
-202
-827
1,172
-2,125
-264
-395
-527
-939
2,845
834
906
730
375
754
-137
127
55
Foreign-owned assets in the United States, net (increase/financial inflow (+))...
-797
16,515
5,481
3,944
5,537
1,553
56
57
58
59
60
61
62
Foreign official assets in the United States, net...........................................................
U.S. Government securities........................................................................................
U.S. Treasury securities9........................................................................................
Other10.....................................................................................................................
Other U.S. Government liabilities11...........................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere.............................
Other foreign official assets 12....................................................................................
(,8)
(”)
C8)
(18)
(”)
53
(”)
(”)
(”)
(”)
(18)
(18)
(’8)
(1B)
(”)
35
<”)
(18)
(”)
4
(18)
(18)
(18)
(18)
(18)
16
-2
(18)
(’8)
(18)
(”)
(18)
(18)
(18)
(18)
63
64
65
66
67
68
69
Other foreign assets in the United States, net..............................................................
Direct investment..........................................................................................................
U.S. Treasury securities..............................................................................................
U.S. securities other than U.S. Treasury securities.................................................
U.S. currency.................................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere.............................
(,8)
3,111
(”)
760
(18)
(18)
(”)
2,180
(18)
(18)
3,649
907
-736
-2,154
7,693
2,152
888
4,133
520
653
18-3,037
-231
,8 5,889
122
18 2,412
631
18 241
-984
181,465
181,771
70
Statistical discrepancy (sum of above items with sign reversed)..........................
-7,544
-27,023
-6,001
-4,505
-11,284
-5,233
71
72
73
74
75
76
Memoranda:
Balance on goods (lines 3 and 20).....................................................................................
Balance on services (lines 4 and 21).................................................................................
Balance on goods and services (lines 2 and 19).............................................................
Balance on income (lines 12 and 29).................................................................................
Unilateral current transfers, net (line 35)...........................................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13................
4,134
1,269
5,403
4,618
-338
9,683
6,305
1,469
7,774
3,914
-328
11,360
1,444
286
1,730
1,196
-77
2,849
1,558
510
2,068
695
-78
2,685
1,613
251
1,864
1,120
-83
2,901
1,690
422
2,112
903
-90
2,925
Special drawing rights.................................................................................................
Reserve position in the International Monetary Fund.............................................
Foreign currencies........................................................................................................
U.S. foreign currency holdings and U.S. short-term assets, net............................
See footnotes on page 60.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(’8)
(’8)
92
C8)
(,8)
(,8)
'(’8)
(’8)
(18)
764
(18,
April 2003
59
Survey of Current Business
Transactions, by Area—Continued
of dollars]
International organizations and unallocated 18
Other countries in Asia and Africa
2002'
2001
2002'
2001
I
I
IV'
III'
II
Line
2002
2002
ilk
II
IV'
235,495
238,727
56,348
59,915
62,166
60,298
33,146
33,353
8,305
8,272
8,379
8,397
1
207,985
208,705
49,517
52,561
54,356
52,271
5,843
5,870
1,404
1,462
1,467
1,537
2
151,780
150,968
34,863
38,881
38,810
38,414
56,205
6,552
57,737
6,912
14,654
1,904
13,680
1,686
15,546
1,608
13,857
1,714
5,843
5,870
1,404
1,462
1,467
1,537
4
5
11,846
1,626
9,506
11,204
1,542
9,529
2,211
355
2,243
2,994
409
2,366
3,611
454
2,549
2,388
324
2,371
529
483
119
121
117
126
4,854
21,516
305
5,192
23,100
258
1,199
6,678
64
1,294
4,867
64
1,315
5,944
65
1,384
5,611
65
2,047
3,267
2,270
3,117
513
772
570
771
574
776
613
798
9
10
11
27,510
27,426
17,156
9,081
1,189
84
30,022
29,934
20,770
7,956
1,208
88
6,831
6,809
4,528
1,965
316
22
7,354
7,332
5,085
2,041
206
22
7,810
7,788
5,462
2,044
282
22
8,027
8,005
5,695
1,906
404
22
27,303
25,407
15,309
9,468
630
1,896
27,483
25,529
15,843
9,210
476
1,954
6,901
6,416
3,951
2,356
109
485
6,810
6,322
3,881
2,333
108
488
6,912
6,422
3,957
2,333
132
490
6,860
6,369
4,054
2,188
127
491
12
13
14
15
16
17
18
3
-413,178
-433,106
-93,837
-106,304
-117,463
-115,502
-14,987
-15,443
-4,154
-3,918
-3,674
-3,697
-379,180
-403,507
-86,183
-98,718
-110,074
-108,532
-2,794
-3,364
-1,109
-871
-681
-703
-339,262
-359,541
-76,164
-87,939
-98,731
-96,707
-39,918
-4,511
-43,966
-8,087
-10,019
-1,793
-10,779
-1,939
-11,343
-2,124
-11,825
-2,231
-10,474
-4,891
-12,216
-10,251
-4,697
-12,569
-2,534
-1,123
-2,717
-2,620
-1,066
-3,071
-2,560
-1,167
-3,324
-263
-6,771
-792
-281
-7,289
-792
-58
-1,592
-202
-69
-1,817
-197
-33,998
-33,258
192
-10,218
-23,232
-740
-29,599
-28,797
-288
-6,845
-21,664
-802
-7,654
-7,416
-142
-1,703
-5,571
-238
-18,424
-6,459
-539
-11,426
-24,027
-11,491
-530
-12,006
117
-19,163
6
7
8
19
20
21
22
-2,794
-3,364
-1,109
-871
-681
-703
-2,537
-1,341
-3,457
-1,556
-1,302
-273
-334
-342
-353
-72
-1,900
-196
-82
-1,980
-197
-819
-416
-3
-1,728
-333
-1
-752
-83
-1
-464
-73
-253
-86
-259
-91
26
27
28
-7,586
-7,418
-23
-1,803
-5,592
-168
-7,389
-7,243
-144
-1,745
-5,354
-146
-6,970
-6,720
21
-1,594
-5,147
-250
-12,193
-12,193
-7,436
-3,187
-1,570
-12,079
-12,079
-7,382
-3,247
-1,450
-3,045
-3,045
-1,906
-769
-370
-3,047
-3,047
-1,820
-850
-377
-2,993
-2,993
-1,780
-852
-361
-2,994
-2,994
-1,876
-776
-342
29
30
31
32
33
34
-8,369
-5,015
-128
-3,226
-4,758
-1,904
-131
-2,723
-4,966
-1,691
-131
-3,144
-5,934
-2,881
-140
-2,913
-7,949
-802
-2,070
-5,077
-7,328
-770
-1,453
-5,105
-1,810
-169
-413
-1,228
-1,710
-249
-130
-1,331
-1,592
-232
-58
-1,302
-2,216
-120
-852
-1,244
35
36
37
38
11
31
18
-36
-2
-4,869
-8,254
-7,237
-6,180
16,802
23
24
25
39
-18,022
-8,079
-3,812
-4,170
-3,154
3,057
40
-4,230
-3,107
543
-1,714
-1,268
-668
-630
-3,600
-475
-2,632
-109
652
-107
-1,607
-132
-1,136
-127
-541
41
42
43
44
45
157
-2,019
2,049
127
625
-3,050
3,706
-31
88
-444
535
-3
146
-157
290
13
158
-422
614
-34
233
-2,027
2,267
-7
-1,292
-1,292
-1,078
-1,078
-304
-304
-262
-262
-251
-251
-261
-261
46
47
48
49
-19,320
-12,027
3,513
-2,013
-8,793
-5,494
-12,676
11,479
896
-5,193
-8,342
-5,210
-385
-874
-1,873
-7,383
-1,577
1,577
1,106
-8,489
-6,338
-2,860
5,478
664
-9,620
16,569
-3,029
4,809
-3,894
-14,793
1,113
8,728
1,058
-4,051
-3,539
403
-2,194
-3,693
110
-1,635
-3,718
356
14,789
-12,500
-13,679
1,017
2
160
-915
1,389
1,727
3,986
-3,843
244
8,728
-1,143
50
51
52
53
54
53,044
104,410
21,864
29,927
25,590
27,029
33,947
37,599
3,016
14,749
3,485
16,349
55
C8)
(’8)
(,8)
(’8)
18
13
5
H
72
(”)
(18)
H
18
i18
H
(’8)
(’8)
(18)
19
(,8)
(’8)
(”)
18
(’8)
(18)
-701
176
19
18
13
5
37,581
6,492
C8)
-219
21,513
2,736
,8 7,059
3,003
1,587
-552
(,e)
(”)
(18)
(18)
(18)
(.8)
(’8)
(’8)
(’8)
(18)
(18)
(’8)
-1,307
(’8)
364
(18)
-497
(18)
176
44,727
33,929
9,518
-598
1810,774
4,381
18 65,664
268
1813,276
162,109
118,854
-187,482
16,287
-171,195
-6,488
-18,424
-196,107
-208,573
13,771
-194,802
423
-24,027
-218,406
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C8)
(")
422
(,8)
(”)
(18)
175
(,8)
H
H
-203
7,911
(”)
888
(,8)
9,931
6,569
2,405
>819,259
1,708
1812,641
,8 20,488
33,928
6,361
C8)
-103
23,783
73
18 3,814
32,217
28,439
40,889
17,309
-26,135
-41,301
4,635
-36,666
-823
-8,369
-45,858
-49,058
2,901
-46,157
-232
-4,758
-51,147
-59,921
4,203
-55,718
421
-4,966
-60,263
-58,293
2,032
-56,261
1,057
-5,934
-61,138
3,049
3,049
15,110
-7,949
10,210
(’8)
56
57
58
59
60
61
62
(”)
63
4,525
30
18-3,202
14,749
1,605
C8)
-257
7,183
-9
18 6,227
3,480
1,632
C8)
-338
2,556
1
18-371
16,349
1,668
C8)
313
7,249
2,714
18 4,405
63
64
65
66
67
68
69
-40,102
-1,545
-13,223
-3,444
-21,890
70
2,506
2,506
15,404
-7,328
10,582
295
295
3,856
-1,810
2,341
591
591
3,763
-1,710
2,644
786
786
3,919
-1,592
3,113
834
834
3,866
-2,216
2,484
71
72
73
74
75
76
(’8)
60
U.S. International Transactions
April 2003
Footnotes to U.S. International Transactions Tables 1-10
General notes for all tables: r Preliminary.T Revised. * Less than $500,000 (+/-) D Suppressed to avoid disclosure of
data of individual companies.
Table 1:
1. Credits, +: Exports of goods and services and income receipts; unilateral current transfers to the United States;
capital account transactions receipts; financial inflows—increase in foreign-owned assets (U.S. liabilities) or de
crease in U.S.-owned assets (U.S. claims).
Debits,-: Imports of goods and services and income payments; unilateral current transfers to foreigners; capital
accounts transactions payments; financial outflows—decrease in foreign-owned assets (U.S. liabilities) or increase
in U.S.-owned assets (U.S. claims).
2. Excludes exports of goods under U.S. military agency sales contracts identified in Census export documents, ex
cludes imports of goods under direct defense expenditures identified in Census import documents, and reflects var
ious other adjustments (for valuation, coverage, and timing) of Census statistics to balance of payments basis; see
table 2.
3. Includes some goods: Mainly military equipment in line 5; major equipment, other materials, supplies, and pe
troleum products purchased abroad by U.S. military agencies in line 22; and fuels purchased by airline and steam
ship operators in lines 8 and 25.
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 gov
ernments and taxes paid by private nonresidents to the U.S. Government.
7. At the present time, all U.S. Treasury-owned gold is held in the United States.
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 trans
actions 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 lo
cal governments.
13. Conceptually, line 76 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 reconciliation table 2 in ap
pendix A 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 in the August issue of the Survey.
Additional footnotes for historical data in July 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 1989-90, 1992-95, and July 1996-2001 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 repre
sent transactions values, f.a.s. foreign port of exportation (see July 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" monthly data supplied by the Census Bureau (see Technical Notes in the December 1985 Sur
vey).
Seasonally adjusted data reflect the application of seasonal factors developed jointly by Census and BEA. The sea
sonally 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. Adjustments in lines A5 and A13, B12, B48, and B84 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 Al.
3. 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 identi
fiable from Customs declarations. The exports are included in tables 1 and 10, line 5 (transfers under U.S. military
agency sales contracts); the imports are included in tables 1 and 10, line 22 (direct defense expenditures).
4. 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 July issues of the
Survey for historical data).
5. Coverage adjustments for special situations in which shipments were omitted from Census data; the deduction
of the value of repairs and alterations to U.S.-owned equipment shipped abroad for repair; and the adjustment of
software imports to market value. Also includes addition of understatement of inland freight in f.a.s. values of U.S.
imports of goods from Canada in 1974-81; deduction of imports from the Panama Canal Zone before October 1,
1979; and for 1975-82, net timing adjustments for goods recorded in Census data in one period but found to have
been shipped in another (see July issues of the Survey for historical data).
6. For 1988-89, correction for the understatement of crude petroleum imports from Canada.
7. Annual and unadjusted quarterly data shown in this table correspond to country and area data in table 10, lines
3 and 20. 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 mem
oranda 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 (Excludes Ecuador beginning in January 1993 and Gabon beginning
in January 1995.); Other countries: Eastern Europe, Latin America and Other Western Hemisphere, and other coun
tries 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 aggre
gates. For all years, “Asia” and “Africa” exclude certain Pacific Islands and unidentified countries included in “Other
countries in Asia and Africa.”
8. Includes the former German Democratic Republic (East Germany) beginning in fourth quarter of 1990. In ear
lier periods, the German Democratic Republic was included in Eastern Europe.
9. 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.”
10. The “Euro area,” which formed in January 1999, includes Austria, Belgium, Finland, France, Germany, Ireland,
Italy, Luxembourg, Netherlands, Portugal, Spain, and from January 2001, Greece.
Table 3:
1. Includes royalties, license fees, and other fees associated with the use of intangible assets, including patents,
trade secrets, and other proprietary rights, that are used in connection with the production of goods.
2. Includes royalties, license fees, and other fees associated with the use of copyrights, trademarks, franchises,
rights to broadcast live events, software licensing fees, and other intangible property rights.
3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign governments and interna
tional organizations in the United States and film and television tape rentals. Payments (imports) include mainly ex
penditures of U.S. residents temporarily working abroad and film and television tape rentals.
Table 4:
1. Expenditures to release foreign governments from their contractual liabilities to pay for military goods and ser
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
vices purchased through military sales contracts—first authorized (for Israel) under Public Law 93-199, section 4,
and subsequently authorized (for many recipients) under similar legislation—are included in line A4. Deliveries
against these military sales contracts are included in line CIO; see footnote 2. Of the line A4 items, part of these mil
itary expenditures is applied in lines A43 and A46 to reduce short-term assets previously recorded in lines A41 and
C8; this application of funds is excluded from lines C3 and C4. A second part of line A4 expenditures finances future
deliveries under military sales contracts for the recipient countries and is applied directly to lines A42 and C9. A
third part of line A4, disbursed directly to finance purchases by recipient countries from commercial suppliers in the
United States, is included in line A37. A fourth part of line A4, representing dollars paid to the recipient countries to
finance purchases from countries other than the United States, is included in line A48.
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 cat
egories of transactions related to military sales contracts in this and other tables are partly estimated from incom
plete data.
3. The identification of transactions involving direct dollar outflows from the United States is made in reports by
each operating agency.
4. Line A38 includes foreign currency collected as interest and line A43 includes foreign currency collected as prin
cipal, as recorded in lines A16 and A17, respectively.
5. Includes (a) advance payments to the Department of Defense (on military sales contracts) financed by loans ex
tended to foreigners by U.S. Government agencies and (b) the contraentry for the part of line CIO that was delivered
without prepayment by the foreign purchaser. Also includes expenditures of appropriations available to release for
eign 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 com
mercial 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.
Table 5:
1. Beginning with 1991, payments and receipts of interest related to interest rate and foreign currency swaps be
tween 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 pro
duction 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, com
munication, and public utilities; and retail trade.
3. Acquisition of equity holdings in existing and newly established companies, capital contributions, capitalization
of intercompany debt, and other equity contributions.
4. Sales (total and partial), liquidations, returns of capital contributions, and other dispositions of equity holdings.
Table 6:
1. Primarily provincial, regional, and municipal.
2. Largely transactions by International Bank for Reconstruction and Development (IBRD), International Devel
opment Association (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), and InterAmerican 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 in line A30.
Table 7:
1. Estimates of transactions other than those with U.S. banks’ Caribbean branches and with financial intermediar
ies (F.I.s) are not available. Preliminary estimates of transactions with F.I.s, by area, are commingled in “other” to
avoid disclosure of individual companies’ area data.
2. Deposits (line A5) include other financial claims (line A7) 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. Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes Ecuador begin
ning in January 1993.
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, Edge Act subsidiaries, and U.S. bank holding companies.
Foreign-owned banks include U.S. branches and agencies of foreign banks and majority-owned bank subsidiaries in
the United States. Brokers and dealers are identified separately beginning with the first quarter of 1997; prior to
1997, they are commingled with U.S.-owned banks’ accounts.
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. Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes Ecuador begin
ning in January 1993.
8. Includes Eastern Europe and international and regional organizations.
9. Estimates first available for the second quarter of 2001.
Table 9:
1. Negotiable certificates of deposit issued by banks in the United States are included in banks’ custody liabilities
and are separately identified in memorandum line 8. Nonnegotiable certificates of deposit are included in time de
posits.
2. Includes borrowing under Federal fluids or repurchase arrangements, deferred credits, and liabilities other than
deposits.
3. Mainly negotiable and readily transferable instruments, excluding U.S. Treasury securities.
4. Mainly International Bank for Reconstruction and Development (IBRD), International Development Associa
tion (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), Inter-American Develop
ment Bank (IDB), and the Trust Fund of the International Monetary Fund.
5. U.S.-owned banks are mainly U.S.-chartered banks, Edge Act subsidiaries, and U.S. bank holding companies.
Foreign-owned banks include U.S. branches and agencies of foreign banks and majority-owned bank subsidiaries in
the United States. Brokers and dealers are identified separately beginning with the first quarter of 1997; prior to
1997, they are commingled with U.S.-owned banks’ accounts.
6. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
7. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
8. Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes Ecuador begin
ning in January 1993.
9. Includes Eastern Europe and international and regional organizations.
10. Estimates first available for the second quarter of 2001.
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 Re
public (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; before
1996, 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 are not shown separately; see totals in lines 56 and 63.
18. Details not shown separately are included in line 69.
D-1
April 2003
BEA Current and Historical Data
National, International, and Regional Data
This section presents an extensive selection of economic statistics prepared by the Bureau of Economic Analysis (BEA) and
a brief selection of collateral statistics prepared by other Government agencies and private organizations. Series that origi
nate in Government agencies are not copyrighted and may be reprinted freely. Series from private sources are provided
through the courtesy of the compilers and are subject to their copyrights.
BEA’s economic statistics are available on BEA’s Web site at <www.bea.gov>. The site contains data, articles, news releases,
and other information from BEA’s national, industry, international, and regional programs.
The tables present annual [A], quarterly [Q], and monthly [M] data
National Data
International Data
A. Selected NIPA tables [A, Q]
S. Summary tables........................................................D-2
1. National product and income................................ D-3
2. Personal income and outlays.................................. D-7
3. Government current receipts and expenditures.... D-8
4. Foreign transactions.............................................. D-12
5. Saving and investment...........................................D-14
6. Income and employment by industry.................. D-17
7. Quantity and price indexes................................... D-18
8. Supplemental tables.............................................. D-25
B. Other NIPA and NIPA-related tables
B.l Personal income [A, M].....................................D-30
B.2 Disposition of personal income [A, M]............ D-30
B.3 Gross domestic product by industry [A].......... D-31
B.4 Personal consumption expenditures by
type [A].............................................................. D-32
B.5 Private fixed investment in structures by
type [A].............................................................. D-33
B.6 Private fixed investment in equipment and
software by type [A]...........................................D-33
B.7 Compensation and wage and salary accruals by
industry [A]........................................................D-34
B.8 Employment by industry [A]............................ D-35
B.9 Wage and salary accruals by employee and by
industry [A]....................................................... D-36
B.10 Farm sector output, gross product, and
national income [A].......................................... D-37
B.l 1 Housing sector output, gross product, and
national income [A].......................................... D-37
B. l 2 Net stock of private fixed assets by
type [A]...............................................................D-38
C. Historical measures
C. 1 GDP and other major NIPA aggregates........... D-39
D. Domestic perspectives [A, Q, M]............................. D-42
E. Charts
Selected NIPA series.................................................. D-44
Other indicators of the domestic economy.............D-50
F. Transactions tables
F. 1 U.S. international transactions in goods
and services [A, M]........................................... D-52
F.2 U.S. international transactions [A, Q].............. D-53
F.3 U.S. international transactions by area [Q]...... D-54
F. 4 Private services transactions [A].........................D-57
G. Investment tables [A]
G. l U.S. international investment position............ D-58
G.2 USDIA: Selected items ......................................D-59
G.3 Selected financial and operating data of foreign
affiliates of U.S. companies................................D-60
G.4 FDIUS: Selected items........................................D-61
G.5 Selected financial and operating data of U.S.
affiliates of foreign companies.......................... D-62
H. International perspectives [A, Q, M] ..................... D-63
I. Charts
The United States in the international economy..... D-64
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Regional Data
J. State and regional tables
J.l Personal income [Q]............................................. D-65
J.2 Personal income and per capita
personal income [A].......................................... D-66
1.3 Disposable personal income and per capita
disposable personal income [A]....................... D-67
J. 4 Gross state product [A]......................................... D-68
K. Local area table
K. l Personal income and per capita personal income
by metropolitan area [A]................................. D-69
L. Charts
Selected regional estimates....................................... D-71
Appendixes
A: Additional information about the NIPA estimates
Statistical conventions.................................................D-73
Reconciliation tables [A, Q]...................................... D-74
B: Suggested reading........................................................ D-75
D-2
April 2003
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 27, 2003, and include the “final” estimates for the fourth quarter of 2002. Also
included are revised estimates of wages and salaries and affected income-side series for the third quarter of 2002.
The selected set of NIPA tables shown in this section presents quarterly estimates, which are updated monthly.
In most of these tables, annual estimates are also shown.
The news release on gross domestic product is posted immediately upon official release, and the “Selected NIPA
Tables” are available later that day, on BEA’s Web site <www.bea.gov>.
The “Selected NIPA Tables” are also available on printouts or diskettes from BEA. To order, call the BEA Order
Desk at 1-800-704-0415 (outside the United States, 202-606-9666).
S. Summary Tables________________________________________________________________________________
Table S.1. Summary of Percent Change From Preceding Period in Real
Gross Domestic Product and Related Measures
Table S.2. Summary of Contributions to Percent Change in Real Gross
Domestic Product
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
2001
2002
2001
IV
2001
2002
2002
II
I
2001
IV
2002
II
I
IV
III
IV
III
2.7
5.0
1.3
4.0
1.4
2.5
6.0
2.0
2.0
3.1
7.3
3.2
2.2
6.0
33.6
3.6
2.1
3.1
-6.3
7.9
2.9
1.8
2.0
-.1
2.7
4.2
22.8
1.0
2.3
1.7
-8.2
5.1
2.2
-10.7
-3.8
-5.2
-1.7
-6.4
.3
1.0
-3.1
-5.7
-16.4
-1.7
3.9
-17.3
-8.9
-10.9
-30.1
-2.5
-3.5
18.2
-.5
-5.8
-14.2
-2.7
14.2
7.9
-1.0
-2.4
-17.6
3.3
2.7
3.6
-.3
-.8
-21.4
6.7
1.1
6.3
4.4
2.3
-9.9
6.2
9.4
Net exports of goods and
services...............................
Exports..................................
Goods...............................
Services............................
Imports................................
Goods...............................
Services............................
-5.4
-5.9
-4.0
-2.9
-3.3
-.5
-1.6
-3.6
3.2
3.7
3.9
2.1
-9.6
-7.9
-13.8
-5.3
-3.3
-16.5
3.5
-3.4
21.7
8.5
3.7
35.7
14.3
15.9
10.7
22.2
27.9
-2.1
4.6
4.1
5.9
3.3
3.4
3.1
-5.8
-11.5
8.0
7.4
6.2
13.0
Government consumption
expenditures and gross
investment...........................
Federal..................................
National defense..............
Nondefense......................
State and local......................
3.7
4.8
5.0
4.5
3.1
4.4
7.5
9.3
4.3
2.8
10.5
13.5
14.3
12.1
8.9
5.6
7.4
11.6
.4
4.6
1.4
7.5
7.8
6.9
-1.7
2.9
4.3
6.9
-.3
2.2
4.6
11.0
11.0
11.1
1.2
1.5
.4
1.8
3.0
4.2
2.9
2.4
5.6
-.1
2.6
3.4
3.9
1.1
2.9
1.6
.2
1.8
2.4
2.1
4.3
4.3
3.7
-7.6
3.0
3.7
14.5
1.3
.4
3.9
3.3
4.4
1.8
2.6
1.4
2.4
Addenda:
Final sales of domestic
product.............................
Gross domestic purchases..
Final sales to domestic
purchasers........................
Gross national product........
Disposable personal income
Note. Percent changes from preceding period in the current-dollar and price measures for these series are
shown in table 8.1.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Gross domestic product....
.3
2.4
2.7
5.0
1.3
4.0
1.4
1.67
.48
.39
.80
2.15
.59
.64
.92
4.05
2.45
.73
.87
2.22J
-.55
1.57
1.20
1.22
.16
-.02
1.08
2.93
1.74
.22
.97
1.19
-.72
1.01
.90
-1.90
-.65,
-.66
-.05
.15
-.50
-.68
-.52
-2.88
-1.49
-1.33
-1.12
2.53
-.07
-.66
-.44
1.16
-.15
-.27
-.53
.55
-.03
-.08
-.62
.93
.65
.24
-.25
-.61
.01
-.15
.18
-.21
-.16
-.22
.60
.26
.12
.53
.05
.49
.41
-1.24
.65
-1.39
2.60
1.31
.58
.28
-.18
-.59
-.47
-.13
.42
.40
.01
-.67
-.17
-.26
.09
-.50
-.43
-.07
-.28
-99J
-.56
-.42
.70
.37
.33
-.75
.33
-.23
.56
—1^08
-1.40
1.29
.99
.30
-2.69
-2.74
.05
-.01
.45
.28
.17
-.47
-.40
-.07
-1.59
-.59
-.82
.23
-1.00
-.71
-.30
.65
.29
.19
.10
.36
.81
.47
.37
.10
.34
1.85
.80
.54
.26
1.05
1.04
.47
.46
.01
.56
.27
.47
.32
.16
-.21
.56
.29
.29
-.01
.27
.85
.70
.46
.25
.15
Percentage points at annual
rates:
Personal consumption
expenditures...................
Durable goods.................
Nondurable goods...........
Services............................
Gross private domestic
investment.......................
Fixed investment.............
Nonresidential..............
Structures................
Equipment and
software...............
Residential...................
Change in private
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.................
I
Gross private domestic
investment...........................
Fixed investment.................
Nonresidential.................
Structures.....................
Equipment and software
Residential........................
Change in private inventories
2.4
I
Personal consumption
expenditures........................
Durable goods......................
Nondurable goods...............
Services...............................
.3
03
03 O
Percent change at annual rate:
Gross domestic product..
Note. More detailed contributions to percent change in real gross domestic product are shown in table 8.2.
Contributions to percent change in major components of real gross domestic product are shown in tables 8.3
through 8.6.
April 2003
D-3
Survey of Current Business
1. National Product and Income_____________________________________________________________________
Table 1.1. Gross Domestic Product
Table 1.2. Real Gross Domestic Product
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
2001
2002
2001
IV
Gross domestic
product.............
Personal consumption
expenditures............
Durable goods..........
Nondurable goods....
Services...................
2001
2002
I
10,082.2 10,446.2 10,152.9 10,313.1
III
II
10,376.9
10,506.2 10,588.8
6,987.0
835.9
2,041.3
4,109.9
7,303.7
871.9
2,115.0
4,316.8
7,099.9
882.6
2,044.4
4,172.9
7,174.2
859.0
2,085.1
4,230.1
7,254.7
856.9
2,108.2
4,289.5
7,360.7
897.8
2,116.9
4,346.0
7,425.4
873.9
2,150.0
4,401.5
1,586.0
1,646.3
1,201.6
324.5
1,593.2
1,589.3
1,117.4
269.3
1,500.7
1,597.2
1,149.8
302.3
1,559.4
1,589.4
1,126.8
288.3
1,588.0
1,584.6
1,115.8
275.2
1,597.3
1,579.7
1,109.8
259.4
1,628.1
1,603.6
1,117.1
254.2
877.1
444.8
848.1
471.9
847.4
447.4
838.5
462.6
840.7
468.7
850.4
469.9
863.0
486.5
-60.3
3.9
-96.5
-29.9
3.4
17.6
24.5
Net exports of goods
and services............
Exports......................
Goods....................
Services................
Imports.....................
Goods....................
Services................
-348.9
1,034.1
733.5
300.6
1,383.0
1,167.2
215.8
-423.6
1,014.9
703.6
311.3
1,438.5
1,192.1
246.4
-344.5
971.1
687.7
283.4
1,315.6
1,098.3
217.3
-360.1
977.5
679.8
297.7
1,337.5
1,102.3
235.2
-425.6
1,018.1
709.4
308.8
1,443.7
1,202.9
240.8
-432.9
1,038.6
722.6
316.0
1,471.5
1,220.9
250.6
-476.0
1,025.4
702.6
322.8
1,501.4
1,242.5
258.9
Government
consumption
expenditures and
gross investment
Federal.......................
National defense...
Nondefense..........
State and local..........
1,858.0
628.1
399.9
228.2
1,229.9
1,972.9
693.7
447.4
246.3
1,279.2
1,896.8
646.9
412.8
234.1
1,249.8
1,939.5
672.0
431.7
240.3
1,267.5
1,959.8
688.2
442.1
246.1
1,271.6
1,981.1
697.7
451.2
246.5
1,283.3
2,011.3
716.9
464.7
252.2
1,294.4
Gross private domestic
investment...............
Fixed investment.....
Nonresidential.....
Structures........
Equipment and
software........
Residential............
Change in private
inventories............
Note. Percent changes from preceding period for selected items in this table are shown in table 8.1.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2002
IV
2001
2002
IV
I
II
III
IV
Gross domestic product..
9,214.5
9,439.9
9,248.8
9,363.2
9,392.4
9,485.6
9,518.2
Personal consumption
expenditures........................
Durable goods......................
Nondurable goods...............
Services...............................
6,377.2
931.9
1,869.8
3,594.9
6,576.0
999.9
1,929.5
3,675.6
6,464.0
992.0
1,885.0
3,616.6
6,513.8
975.9
1,921.4
3,642.2
6,542.4
980.7
1,920.9
3,666.2
6,609.9
1,032.4
1,925.8
3,687.0
6,637.9
1,010.6
1,950.0
3,707.0
Gross private domestic
investment...........................
Fixed investment.................
Nonresidential.................
Structures....................
Equipment and software
Residential........................
Change in private inventories
1,574.6
1,627.4
1,255.1
270.9
988.2
373.5
-61.4
1,589.6
1,577.3
1,183.4
226.4
971.1
388.2
5.2
1,490.3
1,578.4
1,206.4
252.7
960.3
371.0
-98.4
1,554.0
1,576.4
1,188.4
243.2
953.7
383.6
-28.9
1,583.9
1,572.6
1,181.1
231.7
961.4
386.1
4.9
1,598.0
1,571.6
1,178.7
218.2
977.2
387.1
18.8
1,622.4
1,588.5
1,185.3
212.6
992.1
395.9
25.8
Net exports of goods and
services...............................
Exports.................................
Goods...............................
Services............................
Imports................................
Goods...............................
Services............................
-415.9
1,076.1
785.2
292.0
1,492.0
1,270.5
222.4
-488.5
1,058.8
756.9
301.5
1,547.4
1,320.1
227.2
-425.3
1,021.8
744.6
278.2
1,447.2
1,238.7
208.9
-446.6
1,030.6
738.1
292.2
1,477.1
1,250.0
225.5
-487.4
1,065.5
765.8
299.7
1,552.9
1,329.2
224.3
-488.0
1,077.7
773.5
304.0
1,565.7
1,340.3
226.0
-532.2
1,061.6
750.3
310.0
1,593.8
1,360.8
233.0
Government consumption
expenditures and gross
investment...........................
Federal.................................
National defense..............
Nondefense.....................
State and local.....................
1,640.4
570.6
366.0
204.4
1,069.4
1,712.8
613.3
400.0
213.3
1,099.7
1,674.5
587.2
378.0
209.1
1,087.1
1,697.3
597.8
388.5
209.3
1,099.3
1,703.3
608.7
395.8
212.9
1,094.7
1,715.6
615.1
402.5
212.7
1,100.6
1,735.0
631.4
413.2
218.3
1,104.0
Residual....................................
22.6
19.9
20.2
20.2
25.1
12.1
22.2
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 addi
tive. 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.
Chain-type quantity indexes for the series in this table are shown in table 7.1.
National Data
D-4
April 2003
Table 1.3. Gross Domestic Product by Major Type of Product
Table 1.4. Real Gross Domestic Product by Major Type of Product
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
2001
2002
2002
2001
Gross domestic
product.............
Final sales of
domestic product.
Change in private
inventories............
10,082.2 10,446.2 10,152.9 10,313.1
10,142.5
10,442.4
10,249.4
2001
II
I
IV
10,343.0
III
10,376.9 10,506.2 10,588.8
10,373.5
10,488.7
10,564.3
-60.3
3.9
-96.5
-29.9
3.4
17.6
24.5
Goods...........................
Final sales.............
Change in private
inventories........
Durable goods..........
Final sales.............
Change in private
inventories1.....
Nondurable goods....
Final sales.............
Change in private
inventories1.....
3,593.7
3,654.0
3,694.1
3,690.2
3,599.1
3,695.5
3,664.2
3,694.1
3,659.1
3,655.7
3,732.7
3,715.2
3,720.4
3,695.9
-60.3
1,611.4
1,676.4
3.9
1,644.8
1,643.7
-96.5
1,594.1
1,689.1
-29.9
1,621.2
1,641.5
3.4
1,612.0
1,616.8
17.6
1,683.1
1,678.3
24.5
1,662.7
1,638.2
-65.0
1,982.3
1,977.6
1.1
2,049.3
2,046.5
-95.0
2,005.0
2,006.4
-20.3
2,042.9
2,052.6
-4.8
2,047.1
2,038.9
4.8
2,049.6
2,036.9
24.5
2,057.7
2,057.8
4.7
2.8
-1.5
-9.7
8.2
12.7
-.1
Services.......................
5,535.1
5,814.7
5,613.1
5,696.6
5,781.5
5,849.7
5,930.9
Structures.....................
953.3
937.5
940.7
952.3
936.3
923.8
937.5
Addenda:
Motor vehicle output
Gross domestic
product less motor
vehicle output.......
2001
2002
IV
312.0
344.2
327.7
331.8
334.7
360.7
349.7
9,770.2
10,102.0
9,825.2
9,981.3
10,042.1
10,145.5
10,239.1
Gross domestic product.
Final sales of domestic
product.............................
Change in private inventories
2002
IV
I
II
III
IV
9,214.5
9,439.9
9,248.8
9,363.2
9,392.4
9,485.6
9,518.2
9,258.4
-61.4
9,424.4
5.2
9,324.9
-98.4
9,379.4
-28.9
9,377.9
4.9
9,457.2
18.8
9,483.1
25.8
Residual...............................
17.5
10.3
22.3
12.7
9.6
9.6
9.3
Goods.......................................
Final sales........................
Change in private
inventories...................
Durable goods....................
Final sales........................
Change in private
inventories1.................
Nondurable goods..............
Final sales........................
Change in private
inventories1.................
3,589.9
3,643.3
3,710.1
3,697.6
3,598.2
3,686.8
3,670.8
3,693.4
3,674.4
3,663.0
3,754.8
3,728.1
3,740.1
3,705.9
-61.4
1,754.9
1,823.9
5.2
1,822.8
1,819.3
-98.4
1,741.7
1,843.8
-28.9
1,781.1
1,801.6
4.9
1,784.6
1,787.6
18.8
1,872.5
1,864.6
25.8
1,852.8
1,823.2
-67.9
1,834.2
1,825.6
1.4
1,888.2
1,879.9
-99.3
1,853.1
1,849.1
-20.3
1,886.8
1,890.7
-4.4
1,887.2
1,874.5
5.0
1,888.0
1,870.2
25.1
1,890.8
1,884.2
4.8
3.8
-.8
-8.8
9.0
13.6
1.4
Services..................................
4,826.4
4,959.9
4,869.1
4,903.2
4,945.5
4,976.4
5,014.6
Structures...............................
797.1
775.0
780.5
792.1
774.9
764.0
768.8
Residual....................................
4.6
.6
6.4
4.7
5.3
-8.2
.9
Addenda;
Motor vehicle output...........
Gross domestic product less
motor vehicle output.......
315.9
356.5
332.6
340.5
347.2
375.7
362.4
8,896.6
9,085.0
8,915.7
9,022.6
9,045.9
9,113.8
9,157.8
1. Estimates for durable goods and nondurable goods for 1997 and earlier periods are based on the 1987 Stan
dard Industrial Classification (SIC); later estimates for these industries are based on the North American Industry
Classification System (NAICS).
Note. Percent changes from preceding period for gross domestic product and for final sales of domestic
product are shown in table 8.1.
1. Estimates for durable goods and nondurable goods for 1997 and earlier periods are based on the 1987 Stan
dard Industrial Classification (SIC); later estimates for these industries are based on the North American Industry
Classification System (NAICS).
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 addi
tive. The residual line following change in private inventories is the difference between gross domestic product
and the sum of final sales of domestic product and of change in private 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 gross domestic product and for final sales of domestic product are
shown in table 8.1.
Chain-type quantity indexes for the series in this table are shown in table 7.17.
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 (1996) dollars]
Gross domestic product
Less: Exports of goods
and services.............
Plus: Imports of goods
and services.............
Equals: Gross domestic
purchases................
Less: Change in private
inventories................
Equals: Final sales to
domestic purchasers
10,082.2 10,446.2 10,152.9
1,034.1
1,383.0
10,431.0
-60.3
1,014.9
971.1
1,438.5
10,313.1
977.5
1,315.6
1,337.5
10,869.9 10,497.4
10,673.1
-96.5
-29.9
3.9
10,491.4 10,866.0 10,593.9 10,703.1
10,376.9 10,506.2
10,588.8
1,018.1
1,038.6
1,025.4
1,443.7
Gross domestic product.........
Less: Exports of goods and
services ...............................
Plus: Imports of goods and
services...............................
1,471.5
1,501.4
10,802.4 10,939.1
11,064.8
17.6
24.5
Equals: Gross domestic
purchases............................
Less: Change in private
inventories...........................
10,799.0 10,921.5 11,040.3
Equals: Final sales to
domestic purchasers..........
3.4
9,214.5
9,439.9
9,248.8
9,363.2
9,392.4
9,485.6
9,518.2
1,076.1
1,058.8
1,021.8
1,030.6
1,065.5
1,077.7
1,061.6
1,593.8
1,492.0
1,547.4
1,447.2
1,477.1
1,552.9
1,565.7
9,600.7
9,889.8
9,645.3
9,778.2
9,840.8
9,934.7 10,005.5
-61.4
5.2
-98.4
-28.9
4.9
18.8
25.8
9,644.9
9,874.1
9,722.3
9,794.4
9,826.0
9,906.1
9,970.1
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 series in this table are shown in table 8.1.
Chain-type quantity indexes for selected series in this table are shown in table 7.2.
Note. Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.7. Gross Domestic Product by Sector
Table 1.8. Real Gross Domestic Product by Sector
[Billions of dollars]
[Billions of chained (1996) dollars]
Gross domestic
product.............
Business1....................
Nonfarm2.................
Nonfarm less
housing.............
Housing................
Farm..........................
10,082.2 10,446.2 10,152.9 10,313.1
10,376.9 10,506.2 10,588.8
8,482.7
8,402.1
8,759.1
8,680.2
8,525.2
8,443.7
8,656.2
8,567.6
8,700.1
8,631.5
8,808.6
8,731.3
8,871.4
8,790.3
7,571.1
831.1
80.6
7,814.4
865.8
78.9
7,601.5
842.1
81.6
7,712.8
854.8
88.6
7,757.5
874.1
68.6
7,862.0
869.2
77.4
7,925.2
865.1
81.1
Households and
institutions...............
Private households...
Nonprofit institutions
459.6
11.9
447.7
486.1
10.8
475.3
466.6
10.7
455.9
472.5
10.5
462.0
481.4
10.7
470.8
490.5
10.8
479.7
499.9
11.0
488.9
General government3.
Federal.......................
State and local..........
1,139.8
332.8
807.0
1,201.1
355.6
845.5
1,161.1
334.3
826.8
1,184.4
350.1
834.3
1,195.3
354.1
841.3
1,207.1
357.7
849.3
1,217.4
360.5
857.0
1. Equals gross domestic product less gross product of households and institutions and of general govern
ment.
2. Equals gross domestic business product less gross farm product.
3. Equals compensation of general government employees plus general government consumption of fixed
capital as shown in table 3.7.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Gross domestic product.
9,214.5
9,439.9
9,248.8
9,363.2
9,392.4
9,485.6
9,518.2
Business 1...............................
Nonfarm2.............................
Nonfarm less housing....
Housing............................
Farm.....................................
7,838.3
7,724.7
7,012.9
712.6
114.3
8,032.8
7,917.7
7,208.9
711.7
114.7
7,859.4
7,739.2
7,032.2
708.3
124.4
7,966.9
7,849.1
7,140.4
710.9
119.8
7,989.2
7,876.8
7,157.0
721.0
110.8
8,075.1
7,961.0
7,252.6
711.7
112.9
8,099.8
7,983.9
7,285.5
703.2
115.5
Households and institutions..
Private households.............
Nonprofit institutions..........
398.7
10.1
388.7
407.7
8.8
398.9
401.0
9.0
392.0
403.4
8.7
394.8
406.4
8.8
397.7
409.0
8.9
400.3
411.8
9.0
402.9
General government3...........
Federal.................................
State and local....................
978.5
291.3
687.0
1,000.9
297.5
703.1
988.9
292.0
696.5
994.3
294.3
699.7
998.1
296.0
701.7
1,003.2
298.5
704.4
1,008.1
301.3
706.5
Residual....................................
-2.4
-3.7
-5.6
-5.4
-.6
-3.7
-5.7
1. Equals gross domestic product less gross product of households and institutions and of general govern
ment.
2. Equals gross domestic business product less gross farm product.
3. Equals compensation of general government employees plus general government consumption of fixed
capital as shown in table 3.8.
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 addi
tive. The residual line is the difference between the first line and the sum of the most detailed lines.
Chain-type quantity indexes for the series in this table are shown in table 7.14.
April 2003
D-5
Survey of Current Business
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 (1996) dollars]
Seasonally adjusted at annual rates
2002
2001
2001
IV
Gross domestic product
Plus: Income receipts
from the rest of the
world.........................
Less: Income payments
to the rest of the
world.........................
Equals: Gross national
product.....................
Less: Consumption of
fixed capital...............
Private........................
Capital
consumption
allowances.........
Less: Capital
consumption
adjustment.........
Government..............
General
government........
Government
enterprises.........
Equals: Net national
product.....................
Less: Indirect business
tax and nontax liability
Business transfer
payments...............
Statistical discrepancy
Plus: Subsidies less
current surplus of
government
enterprises...............
Equals: National
income.....................
Less: Corporate profits
with inventory
valuation and capital
consumption
adjustments.............
Net interest................
Contributions for
social insurance....
Wage accruals less
disbursements......
Plus: Personal interest
income......................
Personal dividend
income...................
Government transfer
payments to
persons .................
Business transfer
payments to
persons.................
Equals: Personal
income.....................
Addenda:
Gross domestic
income..................
Gross national income
Net domestic product
II
I
10,082.2 10,446.2 10,152.9 10,313.1
316.9
278.0
295.0
10,104.1
287.6
Seasonally adjusted at annual rates
2001
2002
269.0
264.7
233.7
262.8
10,436.7 10,188.1
10,314.9
IV
III
10,376.9 10,506.2 10,588.8
276.0
296.1
287.3
298.2
284.2
293.4
10,356.8 10,495.3 10,579.7
9,392.4
9,485.6
242.8
251.8
261.3
257.5
269.2
260.3
213.1
239.2
268.2
269.5
264.2
Equals: Gross national product
Less: Consumption of fixed
capital.....................................
Private....................................
Government..........................
General government.........
Government enterprises...
9,237.3
9,433.5
9,283.5
9,367.5
9,376.7
9,477.9
9,512.1
1,320.8
1,110.7
210.9
179.2
31.7
1,399.9
1,184.5
216.6
185.4
31.2
1,333.5
1,122.2
212.1
181.5
30.6
1,357.9
1,144.8
214.0
183.2
30.9
1,390.9
1,176.2
215.8
184.7
31.1
1,417.0
1,200.9
217.5
186.1
31.3
1,433.7
1,216.0
219.1
187.5
31.6
Equals: Net national product.
7,928.1
8,049.7
7,961.1
8,022.0
8,001.6
8,078.2
8,097.2
Addenda:
Gross domestic income1....
Gross national income2......
Net domestic product..........
9,321.7
9,344.5
7,905.4
9,545.3
9,539.0
8,055.8
9,369.5
9,404.2
7,926.7
9,463.1
9,467.4
8,017.7
9,541.7
9,526.0
8,017.0
9,559.7
9,552.1
8,085.5
9,616.7
9,610.5
8,103.0
1,168.4
1,320.0
1,331.9
1,324.0
1,322.0
1,317.9
1,315.9
61.6
222.4
156.1
229.6
217.5
224.2
187.0
226.5
160.8
228.6
143.1
230.5
133.3
232.7
187.7
195.0
190.4
192.5
194.1
195.7
197.6
34.8
34.6
33.8
34.0
34.4
34.8
35.1
8,774.8
9,043.2
8,849.5
8,951.5
8,967.0
9,090.0
9,164.3
774.8
800.4
779.9
786.2
795.1
806.9
813.3
42.5
-117.3
44.1
-116.7
42.8
-132.6
43.8
-110.0
43.9
-165.0
44.4
-82.1
44.3
-109.6
47.3
32.5
37.5
37.0
35.1
29.1
29.0
8,122.0
8,347.9
8,196.8
8,268.5
8,328.0
8,349.9
8,445.3
Gross national product...........
Less: Exports of goods and
services and income receipts
from the rest of the world...
Plus: Command-basis exports
of goods and services and
income receipts from the
rest of the world 1................
731.6
649.8
787.4
684.2
811.4
653.9
797.6
672.8
785.0
678.1
771.0
687.6
796.1
698.3
Equals: Command-basis gross
national product.................
Addendum:
Terms of trade2....................
740.4
746.1
748.8
754.9
.0
.0
.0
.0
1,091.3
1,078.5
1,072.9
1,069.9
1,082.3
1,080.7
1,080.9
409.2
433.8
417.3
423.7
430.3
437.3
443.8
1,137.0
1,252.9
1,171.0
1,217.4
1,247.7
1,263.1
1,283.5
33.4
35.1
34.0
34.6
34.9
35.3
35.6
8,685.3
8,929.1
8,700.9
8,803.4
8,914.0
8,958.9
9,039.9
10,199.4
10,221.4
8,752.9
10,562.9
10,553.3
9,052.8
10,285.5
10,320.7
8,814.3
10,423.1
10,424.9
8,949.6
10,541.8
10,521.8
8,987.0
10,588.3
10,577.4
9,101.0
10,698.4
10,689.2
9,173.4
9,518.2
9,363.2
247.4
1,415.4
1,182.7
.0
IV
9,248.8
1,405.3
1,174.8
725.8
III
253.3
1,389.8
1,161.2
.0
II
9,439.9
1,363.5
1,136.9
747.5
I
292.0
1,338.6
1,114.4
.0
2002
IV
9,214.5
1,393.5
1,163.9
726.1
2001
Gross domestic product.........
Plus: Income receipts from the
rest of the world..................
Less: Income payments to the
rest of the world..................
1,329.3
1,106.8
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2002
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 (1996) dollar series are calculated as the product of the
chain-type quantity index and the 1996 current-dollar value of the corresponding series, divided by 100. Because
the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chaineddollar estimates are usually not additive.
The chain-type quantity index for gross national product is shown in table 7.3.
Table 1.11. Command-Basis Real Gross National Product
[Billions of chained (1996) dollars]
9,237.3
9,433.5
9,283.5
9,367.5
9,376.7
9,477.9
9,512.1
1,366.5
1,307.1
1,264.7
1,268.0
1,311.9
1,334.2
1,314.4
1,410.0
1,344.4
1,314.9
1,321.2
1,345.6
1,365.6
1,345.4
9,280.9
9,470.8
9,333.7
9,420.6
9,410.3
9,509.3
9,543.1
103.2
102.8
104.0
104.2
102.6
102.4
102.4
1. Exports of goods and services and income receipts deflated by the implicit price deflator for imports of
goods and services and income payments.
2. Ratio of the implicit price deflator for exports of goods and services and income receipts to the corre
sponding implicit price deflator for imports divided by 100.
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 addi
tive.
Percent changes from preceding period for gross national product are shown in table 8.1.
Chain-type quantity indexes for the series in this table are shown in table 7.3.
National Data
D-6
Table 1.16. Gross Product of Corporate Business in Current Dollars and
Gross 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
2001
2002
2001
IV
April 2003
Seasonally adjusted at annual rates
2002
II
I
III
2001
IV
2001
2002
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..........
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
8,122.0
8,347.9
8,196.8
8,268.5
8,328.0
8,349.9
8,445.3
5,874.9
4,950.6
810.8
4,139.8
5,977.4
5,003.7
852.8
4,150.9
5,860.9
4,931.4
825.2
4,106.2
5,908.4
4,957.8
840.4
4,117.4
5,963.9
4,997.3
848.4
4,148.9
5,988.4
5,007.4
857.1
4,150.3
6,048.8
5,052.4
865.4
4,187.0
924.3
973.7
929.4
950.7
966.6
981.0
996.4
353.9
570.4
363.0
610.6
353.2
576.3
359.9
590.8
362.5
604.1
363.5
617.5
366.2
630.2
727.9
19.0
756.5
12.9
731.3
19.2
748.4
21.7
747.5
7.5
758.7
10.7
771.6
11.7
26.7
21.6
27.1
30.0
16.1
19.6
20.8
-7.7
708.8
621.6
-8.7
743.7
630.1
-7.8
712.1
594.1
-8.2
726.7
612.5
-8.7
740.0
626.9
-8.9
748.0
635.0
-9.1
759.9
646.1
.9
-1.0
3.6
-.2
-1.1
-1.7
-.9
86.3
114.5
114.3
114.4
114.2
114.6
114.7
137.9
204.4
142.4
212.0
139.3
206.9
141.3
209.1
153.5
221.9
144.1
214.5
130.6
202.6
-66.5
-69.6
-67.6
-67.8
-68.4
-70.3
-72.1
787.4
811.4
797.6
785.0
771.0
796.1
675.1
670.2
199.3
470.9
409.6
61.2
658.3
665.2
213.3
451.9
434.3
17.6
626.3
599.1
170.6
428.5
417.7
10.8
641.3
639.4
202.4
437.0
424.2
12.8
652.2
657.9
213.7
444.3
430.8
13.5
653.4
668.5
214.7
453.8
437.7
16.1
686.4
694.9
222.4
472.5
444.3
28.2
5.0
-6.9
27.2
1.9
-5.7
-15.1
-8.5
56.5
129.1
185.1
156.3
132.8
117.6
109.7
649.8
684.2
653.9
672.8
678.1
687.6
698.3
532.3
574.1
640.8
595.2
571.3
556.3
573.7
911.8
967.3
1,015.6
979.3
966.7
954.7
968.7
122.7
139.9
223.0
171.0
140.5
118.6
129.4
789.1
827.5
792.6
808.3
826.1
836.1
839.3
5.0
906.8
-6.9
974.2
27.2
988.4
1.9
977.4
-5.7
972.4
-15.1
969.8
-8.5
977.2
II
III
IV
Billions of dollars
Gross product of
corporate business....
Consumption of fixed capital..
Net 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 product of financial
corporate business....
731.6
2002
I
IV
Gross product of
nonfinancial corporate
business.......................
Consumption of fixed capital..
Net 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.......................
6,117.5
789.1
5,328.4
6,329.8
827.5
5,502.3
6,153.4
792.6
5,360.8
6,249.2
808.3
5,440.9
6,320.3
826.1
5,494.1
6,335.7
836.1
5,499.6
6,414.0
839.3
5,574.7
565.7
4,762.7
592.6
4,909.8
576.7
4,784.1
582.1
4,858.9
588.8
4,905.3
598.0
4,901.6
601.2
4,973.4
3,945.6
3,986.6
3,921.6
3,941.7
3,979.5
3,991.2
4,033.8
3,378.6
3,388.0
3,351.4
3,360.6
3,386.5
3,387.3
3,417.5
567.0
598.6
570.2
581.1
593.1
603.9
616.3
580.9
519.4
199.3
320.1
383.1
668.1
545.9
213.3
332.6
392.9
646.7
434.4
170.6
263.8
391.9
665.6
507.4
202.4
305.0
402.8
669.9
542.9
213.7
329.2
385.1
654.9
552.4
214.7
337.7
379.2
682.0
580.8
222.4
358.4
404.4
-63.0
-60.3
-128.1
-97.9
-56.0
-41.5
-46.0
5.0
-6.9
27.2
1.9
-5.7
-15.1
-8.5
56.5
236.3
129.1
255.1
185.1
215.8
156.3
251.6
132.8
255.8
117.6
255.4
109.7
257.6
763.3
830.9
761.8
825.5
831.3
830.9
836.1
5,354.2
652.8
4,701.4
5,498.9
686.6
4,812.3
5,391.6
657.0
4,734.6
5,423.8
670.7
4,753.1
5,489.0
685.1
4,803.8
5,504.8
693.7
4,811.1
5,577.9
696.7
4,881.2
523.7
4,177.7
549.1
4,263.3
534.3
4,200.3
539.3
4,213.9
545.6
4,258.2
554.2
4,256.9
557.2
4,324.0
3,573.5
3,610.8
3,551.8
3,570.1
3,604.4
3,615.0
3,653.7
3,056.4
3,064.9
3,031.8
3,040.2
3,063.5
3,064.3
3,091.6
517.1
545.9
520.0
529.9
540.8
550.7
562.1
407.4
328.8
123.5
205.3
278.5
458.4
328.6
131.5
197.0
285.8
449.0
234.3
94.0
140.3
285.2
452.4
289.2
119.8
169.5
293.1
459.3
324.4
130.8
193.6
280.2
447.6
336.3
133.4
202.9
275.9
474.4
364.4
142.2
222.1
294.2
-73.2
-88.8
-144.9
-123.6
-86.6
-73.0
-72.1
5.0
-6.9
27.2
1.9
-5.7
-15.1
-8.5
73.6
196.8
136.7
194.1
187.4
199.5
161.3
191.4
140.6
194.6
126.4
194.3
118.6
195.9
5,320.7
731.4
4,589.4
5,379.4
741.1
4,638.3
Billions of chained (1996) dollars
Gross product of
nonfinancial corporate
business1.....................
Consumption of fixed capital2
Net product3............................
5,141.8
671.9
4,469.9
5,307.5
720.8
4,586.7
5,189.3
681.0
4,508.4
5,231.3
695.2
4,536.0
5,298.7
715.4
4,583.3
1. Effective November 26, 2002, the estimates of chained-dollar gross product of nonfinancial corporate busi
ness beginning with 1999 have been revised to reflect the 2002 annual revision to the gross product price index
for nonfinancial industries.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product
of the chain-type quantity index and the 1996 current-dollar value of the corresponding series, divided by 100.
3. Chained-dollar net product of nonfinancial corporate business is the difference between the gross product
and the consumption of fixed capital.
April 2003
D-7
Survey of Current Business
2. Personal Income and Outlays_____________________________________________________________________
Table 2.1. Personal Income and Its Disposition
Table 2.2. Personal Consumption Expenditures by Major Type of Product
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
2001
Personal income....................
Wage and salary
disbursements................
Private industries.............
Goods-producing
industries.................
Manufacturing..........
Distributive industries..
Service industries.......
Government.....................
Other labor income............
2002
I
II
III
IV
2002
2002
2001
IV
I
II
III
IV
8,685.3
8,929.1
8,700.9
8,803.4
8,914.0
8,958.9
9,039.9
Personal consumption
expenditures...............
6,987.0
7,303.7
7,099.9
7,174.2
7,254.7
7,360.7
7,425.4
4,950.6
4,139.8
5,003.7
4,150.9
4,931.4
4,106.2
4,957.8 4,997.3
4,117.4 4,148.9
5,007.4
4,150.3
5,052.4
4,187.0
835.9
361.3
871.9
376.1
882.6
399.5
859.0
365.8
856.9
362.1
897.8
400.7
873.9
375.9
1,142.4
789.4
1,109.2
1,888.2
810.8
1,117.6
759.9
1,117.7
1,915.6
852.8
1,123.3
769.9
1,098.6
1,884.3
825.2
1,116.9
759.4
1,110.1
1,890.4
840.4
1,121.3
765.3
1,115.3
1,912.4
848.4
1,115.2
757.9
1,117.8
1,917.3
857.1
1,117.0
756.9
1,127.6
1,942.4
865.4
Durable goods.........................
Motor vehicles and parts....
Furniture and household
equipment........................
Other....................................
306.1
168.4
318.7
177.1
311.5
171.5
317.1
176.1
319.1
175.8
319.2
177.9
319.4
178.6
2,041.3
992.4
315.3
2,115.0
1,029.4
324.3
2,044.4
1,002.8
317.4
2,085.1
1,025.0
325.8
2,108.2
1,023.9
323.9
2,116.9
1,024.8
321.0
2,150.0
1,043.9
326.6
570.4
610.6
576.3
590.8
604.1
617.5
630.2
Nondurable goods..................
Food......................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Gasoline and oil...............
Fuel oil and coal...............
Other.....................................
178.6
162.1
16.5
555.0
173.5
158.5
15.0
587.8
156.7
142.2
14.5
567.5
156.2
142.3
13.9
578.0
174.7
160.7
14.0
585.6
178.2
163.5
14.7
592.9
184.7
167.4
17.3
594.8
Services..................................
Housing................................
Household operation...........
Electricity and gas...........
Other household operation
Transportation.....................
Medical care.........................
Recreation............................
Other.....................................
4,109.9
1,014.5
406.3
154.5
251.8
271.4
1,072.2
271.9
1,073.6
4,316.8
1,071.5
405.2
148.2
257.0
275.8
1,148.5
285.1
1,130.7
4,172.9
1,035.5
396.9
143.1
253.8
269.0
1,103.1
276.6
1,091.8
4,230.1
1,051.7
399.2
143.9
255.4
273.3
1,119.0
279.0
1,107.8
4,289.5
1,066.0
400.9
144.9
256.1
275.6
1,139.3
283.8
1,123.8
4,346.0
1,078.0
406.3
147.4
258.9
276.1
1,158.8
285.9
1,140.9
4,401.5
1,090.1
414.2
156.5
257.7
278.3
1,176.9
291.8
1,150.2
333.0
321.6
299.8
300.1
319.6
325.6
341.1
5,661.6
5,952.7
5,797.3
5,849.1
5,911.1
6,010.3
6,040.3
727.9
19.0
708.8
Rental income of persons
with capital consumption
adjustment.......................
137.9
142.4
139.3
Personal dividend income.
409.2
433.8
417.3
Personal interest income ...
1,091.3
1,078.5
1,072.9
1,170.4
1,288.0
664.3
Less: Personal
contributions for social
insurance.........................
2001
IV
Proprietors' income with
inventory valuation and
capital consumption
adjustments.....................
Farm.................................
Nonfarm...........................
Transfer payments to
persons............................
Old-age, survivors,
disability, and health
insurance benefits........
Government
unemployment
insurance benefits.......
Veterans benefits.............
Other transfer payments..
Family assistance1......
Other.............................
Seasonally adjusted at annual rates
2002
2001
756.5
12.9
743.7
748.4
21.7
726.7
747.5
7.5
740.0
758.7
10.7
748.0
141.3
153.5
144.1
130.6
423.7
430.3
437.3
443.8
1,069.9
1,082.3
1,080.7
1,080.9
1,205.0
1,252.0
1,282.6
1,298.4
1,319.1
699.8
674.0
690.2
696.3
701.9
710.8
31.9
26.7
447.6
19.2
428.3
62.9
29.6
495.8
19.3
476.5
41.0
27.7
462.4
19.4
443.0
52.3
28.5
481.0
19.3
461.7
67.3
29.3
489.8
19.3
470.4
67.6
30.0
498.9
19.3
479.6
64.2
30.5
513.6
19.4
494.2
731.3
19.2
712.1
771.6
11.7
759.9
Addenda:
Energy goods and services1
Personal consumption
expenditures less food and
energy ..............................
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Table 2.3. Real Personal Consumption Expenditures by Major Type of
Product
[Billions of chained (1996) dollars]
372.3
384.5
372.7
380.5
383.6
385.3
388.7
Less: Personal tax and nontax
payments.............................
1,292.1
1,113.6
1,309.7
1,136.8
1,121.8
1,099.0
1,096.8
Equals: Disposable personal
income.................................
Personal consumption
expenditures...............
6,377.2
6,576.0
6,464.0
6,513.8
6,542.4
6,609.9
6,637.9
7,393.2
7,815.5
7,391.2
7,666.7
7,792.2
7,859.9
7,943.2
7,223.5
7,524.5
7,329.6
7,396.3
7,477.9
7,583.0
7,640.7
931.9
361.9
999.9
382.4
992.0
400.4
975.9
370.0
980.7
369.1
1,032.4
407.6
1,010.6
382.8
6,987.0
205.4
7,303.7
188.4
7,099.9
199.1
7,174.2
190.6
7,254.7
191.3
7,360.7
189.3
7,425.4
182.5
Durable goods.........................
Motor vehicles and parts....
Furniture and household
equipment........................
Other.....................................
398.0
175.3
438.1
185.8
413.6
178.9
428.2
184.2
435.2
184.1
441.4
187.0
447.5
188.1
Nondurable goods..................
Food......................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Gasoline and oil...............
Fuel oil and coal...............
Other.....................................
1,869.8
887.0
337.7
1,929.5
902.3
357.0
1,885.0
887.1
344.8
1,921.4
901.4
355.8
1,920.9
899.2
355.1
1,925.8
897.9
355.3
1,950.0
910.7
361.8
151.2
138.8
12.6
495.5
157.5
145.1
12.7
515.8
153.4
141.4
12.2
502.0
157.2
145.1
12.4
510.1
156.5
144.7
12.1
513.1
157.5
145.4
12.4
518.0
158.9
145.1
14.0
521.9
Services..................................
Housing................................
Household operation...........
Electricity and gas...........
Other household operation
Transportation......................
Medical care.........................
Recreation............................
Other.....................................
3,594.9
866.0
382.6
134.5
248.2
251.1
938.3
233.2
922.7
3,675.6
880.1
384.7
136.4
248.4
250.3
978.6
237.5
942.7
3,616.6
869.6
377.7
130.2
247.8
248.6
954.9
234.8
929.2
3,642.2
874.0
381.3
133.5
248.0
250.9
963.4
235.6
935.3
3,666.2
878.5
382.9
133.6
249.5
250.3
974.7
237.1
941.0
3,687.0
882.1
384.7
135.7
249.1
249.8
984.4
237.1
947.0
3,707.0
885.8
389.9
142.8
247.0
250.1
992.0
240.3
947.5
-23.6
-37.2
-31.5
-34.1
-34.9
-40.3
-39.5
285.6
293.9
283.6
290.7
290.1
293.3
301.6
5,204.5
5,380.3
5,293.6
5,322.1
5,353.5
5,419.6
5,426.1
Less: Personal outlays...........
Personal consumption
expenditures.....................
Interest paid by persons.....
Personal transfer payments
to the rest of the world
(net)...................................
Equals: Personal saving.......
31.1
32.3
30.6
31.5
31.9
32.9
32.8
169.7
291.0
61.5
270.4
314.3
276.9
302.5
6,748.0
7,036.8
6,729.1
6,961.0
7,027.2
7,058.1
7,100.8
25,957
23,692
27,188
24,479
25,853
23,537
26,759
24,296
27,144
24,479
27,313
24,527
27,535
24,615
284.8
287.5
285.9
286.5
287.1
287.8
288.5
2.3
3.7
.8
3.5
4.0
3.5
3.8
Addenda:
Disposable personal income:
Total, billions of chained
(1996) dollars2............
Per capita:
Current dollars.............
Chained (1996) dollars
Population (mid-period,
millions)........................
Personal saving as a
percentage of disposable
personal income.............
Residual....................................
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 expendi
tures.
Note. Percent changes from preceding period for disposable personal income are shown in table 8.1.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Addenda:
Energy goods and services 1
Personal consumption
expenditures less food and
energy ..............................
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 addi
tive. The residual line is the difference between the first line and the sum of the most detailed lines.
Chain-type quantity indexes for the series in this table are shown in table 7.4.
Contributions to the percent change in real personal consumption expenditures are shown in table 8.3.
National Data
D-8
April 2003
3. Government Current Receipts and Expenditures_____________________________________________________
Table 3.1. Government Current Receipts and Expenditures
[Billions of dollars]
Seasonally adjusted at annual rates
2001
2002
2001
IV
2002
I
II
III
IV
Current receipts............................................................................................................................
Personal tax and nontax receipts.........................................................................................................
Corporate profits tax accruals..............................................................................................................
Indirect business tax and nontax accruals.........................................................................................
Contributions for social insurance.......................................................................................................
2,992.3
1,292.1
199.3
774.8
726.1
2,874.8
1,113.6
213.3
800.4
747.5
2,986.1
1,309.7
170.6
779.9
725.8
2,865.7
1,136.8
202.4
786.2
740.4
2,876.7
1,121.8
213.7
795.1
746.1
2,869.4
1,099.0
214.7
806.9
748.8
2,887.3
1,096.8
929 4
813.3
754.9
Current expenditures...................................................................................................................
Consumption expenditures...................................................................................................................
Transfer'paymen'ts (net)...................................................................................................ec.................
To persons.........................................................................................................................................
To the rest of the world (net)............................................................................................................
Net interest paid.....................................................................................................................................
Interest paid.......................................................................................................................................
To persons and business..............................................................................................................
To the rest of the world..................................................................................................................
Less: Interest received by government............................................................................................
Less: Dividends received by government............................................................................................
Subsidies less current surplus of government enterprises...............................................................
Subsidies.......................'............ ............................. 1.........................................................................
Less: Current surplus of government enterprises..........................................................................
Less: Wage accruals less disbursements............................................................................................
2,951.6
1,522.2
<146.6
1,137.0
9.6
236.0
341.1
260.4
80.7
105.1
.4
47.3
55.3
8.0
.0
3,126.2
1,621.0
<267.3
1,252.9
14.4
205.8
314.1
241.0
73.0
108.2
.5
32.5
46.2
13.7
.0
2,994.9
1,551.8
<186.3
1,171.0
15.3
219.9
326.1
250.2
75.9
106.2
.4
37.5
46.1
8.6
.0
3,067.3
1,584.0
<240.2
1,217.4
22.8
206.6
312.7
238.7
74.0
106.2
.4
37.0
46.4
9.4
.0
3,117.4
1,611.6
<258.3
1,247.7
10.6
212.8
319.5
244.9
74.7
106.7
.5
35.1
46.0
11.0
.0
3,134.6
1,629.4
<272.8
1,263.1
9.7
203.8
312.2
239.4
72.8
108.4
.5
29.1
46.6
17.5
.0
3,185.6
1,659.0
1,298.0
1,283.5
14.5
200.1
311.8
241.2
70.7
111.7
.5
29.0
45.9
17.0
.0
Current surplus or deficit (-), national income and product accounts.................................
Social insurance funds..........................................................................................................................
Other.......................................................................................................................................................
40.7
93.2
-52.5
-251.4
52.9
-304.3
-8.9
76.3
-85.1
-201.6
63.9
-265.5
-240.7
49.6
-290.3
-265.2
48.0
-313.2
-298.3
49.9
-348.2
Addenda:
Net lending or net borrowing (-)......................................................................................................
Current surplus or deficit (-), national income and product accounts.....................................
Plus: Consumption of fixed capital.......................... ....................................................................
Plus: Capital transfers received (net)...........................................................................................
Less: Gross investment.................. .............................................................................................
Less: Net purchases of nonproduced assets..............................................................................
-46.9
40.7
222.4
35.4
335.8
9.6
-351.9
-251.4
229.6
32.9
351.9
11.0
-105.6
-8.9
224.2
34.7
345.0
10.6
-305.6
-201.6
226.5
35.8
355.5
10.8
-341.3
-240.7
228.6
29.7
348.2
10.6
-362.1
-265.2
230.5
35.7
351.7
11.4
-398.5
-298.3
232.7
30.3
352.2
11.0
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
D-9
Survey of Current Business
Table 3.2. Federal Government Current Receipts and Expenditures
Table 3.3. State and Local Government Current Receipts and
Expenditures
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
2002
2001
Seasonally adjusted at annual rates
2002
2001
II
I
IV
Current receipts..............
Personal tax and nontax
receipts................................
Income 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..............................
2,008.4
1,875.6
1,992.3
1,884.7
1,883.7
1,864.1
1,869.7
1,010.9
1,000.3
10.6
170.2
27.1
143.2
847.0
837.6
9.4
179.8
22.2
157.6
1,025.5
1,015.1
10.4
142.9
24.3
118.6
874.8
864.8
10.0
170.5
22.7
147.8
856.6
847.0
9.6
180.2
23.2
157.0
831.3
822.3
9.1
181.1
22.2
158.8
825.3
816.3
9.0
187.5
20.6
166.9
110.3
66.3
20.6
23.4
110.6
69.6
20.3
20.7
107.3
64.9
19.9
22.5
108.4
68.4
18.8
21.2
110.2
69.9
19.4
20.9
112.4
69.8
22.4
20.2
111.5
70.3
20.6
20.5
716.9
738.1
716.6
731.1
736.7
739.3
745.4
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......................
1,936.4
528.4
842.2
832.6
9.6
2,075.5
586.5
931.7
917.4
14.4
1,971.0
543.6
870.9
855.6
15.3
2,030.5
566.3
916.9
894.1
22.8
2,079.3
581.0
927.6
917.0
10.6
2,074.6
589.8
934.1
924.4
9.7
2,117.4
608.9
948.5
934.0
14.5
277.4
238.1
257.8
177.2
80.7
305.7
207.8
228.9
155.9
73.0
289.4
221.6
242.1
166.2
75.9
292.3
208.5
228.3
154.2
74.0
309.6
214.9
234.6
159.9
74.7
305.0
205.8
226.8
154.0
72.8
315.8
202.1
225.9
155.3
70.7
Current surplus or deficit
(-), national income
and product accounts..
Social insurance funds............
Other.........................................
Addenda:
Net lending or net borrowing
w.....................................
Current surplus or deficit
(-), national income and
product accounts.........
Plus: Consumption of
fixed capital..................
Plus: Capital transfers
received (net)...............
/.ess:Gross investment...
Less: Net purchases of
nonproduced assets....
19.7
21.1
20.5
19.8
19.7
21.0
23.9
50.3
47.5
43.7
45.4
45.5
43.1
46.6
44.9
46.3
45.5
39.9
45.0
42.1
46.3
-2.8
1.7
-2.4
-1.7
-.7
5.0
4.2
.0
.0
.0
.0
.0
.0
.0
72.0
93.3
-21.3
-199.9
53.0
-252.9
21.3
76.4
-55.1
-145.8
64.1
-209.9
-195.6
49.7
-245.3
-210.5
48.1
-258.6
-247.7
50.0
-297.7
58.9
-224.5
72.0
98.7
3.3
-169.5
-223.2
-233.5
-271.7
-199.9
21.3
-145.8
-195.6
-210.5
-247.7
101.9
99.7
100.6
101.3
102.2
103.6
-12.9
99.7
-19.1
107.2
-14.3
103.4
-18.3
105.7
-21.8
107.1
-16.8
107.9
-19.5
108.0
-.7
.2
.1
.2
-.1
.6
.1
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2002
2001
IV
III
2001
2002
IV
I
II
III
IV
Current 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...............
1,261.3
1,304.9
1,283.2
1,273.3
1,302.5
1,310.3
1,333.4
281.2
218.7
41.9
20.6
29.1
266.6
200.7
45.1
20.7
33.5
284.3
220.5
43.1
20.7
27.7
262.0
197.4
43.9
20.7
32.0
265.3
199.9
44.7
20.7
33.5
267.7
201.4
45.5
20.7
33.7
271.4
204.2
46.4
20.8
34.9
664.4
321.2
257.4
85.8
689.8
333.5
267.8
88.5
672.5
326.0
261.0
85.6
677.8
327.4
263.5
86.9
684.9
330.6
265.9
88.3
694.5
337.2
268.6
88.7
701.8
338.6
273.2
90.0
9.2
277.4
9.4
305.7
9.2
289.4
9.3
292.3
9.4
309.6
9.4
305.0
9.5
315.8
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.....................
1,292.6
993.7
304.4
-2.1
83.3
1,356.4
1,034.5
335.6
-2.0
85.2
1,313.3
1,008.2
315.4
-1.8
84.0
1,329.1
1,017.7
323.4
-1.9
84.5
1,347.6
1,030.6
330.7
-2.0
84.9
1,365.0
1,039.6
338.7
-2.0
85.4
1,384.0
1,050.1
349.5
-1.9
85.9
85.4
87.1
85.7
86.4
87.0
87.4
87.8
Current surplus or deficit
(-), national income
and product accounts..
Social insurance funds............
Other.........................................
Addenda:
Net lending or net borrowing
(-).....................................
Current surplus or deficit
(-), national income and
product accounts.........
Plus: Consumption of
fixed capital..................
Plus: Capital transfers
received (net)...............
Less:Gross investment...
Less: Net purchases of
nonproduced assets....
.4
.5
.4
.4
.5
.5
.5
-3.1
7.8
-11.2
.8
-8.1
2.9
-9.6
1.4
-11.2
.5
-10.8
1.7
-13.2
-.4
10.9
12.0
11.0
11.0
11.7
12.5
12.8
.0
.0
.0
.0
.0
.0
.0
-31.3
-.1
-31.2
-51.5
-.1
-51.4
-30.2
-.2
-30.0
-55.8
-.2
-55.6
-45.1
-.1
-44.9
-54.7
-.1
-54.6
-50.6
-.1
-50.5
-105.8
-127.4
-108.8
-136.1
-118.1
-128.5
-126.8
-31.3
-51.5
-30.2
-55.8
-45.1
-54.7
-50.6
123.7
127.7
124.5
125.9
127.3
128.3
129.1
48.3
236.2
52.0
244.7
49.0
241.7
54.1
249.7
51.5
241.1
52.5
243.8
49.8
244.2
10.3
10.8
10.5
10.6
10.7
10.9
10.9
National Data
D-10
April 2003
Table 3.7. Government Consumption Expenditures and Gross Investment
by Type
Table 3.8. Real Government Consumption Expenditures and Gross
Investment by Type
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
2001
2002
2001
2001
2002
IV
I
II
III
IV
Government consumption
expenditures and gross
investment1 ...ji..........
1,858.0
1,972.9
1,896.8
1,939.5
1,959.8
1,981.1
2,011.3
Federal.....................................
628.1
693.7
646.9
672.0
688.2
697.7
716.9
National defense................
Consumption
expenditures................
Durable goods2...........
Nondurable goods......
Services........................
Compensation of
general
government
employees, except
own-account
investment3.........
Consumption of
general
government fixed
capital4.................
Other services..........
Gross investment............
Structures.....................
Equipment and software
399.9
447.4
412.8
431.7
442.1
451.2
464.7
344.5
24.2
10.5
309.8
386.6
25.3
11.5
349.9
356.0
24.0
11.3
320.7
372.1
24.7
10.9
336.5
382.5
24.9
11.7
345.9
388.9
26.3
12.0
350.6
403.2
25.2
11.4
366.6
143.7
154.4
143.9
152.7
155.0
155.8
153.9
63.5
102.5
55.5
5.4
50.0
64.2
131.3
60.8
5.3
55.5
63.6
113.2
56.8
5.7
51.1
63.8
120.0
59.7
5.1
54.6
64.0
127.0
59.6
5.4
54.2
64.3
130.5
62.4
5.4
57.0
64.9
147.7
61.5
5.3
56.3
Nondefense.........................
Consumption
expenditures................
Durable goods2...........
Nondurable goods......
Commodity Credit
Corporation
inventory change..
Other nondurables....
Services........................
Compensation of
general
government
employees, except
own-account
investment3.........
Consumption of
general
government fixed
capital4.................
Other services..........
Gross investment............
Structures.....................
Equipment and software
228.2
246.3
234.1
240.3
246.1
246.5
252.2
184.0
1.3
8.7
199.9
1.4
9.4
187.5
1.4
8.2
194.2
1.4
8.6
198.6
1.4
10.1
200.9
1.4
9.4
205.8
1.6
9.4
.8
7.9
174.0
-.2
9.6
189.1
.0
8.3
177.9
-.2
8.8
184.3
.3
9.8
187.1
-.2
9.6
190.1
-.6
10.1
194.7
95.2
104.3
95.6
101.7
102.7
104.6
108.0
28.7
50.1
44.2
10.4
33.8
30.8
54.0
46.4
12.3
34.1
29.5
52.8
46.6
11.6
35.0
30.0
52.6
46.1
13.3
32.8
30.5
53.9
47.5
12.1
35.4
31.0
54.5
45.5
11.3
34.3
31.6
55.1
46.5
12.6
33.8
State and local........................
Consumption expenditures..
Durable goods2...............
Nondurable goods...........
Services............................
Compensation of
general government
employees, except
own-account
investment3.............
Consumption of general
government fixed
capital4....................
Other services..............
Gross investment................
Structures.........................
Equipment and software..
1,229.9
993.7
18.3
118.7
856.7
1,279.2
1,034.5
19.4
121.1
894.0
1,249.8
1,008.2
18.8
113.9
875.5
1,267.5
1,017.7
19.1
115.3
883.3
1,271.6
1,030.6
19.3
120.2
891.1
1,283.3
1,039.6
19.5
122.6
897.5
1,294.4
1,050.1
19.7
126.3
904.1
700.4
733.8
718.1
723.9
730.1
737.1
744.0
95.4
60.9
236.2
177.6
58.6
100.0
60.3
244.7
188.2
56.5
97.3
60.1
241.7
183.1
58.6
98.6
60.8
249.7
192.5
57.2
99.6
61.3
241.1
184.4
56.6
100.4
59.9
243.8
187.4
56.4
101.1
59.0
244.2
188.6
55.6
952.1
240.5
711.6
1,006.1
260.5
745.5
970.7
241.2
729.5
991.9
256.2
735.7
1,001.2
259.6
741.6
1,011.3
262.5
748.9
1,019.8
263.9
755.8
Addenda:
Compensation of general
government employees3
Federal..............................
State and local5...............
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 own-account investment and related expenditures
for goods and services are classified as investment in structures and in software. 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.
5. Beginning with 2001, in accordance with the Consolidated Appropriations Act of 2001, includes compensa
tion of employees of Indian tribal governments reclassified from the private sector.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Government consumption
expenditures and gross
investment'.................
2002
2001
2002
IV
I
II
III
IV
1,640.4
1,712.8
1,674.5
1,697.3
1,703.3
1,715.6
1,735.0
570.6
613.3
587.2
597.8
608.7
615.1
631.4
National defense................
Consumption
expenditures................
Durable goods2............
Nondurable goods......
Services........................
Compensation of
general
government
employees, except
own-account
investment3.........
Consumption of
general
government fixed
capital4.................
Other services..........
Gross investment............
Structures....................
Equipment and software
366.0
400.0
378.0
388.5
395.8
402.5
413.2
308.9
24.3
9.9
275.1
337.0
25.3
11.4
300.6
319.1
24.2
11.3
284.0
326.7
24.8
11.5
290.7
333.9
24.9
11.7
297.6
338.0
26.4
11.6
300.5
349.4
25.2
10.8
313.4
121.2
123.4
121.3
122.4
123.8
124.3
123.0
62.4
91.7
57.3
4.6
53.0
62.6
114.9
63.3
4.4
59.5
62.4
100.6
59.0
4.7
54.6
62.4
106.2
62.2
4.2
58.5
62.5
111.6
62.2
4.5
58.2
62.6
113.8
65.0
4.4
61.1
62.8
128.2
63.9
4.3
60.1
Nondefense.........................
Consumption
expenditures................
Durable goods2............
Nondurable goods......
Commodity Credit
Corporation
inventory changeother nondurables...
Services........................
Compensation of
general
government
employees, except
own-account
investment3.........
Consumption of
general
government fixed
capital4.................
Other services..........
Gross investment............
Structures....................
Equipment and software
204.4
213.3
209.1
209.3
212.9
212.7
218.3
161.1
1.5
8.9
167.8
1.7
8.5
163.7
1.6
7.8
164.3
1.7
7.8
166.5
1.7
9.6
167.9
1.7
8.3
172.5
1.9
8.4
1.7
7.2
151.6
-.1
8.6
157.7
.0
7.8
154.4
-.4
8.3
154.6
.8
8.8
155.8
-.1
8.4
157.9
-.6
9.0
162.2
79.0
80.7
79.0
79.4
79.2
80.4
83.6
28.0
45.4
43.6
8.9
35.4
30.1
48.0
45.9
10.4
36.0
28.8
47.6
45.9
9.9
36.6
29.3
47.0
45.4
11.3
34.4
29.8
47.9
47.0
10.2
37.3
30.3
48.3
45.1
9.5
36.3
30.9
48.7
46.0
10.6
35.9
State and local........................
Consumption expenditures.
Durable goods2...............
Nondurable goods...........
Services............................
Compensation of
general government
employees, except
own-account
investment3..............
Consumption of general
government fixed
capital4.....................
Other services..............
Gross investment................
Structures.........................
Equipment and software..
1,069.4
856.8
18.3
108.7
731.1
1,099.7
881.1
19.3
113.0
750.5
1,087.1
870.7
18.7
110.7
742.7
1,099.3
875.9
19.0
111.8
746.6
1,094.7
879.4
19.2
112.6
749.2
1,100.6
883.0
19.4
113.3
751.9
1,104.0
886.3
19.6
114.1
754.2
589.6
601.7
597.6
599.4
600.8
602.6
604.1
88.7
53.2
212.8
148.6
65.9
92.6
56.8
218.6
154.9
64.6
90.2
55.3
216.5
151.7
66.4
91.4
56.5
223.7
159.4
65.0
92.2
56.8
215.3
151.9
64.6
93.0
57.0
217.6
153.9
64.7
93.7
57.1
217.7
154.5
64.0
Residual....................................
-6.8
-7.0
-6.5
-6.2
-7.7
-7.3
-6.5
Addenda:
Compensation of general
government employees3.
Federal..............................
State and local5...............
800.5
201.6
598.9
817.0
205.7
611.3
808.7
201.7
607.0
812.4
203.4
609.1
814.8
204.5
610.3
818.6
206.4
612.2
822.2
208.4
613.8
Federal....................................
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 addi
tive. 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.
Chain-type quantity indexes for the series in this table are shown in table 7.11.
Contributions to percent change in real government consumption expenditures and gross investment are
shown in table 8.6.
April 2003
D-11
Survey of Current Business
Table 3.10. National Defense Consumption Expenditures and Gross
Investment
Table 3.11. Real National Defense Consumption Expenditures and Gross
Investment
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
2001
2002
2001
IV
2002
III
II
I
2001
National defense
consumption
expenditures and gross
investment1................
399.9
447.4
412.8
431.7
442.1
451.2
Consumption expenditures . ..
344.5
386.6
356.0
372.1
382.5
388.9
Durable goods2..................
Aircraft..............................
Missiles............................
Ships................................
Vehicles............................
Electronics........................
Other durable goods.......
24.2
11.2
2.5
1.2
1.0
3.0
5.3
25.3
11.3
2.8
1.3
1.1
3.1
5.6
24.0
11.4
2.1
1.1
1.0
3.1
5.3
24.7
11.1
2.6
1.3
1.0
3.1
5.6
24.9
11.3
2.5
1.3
1.1
3.2
5.5
Nondurable goods..............
Petroleum products.........
Ammunition.....................
Other nondurable goods..
10.5
4.0
2.1
4.4
11.5
4.2
2.5
4.8
11.3
3.6
2.1
5.6
10.9
3.8
2.4
4.7
Services...............................
Compensation of general
government employees,
except own-account
investment3.................
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.............................
309.8
349.9
320.7
143.7
94.1
49.6
154.4
102.1
52.3
63.5
102.5
2002
IV
2002
2001
IV
II
I
III
IV
464.7
National defense
consumption
expenditures and gross
investment1.................
366.0
400.0
378.0
388.5
395.8
402.5
413.2
403.2
Consumption expenditures....
308.9
337.0
319.1
326.7
333.9
338.0
349.4
26.3
11.6
3.0
1.5
1.0
3.3
5.8
25.2
11.4
3.1
1.2
1.2
2.8
5.5
Durable goods2...................
Aircraft..............................
Missiles............................
Ships................................
Vehicles............................
Electronics........................
Other durable goods........
24.3
11.2
2.5
1.2
.8
3.4
5.2
25.3
11.3
2.8
1.3
.8
3.6
5.6
24.2
11.5
2.1
1.1
.8
3.6
5.3
24.8
11.1
2.6
1.3
.8
3.6
5.6
24.9
11.2
2.6
1.3
.8
3.7
5.5
26.4
11.6
3.0
1.5
.8
3.9
5.8
25.2
11.3
3.1
1.2
.9
3.3
5.5
11.7
4.3
2.6
4.8
12.0
4.7
2.7
4.6
11.4
4.0
2.4
5.0
Nondurable goods..............
Petroleum products.........
Ammunition......................
Other nondurable goods..
9.9
3.4
2.1
4.2
11.4
4.3
2.6
4.5
11.3
3.7
2.2
5.3
11.5
4.6
2.5
4.4
11.7
4.4
2.7
4.5
11.6
4.5
2.8
4.3
10.8
3.6
2.5
4.6
336.5
345.9
350.6
366.6
275.1
300.6
284.0
290.7
297.6
300.5
313.4
143.9
94.8
49.1
152.7
101.2
51.4
155.0
102.4
52.5
155.8
103.0
52.8
153.9
101.5
52.4
121.2
80.7
40.7
123.4
83.7
39.9
121.3
81.4
40.0
122.4
83.0
39.6
123.8
84.0
40.0
124.3
84.5
40.1
123.0
83.3
39.9
64.2
131.3
63.6
113.2
63.8
120.0
64.0
127.0
64.3
130.5
64.9
147.7
62.4
91.7
62.6
114.9
62.4
100.6
62.4
106.2
62.5
111.6
62.6
113.8
62.8
128.2
29.6
25.5
12.2
28.0
42.0
28.5
18.3
35.5
34.6
27.0
14.0
30.2
37.5
27.2
16.0
32.2
40.9
27.1
17.2
34.2
40.0
29.6
19.2
36.6
49.5
30.2
20.7
39.0
26.9
23.4
10.7
23.4
37.5
25.6
15.8
28.6
31.2
24.7
12.2
24.8
33.7
24.8
13.9
26.3
36.7
24.5
14.9
27.6
35.6
26.4
16.6
29.4
43.9
26.7
17.9
31.2
4.9
4.2
-2.0
5.0
4.0
-1.9
5.1
4.3
-1.9
4.8
4.0
-1.7
4.9
4.0
-1.3
5.0
4.0
-3.9
5.2
4.1
-.9
Services...............................
Compensation of general
government employees,
except own-account
investment3..................
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.............................
4.6
4.1
-1.7
4.6
3.9
-1.6
4.7
4.2
-1.5
4.5
3.8
-1.4
4.5
3.8
-1.1
4.5
3.9
-3.2
4.7
4.0
-.7
Gross investment...................
55.5
60.8
56.8
59.7
59.6
62.4
61.5
Gross investment...................
57.3
63.3
59.0
62.2
62.2
65.0
63.9
Structures............................
5.4
5.3
5.7
5.1
5.4
5.4
5.3
Structures............................
4.6
4.4
4.7
4.2
4.5
4.4
4.3
Equipment and software....
Aircraft..............................
Missiles............................
Ships................................
Vehicles............................
Electronics and software.
Other equipment..............
50.0
8.3
3.3
7.2
1.8
13.7
15.7
55.5
9.3
3.1
8.7
2.6
15.0
16.8
51.1
8.0
3.0
7.3
2.0
14.3
16.4
54.6
8.6
3.6
8.1
2.1
14.9
17.2
54.2
9.0
3.1
8.5
2.8
14.7
16.2
57.0
9.9
2.6
8.9
3.0
15.3
17.1
56.3
9.9
3.1
9.0
2.7
14.9
16.7
Equipment and software ...
Aircraft..............................
Missiles............................
Ships................................
Vehicles............................
Electronics and software.
Other equipment..............
53.0
9.6
3.5
7.1
1.9
15.3
15.5
59.5
11.2
3.4
8.5
2.8
17.1
16.5
54.6
9.6
3.2
7.3
2.1
16.1
16.1
58.5
10.4
3.9
8.1
2.2
16.9
17.0
58.2
10.8
3.4
8.4
2.9
16.7
15.9
61.1
11.9
2.9
8.7
3.2
17.5
16.8
60.1
11.7
3.4
8.8
2.7
17.2
16.4
Residual....................................
-.7
-1.3
-.8
-1.3
-.9
-1.5
-1.0
144.3
155.3
144.6
153.6
155.9
156.8
154.9
Addendum:
Compensation of general
government employees ’.
121.7
124.1
121.8
123.1
124.5
125.1
123.8
Addendum;
Compensation of general
government employees3
1. Gross government investment consists of general government and government enterprise expenditures for
fixed assets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for
goods transferred to foreign countries.
3. Compensation of government employees engaged in new own-account investment and related expenditures
for goods and services are classified as investment in structures and in software 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.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 addi
tive. The residual line is the difference between the first line and the sum of the most detailed lines, excluding the
line in the addendum.
Chain-type indexes for the series in this table are shown in table 7.12.
See footnotes to table 3.10.
National Data
D-12
April 2003
4. Foreign Transactions____________________________________________________________________________
Table 4.1. Foreign Transactions in the National Income and Product
Accounts
Table 4.2. Real Exports and Imports of Goods and Services and Receipts
and Payments of Income
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
2001
2002
2001
2001
2002
IV
I
II
III
IV
Receipts from the rest of
the world......................
Exports of goods and services
Goods 1................................
Durable.............................
Nondurable.......................
Services1.............................
Income receipts.......................
1,351.1
1,034.1
733.5
522.4
211.2
300.6
316.9
1,292.9
1,014.9
703.6
493.0
210.6
311.3
278.0
1,240.0
971.1
687.7
481.8
205.8
283.4
269.0
1,242.2
977.5
679.8
477.2
202.6
297.7
264.7
1,294.1
1,018.1
709.4
499.3
210.0
308.8
276.0
1,325.9
1,038.6
722.6
509.5
213.1
316.0
287.3
1,309.6
1,025.4
702.6
486.0
216.5
322.8
284.2
Payments to the rest of
the world.....................
Imports of goods and services
Goods1................................
Durable.............................
Nondurable.......................
Services1.............................
Income payments...................
Transfer payments (net)..........
From persons (net).............
From government (net)......
From business......................
Net foreign investment............
1,351.1
1,383.0
1,167.2
754.4
412.8
215.8
295.0
49.8
31.1
9.6
9.1
-376.7
1,292.9
1,438.5
1,192.1
771.1
421.0
246.4
287.6
55.7
32.3
14.4
9.0
-488.9
1,240.0
1,315.6
1,098.3
721.0
377.3
217.3
233.7
54.6
30.6
15.3
8.8
-363.9
1,242.2
1,337.5
1,102.3
732.4
369.9
235.2
262.8
63.5
31.5
22.8
9.2
-421.7
1,294.1
1,443.7
1,202.9
781.6
421.3
240.8
296.1
51.5
31.9
10.6
9.0
-497.2
1,325.9
1,471.5
1,220.9
783.8
437.2
250.6
298.2
51.8
32.9
9.7
9.2
-495.6
1,309.6
1,501.4
1,242.5
786.6
455.9
258.9
293.4
55.9
32.8
14.5
8.7
-541.0
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.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Exports of goods and services
Goods1.................................
Durable.............................
Nondurable.......................
Services1.............................
Income receipts......................
Imports of goods and services
Goods1.................................
Durable.............................
Nondurable.......................
Services1.............................
Income payments...................
1,076.1
785.2
558.3
226.7
292.0
2002
1,058.8
756.9
529.2
227.5
301.5
2001
2002
IV
I
II
III
IV
1,021.8
744.6
517.3
227.1
278.2
1,030.6
738.1
512.3
225.7
292.2
1,065.5
765.8
536.3
229.3
299.7
1,077.7
773.5
546.6
226.7
304.0
1,061.6
750.3
521.5
228.5
310.0
292.0
253.3
247.4
242.8
251.8
261.3
257.5
1,492.0
1,270.5
865.6
402.3
222.4
1,547.4
1,320.1
901.4
415.5
227.2
1,447.2
1,238.7
838.2
397.1
208.9
1,477.1
1,250.0
856.0
391.5
225.5
1,552.9
1,329.2
912.5
414.3
224.3
1,565.7
1,340.3
915.5
421.7
226.0
1,593.8
1,360.8
921.6
434.5
233.0
269.2
260.3
213.1
239.2
268.2
269.5
264.2
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 (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 addi
tive.
Chain-type quantity indexes for the series in this table are shown in table 7.9.
April 2003
D-13
Survey of Current Business
Table 4.3. Exports and Imports of Goods and Services by Type of Product
[Billions of dollars]
Table 4.4. Real Exports and Imports of Goods and Services by Type of
Product
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
2001
2002
2001
IV
Exports of goods and
services........................
Seasonally adjusted at annual rates
2002
I
II
III
1,034.1
1,014.9
971.1
977.5
Exports of goods 1..................
Foods, feeds, and beverages
Industrial supplies and
materials...........................
Durable goods.................
Nondurable goods...........
Capital goods, except
automotive........................
Civilian aircraft, engines,
and parts.......................
Computers, peripherals,
and parts.......................
Other................................
Automotive vehicles,
engines, and parts...........
Consumer goods, except
automotive........................
Durable goods.................
Nondurable goods...........
Other.....................................
733.5
49.4
703.6
49.5
687.7
49.7
679.8
49.7
709.4
48.6
722.6
49.5
702.6
50.3
155.3
57.1
98.2
153.7
56.0
97.7
147.2
53.6
93.6
144.9
53.5
91.3
155.6
57.2
98.4
156.3
56.9
99.4
158.0
56.4
101.6
321.7
291.3
288.7
284.4
294.1
301.7
285.0
52.6
51.0
48.1
49.4
50.2
56.4
48.1
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.....................................
Imports of services 1.............
Direct defense expenditures
Travel.....................................
Passenger fares...................
Other transportation............
Royalties and license fees...
Other private services..........
Other.....................................
Addenda:
Exports of agricultural
goods2.............................
Exports of nonagricultural
goods...............................
Imports of nonpetroleum
goods ...............................
1,018.1
1,038.6
1,025.4
47.6
221.6
38.6
201.7
41.8
198.9
39.0
196.0
38.6
205.4
37.8
207.5
38.9
198.0
75.4
78.5
74.3
73.8
80.4
82.5
77.4
88.3
46.5
41.9
43.3
84.5
44.1
40.4
46.0
84.5
43.6
40.9
43.3
82.2
43.1
39.2
44.8
84.2
44.3
39.9
46.4
86.0
45.1
40.9
46.7
85.6
44.1
41.5
46.1
300.6
311.3
283.4
297.7
308.8
316.0
322.8
11.2
73.1
18.0
28.3
38.7
108.1
23.2
11.4
71.1
17.6
28.1
41.6
116.6
25.0
11.6
58.9
14.5
26.7
38.7
110.2
22.7
11.1
68.7
16.7
26.9
40.4
110.5
23.5
11.6
69.3
16.8
27.7
42.6
115.9
24.7
11.1
70.9
18.2
28.4
42.3
119.6
25.6
11.6
75.7
18.6
29.3
41.1
120.3
26.3
1,383.0
1,438.5
1,315.6
1,337.5
1,443.7
1,471.5
1,501.4
1,167.2
46.6
1,192.1
49.8
1,098.3
47.1
1,102.3
47.5
1,202.9
49.4
1,220.9
50.4
1,242.5
52.0
164.8
80.0
84.8
103.6
160.2
81.0
79.1
103.4
149.0
75.9
73.1
81.0
149.5
77.5
71.9
76.7
159.0
79.5
79.5
108.1
163.5
82.2
81.3
110.7
168.7
84.9
83.9
117.9
298.0
284.0
272.3
277.4
288.4
285.3
284.9
31.4
25.7
32.5
29.0
24.9
22.2
26.6
74.0
192.6
75.3
183.0
68.5
171.3
75.6
172.7
76.6
186.9
74.7
188.4
74.4
183.9
189.8
204.0
187.5
190.4
207.5
210.0
208.1
284.5
146.7
137.8
79.9
307.6
160.5
147.1
83.2
285.4
149.4
136.0
75.4
307.2
164.5
142.7
83.2
315.0
163.2
151.8
86.0
322.9
164.8
158.1
88.0
215.8
15.2
60.1
22.4
38.8
16.4
54.6
8.3
246.4
18.8
61.3
21.6
39.1
18.3
78.5
8.7
278.6
143.9
134.8
82.8
217.3
17.4
51.8
17.8
36.0
16.4
69.5
8.4
235.2
17.4
58.8
20.5
36.1
18.9
74.9
8.6
240.8
18.4
59.2
20.6
39.6
18.0
76.4
8.6
250.6
19.4
61.4
21.9
39.5
19.2
80.4
8.7
258.9
19.9
65.8
23.3
41.4
17.2
82.5
8.8
54.9
54.5
55.8
55.1
54.1
53.4
55.3
678.6
649.1
631.8
624.7
655.3
669.1
647.3
1,063.6
1,088.8
1,017.3
1,025.6
1,094.7
1,110.2
1,124.5
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 nondu
rable nonautomotive consumer goods.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2001
IV
Exports of goods and
services........................
2002
2002
2001
IV
I
II
III
IV
1,076.1
1,058.8
1,021.8
1,030.6
1,065.5
1,077.7
1,061.6
Exports of goods1...................
Foods, fe’eds, 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.....................................
785.2
62.3
756.9
60.9
744.6
63.1
738.1
63.4
765.8
61.3
773.5
59.4
750.3
59.6
162.2
61.7
100.4
162.8
60.5
102.2
159.8
58.6
101.0
158.5
58.5
99.8
165.8
62.0
103.6
163.1
60.9
101.9
163.9
60.4
103.3
355.8
324.8
320.9
316.0
327.7
336.8
318.6
44.8
42.2
40.4
41.2
41.7
46.6
39.3
75.4
238.6
64.4
219.1
67.7
215.4
63.9
212.2
63.8
222.9
63.6
225.5
66.3
215.7
73.4
76.1
72.3
71.7
78.1
79.9
74.7
87.9
46.0
41.9
44.5
84.6
43.9
40.7
47.3
83.9
43.1
40.8
44.9
82.3
42.7
39.6
46.6
84.5
44.2
40.3
47.9
86.0
44.8
41.2
47.7
85.6
43.9
41.7
47.0
Exports of services '..............
Transfers under U.S. military
agency sales contracts....
Travel....................................
Passenger fares...................
Other transportation............
Royalties and license fees...
Other private services.........
Other.....................................
292.0
301.5
278.2
292.2
299.7
304.0
310.0
11.5
65.5
17.0
26.6
35.6
119.1
19.3
11.8
64.4
16.1
26.4
37.8
126.8
21.2
12.1
53.9
13.7
25.6
35.5
122.3
19.0
11.6
62.9
15.8
26.2
37.0
121.8
19.8
12.1
62.7
15.8
26.2
38.8
126.4
20.9
11.6
64.2
15.8
26.3
38.4
129.3
21.7
12.0
68.1
16.9
26.8
37.2
129.6
22.4
Residual....................................
-7.5
-3.0
-7.6
-4.1
-3.2
-1.1
-3.3
Imports of goods and
services........................
1,492.0
1,547.4
1,447.2
1,477.1
1,552.9
1,565.7
1,593.8
Imports of goods1...................
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.....................................
1,270.5
51.7
1,320.1
54.6
1,238.7
52.6
1,250.0
53.2
1,329.2
54.6
1,340.3
55.0
1,360.8
55.7
160.9
81.0
79.7
89.2
166.7
85.2
81.3
86.7
158.5
80.7
77.7
86.7
160.8
82.7
78.0
82.3
165.1
83.3
81.6
88.6
169.1
85.9
83.0
85.5
171.9
89.0
82.7
90.2
400.0
393.2
371.5
382.1
398.2
394.9
397.6
27.3
21.9
28.1
25.0
21.4
18.9
22.6
138.4
236.6
152.3
229.5
135.8
211.3
150.9
215.9
153.0
234.5
151.3
236.2
154.3
231.3
186.7
200.1
184.2
187.3
203.8
205.9
203.4
298.9
159.6
139.4
79.8
326.6
177.5
149.4
83.8
294.2
157.8
136.6
83.6
302.4
164.6
138.1
76.4
326.4
181.7
145.4
84.0
334.4
180.6
154.0
86.6
343.2
183.1
160.2
88.1
Imports of services 1...............
Direct defense expenditures
Travel....................................
Passenger fares...................
Other transportation............
Royalties and license fees...
Other private services.........
Other.....................................
222.4
227.2
20.9
61.9
16.2
35.1
16.7
70.4
8.3
208.9
20.2
54.7
13.9
32.5
15.1
66.7
8.2
225.5
224.3
226.0
233.0
17.5
63.5
17.7
33.6
15.0
69.8
8.0
21.0
63.1
16.0
33.1
17.3
69.0
8.4
21.0
60.9
15.7
35.9
16.4
68.4
8.2
20.6
60.0
15.5
35.1
17.5
71.2
8.2
20.8
63.6
17.6
36.1
15.5
73.0
8.2
-2.5
-4.4
.8
-5.2
-5.5
-5.3
-1.6
70.5
68.8
72.7
72.3
70.3
65.8
66.9
683.5
1,266.4
Residual...................................
Addenda:
Exports of agricultural
goods2.............................
Exports of nonagricultural
goods...............................
Imports of nonpetroleum
goods...............................
714.9
688.5
673.1
667.1
696.0
707.4
1,177.1
1,229.8
1,148.1
1,164.1
1,236.5
1,252.3
* Because of rapid changes in relative prices, the chained-dollar estimates for computers are especially
misleading as a measure of the contribution or relative importance of this component.
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 addi
tive. For exports and for imports, the residual line is the difference between the aggregate line and the sum of the
most detailed lines.
Chain-type quantity indexes for the series in this table are shown in table 7.10.
Contributions to the percent change in real exports and in real imports of goods and services are shown in table
8.5.
See footnotes to table 4.3.
National Data
D-14
April 2003
5. Saving and Investment___________________________________________________________________________
Table 5.1. Gross Saving and Investment
[Billions of dollars]
Seasonally adjusted at annual rates
2001
2002
2002
2001
I
IV
III
II
IV
1,662.4
1,572.9
1,614.4
1,603.2
1,604.0
1,535.5
1,548.9
1,399.3
169.7
122.7
61.2
5.0
56.5
789.1
317.7
.0
1,594.8
291.0
139.9
17.6
-6.9
129.1
827.5
336.4
.0
1,399.0
61.5
223.0
10.8
27.2
185.1
792.6
321.9
.0
1,578.3
270.4
171.0
12.8
1.9
156.3
808.3
328.6
.0
1,616.1
314.3
140.5
13.5
-5.7
132.8
826.1
335.1
.0
1,570.2
276.9
118.6
16.1
-15.1
117.6
836.1
338.7
.0
1,614.5
302.5
129.4
28.2
-8.5
109.7
839.3
343.3
.0
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.....................................
263.1
170.7
98.7
72.0
92.4
123.7
-31.3
-21.9
-98.0
101.9
-199.9
76.1
127.7
-51.5
215.3
121.1
99.7
21.3
94.3
124.5
-30.2
24.9
-45.2
100.6
-145.8
70.1
125.9
-55.8
-12.1
-94.3
101.3
-195.6
82.2
127.3
-45.1
-34.7
-108.3
102.2
-210.5
73.6
128.3
-54.7
-65.6
-144.1
103.6
-247.7
78.5
129.1
-50.6
Gross investment ..........................................................................................................................
Gross private domestic investment.................................................................................................... .
Gross government investment.............................................................................................................
Net foreign investment..........................................................................................................................
1,545.1
1,586.0
335.8
-376.7
1,456.2
1,593.2
351.9
-488.9
1,481.8
1,500.7
345.0
-363.9
1,493.2
1,559.4
355.5
-421.7
1,439.0
1,588.0
348.2
-497.2
1,453.4
1,597.3
351.7
-495.6
1,439.3
1,628.1
352.2
-541.0
Statistical discrepancy..................................................... ...........................................................
-117.3
-116.7
-132.6
-110.0
-165.0
-82.1
-109.6
Addendum:
Gross saving as a percentage of gross national product...............................................................
16.5
15.1
15.8
15.5
15.5
14.6
14.6
Gross saving............................................................................................................ .....................
Gross private saving............................................................................................................................
Personal saving..................................................................................................................................
Undistributed corporate profits with inventory valuation and capital consumption adjustments
Undistributed profits......................................................................................................................
Inventory valuation adjustment...................................................................................................
Capital consumption adjustment.................................................................................................
Corporate consumption of fixed capital...........................................................................................
Noncorporate consumption of fixed capital....................................................................................
Wage accruals less disbursements.................................................................................................
Table 5.4. Private Fixed Investment by Type
Table 5.5. Real Private Fixed Investment by Type
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
2001
2002
2001
IV
Seasonally adjusted at annual rates
2001
2002
I
II
III
2002
IV
2001
2002
IV
I
II
III
IV
Private fixed investment.
1,646.3
1,589.3
1,597.2
1,589.4
1,584.6
1,579.7
1,603.6
Private fixed investment
1,627.4
1,576.4
1,201.6
1,117.4
1,149.8
1,126.8
1,115.8
1,109.8
1,117.1
Nonresidential........................
1,255.1
1,577.3
1,183.4
1,578.4
Nonresidential.........................
1,206.4
1,188.4
1,572.6
1,181.1
1,571.6
1,178.7
1,588.5
1,185.3
324.5
269.3
302.3
288.3
275.2
259.4
254.2
226.4
252.7
243.2
231.7
218.2
212.6
179.2
53.1
200.4
54.4
192.4
56.3
182.3
53.9
171.1
51.5
170.9
50.6
178.7
50.3
145.6
47.3
163.5
49.3
157.1
50.8
148.2
48.4
139.1
45.6
137.8
44.6
42.7
10.5
877.1
30.6
6.4
40.4
7.2
32.3
7.3
31.0
5.8
27.3
5.4
34.0
9.3
29.2
5.5
34.8
6.3
847.4
838.5
850.4
863.0
988.2
971.1
960.3
30.3
6.3
961.4
29.9
5.0
977.2
992.1
404.3
399.7
385.5
388.7
397.1
406.9
406.3
548.5
563.1
531.8
540.4
557.0
575.2
579J
74.2
180.4
149.8
159.0
165.8
148.0
74.2
182.8
142.7
152.2
148.9
147.4
69.3
178.9
137.3
149.8
168.3
143.8
71.9
177.2
139.6
153.4
154.1
142.3
72.8
181.0
143.3
150.5
145.2
148.0
76.8
186.3
143.8
153.3
141.7
148.5
75.4
186.7
144.2
151.5
154.5
150.8
Equipment and software....
Information processing
equipment and software
Computers and
peripheral
equipment1.............
Software2.....................
Other.............................
Industrial equipment......
Transportation equipment
Other................................
30.2
6.3
953.7
26.5
4.6
848.1
31.7
7.3
840.7
Structures............................
Nonresidential buildings,
including farm..............
Utilities.............................
Mining exploration, shafts,
and wells.......................
Other structures..............
270.9
216.3
55.0
239.9
182.0
163.9
153.8
163.6
140.7
283.7
185.7
158.2
146.9
147.0
139.3
243.3
180.6
151.2
144.7
165.4
136.2
262.1
179.0
154.1
148.3
151.5
134.6
271.6
184.3
158.5
145.6
143.4
140.1
303.2
190.3
160.7
145.9
151.4
142.3
Residential..............................
444.8
471.9
447.4
462.6
468.7
469.9
486.5
Residential..............................
373.5
388.2
371.0
383.6
386.1
297.6
189.4
159.7
147.9
141.7
140.3
387.1
395.9
Structures............................
Single family.....................
Multifamily........................
Other structures..............
435.4
232.1
30.7
172.7
462.4
247.0
33.6
181.8
438.0
234.3
31.8
171.9
453.0
241.1
34.2
177.7
459.2
244.3
34.2
180.7
460.4
245.3
33.4
181.7
476.9
257.4
32.4
187.1
Structures............................
Single family....................
Multifamily......................
Other structures..............
364.0
192.6
24.4
146.9
378.5
200.5
26.3
,151.6
361.5
191.3
25.1
145.1
373.9
197.2
27.0
149.6
376.4
198.4
26.8
151.0
377.4
199.8
26.2
151.3
386.1
206.5
25.1
154.4
Equipment...........................
9.3
9.6
9.4
9.5
9.6
9.5
9.6
Structures............................
Nonresidential buildings,
including farm..............
Utilities.............................
Mining exploration, shafts,
and wells.......................
Other structures..............
Equipment and software....
Information processing
equipment and software
Computers and
peripheral
equipment1..............
Software2....................
Other.............................
Industrial equipment........
Transportation equipment
Other.................................
1. Includes new computers and peripheral equipment only.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Equipment...........................
9.5
9.7
9.6
9.7
9.7
9.7
9.8
Residual....................................
-62.2
-99.2
-68.0
-81.1
-90.0
-111.6
-114.6
1. Includes new computers and peripheral equipment only. Because of rapid changes in relative prices, the
chained-dollar estimates for computers are especially misleading as a measure of the contribution or relative
importance of this component; accurate estimates of these contributions are shown in table 8.4.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
current-dollar value of tne 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 addi
tive. The residual line is the difference between the first line and the sum of the most detailed lines.
Chain-type quantity indexes for the series in this table are shown in table 7.6.
Contributions to the percent change in real private fixed investment are shown in table 8.4.
April 2003
D-15
Survey of Current Business
Table 5.1 OB. Change in Private Inventories by Industry
Table 5.11B. Real Change in Private Inventories by Industry
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
2001
IV
Change in private
inventories..................
Farm..........................................
Construction, mining, and
utilities.................................
Manufacturing..........................
Durable goods industries....
Nondurable goods industries
Wholesale trade.......................
Durable goods industries....
Nondurable goods industries
Retail trade...............................
Motor vehicle dealers..........
Food and beverage stores...
General merchandise stores
Other retail stores................
Other industries.......................
Addenda:
Change in private inventories
Durable goods industries.
Nondurable goods
industries......................
Nonfarm industries..............
Nonfarm change in book
value1..........................
Nonfarm inventory
valuation adjustment2.
Wholesale trade...................
Merchant wholesale trade
Durable goods
industries.................
Nondurable goods
industries.................
Nonmerchant wholesale
trade.............................
2002
2001
2002
Seasonally adjusted at annual rates
I
II
2001
3.9
.5
-96.5
3.0
-29.9
5.3
3.4
.4
17.6
-2.3
24.5
-1.5
7.6
-35.9
-29.3
-6.5
-15.6
-19.7
4.0
-20.7
-15.5
.6
-.5
-5.3
2.7
-.9
-11.3
-11.3
.0
-3.7
-3.4
-.3
16.8
10.4
-.1
1.3
5.3
2.5
4.7
-39.6
-34.3
-5.3
-25.4
-26.6
1.3
-41.5
-34.7
1.3
-3.3
-4.7
2.3
1.6
-31.1
-25.4
-5.8
-19.5
-16.2
-3.3
13.8
13.9
-2.2
-4.5
6.7
.0
-1.1
-14.2
-14.9
.6
-9.0
-7.4
-1.6
22.2
15.4
.1
.0
6.8
5.1
-2.5
-2.7
-10.2
7.6
7.1
6.1
.9
15.6
4.6
1.7
2.6
6.6
2.3
-1.7
2.8
5.4
-2.6
6.6
3.7
2.9
15.7
7.8
-.1
7.1
1.0
2.5
-60.3
-65.0
3.9
1.1
-96.5
-95.0
-29.9
-20.3
3.4
-4.8
17.6
4.8
24.5
24.5
4.7
-61.9
2.8
3.4
-1.5
-99.5
-9.7
-35.3
8.2
3.0
12.7
19.8
-.1
26.0
-75.5
14.1
-133.4
-37.1
13.4
38.1
41.9
13.6
-15.6
-12.6
-10.7
-3.7
-4.2
33.9
-25.4
-21.9
1.8
-19.5
-16.2
-10.4
-9.0
-8.4
-18.2
7.1
3.9
-15.9
6.6
4.0
Change in private
inventories..................
Farm.........................................
Construction, mining, and
utilities.................................
Manufacturing..........................
Durable goods industries....
Nondurable goods industries
Wholesale trade.......................
Durable goods industries....
Nondurable goods industries
Retail trade...............................
Motor vehicle dealers..........
Food and beverage stores...
General merchandise stores
Other retail stores................
Other industries.......................
Residual....................................
-16.8
-3.9
-23.2
-14.2
-7.1
3.8
1.9
4.2
-.3
1.3
-2.1
-1.3
.1
2.0
-3.1
.5
-3.5
-3.3
-.6
3.2
2.7
1. This series is derived from the Census Bureau series “current cost inventories.”
2. The inventory valuation adjustment (IVA) shown in this table differs from the IVA that adjusts business
incomes. The IVA in this table reflects the mix of methods (such as first-in, first-out and last-in, first-out) under
lying inventories derived primarily from Census Bureau statistics (see footnote 1). This mix differs from that
underlying business income derived primarily from Internal Revenue Service statistics.
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
Addenda:
Change in private inventories
Durable goods industries
Nondurable goods
industries......................
Nonfarm industries.............
Wholesale trade...................
Merchant wholesale trade
Durable goods
industries.................
Nondurable goods
industries.................
Nonmerchant wholesale
trade.............................
2002
I
IV
-60.3
1.6
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2001
2002
IV
III
II
III
IV
-61.4
2.0
5.2
1.1
-98.4
3.6
-28.9
6.4
4.9
.8
18.8
-2.2
25.8
-.8
6.4
-36.2
-30.1
-6.3
-16.5
-21.8
4.3
-20.3
-15.5
.5
-.4
-5.2
2.6
-.7
-11.5
-11.4
-.1
-3.4
-3.6
.0
16.6
10.5
-.1
1.3
5.2
2.5
4.3
-40.2
-35.2
-5.1
-26.8
-29.9
1.9
-40.6
-34.8
1.1
-3.2
-4.7
2.3
1.6
-31.9
-25.9
-6.0
-19.8
-17.0
-3.2
13.8
14.0
-2.0
-4.4
6.7
.0
-1.0
-14.1
-15.0
.8
-8.7
-7.7
-1.3
22.0
15.6
.1
.0
6.7
5.0
-2.3
-2.6
-10.3
7.4
7.9
6.5
1.6
15.5
4.7
1.6
2.6
6.6
2.3
-1.1
2.8
5.5
-2.5
7.0
3.8
3.1
15.2
7.8
-.1
6.8
1.0
2.5
2.1
.5
1.3
.9
.9
.3
-.2
-61.4
-67.9
5.2
1.4
-98.4
-99.3
-28.9
-20.3
4.9
-4.4
18.8
5.0
25.8
25.1
4.8
-63.2
-16.5
-13.3
3.8
4.1
-3.4
-3.9
-.8
-101.5
-26.8
-23.3
-8.8
-35.1
-19.8
-16.4
9.0
4.2
-8.7
-8.2
13.6
20.8
7.9
4.6
1.4
26.5
7.0
4.2
-18.7
-4.1
-26.1
-14.8
-7.5
4.0
1.9
4.5
.0
1.9
-2.0
-.9
.8
2.3
-3.2
.5
-3.6
-3.4
-.6
3.2
2.7
Note. Estimates in this table are based on the North American Industry Classification System (NAICS). Chained
(1996) dollar series for real change in private 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 corre
sponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line
and the sum of the most detailed lines.
National Data
D-16
Table 5.12B. Private Inventories and Domestic Final Sales by Industry
[Billions of dollars]
IV
Table 5.13B. Real Private Inventories and Real Domestic Final Sales by
Industry
[Billions of chained (1996) dollars]
Seasonally adjusted quarterly totals
2001
April 2003
Seasonally adjusted quarterly totals
2002
II
I
III
2001
IV
IV
Private inventories 1............................
Farm...............................................................
Construction, mining, and utilities.............
Manufacturing...............................................
Durable goods industries........................
Nondurable goods industries.................
Wholesale trade...........................................
Durable goods industries........................
Nondurable goods industries.................
Retail trade....................................................
Motor vehicle dealers..............................
Food and beverage stores.......................
General merchandise stores....................
Other retail stores.....................................
Other industries...........................................
1,430.1
100.8
39.3
451.9
282.0
170.0
337.3
198.5
138.8
388.9
118.3
33.5
63.9
173.3
111.9
1,429.4
104.7
39.5
447.0
275.8
171.2
334.5
194.5
140.0
392.4
121.1
33.1
62.6
175.6
111.4
1,438.1
104.0
41.9
445.7
273.2
172.5
335.1
193.6
141.6
398.0
124.5
32.9
62.7
177.9
113.4
1,446.9
100.1
41.3
447.9
270.2
177.7
341.2
195.1
146.1
402.3
125.1
33.4
63.3
180.4
114.1
1,462.9
106.6
43.6
449.1
271.1
178.0
342.4
196.0
146.4
406.3
126.0
33.5
65.4
181.4
115.1
Addenda:
Private inventories....................................
Durable goods industries.....................
Nondurable goods industries..............
Nonfarm industries...................................
Wholesale trade........................................
Merchant wholesale trade...................
Durable goods industries................
Nondurable goods industries..........
Nonmerchant wholesale trade............
1,430.1
676.9
753.2
1,329.4
337.3
290.3
171.1
119.3
47.0
1,429.4
671.5
757.9
1,324.7
334.5
287.4
167.6
119.9
47.0
1,438.1
672.3
765.8
1,334.1
335.1
287.5
166.6
120.9
47.6
Final sales of domestic business2....
718.5
723.8
724.7
1,446.9
672.9
774.0
1,346.8
341.2
292.1
167.6
124.5
49.1
732.6
1,462.9
677.2
785.7
1,356.4
342.4
292.6
168.0
124.6
49.8
737.2
Final sales of goods and structures of
domestic business2........................
386.4
387.2
382.7
386.6
386.1
Ratios of private inventories to final sales
of domestic business:
Private inventories to final sales.............
Nonfarm inventories to final sales..........
Nonfarm inventories to final sales of
goods and structures...........................
1.99
1.85
1.97
1.83
1.98
1.84
1.98
1.84
1.98
1.84
3.44
3.42
3.49
3.48
3.51
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 the private inventories component of
GDP. The former is the difference between two inventory stocks, each valued at its 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, the change in private inventories 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 it includes a small amount of final
sales by farm and by government enterprises.
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2002
III
II
I
IV
Private inventories 1...........................
Farm..............................................................
Construction, mining, and utilities.............
Manufacturing...............................................
Durable goods industries........................
Nondurable goods industries.................
Wholesale trade...........................................
Durable goods industries........................
Nondurable goods industries.................
Retail trade....................................................
Motor vehicle dealers..............................
Food and beverage stores.......................
General merchandise stores....................
Other retail stores.....................................
Other industries...........................................
1,458.7
106.0
40.0
459.6
286.7
172.8
357.6
217.3
139.2
381.3
118.9
30.5
62.1
169.4
112.4
1,451.5
107.6
40.4
451.7
280.3
171.3
352.6
213.1
138.4
384.7
122.4
30.0
61.1
171.1
112.4
1,452.7
107.8
40.2
448.1
276.5
171.5
350.4
211.2
138.1
390.2
126.3
30.1
61.1
172.8
113.7
1,457.4
107.2
39.6
447.5
273.9
173.3
352.4
212.8
138.5
394.1
127.5
30.5
61.7
174.4
114.3
1,463.9
107.1
39.3
448.2
275.3
172.7
354.2
213.8
139.3
397.9
129.4
30.4
63.4
174.7
114.9
Residual........................................................
3.4
3.4
3.4
3.7
3.6
Addenda:
Private inventories....................................
Durable goods industries....................
Nondurable goods industries.............
Nonfarm industries..................................
Wholesale trade........................................
Merchant wholesale trade...................
Durable goods industries................
Nondurable goods industries..........
Nonmerchant wholesale trade............
1,458.7
701.6
754.5
1,351.8
357.6
308.5
187.7
119.9
49.2
1,451.5
696.5
752.3
1,343.1
352.6
304.4
184.0
119.4
48.3
1,452.7
695.4
754.6
1,344.1
350.4
302.3
182.1
119.2
48.2
1,457.4
696.6
758.0
1,349.3
352.4
303.5
183.1
119.4
49.0
1,463.9
702.9
758.3
1,355.9
354.2
304.5
183.6
120.0
49.6
Final sales of domestic business2....
661.4
665.3
664.6
670.6
672.0
Final sales of goods and structures of
domestic business2........................
371.6
373.3
369.2
373.3
372.0
2.21
2.04
2.18
2.02
2.19
2.02
2.17
2.01
2.18
2.02
3.64
3.60
3.64
3.61
3.64
Ratios of private inventories to final sales
of domestic business:
Private inventories to final sales.............
Nonfarm inventories to final sales..........
Nonfarm inventories to final sales of
goods and structures..........................
1. Inventories are as of the end of the quarter. The quarter-to-quarter changes calculated from this table are at
quarterly rates, whereas the change in private 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 it includes a small amount of final
sales by farm and by government enterprises.
Note. Estimates in this table are based on the North American Industry Classification System (NAICS). Chained
(1996) dollar inventory series are calculated to ensure that the chained (1996) dollar change in inventories for
1996 equals the current-dollar change in inventories for 1996 and that the average of the 1995 and 1996 end-ofyear chain-weighted and fixed-weighted inventories are equal. Chained (1996) dollar final sales are calculated as
the product of the chain-type quantity index and the 1996 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 corre
sponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line
and the sum of the most detailed lines for inventories.
April 2003
D-17
Survey of Current Business
6. Income and Employment by Industry_______________________________________________________________
Table 6.1C. National Income Without Capital Consumption Adjustment by
Industry Group
Table 6.16C. Corporate Profits by Industry Group
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
2001
2002
2001
IV
2001
II
I
III
III
II
I
IV
IV
8,053.5
8,182.7
7,972.8
8,073.8
8,158.0
8,196.8
8,302.0
Domestic industries...............
8,031.5
8,192.2
7,937.6
8,071.9
8,178.1
8,207.7
8,311.1
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............................
6,969.4
7,076.2
6,857.4
6,970.6
7,067.0
7,086.4
7,180.9
111.1
69.5
438.9
1,132.2
640.5
491.8
109.5
58.9
443.0
1,123.5
629.1
494.4
110.6
60.8
435.0
1,075.3
597.0
478.3
116.8
58.2
439.3
1,092.9
610.3
482.6
102.8
57.5
440.6
1,126.8
634.2
492.6
108.0
57.5
442.5
1,131.3
634.5
496.8
110.3
62.4
449.7
1,143.1
637.5
505.6
529.9
236.6
148.4
515.0
236.6
137.0
496.1
226.0
137.1
508.5
231.0
139.8
514.3
233.8
135.9
512.2
237.7
134.7
525.1
243.7
137.5
144.9
458.4
686.1
141.5
467.1
704.3
132.9
452.7
686.1
137.6
457.4
695.2
144.6
463.9
705.5
139.8
464.9
707.7
143.9
482.3
708.6
1,571.1
1,972.0
1,636.5
2,018.4
1,578.9
1,961.8
1,613.2
1,989.1
1,649.0
2,006.6
1,639.7
2,022.6
1,644.2
2,055.3
Government.........................
1,062.1
1,116.0
1,080.2
1,101.4
1,111.1
1,121.3
1,130.2
Rest of the world....................
21.9
-9.6
35.2
1.9
-20.0
-10.9
-9.2
Note. Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
2002
2001
IV
National income without
capital consumption
adjustment..................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2002
2002
Corporate profits with
inventory valuation and
capital consumption
adjustments................
731.6
787.4
811.4
797.6
785.0
771.0
796.1
Domestic industries...............
Financial...............................
Nonfinancial.........................
580.9
173.5
407.4
668.1
209.7
458.4
646.7
197.8
449.0
665.6
213.2
452.4
669.9
210.7
459.3
654.9
207.3
447.6
682.0
207.6
474.4
Rest of the world....................
Receipts from the rest of the
world................................
Less: Payments to the rest of
the world..........................
150.8
119.3
164.7
132.0
115.1
116.1
114.1
172.4
177.0
156.1
161.4
173.4
185.9
187.3
21.6
57.7
-8.5
29.4
58.3
69.7
73.3
Corporate profits with
inventory valuation
adjustment..................
675.1
658.3
626.3
641.3
652.2
653.4
686.4
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................................
524.4
190.6
27.9
162.8
333.7
83.4
9.9
539.0
217.3
22.8
194.5
321.7
92.6
17.0
461.6
200.1
25.0
175.2
261.5
50.9
-14.9
509.3
218.2
23.4
194.8
291.1
68.9
2.5
537.1
218.5
23.9
194.6
318.6
91.9
17.8
537.3
216.1
22.9
193.2
321.2
100.5
22.8
572.3
216.5
21.2
195.2
355.8
108.9
24.6
-1.6
1.2
-2.2
.5
.3
1.3
2.6
Rest of the world....................
9.0
5.8
6.8
5.2
5.8
4.7
7.3
-.6
-2.5
-7.5
-4.9
-2.9
-.1
-2.2
-3.2
.7
-8.4
-6.2
-.9
4.0
6.1
-9.4
15.7
73.5
-7.6
19.4
75.6
-13.3
9.7
65.8
-11.8
19.7
66.4
-4.4
20.0
74.1
-6.6
19.5
77.6
-7.7
18.5
84.3
21.1
16.6
20.1
18.3
18.9
19.2
21.0
15.2
16.9
18.5
15.1
16.7
17.0
18.9
25.7
16.0
16.9
21.8
19.4
9.5
14.1
18.3
15.4
22.8
17.4
22.3
20.7
23.7
27.7
1.2
-5.8
16.7
.3
-11.7
6.5
-5.1
-11.2
15.0
-.5
-9.3
17.1
-1.7
-12.7
13.2
-.3
-13.1
21.5
3.6
-11.8
32.2
44.8
79.1
98.8
28.1
47.3
81.2
83.9
22.7
46.9
80.5
76.7
24.8
41.2
81.4
84.6
31.4
44.8
86.0
78.9
26.5
44.5
82.5
80.6
29.6
58.9
75.1
91.5
150.8
119.3
164.7
132.0
115.1
116.1
114.1
Note. Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
National Data
D-18
April 2003
7. Quantity and Price Indexes_______________________________________________________________________
Table 7.1. Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1996=100]
Seasonally adjusted
Seasonally adjusted
2001
2002
2001
2002
2001
IV
I
II
III
2002
2002
2001
IV
IV
I
II
III
IV
Gross domestic product:
Current dollars...............................
Chain-type quantity index.............
Chain-type price index..................
Implicit price deflator.....................
129.04
117.94
109.42
109.42
133.70
120.82
110.66
110.66
129.95
118.37
109.78
109.78
132.00
119.84
110.14
110.14
132.81
120.21
110.48
110.48
134.47 135.53
121.41 121.82
110.76 111.25
110.76 111.25
Exports of goods and services:
Current dollars......................................
Chain-type quantity index.....................
Chain-type price index.........................
Implicit price deflator...........................
118.30
123.10
96.10
96.10
116.10 111.09 111.82 116.47 118.81
121.13 116.89 117.89 121.89 123.28
94.88
95.58
96.41
95.87
95.06
95.85
95.03
94.85
95.55
96.38
117.30
121.44
96.62
96.59
Personal consumption expenditures:
Current dollars.......................................
Chain-type quantity index......................
Chain-type price index...........................
Implicit price deflator............................
133.40
121.76
109.56
109.56
139.45
125.56
111.06
111.07
135.56
123.42
109.84
109.84
136.98
124.37
110.14
110.14
138.51 140.54 141.77
124.92 126.20 126.74
110.89 111.36 111.87
110.89 111.36 111.86
Exports of goods:
Current dollars..................................
Chain-type quantity index................
Chain-type price index......................
Implicit price deflator.......................
118.62
126.97
93.42
93.42
113.77
122.40
92.98
92.95
111.20 109.93
120.40 119.36
92.39
92.14
92.36
92.10
113.61
121.34
93.67
93.63
Durable goods:
Current dollars....................................
Chain-type quantity index.................
Chain-type price index.......................
Implicit price deflator.........................
135.60
151.16
89.70
89.70
141.43 143.17
162.19 160.91
87.19
88.95
88.97
87.20
139.34
158.30
88.00
88.02
139.01 145.63 141.76
159.08 167.47 163.92
87.36
86.94
86.46
87.38
86.96 • 86.48
Exports of services:
Current dollars ..................................
Chain-type quantity index................
Chain-type price index......................
Implicit price deflator.......................
117.53
114.18
102.94
102.94
121.72
117.87
103.27
103.27
110.81
108.77
101.89
101.87
116.38 120.72
114.24 117.18
101.90 103.04
101.87 103.02
123.56 126.22
118.87 121.19
103.97 104.18
103.95 104.15
Nondurable goods:
Current dollars....................................
Chain-type quantity index.................
Chain-type price index.......................
Implicit price deflator.........................
129.68
118.79
109.17
109.17
134.37
122.58
109.61
109.62
129.88
119.76
108.45
108.45
132.47 133.93
122.07 122.03
108.52 109.75
108.52 109.75
134.49
122.35
109.92
109.92
136.59
123.88
110.25
110.26
Imports of goods and services:
Current dollars......................................
Chain-type quantity index.....................
Chain-type price index.........................
Implicit price deflator...........................
143.60
154.91
92.70
92.70
149.36
160.66
92.99
92.97
136.60
150.26
90.97
90.91
138.87 149.90
153.37 161.24
90.61
93.03
92.97
90.55
152.78 155.88
162.56 165.48
94.05
94.27
94.20
93.98
Services:
Current dollars....................................
Chain-type quantity index.................
Chain-type price index.......................
Implicit price deflator.........................
134.88
117.98
114.32
114.32
141.68
120.63
117.44
117.45
136.95
118.69
115.39
115.38
138.83
119.54
116.15
116.14
140.78
120.32
117.00
117.00
142.63
121.01
117.88
117.88
144.46
121.66
118.74
118.74
Imports of goods:
Current dollars..................................
Chain-type quantity index................
Chain-type price index......................
Implicit price deflator.......................
144.39
157.18
91.87
91.87
147.48
163.31
90.32
90.31
135.87
153.24
88.71
88.66
136.36 148.81 151.04 153.71
154.63 164.44 165.81 168.34
88.24
90.55
91.15
91.36
88.19
90.49
91.09 91.31
Gross private domestic investment:
Current dollars.......................................
Chain-type quantity index......................
Chain-type price index...........................
Implicit price deflator............................
127.62
126.71
100.76
100.73
128.21
127.92
100.23
100.23
120.77 125.49
119.93 125.05
100.73 100.35
100.70 100.35
127.78
127.46
100.24
100.25
128.54
128.59
99.96
99.96
131.02
130.56
100.37
100.35
Imports of services:
Current dollars..................................
Chain-type quantity index................
Chain-type price index......................
Implicit price deflator.......................
139.44 159.17
143.71 146.79
97.03 108.47
97.03 108.43
140.41
134.98
104.08
104.02
151.98 155.59 161.87 167.25
145.69 144.92 146.02 150.54
104.37 107.43 110.92 111.16
104.31 107.37 110.86 111.10
Fixed investment:
Current dollars....................................
Chain-type quantity index.................
Chain-type price index.......................
Implicit price deflator.........................
135.76
134.20
101.16
101.16
131.06
130.06
100.76
100.76
131.71
130.16
101.19
101.19
131.06
129.99
100.82
100.82
130.66
129.68
100.76
100.76
130.27
129.60
100.52
100.52
132.24
130.99
100.95
100.96
Government consumption expenditures
and gross investment:
Current dollars......................................
Chain-type quantity index.....................
Chain-type price index.........................
Implicit price deflator...........................
130.67
115.36
113.27
113.27
138.75
120.46
115.18
115.19
133.39
117.76
113.27
113.27
136.40
119.37
114.27
114.27
137.83 139.32 141.45
119.79 120.65 122.02
115.06 115.47 115.92
115.06 115.47 115.92
Nonresidential:
Current dollars...............................
Chain-type quantity index.............
Chain-type price index..................
Implicit price deflator.....................
133.59
139.55
95.73
95.73
124.23
131.57
94.43
94.42
127.83
134.13
95.31
95.31
125.28
132.13
94.82
94.81
124.06
131.32
94.48
94.47
123.39
131.05
94.17
94.16
124.20
131.79
94.25
94.25
Federal:
Current dollars..................................
Chain-type quantity index................
Chain-type price index......................
Implicit price deflator.......................
118.16
107.33
110.09
110.09
130.50
115.37
113.11
113.12
121.70
110.46
110.18
110.18
126.42
112.46
112.42
112.41
129.46 131.25
114.50 115.71
113.07 113.44
113.06 113.43
134.86
118.79
113.53
113.54
Structures:
Current dollars...........................
Chain-type quantity index..........
Chain-type price index...............
Implicit price deflator................
144.22
120.43
119.76
119.76
119.68 134.38 128.16
100.62 112.30 108.09
118.95 119.66 118.56
118.94 119.67 118.57
122.30
102.97
118.77
118.78
115.29
96.97
118.89
118.90
112.97
94.47
119.57
119.57
National defense:
Current dollars..............................
Chain-type quantity index............
Chain-type price index.................
Implicit price deflator....................
112.02 125.33 115.63
102.51 112.04 105.87
109.27 111.86 109.21
109.27 111.86 109.22
120.93
108.82
111.14
111.14
123.84
110.87
111.71
111.70
130.16
115.74
112.46
112.47
Equipment and software:
Current dollars...........................
Chain-type quantity index..........
Chain-type price index...............
Implicit price deflator................
130.05
146.51
88.76
88.76
125.75 125.65 124.32
143.98 142.39 141.41
87.36
88.26
87.93
87.34
88.25
87.92
124.65
142.55
87.46
87.44
126.09
144.88
87.04
87.03
127.95
147.09
87.00
86.99
Nondefense:
Current dollars..............................
Chain-type quantity index............
Chain-type price index.................
Implicit price deflator....................
130.72
117.10
111.64
111.63
141.06 134.12
122.18 119.78
115.46 111.99
115.45 111.97
137.64
119.91
114.79
114.79
140.95 141.18 144.48
121.93 121.83 125.07
115.61 115.89 115.53
115.60 115.89 115.52
Residential:
Current dollars...............................
Chain-type quantity index.............
Chain-type price index..................
Implicit price deflator.....................
141.98
119.22
119.09
119.09
150.65 142.83
123.92 118.44
121.57 120.60
121.58 120.60
147.67
122.44
120.61
120.61
149.63
123.25
121.40
121.40
150.01
123.59
121.38
121.38
155.30
126.39
122.88
122.88
State and local:
Current dollars..................................
Chain-type quantity index................
Chain-type price index......................
Implicit price deflator.......................
138.13
120.11
115.01
115.01
143.67 140.37
123.51 122.09
116.33 114.97
116.33 114.97
142.35 142.82 144.14
123.47 122.95 123.62
115.29 116.17 116.60
115.29 116.16 116.60
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-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
114.71 116.85
123.84 125.08
92.67
93.45
92.63
93.41
126.40
112.74
112.12
112.11
145.37
123.99
117.24
117.24
to chained-dollar output multiplied by 100.
Percent changes 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.
April 2003
D-19
Survey of Current Business
Table 7.2. Quantity and Price Indexes for Gross Domestic Product, Final
Sales, and Purchases
Table 7.4. Chain-Type Quantity and Price Indexes tor Personal
Consumption Expenditures by Major Type of Product
[Index numbers, 1996=100]
[Index numbers, 1996=100]
Seasonally adjusted
2001
2002
2001
Seasonally adjusted
2002
I
IV
II
2001
III
IV
2002
2001
IV
II
I
III
IV
Chain-type quantity indexes
Gross domestic product:
Current dollars....................
Chain-type quantity index....
Chain-type price index.........
Implicit price deflator..........
129.04
117.94
109.42
109.42
133.70
120.82
110.66
110.66
129.95
118.37
109.78
109.78
132.00
119.84
110.14
110.14
132.81
120.21
110.48
110.48
134.47
121.41
110.76
110.76
135.53
121.82
111.25
111.25
Final sales of domestic
product:
Current dollars....................
Chain-type quantity index....
Chain-type price index.........
Implicit price deflator..........
130.31
118.95
109.55
109.55
134.17
121.09
110.80
110.80
131.69
119.81
109.91
109.91
132.89
120.51
110.28
110.27
133.28
120.49
110.62
110.62
134.76
121.51
110.91
110.91
135.73
121.84
111.40
111.40
Gross domestic purchases:
Current dollars....................
Chain-type quantity index....
Chain-type price index.........
Implicit price deflator..........
132.00
121.50
108.65
108.65
137.56
125.15
109.90
109.91
132.84
122.06
108.84
108.83
135.07
123.74
109.15
109.15
136.70
124.53
109.77
109.77
138.43
125.72
110.11
110.11
140.02
126.62
110.59
110.59
Final sales to domestic
purchasers:
Current dollars.....................
Chain-type quantity index....
Chain-type price index.........
Implicit price deflator..........
133.27
122.52
108.78
108.78
138.03
125.43
110.04
110.04
134.57
123.50
108.97
108.97
135.96
124.42
109.28
109.28
137.18
124.82
109.90
109.90
138.74
125.84
110.25
110.25
140.25
126.65
110.73
110.73
101.79
420.15
24.23
24.23
90.86
474.70
19.27
19.14
96.08
431.75
22.28
22.25
87.91
423.11
20.80
20.78
86.34
436.31
19.81
19.79
94.26
504.33
18.71
18.69
94.94
535.03
17.76
17.74
129.32
116.43
111.08
111.07
134.13
119.20
112.53
112.53
130.29
116.84
111.51
111.51
132.44
118.31
111.94
111.94
133.28
118.66
112.32
112.32
134.87
119.73
112.65
112.65
135.94
120.09
113.19
113.19
Addenda:
Final sales of computers:1
Current dollars.................
Chain-type quantity index
Chain-type price index....
Implicit price deflator.......
Gross domestic product less
final sales of computers:
Current dollars.................
Chain-type quantity index
Chain-type price index....
Implicit price deflator.......
Gross domestic purchases
less final sales of
computers:
Current dollars.................
Chain-type quantity index
Chain-type price index....
Implicit price deflator......
Chain-type price indexes for
gross domestic product:
Food.................................
Energy goods and services
Gross domestic product
less food and energy....
Chain-type price indexes for
gross domestic
purchases:
Food.................................
Energy goods and services
Gross domestic purchases
less food and energy....
2002
132.27
119.61
110.59
110.58
137.87
122.99
112.09
112.09
133.17
120.11
110.88
110.87
135.38
121.68
111.25
111.25
137.03
122.43
111.92
111.92
138.72
123.51
112.32
112.32
140.34
124.35
112.86
112.86
110.45
114.15
112.60
104.54
111.58
108.19
112.23
105.15
112.31
104.09
112.71
103.44
113.16
105.46
109.17
110.67
109.65
110.10
110.51
110.81
111.25
111.48
116.41
113.59
108.90
112.62
104.96
113.29
102.60
113.40
109.54
113.58
110.56
114.08
112.91
108.05
109.58
108.62
109.01
109.42
109.75
110.15
1. For some components of final sales of computers, includes computer parts.
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 tor Gross National Product and
Command-Basis Gross National Product
[Index numbers, 1996=100]
Personal consumption
expenditures............
121.76
125.56
123.42
124.37
124.92
126.20
126.74
Durable goods.........................
Motor vehicles and parts....
Furniture and household
equipment........................
OtherJ..................................
151.16
141.21
162.19
149.18
160.91
156.21
158.30
144.35
159.08
144.00
167.47
159.04
163.92
149.35
168.03
142.19
184.95
150.73
174.62
145.09
180.78
149.38
183.72
149.34
186.34
151.66
188.94
152.53
Nondurable goods..................
Food......................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Gasoline and oil...............
Fuel oil and coal...............
Other....................................
118.79
112.85
130.61
122.58
114.80
138.07
119.76
112.87
133.34
122.07
114.69
137.62
122.03
114.42
137.32
122.35
114.24
137.41
123.88
115.87
139.92
108.21
111.75
81.16
127.12
112.75
116.83
81.82
132.32
109.75
113.88
78.39
128.80
112.53
116.85
79.75
130.87
111.98
116.51
77.75
131.64
112.74
117.08
79.91
132.89
113.74
116.89
89.85
133.90
Services..................................
Housing................................
Household operation...........
Electricity and gas...........
Other household operation
Transportation.....................
Medical care.........................
Recreation............................
Other.....................................
117.98
112.09
120.60
104.46
131.68
117.24
115.21
122.07
125.12
120.63
113.92
121.25
105.95
131.76
116.86
120.16
124.31
127.83
118.69
112.56
119.04
101.13
131.45
116.07
117.25
122.91
125.99
119.54
113.14
120.18
103.65
131.57
117.17
118.29
123.31
126.83
120.32
113.71
120.68
103.79
132.34
116.88
119.67
124.09
127.59
121.01
114.19
121.24
105.40
132.14
116.63
120.87
124.10
128.42
121.66
114.66
122.89
110.94
130.99
116.76
121.80
125.75
128.48
106.37
109.48
105.63
108.28
108.07
109.23
112.35
124.42
128.62
126.55
127.23
127.98
129.56
129.72
Addenda:
Energy goods and services'
Personal consumption
expenditures less food and
energy ..............................
Chain-type price indexes
Personal consumption
expenditures............
109.56
111.06
109.84
110.14
110.89
111.36
111.87
Durable goods.........................
Motor vehicles and parts....
Furniture and household
equipment........................
Other..'..................................
89.70
99.84
87.19
98.36
88.95
99.79
88.00
98.86
87.36
98.10
86.94
98.30
86.46
98.20
76.92
96.08
72.73
95.30
75.28
95.88
74.02
95.61
73.29
95.48
72.29
95.13
71.33
94.99
Nondurable goods..................
Food........7..................................
Clothing and shoes..............
Gasoline, fuel oil, and other
energy goods...................
Gasoline and oil...............
Fuel oil and coal...............
Other....................................
109.17
111.89
93.35
109.61
114.09
90.84
108.45
113.05
92.03
108.52
113.72
91.56
109.75
113.87
91.22
109.92
114.13
90.34
110.25
114.63
90.25
118.11
116.80
130.74
112.01
109.96
109.10
117.70
113.97
102.08
100.44
119.25
113.04
99.23
97.95
112.27
113.31
111.53
110.95
115.93
114.14
113.02
112.32
118.83
114.46
116.06
115.18
123.78
113.97
Services..................................
Housing................................
Household operation...........
Electricity and gas...........
Other household operation
Transportation......................
Medical care.........................
Recreation............................
Other....................................
Addenda:
Energy goods and services1
Personal consumption
expenditures less food and
energy..............................
114.32
117.15
106.18
114.84
101.45
108.08
114.27
116.58
116.35
117.44
121.74
105.32
108.62
103.47
110.20
117.36
120.04
119.94
115.39
119.08
105.08
109.92
102.41
108.20
115.53
117.80
117.51
116.15
120.34
104.71
107.83
102.95
108.92
116.16
118.43
118.44
117.00
121.35
104.71
108.42
102.65
110.10
116.90
119.71
119.44
117.88
122.21
105.63
108.64
103.94
110.52
117.73
120.57
120.47
118.74
123.07
106.23
109.57
104.36
111.28
118.66
121.45
121.40
116.62
109.37
105.72
103.22
110.14
111.04
113.10
108.78
110.64
109.52
109.91
110.42
110.91
111.33
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Gross national product:
Current dollars.....................
Chain-type quantity index....
Chain-type price index.........
Implicit price deflator..........
129.02
117.96
109.39
109.38
133.27
120.46
110.63
110.63
130.10
118.54
109.75
109.74
131.72
119.62
110.11
110.11
132.25
119.73
110.45
110.45
134.02
121.03
110.73
110.73
135.10
121.46
111.22
111.22
Less: Exports of goods and
services and income
receipts from the rest of the
world:
Chain-type quantity index....
122.04
116.74
112.94
113.25
117.17
119.16
117.39
Plus: Command-basis exports
of goods and services and
income receipts from the
rest of the world:
Chain-type quantity index....
125.93
120.07
117.44
118.00
120.18
121.96
120.16
Equals: Command-basis gross
national product:
Chain-type quantity index....
118.51
120.94
119.19
120.30
120.16
121.43
121.86
Note. Percent changes from preceding period for selected items in this table are shown in table 8.1.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
National Data
D-20
April 2003
Table 7.6. Chain-Type Quantity and Price Indexes for Private Fixed
Investment by Type
Table 7.9. Chain-Type Quantity and Price Indexes for Exports and Imports
of Goods and Services and for Receipts and Payments of Income
[Index numbers, 1996=100]
[Index numbers, 1996=100]
Seasonally adjusted
Seasonally adjusted
2001
2002
2001
IV
2001
2002
I
II
III
2002
IV
IV
134.20
Nonresidential.........................
130.06
130.16
129.99
129.68
129.60
130.99
139.55
131.57
134.13
132.13
131.32
131.05
131.79
Structures............................
Nonresidential buildings,
including farm..............
Utilities.............................
Mining exploration, shafts,
and wells.......................
Other structures..............
120.43
100.62
112.30
108.09
102.97
96.97
94.47
110.52
139.52
90.04
131.34
101.14
136.88
97.17
141.04
91.65
134.15
86.07
126.53
85.27
123.65
161.41
149.20
138.63
89.29
164.84
101.33
143.20
101.75
143.55
100.97
141.96
80.03
125.83
74.39
Equipment and software....
Information processing
equipment and software
Computers and
peripheral
equipment'..............
Software2....................
Other.............................
Industrial equipment........
Transportation equipment
Other ................................
146.51
143.98
142.39
141.41
142.55
144.88
147.09
190.92
196.02
185.12
188.13
193.91
200.24
201.81
338.61
191.35
135.16
112.69
117.80
125.83
400.31
195.21
130.48
107.67
105.81
124.61
343.30
189.82
124.66
106.02
119.08
121.77
369.90
188.10
127.03
108.69
109.04
120.36
383.36
193.67
130.74
106.71
103.23
125.33
420.05
199.09
131.65
108.38
102.02
125.47
427.94
199.97
132.51
106.89
108.97
127.28
Residential..............................
119.22
123.92
118.44
122.44
123.25
123.59
126.39
Structures............................
Single family.....................
Multifamily........................
Other structures..............
119.12
121.05
120.21
116.48
123.84
125.99
129.37
120.15
118.30
120.22
123.31
114.98
122.35
123.91
132.84
118.56
123.17
124.70
131.98
119.71
123.51
125.53
129.14
119.95
126.34
129.80
123.51
122.38
Equipment...........................
123.67
127.27
125.10
126.36
127.32
127.23
128.19
100.52
100.95
Chain-type price indexes
Private fixed
investment...............
101.16
100.76
101.19
100.82
100.76
95.73
94.43
95.31
94.82
94.48
94.17
94.25
Structures............................
Nonresidential buildings,
including farm..............
Utilities.............................
Mining exploration, shafts,
and wells.......................
Other structures..............
119.76
118.95
119.66
118.56
118.77
118.89
119.57
121.05
109.45
123.06
112.12
122.47
110.23
122.43
110.68
122.97
111.50
122.92
112.82
123.91
113.50
125.45
113.16
104.34
116.00
116.10
113.89
106.93
115.35
104.41
115.93
103.41
116.35
102.63
116.36
Equipment and software....
Information processing
equipment and software
Computers and
peripheral
equipment1..............
Software2....................
Other.............................
Industrial equipment........
Transportation equipment
Other................................
88.76
87.36
88.26
87.93
87.46
87.04
87.00
73.72
71.04
72.52
71.96
71.31
70.76
70.12
30.91
99.10
91.37
103.40
101.32
105.16
26.26
98.43
90.23
103.56
101.26
105.76
28.53
99.05
90.86
103.54
101.78
105.60
27.48
98.99
90.68
103.42
101.73
105.70
26.84
98.24
90.39
103.33
101.25
105.58
25.84
98.34
90.10
103.67
100.03
105.84
24.91
98.13
89.75
103.83
102.05
105.91
Nonresidential.........................
Residential..............................
119.09
121.57
120.60
119.61
120.50
125.60
117.49
122.16
123.20
127.74
119.90
121.16
122.47
126.98
118.49
120.61
121.16
122.30
126.81
118.76
121.40
Structures............................
Single family.....................
Multifamily........................
Other structures..............
121.98
123.10
127.64
119.62
121.38
121.98
122.80
127.33
120.04
122.88
123.51
124.60
129.19
121.18
Equipment...........................
98.50
98.17
98.50
98.66
98.14
97.91
97.97
1. Includes new computers and peripheral equipment only.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I
II
III
IV
Chain-type quantity indexes
Chain-type quantity indexes
Private fixed
investment...............
2002
2001
117.89
119.36
121.50
114.72
114.24
121.89
123.84
127.18
116.56
117.18
123.28
125.08
129.63
115.23
118.87
121.44
121.34
123.66
116.17
121.19
100.73
98.87
102.55
106.41
104.85
150.26
153.24
157.17
144.37
134.98
153.37
154.63
160.51
142.32
145.69
161.24
164.44
171.12
150.62
144.92
162.56
165.81
171.66
153.30
146.02
165.48
168.34
172.82
157.97
150.54
93.68
105.14
117.90
118.46
116.13
Exports of goods and services
Goods 1.................................
Durable.............................
Nondurable.......................
Services1.............................
123.10
126.97
132.39
115.23
114.18
121.13
122.40
125.49
115.67
117.87
116.89
120.40
122.68
115.45
108.77
Income receipts.....................
118.90
103.17
Imports of goods and services
Goods1.................................
Durable.............................
Nondurable.......................
Services1.............................
154.91
157.18
162.31
146.27
143.71
160.66
163.31
169.03
151.05
146.79
Income payments...................
118.35
114.41
Chain-type price indexes
Exports of goods and services
Goods 1.................................
Durable.............................
Nondurable.......................
Services1.............................
96.10
93.42
93.56
93.17
102.94
95.87
92.98
93.19
92.54
103.27
95.06
92.39
93.16
90.64
101.89
94.88
92.14
93.17
89.78
101.90
95.58
92.67
93.13
91.61
103.04
96.41
93.45
93.23
94.02
103.97
96.62
93.67
93.22
94.76
104.18
Income receipts.....................
108.55
109.74
108.73
109.02
109.61
109.95
110.39
Imports of goods and services
Goods1.................................
Durable.............................
Nondurable.......................
Services1.............................
92.70
91.87
87.16
102.59
97.03
92.99
90.32
85.57
101.23
108.47
90.97
88.71
86.05
95.04
104.08
90.61
88.24
85.60
94.52
104.37
93.03
90.55
85.67
101.73
107.43
94.05
91.15
85.65
103.71
110.92
94.27
91.36
85.38
104.96
111.16
Income payments...................
109.57
110.47
109.66
109.86
110.36
110.64
111.03
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.
April 2003
D-21
Survey of Current Business
Table 7.10. Chain-Type Quantity and Price Indexes tor Exports and Imports of Goods and Services by Type of Product
[Index numbers, 1996=100]
Seasonally adjusted
Seasonally adjusted
2001
2002
2001
IV
2001
2002
I
II
III
2002
IV
125.08
106.97
115.60
119.61
113.14
132.98
151.37
145.57
126.15
122.83
122.79
125.50
119.96
142.46
Exports of goods 1.....................................
Foods, feeds, and beverages................
Industrial supplies and materials..........
Durable goods....................................
Nondurable goods.............................
Capital goods, except automotive.........
Civilian aircraft, engines, and parts...
Computers, peripherals, and parts...
Other...................................................
Automotive vehicles, engines, and parts
Consumer goods, except automotive...
Durable goods....................................
Nondurable goods.............................
Other.......................................................
126.97 122.40 120.40 119.36 123.84
112.18 109.72 113.67 114.08 110.45
114.96 115.43 113.29 112.39 117.52
121.06 118.63 115.10 114.84 121.59
111.41 113.41 112.06 110.81 115.02
140.47 128.25 126.71 124.79 129.40
145.39 137.15 131.17 133.90 135.55
172.40 147.29 154.95 146.04 145.85
133.48 122.57 120.52 118.71 124.73
112.92 117.01 111.16 110.26 120.04
125.52 120.78 119.81 117.51 120.66
128.91 122.91 120.65 119.61 123.76
121.99 118.56 118.97 115.32 117.42
132.94 141.24 134.17 139.16 143.00
Exports of services1.................................
Transfers under U.S. military agency
sales contracts...................................
Travel.......................................................
Passenger fares......................................
Other transportation..............................
Royalties and license fees.....................
Other private services............................
Other.'......................................................
114.18 117.87 108.77 114.24 117.18 118.87 121.19
Imports of goods and services....
154.91
83.08
89.85
77.54
100.43
119.51
174.52
104.34
79.19
91.99
77.54
101.06
118.41
178.52
108.19
121.34
107.39
116.21
118.49
114.68
125.82
127.77
151.70
120.68
114.90
122.17
122.79
121.55
140.33
82.30
97.59
82.70
102.92
114.44
179.02
111.54
160.66 150.26 153.37 161.24 162.56 165.48
Exports of goods and services ....
96.10
95.87
96.62
93.67
84.37
96.45
93.44
98.35
89.48
122.19
58.79
91.83
103.64
100.05
100.58
99.47
98.22
95.06
94.88
95.58
Exports of goods1.....................................
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 ......................................................
93.42 92.98
79.31
81.30
94.41
95.78
92.53
92.68
97.85
95.56
89.73
90.44
117.54 120.71
60.02
63.09
92.86
92.12
102.74 103.25
99.89
100.46
100.88 100.54
99.19
99.99
97.34
97.27
Exports of services*.................................
Transfers under U.S. military agency
sales contracts.................................
Travel.....................................................
Passenger fares....................................
Other transportation.............................
Royalties and license fees....................
Other private services..........................
Other ’......................................................
102.94 103.27 101.89 101.90 103.04 103.97 104.18
Imports of goods and services ...
96.95
111.68
106.08
106.37
108.72
90.79
120.46
95.92
95.68
110.37 109.41
109.13 105.76
106.42 104.33
109.90 108.89
91.92
90.09
118.10 119.44
95.32
109.25
105.53
102.54
109.18
90.68
118.50
95.68
110.60
106.36
106.01
109.77
91.72
118.21
95.91
110.44
114.72
107.98
110.11
92.47
117.98
96.78
111.17
109.90
109.13
110.55
92.79
117.73
92.70
92.99
90.97
90.61
93.03
94.05
94.27
91.87
90.23
90.32
91.14
88.71
89.45
88.24
89.21
90.55
90.50
91.15
91.45
91.36
93.41
126.66 128.49 131.91 135.07 137.29
127.86 130.97 131.98 136.08 140.98
125.13 125.63 131.50 133.72 133.32
119.23 113.11 121.82 117.54 124.05
162.89 167.52 174.57 173.17 174.33
221.53 197.04 168.58 149.01 178.14
220.78 245.29 248.65 245.89 250.78
137.29 140.29 152.35 153.52 150.33
142.87 145.23 158.09 159.66 157.72
170.94 175.71 189.68 194.30 199.42
174.61 182.15 201.09 199.89 202.58
167.10 169.03 177.92 188.44 196.02
183.36 167.51 184.22 189.78 193.17
93.06
96.41
102.44
96.15
94.09
94.11
93.84
95.49
98.78
95.12
92.47
106.41
97.45
94.28
97.59
116.10 118.84
93.36
93.17 122.01
74.51
72.30
73.37
72.67
72.51
114.68 116.99 115.78 116.05 116.45
53.47
49.55
50.53
50.23
50.17
81.43
79.78
81.11
80.04
79.77
101.66 101.96 101.81 101.70 101.81
95.17
94.21
94.72
94.40
94.12
90.54
91.93
90.43
91.20
90.77
98.14
98.80
98.46
98.68
98.48
98.92
98.68
99.00
100.11
99.20
134.98
182.87
113.80
87.90
118.48
192.65
175.52
122.42
145.69
190.22
131.42
101.37
120.62
221.31
181.81
126.33
144.92 146.02 150.54
190.62 187.00 188.87
126.80 124.92 132.40
99.25
98.26 111.06
131.09 128.09 131.76
208.87 222.74 198.21
180.22 187.59 192.35
123.63 122.51 123.18
Imports of services1.................................
Direct defense expenditures................
Travel .....................................................
Passenger fares....................................
Other transportation.............................
Royalties and license fees...................
Other private services..........................
Other ......................................................
97.03
86.72
94.63
126.91
115.69
108.70
78.26
104.05
114.66 111.95 118.23
128.37 123.62 120.87
160.02 167.19 156.08
117.65
119.78
158.25
114.27 107.00
124.98 127.02
168.10 170.24
Addenda:
Exports of agricultural goods2..........
Exports of nonagricultural goods ....
Imports of nonpetroleum goods ....
77.86
94.93
90.36
157.18 163.31 153.24 154.63 164.44 165.81 168.34
144.74 152.98 147.33 149.04 152.82 154.14 155.91
128.51 133.19
128.33 135.00
128.38 131.04
122.65 119.13
175.36 172.40
215.81 173.19
224.98 247.65
153.73 149.12
144.79 155.17
173.70 189.78
176.62 196.43
170.62 182.85
175.02 183.67
Imports of services1.................................
Direct defense expenditures.................
Travel.......................................................
Passenger fares......................................
Other transportation..............................
Royalties and license fees.....................
Other private services............................
Other.......................................................
143.71
158.92
132.22
111.68
122.45
191.99
183.69
119.89
146.79
189.18
128.88
102.49
127.89
212.78
185.49
123.91
108.88
122.72
172.15
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.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
96.41
92.39 92.14 92.67 93.45
78.42
79.17
83.24
78.70
91.42
93.92
95.87
92.18
93.37
92.42
91.45
91.50
92.73
91.49
94.92
97.48
90.02
89.79
89.62
90.00
118.93 119.65 120.08 120.94
61.79
61.21
60.61
59.48
92.17
92.08
92.36
92.42
102.74 103.01 103.07 103.28
100.66
99.90
99.66
99.96
101.21 100.81 100.27 100.49
100.06
98.91
99.01
99.39
96.13
96.86
97.87
96.37
II
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 ......................................................
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.......................................................
Addenda:
Exports of agricultural goods2.........
Exports of nonagricultural goods....
Imports of nonpetroleum goods......
IV
I
Chain-type price indexes
123.10 121.13 116.89 117.89 121.89 123.28 121.44
79.09
81.06
83.20 79.67
92.39
77.24
90.11
93.87
83.16
78.81
67.24
77.45
98.19 100.51
102.07 101.23
109.54 116.55 109.42 113.85
164.44 175.07 168.96 168.24
96.08 105.76
94.80
98.98
III
IV
Chain-type quantity indexes
Exports of goods and services....
2002
2001
108.47 104.08 104.37
90.13
86.32
82.94
94.72
99.01
93.18
132.82 127.89 127.76
111.74 110.93 109.22
109.89 108.87 109.16
110.91 103.74 107.88
105.41 102.95 102.37
79.21
94.32
88.56
76.81
93.90
88.64
76.19
93.69
88.14
96.83
98.32
95.41
95.75
98.16 101.58
129.50 130.69
72.32
71.72
117.68 117.77
49.48
48.32
79.79
79.52
102.02 102.31
94.22
94.09
90.37
90.04
98.66
98.56
99.31
99.82
107.43
87.74
97.20
130.81
110.40
109.75
111.03
104.86
110.92
94.07
102.27
140.45
112.64
110.09
112.37
106.87
111.16
95.75
103.40
132.27
114.71
110.53
112.37
107.56
76.96
94.19
88.57
81.19
94.64
88.69
82.51
94.75
88.84
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of
nondurable nonautomotive consumer goods.
National Data
D-22
April 2003
Table 7.11. Chain-Type Quantity and Price Indexes tor Government Consumption Expenditures and Gross Investment by Type
[Index numbers, 1996=100]
Seasonally adjusted
2001
2002
2001
IV
Seasonally adjusted
2001
2002
I
II
III
2002
IV
IV
Federal.......................................................
113.27 115.18 113.27 114.27 115.06 115.47 115.92
110.09 113.11 110.18 112.42 113.07 113.44 113.53
110.87 112.74 115.74
110.42 111.80 115.56
118.91 125.79 120.40
152.03 151.30 140.58
108.71 109.77 114.49
National defense.................................
Consumption expenditures.............
Durable goods2..............................
Nondurable goods........................
Services.........................................
Compensation of general
government employees,
except own-account
investment3............................
Consumption of general
government fixed capital4.....
Other services...........................
Gross investment.............................
Structures......................................
Equipment and software..............
109.27 111.86 109.21 111.14 111.71
111.50 114.71 111.55 113.89 114.56
99.37
99.68
99.31
99.52
99.72
106.08 100.68
99.09
94.31
99.84
112.61 116.41 112.95 115.74 116.26
Nondefense..........................................
Consumption expenditures.............
Durable goods2..............................
Nondurable goods........................
Commodity Credit Corporation
inventory change..................
Other nondurables...................
Services.........................................
Compensation of general
government employees,
except own-account
investment3............................
Consumption of general
government fixed capital4.....
Other services...........................
Gross investment.............................
Structures......................................
Equipment and software..............
111.64 115.46 111.99 114.79 115.61 115.89 115.53
114.18 119.12 114.58 118.21 119.31 119.70 119.25
102.51 112.04 105.87
102.17 111.46 105.55
116.02 120.85 115.45
129.00 148.45 147.67
100.50 109.80 103.74
Nondefense...........................................
Consumption expenditures...............
Durable goods2..............................
Nondurable goods.........................
Commodity Credit Corporation
inventory change....................
Other nondurables......................
Services..........................................
Compensation of general
government employees,
except own-account
investment3............................
Consumption of general
government fixed capital4.....
Other services............................
Gross investment..............................
Structures.......................................
Equipment and software...............
117.10 122.18 119.78 119.91 121.93 121.83 125.07
112.76 117.42 114.55 114.99 116.48 117.48 120.74
State and local..........................................
Consumption expenditures....................
Durable goods2..................................
Nondurable goods.............................
Services......7.......................................
Compensation of general
government employees, except
own-account investment3.........
Consumption of general
government fixed capital4.........
Other services................................
Gross investment...................................
Structures...........................................
Equipment and software...................
Addenda:
Compensation of general government
employees3.........................................
Federal.................................................
State and local5...................................
91.13
91.99
93.03
99.03
99.35
99.01
99.06
99.22
118.09 148.01 129.50 136.73 143.65
104.87 115.94 108.08 113.93 113.83
68.01
65.07
70.49 63.21
66.47
110.58 124.05 113.87 122.04 121.32
93.44
92.44
99.42
99.70
146.55 165.10
119.04 116.96
66.30
64.31
127.46 125.39
111.07
111.72
132.68 119.91 127.22
116.17 113.74 113.95
135.70
114.83
129.39
116.35
138.43
119.54
103.40
105.63 103.41
103.95
103.75
105.28
109.52
155.81
109.87
137.77
80.33
172.20
167.02
116.07
144.80
93.17
175.17
159.86
115.13
144.89
88.85
178.17
162.56
113.63
143.43
101.08
167.59
165.47 168.46
115.97 116.86
148.22 142.28
91.85
84.94
181.69 176.60
171.61
117.80
145.28
94.81
174.79
120.11 123.51
117.93 121.28
139.80 147.53
136.09 141.40
115.40 118.45
122.09
119.84
143.12
138.57
117.22
123.47 122.95
120.56 121.04
145.10 146.72
139.93 140.90
117.84 118.25
108.72
110.96
110.19 110.53
129.92
231.02
129.86
121.33
159.28
135.67
246.72
133.43
126.48
156.24
132.15
240.18
132.17
123.86
160.55
105.41
95.56
109.21
107.58
97.47
111.47
106.48 106.98
96.38
95.59
110.69 111.06
123.62
121.54
148.34
141.89
118.68
123.99
121.99
149.97
142.89
119.04
110.79 111.13
111.40
133.88 135.17
245.08 246.56
136.57 131.41
130.10 123.97
157.30 156.32
136.31
247.35
132.83
125.67
156.51
137.31
247.89
132.90
126.16
154.83
107.30 107.79
96.94
97.80
111.29 111.63
108.26
98.75
111.92
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 own-account investment and related expendi
tures for goods and services are classified as investment in structures and in software. The compensation of all
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IV
Federal......................................................
National defense..................................
Consumption expenditures...............
Durable goods2..............................
Nondurable goods.........................
Services..........................................
Compensation of general
government employees,
except own-account
investment3............................
Consumption of general
government fixed capital4.....
Other services............................
Gross investment..............................
Structures.......................................
Equipment and software...............
92.73
III
118.79
107.33 115.37 110.46 112.46 114.50 115.71
91.09
II
Government consumption
expenditures and gross
investment'...................................
115.36 120.46 117.76 119.37 119.79 120.65 122.02
108.82
108.05
118.29
149.88
106.22
2002
I
Chain-type price indexes
Chain-type quantity indexes
Government consumption
expenditures and gross
investment1...................................
2001
State and local.........................................
Consumption expenditures..................
Durable goods2.................................
Nondurable goods............................
Services ...”......................................
Compensation of general
government employees, except
own-account investment3........
Consumption of general
government fixed capital4........
Other services...............................
Gross investment.................................
Structures.........................................
Equipment and software..................
Addenda:
Compensation of general government
employees3........................................
Federal ..............................................
State and local5.................................
118.58
125.09
118.68
101.84 102.63 101.89
111.79 114.20 112.61
96.77
96.01
96.11
118.80 121.72 119.97
94.40
93.34
93.58
124.71
125.19
112.12
115.04
99.65
103.19
116.67
112.46
115.37
99.81
105.40
116.95
125.33
125.13
102.30 102.37 102.60 103.25
113.04 113.84 114.66 115.25
95.88
95.89
95.95
96.31
120.94 121.56 121.89 122.47
93.26
93.23
93.27
93.61
108.99
114.75
110.76
119.92
105.96
115.30
106.60
119.16
111.34 113.42 111.69
120.07 120.42 120.05
120.51
129.23
121.05
128.03
129.63
130.11
129.14
102.45
110.27
101.39
116.73
95.58
102.48 102.71 102.68 102.44 102.34
112.56 110.99 111.93 112.39 112.79
101.15 101.55 101.39 101.18 101.04
118.72 117.67 117.97 118.42 118.91
94.74
95.55
95.26
94.85
94.54
102.46
113.14
101.00
119.60
94.30
115.01 116.33 114.97
115.99 117.40 115.79
100.11 100.58 100.29
109.20 107.15 102.88
117.18 119.12 117.89
115.29 116.17 116.60 117.24
116.19 117.19 117.72 118.49
100.58 100.67 100.55 100.54
103.13 106.74 108.10 110.62
118.31 118.94 119.36 119.88
118.80
121.95
120.18
120.79 121.53
107.64
114.44
111.00
119.49
88.96
107.98
105.86
111.95
121.51
87.43
107.92
108.42
111.60
120.67
88.28
107.94 108.04 107.99 107.94
107.45 107.86 104.98 103.16
111.62 111.97 112.02 112.17
120.81 121.47 121.74 122.04
87.14
88.02
87.62
86.93
118.94
119.30
118.80
123.15
126.69
121.96
120.04
119.58
120.19
122.10 122.88 123.56 124.05
125.98 126.91 127.19 126.68
120.80 121.53 122.34 123.16
122.33
123.16
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.
5. Beginning with 2001, in accordance with the Consolidated Appropriations Act of 2001, includes compensa
tion of employees of Indian tribal governments reclassified from the private sector.
April 2003
D-23
Survey of Current Business
Table 7.14. Chain-Type Quantity and Price Indexes for Gross Domestic
Product by Sector
Table 7.16B. Implicit Price Deflators for Private Inventories by Industry
[Index numbers, 1996=100]
[Index numbers, 1996=100]
Seasonally adjusted
Seasonally adjusted
2001
2002
IV
I
II
IV
III
117.94
120.82
118.37
119.84
120.21
121.41
121.82
Business'...............................
Nonfarm 2............................
Nonfarm less housing....
Housing............................
Farm......................................
119.56
119.51
120.48
110.86
124.00
122.53
122.49
123.84
110.72
124.46
119.88
119.73
120.81
110.18
134.98
121.52
121.43
122.67
110.59
129.90
121.86
121.86
122.95
112.17
120.17
123.17
123.16
124.60
110.72
122.49
123.55
123.52
125.16
109.39
125.29
Households and institutions..
Private households..............
Nonprofit institutions..........
114.39
84.25
115.49
116.95
73.59
118.53
115.04
75.03
116.49
115.74
72.41
117.31
116.59
73.19
118.17
117.35
73.92
118.93
118.14
74.82
119.71
General government3............
Federal..................................
State and local......................
107.69
99.77
111.40
110.15
101.90
114.01
108.83
100.02
112.95
109.42
100.78
113.46
109.84
101.39
113.79
110.41
102.24
114.22
110.95
103.18
114.57
Chain-type price ndexes
109.42
110.66
109.78
110.14
110.48
110.76
111.25
Business1...............................
Nonfarm2............................
Nonfarm less housing....
Housing............................
Farm......................................
108.23
108.78
107.97
116.62
70.50
109.04
109.63
108.40
121.65
68.00
108.47
109.11
108.11
118.89
64.85
108.65
109.16
108.02
120.25
73.18
108.89
109.59
108.39
121.22
61.18
109.08
109.68
108.41
122.13
67.77
109.53
110.10
108.79
123.02
69.86
Households and institutions..
Private households..............
Nonprofit institutions..........
115.28
117.43
115.20
119.24
121.68
119.16
116.37
118.44
116.30
117.13
120.48
117.03
118.47
121.29
118.38
119.93
122.18
119.85
121.42
122.75
121.36
General government3............
Federal...................................
State and local.....................
116.48
114.23
117.47
120.00
119.51
120.26
117.42
114.47
118.71
119.13
118.97
119.25
119.77
119.60
119.90
120.33
119.83
120.59
120.77
119.63
121.31
Gross domestic product
1. Equals gross domestic product less gross product of households and institutions and of general govern
ment.
2. Equals gross domestic business product less gross farm product.
3. Equals compensation of general government employees plus general government consumption of fixed
capital.
Table 7.15. Price, Costs, and Profit Per Unit of Real Gross Product of
Nonfinancial Corporate Business
[Dollars]
Price per unit of real gross
product of nonfinancial
corporate business1.........
Compensation of employees
(unit labor cost)..................
Unit nonlabor cost..................
Consumption of fixed capital
Indirect business tax and
nontax liability plus
business transfer
payments less subsidies..
Net interest...........................
Corporate profits with
inventory valuation and
capital consumption
adjustments (unit profits
from current production)....
Profits tax liability................
Profits after tax with
inventory valuation and
capital consumption
adjustments......................
1.041
1.036
1.039
1.037
1.036
1.035
1.037
.679
.695
.680
.684
.682
.680
.679
.267
.127
.269
.129
.268
.127
.268
.128
.269
.129
.271
.130
.270
.130
.102
.038
.103
.037
.103
.038
.103
.037
.103
.037
.104
.037
.104
.036
.079
.024
.086
.025
.087
.018
.086
.023
.087
.025
.084
.025
.088
.026
.055
.062
.068
.064
.062
.059
.062
1. The implicit price deflator for gross product of nonfinancial corporate business divided by 100.
Note.Effective November 26, 2002, the estimates beginning with 1999 have been revised to reflect the 2002
annual revision to the industry-based price index for the gross product of nonfinancial corporate business.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I
II
III
IV
IV
Chain-type quantity indexes
Gross domestic product
2002
2001
2002
2001
Private inventories'...........................
Farm.............................................................
Construction, mining, and utilities.............
Manufacturing..............................................
Durable goods industries........................
Nondurable goods industries.................
Wholesale trade...........................................
Durable goods industries........................
Nondurable goods industries.................
Retail trade....................................................
Motor vehicle dealers..............................
Food and beverage stores.......................
General merchandise stores...................
Other retail stores.....................................
Other industries...........................................
98.04
95.07
98.19
98.32
98.34
98.36
94.34
91.33
99.73
102.00
99.48
109.59
102.86
102.26
99.52
98.48
97.32
97.69
98.96
98.41
99.93
94.85
91.26
101.16
102.00
98.93
110.32
102.59
102.61
99.07
98.99
96.53
104.47
99.45
98.81
100.57
95.62
91.66
102.50
101.98
98.59
109.41
102.62
102.96
99.71
99.28
93.35
104.34
100.10
98.65
102.52
96.80
91.68
105.46
102.08
98.17
109.59
102.67
103.44
99.86
99.94
99.54
110.78
100.20
98.46
103.07
96.67
91.69
105.11
102.10
97.33
110.19
103.13
103.84
100.19
Addenda:
Private inventories....................................
Durable goods industries...................
Nondurable goods industries.............
Nonfarm industries.................................
Wholesale trade........................................
Merchant wholesale trade...................
Durable goods industries................
Nondurable goods industries..........
Nonmerchant wholesale trade............
98.04
96.49
99.82
98.34
94.34
94.12
91.15
99.45
95.65
98.48
96.41
100.74
98.63
94.85
94.44
91.07
100.39
97.39
98.99
96.68
101.49
99.25
95.62
95.10
91.49
101.44
98.80
99.28
96.58
102.12
99.81
96.80
96.23
91.51
104.27
100.30
99.94
96.34
103.61
100.03
96.67
96.08
91.53
103.88
100.26
1. Implicit price deflators are as of the end of the quarter and are consistent with the inventory stocks shown in
tables 5.12B and 5.13B.
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
National Data
D-24
Table 7.17. Chain-Type Quantity Indexes for Gross Domestic Product by
Major Type of Product
April 2003
Table 7.18B. Chain-Type Quantity Indexes for Motor Vehicle Output
[Index numbers, 1996=100]
[Index numbers, 1996=100]
Seasonally adjusted
Seasonally adjusted
2001
2002
Gross domestic product..
Final sales of domestic
product.............................
Change in private inventories
I
III
2002
I
II
III
IV
IV
Motor vehicle output...
Auto output..............
Truck output1..........
114.63
89.86
135.17
129.33
93.97
158.50
120.66
92.77
143.75
123.54
95.00
147.17
125.97
93.02
153.18
136.32
97.86
168.04
131.50
90.01
165.62
121.84
Final sales of domestic
product.................................
119.40
122.56
132.37
117.53
115.98
131.99
124.74
127.23
127.62
126.73
126.86
138.60
140.00
137.15
136.89
Personal consumption
expenditures...................
New motor vehicles.........
Autos............................
Light trucks..................
Net purchases of used
autos.............................
143.85
152.65
131.93
177.01
152.48
164.29
130.12
204.40
161.11
178.16
145.74
216.21
146.80
159.22
130.40
193.06
146.73
156.46
12918
188.48
164.00
179.76
138 70
227.97
152.39
161.70
122 19
208.09
120.82
118.37
119.84
120.21
121.41
121.82
118.95
121.09
119.81
120.51
120.49
121.51
Goods.......................................
Final sales.........................
Change in private
inventories...................
Durable goods......................
Final sales.........................
Change in private
inventories...................
Nondurable goods...............
Final sales.........................
Change in private
inventories....................
121.64
124.71
125.71
126.57
121.92
126.21
124.38
126.43
124.50
125.39
129.90
136.94
134.92
136.59
128.92
138.44
131.84
135.27
132.10
134.22
114.62
114.86
117.99
118.28
Services...................................
115.16
Structures................................
118.80
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2001
IV
II
117.94
Addenda:
Motor vehicle output...........
Gross domestic product less
motor vehicle output......
2002
2002
2001
IV
2001
115.79
116.34
117.90
118.96
117.93
117.94
117.98
117.67
118.15
118.55
118.35
116.18
117.00
118.01
118.74
119.65
115.51
116.33
118.06
115.51
113.88
114.60
114.63
129.33
120.66
123.54
125.97
136.32
131.50
118.03
120.53
118.28
119.70
120.01
120.91
121.50
Private fixed investment....
New motor vehicles.........
Autos............................
Trucks...........................
Light trucks
Other.........................
Net purchases of used
autos.............................
117.43
117.37
110.58
109.88
117.67
117.26
124.68
106.83
104.88
103.77
88.51
118.41
140 85
77.15
95.86
96.41
84.78
107.62
126.81
72.21
100.72
102.26
90.77
113.36
132.07
78.64
106.73
107.74
95.56
119.50
136.71
87.11
108.75
106.87
95.08
118.27
137 74
82.30
103.02
104.24
92.02
116.04
135.69
79.69
110.57
96.97
123.67
147.17
80.78
106.65
108.39
99.52
98.10
107.53
111.10
116.85
Gross government
investment......................
Autos................................
New trucks......................
126.36
97.37
142.63
122.90
97.51
137.12
131.08
102.43
147.13
125.94
101.19
139.76
117.17
92.55
130.97
115.74
87.91
131.45
132.75
108.40
146.29
Net exports..........................
Exports.............................
Autos............................
Trucks...........................
Imports.............................
Autos............................
Trucks...........................
92.55
101.19
77.15
153.19
157.44
132.92
104.06
115.49
83.66
161.37
167.33
132.99
95.81
107.12
75.64
150.61
152.16
142.97
94.07
104.95
74.65
150.99
155.00
131.76
102.26
11609
77.57
164.52
171.40
131.82
109.72
121 85
88.05
164.33
171.52
130.20
110.21
119 06
94.36
165.64
171.41
138.17
129.80
133.53
139.68
127.60
129.04
141.60
135.90
112.41
109.78
109.79
101.87
107.57
112.31
117.36
Change in private inventories
Autos....................................
New..................................
Domestic......................
Foreign..........................
Used.................................
New trucks...........................
Domestic..........................
Foreign.............................
Addenda:
Final sales of motor vehicles
to domestic purchasers...
Private fixed investment in
new autos and new light
trucks...............................
Domestic output of new
autos2..............................
Sales of imported new
autos5..............................
92.85
98.82
92.11
96.57
101.17
104.43
93.11
152.80
157.39
159.00
151.28
153.87
166.84
157.56
1. Except for exports and imports, consists of new trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government invest
ment.
April 2003
D-25
Survey of Current Business
8. Supplemental Tables____________________________________________________________________________
Table 8.1. Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
2001
2002
2002
2001
IV
Seasonally adjusted at annual rates
II
I
2001
III
2002
IV
2001
IV
2002
I
II
III
IV
Gross domestic product:
Current dollars................................
Chain-type quantity index..............
Chain-type price index....................
Implicit price deflator.....................
2.6
.3
2.4
2.4
3.6
2.4
1.1
1.1
2.2
2.7
-.5
-.5
6.5
5.0
1.3
1.3
2.5
1.3
1.2
1.2
5.1
4.0
1.0
1.0
3.2
1.4
1.8
1.8
Imports of services:
Current dollars........................................
Chain-type quantity index......................
Chain-type price index............................
Implicit price deflator.............................
-3.4
-.5
-2.9
-2.9
14.2
2.1
11.8
11.8
123.2
-16.5
167.5
167.4
37.3
35.7
1.1
1.1
9.9
-2.1
12.2
12.2
17.1
3.1
13.6
13.6
14.0
13.0
.9
.9
Personal consumption expenditures:
Current dollars.............................................
Chain-type quantity index............................
Chain-type price index.................................
Implicit price deflator..................................
4.5
2.5
2.0
2.0
4.5
3.1
1.4
1.4
6.8
6.0
.8
.8
4.3
3.1
1.1
1.1
4.6
1.8
2.7
2.7
6.0
4.2
1.7
1.7
3.6
1.7
1.8
1.8
Government consumption expenditures and
gross investment:
Current dollars............................................
Chain-type quantity index...........................
Chain-type price index................................
Implicit price deflator.................................
6.1
3.7
2.4
2.4
6.2
4.4
1.7
1.7
10.1
10.5
-.3
-.3
9.3
5.6
3.6
3.6
4.3
1.4
2.8
2.8
4.4
2.9
1.4
1.4
6.2
4.6
1.6
1.6
Durable goods:
Current dollars.........................................
Chain-type quantity index.......................
Chain-type price index.............................
Implicit price deflator..............................
4.0
6.0
-1.9
-1.9
4.3
7.3
-2.8
-2.8
31.6
33.6
-1.5
-1.5
-10.3
-6.3
-4.2
-4.2
-.9
2.0
-2.9
-2.9
20.5
22.8
-1.9
-1.9
-10.2
-8.2
-2.2
-2.2
Federal:
Current dollars........................................
Chain-type quantity index......................
Chain-type price index............................
Implicit price deflator.............................
6.6
4.8
1.7
1.7
10.4
7.5
2.7
2.7
13.0
13.5
-.4
-.4
16.4
7.4
8.4
8.4
10.0
7.5
2.3
2.3
5.7
4.3
1.3
1.3
11.5
11.0
.3
.4
Nondurable goods:
Current dollars.........................................
Chain-type quantity index.......................
Chain-type price index.............................
Implicit price deflator..............................
3.5
2.0
1.5
1.5
3.6
3.2
.4
.4
.0
3.6
-3.5
-3.5
8.2
7.9
.2
.3
4.5
-.1
4.6
4.6
1.7
1.0
.6
.6
6.4
5.1
1.2
1.2
National defense:
Current dollars...................................
Chain-type quantity index..................
Chain-type price index.......................
Implicit price deflator........................
6.7
5.0
1.6
1.6
11.9
9.3
2.4
2.4
13.1
14.3
-1.1
-1.0
19.7
11.6
7.3
7.2
9.9
7.8
2.0
2.0
8.5
6.9
1.5
1.5
12.5
11.0
1.2
1.3
Services:
Current dollars.........................................
Chain-type quantity index.......................
Chain-type price index.............................
Implicit price deflator..............................
5.2
2.0
3.1
3.1
5.0
2.2
2.7
2.7
5.7
2.1
3.5
3.5
5.6
2.9
2.7
2.7
5.7
2.7
3.0
3.0
5.4
2.3
3.0
3.0
5.2
2.2
3.0
3.0
Nondefense:
Current dollars ....................................
Chain-type quantity index..................
Chain-type price index.......................
Implicit price deflator........................
6.5
4.5
1.9
1.9
7.9
4.3
3.4
3.4
12.9
12.1
.7
.6
10.9
.4
10.4
10.4
10.0
6.9
2.9
2.8
.7
-.3
1.0
1.0
9.7
11.1
-1.2
-1.2
Gross private domestic investment:
Current dollars.............................................
Chain-type quantity index............................
Chain-type price index.................................
Implicit price deflator..................................
-9.7
-10.7
1.2
1.2
.5
1.0
-.5
-.5
-17.5
-17.3
-.2
-.3
16.6
18.2
-1.5
-1.4
7.5
7.9
-.4
-.4
2.4
3.6
-1.1
-1.2
7.9
6.3
1.7
1.6
State and local:
Current dollars........................................
Chain-type quantity index......................
Chain-type price index............................
Implicit price deflator.............................
5.9
3.1
2.7
2.7
4.0
2.8
1.1
1.1
8.6
8.9
-.3
-.3
5.8
4.6
1.1
1.1
1.3
-1.7
3.1
3.0
3.7
2.2
1.5
1.5
3.5
1.2
2.2
2.2
-2.7
-3.8
1.2
1.2
-3.5
-3.1
-.4
-.4
-9.0
-8.9
-.1
-.1
-2.0
-.5
-1.5
-1.5
-1.2
-1.0
-.2
-.3
-1.2
-.3
-.9
-.9
6.2
4.4
1.8
1.8
Final sales of domestic product:
Current dollars............................................
Chain-type quantity index...........................
Chain-type price index................................
Implicit price deflator.................................
3.9
1.5
2.4
2.4
3.0
1.8
1.1
1.1
3.6
4.2
-.5
-.5
3.7
2.4
1.3
1.3
1.2
-.1
1.2
1.2
4.5
3.4
1.1
1.1
2.9
1.1
1.8
1.8
-5.1
-5.2
.2
.2
-7.0
-5.7
-1.4
-1.4
-12.3
-10.9
-1.6
-1.6
-7.8
-5.8
-2.0
-2.0
-3.8
-2.4
-1.4
-1.4
-2.1
-.8
-1.3
-1.3
2.7
2.3
.4
.4
Gross domestic purchases:
Current dollars............................................
Chain-type quantity index...........................
Chain-type price index................................
Implicit price deflator.................................
2.4
.4
1.9
1.9
4.2
3.0
1.2
1.2
3.4
2.9
.4
.4
6.9
5.6
1.2
1.2
4.9
2.6
2.3
2.3
5.2
3.9
1.2
1.2
4.7
2.9
1.8
1.7
3.3
-1.7
5.0
5.0
-17.0
-16.4
-7
-.7
-31.2
-30.1
-1.6
-1.6
-17.3
-14.2
-3.6
-3.6
-17.1
-17.6
.7
.7
-21.0
-21.4
.4
.4
-7.8
-9.9
2.3
2.3
Final sales to domestic purchasers:
Current dollars............................................
Chain-type quantity index...........................
Chain-type price index................................
Implicit price deflator.................................
3.6
1.6
1.9
1.9
3.6
2.4
1.2
1.2
4.8
4.3
.5
.5
4.2
3.0
1.1
1.1
3.6
1.3
2.3
2.3
4.6
3.3
1.3
1.3
4.4
2.6
1.8
1.8
-7.8
-6.4
-1.5
-1.5
-3.3
-1.7
-1.6
-1.6
-4.0
-2.5
-1.6
-1.6
-4.2
-2.7
-1.5
-1.5
1.1
3.3
-2.1
-2.1
4.7
6.7
-1.9
-1.9
6.0
6.2
-.2
-.2
Gross national product:
Current dollars ............................................
Chain-type quantity index...........................
Chain-type price index................................
Implicit price deflator.................................
2.6
.2
2.4
2.4
3.3
2.1
1.1
1.1
3.2
3.7
-.5
-.5
5.1
3.7
1.3
1.4
1.6
.4
1.2
1.2
5.5
4.4
1.0
1.0
3.3
1.4
1.8
1.8
4.4
.3
4.1
4.1
6.1
3.9
2.1
2.1
.1
-3.5
3.7
3.7
14.2
14.2
.0
.0
5.4
2.7
2.6
2.6
1.0
1.1
.0
.0
14.9
9.4
5.0
5.0
Command-basis gross national product:
Chain-type quantity index...........................
.5
2.0
2.5
3.8
-.4
4.3
1.4
Disposable personal income:
Current dollars ............................................
3.8
5.7
-6.9
15.8
6.7
3.5
4.3
Chained (1996) dollars...............................
1.8
4.3
-7.6
14.5
3.9
1.8
2.4
Final sales of computers:1
Current dollars............................................
Chain-type quantity index...........................
Chain-type price index................................
Implicit price deflator.................................
-14.4
9.1
-21.6
-21.6
-10.7
13.0
-20.5
-21.0
3.1
28.9
-19.9
-20.0
-29.9
-7.8
-24.0
-24.0
-6.9
13.1
-17.7
-17.7
42.0
78.5
-20.4
-20.4
2.9
26.7
-18.7
-18.7
Gross domestic product less final sales of
computers:
Current dollars............................................
Chain-type quantity index...........................
Chain-type price index................................
Implicit price deflator.................................
2.8
.2
2.6
2.6
3.7
2.4
1.3
1.3
2.2
2.6
-.4
-.4
6.8
5.1
1.5
1.6
2.6
1.2
1.4
1.4
4.9
3.6
1.2
1.2
3.2
1.2
1.9
1.9
2.6
.4
2.2
2.2
4.2
2.8
1.4
1.4
3.3
2.6
.7
.7
6.8
5.3
1.4
1.4
5.0
2.5
2.4
2.4
5.0
3.5
1.4
1.4
4.8
2.8
2.0
2.0
3.1
10.1
1.9
-8.4
1.8
-19.8
2.4
-10.7
.3
-4.0
1.4
-2.5
1.6
8.0
2.0
1.4
.0
1.6
1.5
1.1
1.6
3.0
2.3
1.9
-6.4
2.3
-33.0
2.4
-8.7
.4
29.9
.7
3.8
1.8
8.8
1.8
1.4
2.0
1.4
1.5
1.2
1.5
Fixed investment:
Current dollars.........................................
Chain-type quantity index.......................
Chain-type price index.............................
Implicit price deflator..............................
Addenda:
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.....................
Equipment and software:
Current dollars................................
Chain-type quantity index..............
Chain-type price index....................
Implied 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..................................
-6.1
-5.4
-.8
-.8
-1.9
-1.6
-.2
-.3
-13.1
-9.6
-3.8
-3.8
2.7
3.5
-.8
-.8
17.7
14.3
3.0
3.0
8.3
4.6
3.5
3.5
-5.0
-5.8
.9
.9
Exports of goods:
Current dollars.........................................
Chain-type quantity index.......................
Chain-type price index.............................
Implicit price deflator..............................
-6.6
-5.9
-.7
-.7
-4.1
-3.6
-.5
-.5
-11.3
-7.9
-3.7
-3.7
-4.5
-3.4
-1.1
-1.1
18.6
15.9
2.3
2.3
7.7
4.1
3.4
3.4
-10.6
-11.5
.9
.9
Exports of services:
Current dollars.........................................
Chain-type quantity index........................
Chain-type price index.............................
Implicit price deflator..............................
-4.9
-4.0
-1.0
-1.0
3.6
3.2
.3
.3
-17.4
-13.8
-4.2
-4.2
21.7
21.7
.0
.0
15.8
10.7
4.6
4.6
9.8
5.9
3.7
3.7
8.9
8.0
.8
.8
Gross domestic purchases less final sales of
computers:
Current dollars............................................
Chain-type quantity index...........................
Chain-type price index................................
Implicit price deflator.................................
Imports of goods and services:
Current dollars..............................................
Chain-type quantity index............................
Chain-type price index.................................
Implicit price deflator..................................
-5.7
-2.9
-2.9
-2.9
4.0
3.7
.3
.3
-.8
-5.3
4.7
4.7
6.8
8.5
-1.6
-1.6
35.7
22.2
11.1
11.1
7.9
3.3
4.4
4.4
8.4
7.4
.9
.9
Chain-type price indexes for gross domestic
product:
Food..............................................................
Energy goods and services.......................
Gross'domestic product less food and
energy ......................................................
Imports of goods:
Current dollars.........................................
Chain-type quantity index.......................
Chain-type price index.............................
Implicit price deflator..............................
-6.1
-3.3
-2.9
-2.9
2.1
3.9
-1.7
-1.7
-14.0
-3.3
-11.1
-11.1
1.5
3.7
-2.1
-2.1
41.8
27.9
10.9
10.9
6.1
3.4
2.7
2.7
7.2
6.2
.9
.9
Chain-type price indexes for gross domestic
purchases:
Food..............................................................
Energy goods and services.......................
Gross'domestic purchases less food and
energy......................................................
1. For some components of final sales of computers, includes computer parts.
Note. Contributions to the percent change in real gross domestic product are shown in table 8.2.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
National Data
D-26
Table 8.2. Contributions to Percent Change in Real Gross Domestic
Product
April 2003
Table 8.3. Contributions to Percent Change in Real Personal
Consumption Expenditures by Major Type of Product
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
2001
2002
2001
IV
Percent change at annual rate:
Gross domestic product............
2001
2002
I
III
II
I
III
II
IV
Percent change at annual rate:
.3
2.4
2.7
5.0
1.3
4.0
1.4
Personal consumption
expenditures..........................
2.5
3.1
6.0
3.1
1.8
4.2
1.7
Durable goods...............................
Motor vehicles and parts...........
Furniture and household
equipment...............................
Other...........................................
.71
.35
.86
.29
3.56
2.72
-.80
-1.70
.23
-.05
2.49
2.09
-1.03
-1.32
.28
.08
.43
.14
.62
.21
.61
.29
.29
.00
.25
.15
.24
.06
Nondurable goods.........................
Food............................................
Clothing and shoes....................
Gasoline, fuel oil, and other
energy goods..........................
Gasoline and oil......................
Fuel oil and coal......................
Other...........................................
.58
.13
.12
.93
.25
.25
1.08
.20
.41
2.23
.92
.57
-.03
-.13
-.04
.32
-.08
.01
1.45
.80
.32
.03
.05
-.03
.30
.10
.10
.00
.33
.10
.10
.00
.37
.22
.21
.01
.52
-.04
-.02
-.02
.19
.07
.05
.02
.31
.09
-.01
.10
.25
Services..........................................
Housing.......................................
Household operation.................
Electricity and gas..................
Other household operation....
Transportation............................
Medical care...............................
Recreation..................................
Other...........................................
1.17
.25
.07
-.04
.12
-.03
.64
.11
.13
1.33
.24
.03
.02
.00
-.01
.66
.07
.34
1.33
.19
-.25
-.14
-.12
-.08
.72
.19
.57
1.69
.30
.21
.20
.01
.14
.56
.05
.41
1.56
.30
.09
.01
.08
-.04
.73
.10
.37
1.38
.25
.11
.12
-.02
-.03
.64
.00
.41
1.29
.25
.30
.42
-.12
.02
.49
.21
.03
-.01
.12
-.04
.42
-.03
.19
.51
2.35
2.75
5.81
1.78
1.94
4.07
.41
Percentage points at annual rates:
1.67
.48
.24
2.15
.59
.20
4.05
2.45
1.88
2.22
-.55
-1.18
1.22
.16
-.03
2.93
1.74
1.46
1.19
-.72
-.93
.19
.06
.39
.09
.08
.30
.10
.64
.17
.17
.42
.15
.73
.13
.28
.43
.20
1.57
.65
.40
.20
.00
-.02
-.09
-.03
.18
.11
.22
-.05
.01
.17
.04
1.01
.56
.22
.02
.21
.80
.17
.05
-.03
.08
-.02
.43
.08
.09
.07
.23
.92
.17
.02
.02
.00
-.01
.46
.05
.23
.07
.25
.87
.12
-.18
-.10
-.08
-.06
.48
.13
.38
.16
.37
1.20
.22
.15
.14
.01
.10
.40
.04
.30
-.03
.13
1.08
.21
.06
.01
.06
-.03
.51
.07
.26
.05
.22
.97
.18
.07
.09
-.01
-.02
.45
.00
.29
.06
.17
.90
.17
.21
.30
-.09
.01
.34
.14
.02
Gross private domestic investment
-1.90
.15
-2.88
2.53
1.16
.55
.93
Fixed investment.......................
Nonresidential.........................
Structures...........................
Equipment and software....
Information processing
equipment and software
Computers and
peripheral
equipment..............
Software 1....................
Other............................
Industrial equipment.....
Transportation equipment
Other...............................
Residential..............................
-.65
-.66
-.05
-.61
-.50
-.68
-.52
-.15
-1.49
-1.33
-1.12
-.21
-.07
-.66
-.44
-.22
-.15
-.27
-.53
.26
-.03
-.08
-.62
.53
.65
.24
-.25
.49
-.26
.10
-.05
.25
.46
.50
.12
-.02
-.02
-.22
-.07
-.23
-.04
.01
.12
.03
-.05
-.07
-.17
-.01
.18
.22
.01
-.27
-.18
.22
-.20
-.16
.21
-.06
.10
.15
-.56
-.06
.60
.26
.20
.04
.09
-.06
.01
.05
.05
.03
.04
-.08
.37
.08
.41
Change in private inventories
Farm........................................
Nonfarm...................................
-1.24
.04
-1.28
.65
-.01
.66
-1.39
.05
-1.43
2.60
.09
2.51
.10
.20
.16
-.11
-.32
.23
.12
1.31
-.20
1.51
.58
-.10
.68
.28
.05
.24
Net exports of goods and services
-.18
-.67
-.28
-.75
-1.40
-.01
-1.59
Exports........................................
Goods......................................
Services...................................
-.59
-.47
-.13
-.17
-.26
.09
-.99
-.56
-.42
.33
-.23
.56
1.29
.99
.30
.45
.28
.17
-.59
-.82
.23
Imports........................................
Goods......................................
Services...................................
.42
.40
.01
-.50
-.43
-.07
.70
.37
.33
-1.08
-.40
-.68
-2.69
-2.74
.05
-.47
-.40
-.07
-1.00
-.71
-.30
Government consumption
expenditures and gross
investment.................................
.65
.81
1.85
1.04
.27
.56
.85
Federal........................................
National defense.....................
Consumption expenditures
Gross investment...............
Nondefense.............................
Consumption expenditures
Gross investment...............
.29
.19
.16
.02
.10
.08
.01
.47
.37
.31
.06
.10
.08
.02
.80
.54
.53
.01
.26
.11
.15
.47
.46
.34
.12
.01
.03
-.02
.47
.32
.32
.00
.16
.10
.06
.29
.29
.19
.11
-.01
.07
-.07
.70
.46
.50
-.04
.25
.21
.04
State and local...........................
Consumption expenditures
Gross investment...............
.36
.30
.07
.34
.28
.06
1.05
.41
.64
.56
.25
.32
-.21
.16
-.37
.27
.17
.10
.15
.14
.00
Addenda:
Goods..........................................
Services.......................................
Structures....................................
Motor vehicle output.................
Final sales of computers2.........
-.85
1.11
-.01
-.21
.08
1.19
1.52
-.26
.39
.08
1.52
1.75
-.54
.48
.19
2.89
1.60
.56
.31
-.06
.14
1.91
-.80
.25
.08
3.10
1.43
-.50
1.06
.39
-.55
1.71
.22
-.49
.17
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2. For some components of final sales of computers, includes computer parts.
Note. The quantity indexes on which the estimates in this table are based are shown in tables 7.1,7.2,7.4,7.6,
7.9,7.11, and 7.17.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2002
2001
IV
IV
Percentage points at annual rates:
Personal consumption
expenditures..............................
Durable goods............................
Motor vehicles and parts......
Furniture and household
equipment...........................
Other........................................
Nondurable goods......................
Food.........................................
Clothing and shoes................
Gasoline, fuel oil, and other
energy goods......................
Other........................................
Services.......................................
Housing...................................
Household operation..............
Electricity and gas..............
Other household operation.
Transportation.........................
Medical care............................
Recreation...............................
Other........................................
2002
Addenda:
Energy goods and services1.........
Personal consumption
expenditures less food and
energy..........................................
1. Consists of gasoline, fuel oil, and other energy goods, and of electricity and gas.
Note. The quantity indexes on which the estimates in this table are based are shown in table 7.4. The estimates
in this table differ from those in table 8.2 because this table shows contributions to real personal consumption
expenditures, whereas table 8.2 shows contributions to real gross domestic product.
April 2003
D-27
Survey of Current Business
Table 8.4. Contributions to Percent Change in Real Private Fixed
Investment by Type
Table 8.6. Contributions to Percent Change in Real Government
Consumption Expenditures and Gross Investment by Type
Seasonally adjusted at annual rates
2001
2002
2001
IV
Seasonally adjusted at annual rates
2002
III
II
I
2001
IV
Percent change at annual rate;
Private fixed investment...........
-3.1
-8.9
-.5
-1.0
-.3
4.4
-3.88
-4.18
-8.03
-4.29
-1.74
-.58
1.63
Structures...................................
Nonresidential buildings,
including farm.....................
Utilities.....................................
Mining exploration, shafts, and
wells.....................................
Other structures.....................
-.31
-3.23
-6.87
-2.83
-3.44
-4.05
-1.68
-.95
-.01
-2.46
-.20
-3.14
-.08
-1.98
.42
-2.75
-.69
-2.81
-.78
-.40
-.29
.48
.16
-.31
-.26
-.33
-3.33
-1.28
.01
.02
-.01
—.09.
-.38
-.89
-.10
Equipment and software...........
Information processing
equipment and software....
Computers and peripheral
equipment1.....................
Software2...........................
Other....................................
Industrial equipment..............
Transportation equipment......
Other........................................
-3.57
-.94
-1.16
-1.46
1.70
3.47
3.31
-1.54
.61
-.24
1.57
2.99
3.26
.82
-.13
-.13
-1.27
-.43
-1.37
-.23
.71
.22
-.32
-.43
-1.03
-.09
1.36
.03
-1.63
-1.11
1.39
-1.20
1.32
-.41
.66
.95
-3.56
-.42
.65
1.31
1.02
-.70
-2.06
1.48
1.73
1.28
.25
.60
-.43
.04
.36
.22
.24
-.53
2.47
.55
Residential.....................................
.07
1.10
-.88
3.79
.78
.32
2.73
Structures...................................
Single family...........................
Multifamily..............................
Other structures......................
.07
.11
.11
-.15
1.08
.60
.14
.34
-.92
-.77
.24
-.39
3.77
1.80
.62
1.35
.76
.38
-.06
.43
.32
.41
-.19
.09
2.71
2.13
-.37
.94
Equipment...................................
.00
.02
.04
.02
.02
.00
.02
1. Includes new computers and peripheral equipment only.
2. Excludes software “embedded," or bundled, in computers and other equipment.
Note. The quantity indexes on which the estimates in this table are based are shown in table 7.6. The estimates
in this table differ from those in table 8.2 because this table shows contributions to real private fixed investment,
whereas table 8.2 shows contributions to real gross domestic product.
Table 8.5. Contributions to Percent Change in Real Exports and in Real
Imports of Goods and Services by Type of Product
Seasonally adjusted at annual rates
2001
2002
2001
IV
2002
I
III
II
IV
Percent change at annual rate:
-5.4
-1.6
-9.6
3.5
14.3
4.6
-5.8
Exports of goods 1..........................
Foods, feeds, and beverages....
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles, engines,
and parts..................................
Consumer goods, except
automotive..............................
Other...........................................
-4.23
.13
-.58
-3.21
-2.55
-.10
.05
-2.71
-5.45
.82
.39
-5.94
-2.43
.08
-.47
—1.79
10.92
-.61
2.84
4.48
2.86
-.61
-.99
3.21
-8.25
.08
.34
-6.21
-.47
.27
-1.10
-.25
2.73
.74
-2.04
-.07
-.03
-.32
.26
-.46
.83
-.67
.67
.96
.54
.59
-.07
-.15
-.26
Exports of services 1......................
-1.14
.95
-4.18
5.89
3.36
1.77
2.42
-2.9
3.7
-5.3
8.5
22.2
3.3
7.4
-2.78
.14
3.19
.19
-2.76
-.25
3.24
.18
22.25
.41
2.81
.12
5.23
.17
-.45
.27
-2.73
.39
-.16
-.38
-.15
.27
-1.40
.68
-1.25
2.40
1.38
2.13
3.77
1.06
-1.07
-.63
.76
1.69
.56
-.41
.98
-1.47
.98
5.21
.57
-.67
.33
.07
1.89
.28
-.62
.86
2.42
-2.16
7.03
2.32
2.07
.69
2.30
.43
-.08
.52
-2.54
5.31
-.10
.52
2.14
Exports of goods and services..
Percentage points at annual rates:
Percent change at annual rate:
Imports of goods and services.
Percentage points at annual rates:
Imports of goods'.........................
Foods, feeds, and beverages....
Industrial supplies and materials,
except petroleum and products
Petroleum and products............
Capital goods, except automotive
Automotive vehicles, engines,
and parts..................................
Consumer goods, except
automotive..............................
Other...........................................
Imports of services1.....................
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.
NoTE.The quantity indexes on which the estimates in this table are based are shown in table 7.10. The estimates
in this table differ from those in table 8.2 because this table shows contributions to real exports and to real
imports, whereas table 8.2 shows contributions to real gross domestic product. Because imports are subtracted
in the calculation of gross domestic product, the contributions of components of real imports have opposite signs
in this table and in table 8.2.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2001
IV
2002
I
III
II
IV
Percent change at annual rate:
-3.8
Percentage points at annual rates:
Nonresidential...............................
2002
Government consumption
expenditures and gross
investment1............................
3.7
4.4
10.5
5.6
1.4
2.9
4.6
Percentage points at annual rates:
1.61
2.54
4.49
2.53
2.52
1.50
3.76
National defense......................
Consumption expenditures....
Durable goods2...................
Nondurable goods..............
Services..............................
Compensation of general
government employees,
except own-account
investment3.................
Consumption of general
government fixed
capital4........................
Other services................
Gross investment...................
Structures...........................
Equipment and software....
1.06
.92
.09
.03
.80
2.01
1.70
.05
.08
1.56
3.01
2.94
-.45
.34
3.04
2.46
1.81
.13
.04
1.65
1.68
1.69
.03
.03
1.63
1.53
.98
.29
-.01
.70
2.44
2.65
-.23
-.17
3.05
.05
.14
.09
.30
.36
.14
-.33
-.01
.76
.14
-.01
.14
.01
1.40
.31
-.01
.32
.00
2.94
.08
.13
-.06
.01
1.34
.65
-.12
.77
.02
1.25
-.01
.05
-.07
.03
.53
.56
.00
.56
.04
3.34
-.22
-.03
-.18
Nondefense................................
Consumption expenditures....
Durable goods2...................
Nondurable goods..............
Services..............................
Compensation of general
government employees,
except own-account
investment3.................
Consumption of general
government fixed
capital4........................
Other services................
Gross investment...................
Structures ...........................
Equipment and software....
.55
.47
.01
.13
.34
.54
.42
.01
.03
.38
1.48
.63
.02
.10
.51
.07
.16
.01
.07
.08
.84
.52
.00
.22
.29
-.04
.35
.01
-.17
.51
1.33
1.13
.03
.04
1.06
-.03
.12
-.05
.11
-.04
.31
.85
.11
.26
.08
-.04
.11
.11
.15
.12
.09
.03
.12
.44
.85
.38
.46
.11
-.14
-.10
.34
-.43
.11
.22
.32
-.25
.57
.11
.09
-.39
-.19
-.20
.12
.09
.20
.26
-.07
2.05
1.66
.06
.36
1.24
1.87
1.52
.05
.24
1.22
5.98
2.43
.07
.34
2.02
3.03
1.33
.06
.24
1.03
-1.10
.84
.04
.17
.63
1.42
.89
.04
.17
.67
.85
.81
.04
.18
.59
.79
.78
1.28
.50
.36
.46
.40
.24
.21
.39
.23
.16
.23
.21
.35
.41
-.06
.26
.48
3.56
3.61
-.06
.27
.26
1.70
1.95
-.25
.20
.08
-1.94
-1.87
-.07
.17
.04
.53
.52
.02
.15
.03
.04
.15
-.12
Federal...........................................
State and local..............................
Consumption expenditures........
Durable goods2.......................
Nondurable goods.................
Services...................................
Compensation of general
government employees,
except own-account
investment3.....................
Consumption of general
government fixed capital4
Other services....................
Gross investment.......................
Structures...............................
Equipment and software.......
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 own-account investment and related expenditures
for goods and services are classified as investment in structures and in software.
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.
Note. The quantity indexes on which the estimates in this table are based are shown in table 7.11. The esti
mates in this table differ from those in table 8.2 because this table shows contributions to real government
consumption expenditures and gross investment, whereas table 8.2 shows contributions to real gross domestic
product.
National Data
D-28
April 2003
Table 8.7. Selected Per Capita Product and Income Series in Current and Chained Dollars
[Dollars]
Seasonally adjusted at annual rates
2001
2002
2002
2001
IV
III
II
I
IV
Current dollars:
Gross domestic product....................................................................................................................
Gross national product......................................................................................................................
Personal income.................................................................................................................................
Disposable personal income............................................................................................................
Personal consumption expenditures...............................................................................................
Durable goods................................................................................................................................
Nondurable goods.........................................................................................................................
Services..........................................................................................................................................
35,398
35,475
30,494
25,957
24,531
2,935
7,167
14,430
36,340
36,307
31,062
27,188
25,408
3,033
7,358
15,017
35,512
35,636
30,434
25,853
24,834
3,087
7,151
14,596
35,996
36,002
30,727
26,759
25,040
2,998
7,278
14,765
36,147
36,077
31,052
27,144
25,271
2,985
7,344
14,942
36,509
36,471
31,132
27,313
25,579
3,120
7,356
15,102
36,706
36,674
31,337
27,535
25,740
3,029
7,453
15,258
Chained (1996) dollars:
Gross domestic product....................................................................................................................
Gross national product......................................................................................................................
Disposable personal income............................................................................................................
Personal consumption expenditures...............................................................................................
Durable goods'............ '..................................................................................................................
Nondurable goods.........................................................................................................................
Services..........................................................................................................................................
32,352
32,432
23,692
22,390
3’272
6,565
12,622
32,839
32,817
24,479
22j877
3;478
6,712
12,787
32,350
32,471
23,537
22,609
3>70
6,593
12,650
32,681
32,696
24,296
22,735
3^406
6,706
12,712
32,718
32,663
24,479
22,790
3^416
6,691
12,771
32,962
32,936
24,527
22,969
3^588
6,692
12,812
32,995
32,974
24,615
23,010
3,503
6,760
12,850
Population (mid-period, thousands)...................................................................................................
284,822
287,456
285,898
286,507
287,072
287,770
288,475
Table 8.8B. Motor Vehicle Output
Table 8.9B. Real Motor Vehicle Output
[Billions of dollars]
[Billions of chained (1996) dollars]
Seasonally adjusted at annual rates
2001
2002
2001
IV
Seasonally adjusted at annual rates
2001
2002
II
I
III
IV
312.0
109.6
202.4
344.2
111.6
232.7
327.7
112.7
215.0
331.8
114.1
217.7
334.7
110.3
224.4
360.7
115.8
244.9
349.7
106.0
243.7
Final sales of domestic product......
329.3
330.8
364.4
320.4
312.6
353.8
336.6
Final sales of domestic product.....
Personal consumption
expenditures..............................
New motor vehicles....................
Autos.......................................
Light trucks.............................
Net purchases of used autos....
288.4
227.8
105.9
121.8
60.6
299.7
241.0
103.2
137.8
58.6
322.6
266.2
117.2
149.0
56.4
290.6
235.1
104.1
131.0
55.5
287.5
228.8
102.2
126.6
58.7
321.8
262.9
109.6
153.3
59.0
298.7
237.4
96.9
140.5
61.4
Personal consumption
expenditures..............................
New motor vehicles...................
Autos.......................................
Light trucks.............................
Net purchases of used autos....
Private fixed investment..............
New motor vehicles...................
Autos.......................................
Trucks......................................
Light trucks.........................
Other....................................
Net purchases of used autos....
127.7
164.2
70.6
93.6
70.2
23.4
-36.5
122.5
158.0
67.4
90.5
67.1
23.5
-35.5
125.7
159.3
65.8
93.5
71.2
22.3
-33.5
114.9
147.5
62.5
85.0
64.0
21.0
-32.6
119.9
155.1
66.4
88.7
65.7
23.0
-35.2
125.0
161.5
69.8
91.8
66.0
25.7
-36.6
130.2
167.7
71.1
96.7
72.6
24.1
-37.5
Gross government investment....
Autos...........................................
New trucks..................................
13.7
3.8
9.9
13.3
3.9
9.4
14.2
4.0
10.2
13.7
4.1
9.7
12.7
3.7
9.0
12.4
3.6
8.9
Net exports.....................................
Exports........................................
Autos.......................................
Trucks......................................
Imports........................................
Autos.......................................
Trucks......................................
-100.5
25.4
17.8
7.6
125.9
106.7
19.2
-104.6
28.9
20.5
8.4
133.5
114.1
19.4
-98.1
26.4
18.9
7.4
124.4
103.7
20.7
Change in private inventories..........
-17.3
13.4
-36.7
11.4
22.1
6.9
Autos................................................
New..............................................
Domestic..................................
Foreign.....................................
Used............................................
-6.1
-6.7
-7.4
.7
.6
7.4
7.0
5.7
1.2
.5
-12.4
-12.9
-13.5
.6
.5
7.6
7.1
6.9
.2
.5
10.5
10.4
9.1
1.3
.1
5.7
4.4
7.9
-3.4
1.3
New trucks......................................
Domestic.....................................
Foreign........................................
-11.3
-10.7
-.5
6.0
4.3
1.7
-24.4
-23.7
-.7
3.8
2.4
1.4
11.6
11.6
.1
429.8
435.5
462.5
419.3
140.8
107.3
82.9
134.5
113.2
84.4
136.9
106.0
87.0
126.5
111.2
81.6
II
I
III
IV
332.6
117.0
214.9
340.5
119.8
220.0
347.2
117.3
229.0
375.7
123.4
251.2
362.4
113.5
247.5
333.9
342.7
370.2
328.7
324.3
369.1
348.8
290.0
229.2
108.0
120.9
60.4
307.4
246.7
106.5
139.6
60.4
324.8
267.5
119.3
147.6
56.9
295.9
239.1
106.8
131.8
56.5
295.8
234.9
105.8
128.7
60.5
330.6
269.9
113.6
155.6
60.3
307.2
242.8
100.0
142.1
64.1
Private fixed investment..............
New motor vehicles...................
Autos.......................................
Trucks......................................
Light trucks.........................
Other....................................
Net purchases of used autos....
129.1
165.8
71.9
94.0
72.0
22.4
-36.7
124.4
161.8
69.6
92.3
71.0
21.7
-37.3
126.7
161.0
67.0
94.1
73.7
21.0
-34.2
115.8
149.6
64.1
85.6
66.3
19.7
-33.7
121.7
158.7
68.7
90.1
69.1
21.4
-37.0
128.9
167.2
72.3
95.0
71.5
23.7
-38.2
131.4
171.6
73.4
98.3
77.0
22.0
-40.2
14.3
4.3
10.0
Gross government investment....
Autos...........................................
New trucks.................................
13.7
3.7
10.0
13.3
3.7
9.6
14.2
3.9
10.3
13.6
3.9
9.8
12.7
3.5
9.2
12.5
3.4
9.2
14.4
4.2
10.2
-98.9 -107.5 -105.4 -106.7
25.9
28.3
30.5
30.9
18.6
20.6
21.6
21.4
7.4
7.7
8.8
9.5
124.8
135.8
135.9
137.5
105.7
116.6
116.9
117.4
19.1
19.2
19.0
20.2
Net exports.....................................
Exports........................................
Autos.......................................
Trucks......................................
Imports........................................
Autos.......................................
Trucks......................................
-97.8
24.0
17.2
7.0
121.8
103.7
18.2
-101.3
27.0
19.6
7.5
128.4
110.2
18.2
-94.9
24.9
18.2
6.8
119.8
100.2
19.6
13.1
Change in private inventories..........
7.7
7.1
6.0
1.2
.5
-33.5
-12.7
-13.2
-14.0
.6
.5
10.2
7.8
7.2
7.1
.2
.5
20.1
10.8
10.7
9.5
1.2
.1
6.3
6.0
4.6
8.3
-3.3
1.4
11.7
Autos...............................................
New.............................................
Domestic................................
Foreign.....................................
Used............................................
-15.9
-6.2
-6.8
-7.6
.7
.6
12.1
5.9
5.9
-.9
6.8
.0
1.2
2.2
-1.0
7.2
1.0
6.2
New trucks......................................
Domestic.....................................
Foreign........................................
-8.8
-8.3
-.5
4.4
3.2
1.4
-18.8
-18.0
-.7
2.8
1.7
1.3
8.7
8.6
.1
.9
1.6
-.9
5.3
.9
5.3
Residual..............................................
-3.9
.7
-6.5
.1
2.0
-.6
1.1
420.1
459.2
443.3
132.1
115.8
82.3
135.8
119.3
89.1
143.6
106.5
84.5
432.5
445.0
465.4
425.2
430.0
471.8
452.8
143.8
108.4
84.6
140.5
115.3
87.1
140.5
107.5
88.0
130.4
112.7
83.7
137.6
118.1
85.1
143.7
121.9
92.3
150.2
108.7
87.2
Motor vehicle output.............
Auto output.........................
Truck output'......................
Addenda:
Final sales of motor vehicles to
domestic purchasers.................
Private fixed investment in new
autos and new light trucks........
Domestic output of new autos2....
Sales of imported new autos3.......
315.9
113.4
202.0
2002
356.5
118.5
236.9
1. Except for exports and imports, consists of new trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government invest
ment.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2001
IV
Motor vehicle output.............
Auto output.........................
Truck output1.....................
Addenda:
Final sales of motor vehicles to
domestic purchasers..................
Private fixed investment in new
autos and new light trucks.........
Domestic output of new autos2....
Sales of imported new autos3......
2002
-95.7 -104.3 -102.2 -103.1
24.4
26.6
28.5
28.6
20.7
20.2
17.8
19.7
6.7
7.0
7.9
8.5
120.1
130.9
130.7
131.7
102.1
112.9
113.0
112.9
18.0
18.0
17.8
18.9
6.0
5.9
-1.0
6.5
-.1
1. Except for exports and imports, consists of new trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government invest
ment.
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
current-dollar value of tne 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 addi
tive. The residual line is the difference between the first line and the sum of the most detailed lines, excluding the
lines in the addenda.
Chain-type quantity indexes for the series in this table are shown in table 7.18B.
April 2003
D-29
Survey of Current Business
Table 8.30. Contributions to Percent Change in the Gross Domestic Purchases Price Index
Seasonally adjusted at annual rates
2001
2002
2001
2002
IV
II
I
IV
III
Percent change at annual rate:
Gross domestic purchases.........................................................................................................
1.9
1.2
.4
1.2
2.3
1.2
1.8
Personal consumption expenditures............................................................................................
Durable goods.'.............'................................................................................................................
Motor vehicles and parts.........................................................................................................
Furniture and household equipment.......................................................................................
Other...........................................................................................................................................
Nondurable goods........................................................................................................................
Food............................................................................................................................................
Clothing and shoes...................................................................................................................
Gasoline, fuel oil, and other energy goods.............................................................................
Other...........................................................................................................................................
Services..........................................................................................................................................
Housing.....................................................................................................................................
Household operation.................................................................................................................
Electricity and gas.................................................................................................................
Other household operation...................................................................................................
Transportation...........................................................................................................................
Medical care...............................................................................................................................
Recreation..................................................................................................................................
Other...........................................................................................................................................
1.34
-.16
.01
-.17
.01
.29
.28
-.06
-.06
.12
1.21
.37
.15
.15
.00
.05
.37
.08
.19
.92
-.23
-.05
-.17
-.01
.08
.19
-.08
-.12
.09
1.07
.38
-.03
-.08
.05
.05
.28
.08
.32
.55
-.12
.04
-.15
-.01
-.69
.22
-.07
-.93
.08
1.37
.44
-.13
-.24
.11
.02
.46
.07
.52
.74
-.35
-.13
-.20
-.02
.05
.23
-.06
-.17
.05
1.05
.42
-.05
-.10
.05
.07
.23
.06
.33
1.83
-.23
-.10
-.12
-.01
.89
.05
-.04
.72
.16
1.18
.33
.00
.03
-.03
.11
.27
.11
.35
1.15
-.16
.03
-.16
-.02
.12
.09
-.11
.09
.06
1.19
.28
.13
.01
.12
.04
.30
.08
.36
1.22
-.18
-.01
-.16
-.01
.24
.17
-.01
.18
-.09
1.17
.28
.09
.05
.04
.07
.33
.08
.32
Gross private domestic investment..............................................................................................
.19
-.08
-.04
-.22
-.06
-.16
.24
Fixed investment.........................................................................................................................
Nonresidential...........................................................................................................................
Structures ..............................................................................................................................
Equipment and software.......................................................................................................
Information processing equipment and software..........................................................
Computers and peripheral equipment.........................................................................
Software1.......................................................................................................................
Other...............................................................................................................................
Industrial equipment........................................................................................................
Transportation equipment.................................................................................................
Other equipment................................................................................................................
Residential.................................................................................................................................
.19
.02
.15
-.14
-.16
-.17
.03
-.03
.01
-.01
.02
.17
-.06
-.15
-.02
-.13
-.14
-.11
-.01
-.02
.00
.00
.01
.09
-.02
-.18
-.05
-.13
-.16
-.14
.00
-.02
.00
.01
.02
.16
-.22
-.22
-.10
-.12
-.11
-.10
.00
-.01
-.01
.00
.01
.00
-.03
-.15
.02
-.17
-.13
-.06
-.05
-.02
-.01
-.03
-.01
.11
-.14
-.14
.01
-.15
-.11
-.10
.01
-.02
.02
-.06
.01
.00
.25
.04
.05
-.01
-.14
-.10
-.01
-.02
.01
.11
.00
.21
Change in private inventories....................................................................................................
Farm.... ......................................................................................................................................
Nonfarm.....................................................................................................................................
.00
.00
.00
-.02
.00
-.02
-.02
.00
-.02
.00
.00
.00
-.03
.00
-.03
-.03
.00
-.02
-.01
.00
-.01
Government consumption expenditures and gross investment................................................
.41
.31
-.06
Federal..........................................................................................................................................
National defense.......................................................................................................................
Consumption expenditures..................................................................................................
Gross investment..................................................................................................................
Nondefense................................................................................................................................
Consumption expenditures..................................................................................................
Gross investment..................................................................................................................
.10
.06
.07
.00
.04
.04
.00
.17
.09
.10
.00
.08
.08
.00
State and local..............................................................................................................................
Consumption expenditures..................................................................................................
Gross investment..................................................................................................................
.31
.26
.05
.14
.12
.02
-.03
-.04
-.02
-.02
.01
.01
.00
-.041
-.08
.05
Addenda:
Final sales of computers2............................................................................................................
Gross domestic purchases less final sales of computers.........................................................
Food................. ....................................................... .....................................................................
Energy goods and services..........................................................................................................
Gross domestic purchases less food and energy......................................................................
-.27
2.21
.28
.09
1.57
-.19
1.34
.18
-.26
1.23
Percentage points at annual rates:
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2. For some components of final sales of computers, includes computer parts.
NoTE.The price indexes on which the estimates in this table are based are shown in tables 7.1,7.2,7.4,7.6, and 7.11.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-.23
.68
.22
-1.52
1.74
.64
.51
.26
.28
.50
.28
.29
-.01
.22
.23
.00
.15
.08
.08
.00
.06
.07
.00
.08
.06
.06
.00
.02
.02
.00
.02
.05
.04
.01
-.03
-.03
.00
.13
.13
.00
.36,
.33
.03
.18
.17
.00
.26
.25
.01
-.16
1.41
.06
.14
1.05
-.19
1.94
.17
.31
1.27
-.19
1.35
.23
-.32
1.25
-.11
2.39
.04
.93
1.31
April 2003
D-30
B. Other NIPA and NIPA-Related Tables
Monthly Estimates
Tables B.l and B.2 include the most recent estimates of personal income and its components; these estimates were
released on March 28, 2003, and they include “preliminary” estimates for February 2003 and “revised” estimates
for July-December 2002 and January 2003.
Table B.1. Personal Income
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
2002
2001
2003
2002
Jan.
Feb.
March
April
May
June
July'
Aug.'
Sep.'
Oct.'
Nov.'
Dec.'
Jan.'
Feb."
8,685.3
8,929.1
8,766.8
8,807.2
8,836.3
8,865.5
8,904.9
8,971.7
8,934.8
8,958.7
8,983.1
9,010.2
9,038.9
9,070.5
9,102.8
9,127.7
Wage and salary disbursements........................................
Private industries..............................................................
Goods-producing industries......................................
Manufacturing.........................................................
Distributive industries..................................................
Service industries........................................................
Government.....................................................................
4,950.6
4,139.8
1,142.4
789.4
1,109.2
1,888.2
810.8
5,003.7
4,150.9
1,117.6
759.9
1,117.7
1,915.6
852.8
4,941.0
4,104.7
1,115.2
759.1
1,103.6
1,885.9
836.3
4,956.9
4,116.0
1,116.1
759.0
1,109.6
1,890.3
840.9
4,975.4
4,131.4
1,119.4
760.2
1,117.1
1,894.8
844.1
4,968.8
4,123.0
1,116.4
760.5
1,107.9
1,898.7
845.8
4,989.0
4,140.7
1,119.3
764.3
1,113.2
1,908.2
848.3
5,034.0
4,183.1
1,128.2
771.2
1,124.7
1,930.2
851.0
4,985.0
4,131.4
1,111.4
756.8
1,111.3
1,908.7
853.6
5,009.8
4,152.1
1,117.0
759.1
1,118.4
1,916.7
857.7
5,027.4
4,167.4
1,117.3
757.8
1,123.7
1,926.4
860.0
5,038.8
4,175.4
1,117.3
758.0
1,125.3
1,932.9
863.3
5,054.2
4,188.6
1,115.8
756.1
1,128.1
1,944.8
865.6
5,064.3
4,197.0
1,117.9
756.6
1,129.4
1,949.7
867.3
5,082.7
4,207.1
1,120.6
758.3
1,129.3
1,957.1
875.6
5,097.6
4,215.5
1,118.5
758.4
1,129.1
1,968.0
882.1
Other labor income...............................................................
570.4
610.6
586.1
590.7
595.5
599.8
603.9
608.5
613.0
617.5
622.1
625.9
630.1
634.4
638.3
640.6
Proprietors’ income with IVA and CCAdj..........................
Farm..................................................................................
Nonfarm............................................................................
727.9
19.0
708.8
756.5
12.9
743.7
743.3
20.8
722.4
750.0
21.8
728.2
751.9
22.5
729.4
751.4
14.0
737.4
746.0
5.1
740.9
745.1
3.3
741.7
755.0
7.7
747.4
757.4
10.7
746.7
763.8
13.8
750.0
769.7
13.0
756.7
770.4
11.8
758.6
774.6
10.2
764.4
781.9
11.9
770.0
784.8
14.6
770.2
Personal Income.....................................................................
Rental income of persons with CCAdj...............................
137.9
142.4
139.4
141.3
143.2
148.3
153.5
158.7
152.4
144.1
135.9
133.2
130.6
127.9
126.8
125.6
Personal dividend income..................................................
409.2
433.8
421.8
423.8
425.5
428.0
430.3
432.7
435.0
437.3
439.4
441.6
443.8
446.0
448.6
451.2
Personal interest income.....................................................
1,091.3
1,078.5
1,070.9
1,069.9
1,069.0
1,075.7
1,082.3
1,088.9
1,084.8
1,080.7
1,076.7
1,078.8
1,080.9
1,083.1
1,080.6
1,078.2
Transfer payments to persons............................................
Old-age, survivors, disability, and health insurance
benefits..........................................................................
Government unemployment insurance benefits..........
Other.................................................................................
1,170.4
1,288.0
1,243.5
1,255.0
1,257.6
1,275.0
1,282.9
1,289.9
1,293.2
1,297.3
1,304.6
1,309.9
1,317.6
1,329.8
1,337.4
1,343.5
664.3
31.9
474.2
699.8
62.9
525.4
688.7
48.1
506.7
693.2
52.6
509.1
688.6
56.2
512.8
695.1
63.5
516.4
696.3
67.7
518.9
697.4
70.8
521.7
699.2
68.1
525.9
701.9
66.9
528.5
704.6
67.8
532.3
704.5
66.0
539.4
710.3
63.3
544.0
717.6
63.3
548.9
719.0
60.9
557.4
721.9
60.S
560.7
Less. Personal contributions for social insurance...............
372.3
384.5
379.2
380.4
381.8
381.6
383.0
386.1
383.7
385.4
386.7
387.6
388.8
389.6
393.5
393.8
^Preliminary.
'Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the
third quarter of 2002.
CCAdj Capital consumption adjustment.
IVA Inventory valuation adjustment.
Source: U.S. Bureau of Economic Analysis.
Table B.2. The Disposition of Personal Income
[Monthly estimates seasonally adjusted at annual rates]
2002
2001
2003
2002
Jan.
Feb.
March
April
May
June
July'
Aug.'
Sep.'
Oct.'
Nov.'
Dec.'
Jan.'
Feb."
9,127.7
Billions of dollars, unless otherwise indicated
8,685.3
8,929.1
8,766.8
8,807.2
8,836.3
8,865.5
8,904.9
8,971.7
8,934.8
8,958.7
8,983.1
9,010.2
9,038.9
9,070.5
9,102.8
Less: Personal tax and nontax payments..............................
1,292.1
1,113.6
1,140.1
1,136.1
1,134.0
1,123.9
1,119.6
1,122.0
1,101.4
1,098.8
1,096.8
1,096.2
1,096.2
1,097.8
1,100.4
1,106.4
Equals: Disposable personal income................................
7,393.2
7,815.5
7,626.7
7,671.1
7,702.2
7,741.6
7,785.3
7,849.7
7,833.4
7,859.9
7,886.4
7,914.0
7,942.7
7,972.7
8,002.5
8,021.3
Less: Personal outlays..............................................................
7,223.5
7,524.5
7,355.7
7,408.9
7,424.3
7,464.1
7,467.9
7,501.8
7,579.9
7,601.6
7,567.5
7,592.0
7,626.0
7,704.1
7,701.5
7,703.8
Personal consumption expenditures..................................
Durable goods..................................................................
Nondurable goods...........................................................
Services............................................................................
6,987.0
835.9
2,041.3
4,109.9
7,303.7
871.9
2,115.0
4,316.8
7,130.6
853.6
2,074.1
4,202.8
7,186.8
863.5
2,089.1
4,234.2
7,205.3
859.8
2,092.1
4,253.4
7,242.7
868.2
2,110.9
4,263.5
7,244.6
845.2
2,101.9
4,297.4
7,276.7
857.4
2,111.7
4,307.6
7,355.7
901.6
2,117.8
4,336.3
7,379.3
919.0
2,117.3
4,343.0
7,347.2
872.8
2,115.6
4,358.8
7,374.3
848.1
2,137.5
4,388.6
7,410.7
857.7
2,150.2
4,402.7
7,491.2
915.9
2,162.1
4,413.2
7,487.7
870.9
2,189.5
4,427.3
7,489.2
851.6
2,189.0
4,448.5
Interest paid by persons......................................................
Personal transfer payments to the rest of the world (net)
205.4
31.1
188.4
32.3
193.7
31.5
190.6
31.5
187.6
31.5
189.4
31.9
191.3
31.9
193.2
31.9
191.3
32.9
189.3
32.9
187.4
32.9
185.0
32.8
182.5
32.8
180.1
32.8
181.0
32.8
181.9
32.8
169.7
291.0
271.0
262.2
277.9
277.5
317.5
347.9
253.5
258.3
318.8
322.0
316.7
268.6
301.0
317.5
Personal income.....................................................................
Equals: Personal saving.......................................................
Addenda:
Disposable personal income:
Billions of chained (1996) dollars1.................................
Per capita:
Current dollars..................................................................
Chained (1996 dollars)....................................................
Population (thousands)2.’.....................................................
6,748.0
7,036.8
6,938.8
6,965.7
6,978.3
6,983.2
7,024.4
7,073.9
7,049.5
7,057.4
7,067.2
7,079.8
7,100.9
7,121.5
7,135.8
7,120.4
25,957
23092
284,822
27,188
24,479
287,456
26,636
24,234
286,328
26,774
24,312
286,512
26,867
24,342
286,681
26,987
24,343
286,865
27,120
24>70
287,067
27,324
24023
287,284
27,245
24,518
287,519
27,313
24025
287,768
27,381
24037
288,024
27,454
24,560
288,263
27,533
24,615
288'480
27,618
24,669
288,682
27,703
24703
288,866
27,752
24,635
289,035
Personal consumption expenditures:
Billions of chained (1996) dollars..................................
Durable goods..............................................................
Nondurable goods.......................................................
Services.......................................................................
Implicit price deflator, 1996=100...................................
6,377.2
931.9
1,869.8
3,594.9
109.56
6,576.0
999.9
1,929.5
3,675.6
111.07
6,487.4
963.6
1,920.5
3,627.3
109.92
6,526.0
982.9
1,926.1
3,644.0
110.13
6,528.1
981.2
1,917.5
3,655.2
110.38
6,533.2
992.5
1,915.9
3,653.2
110.86
6,536.6
966.3
1,919.7
3,672.4
110.83
6,557.5
983.2
1,926.9
3,672.9
110.97
6,619.7
1,036.4
1,931.0
3,688.5
111.12
6,625.9
1,057.3
1,926.2
3,683.4
111.37
6,584.0
1,003.5
1,920.2
3,689.0
111.59
6,596.9
977.0
1,937.9
3,704.0
111.79
6,625.3
991.7
1,950.0
3,708.7
111.86
6,691.4
1,062.9
1,962.0
3,708.1
111.95
6,676.8
1,014.2
1,980.8
3,712.2
112.15
6,648.1
994.7
1,958.9
3,719.5
112.65
Personal saving as percentage of disposable personal
income...............................................................................
2.3
3.7
3.6
3.4
3.6
3.6
4.1
4.4
3.2
3.3
4.0
4.1
4.0
3.4
3.8
4.0
Percent change from preceding period, monthly changes at monthly rates
Personal income, current dollars........................................
3.3
2.8
0.4
0.5
0.3
0.3
0.4
0.7
-0.4
0.3
0.3
0.3
0.3
0.3
0.4
0.3
Disposable personal income:
Current dollars......................................................................
Chained (1996) dollars........................................................
3.8
1.8
5.7
4.3
2.8
2.6
0.6
0.4
0.4
0.2
0.5
0.1
0.6
0.6
0.8
0.7
-O.2
-0.3
0.3
0.1
0.3
0.1
0.4
0.2
0.4
0.3
0.4
0.3
0.4
0.2
0.2
-0.2
Personal consumption expenditures:
Current dollars......................................................................
Chained (1996) dollars........................................................
4.5
2.5
4.5
3.1
0.5
0.3
0.8
0.6
0.3
0.0
0.5
0.1
0.0
0.1
0.4
0.3
1.1
0.9
0.3
0.1
-0.4
-0.6
0.4
0.2
05
0.4
1 1
1.0
0.0
-0.2
0.0
-O.4
” Preliminary.
' Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the
third quarter of 2002.
Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.
Digitized for 1.FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2. Population is the total population of the United States, including the Armed Forces overseas and the institutionalized
population. The monthly estimate is the average of estimates for the first of the month and the first of the following month;
the annual estimate is the average of the monthly estimates.
Source: U.S. Bureau of Economic Analysis.
April 2003
Survey
of
D-31
Current Business
Annual Estimates
Except as noted for table B.3 below, these tables are derived from the NIPA tables that were published in the
August and September 2002 issues of the Survey of Current Business, and the estimates reflect the most recent
comprehensive and annual NIPA revisions.
Table B.3. Gross Domestic Product by Industry, Current-Dollar and Real Estimates for 1999-2001
Billions of dollars
Billions of chained (1996) dollars
1999
2000
2001
10,082.2
8,859.0
9,191.4
9,214.5
8,606.9
8,800.8
7,851.0
8,157.8
8,189.4
127.7
75.2
134.3
77.8
140.6
80.6
154.6
108.1
166.7
120.5
163.9
114.3
52.5
56.5
60.1
46.2
47.6
49.1
Mining...............................................
Metal mining................................
Coal mining.................................
Oil and gas"extraction..................
Nonmetallic minerals, except
fuels..........................................
104.1
5.6
10.8
76.4
133.1
5.2
9.2
106.5
139.0
5.7
10.5
110.3
114.7
9.0
13.5
82.0
101.9
8.0
11.9
70.5
106.8
9.6
13.9
72.9
11.4
12.2
12.6
10.7
12.2
12.4
Construction.....................................
425.4
461.3
480.0
367.8
378.0
371.9
Manufacturing.................................
Durable goods..............................
Lumber and wood products
Furniture and fixtures.............
Stone, clay, and glass
products.......’......................
Primary metal industries........
Fabricated metal products......
Industrial machinery and
equipment..........................
Electronic and other electric
equipment............................
Motor vehicles and equipment
Other transportation
equipment............................
Instruments and related
products...............................
Miscellaneous manufacturing
industries........................ ’.
Nondurable goods.......................
Food and kindred products....
Tobacco products^...................
Textile mill products................
Apparel and other textile
products...............................
Paper and allied products.......
Printing and publishing..........
Chemicals arid allied products
Petroleum and coal products
Rubber and miscellaneous
plastics products.................
Leather and leather products
1,481.3
853.8
44.1
25.8
1,520.3
886.4
42.1
26.1
1,423.0
812.8
39.2
25.0
1,513.9
949.3
40.9
23.7
1,585.4
1,044.3
41.8
24.1
1,490.3
990.1
39.0
22.4
41.4
50.5
106.9
40.6
50.2
109.6
36.7
45.1
100.8
37.4
57.0
97.7
37.2
56.1
102.7
33.9
53.5
92.3
152.3
173.1
148.2
206.7
249.2
222.5
Transportation and public utilities ..
Transportation....:.............................
Railroad transportation..............
Local and interurban passenger
transit.................... :.......... .”.....
Trucking and warehousing.........
Water transportation...................
Transportation by air......
Pipelines, except natural gas......
1999
2000
Gross domestic product........
9,274.3
9,824.6
Private industries................................
8,123.0
Agriculture, forestry, and fishing
Farms............................................
Agricultural services, forestry,
and fishing...............................
2001
249.2
115.0
311.8
117.3
71.4
61.7
60.5
62.0
61.7
47.6
51.0
46.1
27.4
570.8
120.5
6.8
23.0
31.3
558.0
111.2
6.2
23.2
28.5
518.3
106.5
5.0
20.7
23.3
55.9
100.2
163.5
40.6
22.9
56.1
90.4
160.6
35.3
23.3
53.1
90.1
162.8
29.9
22.3
49.7
80.8
157.8
24.6
59.3
3.7
56.6
3.3
57.6
3.2
61.3
3.6
770.1
301.9
23.1
809.3
313.7
24.8
819.5
306.1
25.8
732.2
268.6
22.4
781.9
282.5
25.0
17.9
121.4
13.4
90.0
6.2
18.3
123.3
15.0
91.9
6.3
19.1
126.0
15.7
80.2
6.5
16.8
100.2
12.0
80.7
6.6
17.2
103.4
13.4
84.8
6.4
161.2
119.4
162.0
120.4
143.1
111.4
65.1
66.3
58.2
63.5
28.9
627.5
136.6
19.4
24.9
32.5
633.9
127.0
21.2
23.8
30.2
610.2
123.7
21.1
22.1
24.7
56.8
105.4
167.3
30.4
24.7
60.2
106.5
169.0
38.5
58.7
3.4
'
335.2
108.5
2000
2001
1999
2000
2001
Transportation services...........
Communications...........................
Telephone and telegraph.........
Radio and television.................
Electric, gas, and sanitary
services....................................
29.9
257.2
193.7
63.6
34.1
279.1
208.0
71.1
32.9
291.5
218.5
72.9
29.8
255.3
205.3
51.5
32.4
286.7
236.7
53.4
31.2
321.9
265.7
60.0
211.0
216.5
221.9
208.8
213.9
194.3
Wholesale trade...............................
645.3
696.8
680.7
708.6
750.2
748.7
Retail trade.......................................
831.7
887.3
931.8
846.2
909.2
951.2
1,798.8
'330.3
57.7
128.2
153.8
1,976.7
361.1
69.5
150.8
182.4
2,076.9
'359.8
88.8
175.0
170.1
1,688.3
274.9
65.4
174.8
133.0
1,793.5
287.4
79.0
216.8
146.0
1,843.5
290.4
91.9
245.1
141.2
61.5
1,050.5
766.9
283.5
61.6
1,123.7
811.4
312.3
66.5
1,171.7
845.1
326.6
54.6
982.1
704.1
279.3
51.9
1,016.7
722.9
295.5
53.5
1,022.0
725.6
298.2
Finance, insurance, and real
estate ............................................
Depository institutions.................
No’ndepository institutions..........
Security and commodity brokers
Insurance carriers........................
Insurance agents, brokers, and
service.......................................
Real estate....................................
Nonfarm housing services......
Other 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..............................
Membership organizations.........
Other services."............................
Private households......................
16.8
27.7
45.0
10.0
13.7
22.7
1,977.2
80.0
58.5
501.0
2,116.4
87.4
59.3
534.4
2,226.6
88.4
62.7
544.1
1,768.4
64.5
53.6
449.6
1,826.0
68.4
52.9
460.1
1,843.3
65.6
53.3
459.4
89.2
24.9
31.2
94.9
27.7
32.5
99.5
27.0
35.5
81.8
19.9
28.5
84.8
20.9
27.9
87.5
17.7
29.5
72.6
515.4
123.6
72.3
61.9
58.0
276.0
12.7
76.6
548.5
134.4
77.9
67.7
61.4
300.3
13.6
79.3
589.8
145.6
84.4
74.7
63.0
320.7
11.9
63.6
470.7
111.0
62.4
53.9
48.1
250.2
11.7
63.6
487.9
116.8
64.1
56.0
47.8
263.9
12.0
62.6
501.2
120.2
66.5
58.4
46.6
267.1
10.1
Statistical discrepancy1.................
-38.8
-128.5
-117.3
-37.3
-121.3
-108.3
57.0 Government...........................................
3.1
Federal..............................................
General government....................
780.5
270.3
Government enterprises.............
25.0
State and local.................................
17.2
General government...................
Government enterprises.............
99.3
13.3
78.3 Not allocated by industry2..................
6.0
1,151.3
1,217.7
1,281.3
1,061.1
1,088.8
1,107.5
369.8
307.6
62.2
389.5
323.4
66.1
396.2
332.8
63.4
346.5
285.2
61.4
355.0
289.4
66.0
350.9
291.3
59.4
781.5
715.9
65.6
828.2
758.7
69.4
885.1
807.0
78.1
714.4
653.7
60.7
733.6
669.0
64.7
756.1
687.0
69.4
-97.1
-159.1
-204.4
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 (1996) dollar statistical discrepancy equals the current-dollar statistical
discrepancy deflated by the implicit price deflator for gross domestic business product.
2. Equals GDP in chained (1996) dollars less the statistical discrepancy and the sum of GDP by industry of the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Billions of chained (1996) dollars
Billions of dollars
1999
detailed industries. The value of not allocated by industry reflects the nonadditivity of chained-dollar estimates
and the differences in source data used to estimate real GDP by industry and the expenditures measure of real
GDP.
Note. Estimates are based on the 1987 Standard Industrial Classification. The table is derived from tables 1
and 6 in “Gross Domestic Product by Industry for 1999-2001” in the November 2002 Survey.
National Data
D-32
April 2003
Table B.4. Personal Consumption Expenditures by Type of Expenditure
Billions of chained (1996)
dollars
Billions of dollars
1999
2000
2001
1999
2000
Personal consumption expenditures..................
6,246.5
6,683.7
6,987.0
5,964.5
6,223.9
6,377.2
Food and tobacco...........................................................
Food purchased for off-premise consumption
(n.d.)........................................................................
Purchased meals and beverages1 (n.d.).................
Food furnished to employees (including military)
(n.d.)........................................................................
Food produced and consumed on farms (n.d.)......
Tobacco products (n.d.)............................................
Addenda: Food excluding alcoholic beverages
964.7
1,027.2
1,068.7
888.9
919.4
926.0
537.7
351.5
568.6
376.5
589.0
393.2
512.4
325.4
530.0
339.8
533.6
344.0
9.1
.5
65.9
9.4
.5
72.2
9.7
.5
76.3
8.5
.5
43.4
8.7
.5
42.8
8.8
.5
42.1
(n.d.)..................................................................
786.2
834.2
866.2
741.0
768.8
775.2
65.2
47.4
70.3
50.5
73.1
53.1
62.5
43.3
65.4
44.8
66.5
45.3
391.2
44.7
256.1
164.1
92.0
.3
409.8
46.3
267.1
171.9
95.2
.3
412.6
47.0
267.S
172.6
95.3
.3
404.9
46.4
265.4
172.6
92.9
.3
428.4
48.8
280.3
183.1
97.3
.3
435.9
49.9
287.5
187.1
100.5
.3
Jewelry and watches (d.)...........................................
Other3 (s.)....................................................................
14.6
48.5
27.0
15.5
51.1
29.5
15.6
51.0
30.8
13.8
53.7
25.6
14.3
58.1
27.1
13.7
58.0
27.0
Personal care..................................................................
Toilet articles and preparations (n.d.)......................
Barbershops, beauty parlors, and health clubs (s.)
84.0
55.1
28.9
87.8
56.5
31.2
89.1
56.5
32.6
80.0
53.4
26.6
81.7
54.1
27.6
81.5
53.6
27.8
Housing............................................................................
Owner-occupied nonfarm dwellings—space rent4
(s.)..........................................................................
Tenant-occupied nonfarm dwellings—rents (s.)......
Rental value of farm dwellings (s.)...........................
Other6 (s.)...................................................................
912.6
960.0
1,014.5
835.0
851.3
866.0
666.4
202.8
7.2
36.1
704.9
207.8
7.6
39.6
751.0
217.1
8.0
38.5
610.7
185.8
6.1
32.5
627.3
184.0
6.0
34.1
643.5
184.3
5.9
32.5
Household operation......................................................
Furniture, including mattresses and bedsprings
(d.)...........................................................................
Kitchen and other household appliances7 (d.).......
China, glassware, Tableware, and utensils (d.).......
Other durable house furnishings8 (d.).....................
Semidurable house furnishings9 (n.d.)...................
Cleaning and polishing preparations, and
miscellaneous household supplies and paper
products (n.d)........................................................
Stationery and writing supplies (n.d.).....................
Household utilities......................................................
Electricity (s.).........................................................
Gas (s.)...................................................................
Water and other sanitary services (s.)...............
Fuel oil and coal (n.d.)..........................................
Telephone and telegraph (s.).....................................
Domestic service (s.).................................................
Other ” (s.).................................................................
677.7
723.9
747.3
677.7
712.2
721.8
60.3
34.1
31.4
61.6
36.8
64.4
35.7
33.3
65.1
38.3
64.0
36.1
34.1
66.4
38.7
60.6
35.5
31.8
61.9
38.9
65.0
37.5
34.2
65.9
41.6
65.7
38.3
35.9
68.0
43.0
56.9
22.6
190.1
96.7
33.3
46.6
13.6
122.3
14.9
46.6
59.3
23.4
209.2
101.5
40.8
48.8
18.1
130.6
16.0
48.5
61.7
23.5
221.7
105.3
49.1
50.7
16.5
136.5
14.6
50.0
54.4
21.2
190.1
101.0
31.6
43.0
14.7
127.1
13.7
43.0
54.4
22.3
195.0
104.4
32.9
43.9
14.0
141.1
14.1
42.9
54.6
22.4
191.3
101.2
33.3
44.4
12.6
151.2
12.4
42.9
1,097.9
139.2
1,171.1
156.3
1,270.2
176.4
1,025.5
129.4
1,062.0
140.6
1,110.2
152.3
21.6
230.3
58.3
137.0
445.8
370.7
245.9
42.4
82.5
75.1
65.7
57.7
1.5
6.5
22.9
244.3
62.7
142.8
471.5
392.3
259.7
44.8
87.8
79.2
70.6
63.0
1.7
5.9
21.6
266.7
67.5
153.5
509.6
425.9
281.0
50.8
94.1
83.6
75.0
66.8
1.8
6.4
20.6
218.7
51.1
126.5
418.1
350.7
229.8
41.0
79.9
67.5
61.3
49.5
.9
10.8
21.3
228.0
52.5
128.5
427.4
359.8
234.8
42.2
82.8
67.7
63.8
51.4
1.0
11.4
19.4
242.1
54.4
133.9
443.9
376.8
244.1
46.6
86.2
67.5
64.5
51.6
1.0
12.1
Alcoholic beverages purchased for offpremise consumption (n.d.)..........
Other alcoholic beverages (n.d.)........
Clothing, accessories, and jewelry.............................
Shoes (n.d.).................................................................
Clothing and accessories except shoes *..................
Women's and children’s (n.d.)...............................
Men's and boys’ (n.d.)............................................
Standard clothing issued to military personnel (n.d)
Cleaning, storage, and repair of clothing and shoes
Medical care.................................................................
Drug preparations and sundries " (n.d.).............
Ophthalmic products and orthopedic appliances
Physicians (s.).............................................
Dentists (s.)..................................................
Other professional services 12 (s.)............
Hospitals and nursing homes13.................
Hospitals..................................................
Nonprofit (s.)....................................
Proprietary (s.)..................................
Government (s.)................................
Nursing homes (s.)................................
Health insurance..........................................
Medical care and hospitalization 44 (s.)
Income loss 15 (s.)..................................
Workers' compensation 16 (s.)..............
1. Consists of purchases (including tips) of meals and beverages from retail, service, and amusement establishments,
hotels, dining ana 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 miscella
neous 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 dismem
berment insurance provided by commercial insurance carriers, and (2) administrative expenses (including consumption of
fixed capital) of nonprofit 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 commercial life insurance carriers, (2) administrative expenses o, private
noninsured pension plans and publicly administered government employee retirement plans, and (3) premiums, less bene
fits and dividends, of fraternal benefit societies. For commercial life insurance carriers, excludes expenses for accident and
health insurance and includes profits of stock companies and services furnished without payment by banks, credit agen
cies, and investment companies. For pension and retirement plans, excludes services furnished without payment by banks,
credit agencies, and investment companies.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1999
2001
* Because of rapid changes in relative prices, the chained-dollar estimates for computers are especially misleading as a
measure of the contribution or relative importance of this component.
Billions of chained (1996)
dollars
Billions of dollars
Personal business...........................................................
Brokerage charges and investment counseling (s.)
Bank service charges, trust services, and safe
deposit box rental (s.)............................................
Services furnished without payment by financial
intermediaries except life insurance carriers (s.)
Expense of handling life insurance and pension
plans 47 (s.)...............................................................
Legal services (s.)........................................................
Funeral and burial expenses (s.)................................
Other19 (s.)...................................................................
575.2
72.2
Transportation.................................................................
User-operated 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.)............................................
Bridge, tunnel, ferry, and road tolls (s.)...............
Insurance ” (s.).......................................................
Purchased local transportation..................................
Mass transit systems (s.).......................................
Taxicab (s.)...............................................................
Purchased intercity transportation.............................
Railway (s.)...............................................................
Bus (s.).....................................................................
Airline (s.).................................................................
Other29 (s.)...............................................................
2000
632.5
88.4
2001
634.3
74.2
1999
514.2
80.0
2000
550.0
98.9
2001
550.1
86.2
63.2
68.4
73.5
56.8
58.8
60.7
233.8
258.1
259.5
201.4
220.0
227.4
102.8
65.2
16.4
33.2
103.9
70.4
17.5
35.3
82.3
54.7
14.6
28.1
82.0
54.4
14.1
28.9
80.3
55.7
14.6
29.4
707.8
654.7
98.4
57.7
118.7
44.4
768.9
711.9
105.5
59.4
125.9
45.9
794.8
742.0
105.9
60.6
149.0
45.8
704.8
653.1
99.9
59.8
116.8
45.3
726.8
673.9
107.0
60.4
123.9
46.7
750.4
699.8
108.0
60.4
147.3
45.4
165.1
129.3
4.4
36.8
12.4
8.6
3.8
40.7
.7
2.0
32.7
5.3
175.5
164.4
4.6
30.7
12.7
9.1
3.6
44.3
.8
1.5
36.7
5.2
181.6
162.1
4.9
32.1
13.2
9.5
3.7
39.7
.9
1.5
32.4
4.8
156.7
136.4
3.8
34.1
12.5
8.7
3.8
39.3
.7
1.8
31.7
5.0
162.1
135.7
3.9
34.3
12.6
9.0
3.5
40.3
.8
1.3
33.4
4.7
162.2
138.8
3.9
34.3
12.7
9.1
3.5
38.0
.8
1.3
31.6
4.3
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 goods, including musical
instruments, and computer goods (d.)..............
Video and audio goods, including musical
instruments (d.)..................................................
Computers, peripherals, and software*(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 (sj..................
Commercial participant amusements23 (s.)...........
Pari-mutuel net receipts (s.)......................................
Other24 (s.).................................................................
526.5
30.8
32.5
60.4
564.7
33.2
34.2
62.7
593.9
35.1
35.2
66.7
558.3
30.2
30.8
67.8
604.9
32.5
31.8
74.5
644.6
34.1
32.1
82.6
Education and research................................................
Higher education25 (s.)..............................................
Nursery, elementary, and secondary schools26 (s.)
Other27 (s.)..................................................................
50.4
55.3
60.8
52.3
58.1
64.5
98.1
106.3
105.6
152.7
185.5
211.5
66.7
31.4
4.1
16.7
25.0
7.6
71.8
34.5
4.1
17.5
27.1
7.8
72.7
32.9
4.2
18.5
29.4
8.7
78.3
91.0
3.9
17.4
22.6
6.9
90.7
122.0
4.0
17.5
23.1
6.6
99.0
152.6
4.1
17.9
23.9
7.1
8.9
8.5
15.9
63.0
4.5
125.1
9.9
9.5
16.7
68.4
4.7
134.4
10.6
10.1
17.3
73.3
4.8
142.9
8.1
7.7
14.7
58.8
4.2
114.2
8.4
8.1
14.9
61.6
4.3
118.7
8.7
8.1
14.9
63.9
4.3
122.2
152.1
79.3
32.0
40.8
164.0
83.1
34.0
46.9
174.9
87.6
35.5
51.7
136.8
71.5
29.2
36.1
141.3
72.2
29.8
39.2
144.9
73.6
29.9
41.3
Religious and welfare activities2* (s.).......................
172.9
190.1
199.6
157.5
164.9
166.4
Foreign travel and other, net........................................
Foreign travel by U.S. residents29 (s.)......................
Expenditures abroad by U.S. residents (n.d.)..........
Less: Expenditures in the United States by
nonresidents ” (s.)................................................
Less: Personal remittances in kind to nonresidents
(n.d.).........................................................................
-16.0
72.3
3.2
-16.1
80.9
3.3
-12.9
76.3
3.6
-11.7
70.9
3.6
-7.5
78.7
4.0
-5.0
73.3
4.4
98.3
90.6
84.2
88.2
80.6
2.0
2.2
1.9
1.9
2.1
-41.6
-72.6
-100.5
Residual...........................................................................
18. Consists of current expenditures (including consumption of fixed capital) of trade unions and professional associa
tions, 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.
22. Consists of dues and fees excluding insurance premiums.
23. Consists of billiard parlors; bowling alleys; dancing, riding, shooting, skating, and swimming places; amusement
devices and parks; golf courses; sightseeing buses and guides; private flying operations; casino gambling; and other
commercial participant amusements.
24. Consists of net receipts of lotteries and expenditures for purchases of pets and pet care services, cable TV, film
processing, photographic studios, sporting and recreation camps, video cassette rentals, and recreational services, not else
where classified.
25. For private institutions, equals current expenditures (including consumption of fixed capital, less receipts—such 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 receipts—such as
those from meals, rooms, and entertainments—accounted for separately in consumer expenditures. For government institu
tions, equals student payments of tuition. Excludes child day care services, which are included in religious and welfare activ
ities.
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 propri
etary and government institutions, equals receipts from users.
29. Beginning with 1981, includes U.S. students' expenditures abroad; these expenditures were $0.3 billion in 1981.
30. Beginning with 1981, includes 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.
Note. Consumer durable goods are designated (d.), nondurable goods (n.d.), and services (s.).
Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996 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 2003
Survey
of
Table B.5. Private Fixed Investment in Structures by Type
2000
Table B.6. Private Fixed Investment in Equipment and Software by Type
Billions of chained (1996)
dollars
Billions of dollars
1999
2001
1999
2000
Private fixed investment in structures..........
678.5
731.0
759.9
617.9
638.5
634.9
283.7
314.2
324.5
258.6
275.5
270.9
283.1
313.5
320.8
258.0
274.7
201.8
28.7
110.1
55.4
54.7
7.2
10.3
15.1
30.4
217.9
28.0
122.8
64.7
58.1
7.8
12.4
16.1
30.8
210.1
25.6
118.5
60.5
58.0
8.1
13.7
16.8
27.4
181.0
25.8
98.7
49.6
49.1
6.4
9.3
13.5
27.2
187.1
24.0
105.5
55.6
49.9
6.7
10.6
13.8
26.5
173.6
21.1
97.9
50.0
48.0
6.7
11.3
13.9
22.6
Utilities..........................................................
Railroads..................................................
Telecommunications..............................
Electric light and power..........................
Gas........~.................................................
Petroleum pipelines................................
47.3
4.7
18.3
14.7
8.1
1.5
53.7
4.3
18.7
21.3
8.5
1.0
55.0
4.1
18.4
22.7
8.9
.9
45.7
4.7
18.2
14.0
7.6
1.4
50.4
4.2
18.2
19.5
7.6
.9
50.3
4.2
17.3
20.1
7.8
.8
5.1
22.8
21.6
1.2
6.2
6.0
29.2
28.0
1.1
6.7
6.1
42.7
41.3
1.4
6.8
4.5
21.6
20.4
1.1
5.7
5.1
27.0
26.0
1.0
6.0
5.1
34.0
32.8
1.2
5.9
2.2
2.4
2.5
2.5
2.3
2.4
Net purchases of used structures..................
-1.8
-1.9
1.2
-1.6
-1.6
1.0
Residential.............................................................
394.8
416.8
435.4
359.4
363.0
364.0
New.....................................................................
344.4
363.6
377.8
311.7
315.1
315.2
New housing units.......................................
Permanent site........................................
Single-family structures....................
Multifamily structures.......................
Manufactured homes.............................
Improvements..............................................
Other5...........................................................
250.1
236.1
208.6
27.4
14.0
93.0
1.3
259.7
248.9
220.7
28.3
10.8
102.4
1.4
271.6
262.8
232.1
30.7
8.8
104.6
1.6
225.6
212.2
189.0
23.4
13.2
84.9
1.2
224.2
213.9
191.0
23.0
10.0
89.7
1.2
225.5
217.0
192.6
24.4
8.1
88.4
1.4
Brokers’ commissions on sale of structures
Net purchases of used structures..................
53.9
-3.5
56.2
-2.9
60.0
-2.3
51.0
-3.1
50.6
-2.5
50.9
-1.9
-.9
-.9
-1.0
Brokers’ commissions on sale of structures
Residual...................................................................
1999
2000
2001
1999
2000
2001
Private fixed investment in equipment
and software...........................................
898.7
960.8
886.4
984.8
1,065.4
997.6
Nonresidential equipment and software............
889.8
951.6
877.1
975.9
1,056.0
988.2
Information processing equipment and
software............................................................
Computers and peripheral equipment1........
Software2........................................................
Communication equipment..........................
Instruments.....................................................
Photocopy and related equipment...............
Office and accounting equipment.................
402.3
90.4
162.5
93.7
38.2
10.5
7.0
446.9
93.3
179.4
116.6
40.6
9.5
7.5
404.3
74.2
180.4
90.6
43.6
8.0
7.6
508.1
207.4
169.3
102.5
37.9
10.7
7.1
583.3
246.4
184.4
132.1
40.1
9.5
7.5
548.5
239.9
182.0
105.8
42.6
8.0
7.8
Industrial equipment..........................................
Fabricated metal products.............................
Engines and turbines......................................
Metalworking machinery...............................
Special industry machinery, n.e.c.................
General industrial, including materials
handling, equipment.................................
Electrical transmission, distribution, and
industrial apparatus.....................................
150.4
13.4
5.7
34.2
38.3
164.9
13.8
7.0
35.3
44.4
159.0
13.7
9.3
31.3
41.0
147.5
13.5
5.4
33.6
37.2
160.8
13.9
6.6
34.6
43.0
153.8
13.4
8.8
30.5
39.4
34.0
36.6
34.4
33.0
35.3
32.9
24.8
27.8
29.3
Transportation equipment.................................
Trucks, buses, and truck trailers..................
Autos...............................................................
Aircraft.............................................................
Ships and boats..............................................
Railroad equipment.......................................
194.7
112.3
43.1
29.1
2.7
7.6
189.7
107.4
40.5
31.5
3.2
7.1
165.8
90.1
34.1
33.7
3.2
4.7
193.2
112.4
42.5
28.3
2.6
7.7
186.6
106.5
40.8
29.3
2.9
7.2
163.6
90.5
35.4
29.8
2.9
4.8
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.c”..........................
Other.........1.’..................................................
145.6
38.1
12.8
9.9
21.6
5.6
16.5
14.4
26.8
153.4
40.6
13.7
10.8
21.7
5.2
16.4
16.4
28.4
150.8
35.7
14.5
12.0
19.9
6.5
16.1
17.9
28.2
141.8
37.1
12.5
9.5
20.4
5.3
15.9
14.9
26.2
148.5
39.2
13.4
10.3
20.4
5.0
15.7
17.3
27.4
144.5
34.0
14.1
11.3
18.5
5.9
15.3
19.0
26.8
Less: Sale of equipment scrap, excluding
autos...............................................................
3.2
3.3
2.8
4.1
3.8
3.5
Residential equipment...........................................
8.8
9.3
9.3
267.7
Nonresidential buildings, excluding farm
Industrial.................................................
Commercial............................................
Office buildings ’.............................
Other2................................................
Religious.................................................
Educational..............................................
Hospital and institutional......................
Other3.....................................................
Farm.............................................................
Mining exploration, shafts, and wells.......
Petroleum and natural gas....................
Other.........................................................
Other4...........................................................
Billions of chained (1996)
2001
Nonresidential.......................................................
New.....................................................................
D-33
Current Business
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 build
ings 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 and of fraternity and sorority houses.
Residual.....................................................................
Addenda:
Private fixed investment in equipment and
software............................................................
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 fixed investment in new
equipment and software................................
898.7
8.1
960.8
8.8
886.4
8.6
1.0
39.3
.4
3.3
1.0
38.5
-.2
3.4
.9
32.5
.0
2.9
932.6
992.7
912.4
9.0
9.4
9.5
-37.8
-56.3
-56.5
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 addi
tive. The residual line is the difference between the first line and the sum of the most detailed lines.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1. Includes new computers and peripheral equipment only. Because of rapid changes in relative prices, the
chained-dollar estimates for computers are especially misleading as a measure of the contribution or relative
importance of this component.
2. Excludes software “embedded," or bundled, in computers and other equipment.
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 addi
tive. The residual line is the difference between the first line and the sum of the most detailed lines.
n.e.c. Not elsewhere classified.
National Data
D-34
April 2003
Table B.7. Compensation and Wage and Salary Accruals by Industry
[Millions of dollars]
Compensation
1999
2000
1999
2000
2001
5,308,801 5,723,399 5,874,879 4,475,588 4,836,329 4,950,605
Domestic industries...................................
5,314,546 5,729,274 5,881,042 4,481,333 4,842,204 4,956,768
Private industries1...............................
4,361,287 4,721,994 4,818,943 3,757,166 4,073,263 4,145,921
Agriculture, forestry, and fishing...
Farms..............................................
Agricultural services, forestry, and
fishing.........................................
49,786
19,341
30,445
33,342
35,953
27,165
29,690
32,102
Mining.................................................
Metal mining..................................
Coal mining....................................
Oil and gas extraction...................
Nonmetallic minerals, except fuels
34,234
2,917
5,129
20,749
5,439
36,534
2,600
4,869
23,512
5,553
39,627
2,421
5,258
26,240
5,708
29,256
2,446
4,328
17,827
4,655
31,204
2,161
4,091
20,205
4,747
33,844
1,996
4,422
22,555
4,871
52,656
19,314
57,497
21,544
43,643
16,478
46,253
16,563
50,496
18,394
Construction.......................................
272,904
298,999
313,027
233,740
256,839
268,645
Manufacturing....................................
926,201
981,781
939,155
782,635
829,413
789,402
585,734
28,712
18,727
626,444
29,146
19,707
590,814
28,559
18,929
493,369
24,464
15,955
527,421
24,814
16,759
495,186
24,256
16,047
25,799
37,240
66,605
27,661
38,213
69,559
27,313
35,730
67,318
21,702
30,851
56,015
23,250
31,572
58,339
22,904
29,317
56,259
121,216
132,198
118,992
104,321
113,783
102,037
97,771
68,743
114,454
70,613
103,720
65,296
82,973
54,741
97,365
56,015
87,785
51,167
51,965
51,649
52,500
43,375
42,954
43,615
53,491
57,079
56,364
45,974
48,993
48,311
15,465
340,467
66,468
2,758
18,269
16,165
355,337
70,102
2,946
18,054
16,093
348,341
71,808
3,130
16,411
12,998
289,266
56,619
2,168
15,709
13,577
301,992
59,780
2,321
15,520
13,488
294,216
60,977
2,464
13,990
18,462
34,474
69,716
77,224
10,040
17,721
35,062
73,248
83,713
9,810
16,594
34,378
71,895
80,990
10,149
15,757
29,663
60,196
64,397
8,288
15,085
30,154
63,280
69,950
8,070
14,010
29,399
61,773
67,159
8,317
40,582
2,474
42,232
2,449
40,731
2,255
34,345
2,124
35,730
2,102
34,208
1,919
Transportation and public utilities
Transportation................................
Railroad transportation..............
Local and interurban passenger
350,019
187,764
17,023
375,096
198,545
16,749
382,099
203,768
16,759
291,871
155,015
12,656
312,956
163,976
12,415
317,673
167,777
12,383
transit..........................................
11,952
12,684
13,272
10,185
10,814
11,291
Trucking and warehousing 2......
Water transportation...................
Transportation by air2................
Pipelines, except natural gas....
Transportation services.............
70,671
9,068
59,591
1,000
18,459
74,287
9,667
64,005
1,018
20,135
75,765
10,043
66,426
1,092
20,411
58,645
7,588
49,281
850
15,810
61,625
8,100
52,887
865
17,270
62,623
8,392
54,721
925
17,442
Durable goods..............................
Lumber and wood products...
Furniture and fixtures.............
Stone, clay, and glass
products...............................
Primary metal industries........
Fabricated metal products......
Industrial machinery and
equipment.............................
Electronic and other electric
equipment.............................
Motor vehicles and equipment
Other transportation
equipment............................
Instruments and related
products...............................
Miscellaneous manufacturing
industries............................
Nondurable goods.......................
Food and kindred products....
Tobacco products...................
Textile mill products................
Apparel and other textile
products..............................
Paper and allied products......
Printing and publishing..........
Chemicals and allied products
Petroleum and coal products.
Rubber and miscellaneous
plastics products................
Leather and leather products
1. Beginning with 2001, reflects the reclassification of employees of Indian tribal governments from the
private sector in accordance with the Consolidated Appropriations Act of 2001.
2. Reflects the reclassification of air couriers from trucking and warehousing to transportation by air.
3. Consists of museums, botanical and zoological gardens; engineering and management services; and
services, not elsewhere classified.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Compensation
Wage and salary accruals
2001
Wage and salary accruals
1999
2000
2001
Communications.......................
Telephone and telegraph.......
Radio and television..............
Electric, gas, and sanitary
services ....................................
103,714
78,733
24,981
114,010
86,828
27,182
113,175
84,956
28,219
58,541
62,541
65,156
Wholesale trade.............................
359,519
385,755
379,752
Retail trade......................................
478,563
511,114
531,075
458,091
98,577
40,714
107,093
91,260
501,923
100,040
41,510
135,094
94,360
38,697
57,599
24,151
Finance, insurance, and real
estate ............................................
Depository institutions................
Nondepository institutions.........
Security and commodity brokers
Insurance carriers.......................
Insurance agents, brokers, and
service........................................
Real estate....................................
Holding and other investment
offices.......................................
1999
2000
2001
96,406
73,142
23,264
95,286
71,216
24,070
49,212
52,574
54,610
309,254
332,293
325,688
420,523
449,515
465,818
531,995
106,840
49,161
138,866
98,832
395,757
83,358
34,787
95,771
77,637
434,720
84,543
35,473
120,994
80,274
459,937
90,230
42,046
124,161
83,936
41,075
61,891
44,766
66,628
33,701
49,811
35,800
53,588
38,956
57,620
27,953
26,902
20,692
24,048
22,988
87,644
66,277
21,367
Services........................................... 1,431,970 1,578,136 1,644,716 1,250,487 1,380,070 1,434,418
Hotels and other lodging places
46,437
49,802
50,191
40,453
43,495
43,722
Personal services.......................
28,441
30,078
32,128
26,784
25,313
28,563
Business services.......................
351,919
412,930
405,062
309,610
363,879
355,624
Auto repair, services, and
parking.....................................
36,996
39,809
41,571
32,594
35,172
36,637
Miscellaneous repair services...
13,499
13,947
14,652
11,856
12,256
12,844
Motion pictures...........................
22,480
23,933
19,779
21,052
21,435
24,443
Amusement and recreation
services..................................
47,274
51,547
52,647
41,316
45,082
45,929
Health services............................
408,567
430,446
464,063
349,595
368,492
396,845
Legal services.............................
72,180
79,170
85,255
63,581
69,846
75,067
Educational services...................
66,841
72,643
78,808
57,978
63,057
68,314
Social services and membership
organizations...........................
114,376
123,692
131,746
101,619
109,876
116,749
Social services........................
59,270
65,086
71,803
51,339
56,420
62,197
Membership organizations....
55,106
58,606
59,943
50,280
53,456
54,552
Other services3...........................
210,248
236,574
252,269
184,404
207,845
221,113
Private households.....................
12,712
13,565
11,881
12,389
13,234
11,576
Government..........................................
Federal...............................................
General government....................
Civilian......................................
Military4..................................
Government enterprises.............
State and local.................................
General government....................
Education.................................
Other1......................................
Government enterprises1...........
sst o, the world.....................................
Receipts from the rest of the world....
Less: Payments to the rest of the
world5..............................................
denda;
Households and institutions...............
Nonfarm business................................
953,259 1,007,280 1,062,099
277,699
293,678
300,286
221,496
233,437
240,534
134,369
142,052
144,305
87,127
91,385
96,229
56,203
60,241
59,752
675,560
713,602
761,813
633,337
669,207
711,554
340,095
360,574
382,057
293,242
308,633
329,497
42,223
44,395
50,259
724,167
184,222
146,475
90,174
56,301
37,747
539,945
505,640
269,529
236,111
34,305
768,941
195,598
154,845
96,000
58,845
40,753
573,343
537,090
287,229
249,861
36,253
810,847
197,378
157,914
95,609
62,305
39,464
613,469
572,373
305,171
267,202
41,096
-5,745
2,210
-5,875
2,341
-6,163
2,382
-5,745
2,210
-5,875
2,341
-6,163
2,382
7,955
8,216
8,545
7,955
8,216
8,545
403,143
431,088
459,628
4,037,229 4,376,228 4,447,782
4. Includes Coast Guard.
5. 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 (SIC).
April 2003
D-35
Survey of Current Business
Table B.8. Employment by Industry
[Thousands]
1999
2000
Full-time and part-time
employees
Persons engaged in
production 1
Full-time and part-time
employees
2001
1999
2000
1999
2001
2000
2001
Persons engaged in
production 1
1999
2000
191
1,216
13
476
1,522
1,088
434
851
2001
197
1,205
14
467
1,554
1,107
447
857
Total ..............................................................
136,294
139,207
138,840
132,149
134,723
134,288
Domestic industries............................................
136,861
139,787
139,448
132,635
135,220
134,809
Private industries2.........................................
114,320
116,778
116,014
113,888
116,177
115,364
Agriculture, forestry, and fishing............
'Farms..................
Agricultural services, forestry, and
fishing..................................................
2,294
923
2,319
890
2,341
870
3,393
1,693
3,341
1,635
3,342
1,608
Water transportation.............................
Transportation by air3..........................
Pipelines, except natural gas..............
Transportation services.......................
Communications.......................................
Telephone and telegraph......................
Radio and television.............................
Electric, gas, and sanitary services........
1,371
1,429
1,471
1,700
1,706
1,734
Wholesale trade...........................................
6,992
7,104
6,832
7,015
7,098
6,794
568
35
82
338
113
544
45
85
304
110
546
42
77
315
112
581
36
81
354
110
Retail trade....................................................
23,542
24,049
24,147
20,954
21,423
21,485
Finance, insurance, and real estate.........
Depository institutions..............................
Nondepository institutions.......................
Security and commodity brokers............
Insurance carriers......................................
Insurance agents, brokers, and service...
Real estate...................................................
Holding and other investment offices.....
7,705
2,049
709
727
1,608
795
1,567
250
7,743
2,036
686
797
1,585
800
1,581
258
7,856
2,047
716
820
1,583
820
1,615
255
7,809
1,928
691
796
1,526
873
1,759
236
7,840
1,904
667
873
1,497
893
1,764
242
7,861
1,904
690
855
1,488
909
1,777
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 services4...?....................................
Private households...................................
40,975
1,935
1,363
9,438
1,326
390
612
1,783
10,359
1,142
2,350
42,337
1,981
1,387
10,048
1,366
381
609
1,856
10,483
1,163
2,442
42,412
1,942
1,414
9,622
1,388
384
589
1,811
10,775
1,188
2,536
40,637
1,759
1,831
9,567
1,557
552
659
1,547
9,647
1,219
2,164
42,040
1,818
1,879
10,197
1,589
538
652
1,636
9,770
1,222
2,265
42,217
1,792
1,878
9,850
1,601
564
634
1,601
10,040
1,261
2,371
5,387
2,859
2,528
3,639
1,251
5,581
2,992
2,589
3,832
1,208
5,671
3,143
2,528
3,971
1,121
5,188
3,086
2,102
4,085
862
5,354
3,201
2,153
4,287
833
5,432
3,330
2,102
4,420
773
Government.....................................................
Federal..........................................................
General government................................
Civilian...................................................
Military 5................................................
Government enterprises.........................
State and local.............................................
General government................................
Education..............................................
Other2...................................................
Government enterprises2.......................
22,541
5,141
4,146
1,855
2,291
995
17,400
16,546
9,149
7,397
854
23,009
5,237
4,260
1,976
2,284
977
17,772
16,903
9,383
7,520
869
23,434
5,076
4,114
1,825
2,289
962
18,358
17,382
9,623
7,759
976
18,747
4,167
3,370
1,821
1,549
797
14,580
13,705
7,367
6,338
875
19,043
4,198
3,416
1,869
1,547
782
14,845
13,964
7,567
6,397
881
19,445
4,119
3,338
1,790
1,548
781
15,326
14,334
7,784
6,550
992
Rest of the world6.............................................
-567
-580
-608
-486
-497
-521
Mining
................................................
Metal mining...........................................
Coal mining............................................
Oil and gas extraction......
Nonmetallic minerals, except fuels......
539
44
86
296
113
541
40
79
308
114
Construction................................................
6,704
7,007
7,038
8,023
8,368
8,350
Manufacturing............................................
Durable goods.......................................
Lumber and wood products............
Furniture and fixtures.......................
Stone, clay, and glass products......
Primary metal industries..................
Fabricated metal products................
Industrial machinery and equipment
Electronic and other electric
equipment.......................................
Motor vehicles and equipment........
Other transportation equipment......
Instruments and related products...
Miscellaneous manufacturing
industries........................................
Nondurable goods................................
Food and kindred products.............
Tobacco products.............................
Textile mill products..........................
Apparel and other textile products..
Paper and allied products................
Printing and publishing....................
Chemicals and allied products........
Petroleum and coal products..........
Rubber and miscellaneous plastics
products.........................................
Leather and leather products..........
18,673
11,178
858
550
572
698
1,529
2,141
18,567
11,179
849
558
582
700
1,544
2,119
17,702
10,632
804
524
572
646
1,470
2,006
18,663
11,223
916
562
573
697
1,517
2,135
18,507
11,214
899
569
580
696
1,537
2,106
17,682
10,671
854
530
573
642
1,452
2,002
1,671
1,023
874
854
1,719
1,020
836
843
1,627
941
812
840
1,657
1,018
872
841
1,705
1,018
834
836
1,610
943
811
835
408
7,495
1,697
37
560
697
669
1,576
1,037
131
409
7,388
1,700
35
534
640
657
1,569
1,038
126
390
7,070
1,702
34
475
564
629
1,508
1,017
124
435
7,440
1,680
36
556
708
664
1,557
1,026
131
434
7,293
1,675
34
536
616
651
1,544
1,029
125
419
7,011
1,681
33
471
560
623
1,498
1,011
124
1,012
79
1,017
72
954
63
1,002
80
1,007
76
945
65
Transportation and public utilities..........
Transportation..........................................
Railroad transportation.......................
Local and interurban passenger
transit................................................
Trucking and warehousing3................
6,896
4,480
221
7,111
4,589
212
7,118
4,558
203
6,850
4,567
209
7,014
4,641
201
7,052
4,641
192
489
1,848
500
1,885
506
1,877
503
2,020
503
2,041
521
2,045
1. Equals the number of full-time equivalent employees plus the number of self-employed persons. Unpaid
family workers are not included.
2 Beginning with 2001, reflects the reclassification of employees of Indian tribal governments from the
private sector in accordance with the Consolidated Appropriations Act of 2001.
3. Reflects the reclassification of air couriers from trucking and warehousing to transportation by air.
4. Consists of museums, botanical and zoological gardens; engineering and management services; and
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
188
1,245
13
476
1,553
1,107
446
863
194
1,297
13
488
1,665
1,195
470
857
192
1,286
14
480
1,700
1,220
480
860
185
1,163
13
474
1,423
1,011
412
860
services, not elsewhere classified.
5. Includes Coast Guard.
6. 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 (SIC).
National Data
D-36
April 2003
Table B.9. Wage and Salary Accruals Per Full-Time Equivalent Employee and Full-Time Equivalent Employees by Industry
Wage and salary accruals per
full-time equivalent employee
Full-time
equivalent employees1
Wage and salary accruals per
full-time equivalent employee
Full-time
equivalent employees1
Dollars
Thousands
Dollars
Thousands
1999
2000
Total ..............................................................
36,677
38,759
39,784
122,028 124,779 124,438
Domestic industries............................................
36,578
38,652
39,667
122,514 125,276 124,959
Private industries1.........................................
36,208
38,343
39,293
103,767
Agriculture, forestry, and fishing............
Farms........................................................
Agricultural services, forestry, and
fishing..................................................
21,124
20,832
22,258
21,708
24,219
24,657
2,066
791
2,078
763
21,306
22,578
23,975
1,275
Mining..........................................................
Metal mining...........................................
Coal mining.............................................
Oil and gas extraction............................
Nonmetallic minerals, except fuels......
55,409
55,591
51,524
61,472
42,318
58,875
54,025
53,130
66,904
42,766
60,871
57,029
55,275
68,142
44,282
528
44
84
290
110
Construction................................................
36,138
37,899
39,385
6.468
6,777
6,821
Manufacturing............................................
Durable goods.......................................
Lumber and wood products............
Furniture and fixtures.......................
Stone, clay, and glass products......
Primary metal industries..................
Fabricated metal products................
Industrial machinery and equipment
Electronic and other electric
equipment.......................................
Motor vehicles and equipment........
Other transportation equipment......
Instruments and related products...
Miscellaneous manufacturing
industries........................................
Nondurable goods................................
Food and kindred products.............
Tobacco products.............................
Textile mill products..........................
Apparel and other textile products..
Paper and allied products................
Printing and publishing....................
Chemicals and allied products........
Petroleum and coal products..........
Rubber and miscellaneous plastics
products.........................................
Leather and leather products..........
42,821
44,835
28,986
29,601
38,616
44,582
37,145
49,629
45,675
47,930
30,005
30,694
40,718
45,493
38,305
54,703
45,580
47,409
30,978
31,465
40,900
45,808
39,096
51,717
18,277
11,004
844
539
562
692
1,508
2,102
18,159
11,004
827
546
571
694
1,523
2,080
17,319
10,445
783
510
560
640
1,439
1,973
50,348
53,879
50,087
54,993
57,307
55,296
51,877
58,957
54,729
54,783
54,315
58,347
1,648
1,016
866
836
1,699
1,013
828
831
1,604
934
803
828
33,243
39,773
34,149
60,222
28,458
23,344
44,876
41,061
62,949
63,754
34,635
42,207
35,990
68,265
29,394
25,268
46,462
43,254
68,311
64,560
36,356
42,801
36,755
74,667
29,957
25,944
47,265
43,533
66,825
67,618
391
7,273
1,658
36
552
675
661
1,466
1,023
130
392
7,155
1,661
34
528
597
649
1,463
1,024
125
371
6,874
1,659
33
467
540
622
1,419
1,005
123
34,483
27,947
35,623
29,606
36,199
31,459
996
76
1,003
71
945
61
Transportation and public utilities..........
Transportation..........................................
Railroad transportation.......................
Local and interurban passenger
transit................................................
Trucking and warehousing3................
45,449
37,201
60,555
47,310
38,429
61,766
48,009
39,607
64,495
6,422
4,167
209
6,615
4,267
201
6,617
4,236
192
22,785
33,977
23,663
35,014
24,439
35,744
447
1,726
457
1,760
462
1,752
2001
1999
1999
2000
2001
2,085
746
Water transportation.............................
Transportation by air3...........................
Pipelines, except natural gas..............
Transportation services.........................
Communications.......................................
Telephone and telegraph......................
Radio and television..............................
Electric, gas, and sanitary services........
43,114
42,520
65,385
36,178
62,336
66,079
53,020
57,965
44,751
43,817
66,538
38,549
64,057
67,661
54,868
62,365
46,883
45,715
66,071
39,641
62,157
64,683
55,718
64,399
1,315
1,339
Wholesale trade............................................
45,986
48,738
49,701
6,725
6,818
6,553
530
40
77
302
111
556
35
80
331
110
Retail trade....................................................
21,445
22,264
23,009
19,609
20,190
20,245
Finance, insurance, and real estate.........
Depository institutions..............................
Nondepository institutions.......................
Security and commodity brokers.............
Insurance carriers.......................................
Insurance agents, brokers, and service...
Real estate...................................................
Holding and other investment offices......
55,374
43,370
51,999
139,608
50,876
45,358
36,492
87,678
60,817
44,473
54,997
161,541
53,623
48,118
39,115
99,372
63,738
47,440
62,849
161,879
56,409
51,325
41,364
96,588
7,147
1,922
669
686
1,526
743
1,365
236
7,148
1,901
645
749
1,497
744
1,370
242
7,216
1,902
669
767
1,488
759
1,393
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 services4....’.....................................
Private households....................................
34,236
23,657
21,024
35,235
25,685
32,482
40,781
28,513
37,765
62,580
28,104
36,396
24,727
21,811
38,706
26,788
34,235
43,406
29,446
39,256
67,484
29,356
37,647
25,229
22,759
39,444
27,321
35,383
45,413
30,763
41,022
71,019
30,538
36,525
1,710
1,204
8,787
1,269
365
485
1,449
9,257
1,016
2,063
37,918
1,759
1,228
9,401
1,313
358
485
1,531
9,387
1,035
2,148
38,102
1,733
1,255
9,016
1,341
363
472
1,493
9,674
1,057
2,237
21,901
20,228
23,920
53,951
14,372
22,786
21,139
24,829
57,447
15,887
23,729
22,071
25,952
58,682
14,975
4,640
2,538
2,102
3'418
862
4,822
2,669
2,153
3,618
833
4,920
2,818
2,102
3,768
773
Government......................................................
Federal...........................................................
General government................................
Civilian...................................................
Military5................................................
Government enterprises..........................
State and local..............................................
General government................................
Education...............................................
Other2....................................................
Government enterprises2.......................
38,628
44,210
43,464
49,519
36,347
47,361
37,033
36,895
36,586
37,253
39,206
40,379
46,593
45,329
51,364
38,038
52,114
38,622
38,462
37,958
39,059
41,150
41,700
47,919
47,308
53,413
40,249
50,530
40,028
39,931
39,205
40,794
41,427
18,747
4,167
3,370
1,821
1,549
797
14,580
13,705
7,367
6,338
875
19,043
4,198
3,416
1,869
1,547
782
14,845
13,964
7,567
6,397
881
19,445
4,119
3,338
1,790
1,548
781
15,326
14,334
7,784
6,550
992
-486
-497
-521
2000
2001
106,233 105,514
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. Beginning with 2001, reflects the reclassification of employees of Indian tribal governments from the
private sector in accordance with the Consolidated Appropriations Act of 2001.
3. Reflects the reclassification of air couriers from trucking and warehousing to transportation by air.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Rest o, the world'..............................................
1999
2000
176
1,159
13
437
1,406
1,003
403
849
181
1,207
13
448
1,505
1,081
424
843
2001
179
1,197
14
440
1,533
1,101
432
848
4. Consists of museums, botanical and zoological gardens; engineering and management services; and
services, not elsewhere classified.
5. Includes Coast Guard.
6. 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 (SIC).
April 2003
D-37
Survey of Current Business
Table B.10. Farm Sector Output, Gross Product, and National Income
Billions of chained (1996)
dollars
Billions of dollars
1999
2000
Table B.11. Housing Sector Output, Gross Product, and National Income
2001
1999
2000
Billions of chained (1996)
dollars
Billions of dollars
1999
2001
2000
2001
1999
2000
2001
Farm output..........................................................
207.5
214.3
221.3
244.1
249.2
246.1
Housing output1..................................................
876.4
920.3
976.0
802.5
817.2
833.6
Cash receipts from farm marketings............
Crops............................................................
Livestock......................................................
Farm housing...................................................
Farm products consumed on farms.............
Other farm income..........................................
Change in farm inventories.............................
Crops............................................................
Livestock......................................................
191.4
95.7
95.7
7.2
.5
9.9
-1.5
-.9
-.6
199.4
99.8
99.7
7.6
.6
8.9
-2.2
-1.6
-.6
200.9
94.3
106.6
8.0
.6
10.3
1.6
2.1
-.5
226.2
125.2
101.1
6.1
.5
11.8
-2.0
-1.4
-.6
233.4
130.9
102.9
6.0
.5
10.6
-2.5
-2.2
-.6
224.4
122.9
101.3
5.9
.5
12.2
2.0
3.6
-.4
Nonfarm housing............................................
Owner-occupied.........................................
Tenant-occupied.........................................
Farm housing...................................................
869.2
666.4
202.8
7.2
912.7
704.9
207.8
7.6
968.1
751.0
217.1
8.0
796.4
610.7
185.8
6.1
811.2
627.3
184.0
6.0
827.8
643.5
184.3
5.9
Less: Intermediate goods and services
purchased .........................................................
Intermediate goods and services, other
than rent....................................................
Rent paid to nonoperator landlords..........
132.3
136.5
140.7
137.2
133.3
134.6
118.6
13.8
122.2
14.2
126.1
14.7
123.1
14.1
119.5
13.8
120.8
13.8
Equals: Gross farm product...............................
75.2
77.8
80.6
108.1
120.5
Less: Consumption of fixed capital...................
28.9
28.7
29.4
27.7
27.0
Equals: Net farm product..................................
46.3
49.2
51.2
80.9
97.9
Less: Indirect business tax and nontax liability
Plus: Subsidies to operators..............................
5.3
18.4
5.4
19.5
5.6
17.7
Equals: Farm national income.........................
Compensation of employees..........................
Wage and salary accruals..........................
Supplements to wages and salaries.........
Proprietors’ income and corporate profits
with inventory valuation and capital
consumption adjustments..........................
Proprietors’ income.....................................
Corporate profits.........................................
Net interest........................................................
59.3
19.3
16.5
2.9
63.3
19.3
16.6
2.7
63.2
21.5
18.4
3.1
29.6
27.7
1.9
10.3
33.2
22.6
10.6
10.9
30.9
19.0
11.8
10.8
116.9
116.3
138.4
105.5
101.3
115.9
Equals: Gross housing product........................
Nonfarm housing..............................
Owner-occupied..........................
Tenant-occupied...........................
759.5
753.6
576.3
177.4
804.0
797.8
615.5
182.2
837.6
831.1
642.3
188.8
697.0
691.9
529.1
162.8
716.1
711.0
549.9
161.1
717.5
712.6
552.1
160.5
Farm housing.....................................
5.9
6.3
6.5
5.1
5.1
4.9
145.4
77.8
-67.6
152.5
81.8
-70.7
166.1
88.4
-77.7
132.2
132.7
140.0
114.3
Less: Consumption of fixed capital...................
Capital consumption allowances........
Less: Capital consumption adjustment
27.3
Equals: Net housing product.............................
614.1
651.5
671.4
478.7
494.5
489.4
89.5
Less: Indirect business tax and nontax liability
plus business transfer payments...................
135.7
140.7
146.0
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 addi
tive.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Less: Intermediate goods and services
consumed........................................................
Plus: Subsidies less current surplus of
government enterprises.................................
23.7
23.8
24.3
Equals: Housing national income....................
502.2
534.6
549.8
Compensation of employees..........
Proprietors’ income with inventory
valuation and capital
consumption adjustments...........
Rental income of persons with
capital consumption adjustment
Corporate profits with inventory
valuation and capital
consumption adjustments..........
Net interest........................................
100
10.9
11.3
19.7
18.5
18.1
130.7
128.1
118.9
4.1
337.6
4.1
373.1
4.0
397.5
1. Equals personal consumption expenditures for housing less expenditures for other housing as shown in
table B.4.
Note. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996
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 addi
tive.
National Data
D-38
April 2003
Table B.12. Net Stock of Private Fixed Assets; Equipment, Software, and Structures; by Type
[Yearend estimates]
Chain-type quantity indexes (1996=100)
Current-cost valuation (Billions of dollars)
1996
1997
1998
1999
2000
2001
1996
1997
1998
1999
2000
2001
116.62
Private fixed assets..........................................................................
16,722.5
17,653.1
18,649.6
19,880.4
21,215.2
22,190.4
100.00
102.96
106.36
109.89
113.63
Equipment and software..........................................................................
3,416.3
3,585.3
3,779.2
4,013.2
4,288.3
4,411.0
100.00
105.94
113.09
120.44
128.62
133.36
Nonresidential equipment and software..........................................
Information processing equipment and software..........................
Computers and peripheral equipment........................................
Software'........................................................................................
Communication equipment..........................................................
Instruments.....................................................................................
Photocopy and related equipment...............................................
Office and accounting 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
Transportation equipment................................................................
Trucks, buses, and truck trailers.................................................
Autos................................................................................................
Aircraft ............................................................................................
Ships and boats.............................................................................
Railroad equipment.......................................................................
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.c............................................................
Household appliances..............................................................
Other...........................................................................................
Other nonresidential equipment..................................................
3,352.2
906.0
101.5
173.7
363.8
175.0
71.5
20.5
1,119.1
98.7
57.3
50.4
6.9
219.2
253.1
234.9
255.9
690.4
260.7
159.0
147.1
46.5
77.1
636.8
178.2
9.0
169.2
59.3
48.6
10.6
74.9
82.1
16.6
68.8
44.7
2.9
41.9
112.2
3,519.8
974.8
112.2
200.7
388.2
181.9
70.2
21.6
1,156.9
98.6
58.5
51.2
7.3
227.8
262.1
243.0
266.8
716.5
283.0
159.9
149.6
46.9
77.1
671.6
189.3
9.1
180.2
63.4
51.7
11.7
77.2
87.2
18.1
72.1
46.9
2.8
44.1
117.4
3,711.6
1,035.9
117.5
236.4
399.9
191.3
69.2
21.5
1,199.5
99.3
59.3
51.5
7.8
237.8
274.3
253.1
275.6
764.2
321.8
157.8
158.5
46.9
79.1
712.0
200.4
9.3
191.1
67.8
54.9
13.0
79.9
94.0
19.3
75.6
50.9
2.9
48.0
124.2
3,943.9
1,137.4
137.9
280.3
430.2
201.3
66.4
21.3
1,240.7
101.3
59.4
50.5
8.8
244.1
282.9
260.4
292.6
816.4
366.5
157.3
163.4
46.9
82.3
749.4
213.5
9.6
203.9
69.3
55.6
13.8
79.6
100.3
21.2
79.5
53.9
2.9
51.0
132.2
4,215.5
1,259.0
153.4
324.5
482.9
213.7
63.7
20.8
1,292.7
104.0
62.3
52.8
9.5
252.9
296.6
269.9
306.9
873.7
395.8
155.4
189.6
48.3
84.6
790.1
228.5
10.0
218.5
71.4
56.9
14.5
80.2
105.1
22.8
82.7
58.5
2.9
55.6
140.9
4,335.1
1,287.8
138.6
345.5
498.6
226.6
58.5
19.8
1,328.7
106.1
67.1
57.3
9.8
254.4
303.4
276.9
320.7
898.1
397.4
156.9
210.8
49.1
83.8
820.6
236.0
10.3
225.6
74.0
58.9
15.1
82.2
107.5
25.3
84.5
63.8
3.0
60.8
147.2
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
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
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
105.98
111.57
142.35
116.25
108.02
104.07
99.34
105.39
102.97
100.28
100.11
99.28
106.25
103.54
103.09
102.69
104.29
104.95
111.12
101.49
101.56
99.16
101.34
104.58
104.92
100.37
105.16
106.36
105.88
108.56
102.00
104.53
106.90
103.57
106.49
99.49
106.97
104.39
113.19
126.01
201.39
137.85
118.26
109.35
99.11
106.55
106.11
101.26
100.99
99.44
112.51
107.42
106.33
105.84
108.04
111.35
125.02
100.75
106.89
98.31
103.91
110.18
111.13
102.37
111.59
112.79
111.71
117.67
104.37
110.53
113.17
107.69
116.43
100.73
117.51
109.56
120.59
142.40
279.41
160.73
131.85
114.95
94.93
102.73
108.90
104.08
99.32
95.90
124.76
110.15
109.32
108.36
111.94
118.15
140.52
103.40
107.49
96.27
107.32
114.97
117.33
105.65
117.95
114.59
112.75
122.83
102.87
115.85
123.07
112.25
125.56
102.27
127.17
115.27
128.83
160.15
355.94
180.67
151.45
120.96
90.04
101.21
112.88
106.94
103.46
99.38
133.79
113.35
114.44
111.46
116.67
125.16
151.11
105.31
117.85
96.47
109.74
120.23
124.23
109.33
125.02
117.87
115.42
128.80
102.54
120.61
129.52
115.99
137.79
104.57
140.10
121.30
133.57
169.75
398.10
191.64
161.64
127.52
83.07
97.60
115.95
109.33
110.97
107.53
136.56
114.39
117.72
113.23
121.65
128.15
153.83
104.55
127.34
96.48
109.07
123.93
127.24
111.57
128.07
121.70
119.51
131.55
103.31
122.74
139.95
117.65
151.19
107.97
154.19
125.87
Residential equipment.........................................................................
64.1
65.5
67.6
69.3
72.8
75.9
100.00
103.62
107.61
112.38
117.44
122.13
Structures....................................................................................................
13,306.3
14.067.9
14,870.4
15,867.2
16,926.9
17,779.4
100.00
102.21
104.70
107.35
110.10
112.70
Nonresidential structures.....................................................................
Nonresidential buildings, excluding farm.......................................
Industrial buildings ......................................................................
Office buildings2............................................................................
Commercial buildings....................................................................
Mobile structures......................................................................
Other commercial3....................................................................
Religious buildings........................................................................
Educational buildings....................................................................
Hospital and institutional buildings............................................
Other................................................................................................
Hotels and motels ....................................................................
Amusement and recreational buildings.................................
Other nonfarm buildings4........................................................
Utilities............................................................................................
Railroad.......................................................................................
Telecommunications.................................................................
Electric light and power............................................................
Gas...............................................................................................
Petroleum pipelines...................................................................
Farm related buildings and structures........................................
Mining exploration, shafts, and wells.........................................
Petroleum and natural gas.......................................................
Other mining..............................................................................
Other nonfarm structures5...........................................................
5,175.0
3,285.6
729.2
756.3
843.8
8.5
835.2
145.7
137.9
327.7
345.1
177.5
92.7
75.0
1,229.0
299.2
235.3
483.4
168.9
42.1
204.4
311.2
277.4
33.8
144.8
5,487.0
3,498.9
765.4
804.9
902.7
8.9
893.7
153.9
149.7
348.7
373.6
194.8
101.0
77.7
1,264.7
301.2
239.5
503.9
176.7
43.4
210.7
360.8
325.5
35.2
152.1
5,746.2
3,740.8
806.4
865.5
965.3
9.3
956.0
163.5
163.7
371.1
405.3
215.3
109.8
80.3
1,283.0
295.4
243.0
512.7
187.6
44.3
218.1
347.4
311.2
36.2
156.9
6,069.9
4,012.5
843.0
936.1
1,035.8
9.9
1,025.9
176.0
179.1
397.9
444.5
238.7
119.9
85.9
1,321.6
286.2
258.7
532.3
198.1
46.3
226.8
344.3
307.0
37.2
164.6
6,480.0
4,296.2
878.1
1,015.8
1,109.2
10.4
1,098.9
189.1
197.0
426.0
481.0
261.8
129.3
90.0
1,383.6
287.1
280.5
560.4
207.9
47.7
236.8
389.8
351.6
38.2
173.6
6,767.2
4,506.6
898.2
1,075.1
1,165.8
10.9
1,154.9
199.2
212.8
448.8
506.7
278.3
135.8
92.5
1,420.3
278.8
301.9
580.0
212.0
47.5
243.3
415.2
376.3
38.8
181.8
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
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
102.04
102.71
101.24
102.63
103.19
102.63
103.20
101.88
104.61
102.61
104.49
105.90
105.11
100.35
100.87
99.54
102.15
101.01
101.34
99.85
99.42
101.65
101.82
100.25
101.40
104.33
105.66
102.57
106.13
106.22
106.13
106.22
104.09
110.04
105.08
109.23
112.59
109.88
100.42
102.20
99.33
104.16
101.85
105.96
100.34
99.00
102.77
103.17
99.25
102.97
106.70
108.59
102.83
109.99
109.20
109.33
109.20
107.31
115.52
108.00
114.53
119.38
114.96
102.44
104.18
98.82
110.96
103.18
107.89
101.25
98.72
102.63
103.18
97.95
104.62
109.30
111.63
102.85
114.58
112.27
112.96
112.27
110.68
121.93
110.98
119.02
125.77
118.95
103.04
106.33
98.16
117.70
105.12
109.81
100.98
98.88
104.21
105.15
96.41
106.43
111.56
114.11
102.52
118.15
115.01
116.05
115.01
113.67
128.34
113.94
122.19
130.34
121.84
103.24
108.39
97.55
123.44
107.20
111.82
100.55
99.01
106.58
107.90
95.49
108.06
Residential structures..........................................................................
Housing units......................................................................................
Permanent site...............................................................................
1 -to-4-unit..................................................................................
Farm........................................................................................
Nonfarm.................................................................................
5-or-more-unit...........................................................................
Manufactured homes....................................................................
Farm.............................................................................................
Nonfarm......................................................................................
Improvements.....................................................................................
Other residential6...............................................................................
8,131.2
6,624.6
6,483.0
5,663.1
126.9
5,536.2
819.9
141.6
13.6
128.0
1,477.1
29.6
8,580.8
6,995.2
6,845.0
5,959.4
130.4
5,829.0
885.6
150.2
15.1
135.1
1,555.1
30.5
9,124.2
7,449.5
7,289.1
6,334.9
135.0
6,199.9
954.2
160.4
16.7
143.6
1,642.9
31.9
9,797.4
8,016.1
7,845.4
6,844.5
143.1
6,701.4
1,000.9
170.7
17.8
152.9
1,747.2
34.1
10,447.0
8,545.6
8,369.8
7,309.2
149.4
7,159.8
1,060.6
175.8
18.7
157.1
1,865.4
36.0
11,012.3
9,017.7
8,837.3
7,733.3
154.5
7,578.8
1J 04.0
180.4
19.9
160.6
1,956.6
37.9
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
102.31
102.25
102.19
102.38
99.96
102.44
100.94
104.68
109.38
104.18
102.65
100.33
104.95
104.85
104.75
105.18
100.05
105.29
101.92
109.71
118.90
108.73
105.40
101.11
107.77
107.64
107.50
108.17
100.92
108.34
103.08
113.94
123.24
112.95
108.42
102.94
110.61
110.39
110.27
111.20
101.42
111.43
104.19
115.74
127.90
114.44
111.69
104.79
113.44
113.14
113.08
114.26
101.85
114.54
105 33
116.09
132.81
114.31
114.84
107.03
1. Excludes software “embedded” or bundled In computers and other equipment.
2. Consists of office buildings except those occupied by electric and gas utility companies.
3. Consists primarily of stores, restaurants, garages, service stations, warehouses, and other build
ings used for commercial purposes.
4. Consists of buildings not elsewhere classified, such as passenger terminals, greenhouses, and
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
animal hospitals.
5. Consists primarily of streets, dams, reservoirs, sewer and water facilities, parks, and airfields.
6. Consists primarily of dormitories and of fraternity and sorority houses,
n.e.c. Not elsewhere classified
April 2003
D-39
C. Historical Measures
This table is derived from the “GDP and Other Major NIPA Series” tables that were published in the August 2002 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. GDP and Other Major NIPA Aggregates
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from
preceding period
Billions of chained (1996) dollars
Year and
quarter
Chain-type price indexes
Implicit price deflators
Percent change from preceding period
Implicit price deflators
Chain-type price indexes
Gross
domestic
product
Final sales of
domestic
product
Gross
national
product
Gross
domestic
product
Final sales of
domestic
product
Gross
domestic
product
Gross
domestic
purchases
Gross
domestic
product
Gross
national
product
Gross
domestic
product
Gross
domestic
product
Gross
domestic
purchases
Gross
national
product
1959 ...............
2,319-0
2,317.4
2,332.8
7.2
6.3
21.88
21.41
21.88
21.88
1.1
1.1
1.1
1.1
1960...............
1961...............
1962 ...............
1963 ...............
1964 ..............
2,376.7
2,432.0
2,578.9
2,690.4
2,846.5
2,378.5
2,435.5
2,569.5
2,683.6
2,844.1
2,391.9
2,448.8
2,598.0
2,710.8
2,868.5
2.5
2.3
6.0
4.3
5.8
2.6
2.4
5.5
4.4
6.0
22.19
22.43
22.74
22.99
23.34
21.71
21.94
22.23
22.50
22.85
22.19
22.44
22.74
23.00
23.34
22.18
22.43
22.74
22.99
23.34
1.4
1.1
1.4
1.1
1.5
1.4
1.1
1.3
1.2
1.6
1.4
1.1
1.4
1.1
1.5
1.4
1.1
1.4
1.1
1.5
1965 ...............
1966 ..............
1967...............
1968 .............
1969 ...............
3,028.5
3,227.5
3,308.3
3,466.1
3,571.4
3,008.5
3,191.1
3,288.2
3,450.0
3,555.9
3,051.7
3,248.9
3,330.4
3,489.8
3,594.1
6.4
6.6
2.5
4.8
3.0
5.8
6.1
3.0
4.9
3.1
23.77
24.45
25.21
26.29
27.59
23.26
23.91
24.61
25.66
26.92
23.78
24.46
25.21
26.30
27.59
23.77
24.45
25.21
26.29
27.59
1.9
2.8
3.1
4.3
4.9
1.8
2.8
2.9
4.3
4.9
1.9
2.9
3.1
4.3
4.9
1.9
2.9
3.1
4.3
4.9
1970...............
1971...............
1972 ...............
1973...............
1974 ...............
3,578.0
3,697.7
3,898.4
4,123.4
4,099.0
3,588.6
3.688.1
3,887.7
4,094.3
4,080.7
3,600.6
3,722.9
3,925.7
4,161.0
4,142.3
.2
3.3
5.4
5.8
-.6
.9
2.8
5.4
5.3
-.3
29.05
30.52
31.81
33.60
36.60
28.37
29.84
31.17
32.99
36.35
29.06
30.52
31.82
33.60
36.62
29.05
30.52
31.82
33.60
36.62
5.3
5.0
4.2
5.6
9.0
5.4
5.2
4.5
5.8
10.2
5.3
5.0
4.3
5.6
9.0
5.3
5.1
4.2
5.6
9.0
1975 ...............
1976 ...............
1977...............
1978 ...............
1979 ...............
4,084.4
4,311.7
4,511.8
4,760.6
4,912.1
4,118.5
4,288.8
4,478.8
4,722.9
4,894.4
4,117.7
4,351.4
4,556.6
4,805.3
4,973.9
-.4
5.6
4.6
5.5
3.2
.9
4.1
4.4
5.5
3.6
40.03
42.29
45.02
48.22
52.24
39.69
41.93
44.80
48.02
52.26
40.03
42.30
45.02
48.23
52.25
40.03
42.31
45.03
48.24
52.26
9.4
5.7
6.4
7.1
8.3
9.2
5.7
6.8
7.2
8.8
9.3
5.7
6.4
7.1
8.3
9.3
5.7
6.4
7.1
8.3
1980 ...............
1981...............
1982...............
1983...............
1984 ...............
4,900.9
5,021.0
4,919.3
5,132.3
5,505.2
4,928.1
4,989.5
4,954.9
5,154.5
5,427.9
4,962.3
5,075.4
4,973.6
5,184.9
5,553.8
-.2
2.5
-2.0
4.3
7.3
.7
1.2
-.7
4.0
5.3
57.05
62.37
66.26
68.87
71.44
57.79
63.05
66.71
69.05
71.46
57.04
62.37
66.25
68.88
71.44
57.05
62.38
66.26
68.89
71.45
9.2
9.3
6.2
3.9
3.7
10.6
9.1
5.8
3.5
3.5
9.2
9.3
6.2
4.0
3.7
9.2
9.3
6.2
4.0
3.7
1985 ...............
1986 ...............
1987...............
1988 ...............
1989 ...............
5,717.1
5,912.4
6,113.3
6,368.4
6,591.8
5,698.8
5,912.6
6,088.8
6,352.6
6,565.4
5,750.9
5,932.5
6,130.8
6,391.1
6,615.5
3.8
3.4
3.4
4.2
3.5
5.0
3.8
3.0
4.3
3.3
73.69
75.32
77.58
80.22
83.27
73.56
75.22
77.70
80.36
83.45
73.69
75.31
77.58
80.21
83.27
73.70
75.32
77.58
80.22
83.28
3.2
2.2
3.0
3.4
3.8
2.9
2.3
3.3
3.4
3.8
3.2
2.2
3.0
3.4
3.8
3.2
2.2
3.0
3.4
3.8
1990...............
1991...............
1992 ...............
1993...............
1994 ...............
6,707.9
6,676.4
6,880.0
7,062.6
7,347.7
6,695.6
6,681.5
6,867.7
7,043.8
7,285.8
6,740.0
6,703.4
6,905.8
7,087.8
7,364.3
1.8
-.5
3.0
2.7
4.0
2.0
-.2
2.8
2.6
3.4
86.53
89.66
91.85
94.05
96.01
86.85
89.81
92.03
94.14
96.06
86.51
89.66
91.84
94.05
96.01
86.53
89.67
91.84
94.06
96.02
3.9
3.6
2.4
2.4
2.1
4.1
3.4
2.5
2.3
2.0
3.9
3.6
2.4
2.4
2.1
3.9
3.6
2.4
2.4
2.1
1995...............
1996 ...............
1997...............
1998 ...............
1999...............
7,543.8
7,813.2
8,159.5
8,508.9
8,859.0
7,512.2
7,783.2
8,095.2
8,431.8
8,793.9
7,564.0
7,831.2
8.168.1
8,508.4
8,883.7
2.7
3.6
4.4
4.3
4.1
3.1
3.6
4.0
4.2
4.3
98.10
100.00
101.95
103.20
104.69
98.20
100.00
101.64
102.43
103.97
98.10
100.00
101.95
103.20
104.69
98.11
100.00
101.93
103.17
104.65
2.2
1.9
1.9
1.2
1.4
2.2
1.8
1.6
.8
1.5
2.2
1.9
1.9
1.2
1.4
2.2
1.9
1.9
1.2
1.4
2000...............
2001 ...............
2002...............
9,191.4
9,214.5
9,439.9
9,121.1
9,258.4
9,424.4
9,216.2
9,237.3
9,433.5
3.8
.3
2.4
3.7
1.5
1.8
106.89
109.42
110.66
106.58
108.65
109.90
106.89
109.42
110.66
106.86
109.38
110.63
2.1
2.4
1.1
2.5
1.9
1.2
2.1
2.4
1.1
2.1
2.4
1.1
I.........
II........
Ill.......
IV.......
2,273.0
2,332.4
2,331.4
2,339.1
2,275.1
2,314.9
2,344.3
2,335.5
2,286.2
2,345.5
2,345.5
2,354.1
8.6
10.9
-.2
1.3
9.1
7.2
5.2
-1.5
21.79
21.84
21.90
21.99
21.33
21.37
21.43
21.52
21.83
21.83
21.88
21.98
21.82
21.83
21.88
21.98
.9
.9
1.2
1.7
1.2
.9
1.1
1.7
.1
.1
.9
1.8
.9
1.8
1960:
I.........
II........
Ill......
IV.......
2,391.0
2,379.2
2,383.6
2,352.9
2,360.4
2,382.7
2,380.0
2,391.1
2,405.4
2,393.9
2,398.9
2,369.3
9.2
-2.0
.7
-5.0
4.3
3.8
-.5
1.9
22.04
22.14
22.23
22.33
21.57
21.66
21.76
21.86
22.08
22.15
22.23
22.30
22.07
22.15
22.23
22.29
.9
1.7
1.8
1.8
.8
1.8
1.8
1.9
1.7
1.4
1.5
1.2
1.8
1.3
1.5
1.1
1961:
I.........
II........
Ill......
IV......
2,366.5
2,410.8
2,450.4
2,500.4
2,392.9
2,418.3
2.437.7
2,493.2
2,383.7
2,427.1
2,467.2
2,517.5
2.3
7.7
6.8
8.4
.3
4.3
3.2
9.4
22.36
22.40
22.45
22.51
21.88
21.91
21.96
22.01
22.35
22.40
22.46
22.53
22.34
22.39
22.45
22.53
.5
.7
.9
1.0
.4
.5
.9
.9
1.0
.8
1.1
1.4
1.0
.8
1.1
1.4
1962:
I.........
II........
Ill.......
IV.......
2,544.0
2,571.5
2,596.8
2,603.3
2,522.5
2,564.6
2,586.2
2,604.6
2,561.0
2,590.3
2,615.7
2,625.1
7.2
4.4
4.0
1.0
4.8
6.8
3.4
2.9
22.64
22.71
22.77
22.84
22.13
22.20
22.26
22.34
22.67
22.71
22.76
22.83
22.67
22.70
22.75
22.83
2.4
1.1
1.1
1.4
2.2
1.3
1.0
1.4
2.5
.6
1.0
1.3
2.5
.6
1.0
1.3
1963:
I.........
II.......
Ill.......
IV.......
2,634.1
2,668.4
2,719.6
2,739.4
2,619.3
2,663.9
2,712.0
2,739.6
2,654.8
2,688.2
2,739.8
2,760.3
4.8
5.3
7.9
2.9
2.3
7.0
7.4
4.1
22.93
22.95
22.98
23.12
22.42
22.45
22.49
22.63
22.91
22.94
22.98
23.16
22.90
22.93
22.97
23.15
1.4
.3
.6
2.5
1.6
.4
.8
2.6
1.3
.6
.6
3.2
1.3
.6
.6
3.2
1964:
I.........
II........
Ill......
IV......
2,800.5
2,833.8
2,872.0
2,879.5
2,799.3
2,833.5
2,868.3
2,875.5
2,823.2
2,855.7
2,894.7
2,900.5
9.2
4.8
5.5
1.0
9.0
5.0
5.0
1.0
23.20
23.27
23.39
23.49
22.72
22.79
22.90
22.99
23.22
23.28
23.37
23.49
23.22
23.27
23.37
23.48
1.4
1.2
2.0
1.8
1.5
1.3
1.8
1.7
1.2
.9
1.6
2.0
1.2
.9
1.6
2.0
1959:
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
National Data
D-40
April 2003
Table C.1. GDP and Other Major NIPA Aggregates
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from
preceding period
Billions of chained (1996) dollars
Year and
quarter
Chain-type price indexes
Implicit price deflators
Percent change from preceding period
Chain-type price indexes
Gross
domestic
product
Final sales of
domestic
product
Gross
national
product
Gross
domestic
product
Final sales of
domestic
product
Gross
domestic
product
Gross
domestic
purchases
Gross
domestic
product
Gross
national
product
Gross
domestic
product
Implicit price deflators
Gross
domestic
purchases
Gross
domestic
product
Gross
national
product
1965:
I.........
II........
Ill.......
IV......
2,950.1
2,989.9
3,050.7
3,123.6
2,920.2
2,973.2
3,029.4
3,111.4
2,974.0
3,014.6
3,073.6
3,144.5
10.2
5.5
8.4
9.9
6.4
7.4
7.8
11.3
23.60
23.71
23.81
23.97
23.08
23.19
23.30
23.46
23.61
23.71
23.81
23.97
23.60
23.71
23.80
23.97
1.9
1.8
1.8
2.6
1.6
1.8
1.9
2.9
2.1
1.8
1.5
2.8
2.1
1.8
1.5
2.8
1966:
I.........
II........
Ill.......
IV.......
3,201.1
3,213.2
3,233.6
3,261.8
3,165.1
3,180.0
3,205.0
3,214.5
3,222.6
3,234.8
3,254.7
3,283.7
10.3
1.5
2.6
3.5
7.1
1.9
3.2
1.2
24.11
24.33
24.57
24.79
23.59
23.81
24.03
24.22
24.13
24.32
24.58
24.79
24.12
24.32
24.58
24.79
2.4
3.8
4.0
3.5
2.1
3.8
3.7
3.3
2.6
3.3
4.3
3.5
2.6
3.3
4.3
3.5
1967:
I.........
II........
Ill......
IV.......
3,291.8
3,289.7
3,313.5
3,338.3
3,246.9
3,281.5
3,297.4
3,326.9
3,313.4
3,310.7
3,336.6
3,360.8
3.7
-.3
2.9
3.0
4.1
4.3
2.0
3.6
24.90
25.06
25.29
25.57
24.32
24.47
24.70
24.96
24.89
25.05
25.31
25.59
24.89
25.04
25.31
25.59
1.9
2.5
3.8
4.4
1.6
2.5
3.8
4.3
1.6
2.5
4.3
4.5
1.6
2.5
4.3
4.5
1968:
I.........
II........
Ill.......
IV......
3,406.2
3,464.8
3,489.2
3,504.1
3,394.2
3,428.5
3,478.1
3,499.5
3,429.2
3,488.3
3,513.4
3,528.1
8.4
7.1
2.8
1.7
8.3
4.1
5.9
2.5
25.86
26.15
26.39
26.76
25.24
25.51
25.77
26.13
25.88
26.14
26.39
26.76
25.87
26.14
26.39
26.76
4.6
4.5
3.8
5.7
4.6
4.2
4.1
5.7
4.5
4.1
3.9
5.7
4.5
4.1
3.9
5.7
1969:
I.........
II........
Ill.......
IV.......
3,558.3
3,567.6
3.588.3
3.571.4
3,535.0
3,551.3
3,569.0
3,568.3
3,582.2
3,590.6
3,610.3
3,593.3
6.3
1.0
2.3
-1.9
4.1
1.9
2.0
-.1
27.02
27.39
27.79
28.15
26.37
26.73
27.11
27.46
27.03
27.39
27.79
28.15
27.03
27.38
27.79
28.15
3.9
5.5
6.0
5.3
3.8
5.6
5.8
5.3
4.1
5.3
6.0
5.3
4.1
5.3
6.0
5.3
1970:
I.........
II........
Ill.......
IV.......
3,566.5
3,573.9
3,605.2
3,566.5
3,578.9
3,573.2
3,605.0
3,597.4
3,589.1
3,597.4
3,628.3
3,587.6
-.6
.8
3.6
-4.2
1.2
-.6
3.6
-.8
28.54
28.94
29.17
29.55
27.85
28.24
28.51
28.89
28.55
28.94
29.18
29.56
28.54
28.94
29.17
29.56
5.6
5.8
3.2
5.3
5.8
5.6
3.9
5.5
5.8
5.7
3.3
5.3
5.8
5.7
3.3
5.3
1971:
I.........
II........
Ill.......
IV.......
3,666.1
3,686.2
3,714.5
3,723.8
3,643.1
3,667.8
3,698.9
3,742.5
3,691.3
3,712.8
3,738.4
3,749.2
11.6
2.2
3.1
1.0
5.2
2.7
3.4
4.8
30.00
30.40
30.71
30.96
29.31
29.71
30.04
30.30
30.00
30.40
30.71
30.96
30.00
30.40
30.71
30.96
6.1
5.5
4.1
3.3
6.0
5.5
4.6
3.5
6.1
5.4
4.2
3.3
6.1
5.4
4.2
3.3
1972:
I.........
II........
Ill.......
IV.......
3,796.9
3,883.8
3,922.3
3,990.5
3,802.2
3,862.7
3,897.2
3,988.5
3,823.4
3.910.0
3,950.7
4,018.7
8.1
9.5
4.0
7.1
6.5
6.5
3.6
9.7
31.42
31.61
31.92
32.30
30.76
30.98
31.30
31.67
31.41
31.61
31.92
32.32
31.41
31.61
31.92
32.32
6.1
2.5
4.0
4.8
6.1
2.9
4.2
4.8
5.8
2.6
4.0
5.1
5.8
2.6
4.0
5.1
1973:
I.........
II........
Ill.......
IV.......
4,092.3
4,133.3
4,117.0
4,151.1
4,075.5
4,094.4
4,100.7
4,106.3
4,125.0
4,168.3
4,158.0
4,192.5
10.6
4.1
-1.6
3.4
9.0
1.9
.6
.5
32.73
33.27
33.90
34.48
32.09
32.69
33.29
33.91
32.71
33.25
33.86
34.58
32.71
33.25
33.86
34.58
5.4
6.8
7.9
7.0
5.4
7.7
7.6
7.6
4.9
6.9
7.5
8.7
4.9
6.9
7.5
8.7
1974:
I.........
II........
Ill.......
IV.......
4,119.3
4,130.4
4,084.5
4,062.0
4,101.8
4,105.6
4.089.8
4,025.8
4,168.1
4,176.5
4,126.5
4,098.0
-3.0
1.1
-4.4
-2.2
-.4
.4
-1.5
-6.1
35.18
35.97
37.07
38.20
34.80
35.79
36.87
37.93
35.20
36.02
37.09
38.20
35.20
36.02
37.08
38.19
8.4
9.2
12.8
12.7
10.9
11.9
12.7
12.0
7.4
9.6
12.4
12.5
7.4
9.6
12.4
12.5
1975:
I.........
II........
Ill.......
IV......
4,010.0
4,045.2
4,115.4
4,167.2
4,054.7
4,099.2
4,135.9
4,184.3
4,040.1
4,075.6
4,148.4
4,206.7
-5.0
3.6
7.1
5.1
2.9
4.5
3.6
4.8
39.08
39.63
40.35
41.05
38.76
39.33
39.99
40.67
39.08
39.63
40.33
41.05
39.08
39.63
40.33
41.05
9.6
5.8
7.5
7.1
9.0
6.0
7.0
6.9
9.6
5.7
7.3
7.3
9.6
5.7
7.3
7.3
1976:
I.........
II........
Ill.......
IV.......
4.266.1
4,301.5
4,321.9
4,357.4
4,248.8
4,264.1
4,289.7
4.352.4
4,304.2
4,341.2
4,362.0
4,398.4
9.8
3.4
1.9
3.3
6.3
1.4
2.4
6.0
41.49
41.93
42.51
43.25
41.11
41.56
42.18
42.88
41.50
41.92
42.50
43.27
41.50
41.92
42.51
43.28
4.3
4.3
5.6
7.1
4.4
4.5
6.1
6.8
4.5
4.1
5.7
7.4
4.5
4.1
5.7
7.4
1977:
I.........
II........
Ill......
IV.......
4,410.5
4.489.8
4.570.6
4,576.1
4,393.8
4,464.0
4,509.7
4,547.5
4,457.6
4,535.9
4.616.4
4,616.6
5.0
7.4
7.4
.5
3.9
6.5
4.2
3.4
43.97
44.69
45.32
46.08
43.68
44.45
45.14
45.92
43.97
44.69
45.23
46.16
43.97
44.71
45.25
46.17
6.9
6.7
5.8
6.9
7.7
7.2
6.4
7.0
6.6
6.8
4.9
8.5
1978:
I.........
II........
Ill......
IV.......
4,588.9
4,765.7
4,811.7
4,876.0
4,552.0
4,730.8
4,774.7
4,834.2
4,636.0
4,804.8
4.854.6
4,925.8
1.1
16.3
3.9
5.5
.4
16.7
3.8
5.1
46.86
47.79
48.64
49.62
46.67
47.60
48.45
49.37
46.86
47.77
48.60
49.59
46.87
47.78
48.61
49.60
6.9
8.2
7.3
8.3
6.8
8.2
7.3
7.8
6.2
8.0
7.1
8.4
6.2
8.0
7.1
8.4
1979:
I.........
II........
Ill......
IV.......
4,888.3
4,891.4
4,926.2
4,942.6
4,855.1
4,852.9
4,921.9
4,947.7
4,939.6
4,949.3
4,995.6
5,011.4
1.0
.3
2.9
1.3
1.7
-.2
5.8
2.1
50.58
51.73
52.79
53.86
50.38
51.58
52.89
54.20
50.55
51.71
52.81
53.90
50.56
51.72
52.82
53.90
8.0
9.4
8.5
8.3
8.4
9.9
10.5
10.3
7.9
9.5
8.8
8.5
7.9
9.5
8.8
8.5
1980:
I.........
II........
Ill......
IV.......
4,958.9
4,857.8
4,850.3
4,936.6
4,961.4
4,861.6
4,923.9
4,965.2
5,028.8
4,922.5
4,911.3
4,986.3
1.3
-7.9
-.6
7.3
1.1
-7.8
5.2
3.4
55.08
56.35
57.62
59.16
55.73
57.14
58.43
59.89
55.11
56.34
57.60
59.13
55.12
56.35
57.61
59.14
9.4
9.5
9.4
11.1
11.8
10.5
9.3
10.4
9.3
9.2
9.2
11.0
9.3
9.2
9.2
11.1
1981:
I.........
II........
Ill.......
IV.......
5,032.5
4,997.3
5,056.8
4,997.1
4,985.6
4,995.9
5,003.5
4,972.9
5,086.4
5,048.1
5,110.5
5,056.8
8.0
-2.8
4.9
-4.6
1.7
.8
.6
-2.4
60.67
61.75
62.95
64.10
61.42
62.53
63.56
64.70
60.66
61.76
62.95
64.10
60.67
61.77
62.97
64.11
10.6
7.3
8.0
7.5
10.7
7.4
6.7
7.4
10.8
7.5
8.0
7.5
1C.8
7.5
8.0
7.5
1982:
I.........
II........
Ill.......
IV......
4,914.3
4,935.5
4,912.1
4,915.6
4,959.7
4,954.2
4,916.8
4,989.1
4,969.4
4,996.9
4,963.4
4,964.8
-6.5
1.7
-1.9
.3
-1.1
-.4
-3.0
6.0
65.00
65.84
66.75
67.44
65.56
66.29
67.16
67.83
64.99
65.83
66.75
67.45
65.00
65.84
66.76
67.46
5.8
5.3
5.6
4.2
5.4
4.6
5.4
4.0
5.7
5.3
5.7
4.3
5.7
5.2
5.7
4.3
1983:
I.........
II........
Ill......
IV.......
4,972.4
5,089.8
5,180.4
5.286.8
5,036.1
5,113.1
5,200.3
5,268.5
5,021.5
5,142.2
5,233.9
5,342.0
4.7
9.8
7.3
8.5
3.8
6.3
7.0
5.4
67.98
68.59
69.17
69.75
68.22
68.80
69.35
69.83
67.95
68.56
69.16
69.77
67.96
68.57
69.18
69.79
3.3
3.6
3.4
3.4
2.3
3.5
3.2
2.8
3.0
3.7
3.6
3.6
3.0
3.7
3.6
3.6
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6.6
6.8
4.9
8.4
April 2003
D-41
Survey of Current Business
Table C.1. GDP and Other Major NIPA Aggregates
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from
preceding period
Billions of chained (1996) dollars
Year and
quarter
Chain-type price indexes
Percent change from preceding period
Implicit price deflators
Chain-type price indexes
Gross
domestic
product
Final sales of
domestic
product
Gross
national
product
Gross
domestic
product
Final sales of
domestic
product
Gross
domestic
product
Gross
domestic
purchases
Gross
domestic
product
Gross
national
product
Gross
domestic
product
Implicit price deflators
Gross
domestic
purchases
Gross
domestic
product
Gross
national
product
1984:
I.........
II........
Ill......
IV.......
5,402.3
5,493.8
5,541.3
5,583.1
5,313.9
5,410.8
5,456.0
5,531.0
5,452.6
5,544.3
5,591.1
5,627.1
9.0
7.0
3.5
3.1
3.5
7.5
3.4
5.6
70.59
71.18
71.74
72.24
70.67
71.25
71.72
72.18
70.59
71.16
71.73
72.24
70.60
71.17
71.74
72.25
4.9
3.4
3.2
2.8
4.9
3.3
2.7
2.5
4.8
3.3
3.2
2.9
4.7
3.3
3.2
2.9
1985:
I.........
II.......
Ill.......
IV.......
5,629.7
5,673.8
5,758.6
5,806.0
5,619.8
5,657.0
5,746.0
5,772.5
5,664.3
5,710.9
5,788.6
5,839.6
3.4
3.2
6.1
3.3
6.6
2.7
6.4
1.9
73.01
73.49
73.88
74.40
72.80
73.32
73.73
74.38
73.00
73.50
73.85
74.39
73.01
73.50
73.86
74.40
4.3
2.7
2.1
2.9
3.5
2.8
2.3
3.6
4.3
2.7
2.0
3.0
4.2
2.8
1.9
3.0
1986:
I.........
II........
Ill.......
IV......
5,858.9
5,883.3
5,937.9
5,969.5
5,828.7
5,872.6
5,956.0
5,993.1
5,887.3
5,901.9
5,959.0
5,981.7
3.7
1.7
3.8
2.1
3.9
3.1
5.8
2.5
74.69
75.04
75.51
76.05
74.71
74.85
75.37
75.94
74.68
75.05
75.51
76.01
74.69
75.05
75.51
76.02
1.5
1.9
2.5
2.9
1.8
.7
2.9
3.0
1.5
2.0
2.5
2.7
1.5
2.0
2.5
2.7
1987:
I.........
II........
Ill.......
IV.......
6,013.3
6,077.2
6,128.1
6,234.4
5,985.4
6,066.8
6,138.7
6,164.1
6,027.6
6,095.8
6,145.8
6,254.1
3.0
4.3
3.4
7.1
-.5
5.6
4.8
1.7
76.73
77.27
77.83
78.46
76.76
77.40
78.01
78.64
76.70
77.27
77.84
78.46
76.71
77.27
77.84
78.46
3.6
2.9
2.9
3.3
4.4
3.4
3.2
3.3
3.7
3.0
3.0
3.2
3.7
3.0
3.0
3.2
1988:
I.........
II........
Ill.......
IV......
6,275.9
6,349.8
6,382.3
6,465.2
6,263.0
6,334.0
6,365.9
6,447.5
6,302.0
6,372.8
6,402.0
6,487.4
2.7
4.8
2.1
5.3
6.6
4.6
2.0
5.2
78.99
79.79
80.73
81.36
79.21
80.01
80.75
81.46
78.98
79.79
80.71
81.33
78.99
79.79
80.72
81.34
2.7
4.1
4.8
3.2
2.9
4.1
3.8
3.6
2.7
4.1
4.7
3.1
2.7
4.1
4.7
3.1
1989:
I.........
II........
Ill......
IV......
6,543.8
6,579.4
6,610.6
6,633.5
6,492.7
6,542.8
6,605.8
6,620.4
6,565.6
6,599.7
6,633.4
6,663.4
5.0
2.2
1.9
1.4
2.8
3.1
3.9
.9
82.20
83.02
83.62
84.24
82.36
83.26
83.74
84.43
82.20
83.01
83.62
84.24
82.20
83.02
83.63
84.25
4.2
4.0
2.9
3.0
4.5
4.4
2.4
3.3
4.3
4.0
2.9
3.0
4.3
4.0
3.0
3.0
1990:
I.........
II........
Ill......
IV......
6,716.3
6,731.7
6,719.4
6,664.2
6,705.8
6,697.6
6,699.2
6,680.0
6,743.6
6,760.8
6,742.6
6,713.3
5.1
.9
-.7
-3.2
5.3
-.5
.1
-1.1
85.19
86.17
87.00
87.76
85.48
86.27
87.26
88.41
85.18
86.16
86.99
87.74
85.20
86.17
87.00
87.76
4.6
4.7
3.9
3.5
5.1
3.7
4.7
5.3
4.5
4.7
3.9
3.5
4.6
4.6
3.9
3.5
1991:
I.........
II........
Ill......
IV......
6,631.4
6,668.5
6,684.9
6,720.9
6,652.5
6,692.5
6,689.2
6,692.0
6,667.4
6,692.1
6,704.7
6,749.4
-2.0
2.3
1.0
2.2
-1.6
2.4
-.2
.2
88.78
89.41
89.99
90.47
89.09
89.51
90.04
90.60
88.76
89.40
89.99
90.47
88.78
89.41
90.00
90.48
4.7
2.9
2.6
2.2
3.1
1.9
2.4
2.5
4.8
2.9
2.7
2.2
4.7
2.9
2.6
2.2
1992:
I.........
II........
Ill.......
IV.......
6,783.3
6,846.8
6,899.7
6,990.6
6,788.9
6,827.1
6,882.7
6,972.4
6,811.1
6,873.8
6,923.3
7,015.1
3.8
3.8
3.1
5.4
5.9
2.3
3.3
5.3
91.16
91.68
91.98
92.56
91.25
91.81
92.26
92.81
91.16
91.67
91.97
92.55
91.15
91.67
91.97
92.55
3.1
2.3
1.3
2.5
2.9
2.5
2.0
2.4
3.1
2.3
1.3
2.5
3.0
2.3
1.3
2.5
1993:
1.........
II........
Ill.......
IV.......
6,988.7
7,031.2
7,062.0
7,168.7
6,953.6
7,008.8
7,057.9
7,154.8
7,020.9
7,056.0
7,092.4
7,182.1
-.1
2.5
1.8
6.2
-1.1
3.2
2.8
5.6
93.33
93.83
94.26
94.79
93.42
93.98
94.32
94.83
93.32
93.82
94.24
94.79
93.32
93.83
94.26
94.81
3.4
2.2
1.8
2.3
2.7
2.4
1.5
2.2
3.4
2.2
1.8
2.4
3.4
2.2
1.8
2.4
1994:
I.........
II........
Ill.......
IV.......
7,229.4
7,330.2
7,370.2
7,461.1
7,187.1
7,250.2
7,318.5
7,387.2
7,249.8
7,346.3
7,385.1
7,476.0
3.4
5.7
2.2
5.0
1.8
3.6
3.8
3.8
95.28
95.72
96.29
96.74
95.22
95.74
96.43
96.86
95.28
95.71
96.28
96.74
95.29
95.73
96.29
96.74
2.1
1.8
2.4
1.9
1.7
2.2
2.9
1.8
2.0
1.8
2.4
1.9
2.1
1.8
2.4
1.9
1995:
I.........
II........
Ill.......
IV.......
7,488.7
7,503.3
7,561.4
7,621.9
7,427.3
7,469.6
7,549.7
7,602.5
7,510.2
7,528.6
7,572.3
7,645.2
1.5
.8
3.1
3.2
2.2
2.3
4.4
2.8
97.45
97.86
98.31
98.79
97.51
98.04
98.42
98.85
97.45
97.86
98.30
98.78
97.45
97.87
98.31
98.79
3.0
1.7
1.8
2.0
2.7
2.2
1.6
1.8
3.0
1.7
1.8
2.0
3.0
1.7
1.8
2.0
1996:
I.........
II........
Ill......
IV.......
7,676.4
7,802.9
7,841.9
7,931.3
7,669.6
7,773.4
7,792.1
7,897.6
7,703.1
7,820.4
7,853.5
7,947.9
2.9
6.8
2.0
4.6
3.6
5.5
1.0
5.5
99.40
99.74
100.23
100.63
99.42
99.74
100.16
100.68
99.39
99.74
100.22
100.63
99.39
99.74
100.22
100.63
2.5
1.4
2.0
1.6
2.3
1.3
1.7
2.1
2.5
1.4
1.9
1.7
2.5
1.4
1.9
1.6
1997:
I.........
II........
Ill.......
IV......
8,016.4
8,131.9
8,216.6
8,272.9
7,966.4
8,043.2
8,164.9
8,206.3
8,025.1
8,145.6
8,225.1
8,276.9
4.4
5.9
4.2
2.8
3.5
3.9
6.2
2.0
101.36
101.82
102.12
102.49
101.28
101.49
101.74
102.07
101.34
101.82
102.12
102.49
101.33
101.80
102.10
102.46
2.9
1.9
1.2
1.4
2.4
.8
1.0
1.3
2.9
1.9
1.2
1.4
2.8
1.8
1.2
1.4
1998:
I.........
II........
Ill.......
IV.......
8,396.3
8,442.9
8,528.5
8,667.9
8,286.6
8,397.2
8,454.9
8,588.5
8,405.4
8,448.7
8,517.6
8,662.0
6.1
2.2
4.1
6.7
4.0
5.4
2.8
6.5
102.76
103.02
103.38
103.66
102.09
102.26
102.54
102.84
102.76
103.01
103.38
103.65
102.73
102.98
103.34
103.62
1.1
1.0
1.4
1.1
.1
.7
1.1
1.2
1.1
1.0
1.4
1.1
1.1
1.0
1.4
1.1
1999:
1.........
II........
Ill......
IV.......
8,733.2
8,775.5
8,886.9
9,040.1
8,654.3
8,741.0
8,833.6
8,946.6
8,755.5
8,801.8
8,906.4
9,071.1
3.0
2.0
5.2
7.1
3.1
4.1
4.3
5.2
104.12
104.52
104.84
105.28
103.19
103.72
104.21
104.77
104.12
104.51
104.83
105.27
104.08
104.48
104.80
105.24
1.8
1.5
1.2
1.7
1.4
2.1
1.9
2.2
1.8
1.5
1.2
1.7
1.8
1.5
1.2
1.7
2000:
1.........
II........
Ill.......
IV.......
9,097.4
9,205.7
9,218.7
9,243.8
9,042.9
9,111.1
9,150.4
9,179.8
9,119.7
9,233.0
9,238.2
9,274.0
2.6
4.8
.6
1.1
4.4
3.1
1.7
1.3
106.08
106.69
107.13
107.68
105.72
106.30
106.87
107.43
106.07
106.68
107.12
107.68
106.04
106.64
107.08
107.64
3.1
2.3
1.6
2.1
3.7
2.2
2.2
2.1
3.1
2.3
1.6
2.1
3.1
2.3
1.7
2.1
2001:
I.........
II........
Ill.......
IV......
9,229.9
9,193.1
9,186.4
9,248.8
9,243.8
9,234.3
9,230.5
9,324.9
9,241.7
9,224.3
9,199.8
9,283.5
-.6
-1.6
-.3
2.7
2.8
-.4
-.2
4.2
108.66
109.32
109.92
109.78
108.30
108.76
108.72
108.84
108.65
109.32
109.92
109.78
108.62
109.29
109.89
109.74
3.7
2.5
2.2
-.5
3.3
1.7
-.2
.4
3.7
2.5
2.2
-.5
3.7
2.5
2.2
-.5
2002:
I.........
II........
Ill.......
IV.......
9,363.2
9,392.4
9,485.6
9,518.2
9,379.4
9,377.9
9,457.2
9,483.1
9,367.5
9,376.7
9,477.9
9,512.1
5.0
1.3
4.0
1.4
2.4
-.1
3.4
1.1
110.14
110.48
110.76
111.25
109.15
109.77
110.11
110.59
110.14
110.48
110.76
111.25
110.11
110.45
110.73
111.22
1.3
1.2
1.0
1.8
1.2
2.3
1.2
1.8
1.3
1.2
1.0
1.8
1.4
1.2
1.0
1.8
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
D-42
April 2003
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
2002
2001
2003
2002
Feb.
Mar.
May
Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Consumer and producer prices, (monthly data seasonally adjusted)1
Consumer price index for all urban consumers,
1982-84=100:
All items...............................................................
Commodities..................................................
Services...........................................................
All items less food and energy..........................
Food................................................................
Energy.............................................................
177.1
150.7
203.4
186.1
173.1
129.3
179.9
149.7
209.8
190.5
176.2
121.7
177.9
148.3
207.3
189.0
175.8
113.1
178.5
149.0
207.8
189.2
176.0
117.2
179.3
150.1
208.4
189.7
176.1
121.9
179.5
149.8
209.1
190.0
175.9
122.1
179.8
149.9
209.5
190.2
175.9
122.9
180.1
150.0
210.0
190.5
176.1
123.7
180.5
150.2
210.7
191.1
176.0
123.9
180.9
150.3
211.2
191.4
176.4
124.4
181.2
150.4
211.8
191.6
176.6
126.2
181.4
150.3
212.3
191.8
177.0
125.6
181.6
150.0
212.9
192.1
177.3
125.1
182.2
150.5
213.6
192.3
177.0
130.1
183.3
152.2
214.1
192.5
178.2
137.8
Producer price index, 1982=100:
Finished goods...................................................
Consumer goods............................................
Capital equipment..........................................
Less food and energy....................................
Intermediate materials........................................
Less food and energy....................................
Crude materials..................................................
Less energy.....................................................
140.7
141.5
139.7
150.0
129.7
136.4
121.0
130.7
138.8
139.3
139.1
150.2
127.8
135.8
108.1
135.6
138.1
138.2
139.5
150.2
125.5
134.7
98.9
128.2
139.2
139.6
139.5
150.1
126.4
135.0
104.0
128.9
139.0
139.6
139.2
150.3
127.5
135.3
108.5
131.4
138.4
138.7
139.1
150.3
127.1
135.3
109.3
133.9
138.6
139.0
139.2
150.4
127.4
135.6
105.1
137.7
138.6
139.1
138.8
150.0
127.7
135.9
105.9
140.0
138.6
139.2
138.6
149.8
128.2
136.2
107.8
139.5
139.0
139.6
139.0
150.2
128.9
136.4
110.2
139.2
140.1
141.0
139.3
150.7
129.8
136.7
112.6
139.6
139.6
140.4
138.9
150.4
129.8
137.0
117.9
140.9
139.4
140.3
138.4
149.7
129.5
136.8
120.5
141.6
141.6
143.0
139.4
151.0
131.2
137.2
128.8
143.0
143.C
145.2
138.9
150.2
133.2
138.2
135.C
146.5
0 52
0.46
0 93
0.69
-0 07
0.68
0 65
0.26
0 14
0.50
1.61
0.93
Money, interest rates, and stock prices
Money stock (monthly and quarterly data
seasonally adjusted):2
Percent change:
M1....................................................................
M2....................................................................
Ratio:
Gross domestic product to M1.....................
Personal income to M2..................................
Interest rates (percent, not seasonally
adjusted):2
Prime rate charged by banks............................
3-month Treasury bills, secondary market.......
3-Year U.S. Treasury bonds...............................
10-Year U.S. Treasury bonds............................
Federal funds rate...............................................
New home mortgages.......................................
Index of stock prices (not seasonally adjusted):3
500 common stocks, 1941-43=10....................
0.54
0.70
0.17
0.01
-1.21
-0.22
0.91
1.20
0.49
0.57
0.60
0.87
-0.93
0.69
8.867
8.766
8.706
1.664
1.592
1.601
1.606
1.614
1.602
1.605
1.585
1.578
1.575
1.569
1.563
1.565
1.563
1.552
6.92
3.39
4.08
5.02
4.08
4.68
1.60
3.10
4.61
1.67
4.75
1.73
3.55
4.91
1.74
4.75
1.79
4.14
5.28
1.73
4.75
1.72
4.01
5.21
1.75
4.75
1.73
3.80
5.16
1.75
4.75
1.70
3.49
4.93
1.75
4.75
1.68
3.01
4.65
1.73
4.75
1.62
2.52
4.26
1.74
4.75
1.63
2.32
3.87
1.75
4.75
1.58
2.25
3.94
1.75
4.35
1.23
2.32
4.05
1.34
4.25
1.19
2.23
4.03
1.24
4.25
1.17
2.18
4.05
1.24
4.25
1.17
2.05
3.90
1.26
6.97
6.54
6.89
7.01
6.99
6.81
6.65
6.49
6.29
6.09
6.11
6.07
6.05
5.92
5.84
1,194.18
993.94
1,100.67
1,153.79
1,112.03
1,079.27
1,014.05
903.59
912.55
867.81
854.63
909.93
899.18
895.84
837.62
8.773
8.783
8.813
Labor markets (thousands, monthly and quarterly data seasonally adjusted, unless otherwise noted)1
Civilian labor force..................................................
Labor force participation rates (percent):
Total......................................................................
Males, age 20 and over.................................
Females, age 20 and over............................
Both sexes, age 16-19..................................
Civilian employment................................................
Ratio, civilian employment to working-age
population (percent)............................................
143,734
144,863
144,510
144.367
144,763
144,911
144,852
144,786
145,123
145,634
145,393
145,180
145,150
145,838
145,857
66.8
76.5
60.6
49.6
136,933
66.6
76.3
60.5
47.4
136,485
66.7
76.4
60.8
47.5
136,450
66.6
76.4
60.4
48.2
136,143
66.7
76.5
60.7
47.6
136,196
66.7
76.7
60.5
47.4
136,487
66.6
76.5
60.5
47.7
136,383
66.5
76.4
60.4
47.5
136,343
66.6
76.4
60.5
47.3
136,757
66.8
76.6
60.6
48.1
137,312
66.6
76.3
60.6
47.2
136,988
66.4
76.0
60.5
47.0
136.542
66.4
75.9
60.6
46.3
136,439
66.3
75.8
60.7
46.0
137,536
66.2
76.0
60.5
45.5
137,408
63.7
62.7
63.0
62.8
62.8
62.8
62.7
62.6
62.8
63.0
62.7
62.5
62.4
62.5
62.4
Employees on nonagricultural payrolls................
Goods-producing industries..............................
Services-producing industries..........................
Hours of production workers:
Average weekly hours, total private sector.....
Average weekly hours, manufacturing.............
Average weekly overtime hours,
manufacturing.................................................
131,922
24,944
106,978
130,791
23,836
106,955
130,706
24,041
106,665
130.701
23,975
106,726
130,680
23,905
106,775
130,702
23,870
106,832
130,736
23,861
106,875
130,790
23,812
106,978
130,913
23,801
107,112
130,829
23.748
107,081
130,898
23.688
107,210
130,817
23,631
107,186
130,670
23,551
107,119
130,855
23,570
107,285
130,547
23,466
107,081
34.2
40.7
34.2
40.9
34.2
40.7
34.2
41.0
34.2
40.9
34.2
40.9
34.3
41.1
34.0
40.7
34.1
40.9
34.2
40.8
34.2
40.7
34.2
40.6
34.1
40.9
34.3
40.8
34.1
40.8
3.9
4.1
3.9
4.1
4.2
4.2
4.3
4.0
4.2
4.1
4.1
4.0
4.2
4.1
4.2
Number of persons unemployed...........................
Unemployment rates (percent):
Total......................................................................
Males, age 20 and over.................................
Females, age 20 and over............................
Both sexes, age 16-19..................................
15 weeks and over..............................................
Average weeks unemployed..................................
Median weeks unemployed...................................
6,801
8,378
8,060
8,224
8,567
8,424
8,469
8,443
8,366
8.321
8,405
8.637
8,711
8,302
8,450
4.7
4.2
4.1
14.7
1.2
13.1
5.8
5.3
5.1
16.5
2.0
16.6
5.6
5.0
5.0
16.0
1.8
15.0
5.7
5.2
5.0
16.6
1.9
15.4
5.9
5.3
5.3
16.9
1.9
16.3
5.8
5.2
5.2
17.0
2.0
16.8
5.8
5.4
5.1
16.9
2.1
17.1
5.8
5.3
5.1
17.0
2.0
16.6
5.8
5.3
5.0
16.9
2.0
16.3
5.7
5.3
5.0
16.2
2.1
17.8
5.8
5.4
5.2
15.1
2.1
17.6
5.9
5.6
5.0
16.8
2.2
17.9
6.0
5.6
5.2
16.4
2.3
18.4
5.7
5.4
4.7
16.8
2.2
18.4
5.8
5.3
5.0
17.1
2.2
18.6
6.8
9.1
8.2
8.3
8.8
9.6
11.6
8.9
8.7
9.5
9.6
9.4
9.6
9.8
9.4
117.5
116.3
136.6
123.1
114.1
140.5
121.8
113.4
138.1
122.3
114.1
139.5
123.9
114.0
141.3
124.2
115.1
142.9
1.1
1.6
-0.1
4.8
-1.9
1.2
8.6
-5.3
1.6
1.7
2.3
0.4
5.5
-0.1
3.1
0.8
3.8
2.5
Productivity and costs, nonfarm business sector,
1992=100:
Indexes:
Output per hour of all persons......................
Unit labor costs...............................................
Hourly compensation.....................................
Percent change from preceding quarter,
annual rate:
Output per hour..............................................
Unit labor costs...............................................
Real hourly compensation............................
See footnotes at end of table.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
D-43
Survey of Current Business
Table D.1. Domestic Perspectives—Continued
2002
2001
2003
2002
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Construction (monthly data seasonally adjusted at annual rates)4
New construction put in place (billions of dollars)
Private construction...........................................
Residential buildings......................................
Nonresidential buildings................................
Public construction.............................................
842.5
650.0
388.7
201.1
192.5
846.6
642.6
415.6
168.1
203.9
874.3
659.4
413.5
183.2
214.9
855.2
655.3
413.8
178.5
199.9
856.9
656.7
411.8
179.6
200.2
847.1
642.2
413.5
170.5
204.9
833.7
634.6
410.8
166.7
199.1
837.8
635.7
414.0
163.7
202.1
829.8
627.1
409.3
159.8
202.8
832.2
626.5
412.2
156.5
205.7
840.0
636.8
418.0
160.2
203.2
850.5
643.8
427.2
161.8
206.7
863.4
655.5
441.5
158.4
207.9
877.9
667.9
452.6
157.9
210.0
Housing starts (thousands of units):
Total......................................................................
1 -unit structures..................................................
1,603
1,706
1,273
1,359
1,788
1,472
1,675
1,298
1,566
1,261
1,742
1,380
1,692
1,344
1,652
1,319
1,631
1,249
1,808
1,452
1,660
1,375
1,761
1,404
1,824
1,464
1,822
1,501
1,622
1,295
New 1 -family houses sold (thousands of units)...
908
974
937
915
932
974
947
958
1,047
1,056
1,001
1,022
1,063
929
854
Manufacturing and trade, inventories and sales (millions of dollars, monthly data seasonally adjusted)4
Inventories:
Total manufacturing and trade..........................
Manufacturing.................................................
Retail trade......................................................
Merchant wholesalers...................................
Sales:
Total manufacturing and trade..........................
Manufacturing.................................................
Retail trade......................................................
Merchant wholesalers...................................
9,781,327
3,897,730
3,167,842
2,715,755
9,882,029
3,855,872
3,265,945
2,760,212
Inventory-sales ratio:
Total manufacturing and trade..........................
Manufacturing.................................................
Retail trade......................................................
Merchant wholesalers...................................
1,120,288
434,087
401,693
284,508
1,116,303
431,434
401,137
283,732
1,113,864
430,153
402,518
281,193
1,116,527
428,592
406,855
281,080
1,119,454
428,230
408,884
282,340
1,124,317
427,996
412,238
284,083
1,125,024
428,574
412,102
284,348
1,132,074
429,385
417,303
285,386
1,133,221
429,074
420,176
283,971
1,136,646
428,220
423,537
284,889
1,144,423
430,951
426,346
287,126
1,146,705
430,804
429,403
286,498
804,588
311,476
268,374
224,738
808,644
315,593
268,196
224,855
822,615
322,962
271,522
228,131
820,227
323,736
268,439
228,052
822,795
320,810
272,347
229,638
833,564
326,101
276,110
231,353
834,562
323,729
277,519
233,314
828,454
322,608
273,048
232,798
832,466
326,339
273,236
232,891
832,955
322,863
274,621
235,471
834,481
321,016
278,830
234,635
844,902
328,144
279,859
236,899
1.39
1.39
1.50
1.27
1.38
1.37
1.50
1.26
1.35
1.33
1.48
1.23
1.36
1.32
1.52
1.23
1.36
1.33
1.50
1.23
1.35
1.31
1.49
1.23
1.35
1.32
1.48
1.22
1.37
1.33
1.53
1.23
1.36
1.31
1.54
1.22
1.36
1.33
1.54
1.21
1.37
1.34
1.53
1.22
1.36
1.31
1.53
1.21
Industrial production indexes and capacity utilization rates (monthly data seasonally adjusted)2
Industrial production indexes, 1997=100:
Total......................................................................
Final products.................................................
Consumer goods.......................................
Business equipment..................................
Nonindustrial supplies...................................
Materials..........................................................
111.2
109.0
106.5
117.3
115.3
111.8
110.5
107.2
107.5
107.3
114.6
112.2
109.2
106.8
106.7
108.1
112.8
110.2
109.6
107.2
107.4
107.8
113.3
110.7
110.1
107.2
107.5
107.7
113.9
111.6
110.4
107.1
107.3
108.0
114.6
112.2
110.8
107.5
107.8
108.0
114.8
112.6
111.6
107.9
108.5
107.3
115.5
113.8
111.3
107.6
107.8
108.1
115.4
113.6
111.2
107.4
107.9
106.9
115.8
113.4
110.6
106.6
107.0
106.0
115.4
112.8
110.8
107.1
107.8
106.1
114.9
113.1
110.1
106.0
106.7
104.7
114.2
112.8
111.0
107.1
107.8
105.6
115.0
113.4
111.1
106.9
107.5
105.6
115.5
113.8
Capacity utilization rates (percent):
Total industry.......................................................
Manufacturing......................................................
77.3
75.6
75.6
73.8
75.1
73.4
75.3
73.5
75.6
73.6
75.7
73.9
75.9
74.1
76.4
74.3
76.1
74.3
76.0
74.1
75.5
73.7
75.6
73.7
75.1
73.2
75.6
73.6
75.6
73.4
Credit market borrowing (billions of dollars, quarterly data seasonally adjusted at annual rates)2
All sectors, by instrument:
Total......................................................................
Open market paper.......................................
U.S. government securities...........................
Municipal securities.......................................
Corporate and foreign bonds........................
Bank loans, n.e.c............................................
Other loans and advances............................
Mortgages.......................................................
2,047.1
-164.4
623.8
119.3
669.5
-76.2
60.4
706.0
108.8
2,308.6
-98.0
818.1
163.0
515.5
-75.8
49.4
880.9
55.5
1,913.3
-255.9
730.9
74.6
605.5
-3.0
-24.2
703.1
82.3
2,512.7
-154.3
1,013.8
195.4
586.2
-139.0
91.5
838.3
80.8
1. Bureau of Labor Statistics
3. Standard and Poor's, Inc.
4. Bureau of the Census
2. Federal Reserve Board
n.e.c. Not elsewhere classified
Sources:
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2,118.0
70.8
686.7
156.9
136.9
-54.3
147.6
915.4
57.9
2,690.5
-52.4
841.0
224.9
733.4
-107.0
-17.2
1,066.7
1.0
April 2003
D-44
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 (1996) dollars
Apr Feb
36000 ------- --------
Nov
Dec Nov
JanJIyJly
Mar
Jly Mar
Nov
3600C
34000—
-3400C
32000—
-3200C
30000—
3000C
28000—
-2800C
26000—
2600C
24000—
-2400C
22000—
20000
18000—
16000—
14000-
12000
Percent
i
i
59
61
63
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
i
i
65
i
i
67
i
i
69
i
i
71
i
i
73
i
i
75
i
i
77
i
i
79
i
i
81
i
i
83
i
i
85
i
i
87
i
i
89
i
i
91
i
i
93
i
i
95
i
i
97
i
i
99
i
r
01
April 2003
SELECTED NIPA SERIES
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Survey
of
Current Business
D-45
National Data
D-46
April 2003
SELECTED NIPA SERIES
Percent Apr Feb
25
Dec Nov
Nov
Mar
Jan JlyJly
Nov
Jly Mar
Nov
Mar
Jan JlyJly
Nov
Jly Mar
25
RATIO. SAVING TO GROSS NATIONAL PRiIODUCT
z-x
20-
Percent Apr Feb
60----- - -------
Dec Nov
60
OF GROSS PRIVATE DOMESTIC FIXED INVESTME
SH
50-
-50
L./'—
Equipment and i
rare, nonresidential
40-
-40
S
x x
/
\
30-
k...
20-
r-'
Residential investment
-30
y
----------y
-20
Structures, nonresidential
10-
-10
i
59
61
i
i
63
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
i
65
i
i
i
67
i
i
69
i
i
71
rm-i
i
73
75
77
i
i
ri
79
81
i
i
83
i
i
85
i
i
87
i
89
i *
91
i
i
93
i
i
i
95
i
i
97
i
i
99
i
01
i
April 2003
D-47
Survey of Current Business
SELECTED NIPA SERIES
SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR
SHARES OF GROSS DOMESTIC PURCHASES
Personal
consumption
expenditures, 62.5%
1959
Personal
consumption
expenditures, 67.2%
Government consumption
Government consumption
expenditures and gross
expenditures and gross
investment, 18.2%
investment, 22.1%
Nonresidential
investment, 9.9%
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Residential investment, 5.5%
2002
Nonresidential
investment, 10.3%
Residential investment, 4.3%
National Data
D-48
April 2003
SELECTED NIPA SERIES
59
61
63
65
67
69
71
73
75
77
79
81
83
85
87
89
91
93
95
97
99
01
59
61
63
65
67
69
71
73
75
77
79
81
83
85
87
89
91
93
95
97
99
01
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
D-49
Survey of Current Business
SELECTED NIPA SERIES
Jan JlyJly
Jly Mar
Nov
20
-16
-12
- 4
3
- 2
-4
-3
3—
Inventories to
final sales of domestic business
............
a
.—\_.—
---- ------------
2—
-2
Nonfarm inventories to
final sales of domestic business
'Based on chained (1996) dollar estimates of inventories and sales
TinIIIIiIiinIiiiiiiInIIiIII
IIIiiIIIIIi
59
61
63
65
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
67
69
71
73
75
77
79
81
83
85
87
89
91
93
95
97
99
i
i
01
D-50
National Data
OTHER INDICATORS OF THE DOMESTIC ECONOMY
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
April 2003
D-51
Survey of Current Business
OTHER INDICATORS OF THE DOMESTIC ECONOMY
79
81 83
Millions
Jan Jly Jly Nov
85
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
87
89
91
July Mar
93
95
97
99 2001 03
79
81
83
85
87
89
91
93
95
97
99 2001 03
April 2003
D-52
International Data
F. Transactions Tables
Table F.l contains estimates of U.S. international trade in goods and services that were released on March 12, 2003,
including “preliminary” estimates for January 2003 and “revised” estimates for January-December 2002. 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]
2003
2002
2001
2002'
2001
Dec.
Jan.'
Feb.'
March'
April'
May'
June'
July'
Aug.'
Sept.'
Oct.'
Nov.'
Dec.'
Jan.»
998,022
971,665
77,477
77,431
77,235
78,294
80,455
81,433
82,364
83,201
83,031
82,684
81,939
82,977
80,626
81,907
718,762
49,407
160,104
321,714
682,387
49,502
156,869
290,587
54,991
4,104
12,445
23,511
54,922
4,232
12,286
23,600
54,564
4,288
12,235
23,249
54,886
3,900
12,281
24,068
56,756
3,890
13,107
24,056
57,237
3,993
13,304
24,216
58,157
4,258
13,315
25,077
59,013
4,305
13,226
25,205
58,186
4,037
13,372
24,917
58,173
4,020
13,321
25,127
57,276
3,872
13,122
24,547
57,841
4,310
13,625
24,403
55,377
4,397
13,674
22,122
56,770
4,350
14,024
22,675
75,435
78,442
6,009
6,009
6,191
6,235
6,680
6,753
6,652
7,084
6,824
6,686
6,612
6,307
6,410
6,527
88,331
34,110
-10,339
84,371
33,531
-10,915
7,126
2,674
-878
6,942
2,585
-732
6.844
2,638
-881
6,735
2,715
-1,048
7,069
2,803
-850
6,861
3,046
-936
7,093
2,637
-875
7,241
2,896
-943
7,122
2,923
-1,010
7,095
2,773
-849
7,217
2,877
-970
7,221
2,888
-914
6,931
2,750
-906
7,409
2,511
-726
279,260
73,119
18,007
28,306
38,668
108,109
289,278
70,320
17,443
28,377
42,959
117,340
22.486
5,366
1,311
2,179
3,256
9,205
22.509
5,520
1,373
2,251
3,264
9,031
22,671
5,630
1,376
2,227
3,304
9,071
23,408
5,889
1,421
2,333
3,354
9,359
23,699
5,643
1,343
2,334
3,624
9,607
24,196
5,828
1,441
2,327
3,709
9,825
24,207
5,731
1,387
2,332
3,744
9,941
24.188
5,581
1,440
2,375
3,723
10,034
24,845
6,020
1,579
2,437
3,716
10,052
24,511
5,837
1,483
2,371
3,699
10,074
24,663
5,948
1,482
2,402
3,626
10,112
25,136
6,266
1,542
2,486
3,604
10,153
25,249
6,427
1,576
2,504
3,593
10,082
25,137
6,254
1,546
2,488
3,637
10,123
12,220
12,044
1,105
1,005
998
987
1,082
1,000
1,005
968
974
981
1,025
1,018
1,001
1,024
831
795
64
65
65
65
66
66
67
67
67
66
68
67
66
65
1,356,312
1,407,341
104,756
107,303
110,394
110,889
116,264
118,386
119,045
118,284
121,031
119,855
117,254
123,138
125,503
123,022
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............................................
Adjustments1.........................................
1,145,927
46,641
273,870
297,993
1,166,874
49,700
269,007
283,817
86,525
3,821
18,258
22,464
88,448
3,860
18,910
22,844
90,976
4,019
18,969
23,051
91,549
3,965
19,913
23,399
96,964
4,065
22,757
23,821
98,994
4,134
23,041
24,071
98,835
4,122
22,508
24,166
98,109
4,233
22,779
23,966
100,581
4,196
23,752
23,775
99,531
4,129
23,425
23,550
96,890
3,982
24,467
22,205
102,113
4,395
23,904
24,356
103,884
4,599
24,581
24,611
101,584
4,523
24,852
24,341
189,782
203,877
15,507
15,265
16,340
15,973
16,996
17,640
17,212
17,222
17,574
17,675
16,767
17,502
17,711
16,848
284,293
48,421
4,928
307,843
49,318
3,313
22,222
4,085
169
23,273
4,061
235
24.443
3,925
229
23,701
4,325
274
25,036
3,968
320
25,649
4,138
321
26,174
4,373
280
25,599
4,035
275
26,916
4,089
278
26,289
4,167
296
25,043
4,116
309
27,764
3,909
283
27,956
4,214
213
26,878
3,951
191
Services......................................................
Travel.......................................................
Passenger fares....................................
Other transportation..............................
Royalties and license fees....................
Other private services..........................
Direct defense expenditures2.............
U.S. Government miscellaneous
services..............................................
210,385
60,117
22,418
38,823
16,359
54,588
15,198
240,467
59,303
20,993
38,555
19,899
79,379
19,418
18,231
4,691
1,598
3,045
1,376
5,805
1,479
18,855
4,735
1,676
3,021
1,390
6,313
1,475
19,418
4,773
1,680
2,932
1,952
6,339
1,494
19,340
5,030
1,731
2,918
1,419
6,475
1,519
19,300
4,687
1,662
3,270
1,510
6,368
1,560
19,392
4,690
1,597
3,275
1,567
6,433
1,589
20,210
5,028
1,743
3,207
1,871
6,503
1,617
20,175
4,841
1,744
3,282
1,769
6,648
1,649
20,450
4,962
1,769
3,275
1,798
6,731
1,673
20,324
4,829
1,763
3,174
1,785
6,840
1,692
20,364
4,891
1,793
3,239
1,643
6,861
1,693
21,025
5,240
1,850
3,447
1,606
6,924
1,715
21,619
5,597
1,985
3,515
1,591
6,947
1,742
21,438
5,336
1,890
3,556
1,628
7,003
1,775
2,882
2,920
237
245
248
248
243
241
241
242
242
241
244
243
242
250
-427,165
68,875
-358,290
-484,487
48,811
-435,676
-31,534
4,255
-27,279
-33,526
3,654
-29,872
-36,412
3,253
-33,159
-36,663
4,068
-32,595
-40,208
4,399
-35,809
-41,757
4,804
-36,953
-40,678
3,997
-36,681
-39,096
4,013
-35,083
-42,396
4,395
-38,001
-41,358
4,187
-37,171
-39,614
4,299
-35,315
-44,271
4,111
-40,160
-48,507
3,630
-44,877
-44,814
3,699
-41,115
Exports of goods and services................
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............................................
Adjustments1.........................................
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..............................................
Imports of goods and services
Memoranda:
Balance on goods......................................
Balance on services..................................
Balance on goods and services..............
p Preliminary.
'Revised.
1. Reflects adjustments necessary to bring the Census Bureau’s component data in line with the concepts and definitions used to prepare BEA’s international and national accounts.
2. Contains goods that cannot be separately identified.
Source: U.S. Bureau of Economic Analysis and U.S. Bureau of the Census.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
D-53
Survey of Current Business
Table F.2. U.S. International Transactions
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
(Credits +; debits -)1
2001
2002 p
2002
I
II
2002
IV p
III'
II'
1'
III'
IV'
Current account
1
Exports of goods and services and income receipts.............................
1,281,793
1,216,504
289,712
306,297
309,363
311,132
291,005
304,923
312,392
308,183
2
Exports of goods and services....................................................................
998,022
971,864
231,262
245,458
245,861
249,283
232,959
244,251
248,917
245,740
3
Goods, balance of payments basis2......................................................
718,762
682,586
163,810
175,254
169,188
174,334
164,372
172,150
175,372
170,692
4
5
Services3...................................................................................................
Transfers under U.S. military agency sales contracts4...................
279,260
12,220
289,278
12,044
67,452
2,990
70,204
3,087
76,673
2,923
74,949
3,044
68,587
2,990
72,101
3,087
73,545
2,923
75,048
3,044
6
7
8
Travel......................................................................................................
Passenger fares....................................................................................
Other transportation.............................................................................
73,119
18,007
28,306
70,320
17,443
28,377
15,056
3,842
6,523
17,622
4,120
6,983
20,079
5,079
7,500
17,563
4,402
7,371
17,039
4,170
6,810
17,202
4,171
6,992
17,438
4,502
7,183
18,641
4,600
7,392
9
10
11
Royalties and license fees5................................................................
Other private services5........................................................................
U.S. Government miscellaneous services.........................................
38,668
108,109
831
42,959
117,340
795
9,651
29,195
195
10,796
27,397
199
10,851
30,041
200
11,661
30,707
201
9,922
27,461
195
11,077
29,373
199
11,138
30,161
200
10,823
30,347
201
12
13
14
15
16
17
Income receipts..............................................................................................
Income receipts on U.S.-owned assets abroad.....................................
Direct investment receipts...................................................................
Other private receipts...........................................................................
U.S. Government receipts...................................................................
Compensation of employees...................................................................
283,771
281,389
125,996
151,832
3,561
2,382
244,640
242,177
128,068
110,766
3,343
2463
58,450
57,839
28,946
27,994
899
611
60,839
60,225
31,132
28,486
607
614
63,502
62,884
33,688
28,291
905
618
61,849
61,229
34,302
25,995
932
620
58,046
57,435
28,629
27,994
812
611
60,672
60,058
30,908
28,486
664
614
63,475
62,857
33,730
28,291
836
618
62,443
61,823
34,800
25,995
1,028
620
18
Imports of goods and services and income payments..........................
-1,625,701
-1,663,908
-373,988
-420,224
-434,361
-435,335
-387,616
-419,693
-425,656
-430,949
19
Imports of goods and services.....................................................................
-1,356,312
-1,407,406
-315,033
-353,557
-367,883
-370,933
-328,588
-353,697
-359,174
-365,953
20
Goods, balance of payments basis2......................................................
-1,145,927
-1,166,939
-261,179
-292,767
-303,091
-309,902
-270,975
-294,795
-298,225
-302,944
21
22
Services3...................................................................................................
Direct defense expenditures................................................................
-210,385
-15,198
-240,467
-19,418
-53,854
-4,488
-60,790
-4,766
-64,792
-5,014
-61,031
-5,150
-57,613
-4,488
-58,902
-4,766
-60,949
-5,014
-63,009
-5,150
23
24
25
Travel......................................................................................................
Passenger fares....................................................................................
Other transportation.............................................................................
-60,117
-22,418
-38,823
-59,303
-20,993
-38,555
-12,389
-4,609
-8,457
-16,036
-5,522
-9,623
-17,554
-5,917
-10,151
-13,324
-4,945
-10,324
-14,538
-5,087
-8,871
-14,405
-5,002
-9,752
-14,631
-5,276
-9,731
-15,729
-5,628
-10,201
26
27
28
Royalties and license fees5................................................................
Other private services5........................................................................
U.S. Government miscellaneous services.........................................
-16,359
-54,588
-2,882
-19,899
-79,379
-2,920
-4,653
-18,517
-741
-4,835
-19,283
-725
-5,139
-20,292
-725
-5,272
-21,287
-729
-4,761
-19,127
-741
-4,948
-19,304
-725
-5,352
-20,220
-725
-4,840
-20,732
-729
29
30
31
32
33
34
Income payments..........................................................................................
Income payments on foreign-owned assets in the United States........
Direct investment payments................................................................
Other private payments........................................................................
U.S. Government payments................................................................
Compensation of employees...................................................................
-269,389
-260,850
-23,401
-156,784
-80,665
-256,502
-247,601
-50,121
-124,542
-72,938
-58,955
-56,822
-6,629
-31,679
-18,514
-66,667
-64,504
-12,930
-32,943
-18,631
-66,478
-64,270
-15,055
-31,047
-18,168
-64,402
-62,005
-15,507
-28,873
-17,625
-59,028
-56,799
-6,606
-31,679
-18,514
-65,996
-63,733
-12,159
-32,943
-18,631
-66,482
-64,319
-15,104
-31,047
-18,168
-64,996
-62,750
-16,252
-28,873
-17,625
-8,539
-8,901
-2,133
-2,163
-2,208
-2,397
-2,229
-2,263
-2,163
-2,246
35
Unilateral current transfers, net...................................................................
U.S. Government grants4............................................................................
U.S. Government pensions and other transfers........................................
Private remittances and other transfers6...................................................
-49,463
-11,628
-5,798
-32,037
-56,023
-16,914
-5,131
-33,978
-16,381
-6,273
-1,330
-8,778
-12,305
-3,312
-1,005
-7,988
-12,795
-3,118
-923
-8,754
-14,542
-A211
-1,873
-8,458
-15,931
-6,273
-1,271
-8,387
-12,927
-3,312
-1,279
-8,336
-13,073
-3,118
-1,282
-8,673
-14,088
-4,211
-1,298
-8,579
826
708
208
200
156
144
208
200
156
144
36
37
38
Capital and financial account
Capital account
39
Capital account transactions, net................................................................
Financial account
40
U.S.-owned assets abroad, net (increase/financial outflow (-))............
-370,962
-156,169
-28,121
-132,756
37,638
-32,930
-26,184
-131,345
40,271
-38,915
41
42
43
44
45
U.S. official reserve assets, net...................................................................
Gold7..........................................................................................................
Special drawing rights..............................................................................
Reserve position in the International Monetary Fund..........................
Foreign currencies.....................................................................................
-4,911
-3,681
390
-1,843
-1,416
-812
390
-1,843
-1,416
-812
-630
-3,600
-681
-475
-2,632
-574
-109
652
-153
-107
-1,607
-129
-132
-1,136
-148
-127
-541
-144
-109
652
-153
-107
-1,607
-129
-132
-1,136
-148
-127
-541
-144
46
47
48
49
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..........
-486
-4,431
3,873
72
379
-5,213
5,696
-104
133
-853
994
-8
42
-565
566
41
-27
-1,375
1,452
-104
231
-2,420
2,684
-33
133
-853
994
-8
42
-565
566
41
-27
-1,375
1,452
-104
231
-2,420
2,684
-33
50
51
52
53
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..............
-365,565
-127,840
-94,662
-152,867
-123,528
2,222
-28,644
-31,483
2,047
-130,955
-35,932
-9,675
39,081
-29,051
18,543
-32,349
-27,062
-8,693
-26,707
-29,546
2,047
-129,544
-34,521
-9,675
41,714
-26,418
18,543
-38,334
-33,047
-8,693
-14,358
-128,705
-28,489
-3,072
65
727
-16,693
-68,655
-4,226
53,815
-7,635
11,041
65
727
-16,693
-68,655
-4,226
53,815
-7,635
11,041
55
Foreign-owned assets in the United States, net (increase/financial
inflow (+))........................................................................................................
752,806
630,364
113,921
205,861
129,418
181,164
113,600
204,411
129,320
183,030
56
57
58
59
60
61
62
Foreign official assets in the United States, net........................................
U.S. Government securities.....................................................................
U.S. Treasury securities9.....................................................................
Other10..................................................................................................
Other U.S. Government liabilities ".......................................................
U.S. liabilities reported by U.S. banks, not included elsewhere...........
Other foreign official assets12.................................................................
5,224
31,665
10,745
20,920
-1,882
-30,278
5,719
96,630
74,013
43,656
30,357
158
18,831
3,628
7,641
6,714
-582
7,296
-790
991
726
47,252
21,741
15,193
6,548
54
24,531
926
9,534
12,300
1,415
10,885
1,001
-4,602
835
32,203
33,258
27,630
5,628
-107
-2,089
1,141
7,641
6,714
-582
7,296
-790
991
726
47,252
21,741
15,193
6,548
54
24,531
926
9,534
12,300
1,415
10,885
1,001
-4,602
835
32,203
33,258
27,630
5,628
-107
-2,089
1,141
63
64
65
66
67
68
747,582
130,796
-7,670
407,653
23,783
533,734
30,114
53,155
284,611
21,513
106,280
16,648
-7,282
71,095
4,525
158,609
-1,150
-5,124
104,404
7,183
119,884
2,989
52,856
46,494
2,556
148,961
11,627
12,705
62,618
7,249
105,959
16,327
-7,282
71,095
4,525
157,159
-2,600
-5,124
104,404
7,183
119,786
2,891
52,856
46,494
2,556
150,827
13,493
12,705
62,618
7,249
69
Other foreign assets in the United States, net...........................................
Direct investment.......................................................................................
U.S. Treasury securities...........................................................................
U.S. securities other than U.S. Treasury securities..............................
U.S. currency..............................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns.................................................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere...........
82,353
110,667
49,736
94,605
32,345
-11,051
21,056
32,240
-3,804
18,793
139
54,623
32,345
-11,051
21,056
32,240
-3,804
18,793
139
54,623
70
70a
Statistical discrepancy (sum of above items with sign reversed)........
Of which: Seasonal adjustment discrepancy...........................................
10,701
28,524
14,649
52,927
-29,419
-9,633
24,918
10,269
54,431
1,504
-43,410
-13,991
-7,405
2,228
71
72
73
74
75
76
Memoranda:
Balance on goods (lines 3 and 20)..................................................................
Balance on services (lines 4 and 21)..............................................................
Balance on goods and services (lines 2 and 19)..........................................
Balance on income (lines 12 and 29)..............................................................
Unilateral current transfers, net (line 35)........................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13
-427,165
68,875
-358,290
14,382
-49,463
-393,371
-484,353
48,811
-435,542
-11,862
-56,023
-503,427
-97,369
13,598
-83,771
-505
-16,381
-100,657
-117,513
9,414
-108,099
-5,828
-12,305
-126,232
-133,903
11,881
-122,022
-2,976
-12,795
-137,793
-135,568
13,918
-121,650
-2,553
-14,542
-138,745
-106,603
10,974
-95,629
-982
-15,931
-112,542
-122,645
13,199
-109,446
-5,324
-12,927
-127,697
-122,853
12,596
-110,257
-3,007
-13,073
-126,337
-132,252
12,039
-120,213
-2,553
-14,088
-136,854
54
p Preliminary.
'Revised.
See footnotes on page D-57.
Source: Table 1 in “U.S. International Transactions, Fourth Quarter and Year 2002" in the April 2003 issue of the Survey of Current Business.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
International Data
D-54
April 2003
Table F.3. U.S. international Transactions, by Area
[Millions of dollars]
Western Europe
European Union14
United Kingdom
European Union (6)15
2002
2002
2002
2002
(Credits +; debits -)1
Line
II
III7
IV
IV p
III7
II
p
II
III7
IV p
II
III7
IV p
44,767
Current account
1
Exports of goods and services and income receipts............................
91,183
91,423
94,902
81,104
81,768
84,878
23,554
24,718
25,353
43,868
43,610
2
Exports of goods and services....................................................................
64,448
64,202
68,720
58,262
58,159
62,085
15,966
16,166
17,030
31,918
31,901
33,753
3
Goods, balance of payments basis2......................................................
38,636
35,961
39,562
35,127
32,990
36,238
8,317
7,768
7,789
21,541
20,479
22,601
4
5
Services3...................................................................................................
Transfers under U.S. military agency sales contracts4...................
25,812
838
28,241
788
29,158
855
23,135
511
25,169
481
25,847
542
7,649
62
8,398
57
9,241
53
10,377
188
11,422
175
11,152
179
6
7
8
Travel......................................................................................................
Passenger fares...................................................................................
Other transportation.............................................................................
5,328
1,344
2,225
6,243
1,726
2,451
6,021
1,622
2,347
4,842
1,305
1,935
5,703
1,671
2,156
5,550
1,558
2,059
2,120
583
456
2,485
759
508
2,807
830
492
1,890
584
1,012
2,300
754
1,102
1,886
648
1,095
9
10
11
Royalties and license fees5................................................................
Other private services5.......................................................................
U.S. Government miscellaneous services.........................................
5,234
10,808
35
5,246
11,752
35
5,755
12,523
35
4,709
9,802
31
4,610
10,517
31
5,112
10,995
31
1,188
3,236
4
1,240
3,345
4
1,447
3,608
4
1,956
4,725
22
2,022
5,047
22
2,231
5,091
22
12
13
14
15
16
17
Income receipts.............................................................................................
Income receipts on U.S.-owned assets abroad....................................
Direct investment receipts...................................................................
Other private receipts...........................................................................
U.S. Government receipts...................................................................
Compensation of employees...................................................................
26,735
26,694
13,469
13,049
176
41
27,221
27,178
13,925
12,990
263
43
26,182
26,139
14,031
11,849
259
43
22,842
22,804
10,862
11,787
155
38
23,609
23,569
11,479
11,882
208
40
22,793
22,753
11,810
10,705
238
40
7,588
7,568
2,094
5,474
8,552
8,531
2,803
5,728
20
21
8,323
8,302
2,907
5,311
84
21
11,950
11,937
6,914
4,879
144
13
11,709
11,695
6,771
4,780
144
14
11,014
11,000
6,691
4,165
144
14
18
Imports of goods and services and income payments.........................
-120,970
-121,435
-121,659
-107,207
-108,662
-109,761
-36,227
-34,593
-34,386
-51,945
-54,941
-56,166
19
Imports of goods and services....................................................................
-87,927
-88,636
-90,908
-78,930
-80,042
-82,371
-17,760
-17,985
-17,985
-45,116
-45,768
-47,639
20
Goods, balance of payments basis2......................................................
-62,395
-61,841
-66,713
-56,706
-56,650
-61,150
-10,611
-10,339
-10,558
-33,451
-33,957
-37,028
21
22
Services3...................................................................................................
Direct defense expenditures................................................................
-25,532
-2,271
-26,795
-2,323
-24,195
-2,360
-22,224
-1,860
-23,392
-1,982
-21,221
-2,025
-7,149
-184
-7,646
-177
-7,427
-175
-11,665
-1,548
-11,811
-1,641
-10,611
-1,690
23
24
25
Travel......................................................................................................
Passenger fares...................................................................................
Other transportation.............................................................................
-6,245
-3,187
-3,159
-6,338
-3,341
-3,326
-4,157
-2,182
-3,363
-5,695
-2,884
-2,627
-5,648
-3,023
-2,787
-3,843
-2,034
-2,800
-1,532
-938
-600
-1,757
-1,025
-641
-1,387
-849
-648
-3,119
-1,381
-1,330
-2,636
-1,311
-1,402
-1,875
-777
-1,398
26
27
28
Royalties and license fees5................................................................
Other private services5.......................................................................
U.S. Government miscellaneous services........................................
-2,186
-8,182
-302
-2,361
-8,801
-305
-2,394
-9,433
-306
-1,748
-7,151
-259
-1,871
-7,819
-262
-1,840
-8,416
-263
-367
-3,508
-20
-340
-3,685
-21
-327
-4,020
-21
-1,150
-2,928
-209
-1,363
-3,247
-211
-1,312
-3,347
-212
29
30
31
32
33
34
Income payments..........................................................................................
Income payments on foreign-owned assets in the United States.......
Direct investment payments................................................................
Other private payments.......................................................................
U.S. Government payments................................................................
Compensation of employees...................................................................
-33,043
-32,891
-8,490
-19,462
-4,939
-152
-32,799
-32,650
-9,644
-18,407
-4,599
-149
-30,751
-30,579
-8,744
-17,421
-4,414
-172
-28,277
-28,143
-6,076
-17,679
-4,388
-134
-28,620
-28,487
-7,683
-16,734
-4,070
-133
-27,390
-27,243
-7,656
-15,675
-3,912
-147
-18,467
-18,433
-4,103
-12,305
-2,025
-34
-16,608
-16,574
-2,984
-11,565
-2,025
-34
-16,401
-16,364
-3,359
-10,949
-2,056
-37
-6,829
-6,739
-870
-4,353
-1,516
-90
-9,173
-9,084
-3,627
-4,170
-1,287
-89
-8,527
-8,430
-3,465
-3,814
-1,151
-97
35
36
37
38
Unilateral current transfers, net...................................................................
U.S. Government grants4.............................................................................
U.S. Government pensions and other transfers.......................................
Private remittances and other transfers6..................................................
-327
-175
-369
217
-417
-181
-364
128
-460
-168
-440
148
34
-22
-2
-333
313
-29
-1
-341
313
372
358
363
-131
-160
-181
-331
365
-58
430
-59
417
-55
418
-179
48
-179
19
-193
12
37
38
-14
34
35
37
8
8
9
21
21
22
-31,750
-14,993
781
-21,909
12,688
3,512
-84
-2
Capital and financial account
Capital account
39
Capital account transactions, net...............................................................
Financial account
40
U.S.-owned assets abroad, net (increase/financial outflow (-))...........
-57,624
16,037
-16,089
-52,116
870
7,042
41
42
43
44
45
U.S. official reserve assets, net...................................................................
Gold7..........................................................................................................
Special drawing rights..............................................................................
Reserve position in the International Monetary Fund.........................
Foreign currencies....................................................................................
-129
-148
-144
-129
-97
-86
-129
-148
-144
-129
-97
-86
46
47
48
49
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.................
142
145
-4
179
-30
69
40
29
19
-122
154
-13
71
115
27
-62
-297
281
-46
105
-34
16
-15
66
-8
2
50
51
52
53
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.............
-57,637
-23,059
-12,323
16,247
-21,658
9,862
-16,090
-12,930
-4,498
-52,056
-20,261
-12,717
948
-19,437
9,987
7,057
-11,319
-3,944
-31,766
-6,993
-13,967
-14,978
-7,384
6,680
723
-2,879
-4,863
-21,827
-9,374
925
12,690
-9,978
1,842
3,538
-6,331
1,591
7,369
-29,624
-6,775
34,818
1,338
8,582
-27,660
-13,216
23,614
22,320
6,393
-17,199
-9,602
-4,672
8,465
-1,020
-12,358
-5,303
26,129
8,278
19,166
54
U.S. foreign currency holdings and U.S. short-term assets, net........
16
-15
58
2
-26
-26
55
Foreign owned assets in the United States, net (increase/financial
inflow (+)).......................................................................................................
30,557
21,472
93,875
43,684
14,200
57,821
49,530
19,529
31,123
-11,798
-11,380
56
57
58
59
60
61
62
Foreign official assets in the United States, net.......................................
U.S. Government securities....................................................................
U.S. Treasury securities9.....................................................................
Other10...................................................................................................
Other U.S. Government liabilities11........................................................
U.S. liabilities reported by U.S. banks, not included elsewhere..........
Other foreign official assets12.................................................................
3,838
1,998
11,574
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
cd
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
CD
27
CD
C8)
C7)
CD
CD
CD
CD
CD
CD
63
64
65
66
67
68
2,453
-4,875
CD
CD
CD
8,408
(1D
CD
CD
2,760
CD
CD
CD
-2,027
-5,497
CD
CD
CD
CD
CD
-91
484
-158
146
491
229
CD
CD
CD
CD
CD
CD
26,719
-8,239
19,474
404
82,301
2,909
CD
CD
CD
CD
CD
69
Other foreign assets in the United States, net...........................................
Direct investment.......................................................................................
U.S. Treasury securities...........................................................................
U.S. securities other than U.S. Treasury securities.............................
U.S. currency.............................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns................................................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere..........
CD
CD
CD
70
Statistical discrepancy (sum of above items with sign reversed)......
71
72
73
74
75
76
Memoranda:
Balance on goods (lines 3 and 20)..................................................................
Balance on services (lines 4 and 21).............................................................
Balance on goods and services (lines 2 and 19)..........................................
Balance on income (lines 12 and 29).............................................................
Unilateral current transfers, net (line 35)........................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13
See footnotes on page D-57.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CD
CD
CD
-6,450
CD
4,384
CD
CD
(’D
CD
CD
42
CD
44
63
CD
CD
(”)
CD
CD
CD
CD
CD
CD
CD
CD
66
CD
CD
24
-124
CD
42,378
9,839
34,489
35,944
9,186
25,562
4,165
572
8,771
9,605
18-1,995
-22,920
18 22,406
18 20,650
7,870
1810,564
-10,207
1812,100
18 2,757
1,346
18-15,345
-13,093
18 6,572
1810,495
-50,555
34,467
11,811
-39,988
-5,487
4,973
-23,243
41,894
10,162
-11,120
-27,151
4,963
-22,188
-4,569
-460
-27,217
-21,579
911
-20,668
-5,435
34
-26,069
-23,660
1,777
-21,883
-5,011
-22
-26,916
-24,912
4,626
-20,286
-4,597
-29
-24,912
-2,294
500
-1,794
-10,879
372
-12,301
-2,571
752
-1,819
-8,056
358
-9,517
-2,769
1,814
-955
-8,078
363
-8,670
-11,910
-1,288
-13,198
5,121
-131
-8,208
-13,478
-389
-13,867
2,536
-160
-11,491
-14,427
541
-13,886
2,487
-181
-11,580
45,579
11,419
5,052
-25,465
CD
CD
CD
57,144
-7,118
-23,759
280
-23,479
-6,308
-327
-30,114
-25,880
1,446
-24,434
-5,578
-417
-30,429
37,931
April 2003
Survey
of
D-55
Current Business
Table F.3. U.S. International Transactions, by Area—Continued
[Millions of dollars]
Eastern Europe
Canada
Latin America and Other
Western Hemisphere
Japan
2002
2002
2002
2002
(Credits +; debits -)1
Line
III7
II
IV"
III7
II
II
IV"
III7
IV"
II
III7
IV"
22,156
Current account
1
Exports of goods and services and income receipts............................
3,477
3,699
3,372
53,186
49,761
51,611
62,323
63,512
64,258
22,202
24,133
2
Exports of goods and services...................................................................
2,728
2,724
2,725
48,936
44,835
46,695
50,892
51,891
52,957
19,940
21,646
19,649
3
Goods, balance of payments basis2,....................................................
1,641
1,579
1,630
42,839
38,921
40,790
37,695
37,588
38,403
12,334
12,960
12,202
4
5
Services3..................................................................................................
Transfers under U.S. military agency sales contracts4...................
1,087
147
1,145
95
1,095
79
6,097
23
5,914
22
5,905
22
13,197
114
14,303
156
14,554
'118
7,606
211
8,686
199
7,447
201
6
7
8
Travel.....................................................................................................
Passenger fares...................................................................................
Other transportation............................................................................
309
13
58
335
13
63
288
15
67
1,823
375
589
1,446
404
588
1,260
342
657
4,804
1,264
752
5,556
1,530
813
5,679
1,511
841
2,023
640
802
2,532
860
845
1,550
489
886
9
10
11
Royalties and license fees5...............................................................
Other private services5.......................................................................
U.S. Government miscellaneous services........................................
99
450
11
102
526
11
113
522
11
672
2,593
22
666
2,766
22
733
2,869
22
905
5,316
42
848
5,358
42
907
5,455
43
1,823
2,085
22
1,865
2,363
22
1,935
2,364
22
12
13
14
15
16
17
Income receipts............................................................................................
Income receipts on U.S.-owned assets abroad....................................
Direct investment receipts..................................................................
Other private receipts..........................................................................
U.S. Government receipts..................................................................
Compensation of employees..................................................................
749
744
367
368
9
5
975
970
461
365
144
5
647
642
249
358
35
5
4,250
4,230
2,125
2,105
4,926
4,905
2,821
2,084
4,916
4,895
2,939
1,956
2,507
2,505
1,858
647
21
11,301
11,266
4,753
6,406
107
35
2,487
2,485
1,834
651
21
11,621
11,587
4,393
7,110
84
34
2,262
2,259
1,602
657
20
11,431
11,397
4,073
7,216
108
34
3
2
2
18
Imports of goods and services and income payments.........................
-5,185
-5,652
-5,943
-61,486
-59,797
-59,859
-76,005
-78,291
-77,396
-43,380
-44,743
-48,156
19
Imports of goods and services...................................................................
-1,505
^4,805
-5,102
-60,182
-58,752
-58,483
-64,272
-66,716
-66,507
-34,659
-35,343
-38,081
20
Goods, balance of payments basis2......................................................
-3,804
-3,941
-4,563
-55,374
-52,635
-53,947
-51,663
-53,932
-53,622
-29,922
-30,255
-32,707
21
22
Services3..................................................................................................
Direct defense expenditures...............................................................
-701
-52
-864
-48
-539
-50
-4,808
-18
-6,117
-19
-4,536
-19
-12,609
-92
-12,784
-87
-12,885
-85
-4,737
-365
-5,088
-379
-5,374
-370
23
24
25
Travel.....................................................................................................
Passenger fares...................................................................................
Other transportation............................................................................
-323
-111
-57
-463
-114
-66
-181
-71
-68
-1,612
-180
-959
-2,789
-172
-968
-1,146
-108
-928
-4,273
-604
-731
-4,188
-705
-722
-4,249
-733
-724
-676
-250
-1,258
-675
-233
-1,347
-712
-283
-1,381
26
27
28
Royalties and license fees5...............................................................
Other private services5......................................................................
U.S. Government miscellaneous services........................................
-12
-132
-14
-12
-147
-14
-14
-141
-14
-336
-1,659
-44
-388
-1,737
-44
-397
-1,894
-44
-602
-6,179
-128
-602
-6,354
-126
-630
-6,336
-128
-1,142
-1,016
-30
-1,426
-998
-30
-1,459
-1,139
-30
29
30
31
32
33
34
Income payments.........................................................................................
Income "payments on foreign-owned assets in the United States......
Direct investment payments...............................................................
Other private payments.......................................................................
U.S. Government payments...............................................................
Compensation of employees..................................................................
-680
-660
-171
-127
-362
-20
-847
-829
-308
-129
-392
-18
-841
-815
-313
-109
-393
-26
-1,304
-1,208
75
-966
-317
-96
-1,045
-950
286
-968
-268
-95
-1,376
-1,272
-164
-868
-240
-104
-11,733
-10,031
-245
-7,439
-2,347
-1,702
-11,575
-9,798
-326
-7,060
-2,412
-1,777
-10,889
-9,075
-329
-6,346
-2,400
-1,814
-8,721
-8,701
-1,933
-2,173
-4,595
-20
-9,400
-9,382
-2,982
-1,736
-4,664
-18
-10,075
-10,050
-3,874
-1,608
-4,568
-25
35
36
37
38
Unilateral current transfers, net..................................................................
U.S. Government grants4............................................................................
U.S. Government pensions and other transfers.......................................
Private remittances and other transfers6..................................................
-987
-512
-14
-461
-1,031
-505
-14
-512
-990
-506
-11
-473
-177
-212
-198
-4,597
-536
-245
-3,816
-57
-148
-50
-4,406
-509
-175
-3,722
-88
-135
-77
-4,212
-472
-181
-3,559
-56
-134
-43
-33
-23
-33
-55
-26
-31
6
6
5
26
48
41
105
92
105
7
7
8
595
-616
-118
-3,280
-4,744
-2,010
-54,951
35,999
-22,586
-3,964
-2,549
-12,740
44
-106
142
8
107
-168
305
-30
57
-120
167
10
-7
6
-6
Capital and financial account
Capital account
39
Capital account transactions, net...............................................................
Financial account
40
U.S.-owned assets abroad, net (increase/financial outflow (-))...........
41
42
43
44
45
U.S. official reserve assets, net..................................................................
Gold7.........................................................................................................
Special drawing rights.............................................................................
Reserve position in the International Monetary Fund.........................
Foreign currencies....................................................................................
46
47
48
49
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.........
-21
-40
19
15
-237
252
63
-8
71
-7
6
-6
50
51
52
53
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.............
616
-692
358
-631
-343
-548
-181
-334
853
-3,280
-3,610
3,860
-4,744
-2,390
1,334
-2,010
-3,796
-834
-54,995
-1,467
-2,492
35,892
2,155
-1,836
-22,643
-1,703
-772
-3,957
-1,570
-370
-2,555
-1,071
2,991
-12,734
-1,290
-8,622
82
868
-47
307
-700
2,067
-5,597
-4,600
912
2,620
-24,846
-26,190
2,205
33,368
-16,363
-3,805
-1,944
-73
3,597
-8,072
-2,822
12,285
7,040
72
637
-1,889
-1,341
74,576
30,726
35,839
39,186
37,457
7,788
(«)
(”)
M
-3,197
(17)
H
-988
(17)
H
984
(17)
H
(")
C8)
(”)
43
(”)
(”)
(,7)
16
(17)
(17)
n
10
n
c7)
C7)
2
(17)
(”)
(,8)
10
(,8)
H
-49
(’8)
(’8)
H
r
(’’)
(18)
62
(,8)
(,8)
(’8)
(”)
18
(")
C8)
23
(”)
(”)
C8)
(18
18
(”)
-122
C8)
(”)
54
55
Foreign owned assets in the United States, net (increase/financial
inflow (+))......................................................................................................
56
57
58
59
60
61
62
Foreign official assets in the United States, net.......................................
U.S. Government securities...................................................................
63
64
65
66
67
68
4,985
(18)
-393
(”)
2,128
(”)
-596
(18)
150
(”)
-1,130
3,834
541
(”)
2,749
-901
-4,134
(17)
923
-2,325
522
C7)
-2,056
(”)
-6,218
(«)
25,228
(”)
-1,693
(”)
4,392
2,192
(”)
7,864
(,8)
3,820
(16)
2,857
22,699
16,630
(”)
5,125
(”)
12,607
69
Other foreign assets in the United States, net..........................................
Direct investment......................................................................................
U.S. Treasury securities..........................................................................
U.S. securities other than U.S. Treasury securities.............................
U.S. currency............................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns................................................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere..........
206
18 7,426
-332
18 5,778
181,009
3,564
(")
856
C7)
(,7)
10,153
18 45,403
18,702
18 9,374
-2,575
18 28,335
-946
1813,735
1,710
1816,209
18 -9,754
70
Statistical discrepancy (sum of above items with sign reversed)......
-10,191
-3,446
3,602
11,094
16,833
11,756
-1,836
-47,632
4,377
-13,995
-14,217
31,001
71
72
73
74
75
76
Memoranda:
Balance on goods (lines 3 and 20).................................................................
Balance on services (lines 4 and 21).............................................................
Balance on goods and services (lines 2 and 19).........................................
Balance on income (lines 12 and 29).............................................................
Unilateral current transfers, net (line 35).......................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13
-2,163
386
-1,777
69
-987
-2,695
-2,362
281
-2,081
128
-1,031
-2,984
-2,933
556
-2,377
-194
-990
-3,561
-12,535
1,289
-11,246
2,946
-177
-8,477
-13,714
-203
-13,917
3,881
-212
-10,248
-13,157
1,369
-11,788
3,540
-198
-8,446
-13,968
588
-13,380
-302
-4,212
-17,894
-16,344
1,519
-14,825
46
-4,406
-19,185
-15,219
1,669
-13,550
412
-4,597
-17,735
-17,588
2,869
-14,719
-6,459
-56
-21,234
-17,295
3,598
-13,697
-6,913
-88
-20,698
-20,505
2,073
-18,432
-7,568
-57
-26,057
U.S. Treasury securities9....................................................................
Other10..................................................................................................
Other U.S. Government liabilities11.......................................................
U.S. liabilities reported by U.S. banks, not included elsewhere..........
Other foreign official assets12................................................................
See footnotes on page D-57.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(’8)
18
(’8)
61
(,s)
(’8)
(”)
18
(”)
(’8)
(18)
,8
18
M
51
C8)
(”)
(”)
(”)
(«)
18
18
(,8)
-190
(”)
(”)
International Data
D-56
April 2003
Table F.3. U.S. International Transactions, by Area—Continued
[Millions of dollars]
(Credits +; debits-)1
Line
Australia
Other countries in Asia and Africa
International organizations and
unallocated16
2002
2002
2002
IV p
III'
II
II
III'
IV o
II
IV p
III'
Current account
1
Exports of goods and services and income receipts.................................................................
5,739
6,290
6,138
59,915
62,166
60,298
8,272
8,379
8,397
2
Exports of goods and services............................................................................................. ...........
4,491
4,740
4,729
52,561
54,356
52,271
1,462
1,467
1,537
3
Goods, balance of payments basis2..........................................................................................
3,228
3,369
3,333
38,881
38,810
38,414
4
5
Services3.......................................................................................................................................
Transfers under U.S. military agency sales contracts4.......................................................
1,263
68
1,371
55
1,396
55
13,680
1,686
15,546
1,608
13,857
1,714
1,462
1,467
1,537
6
7
8
Travel...........................................................................................................................................
Passenger fares........................................................................................................................
Other transportation..................................................................................................................
341
75
70
356
92
74
377
99
76
2,994
409
2,366
3,611
454
2,549
2,388
324
2,371
121
117
126
9
10
11
Royalties and license fees5....................................................................................................
Other private services5...........................................................................................................
U.S. Government miscellaneous services..............................................................................
199
507
3
235
556
3
221
565
3
1,294
4,867
64
1,315
5,944
65
1,384
5,611
65
570
771
574
776
613
798
12
13
14
15
16
17
Income receipts..................................................................................................................................
Income receipts on U.S.-owned assets abroad.........................................................................
Direct investment receipts........................................................................................................
Other private receipts................................................................................................................
U.S. Government receipts........................................................................................................
Compensation of employees........................................................................................................
1,248
1,247
530
717
1,550
1,549
835
714
1,409
1,408
723
685
1
1
1
7,354
7,332
5,085
2,041
206
22
7,810
7,788
5,462
2,044
282
22
8,027
8,005
5,695
1,906
404
22
6,810
6,322
3,881
2,333
108
488
6,912
6,422
3,957
2333
132
490
6,860
6,369
4,054
2,188
127
491
18
Imports of goods and services and income payments..............................................................
-2,976
-3,306
-3,123
-106,304
-117,463
-115,502
-3,918
-3,674
-3,697
19
Imports of goods and services.........................................................................................................
-2,423
-2,876
-2,617
-98,718
-110,074
-108,532
-871
-681
-703
20
Goods, balance of payments basis2..........................................................................................
-1,670
-1,756
-1,643
-87,939
-98,731
-96,707
21
22
Services3.......................................................................................................................................
Direct defense expenditures.....................................................................................................
-753
-29
-287
-1,120
-34
-541
-974
-35
-342
-10,779
-1,939
-2,620
-11,343
-2,124
-2,560
-11,825
-2,231
-2,537
-871
-681
-703
24
25
Passenger fares.............................................................................................. ..........................
Other transportation..................................................................................................................
-124
-54
-185
-56
-227
-50
-1,066
-3,071
-1,167
-3,324
-1,341
-3,457
-334
-342
-353
26
27
28
Royalties and license fees5....................................................................................................
Other private services5...........................................................................................................
U.S. Government miscellaneous services..............................................................................
-24
-225
-10
-25
-269
-10
-37
-273
-10
-69
-1,817
-197
-72
-1,900
-196
-82
-1,980
-197
-464
-73
-253
-86
-259
-91
29
30
31
32
33
34
Income payments...............................................................................................................................
Income payments on foreign-owned assets in the United States............................................
Direct investment payments.....................................................................................................
Other private payments.............................................................................................................
U.S. Government payments.....................................................................................................
Compensation of employees........................................................................................................
-553
-548
-323
-123
-102
-5
-430
-425
-157
-150
-118
-5
-506
-500
-228
-151
-121
-6
-7,586
-7,418
-23
-1,803
-5,592
-168
-7,389
-7,243
-144
-1,745
-5,354
-146
-6,970
-6,720
21
-1,594
-5,147
-250
-3,047
-3,047
-1,820
-850
-377
-2,993
-2,993
-1,780
-852
-361
-2,994
-2,994
-1,876
-776
-342
35
36
37
38
Unilateral current transfers, net........................................................................................................
U.S. Government grants4.................................................................................................................
U.S. Government pensions and other transfers............................................................................
Private remittances and other transfers6......................................................................................
-78
-83
-90
-13
-65
-13
-70
-11
-79
-4,758
-1,904
-131
-2,723
-4,966
-1,691
-131
-3,144
-5,934
-2,881
-140
-2,913
-1,710
-249
-130
-1,331
-1,592
-232
-58
-1,302
-2,216
-120
-852
-1,244
1
1
1
18
-36
-2
-2,125
2,845
754
-7,237
-6,180
16,802
-4,170
-3,154
3,057
-1,714
-1,268
-668
-107
-1,607
-132
-1,136
-127
-541
Capital and financial account
Capital account
39
Capital account transactions, net.....................................................................................................
Financial account
40
U.S.-owned assets abroad, net (increase/financial outflow (-))................................................
41
42
43
44
45
U.S. official reserve assets, net........................................................................................................
Gold7..............................................................................................................................................
Special drawing rights...................................................................................................................
Reserve position in the International Monetary Fund..............................................................
Foreign currencies............................................. ."...........................................................................
46
47
48
49
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..............................................
50
51
52
53
54
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........~........................................
-2,125
-264
-395
-527
-939
2,845
834
906
730
375
754
-137
127
764
55
Foreign owned assets in the United States, net (increase/financial inflow (+))....................
3,944
5,537
1,553
56
57
58
59
60
61
62
Foreign official assets in the United States, net............................................................................
U.S. Government securities.........................................................................................................
U.S. Treasury securities9.........................................................................................................
Other10...... ................................................................................................................................
Other U.S. Government liabilities11...........................................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere...............................................
Other foreign official assets12.....................................................................................................
C8)
((18)
,8)
(18)
63
64
65
66
67
68
69
Other foreign assets in the United States, net................................................................................
Direct investment............................................................................................................................
U.S. Treasury securities................................................................................................................
U.S. securities other than U.S. Treasury securities...................................................................
U.S. currency..................................................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns...................
U.S. liabilities reported by U.S. banks, noi included elsewhere...... .”......................................
70
71
72
73
74
75
76
146
-157
290
13
158
-422
614
-34
233
-2,027
2,267
-7
-262
-262
-251
-251
-261
-261
-7,383
-<577
1,577
1,106
-8,489
-6,338
-2360
5,478
664
-9,620
16,569
-3329
4,809
-2 194
-3393
110
-1 635
-3718
356
14,789
1,389
1,727
3 986
-3343
244
8,728
-1,143
29,927
25,590
27,029
14,749
3,485
16,349
(»)
18
(”)
5
”)
i”)
(18)
(18)
(,e)
(,8)
-2
C8)
176
C8)
422
175
(«)
(18)
(16)
(’8)
5
(’8)
(18)
(”)
-736
(18)
888
(18)
-203
888
4,133
520
176
(”)
7,911
9,931
6,569
631
18 241
-984
,s 1,465
18 1,771
2,405
1819,259
1,708
1812341
’8 20,488
Statistical discrepancy (sum of above items with sign reversed)............................................
-4,505
-11,284
-5,233
28,439
40,889
17,309
Memoranda:
Balance on goods (lines 3 and 20).......................................................................................................
Balance on services (lines 4 and 21)...................................................................................................
Balance on goods and services (lines 2 and 19)...............................................................................
Balance on income (lines 12 and 29)..................................................................................................
Unilateral current transfers, net (line 35).............................................................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75),3..................................
1,558
510
2,068
695
-78
2,685
1,613
251
1,864
1,120
-83
2,901
1,690
422
2,112
903
-90
2,925
-49,058
2,901
-46,157
-232
-4,758
-51,147
-59,921
4,203
-55,718
421
-4,966
-60,263
-58,293
2,032
-56,261
1,057
-5,934
-61,138
'’Preliminary.
'Revised.
See footnotes on page D-57.
Source: Table 10 in “U.S. International Transactions, Fourth Quarter and Year 2002" in the April 2003 issue of the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4
(18)
(«)
(18)
2,180
(18)
Survey
of
(’8)
(18)
(18)
(18)
16
(18)
(18)
(18)
907
Current Business.
(’8)
(!8)
(IS)
(,8)
(18)
(’8)
(18)
(’8)
(16)
(’8)
(,8)
(18)
14,749
1,605
3,480
1,632
16,349
1,668
18 6,227
-338
2,556
1
18-371
313
7,249
2714
18 4,405
-13,223
-3,444
-21,890
591
591
3,763
-1,710
2,644
786
786
3,919
-1,592
3,113
834
834
3,866
-2,216
2,484
(’8)
-257
7,183
’ -9
(,8)
(,8)
April 2003
D-57
Survey of Current Business
Table F.4. Private Services Transactions
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
2001
2001
2002
II
III
2002
IV
I
II
2002
2001
III'
IV'
II
III
IV
I'
III'
II'
IV'
1
Exports of private services..................................
266,209
276,439
66,941
69,159
62,310
64,267
66,918
73,550
71,704
68,492
65,758
62,270
65,402
68,815
70,422
71,803
2
3
4
5
6
Travel (table F.2, line 6)...............................................
Passenger fares (table F2, line 7)............................
Other transportation (table F.2, line 8)......................
Freight......................................................................
Port services...........................................................
73,119
18,007
28,306
11,930
16,376
70,320
17,443
28,377
12,336
16,041
20,276
4,788
7,168
3,000
4,168
20,628
5,100
7,308
2,925
4,383
13,916
3,480
6,667
2,958
3,709
15,056
3,842
6,523
2,884
3,639
17,622
4,120
6,983
3,001
3,982
20,079
5,079
7,500
3,106
4,394
17,563
4,402
7,371
3,345
4,026
19,803
4,849
7,170
2,990
4,180
17,845
4,522
6,968
2,937
4,031
14,736
3,629
6,674
2,910
3,764
17,039
4,170
6,810
2,932
3,878
17,202
4,171
6,992
2,994
3,998
17,438
4,502
7,183
3,119
4,064
18,641
4,600
7,392
3,291
4,101
7
8
9
10
11
12
13
Royalties and license fees (table F.2, line 9)...........
Affiliated..................................................................
U.S. parents’ receipts.......................................
U.S. affiliates' receipts......................................
Unaffiliated..............................................................
Industrial processes 1.......................................
Other2................................................................
38,668
25,873
23,502
2,371
12,795
4,852
7,943
42,959
29,397
26,155
3,242
13,562
5,143
8,419
9,534
6,342
5,868
474
3,192
1,208
1,984
9,314
6,138
5,669
469
3,176
1,214
1,962
10,392
7,201
6,277
924
3,191
1,221
1,970
9,651
6,399
6,020
379
3,252
1,242
2,009
10,796
7,458
6,572
886
3,338
1,270
2,068
10,851
7,416
6,484
932
3,435
1,300
2,136
11,661
8,124
7,079
1,045
3,537
1,331
2,206
9,743
6,551
5,968
583
3,192
1,208
1,984
9,537
6,361
5,827
534
3,176
1,214
1,962
9,672
6,481
5,799
682
3,191
1,221
1,970
9,922
6,670
6,261
409
3,252
1,242
2,009
11,077
7,739
6,683
1,056
3,338
1,270
2,068
11,138
7,703
6,673
1,030
3,435
1,300
2,136
10,823
7,286
6,540
746
3,537
1,331
2,206
14
15
16
17
18
19
20
21
22
23
24
25
108,109
36,243
21,237
15,006
71,866
11,493
15,209
18
8,658
8,640
4,796
117,340
39,837
21,890
17,947
77,503
12,670
14,877
1,120
9,223
8,103
5,556
25,175
8,637
5,263
3,374
16,538
1,433
3,940
-13
2,137
2,150
1,201
26,809
8,713
5,154
3,559
18,096
3,104
3,531
-18
2,224
2,242
1,194
27,855
10,236
5,792
4,444
17,619
2,407
3,695
-79
2,175
2,254
1,192
29,195
8,508
4,841
3,667
20,687
4,996
3,770
91
2,204
2,113
1,277
27,397
9,695
5,420
4,275
17,702
1,571
3,832
128
2,304
2,176
1,351
30,041
10,270
5,503
4,767
19,771
3,445
3,658
352
2,324
1,972
1,426
30,707
11,364
6,126
5,238
19,343
2,658
3,617
549
2,391
1,842
1,502
26,927
8,969
5,288
3,681
17,958
2,831
3,935
-13
2,137
2,150
1,201
26,886
9,043
5,360
3,683
17,843
2,922
3,535
-18
2,224
2,242
1,194
27,559
9,408
5,381
4,027
18,151
2,980
3,692
-79
2,175
2,254
1,192
27,461
8,647
5,020
3,627
18,814
3,034
3,769
91
2,204
2,113
1,277
29,373
10,118
5,451
4,667
19,255
3,104
3,824
128
2,304
2,176
1,351
30,161
10,659
5,729
4,930
19,502
3,241
3,668
352
2,324
1,972
1,426
30,347
10,415
5,692
4,723
19,932
3,291
3,616
549
2,391
1,842
1,502
26
Other private services (table F.2, line 10)................
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............................
25,720
14,630
27,521
15,759
6,352
3,625
6,566
3,718
6,658
3,747
6,817
3,736
6,940
3,880
6,862
4,027
6,902
4,115
6,352
3,652
6,566
3,643
6,658
3,709
6,817
3,826
6,940
3,908
6,862
3,952
6,902
4,072
27
Imports of private services..................................
192,305
218,129
55,410
42,322
46,153
48,625
55,299
59,053
55,152
53,287
38,567
47,877
52,384
53,411
55,210
57,130
28
29
30
31
32
Travel (table F.2, line 23).............................................
Passenger fares (table F.2, line 24)..........................
Other transportation (table F.2, line 25)....................
Freight......................................................................
Port services...........................................................
60,117
22,418
38,823
25,667
13,156
59,303
20,993
38,555
25,913
12,642
18,466
6,763
10,057
6,626
3,431
17,253
6,571
9,608
6,191
3,417
10,853
3,847
9,094
6,094
3,000
12,389
4,609
8,457
5,585
2,872
16,036
5,522
9,623
6,421
3,202
17,554
5,917
10,151
6,808
3,343
13,324
4,945
10,324
7,098
3,226
16,698
6,213
10,130
6,681
3,449
14,468
5,944
9,178
5,878
3,300
12,948
4,451
8,997
6,015
2,982
14,538
5,087
8,871
5,893
2,978
14,405
5,002
9,752
6,533
3,219
14,631
5,276
9,731
6,497
3,234
15,729
5,628
10,201
6,990
3,211
33
34
35
36
37
38
39
Royalties and license fees (table F2, line 26).........
Affiliated..................................................................
U.S. parents' payments....................................
U.S. affiliates' payments...................................
Unaffiliated..............................................................
Industrial processes 1.......................................
Other2................................................................
16,359
13,008
2,026
10,982
3,351
1,815
1,536
19,899
15,404
2,469
12,935
4,495
2,015
2,481
3,939
3,112
494
2,618
827
448
379
3,956
3,105
517
2,588
851
458
393
4,474
3,601
518
3,083
873
470
403
4,653
3,240
507
2,733
1,413
483
931
4,835
3,685
589
3,096
1,150
497
654
5,139
4,194
688
3,506
945
510
434
5,272
4,285
685
3,600
987
525
462
4,038
3,211
494
2,717
827
448
379
4,113
3,262
517
2,745
851
458
393
4,110
3,237
518
2,719
873
470
403
4,761
3,348
507
2,841
1,413
483
931
4,948
3,798
589
3,209
1,150
497
654
5,352
4,407
688
3,719
945
510
434
4,840
3,853
685
3,168
987
525
462
40
41
42
43
44
45
46
47
48
49
50
51
Other private services (table F.2, line 27)................
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............................
54,588
28,410
13,467
14,943
26,178
2,378
4,016
4,906
39,895
34,989
4,298
79,379
29,780
15,081
14,699
49,599
2,667
3,607
27,496
53,059
25,563
3,990
16,185
6,934
3,341
3,593
9,251
591
1,084
3,859
9,542
5,684
1,111
4,934
7,178
3,311
3,867
-2,244
777
882
-7,640
10,130
17,770
1,038
17,885
7,806
3,632
4,174
10,079
561
904
4,869
11,155
6,286
965
18,517
7,056
2,977
4,079
11,461
499
974
6,177
12,510
6,333
950
19,283
6,964
3,551
3,413
12,319
657
1,012
6,738
13,142
6,403
978
20,292
7,426
3,982
3,444
12,866
863
816
7,178
13,581
6,403
1,017
21,287
8,334
4,571
3,763
12,953
648
805
7,402
13,826
6,425
1,045
16,208
6,958
3,372
3,586
9,250
590
1,084
3,859
9,542
5,684
1,111
4,864
7,273
3,384
3,889
-2,409
612
882
-7,640
10,130
17,770
1,038
17,371
7,244
3,294
3,950
10,127
608
904
4,869
11,155
6,286
965
19,127
7,534
3,212
4,322
11,593
631
974
6,177
12,510
6,333
950
19,304
6,988
3,608
3,380
12,316
654
1,012
6,738
13,142
6,403
978
20,220
7,538
4,090
3,448
12,682
679
816
7,178
13,581
6,403
1,017
20,732
7,723
4,173
3,550
13,009
703
805
7,402
13,826
6,425
1,045
10,040
540
11,232
607
2,474
132
2,562
138
2,638
143
2,714
147
2,783
150
2,838
153
2,897
156
2,474
132
2,562
138
2,638
143
2,714
147
2,783
150
2,838
153
2,897
156
-427,165
73,904
-484,353
58,310
-102,816
11,531
-114,226
26,837
-104,259
16,157
-97,369
15,642
-117,513
11,619
-133,903
14,497
-135,568
16,552
-107,719
15,205
-105,751
27,191
-100,663
14,393
-106,603
13,018
-122,645
15,404
-122,853
15,212
-132,252
14,673
-353,261
-426,043
-91,285
-87,389
-88,102
-81,727
-105,894
-119,406
-119,016
-92,514
-78,560
-86,270
-93,585
-107,241
-107,641
-117,579
52
53
54
55
Memoranda:
Balance on goods (table F.2, line 71)...........................
Balance on private services (line 1 minus line 27).....
Balance on goods and private services (lines 53 and
54).................................................................................
r Preliminary.
' Revised.
1. Includes royalties, license fees, and other fees associated with the use of intangible assets, including patents, trade
secrets, and other proprietary rights, that are used in connection with the production of goods.
2. Includes royalties, license fees, and other fees associated with the use of copyrights, trademarks, franchises, rights to
broadcast live events, software licensing fees, and other intangible property rights.
3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign governments and international orga
nizations in the United States and film and television tape rentals. Payments (imports) include mainly expenditures of U.S.
residents temporarily working abroad and film and television tape rentals.
Source: Table 3 in “U.S. International Transactions, Fourth Quarter and Year 2002” in the April 2003 issue of the Survey of
Current Business.
Footnotes to Tables F.2. and F.3.
Footnotes to Tables F.2 and F.3:
1. Credits, +: Exports of goods and services and income receipts; unilateral current transfers to the
United States; capital account transactions receipts; financial inflows—increase in foreign-owned assets
(U.S. liabilities) or decrease in U.S.-owned assets (U.S. claims).
Debits,-: Imports of goods and services and income payments; unilateral current transfers to foreigners;
capital accounts transactions payments; financial outflows—decrease in foreign-owned assets (U.S. lia
bilities) or increase in U.S.-owned assets (U.S. claims).
2. Excludes exports of goods under U.S. military agency sales contracts identified in Census export doc
uments, excludes imports of goods under direct defense expenditures identified in Census import docu
ments, 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 military equipment in line 5; major equipment, other materials, supplies,
and petroleum products purchased abroad by U.S. military agencies in line 22; and fuels purchased by air
line and steamship operators in lines 8 and 25.
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 par
ents. The definition of imports is revised to include U.S. parents’ payments to foreign affiliates and to ex
clude 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. At the present time, all U.S. Treasury-owned gold is held in the United States.
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
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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, line 76 is equal to “net foreign investment” in the national income and product ac
counts (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 fur
nished 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 reconciliation table 2 in appendix A 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 in the August issue of the Survey.
Additional footnotes to Table F.3:
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 Demo
cratic 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 petro
leum trading. Also includes taxes withheld; current-cost adjustments associated with U.S. and foreign di
rect investment; before 1996, 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 are not shown separately; see totals in lines 56 and 63.
18. Details not shown separately are included in line 69.
D-58
April 2003
G. Investment Tables
Table G.1. International Investment Position of the United States at Yearend, 2000 and 2001
[Millions of dollars]
Changes in position in 2001 (decrease (-))
Attributable Re
valuation adjustments
Type of investment
Line
Position,
2000'
Financial
flows
(a)
Total
Price
changes
Exchange
rate
changes1
Other
changes2
(b)
(c)
(d)
Position,
2001 «
(a+b+c+d)
1
2
Net international investment position of the United States:
With direct investment positions at current cost (line 3 less line 24)................................
With direct investment positions at market value (line 4 less line 25)..............................
-1,350,791
-1,583,153
-381,845
-381,845
-116,510
-215,482
-103,402
-145,572
4,414
16,935
-597,343
-725,964
-1,948,134
-2,309,117
3
4
U.S.-owned assets abroad:
With direct investment positions at current cost (lines 5+10+15)..................................
With direct investment positions at market value (lines 5+10+16)................................
6,191,934
7,350,862
370,962
370,962
-258,272
-715,843
-124,662
-163,854
16,177
20,816
4,205
-487,919
6,196,139
6,862,943
5
6
7
8
9
U.S. official reserve assets............................................................................................................
Gold..............................................................................................................................................
Special drawing rights...............................................................................................................
Reserve positio'n in the International Monetary Fund...........................................................
Foreign currencies......................................................................................................................
128,400
71,799
10,539
14,824
31,238
4,911
536
3 536
-3,879
-7
4 -7
1,561
529
244
3,045
-2,257
129,961
72,328
10,783
17,869
28,981
10
11
12
13
14
U.S. Government assets, other than official reserve assets.....................................................
U.S. credits and other long-term assets5...............................................................................
Repayable in dollars..............................................................................................................
Other6......................................................................................................................................
U.S. foreign currency holdings and U.S. short-term assets.................................................
85,164
82,570
82,289
281
2,594
486
558
561
-3
-72
486
558
561
-3
-72
85,650
83,128
82,850
278
2,522
15
16
U.S. private assets:
With direct investment at current cost (lines 17+19+22+23)..........................................
With direct investment at market value (lines 18+19+22+23).........................................
5,978,370
7,137,298
365,565
365,565
-258,808
-716,379
-120,783
-159,975
16,184
20,823
2,158
-489,966
5,980,528
6,647,332
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...............................................
1,515,279
2,674,207
2,389,427
557,019
1,832,408
821,564
1,252,100
127,840
127,840
94,662
-12,147
106,809
14,358
128,705
19,533
-438,038
-278,341
18,214
-296,555
-17,713
-56,905
-95,228
-17,304
-77,924
-5,811
-2,031
-21,817
-17,178
38,001
107,843
-384,281
-278,907
-11,237
-267,670
8,547
164,675
1,623,122
2,289,926
2,110,520
545,782
1,564,738
830,111
1,416,775
Foreign-owned assets in the United States:
With direct investment at current cost (lines 26+33).........................................................
With direct investment at market value (lines 26+34)......................................................
7,542,725
8,934,015
752,807
752,807
-141,762
-500,361
-21,260
-18,282
11,763
3,881
601,548
238,045
8,144,273
9,172,060
1,008,890
749,904
625,161
124,743
13,739
153,403
91,844
5,225
31,666
10,745
20,921
-1,882
-30,278
5,719
1,623
11,274
8,796
2,478
6,000
6,000
6,001
-1
-9,651
12,848
48,940
25,542
23,398
-1,882
-30,278
-3,932
1,021,738
798,844
650,703
148,141
11,857
32
Foreign official assets in the United States.................................................................................
U.S. Government securities......................................................................................................
U.S. Treasury securities........................................................................................................
Other........................................................................................................................................
Other U.S. Government liabilities7...........................................................................................
U.S. liabilities reported by U.S. banks, not included elsewhere..........................................
Other foreign official assets......................................................................................................
33
34
Other foreign assets:
With direct investment at current cost (lines 35+37+38+41+42+43).............................
With direct investment at market value (lines 36+37+38+41+42+43)............................
6,533,835
7,925,125
747,582
747,582
-143,385
-501,984
-21,260
-18,282
5,763
-2,119
588,700
225,197
7,122,535
8,150,322
Direct investment in the United States:
At current cost........................................................................................................................
At market value.......................................................................................................................
U.S. Treasury securities.............................................................................................................
U.S. securities other than U.S. Treasury securities...............................................................
Corporate and other bonds...................................................................................................
Corporate stocks....................................................................................................................
U.S. currency...............................................................................................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns..............
U.S. liabilities reported by U.S. banks, not included elsewhere..........................................
1,374,752
2,766,042
400,966
2,623,628
1,075,988
1,547,640
251,786
729,340
1,153,363
130,796
130,796
-7,670
407,653
288,200
119,453
23,783
82,353
110,667
14,214
-344,385
4,719
-162,318
40,741
-203,059
-2,978
-17,860
-25,742
-9,241
124,172
-239,331
-12,192
233,026
316,632
-83,606
23,783
75,077
144,834
1,498,924
2,526,711
388,774
2,856,654
1,392,620
1,464,034
275,569
804,417
1,298,197
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
35
36
37
38
39
40
41
42
43
” 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 of assets.
3. Reflects changes in the value of the official gold stock due to fluctuations in the market price of gold.
4. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and bullion
coins; also reflects replenishment through open market purchases. These demonetizations/monetizations are not
included in international transactions financial flows.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
630
3,600
681
........ -386
-555
-2,938
-12,309
-12,309
-2,140
-3,833
-5,136
38,000
123,125
87,912
5. Also includes paid-in capital subscriptions to international financial institutions and resources provided to
foreigners under foreign assistance programs requiring repayment over several years. Excludes World War I
debts that are not being serviced.
6. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a
third country's currency, or by delivery of materials or transfer of services.
7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions
arranged with or through foreign official agencies.
Source: Table 1 in “The International Investment Position of the United States at Yearend 2001” in the July
2002 issue of the Survey of Current Business.
April 2003
D-59
Survey of Current Business
Table G.2. U.S. Direct Investment Abroad: Selected Items, by Country and by Industry of Foreign Affiliate, 1999-2001
[Millions of dollars]
Direct investment position on a
historical-cost basis
1999
All countries, all industries............................................................
1,173,122
2000
2001
1,293,431
1,381,674
Capital outflows (inflows (-))
1999
2000
174,576
Income
1999
2001
164,969
113,977
2000
112,359
2001
135,109
111.089
By country
Canada.....................................................................................................
111,747
128,814
139,031
18,122
18,950
14,440
12,103
14,688
11,773
Europe......................................................................................................
Of which'.
France .............................................................................................
Germany..........................................................................................
Netherlands....................................................................................
Switzerland....................................................................................
United Kingdom............................................................................
611,958
679,457
725,793
99,224
92,427
56,133
57,704
66,523
55,667
39,960
48,445
110,321
44,499
228,574
38,752
50,963
117,557
55,854
241,663
38,457
61,437
131.884
62,897
249,201
512
4,268
8,253
8,407
47,839
2,011
3,099
2,953
9,959
35,763
655
11,360
16,058
6,629
13,231
1,386
4,621
12,598
7,098
14,915
2,404
4,588
11,858
7,025
20,655
1,920
2,690
13,417
7,576
12,051
Latin America and Other Western Hemisphere..................................
Of which-.
Bermuda..........................................................................................
Brazil................................................................................................
Mexico............................................................................................
Panama...........................................................................................
237,748
251,863
269,556
34,277
23,442
26,510
19,636
18,703
18,718
51,613
37,383
32,888
33,143
56,594
39,033
37,332
29,316
61,929
36,317
52,168
25,296
7,786
3,484
5,978
2,259
6,532
3,091
5,302
1,231
5,865
-17
15,078
753
4,373
1,511
4,448
2,365
6,036
1,579
4,371
501
5,045
756
4,409
452
Africa........................................................................................................
13,621
14,417
15,872
498
1,151
798
1,876
2,675
2,063
Middle East.............................................................................................
10,712
11,087
12,643
5
1,635
1,269
1,180
2,254
1,314
Asia and Pacific......................................................................................
Of which'.
Australia..........................................................................................
Japan ..............................................................................................
184,313
205,317
216,501
21,890
27,333
15,012
19,927
29,983
21,153
34,743
56,393
35,364
59,441
34.041
64,103
3,244
9,449
2,421
6,279
-423
5,474
2,472
4,749
3,586
7,805
1,690
5,683
International............................................................................................
3,024
2,476
2,278
560
31
-184
-68
282
402
By industry
Petroleum................................................................................................
90,493
95,834
102,074
9,481
10,594
12,668
10,174
18,667
13,866
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.........................................................................
306,156
34,225
81,656
18,328
35,337
36,996
36,045
63,569
353,550
35,933
100,872
18,773
41,199
49,065
40,052
67,656
376,259
35.496
108,663
21.488
52,392
48,391
39,142
70,687
34,939
1,359
7,346
1,088
6,393
3,940
6,687
8,126
58,049
2,913
16,462
633
7,305
16,156
7,159
7,420
36,381
1,692
10,800
2,895
12,039
905
578
7,473
33,213
3,821
9,250
1,381
4,445
3,679
4,416
6,220
38,965
3,868
9,882
1,631
6,652
5,683
3,613
7,637
28,806
4,029
10,355
1,211
4,940
2,768
612
4,890
Wholesale trade......................................................................................
74,215
83,724
92,836
6,413
12,434
9,289
10,837
12,524
12,093
Depository institutions..........................................................................
38,365
38,071
49,319
533
-2,221
9,925
856
1,826
2,520
Finance, (except depository institutions), insurance,
and real estate....................................................................................
498,468
542,641
572,545
86,419
54,147
34,983
45,906
52,938
46,135
Services...................................................................................................
72,054
80,144
86,491
14,473
10,785
7,513
8,050
8,912
6,817
Other industries......................................................................................
93,371
99,469
102,150
22,318
21,182
3,217
3,323
1,277
854
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.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The data in this table are from tables 16 and 17 in “U.S. Direct Investment Abroad: Detail for Historical-Cost
Position and Related Capital and Income Flows, 2001” in the September 2002 issue of the Survey of Current
Business.
International Data
D-60
April 2003
Table G.3. Selected Financial and Operating Data tor Nonbank Foreign Affiliates of U.S. Companies by Country and by Industry of Affiliate, 2000
All nonbank affiliates
Majority-owned nonbank foreign affiliates (MOFA’s)
Millions of dollars
All countries, all industries.........
Total
assets
Sales
5,260,182
2,891,497
Millions of dollars
U.S.
exports of
goods
shipped to
affiliates
U.S.
imports of
goods
shipped by
affiliates
Thousands
of
employees
209,605
203,007
215,300
9,606.9
Net
income
Total
assets
Sales
4,647,439
2,486,855
Net
income
191,115
U.S.
exports of
goods
shipped to
MOFA’s
U.S.
imports of
goods
shipped
by MOFA’s
Thousands
of
employees
605,888
195,951
201,374
8,064.7
Gross
product
By country
Canada........................................................................
428,185
366,701
18,897
61,511
82,226
1,145.4
376,574
328,026
16,712
72,398
59,508
77,827
1,038.7
Europe........................................................................
Of which:
France................................................................
Germany............................................................
Netherlands......................................................
United Kingdom................................................
3,046,124
1,438.611
113,288
51,783
38,244
4,095.8
2,840,082
1,302,959
105,202
333,375
50,816
36,594
3,687.9
186,053
300,512
361,574
1,315,404
137,511
236.095
145,337
413,467
3,307
9,806
17,345
29,948
(Di
8,590
7,611
(D)
3,391
4,488
(D)
10,848
586.3
657.8
197.0
1,266.6
163,929
258,561
343,897
1,272,450
124,751
200,192
126,261
397,179
3,445
8,347
15,735
29,590
35,754
54,819
23,371
110,643
5,005
8,535
7,572
13,340
3,124
4,467
1,770
10,842
544.0
605.2
169.0
1,185.7
Latin America and Other Western Hemisphere
Of which:
Brazil..................................................................
Mexico...............................................................
797,682
360,845
37,864
41,708
47,582
2,006.8
656,101
295,893
33,412
70,401
40,277
45,111
1,583.8
137,776
114,653
80,024
123,970
3,341
6,162
3,722
32,000
38,95^
403.6
1,048.1
100,130
86,056
61,895
99,466
2,998
5,321
19,413
20,180
3,650
31,017
2,182
37,408
343.5
804.4
Africa...........................................................................
59,118
43,595
4,436
831
(0)
237.7
44,127
34,726
3,709
13,877
771
1,972
127.0
Middle East................................................................
54,491
33,111
4,185
1,068
1,831
94.1
21,578
16,131
2,166
6,910
857
1,831
64.7
Asia and Pacific.........................................................
Of which:
Australia............................................................
Japan..................................................................
874,581
648,635
30,937
46,106
(D)
2,027.0
708,976
509,119
29,913
108,927
43,722
38,039
1,562.5
116,562
342,967
69,807
240,240
3,619
4,813
4,228
15,281
(D)
7,188
324.0
432.2
103,055
257,953
56,605
159,593
3,497
5,979
18,646
36,277
4,100
13,815
1,216
2,627
257.4
233.7
Mining........................................................................
226,750
103,583
21,088
1,335
8,316
157.6
198,715
92,211
18,487
60,060
1,034
7,585
136.7
Utilities.......................................................................
163,071
66,065
4,558
9
13
105.8
102,414
39,624
2,767
10,839
3
11
57.7
Manufacturing...........................................................
Of which:
Food...................................................................
Chemicals..........................................................
Primary and fabricated metals.......................
Machinery..........................................................
Computer and electronic products................
Electrical equipment, appliances, and
components..................................................
Transportation equipment...............................
1,176,742
1,380,870
65,861
143,189
186,356
5,067.4
996,919
1,197,293
61,830
317,339
137,960
173,295
4,352.5
68,547
261,128
64,704
74,811
175,761
94,095
225,477
49,753
79,741
227,081
3,618
19,791
2,321
3,017
12,056
2,338
19,091
4,110
7,506
35,555
3,479
14,502
4,857
8,200
46,899
406.2
620.4
269.4
389.6
816.9
61,536
228,750
58,134
60,548
168,785
84,377
200,982
43,213
64,429
222,380
3,372
17,955
2,155
2,949
12,134
19,139
58,200
13,249
18,035
41,886
2,258
17,962
3,907
7,101
35,268
3,402
13,889
4,660
7,126
46,065
355.6
559.2
245.9
343.6
777.1
28,900
194,785
31,024
308,096
1,333
5,424
3,434
57,144
4,123
86,907
272.1
982.0
25,370
156,162
27,341
256,286
1,223
6,624
7,350
48,851
3,317
54,817
3,529
77,984
232.0
872.4
Wholesale trade.........................................................
382,980
668,048
26,924
50,106
17,909
717.8
365,091
629,051
26,130
87,025
48,977
17,847
669.1
Information................................................................
283,101
153,265
4,445
863
220
698.8
119,966
76,042
307
22,364
846
220
333.0
Finance (except depository institutions) and
insurance...............................................................
1,841,581
207,633
24,502
4
0
343.7
1,770,932
194,933
24,007
23,307
4
0
309.8
121,023
85,531
6,698
2,032
(D)
450.8
118,038
81,458
6,576
33,050
2,029
844
422.9
1,064,934
226,501
55,529
5,469
(D)
2,065.1
975,364
176,243
51,012
51,904
5,097
1,572
1,782.9
By industry
Professional, scientific, and technical services
Other industries.........................................................
0 Suppressed to avoid disclosure of data of individual companies.
Note. The data in this table are from “U.S. Multinational Companies: Operations in 2000” in the December 2002 issue of the Survey of Current Business.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
D-61
Survey of Current Business
Table G.4. Foreign Direct Investment in the United States: Selected Items, by Country of Foreign Parent
and by Industry of U.S. Affiliate, 1999-2001
[Millions of dollars]
Direct investment position
on a historical-cost basis
1999
All countries, all industries..............................................................
955,726
2000
1,214,254
Capital inflows (outflows (-))
2001
1,321,063
Income
1999
2000
2001
283,376
300,912
124,435
1999
2001
2000
46,385
52,465
15,965
By country
Canada....................................................................................................................
90,559
114,599
108,600
26,367
26,036
4,627
2,215
1,057
-7,736
Europe....................................................................................................................
Of which:
France............................................................................................................
Germany........................................................................................................
Luxembourg.................................................................................................
Netherlands..................................................................................................
Switzerland....................................................................................................
United Kingdom............................................................................................
639,923
835,137
946,758
223,406
238,740
118,059
36,753
41,511
26,043
89,945
112,126
35,644
125,010
52,973
153,797
131,484
124,839
53,794
146,493
69,240
213,820
147,207
152,760
40,232
158,020
125,521
217,746
29,834
23,478
6,887
41,689
2,503
108,566
49,436
14,290
25,230
32,599
16,697
75,654
14,676
28,015
-13,801
15,171
51,959
14,226
2,954
6,123
2,241
7,299
2,844
11,899
3,930
2,390
4,672
8,990
4,113
14,046
7,663
-6,273
3,172
4,368
1,816
11,823
Latin America and Other Western Hemisphere................................................
Of which:...........................................................................................................
Bermuda........................................................................................................
Mexico...........................................................................................................
Panama.........................................................................................................
United Kingdom Islands. Caribbean..........................................................
40,771
54,463
58,881
16,929
12,253
954
2,397
2,407
-1,399
14,798
1,999
5,275
11,573
18,502
7,832
3,726
15,353
15,748
7,418
4,199
18,244
10,338
1,273
-226
4,137
2,523
5,266
-1,477
3,865
-3,223
-84
449
3,966
41
175
752
1,527
-457
-68
647
1,829
-1,602
-1,070
480
118
-193
Africa......................................................................................................................
1,361
2,756
3,264
423
652
407
-66
6
Middle East............................................................................................................
4,362
6,189
6,039
376
2,142
-159
156
259
311
Asia and Pacific.....................................................................................................
Of which:
Australia........................................................................................................
Japan.............................................................................................................
178,749
201,110
197,522
15,876
21,088
547
4,931
7,225
-1,060
15,616
153,815
20,701
163,577
23,488
158,988
4,193
11,555
5,963
7,773
3,649
-1,550
643
4,006
1,074
5,825
-918
169
By industry
Petroleum...............................................................................................................
51,231
87,055
95,922
4,778
44,869
10,308
4,510
11,435
8,971
Manufacturing.......................................................................................................
Food and kindred products.............................................................................
Chemicals and allied products........................................................................
Primary and fabricated metals........................................................................
Machinery..........................................................................................................
Other manufacturing........................................................................................
385,253
18,864
97,009
19,778
92,038
157,564
479,851
23,975
122,446
24,741
151,237
157,453
508,535
23,847
127,139
25,683
166,198
165,668
69,851
-1,460
7,562
1,839
39,483
22,428
100,693
5,293
26,196
9,057
40,040
20,107
29,246
-233
3,062
-965
14,695
12,687
24,674
1,570
6,317
1,083
2,181
13,524
23,860
1,792
5,906
1,320
6,847
7,996
3,177
1,051
4,472
802
-6,444
3,297
Wholesale trade....................................................................................................
100,251
110,286
112,997
16,195
11,320
1,855
5,813
7,016
5,549
Retail trade............................................................................................................
24,199
29,666
35,811
4,156
5,243
7,245
1,641
1,677
816
Depository institutions........................................................................................
61,756
68,128
78,094
19,326
9,672
8,427
2,994
3,948
3,370
Finance, except depository institutions..............................................................
65,453
84,383
85,990
17,964
19,957
6,414
816
399
-5,921
Insurance................................................................................................................
83,760
112,482
120,400
23,026
34,562
8,496
2,963
4,767
3,183
Real estate..............................................................................................................
40,209
42,682
44,163
2,492
998
1,873
1,075
2,291
1,095
Services..................................................................................................................
64,335
109,504
125,660
21,675
60,539
14,718
1,873
-920
-1,853
Other industries.....................................................................................................
79,281
90,219
113,491
103,913
13,058
35,853
25
-2,008
-2,422
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.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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, 2001" in the September 2002 issue of the
Survey
of
Current Business.
International Data
D-62
April 2003
Table G.5. Selected Financial and Operating Data of Nonbank U.S. Affiliates and Majority-Owned Nonbank U.S. Affiliates of Foreign Companies by
Country of Ultimate Beneficial Owner and by Industry of Affiliate, 2000
All nonbank affiliates
Majority-owned nonbank affiliates
Millions of dollars
Total assets
All countries, all industries
4,847,267
Sales
Millions of dollars
Millions of dollars
Net income
2,334,692
30,641
Gross
product
522,238
Thousands
of
employees
U.S.
exports of
goods
shipped by
affiliates
6,429.2
165,321
U.S.
imports of
goods
Total assets
shipped to
affiliates
366,647
4,180,503
Sales
Millions of dollars
Net income
2,053,022
22,086
Gross
product
449,396
Thousands
of
employees
5,562.6
U.S.
U.S.
exports of imports of
goods
goods
shipped by shipped to
affiliates
affiliates
151,521
348,741
By country
Canada ............................................
434,177
168,457
-3,670
40,514
643.0
9,019
19,509
416,420
159,257
-3,792
36,272
555.2
8,859
19,365
Europe.............................................
Of which:
France......................................
Germany.................................
Netherlands............................
Sweden...................................
Switzerland.............................
United Kingdom.....................
3,274,267
1,420,093
27,465
349,863
4.361.9
89,063
145,037
3,020,496
1,247,041
22.226
301,085
3,815.7
81,543
139,222
469,643
572,565
582,054
66,738
695,092
734,634
193,135
320,249
254,092
42,435
132,392
363,251
2,516
3,186
4,965
-214
2,513
14,877
57.762
57,995
46,620
11,096
39,924
111,871
648.8
729.8
561.4
234.2
554.0
1,189.9
15,194
32,770
7,498
4,003
6,004
16,970
16,294
53,080
21,895
144,432
308,197
(D)
41,520
120,011
331,175
2,765
2,730
(D)
-186
2,154
12,270
38,854
54,033
42,641
10,724
34,015
100,143
401.0
691.4
546.9
225.5
459.0
1,102.8
(D)
32,167
7,214
3,982
5,917
16,303
S2.Si
25,105
390,343
558,092
560,755
66,068
671,046
637,335
146,009
105,033
-599
26,597
275.8
9,272
20,978
136,603
95,183
-813
25,073
262.1
8,998
17,488
60,491
19,507
1,679
35,792
16,278
1,238
-762
46
18
11,872
2.952
524
135.7
57.2
6.8
(D)
(D)
126
1,597
3,291
109
58,264
18,080
1,563
35,179
14,977
1,170
-715
110
6
11,796
2,759
498
132.2
53.8
6.7
(D)
(D)
126
1,592
,<8S
39,199
13,297
9,576
29,800
-360
656
1.673
6,480
34.1
8.3
(D)
403
1,947
10,590
38,679
(D)
9,298
(D)
-348
(D)
1,584
(D)
32.3
H
(D)
(D)
1,947
(D)
Latin America and Other Western
Hemisphere................................
Of which:
Bermuda.................................
Mexico.....................................
Panama..................................
United Kingdom Islands,
Caribbean............................
Venezuela...............................
21,827
4,696
8,373
24,701
Africa................................................
11,758
6,449
181
1,322
14.2
474
269
(D)
(D)
(D)
1,283
14.0
(D)
266
Middle East.....................................
29,912
16,011
568
3,150
50.9
802
1,846
27,434
14,301
489
2,434
38.1
789
1,758
Asia and Pacific..............................
Of which:
Australia.................................
Japan.......................................
705,084
576,943
1,072
89,282
1,019.5
54,686
177,721
557,549
513,157
3,868
77,928
848.2
48,943
169,450
69,095
558,934
31,948
477,831
-643
4,316
9,319
72,041
83.3
826.8
1,428
44,130
1,438
151,368
60,519
445,551
25,605
429,732
-741
5,015
7,909
62,241
69.6
699.9
(D)
40,894
(D)
147,125
United States..................................
246,060
41,707
5,625
11,510
63.9
2,004
1,287
(D)
(D)
(D)
5,320
29.4
(D)
1,192
Manufacturing................................
Of which:
Food.........................................
Chemicals..............................
Primary and fabricated
metals.................................
Machinery...............................
Computers and electronic
products.............................
Electrical equipment,
appliances, and
components.......................
Transportation equipment....
1,108,046
979,597
11,796
237,032
2,658.3
101,248
149,875
1.000,442
852,164
10,985
217,358
2,441.9
91,048
134,932
45,143
257,094
47,388
160,496
302
3,887
11,018
44.832
147.6
386.8
2,467
15,528
4,398
16,388
44,099
238,314
45,567
145,362
296
3,195
10,631
40,821
140.8
356.7
2,374
14,295
4,377
16,099
65,699
66,528
66,282
54,207
1,244
-885
17,282
15,506
219.2
230.6
4,930
6,735
7,719
7,849
57,252
64,744
57,196
52,612
669
-36
15,069
15,323
204.9
223.6
4,125
6,545
6,830
7,375
173,303
129,225
-4,847
28,705
337.4
19,329
37,731
137,673
117,587
-3,755
27,229
305.3
14,645
30,463
66,099
199,695
60,221
205.220
280
3,890
19,878
35,016
284.4
390.8
8,717
30,731
4,284
46,806
65,680
192,444
59,765
193,099
254
3,519
19,737
32,278
282.7
358.3
8,583
29,213
4,231
(D)
Wholesale trade..............................
407,715
637,978
14,530
86.444
574.4
57,844
207,041
398.811
616,015
13,683
82,849
543.7
54,431
204,816
Retail trade......................................
74,259
114,977
-279
24,676
674.4
1.535
(D)
60,826
102,648
163
22,346
603.5
(D)
(D)
Information.....................................
Of which:
Publishing industries............
Broadcasting and
telecommunications.........
318,489
121,684
-4,387
41,878
408.9
709
240
169,464
69,125
-4,050
19,959
242.8
687
161
By industry 1
71,021
35.582
98
13,764
139.2
(D)
127
(D)
30,415
-385
10,695
122.8
(D)
(D)
165,541
59,205
-3,848
21,895
178.4
5
(D)
38,335
13,517
-3,692
2,837
35.1
(*)
1
Finance (except depository
institutions) and insurance.......
2.472,481
243,337
10,543
41,433
291.8
(*)
5
2,162,327
211,823
3,396
33,260
252.0
(*)
5
Real estate and rental and leasing
122,797
25,691
1,331
10,936
49.5
(D)
649
110,543
22,589
1,069
9,418
38.7
(D)
649
Professional, scientific, and
technical services......................
51,405
32,241
-1,135
9,672
148.9
366
336
46,919
29,665
-634
9,038
133.4
356
336
Other industries..............................
292,075
179,186
-1,759
70,167
1,623.1
(D)
(D)
231,172
148,994
-2,527
55,169
1,306.7
3,242
(D)
D Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.
1. The industry classification system used to classify the data for U.S. affiliates is based on the North American Industry
Classification System. Prior to 1997. the affiliate data were classified using an industry classification system based on the
Standard Industrial Classification system.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Notes. The data in this table are from BEA’s annual survey of the operations of U.S. affiliates of foreign companies; see
“U.S. Affiliates of Foreign Companies: Operations in 2000," in the August 2002 issue of the Survey of Current Business.
Size ranges are given in employment cells that are suppressed. The size ranges are: A—1 to 499; F—500 to 999; G—
1,000 to 2,499; H—2.500 to 4,999; I—5,000 to 9,999; J—10,000 to 24,999; K—25,000 to 49,999; L—50,000 to 99,999;
M—100,000 or more.
April 2003
D-63
H. International Perspectives
The quarterly data in this table are shown in the middle month of the quarter.
Table H.1. International Perspectives
2002
Feb.
Mar.
Apr.
May
2003
July
June
Aug.
Sep.
Oct.
Nov.
Dec.
Jan.
Feb.
Unemployment rate (percent)
Euro area..........
France...........
Germany.......
Italy...............
Netherlands..
8.1
8.8
9.6
United Kingdom
8.2
8.9
9.6
8.2
8.9
9.7
3.9
8.2
8.9
9.6
9.2
3.7
3.9
3.1
3.1
3.2
Japan.................
Singapore.........
South Korea......
Taiwan...............
Canada.............
5.3
4.5
3.8
5.1
7.8
5.3
5.3
3.6
5.2
7.7
Mexico...............
United States....
2.7
5.6
Euro area..........
France...........
Germany.......
Italy................
Netherlands..
United Kingdom
8.3
9.0
9.8
8.3
9.0
9.8
4.1
8.3
9.0
9.8
9.2
4.3
4.3
3.2
3.2
3.1
5.4
5.4
3.2
5.0
7.6
5.4
4.3
3.0
5.0
7.7
2.8
5.1
7.5
2.8
5.7
2.8
5.9
2.7
5.8
2.4
5.8
3.36
3.34
3.34
3.35
3.36
3.89
3.39
3.40
3.37
3.47
3.39
4.00
3.41
3.40
3.39
3.52
3.41
3.94
3.46
3.45
3.44
3.58
3.47
4.00
3.46
3.46
3.45
3.54
3.46
3.93
3.41
3.40
3.39
3.37
3.41
3.72
3.35
3.32
3.33
3.20
3.35
3.82
Singapore.........
South Korea......
Taiwan................
0.82
4.54
2.30
0.87
4.64
2.29
0.78
4.79
2.27
0.77
4.81
2.24
0.74
4.85
2.08
0.70
4.91
1.85
Canada.............
Mexico................
United States....
2.07
8.74
1.73
2.34
8.57
1.79
2.41
6.80
1.72
2.62
7.68
1.73
2.74
8.62
1.70
2.85
8.38
1.68
Euro area..........
France...........
Germany.......
Italy................
Netherlands..
United Kingdom
5.07
5.11
5.32
5.29
5.20
5.02
4.83
5.41
5.27
5.11
5.30
5.31
5.20
5.40
5.25
5.13
5.30
5.31
5.20
5.41
5.30
5.18
5.16
5.18
5.00
5.26
5.16
5.02
5.03
5.01
4.90
5.11
4.99
4.90
4.73
4.70
4.60
4.83
4.71
4.64
Japan.................
Singapore.........
South Korea......
Taiwan................
1.50
3.80
7.00
3.71
1.35
3.98
7.17
4.03
1.41
3.91
7.30
4.12
1.36
3.93
7.09
4.02
1.30
3.70
6.76
3.78
1.33
3.72
6.54
3.50
Canada.............
United States....
5.31
4.91
5.79
5.28
5.64
5.21
5.49
5.16
5.37
4.93
5.23
4.65
Euro area..........
France...........
Germany.......
Italy............ ...
Netherlands..
United Kingdom
0.3
0.7
-12.0
0.0
-2.2
1.0
0.6
1.2
4.0
0.1
-0.7
1.3
0.9
1.2
10.0
0.4
-0.2
2.0
1.3
1.7
5.0
1.0
0.5
2.1
Japan................
South Korea.....
Taiwan................
-3.0
-1.5
6.2
1.6
-0.2
3.8
6.6
4.2
1.8
3.8
5.8
5.6
2.6
3.0
6.8
5.0
Canada.............
Mexico................
United States....
2.2
-2.2
1.4
3.2
2.0
2.2
4.2
1.8
3.3
3.9
1.9
2.9
France................
Germany......... *
Italy....................
Netherlands......
United Kingdom
71.3
71.5
71.9
75.0
80.4
74.9
76.6
76.3
80.5
83.1
71.3
71.5
74.1
77.5
81.4
68.3
68.4
69.5
73.5
80.2
62.3
62.2
64.6
66.7
73.4
54.6
52.5
59.0
55.1
66.9
53.8
52.7
59.6
56.3
66.6
44.4
39.3
51.0
44.9
58.7
50.3
44.7
55.5
52.0
63.7
Japan................
Singapore.........
South Korea......
Taiwan...............
62.6
83.2
116.1
73.7
65.2
88.1
126.8
79.8
68.0
84.3
119.2
78.5
69.6
81.7
112.7
73.5
62.8
75.9
105.1
66.7
58.4
73.7
101.6
64.0
56.9
72.8
104.2
61.7
55.5
66.1
91.5
54.3
Canada.............
Mexico...............
United States....
79.5
103.5
78.0
81.7
113.1
80.8
79.8
114.9
75.9
79.7
108.0
75.2
74.4
99.3
69.7
68.8
92.5
64.2
68.8
95.5
64.5
Euro area (E)..........
United Kingdom (£).
0.8707
1.4227
0.8766
1.4230
0.8860
1.4429
0.9170
1.4598
0.9561
1.4837
0.9935
1.5565
Japan (¥)................
Singapore (S$)........
South Korea (W)....
Taiwan (NT$)...........
133.64
1.8312
1320.55
35.073
131.06
1.8295
1322.90
35.020
130.77
1.8285
1318.09
34.917
126.38
1.8004
1262.20
34.454
123.29
1.7831
1219.70
33.889
Canada (Can$).......
Mexico (Ps).............
United States ($)....
1.5964
9.105
129.74
1.5877
9.064
129.27
1.5815
9.165
128.95
1.5502
9.51
127.35
1.5318
9.767
125.96
8.4
9.0
9.9
8.5
9.0
10.0
4.2
8.4
9.0
9.8
8.7
4.2
4.3
4.3
8.5
9.1
10.1
8.9
4.1
8.6
9.1
10.3
3.1
3.1
3.1
3.1
3.1
3.1
5.4
5.5
5.5
5.2
2.6
5.3
7.7
2.8
5.3
7.6
5.3
4.2
2.8
5.2
7.5
5.3
2.8
5.2
7.6
5.5
4.6
3.0
5.4
7.5
3.1
5.0
7.5
3.5
5.0
7.4
7.4
2.9
5.8
2.8
5.8
3.1
5.7
2.7
5.8
2.6
5.9
2.1
6.0
2.8
5.7
2.8
5.8
3.31
3.25
3.29
3.11
3.31
3.77
3.26
3.17
3.24
3.01
3.26
3.69
3.12
3.02
3.11
2.94
3.12
3.83
2.94
2.86
2.93
2.69
2.94
3.84
2.83
2.79
2.81
2.60
2.83
3.75
2.69
2.67
0.78
4.80
1.86
1.20
4.81
1.90
0.95
4.91
1.91
0.65
4.91
1.73
0.67
4.90
1.52
0.66
4.70
1.37
0.62
4.54
1.21
3.00
7.47
1.62
2.83
8.50
1.63
2.81
8.85
1.58
2.73
8.61
1.23
2.67
8.47
1.19
2.81
9.49
1.17
2.86
9.83
1.17
4.52
4.46
4.40
4.62
4.50
4.45
4.62
4.63
4 50
4.76
4.58
4.59
4.59
4.66
4 50
4.74
4.55
4.64
4.41
4.43
4 30
4.55
4.36
4.62
4.27
4.27
4 20
4.38
4.19
4.44
4.06
4.07
4 00
4.16
3.97
1.16
3.51
6.24
3.37
1.17
3.31
6.16
3.23
1.03
3.04
6.11
2.99
0.96
2.97
5.80
2.82
0.89
2.55
5.77
2.48
0.75
2.44
5.43
1.96
2.24
5.15
1.90
5.14
4.26
4.92
3.87
5.16
3.94
5.18
4.05
4.88
4.03
5.02
4.05
4.93
3.90
53.1
47.1
60.3
54.9
65.7
48.9
41.1
55.4
48.9
62.1
46.9
39.0
53.2
44.7
56.2
44.0
36.1
54.2
40.4
57.6
51.1
71.5
93.3
59.3
54.5
68.0
102.6
60.2
50.7
65.5
88.8
57.6
49.3
63.1
83.8
64.9
49.5
62.3
81.4
57.4
64.3
88.0
57.4
65.0
91.7
62.4
68.4
94.6
65.9
68.8
94.1
62.0
68.4
91.5
60.3
68.2
91.1
59.2
0.9781
1.5368
0.9806
1.5563
0.9812
1.5575
1.0013
1.5711
1.0194
1.5863
1.0622
1.6175
1.0785
1.6079
117.90
1.7524
1179.99
33.272
118.99
1.7553
1197.51
33.884
121.08
1.7682
1211.61
34.573
123.91
1.7843
1240.19
34.947
121.61
1.7653
1210.20
34.673
121.89
1.7532
1206.61
34.799
118.81
1.7363
1176.45
34.571
119.34
1.7451
1190.37
34.734
1.5456
9.779
124.20
1.5694
9.839
125.64
1.5761
10.071
126.67
1.5780
10.094
127.69
1.5715
10.195
126.38
1.5592
10.225
125.70
1.5414
10.622
124.21
1.5121
10.945
124.12
9.2
10.5
4.6
Short-term interest rate (percent per year)
2.43
2.69
Long-term interest rate (percent per year)
Real GDP (percent change from same quarter a year earlier)
Singapore..........
Stock market prices (index number)
Exchange rate1
1. Figures for the Euro area and for the United Kingdom are in U.S. dollars per euro and per pound
sterling, respectively. The rate for the United States is a weighted average of the foreign exchange
value of the U.S. dollar against the currencies of a broad group of major U.S. trading partners. For other
countries, figures are in currency units per U.S. dollar.
Sources: Exchange rates are from the Board of Governors of the Federal Reserve System. Indexes
FRASER
of stock market prices are calculated from data taken from finance oriented web sites and are rebased
Digitized for
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
to 2000 = 100 to facilitate comparisons. Other series are drawn from the web sites of the statistical
agencies of the countries shown.
Note. In 2002, the countries in this table accounted for 62 percent of the value of U.S. imports of
goods and 70 percent of the value of U.S. exports of goods. The Euro area consists of Austria,
Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, and
Spain.
D-64
April 2003
I. Charts
THE U.S. IN THE INTERNATIONAL DOMESTIC ECONOMY
Billion $
180
160
140
120
100
80
60
40
20
0
-20
Billion $
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
April 2003
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 estimates of State personal income and the estimates of gross state product are
available on CD-ROM. For information on State personal income, e-mail reis.remd@bea.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.gov;
write to the Regional Economic Analysis Division, BE-61, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230; or call 202-606-5340.
Table J.1. Personal Income by State and Region
[Millions of dollars, seasonally adjusted at annual rates]
1999
1998
2001
2000
Percent
change1
2002
Area name
IV
I
II
III
IV
1
II
III
IV
I
II
III
IV
I
II
III
2002:ll2002:lll
United States.....
7,568,387
7,647,688
7,715,358
7,801,465
7,953,533
8,203,812
8,340,348
8,481,147
8,569,877
8,652,160
8,669,921
8,697,999
8,692,940
8,794,858
8,904,317
8,984,227
0.9
New England...............
Connecticut.............
Maine......................
Massachusetts........
New Hampshire......
Rhode Island...........
Vermont..................
447,023
127,594
30,138
209,727
36,297
28,256
15,011
448,822
127,910
29,793
211,381
36,212
28,319
15,208
454,620
129,499
30,378
214,040
36,802
28,480
15,420
463,459
131,798
31,263
218,268
37,547
28,927
15,657
472,177
133,841
31,126
223,600
38,451
29,270
15,890
492,215
137,643
32,056
235,357
40,723
30,152
16,283
499,073
140,059
32,693
238,015
41,151
30,486
16,668
509,572
142,385
33,022
244,559
41,918
30,968
16,720
516,386
144,518
33,403
247,339
42,728
31,305
17,094
522,932
146,171
34,210
250,286
43,020
31,868
17,378
520,678
145,566
34,276
248,478
42,993
31.865
17,500
519,699
145,221
34,443
247,285
42,966
32,200
17,583
518,451
144,408
34,608
246,759
42,965
32,049
17,662
523,703
145,916
35,390
248,342
43,243
32,947
17,864
530,439
146,949
35,641
252,490
44,158
33,215
17,986
534,283
147,969
36,057
254,029
44,627
33,399
18,202
0.7
0.7
1.2
0.6
1.1
0.6
1.2
Mideast.......................
Delaware.................
District of Columbia
Maryland.................
New Jersey.............
New York................
Pennsylvania...........
1,421,284
22,222
20,574
161,960
283,122
596,684
336,723
1,438,991
22,463
20,216
164,610
285,764
608,705
337,232
1,445,865
22,464
20,348
165,981
286,113
610,166
340,792
1,465,140
22,826
20,539
168,105
288,093
622,436
343,141
1,480,655
23,243
20,900
170,286
295,277
622,305
348,645
1,531,383
24,083
21,634
176,048
307,154
645,590
356,874
1,563,518
24,518
22,012
178,670
315,871
659,799
362,649
1,585,269
24,971
22,242
181,761
319,804
668,911
367,581
1,617,843
25,495
22,743
184,933
326,553
685,410
372,709
1,626,431
25,572
22,807
187,539
325,495
688,789
376,229
1,623,587
25,796
23,036
188,899
325,753
683,235
376,868
1,629,240
26,072
22,972
189,959
327,663
683,650
378,925
1,628,390
25,972
23,019
190,170
327,982
683,421
377,825
1,642,094
26,598
23,383
193,805
334,061
677,906
386,342
1,662,463
26,594
23,803
196,235
334,624
691,539
389,668
1,676,997
26,846
23,982
198,130
337,930
696,973
393,136
0.9
0.9
0.7
1.0
1.0
0.8
0.9
Great Lakes
Illinois.....................
Indiana....................
Michigan.................
Ohio........................
Wisconsin...............
1,228,958
368,550
152,112
269,260
298,672
140,365
1,235,779
367,926
153,063
272,781
300,836
141,174
1,245,648
371,626
153,571
274,884
302,825
142,743
1,255,059
373,645
154,930
277,349
304,691
144,443
1,277,147
381,115
158,111
281,152
309,709
147,061
1,313,496
391,540
163,208
291,320
317,512
149,917
1,328,376
398,199
165,511
293,083
319,216
152,366
1,343,526
404,792
167,661
295,077
321,969
154,027
1,350,276
409,590
166,879
295,496
322,811
155,500
1,360,571
412,233
169,300
295,990
325,760
157,288
1,363,568
411,340
169,454
297,595
327,376
157,802
1,371,186
413,747
170,505
298,898
329,274
158,761
1,366,898
411,479
170,282
297,954
328,568
158,613
1,377,183
414,510
172,151
297,220
332,418
160,884
1,400,019
420,811
174,730
305,693
336,642
162,143
1,410,273
423,819
176,624
307,213
338,454
164,163
0.7
0.7
1.1
0.5
0.5
1.2
Plains
Iowa........................
Kansas....................
Minnesota...............
Missouri..................
Nebraska.................
North Dakota...........
South Dakota..........
503,371
72,789
69,095
143,235
141,130
44,128
15,026
17,969
503,233
71,740
68,693
144,211
141,849
44,309
14,543
17,889
507,623
71,928
69,121
146,001
142,888
44,655
14,782
18,249
512,874
73,279
69,883
147,027
143,998
45,472
14,760
18,454
524,706
74,699
72,143
150,326
146,698
46.662
15,298
18,880
534,339
76,285
72,019
154,243
150,256
46,575
15,738
19,223
545,868
77,775
73,888
157,886
153,412
47,344
16,079
19,483
553,632
78,428
75,539
160,468
155,402
48,034
16,167
19,593
556,687
78,673
75,049
162,672
156,248
48,182
16,125
19,738
563,250
79,642
76,487
164,043
157,887
48,973
16,318
19,899
565,003
79,761
76,689
164,370
158,423
49,299
16,370
20,093
568.855
80,123
77,419
165,031
159,641
49,751
16,565
20,326
568,720
80,046
77,296
164,912
159,673
49,933
16,481
20,378
579,372
81,898
79,462
166,762
161,952
51,522
17,065
20,711
582,449
82,108
79,978
168,282
162,461
51,799
16,875
20,946
587,249
82,736
80,917
169,751
163,320
52,357
17,049
21,119
0.8
0.8
1.2
0.9
0.5
1.1
1.0
0.8
Southeast....................
Alabama..................
Arkansas.................
Georgia...................
Kentucky.................
Louisiana................
Mississippi..............
North Carolina.........
South Carolina........
Tennessee...............
Virginia ...................
West Virginia...........
1,672,523
98,104
54,693
411,861
205,842
89,511
98,633
56,056
196,993
88,942
136,750
198,038
37,102
1,694,819
99,116
55,160
418,844
210,045
89,526
98,029
56,052
200,510
89,545
138,365
202,601
37,025
1,709,104
100,033
55,691
423,249
211,956
90,365
98,742
56,442
202,258
90,673
140,368
202,094
37,234
1,721,949
100,816
56,110
426,135
214,040
91,305
98,949
57,225
201,069
91,618
141,762
205,299
37,621
1,752,727
102,163
57,056
430,674
219,127
93,177
100,470
57,961
207,140
93,161
143,971
209,754
38,072
1,800,702
103,969
58,101
443,255
226,798
96,405
101,992
58,835
213,692
95,281
147,778
215,897
38,699
1,831,731
105,585
58,841
451,126
230,687
97,525
103,477
59,810
217,427
97,533
149,624
220,691
39,405
1,856,700
106,244
59,956
457,616
234,246
98,850
104,421
60,357
220,574
98,439
151,432
224,854
39,712
1,877,505
107,387
59,922
464,427
236,983
99,719
105,409
60,521
222,454
99,384
152,544
228,549
40,206
1,900,422
109,010
61,041
469,110
239,297
100,591
107,745
61,795
225,421
100,888
154,051
230,703
40,771
1,913,861
109,740
61,380
474,193
240,495
100,934
108,827
61,969
225,430
100,766
154,840
234,189
41,096
1,922.486
110,160
61,843
477,155
241,700
101,980
110,406
62,278
225,125
101,537
155,587
233,312
41,403
1,925,425
110,182
62,186
478,044
242,091
101,801
111,263
62,611
224,959
101,249
155,165
234,224
41,651
1,954,192
111,555
63,049
485,585
245,543
103,113
112,952
63,840
229,957
102,993
158,508
234,810
42,288
1,977,416
112,688
63,910
492,866
248,863
104,149
113,808
64,321
230,465
104,114
160,626
239,063
42,543
1,998,546
113,648
64,421
500,141
250,507
105,594
114,894
64,798
233,155
105,109
162,073
241,423
42,783
1.1
0.9
0.8
1.5
0.7
1.4
1.0
0.7
1.2
1.0
0.9
1.0
0.6
Southwest
Arizona....................
New Mexico............
Oklahoma................
Texas.......................
752,962
116,148
37,430
75,584
523,800
758,063
117,100
37,149
76,271
527,543
769,139
119,715
37,670
77,046
534,708
777,229
121,059
37,882
77,503
540,784
795,139
123,155
38,386
79,075
554,524
819,645
129,038
38,837
80,578
571,192
834,563
129,392
39,676
82,405
583,090
850,355
131,796
40,025
84,030
594,504
859,502
133,700
40,549
85,127
600,126
872,148
135,454
41,543
86,002
609,149
873,026
137,088
42,070
86,432
607,435
878,644
138,817
42,709
87,104
610,014
879,806
137,895
43,092
87,460
611,359
888,468
140,427
43,917
88,536
615,587
898,471
142,207
44,290
89,110
622,865
906,030
143,711
44,774
90,041
627,503
0.8
1.1
1.1
1.0
0.7
Rocky Mountain..........
Colorado.................
Idaho.......................
Montana..................
Utah........................
Wyoming................
228,817
121,719
27,640
19,237
47,855
12,367
232,570
124,591
28,339
19,094
47,896
12,649
236,012
126,788
28,587
19,330
48,564
12,744
238,695
128,293
29,006
19,218
49,263
12,915
245,840
133,095
29,790
19,878
49,968
13,110
251,980
136,267
30,631
20,173
51,505
13,404
259,380
141,628
31,195
20,525
52,431
13,602
264,940
145,827
31,504
20,909
52,960
13,739
268,028
147,285
31,925
21,103
53,593
14,123
270,446
148,326
32,235
21,386
54,280
14,219
271,647
148,167
32,484
21,633
54,918
14,445
272,192
147,797
32,697
21,947
55,070
14,681
271,659
147,150
32,684
21,726
55,267
14,831
274,520
147,976
33,478
22,001
55,911
15,155
276,742
149,711
33,362
22,260
56,191
15,218
279,092
150,579
33,684
22,589
56,799
15,440
0.8
0.6
1.0
1.5
1.1
1.5
Far West.....................
Alaska.....................
California.................
Hawaii.....................
Nevada....................
Oregon....................
Washington.............
1,313,449
17,368
956,511
32,084
53,841
86,876
1,335,412
17,399
972,756
32,087
54,378
87,527
1,347,348
17,474
984,034
32,322
54,834
88,410
1,367,061
17,501
996,943
32,881
55,301
89,299
1,405,142
17,907
1,025,715
33,002
56,806
91,099
1,460,052
18,459
1,068,886
33,569
58,248
93,544
1,477,839
18,659
1,084,368
34,262
59,720
95,043
1,517,153
18,920
1,120,994
34,425
60,455
96,457
1,523,649
19,056
1,123,250
34,976
61,367
96,578
1,535,960
19,337
1,131,361
35,375
62,313
97,776
1,538,552
19,650
1,128,323
35,411
63,059
97,723
1,535,698
19,780
1,126,393
35,684
63,712
97,903
1,533,591
19,798
1,126,948
35,569
62,781
97,851
1,555,326
20,327
1,138,909
36,579
64,337
99,344
1,576,318
20,470
1,155,581
37,068
64,888
100,669
1,591,757
20,664
1,166,906
37,355
65,399
101,820
1.0
0.9
1.0
0.8
0.8
1.1
166,768
171,264
170,273
175,136
180,613
187,344
185,786
185,901
188,422
189,797
194,386
192,225
190,644
195,831
197,643
199,614
1.0
Florida.......................
1. Percent change was calculated from unrounded data.
Note. The personal income level shown for the United States is derived as the sum of the State estimates. It differs from the
estimate of personal income in the national income and product accounts (NIPA’s) because of differences in coverage, in the
methodologies used to prepare the estimates, and in the timing of the availability of source data. In particular, it differs from
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
the NIPA estimate 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.
Source: Table 1 in “Personal Income by State, Third Quarter 2003” in the February 2003 issue of the Survey of Current Busi
ness.
Regional Data
D-66
April 2003
Table J.2. Annual Personal Income and Per Capita Personal Income for States and Regions
Per capita personal income1
Personal income
Millions of dollars
Area name
1996
1997
1998
1999
2000
2001
Percent
change2
1996
1997
1998
1999
2000
2001
U.S.
United States.......................
6,538,103
6,928,545
7,418,497
7,779,511
8,398,796
8,678,255
3.3
24,270
25,412
26,893
27,880
29,770
30,472
New England..................................
Connecticut................................
Maine..........................................
Massachusetts...........................
New Hampshire.........................
Rhode Island.............................
Vermont......................................
384,144
109,354
26,434
180,237
30,228
24,818
13,073
408,231
116,421
27,773
191,596
32,397
26,293
13,752
437,134
124,880
29,469
205,176
35,198
27,673
14,738
459,770
130,762
30,640
216,822
37,253
28,749
15,544
504,311
141,151
32,793
241,318
41,630
30,728
16,691
520,440
145,341
34,384
248,202
42,986
31,995
17,531
3.2
3.0
4.9
2.9
3.3
4.1
5.0
28,340
32,773
21,163
29,166
25,733
24,310
22,019
29,924
34,759
22,134
30,773
27,238
25,643
23,026
31,829
37,108
23,404
32,714
29,187
26,837
24,547
33,226
38,614
24,187
34,322
30,485
27,632
25,705
36,167
41,392
25,681
37,960
33,576
29,258
27,376
37,115
42,435
26,723
38,907
34,138
30,215
28,594
Mideast..........................................
Delaware.....................................
District of Columbia
Maryland....................................
New Jersey................................
New York....................................
Pennsylvania.............................
1,255,345
19,369
18,517
140,809
246,659
530,990
299,001
1,315,810
20,145
19,135
148,826
260,705
553,543
313,457
1,400,562
21,879
20,255
158,501
278,788
590,406
330,733
1,457,663
22,749
20,501
167,246
288,812
615,903
342,452
1,574,504
24,767
22,158
180,353
317,346
664,927
364,953
1,626,912
25,853
22,959
189,142
326,723
684,774
377,461
3.3
4.4
3.6
4.9
3.0
3.0
3.4
27,661
26,140
32,352
27,545
30,266
28,566
24,467
28,868
26,807
33,704
28,857
31,720
29,670
25,635
30,565
28,662
35,836
30,455
33,640
31,478
27,008
31,616
29,354
35,953
31,829
34,549
32,617
27,924
33,956
31,500
38,801
33,959
37,649
35,016
29,713
34,968
32,472
40,150
35,188
38,509
36,019
30,720
Great Lakes...................................
Illinois.........................................
Indiana........................................
Michigan.....................................
Ohio.............................................
Wisconsin...................................
1,079,799
322,790
132,890
238,095
264,162
121,864
1,138,557
340,594
139,459
250,216
279,367
128,920
1,206,886
362,081
149,318
264,520
293,208
137,759
1,253,408
373,578
154,919
276,541
304,515
143,855
1,333,919
401,030
165,815
293,744
320,377
152,953
1,365,555
412,200
169,885
297,609
327,745
158,116
2.4
2.8
2.5
1.3
2.3
3.4
24,408
26,672
22,501
24,398
23,496
23,301
25,589
27,950
23,418
25,509
24,772
24,481
26,983
29,505
24,891
26,860
25,921
26,004
27,873
30,227
25,628
27,942
26,864
26,976
29,505
32,248
27,228
29,516
28,202
28,471
30,103
33,023
27,783
29,788
28,816
29,270
9
31
18
24
20
Plains..............................................
Iowa.............................................
Kansas........................................
Minnesota...................................
Missouri............................... _...
Nebraska....................................
North Dakota.............................
South Dakota.............................
439,948
64,696
60,074
122,080
123,992
39,618
13,607
15,883
462,173
67,938
63,728
129,020
131,144
40,724
13,332
16,288
493,714
71,280
67,896
140,031
138,987
43,313
14,709
17,497
512,109
72,912
69,960
146,891
143,858
45,274
14,846
18,368
547,631
77,790
74,124
158,817
153,830
47,534
16,027
19,509
566,457
79,893
76,973
164,589
158,906
49,489
16,434
20,174
3.4
2.7
3.8
3.6
3.3
4.1
2.5
3.4
23,520
22,464
22,977
25,904
22,828
23,670
20,921
21,399
24,517
23,499
24,182
27,086
23,926
24,148
20,520
21,885
26,001
24,555
25,519
29,092
25,171
25,541
22,716
23,453
26,769
24,990
26,121
30,141
25,865
26,558
23,043
24,477
28,429
26,572
27,537
32,207
27,452
27,756
25,007
25,823
29,313
27,331
28,565
33,101
28,226
28,886
25,902
26,664
33
28
8
29
23
37
36
Southeast.......................................
Alabama......................................
Arkansas.....................................
Florida........................................
Georgia.......................................
Kentucky.....................................
Louisiana....................................
Mississippi................................
North Carolina...........................
South Carolina...........................
Tennessee...................................
Virginia.......................................
West Virginia.............................
1,445,912
87,221
48,700
355,136
172,935
78,221
87,879
48,898
167,638
76,287
119,287
169,938
33,771
1,532,165
91,284
51,055
377,673
183,757
82,927
92,286
51,598
179,691
81,045
125,457
180,190
35,202
1,639,428
96,481
53,784
405,146
200,104
88,148
97,458
55,072
192,577
86,672
134,241
193,007
36,738
1,719,649
100,532
56,004
424,726
213,792
91,093
99,047
56,920
202,744
91,249
141,117
204,937
37,488
1,841,660
105,796
59,205
454,106
232,179
98,125
103,824
59,881
218,537
97,659
150,344
222,498
39,506
1,915,549
109,773
61,613
474,626
240,896
101,326
109,560
62,163
225,234
101,110
154,911
233,107
41,230
4.0
3.8
4.1
4.5
3.8
3.3
5.5
3.8
3.1
3.5
3.0
4.8
4.4
22,038
20,138
18,934
23,909
23,055
19,957
19,978
17,793
22,350
20,096
22,022
25,173
18,527
22,986
20,899
19,628
24,869
23,911
20,979
20,874
18,580
23,468
20,998
22,814
26,385
19,351
24,242
21,904
20,479
26,161
25,447
22,118
21,948
19,635
24,661
22,115
24,101
27,968
20,234
25,079
22,693
21,119
26,951
26,571
22,671
22,204
20,124
25,504
22,958
25,026
29,276
20,691
26,501
23,766
22,108
28,286
28,212
24,244
23,227
21,017
27,055
24,273
26,367
31,320
21,861
27,246
24,589
22,887
28,947
28,733
24,923
24,535
21,750
27,514
24,886
26,988
32,431
22,881
43
48
22
25
40
44
50
32
41
34
12
49
Southwest......................................
Arizona.......................................
New Mexico...............................
Oklahoma...................................
Texas ..........................................
624,034
95,787
33,232
66,289
428,726
677,462
103,702
34,860
69,951
468,950
736,392
112,895
36,857
74,677
511,964
774,892
120,257
37,772
77,474
539,390
841,016
130,982
39,772
83,035
587,228
875,906
137,314
42,354
86,750
609,489
4.1
4.8
6.5
4.5
3.8
21,504
20,883
18,964
19,846
22,167
22,868
21,892
19,641
20,739
23,756
24,352
23,118
20,551
21,930
25,398
25,137
23,937
20,891
22,540
26,237
26,796
25,358
21,837
24,046
28,035
27,439
25,872
23,155
25,071
28,581
38
47
39
27
Rocky Mountain
Colorado.....................................
Idaho..........................................
Montana.....................................
Utah.............................................
Wyoming....................................
192,141
100,012
24,173
16,992
40,354
10,609
206,847
108,765
25,226
17,726
43,696
11,433
223,322
118,413
27,066
18,942
46,772
12,129
238,279
128,192
28,931
19,380
48,923
12,855
261,082
142,752
31,314
20,678
52,622
13,717
271,486
147,860
32,525
21,673
54,884
14,544
4.0
3.6
3.9
4.8
4.3
6.0
22,432
25,514
20,093
19,173
19,514
21,732
23,651
27,067
20,534
19,920
20,613
23,360
25,041
28,764
21,612
21,225
21,594
24,714
26,200
30,334
22,679
21,593
22,202
26,139
28,190
33,018
24,101
22,895
23,476
27,767
28,859
33,470
24,621
23,963
24,180
29,416
7
42
46
45
19
Far West
Alaska.........................................
California....................................
Hawaii.........................................
Nevada........................................
Oregon........................................
Washington...............................
1,116,779
15,762
812,404
30,393
43,331
75,561
139,328
1,187,299
16,488
861,557
31,218
47,258
80,575
150,203
1,281,057
17,138
931,564
31,841
52,017
85,305
163,192
1,363,741
17,570
994,862
32,573
55,330
89,084
174,321
1,494,673
18,773
1,099,375
34,308
59,948
95,406
186,863
1,535,950
19,641
1,128,256
35,510
62,966
97,814
191,763
2.8
4.6
2.6
3.5
5.0
2.5
2.6
25,201
25,901
25,373
25,249
26,004
23,270
25,015
26,353
26,898
26,521
25,765
26,789
24,385
26,469
27,972
27,645
28,240
26,201
28,069
25,446
28,285
29,324
28,122
29,698
26,913
28,598
26,248
29,836
31,669
29,913
32,334
28,301
29,696
27,821
31,627
32,047
30,936
32,702
29,002
29,897
28,165
32,025
14
10
21
17
30
13
1. Per capita personal income was computed using midyear population estimates of the
Bureau of the Census.
2. Percent change was calculated from unrounded data.
Note. The personal income level shown for the United States is derived as the sum of the State
estimates. It differs from the estimate of personal income in the national income and product
accounts (NIPA’s) because of differences in coverage, in the methodologies used to prepare the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1
35
2
6
16
26
11
5
3
4
15
estimates, and in the timing of the availability of source data. In particular, it differs from the NIPA
estimate 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.
Source: Table 1 “State Personal Income, Revised Estimates for 1999-2001” in the October
2002 issue of the Survey of Current Business.
April 2003
D-67
Survey of Current Business
Table J.3. Disposable Personal Income and Per Capita Disposable Personal Income for States and Regions
Per capita disposable personal income 1
Disposable personal income
Area name
Millions of dollars
1996
1997
1998
1999
2000
2001
Percent
change2
Dollars
1996
1997
1998
1999
2000
2001
Rankin
U.S.
United States.......................
5,669,393
5,960,749
6,349,151
6,621,480
7,113,559
7,387,363
3.8
21,045
21,863
23,016
23,729
25,214
25,939
New England
.
Connecticut.......... :....................
Maine..........................................
Massachusetts...........................
New Hampshire........................
Rhode Island.............................
Vermont......................................
326,543
91,536
23,257
151,896
26,610
21,780
11,463
342,605
95,724
24,200
159,674
28,200
22,851
11,955
364,015
101,699
25,480
169,596
30,578
23,898
12,764
379,838
105,830
26,400
177,269
32,116
24,787
13,436
410,306
112,817
28,111
193,290
35,516
26,237
14,336
428,879
117,239
29,593
202,402
37,003
27,503
15,139
4.5
3.9
5.3
4.7
4.2
4.8
5.6
24,091
27,433
18,620
24,580
22,652
21,334
19,308
25,114
28,580
19,286
25,646
23,709
22,286
20,018
26,505
30,219
20,236
27,041
25,356
23,176
21,258
27,450
31,252
20,839
28,061
26,282
23,824
22,220
29,425
33,083
22,014
30,406
28,645
24,982
23,513
30,586
34,230
23,000
31,728
29,387
25,973
24,693
Mideast..........................................
Delaware.....................................
District of Columbia
Maryland....................................
New Jersey................................
New York.”.................................
Pennsylvania.............................
1,073,172
16,547
15,862
119,755
211,334
450,040
259,634
1,114,511
16,987
16,120
125,597
220,964
464,468
270,375
1,178,249
18,470
16,921
133,060
234,080
491,784
283,933
1,217,422
19,202
16,795
140,126
240,089
507,736
293,475
1,309,804
20,935
18,024
150,250
262,179
546(368
312,047
1,360,181
21,967
18(782
158,291
272,356
565(238
323,546
3.8
4.9
4.2
5.4
3.9
3.5
3.7
23,647
22,332
27,712
23,426
25,932
24,211
21,246
24,452
22,605
28,393
24,353
26,885
24,896
22,111
25,714
24,196
29,937
25,566
28,245
26(220
23,186
26,405
24,777
29,454
26,668
28,720
26,889
23,930
28,247
26,628
31,562
28,291
31,104
28,772
25,406
29,235
27,591
32,845
29,449
32,101
29,732
26,332
Great Lakes
Illinois.........................................
Indiana........................................
Michigan.....................................
Ohio................................ ...........
Wisconsin..................................
930,464
278,447
114,831
204,949
227,746
104,491
975,464
291,507
119,826
214,500
239,900
109,732
1,029,255
307,987
128,475
225,186
250,838
116,768
1,067,782
316,463
133,378
235,489
260,567
121,886
1,138,249
339,330
143,459
251,045
273,908
130,508
1,167,753
'349,489
147,316
254,749
280,623
135,576
2.6
3.0
2.7
1.5
2.5
3.9
21,032
23,008
19,443
21,002
20,257
19,979
21,924
23,922
20,121
21,868
21,273
20,837
23,011
25,097
21,417
22,866
22,175
22,041
23,745
25,606
22,064
23,794
22,987
22,856
25,177
27,286
23,557
25,226
24,112
24,293
25,742
27,999
24,092
25,498
24,673
25,098
8
30
18
26
21
Plains. ..
...
Iowa............................................
Kansas........................................
Minnesota..................................
Missouri.....................................
Nebraska......... :......„................
North Dakota....... .....................
South Dakota.......... ..................
382,827
56,896
52,367
103,586
108,364
34,932
12,226
14,456
399,625
59,294
55,113
109,183
114,001
35,531
11,853
14,650
425,703
62,181
58,652
118,006
120,352
37,620
13,143
15,748
441,836
63,449
60,275
124,709
124,478
39,248
13,245
16,432
471,343
67,935
63,777
133,731
133,054
41,068
14,302
17,475
488,468
69,760
66,307
139,216
137,633
42,868
14,635
18,049
3.6
2.7
4.0
4.1
3.4
4.4
2.3
3.3
20,466
19,756
20,029
21,980
19,951
20,871
18,798
19,477
21,199
20,509
20,913
22,921
20,799
21,069
18,244
19,684
22,420
21,421
22,045
24,516
21,796
22,184
20,297
21,109
23,096
21,747
22,505
25,589
22,380
23,022
20,558
21,897
24,469
23,206
23,694
27,120
23,745
23,980
22,315
23,130
25,278
23,864
24,607
27,998
24,448
25,022
23,068
23,856
33
28
9
29
23
36
34
Southeast
Alabama................................ .....
Arkansas......... ..........................
Florida.........................................
Georgia.......................................
Kentucky............ ........................
Louisiana.............. ........ ............
Mississippi................................
North Carolina...........................
South Carolina...........................
Tennessee..................................
Virginia.......................................
West Virginia.............................
1,269,457
' 77,079
43,230
312,805
150,182
68,160
78,079
43,943
145,935
66,986
106,568
146,489
30,001
1,336,061
' 80,342
45,063
329,682
158,350
71,915
81,431
46,245
155,311
70,880
111,632
154(028
31,182
1,423,978
84,855
47,302
351,912
171,711
76,215
86,139
49,256
165,760
75,481
119,346
163,510
32,491
1,490,466
88,376
49,265
368,190
183,084
78,557
87,744
50,865
174,214
79,457
125,616
171,953
33,144
1,594,045
93,060
51,959
391,323
198,513
84,884
91,807
53,590
187,686
85,289
134,141
186,890
34,902
1,661,737
' 96,677
54,192
410,136
206,772
87,686
96,994
55,779
194,234
88,456
138,241
196,098
36,472
4.2
3.9
4.3
4.8
4.2
3.3
5.6
4.1
3.5
3.7
3.1
4.9
4.5
19,348
17,797
16,807
21,060
20,021
17,390
17,750
15,990
19,456
17,646
19,674
21,699
16,459
20,044
18,394
17,325
21,709
20,605
18,194
18,419
16,653
20,284
18,364
20,300
22,554
17,141
21,056
19,265
18,011
22,724
21,836
19,124
19,399
17,561
21,226
19,259
21,426
23,694
17,895
21,737
19,949
18,577
23,363
22,755
19,551
19,670
17,984
21,915
19,991
22,278
24,564
18,294
22,938
20,905
19,402
24,375
24,121
20,972
20,539
18,810
23,236
21,198
23,525
26,308
19,314
23,636
21,655
20,130
25,014
24,663
21,568
21,721
19,517
23,727
21,771
24,084
27,282
20,241
42
49
24
27
43
41
50
35
40
31
12
48
Southwest......................................
Arizona.......................................
New Mexico...............................
Oklahoma..................................
Texas..........................................
552,859
83,726
29,502
58,473
381,159
596,546
90,217
30,758
61,222
414,349
645,743
97,615
32,496
65,310
450,321
679,123
103,776
33,215
67,744
474,388
733,704
112,945
34,781
72,462
513,516
767,047
119,007
37,173
75,846
535,022
4.5
5.4
6.9
4.7
4.2
19,051
18,253
16,836
17,506
19,708
20,137
19,045
17,330
18,151
20,990
21,354
19,989
18,119
19,179
22,340
22,030
20,657
18,370
19,709
23,075
23,377
21,866
19,097
20,984
24,516
24,029
22,423
20,322
21,920
25,089
38
47
39
22
Rocky Mountain............................
Colorado........... _........ ..............
Idaho............ .............................
Montana.....................................
Utah....................................... .....
Wyoming....................................
166,565
86,111
21,208
15,037
35,002
9,207
178,194
92,927
22,044
15,621
37,715
9,886
191,724
100,489
23,639
16,670
40,460
10,466
203,495
108,190
25,148
16,997
42,112
11,047
221,749
119,717
27,021
18,084
45,258
11,669
231,908
124,947
28,240
19,000
47,302
12,419
4.6
4.4
4.5
5.1
4.5
6.4
19,446
21,967
17,628
16,967
16,926
18,861
20,375
23,126
17,944
17,554
17,792
20,199
21,498
24,410
18,876
18,679
18,680
21,324
22,376
25,601
19,714
18,939
19,112
22,464
23,943
27,690
20,797
20,023
20,191
23,621
24,652
28,283
21,378
21,008
20,840
25,118
7
44
45
46
20
Far West........................................
Alaska............. ...........................
California...................................
Hawaii.........................................
Nevada........................................
Oregon................... ....................
Washington...............................
967,506
13,919
701,878
26,730
37,634
64,801
122,543
1,017,744
14,497
735,173
27,371
41,126
68,539
131,039
1,090,483
15,003
789,557
27,846
44,903
72,660
140,515
1,141,518
15,400
827,255
28,378
47,583
75,398
147,503
1,234,359
16,411
897,310
29,786
51,332
80,241
159,278
1,281,390
17,171
932,835
30,930
54,069
82,917
163,467
3.8
4.6
4.0
3.8
5.3
3.3
2.6
21,833
22,872
21,921
22,206
22,585
19,957
22,001
22,590
23,650
22,630
22,590
23,313
20,742
23,092
23,811
24,201
23,935
22,914
24,230
21,674
24,354
24,546
24,649
24,695
23,447
24,594
22,216
25,246
26,153
26,149
26,391
24,570
25,428
23,399
26,958
26,736
27,045
27,038
25,262
25,673
23,876
27,299
13
14
19
17
32
11
1. Per capita disposable personal income was computed using midyear population estimates
of the Bureau of the Census.
2. Percent change was calculated from unrounded data.
Note. The personal income level shown for the United States is derived as the sum of the State
estimates. It differs from the estimate of personal income in the national income and product
accounts (NIPA’s) because of differences in coverage, in the methodologies used to prepare the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1
37
3
6
16
25
10
5
2
4
15
estimates, and in the timing of the availability of source data. In particular, it differs from the NIPA
estimate 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.
Source: Table 1 “State Personal Income, Revised Estimates for 1999-2001” in the October
2002 issue of the Survey of Current Business.
Regional Data
D-68
April 2003
Table J.4. Gross State Product (GSP) by Industry for States and Regions, 2000
[Millions of dollars]
State and region
Rank of
total GSP
Total GSP
Agriculture,
forestry, and
fishing
Mining
Construction
Manufac
turing
Transporta
tion and
public
utilities
Wholesale
trade
Retail trade
Finance,
insurance,
and real
estate
Services
Government
United States...........
9,941,552
135,750
127,084
463,635
1,566,579
825,016
674,145
893,855
1,936,304
2,164,630
1,154,555
New England........................
Connecticut.......................
Maine................................
Massachusetts.................
New Hampshire...............
Rhode Island.....................
Vermont............................
582,776
159,288
35,981
284,934
47,708
36,453
18,411
4,298
1,090
693
1,545
341
227
401
297
112
5
97
36
11
36
24,619
5,579
1,693
12,556
2,060
1,898
831
85,821
24'897
5,561
37,956
9,777
4,450
3,179
34,328
9,399
2,457
16,075
2,707
2,343
1,346
38,418
9,726
2,138
20,467
3,212
1,854
1,021
48,794
12,876
4,253
22,004
4,617
3,244
1,799
149,028
47,045
6,667
69,651
11,587
10,796
3,281
143,603
35,235
7,422
79,674
9,685
7,465
4,121
53,570
13,328
5,090
24,908
3,684
4,164
2,396
16
8
2
6
1,848,116
36,336
59,397
186,108
363,089
799,202
403,985
11,090
317
21
1,600
1,919
3,385
3,848
3,667
2
29
153
242
615
2,627
70,536
1,578
571
10,519
14,235
25,958
17,674
228,623
5,535
833
14,955
50,198
81,644
75,457
146,359
1,876
3,044
14,137
34,131
58,750
34,421
118,790
1,482
746
11,392
33,575
46,841
24,754
138,089
2,579
1,672
16,164
27,339
54,630
35,705
481,675
13,840
8,017
38,915
85,452
259,929
75,522
436,048
5,790
22,753
45,895
81,545
188,190
91,875
213,239
3,336
21,711
32,377
34,453
79,260
42,102
Great Lakes..........................
Illinois...............................
Indiana..............................
Michigan...........................
Ohio.”...............................
Wisconsin.........................
5
15
9
7
20
1,530,982
'467,284
192,195
325,384
372^640
173,478
15,630
4,163
2,225
2,910
3,481
2,851
4,414
1,058
674
881
1,531
271
74,009
22,310
9,836
16,619
16,809
8,434
351,203
73,413
58,906
85,465
89,399
44,021
116,507
41,203
14,436
21,335
27,100
12,433
109,716
37,013
11,448
23,548
26,483
11,225
137,490
37,669
17,365
30,046
36,183
16,227
257,073
96,849
25,422
46,417
60,960
27,424
306,776
107,674
32,755
64,863
69,897
31,588
158,165
45,932
19,128
33,301
40,799
19,005
Plains....................................
Iowa...................................
Kansas..............................
Minnesota.........................
Missouri............................
Nebraska...........................
North Dakota.....................
South Dakota...................
30
31
17
18
36
50
46
635,821
89,600
85,063
184,766
178,845
56,072
18,283
23,192
16,886
3,678
2,204
3^318
2,517
2,471
952
1,745
3,449
210
1,236
684
423
86
686
125
31,195
3,822
4,018
9,575
9,150
2,710
924
995
111,677
19,747
14,004
32,459
32,849
8,022
1,580
3,015
60,941
7,758
11,408
13,842
18,299
6,082
1,783
1,769
47,702
6,338
6,449
14,555
12,985
4,289
1,561
1,524
59,475
7,950
8,380
17,069
17,040
4,918
1,797
2,322
104,091
13,938
11,141
35,354
27,394
8,763
2,846
4,655
126,218
15,392
14,851
39,566
37,761
11,031
3,518
4,100
74,188
10,768
11,373
18,344
20,425
7,701
2,636
2,941
Southeast.............................
Alabama............................
Arkansas...........................
Florida...............................
Georgia.............................
Kentucky...........................
Louisiana..........................
Mississippi........................
North Carolina..................
South Carolina.................
Tennessee.........................
Virginia .............................
West Virginia...................
25
34
4
10
27
24
35
12
28
19
13
40
2,156,521
119,921
67,724
472,105
296,142
118,508
137,700
67,315
281,741
113,377
178,362
261,355
42,271
32,736
2,166
2,246
8’084
3,894
2,693
1,281
1,600
4,979
1,359
1,805
2*320
309
30,526
1,448
474
899
1,127
2,135
18,526
770
521
177
541
1,044
2,863
108,230
5,845
3,300
25,357
14,821
5,538
6,635
3,222
13,913
6,814
8,243
12,561
1,980
351,257
22,959
15,065
32,590
49,553
31,633
20,145
13,307
67,502
23,897
36,055
31,792
6,760
190,197
10,544
7,036
39,503
33,355
9,605
12,233
6,401
18,773
10,397
14,790
23,009
4,551
148,028
7,788
4,466
36,250
26,471
7,316
7,519
3,912
16,689
7,071
13,301
15,007
2,237
212,493
12,134
7,868
52,887
27,206
10,976
11,790
7,270
24,119
12,037
19,943
22,024
4,239
361,852
18,027
8,117
100,537
47,076
13,664
19,005
8,158
54,987
15,819
25,678
45,969
4,816
434,586
20,849
10,769
118,762
58,036
19,211
24,039
11,753
45,998
18,522
37,475
61,451
7,719
286,617
18,161
8,382
57,236
34,603
15,735
16,526
10,923
34,260
17,285
20,531
46,178
6,795
Southwest............................
Arizona..............................
New Mexico......................
Oklahoma..........................
Texas..................................
23
37
29
3
1,044,714
156,303
54,364
91,773
742,274
15,067
2,246
1,043
2,138
9,639
57,581
1,136
5,051
5,146
46,247
51,262
9,292
2,290
3,614
36,066
149,173
24,382
8,862
14,824
101,105
106,628
11,154
4,067
8,480
82,927
75,069
10,124
2,186
5,375
57,384
100,350
16,463
4,838
9,338
69,711
156,992
28,714
7,219
11,383
109,676
209,961
34,652
9,787
16,849
148,674
122,632
18,140
9,022
14,625
80,845
Rocky Mountain..................
Colorado...........................
Idaho.................................
Montana............................
Utah...................................
Wyoming..........................
21
41
47
33
48
314,569
167,918
37'031
21,777
68,549
19,294
6,145
2,261
1,870
846
713
454
9,800
2,913
'169
812
1,208
4,698
20,135
11,084
2,414
1,218
4,405
1,014
36,195
16,257
8,468
1,578
8,559
1,333
34,340
20,376
2,874
2,563
5,901
2,626
19,342
10,726
2,277
1,352
4,254
733
29,999
15,911
3,632
2,180
6,881
1,394
51,085
28,734
4,306
3,074
12,685
2,286
67,522
40,342
6,180
4,566
14,268
2,166
40,006
19,313
4,842
3,587
9,675
2,589
Far West...............................
Alaska...............................
California..........................
Hawaii...............................
Nevada..............................
Oregon..............................
Washington.......................
45
1
39
32
26
14
1,828,052
' 27,747
1,344,623
42,364
74,745
118,637
219,937
33,898
'433
24,587
509
582
3,066
4,722
17,350
6,041
9,233
44
1,392
159
481
83,651
1,266
55,472
1,853
7,399
6,365
11,296
252,629
1,073
189,962
1,296
3,066
30,608
26,625
135,717
4,401
94,183
4,288
5,924
8,199
18,722
117,080
837
87,392
1,602
3,386
8,521
15,341
167,165
1,858
121,300
4,663
7,920
9,630
21,795
374,507
2,852
293,110
9,520
13,379
16,768
38,877
439,917
3,690
328,274
9,515
24,131
21,218
53,089
206,137
5,296
141,109
9,074
7,566
14,102
28,990
Mideast................................
Delaware...........................
District of Columbia.........
Maryland...........................
New Jersey.......................
New York..........................
Pennsylvania.....................
22
44
11
38
42
49
43
Note. Totals shown for the United States differ from the national income and product account estimates of gross
domestic product (GDP) because GSP is derived from gross domestic income, which differs from GDP by the statistical
discrepancy. In addition, GSP excludes and GDP includes the compensation of Federal civilian and military personnel
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
stationed abroad and government consumption of fixed capital for military structures located abroad and for military
equipment, except office equipment. Also, GSP and GDP have different revision schedules.
Source: This table reflects the GSP estimates for 2000 that were released on June 10, 2002. Detailed estimates are
available on BEA’s Web site at <www.bea.gov> under “State and local area data.”
April 2003
D-69
K. Local Area Table
Table K.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 1998-2000
Per capita personal income1
Personal income
Percent
change2
Millions of dollars
Area name
1998
1999
2000
7,418,497
6,309,791
1,108,706
7,769,367
6,622,851
1,146,516
8,314,032
7,103,560
1,210,472
287,183
54,908
83,338
150,138
78,606
162,694
136,556
298,505
57,245
85,770
160,079
85,196
169,368
142,509
428,551
95,902
49,851
451,458
98,951
51,775
741,023
774,361
187,702
61,119
46,577
194,772
64,272
50,012
257,252
112,042
283,762
121,281
247,605
Abilene, TX..........................................
Akron, OH*..........................................
Albany, GA...........................................
Albany-Schenectady-Troy, NY.........
Albuquerque, NM...............................
Alexandria, LA....................................
Allentown-Bethlehem-Easton, PA....
Altoona, PA..........................................
Amarillo, TX........................................
Anchorage, AK...................................
Ann Arbor, Ml*....................................
Anniston, AL........................................
Appleton-Oshkosh-Neenah, Wl.......
Asheville, NC......................................
Athens, GA..........................................
Atlanta, GA..........................................
Atlantic-Cape May, NJ*.....................
Auburn-Opelika, AL............................
Augusta-Aiken, GA-SC.....................
Austin-San Marcos, TX.....................
Bakersfield, CA...................................
Baltimore, MD*..................................
Bangor, ME (NECMA)........................
Barnstable-Yarmouth, MA (NECMA)
Baton Rouge, LA................................
Beaumont-Port Arthur, TX...............
Bellingham, WA..................................
19992000
Rank
in
Dollars
U.S.
1998
1999
2000
7.0
7.3
5.6
26,893
28,528
20,277
27,843
29,569
20,822
29,469
31,332
21,847
316,620
60,249
89,742
174,907
94,440
178,609
155,001
6.1
5.2
4.6
9.3
10.9
5.5
8.8
31,878
28,078
28,294
30,167
31,947
29,973
30,405
32,820
29,075
29,115
31,267
33,652
31,114
30,982
34,506
30,384
30,464
33,289
36,370
32,694
33,025
482,176
105,353
54,331
6.8
6.5
4.9
26,909
25,637
29,698
27,892
25,937
30,734
29,329
27,033
32,137
836,234
8.0
35,723
36,956
206,743
69,210
54,157
6.1
7.7
8.3
30,592
27,732
26,894
31,598
28,687
28,299
328,725
127,818
15.8
5.4
37,277
32,207
262,832
283,865
8.0
2,881
18,584
2,567
24,112
16,861
2,833
16,797
2,908
4,981
8,403
17,299
2,361
9,082
5,554
3,262
116,796
10,234
1,920
10,502
32,797
12,577
74,127
3,124
6,912
14,061
8,795
3,550
2,964
19,186
2,635
24,816
17,372
2,901
17,530
3,031
5,047
8,599
18,414
2,369
9,545
5,706
3,407
126,048
10,373
2,021
10,817
36,972
12,921
77,608
3,244
7,430
14,542
8,798
3,707
3,096
20,194
2,770
26,233
18,503
3,006
18,614
3,165
5,333
9,108
19,765
2,364
10,179
6,032
3,589
136,832
10,954
2,135
11,389
40,483
13,787
82,502
3,426
8,128
15,176
9,146
3,876
Benton Harbor, Ml..............................
Bergen-Passaic, NJ*.........................
Billings, MT.........................................
Biloxi-Gulfport-Pascagoula, MS......
3,853
51,904
3,100
7,741
4.018
53,692
3,179
8,027
Binghamton, NY.................................
Birmingham, AL.................................
5,773
24,406
Bismarck, ND...............................
Bloomington, IN.................................
Bloomington-Normal, IL...................
Boise City, ID.......................................
Boston-Worcester-LawrenceLowell-Brockton, MA-NH
(NECMA).........................................
Boulder-Longmont, CO*...................
Brazoria, TX*......................................
Bremerton, WA*............. ...................
Brownsville—Harlingen—San Benito,
TX....................................................
Bryan-College Station, TX.................
Buffalo-Niagara Falls, NY..................
Burlington, VT (NECMA)...................
Canton-Massillon, OH.......................
Casper, WY..........................................
Cedar Rapids, IA.................................
Champaign-Urbana, IL......................
Charleston-North Charleston, SC.....
Charleston, WV..................................
Charlotte-Gastonia-Rock Hill,
NC-SC............................................
Charlottesville, VA..............................
Chattanooga, TN-GA.........................
Cheyenne, WY....................................
United States3..........................
Metropolitan portion........................
Nonmetropolitan portion..................
Millions of dollars
Percent
change2
19992000
1999
2000
27,327
19,190
31,840
28,059
19,617
32,974
29,318
20,653
35,216
81
305
23
19,461
19,936
21,028
303
25,824
26,572
21,519
22,707
25,353
32,532
29,503
25,713
27,336
21,754
23,573
26,479
34,267
30,402
27,005
28,504
22,660
24,108
27,516
37,153
31,347
134
99
276
228
124
18
53
30,410
21,566
22,348
31,601
22,357
22,787
33,259
23,197
23,795
36
259
238
5.2
24,481
24,450
25,645
172
6.0
9.1
5.6
23,893
28,160
23,435
24,590
28,691
24,321
26,005
30,939
25,472
162
57
178
12,643
4,857
5.5
5.0
17,318
24,578
17,749
25,614
18,535
26,485
312
149
2,281
6.4
22,711
23,499
25,069
191
1999
2000
Corvallis, OR......................................
Cumberland, MD-WV.......................
Dallas, TX*........................................
2,157
1,971
106,605
2,196
2,010
113,699
2,291
2,102
124,705
4.3
4.6
9.7
Danville, VA.......................................
2,150
2,199
2,314
5.2
Davenport-Moline-Rock Island,
IA-IL..............................................
Dayton-Springfield, OH....................
Daytona Beach, FL............................
Decatur, AL........................................
Decatur, IL.........................................
Denver, CO*.......................................
Des Moines, IA..................................
9,260
25,427
10,308
3,274
2,927
65,598
13,074
9,250
26,056
10,587
3,423
3,049
70,982
13,700
9,690
27,084
11,232
3,521
3,150
78,793
14,340
4.8
3.9
6.1
2.9
3.3
11.0
4.7
Detroit, Ml*.......................................
Dothan, AL.........................................
Dover, DE............................................
134,925
2,943
2,772
140,283
3,071
2,862
147,828
3,202
3,025
5.4
4.3
5.7
39,568
Dubuque, IA.......................................
2,173
2,174
2,287
33,377
30,453
29,951
Duluth-Superior, MN-WI................
Dutchess County, NY*......................
Eau Claire, Wl....................................
5,789
7,710
3,432
5,978
7,964
3,584
6,339
8,687
3,785
40,660
34,412
46,586
35,877
El Paso, TX.........................................
Elkhart-Goshen, IN...........................
11,624
4,372
11,988
4,627
33,416
34,955
37,168
Elmira, NY..........................................
2,085
2,145
4.5
5.3
5.1
5.7
6.5
3.6
6.2
4.4
5.7
5.9
7.3
-0.2
6.6
5.7
5.3
8.6
5.6
5.6
5.3
9.5
6.7
6.3
5.6
9.4
4.4
3.9
4.6
22,971
26,893
21,313
27,587
24,043
22,509
26,606
22,284
23,404
32,668
31,002
20,146
25,858
25,142
22,001
30,121
29,262
17,466
22,320
28,382
19,559
29,354
21,605
32,223
23,787
22,974
22,048
23,460
27,680
21,864
28,392
24,598
23,006
27,593
23,361
23,387
33,156
32,312
20,620
26,864
25,506
22,542
31,435
29,420
17,901
22,800
30,659
19,714
30,551
22,387
33,932
24,312
22,851
22,525
24,487
29,023
22,920
29,942
25,894
23,777
29,146
24,533
24,429
34,950
33,987
21,232
28,332
26,618
23,311
33,013
30,824
18,484
23,816
32,039
20,767
32,265
23,653
36,417
25,117
23,756
23,133
214
90
26/
71
164
239
88
210
217
24
32
298
102
144
253
37
63
313
236
44
304
42
242
20
190
240
261
4,171
58,721
3,376
8,429
3.8
9.4
6.2
5.0
23,776
38,142
24,285
21,773
24,799
39,239
24,697
22,234
25,659
42,726
26,057
23,097
170
4
160
262
5,959
25,652
6,244
26,814
4.8
4.5
22,798
26,791
23,575
27,966
24,779
29,057
198
89
2,200
2,662
3,930
10,380
2,272
2,779
4,212
11,091
2,426
2,955
4,475
12,349
6.8
6.3
6.2
11.3
23,487
22,308
26,819
25,483
24,107
23,098
28,244
26,343
25,586
24,503
29,670
28,329
199,531
9,487
5,314
5,442
212,497
10,392
5,625
5,636
235,164
11,521
6,014
5,916
10.7
10.9
6.9
5.0
33,411
34,181
22,984
23,777
35,287
36,347
23,675
24,568
4,518
2,760
29,513
5,216
9,853
1,860
5,450
4,129
11,824
6,583
4,683
2,856
30,160
5,514
10,086
1,917
5,718
4,296
12,686
6,698
5,023
3,058
31,371
5,904
10,523
2,137
6,089
4,554
13,463
7,014
7.3
7.1
4.0
7.1
4.3
11.5
6.5
6.0
6.1
4.7
13,919
18,708
25,043
26,791
24,258
28,117
29,112
23,329
22,074
25,925
40,359
4,452
11,243
2,067
43,205
4,598
11,761
2,178
46,600
4,947
12,472
2,291
7.9
7.6
6.0
5.2
265,559
4,086
46,511
4,089
64,754
12,887
3,327
13,418
6,213
41,976
8,262
276,206
4,280
48,408
4,290
66,584
13,738
3,436
14,089
6,489
44,389
8,409
292,932
4,549
50,946
4,619
69,549
14,957
3,646
14,932
6,823
47,299
8,879
6.1
6.3
5.2
7.7
4.5
8.9
6.1
6.0
5.1
6.6
5.6
See footnotes at the end of table.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Rank
in
U.S.
Dollars
1998
1998
Metropolitan Statistical
Areas4
Chicago, IL*........................................
Chico-Paradise, CA...........................
Cincinnati, OH-KY-IN*.....................
Clarksville-Hopkinsville, TN-KY.......
Cleveland—Lorain—Elyria, OH*..........
Colorado Springs, CO........................
Columbia, MO....................................
Columbia, SC.....................................
Columbus, GA-AL..............................
Columbus, OH....................................
Corpus Christi, TX..............................
Area name
2000
Consolidated Metropolitan
Statistical Areas
Chicago-Gary-Kenosha, IL—IN—Wl
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-MDVA-WV............................................
Per capita personal income1
Personal income
2000
Enid, OK..............................................
1,328
1,326
1,373
3.5
22,841
22,791
23,815
237
6,504
7,590
7,640
4,258
6,862
6,356
2,432
10,470
2,877
2,790
6,219
43,721
10,924
8,644
4,113
4,093
12,805
43,532
17,465
2,072
4,938
6,251
15,702
2,698
2,217
2,264
2,562
6,649
7,904
7,896
4,535
7,105
6,806
2,528
10,672
2,956
2,902
6,670
44,556
11,196
8,932
4,319
4,254
13,195
46,380
18,462
2,119
5,063
6,387
16,146
2,751
2,222
2,264
2,709
6,944
8,271
8,310
4,720
7,542
7,306
2,700
11,017
3,060
3,085
7,376
47,997
11,834
9,367
4,625
4,530
13,878
50,202
19,556
2,219
5,347
6,660
17,196
2,893
2,443
2,388
2,885
4.4
4.6
5.2
4.1
6.2
7.4
6.8
3.2
3.5
6.3
10.6
7.7
5.7
4.9
7.1
6.5
5.2
8.2
5.9
4.7
5.6
4.3
6.5
5.2
9.9
5.5
6.5
23,082
23,744
25,940
24,914
22,912
21,588
20,111
24,171
20,254
22,336
25,830
28,015
25,893
27,779
20,384
24,363
25,924
26,729
19,454
19,852
23,217
25,446
24,947
21,856
19,543
22,657
22,738
23,637
24,564
26,712
26,230
23,558
22,442
20,842
24,567
20,770
23,107
27,017
27,950
25,917
28,237
21,104
25,163
26,479
27,745
20,260
20,375
23,455
25,662
25,604
22,169
19,635
23,122
23,591
24,740
25,584
28,048
27,024
24,899
23,316
22,000
25,217
21,397
24,517
29,178
29,409
26,655
29,206
22,249
26,501
27,591
29,305
21,121
21,486
24,507
26,564
27,216
23,262
21,550
24,572
24,693
199
175
108
133
193
251
288
186
295
211
87
80
142
85
282
148
118
82
301
294
212
145
129
256
292
208
201
27,695
1,881
3,521
6,102
28,933
1,896
3,822
6,365
30,550
ty978
4,126
6,659
5.6
4.3
8.0
4.6
26,095
23,304
21,144
27,442
26,853
23,527
21,921
28,311
27,977
24,661
22,539
29,295
110
202
278
83
32,570
2,936
33,716
2,911
35,799
3,299
6.2
13.3
26,716
22,499
27,237
21,964
28,522
24,599
98
207
174
213
74
103
Erie, PA...............................................
Eugene-Springfield, OR....................
Evansville-Henderson, IN-KY.........
Fargo-Moorhead, ND-MN...............
Fayetteville, NC..................................
Fayetteville—Springdale—Rogers, AR
Flagstaff, AZ-UT...............................
Flint, Ml* .
......................
Florence, AL.......................................
Florence, SC......................................
Fort Collins-Loveland, CO...............
Fort Lauderdale, FL*.........................
Fort Myers-Cape Coral, FL..............
Fort Pierce-Port St. Lucie, FL..........
Fort Smith, AR-OK...........................
Fort Walton Beach, FL......................
Fort Wayne. IN...................................
Fort Worth-Arlington, TX*..............
Fresno, CA.........................................
Gadsden, AL......................................
Gainesville, FL...................................
Galveston-Texas City, TX*...............
Gary, IN*............................................
Glens Falls. NY..................................
Goldsboro, NC...................................
Grand Forks, ND-MN
Grand Junction, CO..........................
Grand Rapids—Muskegon—Holland,
Ml..................................................
Great Falls, MT..................................
Greeley, CO*......................................
Green Bay, Wl....................................
Greensboro-Winston-Salem-High
Point, NC.......................................
Greenville, NC....................................
Greenville-Spartanburg-Anderson.
SC..................................................
Hagerstown, MD*.............................
Hamilton-Middletown, OH*.............
Harrisburg-Lebanon-Carlisle. PA ..
21,965
2,945
8,397
17,221
22,964
3,012
8,837
17,838
24,403
3,206
9,303
18,653
6.3
6.5
5.3
4.6
23,404
22,570
25,580
27,505
24,108
22,960
26,719
28,399
25,277
24,267
27,878
29,624
184
221
114
76
38,758
39,347
24,723
25,443
16
14
200
179
Hartford, CT (NECMA)......................
Hattiesburg, MS.................................
Hickory-Morganton-Lenoir, NC.....
Honolulu, HI......................................
37,637
2,195
7,725
24,914
39,103
2,288
8,092
25,263
41,761
2,393
8,633
26,235
6.8
4.6
6.7
3.8
33,179
20,035
23,209
28,091
34,261
20,679
23,945
28,744
36,295
21,344
25,178
29,960
21
296
189
70
14,179
19,015
25,710
27,985
24,783
28,920
30,106
24,049
23,227
26,523
14,906
20,033
26,846
29,611
25,863
32,112
31,686
25,331
24,458
27,898
317
308
139
77
165
43
50
182
216
113
Houma, LA.........................................
Houston, TX*.....................................
Huntington-Ashland, WV-KY-OH...
Huntsville, AL....................................
Indianapolis, IN.................................
Iowa City, IA......................................
Jackson. Ml.......................................
Jackson, MS......................................
Jackson, TN......................................
Jacksonville, FL.................................
4,031
124,991
6,247
8,576
44,755
2,888
3,514
10,716
2,404
28,638
3,970
130,497
6,348
8,881
46,852
3,058
3,704
11,095
2,512
29,383
4,185
142,327
6,653
9,471
49,836
3,276
3,865
11,666
2,674
31,413
5.4
9.1
4.8
6.6
6.4
7.1
4.3
5.1
6.4
6.9
20,817
31,136
19,709
25,483
28,589
26,788
22,524
24,692
22,969
26,673
20,406
31,726
20,092
26,155
29,485
27,847
23,582
25,369
23,611
26,997
21,519
33,891
21,106
27,575
30,906
29,441
24,357
26,396
24,853
28,456
293
33
302
119
59
79
219
151
196
100
28,212
28,927
24,477
25,674
29,360
29,223
25,422
26,885
30,901
30,875
26,781
28,035
60
62
140
109
3,166
2,821
3,683
14,950
3,284
2,842
3,780
15,660
3,433
2,959
3,918
16,760
4.5
4.1
3.7
7.0
21,000
20,036
24,416
24,990
21,950
20,288
24,943
25,927
22,847
21,208
25,694
27,522
270
299
169
122
32,665
20,433
28,582
20,168
28,723
25,874
25,094
25,621
22,694
27,896
21,646
33,632
21,262
29,551
20,938
29,557
26,988
25,623
26,519
23,694
29,114
22,029
35,336
22,325
30,891
22,250
30,909
28,804
26,851
27,741
24,813
30,619
23,323
22
279
61
281
58
92
138
116
197
66
250
Jacksonville, NC................................
Jamestown, NY.................................
Janesville-Beloit, Wl........................
Jersey City, NJ*.................................
Johnson City-Kingsport-Bristol,
TN-VA............................................
Johnstown, PA..................................
Jonesboro, AR...................................
Joplin, MO..........................................
Kalamazoo-Battle Creek. Ml............
Kankakee, IL*....................................
Kansas City, MO-KS.........................
Kenosha, Wl*....................................
Killeen-Temple, TX...........................
Knoxville, TN.....................................
Kokomo, IN.......................................
9,857
4,865
1,615
3,224
11,108
2,302
50,305
3,620
6,365
16,490
2,654
10,121
5,069
1,699
3,351
11,333
2,358
53,017
3,795
6,759
17,021
2,784
10,712
5,262
1,793
3,505
11,759
2,494
56,591
3,998
7,132
18,153
2,918
5.8
3.8
5.5
4.6
3.8
5.8
6.7
5.3
5.5
6.7
4.8
20,756
20,634
20,154
20,928
24,700
22,297
28,865
24,731
20,671
24,441
26,292
21,174
21,658
20,968
21,506
25,092
22,740
30,090
25,589
21,933
24,975
27,474
22,302
22,663
21,744
22,230
25,950
24,010
31,765
26,646
22,696
26,345
28,727
280
275
290
283
163
230
48
143
273
153
95
Regional Data
D-70
April 2003
Table K.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 1998-2000—Continued
Per capita personal income1
Personal income
Area name
Percent
change2
Millions of dollars
19992000
1998
1999
2000
3,064
8,201
4,093
3,988
10,122
11,981
10,949
2,572
2,818
37,556
2,043
2,285
2,316
12,170
3,555
6,509
14,634
4,677
253,406
28,201
5,475
4,704
3,164
8,151
4,205
4,054
10,478
12,495
11,526
2,712
2,905
40,561
2,135
2,349
2,413
12,785
3,702
6,858
15,240
4,764
265,291
29,247
5,594
4,910
3,323
8,572
4,455
4,166
11,306
13,298
12,050
2,945
3,032
43,615
2,278
2,443
2,497
13,743
3,864
7,217
16,045
5,009
281,835
31,008
5,978
5,194
5.0
5.2
5.9
2.8
7.9
6.4
4.5
8.6
4.4
7.5
6.7
4.0
3.5
7.5
4.4
5.2
5.3
5.2
6.2
6.0
6.9
5.8
Dollars
Area name
2000
1998
1999
2000
24,438
21,511
22,738
21,841
21,469
25,806
24,474
14,053
16,376
26,320
20,941
19,771
22,463
26,121
22,894
26,611
25,598
22,492
27,208
27,866
22,851
22,169
25,100
21,219
23,179
22,103
21,919
26,706
25,780
14,347
16,705
26,985
21,461
20,235
23,333
26,975
23,909
27,717
26,327
22,804
28,111
28,670
23,235
22,976
26,165
22,210
24,330
22,701
23,285
28,195
26,895
15,114
17,321
27,558
22,747
21,332
24,045
28,597
24,890
28,752
27,417
23,992
29,522
30,191
24,613
24,141
156
284
220
272
255
106
136
316
314
121
271
297
229
97
194
94
126
232
78
68
205
226
Macon, GA..........................................
7,490
7,814
8,234
5.4
23,505
24,357
25,474
177
Madison, Wl........................................
Mansfield, OH.....................................
McAllen—Edinburg—Mission, TX.......
Medford-Ashland, OR.......................
Melbourne—Titusville—Palm Bay, FL..
Memphis, TN-AR-MS.......................
13,090
3,826
6,720
4,005
11,116
30,687
13,737
3,908
7,105
4,246
11,374
31,775
14,679
4,101
7,659
4,468
12,261
33,329
6.9
4.9
7.8
5.2
7.8
4.9
31,152
21,746
12,492
22,670
23,772
27,625
32,456
22,156
12,782
23,687
24,090
28,222
34,301
23,347
13,344
24,563
25,650
29,275
30
249
318
209
171
84
Merced, CA..........................................
Miami, FL*..........................................
Middlesex-Somerset-Hunterdon,
NJ*..................................................
Milwaukee-Waukesha, Wl*..............
Minneapolis-St. Paul, MN-WI..........
Missoula, MT......................................
Mobile, AL...........................................
Modesto, CA........................................
Monmouth-Ocean, NJ*.....................
Monroe, LA.........................................
Montgomery, AL.................................
Muncie, IN...........................................
Myrtle Beach, SC................................
Naples, FL...........................................
Nashville, TN......................................
Nassau-Suffolk, NY*.........................
New Haven-Bridgeport-StamfordDanbury-Waterbury, CT*.............
New London-Norwich, CT (NECMA)
New Orleans, LA.................................
New York, NY*...................................
3,545
52,180
3,742
54,395
3,924
57,356
4.9
5.4
17,528
23,935
18,100
24,492
18,536
25,320
311
183
Reno, NV............................................
Richland-Kennewick-Pasco, WA....
Richmond-Petersburg, VA..............
Riverside-San Bernardino, CA*......
Roanoke, VA......................................
Rochester, MN...................................
Rochester, NY....................................
Rockford, IL......................................
Rocky Mount, NC..............................
Sacramento, CA*...............................
Saginaw-Bay City-Midland, Ml......
St. Cloud, MN........................ ...........
St. Joseph, MO..................................
St. Louis, M0-IL...............................
Salem, OR*.......................................
Salinas, CA.........................................
Salt Lake City—Ogden, UT.................
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 MariaLompoc, CA..................................
Santa Cruz-Watsonville, CA*..........
Santa Fe, NM.....................................
Santa Rosa, CA*................................
Sarasota-Bradenton, FL...................
Savannah, GA....................................
Scranton-Wilkes-Barre-Hazleton,
PA..................................................
Seattle—Bellevue—Everett, WA*........
43,472
44,776
96,082
2,093
11,393
9,178
35,161
3,109
7,860
2,735
4,043
8,951
34,143
101,028
45,564
46,566
101,215
2,161
11,774
9,650
36,478
3,258
8,251
2,813
4,309
9,538
35,748
105,063
49,749
48,860
109,236
2,315
12,280
10,302
39,362
3,396
8,584
2,952
4,616
10,198
38,263
111,360
9.2
4.9
7.9
7.1
4.3
6.8
7.9
4.2
4.0
5.0
7.1
6.9
7.0
6.0
38,155
30,032
33,308
22,307
21,378
21,407
31,952
21,055
23,899
22,889
21,737
38,357
28,598
37,229
39,393
31,122
34,518
22,802
21,930
22,001
32,721
22,135
24,915
23,683
22,461
38,916
29,429
38,387
42,392
32,538
36,666
24,111
22,677
22,889
34,812
23,061
25,740
24,877
23,315
40,121
30,962
40,353
5
39
19
227
274
268
28
265
167
195
252
10
56
9
71,036
7,690
33,225
321,204
74,358
7,918
33,710
337,522
79,510
8,235
34,842
365,961
6.9
4.0
3.4
8.4
42,134
29,967
24,878
35,123
43,806
30,741
25,187
36,504
46,542
31,745
26,056
39,259
3
49
161
15
72,871
9,167
75,398
9,590
81,529
10,211
8.1
6.5
36,321
24,411
37,298
25,125
40,061
26,211
37,362
78,163
5,251
6,287
24,684
5,055
20,377
87,686
38,426
2,038
3,274
3,320
8,788
9,219
156,407
77,874
1,575
66,086
3,726
1,469
7,649
53,544
38,836
84,680
5,448
5,994
25,793
5,267
21,682
92,823
40,731
2,086
3,345
3,421
9,038
9,360
162,631
82,677
1,606
68,840
3,817
1,523
8,026
56,273
41,180
95,167
5,780
6,414
27,606
5,513
22,895
99,583
43,921
2,220
3,483
3,567
9,522
9,689
172,229
90,309
1,670
72,206
4,051
1,597
8,447
60,856
6.0
12.4
6.1
7.0
7.0
4.7
5.6
7.3
7.8
6.5
4.1
4.3
5.4
3.5
5.9
9.2
4.0
4.9
6.1
4.9
5.3
8.1
24,154
33,581
20,996
25,995
23,226
25,018
28,932
31,619
24,508
22,421
22,274
21,826
21,491
26,532
30,868
25,329
18,619
27,806
27,445
19,629
29,309
28,700
24,929
35,819
21,367
24,968
23,969
25,711
30,459
32,963
25,330
22,837
22,575
22,565
22,043
26,893
31,985
26,013
19,080
29,096
28,226
20,162
30,408
29,672
25,106
6,142
2,861
3,253
5,076
33,005
2,100
9,620
3,605
26,176
6,551
2,985
3,331
5,209
35,371
2,209
9,934
3,781
27,693
7,089
3,146
3,511
5,470
38,912
2,340
10,509
4,032
5.8
8.2
5.4
5.4
5.0
10.0
5.9
5.8
6.6
26,519
17,380
20,780
23,638
27,042
29,253
24,056
26,208
22,247
27,393
18,114
21,291
23,751
27,654
30,443
25,090
26,781
23,339
La Crosse, WI-MN............................
Lafayette, LA.......................................
Lafayette, IN........................................
Lake Charles, LA.................................
Lakeland-Winter Haven, FL..............
Lancaster, PA......................................
Lansing-East Lansing, Ml................
Laredo, TX...........................................
Las Cruces, NM..................................
Las Vegas, NV-AZ..............................
Lawrence. KS......................................
Lawton, OK..........................................
Lewiston-Auburn. ME (NECMA).....
Lexington, KY.....................................
Lima, OH.............................................
Lincoln, NE..........................................
Little Rock-North Little Rock, AR....
Longview-Marshall, TX.....................
Los Angeles-Long Beach, CA*.........
Louisville, KY-IN................................
Lubbock, TX........................................
Lynchburg, VA....................................
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*...........................
Orlando, FL..........................................
Owensboro, KY..................................
Panama City, FL..................................
Parkersburg-Marietta, WV-OH........
Pensacola, FL.....................................
Peoria-Pekin, IL.................................
Philadelphia, PA-NJ*........................
Phoenix-Mesa, AZ..............................
Pine Bluff, AR.....................................
Pittsburgh, PA....................................
Pittsfield, MA (NECMA).....................
Pocatello, ID........................................
Portland, ME (NECMA)......................
Portland-Vancouver, 0R-WA*.........
Providence-Warwick-Pawtucket, Rl
(NECMA).........................................
Provo-Orem, UT................................
Pueblo, CO..........................................
Punta Gorda, FL.................................
Racine, Wl*.........................................
Raleigh-Durham-Chapel Hill, NC....
Rapid City, SD....................................
Reading, PA.........................................
Redding. CA........................................
Millions of dollars
Percent
change2
1998
1999
2000
19992000
10,552
4,150
27,932
66,827
6,288
3,622
29,626
9,165
3,250
42,528
10,028
3,700
2,204
75,458
7,574
10,442
31,226
2,338
36,977
78,156
78,465
66,666
11,195
4,269
29,358
71,205
6,493
3,867
30,133
9,419
3,080
45,671
10,320
3,826
2,303
77,468
7,999
11,127
32,672
2,404
38,704
84,493
85,983
76,769
11,911
4,598
31,271
76,593
6,883
4,151
31,213
9,769
3,524
49,567
10,772
4,067
2,455
81,709
8,354
11,970
34,868
2,520
41,169
91,850
99,425
92,880
Rank
in
U.S.
Dollars
1998
1999
2000
6.4
7.7
6.5
7.6
6.0
7.3
3.6
3.7
14.4
8.5
4.4
6.3
6.6
5.5
4.4
7.6
6.7
4.8
6.4
8.7
15.6
21.0
32,502
22,279
28,635
21,500
26,766
30,171
27,024
25,083
22,739
27,086
24,846
22,650
21,715
29,184
22,391
26,919
23,953
22,475
23,903
28,558
45,683
40,185
33,636
22,582
29,744
22,325
27,579
31,547
27,488
25,570
21,488
28,509
25,590
23,124
22,601
29,855
23,253
28,081
24,738
23,136
24,612
30,289
49,830
45,928
34,879
23,872
31,292
23,350
29,181
33,283
28,419
26,253
24,629
30,252
26,733
24,210
23,944
31,354
24,000
29,695
26,075
24,235
25,741
32,515
57,414
55,157
25
235
54
248
86
35
101
154
204
67
141
224
234
52
231
73
159
223
166
41
1
2
2000
5,869
6,231
6,669
7.0
24,453
25,592
26,932
135
11,416
7,686
4,226
13,452
19,092
7,316
12,132
8,398
4,395
14,202
19,594
7,601
13,085
9,610
4,626
16,046
20,503
8,008
7.9
14.4
5.2
13.0
4.6
5.4
28,920
30,636
29,261
30,168
33,319
25,362
30,567
33,107
30,007
31,321
33,672
26,066
32,734
37,567
31,249
34,863
34,577
27,289
38
17
55
26
29
128
14,638
84,997
14,950
93,159
15,708
98,384
5.1
5.6
23,206
35,880
23,827
38,858
25,191
40,686
188
8
Sharon, PA........................................
Sheboygan, Wl..................................
Sherman-Denison, TX......................
Shreveport-Bossier City, LA............
Sioux City, IA-NE...............................
Sioux Falls, SD..................................
South Bend, IN..................................
Spokane, WA.....................................
Springfield, IL....................................
Springfield, MO.................................
Springfield, MA (NECMA)
..........
State College, PA...............................
Steubenville-Weirton, OH-WV........
Stockton-Lodi, CA............................
2,559
2,895
2,306
8,780
2,933
4,671
6,727
9,650
5,541
7,296
15,250
3,080
2,751
11,542
2,623
3,031
2,426
9,031
2,974
4,958
6,930
9,977
5,695
7,561
15,780
3,251
2,785
12,297
2,774
3,190
2,597
9,404
3,091
5,322
7,261
10,692
5,976
8,000
16,832
3,428
2,891
13,209
5.8
5.3
7.1
4.1
3.9
7.3
4.8
7.2
4.9
5.8
6.7
5.4
3.8
7.4
21,107
25,852
21,546
22,529
23,791
28,406
25,495
23,336
27,466
23,032
25,173
22,871
20,426
21,364
21,720
27,039
22,218
23,083
24,008
29,413
26,156
24,015
28,286
23,510
25,990
24,026
20,893
22,261
23,080
28,278
23,400
23,972
24,902
30,675
27,335
25,550
29,651
24,473
27,653
25,237
21,969
23,242
263
104
247
233
192
64
127
176
75
215
117
185
289
258
1,964
17,807
16,548
6,569
2,040
18,316
17,219
6,864
2,148
19,126
18,004
7,237
5.3
4.4
4.6
5.4
18,620
24,260
24,371
23,649
19,464
25,010
24,859
24,429
20,493
26,130
25,587
25,382
306
158
173
181
11
155
Sumter, SC.........................................
Syracuse, NY.....................................
Tacoma, WA*....................................
Tallahassee, FL..................................
Tampa-St. Petersburg-Clearwater,
FL...................................................
Terre Haute, IN..................................
61,218
3,173
63,331
3,265
67,824
3,424
7.1
4.9
26,197
21,192
26,732
21,844
28,214
22,977
105
266
26,159
39,611
22,191
27,139
25,436
26,460
31,866
34,862
26,523
24,238
23,479
23,610
23,063
27,908
33,742
27,564
19,826
30,644
30,054
21,141
31,773
31,620
157
13
285
131
180
150
46
27
147
222
246
244
264
111
34
120
309
65
69
300
47
51
Texarkana, TX-Texarkana, AR..........
Toledo. OH........................................
Topeka, KS........................................
Trenton, NJ*......................................
Tucson, AZ........................................
Tulsa, OK............................................
Tuscaloosa, AL............ .....................
Tyler, TX.............................................
Utica-Rome, NY................................
Vallejo—Fairfield—Napa. CA*.............
Ventura, CA*.....................................
Victoria, TX........................................
Vineland—Millville—Bridgeton, NJ*...
Visalia—Tulare—Porterville, CA..........
Waco, TX............................................
Washington, DC-MD-VA-WV*.......
Waterloo-Cedar Falls, IA..................
Wausau, Wl.......................................
West Palm Beach-Boca Raton, FL...
Wheeling, WV-OH............................
Wichita, KS.........................................
Wichita Falls, TX................................
2,564
15,919
4,369
12,521
18,089
21,450
3,605
4,389
6,583
12,820
20,632
2,025
3,126
6,631
4,467
170,533
2,966
3,088
42,948
3,324
14,502
3,252
2,673
16,490
4,478
13,071
19,037
21,984
3,753
4,518
6,764
13,731
22,140
2,078
3,182
6,972
4,705
182,212
2,946
3,209
44,169
3,382
14,638
3,341
2,808
17,011
4,724
14,385
20,117
23,157
3,903
4,810
7,038
15,597
24,166
2,231
3,412
7,396
4,897
198,156
3,116
3,381
46,589
3,541
15,236
3,537
5.0
3.2
5.5
10.1
5.7
5.3
4.0
6.5
4.0
13.6
9.2
7.3
7.2
6.1
4.1
8.8
5.8
5.3
5.5
4.7
4.1
5.9
19,916
25,739
25,799
36,397
22,239
27,244
22,062
25,662
21,897
25,628
28,232
24,305
21,421
18,426
21,293
35,871
23,216
24,782
39,182
21,368
26,868
23,143
20,647
26,667
26,418
37,512
22,967
27,529
22,826
26,152
22,557
26,888
29,783
24,748
21,748
19,117
22,241
37,588
23,053
25,591
39,545
21,926
26,908
23,746
21,636
27,521
27,784
40,954
23,705
28,775
23,652
27,421
23,505
29,880
31,919
26,533
23,303
20,043
22,878
40,046
24,373
26,860
41,007
23,170
27,904
25,208
291
123
115
7
241
93
243
125
245
72
45
146
254
307
269
12
218
137
6
260
112
187
28,709
19,128
22,174
24,650
28,949
32,537
26,361
28,078
24,606
96
310
286
203
91
40
152
107
206
Williamsport, PA................................
Wilmington-Newark, DE-MD*........
Wilmington, NC.................................
Yakima, WA.......................................
Yolo, CA*............................................
York, PA..............................................
Youngstown-Warren, OH.................
Yuba City, CA.....................................
Yuma, AZ............................................
2,563
17,935
5,363
4,551
4,049
9,518
13,592
2,717
2,445
2,632
18,587
5,625
4,593
4,341
9,805
13,926
2,983
2,491
2,788
20,149
6,034
4,906
4,589
10,387
14,356
3,158
2,578
5.9
8.4
7.3
6.8
5.7
5.9
3.1
5.9
3.5
21,257
31,301
23,777
20,709
25,035
25,328
22,649
19,828
16,404
21,904
32,010
24,443
20,730
26,265
25,877
23,312
21,600
16,004
23,252
34,262
25,738
22,022
27,038
27,142
24,173
22,624
16,002
257
31
168
287
132
130
225
277
315
1. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates
for 1998-2000 reflect county population estimates available as of April 2002.
2. Percent change calculated from unrounded data.
3. The personal income level shown for the United States is derived as the sum of the county estimates. It
differs from the estimate of personal income in the national income and product accounts (NIPA’s) because of
differences in coverage, in the methodologies used to prepare the estimates, and in the timing of the availability
of source data. In particular, it differs from the NIPA estimate because, by definition, it omits the earnings of
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Per capita personal income1
Personal income
Rank
in
U.S.
Federal civilian and military personnel stationed abroad and of U.S. residents employed abroad temporarily by
private U.S. firms.
4. Includes Metropolitan Statistical Areas, Primary Metropolitan Statistical Areas (PMSA's designated by *),
and New England County Metropolitan Areas (NECMA’s). The New Haven-Bridgeport-Stamford-Danbury-Waterbury, CT NECMA is presented as a PMSA (part of the New York CMSA).
Source: Table 1 in “Local Area Personal Income, 1998-2000” in the May 2002 issue of the Survey
Business.
of
Current
D-71
April 2003
L. Charts
SELECTED REGIONAL ESTIMATES
SHARES OF U.S. PERSONAL INCOME BY REGION
SHARES OF U.S. GROSS STATE PRODUCT BY REGION
AVERAGE ANNUAL GROWTH RATE OF PERSONAL INCOME, 1991-2001
STATES WITH FASTEST GROWTH
STATES WITH SLOWEST GROWTH
Percent
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Percent
Regional Data
D-72
April 2003
SELECTED REGIONAL ESTIMATES
PER CAPITA PERSONAL INCOME, 2001
ME
,$26,723
ID
MA
$38,907
Wl
$24,621
,$29,270
WY
$29,416
Ml O'”
Rl
$30,215
$29,788
NV
OH
$28,816
$29,897
$30,720
$27,7831
- CT
$42,435
$32,431
. DE
~
MD
$32,472
s$35,188
$27,514
$40,150
' VA
$33,470
-NJ
$38,509
$24,923
DC
$25,872
AL
\
GA
4,589 >528.733
U.S. = $30,472
23 Highest quintile
HI
$29,002
AK
$30,936
_] Fourth quintile
2] Third quintile
2] Second quintile
Lowest quintile
PERSONAL INCOME: PERCENT CHANGE, 2002:ll-2002:lll
MA 0.6
Rl 0.6
CT 0.7
NJ 1.0
DE 0.9
MD1.0
DC 0..7
©
U.S. growth rate = 0.9 percent
HI 0.8
9 Highest quintile
2] Fourth quintile
2] Third quintile
23 Second quintile
23
U.S. Bureau of Economic Analysis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Lowest quintile
April 2003
D-73
Appendix A
Additional information About the NIPA Estimates
Statistical Conventions
Changes in current-dollar GDP measure changes in the
market value of goods and services produced in the econ
omy in a particular period. For many purposes, it is nec
essary 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 avail
able.)
The annual changes in quantities and prices are calcu
lated using a Fisher formula that incorporates weights
from 2 adjacent years. For example, the annual percent
change in real GDP in 1997-98 uses prices for 1997 and
1998 as weights, and the 1997-98 annual percent change
in the GDP price index uses quantities for 1997 and 1998
as weights. Because the Fisher formula allows for the
effects of changes in relative prices and in the composi
tion of output over time, the resulting quantity or price
changes are not affected by the substitution bias that is
associated with changes in quantities and prices calcu
lated using a fixed-weighted formula.1 These annual
changes are “chained” (multiplied) together to form time
series of quantity and price; the percent changes that are
calculated from these time series are not affected by the
choice of reference period.
The quarterly changes in quantities and prices are cal
culated with weights from two adjacent quarters. As part
of an annual or comprehensive revision, the quarterly
indexes through the most recent complete year are
adjusted to ensure that the average of the quarterly
indexes conforms to the corresponding annual index.
In addition, BEA prepares measures of real GDP and
its components in a dollar-denominated form, desig
nated “chained (1996) dollar estimates.” These estimates
are computed by multiplying the 1996 current-dollar
value of GDP, or of a GDP component, by the corre
sponding quantity index number. For example, if a cur
rent-dollar GDP component equaled $100 in 1996 and if
real output for this component increased by 10 percent in
1997, then the “chained (1996) dollar” value of this com1. In addition, because the changes in quantities and prices calculated using these
weights are symmetric, the product of a quantity index and the corresponding price
index is generally equal to the current-dollar index.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ponent in 1997 would be $110 ($100x 1.10). Note that
percentage changes in the chained (1996) 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 (1996) 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.
Accurate measures of component contributions to the
percentage changes in real GDP and its major compo
nents are shown in NIPA tables 8.2-8.6.
BEA also publishes the “implicit price deflator” (IPD),
which is calculated as the ratio of current-dollar value to
the corresponding chained-dollar value, multiplied by
100; the values of the IPD and of the corresponding
“chain-type” price index are very close.
For quarters and months, the estimates are presented
at annual rates, which show the value that would be regis
tered 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 exam
ple, 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 by
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:
where r is the percent change at an annual rate; xt is the
level of activity in the later period; x0 is the level of activ
ity in the earlier period; m is the periodicity of the data
(for example, 1 for annual data, 4 for quarterly, or 12 for
monthly); and n is the number of periods between the
earlier and later periods (that is, t- o).
Quarterly and monthly NIPA estimates are seasonally
adjusted, if necessary. Seasonal adjustment removes from
the time series the average impact of variations that nor
mally 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, cycli
cal and other short-term changes in the economy stand
out more clearly.
Appendix A
D-74
April 2003
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
2001
2002
2002
2.7
2.4
1.0
1.5
2.9
4.0
2.1
4.1
0.3
0.6
0.1
0.1
1.3
0.8
0.8
0.6
0.0
-0.1
0.0
-0.5
0.0
0.1
0.4
0.1
0.0
0.1
-0.4
0.2
-0.2
0.1
0.5
0.3
2.5
1.7
1.3
0.7
1.8
3.1
1.3
3.2
-0.1
0.0
0.0
0.2
-0.2
0.0
-0.2
0.4
-1.4
-1.5
-2.6
-3.1
-0.9
0.7
-1.8
-0.6
4.0
3.2
3.9
3.7
2.9
2.4
3.2
3.5
2.7
2.8
1.0
1.5
2.9
4.0
5.4
4.6
2001
BEA-derived compensation per hour of ail persons in the nonfarm
business sector (less housing)1................................................................................... .
Less: Contribution of supplements to wages and salaries per hour.......................................
Plus: Contribution of wages and salaries per hour of persons in housing and in
nonprofit institutions..................................................................................................................
Less: Contribution of wages and salaries per hour of persons in government
enterprises, unpaid family workers, and self-employed........................................................
Equals: BEA-derived wages and salaries per hour of all employees in the private
nonfarm sector........................................................................................................................
Less:Contribution of wages and salaries per hour of nonproduction workers in
manufacturing.............................................................................................................................
less; Other differences2..............................................................................................................
Equals: WS average hourly earnings of production or nonsupervisory workers on
private nonfarm payrolls.......................................................................................................
Addendum:
BLS estimates of compensation per hour in the nonfarm business sector3.....................
1. Includes BLS data on compensation and hours of nonfarm proprietors and hours worked of unpaid family
workers.
2. Includes BEA use of non-BLS data and differences in detailed weighting. Annual estimates also include
differences in BEA and BLS benchmark procedures; quarterly estimates also include differences in seasonal
adjustment procedures.
3. These estimates differ from the BEA-derived estimates (first line) because the BLS estimates include
compensation and hours of tenant-occupied housing. In addition, the published BLS estimates for the third and
fourth quarters of 2002 do not reflect revisions to BEA wages and salaries for the third and fourth quarters of
2002.
BLS Bureau of Labor Statistics.
Table 2. Relation of Net Exports of Goods and Services and Net Receipts of Income in the NIPA’s
to Balance on Goods and Services and Income in the ITA’s
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2001
2002
2001
IV
IV
Exports of goods and services and income receipts, ITA’s................................................................
1,281.8
1,216.5
1,237.9
1.166.7
1,164.0
1.219.7
1.249.6
1.232.7
Zass.Gold, ITA’s...............................................................................................................................................
Statistical differences1..........................................................................................................................
Other items.............................................................................................................................................
4.9
0.0
1.0
3.4
1.5
0.9
2.4
0.0
1.0
2.9
0.0
0.8
2.5
-1.8
0.9
3.5
2.9
1.1
3.6
2.1
0.9
4.0
2.8
0.9
Plus: Adjustment for grossing of parentZaffiliate interest payments..........................................................
Adjustment for U.S. territories and Puerto Rico................................................................................
Services furnished without payment by financial intermediaries except life insurance carriers
6.2
50.7
18.3
4.9
57.3
20.1
6.0
49.3
18.0
5.9
53.3
17.8
4.6
56.6
18.6
5.5
56.6
19.8
4.7
57.7
20.6
5.1
58.2
21.3
Equals: Exports of goods and services and income receipts, NIPA’s.............................................
1,351.1
1.292.9
1.307.8
1,240.0
1,242.2
1,294.1
1,325.9
1.309.6
Imports of goods and services and income payments, ITA’s............................................................
1,625.7
1.663.9
1.553.8
1.492.7
1,550.5
1.678.8
1.702.6
1.723.8
Less; Gold, ITA’s...............................................................................................................................................
Statistical differences1..........................................................................................................................
Other items............................................................................................................................................
4.3
0.0
0.0
2.9
-5.4
0.0
2.2
0.0
0.0
2.4
0.0
0.0
2.0
-1.9
0.0
3.5
-5.6
0.0
3.0
-7.2
0.0
2.9
-7.0
0.0
/%/s.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.................................................................................................
-3.4
6.2
35.6
18.3
-3.3
4.9
38.0
20.1
-3.6
6.0
36.9
18.0
-3.3
5.9
38.6
17.8
-3.3
4.6
30.1
18.6
-3.6
5.5
37.2
19.8
-3.5
4.7
41.1
20.6
-2.9
5.1
43.4
21.3
Equals: Imports of goods and services and income payments, NIPA’s..........................................
1,678.0
1,726.1
1.608.9
1,549.3
1,600.4
1.739.8
1.769.7
1.794.7
Balance on goods and services and income ITA’s (1-9).....................................................................
-343.9
-447.4
-315.9
-326.0
-386.5
-459.1
-453.0
-491.1
Zass.Gold (2-10+13)......................................................................................................................................
Statistical differences (3-11)1.............................................................................................................
Other items (4-12)................................................................................................................................
-2.8
0.0
1.0
-2.8
6.9
0.9
-3.4
0.0
1.0
-2
@FedFRASER