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APRIL 2004
S urveyo f C u r r e n tBu sin e ss
Ik M
J
m
U
# '‘-
r*7 .3 n s S [r -
In This Issue . . .
BEA Personal Income and IRS Adjusted Gross Income
U.S. International Transactions, Fourth Quarter 2003
and 2003
BUREAU OF ECONOMIC ANALYSIS
ECONOMICS AND STATISTICS ADMINISTRATION
U.S. DEPARTMENT OF COMMERCE
U.S. Department of Commerce
Donald L. Evans, S ecretary
Economics and Statistics Administration
Kathleen B. Cooper, U nder S ecretary f o r Econom ic A ffairs
Bureau of Economic Analysis
J. Steven Landefeld, D irecto r
Rosemary D. Marcuss, D e p u ty D irecto r
Dennis J. Fixler, C h ie f S ta tistician
Barbara M. Fraumeni, C h ie f E conom ist
Suzette Kern, A ssociate D ire cto r fo r M a n a g e m e n t
a n d C h ie f A d m in istrativ e Officer
Ralph Kozlow, A ssociate D ire cto r fo r In te rn a tio n a l Econom ics
Alan C. Lorish, Jr., C h ie f In fo rm a tio n Officer
Brent R. Moulton, A ssociate D irecto r f o r N a tio n a l
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This issue went to the printer on April 16, 2004.
It incorporates data from the following monthly BEA
news releases:
U.S. International Trade in G oods and
Services (April 14),
Personal Income and Outlays (Mar. 26) and
Gross Domestic Product (Mar. 25).
S urvey
of
C u rren t B u sin ess
April 2004
Volume 84 • Number 4
1 Business Situation: Final Estim ates for the Fourth Q uarter of 2003
T he slower pace o f U .S. p rodu ction in the fourth quarter w as con firm ed by the
final estim ates o f the national incom e an d p rod u ct accounts. Real G D P increased
4.1 percent after increasing 8.2 percent in the third quarter. The deceleration
m ainly reflected slower grow th in con sum er spen din g an d a deterioration in the
trade balance. Inflation slowed: The price index for gross dom estic purch ases
increased 1.3 percent after increasing 1.8 percent, m ainly reflecting a dow nturn in
energy prices.
C orp orate p rofits increased $81.4 billion (7.2 percent at a quarterly rate) after
increasing $101.4 billion. N et Federal G overnm ent saving, the difference between
current receipts an d current expenditures, increased $77.0 billion, to -$ 4 1 7 .9
billion, an d net state and local governm ent saving increased $26.8 billion, to $39.9
billion.
8
Com parison of BEA Estim ates of Personal Incom e and IRS
Estim ates of Adjusted Gross Income: New Estim ates for 2001
and Revised Estim ates for 1959-2000
Personal in com e an d ad ju sted gross incom e— two w idely used m easures o f
h ou seh old incom e— are reconciled through a series o f adju stm en ts for definitional
an d statistical differences between the two m easures. The estim ates reflect the
in corporation o f the results o f the recent com prehensive N IPA revision an d o f new
and u p d ated estim ates o f adju sted gross incom e.
23 Real Inventories, Sales, and Inventory-Sales Ratios for
M anufacturing and Trade, 1997:1-2003:IV
The quarterly and m onthly estim ates o f inventories, sales, and inventory-sales
ratios have been updated. In addition , the estim ates o f sales and ratios for the retail
trade in dustries that were publish ed in the February S u r v e y have been corrected; as
a result, the estim ates o f the sales and ratios for total m an u factu rin g an d trade
in dustries have also been corrected.
38 Com prehensive NIPA Revision: Newly Available Tables
The Bureau o f Econ om ic Analysis continues to release the results o f the 12
com prehensive revision o f the NIPAs.
www.bea.gov
tV»
April 2004
50 U.S. International Transactions, Fourth Q uarter 2003
The U.S. current-account deficit decreased $7.8 billion, to $127.5 billion. The
decrease w as accounted for by a large increase in the surplus on incom e and by
an increase on the surplu s on services. These increases were partly offset by
increases in the deficit on g oo d s and in net outflow s for unilateral current
transfers. In the financial account, net recorded financial inflows increased
$75.0 billion, to $180.9 billion, as financial inflows for foreign-ow ned assets in
the United States increased m ore than financial outflow s for U .S.-ow ned assets
abroad.
59 U.S. International Transactions, 2003
The U.S. current-account deficit increased $61.0 billion, to $541.8 billion. The
increase w as m ainly accounted for by an increase in the deficit on goo d s, bu t an
increase in net outflow s for unilateral current transfers and a decrease in the
surplu s on services also contributed. In the financial account, net recorded
financial inflows increased $51.0 billion, to $579.0 billion, as financial inflows
for foreign-ow ned assets in the U nited States increased m ore than financial
outflow s for U .S.-ow ned assets abroad.
D-1 BEA Current and Historical Data
Inside back cover: BEA Web Site and BEA Contacts
Back cover: Schedule of Upcoming News Releases
L o o k in g A h ea d
C o m p re h en siv e R ev isio n o f State P e rso n al In com e. An article in the M ay
S urv ey will present the results o f the com prehensive revision o f state p er
sonal incom e. The revised estim ates will incorporate the results o f the
recent com prehensive NIPA revision, im provem ents in the source data
an d m eth ods th at are used for the state estim ates, an d newly available data
from regular sources.
1
April 2004
Business Situation
Final Estimates for the Fourth Quarter of 2003
C C O R D IN G to the “ final” estim ates o f the n a
tional incom e and p ro d u ct accoun ts (N IPA s), real
G D P increased 4.1 percent in the fourth quarter o f
2003 (table 1 an d chart l ) . 1 The “prelim inary” esti
m ates released in February also show ed a 4.1-percent
increase for the quarter. In the final estim ates, upw ard
revisions to con sum er spen din g and to nonresidential
fixed investm ent were offset by dow nw ard revisions to
private inventory investm ent an d to governm ent
spen din g (table 2 ).2
The fourth -quarter increase o f 4.1 percent follow ed
a th ird-quarter increase o f 8.2 percent. Real disposable
A
1. Quarterly estimates in the NIPAs 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 (2000) dollars, and price indexes are chain-type measures.
2. In this article, “consumer spending” is shorthand for the NIPA series
“personal consum ption expenditures,” “ inventory investment” is shorthand
for “change in private inventories,” and “government spending” is short
hand for “government consumption expenditures and gross investment.”
person al incom e also increased less in the fourth q u a r
ter than in the third. Inflation (m easured by the price
index for gross dom estic purchases) slowed.
The deceleration in real G D P grow th in the fourth
quarter w as m ainly accoun ted for by con sum er sp en d
ing an d foreign trade.
• C o n su m er spen din g increased 3.2 percent in the
fourth quarter and contributed 2.29 percentage
p oin ts to G D P grow th, a b o u t h alf as m uch as it h ad
contributed to third-quarter grow th. Purchases o f
durable g oo d s slow ed sharply, m ain ly reflecting a
dow nturn in m otor vehicles an d parts.
• Im po rts (which are subtracted in the calculation o f
G D P ) an d exports both increased m ore than in
the third quarter, bu t the step-up in im p orts w as
Table 1. Real Gross Domestic Product and Components
[Seasonally adjusted at annual rates]
Change from
preceding quarter
(percent)
Chart 1. Real Gross Domestic Product
P e rc e n t
10
■
l l l l i l l
. 1
J___ I___ I___ I___ I___ I___ I___ 1
2000
2001
I
I
2002
Note. Percent change at annual rate from preceding quarter;
based on seasonally adjusted estimates.
U.S. Bureau of Economic Analysis
I
1 __ l_ _ l___ L
_
2003
Share of
currentdollar
GDP
(percent)
2003
This article was prepared by Daniel Larkins and Michelle
Robinson.
Contribution to percent
change in real GDP
(percentage points)
2003
2003
Gross domestic product...
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........................
Addenda:
Final sales of domestic product
Gross national product (GNP)
III
IV
2.0
3.1
8.2
4.1
2.0
3.1
8.2
4.1
100
2.5
0.5
5.7
1.5
3.3
17.7
1.2
1.7
6.9
28.0
7.3
2.8
3.2
0.7
5.4
2.8
1.80
0.04
1.13
0.63
2.34
1.38
0.25
0.71
4.89
2.23
1.48
1.19
2.29
0.06
1.07
1.16
70.3
8.6
20.1
41.6
-3.5
1.1
-0.6
-4.0
0.5
4.5
4.7
6.1
7.0
3.9
8.0
4.5
14.8
15.8
12.8
-1.8
17.6
21.9
14.9 -0.57
9.9
0.16
10.9 -0.06
-1.4 -0.10
14.9 0.04
0.22
7.9
-0.74
0.73 2.17 2.19
0.90 2.30 1.48
0.68 1.25 1.08
0.09 -0.04 -0.03
0.59
1.30 1.11
0.22
1.05 0.40
-0.17 -0.13 0.71
15.7
15.6
10.3
2.3
8.0
5.3
0.1
-2.0 -1.1
1.9 -1.7
-10.1
0.2
-6.8
9.1
13.7
-6.6
-7.5 -10.9
9.9
8.6
12.7
0.8
-1.5
13.4
0.81 -1.34 0.80
0.92
20.5 -0.19 -0.11
0.56
21.3 0.13 -0.11
0.01
0.36
18.9 -0.31
-1.24 -0.12
16.4
1.00
18.3 0.81 -1.51
0.18
0.27 -0.30
7.5 0.19
-0.1 -0.07
0.7 -0.01
3.0 -0.25
-3.7
0.24
-0.5 -0.06
-0.4
-0.2
-5.6
10.5
-0.5
7.4
23.5
41.9
-5.0
-0.8
1.8
1.2
-1.3
6.5
2.1
2.7
1.5
3.3
3.3
8.3
8.3
I
II
III
IV
IV
II
I
-0.32
1.81
1.29
0.52
-2.14
-1.96
-0.17
-4.4
9.8
6.8
3.0
14.2
11.8
2.4
1.36 0.34 -0.01
1.46 0.09 0.05
1.58 -0.06 0.13
-0.12 0.15 -0.09
-0.10 0.25 -0.06
18.4
6.9
4.5
2.3
11.6
3.4
5.5
Note. The percent changes are from NIPA table 1.1.1, and the contributions to percent change are from NIW table
1.1.2. The shares are from NIPA table 1.1.10. The addenda are from NIPA tables 1.4.1 and 1.7.1. See “Selected NIPA
Tables," which begins on page D-2 of this issue.
2
Business Situation
sharper an d w as only partly offset by the step-up in
exports. Taken together, im p orts an d exports su b
tracted 0.32 percentage p oin t from G D P grow th in
the fourth quarter after con tributin g 0.80 percent
age p oin t to grow th in the third quarter.
• R esidential fixed investm ent contributed 0.40 per
centage p oin t to fourth -quarter G D P grow th after
con tributin g 1.05 percentage p oin ts to th ird-qu ar
ter grow th. M ost o f the slow dow n w as accounted
for by a dow nturn in brokers’ co m m ission s, as
h ou se sales d rop p ed from the third quarter’s record
level.
• G overnm ent spen din g decreased slightly after in
creasing; it subtracted 0.01 percentage p oin t from
fourth -quarter G D P grow th after contributing 0.34
percentage p oin t to th ird-quarter growth. Federal
Table 2. Final and Preliminary Estimates for the Fourth Quarter of 2003
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter
Preliminary
Final
estimate estimate
Gross domestic product....
Personal consumption
expenditures...............................
Durable goods...............................
Nondurable goods.........................
Services........................................
Gross private domestic
investment...................................
Private 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..........................
Addenda:
Final sales of domestic product....
Gross domestic purchases price
index.........................................
GDP price index............................
Contribution to percent
change in real GDP
Final
minus
prelimi
nary
Final
Preliminary
estimate estimate
Final
minus
prelimi
nary
4.1
4.1
0
4.1
4.1
0
3.2
0.7
5.4
2.8
2.7
-0.1
5.2
2.2
0.5
0.8
0.2
0.6
2.29
0.06
1.07
1.16
1.93
-0.01
1.04
0.91
0.36
0.07
0.03
0.25
14.9
9.9
10.9
-1.4
14.9
7.9
15.8
9.3
9.6
-7.1
15.1
8.6
-0.9
0.6
1.3
5.7
-0.2
-0.7
20.5
21.3
18.9
16.4
18.3
7.5
21.0
21.2
20.7
16.4
18.1
8.6
-0.5
0.1
-1.8
0.0
0.2
-1.1
2.19
1.48
1.08
-0.03
1.11
0.40
0.71
-0.32
1.81
1.29
0.52
-2.14
-1.96
-0.17
2.31
1.39
0.95
-0.17
1.12
0.44
0.92
-0.30
1.85
1.28
0.57
-2.15
-1.95
-0.20
-0.12
0.09
0.13
0.14
-0.01
-0.04
-0.21
-0.02
-0.04
0.01
-0.05
0.01
-0.01
0.03
-0.1
0.7
3.0
-3.7
-0.5
0.8
1.6
4.2
-3.3
0.4
-0.9
-0.9
-1.2
-0.4
-0.9
-0.01
0.05
0.13
-0.09
-0.06
0.16
0.11
0.19
-0.08
0.05
-0.17
-0.06
-0.06
-0.01
-0.11
3.4
3.2
0.2
1.3
1.5
1.1
1.2
0.2
0.3
N o te . The final estimates for the fourth quarter of 2003 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 inter
national transactions accounts data on net foreign travel for the quarter.
Nonresidential fixed investment Revised construction put-in-place data for November and December.
Residential fixed investment Revised construction put-in-place data for November and December.
Change in private inventories: Revised manufacturers' inventories for December, revised wholesale trade inventories
for July-December reflecting the annual wholesale trade survey, inventories of electric utilities for November, and invento
ries of gas utilities for December.
Exports and imports of goods and services: Revised international transactions accounts data on services for the third
quarter, new services data for the fourth quarter, and revised data on goods for December.
Government consumption expenditures and gross investment: Revised state and local construction put-in-place data
for November and December.
Wages and salaries: Revised employment, average hourly earnings, and average weekly hours for December.
GDP prices: Revised export and import prices for October through December, revised unit-value index for petroleum
imports for December, and revised prices of single-family houses under construction for the quarter.
April 2004
nondefense spen din g an d spending by state an d
local governm ents turned dow n; in contrast, sp en d
ing for national defense tu rn ed up.
• Investm ent in nonresidential equ ipm en t and soft
ware slowed som ew hat, contributing 1.11 percent
age poin ts to G D P grow th after contributing 1.30
percentage poin ts. A s in the third quarter, invest
m ent in nonresidential structures decreased m o d
estly; the decrease w as the 10th in the last 12
quarters.
• Private inventory investm ent contributed 0.71 p e r
centage poin t to G D P grow th in the fourth quarter
after subtractin g 0.13 percentage poin t from G D P
grow th in the third quarter.
The gross saving rate— saving from all sources as a
percentage o f gross national incom e— increased to
14.2 percent from 13.4 percent. The net saving rate in
creased to 2.5 percent from 1.6 percent. G ross saving
includes the con sum ption o f fixed capital (C F C ). N et
saving excludes C F C ; thus, net saving is a m easure o f
the saving that is available for augm en tin g the stock o f
fixed assets.3
The final estim ates for the fourth quarter also show
the follow ing:
• Real final sales o f dom estic p ro d u ct (G D P less the
change in private inventories) increased 3.4 percent
after increasing 8.3 percent.
• Real gross national p rod u ct (G N P ) increased 5.5
percent after increasing 8.3 percent. G N P differs
from G D P by the addition o f incom e receipts from
the rest o f the w orld and the subtraction o f incom e
paym ents to the rest o f the w orld.4 In the fourth
quarter, incom e receipts increased sharply, and
incom e paym ents increased m oderately.
• Real gross dom estic purch ases increased 4.3 percent
after increasing 7.0 percent.
• Real disposable person al in com e increased 0.5 p e r
cent after increasing 6.8 percent.
•T h e price index for gross dom estic purchases
increased 1.3 percent after increasing 1.8 percent;
the slow dow n prim arily reflected a dow nturn in
energy prices.
3. Net saving was introduced in the recently released comprehensive revi
sion to the NIPAs. It is calculated as the sum o f personal saving, wage accru
als less disbursements, undistributed corporate profits with inventory
valuation and capital consumption adjustments, and government net sav
ing.
4. Thus, GNP is a measure o f the goods and services produced by labor
and property supplied by U.S. residents, regardless o f where they are
located; GDP is a measure o f the goods and services produced by labor and
property in the United States, regardless o f nationality.
April 2004
S urvey
of
C
urrent
B u s in e s s
3
Corporate Profits
Profits from current prod u ction increased $81.4 bil
lion (7.2 percent at a quarterly rate) in the fourth q u ar
ter o f 2003 (table 3 ).5 Profits were 29.0 percent higher
than in the fourth quarter o f 2002. Taxes on corporate
incom e increased $13.1 billion (5.7 percent) in the
fourth quarter, an d after-tax profits from current p ro
duction increased $68.2 billion (7.6 percent).
M ore than h alf o f the fourth -quarter increase in
p rofits was accounted for by earnings received from
foreign affiliates o f U.S. corp oration s and dividends re
ceived from unaffiliated foreign corporation s. These
receipts increased $49.1 billion (20.8 percent) and far
5. Profits from current production is estimated as the sum o f profits
before tax, the inventory valuation adjustment, and the capital consum p
tion adjustment; it is shown as “corporate profits with inventory valuation
and capital consumption adjustments” in NIPA tables 1.7.5, 1.10-1.12,
1.14-1.16, and 6.16D. Percent changes in profits are shown at quarterly, not
annual, rates.
Table 3. Corporate Profits
[Seasonally adjusted]
Billions of dollars
Level
Change from preceding quarter
2003
IV
Current production measures:
Corporate profits...........................
Domestic industries...................
Financial.................................
Nonfinancial..........................
Rest of the world.......................
Receipts from the rest of the
world...................................
Less: Payments to the rest of
the world............................
Percent change from
preceding quarter
(quarterly rate)
2003
I
II
1,205.6 -7.8
1,000.4
10.5
304.4
19.8
696.0 -9.3
205.2 -18.2
2003
III
95.7 101.4
95.9 92.2
11.2 19.6
84.7 72.6
-0.2
9.2
IV
I
II
81.4 -0.8 10.3
1.4 12.3
33.9
5.2
8.0 4.2
28.7 -1.8 16.6
47.5 -10.9 -0.1
III
IV
9.9 7.2
10.5 3.5
1.7
7.0
12.2 4.3
6.2 30.1
285.3
1.4
5.4
15.4
49.1
0.7
2.5
7.0 20.8
80.1
19.6
5.7
6.1
1.7
41.7
8.6
8.4
2.2
Less: Taxes on corporate income...
243.7
11.0
-2.5
19.2
13.1
9.1
5.7
Equals: Profits after tax.................
Net dividends.............................
Undistributed profits from current
production...............................
961.9 -18.8
441.8
7.2
98.1
7.2
82.4
6.8
68.2
7.5
-2.6
1.7
13.8
1.7
10.2
1.6
7.6
1.7
520.2
-26.0
90.9
75.5
60.9
-8.2
31.0
19.7
13.3
Net cash flow..................................
1,277.2 -27.5
86.1
77.2
70.6
-2.6
8.3
6.8
5.9
-3.3
14.9
18.4
-3.6
5.3
-8.0
-8.1
-1.0
12.7
13.0
-1.2
14.2
-7.0
-6.8
2.8
12.1
70.6
61.3
14.0
47.3
0.4
17.4
8.4
-0.7
72.2 -0.4
1.6 8.9 8.4
2.4 2.1
24.8
9.5 3.5
3.4
7.6 -0.5
5.4 1.2
21.4 -1.0
3.8 12.3 5.0
5.2 23.2 -24.9
1.9 24.2
23.4 -8.4 -7.8 21.7 24.0
7.0 19.7 -5.5
-2.8 -16.9
-6.1 -1.4 16.6 -0.8 -7.2
3.2
14.5
-4.7
1.2
169.1
3.7
205.2 -18.2
7.3
3.4
2.6
-0.2
1.8
10.3
9.5
9.2
-0.2 133.3 130.4
-7.0
8.9
2.6 1.8
47.5 -10.9 -0.1
14.0 -16.5
73.4
92.2
1.8 -2.0
9.3
10.6
714.5
2.9 -14.0
-21.7 -17.3 29.3
269.2 -4.4 82.9
54.4
-3.0
30.9
79.1
-19.9
9.1
0.5 -2.4
9.4
12.4
13.5
3.5
Industry profits:
Profits with IVA...............................
Domestic industries...................
Financial.................................
Nonfinancial..........................
Utilities................................
Manufacturing...................
Wholesale trade................
Retail trade........................
Transportation and
warehousing..................
Information........................
Other nonfinancial.............
Rest of the world.......................
Addenda:
Profits before tax (without IVA and
CCAdj)........................................
Profits after tax (without IVA and
CCAdj)........................................
IVA..................................................
CCAdj.............................................
936.4
731.2
278.0
453.2
26.7
121.1
48.2
78.2
958.1
5.4 -1.2
-2.9
56.7
Note. Levels of these and other profits series are shown in NIFA tables 1.12,1.14,1.15, and 6.16D.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
14.0
6.3 5.6
6.2 30.1
outw eighed a sm all increase in the other com pon en t o f
profits from the rest o f the w orld— namely, paym ents
by dom estic affiliates to foreign parents.6 The increase
in receipts w as spread across vario u s coun tries an d in
dustries. It is the ninth consecutive quarterly increase,
an d by far the largest. In part, the latest increase re
flects the continued im provem ent in econom ic con di
tions abro ad and the depreciation o f the U .S. dollar in
foreign exchange m arkets. (W hen the dollar depreci
ates, a given am o u n t o f foreign-currency earnings
translates into a larger am o u n t o f dollar earnings.)
Profits o f dom estic nonfinancial co rporation s in
creased $28.7 billion (4.3 percent), reflecting increases
in un it profits an d in real o u tp u t.7 The increase in unit
profits reflected an increase in unit prices an d a sm all
decrease in unit costs.
Profits o f dom estic financial co rporatio n s increased
$5.2 billion (1.7 percent).
C ash flow from current prod u ction , a profits-related m easure o f internally generated fu n ds available
for investm ent, increased $70.6 billion.8 The ratio o f
cash flow to nonresidential fixed investm ent, an in d i
cator o f the extent to which the current level o f invest
m ent could be financed by internally generated funds,
rose to a record 110.2 in the fourth quarter, the third
consecutive quarter in which the ratio exceeded 100.
The ratio has risen steadily since the third quarter o f
2000, when it stoo d at 69.2.
In d u stry p ro fits. The cu rrent-production m easure
o f profits is not available at the detailed in du stry level,
because estim ates o f the capital co n su m ption ad ju st
m ent (C C A dj) do n ot exist at this level (C C A dj is only
available for total financial in dustries an d for total
n onfinancial in dustries). Consequently, in du stry p ro f
its are best m easured by profits with inventory valua
tion adju stm en t (IVA).
In the fourth quarter, dom estic in du stry profits w ith
IVA increased $24.8 billion.
For dom estic nonfinancial industries, profits with
6. Profits from the rest o f the world is the difference between (1) receipts
by U.S. residents o f earnings from foreign affiliates plus dividends received
by U.S. residents from unaffiliated foreign corporations and (2) payments
by U.S. affiliates o f earnings to foreign parents plus dividends paid by U.S.
corporations to unaffiliated foreign residents. These estimates include capi
tal consumption adjustments (but not inventory valuation adjustments)
and are derived from BEA’s international transactions accounts.
7. “Output” here is the gross value added o f nonfinancial corporations. It
measures the contribution o f these businesses to the Nation’s output, and it
is measured as the sum o f incomes generated by these businesses.
8. Cash flow from current production is undistributed profits with inven
tory valuation and capital consumption adjustments plus the consumption
o f fixed capital.
4
Business Situation
IVA increased $21.4 billion. A n increase in m an u fac
turin g profits o f $23.4 billion w as largely accoun ted for
by petroleu m refiners, by m an ufacturers o f m otor ve
hicles, by m an ufacturers o f “other durable g o o d s” (in
cluding p rim ary m etals an d w oo d p ro d u cts), an d by
m an ufactures o f “other n on durable g o o d s” (including
plastics). The largest decreases were p osted by m an u
facturers o f chem icals an d o f electrical equipm ent.
April 2004
O utside m an ufacturin g, increases were also p osted by
the utilities sector an d by “other non fin ancial” in d u s
tries (including real estate) (ch art 2).
For dom estic financial industries, profits with IVA
increased $3.4 billion. The increase w as m ainly co n
centrated in life insurance carriers an d real estate
investm ent trusts. Profits o f deposito ry and n o n d ep o s
itory credit interm ediaries decreased.
Chart 2. Corporate Profits with Inventory Valuation Adjustment: Change from 2003:111 to 2003:1V
Utilities
Manufacturing
W holesale
Retail
Transportation1 Information
Domestic Nonfinancial
1. Also includes warehousing.
2. “Other” nonfinancial corporations include the agriculture, mining, construction, and services industries.
Note. Based on seasonally adjusted estimates.
U.S. Bureau of Economic Analysis
O th er2
Rest of World
April 2004
S urvey
of
C
urrent
Government Sector
“N et governm ent saving,” the difference between cu r
rent receipts an d current expenditures, w as -$ 3 7 8 .0
billion in the fourth quarter, a sm aller negative than
the -$ 4 8 1 .8 billion in the third quarter (table 4 ).9 Re
flecting the sm aller shortfall o f receipts in the fourth
quarter, net governm ent borrow ing decreased $114.2
billion; borrow in g decreased at both the Federal and
the state an d local levels.1
0
Federal
N et Federal G overnm ent saving tu rn ed up, increasing
$77.0 billion in the fourth quarter after decreasing
$70.2 billion in the third quarter. Both current receipts
an d current expenditures turn ed up.
Current receipts. Federal current receipts increased
$92.4 billion in the fourth quarter after decreasing
$75.0 billion in the third quarter. The up tu rn was
m ostly attributable to an up tu rn in current tax receipts
that w as accounted for by an upturn in p ersonal cu r
rent taxes; taxes on p rodu ction an d im p orts and taxes
from the rest o f the w orld also turn ed up. The current
surplu s o f governm ent enterprises also tu rn ed up.
Personal current taxes increased $70.6 billion after
decreasing $95.8 billion. The upturn resulted from a
return to a m ore n orm al level for nonw ithheld incom e
taxes; in the third quarter, advance paym ents for the
child tax credits, a p rovision o f the Jo bs and Grow th
Tax R elief Reconciliation Act o f 2003, were disbursed.
Taxes on prod u ction an d im p orts increased $3.6 bil
lion after decreasing $1.4 billion; the tu rn aro u n d re
flected an up tu rn in excise taxes for air tran spo rt that
h ad been suspen ded in June an d that were reinstated in
O ctober.
The current surplus o f governm ent enterprises in
creased $1.0 billion after decreasing $0.9 billion. The
upsw in g w as m ostly attributable to a tu rn aro u n d in
the current surp lu s for the Postal Service, which in
creased $0.9 billion after decreasing $0.9 billion.
Tem pering the upturn tin current tax receipts,
con tribution s for governm ent social insurance deceler
ated, increasing $5.6 billion after increasing $6.6 bil-
5
B u s in e s s
Table 4. Government Sector Current Receipts and Expenditures
[Billions of dollars, seasonally adjusted at annual rates]
Level
Change from preceding quarter
2003
IV
2003
I
II
III
IV
-25.7
16.6
113.9
10.2
Current receipts..................................................
Current expenditures..........................................
3,084.5
3,462.5
-6.0
58.2
2.4
80.8
Net Government saving..................................
-378.0
-64.2
-78.3
-42.5
103.8
Social insurance funds........................................
Other...................................................................
40.7
-418.7
3.0
-67.4
-10.2
-68.1
1.0
-43.3
0.2
103.5
Current receipts..............................................
1,881.3
3.8
0.4
-75.0
92.4
Current tax receipts............................................
Personal current taxes....................................
Taxes on production and imports....................
Taxes on corporate income.............................
Taxes from the rest of the world.....................
Contributions for government social insurance...
Income receipts on assets..................................
Current transfer receipts.....................................
Current surplus of government enterprises
1,059.1
769.4
89.9
192.9
6.9
770.7
25.9
27.1
-1.5
-12.4
-21.1
-0.7
9.3
0.1
13.2
0.5
0.6
1.9
-3.2
0.3
-0.6
-3.1
0.1
3.4
1.1
0.3
-1.2
-82.5
-95.8
-1.4
14.9
-0.2
6.6
1.3
0.6
-0.9
84.5
70.6
3.6
10.1
0.2
5.6
1.0
0.2
1.0
Current expenditures......................................
2,299.2
27.9
104.5
-4.8
15.5
Consumption expenditures.................................
National defense.............................................
674.7
449.5
225.2
1,361.1
987.7
984.8
2.9
373.4
15.2
4.0
11.2
16.5
16.1
16.1
0.0
0.5
33.0
38.9
-5.9
52.2
18.2
18.1
0.0
33.9
3.4
-3.8
7.1
9.4
10.0
10.1
0.0
-0.6
2.4
5.8
-3.3
12.2
8.0
7.9
0.1
4.2
353.3
20.0
219.6
43.9
0.0
-5.6
6.0
-9.9
7.5
1.4
34.7
-0.8
4.8
11.8
-2.8
0.8
-1.4
-6.9
-9.3
1.4
7.0
-2.9
4.0
-3.1
0.0
Net Federal Government saving........................
-417.9
-24.1
-104.3
-70.2
77.0
Social insurance funds........................................
Other...................................................................
37.1
-455.0
3.1
-27.1
-10.3
-94.0
0.9
-71.1
0.1
76.9
Current receipts..............................................
1,556.6
-15.4
36.7
50.1
28.6
Current tax receipts............................................
Personal current taxes....................................
Taxes on production and imports...................
Taxes on corporate income.............................
Contributions for government social insurance...
Income receipts on assets..................................
Current transfer receipts.....................................
Federal grants-in-aid.......................................
Other...............................................................
Current surplus of government enterprises.......
1,003.5
245.1
717.0
41.3
14.0
94.3
439.2
353.3
85.9
5.6
-8.3
-15.2
5.4
1.4
0.1
-0.6
-6.7
-5.6
-1.1
0.1
-0.1
-9.5
8.5
1.1
0.1
-0.5
36.4
34.7
1.7
0.8
48.7
34.1
10.7
3.8
0.1
0.0
2.5
0.8
1.7
-1.2
19.9
5.4
11.9
2.5
0.1
0.4
8.8
7.0
1.8
-0.6
Federal Government
Current transfer payments...................................
Government social benefits............................
To persons..................................................
To the rest of the world...............................
Other current transfer payments....................
Grants-in-aid to state and local
governments...........................................
To the rest of the world...............................
Interest payments...............................................
Subsidies............................................................
Less Wage accruals less disbursements...........
State and local government
Current expenditures......................................
1,516.6
24.8
10.8
22.3
1.7
Consumption expenditures.................................
Government social benefits................................
Interest payments...............................................
Subsidies............................................................
Less Wage accruals less disbursements...........
1,049.5
371.3
94.6
1.2
0.0
21.6
1.6
1.0
0.6
0.0
-4.9
14.7
0.7
0.3
0.0
5.4
17.3
0.8
-1.3
0.0
3.2
-4.4
1.1
1.9
0.0
Net state and local government saving..............
39.9
-40.2
25.9
27.8
26.8
Social insurance funds........................................
3.5
36.4
0.0
-40.2
0.0
25.9
0.1
27.7
0.0
26.8
-485.1
-441.7
-43.4
-55.8
-12.8
-43.0
-91.4
-128.7
37.4
-50.9
-76.5
25.5
114.1
92.1
22.0
Addendum:
9. Net government saving was formerly termed “government current sur
plus or deficit (- ), national income and product accounts.”
10. “Net lending or net borrowing,” an alternative measure o f the govern
ment fiscal position, is also affected by capital transfer receipts, gross gov
ernment investment, capital transfer payments, net purchases o f
nonproduced assets, and (with sign reversed) the consumption o f fixed
capital. See the addenda to NIPA tables 3.1-3.3.
Net lending or net borrowing ( - ) 1......................
Federal................................................................
1. ‘Net lending or borrowing” is 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 primarily because government
net lending or boirawing 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.
6
Business Situation
lion. The deceleration w as partly accounted for by a
deceleration in con tribution s by em ployers, em ploy
ees, an d the self-em ployed for social security (old-age,
survivors, disability, an d health insurance tru st fu nds),
which increased $5.6 billion after increasing $6.4 bil
lion.
B oth current transfer receipts an d incom e re
ceipts on assets decelerated. C urrent transfer receipts
increased $0.2 billion after increasing $0.6 billion. In
com e receipts on assets increased $1.0 billion after in
creasing $1.3 billion.
C u rren t exp e n d itu re s. Federal current expen di
tures increased $15.5 billion in the fourth quarter after
decreasing $4.8 billion in the third quarter. The u p
sw ing w as accounted for by u p turn s in interest pay
m ents an d in “ other current transfer p aym en ts” an d by
a sm aller decrease in subsidies. The upsw ing w as offset
by decelerations in governm ent social benefits an d in
con su m p tion expenditures.
Interest paym ents increased $4.0 billion after de
creasing $6.9 billion. Interest paym ents to p erson s and
bu sin ess turned up, increasing $1.5 billion after de
creasing $7.1 billion, reflecting increased interest pay
m ents on the public debt. Interest paym ents to the rest
o f the w orld accelerated.
Subsidies decreased $3.1 billion after decreasing
$9.3 billion. The sm aller decrease w as m ore than ac
counted for by an up tu rn in subsidies to air carriers,
which increased $0.1 billion after decreasing $9.5 bil
lion; the decrease follow ed large paym ents in the sec
on d quarter from the T ran sportation Security
A dm in istration for com pliance with Federal aviation
security legislation. M aritim e subsidies increased $0.2
billion after decreasing $0.6 billion; the decrease fo l
low ed large subsid ies for p o rt security in the secon d
quarter. T hese increases were partly offset by a dow n
turn in agricultural subsidies, which decreased $3.2
billion after increasing $1.0 billion.
“ O ther current transfer paym en ts” increased $4.2
billion after decreasing $0.6 billion .1 The up tu rn w as
1
m ainly accoun ted for by an acceleration in grants-inaid to state an d local governm ents, which increased
$7.0 billion after increasing $0.8 billion. The accelera
tion w as accounted for by an upturn in gran ts for cen
tral executive, legislative, an d ju d icial activities, which
tu rn ed up as a result o f paym ents from the Tem porary
State Fiscal R elief Fun d that w as authorized as p art o f
11. “Other current transfer payments” consists o f Federal Government
grants-in-aid to state and local governments and grants to foreign govern
ments.
April 2004
the Jo bs and Grow th Tax R elief R econciliation Act o f
2003. The acceleration w as also attributable to up tu rn s
in grants for welfare and social services, for h ou sing
an d com m u n ity services, for natural resources, for la
b o r train ing an d services, an d fo r agriculture. The ac
celeration w as partly offset by dow nturns in gran ts for
M edicaid, for “other in com e support,” for education,
an d for civilian safety; grants for health an d hospitals
decelerated, and gran ts for space turn ed dow n. “ O ther
current transfer paym ents” to the rest o f the w orld de
creased m ore.
In contrast, governm ent social benefits increased
$8.0 billion after increasing $10.0 billion; the slow
dow n reflected a deceleration in governm ent social
benefits to person s, w hich increased $7.9 billion after
increasing $10.1 billion. The deceleration reflected a
dow nturn in un em ploym ent insurance, which d e
creased $3.0 billion after increasing $2.4 billion.
“ O ther governm ent social benefits” to p erson s deceler
ated, increasing $1.2 billion after increasing $2.0 b il
lion. Veterans social benefits tu rn ed dow n, an d fo od
stam p benefits decelerated. The slow dow n in benefits
to person s w as partly offset by accelerations in benefit
paym ents for M edicare (h ospital an d supplem en tal
m edical insurance) and for social security (old-age,
survivors, disability, an d health insurance).
C o n su m p tio n expenditures also slowed, increasing
$2.4 billion after increasing $3.4 billion. N ondefense
con su m ption expenditures tu rn ed dow n, an d defense
con su m ption expenditures tu rn ed up.
N ondefense con su m ption expenditures decreased
$3.3 billion after increasing $7.1 billion; the dow nturn
reflected a dow nturn in nondefense services, which de
creased $3.4 billion after increasing $5.7 billion. In ser
vices, nondefense research an d developm ent turned
dow n, an d com pen sation decreased.
Defense co n sum ption expenditures turned up, in
creasing $5.8 billion after decreasing $3.8 billion. The
upturn w as m ostly attributable to a tu rn aro un d in ser
vices, which increased $4.2 billion after decreasing $2.8
billion. In services, research an d developm ent turn ed
up. N ondurable g o o d s tu rn ed up prim arily as the re
sult o f an up tu rn in spen din g for petroleum produ cts.
In contrast, com pen sation tu rn ed dow n, an d civilian
com pen sation decelerated.
State and local
N et state and local governm ent saving decelerated, in
creasing $26.8 billion in the fourth quarter after in
creasing $27.8 billion in the third quarter. Both current
April 2004
S urvey
of
C
urrent
receipts an d current expenditures decelerated.
Current receipts. State and local governm ent cu r
rent receipts increased $28.6 billion in the fourth q u ar
ter after increasing $50.1 billion in the third quarter.
The deceleration w as m ore than accoun ted for by a de
celeration in current tax receipts; it w as m oderated by
an acceleration in current transfer receipts and by a
sm aller decrease in the current surplu s o f governm ent
enterprises.
Current tax receipts increased $19.9 billion after in
creasing $48.7 billion. The deceleration w as m ainly ac
coun ted for by a deceleration in p erson al current taxes,
which increased $5.4 billion after increasing $34.1 bil
lion, m ostly as a result o f a deceleration in person al
incom e taxes. Taxes on corporate incom e slowed, in
creasing $2.1 billion after increasing $3.8 billion.
C urrent transfer receipts increased $8.8 billion after
increasing $2.5 billion. The acceleration w as attribu t
able to an acceleration in Federal gran ts-in-aid, which
increased $7.0 billion after increasing $0.8 billion; the
acceleration in Federal grants reflected paym ents from
the Tem porary State Fiscal R elief Fund. The current
surplu s o f governm ent enterprises decreased $0.6 b il
lion after decreasing $1.2 billion.
Current expenditures. C urrent expenditures in
creased $1.7 billion after increasing $22.3 billion. G ov
ernm ent social benefit paym ents tu rn ed dow n, and
con sum p tion expenditures slowed. In contrast, su b si
dies tu rn ed up, and interest paym ents accelerated.
G overnm ent social benefits decreased $4.4 billion
after increasing $17.3 billion. The dow nturn was
m ostly attributable to a dow nturn in M edicaid pay
m ents.
B u s in e s s
7
C o n su m p tio n expenditures increased $3.2 billion
after increasing $5.4 billion. The slow dow n resulted
from slow dow ns in com pen sation , in services, and in
n ondurable goods.
Subsidies increased $1.9 billion after decreasing $1.3
billion; the up tu rn reflected an upturn in paym ents to
C alifornia electricity suppliers. Interest paym ents in
creased $1.1 billion after increasing $0.8 billion.
Net lending or net borrowing
“N et lending Or net borrow ing ( - ) ” is an alternative
m easure o f the governm ent fiscal p o sitio n .1 N et len d
2
ing is the financing requirem ent o f the governm ent
sector, an d it is derived as net governm ent saving plus
the con sum ption o f fixed capital an d “capital transfers
received (n et)” less gross investm ent an d net purchases
o f n on produ ced assets.
N et borrow ing decreased $114.1 billion in the
fourth quarter after increasing $50.9 billion in the
third quarter. Federal G overnm ent net borrow in g d e
creased $92.1 billion as the result o f the up tu rn in net
Federal governm ent saving. State an d local govern
m ent net borrow in g decreased $22.0 billion after d e
creasing $25.5 billion as a result o f a deceleration in net
state and local governm ent saving.
G overnm ent gross investm ent tu rn ed dow n, d e
creasing $2.2 billion after increasing $9.0 billion. State
an d local gross governm ent investm ent decreased $1.7
billion after increasing $7.5 billion; Federal gross gov
ernm ent investm ent decreased $0.5 billion after in
creasing $1.5 billion.
12. The estimates are shown in NIPA tables 3.1-3.3.
8
April 2 0 0 4
Comparison of BEA Estimates of Personal Income and
IRS Estimates of Adjusted Gross Income
New Estimates for 2001
Revised Estimates for 1959-2000
By Mark A. Ledbetter
T
H E Bureau o f E con om ic A nalysis (BEA ) m easure
o f person al incom e and the Internal Revenue Ser
vice (IR S) m easure o f adju sted gross incom e are both
w idely used m easures o f h ou seh old incom e. A djusted
gross in com e is the key before-tax definition o f incom e
that is used b y the IR S in the calculation o f individual
incom e tax liabilities. Personal incom e, w hich is p re
pared as an integral p art o f the national incom e and
prod u ct accounts (N IPA s), is the m ore com prehensive
incom e m easure. It represents current incom e received
by person s from all sources, and it is often used in ex
am in in g trends in nation al econom ic ou tpu t, con
sum er spen din g, saving, an d investm ent.
T his article presents a com p arison o f the BEA m ea
sure o f person al in com e an d the IRS m easure o f ad
ju sted gross in com e (A GI) o f individuals by type o f
incom e for 1959-2001. For 2001, the m o st recent year
for w hich data for adju sted gross incom e are available,
the gap between p erson al incom e and adju sted gross
incom e w as $812.8 billion. The relative gap— the
gap as a percentage o f total person al incom e— was
11.6 percent. The revisions to the relative gap for
1959-2000 were generally sm all.
T he revised estim ates for 1959-2000 reflect the in
corp oration o f the results o f the 2003 com prehensive
NIPA revision, o f the up dated estim ates o f A GI for
2000 from the S tatistics o f Incom e B u lletin , and o f im
proved estim ates o f som e o f the item s that partly rec
oncile the two m easu res.1 As p art o f the com prehensive
revision, BEA in corp orated changes in definitions and
statistical changes that affected the estim ates o f the
AGI gap that generally reduced the gap. In addition,
the presentation o f the estim ates o f the AGI gap
changed; see also the section “ Sources o f R evisions to
the AGI Gap.” 2
The article discusses the follow ing topics:
•T h e m ajo r definitional an d statistical differences
betw een person al incom e and AGI;
• The uses o f person al incom e and AGI;
• The reconciliation o f the two m easures in which
person al incom e by type o f incom e is converted to
the sam e definitional basis as AGI;
• The sources o f the unexplained differences between
BEA’s estim ates o f A GI an d the IRS estim ates o f AGI
(referred to as the “AGI gap” ) for 1959-2001, its
trends, an d the sources o f revision to the AGI gap
for 1959-2000;3 and
• The highlights o f the changes to the reconciliation
table due to the 2003 com prehensive N IPA revision.
Personal income. Personal incom e is the incom e
received by person s from all sources (table l ) . 4 It is the
sum o f “com pen sation o f em ployees (received),” p ro
2. For the new presentation o f personal income, see Nicole Mayerhauser,
Shelly Smith, and David F. Sullivan, “Preview o f the 2003 Comprehensive
Revision o f the National Income and Product Accounts: New and Rede
signed Tables,” S u r v e y 83 (August 2003): 7-31; < www.bea.gov/bea/
anl.h tm >.
3. Annual and quarterly estimates o f personal income are published
monthly in NIPA table 2.1. IRS estimates o f AGI are published annually in
Statistics of Income—Individual Income Tax Returns. The estimates o f the
relationship between total personal income and total AGI will be presented
annually in new NIPA table 7.19 (formerly table 8.28). All o f the estimates
1. See Brent R. Moulton and Eugene R Seskin, “ Preview o f the 2003 com presented in this article and most o f the underlying data are available on
BEA’s Web site at < www.bea.gov/bea/dn/nipaweb/index.asp>. The recon
prehensive Revision o f the National Income and Product Accounts:.
Changes in Definitions and Classifications,” Survey o f Current Business 83
ciliation by type o f income for 1959-2001 is also available upon request;
e-mail Mark.Ledbetter@bea.gov.
(June 2003): 17-34; Carol E. Moylan and Brooks B. Robinson, “Preview
4. “ Persons” consists o f individuals, nonprofit institutions serving house
o f 2003 Comprehensive Revision o f the National Income and Product
Accounts: Statistical Changes,” Survey 83 (September 2003): 17-32; Eugene
holds, private noninsured welfare funds, and private trust funds. A new
P. Seskin and Daniel Larkins, “ Improved Estimates o f the National Income
NIPA table will show incomes and outlays o f households separately from
those o f nonprofit institutions serving households; see Charles Ian Meade,
and Product Accounts for 1929-2002: Results o f the Comprehensive Revi
sion,” Survey 84 (February 2004): 7-29; < www.bea.gov/bea/anl/htm>. See
Clinton P. McCully, and Marshall B. Reinsdorf, “ Income and Outlays o f
also Internal Revenue Service, Statistics of Income Bulletin (Washington,
Households and o f Nonprofit Institutions Serving Households,” S u r v e y 83
(April 2003): 13-17.
DC: U.S. Government Printing Office, Fall 2003).
April 2 0 0 4
S urvey
of
C
urrent
prietors’ incom e, rental incom e, incom e receipts on as
sets, an d current tran sfer receipts less con tribution s for
governm ent social insurance. T hus, p erson al incom e
includes incom e that m ay n ot be reported to the IRS.
Personal incom e excludes net gains from the sale o f a s
sets (capital gain s), pension benefit paym ents, and
em ployee an d self-em ployed con tribution s for gov
ernm ent social insuran ce.5
Adjusted gross income (AGI). AGI is the Federal
incom e tax concept o f net incom e for individuals that
is b ased on Federal tax laws that are enacted by the U.S.
Congress. It consists only o f the taxable sources o f in
com e that are net o f specific adju stm en ts an d that are
reported on IRS Form 1040. Therefore, it excludes
m any types o f incom e that are included in BEA’s esti
m ates o f p erson al incom e. In general, gross incom e for
Federal incom e tax pu rp o ses includes all incom e that is
received in the form o f m oney, property, and services
an d that is n ot explicitly exem pt by law. Exem pt in
com e includes the follow ing: The cost basis o f pension,
annuity, or individual retirem ent account d istrib u
tions; tax-exem pt interest on state an d local govern
m ent bo n d s; p art o f social security an d railroad
retirem ent benefits; p art o f qualified foreign earned in
com e; p art o f the gains from the sale o f prin cipal resi
dences; an d voluntary con tribution s to thrift savings
plans. For 2001, the allow able statutory ad ju stm en ts to
gross incom e to derive AGI included deduction s for
h alf o f self-em ploym ent tax, for qualified con trib u
tions to self-em ployed retirem ent plans, for qualified
con tribution s to individual retirem ent accounts and
K eogh plans, for alim ony paid, and for other statutory
ad ju stm en ts.6
A lthough p erson al incom e an d A GI are based on
different concepts and serve different p u rp o ses, they
are often used jointly. In particular, estim ates o f per
son al incom e, which are available m uch soon er than
estim ates for AGI, can be used to extrapolate advance
estim ates o f AGI. BEA prepares historically consistent
series o f estim ates o f person al incom e, b u t because
m ajor changes in the tax laws have disruptive effects on
the IRS estim ates o f AGI, the AGI estim ates cannot be
5. For more information on NIPA methodologies, see footnote 1.
6. Other statutory adjustments are listed in the appendix.
9
B u s in e s s
Table 1. Personal Income and Its Components
Personal income
Compensation of employees, received
Wage and salary disbursements
Private industries
Government
Supplements to wages and salaries
Employer contributions for employee pension and
insurance funds
Employer contributions for government social
insurance
Proprietors’ income with inventory valuation and capital
consumption adjustments
Rental income of persons with capital consumption
adjustment
Personal income receipts on assets
Personal interest income
Personal dividend income
Personal current transfer receipts
Government social benefits to persons
Other current transfer receipts from business, net
Less: Contributions for government social insurance
com pared with BEA estim ates o f person al incom e.
However, the estim ates o f the person al incom e and the
AGI gap can be used to prepare estim ates o f co m p o
nents o f AGI so that the two sets o f estim ates can be
com pared.
BEA Estim ates of AGI
Personal incom e and AGI each include item s that the
other om its, b u t AGI is m ore narrow ly defined. Table 2
show s a reconciliation o f p ersonal incom e and AGI by
type o f incom e for 2000, and table 3 show s a reconcili
ation for 2001. In these tables, the reconciliation item s
that convert person al incom e to the IRS definition o f
A GI are show n in two groups: The first grou p o f lines
(lines 3 -9 ) consists o f the p ortion o f person al incom e
that is n ot included in A GI, an d the second group
(lines 11-15) consists o f the p ortion o f AGI that is n ot
included in person al incom e. The reallocation item s by
type o f incom e are also show n in two groups: The first
group (lines 17-20) consists o f the reallocation o f cer
tain N IPA incom e item s, and the second grou p (lines
2 4 -2 6 ) consists o f certain IRS incom e item s. These
item s are used to prepare estim ates o f BEA -derived
AGI and in co m parison s o f p ersonal incom e and AGI
10
BEA Personal Income and IRS Adjusted Gross Income
by type o f in co m e .7 For a d iscu ssion abo u t the item s in
each group, see the ap p en d ix to this article.
The AGI Gap
The “A GI gap ” is defined as the difference between the
BEA -derived AGI (tables 2 an d 3, line 21) an d the IRS
A GI (tables 2 an d 3, line 27). The AGI gap for each
type o f in com e (line 28) is the difference between the
BEA -derived A GI (line 21) an d the reallocated IRS AGI
7. For m ore information about personal income, see < www.bea.gov/bea/
regional/articles/spi2001>.
A pril 2 0 0 4
for that type o f incom e (line 27). The percent d istrib u
tion o f the A GI gap by type o f incom e is show n on line
29. The relative AGI gap for each type o f incom e (line
30) show s the AGI gap by type o f incom e (line 28) as a
percentage o f the BEA -derived A GI by type o f incom e
(line 21).
The AGI gap results from several know n factors.
First, the source data used to estim ate person al in
com e, A GI, and their com pon en ts contain errors and
are unavailable for som e item s, such as incom e earned
by individuals w ho are n ot legally required to file in-
Table 2. Comparison of Personal Income with Adjusted Gross Income by Type of Income, for 2000
[Billions of dollars]
Personal Income
Line
Total
Proprietors’ income
Income receipts
Rental
on assets
Wage and with IVA and CCAdj
income of
salary
persons Personal
disburse
Personal
with
ments
Farm
Nonfarm CCAdj
dividend interest
income
income
Income
not
Taxable
included
Taxable
unem
Other
Taxable
in
pensions
ployment
personal personal
social
and
com
security1 income2 income
annuities pensation
Personal income...........................................................................................................
1
8,429.7
4,829.2
22.7
705.7
150.3
376.1
1,011.0
3 3.0
Less: Portion of personal Income not Included in adjusted gross income..........
2
2,971.3
124.9
10.5
38.6
107.4
271.3
787.2
0.0
Nontaxable transfer payments to persons.............................................................
Employer contributions for employee pension and insurance funds.....................
Imputed income in personal income4...................................................................
Investment income retained by life insurance carriers and pensions plans5.......
Investment income received by nonprofit Institutions and retained by fiduciaries
Differences in accounting treatment between NIPAs and tax regulations, net.....
Other personal income exempt or excluded from adjusted gross income............
3
4
5
6
7
8
9
962.0
609.9
265.8
497.3
75.6
159.4
401.4
0.0
0.0
11.5
0.0
0.0
0.0
113.4
0.0
0.0
0.2
0.0
0.0
10.3
0.0
0.0
0.0
2.7
0.0
0.5
35.4
0.0
0.0
0.0
88.2
1.6
7.6
10.0
0.0
0.0
0.0
0.0
58.0
19.5
18.5
175.4
0.0
0.0
163.3
437.7
47.1
85.2
54.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Plus: Portion of adjusted gross income not included in personal income...........
10
1,667.1
23.8
0.0
4.4
3.4
0.0
0.0
414.3
0.0
Contributions for government social insurance......................................................
Net gain from sale of assets...................................................................................
Taxable pensions7................
Small business corporation income
Other types of income...........
11
12
13
14
15
359.2
645.4
414.2
128.2
120.0
0.0
0.0
0.0
0.0
23.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4.4
0.0
0.0
0.0
0.0
3.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
414.2
0.0
0.0
Plus: Reallocation by type of NIPA income...............................................................
Fiduciaries’ share of partnership income 8............................................................
Interest received by nonfarm proprietors...............................................................
Interest distributed by regulated investment companies........................................
Taxable disability income payments.......................................................................
16
17
18
19
20
0.0
0.0
0.0
0.0
0.0
8.8
0.0
0.0
0.0
8.8
0.0
0.0
0.0
0.0
0.0
-0.9
-0.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
59.4
0.0
0.0
59.4
0.0
-59.4
0.0
0.0
-59.4
0.0
20.7
97.3
1,213.8
0.0
0.0
0.0
1,572.8
58.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
962.0
609.9
0.0
0.0
0.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
6 58.6
0.0
358.0
863.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
359.2
0.0
0.0
0.0
-1.1
0.0
645.4
0.0
128.2
89.5
-8.8
0.0
0.0
0.0
-8.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.9
0.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Equals: BEA-derived adjusted gross income...........................................................
21
7,125.4
4,737.0
12.2
670.6
46.2
164.1
164.4
408.4
20.7
97.3
0.0
804.5
IRS adjusted gross income.........................................................................................
22
6,365.4
4,456.2
-9.0
213.9
25.1
147.0
199.3
325.8
16.9
90.0
95.7
804.5
Plus: Reallocation by type of IRS income.................................................................
23
0.0
0.0
0.0
88.4
7.4
0.0
0.0
0.0
0.0
0.0
-95.7
0.0
Estate or trust income............................................................................................
Partnership income................................................................................................
Other reallocations.................................................................................................
24
25
26
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.7
84.7
0.0
7.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-11.0
-84.7
0.0
0.0
0.0
0.0
IRS adjusted gross Income (reallocated)..................................................................
27
6,365.4
4,456.2
-9.0
302.2
32.5
147.0
199.3
325.8
16.9
90.0
0.0
804.5
Adjusted gross income (AGI) gap (line 21 - line 27)................................................
0.0
0.0
28
760.1
280.8
21.2
368.4
13.8
17.1
-34.9
82.6
3.8
7.3
Percent distribution of AGI gap...................................................................................
Relative AGI gap 9......................................................................................................
30
100.0
10.7
36.9
5.9
2.8
174.1
48.5
54.9
1.8
29.8
2.3
10.4
-4.6
-21.3
10.9
20.2
05
18.3
10
7.5
Addendum: Misreporting adjustment included in personal income.....................
31
378.3
99.8
293.3
1.6
1. Taxable social security benefits also include a social security equivalent benefit portion of tier 1 railroad retirement
benefits.
2. Consists primarily of employer contributions for employee pension and insurance funds and nontaxable transfer
payments to persons less contributions to government social insurance.
3. Includes tier 2 railroad retirement benefits that are taxed as if the benefits were paid under private employer retirement
plans.
4. Consists of all the imputations in personal income in NIFft table 7.12 except for employer contributions for health and
life insurance premiums; these premiums are included in line 4.
5. Consists of imputed interest received by persons from life insurance carriers (NIFA table 7.11) and the investment
income of private and government employee pension plans.
-16.4
6. Statutory adjustments or specific adjustments (“above-the-line deductions”) from total income included to arrive at AGI.
7. Consists of the taxable portion of private and government employee retirement plan benefit payments.
8. Consists of partnership income retained by fiduciaries.
9. Adjusted gross income gap (line 28) as a percentage of the BEA-derived AGI (line 21).
AGI Adjusted gross income
BEA Bureau of Economic Analysis
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
IRS Internal Revenue Service
NIFAs National income and product accounts
A pril 2 0 0 4
S urvey
of
C
urrent
11
B u s in e s s
com e tax return s.8 The gap is also due to certain statis
tical differences between p erson al in com e an d AGI
that w ould require extensive research to explain.
Second, the IRS estim ates o f total AGI an d its co m
pon en ts are affected by sam plin g an d m easurem ent
errors. The estim ates are b ased on a stratified prob ab il
ity sam ple o f un audited individual incom e tax returns
that are n ot adju sted for m isreportin g. However, sa m
ple returns are edited to force consistency with statisti
cal definitions and to correct for m issin g entries in
order to produ ce consistency with other entries on the
returns and accom panying schedules.9
T hird, the estim ates o f BEA -derived AGI include
both explicit an d im plicit adju stm en ts for m isreport-
8. Some individuals who are not required to file tax returns because of
their low income levels, file returns to secure refunds o f withheld income
taxes or to receive refunds through the Earned Income Tax Credit or the
Child Tax Credit. The value o f the income earned by these individuals may
not be reported on tax returns; it is an important, difficult-to-measure
component that is missing from the IRS side o f the reconciliation.
9. For more information, see IRS, “ SOI Sampling Methodology and Data
Limitations,” Statistics of Income Bulletin, no. 1136 (Winter 2002-2003):
231-233; and IRS Source O f Income Division, “Description o f the Sample,”
Individual Income Tax Returns (April 2003): 19-21; < www.irs.gov/pub/irssoi/00insec2 .pdf> .
Table 3. Comparison of Personal Income with Adjusted Gross Income by Type of Income, for 2001
[Billions of dollars]
Personal Income
Line
Total
Proprietors’ income
Income receipts
Rental
on assets
Wage and with IVA and CCAdj
income of
salary
persons
disburse
Personal Personal
with
ments
Farm
Nonfarm CCAdj
dividend interest
income
income
Taxable Taxable Taxable
unem
pensions ployment
social
and
com
annuities pensation security’
Personal Income............................................................................................................
1
8,713.1
4,942.9
25.0
745.6
163.1
371.2
1,003.7
3 3.0
Less: Portion of personal income not included in adjusted gross income...........
2
3,117.0
130.7
15.9
61.4
117.7
268.4
764.0
Nontaxable transfer payments to persons..............................................................
Employer contributions for employee pension and insurance funds.......................
Imputed income in personal income4....................................................................
Investment income retained by life insurance carriers and pensions plans 5 .......
Investment income received by nonprofit institutions and retained by fiduciaries
Differences in accounting treatment between NIPAs and tax regulations, net......
Other personal income exempt or excluded from adjusted gross income.............
3
4
5
6
7
8
9
1,054.9
642.6
292.8
455.7
69.0
177.5
424.5
0.0
0.0
11.6
0.0
0.0
0.0
119.0
0.0
0.0
0.2
0.0
0.0
15.7
0.0
0.0
0.0
2.7
0.0
0.5
58.2
0.0
0.0
0.0
98.5
1.6
7.8
9.7
0.0
0.0
0.0
0.0
52.2
18.1
19.4
178.8
0.0
0.0
179.7
401.9
41.7
74.5
66.1
Plus: Portion of adjusted gross income not included in personal income............
10
1,387.3
22.3
0.0
4.2
3.5
0.0
Contributions for government social insurance......................................................
Net gain from sale of assets....................................................................................
Taxable pensions7...................................................................................................
Small business corporation income.........................................................................
Other types of income.............................................................................................
11
12
13
14
15
373.6
324.6
435.8
130.6
122.6
0.0
0.0
0.0
0.0
22.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4.2
0.0
0.0
0.0
0.0
3.5
0.0
0.0
0.0
0.0
0.0
Plus: Reallocation by type of NIPA income................................................................
16
0.0
9.3
0.0
-0.9
0.0
51.5
Fiduciaries’ share of partnership income 8.............................................................
Interest received by nonfarm proprietors................................................................
Interest distributed by regulated investment companies........................................
Taxable disability income payments.......................................................................
17
18
19
20
0.0
0.0
0.0
0.0
0.0
0.0
0.0
9.3
0.0
0.0
0.0
0.0
-0.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
51.5
0.0
Equals: BEA-derived adjusted gross income............................................................
21
6,983.4
4,843.9
9.1
687.6
48.9
IRS adjusted gross income.... .....................................................................................
22
6,170.6
4,565.2
-11.0
216.8
29.7
Plus: Reallocation by type of IRS income..................................................................
23
0.0
0.0
0.1
97.5
Estate or trust income.............................................................................................
Partnership income.................................................................................................
Other reallocations..................................................................................................
24
25
26
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
3.1
94.4
0.0
IRS adjusted gross income (reallocated)...................................................................
27
6,170.6
4,565.2
-10.9
Adjusted gross income (AGI) gap (line 21 - line 27).................................................
28
812.8
278.7
Percent distribution of AGI gap....................................................................................
Relative AGI gap9.......................................................................................................
W
30
100.0
11.6
34.3
5.8
Addendum: Misreporting adjustment included in personal income.......................
31
396.9
104.3
1. Taxable social security benefits also include a social security equivalent benefit portion of tier 1 railroad retirement
benefits.
2. Consists primarily of employer contributions for employee pension and insurance funds and nontaxable transfer
payments to persons less contributions to government social insurance.
3. Includes tier 2 railroad retirement benefits that are taxed as if the benefits were paid under private employer retirement
plans.
4. Consists of all the imputations in personal income in NIFft table 7.12 except for employer contributions for health and
life insurance premiums; these premiums are included in line 4.
5. Consists of imputed interest received by persons from life insurance carriers (NIFA table 7.11) and the investment
income of private and government employee pension plans.
Income
not
included
Other
in
personal personal
income2 income
32.2
101.3
1,325.0
0.0
0.0
0.0
0.0
1,698.5
60.6
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1,054.9
642.6
0.0
0.0
0.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
6 60.6
0.0
435.9
0.0
0.0
372.5
548.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
435.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
373.6
0.0
0.0
0.0
-1.1
0.0
324.6
0.0
130.6
93.6
-51.5
-9.3
0.0
0.0
0.9
0.0
0.0
0.0
-51.5
0.0
0.0
0.0
0.0
-9.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.9
0.0
0.0
0.0
0.0
0.0
0.0
0.0
154.3
188.2
429.5
32.2
101.3
0.0
488.3
119.5
198.2
338.7
26.9
93.6
104.7
488.3
7.1
0.0
0.0
0.0
0.0
0.0
-104.7
0.0
7.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-10.2
-94.5
0.0
0.0
0.0
0.0
314.3
36.8
119.5
198.2
338.7
26.9
93.6
0.0
488.3
20.0
373.3
12.1
34.8
-10.0
90.8
5.3
7.7
0.0
0.0
2.5
219.9
45.9
54.3
1.5
24.8
4.3
22.6
-1.2
-5.3
11.2
21.1
0.7
16.6
0.9
7.6
308.0
1.8
-17.2
6. Statutory adjustments or specific adjustments (“above-the-line deductions') from total income included to arrive at AGI.
7. Consists of the taxable portion of private and government employee retirement plan benefit payments.
8. Consists of partnership income retained by fiduciaries.
9. Adjusted gross income gap (line 28) as a percentage of the BEA-derived AGI (line 21).
AGI Adjusted gross income
BEA Bureau of Economic Analysis
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
IRS Internal Revenue Sen/ice
NIFfts National income and product accounts
12
BEA Personal Income and IRS Adjusted Gross Income
ing on tax returns that account for a m ajor p art o f the
AGI gap. The estim ates o f p erson al incom e are m ainly
based on source d ata from the payers o f incom e. E x
plicit ad ju stm en ts for m isreportin g (line 31) are m ade
to estim ates o f wage and salary disbursem en ts, n o n
farm p rop rietors’ incom e, royalty paym ents, and p er
sonal interest incom e an d are based on SO I data— the
sam e source data as the A G I.10 T hus, the AGI gap for
these com pon en ts largely reflects the explicit m isre
p ortin g ad ju stm en ts (tables 2 an d 3, line 31) that are
ad d ed to the source data.
Im plicit adju stm en ts are m ad e to som e com pon en ts
o f p erson al incom e because the source data are from
G overnm ent adm inistrative records other than in di
vidual incom e tax return in form ation system . For
exam ple, NIPA estim ates o f wage and salary d isbu rse
m ents are based on tabulation s o f w ages an d salaries o f
em ployees covered by state un em ploym en t insurance
from the Bureau o f Lab or Statistics, on w ages for Fed
eral G overnm ent em ployees from the B ureau o f L abor
Statistics, and on w ages o f other uncovered em ployees
from other sources; these estim ates are adju sted by
BEA to fit N IPA definitions. The estim ates o f person al
dividend incom e are based prim arily on tabulation s o f
corporate incom e tax returns that are ad ju sted by BEA
for in com e m isreportin g an d to m eet the NIPA co n
cept o f corporate in co m e.1 The estim ates o f transfer
1
10.
BEA makes three adjustments to IRS estimates o f net income for
income that is not reported on tax returns. The first two adjustments are
estimates o f underreported income o f tax return filers: The Taxpayer C om
pliance Measurement Program (TCM P) audit adjustment and the Inform a
tion Returns Program (IRP) adjustment. The TCMP audit adjustment is
the difference between SOI tabulated amounts o f revenues and amounts
corrected through audits; this difference was estimated using the ratios o f
corrected to reported income; and these ratios have been held constant
since 1988. After information returns became available, special IRP studies
were conducted to determine the am ount o f income missed by its absence.
These studies produced blowup factors that were applied to TCMP results
in order to estimate the total levels o f underreporting on tax returns; the
factors have been held constant since 1988.
The third adjustment represents the value o f income earned by individu
als who do not file tax returns (nonfiler adjustment) based on the Census
Bureau’s exact match studies for 1972, 1977, 1990, 1996, and 1999 that
attempt to match individuals in social security administrative records and
the income that they reported in the March income supplement to the Cur
rent Population Survey (CPS) against the income reported on individual
income tax returns. Nonfilers were individuals who reported income in the
CPS but who did not match with IRS tax return records. An annual time
series o f nonfiler income is estimated by interpolating between exact match
studies and extrapolating for years after the latest study.
For additional information, see Robert P. Parker, “ Improved Adjustments
for Misreporting o f Tax Return Information Used To Estimate the National
Income and Product Accounts, 1977” S u r v ey 64 (June 1984): 17-25; and
Moylan and Robinson, 20.
A pril 2 0 0 4
paym ents are b ased on d ata from the B u d g et o f the
U nited S tates an d from the C en sus Bureau’s surveys o f
em ployee-retirem ent system s o f state and local govern
m ents, o f public em ploym ent, and o f state an d local
governm ent finances.1
2
Fourth, the AGI gap m ay also be attributable to the
m isreportin g o f incom e that is excluded from person al
incom e— such as net gains from the sale o f assets, in
com e from sm all bu sin ess corp oration s, an d ali
m ony— and that is n ot adju sted for m isreporting.
Fifth, each July, as p art o f the annual N IPA revi
sions, person al incom e estim ates for the m o st recent 3
years are revised to in corporate source data that are
m ore com plete, m ore detailed, an d m ore appropriate
than those that were previously published. Every 4 or 5
years, as p art o f the com prehensive NIPA revision, esti
m ates for all years are revised to in corporate defin i
tion al an d statistical ch an ges.1
3
The IRS estim ates o f AGI are b ased on a sam ple
from all individual incom e tax returns except tentative
and am en ded returns that are processed during a cal
endar year.14 The A GI estim ates are intended to repre
sent all o f the returns filed for a tax liability year from
Jan uary 1 to D ecem ber 31, bu t ab o u t 2 to 3 percent o f
the returns processed in a calendar year are for tax lia
bility years that end on another date or for previous
years. Unlike person al incom e, AGI estim ates are n ot
up dated to in corporate late-arriving in form ation.
11. In the NIPAs, personal dividends income is calculated as net corporate
dividend payments less dividends received by state and local governments.
The annual estimates o f dividends for domestic corporations are based pri
marily on annual IRS tabulations o f corporate income tax returns from Sta
tistics of Income: Corporation Income Tax Returns. BEA adds dividends paid
by Federal Reserve banks and other federally sponsored credit agencies and
an estimate o f U.S. receipts o f dividends from abroad net o f payments
abroad from BEA’s international transactions accounts to the IRS dividends
to arrive at a NIPA definition o f personal dividends. In addition, adjust
ments are m ade to IRS dividends that are included in NIPA dividends, such
as capital gains distributions o f regulated investment companies, interest
payments to regulated investment companies, and dividends received by
U.S. corporations.
12. Information from IRS audit studies indicate that these payments are
subject to misreporting on individual income tax returns.
13. For the m ajor changes in definitions and classifications, see Moulton
and Seskin, 17-34, and for statistical changes, see Moylan and Robinson,
17-32.
14. Tentative returns are mainly estimated returns filed by individuals
who do not file their tax returns by the due date, and they are excluded
from the population because the revised returns may be sam pled later;
amended returns are excluded because the original returns have already
been sampled. For more details, see Peter Sailer, Michael Weber, and Wil
liam Wong, “Attrition in a Panel o f Individual Income Tax Returns,
1992-1997,” at < www.irs.gov/pub/irs-soi/indpnlat.pdf>.
A pril 2 0 0 4
S urvey
of
C
urrent
The AGI G ap by Type of Incom e
for 1959-2001
Table 4 show s the estim ates o f the total AGI gap and
the gap for each type o f in com e for 1959-2001, and ta
ble 5 show s the total relative AGI gap an d the relative
gap for each type o f incom e for 1959-2001. Over this
period, the relative A GI gap for total incom e averaged
13
B u s in e s s
abo u t 10.8 percent. It declined from 10.7 percent for
1959 to an average o f 10.0 percent for the 1960s and
1970s; for 1984, it increased to a high o f 13.5 percent,
and for the 1980s, it averaged 11.9 percent. For the
1990s, it decreased on average to 11.4 percent; for 2000
and 2001, it averaged 11.2 percent.
The relative AGI gap for wage and salary disburse-
Table 4. The BEA and IRS Measures of AGI and the AGI Gap by Type of Income, 1959-2001
[Billions of dollars]
Year
BEA-derived
AGI
IRS AGI
AGIgap
Wage and
salary
disburse
ments
Proprietors’ income with
IVA and CCAdj
Farm
Nonfarm
Rental
income of
persons with
CCAdj
Income receipts on assets
Personal
dividend
income
Total
Personal
interest
income
Taxable
pension
and
annuities
Taxable
unem
ployment
compen
sation
Taxable social
security
benefits
1959............
1960............
1961............
1962............
1963............
1964............
1965............
1966............
1967............
1968............
1969............
341.8
354.0
368.0
390.0
411.0
443.9
480.6
521.2
551.3
605.6
659.8
305.1
315.5
329.9
348.7
368.8
396.7
429.2
468.5
504.8
554.4
603.5
36.7
38.5
38.1
41.3
42.2
47.2
51.4
52.7
46.4
51.1
56.3
7.8
8.9
7.6
9.2
8.3
10.0
10.8
11.4
8.1
10.2
9.0
9.4
8.7
8.4
9.0
6.4
5.7
6.5
6.7
5.1
4.9
7.0
7.7
8.1
8.8
9.3
13.4
15.3
15.6
16.8
16.6
17.1
18.7
2.6
2.6
2.8
2.7
3.0
3.4
3.7
3.1
0.7
1.7
1.6
7.6
8.4
8.5
9.0
8.9
10.9
12.7
11.3
12.0
13.1
14.9
0.8
1.2
1.2
1.2
1.3
2.0
2.3
0.5
0.5
0.9
0.7
6.8
7.3
7.3
7.8
7.6
9.0
10.4
10.8
11.6
12.2
14.2
1.7
1.9
2.1
2.2
2.4
2.8
3.2
3.5
4.0
4.3
5.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1970............
1971............
1972............
1973............
1974............
1975............
1976............
1977............
1978............
1979
696.4
742.8
824.5
925.0
1,003.5
1,046.8
1,168.0
1,296.1
1,466.4
1,654.1
631.7
673.6
746.0
827.2
905.5
947.8
1,053.9
1,158.5
1,302.4
1,465.4
64.7
69.1
78.6
97.8
97.9
99.0
114.1
137.6
164.0
188.7
10.6
12.1
10.6
16.4
8.8
13.6
13.2
19.2
24.5
19.5
8.6
7.5
10.0
15.7
16.8
11.6
10.8
8.9
11.9
14.0
20.5
23.7
28.8
32.1
37.8
41.7
53.1
60.8
72.9
83.8
1.9
1.7
2.5
2.1
0.8
1.2
0.5
2.8
2.9
3.8
17.1
17.3
18.4
22.9
24.3
20.3
24.8
33.7
36.8
48.6
1.0
1.4
2.0
3.4
2.7
1.0
3.8
6.2
7.3
9.2
16.1
15.8
16.4
19.5
21.6
19.2
20.9
27.5
29.5
39.4
6.1
7.1
8.2
8.6
9.5
10.7
11.8
12.3
14.9
18.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1980............
1981............
1982............
1983............
1984............
1985............
1986............
1987............
1988............
1989
1,830.3
2,016.3
2,098.6
2,225.6
2,472.6
2,631.6
2,853.2
3,121.1
3,411.9
3,649.7
1,613.7
1,772.6
1,852.1
1,942.6
2,139.9
2,306.0
2,481.7
2,773.8
3,083.0
3,256.4
216.6
243.7
246.5
283.0
332.7
325.6
371.5
347.3
328.9
393.3
21.0
20.8
16.3
23.0
26.0
39.9
53.3
74.4
77.7
104.9
18.3
19.9
16.1
28.2
27.6
23.9
28.5
31.5
36.3
30.5
88.2
89.5
94.6
109.2
140.5
146.3
146.6
122.0
123.6
128.0
5.8
10.4
13.7
16.6
20.4
23.4
21.2
16.8
7.1
2.6
59.1
73.5
70.4
64.1
65.1
39.3
51.8
42.3
37.2
66.7
12.5
22.4
19.9
23.3
28.8
22.0
19.4
27.3
23.0
43.0
46.6
51.1
50.5
40.8
36.4
17.3
32.4
15.1
14.1
23.7
23.4
28.8
33.5
39.3
47.2
48.2
65.7
55.0
42.4
54.9
0.8
0.9
2.0
2.6
1.3
1.4
1.2
2.6
1.9
2.4
0.0
0.0
0.0
0.0
4.6
3.2
3.1
2.8
2.8
3.0
1990............
1991............
1992............
1993............
1994............
1995............
1996............
1997............
1998............
1999............
3,798.4
3,856.8
4,092.0
4,245.4
4,473.7
4,759.8
5,144.5
5,578.0
6,120.2
6,553.5
3,405.4
3,464.5
3,629.1
3,723.3
3,907.5
4,189.4
4,536.0
4,970.0
5,416.0
5,855.5
393.0
392.3
462.9
522.1
566.2
570.4
608.5
608.0
704.3
698.0
106.4
92.1
121.9
139.3
146.1
153.5
178.2
190.2
227.6
251.1
27.7
29.8
30.6
38.1
27.0
36.9
31.2
31.3
26.3
25.4
134.8
138.7
162.7
195.6
214.8
233.1
259.3
264.4
286.0
322.9
4.2
8.2
12.5
12.3
15.4
17.0
16.1
16.4
15.8
16.6
59.2
66.1
65.2
65.4
86.5
49.0
44.8
23.8
71.0
-5.1
44.7
45.2
34.4
31.2
48.1
31.2
40.0
43.8
47.2
6.3
14.6
20.9
30.8
34.2
38.4
17.9
4.8
-20.0
23.8
-11.4
54.5
50.1
56.6
57.1
64.0
68.6
70.2
71.3
72.2
77.0
2.8
3.6
8.3
7.4
3.8
2.6
3.2
3.1
3.1
3.3
3.0
3.2
4.5
6.1
8.0
8.8
7.2
6.5
2.3
6.9
2000............
2001 ............
7,125.4
6,983.4
6,365.4
6,170.6
760.1
812.8
280.8
278.7
21.2
20.0
368.4
373.3
13.8
12.1
-17.8
24.8
17.1
34.8
-34.9
-10.0
91.4
90.8
3.8
5.3
7.3
7.7
AGI Adjusted gross income
BEA Bureau of Economic Analysis
IRS Internal Revenue Service
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
BEA Personal Income and IRS Adjusted Gross Income
14
m ents is the sm allest am o n g the types o f incom e, p ri
m arily because w ithholding incom e tax at the source is
required for m ost w age an d salary disbursem ents. For
1959-2001, the relative AGI gap for wage and salary
disbursem en ts averaged ab o u t 3.0 percent. For the
1960s, it m ain tain ed an average o f 2.7 percent. For the
1970s, it reached its low est level on average o f 1.8 p e r
A pril 2 0 0 4
cent. For the 1980s, it averaged 2.2 percent, an d for the
1990s, it averaged 4.6 percent. For 2000, it reached its
highest level o f 5.9 percent.
The trends in the relative A G I gaps for nonw age in
com es show contrasting pattern s (see adden da to table
5). For nonw age incom es that are subject to the re
quirem ents for filing in form ation returns by em ploy-
Table 5. The Relative AGI Gap by Type of Income, 1959*2001
[Percent]
Proprietors’ income with
IVA and CCAdj
Year
Wage and
salary
disbursements
Total
Farm
Nonfarm
Addenda
Income receipts on assets
Rental income
of persons with
CCAdj
Personal
dividend
income
Total
Personal
interest
income
Taxable
pension and
annuities
The sum of
income items
Taxable
Taxable
unemployment social security except wages,
subject to the
compensation
benefits
requirements
for filing
information
returns'
The sum of
income items
not subject to
the
requirements
for filing
information
returns2
1959.............
1960.............
1961.............
1962.............
1963.............
1964.............
1965.............
1966.............
1967.............
1968.............
1969.............
10.7
10.9
10.4
10.6
10.3
10.6
10.7
10.1
8.4
8.4
8.5
3.0
3.3
2.8
3.1
2.7
3.0
3.0
2.9
1.9
2.2
1.8
94.2
94.3
93.7
93.4
66.1
64.5
61.8
58.4
56.5
56.5
62.4
20.1
21.3
21.9
22.0
30.7
32.3
31.1
31.3
29.8
28.7
30.5
42.4
41.9
43.6
42.1
45.0
50.9
54.5
45.5
16.0
29.9
29.6
35.6
36.6
35.4
33.7
30.1
33.1
34.4
29.3
29.3
29.0
29.7
7.6
10.8
10.7
10.3
9.9
14.1
15.1
3.4
3.2
5.5
4.5
60.8
59.0
56.4
52.2
45.3
47.0
48.0
45.0
43.7
42.1
42.0
53.3
54.1
53.5
48.5
47.4
47.2
47.0
44.0
44.2
41.8
42.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
37.8
38.9
38.0
35.8
32.7
35.3
36.3
31.8
32.0
31.4
32.1
36.1
36.3
36.1
36.0
38.0
38.8
38.2
37.0
32.5
32.1
35.0
1970.............
1971.............
1972.............
1973.............
1974.............
1975.............
1976.............
1977.............
1978.............
1979.............
9.3
9.3
9.5
10.6
9.8
9.5
9.8
10.6
11.2
11.4
2.0
2.1
1.7
2.3
1.1
1.7
1.5
1.9
2.2
1.6
71.4
73.6
67.2
64.4
72.7
71.1
70.4
88.6
71.4
82.7
32.9
35.3
38.6
39.6
43.1
45.3
48.3
48.9
51.4
54.4
33.0
30.1
35.1
26.2
10.9
15.5
6.1
29.5
28.5
36.4
31.2
30.0
29.4
31.0
28.7
23.7
25.3
29.2
28.7
31.2
6.2
8.4
10.6
15.3
11.5
4.6
13.6
18.7
19.5
21.6
42.2
39.1
37.4
37.7
35.3
30.7
30.1
33.5
32.5
34.8
43.5
43.2
42.8
39.5
36.2
33.9
32.4
29.6
31.3
33.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
30.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
33.7
32.9
32.5
33.0
30.4
26.4
27.2
29.3
29.4
31.7
38.7
39.7
42.8
44.0
46.9
47.0
48.5
50.4
52.0
56.0
1980.............
1981.............
1982.............
1983.............
1984.............
1985.............
1986.............
1987.............
1988.............
1989.............
11.8
12.1
11.7
12.7
13.5
12.4
13.0
11.1
9.6
10.8
1.5
1.4
1.0
1.4
1.4
2.0
2.6
3.3
3.2
4.1
107.3
162.5
255.5
149.5
207.5
212.6
137.1
102.0
101.0
96.1
57.1
62.2
64.6
64.3
67.9
66.1
64.6
52.0
45.3
44.4
47.7
65.6
79.2
96.9
122.8
132.0
176.9
134.5
81.8
41.5
29.6
29.2
25.2
24.0
22.4
14.2
18.4
15.2
12.3
18.1
24.3
32.7
27.6
32.4
37.1
28.5
23.9
29.0
22.9
34.6
31.4
27.9
24.3
21.0
17.1
8.7
16.2
8.2
7.0
9.7
35.1
35.7
35.8
36.0
37.0
33.6
37.9
30.6
23.4
27.2
27.0
27.3
21.8
27.1
17.8
17.6
15.0
17.2
13.9
16.8
0.0
0.0
0.0
0.0
36.7
25.0
22.6
18.1
16.4
14.6
30.9
30.8
27.7
27.5
27.0
20.9
25.6
21.0
16.4
21.0
61.1
69.7
73.2
74.9
79.6
77.3
75.6
61.2
52.6
49.4
1990.............
1991.............
1992.............
1993.............
1994.............
1995.............
1996.............
1997.............
1998.............
1999.............
10.3
10.2
11.3
12.3
12.7
12.0
11.8
10.9
11.5
10.7
3.9
3.3
4.2
4.6
4.6
4.6
5.0
5.0
5.5
5.7
96.1
105.2
103.8
107.9
134.4
125.7
127.7
125.2
141.5
129.5
44.0
44.5
45.7
49.8
50.5
51.7
52.2
51.0
50.7
52.2
38.5
50.4
49.4
42.0
43.3
43.8
38.0
36.7
35.3
36.3
16.2
18.7
21.3
23.7
29.3
16.4
14.2
7.5
19.3
-1.7
35.8
36.9
30.6
28.1
36.9
24.8
27.7
26.7
28.5
4.5
6.0
9.1
15.9
20.7
23.3
10.3
2.8
-13.2
11.8
-6.9
25.5
22.1
23.3
22.8
23.8
23.7
22.7
21.5
20.5
20.2
15.5
13.5
21.0
21.0
15.8
11.8
14.0
15.3
15.5
15.7
13.2
13.1
16.2
20.0
17.2
16.2
12.0
9.5
3.2
8.4
19.2
19.5
21.8
22.9
25.6
19.4
17.7
14.2
18.3
10.4
48.1
49.6
50.1
53.7
53.5
55.3
54.4
53.1
52.3
53.3
2000.............
2001.............
10.7
11.6
5.9
5.8
174.1
219.9
54.9
54.3
29.8
24.8
-5.4
7.2
10.4
22.6
-21.3
-5.3
21.9
21.1
18.3
16.6
7.5
7.6
9.8
14.2
55.3
54.4
1. Consists of personal dividend income, personal interest income, taxable pensions, taxable unemployment compensation, and taxable social security benefits. These types of income have been subject to varying degrees of withholding since 1984.
2. Consists of farm proprietors' income, nonfarm proprietors’ income, and rental income of persons.
N ote : The relative AGI gap is the AGI gap as a percentage of the BEA-derived AGI as shown in line 30 of tables 2 and 3.
AGI Adjusted gross income
BEA Bureau of Economic Analysis
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
A pril 2 0 0 4
S urvey
of
C u r r e n t B u s in e s s
ers, the com bin ed relative AGI gap declined from 37.8
percent for 1959 to 9.8 percent for 2000, an d it then in
creased to 14.2 percent for 2 0 0 1.15 For incom es not
subject to the filing requirem ents, the com bin ed rela
tive AGI gap increased from 36.1 percent for 1959 to a
high o f 79.6 percent for 1984, and then it fell to 54.4
percent for 2001.
Estimates for 1959-2001. The estim ates o f the
BEA -derived AGI for 2001 are based on prelim inary
IRS estim ates o f data from individual incom e tax re
turns, corporate incom e tax returns, n on farm sole
proprietorsh ip incom e taxes, and partn ersh ip incom e
taxes, an d extrapolated estim ates for tax exem pt in
com e taxes and for private foun dation incom e taxes.
The revised estim ates for 2000 reflects the in co rp ora
tion o f final data for these com ponents.
The AGI gap for p erson al incom e for 2001 is $812.8
billion (table 3). The estim ate includes a m isreportin g
ad ju stm en t o f $396.9 billion, w hich leaves an unex
plained gap o f $415.9 billion. The relative A GI gap is
11.6 percent, 0.8 percentage p o in t higher than the
10.8-percent average for 1959-2001 an d 0.2 percentage
po in t higher than the average for the 1990s (table 5).
The A GI gap for wage an d salary d isbursem en ts for
2001 is $278.7 billion; the m isreportin g ad ju stm en t ac
coun ts for $104.3 billion, so $174.4 billion is u n ex
plained. The relative AGI gap is 5.8 percent, 2.8
percentage poin ts higher than the 3.0-percent average
for 1959-2001, and 1.2 percentage p oin ts higher than
the average for the 1990s.
The AGI gap for farm prop rietors’ incom e for 2001
is $20.0 billion. For n on farm p rop rieto rs’ incom e, it is
$373.3 billion; the m isreportin g adju stm en t accounts
fo r $308 billion, so $65.3 billion is unexplained. The
relative AGI gap for farm p rop rietors’ incom e is 219.9
percent, an d for n on farm prop rietors’ incom e, it is
15. Employers and other payers o f income including partnerships and
nonprofit organizations are required to file information returns with the
IRS for certain payments made during the year in the course o f the employ
ers’ trade or business. Nonwage incomes subject to filing information
returns primarily consist o f personal dividend income and personal interest
income. In recent years, estimating the AGI gap for these types o f income
has been difficult for various reasons: The taxable portion o f interest
received by individuals from mutual funds is reallocated from personal
interest income to personal dividend income (line 18 in tables 2, 3, and 6)
to match the classification o f these payments in personal income; the allo
cation o f the income received from private noninsured pension plans (part
o f line 6) between interest and dividends is based on incomplete data; and
some individuals may inadvertently report income from m utual funds as
interest rather than as dividends. Thus, tables 4 and 5 show the AGI gap for
dividend and interest income combined and the AGI gaps for each type o f
income. Since 1984, taxes have been withheld on taxable pension benefit
payments unless recipients elect not to have the tax withheld, and they are
withheld on interest and dividends if recipients fail to furnish a correct tax
payer identification number or if they earn interest or dividends that were
underreported on past returns.
15
54.3 percent. For the 1990s, the relative A GI gap for
farm prop rieto rs’ incom e averaged 119.7 percent, and
for n on farm proprietors’ incom e, it averaged 49.2 p e r
cent.
The AGI gap for rental incom e o f p erson s for 2001
is $12.1 billion. The m isreportin g adju stm en t accounts
for $1.8 billion; $10.3 billion is unexplained. The rela
tive A GI gap is 24.8 percent; for 1959-2001, it averaged
49.8 percent.
The AGI gap for person al dividend in com e for 2001
is $34.8 billion. The relative A G I gap is 22.6 percent;
for 1959-2001, it averaged 19.3 percent.
The AGI gap for person al interest in com e is -$ 1 0 .0
billion (the estim ate is negative because the AGI esti
m ate is m ore than BEA’s estim ate o f A G I). The m isre
portin g adju stm en t accounts for -$ 1 7 .2 billion. The
relative AGI gap is -5 .3 percent; for 1959-2001, it aver
aged 26.0 percent, an d for the 1990s, it averaged 8.0
percent.
T he A GI gap fo r taxable p en sion s an d annuities is
$90.8 billion. The relative AGI gap is 21.1 percent, 1.1
percentage p oin ts less than the average for the 1990s.
T he AGI gap for taxable un em ploym en t co m p en sa
tion is $5.3 billion. The relative AGI gap is 16.6 p e r
cent, 0.7 percentage poin t higher than the average for
the 1990s.
The AGI gap for taxable social security benefits is
$7.7 billion. The relative AGI gap is 7.6 percent; for the
1990s, it averaged 12.9 percent.
Sources of the Revisions to the AGI Gap
Table 6 show s the revisions to personal incom e, the
reconciliation item s, BEA -derived AGI, an d the AGI
gap for 1959-2000. The revisions to the A GI gap reflect
the definitional an d statistical changes that resulted
from the 2003 com prehensive NIPA revision. The revi
sion s also reflect the in corporation o f revised SO I esti
m ates. In general, the revisions to the A GI gap result
from three sources: The revisions to person al incom e
that are due to the 2003 com prehensive N IPA revision
an d that carry through to the A GI gap (see table 7); the
revisions to the reconciliation item s that are unrelated
to revisions to person al incom e or to A GI; an d the re
vision s to AGI that carry through to the AGI gap. The
m ajo r revisions to the AGI gap are statistical changes
that reflect the use o f new an d im proved m eth o d o lo
gies an d the in corporation o f newly available and re
vised source data.
For 2000, the AGI gap w as revised dow n $31.8 b il
lion (table 2, line 28), reflecting an upw ard revision o f
$23.1 billion to personal incom e (line 1), which was
m ore than offset by net revisions o f -$ 2 0 .2 billion to
16
BEA Personal Income and IRS Adjusted Gross Income
April 2004
Table 6. Sources of Revision to the AGI Gap for 1959-2000
[Billions of dollars]
Line1
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
Personal Income................................................................................................
1
-1.2
-1.2
-1.3
-1.2
-1.4
-1.2
-1.6
-2.5
-2.1
-2.4
-2.4
-2.3
-1.6
-1.6
Less: Portion of personal income not included in AGI.................................
2
-3.9
-3.8
-3.4
-3.3
-3.2
-2.9
-2.4
-2.0
2.1
1.3
1.1
0.5
0.4
-0.6
Nontaxable transfer payments....................................................................
Employer contributions for employee pension and insurance funds..........
Imputed income in personal income...........................................................
Investment income of life insurance carriers and pension plans..............
Investment income received by nonprofit institutions and retained by
fiduciaries................................................................................................
Differences in accounting treatment between NIPAs and tax regulations,
net...........................................................................................................
Other personal income exempt or excluded from adjusted gross income
3
4
5
6
0.0
-0.1
-1.0
0.4
0.0
0.0
-1.1
0.4
0.0
0.0
-1.0
0.4
0.0
0.0
-1.1
0.5
0.2
0.0
-1.2
0.5
0.3
0.0
-1.2
0.5
0.3
0.0
-1.4
0.6
0.0
0.0
-1.7
0.6
0.4
0.0
-1.8
0.4
0.5
0.0
-2.2
0.4
0.7
0.0
-2.1
0.4
0.3
0.0
-1.9
0.5
-0.1
0.1
-1.1
0.7
0.0
0.0
-1.0
0.7
7
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.0
0.1
0.1
0.1
8
9
-3.3
0.0
-3.1
0.0
-2.9
0.0
-2.9
0.0
-2.9
0.1
-3.0
0.4
-3.0
1.1
-3.1
2.1
0.2
2.9
-0.8
3.4
-0.9
2.9
-0.7
2.2
-0.3
1.2
-0.6
0.2
Plus: Portion of adjusted gross income not included in personal income
Contributions for government social insurance..........................................
Net gain from sale of assets.......................................................................
Taxable pensions.........................................................................................
Small business corporation income............................................................
Other types of income.................................................................................
10
11
12
13
14
15
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Equals: BEA-derived adjusted gross income................................................
21
2.7
2.5
2.1
2.1
1.8
1.6
0.8
-0.5
-4.1
-3.7
-3.4
-2.9
-2.0
-1.0
IRS adjusted gross income..............................................................................
22
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Adjusted gross income (AGI) gap...................................................................
28
2.7
2.5
2.1
2.1
1.8
1.6
0.8
-0.5
-4.1
-3.7
-3.4
-2.9
-2.0
-1.0
Relative AGI Gap................................................................................................
30
0.7
1973
0.6
1974
0.5
1975
0.5
1976
0.4
1977
0.3
1978
0.1
1979
-0.1
1980
-0.7
1981
-0.6
1982
-0.5
1983
-0.4
1984
-0.2
1985
-0.1
1986
Personal Income................................................................................................
1
-2.7
-3.0
3.3
-0.6
-3.9
-10.6
-19.3
-16.0
-8.1
6.9
13.8
14.7
11.7
9.9
Less: Portion of personal income not included in AGI.................................
Nontaxable transfer payments....................................................................
Employer contributions for employee pension and insurance funds..........
Imputed income in personal income...........................................................
Investment income of life insurance carriers and pension plans...............
Investment income received by nonprofit institutions and retained by
fiduciaries................................................................................................
Differences in accounting treatment between NIPAs and tax regulations,
net...........................................................................................................
Other personal income exempt or excluded from adjusted gross income
2
3
4
b
6
-1.6
0.7
0.0
-2.8
0.8
-1.1
0.9
0.1
-2.4
0.9
4.5
2.5
0.1
1.4
1.0
0.5
1.7
0.1
-1.6
1.3
-2.5
-0.4
0.2
-2.5
1.8
-7.4
0.3
0.2
-6.7
1.2
-15.0
1.1
0.2
-12.2
-2.0
-14.7
0.4
0.3
-15.9
1.4
-8.2
1.1
0.3
-17.1
7.7
3.0
0.7
0.1
-12.9
15.5
13.9
1.5
0.4
-2.4
16.4
15.4
6.7
0.3
-9.6
20.1
10.0
4.0
0.2
-6.3
18.1
5.1
1.9
0.1
-11.9
26.7
7
0.0
-0.0
-0.0
-0.1
-0.1
-0.1
-0.2
-0.2
-0.1
-0.0
0.1
0.0
0.0
0.0
8
9
-0.3
0.0
11.4
0.0
-0.5
0.0
-0.8
0.0
-1.6
0.0
-2.4
0.0
-1.9
0.0
-0.8
0.0
-0.1
0.0
-0.4
0.0
-2.1
0.0
-3.2
1.0
-4.5
-1.6
-3.3
-8.5
Plus: Portion of adjusted gross income not included in personal income
Contributions for government social insurance..........................................
Net gain from sale of assets.....
Taxable pensions......................
Small business corporation income
Other types of income..............
10
11
12
13
14
15
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Equals: BEA-derived adjusted gross income................................................
21
-1.1
-1.9
-1.1
-1.1
-1.4
-3.2
-4.4
-1.3
0.1
3.9
-0.1
-0.7
1.7
4.8
IRS adjusted gross income..............................................................................
22
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Adjusted gross income (AGI) gap...................................................................
28
-1.1
-1.9
-1.1
-1.1
-1.4
-3.2
-4.4
-1.3
0.1
3.9
-0.1
-0.7
1.7
4.8
Relative AGI Gap................................................................................................
30
-0.1
-0.2
-0.1
-0.1
-0.1
-0.2
-0.2
-0.1
0.0
0.2
0.0
0.0
0.1
0.1
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
Personal Income................................................................................................
1
-15.1
-18.4
-12.0
-24.7
-34.4
-28.3
-51.4
-45.5
-48.6
-26.8
-21.9
-3.1
25.2
23.1
Less: Portion of personal income not included in AGI.................................
Nontaxable transfer payments....................................................................
Employer contributions for employee pension and insurance funds..........
Imputed income in personal income...........................................................
Investment income of life insurance carriers and pension plans...............
Investment income received by nonprofit institutions and retained by
fiduciaries................................................................................................
Differences in accounting treatment between NIPAs and tax regulations,
net...........................................................................................................
Other personal income exempt or excluded from adjusted gross income
2
3
4
5
6
-10.8
-1.0
-4.7
-26.4
22.8
-14.5
-0.4
-5.5
-32.3
21.3
-2.8
3.1
-3.8
-30.8
22.1
-9.7
0.9
-10.6
-31.7
25.4
-26.5
-3.5
-6.6
-30.8
13.7
-12.1
-2.4
-5.0
-16.9
12.3
-36.3
-8.6
-8.2
-33.1
10.7
-32.9
-6.5
-11.9
-38.6
11.2
-41.1
-8.4
-1.0
-56.0
10.4
-18.5
-3.7
5.0
-61.6
14.2
-5.0
-11.0
24.8
-81.4
19.6
1.6
-5.1
41.8
-88.8
13.3
31.4
-2.3
55.4
-93.4
4.7
76.4
15.8
68.6
-104.8
27.7
7
-0.1
-0.1
-0.1
0.0
0.1
0.1
0.3
0.3
0.2
4.0
14.7
-3.3
4.8
9.6
8
9
-2.8
1.4
2.0
0.6
2.1
4.6
0.7
5.6
-4.0
4.5
-2.0
1.8
-1.1
3.7
8.5
4.1
10.9
2.8
22.9
0.7
28.1
0.3
40.8
2.9
51.9
10.4
52.1
7.4
Plus: Portion of adjusted gross income not included in personal income
Contributions for government social insurance..........................................
Net gain from sale of assets.....
Taxable pensions......................
Small business corporation income
Other types of income..............
10
11
12
13
14
15
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.0
0.1
0.0
0.0
0.2
0.0
0.0
0.2
0.0
0.0
0.3
0.0
0.0
0.3
0.0
0.0
-0.1
0.0
0.0
-0.1
0.0
0.0
0.5
0.0
0.0
0.4
0.0
0.0
0.7
0.0
0.0
0.6
0.0
0.0
1.0
0.0
0.0
0.9
0.0
0.0
1.2
0.0
0.0
1.0
0.0
0.2
0.6
-0.2
0.0
0.8
0.0
0.0
1.2
0.9
0.0
1.2
-1.1
0.2
33.4
1.0
47.6
1.6
5.3
-22.0
56.2
0.8
71.8
1.5
8.4
-26.3
Equals: BEA-derived adjusted gross income................................................
21
-4.3
-3.9
-9.0
-14.8
-7.6
-16.3
-14.6
-12.0
-6.6
-7.1
-16.3
-3.4
27.2
3.0
IRS adjusted gross income..............................................................................
22
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3.9
34.8
Adjusted gross income (AGI) gap....................................................................
Relative AGI Gap................................................................................................
28
30
-4.3
-0.1
-3.9
-0.1
-9.0
-0.2
-14.8
-0.3
-7.6
-0.2
-16.3
-0.4
-14.6
-0.3
-12.0
-0.2
-6.6
-0.1
-7.1
-0.1
-16.3
-0.3
-3.4
0.0
23.3
0.3
-31.8
-0.5
1. Line numbers in this table correspond to those in tables 2 and 3
AGI Adjusted gross income
BEA Bureau of Economic Analysis
IRS Internal Revenue Service
A pril 2 0 0 4
S urvey
of
C
urrent
B u s in e s s
17
the reconciliation item s (lines 2 an d 10).16 The dow n
w ard revision to the AGI gap reflects a dow nw ard revi
sion o f $10.7 billion to person al incom e as a result o f
statistical changes that were n ot offset by revisions to
the reconciliation item s. The revision also reflects net
upw ard revisions o f $53.3 billion to reconciliation
item s that were unrelated to the revisions to personal
incom e. The IRS estim ate o f AGI (line 22) w as revised
up $34.8 b illio n .1
7
N ot all o f the $23.1 billion upw ard revision to per
son al incom e carried through to the AGI gap because
this upw ard revision w as m ore than offset by a $33.8
billion revision to the reconciliation item s. The revi
sion to p erson al incom e included an $82.6 billion
dow nw ard revision that w as attributable to defini
tion al changes and that w as offset by revisions to rec
on ciliation item s.18 The $10.7 billion difference
between the revisions to person al incom e an d the off
setting revisions to the reconciliation item s reflected
dow nw ard statistical revisions to som e com ponen ts o f
p erson al incom e that carried through to the AGI gap.
The definitional change that p rod u ced the largest
revision to p erson al incom e was the new treatm ent o f
ban kin g services; as a result o f this change, person al in
terest incom e for 2000 w as revised dow n $105.4 bil
lion. T his dow nw ard revision w as partly offset by
upw ard revisions o f $22.4 billion to person al interest
incom e and to p erson al incom e as a result o f the redef
inition o f insurance services. As a result o f statistical
revisions, p erson al incom e w as revised up $105.7 bil
lion, reflecting revisions to w age an d salary d isbu rse
m ents, supplem ents to w ages an d salaries, proprietors’
incom e, rental incom e, interest incom e, dividend in
com e, an d p erson al current transfer receipts.1
9
As a result o f the changes due to the 2003 co m pre
hensive N IPA revision, person al incom e for 2000 w as
revised up 0.3 percent. The AGI gap (line 28) w as re
vised dow n 4.2 percent, and the IRS estim ate o f AGI
(line 22) w as revised up 0.5 percent or $34.8 billion.
The “p ortion o f person al incom e n ot included in
A G I” w as revised up 2.6 percent or $76.4 billion (line
2). The upw ard revision w as partly attributable to the
in corporation o f IRS data on in com e for n on profit o r
gan ization s an d for fiduciaries. As a result, “ investm ent
incom e o f n on profit institutions serving h ouseholds
an d retained by fiduciaries” (line 7) w as revised up
12.7 percent.20 The incom e o f these n on profit in stitu
tion s w as revised up $7.5 billion, and the earnings re
tained by fiduciaries w as revised up $2.1 billion.
The “portion o f person al incom e n ot included in
A G I” also reflects an upw ard revision o f 32.7 percent
or $52.1 billion to “differences in accoun ting treatm ent
between the NIPAs an d the IRS tax code” (line 8). This
upw ard revision w as prim arily due to a $55.2 billion
upw ard revision to n on farm prop rieto rs’ incom e that
w as caused by a statistical change as p art o f the co m
prehensive N IPA revision and by the in corporation o f
revised SO I data. T his upw ard revision w as partly o ff
set by a $9.2 billion dow nw ard revision to the capital
con su m ption adju stm en t.21
Rental incom e o f person s with the capital co n su m p
tion adju stm en t was revised dow n (N IPA table 1.12,
line 12). The revision w as partly due to a definitional
change that reclassified farm h ou sin g to the real estate
indu stry from the agriculture industry, and it w as
partly due to a dow nw ard revision to the estim ates o f
the capital con sum ption adjustm ent.
Financial portfolio interest and corporate p artn er
ship incom e, w hich are included in “differences in ac
coun tin g
treatm ent
between
N IPA
and
tax
regulations” (table 2, line 8), were revised up. The u p
w ard revisions reflected a reduction in the dou ble
coun tin g adju stm en t for n on farm prop rieto rs’ interest
in com e.22
“ Em ployer contribution s for em ployee pen sio n and
insurance fu n ds” (line 4) w as revised upw ard 11.2 p e r
cent or $68.6 billion. The revision w as due to statistical
im provem ents.
The AGI gap w as not affected by a definitional
change that reclassified “m iscellaneous co m p en sa
tion” to w ages and salaries from other labor incom e.
“ N on taxable transfer paym en ts” (line 3) w as revised
up 1.6 percent or $15.8 billion. The revision reflected
statistical changes to M edicare an d M edicaid benefit
calculations.
“ Investm ent incom e retained by life insurance carri
ers and pension plan s” (line 6) w as revised up 5.6
percent o r $27.7 billion. The revision reflects a defin i
tional change to the NIPA treatm ent o f prop erty and
casualty insurance that now includes p rem ium supple-
16. For more information on the effects o f the revisions to personal
income, see Seskin and Larkins, 7-30.
17. The $10.7 billion = Line 1 - (Line 3 + Line 4 + Line 5 + Line 6 + Line
9 - Line 11 - Line 13). The $53.3 billion = Line 14 - (Line 7 + Line 8). The
$33.8 billion = $23.1 billion from the change in personal income plus $10.7
billion.
18. Seskin and Larkins, 19.
19. See table 15 in Seskin and Larkins, 19.
20. In the NIPAs, both private trust funds and nonprofit institutions serv
ing households are defined as persons and their incomes are in the house
hold sector.
21. The capital consumption adjustment is the difference between a BEAderived measure o f economic depreciation and the value o f tax depreciation
allowed by the IRS.
22. Financial portfolio interest and corporate partnership income affect
BEA estimates o f nonfarm proprietors’ income.
BEA Personal Income and IRS Adjusted Gross Income
18
April 2004
Table 7. Changes to the Reconciliation Tables
Effects on NIPA personal income
and its components
Effects on the tables
Definitional changes
Improved measure o f property and casualty
insurance services
Personal income now includes flows o f
premium supplements and net insurance
settlements.
Imputed income in personal income (line 5)
includes premium supplements in personal
interest income and net insurance settlements in
other personal income.
Improved measure o f banking services
Personal interest income now includes lower
imputed interest received by persons because
the value o f imputed financial services are now
allocated to borrowers and to depositors.
Imputed income in personal income (line 5)
reflect smaller values for personal interest
income.
Recognition o f compensation-in-kind for
Federal government employee mass transit
benefits
Compensation o f Federal Government
employees includes in-kind mass transit
benefits.
Nontaxable transfer payments (line 3) includes
the in-kind m ass transit benefits in wage and
salary disbursements for 1998 forward.
Reclassification o f farm housing from the
agriculture to the real estate industry
Rental income o f persons with capital
consumption adjustment includes the imputed
value o f services rendered by farm housing.
Imputed income in personal income (line 5)
now reflects the net value o f farm housing in
rental income o f persons with capital
consumption adjustment.
Reclassification o f “miscellaneous
compensation” o f employees as wage and salary
disbursements
Wage and salary disbursements now includes
the value o f “miscellaneous compensation” o f
employees, such as judicial fees, witness fees,
and compensation o f prison inmates.
Personal income (line 1) includes the value of
this compensation in wage and salary
disbursements.
Redefinition o f “ intermediate goods and
services consum ed” to include inventories o f
farm materials and supplies
Farm proprietors’ income now includes the
value o f the inventories o f farm materials and
supplies, which is subtracted from
“ intermediate goods and services consum ed” in
the calculation o f this component.
“Differences in accounting treatment between
the NIPAs and tax regulations” (line 8) for 1991
forward reflects the increased value o f farm
proprietors’ income that results from
accounting for these inventories.
Improved measure o f nonprofit institutions
serving households
Imputed interest income received by these
institutions is distinguished from the income
received by persons in NIPA table 7.11.
Imputed income in personal income (line 5)
does not change, because both components
remain in the household sector.
Improved measure o f employer contributions to
pension plans
Employer contributions to pension and profit
sharing plans is now measured on an accrual
accounting basis. An improved adjustment
expanded the coverage o f these contributions to
multiemployee Keogh-type plans, and a new
adjustment was added for the employer
contributions to SEPs and SIMPLEs.
Employer contributions for employee pension
and insurance funds (line 4) reflects the change
in “other personal income” for 1978 forward.
Improved measure o f employer contributions
for health insurance
Employer contributions for health insurance
reflects the incorporation o f the annual growth
rates from the medical expenditures panel
survey, adjusted for different types o f health
insurance family plans and other adjustments.
Employer contributions for employee pension
and insurance funds (line 4) reflects the change
in “other personal income” for 1993 forward.
Improved measure o f imputed interest
Data from the American Council o f Life
Insurance replaced IRS data as the source for
imputing the interest income paid to
policyholders by life insurance carriers.
Employer contributions for employee pension
and insurance funds (line 4) and investment
income o f life insurance carriers and pension
plans (line 6) for 1977 forward reflect this
change.
Improved measure o f nonfarm partnership
income
Nonfarm proprietors’ income reflects the
elimination o f a double-counting adjustment
for income remitted by partnerships.
“Differences in accounting treatment between
the NIPAs and tax regulations” (line 8) results in
changes to nonfarm proprietors’ income for
1987 forward.
Improved measure o f Federal Medicare social
benefits
Federal Government Medicare social benefits is
measured on an accrual, not a cash, accounting
basis, using data from the Centers for Medicare
and Medicaid Services.
Nontaxable transfer payments (line 3) reflects
the statistical change in taxable social security
for 1967 forward.
Improved measure o f state and local Medicaid
social benefits
State and local Medicaid social benefits is now
estimated using Federal Medicaid grant data
from the Monthly Treasury Statement to account
for timing differences in billings and payments.
Nontaxable transfer payments (line 3) reflects
this statistical change to “other personal
income” for 1991 forward.
Statistical changes
SEPs Simplified employee pension plans
SIMPLEs Saving incentive match plans for employees of small employers
April 2 0 0 4
S urvey
of
C
urrent
B u s in e s s
19
payments for personal injury, net insurance settle
ments, and of corporate gifts to nonprofit institutions
serving households (NIPA table 7.7).
Employer contributions for employee pension
and insurance funds (line 4). The nontaxable compo
nents of employer contributions for employee pension
and insurance funds include employer contributions
to pension and profit-sharing plans, to private group
health and life insurance, to privately administered
workers’ compensation plans, and to supplemental un
employment benefit plans.2 (Taxable pension benefit
5
payments are included in line 13, and supplemental
unemployment benefit payments are included in line
15.)
Imputed income in personal income (line 5). Per
sonal income includes imputations in order to place a
market value on transactions that are not observable in
business records.26 The imputations include the fol
lowing:
•Three categories of wages and salaries in kind, the
largest of which is the value of food furnished to
military personnel and to other employees;
• The value of farm products consumed on farms,
which is included in farm proprietors’ income;
Appendix
•The income of persons who participate in the con
struction of their houses (the margins on ownerIn this appendix, the reconciliation items in tables 2, 3,
built housing, which is included in nonfarm propri
and 6 are explained. The first group of items is in
etors’ income);
cluded in personal income but not in AGI; the second
•The net rental income of owner-occupants of farm
group is included in AGI but not in personal income;
and nonfarm dwellings;2 and
7
and the third group includes reallocation items by type
•The services furnished to persons without payment
of income that facilitate the comparison of BEA esti
by all financial intermediaries except life, property,
mates and IRS estimates of AGI by type of income.
and casualty insurance carriers.
Personal income items not in AGI
Investment income retained by life insurance car
The first group of reconciliation items (lines 3-9) con riers and pension plans (line 6). This investment in
sists of the portion of personal income that is not taxed come is included in personal income in the year in
which it is accrued.2 Investment income of life insur
8
and that, therefore, is not included in AGI.
Nontaxable transfer payments to persons (line 3). ance carriers that is attributed to persons is included in
9
Most government social benefit payments to persons personal interest income.2 As a result of the defini
and all business current transfers payments to persons tional and statistical changes introduced in the 2003
are nontaxable.2 Government social benefits consist of comprehensive revision, the imputed interest from
4
payments from social insurance funds—such as old25. NIPA table 6.11 shows employer contributions for employee pension
age, survivors, and disability insurance (social secu
and insurance funds by industry group and type.
rity), hospital insurance, supplementary medical in
26. Employer-paid health and life insurance premiums, which are treated
surance, and unemployment insurance and from as an imputation in the NIPAs, are included in line 4. NIPA table 7.12 shows
putations
certain other programs (NIPA table 3.12). Business the imAs part o f in personal income.
27.
the 2003 comprehensive NIPA revision, the imputed net
current transfer payments consist primarily of liability rental income from owner-occupied farm dwellings was reclassified to
ments and a statistical change to the estimates of im
puted interest income and to the reserves of property
and casualty insurance companies.
“Other personal income exempt or excluded from
AGI” (line 9) was revised up 1.8 percent or $7.4 billion.
The revision was due to an upward revision of $2.0 bil
lion to IRS-reported statutory adjustments, to an up
ward revision of $5.5 billion to military exempt
income that included tax regulation adjustments, to a
new estimate of $1.2 billion for military combat pay,
and to corrections for inconsistencies between military
service branches.2
3
The “portion of AGI not included in personal in
come” (line 10) was revised up 3.4 percent or $56.2 bil
lion. These revisions were accounted for by the
incorporation of revised IRS data. The revision re
flected an upward revision of 11.1 percent or $71.8 bil
lion to “net gain from the sale of assets” (line 12), an
upward revision of 6.6 percent or $8.4 billion to “small
business corporation income” (line 14); these upward
revisions were partly offset by a downward revision of
21.9 percent or $26.3 billion to “other types of income”
(line 15).
23. More information on the combat pay adjustment is provided in the
appendix.
24. The taxable portion o f social benefit payments to persons from gov
ernments consists primarily o f unemployment compensation benefit pay
ments and a portion o f social security and railroad retirement benefit
payments.
rental income o f persons from farm proprietors’ income. See M oulton and
Seskin, 28-29.
28. For more information, see Brent R. Moulton, Robert P. Parker, and
Eugene Seskin, “A Preview o f the 1999 Comprehensive Revision o f the
National Income and Product Accounts: Definitional and Classificational
Changes,” S u r v e y 79 (August 1999): 12.
29. NIPA table 7.11 (line 63) shows imputed interest to persons from life
insurance carriers.
20
BEA Personal Income and IRS Adjusted Gross Income
investment earnings of insurance policyholders—call
ed premium supplements—is recognized as accruing
to policy holders not to insurance firms or to the in
surance industry.3 Imputed investment income (inter
0
est) from property and casualty insurance is assigned
to personal interest income. The investment income
from pension plans is recorded as if it were received by
persons in rental income of persons, personal dividend
income, and personal interest income.
Investment income received by nonprofit institu
tions and retained by fiduciaries (line 7). The invest
ment income of both fiduciaries and nonprofit
institutions serving households is included, but not
usually identified, in nonfarm proprietors’ income,
rental income, interest income, and dividend income.3
1
As a result of the 2003 comprehensive revision, the in
terest income of these nonprofit institutions is now
shown in NIPA table 7.11, and the rental income of
households and nonprofit institutions is shown in
NIPA table 7.9. The portion of the income that is re
tained by the fiduciaries is taxable to fiduciaries and is
included in line 7. (The portion of the income of fidu
ciaries that is distributed to beneficiaries is taxable to
individuals.)
“Differences in accounting treatment between
NIPAs and tax regulations, net” (line 8). The differ
ences between NIPA accounting and income tax ac
counting for the income included in personal income
and AGI consist mainly of the differences in the valua
tion of inventories and depreciation, in the methods of
accounting for interest on bonds, and in the measure
ment of the earnings of individual retirement accounts
and Keogh plans.
The inventory valuation adjustment for nonfarm
proprietors’ income is the difference between the cost
of inventory withdrawals valued at their acquisition
(historical) cost and the cost of inventory withdrawals
valued at their replacement cost—the concept that un
derlies the NIPAs. The difference is an estimate of in
ventory profits, but with the sign reversed; these profits
are excluded from personal income, but they are in
cluded in AGI.
The NIPA measure of depreciation, the consump
tion of fixed capital, is based on geometric deprecia
30. See Baoline Chen and Dennis J. Fixler, “Measuring the Services of
Property-Casualty Insurance in the NIPAs: Changes in Concepts and Meth
ods,” S u r v e y 83 (October 2003): 10-26.
31. These nonprofit institutions and private trust funds are classified as
persons. See NIPA table 2.9 “ Personal Income and Its Disposition by
Households and by Nonprofit Institutions Serving Households.” As part of
the 2003 comprehensive NIPA revision, the rental value o f nonresidential
fixed assets owned and used by these institutions was redefined from the
business sector to the households and institutions sector. See Mead,
McCully, and Reinsdorf, 13-17.
April 2 0 0 4
tion of real values of the existing stock of fixed assets:
the IRS measure of depreciation is based on other de
preciation formulas applied to the historical cost of
fixed assets.3 The adjustment consists of the differ
2
ences between the NIPA depreciation and the IRS de
preciation for proprietors’ income and rental income
of persons excluding the depreciation of owner-occu
pied dwellings (which is a NIPA imputation and is in
cluded in line 5).
Interest on U.S. savings bonds, state and local gov
ernment bonds, and corporate bonds is included in
personal income on an accrual basis, but it is mainly
reported on a cash basis in AGI. Similarly, the earnings
excluding capital gains of individual retirement ac
counts (IRAs) and Keogh plans are included in per
sonal income on an accrual basis, but they are included
as benefit payments in AGI.
Other personal income exempt or excluded from
AGI (line 9). Other types of personal income that are
excluded from AGI consist mainly of voluntary contri
butions by employees to thrift savings plans, tax ex
empt interest received by individuals, tax exempt
military pay and allowances, and incomes subject to
the small business corporation dividend adjustment
and to statutory adjustments (as published by the IRS)
to AGI. Qualified employee contributions to thrift sav
ings plans, primarily 401(k) plans, are included in per
sonal income as wage and salary disbursements. Tax
exempt interest received by individuals, primarily on
state and local government bonds, is included in per
sonal interest income.
The following types of pay and cash allowances to
members of the armed forces are included in personal
income but are excluded from AGI: Basic pay; bonus
and special allowances for military personnel in a com
bat zone; allowances to defray a portion of the cost of
subsistence; compensation for civilian housing as a
substitute for government quarters; housing and costof-living abroad allowances; certain educational and
training expenses; separation allowances; death gratu
ity payments; dislocation and other moving expenses;
travel allowances; disability payments; ROTC educa
tional and subsistence allowances; uniform allowances;
and “other miscellaneous allowances.”
A new adjustment to combat pay is incorporated
into the estimates of tax exempt military pay. Combat
pay is included in the estimate of personal income, but
32. The NIPA methodology for depreciation reflects empirical evidence
on prices o f used equipment and structures in resale markets, which has
shown that depreciation for m ost types o f assets approximates a geometric
pattern. See Barbara M. Fraumeni, “ The Measurement o f Depreciation in
the U .S . National Income and Product Accounts,” S u r v e y 77 (July 1997):
7-23.
A pril 2 0 0 4
S urvey
of
C
urrent
it is excluded from AGI. The Department of Defense
(DOD) does not include on W-2 forms the pay earned
in support of operations or in a combat zone, which is
a geographic area declared by a presidential executive
order. According to Federal tax law, those who serve
for a least a day in a month in a combat zone or in sup
port operations are not required to report any basic
pay, bonuses, incentives, or any type of special pay for
the month to the IRS. DOD certifies other locations
for combat zone tax benefits. The tax exclusion is un
limited for enlisted military personnel, but officers are
subject to a threshold set by the IRS.
The small business corporation (S corporation) div
idend adjustment is the difference between the S cor
poration distributions that are included in personal
income as personal dividend income and the S corpo
ration distributions that are considered dividends in
AGI. In the NIPAs, these distributions to individuals
have always been treated as personal dividend income.
In AGI, at different times, they have been treated as
dividends, as partnership income, and as small busi
ness corporation income.3
3
Statutory adjustments are specific adjustments to
total income that are allowed as deductions in the cal
culation of AGI. For 2001, the statutory adjustments
included the following: Contributions to Keogh plans,
to simplified employee pension plans (SEPs), and to
saving incentive match plans for employees of small
employers (SIMPLEs), certain contributions to IRAs,
half of the self-employment tax, a portion of self-employed health insurance premiums, forfeited interest
and penalties incurred by persons who prematurely
withdraw funds from time savings accounts, alimony
payments, contributions to medical savings accounts,
certain moving expenses, foreign housing exclusion,
repayments of supplemental unemployment compen
sation, certain expenses of qualified performing artists,
jury duty pay that was reported on Form 1040 and that
was repaid by employers, qualified tuition reduction, a
portion of student loan interest, contributions to sec
tion 501(c) (18) pension plans, deduction for cleanfuel vehicles, and a limited amount of educator and
adoption expenses.
33. Before 1983, the IRS instructed taxpayers to report actual S corpora
tion distributions to individuals as dividends on the Schedule B (Form
1040) and to report S corporation retained earnings as part o f supplemental
income on Schedule E (Form 1040), which was tabulated as “small business
corporation income” in AGI. Beginning in 1983, individuals were
instructed to report only the distributions from pre-1983 accumulated
earnings and profits as dividends on Schedule B (Form 1040) and to report
other distributions as supplemental income on Schedule E (Form 1040).
B u s in e s s
21
AGI items not in personal income
The second group of reconciliation items (lines 11-15)
consists of the portion of AGI that is excluded from
personal income.
Contributions for government social insurance
(line 11) is subtracted in the calculation of personal in
come.
Net gains from the sale of property (line 12) in
cludes net gains from the sale of property held for per
sonal use or for investment (capital assets) and the sale
of property that is used in a business activity (business
assets).
Taxable pensions (line 13) are benefit payments
from pension plans. These payments are excluded
from personal income because of the NIPA treatment
of pension plans.
Small business corporation income (line 14) is the
amount of distributions from small business corpora
tions that is taxable to individuals as ordinary income.
The amount of S corporation income that is taxable to
individuals as dividends is in the IRS measure of divi
dends. In the NIPAs, the distribution of S corporation
income to individuals is treated as personal dividend
income.
Other types of income (line 15) consists of the in
come of U.S. citizens living abroad for more than a
year, supplemental unemployment benefit payments,
and “other AGI items” excluded from personal in
come. The AGI includes their income because the IRS
generally taxes U.S. citizens on their income regardless
of how long they have been living abroad; this income
mainly consists of wages, but it also includes a small
amount of nonfarm proprietors’ income. Personal in
come excludes the income of U.S. citizens living
abroad for more than a year, because for NIPA pur
poses, they are considered nonresidents of the United
States.3
4
Additional AGI items that are not included in per
sonal income include withdrawals from IRAs and
Keogh plans, alimony received, state income tax re
funds, net operating loss, gambling earnings, prizes,
awards, sweepstakes winnings, and supplemental un
employment benefit payments from company-fi
34. In the NIPAs, most U.S. citizens who reside outside the United States
for a year or more are considered nonresidents; this definition excludes
Federal employees, such as diplomats and members o f the armed forces.
The reconciliation captures a portion o f the foreign earned income by
including the “ foreign earned income exclusion” in BEA-adjusted AGI. AGI
is based on a sample o f individual income tax returns that is drawn from fil
ers o f forms 1040, 1040A, and 1040EZ, including electronic returns; the
sample excludes filers o f forms 1040NR and 1042, which are used by IRSdefined nonresident aliens to report their income.
22
BEA Personal Income and IRS Adjusted Gross Income
nanced funds, which are reported as wages in AGI.
Reallocation items by type of income
The third group of reconciliation items consists of real
location items by type of income. The types of income
that are used for the reconciliation in tables 2 and 3
represent the types of income that are included in both
personal income and AGI. However, certain compo
nents of personal income and of AGI do not fit into
this income classification or the classification differs;
these income components are reallocated, if possible,
so that the BEA estimates of AGI are comparable with
IRS estimates of AGI by type of income. The realloca
tions that affect personal income are shown in lines
17-20, and the allocations that affect AGI are shown in
lines 24-26. The reallocated personal income by type
of income is shown in line 16, and the reallocated AGI
is shown in line 23.
Reallocation by type of NIPA income
Fiduciaries’ share of partnership income (line 17).
Partnership income retained by fiduciaries is reallo
cated to farm and nonfarm proprietors’ income. This
partnership income is included in “income retained by
fiduciaries,” (line 7) which is tabulated by SOI for this
reconciliation. Proprietorships’ share of the partner
ship income is reallocated to the partnership category,
so that BEA’s estimate of AGI for this category will
equal zero.3
5
Interest received by nonfarm proprietors (line 18).
The interest received by, but not related to the business
operations of, nonfinancial proprietors and partner
ships is treated in the NIPAs as personal interest in
come. For 1959-86, this interest is reallocated from
personal interest income to nonfarm proprietors’ in
come, because it was tabulated in AGI as part of the in
come of proprietors and partnerships.
Interest distributed by regulated investment com
panies (line 19). The taxable interest received by indi
viduals from regulated investment companies (mutual
funds) is reallocated from personal interest income to
personal dividend income, because the IRS requires
that the interest be reported as dividends. Because of
the difficulty in allocating the taxable interest paid by
regulated investment companies, the estimated
amount reallocated from interest to dividends must be
regarded as an approximation; the estimates of BEAderived AGI for interest and for dividends are therefore
April 2 0 0 4
less reliable than the combined estimate of interest and
dividends.3
6
Taxable disability income payments (line 20). The
taxable disability income payments that are received
before an individual’s minimum retirement age are re
allocated from taxable pension benefit payments to
wage and salary disbursements because these pay
ments are reported as wages on tax returns, but they
are treated as pension benefit payments in personal in
come.
Reallocation by type of IRS income
The AGI components that require a reallocation are es
tate and trust income (line 24), partnership income
(line 25), and “other reallocations” (line 26). Estate
and trust income is not used for the reconciliation; this
income is reallocated to farm proprietors’ income,
nonfarm proprietors’ income, and rental income of
persons. Partnership income is reallocated to farm and
nonfarm proprietors’ income because the IRS distrib
utes partnership income to individual partners.
“Other reallocations” includes several reallocations
that are not shown separately and that are no longer
applicable. For certain AGI components, the AGI
classification has changed, and the earlier classification
must be adjusted to conform with the present classifi
cation and with the types of income that are used for
the reconciliation. Before 1963, the IRS business or
professions net profits were reallocated to farm and
nonfarm proprietors’ income because the IRS did not
separately tabulate farm proprietors’ income. For
1958-65, the dividends distribution by small business
corporations were reallocated from partnership in
come to personal dividend income; these dividends
were tabulated by the IRS as partnership income be
cause the two types of business organizations were
treated the same under tax laws. For 1957-65, Form
1040A wages that were not subject to withholding were
tabulated by the IRS as other income; this amount is
reallocated to wages. For 1964-65, estate and trust in
come was tabulated as part of “other income” in AGI;
this amount is reallocated to farm proprietors’ income,
nonfarm proprietors’ income, and rental income of
persons. For 1961, wage earners who had $200 or less
of dividends and interest income could report the
combined amount as a single value; this amount is re
allocated to personal interest income and to personal
dividend income.
35. The fiduciaries share o f partnership income is reallocated to propri
36. Several statistical problems also cause the separate estimates o f the
etors’ income to comply with the IRS treatment o f partnership income.
AGI gap for interest and those for dividends to be less reliable than the
Partnership income is distributed to its partners according to their allo
combined estimates o f the two. See footnote 15.
cated share on Schedule K - l.
23
April 2 0 0 4
Real Inventories, Sales, and Inventory-Sales Ratios for
Manufacturing and Trade, 1997:1-2003:IV
This report presents revised and updated estimates of real
inventories, sales, and inventory-sales (I-S) ratios for
manufacturing and trade. It presents quarterly estimates
for 1997-2003 and monthly estimates for January 2000 to
January 2004. These estimates update the estimates that
were published in the February S u r v e y o f C u r r e n t B u s i
n e s s .1 In addition, the revised estimates of sales and the
I-S ratios for the retail trade industries have been cor
rected; as a result, the revised estimates of the sales and
I-S ratios for total manufacturing and trade industries
have also been corrected.
The I-S ratios for 1997 through the third quarter of
2001 were revised down (chart 1). The downward revi
sions were primarily accounted for by downward revi
sions to manufacturing and trade inventories, mainly to
those in manufacturing and merchant wholesale trade
industries.
For the fourth quarter of 2001 to the second quarter of
2002, the I-S ratios were revised up; the upward revisions
were accounted for by downward revisions to manufac
turing and trade sales. For the third quarter of 2002 to the
third quarter of 2003, the ratios were revised up; the
upward revisions were accounted for by downward revi
sions to manufacturing and trade sales and by upward
revisions to manufacturing and trade inventories.
In table A, the revised I-S ratios for 1997-2002 are
compared with BEA inventory-to-final-sales ratios that
are published in NIPA tables 5.7.5B and 5.7.6B and Cen
sus Bureau inventory-to-sales ratios on a “pre-last-infirst-out” (pre-LIFO) basis. The pattern of the currentdollar I-S ratios that are based on pre-LIFO inventories
differs from that of the current-dollar ratios that are
based on replacement-cost inventories.
Tables IB, 2B, 3B, and 4B present chain-weighted
quarterly and monthly estimates. Table IB presents
inventories, table 2B presents sales, and table 3B presents
I-S ratios. Table 4B presents estimates of manufacturing
inventories by stage of fabrication. The I-S ratios in table
3B supplement the quarterly current-dollar and real esti
mates of ratios of inventories to final sales of domestic
business, of nonfarm business, and of goods and struc
tures that are presented in NIPA tables 5.7.5B and 5.7.6B
and the Census Bureau’s monthly inventories, sales, and
I-S ratios for manufacturing and trade.
Tables IB through 4B follow.
Chart 1. Real Inventory-Sales Ratios
1. See Jennifer Ribarsky, “ Real Inventories, Sales, and Inventory-Sales
Ratios for Manufacturing and Trade, 1997:1-2003:111,” S u r v e y o f C u r r e n t
B u sin e ss 84 (February 2004): 178-191.
Table A. Alternative Inventory-Sales Ratios: Fourth Quarters, 1997-2002
1997
1998
2000
1999
2002
2001
Based on current dollars
Using replacement-cost private inventories (NIPA table 5.7.5B):
Inventories to final sales of domestic business........................................................................................
Nonfarm inventories to final sales of domestic business.........................................................................
Nonfarm inventories to final sales of goods and structures....................................................................
Using pre-LIFO inventories (Census Bureau):.............................................................................................
Manufacturing and trade1........................................................................................................................
2.44
2.19
3.82
2.33
2.12
3.67
1.42
1.44
2.35
2.15
3.76
2.39
2.18
3.85
2.21
2.01
3.59
2.21
2.01
3.71
1.41
1.41
1.44
1.40
2.55
2.33
3.75
1.36
2.53
2.32
3.79
1.35
Based on chained (2000) dollars
Using real private inventories (NIPA table 5.7.6B):
Inventories to final sales of domestic business........................................................................................
Nonfarm inventories to final sales of domestic business..........................................................................
Nonfarm inventories to final sales of goods and structures....................................................................
Manufacturing and trade..........................................................................................................................
1. Inventory book values published by the Census Bureau include last-in-first-out (U F O ) reserve and are
valued at current cost. S ee the Census Bureau release, “Manufacturing and Trade: Inventories and Sales.”
2.60
2.34
3.78
1.37
2.59
2.35
3.75
1.37
2.60
2.37
3.79
1.37
2.62
2.40
3.86
1.41
N ote. The fourth-quarter ratios are calculated as end-of-quarter inventories divided by quarterly sales at
monthly rates, with the exception of the current-dollar ratios for manufacturing and trade, which are calculated
as averages of the monthly ratios published by the Census Bureau.
24
Real Inventories and Sales
April 2004
Table 1B. Real Manufacturing and Trade Inventories, Seasonally Adjusted, End of Period
[Billions of chained (2000) dollars]
1997
I
1998
1999
2000
III
II
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
Manufacturing and trade industries............
975.2
993.6
1,007.6
1,025.1
1,049.7
1,059.9
1,072.4
1,081.4
1,097.9
1,104.6
1,118.2
1,143.8
1,149.7
1,169.3
1,178.8
1,188.3
Manufacturing............................................................
Durable goods...............
Wood products.........
Nonmetallic mineral products..............................
Primary metals.........
Fabricated metal products
Machinery................
Computer and electronic products.......................
Electrical equipment, appliances, and
components......................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
413.6
250.8
8.3
9.7
19.5
29.7
35.6
45.2
419.4
254.9
8.3
9.9
19.5
30.2
36.5
47.1
424.8
258.7
8.7
9.8
19.7
30.2
36.4
49.4
430.7
262.0
8.8
9.7
20.2
30.8
36.8
50.6
439.1
269.3
8.7
9.8
20.4
31.0
37.8
52.1
443.9
274.1
8.8
9.8
20.9
31.9
37.6
52.1
446.7
277.3
9.0
9.8
21.6
32.0
38.4
51.8
449.3
279.9
9.3
9.8
21.8
32.1
38.0
51.3
452.7
282.0
9.5
9.7
21.7
32.1
38.2
53.1
454.8
282.0
9.5
9.7
21.9
32.2
37.9
54.0
458.8
284.3
9.4
10.0
21.8
32.5
37.8
55.1
466.3
288.4
9.8
10.1
22.3
33.0
38.4
56.1
465.6
287.1
9.9
10.0
22.4
32.9
38.2
56.6
470.6
290.8
9.9
10.1
22.6
33.8
39.1
60.4
471.5
291.7
9.8
10.1
22.3
33.8
39.8
62.3
474.2
295.7
10.1
10.3
21.9
33.7
41.1
67.3
12.7
69.3
7.1
14.2
13.2
69.1
7.2
14.2
13.4
69.8
7.2
14.1
13.3
69.8
7.2
14.5
13.5
73.7
7.3
14.8
13.3
77.3
7.3
14.9
13.5
78.8
7.4
15.1
13.8
81.6
7.4
15.0
13.7
81.3
7.5
15.2
13.9
79.9
7.5
15.5
13.9
80.6
7.5
15.6
13.8
81.4
7.7
15.8
13.7
79.7
7.9
16.0
14.0
76.8
8.0
16.2
14.3
74.6
8.1
16.6
14.6
72.2
8.0
16.6
Nondurable goods....................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills...........................................................
Textile product mills..............................................
Apparel................................................................
Leather and allied products.................................
Paper products.....................................................
Printing and related support activities..................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
163.1
31.0
11.4
6.7
3.6
8.1
1.6
16.0
6.4
16.1
46.4
16.4
164.8
31.3
11.6
6.7
3.7
8.4
1.6
15.6
6.6
16.2
47.0
16.6
166.4
31.5
11.9
6.7
3.8
8.5
1.6
15.8
6.5
16.5
47.6
16.6
169.0
31.9
12.2
6.7
3.8
8.5
1.7
16.1
6.7
16.6
48.6
16.7
170.0
32.1
12.4
6.8
3.8
8.5
1.7
16.1
6.5
15.8
49.8
16.7
169.8
32.0
12.0
6.8
3.7
8.3
1.7
16.3
6.4
15.7
50.1
17.0
169.4
31.9
11.8
6.8
3.6
8.4
1.7
16.2
6.6
15.4
50.0
17.1
169.4
32.0
12.1
6.8
3.6
8.4
1.7
15.8
6.2
15.8
49.8
17.4
170.6
32.5
11.8
6.8
3.7
8.4
1.6
16.0
6.4
15.4
50.5
17.6
172.7
32.7
11.8
6.8
3.8
8.7
1.7
16.3
6.6
14.7
51.7
17.8
174.4
33.2
11.5
6.8
3.8
9.0
1.7
16.8
6.7
15.2
51.6
18.1
177.8
33.7
11.9
7.0
3.9
9.1
1.7
16.8
6.9
15.5
52.9
18.4
178.5
34.6
12.0
6.8
4.0
8.9
1.7
17.1
7.0
15.4
52.8
18.1
179.8
34.2
12.1
6.8
4.2
8.7
1.7
17.2
6.8
15.9
53.7
18.5
179.8
34.1
12.1
6.7
4.3
8.7
1.6
16.9
6.8
15.5
54.7
18.3
178.5
34.2
11.8
6.6
4.3
8.8
1.6
16.3
6.6
15.2
54.8
18.4
Merchant wholesale trade.........................................
Durable goods..........................................................
Nondurable goods....................................................
236.5
144.6
92.1
243.6
150.7
93.1
247.5
152.5
95.1
254.1
156.0
98.2
260.5
161.4
99.2
263.1
162.7
100.5
270.2
167.3
103.0
274.4
170.8
103.6
278.9
173.7
105.3
280.4
175.4
104.9
285.8
178.2
107.6
292.0
182.8
109.2
296.5
185.8
110.7
302.0
191.1
110.9
304.8
191.9
113.0
307.0
192.8
114.2
Retail trade.................................................................
Motor vehicle and parts dealers...............................
Furniture and home furnishings and electronics
and appliance stores............................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores................
General merchandise stores....................................
Other retail stores....................................................
325.4
100.5
330.8
101.7
335.6
103.5
340.6
106.6
350.4
110.4
353.2
110.3
355.7
109.4
357.9
108.9
366.3
114.2
369.5
114.3
373.7
116.2
385.5
121.9
387.6
123.0
396.7
129.1
402.4
133.1
407.1
134.2
19.6
19.9
20.1
20.3
20.9
21.2
21.7
22.2
22.6
23.2
23.8
24.3
24.9
25.7
25.6
26.4
32.7
28.5
25.9
58.2
60.0
33.2
28.5
26.8
59.0
61.7
33.8
29.0
27.2
58.6
63.3
34.0
28.8
27.6
59.0
64.2
34.8
29.4
28.0
59.5
67.4
34.9
29.9
28.5
59.7
68.9
35.6
29.9
29.0
60.3
69.8
36.4
30.1
28.7
59.9
71.7
36.9
30.5
29.3
60.4
72.5
37.2
30.7
29.7
60.7
73.7
37.6
31.4
29.0
61.3
74.4
38.7
31.9
30.0
62.6
76.1
38.9
32.0
30.0
62.8
76.0
39.8
31.5
30.6
63.3
76.7
40.3
31.7
31.4
63.0
77.3
40.0
31.8
32.5
63.7
78.4
2001
I
II
2002
III
IV
II
I
2003
III
IV
1
II
IV
III
Manufacturing and trade industries............
1,185.0
1,174.5
1,162.2
1,143.8
1,137.6
1,138.5
1,147.1
1,154.0
1,157.6
1,156.6
1,155.3
1,157.4
Manufacturing............................................................
Durable goods..........................................................
Wood products.....................................................
Nonmetallic mineral products...............................
Primary metals.....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products.......................
Electrical equipment, appliances, and
components......................................................
Transportation equipment....................................
Furniture and related products.............................
Miscellaneous manufacturing..............................
471.9
294.4
9.9
10.2
21.6
33.7
41.2
67.9
465.1
289.8
10.1
10.1
20.8
33.5
40.0
66.4
457.2
282.4
10.0
10.0
20.4
33.2
38.6
62.2
450.7
275.8
9.7
9.8
19.9
32.4
37.0
59.5
446.4
270.5
10.0
9.6
19.3
32.0
36.4
58.6
443.5
267.3
9.8
9.7
19.1
31.5
35.3
57.0
444.1
265.7
9.7
9.7
19.2
31.6
34.9
57.1
443.2
266.2
9.6
9.7
19.4
31.3
34.9
56.4
440.2
262.8
9.6
9.9
19.4
30.9
33.6
54.7
436.4
259.3
9.3
10.0
18.4
30.6
33.1
53.7
432.4
255.4
9.1
9.9
17.4
30.0
32.5
53.6
430.1
255.1
9.2
9.4
16.9
29.9
32.6
54.5
14.7
70.6
8.1
16.7
14.4
70.0
7.9
16.5
14.0
69.7
7.8
16.6
13.8
69.5
7.5
16.7
13.5
67.1
7.3
16.8
13.3
66.9
7.4
17.3
13.0
65.8
7.3
17.5
12.6
67.2
7.3
17.6
12.5
67.0
7.3
17.8
12.3
66.8
7.3
17.6
12.1
65.8
7.1
17.8
12.1
65.7
6.9
18.0
Nondurable goods....................................................
Food products......................................................
Beverage and tobacco products
Textile mills............................
Textile product mills..............
Apparel.................................
Leather and allied products..
Paper products.....................
Printing and related support activities.................
Petroleum and coal products
Chemical products...............
Plastics and rubber products...............................
177.4
33.9
12.0
6.4
4.3
8.6
1.6
15.8
6.5
15.5
54.6
18.3
175.4
33.9
12.0
6.3
4.3
8.3
1.5
15.5
6.2
16.0
53.9
17.7
174.7
33.5
12.3
6.1
4.3
7.6
1.5
15.6
6.2
16.3
53.8
17.7
174.9
33.9
12.3
5.9
4.5
7.1
1.4
16.0
6.3
16.4
53.6
17.7
175.9
34.1
12.4
5.6
4.4
6.6
1.3
16.2
6.1
16.8
53.6
19.0
176.3
34.8
12.4
5.4
4.5
6.5
1.4
16.4
6.5
16.9
53.3
18.5
178.4
34.8
12.4
5.3
4.7
6.6
1.4
16.5
6.4
17.4
54.3
18.9
177.0
34.4
12.1
5.3
4.7
6.7
1.5
16.6
6.6
17.5
53.6
18.6
177.3
34.5
12.0
5.4
4.8
6.8
1.4
16.7
6.5
17.2
53.5
18.8
176.9
33.9
12.1
5.4
4.8
6.9
1.4
16.7
6.2
17.1
53.7
18.9
176.9
33.6
12.3
5.4
4.8
6.9
1.4
16.5
6.2
17.5
53.8
18.7
174.8
32.8
12.0
5.3
5.0
6.9
1.5
16.0
6.2
16.9
53.7
19.1
Merchant wholesale trade.........................................
Durable goods..........................................................
Nondurable goods....................................................
307.0
193.0
114.1
307.0
188.6
118.3
303.2
183.9
119.1
297.0
177.9
118.8
294.2
174.8
119.1
293.1
173.4
119.4
294.2
175.0
118.9
295.4
175.8
119.3
295.3
176.8
118.3
294.2
175.7
118.3
294.3
174.3
119.7
295.1
176.4
118.5
Retail trade.................................................................
Motor vehicle and parts dealers...............................
Furniture and home furnishings and electronics
and appliance stores............................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores....................................
Other retail stores....................................................
406.0
131.8
402.3
129.8
401.8
129.5
396.0
125.4
396.9
126.4
401.7
129.6
408.6
133.2
415.2
138.3
422.0
143.1
425.8
146.9
428.6
147.2
432.1
148.3
26.4
25.8
25.5
26.0
27.0
27.7
28.5
28.7
28.7
29.6
30.1
31.1
40.1
32.1
32.5
65.5
77.6
40.0
32.2
32.3
65.5
76.6
40.1
32.3
32.3
65.0
77.1
40.1
32.3
31.5
63.6
77.1
41.0
31.9
31.0
62.8
76.8
41.0
32.0
31.5
62.8
77.2
41.4
32.5
32.1
63.6
77.4
42.2
32.4
32.5
64.8
76.7
43.0
32.6
33.2
64.8
76.8
43.5
32.3
33.0
64.7
76.2
45.0
32.7
32.8
64.7
76.5
45.7
32.0
32.8
65.8
77.0
See footnotes at the end of the table.
A pril 2 0 0 4
S urvey
of
C
u rrent
25
B u s in e s s
Table 1B. Real Manufacturing and Trade Inventories, Seasonally Adjusted, End of Period—Continued
[Billions of chained (2000) dollars]
2000
Jan.
Feb.
Mar.
Apr.
May
July
June
Aug.
Sep.
Oct.
Nov.
Dec.
Manufacturing and trade industries...........
1,143.9
1,147.0
1,149.7
1,156.0
1,161.1
1,169.3
1,173.5
1,178.2
1,178.8
1,184.5
1,189.4
1,188.3
Manufacturing............................................................
Durable goods.........................................................
Wood products.....................................................
Nonmetallic mineral products..............................
Primary metals....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products......................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
465.1
286.9
9.9
10.2
22.5
33.1
38.5
55.5
466.4
287.8
9.9
10.2
22.4
33.1
38.6
56.1
465.6
287.1
9.9
10.0
22.4
32.9
38.2
56.6
467.8
288.9
9.9
10.1
22.6
33.1
39.1
57.7
467.5
288.4
9.8
10.1
22.7
33.5
38.6
59.0
470.6
290.8
9.9
10.1
22.6
33.8
39.1
60.4
471.6
291.2
9.9
10.1
22.8
33.8
39.4
61.5
472.0
292.3
9.9
10.1
22.5
33.9
39.8
62.6
471.5
291.7
9.8
10.1
22.3
33.8
39.8
62.3
473.1
293.3
10.0
10.1
22.2
33.8
40.3
64.1
474.8
295.4
10.0
10.1
22.0
33.8
40.3
66.1
474.2
295.7
10.1
10.3
21.9
33.7
41.1
67.3
13.9
79.5
7.8
15.9
13.9
79.9
7.8
15.9
13.7
79.7
7.9
16.0
13.8
78.5
7.9
16.1
13.9
76.8
7.9
16.2
14.0
76.8
8.0
16.2
14.0
75.4
8.0
16.3
14.3
74.6
8.1
16.5
14.3
74.6
8.1
16.6
14.4
73.8
8.0
16.7
14.3
73.8
8.1
16.7
14.6
72.2
8.0
16.6
Nondurable goods...................................................
Food products......................................................
Beverage and tobacco products.........................
Textile mills.
Textile product mills
Apparel......
Leather and allied products.................................
Paper products
Printing and related support activities................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
178.3
34.0
12.0
6.9
4.0
9.1
1.7
17.0
6.9
15.6
52.8
18.3
178.6
34.2
12.1
6.8
4.0
9.0
1.7
17.1
7.1
15.4
52.8
18.4
178.5
34.6
12.0
6.8
4.0
8.9
1.7
17.1
7.0
15.4
52.8
18.1
178.9
34.3
12.0
6.8
4.1
8.8
1.7
17.2
6.8
15.6
53.0
18.5
179.0
34.3
12.0
6.8
4.2
8.8
1.7
17.3
6.8
15.7
53.1
18.5
179.8
34.2
12.1
6.8
4.2
8.7
1.7
17.2
6.8
15.9
53.7
18.5
180.4
34.2
12.0
6.7
4.2
8.8
1.7
17.3
6.7
15.6
54.6
18.5
179.7
34.2
12.0
6.7
4.2
8.7
1.6
17.2
6.8
15.3
54.5
18.4
179.8
34.1
12.1
6.7
4.3
8.7
1.6
16.9
6.8
15.5
54.7
18.3
179.7
33.8
12.0
6.7
4.3
8.7
1.6
16.8
6.8
15.7
54.9
18.3
179.4
34.0
12.1
6.7
4.3
8.8
1.6
16.5
6.7
15.6
55.0
18.1
178.5
34.2
11.8
6.6
4.3
8.8
1.6
16.3
6.6
15.2
54.8
18.4
Merchant wholesale trade.........................................
Durable goods.........................................................
Nondurable goods...................................................
294.1
183.6
110.5
295.2
184.8
110.4
296.5
185.8
110.7
298.4
187.6
110.8
299.9
189.0
110.9
302.0
191.1
110.9
302.9
191.3
111.6
304.2
192.0
112.2
304.8
191.9
113.0
306.2
192.5
113.6
307.7
193.4
114.3
307.0
192.8
114.2
Retail trade.................................................................
Motor vehicle and parts dealers..............................
Furniture and home furnishings and electronics
and appliance stores............................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores....................................
Other retail stores....................................................
384.6
122.3
385.4
121.8
387.6
123.0
389.7
125.3
393.7
126.8
396.7
129.1
398.9
131.3
401.9
132.3
402.4
133.1
405.3
134.1
406.8
134.2
407.1
134.2
24.2
24.4
24.9
25.0
25.1
25.7
25.7
26.0
25.6
26.0
26.7
26.4
38.7
31.9
29.2
62.9
75.3
38.9
31.9
29.6
63.2
75.4
38.9
32.0
30.0
62.8
76.0
39.3
32.0
30.2
62.7
75.3
39.5
32.1
30.8
62.9
76.4
39.8
31.5
30.6
63.3
76.7
39.9
31.5
31.0
62.9
76.6
40.2
31.5
31.5
63.0
77.4
40.3
31.7
31.4
63.0
77.3
40.1
31.7
32.0
63.5
77.8
40.4
31.5
32.2
63.5
78.2
40.0
31.8
32.5
63.7
78.4
2001
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Manufacturing and trade industries...........
1,189.6
1,187.6
1,185.0
1,183.9
1,181.4
1,174.5
1,168.4
1,166.5
1,162.2
1,154.7
1,146.9
1,143.8
Manufacturing...........................................................
Durable goods
Wood products
Nonmetallic mineral products.............................
Primary metals....................................................
Fabricated metal products...................................
Machinery...........................................................
Computer and electronic products.....................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment...................................
Furniture and related products............................
Miscellaneous manufacturing..............................
476.6
298.1
10.0
10.2
21.9
33.9
41.3
69.1
475.4
297.8
10.0
10.2
21.8
33.8
41.1
69.8
471.9
294.4
9.9
10.2
21.6
33.7
41.2
67.9
471.4
294.3
9.9
10.2
21.5
33.8
40.9
67.3
468.9
292.4
9.9
10.1
21.2
33.7
40.3
66.9
465.1
289.8
10.1
10.1
20.8
33.5
40.0
66.4
462.9
287.7
10.0
10.1
20.6
33.3
39.4
65.9
460.4
285.6
10.0
9.9
20.4
33.3
39.0
64.9
457.2
282.4
10.0
10.0
20.4
33.2
38.6
62.2
455.8
281.2
9.9
9.9
20.2
33.2
38.2
61.5
453.5
279.0
9.9
9.9
20.1
32.9
37.5
61.6
450.7
275.8
9.7
9.8
19.9
32.4
37.0
59.5
14.6
72.3
8.1
16.7
14.7
71.6
8.1
16.8
14.7
70.6
8.1
16.7
14.7
71.4
8.1
16.6
14.5
71.1
8.0
16.5
14.4
70.0
7.9
16.5
14.1
69.9
7.9
16.6
14.1
69.6
7.8
16.5
14.0
69.7
7.8
16.6
14.1
69.9
7.7
16.6
13.9
69.0
7.7
16.5
13.8
69.5
7.5
16.7
Nondurable goods...................................................
Food products.....................................................
Beverage and tobacco products........................
Textile mills.......................
Textile product mills..........
Apparel.............................
Leather and allied products
Paper products.................
Printing and related support activities................
Petroleum and coal products
Chemical products...........
Plastics and rubber products..............................
178.5
34.0
11.8
6.5
4.3
8.9
1.6
16.1
6.5
15.3
55.0
18.4
177.6
33.9
11.8
6.5
4.3
8.7
1.6
16.1
6.5
15.4
54.4
18.3
177.4
33.9
12.0
6.4
4.3
8.6
1.6
15.8
6.5
15.5
54.6
18.3
177.1
33.9
12.0
6.4
4.4
8.5
1.6
15.7
6.4
15.8
54.5
18.2
176.5
33.9
12.1
6.4
4.3
8.4
1.5
15.5
6.3
16.0
54.3
17.8
175.4
33.9
12.0
6.3
4.3
8.3
1.5
15.5
6.2
16.0
53.9
17.7
175.2
33.9
12.3
6.3
4.3
8.1
1.5
15.4
6.2
15.9
53.9
17.7
174.7
33.7
12.3
6.2
4.3
7.9
1.5
15.4
6.4
16.2
53.5
17.6
174.7
33.5
12.3
6.1
4.3
7.6
1.5
15.6
6.2
16.3
53.8
17.7
174.6
33.3
12.2
6.1
4.4
7.4
1.5
15.7
6.2
15.9
54.3
17.7
174.5
33.7
12.2
6.0
4.4
7.3
1.5
15.9
6.2
15.9
53.8
17.7
174.9
33.9
12.3
5.9
4.5
7.1
1.4
16.0
6.3
16.4
53.6
17.7
Merchant wholesale trade........................................
Durable goods.........................................................
Nondurable goods...................................................
306.6
193.7
113.0
306.9
193.5
113.4
307.0
193.0
114.1
307.9
192.5
115.4
308.8
191.6
117.1
307.0
188.6
118.3
304.4
186.7
117.6
303.9
185.0
118.7
303.2
183.9
119.1
301.3
183.4
117.7
298.8
179.9
118.7
297.0
177.9
118.8
Retail trade.................................................................
Motor vehicle and parts dealers..............................
Furniture and home furnishings and electronics
and appliance stores...........................................
Building material and garden equipment and
supplies stores....................................................
Food and beverage stores......................................
Clothing and clothing accessories stores...............
General merchandise stores...................................
Other retail stores...................................................
406.4
132.9
405.3
131.7
406.0
131.8
404.6
130.8
403.7
130.4
402.3
129.8
401.0
129.6
402.2
129.4
401.8
129.5
397.6
124.7
394.7
123.6
396.0
125.4
26.5
26.0
26.4
26.4
26.1
25.8
25.6
25.6
25.5
25.7
25.9
26.0
40.3
31.9
32.4
64.1
78.3
40.2
32.1
32.5
64.4
78.3
40.1
32.1
32.5
65.5
77.6
40.1
32.2
32.3
65.2
77.8
40.2
32.2
32.1
65.4
77.3
40.0
32.2
32.3
65.5
76.6
39.6
32.2
32.0
64.8
77.1
40.0
32.3
32.1
65.4
77.4
40.1
32.3
32.3
65.0
77.1
40.2
32.3
32.5
64.9
77.2
40.0
32.4
31.8
64.2
76.7
40.1
32.3
31.5
63.6
77.1
See footnotes at the end of the table
26
Real Inventories and Sales
April 2004
Table 1B. Real Manufacturing and Trade Inventories, Seasonally Adjusted, End of Period—Continued
[Billions of chained (2000) dollars]
2002
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Manufacturing and trade industries...........
1,143.5
1,139.7
1,137.6
1,136.4
1,135.6
1,138.5
1,142.3
1,143.6
1,147.1
1,146.4
1,150.6
1,154.0
Manufacturing............................................................
Durable goods
Wood products
Nonmetallic mineral products..............................
Primary metals....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products.....................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
448.9
274.3
9.9
9.7
19.7
32.3
36.7
59.6
447.2
273.0
9.8
9.6
19.5
32.1
36.5
59.1
446.4
270.5
10.0
9.6
19.3
32.0
36.4
58.6
445.8
269.6
9.9
9.6
19.2
31.9
36.0
58.5
444.2
268.4
10.0
9.6
19.0
31.7
35.8
58.0
443.5
267.3
9.8
9.7
19.1
31.5
35.3
57.0
443.7
266.7
9.7
9.6
19.0
31.5
35.3
57.3
443.9
266.3
9.7
9.7
19.2
31.6
35.1
57.1
444.1
265.7
9.7
9.7
19.2
31.6
34.9
57.1
443.6
265.2
9.7
9.7
19.2
31.4
34.6
57.0
442.1
264.2
9.7
9.7
19.3
31.4
34.5
57.0
443.2
266.2
9.6
9.7
19.4
31.3
34.9
56.4
13.7
68.6
7.5
16.6
13.6
68.6
7.4
16.7
13.5
67.1
7.3
16.8
13.5
66.8
7.3
16.9
13.4
66.7
7.3
17.1
13.3
66.9
7.4
17.3
13.2
66.2
7.4
17.4
13.1
66.1
7.4
17.4
13.0
65.8
7.3
17.5
12.8
65.9
7.3
17.5
12.8
65.0
7.3
17.4
12.6
67.2
7.3
17.6
Nondurable goods...................................................
Food products.....................................................
Beverage and tobacco products..........................
Textile mills........................
Textile product mills..........
Apparel..............................
Leather and allied products
Paper products.................
Printing and related support activities................
Petroleum and coal products
Chemical products..............................................
Plastics and rubber products...............................
174.7
34.2
12.4
5.7
4.4
6.9
1.4
16.1
6.4
15.9
53.8
17.5
174.2
34.2
12.3
5.6
4.4
6.8
1.4
16.2
6.2
16.1
53.9
17.4
175.9
34.1
12.4
5.6
4.4
6.6
1.3
16.2
6.1
16.8
53.6
19.0
176.2
34.5
12.2
5.4
4.4
6.5
1.3
16.2
6.3
17.0
53.7
18.8
175.8
34.6
12.3
5.4
4.5
6.4
1.3
16.2
6.3
16.8
53.5
18.7
176.3
34.8
12.4
5.4
4.5
6.5
1.4
16.4
6.5
16.9
53.3
18.5
177.1
34.8
12.2
5.4
4.6
6.5
1.4
16.4
6.6
17.3
53.8
18.5
177.7
34.9
12.2
5.4
4.6
6.5
1.4
16.4
6.6
17.2
54.4
18.4
178.4
34.8
12.4
5.3
4.7
6.6
1.4
16.5
6.4
17.4
54.3
18.9
178.4
34.8
12.2
5.3
4.7
6.6
1.5
16.5
6.6
17.4
54.3
18.8
177.9
34.9
12.1
5.2
4.6
6.6
1.5
16.6
6.6
17.0
54.5
18.7
177.0
34.4
12.1
5.3
4.7
6.7
1.5
16.6
6.6
17.5
53.6
18.6
Merchant wholesale trade.........................................
Durable goods.........................................................
Nondurable goods...................................................
296.6
177.1
119.3
294.3
175.5
118.6
294.2
174.8
119.1
292.1
174.0
117.8
291.9
173.2
118.4
293.1
173.4
119.4
294.7
174.4
120.1
294.4
175.0
119.2
294.2
175.0
118.9
292.3
174.7
117.5
293.0
175.2
117.5
295.4
175.8
119.3
Retail trade.................................................................
Motor vehicle and parts dealers..............................
Furniture and home furnishings and electronics
and appliance stores...........................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores...................................
Other retail stores....................................................
397.9
126.9
398.0
127.2
396.9
126.4
398.4
127.9
399.3
127.8
401.7
129.6
403.6
129.9
405.0
131.7
408.6
133.2
410.3
136.2
415.4
140.2
415.2
138.3
26.6
26.8
27.0
27.1
27.6
27.7
28.0
28.0
28.5
28.6
28.6
28.7
40.4
32.1
31.6
62.9
77.4
40.5
32.1
31.1
63.3
77.1
41.0
31.9
31.0
62.8
76.8
41.1
31.9
31.2
62.8
76.4
41.0
32.0
31.2
63.0
76.7
41.0
32.0
31.5
62.8
77.2
40.9
31.9
31.8
63.6
77.6
40.8
32.1
31.9
63.4
77.1
41.4
32.5
32.1
63.6
77.4
42.0
31.7
31.9
63.7
76.5
41.7
32.0
32.1
64.6
76.5
42.2
32.4
32.5
64.8
76.7
2003
2004
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct. r
Nov. r
Dec.r
Jan. "
Manufacturing and trade industries...........
1,153.6
1,156.6
1,157.6
1,158.0
1,156.0
1,156.6
1,157.6
1,153.1
1,155.3
1,157.2
1,158.9
1,157.4
1,156.6
Manufacturing............................................................
Durable goods.........................................................
Wood products.....................................................
Nonmetallic mineral products..............................
Primary metals....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products.......................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
442.2
265.2
9.6
9.8
19.5
31.1
34.4
55.8
442.6
264.7
9.7
9.8
19.5
31.1
34.1
55.5
440.2
262.8
9.6
9.9
19.4
30.9
33.6
54.7
439.4
262.5
9.6
9.9
19.2
30.7
33.7
54.4
438.0
261.6
9.5
10.0
19.0
30.7
33.5
53.9
436.4
259.3
9.3
10.0
18.4
30.6
33.1
53.7
435.1
258.3
9.3
10.1
18.1
30.3
33.0
53.7
434.4
257.1
9.2
10.0
17.9
30.3
32.6
53.5
432.4
255.4
9.1
9.9
17.4
30.0
32.5
53.6
432.1
255.8
9.1
9.8
17.1
30.1
32.6
53.9
430.9
254.4
9.2
9.4
17.1
30.1
32.3
54.0
430.1
255.1
9.2
9.4
16.9
29.9
32.6
54.5
429.7
254.8
9.2
9.3
16.8
29.8
32.9
54.0
12.6
67.2
7.4
17.7
12.5
67.4
7.3
17.7
12.5
67.0
7.3
17.8
12.4
67.4
7.3
17.7
12.4
67.4
7.3
17.6
12.3
66.8
7.3
17.6
12.2
66.3
7.3
17.8
12.1
66.1
7.2
17.9
12.1
65.8
7.1
17.8
12.1
66.2
7.0
17.9
12.1
65.5
7.0
17.8
12.1
65.7
6.9
18.0
12.1
65.9
6.9
17.9
Nondurable goods...................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills........................
Textile product mills...........
Apparel.............................
Leather and allied products
Paper products................
Printing and related support activities.................
Petroleum and coal products
Chemical products............
Plastics and rubber products...............................
177.0
34.3
12.0
5.3
4.7
6.7
1.5
16.7
6.5
17.5
53.2
18.7
177.9
34.4
12.1
5.3
4.8
6.8
1.4
16.6
6.5
17.4
54.0
18.8
177.3
34.5
12.0
5.4
4.8
6.8
1.4
16.7
6.5
17.2
53.5
18.8
176.9
34.0
12.2
5.4
4.8
6.9
1.4
16.8
6.4
17.4
53.3
18.8
176.3
34.1
12.1
5.4
4.8
6.9
1.4
16.7
6.4
16.6
53.5
18.8
176.9
33.9
12.1
5.4
4.8
6.9
1.4
16.7
6.2
17.1
53.7
18.9
176.7
33.7
12.2
5.4
4.8
7.1
1.4
16.6
6.3
17.0
54.0
18.7
177.2
33.7
12.2
5.3
4.8
7.0
1.4
16.5
6.3
17.5
54.1
18.7
176.9
33.6
12.3
5.4
4.8
6.9
1.4
16.5
6.2
17.5
53.8
18.7
176.1
33.5
12.3
5.3
4.8
6.9
1.4
16.3
6.1
17.5
53.6
18.7
176.3
33.3
12.3
5.3
4.9
6.9
1.4
16.2
6.2
17.2
54.2
18.6
174.8
32.8
12.0
5.3
5.0
6.9
1.5
16.0
6.2
16.9
53.7
19.1
174.8
32.6
12.1
5.2
4.9
6.8
1.5
15.9
6.1
17.5
53.4
19.1
Merchant wholesale trade.........................................
Durable goods.........................................................
Nondurable goods...................................................
294.5
175.3
118.9
294.6
176.4
118.0
295.3
176.8
118.3
294.7
176.4
118.1
294.0
175.7
118.1
294.2
175.7
118.3
294.3
174.8
119.2
293.9
174.2
119.4
294.3
174.3
119.7
294.7
175.0
119.4
294.5
175.1
119.1
295.1
176.4
118.5
294.3
176.9
117.3
Retail trade.................................................................
Motor vehicle and parts dealers..............................
Furniture and home furnishings and electronics
and appliance stores............................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores....................................
Other retail stores....................................................
416.7
139.8
419.2
141.7
422.0
143.1
423.8
144.6
423.9
145.7
425.8
146.9
428.0
148.3
424.7
145.5
428.6
147.2
430.3
148.7
433.5
150.7
432.1
148.3
432.5
149.1
28.6
28.7
28.7
28.9
29.1
29.6
29.7
30.0
30.1
30.7
30.9
31.1
31.0
41.9
32.3
33.0
64.6
76.7
42.7
32.4
33.1
64.1
76.8
43.0
32.6
33.2
64.8
76.8
42.8
32.5
33.0
65.7
76.6
43.0
32.5
33.0
64.7
76.2
43.5
32.3
33.0
64.7
76.2
43.7
32.5
32.7
64.7
76.7
44.1
32.5
32.9
63.9
76.2
45.0
32.7
32.8
64.7
76.5
44.9
32.2
32.5
65.1
76.7
45.2
32.2
32.8
65.0
77.4
45.7
32.0
32.8
65.8
77.0
45.9
32.2
32.6
65.9
76.5
" Preliminary.
' Revised.
N ote. Estimates in this table are based on the North American Industry Classification System.
Chained (2000) dollar inventory series are calculated to ensure that the chained (2000) dollar change in inventories for
2000 equals the current-dollar change in inventories for 2000 and that the average of the 1999 and 2000 end-of-year chainweighted 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 2004
S urvey
of
C
urrent
27
B u s in e s s
Table 2B. Real Manufacturing and Trade Sales, Seasonally Adjusted at Monthly Rate
[Billions of chained (2000) dollars]
1997
lr
1998
IIr
lllf
IV r
lr
1999
IIr
III'
IV '
\r
IIr
2000
III'
IV r
lr
IIr
IIIr
IV r
Manufacturing and trade Industries...........
721.9
731.0
744.7
750.9
763.5
770.0
773.5
791.8
805.0
814.1
823.3
835.2
841.8
846.4
846.9
844.1
Manufacturing............................................................
Durable goods.........................................................
Wood products....................................................
Nonmetallic mineral products..............................
Primary metals....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products.....................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products...........................
Miscellaneous manufacturing..............................
314.7
168.1
7.1
7.4
13.1
20.1
22.5
29.5
322.3
173.5
7.2
7.6
13.2
20.8
23.1
30.7
328.4
178.4
7.4
7.7
13.3
20.9
23.6
32.3
331.1
179.7
7.4
7.7
13.6
21.1
23.9
32.2
335.7
183.1
7.7
7.9
14.1
21.4
24.4
32.8
333.2
182.0
7.6
8.1
13.8
21.4
24.2
33.1
332.7
181.9
7.5
8.0
13.6
21.5
23.4
33.7
340.6
189.9
7.8
8.1
13.4
21.6
23.1
35.0
344.0
191.8
7.9
8.1
13.4
21.5
22.8
35.9
345.0
193.5
7.9
8.0
13.4
21.5
23.0
37.4
346.8
194.9
7.7
8.1
13.6
21.6
23.3
38.7
349.1
195.6
7.9
8.3
13.7
22.0
23.8
38.1
351.3
198.6
8.3
8.2
13.6
22.4
24.5
40.3
354.1
200.3
7.8
8.1
13.2
22.6
24.4
42.5
350.1
197.4
7.6
8.1
12.9
22.4
24.5
43.5
345.3
193.8
7.5
8.0
12.5
21.9
23.8
43.5
9.1
45.9
5.6
8.3
9.4
48.0
5.5
8.5
9.5
49.9
5.5
8.5
9.7
50.1
5.7
8.6
9.8
50.5
6.0
8.9
9.6
49.7
5.9
8.9
9.8
49.9
6.0
8.9
9.8
56.3
6.1
8.9
9.8
57.2
6.2
9.2
10.0
57.1
6.2
9.1
10.1
56.7
6.2
9.0
10.0
56.5
6.1
9.2
10.5
55.6
6.1
9.2
10.5
55.1
6.3
9.6
10.4
52.0
6.3
9.8
10.4
50.2
6.3
9.8
Nondurable goods...................................................
Food products......................................................
Beverage and tobacco products.........................
Textile mills..........................................................
Textile product mills.............................................
Apparel................................................................
Leather and allied products.................................
Paper products....................................................
Printing and related support activities................
Petroleum and coal products..............................
Chemical products...............................................
Plastics and rubber products...............................
147.4
33.7
9.8
4.8
2.6
5.5
0.9
13.5
8.4
18.9
36.3
13.1
149.5
34.0
9.8
4.7
2.6
5.7
0.9
13.7
8.5
19.6
36.7
13.3
150.6
34.2
10.0
4.7
2.6
5.8
0.9
13.6
8.5
20.1
36.8
13.6
151.9
34.5
10.3
4.7
2.7
5.8
0.9
13.9
8.5
19.4
37.3
14.0
153.1
35.9
10.2
4.8
2.6
5.6
0.9
13.8
8.5
19.5
37.2
13.9
151.7
35.5
10.2
4.6
2.6
5.5
0.9
13.9
8.6
19.8
36.6
13.8
151.2
35.4
10.1
4.6
2.6
5.4
0.8
13.8
8.6
19.6
36.4
14.0
150.8
35.5
9.6
4.5
2.6
5.3
0.8
13.8
8.6
19.4
36.3
14.2
152.3
35.8
9.5
4.5
2.7
5.3
0.8
14.0
8.7
20.0
36.5
14.6
151.5
35.9
9.4
4.5
2.7
5.3
0.8
13.7
8.6
19.4
36.7
14.4
151.9
35.8
9.2
4.5
2.8
5.1
0.8
14.1
8.7
19.7
36.7
14.5
153.6
36.0
9.2
4.5
2.8
5.1
0.8
14.2
8.7
20.3
37.0
14.9
152.7
35.7
9.3
4.4
2.9
5.2
0.8
14.2
8.7
19.7
37.0
15.0
153.8
36.3
9.4
4.4
2.8
5.1
0.8
13.8
8.9
19.7
37.4
15.2
152.7
36.4
9.2
4.3
2.8
5.0
0.8
13.6
8.7
19.5
37.7
14.7
151.5
36.3
9.3
4.2
2.7
4.9
0.8
13.5
8.5
19.4
37.4
14.4
Merchant wholesale trade.........................................
Durable goods.........................................................
Nondurable goods...................................................
187.0
90.8
96.8
188.8
92.8
96.5
191.6
94.9
97.2
193.5
96.3
97.6
198.8
99.4
99.8
201.5
101.1
100.6
204.5
102.2
102.6
208.1
103.5
105.1
212.2
107.5
104.8
217.2
110.7
106.6
220.7
113.4
107.3
225.4
116.7
108.6
225.3
117.6
107.7
228.3
118.6
109.6
230.1
119.1
111.1
231.2
119.3
111.9
Retail trade.................................................................
Motor vehicle and parts dealers..............................
Furniture and home furnishings and electronics
and appliance stores............................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores...................................
Other retail stores....................................................
216.4
56.5
216.7
55.6
222.0
58.0
223.9
58.4
227.2
58.6
233.5
61.8
234.2
59.7
241.8
63.3
248.0
65.2
251.1
66.9
255.2
68.8
260.3
69.2
265.5
72.4
263.9
69.7
266.7
70.1
267.3
68.5
9.9
10.2
10.7
11.0
11.4
11.6
12.2
12.7
13.1
13.6
14.3
14.8
15.4
15.7
15.9
15.8
19.2
37.6
11.5
28.7
53.5
19.4
37.5
11.5
28.8
54.3
19.8
37.6
11.9
29.5
55.0
20.1
37.6
12.1
29.7
55.3
20.4
37.6
12.4
30.4
56.7
20.9
37.8
12.7
30.9
58.0
21.3
38.2
12.7
31.2
59.2
22.2
38.3
13.1
31.9
60.5
22.6
38.4
13.6
33.1
62.2
22.4
38.7
13.9
33.4
62.2
22.6
38.9
14.0
34.1
62.6
23.7
39.3
14.1
34.7
64.5
24.5
38.8
14.4
35.0
65.1
23.7
39.5
14.7
35.5
65.1
24.1
39.4
15.0
36.4
65.9
24.5
39.6
15.0
36.8
67.1
2001
Ir
2002
lllr
llf
IV '
lr
IIr
2003
III'
IV '
\'
II'
III'
IV
Manufacturing and trade industries...........
839.2
830.2
828.3
840.2
840.3
846.7
851.8
852.4
851.5
858.2
878.8
891.8
Manufacturing............................................................
Durable goods.........................................................
Wood products....................................................
Nonmetallic mineral products.............................
Primary metals....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products.....................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
339.5
188.9
7.3
7.8
12.1
21.4
24.0
41.8
331.8
184.0
7.4
7.9
12.0
21.0
22.3
37.5
327.0
179.1
7.5
7.8
11.9
20.7
21.6
34.7
326.1
177.5
7.4
7.7
11.6
20.6
20.6
34.6
326.6
178.5
7.5
7.5
11.5
20.4
21.5
34.8
328.8
181.0
7.5
7.2
11.9
20.9
21.3
34.8
328.9
181.8
7.4
7.1
11.8
21.0
21.1
35.4
326.4
179.0
7.6
7.1
11.5
20.7
20.7
35.8
322.9
178.2
7.4
7.0
11.2
20.3
20.4
36.6
323.0
177.6
7.6
7.0
10.9
19.8
20.3
38.2
331.7
183.2
7.7
7.2
10.9
20.1
20.7
40.3
336.2
187.4
7.9
7.2
11.1
20.3
21.3
42.5
10.3
48.3
6.2
9.7
9.9
50.4
5.9
9.6
9.1
50.2
5.9
9.6
8.8
51.1
5.7
9.3
8.6
51.3
5.8
9.5
8.8
52.8
5.8
9.8
8.6
53.4
5.7
10.0
8.7
51.1
5.6
10.2
8.5
51.2
5.5
10.2
8.4
50.0
5.5
10.2
8.5
51.9
5.7
10.5
8.6
52.3
5.8
11.0
Nondurable goods...................................................
Food products
Beverage and tobacco products..........................
Textile mills...
Textile product mills
Apparel........
Leather and allied products.................................
Paper products....................................................
Printing and related support activities................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
150.6
36.5
9.2
4.0
2.7
4.8
0.8
13.5
8.6
19.2
37.0
14.3
147.8
36.3
9.4
3.8
2.6
4.6
0.7
13.0
8.4
19.0
35.9
13.9
147.9
36.2
9.4
3.8
2.6
4.4
0.7
12.7
8.2
19.5
36.2
14.2
148.6
36.5
9.2
3.6
2.6
4.4
0.7
12.6
8.0
21.2
35.8
14.0
148.1
36.9
8.8
3.6
2.7
4.4
0.8
12.4
8.0
21.5
34.9
14.3
147.8
36.6
8.5
3.8
2.9
4.6
0.8
12.7
8.0
19.4
35.6
14.8
147.1
36.1
8.3
3.7
2.8
4.6
0.9
13.2
8.1
19.5
35.0
14.9
147.3
36.7
8.0
3.6
2.9
4.5
0.9
13.1
8.1
18.7
35.7
15.1
144.8
35.7
8.2
3.6
2.8
4.5
0.9
13.3
8.0
16.9
36.1
14.9
145.3
35.8
8.3
3.3
2.8
4.3
0.9
13.5
8.0
18.9
35.0
14.6
148.5
35.9
8.1
3.3
2.9
4.4
0.9
13.4
7.7
19.4
37.5
14.9
149.0
34.6
8.0
3.4
3.1
4.6
0.9
13.6
7.7
20.2
37.6
15.4
Merchant wholesale trade.........................................
Durable goods.........................................................
Nondurable goods...................................................
230.7
118.5
112.2
227.2
116.1
111.1
228.8
115.2
113.5
229.2
113.7
115.4
231.0
115.0
115.9
234.1
116.8
117.2
235.1
117.1
117.8
235.7
116.2
119.3
235.0
116.5
118.3
235.9
117.7
118.2
239.4
119.4
120.0
244.3
123.3
121.1
Retail trade.................................................................
Motor vehicle and parts dealers..............................
Furniture and home furnishings and electronics
and appliance stores............................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores...................................
Other retail stores....................................................
268.4
68.9
270.1
70.2
271.3
69.7
283.9
77.8
281.8
71.8
283.5
72.1
287.7
76.0
290.0
75.2
292.8
76.1
298.9
79.3
307.8
82.1
312.3
83.4
See footnotes at the end of the table.
16.2
16.4
16.9
17.8
18.5
18.8
18.9
19.6
19.9
21.1
22.5
23.2
25.0
39.7
14.9
37.1
66.8
25.4
39.7
14.8
37.4
66.2
25.0
39.8
14.9
38.5
66.5
25.7
40.1
15.1
39.4
68.2
26.1
40.0
15.7
40.1
69.9
26.8
39.9
15.7
40.7
69.8
26.7
39.9
15.5
40.8
70.1
26.9
40.2
16.0
41.5
70.9
27.1
40.7
16.4
42.1
70.8
28.0
40.6
16.5
42.7
71.2
28.9
41.2
17.0
44.1
72.8
29.4
40.9
17.3
44.4
74.8
28
Real Inventories and Sales
April 2004
Table 2B. Real Manufacturing and Trade Sales, Seasonally Adjusted at Monthly Rate—Continued
[Billions of chained (2000) dollars]
2000
Jan.r
Feb/
Mar. '
A p r/
Mayr
Juner
Julyr
Aug/
Sep. r
O c t/
N ov/
D ec/
Manufacturing and trade industries...........
847.1
835.0
843.3
846.8
843.9
848.5
845.1
844.8
850.8
846.2
840.9
845.1
Manufacturing............................................................
Durable goods..........
Wood products.....
Nonmetallic mineral products..............................
Primary metals.....
Fabricated metal products
Machinery.............
Computer and electronic products.....................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment.,
Furniture and related products
Miscellaneous manufacturing
357.5
203.3
8.3
8.4
14.0
22.6
25.1
40.7
345.8
194.4
8.1
7.9
13.2
21.8
23.6
39.7
350.6
198.2
8.6
8.3
13.4
22.7
24.7
40.6
355.1
201.4
7.9
8.3
13.4
22.8
24.7
42.5
352.6
198.8
8.0
8.1
12.9
22.4
24.2
42.6
354.6
200.8
7.7
8.0
13.2
22.7
24.4
42.4
350.3
197.6
7.5
8.2
13.1
22.5
24.6
43.1
348.3
195.4
7.6
8.0
12.7
22.2
24.5
43.4
351.8
199.3
7.7
8.2
12.8
22.4
24.5
43.8
347.0
195.0
7.6
8.1
12.6
21.9
24.0
43.4
344.2
192.8
7.4
7.9
12.5
21.8
23.8
42.9
344.8
193.7
7.4
7.9
12.4
22.1
23.7
44.0
10.6
58.4
6.0
9.3
10.4
54.6
6.0
8.9
10.5
53.9
6.2
9.3
10.4
55.4
6.4
9.6
10.4
54.4
6.3
9.6
10.6
55.7
6.3
9.7
10.5
52.0
6.3
9.8
10.3
50.6
6.3
9.7
10.4
53.4
6.3
9.8
10.3
50.9
6.4
9.9
10.6
49.9
6.3
9.8
10.5
49.7
6.2
9.8
Nondurable goods...................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills..........................................................
Textile product mills.............................................
Apparel................................................................
Leather and allied products.................................
Paper products....................................................
Printing and related support activities................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
154.2
36.0
9.4
4.4
2.9
5.1
0.8
14.3
8.6
20.3
37.4
15.1
151.4
35.1
8.9
4.4
2.9
5.1
0.7
14.1
8.8
19.8
36.9
14.8
152.4
35.9
9.6
4.5
2.9
5.3
0.8
14.2
8.6
18.9
36.7
15.0
153.7
36.8
9.0
4.4
2.9
5.0
0.8
14.1
8.6
19.2
37.6
15.2
153.8
36.0
9.7
4.3
2.9
5.1
0.8
13.6
9.1
20.0
37.2
15.1
153.8
36.3
9.4
4.4
2.8
5.0
0.8
13.7
9.0
19.7
37.5
15.2
152.7
36.3
9.2
4.4
2.8
4.8
0.8
13.7
8.8
19.5
37.6
14.7
152.9
36.4
9.5
4.3
2.8
5.1
0.8
13.3
8.7
19.7
37.5
14.7
152.5
36.5
9.0
4.3
2.8
5.0
0.8
13.7
8.7
19.3
37.8
14.8
151.9
36.4
9.3
4.2
2.7
5.0
0.8
13.3
8.5
19.9
37.2
14.6
151.4
36.3
9.5
4.2
2.7
4.9
0.8
13.5
8.5
19.5
37.1
14.4
151.1
36.3
9.2
4.1
2.6
4.9
0.9
13.7
8.6
18.9
37.8
14.2
Merchant wholesale trade.........................................
Durable goods.........................................................
Nondurable goods...................................................
227.2
118.4
108.8
223.5
116.8
106.7
225.3
117.7
107.6
227.9
118.2
109.7
227.1
118.6
108.5
229.8
119.0
110.8
229.5
118.4
111.2
230.3
119.3
111.0
230.5
119.5
111.0
231.3
120.0
111.3
229.6
119.4
110.3
232.7
118.4
114.3
Retail trade.................................................................
Motor vehicle and parts dealers..............................
Furniture and home furnishings and electronics
and appliance stores............................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores................
General merchandise stores...................................
Other retail stores....................................................
263.4
71.7
265.8
73.0
267.4
72.4
263.6
70.1
264.2
69.4
263.9
69.5
265.2
69.8
266.1
69.4
268.8
71.1
267.7
69.3
266.7
68.3
267.4
67.9
15.2
15.5
15.5
15.8
15.7
15.6
15.7
15.9
16.0
16.0
15.8
15.5
24.3
38.5
14.0
34.6
65.0
23.9
38.7
14.3
34.9
65.5
25.2
39.2
14.7
35.5
64.8
23.4
39.6
14.5
35.1
65.1
23.8
39.3
14.9
35.7
65.5
23.8
39.7
14.7
35.7
64.9
23.9
39.4
14.7
36.1
65.5
24.2
39.4
15.0
36.2
66.0
24.1
39.4
15.3
36.7
66.2
24.3
39.7
15.0
36.6
66.8
24.2
39.6
15.0
36.7
67.0
25.0
39.6
14.9
37.1
67.5
2001
Jan. r
Feb/
Mar. ’
A p r/
Mayr
Juner
Julyr
Aug/
Sep. ’
Oct. ’
Nov/
D ec/
Manufacturing and trade industries............
836.0
844.6
837.1
828.8
835.5
826.3
832.1
834.8
818.0
843.0
837.0
840.6
Manufacturing............................................................
Durable goods.........................................................
Wood products.....................................................
Nonmetallic mineral products..............................
Primary metals....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products......................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
334.8
185.6
7.2
7.7
12.0
21.2
24.6
42.1
344.0
191.4
7.4
7.9
12.2
21.5
24.1
42.2
339.8
189.8
7.2
7.9
12.1
21.5
23.4
41.2
329.3
181.8
7.4
7.8
11.8
20.8
22.4
38.1
336.2
186.5
7.6
8.0
12.1
21.3
'ill
37.1
330.0
183.7
7.4
7.9
12.0
20.9
21.8
37.1
331.0
182.1
7.4
7.9
12.1
20.8
22.0
35.5
330.4
180.5
7.5
7.9
12.0
21.0
22.3
34.1
319.7
174.6
7.5
7.6
11.7
20.4
20.5
34.3
325.5
176.4
7.4
7.8
11.8
20.7
21.1
34.1
324.9
177.2
7.4
7.7
11.7
20.6
20.7
34.0
328.0
179.0
7.4
7.7
11.4
20.5
20.0
35.6
10.2
44.9
6.2
9.6
10.5
49.5
6.3
9.8
10.3
50.5
6.2
9.6
9.9
47.8
6.1
9.6
10.1
52.0
6.0
9.6
9.8
51.5
5.7
9.5
9.3
51.4
6.0
9.6
9.4
50.4
6.0
9.7
8.7
48.7
5.7
9.5
8.9
49.3
5.8
9.4
8.6
51.5
5.7
9.3
8.8
52.5
5.7
9.2
Nondurable goods...................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills...........................................................
Textile product mills..............................................
Apparel................................................................
Leather and allied products.................................
Paper products....................................................
Printing and related support activities................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
149.1
36.3
8.9
4.1
2.8
4.8
0.8
13.3
8.6
19.3
36.3
13.9
152.7
36.5
9.3
4.1
2.7
4.9
0.8
13.8
8.7
19.4
37.9
14.6
150.0
36.6
9.4
3.9
2.6
4.9
0.8
13.5
8.6
18.9
36.7
14.2
147.5
36.5
8.9
3.8
2.6
4.7
0.7
13.3
8.3
19.0
35.8
13.9
149.7
36.3
9.9
3.9
2.6
4.6
0.7
13.0
8.5
19.5
36.6
14.0
146.3
36.2
9.3
3.8
2.6
4.5
0.7
12.8
8.3
18.6
35.3
13.9
148.9
36.3
9.3
3.8
2.6
4.3
0.7
12.8
8.3
20.1
36.4
14.3
149.9
36.2
10.0
3.8
2.6
4.5
0.7
12.8
8.3
19.9
36.8
14.2
145.1
36.0
8.9
3.8
2.6
4.4
0.7
12.5
8.0
18.7
35.3
14.0
149.0
36.1
9.9
3.7
2.6
4.5
0.7
12.8
8.1
20.7
35.9
14.1
147.7
36.7
8.8
3.6
2.6
4.3
0.7
12.6
8.0
20.7
35.9
14.0
149.0
36.9
9.0
3.6
2.6
4.5
0.7
12.3
8.0
22.2
35.5
14.1
Merchant wholesale trade.........................................
Durable goods.........................................................
Nondurable goods...................................................
231.5
118.5
113.0
231.5
118.7
112.8
229.1
118.2
110.9
228.4
116.7
111.7
227.6
116.7
110.9
225.5
114.9
110.6
228.8
115.5
113.3
229.6
116.1
113.4
227.9
114.0
113.8
228.1
112.8
115.2
229.4
114.3
115.1
230.1
114.1
115.9
Retail trade..................................................................
Motor vehicle and parts dealers..............................
Furniture and home furnishings and electronics
and appliance stores............................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores....................................
Other retail stores....................................................
269.0
68.9
268.7
69.1
267.6
68.7
270.0
69.7
270.8
70.5
269.6
70.5
271.5
70.2
273.9
70.5
268.5
68.3
288.6
84.2
281.7
75.6
281.5
73.5
See footnotes at the end of the table.
16.2
16.1
16.2
16.1
16.4
16.7
16.9
17.1
16.8
17.2
17.9
18.3
24.9
39.6
14.9
37.8
66.8
25.1
39.7
15.0
36.8
66.7
25.0
39.7
14.7
36.5
66.8
25.7
39.7
14.8
37.2
66.8
25.3
39.8
14.9
37.6
66.3
25.1
39.7
14.7
37.5
65.5
25.2
39.6
15.0
38.2
66.4
25.2
39.8
15.1
38.5
67.7
24.7
40.0
14.5
38.7
65.5
25.6
40.1
15.0
38.8
67.5
25.8
40.0
14.9
39.2
68.3
25.7
40.1
15.4
40.0
68.8
April 2004
S urvey
of
C
urrent
29
B u s in e s s
Table 2B. Real Manufacturing and Trade Sales, Seasonally Adjusted at Monthly Rate—Continued
[Billions of chained (2000) dollars]
2002
Jan. '
F eb /
Mar.r
A p r/
May'
July ^
June'
Aug. r
Sep.r
Oct. '
D ec/
Nov. ’
Manufacturing and trade industries...........
843.2
842.5
835.2
846.8
845.9
847.4
853.8
854.6
847.1
849.9
854.8
852.5
Manufacturing............................................................
Durable goods.........................................................
Wood products....................................................
Nonmetallic mineral products..............................
Primary meteils....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products......................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
330.4
180.4
7.5
7.8
11.6
20.7
21.5
35.2
326.4
178.8
7.5
7.7
11.4
20.3
22.1
34.7
323.0
176.3
7.5
7.1
11.6
20.3
20.8
34.6
329.2
182.7
7.5
7.3
12.0
21.1
21.0
35.1
330.6
182.0
7.6
7.2
12.0
20.9
21.8
34.8
326.8
178.4
7.5
7.1
11.7
20.8
21.0
34.5
331.2
183.8
7.5
7.1
11.9
21.1
21.3
35.4
328.8
181.2
7.4
7.2
11.9
21.0
21.2
35.3
326.9
180.4
7.3
7.1
11.7
20.9
20.9
35.6
329.0
182.0
7.4
7.1
11.8
21.0
20.9
35.9
326.9
179.7
7.7
7.0
11.4
20.6
20.8
36.2
323.3
175,5
7.6
7.1
11.3
20.6
20.5
35.2
8.6
52.1
5.9
9.5
8.5
51.3
5.7
9.5
8.7
50.4
5.7
9.6
8.9
54.1
5.9
9.8
9.0
52.8
5.8
10.1
8.6
51.7
5.7
9.7
8.7
54.8
5.8
10.1
8.6
52.8
5.7
10.0
8.6
52.7
5.6
9.8
8.7
53.4
5.6
10.1
8.8
51.3
5.5
10.3
8.6
48.5
5.8
10.3
Nondurable goods...................................................
Food products......................................................
Beverage and tobacco products.........................
Textile mills..........................................................
Textile product m ills.............................................
Apparel................................................................
Leather and allied products.................................
Paper products....................................................
Printing and related support activities................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
150.0
37.1
8.9
3.6
2.6
4.4
0.8
12.7
8.1
22.4
35.5
14.3
147.6
36.9
8.4
3.7
2.8
4.5
0.8
12.2
7.9
21.9
34.9
14.3
146.6
36.7
8.9
3.7
2.8
4.4
0.7
12.4
8.1
20.3
34.3
14.2
146.4
36.6
8.2
3.9
2.9
4.6
0.8
12.7
8.0
18.5
35.2
15.0
148.5
37.0
8.7
3.8
2.9
4.6
0.8
12.9
8.1
19.6
35.3
14.9
148.4
36.2
8.5
3.7
2.8
4.5
0.9
12.6
8.0
20.2
36.3
14.7
147.4
36.5
8.3
3.9
2.8
4.6
0.9
13.0
8.0
19.8
34.5
15.1
147.5
36.8
8.4
3.7
2.8
4.5
0.9
13.5
8.1
19.5
34.5
14.9
146.5
35.1
8.2
3.6
2.8
4.5
0.9
13.1
8.1
19.2
36.0
14.8
147.0
36.8
8.2
3.7
2.9
4.4
0.9
13.2
8.2
18.2
35.6
15.0
147.2
36.8
7.9
3.7
2.9
4.6
0.9
12.8
8.1
18.7
35.7
15.0
147.8
36.6
8.0
3.5
2.9
4.5
0.9
13.3
8.1
19.1
35.8
15.2
Merchant wholesale trade.........................................
Durable goods.........................................................
Nondurable goods...................................................
230.9
114.6
116.3
232.5
116.0
116.4
229.6
114.4
115.1
233.3
116.5
116.7
233.9
116.9
116.8
235.1
116.9
118.0
234.4
116.9
117.4
236.1
117.9
118.2
234.6
116.6
117.9
232.8
115.4
117.3
238.0
117.2
120.6
236.1
115.9
120.0
Retail trade.................................................................
Motor vehicle and parts dealers..............................
Furniture and home furnishings and electronics
and appliance stores............................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores...................................
Other retail stores....................................................
281.0
71.3
282.8
72.2
281.5
71.9
284.2
72.6
281.0
70.2
285.2
73.7
288.1
76.4
289.7
77.7
285.4
73.8
287.7
73.6
289.6
74.7
292.8
77.2
18.2
18.7
18.6
18.6
18.8
18.9
18.7
18.9
19.2
19.4
19.7
19.7
26.2
40.1
15.5
39.9
69.9
26.1
40.0
15.9
40.3
70.0
26.0
40.0
15.6
40.1
69.6
26.9
39.7
15.8
40.8
70.1
26.7
40.0
15.4
40.3
70.0
26.7
39.9
15.8
41.0
69.5
26.5
40.0
15.6
40.8
70.2
26.7
39.9
15.6
41.0
70.0
26.9
39.8
15.3
40.7
69.9
26.9
40.1
16.1
41.6
70.4
27.1
40.3
15.9
41.4
70.7
26.7
40.2
16.1
41.6
71.6
2004
2003
Jan. ’
F eb /
Mar. ’
A p r/
May ’
Junef
Julyr
A ug/
Sep. r
O c t/
N ov/
D ec/
Jan/
Manufacturing and trade industries...........
859.2
842.5
852.8
850.2
857.4
867.0
879.6
874.5
882.3
886.0
891.2
898.3
896.4
Manufacturing............................................................
Durable goods..........
Wood products.....
Nonmetallic mineral products.............................
Primary metals.....
Fabricated metal products...................................
Machinery.............
Computer and electronic products......................
Electrical equipment, appliances, ana
components.....................................................
Transportation equipment....................................
Furniture and related products...........................
Miscellaneous manufacturing..............................
326.8
179.9
7.5
7.2
11.6
20.5
20.7
36.8
319.2
176.7
7.2
6.8
10.9
20.2
20.2
36.3
322.6
177.9
7.6
7.0
11.2
20.1
20.3
36.6
319.4
176.4
7.5
6.9
11.0
19.8
20.2
37.9
322.9
176.7
7.5
7.0
11.0
19.9
20.4
37.3
326.7
179.9
7.6
7.1
10.7
19.8
20.4
39.3
333.9
184.7
7.6
7.2
11.0
20.5
20.8
39.8
327.3
180.0
7.8
7.1
10.7
19.6
20.5
40.3
333.7
184.9
7.8
7.3
10.9
20.1
20.8
40.7
333.9
185.8
7.9
7.5
11.0
20.1
20.9
42.0
334.8
186.1
7.9
7.0
11.0
20.0
20.7
42.0
339.9
190.3
7.8
7.1
11.3
20.6
22.2
43.6
339.0
188.9
7.9
7.0
11.3
20.6
22.1
44.6
8.7
51.3
5.6
10.1
8.3
51.4
5.5
10.0
8.4
50.8
5.4
10.3
8.4
49.4
5.3
10.1
8.4
49.5
5.7
10.1
8.3
51.0
5.6
10.2
8.6
53.1
5.8
10.5
8.4
49.6
5.7
10.5
8.5
52.9
5.7
10.6
8.6
51.7
5.7
10.7
8.7
52.6
5.8
10.9
8.7
52.6
5.7
11.4
8.5
50.8
6.0
10.9
Nondurable goods...................................................
Food products......................................................
Beverage and tobacco products.........................
Textile mills
Textile product mills
Apparel.....
Leather and allied products.................................
Paper products
Printing and related support activities................
Petroleum and coal products...............................
Chemical products
Plastics and rubber products...............................
146.9
36.2
8.1
3.7
2.8
4.6
0.9
13.3
8.0
18.2
36.1
15.1
142.6
35.5
7.9
3.6
2.8
4.4
0.9
13.1
7.9
16.1
35.9
14.8
144.8
35.6
8.5
3.6
2.8
4.4
0.9
13.6
8.0
16.4
36.2
14.9
143.1
35.9
8.2
3.3
2.8
4.3
0.9
13.5
8.0
16.9
34.9
14.4
146.2
35.5
8.2
3.2
2.8
4.3
0.9
13.5
8.0
20.2
34.9
14.6
146.8
35.9
8.3
3.3
2.8
4.4
0.9
13.6
7.8
19.7
35.2
14.8
149.3
36.0
8.3
3.3
2.8
4.4
0.9
13.6
7.7
19.1
38.1
15.0
147.3
36.0
8.1
3.3
2.8
4.3
0.9
13.3
7.7
19.2
36.8
14.7
148.8
35.8
8.1
3.4
2.9
4.5
0.8
13.3
7.7
19.7
37.4
15.1
148.3
34.9
8.2
3.5
3.0
4.5
0.8
13.5
7.6
19.2
37.9
15.3
148.9
34.4
7.9
3.4
3.0
4.6
0.9
13.6
7.7
21.0
37.4
15.1
149.8
34.4
8.1
3.4
3.2
4.7
0.8
13.9
7.8
20.5
37.5
15.6
150.2
35.0
8.0
3.5
3.2
4.6
0.8
14.4
7.8
19.8
37.6
15.7
Merchant wholesale trade.........................................
Durable goods.........................................................
Nondurable goods...................................................
236.3
116.9
119.3
233.6
115.2
118.2
235.0
117.5
117.5
234.2
117.2
117.0
235.1
117.1
118.0
238.3
118.7
119.5
239.2
119.0
120.1
238.2
118.4
119.8
240.9
120.7
120.1
244.0
122.3
121.7
244.0
122.8
121.2
245.0
124.9
120.3
244.3
124.5
120.1
Retail trade.................................................................
Motor vehicle and parts dealers..............................
Furniture and home furnishings and electronics
and appliance stores............................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores...................................
Other retail stores....................................................
295.4
77.8
288.5
73.6
294.4
77.0
295.8
78.5
299.2
79.5
301.9
79.7
306.5
81.9
308.9
82.5
307.9
81.9
308.7
81.6
313.3
83.8
315.0
84.8
313.7
82.4
19.9
19.5
20.2
20.4
21.2
21.7
22.0
22.5
23.0
23.0
23.1
23.3
23.5
27.8
40.8
16.5
41.6
71.4
25.8
40.5
16.2
42.3
70.8
27.7
40.7
16.5
42.4
70.3
27.8
40.7
16.3
42.1
70.4
27.8
40.5
16.6
42.8
71.3
28.5
40.8
16.7
43.1
72.0
28.9
41.1
17.0
43.8
72.6
29.0
41.2
17.0
44.3
73.2
28.9
41.3
17.0
44.2
72.6
29.3
41.0
17.1
44.1
73.5
29.4
41.1
17.3
44.3
75.3
29.5
40.7
17.5
44.7
75.5
29.1
41.6
17.8
45.2
75.1
'Preliminary.
'Revised.
N ote. Estimates in this table are based on the North American Industry Classification System.
Chained (2000) dollar sales are calculated as the product of the chain-type quantity index and the 2000 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.
30
Real Inventories and Sales
April 2004
Table 3B. Real Inventory-Sales Ratios for Manufacturing and Trade, Seasonally Adjusted
[Ratio, based on chained (2000) dollars]
1997
Ir
1998
IIK
IK
IV r
lr
IIr
1999
IIK
IV r
K
2000
IK
IIIr
IV '
K
IK
III'
IV '
Manufacturing and trade industries............
1.35
1.36
1.35
1.37
1.38
1.38
1.39
1.37
1.36
1.36
1.36
1.37
1.37
1.38
1.39
1.41
Manufacturing............................................................
Durable goods..........................................................
Wood products.....................................................
Nonmetallic mineral products..............................
Primary metals.....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products......................
Electrical equipment, appliances, and
components......................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
1.32
1.49
1.17
1.30
1.49
1.48
1.58
1.53
1.30
1.47
1.17
1.30
1.48
1.45
1.58
1.53
1.29
1.45
1.18
1.27
1.48
1.44
1.54
1.53
1.30
1.46
1.19
1.27
1.48
1.46
1.54
1.57
1.31
1.47
1.12
1.24
1.45
1.45
1.55
1.59
1.33
1.51
1.15
1.22
1.52
1.49
1.56
1.57
1.34
1.52
1.20
1.22
1.60
1.49
1.64
1.54
1.32
1.47
1.19
1.20
1.63
1.49
1.64
1.47
1.32
1.47
1.21
1.20
1.62
1.49
1.68
1.48
1.32
1.46
1.20
1.21
1.63
1.49
1.65
1.45
1.32
1.46
1.22
1.23
1.61
1.51
1.62
1.43
1.34
1.48
1.24
1.22
1.63
1.50
1.62
1.47
1.33
1.45
1.19
1.22
1.65
1.47
1.56
1.40
1.33
1.45
1.26
1.24
1.71
1.50
1.60
1.42
1.35
1.48
1.30
1.24
1.73
1.51
1.62
1.43
1.37
1.53
1.35
1.29
1.75
1.54
1.72
1.55
1.41
1.51
1.27
1.71
1.42
1.44
1.31
1.67
1.41
1.40
1.30
1.66
1.37
1.39
1.27
1.68
1.38
1.46
1.22
1.67
1.38
1.56
1.25
1.68
1.39
1.58
1.22
1.70
1.40
1.45
1.22
1.68
1.40
1.42
1.21
1.66
1.39
1.40
1.22
1.71
1.38
1.42
1.22
1.74
1.38
1.44
1.27
1.71
1.30
1.43
1.30
1.74
1.33
1.39
1.26
1.69
1.37
1.43
1.28
1.70
1.40
1.44
1.27
1.69
Nondurable goods....................................................
Food products.....................
Beverage and tobacco products
Textile mills..........................
Textile product mills............
Apparel...............................
Leather and allied products
Paper products...................
Printing and related support activities..................
Petroleum and coal products
Chemical products.............
Plastics and rubber products...............................
1.11
0.92
1.16
1.41
1.39
1.46
1.65
1.19
0.76
0.86
1.28
1.25
1.10
0.92
1.19
1.43
1.42
1.47
1.77
1.14
0.77
0.82
1.28
1.25
1.11
0.92
1.19
1.44
1.42
1.47
1.80
1.16
0.76
0.82
1.29
1.22
1.11
0.93
1.18
1.43
1.41
1.46
1.87
1.16
0.79
0.86
1.31
1.20
1.11
0.90
1.22
1.40
1.44
1.52
1.85
1.17
0.76
0.81
1.34
1.21
1.12
0.90
1.18
1.47
1.42
1.52
1.99
1.17
0.75
0.79
1.37
1.23
1.12
0.90
1.17
1.49
1.40
1.55
2.07
1.17
0.76
0.79
1.37
1.22
1.12
0.90
1.25
1.50
1.36
1.61
2.01
1.14
0.72
0.82
1.37
1.23
1.12
0.91
1.25
1.51
1.36
1.58
2.06
1.14
0.73
0.77
1.38
1.21
1.14
0.91
1.26
1.50
1.39
1.65
2.09
1.19
0.76
0.76
1.41
1.23
1.15
0.93
1.25
1.54
1.38
1.75
2.04
1.19
0.77
0.77
1.40
1.25
1.16
0.93
1.30
1.55
1.39
1.78
2.01
1.18
0.80
0.76
1.43
1.23
1.17
0.97
1.30
1.55
1.39
1.72
2.16
1.21
0.81
0.78
1.43
1.21
1.17
0.94
1.29
1.55
1.48
1.73
2.03
1.25
0.77
0.81
1.44
1.22
1.18
0.94
1.31
1.53
1.54
1.75
2.06
1.25
0.78
0.80
1.45
1.24
1.18
0.94
1.26
1.57
1.63
1.79
1.95
1.21
0.77
0.78
1.47
1.28
Merchant wholesale trade.........................................
Durable goods..........................................................
Nondurable goods....................................................
1.27
1.59
0.95
1.29
1.62
0.96
1.29
1.61
0.98
1.31
1.62
1.01
1.31
1.63
0.99
1.31
1.61
1.00
1.32
1.64
1.00
1.32
1.65
0.99
1.31
1.62
1.00
1.29
1.58
0.99
1.30
1.57
1.00
1.30
1.57
1.01
1.32
1.58
1.03
1.32
1.61
1.01
1.33
1.61
1.02
1.33
1.62
1.02
Retail trade.................................................................
Motor vehicle and parts dealers...............................
Furniture and home furnishings and electronics
and appliance stores............................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores....................................
Other retail stores....................................................
1.50
1.78
1.53
1.83
1.51
1.78
1.52
1.83
1.54
1.88
1.51
1.79
1.52
1.83
1.48
1.72
1.48
1.75
1.47
1.71
1.46
1.69
1.48
1.76
1.46
1.70
1.50
1.85
1.51
1.90
1.52
1.96
1.99
1.95
1.89
1.84
1.83
1.82
1.78
1.75
1.73
1.71
1.66
1.65
1.62
1.64
1.61
1.68
1.70
0.76
2.25
2.03
1.12
1.71
0.76
2.34
2.05
1.14
1.71
0.77
2.29
1.99
1.15
1.70
0.77
2.28
1.99
1.16
1.71
0.78
2.25
1.96
1.19
1.67
0.79
2.24
1.93
1.19
1.67
0.78
2.29
1.94
1.18
1.64
0.79
2.20
1.88
1.19
1.64
0.80
2.16
1.83
1.16
1.66
0.79
2.14
1.82
1.18
1.66
0.81
2.08
1.80
1.19
1.63
0.81
2.13
1.81
1.18
1.59
0.82
2.09
1.79
1.17
1.68
0.80
2.09
1.78
1.18
1.68
0.80
2.09
1.73
1.17
1.64
0.80
2.17
1.73
1.17
2001
K
2002
IIK
IK
IV r
K
IK
2003
III'
IV r
K
IK
III'
IV
Manufacturing and trade industries...........
1.41
1.42
1.40
1.36
1.35
1.35
1.35
1.35
1.36
1.35
1.32
1.30
Manufacturing............................................................
Durable goods............
Wood products.......
Nonmetallic mineral products..............................
Primary metals.......
Fabricated metal products
Machinery...............
Computer and electronic products.....................
Electrical equipment, appliances, ana
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
1.39
1.56
1.36
1.31
1.78
1.57
1.72
1.62
1.40
1.58
1.35
1.28
1.74
1.59
1.79
1.77
1.40
1.58
1.34
1.27
1.71
1.60
1.79
1.80
1.38
1.55
1.31
1.26
1.71
1.57
1.80
1.72
1.37
1.52
1.33
1.27
1.67
1.56
1.70
1.68
1.35
1.48
1.30
1.34
1.60
1.51
1.66
1.64
1.35
1.46
1.31
1.36
1.62
1.50
1.65
1.61
1.36
1.49
1.28
1.38
1.69
1.51
1.68
1.58
1.36
1.48
1.29
1.41
1.72
1.52
1.65
1.50
1.35
1.46
1.23
1.43
1.69
1.54
1.63
1.41
1.30
1.39
1.17
1.37
1.60
1.50
1.57
1.33
1.28
1.36
1.16
1.31
1.52
1.48
1.53
1.28
1.42
1.46
1.30
1.72
1.45
1.39
1.33
1.73
1.53
1.39
1.32
1.73
1.58
1.36
1.30
1.79
1.57
1.31
1.27
1.76
1.51
1.27
1.27
1.76
1.50
1.23
1.29
1.76
1.44
1.32
1.30
1.73
1.48
1.31
1.33
1.75
1.47
1.34
1.32
1.73
1.42
1.27
1.23
1.69
1.40
1.26
1.19
1.64
Nondurable goods...................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills..........................................................
Textile product mills.............................................
Apparel................................................................
Leather and allied products.................................
Paper products....................................................
Printing and related support activities................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
1.18
0.93
1.30
1.59
1.61
1.78
2.04
1.17
0.76
0.81
1.48
1.28
1.19
0.93
1.28
1.65
1.66
1.80
2.05
1.19
0.74
0.84
1.50
1.27
1.18
0.93
1.30
1.62
1.64
1.74
2.26
1.22
0.75
0.83
1.49
1.25
1.18
0.93
1.34
1.62
1.70
1.60
2.04
1.27
0.78
0.77
1.50
1.26
1.19
0.92
1.42
1.53
1.60
1.50
1.76
1.31
0.77
0.78
1.54
1.33
1.19
0.95
1.46
1.42
1.59
1.42
1.63
1.29
0.81
0.87
1.50
1.25
1.21
0.96
1.49
1.43
1.65
1.45
1.58
1.25
0.79
0.89
1.55
1.27
1.20
0.94
1.51
1.46
1.63
1.47
1.66
1.27
0.81
0.94
1.50
1.23
1.23
0.97
1.47
1.49
1.70
1.53
1.64
1.26
0.81
1.02
1.48
1.26
1.22
0.95
1.47
1.65
1.71
1.60
1.64
1.24
0.78
0.91
1.54
1.29
1.19
0.94
1.52
1.63
1.68
1.58
1.62
1.23
0.81
0.90
1.44
1.25
1.17
0.95
1.50
1.55
1.62
1.49
1.75
1.18
0.80
0.84
1.43
1.24
Merchant wholesale trade.........................................
Durable goods.........................................................
Nondurable goods...................................................
Retail trade.................................................................
Motor vehicle and parts dealers..............................
Furniture and home furnishings and electronics
and appliance stores............................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores...................................
Other retail stores....................................................
1.33
1.63
1.02
1.51
1.91
1.35
1.63
1.07
1.49
1.85
1.33
1.60
1.05
1.48
1.86
1.30
1.56
1.03
1.40
1.61
1.27
1.52
1.03
1.41
1.76
1.25
1.49
1.02
1.42
1.80
1.25
1.50
1.01
1.42
1.75
1.25
1.51
1.00
1.43
1.84
1.26
1.52
1.00
1.44
1.88
1.25
1.49
1.00
1.42
1.85
1.23
1.46
1.00
1.39
1.79
1.21
1.43
0.98
1.38
1.78
1.63
1.57
1.50
1.46
1.46
1.47
1.51
1.46
1.45
1.41
1.34
1.34
1.60
0.81
2.19
1.77
1.16
1.58
0.81
2.18
1.75
1.16
1.60
0.81
2.18
1.69
1.16
1.56
0.81
2.09
1.62
1.13
1.57
0.80
1.98
1.57
1.10
1.53
0.80
2.01
1.54
1.11
1.55
0.81
2.07
1.56
1.11
1.57
0.81
2.02
1.56
1.08
1.59
0.80
2.03
1.54
1.08
1.55
0.80
1.99
1.52
1.07
1.55
0.79
1.93
147
1.05
1.56
0.78
1.90
1.48
1.03
See footnotes at the end of the table.
April 2004
S urvey
of
C
urrent
31
B u s in e s s
Table 3B. Real Inventory-Sales Ratios for Manufacturing and Trade, Seasonally Adjusted—Continued
[Ratio, based on chained (2000) dollars]
2000
Jan.'
Feb/
Mar.'
A p r/
May'
Juner
July'
Aug.'
Sep.'
Oct.'
Nov/
D ec/
Manufacturing and trade Industries...........
1.35
1.37
1.36
1.37
1.38
1.38
1.39
1.40
1.39
1.40
1.41
1.41
Manufacturing............................................................
Durable goods.........................................................
Wood products....................................................
Nonmetallic mineral products..............................
Primary metals....................................................
Fabricated metal products...................................
Machinery...........................................................
Computer and electronic products.....................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
1.30
1.41
1.20
1.22
1.61
1.46
1.54
1.36
1.35
1.48
1.23
1.28
1.70
1.52
1.63
1.41
1.33
1.45
1.15
1.21
1.67
1.45
1.55
1.39
1.32
1.44
1.26
1.22
1.68
1.46
1.58
1.36
1.33
1.45
1.23
1.25
1.75
1.50
1.60
1.38
1.33
1.45
1.28
1.25
1.71
1.49
1.60
1.42
1.35
1.47
1.32
1.23
1.74
1.50
1.60
1.43
1.36
1.50
1.30
1.26
1.78
1.53
1.62
1.44
1.34
1.46
1.29
1.24
1.74
1.51
1.63
1.42
1.36
1.50
1.31
1.24
1.76
1.54
1.68
1.48
1.38
1.53
1.36
1.28
1.76
1.56
1.70
1.54
1.38
1.53
1.36
1.30
1.77
1.53
1.73
1.53
1.30
1.36
1.31
1.71
1.34
1.46
1.30
1.78
1.30
1.48
1.26
1.72
1.33
1.42
1.23
1.68
1.33
1.41
1.27
1.69
1.32
1.38
1.27
1.67
1.34
1.45
1.27
1.66
1.38
1.47
1.27
1.70
1.38
1.40
1.29
1.69
1.40
1.45
1.26
1.69
1.35
1.48
1.30
1.70
1.40
1.45
1.28
1.69
Nondurable goods...................................................
Food products.....................................................
Beverage and tobacco products..........................
Textile mills..........................................................
Textile product mills.............................................
Apparel................................................................
Leather and allied products.................................
Paper products....................................................
Printing and related support activities................
Petroleum and coal products..............................
Chemical products..............................................
Plastics and rubber products..............................
1.16
0.94
1.28
1.58
1.36
1.78
2.13
1.19
0.80
0.77
1.41
1.22
1.18
0.98
1.37
1.56
1.39
1.76
2.28
1.22
0.81
0.78
1.43
1.24
1.17
0.96
1.26
1.53
1.38
1.67
2.10
1.21
0.82
0.81
1.44
1.21
1.16
0.93
1.34
1.55
1.42
1.75
2.04
1.22
0.79
0.81
1.41
1.21
1.16
0.95
1.23
1.57
1.46
1.73
2.05
1.27
0.75
0.78
1.43
1.23
1.17
0.94
1.29
1.53
1.49
1.74
2.05
1.26
0.76
0.80
1.43
1.21
1.18
0.94
1.31
1.53
1.53
1.83
1.99
1.26
0.76
0.80
1.45
1.26
1.18
0.94
1.26
1.55
1.51
1.72
2.04
1.30
0.79
0.78
1.45
1.25
1.18
0.94
1.35
1.55
1.56
1.74
2.19
1.24
0.79
0.80
1.45
1.24
1.18
0.93
1.29
1.58
1.58
1.74
2.07
1.26
0.81
0.79
1.47
1.26
1.19
0.94
1.27
1.59
1.61
1.81
2.10
1.22
0.79
0.80
1.48
1.26
1.18
0.94
1.29
1.59
1.68
1.81
1.80
1.19
0.76
0.80
1.45
1.29
Merchant wholesale trade........................................
Durable goods.........................................................
Nondurable goods...................................................
1.30
1.55
1.02
1.32
1.58
1.04
1.32
1.58
1.03
1.31
1.59
1.01
1.32
1.59
1.02
1.31
1.61
1.00
1.32
1.62
1.00
1.32
1.61
1.01
1.32
1.61
1.02
1.32
1.60
1.02
1.34
1.62
1.04
1.32
1.63
1.00
Retail trade.................................................................
Motor vehicle and parts dealers..............................
Furniture and home furnishings and electronics
and appliance stores...........................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores...................................
Other retail stores....................................................
1.46
1.71
1.45
1.67
1.45
1.70
1.48
1.79
1.49
1.83
1.50
1.86
1.50
1.88
1.51
1.91
1.50
1.87
1.51
1.93
1.53
1.97
1.52
1.98
1.59
1.58
1.61
1.58
1.60
1.65
1.63
1.64
1.60
1.63
1.69
1.71
1.59
0.83
2.08
1.82
1.16
1.63
0.83
2.07
1.81
1.15
1.54
0.81
2.05
1.77
1.17
1.68
0.81
2.08
1.79
1.16
1.65
0.82
2.07
1.76
1.17
1.67
0.80
2.09
1.77
1.18
1.67
0.80
2.11
1.74
1.17
1.66
0.80
2.10
1.74
1.17
1.67
0.81
2.05
1.72
1.17
1.66
0.80
2.13
1.73
1.17
1.67
0.80
2.14
1.73
1.17
1.60
0.80
2.18
1.72
1.16
2001
Jan.'
Feb /
Mar. '
A p r/
M ay'
June'
July'
A ug.'
Sep.'
O ct.'
N ov/
Dec.'
Manufacturing and trade industries...........
1.42
1.41
1.42
1.43
1.41
1.42
1.40
1.40
1.42
1.37
1.37
1.36
Manufacturing............................................................
Durable goods.........................................................
Wood products....................................................
Nonmetallic mineral products..............................
Primary metals....................................................
Fabricated metal products...................................
Machinery...........................................................
Computer and electronic products.....................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
1.42
1.61
1.39
1.33
1.83
1.60
1.68
1.64
1.38
1.56
1.36
1.29
1.78
1.57
1.71
1.66
1.39
1.55
1.37
1.30
1.78
1.57
1.76
1.65
1.43
1.62
1.34
1.30
1.82
1.62
1.83
1.77
1.40
1.57
1.31
1.26
1.74
1.59
1.77
1.80
1.41
1.58
1.36
1.27
1.74
1.60
1.83
1.79
1.40
1.58
1.35
1.27
1.71
1.60
1.80
1.86
1.39
1.58
1.34
1.26
1.70
1.59
1.75
1.90
1.43
1.62
1.34
1.31
1.75
1.62
1.89
1.81
1.40
1.59
1.34
1.27
1.72
1.60
1.81
1.80
1.40
1.57
1.34
1.28
1.72
1.60
1.82
1.81
1.37
1.54
1.31
1.27
1.74
1.58
1.85
1.67
1.44
1.61
1.31
1.74
1.41
1.44
1.29
1.71
1.43
1.40
1.31
1.73
1.48
1.49
1.32
1.72
1.44
1.37
1.33
1.72
1.47
1.36
1.39
1.74
1.51
1.36
1.31
1.73
1.51
1.38
1.30
1.70
1.61
1.43
1.36
1.75
1.58
1.42
1.34
1.76
1.62
1.34
1.34
1.77
1.56
1.32
1.31
1.81
Nondurable goods...................................................
Food products.....................................................
Beverage and tobacco products..........................
Textile mills..........................................................
Textile product mills.............................................
Apparel................................................................
Leather and allied products.................................
Paper products....................................................
Printing and related support activities................
Petroleum and coal products...............................
Chemical products..............................................
Plastics and rubber products...............................
1.20
0.94
1.32
1.59
1.58
1.86
1.96
1.21
0.76
0.79
1.52
1.32
1.16
0.93
1.27
1.60
1.60
1.80
2.08
1.16
0.75
0.80
1.44
1.26
1.18
0.93
1.28
1.63
1.64
1.77
2.07
1.17
0.76
0.82
1.49
1.29
1.20
0.93
1.35
1.68
1.70
1.80
2.17
1.18
0.77
0.83
1.52
1.31
1.18
0.94
1.22
1.65
1.66
1.82
2.06
1.20
0.74
0.82
1.49
1.27
1.20
0.94
1.28
1.65
1.65
1.84
2.12
1.21
0.75
0.86
1.53
1.28
1.18
0.93
1.32
1.65
1.62
1.87
2.23
1.21
0.76
0.79
1.48
1.23
1.17
0.93
1.22
1.63
1.63
1.76
2.23
1.20
0.77
0.82
1.46
1.24
1.20
0.93
1.38
1.64
1.64
1.74
2.29
1.24
0.77
0.87
1.52
1.26
1.17
0.92
1.23
1.62
1.67
1.67
2.17
1.23
0.77
0.77
1.51
1.26
1.18
0.92
1.39
1.69
1.69
1.69
2.20
1.26
0.78
0.77
1.50
1.27
1.17
0.92
1.36
1.62
1.70
1.58
1.93
1.30
0.78
0.74
1.51
1.26
Merchant wholesale trade........................................
Durable goods.........................................................
Nondurable goods...................................................
1.32
1.63
1.00
1.33
1.63
1.01
1.34
1.63
1.03
1.35
1.65
1.03
1.36
1.64
1.06
1.36
1.64
1.07
1.33
1.62
1.04
1.32
1.59
1.05
1.33
1.61
1.05
1.32
1.63
1.02
1.30
1.57
1.03
1.29
1.56
1.03
Retail trade.................................................................
Motor vehicle and parts dealers..............................
Furniture and home furnishings and electronics
and appliance stores...........................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores...................................
Other retail stores....................................................
1.51
1.93
1.51
1.91
1.52
1.92
1.50
1.88
1.49
1.85
1.49
1.84
1.48
1.85
1.47
1.83
1.50
1.90
1.38
1.48
1.40
1.63
1.41
1.71
1.64
1.61
1.63
1.64
1.60
1.55
1.51
1.50
1.52
1.50
1.45
1.42
1.62
0.81
2.18
1.70
1.17
1.60
0.81
2.17
1.75
1.17
1.61
0.81
2.21
1.79
1.16
1.56
0.81
2.18
1.75
1.17
1.59
0.81
2.16
1.74
1.17
1.60
0.81
2.19
1.75
1.17
1.57
0.81
2.14
1.70
1.16
1.59
0.81
2.12
1.70
1.14
1.62
0.81
2.23
1.68
1.18
1.57
0.81
2.17
1.67
1.14
1.55
0.81
2.13
1.64
1.12
1.56
0.81
2.05
1.59
1.12
See footnotes at the end of the table.
32
Real Inventories and Sales
April 2004
Table 3B. Real Inventory-Sales Ratios for Manufacturing and Trade, Seasonally Adjusted—Continued
[Ratio, based on chained (2000) dollars]
2002
Jan. r
F eb/
Mar. ’
A p r/
June ’
Mayr
Julyr
Aug/
Oct. ’
Sep. '
Nov/
D ec/
Manufacturing and trade industries............
1.36
1.35
1.36
1.34
1.34
1.34
1.34
1.34
1.35
1.35
1.35
1.35
Manufacturing............................................................
Durable goods..........................................................
Wood products.....................................................
Nonmetallic mineral products..............................
Primary metals.....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products.......................
Electrical equipment, appliances, and
components......................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
1.36
1.52
1.32
1.24
1.70
1.56
1.70
1.70
1.37
1.53
1.31
1.25
1.72
1.58
1.65
1.70
1.38
1.53
1.34
1.35
1.65
1.57
1.75
1.69
1.35
1.48
1.31
1.31
1.60
1.52
1.72
1.67
1.34
1.48
1.31
1.33
1.59
1.52
1.64
1.67
1.36
1.50
1.31
1.36
1.62
1.52
1.68
1.65
1.34
1.45
1.29
1.35
1.60
1.50
1.65
1.62
1.35
1.47
1.31
1.35
1.61
1.51
1.65
1.62
1.36
1.47
1.33
1.36
1.64
1.51
1.67
1.60
1.35
1.46
1.31
1.38
1.63
1.50
1.66
1.59
1.35
1.47
1.26
1.38
1.69
1.52
1.66
1.58
1.37
1.52
1.28
1.38
1.72
1.52
1.70
1.60
1.60
1.32
1.28
1.74
1.59
1.34
1.29
1.76
1.55
1.33
1.29
1.76
1.51
1.24
1.24
1.73
1.49
1.26
1.27
1.70
1.55
1.29
1.28
1.79
1.51
1.21
1.28
1.73
1.52
1.25
1.29
1.74
1.52
1.25
1.32
1.79
1.47
1.24
1.30
1.73
1.45
1.27
1.33
1.70
1.46
1.39
1.27
1.72
Nondurable goods....................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills...........................................................
Textile product mills..............................................
Apparel................................................................
Leather and allied products.................................
Paper products.....................................................
Printing and related support activities.................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
1.17
0.92
1.39
1.58
1.68
1.56
1.83
1.26
0.80
0.71
1.52
1.23
1.18
0.93
1.47
1.54
1.57
1.52
1.81
1.33
0.79
0.74
1.55
1.21
1.20
0.93
1.39
1.52
1.59
1.52
1.78
1.31
0.76
0.83
1.56
1.33
1.20
0.94
1.48
1.40
1.56
1.42
1.61
1.28
0.79
0.92
1.53
1.26
1.18
0.94
1.41
1.44
1.57
1.40
1.60
1.26
0.78
0.86
1.52
1.26
1.19
0.96
1.46
1.45
1.60
1.44
1.57
1.30
0.81
0.84
1.47
1.26
1.20
0.95
1.46
1.39
1.64
1.41
1.58
1.26
0.83
0.87
1.56
1.23
1.20
0.95
1.46
1.47
1.65
1.45
1.61
1.21
0.81
0.88
1.58
1.24
1.22
0.99
1.51
1.47
1.64
1.46
1.56
1.26
0.79
0.91
1.51
1.28
1.21
0.95
1.50
1.44
1.63
1.49
1.68
1.26
0.80
0.96
1.52
1.25
1.21
0.95
1.52
1.42
1.61
1.43
1.62
1.30
0.82
0.91
1.53
1.24
1.20
0.94
1.52
1.51
1.63
1.48
1.69
1.25
0.81
0.91
1.49
1.23
Merchant wholesale trade.........................................
Durable goods..........................................................
Nondurable goods....................................................
1.28
1.55
1.03
1.27
1.51
1.02
1.28
1.53
1.03
1.25
1.49
1.01
1.25
1.48
1.01
1.25
1.48
1.01
1.26
1.49
1.02
1.25
1.48
1.01
1.25
1.50
1.01
1.26
1.51
1.00
1.23
1.49
0.98
1.25
1.52
0.99
Retail trade.................................................................
Motor vehicle and parts dealers...............................
Furniture and home furnishings and electronics
and appliance stores............................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores....................................
Other retail stores....................................................
1.42
1.78
1.41
1.76
1.41
1.76
1.40
1.76
1.42
1.82
1.41
1.76
1.40
1.70
1.40
1.70
1.43
1.80
1.43
1.85
1.43
1.88
1.42
1.79
1.46
1.44
1.45
1.45
1.47
1.47
1.50
1.49
1.49
1.47
1.45
1.45
1.54
0.80
2.03
1.58
1.11
1.55
0.80
1.96
1.57
1.10
1.58
0.80
1.98
1.57
1.10
1.53
0.81
1.97
1.54
1.09
1.54
0.80
2.03
1.56
1.10
1.54
0.80
2.00
1.53
1.11
1.54
0.80
2.04
1.56
1.11
1.53
0.80
2.04
1.55
1.10
1.54
0.82
2.10
1.56
1.11
1.56
0.79
1.99
1.53
1.09
1.54
0.79
2.02
1.56
1.08
1.58
0.81
2.01
1.56
1.07
Sep. '
O c t/
N ov/
2003
Jan. r
Feb /
Mar.r
A p r/
May'
June'
2004
Julyr
Aug/
D ec/
Jan/
Manufacturing and trade industries............
1.34
1.37
1.36
1.36
1.35
1.33
1.32
1.32
1.31
1.31
1.30
1.29
1.29
Manufacturing............................................................
Durable goods..........................................................
Wood products.....................................................
Nonmetallic mineral products..............................
Primary metals.....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products......................
Electrical equipment, appliances, and
components......................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
1.35
1.47
1.28
1.36
1.68
1.52
1.66
1.52
1.39
1.50
1.35
1.44
1.79
1.54
1.69
1.53
1.36
1.48
1.26
1.41
1.73
1.53
1.65
1.49
1.38
1.49
1.27
1.43
1.75
1.55
1.67
1.44
1.36
1.48
1.26
1.43
1.73
1.54
1.64
1.44
1.34
1.44
1.22
1.42
1.73
1.54
1.62
1.36
1.30
1.40
1.22
1.40
1.65
1.48
1.59
1.35
1.33
1.43
1.17
1.39
1.67
1.54
1.59
1.33
1.30
1.38
1.16
1.35
1.60
1.50
1.56
1.32
1.29
1.38
1.15
1.31
1.56
1.50
1.56
1.28
1.29
1.37
1.16
1.35
1.56
1.50
1.56
1.28
1.27
1.34
1.17
1.32
1.49
1.45
1.47
1.25
1.27
1.35
1.17
1.33
1.49
1.45
1.49
1.21
1.45
1.31
1.31
1.75
1.51
1.31
1.33
1.77
1.49
1.32
1.35
1.72
1.49
1.36
1.37
1.75
1.48
1.36
1.29
1.74
1.48
1.31
1.31
1.72
1.41
1.25
1.26
1.69
1.45
1.33
1.27
1.71
1.41
1.24
1.25
1.68
1.40
1.28
1.23
1.66
1.40
1.25
1.20
1.64
1.40
1.25
1.20
1.58
1.42
1.30
1.16
1.64
Nondurable goods....................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills............................................................
Textile product mills..............................................
Apparel................................................................
Leather and allied products.................................
Paper products.....................................................
Printing and related support activities..................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
1.21
0.95
1.49
1.44
1.67
1.47
1.71
1.25
0.81
0.97
1.48
1.24
1.25
0.97
1.52
1.49
1.72
1.54
1.60
1.27
0.82
1.08
1.50
1.28
1.23
0.97
1.41
1.51
1.70
1.55
1.63
1.23
0.81
1.05
1.48
1.26
1.24
0.95
1.49
1.62
1.71
1.61
1.61
1.24
0.79
1.03
1.53
1.31
1.21
0.96
1.47
1.67
1.73
1.60
1.65
1.24
0.80
0.83
1.53
1.29
1.21
0.95
1.46
1.64
1.72
1.57
1.65
1.23
0.79
0.87
1.53
1.28
1.18
0.94
1.48
1.62
1.67
1.62
1.56
1.22
0.82
0.89
1.42
1.25
1.20
0.94
1.50
1.62
1.68
1.62
1.57
1.24
0.81
0.91
1.47
1.27
1.19
0.94
1.53
1.61
1.66
1.55
1.69
1.24
0.81
0.89
1.44
1.24
1.19
0.96
1.51
1.54
1.63
1.52
1.71
1.21
0.81
0.92
1.42
1.22
1.18
0.97
1.55
1.56
1.62
1.50
1.67
1.20
0.81
0.82
1.45
1.23
1.17
0.95
1.50
1.56
1.53
1.46
1.76
1.16
0.79
0.83
1.43
1.22
1.16
0.93
1.52
1.50
1.53
1.46
1.74
1.10
0.78
0.88
1.42
1.22
Merchant wholesale trade.........................................
Durable goods..........................................................
Nondurable goods....................................................
1.25
1.50
1.00
1.26
1.53
1.00
1.26
1.51
1.01
1.26
1.51
1.01
1.25
1.50
1.00
U3
1.48
0.99
1.23
1.47
0.99
1.23
1.47
1.00
1.22
1.44
1.00
1.21
1.43
0.98
1.21
1.43
0.98
1.21
1.41
0.99
1.20
1.42
0.98
Retail trade..................................................................
Motor vehicle and parts dealers...............................
Furniture and home furnishings and electronics
and appliance stores............................................
Building material and garden equipment and
supplies stores.....................................................
Food and beverage stores.......................................
Clothing and clothing accessories stores...............
General merchandise stores....................................
Other retail stores....................................................
1.41
1.80
1.45
1.92
1.43
1.86
1.43
1.84
1.42
1.83
1.41
1.84
1.40
1.81
1.38
1.76
1.39
1.80
1.39
1.82
1.38
1.80
1.37
1.75
1.38
1.81
1.44
1.48
1.42
1.42
1.38
1.37
1.35
1.33
1.31
1.33
1.34
1.33
1.32
1.51
0.79
2.00
1.55
1.08
1.66
0.80
2.05
1.52
1.08
1.55
0.80
2.02
1.53
1.09
1.54
0.80
2.03
1.56
1.09
1.55
0.80
1.99
1.51
1.07
1.53
0.79
1.97
1.50
1.06
1.51
0.79
1.93
1.48
1.06
1.52
0.79
1.94
1.44
1.04
1.56
0.79
1.93
1.47
1.05
1.54
0.79
1.91
1.48
1.04
1.54
0.78
1.90
1.47
1.03
1.55
0.79
1.88
1.47
1.02
1.58
0.77
1.82
1.46
1.02
'’ Preliminary.
' Revised.
N ote. Estimates in this table are based on the North American Industry Classification System.
April 2 0 0 4
33
S u r v e y o f C u r r e n t B u sin e ss
Table 4B. Real Manufacturing Inventories, by Stage of Fabrication, Seasonally Adjusted, End of Period
[Billions of chained (2000) dollars]
1997
1998
1999
2000
2001
I
II
III
IV
I
II
III
IV
1
II
III
IV
I
II
III
IV
I
II
III
IV
Manufacturing............................................................
Durable goods...............
Wood products..........
Nonmetallic mineral products..............................
Primary metals..........
Fabricated metal products
Machinery.................
Computer and electronic products......................
Electrical equipment, appliances, and
components......................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
142.4
80.6
3.5
3.2
6.4
10.8
11.7
16.0
144.4
82.5
3.5
3.3
6.4
10.7
12.0
16.8
147.5
85.1
3.6
3.3
6.6
10.9
12.2
17.8
149.2
86.4
3.7
3.3
6.7
11.1
12.4
18.3
152.9
89.1
3.6
3.3
6.8
11.2
12.8
18.9
154.6
91.2
3.8
3.3
7.3
11.7
12.9
18.9
155.3
92.0
3.9
3.3
7.6
11.7
13.1
19.0
153.9
91.2
3.9
3.3
7.6
11.5
12.6
18.5
156.0
93.0
4.0
3.4
7.6
11.4
13.2
19.5
156.7
93.1
3.9
3.3
7.4
11.6
13.0
19.8
158.1
94.0
3.9
3.4
7.4
11.9
13.0
20.4
162.6
96.8
4.1
3.4
7.6
11.9
13.3
21.9
162.4
96.4
4.0
3.4
7.7
11.8
12.7
23.0
165.9
100.1
4.0
3.5
7.7
12.2
13.4
25.1
167.7
102.3
4.0
3.5
7.5
12.2
13.8
26.4
168.3
104.5
4.0
3.5
7.3
12.2
14.0
27.8
168.0
104.1
4.0
3.5
7.4
12.2
14.1
28.0
165.3
102.1
4.1
3.5
7.2
12.1
13.8
27.3
161.8
98.8
4.0
3.5
7.0
11.9
13.2
25.8
159.8
96.8
4.0
3.5
6.9
11.7
13.0
24.4
4.7
16.3
3.2
5.1
5.0
16.5
3.4
5.1
5.0
17.2
3.4
5.2
5.1
17.0
3.4
5.3
5.2
18.6
3.4
5.4
5.2
19.3
3.5
5.5
5.1
19.2
3.4
5.7
5.2
19.5
3.4
5.7
5.1
19.6
3.4
5.8
5.2
19.9
3.4
5.8
5.3
19.6
3.4
5.9
5.3
19.9
3.5
5.9
5.4
19.0
3.5
5.9
5.3
19.4
3.6
5.9
5.7
19.5
3.7
6.0
5.8
20.0
3.6
6.0
5.9
19.3
3.6
6.0
5.9
18.6
3.6
6.0
5.7
18.3
3.6
5.9
5.6
18.3
3.4
6.0
Nondurable goods....................................................
Food products......................................................
Beverage and tobacco products.........................
Textile mills...........................................................
Textile product mills..............................................
Apparel................................................................
Leather and allied products.................................
Paper products.....................................................
Printing and related support activities.................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
62.0
9.9
7.2
2.3
1.3
2.8
0.5
8.0
2.4
5.0
15.8
6.8
62.1
9.9
7.3
2.3
1.3
2.8
0.5
7.7
2.4
5.0
16.2
6.8
62.6
10.2
7.3
2.3
1.3
2.8
0.5
7.7
2.3
4.9
16.6
6.9
62.9
10.1
7.1
2.3
1.3
2.7
0.5
7.9
2.5
5.1
16.4
7.1
63.9
10.3
7.2
2.3
1.2
2.8
0.5
7.9
2.4
4.9
17.1
7.2
63.5
10.3
7.1
2.3
1.2
2.7
0.5
8.1
2.4
4.5
17.1
7.2
63.4
10.3
7.2
2.2
1.2
2.6
0.6
7.9
2.3
4.6
17.1
7.2
62.7
10.3
7.1
2.2
1.2
2.6
0.5
7.6
2.1
4.8
17.0
7.3
63.0
10.6
6.9
2.2
1.3
2.6
0.5
7.7
2.1
4.8
17.1
7.3
63.6
10.8
6.8
2.2
1.3
2.6
0.5
7.9
2.2
4.5
17.4
7.3
64.1
10.7
6.7
2.2
1.3
2.6
0.5
8.3
2.4
4.7
17.1
7.5
65.8
11.1
6.8
2.3
1.3
2.7
0.5
8.4
2.5
4.9
17.7
7.7
65.9
11.1
6.6
2.2
1.3
2.6
0.5
8.5
2.7
4.8
17.9
7.7
65.7
10.8
6.5
2.2
1.4
2.6
0.5
8.5
2.5
5.0
18.0
7.7
65.3
10.8
6.6
2.2
1.5
2.5
0.5
8.3
2.5
4.7
18.3
7.5
63.8
10.7
6.2
2.2
1.5
2.5
0.5
8.0
2.3
4.2
18.3
7.4
63.9
10.7
6.3
2.1
1.5
2.4
0.5
7.9
2.4
4.3
18.3
7.5
63.2
10.6
6.5
2.0
1.5
2.3
0.5
7.7
2.2
4.6
18.1
7.3
63.0
10.6
6.4
2.0
1.5
2.2
0.5
7.6
2.1
4.8
18.1
7.2
63.0
10.6
6.3
1.9
1.5
2.0
0.4
7.7
2.3
5.0
18.2
7.1
M anufacturing............................................................
Durable goods..........................................................
Wood products.....................................................
Nonmetallic mineral products..............................
Primary metals.....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products......................
Electrical equipment, appliances, and
components......................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
128.0
101.6
1.8
1.3
6.9
9.0
13.1
17.1
127.8
101.0
1.8
1.2
6.9
9.3
13.2
17.3
129.1
101.3
1.8
1.3
6.9
9.3
12.9
18.0
131.3
102.7
1.8
1.3
6.9
9.4
13.0
18.8
133.4
105.2
1.9
1.3
7.1
9.4
13.0
19.2
136.7
108.3
1.8
1.3
6.9
9.7
13.0
19.2
137.6
109.6
1.8
1.3
7.1
9.6
13.2
18.9
138.8
110.8
1.9
1.3
7.1
9.5
12.9
18.7
138.8
110.2
1.9
1.2
7.3
9.4
12.8
18.8
138.2
108.9
1.9
1.3
7.4
9.3
12.7
19.0
139.0
110.3
1.9
1.3
7.3
9.5
12.7
19.1
140.0
110.6
2.0
1.3
7.6
9.7
12.6
18.8
138.8
109.8
2.1
1.3
7.5
9.8
12.9
18.6
138.0
108.7
2.0
1.3
7.7
10.1
13.1
20.4
135.1
105.8
2.0
1.3
7.5
9.9
13.1
20.0
135.9
106.3
2.0
1.4
7.4
9.7
14.0
22.3
133.9
105.0
2.0
1.3
7.0
10.0
13.8
22.8
131.1
102.7
1.9
1.3
6.7
9.8
13.2
21.8
129.9
100.9
2.0
1.3
6.7
9.6
12.8
20.4
126.5
97.9
1.9
1.2
6.4
9.3
12.0
19.2
4.8
42.6
1.4
3.7
4.8
41.4
1.3
3.7
4.8
41.1
1.4
3.6
4.9
41.4
1.4
3.7
4.8
43.2
1.4
3.7
4.8
46.4
1.5
3.7
4.9
47.8
1.5
3.6
4.9
49.4
1.5
3.6
4.9
48.8
1.5
3.6
4.9
47.2
1.5
3.6
4.9
48.3
1.4
3.7
4.9
48.5
1.5
3.7
4.8
47.5
1.6
3.7
5.0
43.8
1.6
3.8
4.9
41.5
1.6
3.9
5.0
39.1
1.6
3.9
5.0
37.7
1.6
3.8
4.9
37.7
1.5
3.8
4.8
38.0
1.5
3.8
4.7
38.0
1.4
3.7
Nondurable goods....................................................
Food products
Beverage and tobacco products.........................
Textile mills....
Textile product mills
Apparel.........
Leather and allied products.................................
Paper products.....................................................
Printing and related support activities.................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
26.4
4.7
0.9
1.7
0.8
1.6
0.3
1.6
1.2
3.8
7.8
2.1
26.8
4.8
1.0
1.7
0.8
1.7
0.3
1.6
1.2
3.8
7.8
2.2
27.8
4.9
1.4
1.7
0.8
1.7
0.3
1.6
1.4
4.1
7.9
2.2
28.6
4.9
1.5
1.7
0.8
1.8
0.3
1.6
1.4
4.2
8.3
2.2
28.2
4.6
1.6
1.7
0.8
1.7
0.3
1.6
1.2
4.4
8.4
2.2
28.4
4.6
1.7
1.7
0.8
1.7
0.3
1.5
1.4
4.3
8.6
2.2
28.0
4.5
1.3
1.7
0.8
1.7
0.3
1.5
1.4
4.2
8.6
2.3
28.0
4.6
1.5
1.6
0.8
1.6
0.3
1.5
1.3
3.9
8.6
2.3
28.6
4.7
1.6
1.6
0.8
1.6
0.3
1.6
1.4
3.7
9.0
2.4
29.4
4.6
1.6
1.6
0.8
1.7
0.3
1.6
1.5
3.6
9.7
2.4
28.7
4.7
1.3
1.6
0.8
1.7
0.3
1.6
1.3
3.6
9.3
2.4
29.4
4.7
1.4
1.6
0.9
1.8
0.3
1.6
1.4
3.8
9.5
2.3
29.0
4.8
1.5
1.6
0.9
1.9
0.3
1.6
1.4
3.6
9.2
2.3
29.4
4.8
1.7
1.6
0.9
1.8
0.3
1.6
1.3
3.8
9.2
2.2
29.4
4.8
1.7
1.6
0.9
1.8
0.3
1.6
1.3
3.8
9.3
2.2
29.5
4.8
1.9
1.5
0.9
1.7
0.3
1.5
1.3
3.7
9.6
2.2
29.0
4.7
1.8
1.5
0.8
1.6
0.3
1.5
1.3
3.8
9.4
2.2
28.4
4.6
2.0
1.5
0.8
1.5
0.3
1.4
1.2
3.8
9.1
2.2
29.0
4.6
2.1
1.4
0.8
1.3
0.3
1.5
1.2
4.1
9.5
2.2
28.6
4.6
2.1
1.3
0.8
1.3
0.3
1.5
1.2
4.0
9.4
2.1
Manufacturing............................................................
Durable goods..........................................................
Wood products.....................................................
Nonmetallic mineral products..............................
Primary metals.....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products......................
Electrical equipment, appliances, and
components......................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
143.2
68.7
3.0
5.2
6.2
9.9
10.8
12.0
147.3
71.5
3.1
5.4
6.2
10.2
11.3
13.0
148.1
72.3
3.3
5.2
6.3
10.1
11.2
13.5
150.2
72.8
3.3
5.1
6.6
10.2
11.4
13.5
152.7
74.9
3.2
5.2
6.5
10.4
11.9
14.1
152.5
74.7
3.1
5.2
6.8
10.6
11.7
14.0
153.8
75.8
3.3
5.2
7.0
10.7
12.2
13.9
156.6
77.9
3.5
5.2
7.1
11.0
12.4
14.2
158.0
78.9
3.6
5.1
6.8
11.3
12.2
14.9
159.8
80.0
3.8
5.1
7.1
11.3
12.2
15.2
161.7
80.1
3.6
5.3
7.1
11.2
12.1
15.7
163.7
81.0
3.7
5.4
7.1
11.4
12.5
15.4
164.5
80.9
3.8
5.3
7.1
11.2
12.5
15.0
166.7
82.1
3.9
5.3
7.3
11.6
12.5
14.9
168.7
83.6
3.8
5.3
7.3
11.7
12.9
15.9
170.0
84.9
4.0
5.4
7.2
11.7
13.0
17.1
169.9
85.4
3.9
5.3
7.2
11.6
13.3
17.0
168.7
85.0
4.1
5.3
6.9
11.6
13.1
17.4
165.5
82.7
4.1
5.2
6.7
11.6
12.6
16.1
164.5
81.1
3.8
5.1
6.7
11.3
12.0
15.8
3.2
10.5
2.5
5.4
3.4
11.2
2.6
5.4
3.5
11.5
2.5
5.3
3.3
11.4
2.5
5.6
3.5
11.9
2.5
5.7
3.4
11.6
2.4
5.7
3.5
11.8
2.4
5.8
3.7
12.7
2.5
5.7
3.6
12.8
2.6
5.8
3.8
12.8
2.7
6.0
3.7
12.8
2.7
6.0
3.6
13.0
2.7
6.2
3.5
13.2
2.8
6.4
3.7
13.6
2.8
6.5
3.6
13.6
2.8
6.7
3.8
13.1
2.8
6.7
3.7
13.6
2.8
6.8
3.5
13.7
2.8
6.7
3.5
13.3
2.8
6.9
3.6
13.2
2.6
7.0
Nondurable goods....................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills.................
Textile product mills....
Apparel.....................
Leather and allied products
Paper products..........
Printing and related support activities.................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
74.7
16.3
3.2
2.7
1.5
3.6
0.7
6.4
2.8
7.4
22.8
7.5
75.8
16.6
3.3
2.8
1.6
3.9
0.8
6.4
2.9
7.4
23.0
7.6
75.9
16.4
3.3
2.7
1.7
4.0
0.8
6.5
2.8
7.5
23.1
7.4
77.4
16.9
3.6
2.7
1.7
4.0
0.8
6.6
2.8
7.3
23.9
7.4
77.8
17.3
3.5
2.8
1.7
4.0
0.8
6.6
2.8
6.6
24.3
7.4
77.9
17.2
3.3
2.8
1.6
3.9
0.9
6.7
2.7
6.9
24.4
7.6
78.1
17.1
3.3
2.9
1.6
4.1
0.8
6.8
2.9
6.6
24.3
7.6
78.7
17.1
3.4
3.0
1.6
4.2
0.9
6.7
2.8
7.1
24.2
7.9
79.1
17.2
3.3
3.0
1.6
4.3
0.8
6.7
2.9
6.9
24.4
8.0
79.8
17.2
3.5
3.0
1.7
4.4
0.9
6.8
3.0
6.6
24.6
8.0
81.6
17.8
3.5
3.0
1.7
4.6
0.9
6.9
2.9
6.9
25.1
8.2
82.6
17.9
3.6
3.1
1.8
4.6
0.9
6.8
3.0
6.9
25.8
8.3
83.6
18.7
3.9
3.1
1.8
4.4
0.9
7.0
3.0
6.9
25.7
8.2
84.7
18.5
3.8
3.0
1.9
4.3
0.9
7.1
3.0
7.1
26.5
8.6
85.1
18.5
3.8
3.0
1.9
4.3
0.9
7.0
3.0
7.1
27.1
8.6
85.1
18.6
3.7
2.9
2.0
4.6
0.8
6.7
2.9
7.2
26.9
8.7
84.6
18.5
3.8
2.8
2.0
4.5
0.8
6.5
2.9
7.4
26.9
8.6
83.7
18.6
3.5
2.8
2.0
4.5
0.7
6.4
2.8
7.6
26.6
8.3
82.8
18.3
3.7
2.7
2.0
4.1
0.7
6.5
2.9
7.4
26.2
8.3
83.4
18.7
3.9
2.6
2.1
3.8
0.7
6.8
2.8
7.4
26.1
8.5
Materials and supplies
Work-in-process
Finished goods
See footnotes at the end of the table.
34
Real Inventories and Sales
April 2004
Table 4B. Real Manufacturing Inventories, by Stage of Fabrication, Seasonally Adjusted, End of Period— Continued
[Billions of chained (2000) dollars]
2002
2003
2000
1
II
III
IV
I
II
III
IV
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Manufacturing............................................................
Durable goods..........................................................
Wood products.....................................................
Nonmetallic mineral products..............................
Primary metals.....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products.......................
Electrical equipment, appliances, and
components......................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
159.2
95.7
4.1
3.4
6.6
12.2
12.6
23.4
156.8
93.4
4.0
3.4
6.6
11.8
12.0
22.4
155.3
92.0
3.8
3.3
6.7
12.0
11.4
22.0
152.6
90.4
3.7
3.3
6.7
11.7
11.3
21.5
150.7
88.5
3.8
3.3
6.7
11.6
10.7
20.5
148.2
86.6
3.8
3.3
6.3
11.4
10.5
19.7
145.0
83.9
3.6
3.3
5.9
11.3
9.9
18.8
142.9
83.2
3.8
3.1
5.6
11.2
9.8
18.8
161.5
95.4
4.0
3.4
7.6
11.5
13.1
21.2
162.0
96.1
4.0
3.5
7.6
11.7
12.9
22.2
162.4
96.4
4.0
3.4
7.7
11.8
12.7
23.0
163.6
97.7
4.0
3.4
7.6
11.8
13.3
23.2
164.6
98.7
4.0
3.5
7.7
12.1
13.2
24.0
165.9
100.1
4.0
3.5
7.7
12.2
13.4
25.1
166.1
100.4
3.9
3.5
7.7
12.2
13.5
25.3
167.2
101.9
4.0
3.5
7.6
12.2
13.8
26.3
167.7
102.3
4.0
3.5
7.5
12.2
13.8
26.4
167.4
103.0
4.0
3.5
7.5
12.2
13.9
26.7
169.1
104.3
4.0
3.5
7.4
12.4
13.7
27.4
168.3
104.5
4.0
3.5
7.3
12.2
14.0
27.8
5.3
18.4
3.4
6.1
5.2
18.3
3.5
6.2
5.1
18.0
3.3
6.3
4.9
17.7
3.3
6.1
4.9
17.7
3.2
5.9
4.8
17.6
3.2
5.9
4.7
17.2
3.1
5.9
4.7
17.1
3.1
5.8
5.4
19.8
3.4
6.0
5.4
19.4
3.5
6.0
5.4
19.0
3.5
5.9
5.4
19.5
3.5
6.0
5.3
19.5
3.6
5.9
5.3
19.4
3.6
5.9
5.4
19.3
3.6
5.9
5.6
19.2
3.7
6.0
5.7
19.5
3.7
6.0
5.7
19.8
3.7
6.0
5.9
20.2
3.7
6.0
5.8
20.0
3.6
6.0
Nondurable goods....................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills...........................................................
Textile product mills.......... ,..................................
Apparel................................................................
Leather and allied products.................................
Paper products.....................................................
Printing and related support activities..................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
63.4
10.5
6.4
1.8
1.5
2.0
0.4
7.8
2.2
5.0
18.2
7.8
63.3
10.8
6.4
1.8
1.5
2.0
0.4
8.0
2.4
4.8
17.9
7.6
63.2
10.5
6.4
1.8
1.5
1.9
0.4
8.1
2.4
4.7
18.1
7.5
62.2
10.2
6.3
1.8
1.5
1.9
0.4
8.1
2.3
4.7
17.6
7.3
62.2
10.2
6.1
1.8
1.5
1.9
0.4
8.1
2.2
4.8
17.9
7.3
61.4
9.9
6.1
1.7
1.5
1.9
0.4
8.1
2.2
5.2
17.6
6.9
60.9
9.7
6.2
1.7
1.5
1.8
0.4
7.8
2.2
5.8
17.0
7.0
59.6
9.4
5.8
1.6
1.6
1.8
0.4
7.7
2.1
5.4
16.7
7.2
66.1
11.1
6.9
2.2
1.3
2.7
0.5
8.4
2.5
5.1
17.8
7.7
65.8
11.0
6.6
2.2
1.3
2.7
0.5
8.5
2.5
4.9
17.9
7.8
65.9
11.1
6.6
2.2
1.3
2.6
0.5
8.5
2.7
4.8
17.9
7.7
65.9
10.9
6.6
2.2
1.3
2.6
0.5
8.5
2.6
5.1
17.8
7.7
65.9
10.8
6.6
2.2
1.4
2.6
0.5
8.6
2.5
5.1
18.0
7.6
65.7
10.8
6.5
2.2
1.4
2.6
0.5
8.5
2.5
5.0
18.0
7.7
65.7
10.7
6.5
2.2
1.5
2.6
0.5
8.5
2.5
4.8
18.2
7.7
65.3
10.8
6.6
2.2
1.5
2.5
0.5
8.4
2.5
4.7
18.1
7.6
65.3
10.8
6.6
2.2
1.5
2.5
0.5
8.3
2.5
4.7
18.3
7.5
64.4
10.8
6.5
2.2
1.5
2.5
0.5
8.2
2.4
4.5
17.9
7.5
64.8
10.8
6.5
2.2
1.5
2.5
0.5
8.1
2.4
4.6
18.2
7.5
63.8
10.7
6.2
2.2
1.5
2.5
0.5
8.0
2.3
4.2
18.3
7.4
Manufacturing............................................................
Durable goods..........................................................
Wood products.....................................................
Nonmetallic mineral products..............................
Primary metals.....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products......................
Electrical equipment, appliances, and
components......................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
123.6
94.4
2.0
1.2
6.1
8.9
11.7
19.6
123.0
93.3
2.1
1.2
6.1
8.8
11.7
19.1
123.1
92.1
2.1
1.2
6.1
8.8
11.5
19.5
123.6
93.7
2.1
1.2
6.1
8.8
11.3
19.5
123.7
93.2
2.0
1.2
6.3
8.4
11.0
18.6
122.5
92.4
1.9
1.2
5.9
8.5
11.1
18.5
122.1
91.8
1.9
1.2
5.6
8.4
11.6
18.5
122.6
92.7
1.8
1.2
5.5
8.5
11.5
19.5
139.1
110.1
2.1
1.3
7.7
10.0
13.0
19.0
139.3
110.4
2.1
1.3
7.7
10.0
13.3
18.9
138.8
109.8
2.1
1.3
7.5
9.8
12.9
18.6
138.3
109.3
2.1
1.3
7.7
9.9
12.4
19.6
137.5
108.5
2.0
1.3
7.7
10.0
12.8
20.0
138.0
108.7
2.0
1.3
7.7
10.1
13.1
20.4
137.5
107.7
2.0
1.3
7.7
10.0
13.1
21.0
136.0
106.5
2.0
1.3
7.6
10.0
13.0
21.1
135.1
105.8
2.0
1.3
7.5
9.9
13.1
20.0
135.7
105.6
2.1
1.3
7.4
9.9
13.5
20.8
136.4
106.5
2.1
1.3
7.3
9.8
13.6
21.8
135.9
106.3
2.0
1.4
7.4
9.7
14.0
22.3
4.6
35.2
1.4
3.6
4.6
34.6
1.4
3.6
4.4
33.6
1.4
3.6
4.4
35.3
1.3
3.7
4.3
35.7
1.4
4.2
4.3
35.7
1.3
3.9
4.3
35.5
1.3
3.6
4.2
35.4
1.2
3.9
4.9
47.0
1.5
3.6
4.9
47.1
1.6
3.7
4.8
47.5
1.6
3.7
4.8
46.1
1.6
3.7
4.9
44.5
1.6
3.8
5.0
43.8
1.6
3.8
5.0
42.3
1.6
3.8
4.9
41.1
1.6
3.8
4.9
41.5
1.6
3.9
5.0
40.2
1.6
3.9
5.0
40.1
1.6
3.9
5.0
39.1
1.6
3.9
Nondurable goods....................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills......................
Textile product mills........
Apparel...........................
Leather and allied products
Paper products...............
Printing and related support activities..................
Petroleum and coal products
Chemical products.........
Plastics and rubber products...............................
29.2
4.6
2.3
1.3
0.8
1.2
0.2
1.5
1.1
4.3
9.7
2.2
29.8
4.6
2.2
1.2
0.8
1.3
0.2
1.6
1.3
4.6
10.0
2.2
31.0
4.7
2.3
1.1
0.8
1.2
0.2
1.5
1.2
4.8
11.1
2.2
29.9
4.9
2.2
1.1
0.8
1.2
0.2
1.5
1.1
4.8
10.1
2.2
30.5
4.9
2.2
1.1
0.8
1.1
0.2
1.5
1.2
4.8
10.5
2.2
30.2
4.9
2.3
1.2
0.8
1.1
0.2
1.4
1.0
4.3
10.8
2.3
30.3
4.9
2.5
1.2
0.8
1.1
0.2
1.4
1.0
4.4
10.7
2.2
29.9
4.8
2.6
1.2
0.8
1.0
0.2
1.4
1.1
4.4
10.4
2.2
29.0
4.7
1.5
1.6
0.9
1.9
0.3
1.6
1.4
3.8
9.1
2.2
28.9
4.7
1.5
1.6
0.9
1.9
0.3
1.6
1.5
3.6
9.0
2.2
29.0
4.8
1.5
1.6
0.9
1.9
0.3
1.6
1.4
3.6
9.2
2.3
29.0
4.8
1.6
1.6
0.9
1.8
0.3
1.6
1.3
3.7
9.1
2.3
28.9
4.9
1.6
1.6
0.9
1.8
0.3
1.6
1.3
3.6
9.0
2.2
29.4
4.8
1.7
1.6
0.9
1.8
0.3
1.6
1.3
3.8
9.2
2.2
29.7
4.8
1.8
1.5
0.9
1.8
0.3
1.6
1.3
3.8
9.7
2.2
29.5
4.8
1.7
1.6
0.9
1.8
0.3
1.6
1.3
3.7
9.5
2.2
29.4
4.8
1.7
1.6
0.9
1.8
0.3
1.6
1.3
3.8
9.3
2.2
30.1
4.6
1.8
1.6
0.9
1.8
0.3
1.6
1.4
4.2
9.8
2.2
29.8
4.7
1.8
1.5
0.9
1.8
0.3
1.6
1.4
3.8
10.0
2.1
29.5
4.8
1.9
1.5
0.9
1.7
0.3
1.5
1.3
3.7
9.6
2.2
Manufacturing............................................................
Durable goods..........................................................
Wood products.....................................................
Nonmetallic mineral products..............................
Primary metals.....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products.......................
Electrical equipment, appliances, and
components......................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
163.6
80.4
3.8
5.0
6.5
10.9
12.0
15.6
163.7
80.5
3.7
5.0
6.4
10.9
11.7
15.4
165.8
81.6
3.8
5.1
6.4
10.8
12.0
15.5
167.0
82.1
3.8
5.2
6.6
10.8
12.3
15.4
165.7
81.1
3.8
5.4
6.4
10.8
11.9
15.6
165.6
80.2
3.6
5.5
6.2
10.6
11.6
15.3
165.3
79.5
3.5
5.5
6.0
10.3
11.0
16.2
164.5
79.1
3.6
5.1
5.7
10.2
11.3
16.1
164.5
81.3
3.8
5.5
7.2
11.7
12.4
15.3
165.1
81.2
3.8
5.4
7.2
11.4
12.5
15.0
164.5
80.9
3.8
5.3
7.1
11.2
12.5
15.0
165.9
81.9
3.9
5.4
7.2
11.4
13.4
14.9
165.4
81.2
3.7
5.3
7.3
11.4
12.5
15.0
166.7
82.1
3.9
5.3
7.3
11.6
12.5
14.9
168.1
83.1
4.0
5.3
7.4
11.5
12.8
15.2
168.8
83.9
3.8
5.3
7.3
11.7
13.0
15.2
168.7
83.6
3.8
5.3
7.3
11.7
12.9
15.9
169.9
84.7
3.9
5.3
7.3
11.7
13.0
16.6
169.4
84.6
3.9
5.3
7.3
11.6
13.0
16.9
170.0
84.9
4.0
5.4
7.2
11.7
13.0
17.1
3.5
13.6
2.5
7.0
3.5
14.0
2.5
7.4
3.5
14.2
2.6
7.6
3.3
14.3
2.7
7.8
3.3
13.6
2.7
7.7
3.2
13.5
2.7
7.8
3.2
13.1
2.6
8.3
3.2
13.2
2.6
8.3
3.6
12.7
2.8
6.3
3.6
13.3
2.8
6.3
3.5
13.2
2.8
6.4
3.6
13.0
2.8
6.4
3.7
12.9
2.8
6.5
3.7
13.6
2.8
6.5
3.7
13.8
2.8
6.6
3.8
14.3
2.8
6.7
3.6
13.6
2.8
6.7
3.7
13.7
2.8
6.8
3.5
13.5
2.8
6.7
3.8
13.1
2.8
6.7
Nondurable goods....................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills............................................................
Textile product mills..............................................
Apparel.................................................................
Leather and allied products.................................
Paper products.....................................................
Printing and related support activities..................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
83.2
19.0
3.7
2.5
2.1
3.4
0.7
6.9
2.8
7.6
25.8
9.0
83.2
19.4
3.8
2.4
2.3
3.3
0.7
6.9
2.8
7.5
25.4
8.8
84.2
19.6
3.7
2.4
2.4
3.5
0.8
6.9
2.8
8.0
25.2
9.2
84.9
19.4
3.5
2.3
2.4
3.5
0.8
7.0
3.1
8.1
25.8
9.1
84.6
19.5
3.6
2.4
2.4
3.8
0.8
7.2
3.0
7.6
25.1
9.3
85.3
19.2
3.7
2.5
2.5
4.0
0.8
7.2
3.0
7.6
25.4
9.7
85.7
19.1
3.7
2.5
2.6
4.1
0.8
7.2
3.0
7.4
26.1
9.5
85.3
18.5
3.6
2.5
2.6
4.1
0.8
7.0
2.9
7.1
26.6
9.7
83.2
18.3
3.6
3.0
1.8
4.5
0.9
7.0
3.0
6.7
25.9
8.4
83.9
18.5
4.0
3.0
1.8
4.4
0.9
7.0
3.0
6.9
25.9
8.4
83.6
18.7
3.9
3.1
1.8
4.4
0.9
7.0
3.0
6.9
25.7
8.2
84.0
18.6
3.8
3.0
1.8
4.4
0.9
7.1
3.0
6.8
26.1
8.5
84.2
18.6
3.7
3.0
1.9
4.3
0.9
7.1
3.0
6.9
26.2
8.6
84.7
18.5
3.8
3.0
1.9
4.3
0.9
7.1
3.0
7.1
26.5
8.6
85.0
18.6
3.7
3.0
1.9
4.4
0.9
7.2
3.0
7.0
26.7
8.6
84.9
18.6
3.7
2.9
1.9
4.4
0.9
7.2
3.0
6.9
26.9
8.6
85.1
18.5
3.8
3.0
1.9
4.3
0.9
7.0
3.0
7.1
27.1
8.6
85.2
18.4
3.8
3.0
1.9
4.4
0.9
7.0
3.0
7.0
27.2
8.7
84.8
18.5
3.7
3.0
2.0
4.5
0.9
6.8
3.0
7.2
26.8
8.6
85.1
18.6
3.7
2.9
2.0
4.6
0.8
6.7
2.9
7.2
26.9
8.7
Materials and supplies
Work-In-process
Finished goods
See footnotes at the end of the table.
April 2 0 0 4
S
u r v e y
C
o f
u r r e n t
B
35
u s in e s s
Table 4B. Real Manufacturing Inventories, by Stage of Fabrication, Seasonally Adjusted, End of Period—Continued
[Billions of chained (2000) dollars]
2001
2002
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
Manufacturing............................................................
Durable goods.........................................................
Wood products....................................................
Nonmetallic mineral products..............................
Primary metals....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products......................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
170.4
106.0
4.1
3.5
7.4
12.3
14.3
29.1
169.4
105.5
4.0
3.5
7.4
12.2
14.2
28.9
168.0
104.1
4.0
3.5
7.4
12.2
14.1
28.0
167.0
103.5
4.1
3.5
7.4
12.2
14.1
27.6
167.1
103.5
4.1
3.5
7.4
12.2
13.9
27.9
165.3
102.1
4.1
3.5
7.2
12.1
13.8
27.3
164.8
101.2
4.0
3.5
7.1
12.0
13.6
27.2
163.4
100.3
4.0
3.5
7.1
12.1
13.3
26.6
161.8
98.8
4.0
3.5
7.0
11.9
13.2
25.8
161.7
98.4
3.9
3.5
7.0
12.0
13.1
25.3
161.6
98.1
4.0
3.5
7.0
11.9
13.1
25.2
159.8
96.8
4.0
3.5
6.9
11.7
13.0
24.4
158.8
96.2
4.0
3.5
6.8
12.1
12.8
24.3
158.4
95.4
4.0
3.4
6.7
12.0
12.7
23.7
159.2
95.7
4.1
3.4
6.6
12.2
12.6
23.4
159.2
95.6
4.0
3.5
6.6
12.0
12.4
23.6
157.8
94.3
4.0
3.4
6.5
11.8
12.2
22.9
156.8
93.4
4.0
3.4
6.6
11.8
12.0
22.4
5.8
19.9
3.7
6.0
5.9
19.8
3.7
6.0
5.9
19.3
3.6
6.0
6.0
19.0
3.6
5.9
6.0
18.9
3.6
6.0
5.9
18.6
3.6
6.0
5.7
18.6
3.6
6.0
5.7
18.5
3.5
5.9
5.7
18.3
3.6
5.9
5.7
18.5
3.5
5.9
5.6
18.3
3.6
6.0
5.6
18.3
3.4
6.0
5.4
18.0
3.4
5.9
5.4
18.0
3.4
5.9
5.3
18.4
3.4
6.1
5.3
18.6
3.4
6.2
5.3
18.5
3.4
6.3
5.2
18.3
3.5
6.2
Nondurable goods...................................................
Food products......................................................
Beverage and tobacco products.........................
Textile mills..........................................................
Textile product mills.............................................
Apparel................................................................
Leather and allied products.................................
Paper products....................................................
Printing and related support activities................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
64.3
10.8
6.3
2.2
1.5
2.5
0.5
8.0
2.3
4.2
18.6
7.5
63.9
10.7
6.3
2.1
1.5
2.4
0.5
8.0
2.3
4.3
18.4
7.4
63.9
10.7
6.3
2.1
1.5
2.4
0.5
7.9
2.4
4.3
18.3
7.5
63.5
10.7
6.4
2.1
1.5
2.4
0.5
7.8
2.3
4.4
18.1
7.4
63.6
10.7
6.5
2.1
1.5
2.4
0.5
7.7
2.3
4.4
18.3
7.3
63.2
10.6
6.5
2.0
1.5
2.3
0.5
7.7
2.2
4.6
18.1
7.3
63.6
10.9
6.5
2.0
1.4
2.3
0.5
7.6
2.2
4.7
18.2
7.2
63.1
10.6
6.4
2.0
1.4
2.3
0.5
7.6
2.2
4.7
18.1
7.3
63.0
10.6
6.4
2.0
1.5
2.2
0.5
7.6
2.1
4.8
18.1
7.2
63.2
10.5
6.3
2.0
1.5
2.2
0.4
7.6
2.3
4.9
18.4
7.2
63.5
10.6
6.3
2.0
1.5
2.1
0.4
7.7
2.3
4.8
18.5
7.2
63.0
10.6
6.3
1.9
1.5
2.0
0.4
7.7
2.3
5.0
18.2
7.1
62.6
10.6
6.4
1.9
1.5
2.0
0.4
7.8
2.4
4.4
18.2
7.1
63.0
10.6
6.4
1.9
1.5
2.0
0.4
7.9
2.3
4.7
18.3
7.0
63.4
10.5
6.4
1.8
1.5
2.0
0.4
7.8
2.2
5.0
18.2
7.8
63.7
10.5
6.3
1.8
1.4
2.0
0.4
7.8
2.3
5.1
18.5
7.6
63.4
10.7
6.3
1.8
1.4
1.9
0.4
7.9
2.3
4.9
18.2
7.6
63.3
10.8
6.4
1.8
1.5
2.0
0.4
8.0
2.4
4.8
17.9
7.6
Manufacturing............................................................
Durable goods.........................................................
Wood products.........
Nonmetallic mineral products
Primary metals.........
Fabricated metal products...................................
Machinery.................
Computer and electronic products......................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
13S.S
106.2
2.0
1.4
7.2
9.9
13.7
22.6
135.0
106.0
2.1
1.3
7.1
10.0
13.7
22.9
133.9
105.0
2.0
1.3
7.0
10.0
13.8
22.8
134.2
105.3
2.0
1.3
7.0
10.0
13.5
22.8
132.7
103.8
1.9
1.3
6.9
9.8
13.4
21.9
131.1
102.7
1.9
1.3
6.7
9.8
13.2
21.8
130.7
102.4
1.9
1.3
6.8
9.7
13.1
21.4
130.3
101.7
2.0
1.2
6.7
9.7
12.9
21.2
129.9
100.9
2.0
1.3
6.7
9.6
12.8
20.4
129.0
100.6
2.0
1.3
6.6
9.6
12.8
20.2
127.7
99.4
2.0
1.3
6.5
9.5
12.4
20.2
126.5
97.9
1.9
1.2
6.4
9.3
12.0
19.2
126.8
97.8
2.0
1.2
6.4
9.0
11.9
19.4
126.4
97.4
2.1
1.2
6.3
9.0
11.9
19.5
123.6
94.4
2.0
1.2
6.1
8.9
11.7
19.6
122.5
93.3
2.0
1.2
6.1
8.9
11.8
19.1
122.7
93.3
2.1
1.2
6.1
8.9
11.8
19.2
123.0
93.3
2.1
1.2
6.1
8.8
11.7
19.1
5.0
38.8
1.6
3.9
5.0
38.3
1.6
3.9
5.0
37.7
1.6
3.8
5.0
38.3
1.6
3.8
5.0
38.3
1.6
3.8
4.9
37.7
1.5
3.8
4.9
37.8
1.5
3.9
4.9
37.7
1.5
3.9
4.8
38.0
1.5
3.8
4.8
38.1
1.5
3.8
4.8
37.5
1.4
3.8
4.7
38.0
1.4
3.7
4.7
37.9
1.5
3.7
4.6
37.6
1.4
3.7
4.6
35.2
1.4
3.6
4.7
34.4
1.5
3.7
4.6
34.2
1.5
3.7
4.6
34.6
1.4
3.6
Nondurable goods...................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills..........................................................
Textile product mills.............................................
Apparel................................................................
Leather and allied products.................................
Paper products....................................................
Printing and related support activities................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
29.3
4.7
1.8
1.5
0.9
1.7
0.3
1.5
1.3
3.7
9.5
2.3
29.1
4.7
1.9
1.5
0.9
1.7
0.3
1.5
1.3
3.8
9.3
2.3
29.0
4.7
1.8
1.5
0.8
1.6
0.3
1.5
1.3
3.8
9.4
2.2
28.9
4.7
1.9
1.5
0.9
1.6
0.3
1.4
1.2
3.8
9.4
2.2
28.9
4.8
2.0
1.5
0.8
1.5
0.3
1.5
1.2
3.8
9.4
2.2
28.4
4.6
2.0
1.5
0.8
1.5
0.3
1.4
1.2
3.8
9.1
2.2
28.3
4.5
2.1
1.4
0.8
1.4
0.3
1.4
1.2
3.9
9.2
2.2
28.6
4.6
2.2
1.4
0.8
1.3
0.3
1.4
1.3
3.8
9.4
2.2
29.0
4.6
2.1
1.4
0.8
1.3
0.3
1.5
1.2
4.1
9.5
2.2
28.4
4.6
2.1
1.4
0.8
1.3
0.3
1.5
1.1
3.8
9.3
2.2
28.3
4.6
2.1
1.4
0.8
1.3
0.3
1.5
1.1
3.8
9.2
2.1
28.6
4.6
2.1
1.3
0.8
1.3
0.3
1.5
1.2
4.0
9.4
2.1
29.0
4.6
2.2
1.3
0.8
1.3
0.3
1.5
1.2
4.0
9.8
2.1
29.0
4.7
2.2
1.3
0.8
1.2
0.2
1.5
1.1
3.9
10.0
2.1
29.2
4.6
2.3
1.3
0.8
1.2
0.2
1.5
1.1
4.3
9.7
2.2
29.2
4.6
2.2
1.2
0.8
1.2
0.2
1.6
1.2
4.4
9.7
2.2
29.5
4.6
2.3
1.2
0.8
1.2
0.2
1.6
1.2
4.5
9.8
2.2
29.8
4.6
2.2
1.2
0.8
1.3
0.2
1.6
1.3
4.6
10.0
2.2
Manufacturing............................................................
Durable goods.........................................................
Wood products....................................................
Nonmetallic mineral products..............................
Primary metals....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products......................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
170.7
85.8
3.9
5.3
7.3
11.7
13.3
17.3
170.9
86.3
3.9
5.3
7.3
11.6
13.2
18.0
169.9
85.4
3.9
5.3
7.2
11.6
13.3
17.0
170.2
85.5
3.8
5.3
7.1
11.6
13.3
16.9
169.1
85.1
3.9
5.3
7.0
11.7
13.0
17.1
168.7
85.0
4.1
5.3
6.9
11.6
13.1
17.4
167.4
84.1
4.1
5.3
6.8
11.6
12.8
17.2
166.7
83.6
4.0
5.2
6.6
11.5
12.8
17.1
165.5
82.7
4.1
5.2
6.7
11.6
12.6
16.1
165.1
82.1
4.0
5.1
6.7
11.6
12.3
16.0
164.2
81.4
3.9
5.1
6.6
11.4
12.0
16.3
164.5
81.1
3.8
5.1
6.7
11.3
12.0
15.8
163.3
80.3
3.9
5.0
6.5
11.2
11.9
15.9
162.5
80.2
3.7
5.0
6.6
11.0
11.8
15.9
163.6
80.4
3.8
5.0
6.5
10.9
12.0
15.6
164.0
80.7
3.8
4.9
6.4
11.0
11.8
15.8
163.7
80.8
3.9
4.9
6.4
10.9
11.8
15.8
163.7
80.5
3.7
5.0
6.4
10.9
11.7
15.4
3.8
13.5
2.8
6.8
3.7
13.5
2.8
7.0
3.7
13.6
2.8
6.8
3.6
14.1
2.8
6.8
3.5
13.9
2.8
6.7
3.5
13.7
2.8
6.7
3.5
13.5
2.8
6.7
3.5
13.4
2.8
6.7
3.5
13.3
2.8
6.9
3.5
13.2
2.7
6.9
3.5
13.2
2.7
6.8
3.6
13.2
2.6
7.0
3.6
12.7
2.6
6.9
3.6
13.0
2.5
7.1
3.5
13.6
2.5
7.0
3.5
13.9
2.4
7.1
3.5
14.0
2.4
7.1
3.5
14.0
2.5
7.4
Nondurable goods...................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills...............
Textile product mills...
Apparel.....................
Leather and allied products
Paper products.........
Printing and related support activities................
Petroleum and coal pioducts
Chemical products....
Plastics and rubber products...............................
84.9
18.6
3.7
2.9
2.0
4.6
0.8
6.6
2.9
7.3
26.9
8.7
84.6
18.5
3.6
2.9
2.0
4.6
0.8
6.6
2.9
7.3
26.7
8.6
84.6
18.5
3.8
2.8
2.0
4.5
0.8
6.5
2.9
7.4
26.9
8.6
84.6
18.5
3.7
2.8
2.0
4.5
0.8
6.4
2.8
7.7
26.9
8.6
84.1
18.5
3.6
2.9
2.0
4.5
0.7
6.4
2.8
7.8
26.6
8.3
83.7
18.6
3.5
2.8
2.0
4.5
0.7
6.4
2.8
7.6
26.6
8.3
83.3
18.5
3.7
2.8
2.0
4.4
0.7
6.4
2.8
7.3
26.5
8.2
83.1
18.5
3.7
2.8
2.0
4.3
0.7
6.3
2.9
7.7
26.0
8.2
82.8
18.3
3.7
2.7
2.0
4.1
0.7
6.5
2.9
7.4
26.2
8.3
83.0
18.3
3.7
2.7
2.1
3.9
0.8
6.6
2.9
7.2
26.6
8.3
82.8
18.4
3.7
2.7
2.1
3.8
0.8
6.7
2.9
7.3
26.0
8.4
83.4
18.7
3.9
2.6
2.1
3.8
0.7
6.8
2.8
7.4
26.1
8.5
83.0
18.9
3.8
2.5
2.1
3.6
0.7
6.8
2.9
7.4
25.9
8.3
82.3
18.9
3.7
2.5
2.1
3.5
0.7
6.8
2.9
7.4
25.6
8.2
83.2
19.0
3.7
2.5
2.1
3.4
0.7
6.9
2.8
7.6
25.8
9.0
83.3
19.4
3.7
2.4
2.2
3.3
0.7
6.8
2.9
7.5
25.6
9.0
82.9
19.3
3.7
2.4
2.2
3.3
0.7
6.8
2.8
7.4
25.4
8.8
83.2
19.4
3.8
2.4
2.3
3.3
0.7
6.9
2.8
7.5
25.4
8.8
Materials and supplies
Work-in-process
Finished goods
See footnotes at the end of the table.
36
Real Inventories and Sales
April 2004
Table 4B. Real Manufacturing Inventories, by Stage of Fabrication, Seasonally Adjusted, End of Period—Continued
[Billions of chained (2000) dollars]
2002
2003
2004
July
Aug.
Sep.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sep.
Oct.r
Nov. r
D ec/
Jan. ”
Manufacturing............................................................
Durable goods.........................................................
Wood products....................................................
Nonmetallic mineral products..............................
Primary metals....................................................
Fabricated metal products...................................
Machinery............................................................
Computer and electronic products.....................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
156.4
92.8
3.9
3.4
6.6
11.8
11.8
22.2
155.8
92.5
3.9
3.4
6.6
11.9
11.7
22.0
155.3
92.0
3.8
3.3
6.7
12.0
11.4
22.0
154.8
91.7
3.8
3.4
6.7
12.0
11.4
22.0
154.1
90.7
3.8
3.3
6.7
11.8
11.2
21.9
152.6
90.4
3.7
3.3
6.7
11.7
11.3
21.5
152.9
89.8
3.8
3.3
6.7
11.7
11.1
21.3
152.6
89.5
3.8
3.3
6.8
11.7
10.8
21.2
150.7
88.5
3.8
3.3
6.7
11.6
10.7
20.5
150.4
87.8
3.9
3.3
6.5
11.5
10.6
20.3
149.7
87.4
3.8
3.3
6.5
11.6
10.5
20.0
148.2
86.6
3.8
3.3
6.3
11.4
10.5
19.7
146.2
85.6
3.8
3.3
6.1
11.3
10.4
19.4
145.4
84.6
3.7
3.2
5.9
11.3
10.0
19.3
145.0
83.9
3.6
3.3
5.9
11.3
9.9
18.8
144.9
84.1
3.8
3.3
5.7
11.3
10.0
19.1
144.0
83.4
3.7
3.1
5.7
11.3
9.7
18.8
142.9
83.2
3.8
3.1
5.6
11.2
9.8
18.8
142.8
83.0
3.8
3.1
5.6
11.2
9.7
18.8
5.2
18.0
3.4
6.3
5.1
18.1
3.4
6.4
5.1
18.0
3.3
6.3
5.0
17.9
3.2
6.2
5.0
17.6
3.3
6.1
4.9
17.7
3.3
6.1
5.0
17.6
3.3
6.1
4.9
17.7
3.2
6.1
4.9
17.7
3.2
5.9
4.9
17.7
3.2
5.9
4.9
17.5
3.2
5.8
4.8
17.6
3.2
5.9
4.7
17.3
3.2
5.9
4.7
17.2
3.2
5.9
4.7
17.2
3.1
5.9
4.7
17.2
3.1
6.0
4.6
17.3
3.2
5.9
4.7
17.1
3.1
5.8
4.7
17.0
3.1
5.9
Nondurable goods...................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills..........................................................
Textile product mills.............................................
Apparel................................................................
Leather and allied products.................................
Paper products....................................................
Printing and related support activities................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
63.6
10.7
6.4
1.8
1.5
2.0
0.4
8.0
2.5
4.8
18.2
7.5
63.3
10.8
6.4
1.8
1.5
1.9
0.4
7.9
2.4
4.7
18.1
7.4
63.2
10.5
6.4
1.8
1.5
1.9
0.4
8.1
2.4
4.7
18.1
7.5
63.1
10.4
6.4
1.8
1.5
1.9
0.4
8.1
2.4
4.7
17.9
7.5
63.3
10.3
6.5
1.8
1.5
2.0
0.4
8.1
2.5
4.8
18.2
7.3
62.2
10.2
6.3
1.8
1.5
1.9
0.4
8.1
2.3
4.7
17.6
7.3
63.0
10.2
6.2
1.8
1.5
1.9
0.4
8.1
2.4
5.3
18.0
7.3
63.1
10.2
6.2
1.8
1.5
1.9
0.4
8.1
2.3
5.1
18.2
7.4
62.2
10.2
6.1
1.8
1.5
1.9
0.4
8.1
2.2
4.8
17.9
7.3
62.5
10.1
6.1
1.9
1.6
1.9
0.4
8.1
2.3
5.3
17.7
7.3
62.2
10.1
6.1
1.8
1.6
1.9
0.4
8.0
2.3
5.3
17.6
7.2
61.4
9.9
6.1
1.7
1.5
1.9
0.4
8.1
2.2
5.2
17.6
6.9
60.5
9.7
6.0
1.7
1.5
1.9
0.4
7.9
2.2
5.2
17.0
7.1
60.7
9.7
6.1
1.7
1.5
1.9
0.4
7.9
2.2
5.4
17.0
7.1
60.9
9.7
6.2
1.7
1.5
1.8
0.4
7.8
2.2
5.8
17.0
7.0
60.6
9.8
6.1
1.6
1.5
1.8
0.4
7.8
2.1
5.4
17.2
7.1
60.4
10.0
6.1
1.6
1.6
1.8
0.4
7.7
2.1
5.1
17.1
7.0
59.6
9.4
5.8
1.6
1.6
1.8
0.4
7.7
2.1
5.4
16.7
7.2
59.7
9.4
5.8
1.6
1.6
1.8
0.4
7.5
2.1
5.5
16.9
7.2
Manufacturing............................................................
Durable goods.........
Wood products....
Nonmetallic mineral products..............................
Primary metals....
Fabricated metai products
Machinery............
Computer and electronic products......................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
122.9
92.7
2.1
1.2
6.1
8.8
11.6
19.3
123.3
92.4
2.1
1.2
6.2
8.8
11.5
19.1
123.1
92.1
2.1
1.2
6.1
8.8
11.5
19.5
122.4
91.7
2.1
1.2
6.1
8.7
11.2
19.3
121.8
91.4
2.1
1.2
6.2
8.8
11.2
19.4
123.6
93.7
2.1
1.2
6.1
8.8
11.3
19.5
123.5
93.5
2.0
1.2
6.3
8.6
11.1
19.3
123.8
93.7
2.0
1.2
6.3
8.6
11.1
19.0
123.7
93.2
2.0
1.2
6.3
8.4
11.0
18.6
123.9
94.0
2.0
1.2
6.2
8.5
11.2
18.8
123.7
94.1
1.9
1.2
6.2
8.5
11.1
18.8
122.5
92.4
1.9
1.2
5.9
8.5
11.1
18.5
123.2
92.6
1.9
1.2
5.8
8.4
11.0
18.8
123.2
92.7
1.9
1.2
5.8
8.5
11.4
18.8
122.1
91.8
1.9
1.2
5.6
8.4
11.6
18.5
123.0
92.5
1.8
1.2
5.6
8.5
11.5
19.0
123.0
92.1
1.8
1.2
5.6
8.5
11.5
19.2
122.6
92.7
1.8
1.2
5.5
8.5
11.5
19.5
123.4
93.2
1.8
1.2
5.7
8.6
11.7
19.4
4.5
34.1
1.4
3.6
4.5
34.1
1.4
3.6
4.4
33.6
1.4
3.6
4.4
33.7
1.4
3.7
4.4
33.2
1.4
3.7
4.4
35.3
1.3
3.7
4.4
35.4
1.3
3.9
4.4
35.8
1.4
4.0
4.3
35.7
1.4
4.2
4.3
36.2
1.4
4.1
4.3
36.5
1.3
4.2
4.3
35.7
1.3
3.9
4.3
35.6
1.4
4.3
4.2
35.2
1.3
4.3
4.3
35.5
1.3
3.6
4.2
35.8
1.3
3.6
4.2
35.0
1.3
3.8
4.2
35.4
1.2
3.9
4.2
35.6
1.3
3.7
Nondurable goods...................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills..........................................................
Textile product mills.............................................
Apparel................................................................
Leather and allied products.................................
Paper products....................................................
Printing and related support activities................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
30.2
4.7
2.1
1.2
0.8
1.3
0.2
1.6
1.3
4.7
10.3
2.2
30.9
4.7
2.2
1.2
0.8
1.3
0.2
1.6
1.3
4.7
10.8
2.2
31.0
4.7
2.3
1.1
0.8
1.2
0.2
1.5
1.2
4.8
11.1
2.2
30.8
4.8
2.3
1.1
0.8
1.2
0.2
1.5
1.3
4.7
10.7
2.2
30.5
4.9
2.2
1.1
0.8
1.2
0.2
1.5
1.3
4.5
10.8
2.2
29.9
4.9
2.2
1.1
0.8
1.2
0.2
1.5
1.1
4.8
10.1
2.2
30.0
4.9
2.2
1.2
0.8
1.2
0.2
1.4
1.1
4.7
10.2
2.2
30.2
4.9
2.2
1.2
0.8
1.2
0.2
1.4
1.2
4.6
10.4
2.2
30.5
4.9
2.2
1.1
0.8
1.1
0.2
1.5
1.2
4.8
10.5
2.2
29.9
4.9
2.3
1.1
0.8
1.1
0.2
1.5
1.1
4.4
10.4
2.2
29.6
4.9
2.3
1.2
0.8
1.0
0.2
1.4
1.0
3.9
10.7
2.2
30.2
4.9
2.3
1.2
0.8
1.1
0.2
1.4
1.0
4.3
10.8
2.3
30.5
4.9
2.4
1.2
0.8
1.1
0.2
1.4
1.0
4.6
10.8
2.2
30.5
4.9
2.4
1.2
0.8
1.1
0.2
1.4
1.1
4.6
10.9
2.1
30.3
4.9
2.5
1.2
0.8
1.1
0.2
1.4
1.0
4.4
10.7
2.2
30.5
4.9
2.5
1.2
0.8
1.1
0.2
1.4
1.0
4.8
10.6
2.2
31.0
4.8
2.6
1.2
0.7
1.0
0.2
1.4
1.1
4.7
11.1
2.2
29.9
4.8
2.6
1.2
0.8
1.0
0.2
1.4
1.1
4.4
10.4
2.2
30.2
4.8
2.6
1.2
0.8
1.0
0.2
1.4
1.0
4.6
10.5
2.2
Manufacturing............................................................
Durable go a ls.........................................................
Wood products....
Nonmetallic mineral products..............................
Primary metals....
Fabricated metal products...................................
Machinery............
Computer and electronic products.....................
Electrical equipment, appliances, and
components.....................................................
Transportation equipment....................................
Furniture and related products............................
Miscellaneous manufacturing..............................
164.4
81.1
3.7
5.0
6.3
10.8
11.9
15.7
164.8
81.4
3.7
5.1
6.4
10.8
11.8
15.8
165.8
81.6
3.8
5.1
6.4
10.8
12.0
15.5
166.3
81.8
3.7
5.1
6.4
10.8
12.0
15.6
166.2
82.1
3.8
5.2
6.5
10.8
12.1
15.6
167.0
82.1
3.8
5.2
6.6
10.8
12.3
15.4
165.8
81.8
3.8
5.3
6.5
10.8
12.2
15.2
166.2
81.5
3.9
5.3
6.5
10.8
12.2
15.2
165.7
81.1
3.8
5.4
6.4
10.8
11.9
15.6
165.0
80.5
3.8
5.5
6.4
10.6
11.9
15.2
164.6
80.0
3.7
5.5
6.3
10.6
11.8
15.0
165.6
80.2
3.6
5.5
6.2
10.6
11.6
15.3
165.7
79.9
3.6
5.5
6.2
10.6
11.6
15.3
165.7
79.7
3.6
5.5
6.2
10.5
11.2
15.3
165.3
79.5
3.5
5.5
6.0
10.3
11.0
16.2
164.1
79.0
3.6
5.3
5.8
10.3
11.1
15.7
163.8
78.8
3.6
5.1
5.9
10.3
11.1
15.8
164.5
79.1
3.6
5.1
5.7
10.2
11.3
16.1
163.5
78.6
3.6
5.0
5.6
10.0
11.5
15.7
3.5
14.1
2.5
7.5
3.5
14.0
2.6
7.5
3.5
14.2
2.6
7.6
3.5
14.4
2.6
7.6
3.4
14.2
2.7
7.7
3.3
14.3
2.7
7.8
3.2
14.3
2.7
7.8
3.2
14.0
2.7
7.6
3.3
13.6
2.7
7.7
3.3
13.5
2.7
7.7
3.3
13.4
2.7
7.6
3.2
13.5
2.7
7.8
3.2
13.4
2.7
7.6
3.2
13.7
2.7
7.8
3.2
13.1
2.6
8.3
3.2
13.1
2.6
8.3
3.2
13.3
2.5
8.1
3.2
13.2
2.6
8.3
3.2
13.3
2.5
8.3
Nondurable goods...................................................
Food products......................................................
Beverage and tobacco products..........................
Textile mills..........................................................
Textile product mills.............................................
Apparel................................................................
Leather and allied products.................................
Paper products....................................................
Printing and related support activities................
Petroleum and coal products...............................
Chemical products...............................................
Plastics and rubber products...............................
83.3
19.4
3.7
2.4
2.3
3.3
0.7
6.8
2.9
7.8
25.4
8.7
83.4
19.4
3.6
2.4
2.3
3.3
0.8
6.8
2.9
7.8
25.5
8.7
84.2
19.6
3.7
2.4
2.4
3.5
0.8
6.9
2.8
8.0
25.2
9.2
84.5
19.7
3.5
2.4
2.3
3.5
0.8
6.9
2.9
8.0
25.7
9.1
84.1
19.7
3.4
2.3
2.3
3.4
0.8
7.0
2.8
7.7
25.6
9.1
84.9
19.4
3.5
2.3
2.4
3.5
0.8
7.0
3.1
8.1
25.8
9.1
84.1
19.3
3.6
2.4
2.4
3.6
0.9
7.1
3.0
7.6
25.1
9.2
84.6
19.4
3.7
2.4
2.4
3.7
0.8
7.1
3.0
7.7
25.4
9.3
84.6
19.5
3.6
2.4
2.4
3.8
0.8
7.2
3.0
7.6
25.1
9.3
84.5
19.0
3.8
2.4
2.4
3.9
0.8
7.2
3.0
7.8
25.1
9.3
84.5
19.1
3.7
2.4
2.4
4.0
0.8
7.2
3.0
7.4
25.2
9.4
85.3
19.2
3.7
2.5
2.5
4.0
0.8
7.2
3.0
7.6
25.4
9.7
85.7
19.1
3.8
2.5
2.5
4.1
0.8
7.2
3.0
7.3
26.2
9.4
85.9
19.1
3.7
2.5
2.5
4.1
0.8
7.2
3.0
7.6
26.2
9.4
85.7
19.1
3.7
2.5
2.6
4.1
0.8
7.2
3.0
7.4
26.1
9.5
85.0
18.9
3.7
2.5
2.6
4.1
0.8
7.1
3.0
7.3
25.8
9.4
84.9
18.6
3.7
2.5
2.6
4.0
0.8
7.1
3.0
7.4
26.0
9.4
85.3
18.5
3.6
2.5
2.6
4.1
0.8
7.0
2.9
7.1
26.6
9.7
84.9
18.4
3.7
2.4
2.6
4.0
0.8
7.0
3.0
7.4
26.1
9.7
Materials and supplies
Work-in-process
Finished goods
»Preliminary.
' Revised.
N ote. Estimates in this table are based on the North American Industry Classification System.
Chained (2000) dollar inventory series are calculated to ensure that the chained (2000) dollar change in inventories for
2000 equals the current-dollar change in inventories for 2000 and that the average of the 1999 ana 2000 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.
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R e al GDP:
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Et t ta a jlln ta m ti
+ 0 .3 % in M ay 2003
[ R . l . . « d j 6/27/2003)
Se rv ice*-.
Incre a se in the deficit of
$0 .2 billion to $4 1 .8 billion in
May 20 0 3 {p>
t R « l « » « d . 7/11/03]
U.S..lftt'I.Tr.anu£aanK
Incre a se in the current
account deficit of $7.5 billion
to $ 1 36.1 billion m Q1 2003
T<
38
April 2004
Comprehensive Revision of the NIPAs
Newly Available Tables
As part o f the comprehensive revision o f the national
incom e and product accounts (NIPAs), this report
presents the following newly available NIPA tables:
1.9.3, 1.9.4, 1.9.5, 1.9.6, 5.2.3, 5.2.5, 5.2.6, 5.8.3B,
5.8.4B, 5.8.5B, 5.8.6B, 6.2D, 6.1 ID , 7.8, 7.14, 7.16,
7.18, 8.1, 8.2, 8.3, 8.4, 8.5 and 8.6.
The February 2004 issue o f the S u r v e y o f C u r r e n t
included the article “Improved Estimates o f
the National Income and Product Accounts for
1929-2002: Results o f the Comprehensive Revision”
that described the revision. That issue also included
an extensive set o f NIPA tables. The remaining
tables are scheduled to be published in upcom ing
issues o f the S u rv e y .
B u sin e ss
Table 1.9.3. Real Net Value Added by Sector, Quantity Indexes
Table 1.9.4. Price Indexes for Net Value Added by Sector
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Line
Net domestic product.....................................
Business1.................................................................
Nonfarm2...............................................................
Farm......................................................................
Households and institutions..................................
Households...........................................................
Nonprofit institutions serving households3...........
General government4..............................................
Federal..................................................................
State and local......................................................
1
2
3
4
5
6
7
8
9
10
1999
2000
96.851
96.697
96.809
82.608
96.390
95.473
97.459
98.504
99.176
98.271
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
2001
2002
99.765
99.232
99.272
94.073
101.864
102.871
100.703
101^79
100.139
102.082
101.963
101.541
101.581
96.462
103.963
105.411
102.294
103.070
102.174
103.381
Line
Net domestic product.....................................
Business1................................................................
Farm......................................................................
Households and institutions..................................
Households...........................................................
Nonprofit institutions serving households3 ..........
General government4.............................................
Federal..................................................................
State and local......................................................
1999
2000
2001
2002
1 97.724 100.000 102.618 104.478
2 98.018 100.000 102.192 103.263
3 97.904 100.000 102.108 103.280
4 114.697 100.000 113.906 100.464
5 97.236 100.000 104.494 109.183
6 98.000 100.000 104.195 108.709
7 96.361 100.000 104.842 109.739
8 96.027 100.000 103.847 108.621
9 95.453 100.000 103.686 109.651
10 96.228 100.000 103.903 108.267
1. Equals net domestic product excluding net value added of households and institutions and of general
government
2. Equals net domestic business value added excluding net farm value added.
3. Equals gross value added of nonprofit institutions excluding consumption of fixed capital on fixed assets
owned and used by nonprofit institutions serving households.
4. Equals compensation of general government employees.
1. Equals net domestic product excluding net value added of households and institutions and of general
government
2. Equals net domestic business value added excluding net farm value added.
3. Equals gross value added of nonprofit institutions excluding consumption of fixed capital on fixed assets
owned and used by nonprofit institutions serving households.
4. Equals compensation of general government employees.
Table 1.9.5. Net Value Added by Sector
Table 1.9.6. Real Net Value Added by Sector, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Line
Net domestic product.....................................
Business1.................................................................
Nonfarm2...............................................................
Farm......................................................................
Households and instftJtions..................................
Households...........................................................
Nonprofit institutions serving households3...........
General government4..............................................
Federa....... ...........................................................
State and local......................................................
1999
1 8,167.1
2 6,442.5
3 6,394.9
4
47.6
870.3
5
466.2
6
7
404.1
854.3
8
9
221.3
10
633.1
2000
2001
2002
8,629.1
6,797.4
6,747.2
50.2
928.6
498.2
430.3
903.2
233.8
669.4
8,833.8
6,892.7
6,838.9
53.8
988.4
534.0
454.3
952.8
242.7
710.1
9,192.2
7,127.0
7,078.3
48.7
1,054.0
570.9
483.1
1,011.2
261.9
749.3
1. Equals net domestic product excluding net value added of households and institutions and of general
government
2. Equals net domestic business value added excluding net farm value added.
3. Equals gross value added of nonprofit institutions excluding consumption of fixed capital on fixed assets
owned and used by nonprofit institutions serving households.
4. Equals compensation of general government employees.
Line
Net domestic product.....................................
Business1................................................................
Nonfarm2..............................................................
Farm......................................................................
Households and institutions..................................
Households...........................................................
Nonprofit institutions serving households3 ..........
General government4.............................................
Federal..................................................................
State and local......................................................
Residual....................................................................
1999
1 8,357.4
2 6.572.8
3 6.531.8
4
41.5
5
895.1
475.7
6
7
419.4
889.7
8
9
231.8
10
657.9
11
-0.7
2000
2001
2002
8,629.1
6,797.4
6,747.1
50.2
928.6
498.2
430.3
903.2
233.8
669.4
0.1
8,608.9
6,745.2
6,698.0
47.2
945.9
512.5
433.4
917.5
234.1
683.4
0.3
8,798.5
6,902.1
6,853.8
48.4
965.4
525.2
440.2
930.9
238.8
692.1
0.0
1. Equals net domestic product excluding net value added of households and institutions and of general
government.
2. Equals net domestic business value added excluding net farm value added.
3. Equals gross value added of nonprofit institutions excluding consumption of fixed capital on fixed assets
owned and used by nonprofit institutions serving households.
4. Equals compensation of general government employees.
N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the
2000 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 Tine is the difference between the first line and the sum of the most detailed lines.
April 2004
S urvey
of
C
urrent
39
B u s in e s s
Table 5.2.3. Real Gross and Net Domestic Investment by
Major Type, Quantity Indexes
Table 5.2.5. Gross and Net Domestic Investment by
Major Type
[Index numbers, 2000=100]
[Billions of dollars]
Line
Gross domestic investment......................
Less; Consumption of fixed capital..............
Equals: Net domestic investment.................
Gross private domestic investment......................
Less: Consumption of fixed capital...........................
Equals: Net private domestic investment.................
Fixed investment.................................................
Less: Consumption of fixed capital......................
Equals: Net fixed investment.................................
Nonresidential.................................................
Less: Consumption of fixed capital..................
Equals: Net nonresidential................................
Structures....................................................
Less: Consumption of fixed capital..............
Equals: Net structures...................................
Equipment and software...........................
Less: Consumption of fixed capital..............
Equals: Net equipment and software...........
Residential.......................................................
Less: Consumption of fixed capital..................
Equals: Net residential.....................................
Change in private inventories............................
Gross government investment1............................
Less: Consumption of fixed capital............................
Equals: Net government investment........................
Federal........
National defense...............................
Nondefense
State and local
Structures..................
Less: Consumption of fixed capital......................
Equals: Net structures...........................................
Federal..................................................
National defense...............................
Nondefense.......................................
State and local......................................
Equipment and software
Less: Consumption of fixed capital......................
Equals: Net equipment and software...................
Federal........
National defense...............................
Nondefense
State and local
Addenda:
Gross domestic fixed investment.........................
Less: Consumption of fixed capital......................
Equals: Net domestic fixed investment................
1999
2000
2001
2002
1 94.929 100.000 93.279 93.149
2 93.712 100.000 105.937 108.180
3 96.709 100.000 80.825 78.328
4 94.647 100.000 91.650 90.580
5 93.044 100.000 106.465 108.842
6 96.780 100.000 71.936 66.279
7 93.884 100.000 96.826 93.258
8 93.044 100.000 106.465 108.842
9 95.094 100.000 82.947 70.818
10 91.980 100.000 95.517 88.683
11 92.100 100.000 107.081 109.499
12 91.735 100.000 71.883 46.140
13 93.619 100.000 97.465 79.492
14 98.920 100.000 103.670 103.150
15 87.497 100.000 90.299 52.168
16 91.437 100.000 94.825 92.144
17 90.405 100.000 107.983 111.220
18 94.060 100.000 61.382 43.659
19 99.254 100.000 100.351 105.228
20 97.917 100.000 103.405 105.582
21 100.026 100.000 98.588 105.024
??
23 96.545 100.000 102.532 107.708
24 97.100 100.000 103.291 104.868
25 95.528 100.000 101.142 112.911
?fi
?7
?R
29 93.517 100.000 99.840 104.421
30 96.817 100.000 101.518 105.335
31 98.021 100.000 103.617 104.131
32 95.740 100.000 99.640 106.412
33
34
3S
36 93.076 100.000 100.293 105.836
37 96.114 100.000 104.236 111.807
38 96.352 100.000 103.014 105.526
39 92.745 100.000 121.532 200.709
40
41
4?
43 97.273 100.000 95.922 91.079
44
45
46
94.290 100.000 97.704 95.490
93.712 100.000 105.937 108.180
95.152 100.000 85.406 76.507
1. Gross government investment consists of general government and government enterprise expenditures
for fixed assets; change in inventories is included in government consumption expenditures.
N ote . Chain-type quantity indexes for net investment are computed from chained (2000) dollar estimates of
net investment by scaling the chained-dollar estimates to 100 in the reference year (2000).
Chained (2000) dollar estimates of net investment appear in table 5.2.6.
Line
Gross domestic investment......................
Less: Consumption of fixed capital..............
Equals: Net domestic investment................
Gross private domestic investment.....................
Less: Consumption of fixed capital
Equals: Net private domestic investment.................
Fixed investment.............
Less: Consumption of fixed capital......................
Equals: Net fixed investment
Nonresidential.............
Less: Consumption of fixed capital..................
Equals: Net nonresidential
Structures....................................................
Less: Consumption of fixed capital..............
Equals: Net structures..................................
Equipment and software...........................
Less: Consumption of fixed capital..............
Equals: Net equipment and software...........
Residential......................................................
Less: Consumption of fixed capital..................
Equals: Net residential......................................
Change in private inventories...........................
Gross government investment1...........................
Less: Consumption of fixed capital..........................
Equals: Net government investment........................
Federal.................................................
National defense..............................
Nondefense......................................
State and local......................................
Structures............................................................
Less: Consumption of fixed capital......................
Equals: Net structures..........................................
Federal.................................................
National defense...............................
Nondefense......................................
State and local......................................
Equipment and software....................................
Less: Consumption of fixed capital......................
Equals: Net equipment and software...................
Federal.................................................
National defense..............................
Nondefense......................................
State and local......................................
Addenda:
Gross domestic fixed investment.........................
Less: Consumption of fixed capital......................
Equals: Net domestic fixed investment................
1999
2000
2001
2002
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
1,912.4 2,040.0 1,924.2
1,101.3 1,187.8 1,266.9
811.2
852.1
657.3
1,625.7 1,735.5 1,607.2
914.3
990.8 1,061.0
546.2
711.3
744.6
1,558.8 1,679.0 1,643.4
914.3
990.8 1,061.0
644.4
582.3
688.1
1,133.9 1,232.1 1,174.1
760.6
827.3
884.9
373.3
404.8
289.2
282.2
313.2
322.1
159.9
167.9
185.1
122.3
145.3
137.0
851.7
918.9
852.0
659.4
600.6
699.8
152.2
251.0
259.5
469.2
424.9
446.9
153.7
163.6
176.1
271.1
293.1
283.3
66.9
56.5
-36.1
286.8
304.5
317.0
187.0
197.0
205.9
99.8
107.5
111.1
-4.1
-7.7
-7.0
-12.1
-11.4
-9.9
3.7
8.0
2.8
103.9
115.3
118.1
175.3
189.3
198.8
89.4
95.8
83.8
91.5
99.9
102.9
-0.7
-4.4
-3.6
-3.9
-4.2
-4.8
3.2
0.5
0.4
92.2
107.4
103.6
111.5
115.2
118.2
103.2
107.6
110.1
8.3
7.6
8.1
-3.4
-4.1
-2.6
-8.2
-7.2
-5.0
2.4
4.8
3.1
11.7
11.7
10.8
1,926.3
1,288.6
637.7
1,589.2
1,077.8
511.4
1,583.9
1,077.8
506.1
1,080.2
893.9
186.3
266.3
185.9
80.4
813.9
708.0
105.9
503.7
183.9
319.8
5.4
337.1
210.8
126.3
-0.4
-4.6
4.2
126.7
212.4
99.0
113.3
-3.4
-5.1
1.6
116.8
124.7
111.8
12.9
3.0
0.4
2.6
9.9
44
45
46
1,845.5
1,101.3
744.3
1,921.0
1,288.6
632.3
1.983.5
1,187.8
795.7
1,960.3
1,266.9
693.4
1. Gross government investment consists of general government and government enterprise expenditures
for fixed assets; change in inventories is included in government consumption expenditures.
40
Newly Available NIPA Tables
April 2004
Table 5.2.6. Real Gross and Net Domestic Investment by Major Type, Chained Dollars
[Billions of chained (2000) dollars]
Line
Gross domestic investment..................................................................
Less: Consumption of fixed capital...........................................................
Equals: Net domestic investment
Gross private domestic investment
Less: Consumption of fixed capital
Equals: Net private domestic investment
Fixed investment....................
Less: Consumption of fixed capital...................................................................
Equals: Net fixed investment.............................................................................
Nonresidential.............................................................................................
Less: Consumption of fixed capital...............................................................
Equals: Net nonresidential............................................................................
Structures................................................................................................
Less: Consumption of fixed capital...........................................................
Equals: Net structures...............................................................................
Equipment and software...........
Less: Consumption of fixed capital
Equals: Net equipment and software
Residential.......................................
Less: Consumption of fixed capital...............................................................
Equals: Net residential..................................................................................
Change in private inventories........................................................................
Gross government investment1.........................................................................
Less: Consumption of fixed capital
Equals: Net government investment
....................................
Federal.........
National detense
Nondefense
State and local
Structures...................................................................
Less: Consumption of fixed capital...............................
Equals: Net structures..................................................
Federal.........................................................
National defense...........................................................................
Nondefense...................................................................................
State and local.........
Equipment and software........
Less: Consumption of fixed capital
Equals: Net equipment and software
Federal..............................................................................................
National defense
Nondefense
State and local
Addenda:
Gross domestic fixed investment......................................................................
Less: Consumption of fixed capital...................................................................
Equals: Net domestic fixed investment.............................................................
1999
2000
2001
2002
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
1,936.5
1,113.1
823.4
1,642.6
921.9
720.6
1,576.3
921.9
654.4
1,133.3
761.9
371.3
293.2
166.0
127.2
840.2
596.2
244.0
443.6
160.2
283.4
68.9
294.0
191.3
102.7
-5.1
-13.1
8.0
107.8
183.3
87.6
95.7
-0.7
-4.1
3.4
96.4
110.7
103.7
7.1
-4.3
-9.0
4.6
11.4
2,040.0
1,187.8
852.1
1,735.5
990.9
744.6
1,679.0
990.9
688.1
1,232.1
827.3
404.8
313.2
167.9
145.3
918.9
659.4
259.5
446.9
163.6
283.3
56.5
304.5
197.0
107.5
-7.7
-11.4
3.7
115.3
189.3
89.4
99.9
-3.6
-4.2
0.5
103.6
115.2
107.6
7.6
-4.1
-7.2
3.1
11.7
1,902.9
1,258.4
644.5
1,590.6
1,054.9
535.6
1,625.7
1,054.9
570.8
1,176.8
885.9
291.0
305.2
174.0
131.2
871.3
712.1
159.3
448.5
169.1
279.3
-36.0
312.2
203.5
108.8
-6.3
-9.1
2.8
115.1
192.2
92.6
99.6
-4.3
-4.7
0.4
103.9
120.1
110.8
9.2
-2.0
-4.5
2.5
11.2
1,900.2
1,285.0
615.2
1,572.0
1,078.5
493.5
1,565.8
1,078.5
487.3
1,092.6
905.9
186.8
249.0
173.1
75.8
846.7
733.4
113.3
470.3
172.7
297.6
5.7
328.0
206.6
121.4
1.2
-3.1
4.3
120.3
199.4
93.1
106.3
-3.3
-4.8
1.5
109.6
128.8
113.5
15.3
4.5
1.8
2.8
10.7
44
45
46
1,870.2
1,113.1
757.1
1,983.5
1,187.8
795.7
1,937.9
1,258.4
679.5
1,894.0
1,285.0
608.7
1. Gross government investment consists of general government and government enterprise expenditures for fixed assets; change in
inventories is included in government consumption expenditures.
N ote . Most chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 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. Chained (2000) dollar estimates of net investment are calculated by
subtracting consumption of fixed capital from gross investment.
April 2004
S urvey
of
C
urrent
41
B u s in e s s
Table 5.8.3B. Real Gross Government Fixed Investment
by Type, Quantity Indexes
Table 5.8.4B. Price Indexes for Gross Government Fixed Investment
by Type
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Line
Gross government fixed investment1......
Federal.....................................................
National defense...................................
Nondefense...........................................
State and local.........................................
Structures2..............................................................
Federal.................................................................
National defense...............................................
New...............................................................
Residential................................................
Industrial...................................................
Military facilities3.......................................
Net purchases of used structures................
Nondefense.......................................................
New.........
.................
Residential................................................
Office....
.........................................
Commercial
Health care
Educational
Public safety....
Amusement and recreation......................
Transportation.,
Power..............
Highways and streets
Conservation and development...............
Other4.......................................................
Net purchases of used structures................
State and local.....................................................
New...................................................................
Residential
Office.......
Commercial
Health care
Educational
Public safety
Amusement and recreation..........................
Transportation
Power......
Highways and streets
Sewer systems
Water systems..............................................
Conservation and development...................
Other5...........................................................
Net purchases of used structures....................
Equipment and software2.......................................
Federal.................................................................
National defense...............................................
Aircraft...........................................................
Missiles.........................................................
Ships.............................................................
Vehicles.........................................................
Electronics and software..............................
Other equipment...........................................
Nondefense.......................................................
State and local.....................................................
Addenda:
Government enterprise gross fixed investment
Federal.............................................................
Structures......................................................
Equipment and software..............................
State and local.................................................
Structures......................................................
Equipment and software...............................
1999
2000
2001
2002
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1fi
17
18
19
20
21
22
23
24
25
26
27
?B
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
96.545
101.917
97.566
108.898
94.619
96.817
122.426
103.727
103.728
110.656
88.017
102.491
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
102.532
102.493
103.833
100.373
102.544
101.518
94.257
88.386
88.393
113.330
124.503
76.368
107.708
112.661
116.016
107.396
106.021
105.335
101.285
83.881
83.890
115.161
79.459
72.810
57
58
59
60
61
62
63
133.615 100.000
107.924 100.000
97.762 111.691
94.966 96.423
115.813
117.947
115.088
78.831
119.827
109.662
106.465
83.490
80.330
102.581
98.285
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
77.300
79.799
95.409
113.328
82.188
85.206
88.673
129.721
109.946
112.857
115.893
89.993
53.393
115.923
132.269
76.310
85.624
79.685
176.803
76.117
125.869
107.116
94.882
94.713
113.442
91.728
108.776
102.130
93.628
101.237
85.103
79.078
85.564
97.424
106.932
105.137
81.584
58.373
102.014
96.114
97.902
96.886
85.436
105.662
105.021
89.378
95.741
99.644
99.903
93.703
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
102.067
104.048
102.479
95.491
109.694
94.293
105.428
82.686
95.617
112.324
101.627
107.373
100.319
107.201
98.927
53.479
18.673
104.236
104.186
105.627
116.354
127.596
109.536
102.418
97.864
100.135
101.367
104.306
105.641
105.987
100.442
98.031
105.306
101.579
114.476
76.014
94.261
109.054
95.055
106.089
99.780
111.523
90.224
182.764
89.886
111.807
115.019
119.829
132.957
127.372
130.974
136.566
100.852
117.451
105.662
107.398
97.450
111.618
115.567
109.391
95.552
94.348
102.931
100.000 102.432 102.816
100.000 81.541 80.868
100.000 86.868 72.558
100.000 78.403 86.091
100.000 105.153 105.670
100.000 106.545 106.063
100.000 96.267 103.440
1. Consists of general government and government enterprise expenditures for fixed assets.
2. Structures and software include compensation of government employees engaged in new own-account
investment and related expenditures for goods and services.
3. Consists of Department of Defense new structures, except family housing.
4. Consists of lodging, religious, communication, sewage and waste disposal, water supply structures, and
manufacturing.
5. Consists of lodging, communication, and manufacturing.
Line
Gross government fixed investment1......
Federal.....................................................
National defense
Nondefense.....
State and local....
Structures2..............................................................
Federal.................................................................
National defense...............................................
New..............................................................
Residential................................................
Industrial...................................................
Military facilities3.......................................
Nondefense......................................................
New..............................................................
Residential................................................
Office........................................................
Commercial..............................................
Health care...............................................
Educational...............................................
Public safety.....................
Amusement and recreation
Transportation..................
Power................................
Highways and streets......
Conservation and development...............
Other4...............................
Net purchases of used structures
State and local...........................
New...................................................................
Residential
Office.
Commercial
Health care
Educational
Public safety.................................................
Amusement and recreation.........................
Transportation...............................................
Power............................................................
Highways and streets...................................
Sewer systems.............................................
Water systems..............................................
Conservation and development...................
Other5...........................................................
Net purchases of used structures....................
Equipment and software2......................................
Federal.................................................................
National defense...............................................
Aircraft..........................................................
Missiles.........................................................
Ships.............................................................
Vehicles........................................................
Electronics and software..............................
Other equipment...........................................
Nondefense......................................................
State and local....................................................
Addenda:
Government enterprise gross fixed investment
Federal.............................................................
Structures.....................................................
Equipment and software..............................
State and local................................................
Structures.....................................................
Equipment and software..............................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1fi
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
1999
2000
2001
2002
97.547
99.688
100.160
98.965
96.763
95.623
95.852
96.057
96.057
95.576
95.696
96.266
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
101.525
99.688
98.986
100.831
102.175
103.427
103.794
103.916
103.915
104.827
103.063
103.600
102.783
99.068
98.279
100.356
104.116
106.492
106.114
106.402
106.401
107.398
106.004
105.990
95.735 100.000 103.727 105.966
95.924 100.000 103.417 105.652
95.976
95.705
95.646
96.006
95.813
95.823
95.154
96.158
95.259
96.769
95.100
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
102.968
104.013
104.405
103.669
104.312
104.279
103.646
103.147
103.609
102.033
103.944
105.627
105.957
106.325
107.208
106.271
106.451
106.490
105.950
106.472
103.600
107.042
95.602
95.596
95.562
96.053
95.750
95.724
96.068
95.714
95.784
95.672
96.073
95.123
95.026
95.013
96.728
95.652
95.830
100.716
100.544
100.638
105.413
99.918
97.649
101.980
100.812
99.500
100.357
100.955
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
100.000
103.400
103.379
104.981
102.942
104.350
104.343
103.745
104.277
104.297
100.603
103.054
103.561
103.888
103.916
102.036
104.720
105.974
98.444
98.905
98.478
94.099
97.426
99.934
98.386
98.363
100.624
99.769
97.820
106.518
106.502
107.673
105.642
106.300
106.315
107.187
106.294
106.312
105.590
106.165
106.329
106.981
107.048
103.526
107.482
108.678
96.856
97.759
97.494
90.872
96.547
100.533
97.633
96.194
100.890
98.270
95.616
57 96.469 100.000 102.091
58 99.539 100.000 100.226
59 96.235 100.000 102.703
60 101.506 100.000 98.723
61 96.030 100.000 102.310
62 95.399 100.000 102.796
63 99.817 100.000 99.105
104.778
99.599
104.573
96.687
105.334
106.470
97.791
1. Consists of general government and government enterprise expenditures for fixed assets.
2. Structures and software include compensation of government employees engaged in new own-account
investment and related expenditures for goods and services.
3. Consists of Department of Defense new structures, except family housing.
4. Consists of lodging, religious, communication, sewage and waste disposal, water supply structures, and
manufacturing.
5. Consists of lodging, communication, and manufacturing.
42
Newly Available NIPA Tables
April 2004
Table 5.8.5B. Gross Government Fixed Investment
by Type
Table 5.8.6B. Real Gross Government Fixed Investment
by Type, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Line
Gross government fixed Investment1
Federal.....................................................
National defense...................................
Nondefense...........................................
State and local.........................................
Structures2...............................................................
Federal.................................................................
National defense
New.......
Residential
Industnal
Military facilities3.......................................
Net purchases of used structures................
Nondefense.......................................................
New
Residential..................................... ....
Office.
Commercial
Health care
Educational
Public safety.
Amusement and recreation......................
Transportation...........................................
Power........................................................
Highways and streets................................
Conservation and development................
Other4.......................................................
Net purchases of used structures................
State and local.....................................................
New...................................................................
Residential
Office....
Commercial
Health care
Educational
Public safety
Amusement and recreation...........................
Transportation
Power....
Highways and streets
Sewer systems..............................................
Water systems...............................................
Conservation and development.....................
Other5 ...........................................................
Net purchases of used structures.....................
Equipment and software2.......................................
Federal.................................................................
National defense
Aircraft...
Missiles.
Ships
Vehicles.
Electronics and software...............................
Other equipment
Nondefense.!.....................................................
State and local.....................................................
Addenda:
Government enterprise gross fixed Investment
Federal.............................................................
Structures......................................................
Equipment and software...............................
State and local.................................................
Structures......................................................
Equipment and software...............................
1999
2000
2001
2002
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
286.8
80.7
47.7
33.0
206.0
175.3
15.6
5.0
5.0
1.3
0.2
3.4
0.0
10.6
9.8
304.5
79.5
48.8
30.7
225.0
189.3
13.3
5.0
5.0
1.3
0.3
3.4
0.0
8.3
9.5
317.0
81.2
50.2
31.0
235.8
198.8
13.0
4.6
4.6
1.5
0.4
2.7
0.0
8.4
9.3
337.1
88.7
55.7
33.0
248.4
212.4
14.3
4.4
4.4
1.5
0.2
2.7
0.0
9.9
9.7
1.8
0.9
0.9
0.3
1.9
0.6
0.4
0.1
0.4
2.0
0.6
0.8
159.7
155.7
4.6
13.6
0.3
3.0
41.1
4.5
5.0
11.4
3.2
49.2
9.0
8.5
2.2
0.2
4.0
111.5
65.1
42.8
7.0
2.8
6.8
1.7
9.8
14.7
22.4
46.4
1.6
0.8
0.8
0.4
1.7
0.6
0.4
0.1
0.6
2.0
0.7
-1.2
176.0
172.0
4.2
15.4
0.2
3.0
45.7
4.6
6.2
15.1
3.9
53.1
8.9
8.5
2.8
0.3
4.1
115.2
66.2
43.8
7.8
2.7
6.6
1.8
10.1
14.9
22.3
49.0
1.3
0.6
0.8
0.4
1.4
0.5
0.4
0.1
0.7
2.4
0.8
-0.9
185.8
185.0
4.6
15.2
0.3
3.0
50.0
4.0
6.2
17.1
4.1
59.0
9.2
9.5
2.8
0.2
0.8
118.2
68.2
45.6
8.5
3.3
7.2
1.8
9.7
15.0
22.6
50.0
1.5
0.4
1.0
0.5
1.3
0.6
0.3
0.1
0.5
2.7
0.8
0.2
198.1
194.1
4.6
16.0
0.3
3.3
56.1
3.7
6.2
17.4
3.9
59.9
9.5
10.1
2.6
0.6
4.0
124.7
74.4
51.2
9.4
3.3
8.7
2.4
9.8
17.6
23.2
50.3
57
58
59
60
61
62
63
56.1
7.7
2.8
4.9
48.4
41.0
7.5
59.7
6.9
2.5
4.4
52.8
45.5
7.3
62.4
5.7
2.3
3.4
56.8
49.8
6.9
64.3
5.6
1.9
3.7
58.7
51.4
7.3
1. Consists of general government and government enterprise expenditures for fixed assets.
2. Structures and software include compensation of government employees engaged in new own-account
investment and related expenditures for goods and sen/ices.
3. Consists of Department of Defense new structures, except family housing.
4. Consists of lodging, religious, communication, sewage and waste disposal, water supply structures, and
manufacturing.
5. Consists of lodging, communication, and manufacturing.
Line
Gross government fixed investment1
Federal.....................................................
National defense...................................
Nondefense..........................................
State and local........................................
Structures2..............................................................
Federal.................................................................
National defense...............................................
New....
Residential
Industnal
Military facilities3.......................................
Net purchases of used structures................
Nondefense......................................................
New....
Residential................................................
Office
Commercial..............................................
Health care
Educational
Public safety.............................................
Amusement and recreation.....................
Transportation...........................................
Power........................................................
Highways and streets...............................
Conservation and development...............
Other4.......................................................
Net purchases of used structures................
State and local....................................................
New
...........................................................
Residential
Office.
Commercial
Health care
Educational
Public safety
Amusement and recreation..........................
Transportation
Power.
Highways and streets...................................
Sewer systems.............................................
Water systems..............................................
Conservation and development....................
Other5...........................................................
Net purchases of used structures....................
Equipment and software2......................................
Federal ...............................................................
National defense
Aircraft
Missiles
Ships...
Vehicles
Electronics and software..............................
Other equipment
Nondefense......................................................
State and local....................................................
Residual....................................................................
Addenda:
Government enterprise gross fixed investment
Federal.............................................................
Structures.....................................................
Equipment and software...............................
State and local................................................
Structures.....................................................
Equipment and software...............................
1999
2000
2001
2002
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
294.0
81.0
47.6
33.4
212.9
183.3
16.3
5.2
5.2
1.4
0.2
3.5
0.0
11.1
10.3
304.5
79.5
48.8
30.7
225.0
189.3
13.3
5.0
5.0
1.3
0.3
3.4
0.0
8.3
9.5
312.2
81.4
50.7
30.8
230.8
192.2
12.5
4.4
4.4
1.4
0.3
2.6
0.0
8.1
9.0
328.0
89.5
56.6
32.9
238.6
199.4
13.5
4.2
4.2
1.4
0.2
2.5
0.0
9.3
9.2
1.8
0.9
0.9
0.3
2.0
0.7
0.4
0.1
0.5
2.1
0.7
0.8
167.0
162.9
4.8
14.1
0.3
3.1
42.8
4.7
5.3
12.0
3.3
51.7
9.5
8.9
2.3
0.2
4.1
110.7
64.8
42.5
6.6
2.8
6.9
1.6
9.7
14.8
22.3
45.9
0.0
1.6
0.8
0.8
0.4
1.7
0.6
0.4
0.1
0.6
2.0
0.7
-1.2
176.0
172.0
4.2
15.4
0.2
3.0
45.7
4.6
6.2
15.1
3.9
53.1
8.9
8.5
2.8
0.3
4.1
115.2
66.2
43.8
7.8
2.7
6.6
1.8
10.1
14.9
22.3
49.0
-0.2
1.2
0.6
0.7
0.4
1.4
0.5
0.3
0.1
0.6
2.3
0.8
-0.9
179.7
178.9
4.4
14.7
0.3
2.9
48.2
3.8
5.9
17.0
4.0
57.0
8.9
9.1
2.7
0.2
0.8
120.1
68.9
46.3
9.0
3.4
7.2
1.9
9.9
14.9
22.6
51.1
0.0
1.4
0.4
0.9
0.5
1.3
0.5
0.3
0.1
0.4
2.6
0.7
0.2
186.0
182.3
4.3
15.1
0.3
3.1
52.3
3.5
5.8
16.5
3.7
56.3
8.8
9.5
2.5
0.6
3.7
128.8
76.1
52.5
10.3
3.4
8.6
2.5
10.2
17.5
23.6
52.6
-0.1
58
59
60
61
62
63
64
58.2
7.8
2.9
4.8
50.4
42.9
7.5
59.7
6.9
2.5
4.4
52.8
45.5
7.3
61.2
5.7
2.2
3.5
55.5
48.5
7.0
61.4
5.6
1.8
3.8
55.7
48.3
7.5
1. Consists of general government and government enterprise expenditures for fixed assets.
2. Structures and software include compensation of government employees engaged in new own-account
investment and related expenditures for goods and services.
3. Consists of Department of Defense new structures, except family housing.
4. Consists of lodging, religious, communication, sewage and waste disposal, water supply structures, and
manufacturing.
5. Consists of lodging, communication, and manufacturing.
N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the
2000 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 arid the sum of the most detailed lines,
excluding the lines in the addenda.
April 2004
S urvey
of
C
urrent
43
B u s in e s s
Table 6.2D. Compensation of Employees by Industry
[M
illions of dollars]
.ine
Compensation of employees........
Domestic industries....................................
Private industries....................................
Agriculture, forestry, fishing, and
hunting.............................................
Farms”..............................................
Forestry, fishing, and related
activities........................................
M ining..................................................
Oil and gas extraction......................
Mining, except oil and ga s...............
Support activities for mining.............
U tilities.................................................
Construction........................................
Manufacturing.....................................
Durable goods...................................
Wood products..............................
Nonmetallic mineral products.......
Primary metals..............................
Fabricated metal products...........
Machinery.....................................
Computer and electronic products
Electrical equipment, appliances,
and components......................
Motor vehicles, bodies and
trailers, and parts.....................
Other transportation equipment....
Furniture and related products.....
Miscellaneous manufacturing......
Nondurable goods
oodandb
products
Textile mills and textile product
mills......................................
Apparel and leather and allied
products..............................
Paper products........................
Printing and related support
activities..............................
Petroleum and coal products...
Chemical products..................
Plastics and rubber products...
Wholesale trad e ............................
Durable goods.............................
Nondurable goods.......................
Retail trade.....................................
Motor vehicle and parts dealers..
Food and beverage stores..........
General merchandise stores.......
Other retail2................................
Transportation and warehousing.
Air transportation.......................
Rail transportation.......................
Water transportation...................
Truck transportation....................
Transit and ground passenger
transportation..........................
Pipeline transportation................
Other transportation and support
activities3................................
Warehousing and storage..........
Inform ation....................................
Publishing industries (includes
software).................................
1999
2000
2001
2002
1 5,357,103 5,782,665 5,940,424 6,019,086
2 5,362,316 5,787,257 5,945,442 6,024,334
3 4,407,009 4,776,446 4,881,868 4,898,171
4
5
32,960
18,906
34,641
19,719
35,941
20,660
36,191
20,387
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
14,054
33,444
12,285
13,214
7,946
42,629
282,763
854,192
570,351
21,432
23,795
33,566
75,003
75,553
129,058
14,922
35,981
13,418
13,078
9,484
46,341
309,187
918,856
621,216
22,172
25,788
34,800
80,339
80,456
155,540
15,281
38,827
14,175
13,373
11,278
48,336
327,820
876,645
584,017
21,360
25,643
32,228
77,296
75,276
137,475
15,804
37,510
14,036
13,024
10,450
49,295
330,666
845,616
555,505
21,490
25,438
29,725
74,268
70,051
121,113
21
27,889
30,633
28,551
26,628
22
23
24
25
26
81,656
47,424
21,924
33,052
283,842
84,980
47,411
23,788
35,310
297,641
79,284
48,351
22,889
35,665
292,629
80,946
47,722
22,373
35,750
290,111
27
66,674
71,355
72,993
74,417
28
19,775
20,268
18,584
17,851
29
30
16,690
31,697
16,262
32,589
14,795
32,000
13,583
31,512
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
33,885
9,600
67,579
37,943
313,945
197,935
116,010
368,225
73,062
60,232
50,274
184,657
186,120
34,109
17,115
3,359
56,780
35,303
9,648
72,096
40,119
328,582
207,849
120,734
396,611
77,655
63,207
55,088
200,661
199,338
37,339
16,941
3,455
60,281
34,159
9,926
71,548
38,622
334,039
208,684
125,355
410,710
81,570
65,479
57,789
205,872
203,591
40,162
16,660
3,578
60,850
32,690
10,086
71,617
38,355
333,269
204,196
129,073
419,408
84,381
66,744
60,381
207,902
201,952
38,551
16,349
3,650
60,880
48
49
9,688
4,224
10,019
5,140
10,491
5,133
10,817
4,119
50
51
52
43,398
17,448
217,519
46,927
19,234
248,037
47,150
19,569
244,551
47,388
20,198
226,667
53
69,536
78,090
76,004
70,213
1. NAICS crop and animal production.
2. Consists of furniture and home furnishings stores; electronics and appliance stores; building material
and garden equipment and supplies dealers; health and personal care stores; gasoline stations; clothing
and clothing accessories stores; sporting goods, hobby, book, and music stores; miscellaneous store
retailers; and nonstore retailers.
3. Consists of scenic and sightseeing transportation; transportation support activities; and couriers and
messengers.
4. Intangible assets include patents, trademarks, and franchise agreements, but not copyrights.
5. Consists of accounting, tax preparation, bookkeeping, and payroll services; architectural, engineering,
and related services; specialized design services; management, scientific, and technical consulting
Line
Motion picture and sound recording
industries......................................
Broadcasting and
telecommunications.....................
Information and data processing
services........................................
Finance and insurance......................
Federal Reserve banks, credit
intermediation, and related
activities........................................
Securities, commodity contracts, and
investments...................................
Insurance carriers and related
activities........................................
Funds, trusts, and other financial
vehicles.........................................
Real estate and rental and leasing....
Real estate........................................
Rental and leasing services and
lessors of intangible assets4........
Professional, scientific, and
technical services...........................
Legal services...................................
Computer systems design and
related services...........................
Miscellaneous professional,
scientific, and technical services5
Management of companies and
enterprises'.....................................
Administrative and waste
management services...................
Administrative and support services
Waste management and remediation
services........................................
Educational services.........................
Health care and social assistance...
Ambulatory health care services.....
Hospitals...........................................
Nursing and residential care facilities
Social assistance..............................
Arts, entertainment, and recreation
Performing arts, spectator sports,
museums, and related activities....
Amusements, gambling, and
recreation industries....................
Accommodation and food services
Accommodation................................
Food services and drinking places...
Other services, except government
Government.............................................
Federal..................................................
General government.........................
Civilian..........................................
Military7 ........................................
Government enterprises..................
State and local......................................
General government.........................
Education......................................
Other8...........................................
Government enterprises8................
Rest of the world........................................
Receipts from the rest of the world..........
Less: Payments to the rest of the world9
1999
2000
2001
2002
54
18,289
20,007
20,220
21,013
55
98,755
109,581
109,133
102,155
56
57
30,940
370,657
40,359
409,270
39,195
436,938
33,285
435,092
58
128,437
130,959
145,870
156,165
59
112,031
140,232
144,873
128,366
60
122,153
128,877
136,981
141,075
61
62
63
8,036
70,705
49,103
9,201
77,401
53,475
9,215
81,215
56,751
9,485
83,960
59,777
64
21,601
23,926
24,464
24,183
65
66
421,972
77,968
486,853
85,396
499,985
91,540
488,918
95,591
67
90,745
114,860
111,900
99,344
68
253,259
286,596
296,544
293,984
69
136,054
147,400
140,523
138,771
70
71
213,076
199,175
211,741
197,720
216,433
201,726
219,929
204,608
72
73
74
75
76
77
78
79
13,901
65,903
447,132
202,869
149,098
55,381
39,784
48,364
14,021
71,987
478,784
217,827
156,646
59,947
44,364
53,596
14,707
78,201
516,269
234,324
169,066
64,939
47,941
56,953
15,321
83,796
554,811
250,487
183,142
69,547
51,635
59,577
80
23,221
25,606
27,264
28,753
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
30,824
25,143
27,990
29,690
175,964
152,818
164,689
170,301
47,877
47,734
43,363
47,228
128,087
109,455
117,462
122,567
148,531
176,780
157,150
164,589
955,307 1,010,811 1,063,573 1,126,164
322,947
277,379
293,875
302,793
261,893
221,292
233,761
242,713
155,580
134,187
142,298
145,169
97,541
106,310
87,105
91,463
61,057
56,087
60,114
60,083
803,217
677,927
716,937
760,780
633,051
669,441
710,052
749,289
339,494
402,276
360,115
382,078
293,557
347,013
309,326
327,974
44,876
47,496
50,728
53,928
-5,248
-5,213
-4,592
-5,018
3,163
2,748
2,933
3,090
8,411
7,961
7,525
8,108
services; scientific research and development services; advertising and related services; and other profes
sional, scientific, and technical services.
6. Consists of offices of bank and other holding companies and of corporate, subsidiary, and regional
managing offices.
7. Includes the Coast Guard.
8. Employees of Indian tribal governments are classified in state and local government.
9. Includes estimates of foreign professional workers and undocumented Mexican migratory workers
employed temporarily in the United States.
N ote . Estimates in this table are based on the 1997 North American Industry Classification System
(NAICS).
44
Newly Available NIPA Tables
April 2004
Table 6.11D. Employer Contributions for Employee Pension and Insurance Funds by Industry and by Type
[Millions of dollars]
Line
1999
2000
2001
2002
562,362
609,908
642,637
680,430
2
562,362
609,908
Domestic industries...........................................................................................................................................................................................
3
383,133
423,075
Private industries...........................................................................................................................................................................................
4
1,906
Agriculture, forestry, fishing, and hunting
2,018
Mining.............................................
5
3,349
3,745
6
5,032
5,568
Utilities............................................
7
Construction....................................
29,130
32,061
Manufacturing..............................................................................................................................................................................................
8
100,346
110,975
78,444
Durable goods
9
70,116
10
30,230
Nondurable goods
32,531
11
25,259
27,091
Wholesale trade
Retail trade...
12
23,007
25,314
27,676
30,150
20,342
22,334
Transportation and warehousing
13
14
18,618
21,567
Information...
41,141
Finance, insurance, real estate, rental, and leasing....................................................................................................................................
15
37,270
Professional and business services1..........................................................................................................................................................
16
57,778
64,473
17
Educational services, health care, and social assistance.............
39,961
43,611
Arts, entertainment, recreation, accommodation, and food services
18
11,593
12,872
Other services, accept government...............................................
19
9,540
10,302
20
Government.......................................................................................
179,229
186,834
Rest of the world................................................................................................................................................................................................
21
By type
642,637
446,674
2,172
4,074
5,971
34,682
110,704
76,778
33,926
28,718
680,430
470,507
2,246
4,143
6,338
36,158
114,048
78,334
35,714
30,751
23,800
22,380
44,863
67,785
48,396
14,162
11,291
195,963
24,986
22,229
47,366
70,456
53,315
15,657
12,664
209,924
22
Employer contributions for employee pension and insurance funds.........................................................................................................
Pension and profit-sharing.....................................................
23
24
Private pension and profit-sharing.....................................
Defined benefit pension and profit-sharing...................
25
Defined contribution pension and profit-sharing...........
26
Publicly administered government employee retirement plans
27
Federal civilian2 .............................................................
28
Federal military3.......................................................................................................................................................................................
29
30
State and local
Private insurance funds
31
346,396
387,356
32
Group insurance
33
Group health insurance
34
Group life insurance
Workers’ compensation
35
38,768
41,734
Supplemental unemployment......................................................................................................................................................................
36
Addenda:
Benefits paid by pension and insurance funds.........................................................................................................................................
37
Pension and profit-sharing..........................................................................................................................................................................
38
Private pension and profit-sharing
39
252,896
Publicly administered government employee retirement plans..............................................................................................................
40
Federal civilian7
41
47,274
Federal military3
42
32,172
State and local,
43
92,124
44
Private insurance funds
Group insurance..
45
354,899
392,980
Group health insurance.......................................................................................................................................................................
46
47
Group life insurance....
Workers' compensation...
48
Supplemental unemployment
49
1,883
50
Employee contributions for publicly administered government employee retirement plans..............................................................
Federal civilian.............................................................................................................................................................................................
51
State and local.............................................................................................................................................................................................
52
642,637
230,546
120,238
36,016
84,222
110,308
42,332
29,408
38,568
680,430
237,879
124,109
39,617
84,492
113,770
43,887
31,834
38,049
366,333
353,291
13,042
393,020
379,261
13,759
47,565
1,961
Employer contributions for employee pension and insurance funds.............................................................................................
By industry
1
562,362
215,965
107,878
32,828
75,050
108,087
39,996
26,574
41,517
412,090
305,688
294,125
11,563
43,834
1,940
1,843
816,319
885,442
424,466
453,414
270,135
288,675
171,570
183,279
49,779
33,220
100,280
391,853
432,028
334,755
20,144
35,071
1,766
34,722
10,254
24,468
1. Consists of professional, scientific, and technical services; management of companies and enterprises; and administrative and waste management services.
2. Consists of civil service, foreign service, Public Health Service officers, Tennessee Valley Authority, Thrift Savings Fund, and several small retirement programs.
3. Includes the Coast Guard.
N ote . Estimates in this table are based on the 1997 North American Industry Classification System.
609,908
222,553
113,451
34,301
79,150
109,102
41,260
28,222
39,620
442,546
343,779
331,416
12,363
375,962
17,018
37,282
1,842
36,755
10,934
25,821
1,923
942,221 1,006,808
484,755
517,181
308,808
196,080
208,373
51,867
53,285
35,429
34,645
109,568
119,659
489,627
457,466
417,274
448,247
430,467
400,409
16,865
17,780
38,350
39,501
1,879
38,826
42,274
11,526
13,458
27,300
28,816
A p ril
2004
45
S u r v e y o f C u r r e n t B u s in e s s
Table 7.8. Supplements to Wages and Salaries by Type
[Billions of dollars]
Line
1999
2000
2001
2002
Supplements to wages and salaries..................................................................................................................................................
Employer contributions for government social insurance (3.6:2)........................................................................................................................
Employer contributions for employee pension and insurance funds (6.11 A-D:1)..............................................................................................
By type
Pension, profit-sharing, and other retirement benefit plans1......................................................................................................................
Old-age, survivors, and disability insurance (3.6:5).......
Federal civilian employee retirement (6.11 A-C:26; 6.11D 28)
Federal military employee retirement (6.11A-C:27; 6.11D 29)
Railroad retirement (3.6:12)............................................
Pension benefit guaranty (3.6:13)...................................
State and local employee retirement (6.11A—
C:28; 6.11 D:30).......................................................................................................................
Private pension and profit-sharing (6.11A—
C:22; 6.11 D:24)..........................................................................................................................
1
2
3
885.7
323.3
562.4
953.4
343.5
609.9
997.6
354.9
642.6
1,044.5
364.1
680.4
4
5
6
7
8
9
10
11
438.8
219.1
40.0
26.6
2.8
0.9
41.5
107.9
459.5
233.3
41.3
28.2
2.9
0.8
39.6
113.5
476.7
242.5
42.3
29.4
2.8
0.9
38.6
120.2
490.2
248.7
43.9
31.8
2.7
0.8
38.0
124.1
Health insurance...............................................................................................................................................................................................
Federal hospital insurance (3.6:6)...................................................................................................................................................................
Military medical insurance (3.6:16).................................................................................................................................................................
Temporary disability insurance (3.6:18)..........................................................................................................................................................
Private group health insurance (6.11B,C:31; 6.11D:33)2...............................................................................................................................
1?
13
14
15
16
357.6
62.4
1.0
0.0
294.1
399.6
67.0
1.2
0.0
331.4
423.2
68.5
1.3
0.0
353.3
450.1
69.4
1.4
0.0
379.3
17
18
19
11.6
0.0
11.6
12.4
0.0
12.4
13.1
0.0
13.0
13.8
0.0
13.8
Workers’ compensation....................................................................................................................................................................................
Federal (3.6:15)...........................
State and local (3.6:19)...............
Private insurance (6.11B,C:33; 6.11D 35)2
20
21
22
23
48.7
2.0
7.9
38.8
52.0
2.2
8.1
41.7
55.0
2.2
9.0
43.8
59.1
2.4
9.1
47.6
Unemployment insurance............
State unemployment insurance (3.6:8)...........................................................................................................................................................
Federal unemployment tax (3.6:9)..................................................................................................................................................................
Railroad employees unemployment insurance (3.6:10).................................................................................................................................
Federal employees unemployment insurance (3.6:11)..................................................................................................................................
Private supplemental unemployment (6.11 B,C:34; 6.11 D:36).......................................................................................................................
?4
25
26
27
28
29
29.1
19.8
6.8
0.1
0.4
1.9
29.9
20.5
7.1
0.1
0.4
1.8
29.6
20.1
7.0
0.1
0.5
1.9
31.4
21.7
7.0
0.1
0.7
2.0
Veterans life insurance (3.6:14)..........................
Private group life insurance (6.11 B,C:32; 6.11 D:34)2
1. Employer contributions to privately administered programs and to publicly administered government employee retirement plans are classified as employer contributions for employee pension and insurance funds.
Employer contributions to other publicly administered programs are classified as employer contributions for government social insurance.
2. Government contributions to privately administered health, life, and workers’ compensation insurance for government employees are classified as employer contributions for employee pension and insurance
funds.
N ote. The numbers in parentheses indicate the tables and line numbers from which the entries in this table are derived.
Table 7.14. Relation of Nonfarm Proprietors’ Income in the National Income and Product Accounts to Corresponding Measures as
Published by the Internal Revenue Service
[Billions of dollars]
Line
Net profit (less loss) of nonfarm proprietorships and partnerships, plus payments to partners, IRS...................................................
Plus: Adjustments for misreporting on income tax returns.................................................................................................................................
Posttabulation amendments and revisions1
Depletion on domestic minerals.................
Adjustment to depreciate expenditures for mining exploration, shafts, and wells..................................................................................
Equals: Nonfarm proprietors’ income, NIRAs................................................................................................................................................
1
2
3
4
5
B
7
8
9
1999
369.5
270.5
-59.5
0.8
1.2
9.5
1.2
2.0
595.2
2000
393.2
293.3
-60.7
1.1
0.9
10.8
1.3
1.9
641.8
2001
401.7
308.0
-77.3
1.1
3.7
13.4
1.4
2.3
654.4
2002
654.1
1. Consists largely of an adjustment to expense all meals and entertainment, of oilwell bonus payments written off, of adjustments for corporate partners and statutory employees, of interest income, and of margins
on owner-built housing.
IRS Internal Revenue Service
NIFAs National income and product accounts
46
April 2004
Newly Available NIPA Tables
Table 7.16. Relation of Corporate Profits, Taxes, and Dividends in the National Income and Product Accounts to Corresponding
Measures as Published by the Internal Revenue Service
[Billions of dollars]
Line
1999
925.4
136.1
34.1
34.0
26.3
3.7
4.0
8.0
0.5
35.8
-118.2
Total receipts less total deductions, IR S......................................................................................................................................
Plus: Adjustment for misreporting on income tax returns....................
Posttabulation amendments and revisions1.............................
Income of organizations not filing corporation income tax returns
Federal Reserve banks.........................................................
Federally sponsored credit agencies2...............................................................................................................................
Other3...........................................................
Depletion on domestic minerals.......................
Adjustment to depreciate expenditures for mining exploration, shafts, and wells................................................................
State and local taxes on corporate income......
Interest payments of regulated investment companies
Bad debt expense.............................................
Less: Tax-return measures of:
Gains, net of losses, from sale of property.......................................................................................................................
Dividends received from domestic corporations...............................................................................................................
Income on equities in foreign corporations and branches (to U.S. corporations)............................................................
Costs of trading or issuing corporate securities4..................................................................................................................
Plus: Income received from equities in foreign corporations and branches by all U.S. residents, net of corresponding payments.
Equals: Profits before taxes, NIPAs................................................................................................................................................
Federal income and excess profits taxes, IRS.............................................................................................................................
Plus: Posttabulation amendments and revisions, including results of audit and renegotiation and carryback refunds...................
Amounts paid to U.S. Treasury by Federal Reserve banks...................................................................................................
State and local taxes on corporate income
Taxes paid by domestic corporations to foreign governments on income earned abroad...................................................
Less: U.S. tax credits claimed for foreign taxes paid
Investment tax credit5...........................
Other tax credits5..................................
Equals: Taxes on corporate income, NIPAs...................................................................................................................................
Profits after tax, NIPAs (18-27).......................................................................................................................................................
Dividends paid in cash or assets, IRS...........................................................................................................................................
Plus: Posttabulation amendments and revisions6............................................
Dividends paid by Federal Reserve banks and certain federally sponsored credit agencies2.............................................
U.S. receipts of dividends from abroad, net of payments to abroad....
Earnings remitted to foreign residents from their unincorporated U.S. affiliates
Interest payments of regulated investment companies.......................
Less: Dividends received by U.S. corporations................................................
Earnings of U.S. residents remitted by their unincorporated foreign affiliates
Equals: Net corporate dividend payments, NIPAs.......................................................................................................................
100.2
2000
2001
2002
914.2
146.8
54.4
39.4
30.8
3.9
4.7
8.4
5.1
35.5
-143.5
107.7
269.4
67.3
123.4
41.5
121.5
775.9
242.0
-5.5
25.4
35.8
9.9
39.9
286.3
69.6
131.4
53.0
145.7
773.4
266.3
-9.9
25.3
35.5
9.1
258.6
517.2
769.8
-235.7
1.5
41.7
5.3
-118.2
118.8
8.3
337.4
12.3
265.2
508.2
910.3
-291.2
1.8
29.5
4.1
-143.5
129.9
3.3
377.9
696.8
745.0
201.1
495.6
195.0
549.9
373.2
398.3
10.2
49.9
1. Consists largely of an adjustment to expense all meals and entertainment, of oilwell bonus payments written off, of adjustments for insurance carriers and savings and loan associations, of amortization of intan
gible assets, and of tax-exempt interest income.
2. Consists of the Farm Credit System and the Federal home loan banks.
3. Consists of nonprofit organizations serving business and of credit unions.
4. Includes the imputed financial service charge paid by corporations to domestic securities dealers who do not charge an explicit commission.
5. Beginning with 1984, the investment tax credit is included in other tax credits (line 26).
6. Consists largely of an adjustment to remove capital gains distributions of regulated investment companies.
IRS Internal Revenue Service
NIPAs National income and product accounts
Table 7.18. Relation of Wages and Salaries in the National Income and Product Accounts to Wages and Salaries as Published by the
Bureau of Labor Statistics
[Billions of dollars]
Line
Total wages and salaries, BLS1.......................................................................................................................................................................
1
Plus: Adjustment for misreporting on employment tax returns2
2
3
Adjustment for thrift savings plans3 .....
Adjustment for selected industries4 .....
4
Other5...................................................
5
Equals: Wage and salary disbursements, NIPAs
6
Plus: Wage accruals less disbursements, NIPAs
7
8
Equals: Wage and salary accruals, NIPAs......................................................................................................................................................
1999
2000
2001
2002
4,235.6
95.4
0.0
118.3
17.0
4,466.3
5.2
4,471.4
4,587.7
99.8
0.0
123.1
18.7
4,829.2
0.0
4,829.2
4,695.2
104.3
0.0
125.2
18.2
4,942.9
0.0
4,942.9
4,714.4
108.3
0.0
135.4
16.5
4,974.6
0.0
4,974.6
1. Total annual wages of workers covered by State unemployment insurance (Ul) laws and by the Unemployment Compensation for Federal Employees program. Data for the most recent year are preliminary.
2. Consists of unreported wages and salaries paid by employers and of unreported tips.
3. Consists of voluntary contributions by employees. Prior to 1985, employers were not required to report these contributions. In 1985, reporting requirements were enacted by over one half of the States; by 1990,
the requirement had been enacted by almost all States.
4. Consists of the difference between estimates from more comprehensive source data (excluding the adjustments in lines 2 and 3) and BLS wages and salaries.
5. Consists of wages and salaries for insurance agents classified as statutory employees, for students and their spouses employed by public colleges or universities, for nonprofit organizations not participating in the
Ul program, for judicial fees paid to jurors and witnesses, for compensation of prison inmates, for marriage and license fees paid to justices of the peace, and of other coverage adjustments.
BLS Bureau of Labor Statistics
April 2004
47
S u r v e y o f C u r r e n t B u s in e s s
Table 8.1. Gross Domestic Product, Not Seasonally Adjusted
[Billions of dollars; quarterly totals not seasonally adjusted]
1999
2000
2001
2002
Line
I
Gross domestic product.....................................
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...........................................................
Addendum:
Gross national product..............................................
III
II
IV
II
I
III
IV
I
II
1 2,193.8 2,285.1 2,352.6 2,436.9 2,338.5 2,449.2 2,485.2 2,544.1 2,429.8
2 1,476.6 1,558.4 1,580.1 1,667.4 1,609.4 1,672.2 1,686.2 1,771.6 1,687.8
179.4
216.2
199.6
3
207.2
208.1
222.9
203.2
215.1
228.7
4
402.0
444.2
450.7
508.0
441.7
482.8
486.5
536.3
463.5
973.2
5
895.1
907.0
921.3
936.6
964.5
984.6 1,006.5 1,024.7
386.7
445.7
402.4
396.0
428.1
414.9
404.4
458.1
6
427.3
7
350.8
399.4
434.4
435.8
426.6
386.9
400.3
382.1
408.3
315.4
294.3
8
265.6
289.3
288.0
291.0
287.8
312.6
316.2
77.7
74.2
9
64.8
70.6
72.8
68.0
84.6
74.0
82.8
218.7
213.9
218.2
237.7
233.4
220.2
10
200.8
219.8
228.0
11
85.2
109.3
119.0
123.2
110.4
92.6
110.0
120.3
94.3
14.6
22.3
11.3
22.3
15.5
12
35.8
-3.4
19.9
0.6
-43.7
-80.7
-73.1
-91.8 -108.4 -101.6
-85.3
13
-63.0
-77.6
14
236.8
243.8
262.9
261.2
273.9
279.2
281.9
272.5
247.8
167.2
172.2
196.8
196.2
15
169.7
188.1
187.0
197.3
203.2
74.7
77.1
76.4
16
69.6
71.6
78.1
74.2
82.0
78.7
365.7
17
280.6
306.8
328.4
335.9
338.9
387.7
383.5
357.8
271.9
302.7
234.6
254.2
284.7
286.7
306.1
324.5
326.2
18
19
45.9
52.6
56.5
51.3
52.1
59.6
63.2
55.1
57.3
III
IV
II
I
III
IV
2,518.7 2,545.7 2,606.5 2,507.7 2,600.3 2,660.9 2,711.9
1,756.3 1,754.2 1,847.0 1,764.0 1,835.8 1,849.8 1,935.7
244.1
211.7
227.6
241.9
222.3
215.9
230.1
545.8
477.4
518.8
572.3
504.5
499.8
517.5
1,029.5 1,038.5 1,057.1 1,074.9 1,088.2 1,103.4 1,121.5
374.2
397.9
422.9
394.2
405.9
422.0
377.0
397.4
426.6
425.4
404.5
367.4
410.7
408.3
303.4
291.4
285.0
264.7
268.3
269.3
277.9
82.7
77.9
67.0
65.0
87.4
66.0
68.3
220.7
207.1
198.7
201.3
204.2
204.0
209.6
119.4
128.2
123.3
134.0
102.7
132.8
140.0
-20.7
-3.4
-27.4
6.8
-12.8
14.6
-3.3
-90.2
-78.7 -105.9 -120.6 -121.1
-91.2
-99.9
267.1
254.2
257.3
249.4
246.1
241.8
253.6
174.6
173.1
178.0
190.1
170.6
167.9
178.8
81.2
79.2
77.0
78.7
71.5
73.9
74.8
336.4
374.8
358.2
349.2
320.5
359.5
378.3
281.7
310.2
295.7
287.9
265.3
316.9
297.9
61.4
54.6
55.2
64.6
62.6
61.3
61.6
20
21
22
23
24
374.4
123.3
81.6
41.7
251.0
393.7
129.8
82.8
47.0
263.9
425.0
149.5
92.0
57.5
275.5
427.7
153.2
104.3
48.9
274.5
402.4
130.3
83.9
46.4
272.1
423.1
139.3
88.6
50.7
283.7
449.3
153.9
92.9
61.0
295.4
446.8
155.2
104.8
50.4
291.6
424.9
138.0
90.0
48.0
286.9
447.7
145.3
91.6
53.8
302.3
469.4
161.5
99.2
62.3
307.9
472.7
168.1
112.3
55.8
304.7
448.2
150.8
99.3
51.5
297.5
472.4
160.7
102.2
58.5
311.8
508.8
184.2
110.8
73.4
324.6
503.1
183.8
125.9
57.9
319.3
25
2,202.4
2,293.8
2,360.2
2,445.7
2,347.9
2,458.4
2,493.5
2,556.1
2,437.4
2,525.1
2,548.7
2,624.7
2,514.1
2,602.0
2,666.0
2,720.3
Table 8.2. Personal Consumption Expenditures by Major Type of Product, Not Seasonally Adjusted
[Billions of dollars; quarterly totals not seasonally adjusted]
1999
2002
2001
2000
Line
I
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...............
Gasoline and oil.....................................................
Fuel oil and coal....................................................
Other.........................................................................
Services............
Housing.........
Household operation
Electricity and gas
Other household operation....................................
Transportation.
Medical care...
Recreation.................................................................
Other.........................................................................
Addenda:
Energy goods and services1.....................................
Personal consumption expenditures excluding food
and energy............................................................
1 1,476.6
179.4
2
82.3
3
4
64.8
32.3
5
6
402.0
7
200.2
8
58.5
31.3
9
27.5
10
11
3.8
12
112.0
13
895.1
14
231.8
93.3
15
36.3
16
17
57.0
18
67.0
235.6
19
20
59.6
21
207.8
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
1,558.4
207.2
101.0
68.7
37.5
444.2
218.5
68.3
37.3
35.0
2.3
120.0
907.0
235.8
86.0
27.9
58.1
69.2
238.2
61.5
216.3
1,580.1
208.1
99.9
71.4
36.9
450.7
221.6
68.9
39.3
37.2
2.2
120.9
921.3
239.6
92.3
33.2
59.1
70.0
241.7
64.3
213.5
1,667.4
222.9
87.6
89.0
46.3
508.0
232.7
90.7
41.8
38.3
3.6
142.8
936.6
241.2
93.2
33.3
59.9
70.3
245.6
63.2
223.1
1,609.4
203.2
94.9
72.0
36.3
441.7
214.7
61.4
44.4
39.3
5.1
121.1
964.5
245.4
97.0
36.1
60.9
71.4
250.0
65.2
235.5
1,672.2
216.2
100.9
74.3
41.1
482.8
232.9
71.0
48.4
45.5
2.9
130.4
973.2
250.0
91.5
29.9
61.6
73.4
254.1
66.4
237.7
1,686.2
215.1
100.3
75.5
39.4
486.5
235.5
71.4
49.1
46.2
2.9
130.5
984.6
254.4
95.7
33.7
62.0
73.2
258.8
68.9
233.5
1,771.6
228.7
90.5
91.1
47.1
536.3
241.9
93.9
49.6
44.6
5.0
150.8
1,006.5
256.6
105.8
43.6
62.3
73.2
263.9
67.7
239.3
1,687.8
199.6
91.9
71.5
36.3
463.5
224.1
62.5
48.3
42.1
6.2
128.6
1,024.7
261.6
112.0
50.3
61.7
73.9
269.0
69.4
238.8
1,756.3
222.3
108.1
73.4
40.8
504.5
243.4
71.3
51.9
49.0
2.9
137.9
1,029.5
266.8
95.3
32.4
62.9
74.7
274.5
70.3
247.9
1,754.2
215.9
102.8
74.1
39.0
499.8
244.3
70.5
47.6
45.0
2.6
137.5
1,038.5
271.2
99.1
35.9
63.2
73.2
280.0
72.5
242.4
1,847.0
244.1
104.1
93.0
46.9
545.8
252.8
93.2
40.7
36.9
3.8
159.1
1,057.1
274.1
100.9
37.6
63.3
72.3
286.4
71.6
251.8
1,764.0
211.7
100.5
73.8
37.3
477.4
235.5
65.1
39.4
34.8
4.6
137.5
1,074.9
279.8
104.8
41.2
63.5
73.3
291.2
74.1
251.8
1,835.8
230.1
110.9
76.9
42.3
517.5
252.7
72.5
46.4
43.7
2.7
145.9
1,088.2
284.8
96.1
32.2
63.9
74.4
297.1
75.4
260.4
1,849.8
227.6
108.6
77.7
41.2
518.8
254.3
71.9
46.5
43.9
2.6
146.1
1,103.4
289.0
100.8
36.6
64.2
72.8
303.5
77.1
260.2
1,935.7
241.9
98.0
95.3
48.5
572.3
263.1
94.9
48.1
43.4
4.7
166.2
1,121.5
291.0
106.6
42.3
64.3
72.3
311.0
76.6
264.1
22
67.5
65.3
72.5
75.1
80.5
78.3
82.8
93.2
98.6
84.3
83.4
78.4
80.6
78.6
83.1
90.4
23
1,208.8
1,274.6
1,286.0
1,359.6
1,314.2
1,361.0
1,367.8
1,436.4
1,365.1
1,428.6
1,426.5
1,515.8
1,447.9
1,504.5
1,512.3
1,582.2
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Newly Available NIPA Tables
48
A p r il 2 0 0 4
Table 8.3. Federal Government Current Receipts and Expenditures, Not Seasonally Adjusted
[Billions of dollars; quarterly totals not seasonally adjusted]
1999
2000
2001
2002
Line
I
Current receipts...................................................
Current tax receipts.......................................................
Personal current taxes.....
Taxes on production and imports
Taxes on corporate income
Taxes from the rest of the world................................
Contributions for government social insurance.............
Income receipts on assets....
Current transfer receipts......
Current surplus of government enterprises..................
Current expenditures.
Consumption expenditures...
Current transfer payments....
Government social benefits
To persons...................
To the rest of the world..........................................
Other current transfer payments................................
Grants-in-aid to state and local governments.......
To the rest of the world (net)..................................
Interest payments..........................................................
To persons and business...........................................
To the rest of the world..............................................
Subsidies.......................................................................
Less: Wage accruals less disbursements.....................
Net Federal Government saving.......................
Addenda:
Gross government investment...................................
Consumption of fixed capital.....................................
II
III
IV
III
IV
III
IV
II
III
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
441.6
259.4
189.4
19.8
49.0
1.3
170.4
4.9
5.3
1.6
429.7
105.4
255.3
195.0
194.4
0.6
60.3
57.6
2.7
60.2
41.8
18.4
8.8
0.0
11.9
548.7
358.1
281.7
20.4
54.6
1.4
178.4
4.8
5.1
2.2
441.0
109.8
242.9
182.4
181.9
0.6
60.4
57.2
3.2
81.0
62.8
18.2
7.4
0.0
107.6
453.0
295.2
216.6
21.6
55.5
1.5
150.2
6.7
6.8
-5.9
432.0
128.2
238.5
178.6
178.0
0.6
59.9
56.7
3.1
59.9
41.1
18.7
5.4
0.0
21.0
447.9
283.0
205.4
22.1
53.9
1.6
152.6
5.1
5.5
1.8
484.9
131.6
249.5
182.0
181.4
0.7
67.4
61.3
6.1
81.5
62.4
19.1
22.2
0.0
-36.9
474.3
273.2
194.1
21.1
56.2
1.7
187.9
6.1
6.1
1.1
451.9
111.6
270.2
206.6
206.0
0.6
63.6
60.4
3.2
60.3
40.4
19.9
9.8
0.0
22.4
I
629.6
426.1
343.9
22.1
58.3
1.8
189.7
5.9
5.9
2.0
465.3
119.3
255.6
190.5
189.9
0.6
65.0
61.7
3.3
82.2
61.7
20.6
8.2
0.0
164.3
II
489.4
323.4
244.0
22.6
55.1
1.7
157.5
7.2
7.4
-6.1
450.0
133.5
248.0
183.5
182.9
0.6
64.5
60.6
3.9
59.2
38.2
21.0
9.4
0.0
39.4
460.6
290.9
217.1
22.0
49.8
2.1
156.6
6.0
6.3
0.8
497.2
134.9
264.3
191.8
191.2
0.6
72.6
64.6
7.9
81.5
60.0
21.5
16.4
0.0
-36.6
491.4
278.9
213.3
21.4
42.4
1.8
198.7
7.0
7.2
-0.4
478.3
119.4
292.3
221.8
221.2
0.6
70.5
67.6
2.9
56.9
35.5
21.4
9.8
0.0
13.1
642.7
430.1
361.4
21.5
45.6
1.6
198.2
6.3
6.7
1.4
489.1
124.9
279.1
205.2
204.7
0.5
73.9
71.2
2.7
77.0
56.4
20.6
8.1
0.0
153.6
434.1
266.9
202.3
21.6
41.3
1.8
159.7
6.9
7.5
-6.9
479.2
140.4
272.4
204.3
203.8
0.6
68.1
64.9
3.2
51.9
32.1
19.8
14.4
0.0
-45.1
449.6
279.0
223.0
21.4
32.5
2.1
158.7
4.2
5.9
1.8
520.7
146.9
286.7
208.9
207.9
1.0
77.8
72.6
5.2
71.8
52.8
19.0
15.3
0.0
-71.1
437.0
223.3
166.8
20.8
33.9
1.8
203.9
3.9
5.5
0.4
507.5
130.9
320.9
240.7
240.0
0.7
80.2
73.3
6.9
45.2
26.6
18.6
10.6
0.0
-70.5
522.8
304.5
240.4
21.6
40.7
1.9
205.5
4.8
6.4
1.5
525.0
138.4
308.8
226.8
226.1
0.7
82.0
78.6
3.4
70.2
51.2
19.0
7.7
0.0
-2.3
462.1
283.5
218.6
22.6
40.5
1.7
169.2
7.9
8.5
-7.1
515.5
160.0
299.3
223.6
223.0
0.7
75.7
72.5
3.1
47.0
28.3
18.7
9.3
0.0
-53.5
438.8
269.3
205.3
22.6
39.6
1.8
158.0
4.0
5.3
2.2
552.6
161.6
314.4
228.9
228.2
0.7
85.5
80.2
5.3
67.0
49.4
17.6
9.6
0.0
-113.8
26
27
17.9
21.0
20.0
21.1
21.2
21.3
21.5
21.5
18.7
21.7
20.0
21.8
20.4
21.9
20.3
21.9
18.6
22.0
20.4
22.1
21.1
22.1
21.2
22.1
19.9
22.1
22.3
22.2
24.2
22.3
22.3
22.5
I
II
1
II
I
IV
Table 8.4. State and Local Government Current Receipts and Expenditures, Not Seasonally Adjusted
[Billions of dollars; quarterly totals not seasonally adjusted]
1999
2000
2001
2002
Line
I
Current receipts...................................................
Current tax receipts.......................................................
Personal current taxes...............................................
Taxes on production and imports...............................
Taxes on corporate income.......................................
Contributions for government social insurance.............
Income receipts on assets.............................................
Current transfer receipts................................................
Federal grants-in-aid..................................................
From business (net)...................................................
From persons............................................................
Current surplus of government enterprises..................
Current expenditures..........................................
Consumption expenditures............................................
Government social benefit payments to persons..........
Interest payments..........................................................
Subsidies.......................................................................
Less: Wage accruals less disbursements......................
Net state and local government saving............
Addenda:
Gross government investment...................................
Consumption of fixed capital.....................................
II
III
IV
I
II
III
IV
I
II
III
IV
III
IV
1
2
3
4
5
6
/
8
9
10
11
12
13
14
15
16
17
18
19
302.6
206.5
51.5
146.8
8.2
2.4
20.8
70.6
57.6
4.6
8.4
2.3
288.2
208.6
61.1
18.4
0.1
0.0
14.4
305.8
209.2
62.5
137.4
9.2
2.4
21.1
70.5
57.2
4.7
8.6
2.6
293.3
212.7
61.9
18.6
0.1
0.0
12.5
287.8
190.9
48.6
133.0
9.3
2.4
21.5
70.5
56.7
5.0
8.8
2.4
299.1
216.8
63.4
18.7
0.1
0.0
-11.3
340.5
233.8
51.9
172.9
9.0
2.5
21.9
79.1
61.3
8.7
9.1
3.1
305.8
220.8
65.9
18.9
0.1
0.0
34.7
322.3
220.2
56.7
154.5
9.1
2.6
22.6
74.9
60.4
5.1
9.4
2.0
308.7
225.1
64.2
19.3
0.1
0.0
13.6
334.7
227.0
72.6
144.9
9.5
2.7
23.0
80.0
61.7
8.6
9.7
2.1
315.1
227.7
67.7
19.6
0.1
0.0
19.6
302.3
198.9
52.9
137.0
9.0
2.8
23.2
76.1
60.6
5.6
9.9
1.2
319.9
230.8
68.9
20.1
0.1
0.0
-17.7
360.1
247.1
54.4
184.7
8.0
3.0
23.4
84.3
64.6
9.5
10.2
2.3
325.7
234.1
70.9
20.6
0.1
0.0
34.4
342.5
230.4
61.0
161.9
7.5
3.2
23.6
83.7
67.6
5.6
10.4
1.7
332.6
237.8
71.6
21.2
2.0
0.0
9.9
354.8
235.0
76.9
150.0
8.1
3.3
23.9
91.0
71.2
9.2
10.7
1.6
343.4
240.8
77.4
21.6
3.6
0.0
11.5
312.0
201.3
52.2
141.5
7.6
3.4
24.0
82.5
64.9
6.7
10.9
0.8
339.4
242.8
73.7
21.8
1.2
0.0
-27.4
373.4
251.0
53.6
190.4
7.0
3.4
24.1
93.6
72.6
9.8
11.1
1.3
350.0
244.7
82.5
22.0
0.8
0.0
23.3
349.5
229.6
54.1
168.5
6.9
3.4
24.0
90.7
73.3
6.1
11.4
1.9
349.0
246.2
80.1
22.2
0.5
0.0
0.5
362.7
234.0
61.9
164.0
8.1
3.4
23.9
100.6
78.6
10.4
11.6
0.9
355.1
249.9
82.6
22.4
0.2
0.0
7.7
322.2
202.5
51.9
142.5
8.1
3.4
23.8
90.8
72.5
6.5
11.8
1.6
358.5
252.5
82.9
22.6
0.4
0.0
-36.3
390.2
259.4
54.1
197.4
8.0
3.4
23.8
102.0
80.2
9.8
12.1
1.6
365.4
256.1
86.6
22.8
-0.1
0.0
24.9
20
21
42.4
24.9
51.2
25.3
58.7
25.7
53.7
26.2
46.9
26.7
56.0
27.3
64.6
27.7
57.5
28.1
49.2
28.5
61.5
28.9
65.1
30.7
60.0
29.6
51.3
30.0
61.9
30.3
72.0
30.6
63.2
30.9
April 2004
49
S u r v e y o f C u r r e n t B u s in e s s
Table 8.5. Foreign Transactions in the National Income and Product Accounts, Not Seasonally Adjusted
[Billions of dollars; quarterly totals not seasonally adjusted]
2000
1999
2002
2001
Line
III
IV
1
2
3
4
5
6
7
8
9
10
311.2
236.8
167.2
69.6
74.4
357.4
280.6
234.6
45.9
65.8
321.8
243.8
172.2
71.6
78.0
387.1
306.8
254.2
52.6
69.3
330.7
247.8
169.7
78.1
83.0
414.9
328.4
271.9
56.5
75.3
348.4
262.9
188.1
74.7
85.5
426.5
335.9
284.7
51.3
76.7
352.9
261.2
187.0
74.2
91.7
433.7
338.9
286.7
52.1
82.4
371.1
273.9
196.8
77.1
97.2
466.0
365.7
306.1
59.6
88.0
374.9
279.2
197.3
82.0
95.7
488.5
387.7
324.5
63.2
87.3
380.0
281.9
203.2
78.7
98.1
487.4
383.5
326.2
57.3
86.0
362.0
272.5
196.2
76.4
89.5
451.6
357.8
302.7
55.1
81.9
350.4
267.1
190.1
77.0
83.3
445.9
358.2
295.7
62.6
76.9
326.0
249.4
170.6
78.7
76.6
434.1
349.2
287.9
61.3
73.6
315.6
246.1
174.6
71.5
69.5
400.9
336.4
281.7
54.6
51.4
313.6
241.8
167.9
73.9
71.8
402.5
320.5
265.3
55.2
65.4
328.9
253.6
178.8
74.8
75.3
446.0
359.5
297.9
61.6
73.6
332.1
254.2
173.1
81.2
77.9
461.5
374.8
310.2
64.6
72.8
331.4
257.3
178.0
79.2
74.2
460.1
378.3
316.9
61.4
65.8
11
12
13
14
15
11.1
7.1
2.0
2.0
-46.2
11.0
7.0
2.4
1.7
-65.3
11.1
7.2
2.2
1.8
-84.2
13.9
7.0
5.1
1.7
-78.2
12.5
8.3
2.1
2.1
-80.8
12.3
7.6
2.1
2.5
-94.9
13.5
7.8
2.8
2.9
-113.6
17.8
7.7
6.5
3.6
-107.4
11.9
6.0
1.6
4.2
-89.5
10.7
4.4
1.7
4.7
-95.5
11.2
18.0
2.0
-8.7
-108.1
13.2
4.8
4.2
4.2
-85.3
16.6
7.6
5.7
3.2
-88.9
13.0
8.2
2.3
2.5
-117.1
13.9
9.8
2.1
2.1
-129.4
15.9
9.9
4.3
1.8
-128.6
I
Current receipts from the rest of the world.....
Exports of goods and services..................................
Goods1......................................................................
Services1...................................................................
Income receipts...........................................................
Current payments to the rest of the world.......
Imports of goods and services..................................
Goods1......................................................................
Services1...................................................................
Income payments........................................................
Current taxes and transfer payments to the rest of
the world (nett..........................................................
From persons (net)....................................................
From government (net)..............................................
From business (net)...................................................
Balance on current account, NIPAs..................
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
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.
Table 8.6. Corporate Profits With Inventory Valuation Adjustment, Not Seasonally Adjusted
[Billions of dollars; quarterly totals not seasonally adjusted]
2000
1999
2002
2001
Line
I
Corporate profits with inventory valuation
adjustment.......................................................
Profits before ta x ...........................................................
Taxes on corporate income.......................................
Profits after tax..........................................................
Inventory valuation adjustment......................................
1
2
3
4
5
187.9
184.0
59.7
124.3
3.9
II
III
IV
193.7
195.7
66.2
129.5
-2.0
201.3
201.7
67.4
134.3
-0.4
193.9
194.5
65.4
129.2
-0.6
I
188.3
196.5
67.8
128.7
-8.2
II
III
IV
198.1
202.1
70.4
131.7
-4.0
196.1
195.7
66.5
129.2
0.4
176.9
179.1
60.4
118.7
-2.2
I
179.0
179.7
52.3
127.4
-0.7
II
III
IV
185.4
188.7
56.1
132.7
-3.3
173.8
172.8
51.0
121.8
1.1
167.7
155.6
41.8
113.8
12.1
I
169.7
168.5
43.1
125.4
1.2
II
III
IV
189.0
190.2
51.1
139.0
-1.1
193.8
195.6
51.0
144.6
-1.8
190.2
190.7
49.8
140.9
-0.5
50
April 2004
U.S. International Transactions, Fourth Quarter 2003
By Christopher L. Bach
T
H E U.S. current-account deficit— the com bined
balances on trade in goo d s an d services, incom e,
an d net unilateral current transfers— decreased to
$127.5 billion (prelim inary) in the fourth quarter o f
2003 from $135.3 billion (revised) in the third quarter
(table A, chart l ) . 1 The decrease w as m ore than ac
coun ted for by a large increase in the surplu s on in
com e an d by an increase in the surplu s on services.
These increases were partly offset by increases in the
deficit on g oo d s an d in net outflow s for unilateral cu r
rent transfers.
In the financial account, net recorded financial in
flows— net acquisition s by foreign residents o f assets in
the U nited States less net acquisition s by U.S. residents
o f assets abroad — were $180.9 billion in the fourth
quarter, u p fro m $105.9 billion in the third quarter. F i
nancial inflows for foreign-ow ned assets in the U nited
States increased m uch m ore than financial outflow s for
1. Quarterly estimates o f U.S. current- and financial-account components
are seasonally adjusted when the series demonstrate statistically significant
patterns. The accompanying tables present both adjusted and unadjusted
estimates. See also tables 1-11 that follow the article “U.S. International
Transactions, 2003.”
U .S.-ow ned assets abroad.
The statistical discrepancy— errors an d o m ission s in
recorded tran sactions— w as a negative $53.1 billion in
the fourth quarter, com pared with a positive $30.2 b il
lion in the third quarter.
The follow ing are highlights for the fourth quarter:
•T h e surplu s on incom e increased substantially as a
result o f sharply higher receipts o f incom e on U.S.
direct investm ent abroad; the increase w as attribu t
able to both im proved econ om ic con dition s abroad
an d appreciations o f foreign currencies again st the
U.S. dollar.
• The g oo d s deficit increased as im ports increased
m ore than exports; increases were sizable for both
im p orts and exports.
• N e t foreign purch ases o f U .S. securities other than
U.S. Treasury securities increased sharply after only
a sm all increase in the third quarter. N et U .S. p u r
chases o f foreign securities decreased.
• U.S. claim s reported by U.S. banks decreased by a
sizable am o u n t for the secon d successive quarter,
while U.S. liabilities reported by U .S. banks
increased sharply. As a result, net inflow s to banks
Table A. Summary of U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
Line
Lines in tables 1 and 11 in which transactions
are included are indicated in ()
(Credits +; debits -)
Current account
1 Exports of goods and services and income receipts (1)................
2
Goods, balance of payments basis (3)........................................
3
Services (4)..................................................................................
4
Income receipts (12)....................................................................
5 Imports of goods and services and income payments (18)............
6
Goods, balance of payments basis (20)......................................
/
Services (21)................................................................................
8
Income payments (29).................................................................
9 Unilateral current transfers, net (35)................................................
Capital account
10 Capital account transactions, net (39).............................................
Financial account
11 U.S.-owned assets abroad, net (increase/financial outflow (-)) (40)
12
U.S. official reserve assets, net (41)............................................
13
U.S. Government assets, other than official reserve assets, net
(46)...........................................................................................
14
U.S. private assets, net (50)........................................................
15 Foreign-owned assets in the United States, net (increase/financial
inflow (+)) (55)..............................................................................
16
Foreign official assets in the United States, net (56)..................
1/
Other foreign assets in the United States, net (63)....................
18 Statistical discrepancy (sum of above items with sign reversed)
(70)...............................................................................................
Memoranda:
19 Balance on current account (76).....................................................
20 Net financial flows (40 and 55)........................................................
r Revised.
f Preliminary.
2002
2003'’
1,229,649 1,294,236
681,874
713,761
292,233
304,932
255,542
275,543
-1,651,657 -1,767,775
-1,164,746 -1,263,170
-227,399
-245,687
-259,512
-258,918
-58,853
-68,291
Change:
2002-2003
2002
2003
Change:
2003: III—
IV
I
II
III
IV
lr
II'
III'
Iv o
64,587
31,887
12,699
20,001
-116,118
-98,424
-18,288
594
-9,438
297,074
165,298
71,144
60,632
-387,864
-271,331
-55,168
-61,365
-15,938
307,616
171,421
72,275
63,920
-416,962
-292,707
-55,877
-68,378
-13,481
313,939
174,315
73,500
66,124
-422,666
-297,627
-57,168
-67,871
-13,997
311,015
170,840
75,311
64,864
-424,165
-303,081
-59,186
-61,898
-15,436
309,869
173,385
74,003
62,481
-431,634
-309,328
-59,608
-62,698
-17,391
311,387
174,287
73,210
63,890
-434,165
-312,299
-59,298
-62,568
-17,062
323,463
177,777
77,071
68,615
-442,104
-314,025
-62,469
-65,610
-16,651
349,517
188,312
80,646
80,559
-459,870
-327,518
-64,310
-68,042
-17,188
26,054
10,535
3,575
11,944
-17,766
-13,493
-1,841
-2,432
-537
-1,285
-3,050
-1,765
-277
-286
-364
-358
-388
-1,553
-818
-291
527
-178,985
-3,681
-277,704
1,523
-98,719
5,204
-35,227
390
-128,567
-1,843
29,712
-1,416
-44,902
-812
-100,710
83
-112,197
-170
-13,696
-611
-51,105
2,221
-37,409
2,832
-32
-175,272
700
-279,927
732
-104,655
133
-35,750
42
-126,766
-27
31,155
-180
-43,910
-70
-100,723
427
-112,454
483
-13,568
-140
-53,186
-623
-39,618
706,983
94,860
612,123
856,660
207,665
648,995
149,677
112,805
36,872
146,813
6,106
140,707
221,242
47,552
173,690
141,478
8,992
132,486
197,448
32,210
165,238
242,096
40,978
201,118
262,911
57,000
205,911
119,626
45,289
74,337
232,031
64,398
167,633
112,405
19,109
93,296
-45,852
-34,076
11,776
-4,581
30,438
-48,102
-23,602
-1,842
-9,321
30,180
-53,094
-83,274
-480,861
527,998
-541,830
578,956
-60,969
50,958
-106,728
111,586
-122,827
92,675
-122,724
171,190
-128,586
152,546
-139,156
141,386
-139,840
150,714
-135,292
105,930
-127,541
180,926
7,751
74,996
April 2004
51
S u r v e y o f C u r r e n t B u s in e s s
were substantially larger in the fourth quarter than
in the third.
Chart 1. U.S. Current-Account Balance and
Its Components
U.S. dollar in exchange markets
The U .S. dollar declined again st m ajor currencies in
the fourth quarter, falling 5 percent again st the euro
and 7 percent against the yen (table B, chart 2). The
Chart 2. Nominal Indexes of Foreign Currency Price
of the U.S. Dollar
N ote. See table B for the definitions of the indexes. Monthly average rates.
Data: Federal Reserve Board. Indexes rebased by BEA.
U.S. Bureau of Economic Analysis
Table B. Indexes of Foreign Currency Price of the U.S. Dollar
[January 1999=100]
2002
2002
2003
2003
IV '
Nominal:1
Broad2....................................................
Major currencies3...............................
Other important trading partners4
Real:1
Broad2....................................................
Major currencies3...............................
Other important trading partners4.....
Selected currencies: (nominal)5
Canada ...................................................
European currencies:
Euro area6..........................................
United Kingdom..................................
Switzerland.........................................
Japan......................................................
Mexico.....................................................
Brazil.......................................................
lr
II'
III'
IV
Dec. '
Jan. '
Feb.'
Mar.'
Apr.'
May'
June ’
July'
Aug.'
Sep.'
Oct.
Nov.
Dec.
110.2
108.6
111.7
107.9
103.6
113.1
104.2
98.8
110.7
104.1
98.6
110.8
101.1
93.0
111.6
109.4
107.4
111.5
108.1
104.6
112.3
108.0
103.5
113.5
107.6
102.7
113.5
106.7
102.4
111.9
103.2
97.6
110.0
102.6
96.5
110.3
103.7
98.4
110.1
104.9
99.6
111.3
103.7
97.7
111.1
101.6
94.0
111.4
101.5
93.7
111.6
100.1
91.3
111.8
111.0
112.7
108.4
108.8
107.8
109.3
105.2
103.0
107.4
105.6
103.1
107.9
101.7
97.1
107.0
109.9
111.2
107.8
108.7
108.5
108.3
108.9
107.8
109.5
108.8
107.2
110.0
107.7
106.8
108.2
104.1
101.7
106.6
103.8
100.6
107.3
105.1
102.8
107.2
106.4
104.3
108.5
105.2
102.3
108.1
102.7
98.4
107.7
102.0
97.7
106.7
100.4
95.1
106.6
91.9
89.7
87.0
86.4
86.4
102.9
102.1
99.2
101.3
107.8
193.1
98.9
98.2
95.4
96.7
110.4
189.3
99.0
97.6
96.1
96.4
110.1
192.8
94.3
94.2
91.2
95.1
111.1
193.5
103.3
99.4
92.0
90.9
86.6
102.6
101.4
99.5
97.2
96.0
91.1
89.0
91.0
115.9
105.0
105.8
108.1
100.5
242.9
108.0
103.0
98.6
105.0
106.9
231.2
102.1
101.9
96.4
104.6
103.2
197.3
102.9
102.4
99.0
103.6
105.9
194.2
97.4
96.7
94.2
96.1
110.5
191.9
113.7
104.0
103.9
107.6
101.0
239.9
109.1
102.0
99.3
104.9
104.9
227.3
107.5
102.6
98.2
105.3
108.1
237.8
107.4
104.3
98.3
104.8
107.7
228.6
106.7
104.8
99.5
105.8
104.6
205.6
100.3
101.7
94.6
103.6
101.2
195.2
99.3
99.3
95.2
104.4
103.7
191.1
102.0
101.7
98.2
104.8
103.3
190.7
'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 tne euro-area countries, Australia,
Canada, Japan, Sweden, Switzerland, and the United Kingdom. The weight for each currency is its broad-
103.9
103.5
99.7
104.7
106.5
198.8
index 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.
52
U.S. International Transactions
decline occurred despite econom ic data releases show
ing strength in som e sectors o f the economy. The m an
ufacturing reports for Septem ber an d O ctober an d the
em ploym ent reports for Septem ber, O ctober, and N o
vem ber all p oin ted to stronger growth. The Federal Re
serve an noun ced that m on etary policy w ould rem ain
accom m odative for a considerable p eriod o f tim e, in
terest rates rem ained low, and inflation rem ained su b
dued. C urrent-account and Federal G overnm ent
bu d get deficits increased.
The dollar depreciated to its lowest level against the
euro since the euro’s in troduction in 1999. D u rin g the
fourth quarter, econ om ic data releases indicated a
pickup in grow th in a few countries. However, grow th
in Europe rem ained considerably slower than in the
U nited States, as it h ad been in the previous three
quarters, and short-term interest rates rem ained above
those in the U nited States.
The dollar’s depreciation against the Japanese yen
partly reflected a pickup in Japanese econ om ic growth.
However, appreciation o f the yen w as lim ited by su b
stantial intervention purchases o f dollars for yen in ex
change m arkets on several occasions. The Bank o f
Japan entered into yen-denom inated repurchase agree
m ents with the M in istry o f Finance in anticipation that
ad dition al funds for intervention w ould likely be
needed in the future.
Chart 3. U.S. Trade in Goods
Million $
Current Account
Goods and services
The deficit on g oo d s and services increased to $122.9
billion in the fourth quarter from $121.6 billion in the
third quarter. The deficit on g oo d s increased $3.0 bil
lion, an d the surplu s on services increased $1.7 billion.
Goods
The deficit on goods increased to $139.2 billion in the
fourth quarter from $136.2 billion in the third quarter,
as im p orts increased m ore than exports (table A ). The
increases in both exports and im p orts were large. From
trough s at the end o f 2001, quarterly exports have now
risen to close to their p eak at the end o f 2000, and
quarterly im p orts have risen to exceed their peak at the
end o f 2000 (chart 3).
Exports. G o o d s exports increased $10.5 billion, or 6
percent, in the fourth quarter; real exports increased 5
percent, an d exp ort prices increased 1 percent (table
C ).2 In value, over h alf o f the increase w as in capital
goods.
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 (2000) dollars. Price indexes
(2000=100) are also calculated using a chain-type Fisher formula.
April 2004
Seaso n ally adjusted
U.S. Bureau of Economic Analysis
Revisions to the Estim ates for
the Third Q uarter of 2003
The international transactions accounts estimates for
the third quarter o f 2003 have been revised from the
preliminary estimates that were published in the Jan
uary 2004 Survey o f C urrent Business. In addition, the
estimates for the first through third quarters have
been revised to ensure that the seasonally adjusted
estimates sum to the same annual totals as the unad
justed estimates.
The current-account deficit for the third quarter was
revised to $135.3 billion from $135.0 billion. The
goods deficit was virtually unrevised at $136.2 billion;
the services surplus was revised to $14.6 billion from
$14.9 billion; the income surplus was revised to $3.0
billion from $2.6 billion; and unilateral current trans
fers were revised to net outflows o f $16.7 billion from
net outflows o f $16.3 billion. Revisions to these esti
mates for the first and second quarters were small. Net
recorded financial inflows were revised to $105.9 bil
lion from $123.3 billion.
April 2004
53
S u r v e y o f C u r r e n t B u s in e s s
4 percent, and im p o rt prices were unchanged (table
C ). In value, large increases occurred in several catego
ries, partly reflecting stron g con sum er spendin g and a
pickup in bu sin ess investm ent in the U nited States.
C o n su m er g oo d s increased a record $5.2 billion.
Im ports o f durable goo ds ju m ped , bo th o f h om e en
tertainm ent equipm ent from C hina, M exico, an d Ja
pan an d o f h ou seh old an d kitchen appliances, largely
from Asia. Im po rts o f n on durable g o o d s were also
substantially higher, largely the result o f ph arm aceu ti
cals from W estern Europe.
A utom otive vehicles, engines, an d p arts increased
$4.3 billion. M uch o f the increase w as in com plete p a s
senger cars from Germ any.
C apital g o o d s increased $4.2 billion. A m on g hightechnology produ cts, com puters, peripherals, and
p arts, largely from C hina, an d telecom m un ication s
equ ipm en t were up strongly; sem icon ductors were u n
changed. “ O ther” in dustrial, agricultural, an d service
m achinery, largely from W estern E urope an d C hina,
increased significantly for the second consecutive
quarter. Civilian aircraft, engines, an d parts increased
substantially.
N on petroleu m industrial supplies and m aterials in
creased $0.5 billion. N atural gas from C an ad a and
chem icals from W estern Europe d ro p p ed sharply.
However, building m aterials, h alf o f w hich were from
C an ada, increased 14 percent in the fourth quarter af
ter an 11-percent increase. The fourth -quarter increase
was the largest quarter-on-quarter percentage ju m p in
7 years. Iron and steel produ cts increased 4 percent.
Tariffs p u t in place on steel prod u cts in M arch 2002
were lifted in D ecem ber 2003.
C apital g oo d s increased $5.5 billion, nearly double
the increase in the third quarter. The two large q u ar
terly increases p artly reflected the global recovery in
dem an d an d prod u ction o f com puters, sem icon duc
tors, and telecom m un ication s equipm ent. C om puters,
peripherals, an d p arts increased $0.6 billion, m ainly to
M exico, after increasing $0.9 billion. Sem icon ductors
increased $0.7 billion, the fourth consecutive quarterly
increase, m ainly to Taiwan. T elecom m unications
equ ipm en t increased $0.5 billion, the third consecutive
quarterly increase, follow ing 10 quarters o f decline.
M any types o f m achinery also rose in the fourth q u ar
ter. “O ther” in dustrial, agricultural, an d service m a
chinery increased $0.8 billion, a m arked increase
com pared with little change over the p ast year. Electric
generating equ ipm en t also increased. Civilian aircraft,
engines, an d parts increased $1.2 billion, slightly m ore
than in the previous quarter.
N on agricultural in dustrial supplies an d m aterials
increased $1.8 billion; m ore than h alf o f the increase
w as attributable to an especially large increase in
chem icals.
A gricultural p rodu cts increased $1.2 billion. Soy
bean s increased a record $1.1 billion to a record $2.7
billion. A sharp increase in d em an d by C h ina and d i
m inished w orld supplies contributed to a 25-percent
increase in prices, which further raised the dollar value
o f soybeans exports. C otton an d corn also increased.
A utom otive vehicles, engines, an d parts increased
$0.9 billion, an d con sum er g oo d s increased $0.9 bil
lion.
Im p o rts. G o o d s im p orts increased $13.5 billion, or
4 percent, in the fourth quarter; real im p orts increased
Table C. U.S. Trade in Goods, Current and Chained (2000) Dollars, and Percent Changes from Previous Period
[Balance of payments basis, millions of dollars, quarters seasonally adjusted]
Chained (2000) dollars1
Current dollars
2002
2002
2002
II
Exports..............................
Agricultural products.....
Nonagricultural products
Imports.............................
Petroleum and products
Nonpetroleum products
IV
III
I'
II '
III'
2003
II
IV o
691,079
708,940 174,286
681,874
713,761 171,421 174,315 170,840 173,385 174,287 177,777 188,312
53,894 13,554
53,141
54,513
60,961
13,506 13,557 13,727 14,435 14,578 15,364 16,584
654,817 160,718
637,821
627,361
652,800 157,915 160,758 157,113 158,950 159,709 162,413 171,728
1,164,746 1,263,170 292,707 297,627 303,081 309,328 312,299 314,025 327,518 1,221,612 1,287,464 306,192
120,899
129,538 30,889
103,491
133,305 27,052 27,913 29,386 33,969 32,613 34,266 32,457
1,061,255 1,129,865 265,655 269,714 273,695 275,359 279,686 279,759 295,061 1,100,579 1,157,625 275,410
2002
2002
Exports.............................
Agricultural products.....
Nonagricultural products
Imports.............................
Petroleum and products
Nonpetroleum products
-5.1
-0.7
-5.5
1.6
-0.1
1.8
4.7
11.8
4.1
8.5
28.8
6.5
3.7
-1.6
4.2
7.9
41.3
5.3
IV
III
1.7
0.4
1.8
1.7
3.2
1.5
I'
I I'
-2.0
1.3
-2.3
1.8
5.3
1.5
1.5
5.2
1.2
2.1
15.6
0.6
0.5
1.0
0.5
1.0
-4.0
1.6
I'
I I'
III'
IV p
175,786
12,885
162,907
309,274
30,014
279,302
172,025
12,849
159,160
314,517
31,341
283,258
173,110
13,395
159,660
312,181
30,294
281,916
173,266
13,260
159,959
320,790
33,825
286,893
176,842
13,712
163,049
320,525
33,570
286,856
185,633
13,516
172,146
334,059
32,132
301,942
2003
III'
2003 p
IV p
2.0
5.4
1.7
0.6
5.1
0.0
'Revised.
'’Preliminary.
1. Because chain indexes use weights of more than one period, the corresponding chained dollar estimates are usually not additive.
IV
2002
2003
2003p
II
III
Percent change from previous period (chained (2000) dollars)
Percent change from previous period (current dollars)
2002
2003
2002
2003
2003
5.9
7.9
5.7
4.3
-5.3
5.5
II
-4.5
-2.5
-4.7
3.4
-2.8
4.1
2.6
1.4
2.7
5.4
7.2
5.2
III
IV
I'
II'
3.2
-2.6
3.7
5.2
7.8
4.9
0.9
-4.9
1.4
1.0
-2.8
1.4
-2.1
-0.3
-2.3
1.7
4.4
1.4
0.6
4.3
0.3
-0.7
-3.3
-4.5
0.1
-1.0
0.2
2.8
11.7
1.8
III'
2.1
3.4
1.9
-0.1
-0.8
0.0
IV p
5.0
-1.4
5.6
4.2
-4.3
5.3
54
U.S. International Transactions
Petroleum an d petroleu m prod u cts decreased $1.8
billion. The average n um ber o f barrels im p orted daily
decreased to 12.82 m illion from 13.40 m illion. The av
erage price per barrel decreased 1 percent, to $27.74
from $28.04. W ith Iraq’s im proved p rod u ction cap a
bilities, O P E C m em b ers voted on Septem ber 24th to
cut their p rod u ction 3.5 percent (excluding Iraqi p ro
d uction ), effective N ovem ber 1st, and to m ain tain this
level o f p rod u ction into 2004.
Balances by area. T he g oo d s deficit increased $3.0
billion in the fourth quarter to a record high $139.2
billion after decreasing $1.8 billion in the third
quarter.3 The deficit with W estern E urope increased
$2.6 billion; increases in im p orts o f p assen ger cars
from G erm any and o f capital g oo d s an d con sum er
g o o d s from m any countries m ore than offset a m o d e r
ate increase in exports.
T he deficit with Jap an increased $2.5 billion. E x
p orts were flat, while im p orts, largely o f capital goods
an d con sum er goo ds, rose.
The deficit w ith Latin A m erica increased $0.7 b il
lion. Increases in im p orts o f consum er goo d s from
M exico an d o f p etroleum from M exico an d Venezuela
m ore than offset a sm all increase in exports.
T he deficit w ith O PEC m em bers increased $0.6 bil
lion. A $1.3 billion increase in im p orts from Iraq m ore
than accounted for the higher deficit. Iraq h ad re
turn ed to export m arkets late in the third quarter.
T he deficit with A sia excluding Jap an decreased $1.5
billion; higher exports, particularly soybeans to China,
m ore than accoun ted for the decrease. However, im
ports, m ostly from C h ina and the R epublic o f Korea,
also rose strongly.
Services
The surp lu s on services increased to $16.3 billion in
the fourth quarter from $14.6 billion in the third q u ar
ter (table A ).
Travel receipts increased to $18.1 billion from $16.4
billion, and travel paym ents increased to $15.0 billion
from $14.3 billion. Sizable increases in both the third
an d fourth quarters indicated a significant recovery
from the drop caused by concerns about the severe
acute respiratory syndrom e in the secon d quarter and
by tensions abo u t the w ar in Iraq in the first an d sec
on d quarters. The recovery has been stronger for re
3. Seasonally adjusted estimates for exports for areas and countries are
derived by applying seasonal factors for total U.S. agricultural and nonagri
cultural exports to the unadjusted agricultural and nonagricultural exports
for areas and countries and then sum ming the seasonally adjusted esti
mates. Seasonally adjusted estimates for im ports for areas and countries are
derived by applying seasonal factors for total U.S. petroleum and nonpetro
leum im ports to the unadjusted petroleum and nonpetroleum areas and
countries and then sum m ing the seasonally adjusted estimates. (The sea
sonal factors are derived from the seasonal adjustment o f the U.S. exports
and U.S. im ports by five-digit end-use commodity category.)
April 2004
ceipts than for paym ents. Steep increases in the value
o f foreign currencies durin g 2003 m ay have co n trib
uted to the stronger grow th in receipts than in pay
m ents.
Passenger fare receipts increased to $4.4 billion from
$4.0 billion, and p assen ger fare paym ents decreased to
$5.4 billion from $5.5 billion.
“O ther” tran sportation receipts increased to $8.4
billion from $7.8 billion, an d “other” tran spo rtation
paym ents increased to $11.6 billion from $11.3 billion.
Stron g g oo d s exports an d g o o d s im p orts in the quarter
p ush ed freight and p o rt receipts and paym ents higher.
“ O ther” private services exports increased to $33.8
billion fro m $33.2 billion, largely the result o f an in
crease in business, profession al, and technical services.
“ O ther” private services im ports increased to $20.4 b il
lion from $19.5 billion as a result o f increases in affili
ated services, in busin ess, profession al, an d technical
services, an d in insurance.
Transfers under U.S. m ilitary agency sales contracts
increased to $3.5 billion from $3.4 billion. D irect d e
fense expenditures abro ad were unch anged at $5.9 b il
lion, indicating a sustain ed high level o f expenditures
related to on goin g hostilities in Iraq.
Income
The surplu s on incom e increased to $12.5 billion in the
fourth quarter from $3.0 billion in the third quarter
(table A ). The increase w as attributable to a substan tial
rise in receipts o f incom e on U.S. direct investm ent
abroad.
Receipts o f incom e on U.S. direct investm ent abroad
were $55.5 billion, up from $43.7 billion. Earnings
grew especially strongly, to $54.0 billion from $42.2
billion. Grow th occurred in all m ajo r industries; there
were especially large gains in finance, in m an u factu r
ing (m ainly in E urope), in “oth er” (m ainly in in fo rm a
tion in the U nited K in gdom and Japan, and in
m in in g), an d in w holesale trade (m ain ly in Europe).
The rise reflected the pickup in operatin g earnings
abroad, which increased because o f im proved foreign
econom ic conditions and appreciations o f foreign cu r
rencies against the dollar o f 5 to 10 percent. Im proved
foreign econom ic con dition s and appreciations o f fo r
eign currencies against the dollar h ad also raised earn
ings significantly in the third quarter. Interest receipts,
at $1.5 billion, were virtually unchanged.
Paym ents o f incom e on foreign direct investm ent in
the U nited States were $19.7 billion, up from $19.0 b il
lion. Earnings increased to $14.9 billion from $14.5
billion, an d interest paym en ts increased to $4.7 billion
from $4.5 billion. M an ufacturin g m ore than accounted
for the rise in earnings.
Receipts o f “oth er” private incom e increased $0.3
April 2004
S u r v e y o f C u r r e n t B u s in e s s
billion to $23.0 billion. The increase w as attributable to
an increase in dividends, which resulted from an in
crease in average holdings, and to an increase in inter
est on bo n ds, w hich resulted from a 22-basis-poin t
increase in yields. A decrease in interest receipts on
ban k an d n on b an k claim s w as due to a decrease in av
erage holdings.
Paym ents o f “oth er” private incom e increased $1.1
billion to $29.3 billion. The rise w as m ore than ac
coun ted for by an increase in interest paym ents on
bo n d s th at w as due both to an increase in aver
age holdin gs and to an increase in yields. D ividend
paym ents on stocks were virtually unchanged, and in
terest paym ents on ban k an d n on ban k liabilities de
creased.
Receipts o f incom e on U.S. G overnm ent assets de
creased slightly to $1.2 billion. Paym ents o f incom e on
U.S. G overnm ent liabilities increased to $16.9 billion
from $16.3 billion because o f an increase in average
holdin gs o f U .S. Treasury securities an d an increase in
agency b o n d yields.
Unilateral current transfers
N et outflow s for unilateral current transfers increased
to $17.2 billion in the fourth quarter from $16.7 billion
in the third quarter (table A).
U.S. G overnm ent grants decreased because fewer
congressionally appropriated funds were disbu rsed to
su p p ort reconstruction efforts in Iraq than in the third
quarter. D isbursem ents were $0.7 billion, dow n from
$1.7 billion in the third.
The U.S. G overnm ent did not d isburse m ost o f the
funds often appropriated annually in the fourth q u ar
ter for Israel an d Egypt under the credit waiver p ro
gram to finance m ilitary purch ases and for general
econ om ic su p p ort. Instead, these funds were disbu rsed
in the first quarter o f 2004.
Private rem ittances to foreigners increased. Thirdquarter net outflow s h ad been held dow n by the re
ceipt o f funds from Libya for the partial settlem ent o f
claim s resulting from the b o m b in g o f Pan A m flight
103 over Lockerbie, Scotland, in 1988.
Capital Account
C apital account tran saction s were net outflow s o f $0.3
billion in the fourth quarter, dow n from net outflow s
o f $0.8 billion in the third quarter (table A).
Financial Account
N et recorded financial inflow s— net acquisitions by
foreign residents o f assets in the U nited States less net
acquisition s by U.S. residents o f assets abroad— were
$180.9 billion in the fourth quarter, com pared w ith net
inflow s o f $105.9 billion in the third quarter. Financial
55
inflows for foreign-ow ned assets in the U nited States
increased m uch m ore than financial outflow s for U.S.ow ned assets abro ad (table A).
U.S.-owned assets abroad
N et U .S.-ow ned assets abro ad increased $51.1 billion
in the fourth quarter, follow ing an increase o f $13.7
billion in the third quarter (table A ). U .S. claim s on
foreigners reported by U.S. banks decreased by a siz
able am o u n t for the second consecutive quarter, and
net U.S. purchases o f foreign securities slowed. In co n
trast, claim s o f U.S. n on ban king concerns shifted by a
sizable am o u n t to an outflow, and outflow s for U.S. d i
rect investm ent abroad increased.
U.S. official reserve assets. U .S. official reserve a s
sets decreased $2.2 billion in the fourth quarter, fo l
low ing an increase o f $0.6 billion in the third. The
decrease in the fourth quarter w as in the reserve p o si
tion with the International M on etary Fund (IM F) as a
result o f the repaym ent in D ecem ber o f som e o f the
dollar funds lent by the IM F to Brazil.
Claims reported by banks and by nonbanks. U.S.
claim s on foreigners reported by U .S. ban ks decreased
$39.5 billion in the fourth quarter, follow ing a decrease
o f $36.4 billion in the third.
Banks’ ow n claim s denom inated in dollars d e
creased $30.2 billion in the fourth quarter, follow ing a
$6.6 billion decrease in the third. The decrease in the
fourth quarter w as largest for foreign-ow ned banks,
an d it m arked the second successive quarter o f large
declines. C laim s o f U .S.-ow ned banks decreased
slightly in the fourth quarter. Securities brokers who
h ad extended an un usually large am o u n t o f credit in
the third quarter through resale agreem ents extended a
m uch sm aller am o u n t o f credit in the fourth.
Banks’ cu stom ers’ claim s decreased $5.3 billion in
the fourth quarter, follow ing a $19.3 billion decrease in
the third. M ost m ajor categories decreased with the ex
ception o f foreign com m ercial p ap er issued in the
U nited States, which increased $9.0 billion, in contrast
to a decrease o f $13.2 billion in the third quarter.
N on ban k claim s on foreigners increased $26.1 b il
lion in the fourth quarter, follow ing a decrease o f $20.8
billion in the third; large am o u n ts o f credit were ex
tended in the fourth quarter to offices in the C a rib
bean.
Foreign securities. N et U .S. purch ases o f foreign se
curities were $17.0 billion in the fourth quarter, dow n
from $28.6 billion in the third.
N et U .S. purchases o f foreign stocks d rop ped to
$10.0 billion from $30.0 billion. N et U .S. tran sactions
in E uropean stocks shifted to net sales o f $10.3 bil
lion from net purch ases o f $4.2 billion; stock prices
h ad strengthened considerably over the year, an d the
56
U.S. International Transactions
April 2004
expansion was less robust than in the U nited States.
E uropean stock prices increased 11 percent in local
currencies. N et U.S. purchases o f A sian stocks except
Japanese stocks fell to $1.5 billion from $9.8 billion. In
the fourth quarter, em erging m arket stock prices ap
preciated 17 percent in local currencies. N et U.S. p u r
chases o f Japanese stocks fell by only a sm all am oun t,
to $14.4 billion in the fourth quarter from $17.0 billion
in the third; d uring the quarter, Japanese real G D P
grow th, exports, and bu sin ess confidence all increased.
Japanese stock prices appreciated 4 percent in local
currency.
N et U.S. purchases o f foreign bo n d s were $7.0 bil
lion, a shift from net sales o f $1.4 billion. The shift was
m ore than accounted for by the shift to net purchases
from net sales o f A sian bon d s, particularly Japanese
bon d s. Japanese b o n d s ou tp erform ed m ost b o n d s in
cluded in global governm ent indexes d uring the q u ar
ter. Transactions in C an adian bo n d s also shifted to net
purchases from net sales; C an adian b o n d s also o u tp er
form ed m ost bo n d s included in global indexes. Fo r
eign new issues in the U nited States edged higher,
m ostly from Latin A m erica and C anada.
D irect in vestm en t. N et financial outflow s for U.S.
direct investm ent abroad were $49.6 billion in the
fourth quarter, up from $42.2 billion in the third. In
creases in reinvested earnings and in net equity capital
outflow s m ore than offset a shift in in tercom pany debt
to net inflows from net outflow s.
sury securities, increased $36.2 billion in the fourth
quarter, follow ing an increase o f $4.8 billion in the
third.
Banks’ ow n liabilities denom in ated in dollars in
creased $30.7 billion in the fourth quarter, follow ing a
$42.7 billion increase in the third. U .S.-ow ned banks
were the recipients o f large inflow s o f funds in the
fourth quarter, especially from offices in the C aribbean
and W estern Europe. Foreign-ow ned banks p aid dow n
intercom pany position s during the fourth quarter. U.S.
securities brokers borrow ed a significant am o u n t o f
funds through repurchase agreem ents, though not as
m uch as in the stron g third quarter.
Banks’ cu stom ers’ liabilities increased $15.5 billion
in the fourth quarter, in contrast to a decrease o f $31.3
billion in the third. U .S. liabilities to foreigners re
ported by U.S. nonban king concerns deceased $6.8 b il
lion, follow ing an increase o f $5.1 billion.
U .S. T re a su ry secu rities. N et purch ases o f U.S.
Treasury securities by private foreigners slow ed su b
stantially to $20.1 billion in the fourth quarter from
$50.2 billion in the third (chart 4). Long-term U.S.
Treasury securities m ore than accounted for the slow
dow n; abo u t tw o-thirds o f this slow dow n w as in W est
ern Europe, which shifted to net sales o f $2.6 billion
from net purchases o f $17.7 billion.
O th er U .S. secu rities. N et foreign purchases o f U.S.
securities other than U.S. Treasury securities were
Foreign-owned assets in the United States
Chart 4. Transactions in U.S. Securities,
2002:1—
2003: IV
N et foreign-ow ned assets in the U nited States in
creased $232.0 billion in the fourth quarter, com pared
with an increase o f $119.6 billion in the third quarter
(table A ). N et foreign purchases o f U .S. securities other
than U.S. Treasury securities increased sharply, U.S. li
abilities to foreigners reported by U.S. ban ks increased
m ore in the fourth quarter than in the third, and net fi
nancial inflow s for foreign direct investm ent in the
U nited States strengthened. In contrast, net foreign
purchases o f U.S. Treasury securities slowed, and U.S.
liabilities to foreigners reported by U.S. n onbanking
concerns decreased in the fourth quarter after they had
increased in the third.
F o reign o fficial a sse ts. Foreign official assets in the
United States increased $64.4 billion in the fourth
quarter, com pared with an increase o f $45.3 billion in
the third. A ssets o f in dustrial countries increased $38.8
billion; dollar assets o f Japan increased, and dollar a s
sets o f several other industrial countries decreased. A s
sets o f other countries increased $25.6 billion, largely
from R ussia and O P EC countries.
L iab ilities re p o rte d b y b a n k s a n d n o n b an k s. U.S.
liabilities reported by U.S. banks, excluding U .S. Trea
Billion $
80
70
Net purchases by
foreign residents (+)
60
■ Stocks
f Corporate bonds
■ Federally sponsored agency bonds
taiU.S.Treasury securities
50
40
30
20
10
0
l
j
-10
-20
Net sales by foreign residents (-)
-3 0
-4 0
-5 0
2002:1—
2003:1V
2002:I-2003:IV
2002:I-2003:IV
Note. Excludes transactions in foreign official assets.
U.S. Bureau of Economic Analysis
2002:I-2003:IV
April 2004
57
S u r v e y o f C u r r e n t B u s in e s s
$87.5 billion in the fourth quarter, a sharp increase
from net purch ases o f $9.6 billion in the third. Stock
tran sactions shifted from sm all net sales to net p u r
chases, an d b o n d purch ases recovered from a large sello ff o f agency issues in the third quarter due to sm aller
prepaym ents o f agency issues (chart 4).
N et foreign purchases o f U.S. stocks were $22.7 bil
lion, a shift from net sales o f $3.4 billion; W estern E u
rope and C an ad a accounted for nearly all the shift. N et
purchases from C aribbean financial centers changed
little, and net sales from A sia decreased slightly. Low
U.S. interest rates, stron g stock price increases, solid
econom ic grow th, and the rise in corporate earnings
all con tributed to net purchases. Both the S&P 500 In
dex and the N ASDA Q C om p osite Index gained 12 p er
cent, while the D ow Jones Industrial Average Index
gained 13 percent.
Foreign dem an d for U.S. corporate b o n d s rem ained
strong as investors acquired $64.4 billion, up from
$57.5 billion in the third. D u rin g the fourth quarter,
the spread o f investm ent-grade b o n d yields over Trea
sury b o n d yields drop p ed 17 basis poin ts, an d the
spread o f high-yield b on d s drop p ed 125 basis poin ts
(chart 5). N ew b o n d issues sold abro ad decreased to
$14.3 billion from $21.0 billion.
N et foreign purchases o f agency b o n d s were $0.4
billion, a sizable shift from record net sales o f $44.5 bil
lion in the third. Prepaym ents o f m ortgage-backed se
curities, which h ad led to large net sales in the third
quarter, were m uch sm aller in the fourth quarter.
U .S. cu rren cy flow s. N et U.S. currency flows to fo r
eigners were $7.5 billion in the fourth quarter, up from
$2.8 billion in the third, as shipm ents to several areas
were higher.
D irect in v estm ent. N et financial inflow s for foreign
direct investm ent in the U nited States were $23.2 bil
lion in the fourth quarter, up from $1.8 billion in the
third. The increase w as nearly all accounted for by a
shift in intercom pany debt to net inflows from net o u t
flows. N et equity capital inflows increased slightly, and
reinvested earnings decreased.
Chart 5. U.S. Bond Yields and Spreads
Percent
---- -------------------------------------------------------------
Data Availability
Tables 1-11 follow the article “U.S. International
Transactions, 2003” Interactive access to the esti
mates that are presented in tables 1-12 o f the U.S.
international transactions accounts (table 12 is pre
sented annually in the July S u r v e y o f C u r r e n t B u s i
n e s s)
is available on BEA’s Web site at
< www.bea.gov> . You may view the most recent
quarterly estimates (annual estimates for table 12)
for an entire table with one mouse click, or you may
select the period, frequency, and lines that you wish
to view. The estimates are available in an HTML
table or as comma-separated values that can be
downloaded and imported into a spreadsheet or a
database.
The current and historical estimates in tables 1-12
are also available as compressed files on BEA’s Web
site; click on “Publications,” and look under “Cata
log of Products,” “International Accounts Products,”
1999
2000
Source: Merrill Lynch.
U.S. Bureau of Economic Analysis
2001
2002
2003
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59
April 2004
U.S. International Transactions, 2003
By Christopher L. Bach
T
H E U .S. current-account deficit— the com bined
balances on trade in g oo d s and services, incom e,
an d net unilateral current transfers— increased to
$541.8 billion in 2003 from $480.9 billion in 2002. An
increase in the deficit on g oo d s m ore than accounted
for the increase; an increase in net outflow s for un ilat
eral current transfers an d a decrease in the surplu s on
services also con tributed to the increase in the deficit.
In contrast, the balance on incom e shifted to a surplus
from a deficit (table A, chart 1).
N et recorded financial inflows— net acquisitions by
foreign residents o f assets in the U nited States less net
acquisition s by U.S. residents o f assets abroad— were
$579.0 billion in 2003, up from $528.0 billion in 2002.
Financial inflow s for foreign-ow ned assets in the
U nited States increased m ore than financial outflow s
for U .S.-ow ned assets abroad.
The statistical discrepancy— errors and om ission s in
recorded tran sactions— w as a negative $34.1 billion in
2003, com pared w ith a negative $45.9 billion in 2002.
The follow ing are highlights for 2003:
•T h e deficit on g oo d s increased as im p orts increased
m ore than exports. Im p o rts were substantially
higher, reflecting an acceleration in U .S. econom ic
grow th, especially in the last h alf o f the year.
Exports increased m ore m oderately than im ports,
as the im provem ent in econ om ic co n dition s abroad
w as less stron g than the im provem ent in U.S. eco
nom ic conditions.
• The surplu s on services decreased as im ports
increased m ore than exports. “ O ther” private ser
vices receipts an d royalties an d license fees receipts
were the largest con tributors to export growth.
“O ther” private services paym ents, “oth er” tran s
portatio n paym ents, an d direct defense expendi
tures were the largest contributors to im p o rt
grow th. Travel an d passenger fares receipts and pay
m en ts were weak, falling sharply in the first h alf o f
the year b u t recovering in the last half.
•T h e balance on incom e shifted to a surplu s fro m a
deficit, as incom e receipts increased substantially
an d as incom e paym ents fell slightly. The increase in
receipts w as m ore than accoun ted for by a sizable
increase in direct investm ent receipts, reflecting
im proved foreign econ om ic con dition s an d appre
ciations o f foreign currencies against the dollar. The
Table A. Summary of U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
Line
Lines in tables 1 and 11 in which transactions
are included are indicated in ()
(Credits +; debits -)
2002
2003"
Current account
1 Exports of goods and services and income receipts (1)................
1,229,649
1,294,236
2
Goods, balance of payments basis (3)........................................
681,874
713,761
304,932
3
Services (4).................................................................................
292,233
4
Income receipts (12)...................................................................
255,542
275,543
5 Imports of goods and services and income payments (18)............ -1,651,657 -1,767,775
6
Goods, balance of payments basis (20)...................................... -1,164,746 -1,263,170
-245,687
7
Services (21)...............................................................................
-227,399
Income payments (29).................................................................
-259,512
-258,918
8
-58,853
-68,291
9 Unilateral current transfers, net (35)................................................
Capital account
-3,050
10 Capital account transactions, net (39).............................................
-1,285
Financial account
-277,704
11 U.S.-owned assets abroad, net (increase/financial outflow (-)) (40)
-178,985
1,523
12
U.S. official reserve assets, net (41)............................................
-3,681
U.S. Government assets, other than official reserve assets, net
13
-32
700
(46)...........................................................................................
-175,272
-279,927
14
U.S. private assets, net (50)........................................................
15 Foreign-owned assets in the United States, net (increase/financial
856,660
inflow (+)) (55).............................................................................
706,983
207,665
Foreign official assets in the United States, net (56)..................
94,860
16
648,995
17
Other foreign assets in the United States, net (63)....................
612,123
18 Statistical discrepancy (sum of above items with sign reversed)
-45,852
-34,076
(70)...............................................................................................
Memoranda:
-480,861
-541,830
19 Balance on current account (76).....................................................
527,998
578,956
20 Net financial flows (40 and 55)........................................................
' Revised.
v Preliminary.
Change:
2002-2003
2002
2003
Change:
2003: lil-lV
I
II
III
IV
V
II ’
III'
IV p
64,587
31,887
12,699
20,001
-116,118
-98,424
-18,288
594
-9,438
297,074
165,298
71,144
60,632
-387,864
-271,331
-55,168
-61,365
-15,938
307,616
171,421
72,275
63,920
-416,962
-292,707
-55,877
-68,378
-13,481
313,939
174,315
73,500
66,124
-422,666
-297,627
-57,168
-67,871
-13,997
311,015
170,840
75,311
64,864
-424,165
-303,081
-59,186
-61,898
-15,436
309,869
173,385
74,003
62,481
-431,634
-309,328
-59,608
-62,698
-17,391
311,387
174,287
73,210
63,890
-434,165
-312,299
-59,298
-62,568
-17,062
323,463
177,777
77,071
68,615
-442,104
-314,025
-62,469
-65,610
-16,651
349,517
188,312
80,646
80,559
-459,870
-327,518
-64,310
-68,042
-17,188
26,054
10,535
3,575
11,944
-17,766
-13,493
-1,841
-2,432
-537
-1,765
-277
-286
-364
-358
-388
-1,553
-818
-291
527
-98,719
5,204
-35,227
390
-128,567
-1,843
29,712
-1,416
-44,902
-812
-100,710
83
-112,197
-170
-13,696
-611
-51,105
2,221
-37,409
2,832
732
-104,655
133
-35,750
42
-126,766
-27
31,155
-180
-43,910
-70
-100,723
427
-112,454
483
-13,568
-140
-53,186
-623
—
39,618
149,677
112,805
36,872
146,813
6,106
140,707
221,242
47,552
173,690
141,478
8,992
132,486
197,448
32,210
165,238
242,096
40,978
201,118
262,911
57,000
205,911
119,626
45,289
74,337
232,031
64,398
167,633
112,405
19,109
93,296
11,776
-4,581
30,438
-48,102
-23,602
-1,842
-9,321
30,180
-53,094
-83,274
-60,969
50,958
-106,728
111,586
-122,827
92,675
-122,724
171,190
-128,586
152,546
-139,156
141,386
-139,840
150,714
-135,292
105,930
-127,541
180,926
7,751
74,996
U.S. International Transactions, 2003
60
A p r il 2 0 0 4
• Financial inflow s for foreign-ow ned assets in the
U nited States were significantly higher, m ostly
because o f a sizable step-up in inflow s o f foreign
official assets in the U nited States. A m on g private
flows, net foreign purch ases o f U S . Treasury secu ri
ties were higher, as were inflow s o f foreign direct
investm ent in the U nited States. N et foreign p u r
chases o f U.S. securities other than U .S. Treasury
securities were lower. Inflows to ban ks an d n o n
ban ks rem ained m oderate.
decrease in paym ents, which was sm all, included an
increase in direct investm ent paym ents and
decreases in “oth er” private paym ents and in U.S.
G overnm ent paym ents.
• Financial outflow s for U .S.-ow ned assets abroad
were significantly higher, largely as a result o f a
return to net U .S. purch ases o f foreign securities
from net sales. U .S. direct investm ent abro ad also
increased. O utflow s from ban ks and n onbanks
rem ain ed weak.
U.S. dollar in exchange markets
Chart 1. U.S. Current-Account Balance and
Its Components
The U.S. dollar depreciated 15 percent from D ecem ber
2002 to D ecem ber 2003 on a n om inal, trade-w eighted
basis again st a group o f seven m ajo r currencies that are
w idely traded in international m arkets (table B, chart
2). T his depreciation b rough t the total decline from a
peak early in 2002 to 23 percent. The decline w as larger
against the euro than again st the yen.
The dollar depreciated 17 percent again st the euro
from D ecem ber 2002 to D ecem ber 2003, which
brough t the total decline again st the euro to 35 percent
from a peak at the end o f 2001. The decline in 2003 o c
curred even th ough European grow th w as con sider
ably m ore sluggish th rou gh out the year than grow th in
the U nited States. C on cern ed abo u t persistent eco
n om ic w eakness, the European C entral Bank low ered
the m in im u m b id rate on refinancing operation s 25
basis poin ts in M arch an d 50 b asis p oin ts in June to 2
percent. It then left the rate unch anged for the rest o f
the year. H igher short-term interest rates on euro-den om in ated assets than on dollar-den om in ated assets
Table B. Indexes of Foreign Currency Price of the U.S. Dollar
[January 1999=100]
2002
2002
2003
2003
IV f
Nominal:1
Broad2....................................................
Major currencies3...............................
Other important trading partners4.....
Real:1
Broad2....................................................
Major currencies3...............................
Other important trading partners4.....
Selected currencies: (nominal)5
Canada....................................................
European currencies:
Euro area6
United Kingdom...................................
Switzerland
Japan
Mexico
Brazil
I'
II'
lllr
IV
Dec. r
Jan. '
Feb. '
Mar.'
Apr. '
May'
June'
July'
Aug.'
Sep.r
Oct.
Nov.
Dec.
110.2
108.6
111.7
107.9
103.6
113.1
104.2
98.8
110.7
104.1
98.6
110.8
101.1
93.0
111.6
109.4
107.4
111.5
108.1
104.6
112.3
108.0
103.5
113.5
107.6
102.7
113.5
106.7
102.4
111.9
103.2
97.6
110.0
102.6
96.5
110.3
103.7
98.4
110.1
104.9
99.6
111.3
103.7
97.7
111.1
101.6
94.0
111.4
101.5
93.7
111.6
100.1
91.3
111.8
111.0
112.7
108.4
108.8
107.8
109.3
105.2
103.0
107.4
105.6
103.1
107.9
101.7
97.1
107.0
109.9
111.2
107.8
108.7
108.5
108.3
108.9
107.8
109.5
108.8
107.2
110.0
107.7
106.8
108.2
104.1
101.7
106.6
103.8
100.6
107.3
105.1
102.8
107.2
106.4
104.3
108.5
105.2
102.3
108.1
102.7
98.4
107.7
102.0
97.7
106.7
100.4
95.1
106.6
103.3
99.4
92.0
90.9
86.6
102.6
101.4
99.5
97.2
96.0
91.1
89.0
91.0
91.9
89.7
87.0
86.4
86.4
115.9
105.0
105.8
108.1
100.5
242.9
108.0
103.0
98.6
105.0
106.9
231.2
102.1
101.9
96.4
104.6
103.2
197.3
102.9
102.4
99.0
103.6
105.9
194.2
97.4
96.7
94.2
96.1
110.5
191.9
113.7
104.0
103.9
107.6
101.0
239.9
109.1
102.0
99.3
104.9
104.9
227.3
107.5
102.6
98.2
105.3
108.1
237.8
107.4
104.3
98.3
104.8
107.7
228.6
106.7
104.8
99.5
105.8
104.6
205.6
100.3
101.7
94.6
103.6
101.2
195.2
99.3
99.3
95.2
104.4
103.7
191.1
102.0
101.7
98.2
104.8
103.3
190.7
103.9
103.5
99.7
104.7
106.5
198.8
102.9
102.1
99.2
101.3
107.8
193.1
98.9
98.2
95.4
96.7
110.4
189.3
99.0
97.6
96.1
96.4
110.1
192.8
94.3
94.2
91.2
95.1
111.1
193.5
' 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 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 ana 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.
April 2004
S urvey
of
C
urrent
were a factor bo ostin g the euro again st the dollar
(charts 3, 4, and 5).
The dollar depreciated 12 percent against the yen
from D ecem ber 2002 to D ecem ber 2003. Japanese real
G D P grow th w as m oderate for m uch o f the year but
strengthened in the fourth quarter; Japanese growth
exceeded that in the euro area. The B an k o f Japan in
tervened often and in substantial am o u n ts to lim it the
yen’s rise in exchange m arkets, while it m aintain ed ex
trem ely low interest rates th rou ghout the year to p ro
m ote dom estic growth. O ther A sian countries
accum ulated sizable am o u n ts o f foreign exchange re
serves, including dollar assets, by m ain tain in g cu r
rency pegs or by controlling m an aged exchange rates.
The dollar depreciated 16 percent again st the C an a
dian dollar from D ecem ber 2002 to D ecem ber 2003.
R apid expan sion o f the C an adian econom y in 2002
carried into 2003, leading the C an adian central ban k to
raise the target for its overnight lending rate 25 basis
poin ts in M arch and another 25 basis p oin ts in A pril to
3.25 percent. However, when grow th slowed in m id
year, the rate w as low ered 25 basis p oin ts in July and
another 25 basis p oin ts in Septem ber to 2.75 percent.
The rate w as left unchanged through the end o f the
year. The strength o f the C an adian econom y con trib
uted to interest yields on C an adian dollar-denom i-
61
B u s in e s s
n ated assets that substantially exceeded those on
dollar-denom inated assets.
Current Account
Goods and services
The deficit on goo d s and services increased to $490.2
billion in 2003 from $418.0 billion in 2002. The deficit
on g oo d s increased, and the surp lu s on services d e
creased (table C ).
Goods
The deficit on g oo d s increased to $549.4 billion in
2003 fro m $482.9 billion in 2002. G o o d s exports in
creased after 2 years o f sizable declines, while g oo d s
im ports increased strongly after an uptu rn in 2002.
G o o d s exports increased $31.9 billion, or 5 percent,
after decreasing $36.8 billion, or 5 percent, in 2002,
an d after decreasing $53.3 billion, or 7 percent, in
2001. H a lf o f the increase in 2003 w as in industrial
supplies; m uch sm aller increases were in consum er
Chart 3. Short-Term Interest Rates
Percent
Chart 2. Nominal Indexes of Foreign Currency Price
1. Three-month interest rates.
2. U.S. interest rates less respective foreign interest rates.
Data: Federal Reserve Board.
U.S. Bureau of Economic Analysis
U.S. International Transactions, 2003
62
A p ril 2 0 0 4
Table C. Selected Balances on U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2003
2001
(Credits +; debits -)
2002
2003'’
-427,215
69,396
10,689
15,701
106,485
-13,664
-77,120
-5,012
-46,615
-393,745
-482,872
64,834
-3,970
1,271
93,475
-21,592
-70,612
-5,241
-58,853
-480,861
-549,409
59,245
16,625
21,886
103,949
-20,316
-61,747
-5,261
-68,291
-541,830
U
Balance on goods..................................................................................................................................
Balance on services..............................................................................................................................
Balance on income....
Investment income, net
Direct investment, net
Other private, net
U.S. Government, net
Compensation of employees, net
Unilateral current transfers, net
Balance on current account..................................................................................................................
-135,943
14,395
-217
1,159
21,657
-4,545
-15,953
-1,376
-17,391
-139,156
IIr
-138,012
13,912
1,322
2,627
21,789
-4,149
-15,013
-1,305
-17,062
-139,840
lllr
-136,248
14,602
3,005
4,262
24,670
-5,368
-15,040
-1,257
-16,651
-135,292
IV p
-139,206
16,336
12,517
13,839
35,834
-6,254
-15,741
-1,322
-17,188
-127,541
' Revised,
p Preliminary.
g oo d s and in foods, feeds, and beverages (tables D and
E).
G o o d s im p orts increased $98.4 billion, or 8 percent,
after an increase o f $18.8 billion, or 2 percent, in 2002,
an d after a decrease o f $78.5 billion, or 6 percent, in
2001. H a lf o f the increase in 2003 w as in industrial
supplies an d m aterials, which includes petroleum ; siz
able increases also occurred in con sum er g oo d s and
Chart 4. Long-Term Interest Rates
Percent
capital goods.
U.S. exports in 2003 continued to be restrained by
lim ited expansion abroad. W eakness in real G D P
grow th abro ad w as w idespread durin g the first h alf o f
2003, bu t it picked up in the last h alf in som e key
countries in W estern Europe an d Japan (ch art 6).
Grow th in C an ada slowed from a stron g pace in 2002.
Grow th in som e o f the developing countries o f A sia
w as stronger, especially late in the year, an d grow th in
Latin A m erican countries w as slightly stronger.
U.S. im p orts increased strongly in 2003, reflecting a
pickup in U.S. real G D P grow th to 3.1 percent from 2.2
percent in 2002 and 0.5 percent in 2001. E xpan sion in
the U.S. econom y w as the dom in an t determ in ant o f
im p ort grow th in 2003.
D om estic prices o f total U.S. exports increased a
sm all am o u n t in 2003. However, w ithin the total,
prices o f foods, feeds, an d beverages, m ainly soybeans,
and o f industrial supplies and m aterials, m ainly p e
troleum , increased sharply. Prices o f capital goods
Chart 5. Key Interest Rates for Monetary Policy
Percent
1. Long-term government bonds, 10-year maturities.
2. U.S. interest rates less respective foreign interest rates.
Data: Federal Reserve Board.
N ote. The rates shown are the following: The target level for the federal funds rate
in the United States, the target for the overnight rate in Canada, the minimum bid rate on
main refinancing operations in the euro area, the repo rate in the United Kingdom, and
the uncollateralized overnight call rate in Japan.
Data: Federal Reserve Board and foreign monetary authorities.
U.S. Bureau of Economic Analysis
U.S. Bureau of Economic Analysis
1999
200 0
2001
2002
2003
April 2004
S urvey
of
C
urrent
63
B u s in e s s
Table D. U.S. Trade in Goods, Current and Chained (2000) Dollars
[Balance of payments basis, millions of dollars, quarters seasonally adjusted]
Chained (2000) Dollars
Current Dollars
2003
2003
2001
2002
2003"
2001'
I'
Exports.......................................................................
Agricultural products............................................
Nonagricultural products.....................................
Foods, feeds, and beverages..................................
Industrial supplies and materials.............................
Capital goods, except automotive..........................
Automotive vehicles, parts, and engines................
Consumer goods (nonfood), except automotive.....
Exports, n.e.c..........................................................
Im ports.......................................................................
Petroleum and products
Nonpetroleum products
Foods, feeds, and beverages
Industrial supplies and materials.............................
Capital goods, except automotive..........................
Automotive vehicles, parts, and engines................
Consumer goods (nonfood), except automotive.....
Imports, n.e.c„ and U.S. goods returned...............
718,712
681,874
713,761
54,889
54,513
60,961
663,823
627,361
652,800
49,408
49,615
55,078
160,199
156,896
172,980
321,724
293,044
290,495
75,435
78,943
80,135
88,331
84,359
89,899
23,615
21,566
22,625
1,145,927 1,164,746 1,263,170
103,588
103,491
133,305
1,042,339 1,061,255 1,129,865
46,641
49,687
55,817
268,074
276,115
317,093
297,993
283,322
295,653
203,744
189,781
210,148
284,485
333,879
307,986
50,912
50,580
51,933
173,385
14,435
158,950
13,282
42,474
70,627
19,959
21,607
5,436
309,328
33,969
275,359
13,581
79,271
70,896
51,126
82,000
12,454
' Revised.
p Preliminary.
n.e.c. Not elsewhere classified.
IK
III'
174,287
14,578
159,709
13,205
42,945
70,363
19,950
22,023
5,801
312,299
32,613
279,686
13,745
77,833
72,937
52,884
82,238
12,662
177,777
15,364
162,413
13,640
42,918
73,266
19,676
22,705
5,572
314,025
34,266
279,759
13,908
80,667
73,796
50,933
82,199
12,522
2002'
2003"
V
II'
III'
IV"
173,110
13,395
159,660
12,392
42,056
71,943
19,680
21,728
5,358
312,181
30,294
281,916
13,304
75,103
76,616
50,873
83,738
12,405
173,266
13,260
159,959
12,000
42,129
71,737
19,658
22,118
5,689
320,790
33,825
286,893
13,474
79,340
78,932
52,543
83,938
12,576
176,842
13,712
163,049
12,214
42,168
75,035
19,350
22,766
5,457
320,525
33,570
286,856
13,607
80,154
79,908
50,605
83,895
12,403
185,633
13,516
172,146
12,444
43,037
81,096
20,189
23,529
5,632
334,059
32,132
301,942
14,181
78,732
84,883
54,548
89,205
12,762
IV"
188,312
723,662
691,079
708,940
53,141
53,894
16,584
54,506
669,102
637,821
654,817
171,728
49,062
14,951
49,248
48,261
44,643
165,196
164,239
169,406
78,788
293,976
299,749
321,901
20,550
75,177
78,275
78,878
23,564
88,649
85,096
90,149
21,671
5,816
23,710
22,138
327,518 1,180,942 1,221,612 1,287,464
32,457
124,372
129,538
120,899
295,061 1,057,547 1,100,579 1,157,625
14,583
48,096
50,646
54,571
79,322
299,123
313,116
298,696
78,024
307,425
302,317
320,311
55,205
189,920
203,285
208,586
286,814
313,734
87,442
340,776
12,942
51,116
52,623
50,148
1. Because chain indexes use weights of more than one period, the corresponding chained dollar estimates are usually not additive.
Table E. Percent Change in U.S. Trade in Goods,
Current and Chained (2000) Dollars
declined (table F). W hen converted into foreign cu r
rencies, prices o f U.S. exports decreased by sizable
am o u n ts because appreciations o f foreign currencies
m ore than offset sm all d om estic price increases; the
Chart 6. Major Industrial Countries: Real GDP
Percent ch an ge from four quarters earlier
8
United Kingdom
[Balance of payments basis]
Current dollars
2001
Exports.......................................................................
Agricultural products............................................
Nonagricultural products
Foods, feeds, and beverages
Industrial supplies and materials............................
Capital goods, except automotive...........................
Automotive vehicles, parts, and engines................
Consumer goods (nonfood), except automotive.....
Exports, n.e.c.................
Im ports.............................
Petroleum and products
Nonpetroleum products
Foods, feeds, and beverages...................................
Industrial supplies and materials............................
Capital goods, except automotive............................
Automotive vehicles, parts, and engines................
Consumer goods (nonfood), except automotive.....
Imports, n.e.c., and U.S. goods returned................
2001'
2002'
2003"
4.7
11.8
4.1
11.0
10.3
0.9
1.5
6.6
4.9
8.5
28.8
6.5
12.3
18.3
4.4
3.1
8.4
-2.6
-6.3
3.2
-7.0
2.9
-4.3
-9.8
-6.4
-0.8
-4.2
-3.6
3.5
-4.2
4.6
-1.1
-11.4
-3.0
1.7
-0.6
-4.5
-2.5
-4.7
-2.0
-0.6
-8.7
4.1
-4.0
-8.6
3.4
-2.8
4.1
5.3
0.1
-1.7
7.0
9.4
2.9
2.6
1.4
2.7
1.7
3.1
2.0
0.8
5.9
2.2
5.4
7.1
5.2
7.7
4.7
6.0
2.6
8.6
-4.7
-5.1
-0.7
-5.5
0.4
-2.1
-9.7
4.7
-4.5
-8.7
1.6
-0.1
1.8
6.5
-2.9
-4.9
7.4
8.3
2.0
-6.9
4.0
-7.7
3.2
-7.2
-9.9
-6.1
-1.2
-4.5
-6.4
-13.8
-5.6
1.4
-8.6
-14.1
-3.1
0.9
-1.0
Chained (2000) dollars
2003"
n.e.c. Not elsewhere classified.
' Revised.
"Preliminary.
United States
2002
Table F. Percent Change in U.S. Trade in Goods,
Chain-Weighted Price Indexes
[Based on index numbers (2000=100)]
-2
l
l
I
_ _ __ __ _ _ __ _ _
l__ I _ I _ I I I _ I _ I I _ I _ L
2001'
Exports.......................................................................
Agricultural products............................................
Nonagricultural products......................................
Foods, feeds, and beverages...................................
Industrial supplies and materials.............................
Capital goods, except automotive............................
Computers, peripherals, and parts.....................
Civilian aircraft, engines, and parts....................
Other capital goods.............................................
Automotive vehicles, parts, and engines................
Consumer goods (nonfood), except automotive.....
Exports, n.e.c...........................................................
Im ports.......................................................................
Petroleum and products.......................................
Nonpetroleum products.......................................
Foods, feeds, and beverages...................................
Industrial supplies and materials.............................
Capital goods, except automotive............................
Computers, peripherals, and parts......................
Civilian aircraft, engines, and parts.....................
Other capital goods.............................................
Automotive vehicles, parts, and engines................
Consumer goods (nonfood), except automotive.....
Imports, n.e.c„ and U.S. goods returned................
U.S. Bureau of Economic Analysis
' Revised.
" Preliminary.
-0.7
0.7
-0.8
0.3
-3.0
-0.1
-3.3
5.5
-0.5
0.3
-0.4
-0.4
-3.0
-16.7
-1.4
-3.0
-7.6
-3.1
-9.7
3.8
-1.3
-0.1
-0.8
-0.4
2002'
2003"
-0.7
1.9
-0.9
2.5
-1.5
-1.1
-6.2
2.7
-1.0
0.5
-0.5
-0.1
-1.7
2.8
-2.2
1.2
-3.1
-3.3
-7.9
1.3
-2.1
0.3
-1.0
-0.9
n.e.c. Not elsewhere classified.
2.0
10.3
1.4
9.2
6.9
-1.1
-2.4
3.8
-1.9
0.7
0.6
2.7
2.9
20.2
1.2
4.3
13.0
-1.5
-6.6
0.5
0.4
0.5
-0.2
2.2
U.S. International Transactions, 2003
64
largest decreases were in capital good s, consum er
g oo d s, and autom otive g oo d s (table G ).
D ollar prices o f total U.S. im p orts increased only a
sm all am o un t in 2003 in spite o f sizable dollar depreci
ation in the p ast 2 years. Prices o f m ost non petroleum
prod u cts were only slightly higher or changed little. In
contrast, petroleum prices were sharply higher (table
F).
E x p o rts. G o od s exports increased $31.9 billion, or 5
percent, to $713.8 billion in 2003, follow ing a decrease
o f $36.8 billion, or 5 percent, in 2002. The recovery left
exports 8 percent below the record level in 2000. Real
exports increased 3 percent in 2003, and export prices
increased 2 percent. In value, agricultural and n on agri
cultural exports both increased; m ore than h alf the in
crease in n on agricultural exports w as in industrial
supplies and m aterials (charts 7 and 8). Exports to Asia
excluding Japan increased $12.2 billion, to C anada,
$8.9 billion, and to W estern Europe, $8.1 billion.
N on agricultural in dustrial supplies and m aterials
increased $14.7 billion, or 10 percent, follow ing de
creases o f $2.8 billion, or 2 percent, in 2002. Chem icals
increased $5.6 billion, or 11 percent, the largest in
crease since 2000. M etals and nonm etallic p rodu cts in
creased $4.1 billion, or 13 percent; within this category,
iron and steel m ill prod u cts increased $1.1 billion and
steelm aking m aterials increased $0.7 billion, the largest
increases since 1995. C o p p er also increased. Energy
prod u cts increased $3.0 billion, or 20 percent; p etro
leum and p rod u cts accounted for $2.4 billion o f the in
crease, and natural gas to C an ada, for $0.7 billion.
Paper and p aper prod u cts increased $0.6 billion, or 5
percent (table I).
C o n su m er g oo d s increased $5.5 billion, or 7 p e r
cent, follow ing a decrease o f $4.0 billion or 4 percent.
N early h alf o f the tu rn aro un d in n on durable goods
was in shipm ents o f m edicinal, dental, and p h arm a
ceutical p reparation s to W estern Europe and C anada;
trade in these produ cts has increased significantly in
Table G. Percent Change in Foreign Currency Cost of
U.S. Exports of Goods
[Based on index numbers (2000=100)]
2001f
Exports.......................................................................
5.3
Agricultural products..............................................
Nonagricultural products.......................................
Foods, feeds, and beverages....................................
Industrial supplies and materials...............................
Capital goods, except automotive............................
Computers, peripherals, and parts.......................
Civilian aircraft, engines, and parts......................
Other capital goods................................................
Automotive vehicles, parts, and engines.................
Consumer goods (nonfood), except automotive......
Exports, n.e.c...............................................................
6.7
5.2
6.3
2.8
5.9
2.5
11.8
5.5
6.4
5.6
5.6
2002f
-2.2
0.2
-2.4
0.8
-3.1
-2.7
-7.7
1.1
-2.6
-1.1
-2.1
-1.7
2003 "
-10.4
-3.2
-11.0
-4.1
-6.1
-13.1
-14.3
-8.8
-13.9
-11.5
-11.7
-9.8
'Revised.
” Preliminary.
n.e.c. Not elsewhere classified.
N ote . Chain-weighted price indexes multiplied by trade-weighted exchange rate index of the currencies of
the euro-area countries, Australia, Canada, Japan, Sweden, Switzerland, and the United Kingdom.
April 2004
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
Annual Revision of the U.S. International
Transactions Accounts
Several major improvements to the accounts will be
introduced in the annual revision o f the international
accounts to be released in June 2004. First, results
from the U.S. Treasury Departments Annual Survey
o f Foreign Portfolio Investment in the United States
for 2002 will be introduced into the accounts for
2000-2003. Second, results from the U.S. Treasury
Department’s 2001 Survey o f U S . Portfolio Invest
ment Abroad, which were introduced last year for
1998-2002, will be extended to 1994-97 to increase
the historical consistency o f the accounts. Third, a
definitional change in the measure o f insurance ser
vices is being considered. The new measure would
treat the expected income on technical reserves of
insurance companies as accruing to policyholders,
who then pay it to insurance companies as supple
ments to premiums. This addition would complete
the updating of the measures of insurance transac
tions introduced into both the international and
national accounts last year. (See the October 2003
issue o f the S u rvey o f C u r r e n t B u sin e ss , “Measuring
the Services of Property-Casualty Insurance in the
NIPA’s: Changes in Concepts and Methods” by
Baoline Chen and Dennis J. Fixler, for a discussion of
the definitional change in the national income and
product accounts.)
April 2004
S urvey
of
C
urrent
Chart 8. Growth in Exports by Selected Commodity
Categories and Areas
1999=100
1999=100
180
180
CAPITAL GOODS, EXCEPT AUTON10TIVE
170
160
150
140
-------- Canada
____ Western Europe
--------Japan
—
Asia, excluding Japan
--------Latin America
and parts
--------Semiconductors
--------Telecommunications
equipment
170
160
150
machinery
--------Civilian aircraft
140
130
130
A
120
12 0
110
110
f
100
100
Y
—
-
90
90
i
80
i
r
V
I
...........L .
I
I ..
180
.
80
180
INDUSTRIAL SUPPLIES AND M
ATEERIALS
170
160
-------- Canada
--------Western Europe
------- Japan
------- Asia, excluding Japan
------- Latin America
--------Chemicals
------- Paper
—
Textile supplies
—
Nonferrous metals
170
160
150
140
130
150
140
........................................................./ .......
/
/
/
130
/
12 0
/
/ \
/
120
110
110
10 0
f
100
90
80
18 0
170
160
90
i
i
appliances
------- Medical, dental, and
/
pharmaceutical preparations/
/
/
i
i
180
-------- Danqria
____ Western Europe
— - Japan .....................................
------- Asia, excluding Japan
------- Latin America
/
/
12 0
/
/
/
170
160
150
140
/
/ '
/
130
120
/
.........../........................
110
j f t S
s
r - - ' '
100
10 0
90
90
l
J ,
..l....
l
i
i
80 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 80
U.S.
Bureau of Economic Analysis
the p ast 5 years. The tu rn aro un d in durable goo ds was
in h ousehold and kitchen appliances, largely to W est
ern Europe an d C an ada.
Foods, feeds, and beverages increased $5.0 billion,
or 11 percent, follow ing an increase o f $0.2 billion, or
less than 1 percent. Soybeans increased $2.2 billion, or
31 percent. Prices rose 22 percent as a result o f d im in
ished w orld supplies and a surge in d em an d by China.
C hina accounted for over 80 percent o f the increase in
soybeans. C otton increased $1.3 billion, or 64 percent,
largely to C h ina and other developing countries in A sia
and in Latin A m erica.
C apital goo d s increased $2.5 billion, or 1 percent,
follow ing a decrease o f $31.2 billion, or 10 percent. Ex
ports o f som e high-technology produ cts increased as
p art o f the lim ited global recovery in p rodu ction and
shipm ents o f these products. Sem icon ductors in
creased $3.9 billion, or 9 percent— largely to M alaysia,
the newly in dustrialized countries in A sia, the Philip
pines, and C h ina— and com puters, peripherals, and
p arts increased $1.4 billion, or 4 percent— largely to
M exico. However, telecom m unication s equipm en t re
m ain ed depressed. “ O ther” industrial, agricultural,
an d service m achinery an d testing equipm ent in
creased a sm all am ount. Civilian aircraft, engines, and
parts fell further, declining $3.2 billion, or 7 percent—
largely to France, China, and A ustralia— after a de
crease o f $2.2 billion, or 4 percent (table H ).
A utom otive vehicles, parts, an d engines increased
$1.2 billion, or 2 percent, follow ing an increase o f $3.5
billion, or 5 percent.
Im p o rts. G o o d s im ports increased $98.4 billion, or
8 percent, in 2003, follow ing an increase o f $18.8 b il
lion, or 2 percent, in 2002. The increase raised im ports
80
................................J ........
130
11 0
i
CONSUMER GOODS (NONFOOD), EXCEPT AUTOMOTIVE
150
140
i
i
i
65
B u s in e s s
Data Availability
Interactive access to the estimates that are presented
in tables 1-12 of the U .S . international transactions
accounts (table 12 is presented annually in the July
S u r v ey o f C u r r e n t B u sin e ss ) is available on BEA’s Web
site at < www.bea.gov>. You may view the most recent
quarterly estimates (annual estimates for table 12) for
an entire table with one mouse click, or you may
select the period, frequency, and lines that you wish to
view. The estimates are available in an HTML table or
as comma-separated values that can be downloaded
and imported into a spreadsheet or a database.
The current and historical estimates in tables 1-2 are
also available as compressed files on BEA’s Web site;
click on “Publications,” and look under “Catalog of
Products,” “International Accounts Products,” “Bal
ance o f Payments.”
66
U.S. International Transactions, 2003
to 3 percent above the record level in 2000. Real im
p o rts increased 5 percent in 2003, an d im p o rt prices
increased 3 percent. In value, the increase in im ports
w as m ostly accounted for by increases in industrial
supplies and m aterials (in cluding p etroleu m ), co n
sum er goo ds, an d capital g oo d s (charts 7 an d 9). Im
p o rts fro m A sia excluding Japan increased $40.1
billion; from W estern Europe, $20.4 billion; from C an
ada, $15.1 billion; an d from Latin A m erica and O ther
W estern H em isphere, $12.9 billion. In contrast, im
p o rts from Japan decreased $3.4 billion.
Petroleum an d petroleu m prod u cts increased $29.8
billion, or 29 percent, after no change in 2002. The
average n um ber o f barrels im p orted daily increased
8 percent to 12.95 m illion from 12.04 m illion. The
A p r il 2 0 0 4
average price ju m p e d 21 percent to $28.25 fro m $23.43
(chart 10). D om estic con su m ption increased 1 p e r
cent, while p rodu ction decreased 3 percent. H a lf o f the
increase in im p orts w as from O PEC countries; Sau di
A rabia accounted for a third o f this rise, A lgeria and
Venezuela for a third, an d rem aining m em bers for a
third. The rem aining h alf o f the increase w as m ostly
accounted for by n on -O P E C countries C an ada, M ex
ico, and R ussia.
C o n su m er g oo d s increased $25.9 billion, or 8 per
cent, follow ing an increase o f $23.5 billion, or 8 p e r
cent. Both increases were com parable in size to the
stron g increases o f 1997-99. N on durable g o o d s ac
counted for three-fifths o f the increase in 2003; over
h alf o f this increase w as the result o f a rise in im ports
Table H. U.S. Trade in Capital Goods, Except Automotive
[Balance of payments basis, millions of dollars]
1998
Exports..................................................................................................................................
Computers, peripherals, and parts....................................................................................
Semiconductors................................................................................................................
Telecommunications equipment........................................................................................
Scientific, hospital, and medical equipment and parts.....................................................
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...........................................
Civilian aircraft, engines, and parts...................................................................................
Other capital goods, n.e.c.................................................................................................
Im ports..................................................................................................................................
Computers, peripherals, and parts....................................................................................
Semiconductors................................................................................................................
Telecommunications equipment........................................................................................
Scientific, hospital, and medical equipment and parts.....................................................
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...........................................
Civilian aircraft, engines, and parts...................................................................................
Other capital goods, n.e.c.................................................................................................
299,868
45,247
37,650
23,869
15,827
43,573
18,815
15,943
11,727
27,301
53,547
6,369
269,451
72,475
33,416
15,723
10,513
44,711
16,173
8,007
7,338
29,074
21,814
10,207
1999
311,250
46,724
46,962
25,367
16,748
44,695
19,349
11,965
10,993
29,353
52,921
6,173
295,718
81,456
37,628
21,553
12,150
46,849
15,588
6,984
7,715
32,816
23,773
9,206
2000
357,000
55,542
60,077
31,268
19,309
53,143
23,837
12,598
11,602
35,766
48,091
5,767
347,023
89,762
48,353
32,688
14,941
51,636
18,192
7,167
9,453
39,716
26,376
8,739
2001
321,724
47,555
45,066
27,874
20,062
46,060
19,985
14,057
11,992
30,887
52,619
5,567
297,993
74,001
30,422
24,632
15,212
47,479
16,423
6,901
9,780
34,789
31,358
6,996
2002
290,495
38,553
42,235
22,208
19,306
42,831
18,392
12,893
11,601
27,544
50,484
4,448
283,322
75,150
26,015
23,135
16,030
47,978
14,871
6,573
9,034
32,878
25,458
6,200
2003"
293,044
39,928
46,158
20,748
20,880
43,393
19,097
12,810
10,996
27,394
46,919
4,721
295,653
76,522
24,608
24,766
18,440
51,851
15,903
7,522
9,230
33,294
24,187
9,330
'’ Preliminary.
n.e.c. Not elsewhere classified.
Table I. U.S. Trade in Nonagricultural Industrial Supplies and Materials
[Balance of payments basis, millions of dollars]
1998
Exports..................................................................................................................................
Energy products................................................................................................................
Chemicals, excluding medicinals
Paper and paper base stocks
Textile supplies and related materials
Building materials, except metals
.........................................................
Other nonmetals...................
Metals and nonmetallic products.............................
Steelmaking materials and iron and steel products
Nonferrous metals................................................
Other metals and nonmetallic products.........................................................................
Im ports..................................................................................................................................
Energy products................................................................................................................
Chemicals, excluding medicinals....
Paper and paper base stocks..........
Textile supplies and related materials
Building materials, except metals....
Other nonmetals................................................................................................................
Metals and nonmetallic products.............................
Steelmaking materials and iron and steel products
Nonferrous metals................................................
Other metals and nonmetallic products...............
Memorandum:
Nonpetroleum industrial supplies and materials imports.................................................
'’ Preliminary.
1999
2000
2001
2002
2003"
138,528
13,335
44,944
12,151
8,918
7,977
18,043
33,160
7,328
14,235
11,597
196,853
59,119
29,183
11,222
10,338
17,909
14,650
54,432
24,456
22,837
7,139
140,314
12,883
45,927
12,174
9,807
8,157
18,895
32,471
7,156
13,526
11,789
218,545
78,140
29,601
11,582
10,305
21,813
15,799
51,305
20,917
22,795
7,593
163,889
16,636
52,242
14,001
11,367
8,755
21,628
39,260
8,559
16,048
14,653
2%,497
138,397
33,761
13,686
11,255
21,789
17,848
59,761
24,006
26,686
9,069
150,476
15,921
49,327
12,386
10,866
7,770
19,598
34,608
7,967
14,219
12,422
270,803
124,877
34,048
12,240
10,314
21,261
17,252
50,811
18,945
23,245
8,621
147,682
15,128
49,828
12,211
11,142
7,610
19,547
32,216
7,850
12,127
12,239
262,841
118,809
33,075
11,462
10,868
22,488
18,432
47,707
20,182
18,841
8,684
162,384
18,126
55,469
12,849
11,349
7,825
20,424
36,342
9,680
13,975
12,687
311,268
159,512
36,662
11,858
10,809
24,182
20,144
48,101
19,162
19,424
9,515
152,145
156,311
181,919
172,527
164,583
183,788
April 2004
S urvey
of
C
urrent
Chart 9. Growth in Imports by Selected Commodity
Categories and Areas
1999=100
220
CAPITAL GOODS, EXCEPT AUTOM OTIVE
-------- Computers, peripherals,
200
180
160
1999=100
220
-------- Canada
-------- Western Europe
-------- Semiconductors
--------Telecommunications
200
-------- Japan
--------Asia, excluding Japan
------- Latin America
-------- Electric generating
machinery
...... T-T—- Civilian aircraft
180
160
140
140
A\ y \
120
/\
120
10 0
10 0
\
\
80
60
240
................. v..................
\
80
I
........ I...........I............ !...." T
I
I
INDUSTRIAL SUPPLIES AND MATE: r ia l s
200
-------- Canada
--------Building materials,
except metals
-------- Japan
_____Asia, excluding Japan
— — Latin America
--------Nonferrous metals
Chart 10. U.S. Current Petroleum Imports and Price,
Total and from Selected Countries_______________
Millions of barrels per day
16
Price per barrel
------------------------------------------------------------------------ 1$40
200
/
/
' \
180
'
/ \
I
160
220
/
K
180
o f m edicinal, dental, and ph arm aceutical preparation s,
m ostly from Ireland, the U nited K in gdom , and Swe
den. D urable g oo d s also increased, but not as m uch as
in 2002; the increases were m ostly in h ousehold and
kitchen appliances from China, W estern Europe, and
the R epublic o f Korea and in hom e entertainm ent
equipm ent from China.
N on petroleu m industrial supplies an d m aterials in
creased $19.2 billion, or 12 percent, follow ing a d e
crease o f $7.9 billion, or 5 percent. N atural gas
increased a record $9.7 billion, m ost o f which was
from C anada. C hem icals increased $3.6 billion, the
largest gain since 2000; over h alf o f the increase was
from C an ada, and the rem ainder w as from Latin
A m erica. Building supplies an d m aterials were rela
tively strong for the second consecutive year. Iron and
steel produ cts decreased; tariffs put in place in M arch
2002 on steel prod u cts were lifted in D ecem ber 2003,
60
240
-------- Energy products
220
I
67
B u s in e s s
/
160
1
140
140
120
\
1
1
1
-
12 0
---------
! /,
100
i
10 0
.......................................................................................................... $5
L
80
240
220
l
J
l
80
200
household goods
Television and video
—
180
/
160
/
/
/
i
i
I
i
i
i
I
i
i
i
I
i
i
i
I
i
i
i
I
240
CONSUMER GOODS (NONFOOD), EXCEPT AUTOMOTIVE
-------- Household and kitchen
appliances
-------- Medical, dental, and
/
pharmaceutical preparations/
i
-------- Canada
--------Western Europe
220
------- Japan
.............Asia, excluding Japan.......................
200
-------- Latin America
*
180
/
y
/
/
160
140
140
120
12 0
100
80
r
. .1
100
j.
... i .
± _
i
i
i
i
1999 2000 2001 2002 2003 1999 2000 2001 2002 2003
U.S. Bureau of Economic Analysis
p Preliminary
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
i
i
i
I$0
U.S. International Transactions, 2003
68
16 m on th s earlier than the M arch 2005 plan n ed exp i
ration. The decision cam e after the W orld Trade O rga
n ization’s ruling that the tariffs were a violation o f
global trade rules an d after the European U n ion in di
cated it m igh t retaliate with sanctions on U .S. g o o d s if
the tariffs were n ot lifted (table I).
C apital g oo d s increased $12.3 billion, or 4 percent,
follow ing a decrease o f $14.7 billion, or 5 percent. In
dustrial, agricultural, an d service m achinery an d scien
tific equ ipm en t increased $6.3 billion. A m on g hightechnology produ cts, com puters, peripherals, an d
parts increased $1.4 billion. China now exports three
tim es as m an y com puters and p arts to the U nited
States as Japan; som e o f this grow th m ay have com e at
the expense o f Taiwan, Singapore, Korea, the P h ilip
pines, an d T hailand, all o f w hom h ad decreases in
shipm ents to the U nited States in 2003. T elecom m uni
cation s equ ipm en t increased $1.6 billion, m ainly from
M alaysia an d China. Sem icon ductors decreased $1.4
billion— the third consecutive year o f decline. Civilian
aircraft an d p arts rem ained weak, b u t declined m uch
less than in 2002 (table H ).
A utom otive vehicles, parts, an d engines increased
A p ril 2 0 0 4
$6.4 billion, or 3 percent, follow ing an increase o f
$14.0 billion, or 7 percent. M ore than 85 percent o f the
increase in 2003 w as in engines and parts, m ostly from
C an ada, M exico, an d Germ any. Im po rts o f com plete
autos increased a sm all am oun t, accounting for the re
m ainder o f the increase. Total auto im ports rose in
spite o f a decline in U .S. auto sales o f 1 percent in 2003,
the third consecutive year o f sales declines.
Foods, feeds, an d beverages increased $6.1 billion,
or 12 percent, follow ing an increase o f $3.0 billion, or 7
percent. All m ajor categories increased, w ith the excep
tion o f m eat and poultry, which fell as the result o f the
ban placed on C an adian b e e f prod u cts between late
M ay and the end o f A ugust due to the discovery o f m ad
cow disease in a C an adian cow. U.S. entry restrictions
were eased at the end o f A ugust, when the U nited
States began to allow im p orts o f certain C an adian b e e f
produ cts. The decision to allow the im p o rt o f live cat
tle from C an ada is still pending.
Balances by area. The deficit on g oo d s increased
$66.5 billion, to $549.4 billion, in 2003. E xports in
creased after 2 consecutive years o f decline, while im
ports rose sharply after an up tu rn in 2002 (table J).
Table J. U.S. Trade in Goods by Major End-Use Category for Selected Areas and Countries
[Balance of payments basis, millions of dollars]
Exports........................................................................
Agricultural products............................................
Nonagricultural products.....................................
Foods, feeds, and beverages...................................
Industrial supplies and materials.............................
Capital goods, except automotive............................
Automotive vehicles, parts, and engines................
Consumer goods (nonfood), except automotive.....
Exports, n.e.c..........................................................
Im ports........................................................................
Petroleum and products......................................
Nonpetroleum products.......................................
Foods, feeds, and beverages...................................
Industrial supplies and materials.............................
Capital goods, except automotive............................
Automotive vehicles, parts, and engines................
Consumer goods (nonfood), except automotive.....
Imports, n.e.c., and U.S. goods returned................
Balance........................................................................
2002
2003"
2001
163,259
8,942
154,317
8,901
37,902
52,325
40,599
18,485
5,047
218,737
16,276
202,461
11,431
83,109
33,855
57,865
15,589
16,888
-55,478
160,895
9,661
151,234
9,716
37,191
46,041
44,552
18,978
4,417
211,761
17,133
194,628
11,914
77,602
29,083
59,747
15,946
17,469
-50,866
169,796
10,462
159,334
10,546
40,267
46,732
45,528
21,135
5,588
226,852
21,896
204,956
12,079
91,811
29,391
60,656
16,784
16,131
-57,056
171,420
7,784
163,636
6,030
35,529
87,504
8,558
27,422
6,377
241,030
11,154
229,876
9,639
48,356
76,423
31,118
61,970
13,524
-69,610
2002
153,377 161,438
7,513
7,781
145,864 153,657
6,014
6,441
36,634
32,846
73,850
73,100
10,474
9,010
26,220
29,682
5,437
5,107
245,909 266,286
14,549
13,051
232,858 251,737
10,681
12,998
47,932
51,826
69,397
70,351
35,223
40,489
69,168
77,626
13,508
12,996
-92,532 -104,848
2001
'’Preliminary.
n.e.c. Not elsewhere classified.
2003"
Mexico
Latin America
Exports........................................................................
Agricultural products............................................
Nonagricultural products.....................................
Foods, feeds, and beverages...................................
Industrial supplies and materials.............................
Capital goods, except automotive............................
Automotive vehicles, parts, and engines................
Consumer goods (nonfood), except automotive.....
Exports, n.e.c..........................................................
Im ports.......................................................................
Petroleum and products......................................
Nonpetroleum products.......................................
Foods, feeds, and beverages...................................
Industrial supplies and materials.............................
Capital goods, except automotive............................
Automotive vehicles, parts, and engines................
Consumer goods (nonfood), except automotive.....
Imports, n.e.c., and U.S. goods returned................
Balance........................................................................
United Kingdom
Western Europe
Canada
2001
2002
2003"
2001
2002
147,858
10,522
137,336
9,137
40,903
57,257
18,095
17,124
5,342
190,189
30,217
159,972
13,111
49,098
37,520
42,099
40,402
7,959
-42,331
136,862
10,501
126,361
9,092
40,016
50,639
16,868
15,275
4,972
195,934
32,497
163,437
13,683
52,648
37,100
43,973
40,281
8,249
-59,072
137,350
11,302
126,048
9,823
42,183
51,198
15,197
14,090
4,859
206,030
39,010
167,020
15,449
60,362
37,847
43,881
40,034
8,457
-68,680
101,181
7,540
93,641
6,554
28,283
35,981
16,023
10,424
3,916
132,205
10,154
122,051
5,973
18,723
33,008
40,005
28,257
6,239
-31,024
97,282
7,459
89,823
6,466
28,269
33,747
15,257
9,853
3,690
135,502
12,229
123,273
6,178
21,401
32,662
41,513
27,310
6,438
-38,220
2002
2003'’
39,701
1,078
38,623
1,025
6,609
20,518
1,824
7,549
2,176
40,982
3,390
37,592
1,186
8,824
14,780
3,852
8,624
3,716
-1,281
32,091
1,028
31,063
1,008
5,994
15,546
1,743
6,446
1,354
40,467
4,709
35,758
1,257
9,437
11,750
5,280
9,212
3,531
-8,376
32,940
1,050
31,890
1,042
6,652
15,677
2,014
6,357
1,198
42,412
5,553
36,859
1,339
10,450
11,467
6,257
9,964
2,935
-9,472
Asia, excluding Japan
2003"
2001
2002
Japan
Germany
2001
2003"
97,242 140,062 140,823 153,039
16,527
8,049
13,303
13,116
89,193 126,759 127,707 136,512
7,084
10,763
10,766
13,339
28,749
27,534
29,225
35,089
35,238
83,095
81,455
84,321
3,434
13,644
3,716
4,077
8,911
11,803
11,912
12,437
3,616
3,433
3,749
3,776
138,976 313,479 336,842 376,918
15,505
24,179
21,034
27,491
123,471 289,300 315,808 349,427
8,384
7,050
10,287
8,915
24,860
48,374
47,289
57,034
33,017
98,397 104,337 114,401
41,237
12,169
13,856
15,889
26,390 139,111
155,237 171,716
6,422
7,044
7,208
7,591
-41,734 -173,417 -196,019 -223,879
2001
2002
2003"
2001
2002
2003"
29,363
966
28,397
763
4,491
17,525
2,917
2,804
863
59,035
449
58,586
648
8,532
21,868
18,831
6,377
2,779
-29,672
26,024
997
25,027
859
4,262
13,992
3,758
2,389
764
62,477
526
61,951
683
8,843
19,793
22,273
7,754
3,131
-36,453
28,306
1,043
27,263
908
4,676
14,035
4,965
2,900
822
67,931
626
67,305
782
9,605
20,683
25,262
8,736
2,863
-39,625
55,879
9,076
46,803
9,562
10,693
24,072
2,676
7,596
1,280
126,484
219
126,265
385
11,477
47,501
44,854
18,301
3,966
-70,605
49,664
8,545
41,119
9,071
9,969
20,314
2,784
6,330
1,196
121,428
122
121,306
409
10,905
39,292
49,259
17,949
3,614
-71,764
50,307
9,094
41,213
9,520
10,253
20,299
2,536
6,530
1,169
118,043
129
117,914
437
11,443
38,932
46,664
17,051
3,516
-67,736
Hong Kong, Republic of Korea,
Singapore, Taiwan
2001
2002
2003"
69,878
6,083
63,795
4,990
13,940
43,025
838
5,320
1,765
93,259
1,126
92,133
699
9,530
43,380
8,851
27,231
3,568
-23,381
68,153
6,032
62,121
5,124
14,578
40,413
827
5,153
2,058
91,841
743
91,098
667
9,566
41,460
9,780
27,025
3,343
-23,688
70,164
6,347
63,817
5,489
16,312
40,384
901
5,357
1,721
92,601
657
91,944
676
10,099
38,626
11,164
28,694
3,342
-22,437
China
2001
2002
2003"
19,108
22,038
28,340
1,941
2,085
4,957
17,167
19,953
23,383
1,608
1,570
3,778
5,448
6,730
9,749
10,812
12,119
12,825
414
298
666
1,014
842
1,121
153
138
201
102,278 125,189 152,386
318
320
347
101,960 124,869 152,039
1,606
1,233
2,132
9,067
7,548
10,919
23,206
30,200
42,028
1,691
2,197
2,804
67,424
80,747
92,750
1,176
1,372
1,753
-83,170 -103,151 -124,046
April 2004
S u rvey
of
69
C u r r e n t B u sin e ss
The deficit w ith A sia excluding Jap an increased
$27.9 billion. A second year o f large increases in con
sum er g oo d s im p orts an d a sizable step-up in capital
g oo d s im p orts, both largely from C hina, accounted for
tw o-thirds o f the increase in im ports. Exports were
higher, especially agricultural exports to C h ina an d in
d ustrial supplies an d m aterials.
The deficit with O PEC increased $16.4 billion, fol
low ing decreases in the 2 previous years. Im ports from
A frican m em bers o f O PEC rose $6.4 billion; nearly
tw o-thirds o f the increase was from N igeria, and onethird w as from Algeria. Im p o rts from A sian m em bers
increased $6.0 billion; the increase w as dom in ated by
Sau d i A rabia. Im p orts from Venezuela increased $2.0
billion.
The deficit w ith W estern Europe increased $12.3
billion. Im p o rts increased fo ur tim es as m uch in 2003
as in 2002, with increases in all m ajo r categories. Turn
aroun d s in capital g oo d s an d in dustrial supplies and
m aterials were sizable, and con sum er g oo d s and autos
con tin ued to rise. Exports increased m oderately, fol
low ing sizable decreases in the previous 2 years; capital
g oo d s decreased m uch less than in 2002, and there
were tu rn aro u n d s in in dustrial supplies an d m aterials
an d in con sum er goods.
The deficit w ith Latin A m erica increased $9.6 bil
lion. E xp orts changed little, while im p orts, m ainly o f
petroleum an d produ cts, increased.
T he deficit w ith C an ad a increased $6.2 billion. Im
p o rts rose sharply as a result o f increases in petroleum
an d prod u cts and natural gas. Exports increased, re
flecting gains in in dustrial supplies an d m aterials,
m ainly n atural gas and chem icals, an d in consum er
goods.
The deficit with Japan decreased $4.0 billion. Im
p orts continued to fall for the third successive year. E x
p o rts rebou n ded slightly, follow ing decreases in the 2
previous years.
Services
The surplu s on services decreased to $59.2 billion in
2003 from $64.8 billion in 2002 (table K, chart 11).
The decrease continues several years o f decline, reflect
ing a pickup in services receipts to a 4-percent grow th
rate from a 1-percent grow th rate and a pickup in ser
vices paym ents to an 8-percent grow th rate from a 4percent grow th rate. Travel and passenger fare receipts
and paym ents were n ot m ajor contributors to changes
in the services surplus: They rem ained w eak on an an
nual basis in spite o f a strong recovery from a trough in
April. M ajor increases, year over year, were in “other”
private services receipts an d “oth er” private services
paym ents, in “other” tran spo rtation paym ents, and in
direct defense expenditures.
Travel receipts decreased to $65.1 billion in 2003
from $66.5 billion in 2002. Receipts d ro p p ed sharply in
Table K. Services
[Millions of dollars, quarters seasonally adjusted]
2003
2001
2002
2003p
lr
Exports.................................................................................................................................................
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................
Military transactions1
U.S. Government receipts
Imports..................................................................................................................................................
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..........................................................................................................................................
Direct defense expenditures2.......................................................................................................
U.S. Government payments..........................................................................................................
288,868
71,893
17,926
28,442
41,098
116,139
39,760
76,379
11,478
15,228
2,399
4,504
28,611
14,160
12,539
831
219,472
60,200
22,633
38,682
16,713
63,387
30,053
33,334
2,269
4,049
11,613
4,756
10,034
613
14,975
2,882
' Revised.
ePreliminary.
1. Consists of goods and services transferred under U.S. military agency sales contracts, which cannot be separately identified.
2. Consists of imports of goods and services by U.S. defense agencies, which cannot be separately identified.
292,233
66,547
17,046
29,166
44,142
122,594
43,500
79,094
12,759
15,859
2,839
4,137
28,799
14,700
11,943
795
227,399
58,044
19,969
38,527
19,258
69,436
32,367
37,069
2,466
3,665
15,348
4,180
10,732
679
19,245
2,920
304,932
65,054
15,598
31,871
47,870
131,013
48,143
82,870
13,672
16,184
2,936
3,884
30,828
15,367
12,716
810
245,687
56,190
20,564
45,058
19,881
77,376
36,031
41,345
2,673
3,956
17,723
3,833
12,426
734
23,614
3,004
IIr
74,003
16,040
3,732
7,834
11,624
31,744
11,906
19,838
3,402
3,825
742
987
7,081
3,802
2,827
202
59,608
14,106
4,945
10,879
4,707
18,552
8,738
9,814
648
939
4,250
966
2,830
180
5,674
745
73,210
14,494
3,452
7,850
11,938
32,260
12,118
20,142
3,330
3,984
740
976
7,319
3,794
3,014
202
59,298
12,833
4,705
11,255
4,706
18,929
8,892
10,037
662
926
4,374
961
2,931
183
6,121
749
III'
77,071
16,425
4,046
7,812
12,031
33,170
12,130
21,040
3,426
4,140
730
965
7,927
3,852
3,384
203
62,469
14,259
5,491
11,313
5,181
19,538
8,970
10,568
676
1,045
4,492
956
3,216
184
5,934
753
IV"
80,646
18,095
4,368
8,374
12,277
33,838
11,989
21,849
3,514
4,235
724
956
8,500
3,921
3,491
203
64,310
14,992
5,423
11,611
5,285
20,357
9,431
10,926
687
1,046
4,607
950
3,449
187
5,885
757
70
U.S. International Transactions, 2003
the first h alf o f the year am id concerns over the o u t
break o f w ar in Iraq and the severe acute respiratory
syndrom e virus. In the second half, receipts recovered
to their level in the fourth quarter o f 2002. The d ro p o ff
and recovery were largest for travel from the Far East;
travel from Europe displayed less volatility. For the
year, receipts from overseas were 4 percent lower, and
the n um ber o f foreign visitors was 6 percent lower. The
n um ber o f visitors from W estern Europe increased 0.5
percent, visitors from A sia d rop p ed 12 percent, and
visitors from Japan d rop p ed 13 percent.
Travel receipts from C an ad a increased 7 percent in
2002, p artly spurred by a relatively healthy C an adian
econom y and a 12-percent increase in the value o f the
C an adian dollar, which m ade travel to the United
States m ore attractive. Travel receipts from M exico in
creased 3 percent.
Travel paym ents decreased to $56.2 billion in 2003
from $58.0 billion in 2002. Like travel receipts, travel
paym ents d rop p ed sharply in the first h alf o f the year
and recovered significantly in the second h alf to a level
near that o f the fourth quarter o f 2002. However, for
the year, paym ents overseas were 4 percent lower; the
n um ber o f travelers increased 4 percent, bu t their aver
age expenditures decreased 8 percent. The n um ber o f
U.S. travelers to W estern Europe increased 3 percent,
U.S. travelers to Latin A m erica increased 13 percent,
and those to A sia decreased 11 percent.
Travel paym ents in C an ada decreased 3 percent. The
com bin ed effects o f severe acute respiratory syndrom e
in Toronto and the declining value o f the U .S. dollar
reduced U.S. travel to C an ada. Travel paym ents to
M exico increased 4 percent.
Passenger fare receipts decreased to $15.6 billion in
Chart 11. Annual Services Data, 1991-2003
Million!
Million $
100,000
320.000
280.000
■* Exports (left axis)
Imports (left axis)
— Services balance
(right axis)
87.500
240.000
75.000
200.000
62.500
160,000
50.000
120,000
80,000
12,500
40,000
1991 92
93 94
p Preliminary
U.S. Bureau of Economic Analysis
95
96 97
98 99 2000 01 02 03 p
April 2004
2003 from $17.0 billion in 2002, reflecting a 6-percent
decline in the n um ber o f foreign visitors from overseas
and a decrease in the share o f visitors on U .S.-flag car
riers. Passenger fare paym ents increased to $20.6 bil
lion from $20.0 billion, reflecting a 4-percent increase
in the n um ber o f U.S. travelers and an increase in the
share o f U.S. travelers on foreign-flag carriers.
“ O ther” tran spo rtation receipts increased to $31.9
billion, or 9 percent, in 2003 from $29.2 billion in
2002, reflecting increases in goo ds exports and im ports
and an increase in ocean freight rates. Freight receipts
increased $1.8 billion, or 15 percent, m ostly because o f
the higher volum e o f exports on both air and ocean
cargo carriers and an increase in the volum e o f g oo ds
carried between foreign points. In addition , ocean
freight receipts increased as a result o f sharply higher
freight rates for U .S.-operated tram p and tanker ves
sels. The rate increases were the result o f C h in a s strong
econom ic grow th and a surge in the need for raw m a
terials, including iron ore, soybeans, and coal. Port ser
vice receipts increased $0.9 billion, or 5 percent. The
increase w as attributable to higher goo ds im p orts and
exports and higher fuel prices.
“ O ther” tran sportation paym ents increased to $45.1
billion, or 17 percent, in 2003 from $38.5 billion in
2002, reflecting higher g oo d s im ports and higher
ocean freight rates. Freight paym ents increased $5.8
billion, or 22 percent. Revenues o f foreign-operated
tanker vessels accounted for nearly h alf o f the increase,
m ainly as a result o f a sharp rate increase in the first
quarter o f 2003 when oil com pan ies sough t to b o ost
crude oil inventories before the w ar with Iraq began;
tanker rates fell slowly th rou gh out the rem ainder o f
the year. Revenues for tram p vessels reflected the sharp
increase in dem an d for dry bu lk cargoes and an in
crease in rates. Port service paym ents increased $0.7
billion, or 6 percent, reflecting higher fuel prices.
“ O ther” private services receipts increased to $131.0
billion in 2003 from $122.6 billion in 2002. A ffiliated
and unaffiliated services each accounted for abo u t h alf
o f the increase. A m on g unaffiliated services, business,
professional, and technical services accounted for
m ore than h alf o f the increase; these receipts were
push ed higher by sales o f reconstruction services to
Iraq. The increase in education receipts w as sm aller
than in 2002, as the increase in the n um ber o f foreign
students enrolled in U.S. universities slowed. Financial
services receipts increased less than in 2002.
“ O ther” private services paym ents increased to
$77.4 billion in 2003 from $69.4 billion in 2002. A ffili
ated services accounted for 45 percent and unaffiliated
services for 55 percent o f the increase. A m on g un affili
ated services, insurance and bu sin ess, profession al, and
technical services accounted for m o st o f the increase.
April 2004
S urv ey
of
71
C u rr en t B u sin e ss
C on tractin g services p urch ased from foreigners for re
con struction in Iraq are included in the latter category.
Transfers under U .S. agency m ilitary sales contracts
increased to $12.7 billion in 2003 from $11.9 billion in
2002; these tran saction s included receipts by the U.S.
A rm y C o rp s o f Engineers for reconstruction o f p etro
leum pipelines in Iraq. D irect defense expenditures
abro ad increased to $23.6 billion in 2003 from $19.2
billion in 2002. The increase w as attributable to the
w ar in Iraq early in the year and to other m ilitary o per
ation s that follow ed. Expenditures were for purchases
o f equ ipm en t and supplies and for tran spo rtation o f
tro op s an d m ateriel.
Income
The balance on incom e shifted to a surplu s o f $16.6
billion in 2003 from a deficit o f $4.0 billion in 2002
(table C ). Incom e receipts increased substantially m ore
than incom e paym ents.
Receipts o f incom e on U S . direct investm ent abroad
were $175.5 billion in 2003, up from $142.9 billion in
2002 (table L, chart 12). Earnings rose in all m ajor
areas an d in all m ajor industries an d reflected the
pickup in econom ic activity in som e m ajo r countries.
In addition , appreciations o f foreign currencies, which
were 10 to 20 percent higher by the end o f 2003 than at
the end o f 2002, contributed to the increase. Earnings
in “other” in dustries increased $12.2 billion; the in
crease w as largest in inform ation, bu t increases were
also sizable in m in in g and in professional, scientific,
an d technical services. Earnings in m an u factu rin g in
creased $6.1 billion, m ostly in “other m anufacturing,”
an d in com puters and electronic produ cts, m ostly in
M exico, Japan, and Asia. E arnings in w holesale trade
increased $5.8 billion and were w idespread by country
and area. E arnings in holdin g com pan ies increased
$5.2 billion, an d earnings in finance an d insurance
increased $2.4 billion.
Paym ents o f incom e on foreign direct investm ent in
the U nited States increased to $71.5 billion in 2003
from $49.5 billion in 2002 (table L, chart 13). Earnings
o f U.S. affiliates continued to recover fro m their 2001
trough, as real U .S. G D P grow th picked up in 2002 and
again in 2003. Several in dustries that incurred losses
in 2002 registered positive earnings in 2003. The
largest shift in earnings w as in finance (including de
pository institutions) an d insurance, w hich shifted
from a loss o f $0.4 billion to a gain o f $9.5 billion.
“ O ther”— which includes in form ation , holding co m
panies, retail trade, and real estate— shifted from a loss
o f $5.5 billion to a gain o f $3.8 billion. M anufacturin g
increased from a gain o f $4.3 billion to a larger gain o f
$14.6 billion; the largest increases were in chem icals
and in com puters and electronic products.
Receipts o f incom e on “oth er” private investm ent
decreased to $92.1 billion in 2003 from $106.1 billion
in 2002 (table M , chart 14). D eclines in yields ac
counted for the decreases in m o st categories b u t the
declines were not as large as in 2002. Yields on b on ds
declined m ore than yields on short-term instrum ents
and deposits. Interest earned on n on ban k claim s de
creased as a result o f both lower average ou tstan din g
balances and a 50-basis-poin t decline in yields. Interest
on ban k claim s also decreased, largely as a result o f a
50-basis-poin t decline in yields. Incom e on securities
reflected a decrease o f 125 basis poin ts on b o n d s and
an increase in both average h oldin gs and yields on
stocks.
Paym ents o f incom e on “oth er” private investm ent
decreased to $112.5 billion in 2003 from $127.7 billion
in 2002, m ostly because o f declining interest yields (ta
ble M , chart 14). Interest paid on n on b an k liabilities
decreased because o f b oth a 40-b asis-poin t decline in
yields an d a decrease in average am o u n ts outstanding.
Table L. Direct Investment Income and Capital
[Millions of dollars, quarters seasonally adjusted]
2003
(Credits +; debits -)
2001
2002
2003'’
\r
Income
Income receipts on U.S. direct investment abroad...............................................................
Distributed earnings..........................................................................................................
Reinvested earnings.........................................................................................................
Interest, net.......................................................................................................................
Income payments on foreign direct investment in the United States....................................
Distributed earnings..........................................................................................................
Reinvested earnings.........................................................................................................
Interest, net.......................................................................................................................
Capital
U.S. direct investment abroad (increase/financial outflow ( - )).............................................
Equity capital.....................................................................................................................
Reinvested earnings.........................................................................................................
Intercompany debt............................................................................................................
Foreign direct investment in the United States (increase/financial inflow (+)).....................
Equity capital.....................................................................................................................
Reinvested earnings.........................................................................................................
Intercompany debt............................................................................................................
'Revised,
pPreliminary.
IIr
III'
IV "
124,333
47,065
72,043
5,225
-17,848
-25,211
29,054
-21,691
142,933
43,453
94,152
5,328
-49,458
-19,575
-6,755
-23,128
175,481
42,714
127,013
5,753
-71,532
-14,727
-38,558
-18,247
37,076
9,483
26,213
1,380
-15,419
-2,806
-8,064
-4,549
39,203
11,487
26,268
1,448
-17,414
-5,872
-7,107
-4,435
43,718
9,905
32,341
1,472
-19,048
-1,966
-12,559
-4,523
55,486
11,838
42,195
1,453
-19,652
-4,083
-10,830
-4,740
-119,963
-50,422
-72,043
2,502
151,581
137,267
-29,054
43,368
-137,836
-18,103
-94,152
-25,581
39,633
70,326
6,755
-37,448
-154,761
-22,984
-127,013
-4,764
81,982
53,932
38,558
-10,506
-33,784
-4,895
-26,213
-2,676
34,478
32,710
8,064
-6,296
-29,242
-4,843
-26,268
1,869
22,483
5,338
7,107
10,038
-42,160
-4,143
-32,341
-5,676
1,839
7,517
12,559
-18,237
-49,579
-9,103
-42,195
1,719
23,186
8,367
10,830
3,989
72
April 2004
U.S. International Transactions, 2003
Interest p aid on ban k liabilities decreased because o f a
56-basis-poin t decline in yields. Interest p aid on b on ds
decreased, reflecting a 116-basis-point decline in
yields, which was m ostly offset by higher average h old
ings. D ividends p aid on stocks were unchanged.
Receipts o f incom e on U.S. G overnm ent assets in
creased $1.3 billion to $4.6 billion in 2003.
Paym ents o f interest on U.S. G overnm ent liabilities
decreased to $66.4 billion in 2003 from $73.9 billion in
2002 (table N ). Paym ents have decreased in each o f the
last 3 years. Paym ents on U.S. Treasury b o n d s and
notes decreased $3.3 billion. Yields declined through
the first three quarters before stabilizing in the fourth
quarter, m ore than offsetting an increase in foreign
holdings. Foreign interest in the Treasury m arket
w as strong in 2003, as investors looked for safe haven
assets and as foreign central ban ks purchased Treasury
Table M. Other Private Income
[Billions of dollars]
2001
2002
2003"
Billion $
146.4
106.1
92.2
Dividends...............................................................................
Interest on bonds..................................................................
Interest on bank claims........................................................
Interest on other claims1....................................................
34.2
29.3
40.5
42.4
38.0
24.6
21.9
21.7
41.8
18.4
17.8
14.1
Payments............................................................................
Chart 12. Earnings on U.S. Direct Investment
Abroad
Receipts..............................................................................
160.0
127.7
112.5
Dividends...............................................................................
Interest on bonds..................................................................
Interest on bank liabilities...................................................
Interest on other liabilities' .................................................
20.7
56.1
43.7
39.4
22.6
61.0
21.6
22.7
22.6
58.9
15.8
15.0
" Preliminary.
1. Primarily income of financial concerns other than banks.
Note. Excludes direct investment income receipts and payments.
Chart 13. Earnings on Foreign Direct Investment
in the United States
Billion $
50
40
30
20
10
0
-1 0
-2 0
50
40
30
20
10
0
-1 0
-2 0
p Preliminary
Note. To be consistent with earnings by area and by industry, total earnings are shown
in this chart without the current-cost adjustment, the only basis on which area and
industry data are available.
1992 93
94
95
96
97
98
99 2000 01 02
p Preliminary
Note. To be consistent with earnings by area and by industry, total earnings are
shown in this chart without the current-cost adjustment, the only basis on which
area and industry data are available.
Data not available by NAICS-based industry prior to 1999.
Data not available by NAICS-based industry prior to 1997.
U.S. Bureau of Economic Analysis
U.S. Bureau of Economic Analysis
03p
April 2004
S urv ey
of
73
C u rr e n t B u sin e ss
securities with the proceeds from intervention p u r
chases o f dollars again st their ow n currencies in ex
change m arkets. Paym ents on agency b o n d s decreased
$3.3 billion, also because o f declining yields; in ad d i
tion, foreign holdings declined as foreign purchases
failed to keep up with the fast pace o f prepaym ents o f
m ortgage-backed issues.
Unilateral current transfers
N et unilateral current transfers were outflow s o f $68.3
billion in 2003, $9.4 billion m ore than in 2002. U.S.
G overnm ent grants accounted for h alf o f the increase
(table N ).
G rants that are often disbu rsed annually in the
fourth quarter to Israel an d Egypt under the debt
credit waiver p rogram an d under econ om ic assistance
program s were n ot disbu rsed until the first quarter o f
2003; these disbursem en ts in the first quarter totaled
$2.8 billion. Sim ilar disbursem en ts scheduled for the
fourth quarter o f 2003 were delayed until the first
quarter o f 2004; only $0.6 billion w as disbu rsed in the
fourth quarter o f 2003.
In addition, grants o f congressionally appropriated
funds to finance reconstruction activities in Iraq to
taled $3.1 billion for 2003; these fu n ds constituted only
one source o f the financial flows for recon struction ac
tivities.
Private rem ittances and other transfers accounted
for the other h alf o f the increase in transfers, m ostly
because o f an increase in p ersonal an d institution al re
m ittances.
Chart 14. Private Investment Income
B illio n $
Capital Account
C apital account tran sactions were net outflow s o f $3.1
billion in 2003, up from net outflow s o f $1.3 billion in
2002.
Financial Account
S e a s o n a lly a d ju s te d
N et recorded financial inflows— net acquisitions by
foreign residents o f assets in the U nited States less net
p Preliminary
U.S. Bureau of Economic Analysis_____________________________
Table N. Selected U.S. Government Transactions
[Millions of dollars]
2003
(Credits +; debits -)
2001
2002
2003 p
I
U.S. Government grants..................................................................................................................
U.S. Government forgiveness of foreign debt..................................................................................
U.S. Government credits and other long-term assets....................................................................
For debt rescheduling.................................................................................................................
Other disbursements...................................................................................................................
Repayments of U.S. Government credits and other long-term assets...........................................
From debt rescheduling...............................................................................................................
From debt forgiveness.................................................................................................................
Other repayments.......................................................................................................................
U.S. Government foreign currency holdings and short-term assets, net........................................
From debt rescheduling...............................................................................................................
From debt forgiveness.................................................................................................................
Other...................
U.S. Government receipts of income...............................................................................................
From debt rescheduling
From debt forgiveness
Other receipts.....
U.S. Government payments of income............................................................................................
' Revised,
p Preliminary.
* Less than $500,000 (+ /-).
-11,517
-25
-4,431
-693
-3,738
3,873
474
12
3,387
72
106
4
-38
3,561
113
9
3,439
-80,681
-17,097
-193
-5,611
-2,679
-2,932
5,684
2,215
172
3,297
-105
220
-325
3,303
245
21
3,037
-73,915
-21,833
-1,877
-6,984
-4,073
-2,911
7,812
2,537
1,629
3,646
-128
133
29
-290
4,645
1,402
218
3,025
-66,392
-5,813
-97
-2,578
-1,422
-1,156
2,472
1,309
69
1,094
36
5
13
18
1,003
107
14
882
-16,851
II
III'
IV p
-5,654
-1,267
-1,454
-622
-832
1,955
253
1,092
610
-74
3
-5,543
-509
-1,532
-1,040
-492
2,035
486
465
1,084
-20
43
16
-79
1,322
511
28
783
-16,331
-4,823
-4
-1,420
-989
-431
1,350
489
3
858
-70
82
(*)
-152
1,163
418
(*)
745
-16,944
-77
1,157
366
176
615
-16,266
74
April 2004
U.S. International Transactions, 2003
acquisitions by U.S. residents o f assets abroad— were
$579.0 billion in 2003, up from $528.0 billion in 2002.
Financial inflows for foreign-ow ned assets in the
U nited States increased m ore than financial outflow s
for U .S.-ow ned assets abro ad (chart 15).
securities m arkets where long-term rates rem ained
low. D em an d was especially w eak in the second h alf
o f the year when stronger corporate balance sheets,
Chart 15. Selected Financial Flows, 1996-2003
B illion $
500
U .S .-o w n e d a s s e ts a b ro a d
N et U .S.-ow ned assets abro ad increased $277.7 billion
in 2003, com pared with an increase o f $179.0 billion in
2002. T ransactions in foreign securities shifted a siz
able am o u n t to net outflow s, and net outflow s for U.S.
direct investm ent abroad were m oderately higher.
U .S. o fficial reserve a sse ts. U.S. official reserve a s
sets decreased $1.5 billion in 2003, follow ing an in
crease o f $3.7 billion in 2002. The decrease in 2003 was
attributable to the U.S. reserve p osition at the Interna
tional M onetary Fund (IM F), which decreased $1.5
billion, partly because o f the repaym ent o f funds lent
by the IM F to Brazil.
U .S. c laim s o n fo reig n e rs re p o rte d b y b a n k s an d
n o n b an k s. U .S. claim s on foreigners reported by U.S.
ban ks increased $24.7 billion in 2003, follow ing a
$21.4 billion increase in 2002 (tables O and P). The es
pecially low dem an d for ban k credit overseas in these 2
years contrasts sharply with the exceptionally high de
m an d in recent years, when claim s increased $134.9
billion in 2001 and $148.7 billion in 2000.
B an ks’ ow n claim s on their own foreign offices de
n om in ated in dollars decreased $9.7 billion in 2003,
follow ing an increase o f $38.1 billion in 2002. D em and
for ban k credit at both U .S.-ow ned an d foreign-ow ned
ban ks rem ained w eak in 2003 because o f lim ited ex
p an sion abroad and little dem an d for syndicated ban k
loan s as a result o f lim ited m erger and acquisition ac
tivity. M uch financing continued to be done in the
FLOWS FOR FOREIGN-OWNED ASSETS
IN THE UNITED STATES, NET
■ Foreign direct investment in the United States
K U.S. securities
■ U.S. liabilities reported by US. banks
and securities brokers
■ U.S. liabilities reported by U.S. nonbanks
400
300
200
Financial inflows (+)
10 0
0
1996-2003
-400
-300
1996-2003
■
II
■
■
0
1996-2003
U.S. direct investment abroad
Foreign securities
U.S. claims reported by US. banks and securities brokers
U.S. claims reported by U.S. nonbanks
-2 0 0
-1 0 0
1996-2003
FLOWS FOR U.S.-OWNED ASSETS ABROAD, NET
Financial outflows (-)
II
J il
u
II
Financial inflows (+)
10 0
1996-2003
1996-2003
1996-2003
1996-2003
Excludes financial flows for foreign official assets in the United States,
for U.S. currency, for U.S. official reserve assets, and for other U.S. Government assets.
Note.
U.S. Bureau of Economic Analysis
Table 0. Private Financial Flows, Net
[Billions of dollars]
2003
Claims (increase/financial outflow (-)); liabilities (increase/financial inflow (+))
2001
2002
2003"
1
II
III'
IV "
Private financial flows, n e t..........................................................................................................................................
415.9
436.9
369.1
100.4
93.5
60.8
114.4
Bank-reported capital, net1............................................................................................................................................................
U.S. claims..................................................................................................................................................................................
U.S. liabilities1.............................................................................................................................................................................
Securities, n e t.................................................................................................................................................................................
Net U.S. purchases of foreign securities..................................................................................................................................
Stocks ......................................................................................................................................................................................
Bonds.......................................................................................................................................................................................
Net foreign purchases of U.S. securities.................................................................................................................................
-16.6
-134.9
118.4
314.6
-84.6
-109.1
24.5
399.2
-7.4
406.6
119.5
287.2
23.8
31.6
-120.0
151.6
62.5
-5.0
67.5
69.8
-21.4
91.1
403.5
15.8
-17.7
33.5
387.7
96.2
291.5
55.2
236.3
21.5
-98.2
-137.8
39.6
40.3
-31.9
72.1
69.8
-24.7
94.5
314.4
-64.1
-91.3
27.2
378.5
139.9
238.7
37.2
201.4
16.6
-72.8
-154.8
82.0
41.0
-36.3
77.4
-11.1
-27.8
16.7
43.0
-27.1
-34.4
7.2
70.1
14.6
55.6
-2.6
58.2
4.9
0.7
-33.8
34.5
62.9
-12.0
74.8
-35.9
-72.8
36.8
149.7
8.7
-16.9
25.6
141.0
55.0
86.0
20.6
65.4
1.5
-6.8
-29.2
22.5
-15.0
-19.1
4.1
41.2
36.4
4.8
31.2
-28.6
-30.0
1.4
59.8
50.2
9.6
-3.4
13.1
2.8
-40.3
-42.2
1.8
25.9
20.8
5.1
75.7
39.5
36.2
90.5
-17.0
-10.0
-7.0
107.5
20.1
87.5
22.7
64.7
7.5
-26.4
-49.6
23.2
-32.8
-26.1
-6.8
Other than U.S. Treasury securities....................................................................................................................................
Stocks .................................................................................................................................................................................
Bonds..................................................................................................................................................................................
U.S. currency flows, net..................................................................................................................................................................
Direct investment, net.....................................................................................................................................................................
U.S. direct investment abroad...................................................................................................................................................
Foreign direct investment in the United States.......................................................................................................................
Nonbank-reported capital, net.......................................................................................................................................................
U.S. liabilities...............................................................................................................................................................................
r Revised.
'’Preliminary.
1. Liabilities exclude U.S. Treasury securities.
April 2004
S urv ey
of
75
C u rr e n t B u sin ess
im proved corporate cash flows, an d rising earnings re
inforced the shift away from b an k credit to securities
m arkets. In the last two quarters, ban k s’ claim s de
clined especially sharply against offices in the C arib
bean an d the U nited K ingdom .
In contrast, securities brokers’ and dealers’ claim s
increased strongly th rou ghout m uch o f the year as a
result o f resale agreem ents, partly to finance the p u r
chase o f U.S. securities by foreigners, especially in the
third quarter. The increase in claim s o f $63.6 billion in
2003 far exceeded the increase o f $8.8 billion in 2002.
B an ks’ cu stom ers’ claim s increased $3.7 billion in
2003, com pared with an increase o f $6.3 billion in
2002. D em an d for all types o f short-term instrum ents,
including com m ercial paper, w as lim ited in 2003. An
exception w as purch ases o f negotiable certificates o f
d eposit, which increased. C laim s on foreigners re
p orted by U .S. n onbanks increased $36.3 billion, fo l
low ing an increase o f $31.9 billion. Financial
in term ediaries’ claim s were up strongly from 2002,
while deposits were reduced (table O ).
F o reign secu rities. T ransactions in foreign secu ri
ties shifted to net U.S. purchases o f $64.1 billion in
2003 from net sales o f $15.8 billion in 2002. The shift
w as largely due to a $73.6 billion increase in net U.S.
purchases o f foreign stocks an d to a $6.3 billion slow
dow n in net U.S. sales o f foreign b o n d s (table O ).
N et U.S. purch ases o f foreign stocks increased to
$91.3 billion in 2003 from $17.7 billion in 2002. The
increase b rough t annual net purchases close to the
high annual levels o f 1998-2001. In 2003, m ost net
purch ases o f foreign stocks were from A sia and E u
rope.
T ransactions in A sian stocks shifted to net purchases
o f $53.9 billion from net sales o f $0.7 billion. A sian
m arkets were sharply higher in 2003, rising 27 percent
in local currency and 37 percent in U.S. dollars. N et
purch ases o f Japanese stocks were $37.2 billion, an in
crease from net purch ases o f $1.0 billion. N et p u r
chases o f stocks o f other A sian countries were $16.7
billion, a shift from net sales o f $1.6 billion. M ost net
purchases o f A sian stocks were concentrated in the last
two quarters (chart 16).
N et U .S. purch ases o f E uropean stocks increased to
$25.8 billion from $12.1 billion. M uch o f the increase
was in the first h alf o f the year. N et purch ases slowed
considerably in the second half, even th ough E u ro
pean real G D P grow th rates increased m oderately,
con sum er an d bu sin ess confidence surveys strength
ened, an d corporate earnings rose. European stock
Chart 16. Selected Stock Price Indexes in Local
Table P. U.S. Bank-Reported Claims and Liabilities by Type
[Billions of dollars]
2003
2001
2002
2003»
I
Claims on foreigners reported by US banks and securities brokers (increase/financial outflow ( - ) ) ...................
Claims for own accounts, denominated in dollars:
Own foreign offices.....................................................................................................................................................
Unaffiliated foreign banks................................
Foreign official institutions and other foreigners
Claims for domestic customers’ accounts, denominated in dollars................................................................................
Claims denominated in foreign currencies.....................................................................................................................
Liabilities to foreigners reported by U.S. banks and securities brokers (excluding U.S. Treasury securities)
(increase/financial inflow (+))1....................................................................................................................................
Liabilities for own accounts, denominated in dollars:
Own foreign offices.....................................................................................................................................................
Unaffiliated foreign banks............................................................................................................................................
Other private foreigners and international financial institutions.................................................................................
Liabilities for domestic customers’ accounts, denominated in dollars...........................................................................
Liabilities denominated in foreign currencies.................................................................................................................
' Revised.
" Preliminary.
1. Excludes liabilities to foreign official agencies.
II
IV "
III'
-134.9
-21.4
-24.7
-27.8
-72.8
36.4
39.5
-86.1
-9.3
-27.5
4.6
-16.7
-38.1
18.9
-6.1
-4.3
8.2
9.7
-8.8
-27.4
-6.9
8.6
-1.9
-3.5
-5.0
-5.6
-11.8
-33.7
-7.1
-11.9
-24.0
4.0
13.3
0.4
-7.1
17.2
12.6
32.1
1.5
-3.3
5.5
3.8
118.4
91.1
94.5
16.7
36.8
4.8
36.2
73.5
-13.5
24.9
23.5
9.9
60.2
-4.7
30.6
15.0
-10.0
65.4
8.8
53.6
-4.8
-28.4
-25.7
3.2
42.0
-8.7
5.8
48.3
-4.3
-9.2
18.8
-16.8
29.2
4.4
9.1
-30.4
-7.6
13.6
5.5
11.6
15.4
-9.9
76
U.S. International Transactions, 2003
prices appreciated 17 percent in local currency and 35
percent in U .S. dollars.
Stock sw aps related to cross-border m ergers and ac
quisitions increased to $17.5 billion from $3.2 billion.
N et U .S. sales o f foreign b o n d s were $27.2 billion in
2003, dow n from net sales o f $33.5 billion in 2002. N et
sales o f b o n d s from A sia increased to $18.3 billion
from $1.6 billion. D em an d for A sian b o n d s decreased
partly because o f the p o o r perform an ce o f A sian b o n d
prices in com p arison with the stron g rise in stock
prices o f countries in the area. N et sales o f C an adian
b o n d s also increased, despite the fact that C an adian
b o n d prices were the best perform in g b o n d s in 2003.
N ew issues o f foreign b o n d s in the U nited States were
$20.9 billion, little changed from 2002.
Direct investment. N et financial outflow s for U.S.
direct investm ent abro ad were $154.8 billion in 2003,
up from $137.8 billion in 2002 (table L). Reinvested
earnings accoun ted for m o st o f the increase, along
with a sm all increase in net equity capital outflow s. In
contrast, net intercom pany debt outflow s decreased.
The increase in reinvested earnings, to $127.0 bil
lion from $94.2 billion, w as w idespread by in dustry
and w as largest in E urope and C anada.
N et equity capital outflow s increased to $23.0 b il
lion from $18.1 billion. There were only a few large ac
quisitions in 2003 as m erger and acquisition activity
rem ained at levels well below those o f 1999-2001.
N et intercom pany debt outflow s decreased to $4.8
billion from $25.6 billion. The drop w as in finance and
insurance, m an u factu rin g, an d “other.”
Foreign-owned assets in the United States
N et foreign-ow ned assets in the U nited States in
creased $856.7 billion in 2003, com pared with an in
crease o f $707.0 billion in 2002. Foreign official assets
in the U nited States were sharply higher, and both net
foreign purch ases o f U.S. Treasury securities and fo r
eign direct investm ent in the U nited States were m o d
erately higher than in 2002. N et foreign purch ases o f
U.S. securities other than U.S. Treasury securities were
lower.
Foreign official assets. Foreign official assets in the
U nited States increased a record $207.7 billion in 2003,
com p ared with a $94.9 billion increase in 2002. The
p revious record increase w as $126.7 billion in 1996.
D ollar assets o f in du strial countries accounted for
$111.2 billion o f the increase in 2003. D ollar assets o f
Japan accounted for m uch o f the increase as Japanese
m on etary authorities intervened in exchange m arkets
frequently an d in substan tial am o u n ts in order to slow
the appreciation o f the yen. D ollar assets o f m any
countries in W estern Europe decreased. O ther co u n
tries increased their assets $96.5 billion, accounting for
April 2004
the other h alf o f the increase in total assets. C hina, T ai
wan, an d the R epublic o f Korea all increased their fo r
eign exchange reserves and accu m u lation s o f dollar
assets. D ollar assets o f R ussia also increased.
U.S. liabilities to foreigners reported by banks and
nonbanks. U.S. liabilities to foreigners reported by
U.S. ban ks increased $94.5 billion in 2003, follow ing
an increase o f $91.1 billion in 2002 (tables O an d P).
U .S.-ow ned ban k s’ liabilities to foreigners d en o m i
n ated in dollars increased $17.6 billion in 2003, a shift
from a decrease o f $13.7 billion in 2002. In spite o f the
shift, dem an d for funds w as w eak am id sluggish d o
m estic and international lending. Foreign-ow ned
ban k s’ liabilities to foreigners denom in ated in dollars
reflected the w eakness to a m uch larger extent, as their
liabilities decreased $51.8 billion after an increase o f
$56.8 billion. M ost o f these tran saction s are interoffice
transfers. Liabilities denom in ated in foreign currencies
decreased $28.3 billion, follow ing a decrease o f $10.0
billion.
In contrast, liabilities o f U .S. securities brokers and
dealers increased $162.0 billion in 2003, up su b stan
tially from an increase o f $43.0 billion in 2002. M ost o f
these tran saction s were in the form o f repurchase
agreem ents and were concentrated in the first, second,
an d fourth quarters when net foreign purch ases o f U.S.
securities were strongest. M ost o f these tran sactions
were with offices in the C aribbean and the U nited
K ingdom .
U.S. ban ks’ cu stom ers’ liabilities decreased $5.1 b il
lion in 2003, m ostly to the C aribbean , follow ing an in
crease o f $15.0 b illion in 2002. U .S. liabilities reported
by U.S. nonban ks increased $77.4 billion, follow ing an
increase o f $72.1 billion (table O ).
U.S. Treasury securities. N et foreign purchases o f
U.S. Treasury securities by private foreigners increased
to $139.9 billion in 2003— the second highest on
record— from $96.2 billion in 2002 (table O ). The in
crease w as m ore than accounted for by b o n d s and
notes. By area, the largest net purch ases were from Ja
pan , B erm uda, and C hina. N et purchases were large in
both 2002 and 2003 after 3 years o f selloffs.
Relative to 2002, the Treasury yield curve shifted
dow nw ard and steepened in 2003 on an average annual
basis. D u rin g 2003, the yield curve shifted dow nw ard
in the first h alf o f the year and upw ard in the second
half, ending the year steeper and higher than when it
began (chart 17).
Other U.S. securities. N et foreign purch ases o f U.S.
securities other than U.S. Treasury securities were
$238.7 billion in 2003, dow n from $291.5 billion in
2002 (table O ). N et foreign purch ases o f U.S. corporate
b o n d s were a record $249.5 billion, up from $160.0 b il
lion. Transactions in U.S. agency b o n d s shifted to net
£ 2004
S urvey
of
C
urrent
sales o f $48.1 billion for the first tim e from net p u r
chases o f $76.3 billion. N et foreign purchases o f U.S.
stocks were $37.2 billion, the lowest since 1996, dow n
from $55.2 billion (table O ).
N et foreign purch ases o f U.S. corporate b o n d s were
a record $249.5 billion in 2003, up from $160.0 billion
in 2002. D u rin g 2003, the spread o f investm ent-grade
b o n d s over U .S. Treasury securities d rop p ed 91 basis
poin ts an d the spread o f high-yield b o n d s d ropped 453
b asis p oin ts (chart 18). N et purchases, which were
largely from Europe, were $151.0 billion, up from
$93.4 billion. A lthough interest-rate differentials con
tin ued to favor foreign bo n ds, U.S. corporate bo n d s re
m ain ed com petitive an d attractive in the environm ent
o f persistently low inflation in the U nited States. U.S.
investm ent-grade corporate b o n d s yielded a total re
tu rn o f 8.3 percent for the year, su rp assin g a 7.2-per
cent total return earned in local currency by British
corporate bo n d s, a 6.5-percent total return earned in
local currency by euro-area bo n d s, an d a - 0 .1 -percent
total loss earned in local currency by Japanese bonds.
U.S. corporate b o n d s also exceeded the total returns o f
2.3 percent on U.S. Treasury b o n d s an d 2.6 percent on
U.S. agency bon ds.
N ew U.S. b o n d issues sold abroad in 2003 were a
record $118.2 billion in 2003, up from $105.4 billion in
2002 (table Q ). Foreign acquisition s o f new agency is
sues were $49.1 billion, up slightly from $47.6 billion,
an d acquisition s o f new corporate issues were $69.1
billion, up from $57.8 billion. Straight fixed-rate
issues continued to dom in ate the m arket, though
floating-rate issues increased tw ofold. Foreign-currency-denom inated issues surp assed dollar-denom i-
Chart 17. Yield Curve for U.S. Treasury Securities
B u s in e s s
nated issues for the first tim e; an increase in issues
denom inated in euro and in sterling m ore than offset
the decrease in issues denom in ated in yen an d in Swiss
francs.
Foreign tran saction s in U .S. agency b o n d s shifted to
net sales o f $48.1 billion for the first tim e from net
purchases o f $76.3 billion in 2002. Substantial prepay
m en ts on these m ostly m ortgage-backed securities led
to large net sales. N et sales were w idespread across all
m ajor geograph ic areas.
N et foreign purch ases o f U .S. stocks were the lowest
in 7 years at $37.2 billion in 2003, dow n from $55.2
billion in 2002. Su pp orted by im proved econ om ic ac
tivity and the low est interest rates in fo u r decades, the
U.S. stock m arket ended 2003 w ith strong an nual gains
for the first tim e since 1999. The N A SD A Q C o m posite
Index increased 50 percent, the S& P 500 Index gained
26 percent, an d the D ow Jones Industrial Average In
dex w as up 25 percent. N onetheless, there w as diversi
fication away from U .S. stocks, especially to stocks o f
em erging m arket countries, which gained 42 percent
in local currency. In co m parison , investm ents in stocks
Chart 18. U.S. Bond Yields and Spreads__________
P e rc e n t
16
14
12
10
8
6
4
P e rc e n t
2
0
12
10
8
6
4
2
T im e to m a tu rity
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 for Treasury securities with 25 years or
more remaining to maturity.
Data: Federal Reserve Board.
U.S. Bureau of Economic Analysis
77
0
-2
Source: Merrill Lynch.
U.S. Bureau of Economic Analysis
78
April 2004
U.S. International Transactions, 2003
earned 22 percent in local currency in the Japanese
m arket and 17 percent in local currency in the Western
E uropean m arket. N et foreign purch ases from A sia
were dow n sharply, to $2.5 billion from $23.0 billion,
m ostly due to a shift by Japan to $2.3 billion in net
sales from $12.2 billion in net purchases. N et foreign
purch ases from Europe decreased to $25.1 billion from
$31.5 billion. In contrast, net foreign purchases from
C an ad a rem ained stron g at $11.6 billion, while net fo r
eign sales from C arribean financial centers slow ed to
$1.6 billion from $17.0 billion.
U .S. cu rren cy flow s. N et U.S. currency shipm ents to
foreigners were $16.6 billion in 2003, dow n from $21.5
billion in 2002. C urrency flow patterns appeared to be
driven by the crisis in the M iddle East an d routine
trade an d to u rism needs other areas.
D irect in v estm en t. N et financial inflows for foreign
direct investm ent in the U nited States were $82.0 bil
lion in 2003, up from $39.6 billion in 2002 (table L).
An increase in reinvested earnings and a decrease in
net intercom pany debt outflow s m ore than offset a d e
crease in net equity capital inflows.
Reinvested earnings increased $31.8 billion, to $38.6
billion, m ostly reflecting an increase o f $27.0 billion in
earnings. M ore than one-third o f the increase w as in fi
nance (including d ep osito ry in stitution s) an d in su r
ance, largely from Europe; “oth er” (which includes
in form ation , retail trade, h olding com pan ies, an d real
estate) an d m an u factu rin g also increased.
N et intercom pany debt outflow s drop p ed to $10.5
billion from $37.4 billion. The decrease w as accounted
for by m anufacturin g.
N et equity capital inflow s decreased to $53.9 billion
from $70.3 billion. T his w as the third straight year o f
decline in net equity capital inflow s, reflecting the co n
tinued slum p in global m erger an d acquisition activity.
The last tim e net equity capital inflow s were lower was
in 1994.
Table Q. New International Bond Issues by U.S. Borrowers
[Millions of dollars]
2003
2001
2002
2003p
I
Total................................................................................................................................................
By issuer:
Industrial corporations.............................................................................................................................
Banking corporations1...........................................................................................................................
Nonbank financial corporations2...........................................................................................................
U.S. federally sponsored agencies
By instrument:
Straight fixed-rate bonds........................................................................................................................
Floating-rate notes......
Bonds convertible into stock
By currency:
U.S. dollars..............................................................................................................................................
Foreign currencies...................................................................................................................................
Japanese yen......................................................................................................................................
Swiss franc...,
German mark
British pound.
Euro..............
Other currencies
f Preliminary.
1. Includes banks and bank holding companies.
II
III
IV p
112,121
105,435
118,166
33,146
27,338
29,920
27,762
19,485
4,255
37,011
49,008
2,362
8,404
10,007
38,552
47,649
823
8,756
14,508
45,841
49,061
1,594
1,773
15,258
14,521
1,749
5,511
7,925
12,153
3,886
2,318
14,787
8,929
1,527
4,906
7,871
13,458
103,432
8,542
97,244
8,191
101,455
16,598
29,569
3,577
24,469
2,756
23,752
6,168
23,665
4,097
147
113
113
68,425
43,696
5,113
1,478
61,195
44,240
4,370
1,865
56,690
61,476
3,582
1,048
14,482
18,664
457
19
15,396
11,942
1,692
189
11,899
18,021
756
840
14,913
12,849
677
5,434
30,889
3,594
34,046
9,017
44,783
1,439
15,655
3,126
6,161
1,576
14,396
2,876
8,571
782
365
3,046
1,094
774
453
725
2. Principally credit, securities, brokerage, and insurance companies.
April 2004
S u rvey
of
79
C u rr e n t B u sin e ss
Table R. Selected U.S. Transactions with OPEC Members
[Millions of dollars]
(Credit+; debit-)
1989
1990
1991
1992'
1993'
1994'
1995'
1996 ’
1997'
Exports of goods and services and income receipts:
Goods, balance of payments basis.........................................................
13,189 13,141 18,105 20,666 18,319 16,297 17,405 19,224 23,696
Transfers under U.S. military agency sales contracts..............................
1,309
2,687
3,809
4,454
3,675
2,936
4,471
5,638
4,039
Royalties and license fees........................................................................
71
94
149
161
253
312
220
357
394
Other private services..............................................................................
1,541
3,071
1,423
1,898
2,741
3,082
3,354
4,134
4,183
U.S. Government miscellaneous services...............................................
16
20
16
22
13
14
17
11
8
Income receipts on U.S.-owned assets abroad:
Direct investment receipts...................................................................
2,854
1,835
3,293
3,224
2,745
2,701
3,966
4,220
4,073
Other private receipts...........................................................................
2,435
1,441
2,326
1,202
1,045
1,371
1,697
1,470
1,456
U.S. Government receipts...................................................................
154
261
217
187
141
122
268
192
263
Imports of goods and services and income payments:
Goods, balance of payments basis......................................................... -30,720 -38,399 -33,430 -33,718 -32,648 -31,674 -34,265 -42,676 -43,996
Direct defense expenditures....................................................................
-614 -1,419
-784
-883
-455
-545
-944
-360
-335
Royalties and license fees.......................................................................
-1
-1
-1
-37
-7
-38
-2
-5
(*)
Other private services.............................................................................
-245
-306
-461
-482
-754
-430
-535
-771
-570
U.S. Government miscellaneous services...............................................
-104
-96
-87
-47
-26
-39
-34
-31
-29
Income payments on foreign-owned assets in the United States:
Direct investment payments................................................................
-50
-98
182
-93
-82
-49
-34
-136
-448
Other private payments.......................................................................
-2,798 -2,892 -2,669 -2,302 -2,176 -1,964 -2,679 -2,566 -2,800
U.S. Government payments................................................................
-2,758 -3,241 -2,764 -2,524 -2,160 -1,747 -1,995 -2,365 -3,356
U.S. Government grants..............................................................................
-94
3,368 27,453
-197
-152
1,018
-204
-195
-55
U.S. Government pensions and other current transfers..............................
5
-25
-305
-32
-27
-57
-28
-25
-93
U.S.-owned assets abroad, net (increase/capital outflow (- ))....................
1,847
-1,875
-577 -12,162
-513 -3,107
143 -7,078 -8,974
U.S. Government assets, other than official reserve assets, net............
135
-253
-788
-529
19
-422
-901
-458
12
U.S. credits and other long-term assets..............................................
-212
-647
-277
-246
-85
-234
-912
-412
-925
Repayments on U.S. credits and other long-term assets...................
343
481
397
279
224
177
290
420
215
U.S. foreign currency holdings and U.S. short-term assets, net.........
4
-87
-939
164
4
-531
-120
-365
-191
U.S. private assets, net............................................................................
-2,010
2,100
211 -11,633
-532 -2,685
1,044 -6,620 -8,986
Direct investment....
535 -1,277 -2,706 -1,465 -1,597 -3,575 -2,379 -2,884 -2,411
Foreign securities....
96 -2,815
-17
337
-679 -2,077
-675 -2,882 -3,997
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns...........................................................................................
100
-224
-44
13
-478
-306
-146
-25
-336
U.S. claims reported by U.S. banks, not included elsewhere.............
-2,741
6,179
3,158 -10,461
2,050
-376 -2,242
3,113
4,123
Foreign-owned assets in the United States, net (increase/capital inflow(+))
15,282
3,320 -4,416 14,529 -8,904
1,400
4,544 18,133 17,353
Of which. Foreign official.........................................................................
10,724
1,555 -5,235
5,626 -3,850 -1,464
4,061 14,105 12,700
U.S. Treasury securities...........................................................................
-244 -5,902
7,815
4,323 -6,302 -1,668
8,965
1,293 16,125
Other U.S. securities...............................................................................
3,170 -2,676
1,989
4,186
3,322
3
3,657
-820
1,276
Other U.S. Government liabilities............................................................
437
505
151
569
730
1,797
617
-982
-348
U.S. liabilities reported by U.S. banks, not included elsewhere..............
1,836
5,686
-164
4,094
4,793 -5,665
1,677
1,813
1,059
Direct investment in the United States....................................................
1,503
-662
81
167
177
-812
251
623
-140
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns...............................................................................................
711
521
-571
491
-177
163
551
808
439
All other transactions with OPEC and transfers of funds between foreign
areas, net..................................................................................................
3,422 15,135 -10,794
3,182
3,435 18,756 11,335
4,192
5,811
Memorandum:
Balance on goods......................................................................................... -17,531 -25,258 -15,325 -13,052 -14,329 -15,377 -16,860 -23,452 -20,300
' Revised.
pPreliminary.
* Less than $500,000 (±).
1998'
1999'
22,933
5,179
263
4,627
8
18,315
3,982
332
5,581
14
2,682
1,823
238
3,750
1,804
266
2001 '
2002'
17,625
3,029
409
3,390
13
19,502
2,056
354
3,963
13
17,807
1,983
355
4,021
8
16,576
3,193
381
5,403
8
4,789
1,978
448
3,543
1,083
330
3,309
625
311
4,612
393
254
2000r
2003"
-33,673 -41,953 -66,996 -59,753 -53,246 -68,422
-1,754 -1,815 -1,568 -1,687 -3,847 -5,585
-9
-7
-8
-9
-17
-24
-897
-514
-570 -1,122
-863
-506
-28
-28
-46
-46
-45
-28
-111
-2,622
-3,112
-54
-to
-12,846
-10
-166
154
2
-12,836
-4,323
-965
-17
-2,828
-2,819
-108
-26
1,484
-317
-504
210
-23
1,801
-113
97
-169
-3,782
-3,235
-115
-23
3,437
-217
-566
366
-17
3,654
-5,824
1,515
-450
-2,659
-2,745
-82
-20
1,993
-610
-1,095
490
-5
2,603
-1,806
2,080
-137
-1,675
-2,045
-203
-19
-3,088
-11
-329
351
-33
-3,077
-2,742
1,110
-780
-1,430
-1,258
-3,115
-17
-705
-575
-955
433
-53
-130
-3,350
2,225
369
-7,917
-12,162
-11,420
-13,870
3,393
-2,260
2,296
-1,291
-531
2,348
10,119
1,595
3,501
2,104
-1,163
5,540
315
566
7,397
30,422
12,056
10,095
14,028
-678
4,473
2,204
429
1,900
-2,844
-1,710
-934
3,237
-288
-3,893
-638
46
-1,491
-3,514
-9,646
-4,636
1,274
-337
-2,010
716
41
954
7,066
4,504
-5,787
5,592
-1,673
8,314
1,324
-430
-178
300
-328
1,479
-704
29,520
4,871
10,917
37,986
39,962
44,583
-10,740 -23,638 -49,371 -40,251 -35,439 -51,846
OPEC members are Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia,
United Arab Emirates, 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.
N ote.
Tables 1 through 11 follow.
80
U.S. International Transactions, 2003
April 2004
Table 1. U.S. International
[Millions
Not seasonally adjusted
Line
(Credits +; debits - ) 1
2002
2003p
2002
I
Current account
1 Exports of goods and services and income receipts...................................................................................
2
Exports of goods and services........................................................................................................................
3
Goods, balance of payments basis2..........................................................................................................
4
Services3....................................................................................................................................................
5
Transfers under U.S. military agency sales contracts4..........................................................................
6
Travel.......................................................................................................................................................
7
Passenger fares
Other transportation
8
9
Royalties and license fees5
10
Other private services5...........................................................................................................................
11
U.S. Government miscellaneous services..............................................................................................
12
Income receipts.....................................................
13
Income receipts on U.S.-owned assets abroad.
14
Direct investment receipts............................
15
Other private receipts....................................
16
U.S. Government receipts............................
17
Compensation of employees............................
18 Imports of goods and services and income payments
19
Imports of goods and services........................................................................................................................
20
Goods, balance of payments basis2..........................................................................................................
21
Services3....................................................................................................................................................
22
Direct defense expenditures
23
Travel.............
24
Passenger fares
25
Other transportation
26
Royalties and license fees5
27
Other private services5...........................................................................................................................
28
U.S. Government miscellaneous services..............................................................................................
29
Income payments............................................................................................................................................
30
Income payments on foreign-owned assets in the United States
Direct investment payments.................................................
31
32
Other private payments........................................................
33
U.S. Government payments.................................................
34
Compensation of employees.......................................................................................................................
35 Unilateral current transfers, net................
U.S. Government grants4.........................
36
37
U.S. Government pensions and other transfers
38
Private remittances and other transfers6..
Capital and financial account
II
III
IV
1,229,649
974,107
681,874
292,233
11,943
66,547
17,046
29,166
44,142
122,594
795
255,542
252,379
142,933
106,143
3,303
3,163
-1,651,657
-1,392,145
-1,164,746
-227,399
-19,245
-58,044
-19,969
-38,527
-19,258
-69,436
-2,920
-259,512
-251,108
-49,458
-127,735
-73,915
-8,404
-58,853
-17,097
-5,125
-36,631
1,294,236
1,018,693
713,761
304,932
12,716
65,054
15,598
31,871
47,870
131,013
810
275,543
272,276
175,481
92,150
4,645
3,267
-1,767,775
-1,508,857
-1,263,170
-245,687
-23,614
-56,190
-20,564
-45,058
-19,881
-77,376
-3,004
-258,918
-250,390
-71,532
-112,466
-66,392
-8,528
-68,291
-21,833
-5,341
-41,117
294,947
233,613
163,785
69,828
2,785
14,479
3,872
6,784
10,139
31,574
195
61,334
60,523
32,674
26,950
899
811
-373,437
-312,227
-260,732
-51,495
-4,394
-12,430
-4,422
-8,420
-4,607
-16,481
-741
-61,210
-59,211
-8,074
-32,512
-18,625
-1,999
-16,450
-6,397
-1,330
-8,723
310,189
245,704
175,002
70,702
2,751
16,732
4,281
7,104
11,012
28,623
199
64,485
63,705
35,538
27,560
607
780
-418,753
-349,628
-291,870
-57,758
-4,668
-15,806
-5,475
-9,577
-4,765
-16,742
-725
-69,125
-67,085
-14,303
-33,773
-19,009
-2,040
-12,834
-3,287
-1,005
-8,542
312,767
245,866
169,014
76,852
3,418
18,829
4,831
7,646
11,168
30,760
200
66,901
66,116
37,986
27,225
905
785
-431,963
-363,766
-303,073
-60,693
-4,990
-16,930
-5,430
-10,138
-4,941
-17,539
-725
-68,197
-66,107
-15,637
-31,802
-18,668
-2,090
-13,772
-3,075
-923
-9,774
311,746
248,924
174,073
74,851
2,989
16,507
4,062
7,632
11,823
31,637
201
62,822
62,035
36,735
24,408
892
787
-427,504
-366,524
-309,071
-57,453
-5,193
-12,878
-4,642
-10,392
-4,945
-18,674
-729
-60,980
-58,705
-11,444
-29,648
-17,613
-2,275
-15,797
-4,338
-1,867
-9,592
-1,285
-3,050
-277
-286
-364
-358
-178,985
-3,681
-277,704
1,523
-37,698
390
-130,751
-1,843
26,896
-1,416
-37,432
-812
-475
-2,632
-574
-32
-5,611
5,684
-105
-175,272
-137,836
15,801
-31,880
-21,357
706,983
94,860
73,521
43,144
30,377
137
17,594
3,608
612,123
39,633
96,217
291,492
21,513
72,142
91,126
-45,852
601
1,494
-572
700
-6,984
7,812
-128
-279,927
-154,761
-64,121
-36,349
-24,696
856,660
207,665
153,261
128,466
24,795
-562
49,633
5,333
648,995
81,982
139,863
238,652
16,640
77,352
94,506
-34,076
-109
652
-153
133
-853
994
-8
-38,221
-41,554
5,367
-1,886
-148
146,075
6,106
6,257
-1,039
7,296
-597
-280
726
139,969
9,869
11,789
74,461
4,525
46,771
-7,446
-13,160
-107
-1,607
-129
42
-565
566
41
-128,950
-37,643
-5,843
-16,210
-69,254
224,088
47,552
21,706
15,138
6,568
365
24,575
906
176,536
2,390
14,218
104,187
7,183
24,610
23,948
28,347
-132
-1,136
-148
-27
-1,375
1,452
-104
28,339
-34,439
21,641
-11,862
52,999
142,129
8,992
12,300
1,415
10,885
464
-4,607
835
133,137
14,850
57,505
45,880
2,556
-8,102
20,448
-35,693
-127
-541
-144
-180
-2,818
2,672
-34
-36,440
-24,200
-5,364
-1,922
-4,954
194,691
32,210
33,258
27,630
5,628
-95
-2,094
1,141
162,481
12,524
12,705
66,964
7,249
8,863
54,176
-25,346
-482,872
64,834
-418,038
-3,970
-58,853
-480,861
-549,409
59,245
-490,164
16,625
-68,291
-541,830
-96,947
18,333
-78,614
124
-16,450
-94,940
-116,868
12,944
-103,924
-4,640
-12,834
-121,398
-134,059
16,159
-117,900
-1,296
-13,772
-132,968
-134,998
17,398
-117,600
1,842
-15,797
-131,555
Capital account
39 Capital account transactions, net...................................................................................................................
40
41
42
43
44
45
46
47
48
49
50
51
52
53
b4
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
70a
71
72
73
74
75
76
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))..................................................................
U.S. official reserve assets, net.......................................................................................................................
Gold7..........................................................................................................................................................
Special drawing rights.................................................................................................................................
Reserve position in the International Monetary Fund................................................................................
Foreign currencies.......................................................................................................................................
U.S. Government assets, other than official reserve assets, net...................................................................
U.S. credits and other long-term assets.....................................................................................................
Repayments on U.S. credits and other long-term assets8........................................................................
U.S. foreign currency holdings and U.S. short-term assets, net................................................................
U.S. private assets, net...................................................................................................................................
Direct investment.........................................................................................................................................
Foreign securities........................................................................................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..........................................
U.S. claims reported by U.S. banks, not included elsewhere....................................................................
Foreign-owned assets in the United States, net (increase/financial inflow (+))........................................
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....................................................................................................................
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..................................................................
Statistical discrepancy (sum of above items with sign reversed)..............................................................
Of which: Seasonal adjustment discrepancy.................................................................................................
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 7 5 )13.....................................................
See the footnotes on pages 102-103.
April 2004
S urv ey
81
C u rr e n t B u sin e ss
of
Transactions
of dollars]
Not seasonally adjusted
Seasonally adjusted
2003
I
II
2002
III'
IV p
II
I
Line
2003
III
IV
I I'
I'
III'
IV p
307,576
243,942
171,180
72,762
2,827
14,286
3,444
7,488
11,297
33,218
202
63,634
62,827
38,124
23,700
1,003
807
-416,512
-354,003
-298,174
-55,829
-5,674
-12,196
-4,479
-10,303
-4,564
-17,868
-745
-62,509
-60,428
-15,332
-28,245
-16,851
-2,081
-17,575
-5,813
-1,037
-10,725
314,168
249,405
177,888
71,517
3,014
15,185
3,455
7,884
11,744
30,033
202
64,763
63,949
40,172
22,620
1,157
814
-435,671
-372,350
-311,339
-61,011
-6,121
-14,248
-5,283
-11,294
-4,546
-18,770
-749
-63,321
-61,296
-18,261
-26,769
-16,266
-2,025
-16,719
-5,654
-1,208
-9,857
322,877
253,213
172,770
80,443
3,384
19,052
4,546
8,177
11,795
33,286
203
69,664
68,844
44,736
22,786
1,322
820
-451,577
-385,587
-319,512
-66,075
-5,934
-16,838
-6,147
-11,721
-5,094
-19,588
-753
-65,990
-63,844
-19,359
-28,154
-16,331
-2,146
-16,641
-5,543
-1,155
-9,943
349,615
272,133
191,923
80,210
3,491
16,531
4,153
8,322
13,034
34,476
203
77,482
76,656
52,449
23,044
1,163
826
-464,015
-396,917
-334,145
-62,772
-5,885
-12,908
-4,655
-11,740
-5,677
-21,150
-757
-67,098
-64,822
-18,580
-29,298
-16,944
-2,276
-17,356
-4,823
-1,941
-10,592
297,074
236,442
165,298
71,144
2,785
16,295
4,224
7,102
10,373
30,170
195
60,632
59,821
32,058
26,950
813
811
-387,864
-326,499
-271,331
-55,168
-4,394
-14,453
-4,874
-8,891
-4,728
-17,087
-741
-61,365
-59,271
-8,134
-32,512
-18,625
-2,094
-15,938
-6,397
-1,271
-8,270
307,616
243,696
171,421
72,275
2,751
16,030
4,279
7,075
11,221
30,720
199
63,920
63,140
34,874
27,560
706
780
-416,962
-348,584
-292,707
-55,877
-4,668
-14,252
-4,874
-9,580
-4,902
-16,876
-725
-68,378
-66,246
-13,464
-33,773
-19,009
-2,132
-13,481
-3,287
-1,279
-8,915
313,939
247,815
174,315
73,500
3,418
16,217
4,288
7,307
11,389
30,681
200
66,124
65,339
37,264
27,225
850
785
-422,666
-354,795
-297,627
-57,168
-4,990
-14,314
-4,829
-9,787
-5,036
-17,487
-725
-67,871
-65,820
-15,350
-31,802
-18,668
-2,051
-13,997
-3,075
-1,282
-9,640
311,015
246,151
170,840
75,311
2,989
18,005
4,255
7,682
11,157
31,022
201
64,864
64,077
38,735
24,408
934
787
-424,165
-362,267
-303,081
-59,186
-5,193
-15,025
-5,392
-10,271
-4,592
-17,984
-729
-61,898
-59,771
-12,510
-29,648
-17,613
-2,127
-15,436
-4,338
-1,292
-9,806
309,869
247,388
173,385
74,003
2,827
16,040
3,732
7,834
11,624
31,744
202
62,481
61,674
37,076
23,700
898
807
-431,634
-368,936
-309,328
-59,608
-5,674
-14,106
-4,945
-10,879
-4,707
-18,552
-745
-62,698
-60,515
-15,419
-28,245
-16,851
-2,183
-17,391
-5,813
-1,320
-10,258
311,387
247,497
174,287
73,210
3,014
14,494
3,452
7,850
11,938
32,260
202
63,890
63,076
39,203
22,620
1,253
814
-434,165
-371,597
-312,299
-59,298
-6,121
-12,833
-4,705
-11,255
-4,706
-18,929
-749
-62,568
-60,449
-17,414
-26,769
-16,266
-2,119
-17,062
-5,654
-1,335
-10,073
323,463
254,848
177,777
77,071
3,384
16,425
4,046
7,812
12,031
33,170
203
68,615
67,795
43,718
22,786
1,291
820
-442,104
-376,494
-314,025
-62,469
-5,934
-14,259
-5,491
-11,313
-5,181
-19,538
-753
-65,610
-63,533
-19,048
-28,154
-16,331
-2,077
-16,651
-5,543
-1,334
-9,774
349,517
268,958
188,312
80,646
3,491
18,095
4,368
8,374
12,277
33,838
203
80,559
79,733
55,486
23,044
1,203
826
-459,870
-391,828
-327,518
-64,310
-5,885
-14,992
-5,423
-11,611
-5,285
-20,357
-757
-68,042
-65,894
-19,652
-29,298
-16,944
-2,148
-17,188
-4,823
-1,352
-11,013
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
-388
-1,553
-818
-291
-277
-286
-364
-358
-388
-1,553
-818
-291
39
-103,903
83
-115,384
-170
-16,632
-611
-41,785
2,221
-35,227
390
-128,567
-1,843
29,712
-1,416
-44,902
-812
-100,710
83
-112,197
-170
-13,696
-611
-51,105
2,221
897
-644
-170
-70
-2,578
2,472
36
-103,916
-36,977
-27,146
-11,998
-27,795
241,859
40,978
31,768
22,288
9,480
-437
8,321
1,326
200,881
34,241
14,568
55,574
4,927
74,848
16,723
-11,057
-102
86
-154
427
-1,454
1,955
-74
-115,641
-32,429
8,654
-19,101
-72,765
265,667
57,000
38,639
35,349
3,290
-16
17,628
749
208,667
25,239
55,037
85,964
1,458
4,147
36,822
-10,508
-97
-383
-131
483
-1,532
2,035
-20
-16,504
-45,096
-28,616
20,805
36,403
120,072
45,289
20,718
17,378
3,340
-41
23,166
1,446
74,783
2,285
50,203
9,628
2,768
5,140
4,759
42,719
-97
2,435
-117
-140
-1,420
1,350
-70
-43,866
-40,259
-17,013
-26,055
39,461
229,062
64,398
62,136
53,451
8,685
-68
518
1,812
164,664
20,217
20,055
87,486
7,487
-6,783
36,202
-55,230
-109
652
-153
133
-853
994
-8
-35,750
-39,083
5,367
-1,886
-148
146,813
6,106
6,257
-1,039
7,296
-597
-280
726
140,707
10,607
11,789
74,461
4,525
46,771
-7,446
-4,581
8,579
-107
-1,607
-129
42
-565
566
41
-126,766
-35,459
-5,843
-16,210
-69,254
221,242
47,552
21,706
15,138
6,568
365
24,575
906
173,690
-456
14,218
104,187
7,183
24,610
23,948
30,438
2,091
-132
-1,136
-148
-27
-1,375
1,452
-104
31,155
-31,623
21,641
-11,862
52,999
141,478
8,992
12,300
1,415
10,885
464
-4,607
835
132,486
14,199
57,505
45,880
2,556
-8,102
20,448
-48,102
-12,409
-127
-541
-144
-180
-2,818
2,672
-34
-43,910
-31,670
-5,364
-1,922
-4,954
197,448
32,210
33,258
27,630
5,628
-95
-2,094
1,141
165,238
15,281
12,705
66,964
7,249
8,863
54,176
-23,602
1,744
897
-644
-170
-70
-2,578
2,472
36
-100,723
-33,784
-27,146
-11,998
-27,795
242,096
40,978
31,768
22,288
9,480
-437
8,321
1,326
201,118
34,478
14,568
55,574
4,927
74,848
16,723
-1,842
9,215
-102
86
-154
427
-1,454
1,955
-74
-112,454
-29,242
8,654
-19,101
-72,765
262,911
57,000
38,639
35,349
3,290
-16
17,628
749
205,911
22,483
55,037
85,964
1,458
4,147
36,822
-9,321
1,187
-97
-383
-131
483
-1,532
2,035
-20
-13,568
-42,160
-28,616
20,805
36,403
119,626
45,289
20,718
17,378
3,340
-41
23,166
1,446
74,337
1,839
50,203
9,628
2,768
5,140
4,759
30,180
-12,539
-97
2,435
-117
-140
-1,420
1,350
-70
-53,186
-49,579
-17,013
-26,055
39,461
232,031
64,398
62,136
53,451
8,685
-68
518
1,812
167,633
23,186
20,055
87,486
7,487
-6,783
36,202
-53,094
2,136
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
70a
-126,994
16,933
-110,061
1,125
-17,575
-126,511
-133,451
10,506
-122,945
1,442
-16,719
-138,222
-146,742
14,368
-132,374
3,674
-16,641
-145,341
-142,222
17,438
-124,784
10,384
-17,356
-131,756
-106,033
15,976
-90,057
-733
-15,938
-106,728
-121,286
16,398
-104,888
-4,458
-13,481
-122,827
-123,312
16,332
-106,980
-1,747
-13,997
-122,724
-132,241
16,125
-116,116
2,966
-15,436
-128,586
-135,943
14,395
-121,548
-217
-17,391
-139,156
-138,012
13,912
-124,100
1,322
-17,062
-139,840
-136,248
14,602
-121,646
3,005
-16,651
-135,292
-139,206
16,336
-122,870
12,517
-17,188
-127,541
71
72
73
74
75
76
82
U.S. International Transactions, 2003
April 2004
Table 2. U.S. Trade in Goods
[Millions of dollars]
Not seasonally adjusted
Line
2002
2003p
2002
II
A Balance of payments adjustments to Census trade data:
EXPORTS
1 Exports of goods, Census basis1 including reexports
and including military grant shipments........................
Adjustments:
2
Private gift parcel remittances...........................................
Gold exports, nonmonetary...............................................
4
Inland U.S. freight to Canada.............................................
5
6
Exports transferred under U.S. military agency sales
contracts identified in Census documents3..................
7
Other adjustments, net4....................................................
8 Equals: Exports of goods, adjusted to balance of
payments basis, excluding ‘military’ (table 1, line 3)
IMPORTS
9 Imports of goods, Census basis1 (general imports)
Adjustments:
10
Electric energy...................................................................
11
Gold imports, nonmonetary...............................................
12
Inland freight in Canada.....................................................
13
U.S.-Canadian reconciliation adjustment, n.e.c., net2......
14
Imports of U.S. military agencies identified in Census
documents3...................................................................
15
Other adjustments, net5 6..................................................
16 Equals: Imports of goods, adjusted to balance of
payments basis, excluding ‘military’ (table 1, line 20)
B Trade in goods, by area and country, adjusted to balance
of payments basis, excluding military:7
EXPORTS
1 Total, all countries (A -8 ).....................................................
2
Western Europe.................................................................
3
European Union.............................................................
4
Belgium and Luxembourg..........................................
5
France....
6
Germany8
7
Italy........
8
Netherlands
9
United Kingdom
Other......
10
11
Western Europe, excluding EU......................................
12
Canada2............................................................................
13
Japan..................................................................................
14
Australia, New Zealand, and South Africa9......................
15
Australia.........................................................................
Eastern Europe..................................................................
16
17
Latin America and Other Western Hemisphere................
18
Brazil...............................................................................
19
Mexico...........................................................................
20
Venezuela......................................................................
Other..............................................................................
21
22
Other countries in Asia and Africa79................................
23
24
Members of OPEC.....................................................
25
China..........................................................................
Hong Kong.................................................................
26
27
Korea, Republic o f.....................................................
28
Singapore..................................................................
Taiwan.........................................................................
29
30
Africa79.........................................................................
31
Members of OPEC.....................................................
32
International organizations and unallocated.....................
Memoranda:
33 Industrial countries7.............................................................
34
Of which: Euro area10......................................................
35 Members of OPEC7.............................................................
36 Other countries7..................................................................
See the footnotes on pages 102-103.
693,103
III
Seasonally adjusted
2003
IV
I
II
2002
III'
IV p
II
III
2003
IV
I'
II'
III'
IV p
724,006 177,951 171,800 176,895 173,757 180,685 175,314 194,250 174,370 177,100 173,662 175,962 177,085 180,321 190,638
380
438
102
95
96
96
116
108
118
102
95
96
96
116
108
118
-7,974
-3,635
-7,393
-3,290
-1,867
-1,184
-2,031
-850
-2,037
-681
-1,875
-798
-2,035
-878
-1,856
-796
-1,627
-818
-1,867
-1,184
-2,031
-850
-2,037
-881
-1,875
-798
-2,035
-878
-1,856
-796
-1,627
-818
681,874
713,761 175,002 169,014 174,073 171,180 177,888 172,770 191,923 171,421 174,315 170,840 173,385 174,287 177,777 188,312
1,161,366 1,259,705 290,955 302,178 308,234 297,523 310,256 318,536 333,390 291,792 296,732 302,244 308,678 311,215 313,049 326,763
10
400
3,782
8
625
3,858
3
150
988
3
151
955
3
93
947
945
2
2
340
984
2
285
937
992
2
3
150
988
3
151
955
3
93
947
945
2
340
984
2
285
937
992
-671
-142
-797
-229
-168
-58
-179
-36
-183
-23
-247
-49
-195
-48
-164
-84
-191
-48
-168
-58
-179
-36
-183
-23
-247
-49
-195
-48
-164
-84
-191
-48
2
2
1,164,746 1,263,170 291,870 303,073 309,071 298,174 311,339 319,512 334,145 292,707 297,627 303,081 309,328 312,299 314,025 327,518
681,874
153,377
140,366
13,623
18,869
26,024
9,810
18,108
32,091
21,841
13,011
160,895
49,664
713,761 175,002 169,014 174,073 171,180 177,888 172,770 191,923 171,421 174,315 170,840 173,385 174,287 177,777 188,312
161,438 38,649 35,907 39,433 40,240 40,919 37,620 42,659 37,767 36,977 38,837 40,820 39,950 38,617 42,051
147,550 35,137 32,946 36,151 36,934 37,179 34,275 39,162 34,311 33,904 35,600 37,485 36,279 35,174 38,612
15,312
3,527
3,348
3,601
3,833
3,948
3,635
3,896
3,268
3,696
3,473
3,852
3,834
3,900
3,726
16,845
4,646
4,010
5,023
4,366
4,426
3,772
4,281
4,531
4,125
4,945
4,427
4,314
3,866
4,238
28,306
6,290
6,270
6,857
7,245
7,099
6,556
7,406
6,139
6,453
6,756
7,342
6,924
6,730
7,310
10,298
2,462
2,282
2,716
2,469
2,654
2,122
2,357
3,053
2,406
2,675
2,519
2,589
3,007
2,183
20,537
4,797
4,887
5,042
4,295
4,410
4,672
5,936
4,696
4,421
4,346
4,953
4,933
4,800
5,851
32,940
7,758
7,777
8,457
8,194
8,318
8,423
7,866
8,110
7,969
7,658
8,578
8,206
8,063
8,093
23,312
5,276
4,730
5,841
5,677
5,587
5,652
6,396
5,161
4,883
5,747
5,766
5,461
5,806
6,279
13,888
3,512
2,961
3,282
3,306
3,740
3,345
3,497
3,237
3,456
3,073
3,335
3,671
3,443
3,439
169,796 42,888 38,834 40,843 41,177 44,931 39,547 44,141 41,996 39,963 40,172 41,764 43,988 40,589 43,455
50,307 12,323 12,965 12,177 12,179 12,912 12,254 12,962 12,154 13,442 11,839 12,265 12,765 12,688 12,589
12,760
6,367
147,944
12,266
97,282
3,966
34,430
150,867
140,823
11,800
22,038
12,539
21,755
15,973
17,886
9,772
2,041
12,707
7,082
148,887
11,140
97,242
2,764
37,741
163,544
153,039
12,291
28,340
13,473
23,510
16,156
17,025
10,224
1,521
3,228
1,642
37,421
3,028
24,832
927
8,634
38,851
36,290
3,012
5,499
3,221
5,691
4,027
4,693
2,483
649
3,368
1,573
37,544
3,139
24,777
1,019
8,609
38,823
36,424
3,378
5,689
3,250
5,603
4,002
5,128
2,339
426
3,331
1,627
38,341
3,025
25,153
919
9,244
38,321
35,852
3,073
6,148
3,138
5,532
3,842
4,253
2,401
500
2,766
1,511
35,022
2,527
22,638
481
9,376
38,285
36,090
3,039
6,456
3,045
5,907
3,985
3,752
2,134
301
381,001
103,750
17,807
283,066
398,896
109,952
16,576
298,289
98,148
25,705
4,588
72,266
92,269
24,087
4,823
71,922
96,861
27,309
4,492
72,720
97,320 102,971
27,287 27,640
3,821
3,957
70,039 70,960
3,155
1,602
36,141
2,651
23,865
555
9,070
38,228
35,793
3,028
6,199
3,194
5,731
3,729
3,767
2,366
374
3,211
2,267
40,361
3,069
26,405
933
9,954
46,322
43,257
3,098
9,497
3,802
6,349
3,933
5,032
2,995
419
3,134
1,613
36,646
2,951
24,311
900
8,484
38,111
35,577
2,959
5,386
3,156
5,591
3,932
4,596
2,458
643
3,479
1,629
38,699
3,223
25,524
1,053
8,899
40,126
37,632
3,495
5,876
3,353
5,794
4,117
5,319
2,430
447
3,288
1,585
37,565
2,976
24,639
893
9,057
37,554
35,158
3,003
6,025
3,083
5,415
3,787
4,151
2,330
484
2,806
1,523
35,500
2,562
22,974
483
9,481
38,707
36 502
3,059
6,539
3,077
5,968
4,035
3,795
2,144
301
94,193 104,412
25,344 29,681
4,348
4,450
74,229 83,061
96,086
25,113
4,502
70,833
95,091
24,802
4,995
74,229
95,197
26,894
4,380
71,263
98,624 100,792
27,706 26,981
3,843
3,899
70,918 69,596
3,575
1,702
37,363
2,893
24,334
795
9,341
40,709
37,899
3,126
6,188
3,432
5,523
4,509
4,474
2,729
427
3,062
1,580
35,408
2,584
23,381
544
8,899
37,534
35,124
2,981
6,140
3,131
5,633
3,623
3,692
2,342
374
3,682
1,770
38,430
2,962
25,012
825
9,631
42,001
39,068
3,232
6,426
3,526
5,702
4,616
4,613
2,847
447
3,157
2,209
39,549
3,032
25,875
912
9,730
45,302
42,345
3,019
9,235
3,739
6,207
3,882
4,925
2,891
399
96,806 102,674
26,018 29,247
4,504
4,330
76,467 81,308
April 2004
S urv ey
of
83
C u r r e n t B u sin e ss
Table 2. U.S. Trade in Goods—Continued
[Millions of dollars]
Not seasonally adjusted
Line
2002
2003 o
2002
II
III
Seasonally adjusted
2002
2003
IV
I
II
III'
IV p
II
III
2003
IV
I'
II'
III'
IV p
B Trade in goods, by area and country, adjusted to balance
of payments basis, excluding military:7— Continued
IMPORTS
37 Total, all countries (A—
16)................................................... 1,164,746 1,263,170 291,870 303,073 309,071 298,174 311,339 319,512 334,145 292,707 297,627 303,081 309,328 312,299 314,025 327,518
38
Western Europe.................................................................
245,909 266,286 61,747 62,043 66,594 62,223 66,975 65,417 71,671 61,914 60,861 65,318 64,583 67,166 64,238 70,299
European Union.............................................................
39
225,395 244,892 56,059 56,730 61,153 57,391 61,382 60,131 65,988 56,203 55,628 59,971 59,581 61,553 59,040 64,718
2,577
2,572
2,682
2,390
2,645
2,485
2,561
2,621
2,664
2,344
2,586
2,572
40
Belgium and Luxembourg..........................................
10,099
10,403
2,656
2,736
41
France.........................................................................
7,184
7,196
7,037
28,273
29,219
6,935
7,068
7,337
6,918
7,080
7,174
8,047
6,947
6,923
7,093
7,893
42
62,477
Germany8.................................................................
67,931
14,701 15,803 17,890 15,965 17,457 15,832 18,677 14,741 15,497 17,558 16,570 17,506 15,538 18,317
Italy............................................................................
6,307
6,487
6,179
6,327
6,492
43
24,198
6,027
6,100
6,283
6,428
6,615
6,046
6,369
6,296
6,311
25,426
44
2,671
2,687
3,049
2,621
2,784
3,057
Netherlands...............................................................
9,798
11,553
2,564
2,415
2,794
2,569
2,369
2,976
2,736
3,023
45
United Kingdom.........................................................
40,467
42,412 10,546 10,328 10,498 10,114 10,515 10,461 11,322 10,570 10,137 10,298 10,490 10,550 10,285 11,087
Other..........................................................................
46
50,083
57,948 12,630 12,419 13,625 13,122 14,437 14,592 15,797 12,666 12,179 13,355 13,637 14,479 14,321 15,511
5,002
47
Western Europe, excluding EU......................................
20,514
21,394
5,441
4,832
5,593
5,711
5,347
5,198
5,581
5,688
5,313
5,286
5,683
5,233
5,613
48
Canada2............................................................................
211,761 226,852 55,093 52,403 53,646 56,339 57,097 55,129 58,287 55,199 51,456 52,463 58,383 57,239 54,139 57,091
Japan..................................................................................
121,428 118,043 29,956 30,387 32,519 28,953 29,210 28,689 31,191 30,009 29,774 31,891 30,114 29,263 28,139 30,527
49
50
51
Australia.........................................................................
6,446
1,594
1,470
1,662
1,651
6,383
1,668
1,753
1,640
1,415
1,692
1,682
1,673
1,720
1,613
1,600
52
Eastern Europe..................................................................
14,884
3,864
4,632
4,144
3,820
3,927
4,578
4,485
4,523
5,080
4,223
3,837
4,511
4,536
4,999
18,311
205,014 217,920 51,700 53,840 53,510 51,404 54,186 55,114 57,216 51,860 52,964 52,447 53,221 54,348 54,221 56,130
53
Latin America and Other Western Hemisphere................
Brazil..............................................................................
4,512
54
15,781
3,894
4,334
4,247
4,330
4,604
3,914
4,246
4,403
4,344
4,631
17,890
4,331
4,709
4,258
55
Mexico............................................................................
135,502 138,976 34,960 34,763 34,495 33,804 34,301 34,547 36,324 35,065 34,155 33,722 35,056 34,400 33,953 35,567
4,762
4,052
56
Venezuela......................................................................
15,093
17,187
3,510
4,801
4,078
2,561
3,523
4,772
2,600
4,786
4,836
4,965
4,866
4,998
57
Other..............................................................................
38,638
43,867
9,336
9,945 10,603 10,792 10,793 10,992 11,290
9,358
9,779 10,427 11,162 10,818 10,801 11,086
359,304 409,375 87,886 98,720 96,584 93,355 97,754 108,391 109,875 88,215 96,988 94,838 96,925 98,147 106,627 107,676
58
Other countries in Asia and Africa79...............................
336,842 376,918 81,667 92,910 90,600 85,677 90,078 99,457 101,706 81,969 91,241 88,921 89,097 90,435 97,780 99,606
59
Asia79...........................................................................
29,847
8,754
60
Members of OPEC.....................................................
7,385
7,804
7,955
9,990
9,019
7,408
7,711
7,861 10,183
9,038
8,103
36,078
8,199
8,870
61
China.............
125,189 152,386 29,671 36,176 35,648 31,151 35,510 41,932 43,793 29,820 35,537 35,016 32,552 35,716 41,257 42,861
1,949
1,942
2,614
2,039
2,587
2,272
62
Hong Kong.....
9,330
2,200
2,663
2,440
2,210
2,385
1,953
8,851
2,631
2,329
8,877
8,711
8,758
8,904
8,880 10,419
63
Korea, Republic of
35,570
8,843
8,882
9,611
8,410
8,858
9,428
36,961
9,043 10,631
64
3,992
3,994
3,914
3,889
4,001
3,563
3,726
Singapore......
14,789
3,520
3,850
3,739
3,637
3,809
3,528
3,775
15,179
32,152
8,097
7,417
8,384
7,943
7,716
8,091
8,013
Taiwan............
31,610
8,251
8,555
7,770
8,245
8,178
8,270
7,790
65
7,607
5,634
7,755
7,631
8,727
7,977
66
Africa79.............
22,101
6,151
5,696
5,876
7,598
8,812
8,073
6,178
5,811
32,090
3,687
67
2,357
3,594
2,114
2,286
3,628
3,807
4,035
Members of OPEC
8,306
15,157
2,128
2,299
3,788
4,061
3,714
2,366
68
Memoranda:
69 Industrial countries7.............................................................
70
Of which: Euro area10......................................................
71 Members of OPEC7.............................................................
72 Other countries7..................................................................
BALANCE (EXCESS OF EXPORTS +)
73 Total, all countries...............................................................
74
Western Europe.................................................................
75
European Union.............................................................
76
Belgium and Luxembourg..........................................
77
France........................................................................
78
Germany8
Italy....
79
80
Netherlands
81
United Kingdom
Other...
82
83
Western Europe, excluding EU......................................
84
Canada2............................................................................
Japan..................................................................................
85
86
87
Australia.........................................................................
Eastern Europe..................................................................
88
89
Latin America and Other Western Hemisphere................
90
Brazil...............................................................................
Mexico.............................................................................
91
92
Venezuela......................................................................
Other...............................................................................
93
94
Other countries in Asia and Africa79................................
95
Asia79...........................................................................
96
Members of OPEC.....................................................
97
China..........................................................................
98
Hong Kong.................................................................
99
Korea, Republic o f.....................................................
100
Singapore..................................................................
Taiwan........................................................................
101
102
Africa79.........................................................................
103
Members of OPEC.....................................................
104
Memoranda:
105 Industrial countries7.............................................................
106
Of which: Euro area10......................................................
107 Members of OPEC7.............................................................
108 Other countries7..................................................................
See the footnotes on pages 102-103.
591,862
172,482
53,246
519,638
624,608 150,156 148,257 156,027 150,465 156,648 152,821 164,674 150,492 145,451 152,884 156,149 157,050 150,040 161,369
187,641 42,230 43,579 47,193 44,065 46,912 46,105 50,559 42,344 42,722 46,277 45,758 47,030 45,255 49,598
68,422 13,252 14,733 14,332 16,145 17,569 17,126 17,582 13,297 14,597 14,199 16,411 17,631 16,974 17,406
570,140 128,462 140,083 138,712 131,564 137,122 149,565 151,889 128,918 137,579 135,998 136,768 137,618 147,011 148,743
-482,872 -549,409 -116,868 -134,059 -134,998 -126,994 -133,451
-92,532 -104,848 -23,098 -26,136 -27,161 -21,983 -26,056
-85,029 -97,342 -20,922 -23,784 -25,002 -20,457 -24,203
3,524
1,387
692
1,211
882
1,348
4,909
-9,404 -12,374 -2,289 -3,058 -2,314 -2,552 -2,654
-36,453 -39,625 -8,411 -9,533 -11,033 -8,720 -10,358
-14,388 -15,128 -3,565 -4,025 -3,771 -3,631 -3,629
8,310
8,984
2,233
1,880
1,739
2,200
1,993
-8,376
-9,472 -2,228 -2,570 -2,721 -1,657 -2,092
-28,242 -34,636 -7,354 -7,689 -7,784 -7,445 -8,850
-7,503
-7,506 -2,176 -2,352 -2,159 -1,526 -1,853
-50,866 -57,056 -12,205 -13,569 -12,803 -15,162 -12,166
-71,764 -67,736 -17,633 -17,422 -20,342 -16,774 -16,298
-146,742
-27,797
-25,856
1,014
-3,402
-9,276
-4,306
1,649
-2,595
-8,940
-1,941
-15,582
-16,435
-142,222
-29,012
-26,826
1,160
-3,766
-11,271
-3,562
3,142
-3,128
-9,401
-2,186
-14,146
-18,229
-121,286
-24,147
-21,892
604
-2,416
-8,602
-3,640
2,127
-2,460
-7,505
-2,255
-13,203
-17,855
-123,312
-23,884
-21,724
1,352
-2,798
-9,044
-3,822
2,052
-2,168
-7,296
-2,160
-11,493
-16,332
-132,241
-26,481
-24,371
887
-2,239
-10,802
-3,694
1,725
-2,640
-7,608
-2,110
-12,291
-20,052
-135,943
-23,763
-22,096
1,323
-2,769
-9,228
-3,808
2,169
-1,912
-7,871
-1,667
-16,619
-17,849
-138,012
-27,216
-25,274
1,280
-2,779
-10,582
-3,707
1,876
-2,344
-9,018
-1,942
-13,251
-16,498
-136,248
-25,621
-23,866
1,154
-3,171
-8,808
-4,128
1,824
-2,222
-8,515
-1,755
-13,550
-15,451
-139,206
-28,248
-26,106
1,152
-3,655
-11,007
-3,485
3,115
-2,994
-9,232
-2,142
-13,636
-17,938
1,883
-3,378
-17,751
-1,816
-10,213
-4,071
-1,651
-67,682
-61,558
-5,073
-35,744
801
-3,520
872
-3,771
-6,083
-3,634
1,529
-1,956
-16,855
-1,535
-9,919
-4,065
-1,336
-63,553
-58,449
-5,772
-34,296
1,473
-4,282
124
-3,146
-5,078
-3,295
1,461
-2,224
-15,214
-963
-10,754
-2,623
-874
-50,104
-46,392
-4,449
-24,434
946
-3,267
404
-3,674
-3,720
-1,723
1,759
-2,235
-14,265
-1,035
-8,631
-3,719
-880
-56,862
-53,609
-4,216
-29,661
739
-2,917
342
-3,065
-3,204
-1,667
1,675
-2,926
-14,882
-1,270
-9,083
-3,159
-1,370
-57,284
-53,763
-4,858
-28,991
698
-4,013
-127
-3,792
-3,481
-1,802
1,336
-3,109
-17,721
-1,841
-12,082
-2,117
-1,681
-58,218
-52,595
-7,124
-26,013
1,038
-2,790
146
-3,921
-5,611
-3,327
1,462
-2,956
-18,940
-1,760
-11,019
-4,242
-1,919
-60,613
-55,311
-6,057
-29,576
1,178
-3,271
-378
-4,098
-5,289
-3,433
2,020
-3,229
-15,791
-1,669
-8,941
^1,011
-1,170
-64,626
-58,712
-4,871
-34,831
939
-3,178
1,053
-3,478
-5,880
-3,588
1,506
-1,935
-16,581
-1,480
-9,692
-4,053
-1,356
-62,374
-57,261
-5,735
-33,626
1,467
-4,212
156
-3,088
-5,086
-3,288
-210,861 -225,712 -52,008 -55,988 -59,166 -53,145 -53,677 -58,628 -60,262 -54,406 -50,360 -57,687
-68,732 -77,689 -16,525 -19,492 -19,884 -16,778 -19,272 -20,761 -20,878 -17,231 -17,920 -19,382
-35,439 -51,846 -8,664 -9,910 -9,840 -12,324 -13,612 -12,778 -13,132 -8,795 -9,602 -9,819
-236,572 -271,851 -56,196 -68,161 -65,992 -61,525 -66,162 -75,336 -68,828 -58,085 -63,350 -64,735
-57,525
-18,052
-12,568
-65,850
-56,258
-20,049
-13,732
-68,022
-53,234
-19,237
-12,470
-70,544
-58,695
-20,351
-13,076
-67,435
6,314
6,324
1,560
-8,517 -11,229 -2,178
-57,070 -69,033 -14,279
-3,515
-6,750
-866
-38,220 -41,734 -10,128
-11,127 -14,423 -2,583
-4,208
-6,126
-702
-208,437 -245,831 -49,035
-196,019 -223,879 -45,377
-18,047 -23,787 -4,373
-103,151 -124,046 -24,172
3,209
4,622
1,021
-13,815 -13,451 -3,152
1,184
977
507
-14,266 -14,585 -3,558
-12,329 -21,866 -3,668
-6,265 -13,636 -1,708
1,615
-2,354
-16,296
-1,192
-9,986
-3,782
-1,336
-59,897
-56,486
-4,426
-30,487
587
-3,279
152
-3,427
-3,357
-1,702
1,691
-2,951
-15,169
-1,309
-9,342
-3,159
-1,359
-58,263
-54,748
-4,882
-29,500
698
-4,079
-150
-3,844
-3,475
-1,799
1,351
-2,974
-16,382
-1,720
-11,166
-2,080
-1,416
-55,070
-49,587
-6,951
-24,695
1,096
-2,503
246
-3,665
-5,473
-3,293
1,561
-2,921
-18,045
-1,679
-10,436
-4,207
-1,723
-59,526
-54,285
-5,991
-29,311
1,252
-3,146
-265
-4,003
-5,232
-3,414
84
U.S. International Transactions, 2003
April 2004
Table 2. U.S. Trade in Goods—Continued
[Millions of dollars]
Not seasonally adjusted
Line
2002
2003 o
2002
II
C Trade in goods, by principal end-use category, adjusted
to balance of payments basis, excluding military:
1 Exports of goods, balance of payments basis, excluding
military (A -fl)....................................................................
2
Agricultural products......................................................
Nonagricultural products................................................
3
4
Foods, feeds, and beverages.............................................
5
Agricultural.....................................................................
6
Grains and preparations
7
Wheat...............
8
Corn..................
9
Soybeans..............
10
Meat products and poultry
11
Vegetables, fruits, nuts, and preparations.................
12
Other agricultural foods, feeds, and beverages........
13
Nonagricultural (fish, distilled beverages, etc.).............
14
Fish and shellfish.......................................................
15
Industrial supplies and materials.......................................
16
Agricultural.....................................................................
17
Raw cotton.................................................................
18
Tobacco, unmanufactured..........................................
19
Hides and skins, including furskins............................
20
Other agricultural industrial supplies.........................
21
Nonagricultural...............................................................
22
Energy products.........................................................
23
Fuels and lubricants..............................................
24
Coal and related fuels........................................
25
Petroleum and products.....................................
26
Paper and paper base stocks....................................
27
Textile supplies and related materials........................
28
Chemicals, excluding medicinals...............................
29
Building materials, except metals..............................
30
Other nonmetals........................................................
31
Metals and nonmetallic products...............................
32
Steelmaking materials...........................................
33
Iron and steel products..........................................
34
Nonferrous metals.................................................
35
Nonmonetary gold.............................................
36
Other precious metals.......................................
37
Other nonferrous metals....................................
38
Other metals and nonmetallic products................
39
Capital goods, except automotive......................................
40
Machinery, except consumer-type.................................
41
Electric generating machinery, electric apparatus,
and parts................................................................
42
Nonelectric, including parts and attachments...........
43
Oil drilling, mining, and construction machinery....
44
Industrial engines, pumps, and compressors.......
4b
Machine tools and metalworking machinery.........
46
Measuring, testing, and control instruments.........
47
Other industrial, agricultural, and service industry
machinery..........................................................
48
Computers, peripherals, and parts.......................
49
Semiconductors.....................................................
50
Telecommunications equipment............................
51
Other office and business machines......................
52
Scientific, hospital, and medical equipment and
parts....................................................................
53
Civilian aircraft, engines, and parts................................
54
Civilian aircraft, complete, all types...........................
55
Other transportation equipment.....................................
56
Automotive vehicles, engines, and parts............................
57
To Canada.......................................................................
58
Passenger cars, new and used..................................
59
Trucks, buses, and special purpose vehicles............
60
Engines and engine parts..........................................
61
Other parts and accessories.....................................
62
To other areas................................................................
63
Passenger cars, new and used..................................
64
Trucks, buses, and special purpose vehicles............
6b
Engines and engine parts..........................................
66
Other parts and accessories.....................................
67
Consumer goods (nonfood), except automotive...............
68
Consumer nondurable goods, manufactured................
69
Medical, dental, and pharmaceutical preparations,
including vitamins...................................................
/O
Consumer durable goods, manufactured....................
/1
Household and kitchen appliances and other
household goods....................................................
72
Unmanufactured consumer goods (gem stones,
nursery stock)............................................................
73
Exports, n.e.c......................................................................
See the footnotes on pages 102-103.
681,874
III
Seasonally adjusted
2002
2003
IV
I
II
III'
IV p
II
III
2003
IV
lr
II'
III'
IV p
54,513
627,361
49,615
45,029
14,362
3,772
5,785
5,806
7,002
8,596
9,263
4,586
3,197
156,896
9,214
2,067
1,060
1,751
4,336
147,682
15,128
14,766
1,923
10,338
12,211
11,142
49,828
7,610
19,547
32,216
1,863
5,987
12,127
3,357
2,561
6,209
12,239
290,495
237,586
713,761 175,002 169,014 174,073 171,180 177,888 172,770 191,923 171,421 174,315 170,840 173,385 174,287 177,777 188,312
60,961 12,641 12,441 15,285 14,905 13,491 13,856 18,709 13,506 13,557 13,727 14,435 14,578 15,364 16,584
652,800 162,361 156,573 158,788 156,275 164,397 158,914 173,214 157,915 160,758 157,113 158,950 159,709 162,413 171,728
55,078 11,265 11,931 13,923 13,403 11,981 12,867 16,827 12,208 12,485 12,551 13,282 13,205 13,640 14,951
50,076 10,303 10,456 12,852 12,245 10,878 11,328 15,625 11,094 11,248 11,444 12,082 11,938 12,359 13,697
14,859
3,276
3,611
3,880
3,508
3,252
3,840
4,259
3,519
3,663
3,679
3,406
3,504
3,914
4,035
4,013
768
1,019
1,149
828
725
1,340
1,120
847
952
1,050
906
820
1,254
1,033
1,302
5,792
1,411
1,491
1,485
1,394
1,504
1,401
1,695
1,498
1,442
1,243
1,475
1,448
1,626
787
8,009
757
2,482
906
712
3,909
2,446
1,328
1,429
1,610
2,077
1,730
1,551
2,651
7,882
1,754
1,736
1,758
1,733
1,940
2,133
2,076
1,772
1,768
1,631
1,986
2,074
1,982
1,840
9,159
2,205
2,006
2,305
2,110
2,294
2,122
2,126
2,629
2,170
2,121
2,218
2,263
2,268
2,410
10,167
2,329
2,298
2,463
2,412
2,486
2,574
2,695
2,305
2,266
2,403
2,541
2,455
2,552
2,619
5,002
962
1,475
1,071
1,158
1,103
1,539
1,202
1,114
1,237
1,107
1,200
1,267
1,254
1,281
3,361
1,080
819
1,084
620
698
659
799
761
853
758
835
811
840
875
172,980 40,361 39,568 40,192 42,227 43,874 42,469 44,410 39,558 39,888 40,422 42,474 42,945 42,918 44,643
10,596
2,264
1,937
2,579
2,242
2,368
2,535
2,473
3,009
2,343
2,219
2,570
2,813
2,283
2,930
3,398
544
384
499
811
920
668
999
524
509
535
886
847
1,035
630
1,023
267
142
321
141
281
243
318
254
237
255
267
239
234
283
1,803
444
458
451
418
468
464
420
450
449
430
439
452
464
448
4,372
953
1,170
996
904
1,272
1,009
1,200
1,135
1,046
980
1,047
947
993
1,385
162,384 38,097 37,631 37,824 39,648 41,339 39,996 41,401 37,215 37,646 38,203 40,191 40,375 39,988 41,830
18,126
3,961
4,966
4,568
4,217
3,556
4,336
4,375
3,542
3,948
4,354
4,574
4,967
4,350
4,235
3,881
4,767
17,378
3,483
4,205
4,391
4,054
4,166
3,868
3,469
4,223
4,397
4,769
4,072
4,140
1,812
522
470
409
471
465
462
470
467
457
519
422
471
464
455
12,696
2,678
3,052
3,529
3,121
2,380
2,935
3,111
2,369
2,669
3,077
3,517
3,129
2,959
3,091
3,141
12,849
3,077
3,115
3,126
3,206
3,149
3,353
3,052
3,125
3,110
3,177
3,176
3,158
3,338
11,349
3,020
2,850
2,751
2,761
2,989
2,816
2,874
2,783
2,857
2,843
2,821
2,816
2,801
2,911
55,469 12,989 12,526 12,708 13,468 13,860 13,648 14,493 12,653 12,646 12,817 13,582 13,469 13,737 14,681
7,825
1,925
1,881
1,975
1,886
1,989
1,952
2,003
1,942
1,907
1,913
1,971
1,900
1,915
2,026
20,424
5,087
4,891
4,916
4,986
5,131
4,924
5,101
5,206
4,925
4,994
4,954
5,052
5,288
5,130
36,342
8,363
8,445
8,393
8,101
9,596
9,146
9,155
8,187
8,286
8,178
9,472
8,678
8,956
9,236
2,602
504
491
459
537
657
688
720
494
476
453
585
627
692
698
1,694
7,078
1,530
1,510
1,514
2,036
1,678
1,670
1,509
1,513
1,523
1,692
1,705
2,009
1,672
3,221
13,975
3,190
3,091
3,096
3,615
3,684
3,580
3,244
3,057
3,116
3,190
3,668
3,511
3,606
4,832
892
864
961
940
1,400
1,164
864
892
1,328
961
1,400
1,164
940
1,328
2,147
572
551
783
624
526
567
572
503
783
624
567
551
526
503
1,757
6,996
1,543
1,506
1,605
1,689
1,849
1,597
1,853
1,593
1,531
1,742
1,699
1,680
1,875
3,141
12,687
3,037
3,118
3,177
3,169
3,288
3,104
3,057
3,123
3,086
3,198
3,168
3,240
3,081
293,044 74,390 72,662 72,753 69,467 71,594 71,837 80,146 73,102 74,685 71,342 70,627 70,363 73,266 78,788
243,328 60,441 59,538 59,715 57,693 59,275 60,227 66,133 60,087 60,239 58,662 58,678 58,872 60,775 65,003
27,544
210,042
12,893
11,601
5,174
13,218
27,394
215,934
12,810
10,996
5,194
13,903
7,070
53,371
3,186
2,882
1,420
3,470
7,046
52,492
3,124
2,885
1,282
3,281
6,829
52,886
3,347
2,973
1,321
3,296
6,493
51,200
3,125
2,682
1,208
3,364
6,653
52,622
3,295
2,750
1,275
3,414
6,872
53,355
3,141
2,594
1,243
3,375
7,376
58,757
3,249
2,970
1,468
3,750
6,965
53,122
3,111
2,850
1,405
3,396
7,013
53,226
3,134
2,939
1,307
3,356
6,829
51,833
3,352
2,874
1,279
3,275
6,630
52,048
3,166
2,772
1,249
3,417
6,546
52,326
3,216
2,715
1,260
3,332
6,844
53,931
3,169
2,630
1,262
3,436
7,374
57,629
3,259
2,879
1,423
3,718
42,831
38,553
42,235
22,208
2,023
43,393
39,928
46,158
20,748
1,924
11,444
9,409
10,687
5,549
507
11,016
9,148
11,173
5,407
473
10,442
10,305
10,200
5,488
505
10,426
9,545
10,578
4,778
480
11,018
9,096
11,184
5,023
481
10,643
9,804
11,897
5,140
455
11,306
11,483
12,499
5,807
508
11,022
9,628
10,838
5,550
510
11,068
9,522
11,122
5,425
483
10,586
9,707
10,105
5,308
484
10,691
9,600
10,712
4,966
488
10,564
9,319
11,325
5,017
483
10,645
10,203
11,727
5,134
466
11,493
10,806
12,394
5,631
487
19,306
50,484
26,677
2,425
78,943
44,552
10,179
6,418
5,255
22,700
34,391
10,374
1,945
4,858
17,214
84,359
40,171
20,880
46,919
23,445
2,797
80,135
45,529
10,713
7,830
5,339
21,647
34,606
11,406
2,400
4,697
16,103
89,899
43,577
4,817
13,402
7,577
547
21,962
12,613
3,165
1,610
1,464
6,374
9,349
2,809
517
1,325
4,698
21,475
10,150
4,703
12,488
6,549
636
18,431
10,046
1,946
1,449
1,270
5,381
8,385
2,474
469
1,206
4,236
20,903
10,176
5,009
12,330
6,156
708
19,837
11,235
2,735
1,936
1,211
5,353
8,602
2,840
574
1,119
4,069
21,697
10,408
5,014
11,110
5,329
664
19,574
11,523
2,649
1,861
1,388
5,625
8,051
2,477
438
1,215
3,921
21,259
10,483
5,086
11,649
5,942
670
21,992
12,958
3,473
2,141
1,474
5,870
9,034
3,121
635
1,223
4,055
22,499
10,949
5,063
10,946
5,163
664
17,849
9,323
1,619
1,631
1,234
4,839
8,526
2,738
609
1,145
4,034
22,233
11,047
5,717
13,214
7,011
799
20,720
11,725
2,972
2,197
1,243
5,313
8,995
3,070
718
1,114
4,093
23,908
11,098
4,812
12,468
6,665
547
20,061
11,057
2,509
1,447
1,336
5,765
9,004
2,629
505
1,290
4,580
21,110
10,033
4,870
13,810
7,824
636
20,344
11,590
2,581
1,683
1,406
5,920
8,754
2,723
513
1,222
4,296
21,335
10,130
4,863
11,972
5,890
708
19,632
11,245
2,699
1,841
1,245
5,460
8,387
2,670
518
1,122
4,077
21,307
10,282
4,987
11,285
5,396
664
19,959
11,669
2,802
1,897
1,351
5,619
8,290
2,608
469
1,233
3,980
21,607
10,814
5,095
10,821
5,143
670
19,950
11,299
2,776
1,923
1,337
5,263
8,651
2,911
622
1,184
3,934
22,023
10,802
5,259
11,827
6,066
664
19,676
10,761
2,162
1,953
1,355
5,291
8,915
3,014
660
1,161
4,080
22,705
10,992
5,539
12,986
6,840
799
20,550
11,800
2,973
2,057
1,296
5,474
8,750
2,873
649
1,119
4,109
23,564
10,969
17,348
39,084
20,528
40,555
4,348
10,014
4,356
9,413
4,754
9,980
4,901
9,399
5,214
10,192
5,132
9,748
5,281
11,216
4,303
9,808
4,423
9,844
4,593
9,700
5,093
9,417
5,149
9,917
5,183
10,237
5,103
10,984
16,860
18,359
4,342
4,065
4,223
4,303
4,591
4,565
4,900
4,243
4,216
4,172
4,291
4,480
4,743
4,845
5,104
21,566
5,767
22,625
1,311
5,549
1,314
5,519
1,309
5,671
1,377
5,250
1,358
5,948
1,438
5,515
1,594
5,912
1,269
5,382
1,361
5,578
1,325
5,586
1,376
5,436
1,304
5,801
1,476
5,572
1,611
5,816
April 2004
S urvey
of
C
urrent
85
B u s in e s s
Table 2. U.S. Trade in Goods—Continued
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
2002
2003p
2002
II
III
2002
2003
IV
I
II
III'
IV f
II
III
2003
IV
I'
II'
III'
tv 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).................................................................. 1,164,746 1,263,170 291,870 303,073 309,071 298,174 311,339 319,512 334,145 292,707 297,627 303,081 309,328 312,299 314,025 327,518
Petroleum and products6..............................................
103,491 133,305 26,954 28,071 29,557 33,577 32,513 34,516 32,699 27,052 27,913 29,386 33,969 32,613 34,266 32,457
75
Nonpetroleum products................................................. 1,061,255 1,129,865 264,916 275,002 279,514 264,597 278,826 284,996 301,446 265,655 269,714 273,695 275,359 279,686 279,759 295,061
76
49,687
55,817 12,372 12,460 13,461 13,108 13,854 13,732 15,123 12,259 12,582 12,993 13,581 13,745 13,908 14,583
77
Foods, feeds, and beverages.............................................
9,652 10,898
9,196
9,491
9,840
9,973 10,100 10,831
Agricultural.....................................................................
36,041
40,744
9,114
9,557
9,928 10,266
8,838
8,796
78
725
714
584
712
694
576
668
713
733
710
Coffee, cocoa, and sugar...........................................
2,436
2,882
648
673
806
670
79
389
354
382
359
452
1,369
362
406
419
430
390
413
Green coffee..........................................................
1,613
365
361
358
80
1,134
1,527
1,479
1,536
1,716
6,017
1,532
1,564
1,105
1,478
1,566
1,330
Meat products and poultry.........................................
5,716
1,438
1,381
1,703
81
2,937
2,694
2,954
10,072
3,254
2,372
2,812
2,462
2,566
2,619
2,718
Vegetables, fruits, nuts, and preparations.................
11,303
2,623
2,057
2,511
2,865
82
1,551
1,343
1,467
1,487
1,513
5,352
1,431
1,443
1,259
1,599
1,549
1,333
1,395
Wine and related products.........................................
6,018
1,379
1,611
83
3,141
3,914
3,082
3,932
3,386
3,752
3,773
12,161
14,825
2,943
3,273
3,365
3,709
4,102
2,989
3,195
84
Other agricultural foods, feeds, and beverages........
3,752
3,502
3,741
3,772
3,808
3,904
3,180
4,080
3,421
3,386
Nonagricultural (fish, distilled beverages, etc.).............
13,646
15,073
3,258
3,664
3,588
4,225
85
2,711
2,497
2,482
2,744
2,729
2,771
10,027
2,357
2,322
3,032
2,589
Fish and shellfish.......................................................
10,955
2,742
2,865
2,575
3,026
86
824
944
930
940
757
938
840
829
895
916
1,098
87
Whiskey and other alcoholic beverages.....................
3,288
3,709
816
843
955
268,074 317,093 69,161 70,400 72,073 78,521 78,950 80,918 78,704 68,010 69,876 72,712 79,271 77,833 80,667 79,322
Industrial supplies and materials.......................................
88
1,494
1,402
1,321
1,341
1,415
1,433
5,233
1,368
1,299
1,420
1,537
1,318
1,483
Agricultural.....................................................................
5,825
1,311
1,466
89
262,841 311,268 67,793 69,089 70,774 77,101 77,413 79,516 77,238 66,689 68,535 71,394 77,856 76,350 79,234 77,828
Nonagricultural products................................................
90
118,809 159,512 30,581 31,830 34,317 41,102 38,931 40,736 38,743 30,796 31,886 33,976 41,003 39,218 40,999 38,292
91
Energy products.........................................................
117,656 158,120 30,302 31,448 34,088 40,768 38,554 40,351 38,447 30,509 31,608 33,715 40,608 38,834 40,705 37,973
92
Fuels and lubricants6............................................
2,865
2,939
2,937
2,960
2,970
11,462
2,844
2,917
3,042
3,010
2,861
3,063
Paper and paper base stocks....................................
11,858
2,975
2,955
2,889
93
2,837
2,737
2,800
2,732
2,624
2,648
10,868
10,809
2,885
2,897
2,625
2,626
2,778
2,710
2,695
2,728
94
Textile supplies and related materials........................
9,141
8,754
9,555
33,075
8,632
9,080
9,221
8,812
8,365
8,426
8,723
9,243
Chemicals, excluding medicinals...............................
36,662
8,205
8,431
9,549
95
5,411
5,564
6,124
6,995
5,141
6,512
6,527
5,698
5,499
22,488
24,182
6,203
5,778
5,289
6,002
5,673
Building materials, except metals..............................
96
5,080
5,325
18,432
4,732
4,575
5,230
4,622
4,785
4,739
4,826
4,913
20,144
4,708
4,934
5,006
5,333
97
Other nonmetals........................................................
47,707
Metals and nonmetallic products...............................
48,101 11,940 12,470 12,425 11,660 12,105 12,097 12,239 11,644 12,251 12,558 12,043 11,790 11,858 12,410
98
776
587
634
732
691
773
Steelmaking materials...........................................
2,452
632
720
605
809
598
2,838
660
649
775
99
4,047
4,777
4,224
4,571
4,786
4,413
3,873
17,730
16,324
4,038
4,714
4,089
3,973
4,038
3,938
3,991
Iron and steel products..........................................
100
4,662
5,182
5,037
4,806
4,805
4,781
4,799
18,841
19,424
4,823
4,721
4,613
4,891
4,868
5,052
4,938
Nonferrous metals.
101
947
752
595
1,019
595
1,019
947
863
736
1,021
Nonmonetary gold
2,856
3,582
863
752
736
1,021
102
937
943
954
1,082
854
1,074
804
1,094
828
891
959
813
1,070
898
Other precious metals
3,715
3,632
103
1,767
1,872
1,632
1,613
1,873
6,597
1,694
1,867
1,741
1,648
1,734
1,593
1,673
Bauxite and aluminum
6,990
1,780
1,565
104
1,419
1,247
1,474
1,341
1,230
1,412
1,400
1,326
1,230
1,406
1,487
1,323
Other nonferrous metals....................................
5,673
5,220
1,326
1,238
105
2,405
2,447
2,240
2,277
2,413
8,684
2,233
2,207
2,218
2,476
2,374
2,181
2,235
2,420
Other metallic and nonmetallic products..............
9,515
2,273
106
283,322 295,653 71,359 71,795 73,316 68,779 72,793 74,059 80,022 71,520 71,373 71,429 70,896 72,937 73,796 78,024
107
Capital goods, except automotive
256,132 269,272 64,631 65,752 66,344 62,450 66,148 67,817 72,857 64,853 65,354 64,455 64,524 66,350 67,549 70,849
Machinery, except consumer-type.................................
108
Electric generating machineiy, electric apparatus
109
8,464
8,250
8,225
8,223
8,786
and parts................................................................
32,878
33,294
8,470
8,392
8,269
7,938
8,064
8,338
8,954
8,110
8,060
223,254 235,978 56,161 57,360 58,075 54,512 58,084 59,479 63,903 56,389 57,104 56,345 56,299 58,290 59,326 62,063
Nonelectric, including parts and attachments...........
110
1,734
1,994
2,018
1,639
1,871
Oil drilling, mining, and construction machinery....
6,573
7,522
1,816
1,685
1,502
1,688
2,052
1,926
1,856
1,659
1,633
111
2,247
2,425
2,314
2,283
2,275
2,237
2,279
9,034
2,181
2,275
2,303
2,415
2,289
2,201
112
Industrial engines, pumps, and compressors.......
9,230
2,255
1,597
1,471
1,632
1,509
5,944
1,532
1,448
1,468
1,424
1,624
1,518
Machine tools and metalworking machinery.........
6,209
1,460
1,610
1,670
1,623
113
2,482
2,299
2,277
2,350
2,435
2,528
8,927
9,694
2,231
2,319
2,284
2,354
2,574
2,258
2,381
114
Measuring, testing, and control instruments.........
2,348
Other industrial, agricultural, and service industry
115
47,978
machinery..........................................................
51,851 12,332 12,259 12,414 12,323 12,982 12,931 13,615 11,924 12,467 12,458 12,486 12,543 13,189 13,633
Computers, peripherals, and parts.......................
75,150
76,522 18,512 19,317 19,730 17,295 18,298 19,517 21,412 18,992 19,010 18,614 18,284 18,781 19,151 20,306
116
6,149
6,057
6,857
6,630
6,118
6,192
26,015
6,727
6,377
6,202
6,190
6,149
117
Semiconductors.....................................................
24,608
6,615
6,038
6,311
5,802
6,732
5,874
6,207
6,064
5,944
5,949
5,947
6,142
6,090
23,135
24,766
6,097
5,495
6,169
7,038
118
Telecommunications equipment............................
1,049
1,564
1,808
1,901
4,468
1,049
1,377
1,842
1,820
1,062
1,350
1,863
Other office and business machines.....................
7,136
1,068
1,518
1,956
119
Scientific, hospital, and medical equipment and
120
4,129
4,157
4,338
4,683
4,774
16,030
3,846
4,436
4,481
4,727
5,103
3,980
4,063
4,645
parts...................................................................
18,440
4,106
6,372
6,247
6,329
6,242
6,667
6,019
6,974
6,587
7,175
Transportation equipment, except automotive..............
27,190
6,728
6,043
6,972
6,645
7,165
121
26,381
5,747
6,637
5,874
25,458
24,187
6,221
5,599
6,586
5,830
5,987
5,742
6,628
6,159
5,575
6,588
5,929
122
Civilian aircraft, engines, and parts..........................
2,829
2,955
3,611
12,300
12,325
2,830
2,458
3,393
2,829
2,930
2,955
3,611
2,830
2,458
3,393
2,930
Civilian aircraft, complete, all types......................
123
203,744 210,148 52,072 49,484 54,344 50,626 53,987 48,418 57,117 51,040 52,244 52,347 51,126 52,884 50,933 55,205
Automotive vehicles, engines, and parts............................
124
59,747
From Canada.................................................................
60,656 16,153 14,196 14,596 14,765 15,863 13,826 16,202 15,220 15,583 14,343 14,726 14,830 14,997 16,103
125
7,982
30,997
8,537
7,467
7,347
6,658
8,004
7,129
7,366
7,732
7,436
Passenger cars, new and used..................................
30,516
7,321
8,315
8,196
8,330
126
2,937
2,641
2,776
2,857
2,760
2,661
2,886
2,696
Trucks, buses, and special purpose vehicles............
11,090
11,050
2,533
2,880
2,822
2,588
2,935
127
2,705
992
940
971
871
1,052
875
831
1,066
Engines and engine parts..........................................
3,590
3,829
847
863
991
915
886
930
128
3,727
3,845
3,709
3,570
3,662
3,453
3,571
4,118
4,019
129
Other parts and accessories.....................................
14,070
15,261
3,788
3,495
3,386
3,722
3,811
From other areas...........................................................
143,997 149,492 35,919 35,288 39,748 35,861 38,124 34,592 40,915 35,820 36,661 38,004 36,400 38,054 35,936 39,102
130
Passenger cars, new and used..................................
82,998
83,850 20,092 19,664 24,210 20,097 21,547 18,345 23,861 20,419 20,915 22,394 20,366 21,932 19,527 22,025
131
2,457
1,857
2,296
2,114
2,147
2,381
2,088
2,109
2,170
Trucks, buses, and special purpose vehicles............
8,306
8,780
2,110
1,756
2,188
2,455
2,076
132
2,982
3,137
2,884
3,069
11,357
12,157
2,966
3,042
3,057
2,922
3,136
2,968
2,906
2,969
Engines and engine parts..........................................
2,920
2,891
133
41,336
134
Other parts and accessories.....................................
44,705 10,747 10,557 10,537 10,966 11,332 10,944 11,463 10,429 10,702 10,595 11,108 10,983 11,131 11,483
Consumer goods (nonfood), except automotive...............
307,986 333,879 73,557 86,071 82,647 75,044 78,978 90,028 89,829 76,675 78,626 80,702 82,000 82,238 82,199 87,442
135
146,241 161,581 34,257 41,768 37,914 38,556 38,836 44,194 39,995 35,607 37,592 39,077 40,559 40,324 39,682 41,016
Consumer nondurable goods, manufactured................
136
64,308
69,542 14,337 19,780 16,212 16,542 16,005 20,520 16,475 15,620 16,686 17,087 17,677 17,412 17,208 17,245
137
Textile apparel and household goods, except rugs....
3,134
2,916
2,881
11,617
2,754
2,909
2,949
Footwear of leather, rubber, and other materials......
11,880
2,793
3,067
2,829
3,279
2,705
2,973
2,948
3,331
138
146,894 156,405 35,587 40,598 41,037 32,654 36,314 41,660 45,777 37,180 37,475 37,881 37,686 37,932 38,539 42,248
Consumer durable goods, manufactured.......................
139
Household and kitchen appliances and other
140
household goods....................................................
66,263
73,739 16,316 18,373 17,756 16,273 17,980 19,514 19,972 16,557 16,988 17,238 18,185 18,222 18,010 19,322
Toys, shooting, and sporting goods, including
141
5,707
6,767
6,809
5,964
5,967
5,942
5,843
5,522
5,886
23,217
5,197
4,804
bicycles..................................................................
22,958
6,863
6,983
4,578
7,714
5,462
5,909
6,299
23,110
25,384
6,384
6,785
8,537
5,877
5,812
5,961
Television and video receivers...................................
5,676
6,670
4,386
5,676
142
Radio and stereo equipment, including records,
143
2,171
2,705
2,547
2,447
2,400
2,028
2,258
tapes, and disks.....................................................
9,632
9,162
2,451
2,804
2,644
1,602
2,151
2,450
2,959
144
Unmanufactured consumer goods (gemstones, nursery
4,174
3,744
3,755
3,982
3,978
4,178
stock)..........................................................................
3,713
3,834
4,057
3,888
3,559
14,851
15,893
3,705
3,696
3,828
Imports, n.e.c., and U.S. goods returned..........................
51,933
145
50,580 13,349 12,863 13,230 12,096 12,777 12,357 13,350 13,203 12,926 12,898 12,454 12,662 12,522 12,942
7,904
7,584
8,082
7,632
7,728
32,750
8,164
8,216
8,096
8,156
7,789
U.S. goods returned.......................................................
31,053
8,090
8,338
7,433
7,820
146
Other products, including balance of payments
147
adjustments not included above (minimum value
4,794
5,134
5,107
4,822
5,038
4,892
4,957
4,773
4,770
4,816
4,873
19,183
19,527
5,185
4,773
4,663
shipments and miscellaneous imports).....................
See the footnotes on pages 102-103.
86
U.S. International Transactions, 2003
April 2004
Table 3. Private Services Transactions
[Millions of dollars]
Not seasonally adjusted
Line
2002
2002
2003 »
II
III
Seasonally adjusted
2003
IV
I
II
2002
III'
IV p
II
III
2003
IV
1'
II'
III'
IV o
1 Exports of private services...............................
279,495 291,406
67,752
73,234
71,661
69,733
68,301
76,856
69,882
76,516
69,325
72,121
70,974
69,994
73,484
76,952
2
Travel (table 1, line 6).......................................
66,547
65,054
16,507
19,052
16,732
18,829
14,286
15,185
16,531
16,030
16,217
14,494
18,005
16,040
16,425
18,095
3
Passenger fares (table 1, line 7 ).....................
17,046
15,598
4,062
4,281
4,831
3,444
3,455
4,546
4,279
4,153
4,288
4,255
3,732
3,452
4,046
4,368
4
Other transportation (table 1, line 8)...............
29,166
31,871
7,104
7,646
7,632
7,884
8,177
7,488
8,322
7,075
7,307
7,682
7,834
7,850
7,812
8,374
5
Freight..........................................................
12,330
14,146
2,926
3,134
3,391
3,622
3,467
3,273
3,784
2,918
3,140
3,338
3,338
3,612
3,471
3,725
6
Port services................................................
16,836
17,725
4,512
4,241
4,262
4,710
4,157
4,167
4,178
4,215
4,538
4,344
4,496
4,238
4,341
4,649
7
44,142
Royalties and license fees (table 1, line 9)......
47,870
11,012
11,168
11,823
11,297
11,744
11,795
13,034
11,221
11,389
11,157
11,624
11,938
12,031
12,277
8
Affiliated.......................................................
32,218
35,435
8,050
8,173
8,795
8,237
8,652
8,670
8,394
9,876
8,259
8,564
8,129
8,846
8,906
9,119
9
U.S. parents’ receipts..............................
29,066
31,376
7,236
7,199
7,750
7,285
7,796
7,585
8,710
7,313
7,357
7,329
7,496
7,870
7,770
8,240
10
U.S. affiliates’ receipts.............................
3,152
4,059
814
974
1,045
952
856
1,085
1,166
946
1,037
800
1,068
976
1,136
879
11
Unaffiliated...................................................
11,924
12,435
2,962
2,995
3,028
3,092
3,060
3,125
3,158
2,962
2,995
3,028
3,060
3,092
3,125
3,158
12
Industrial processes1..............................
3,900
3,940
974
972
973
981
988
976
995
974
972
973
976
981
988
995
Other2.....................................................
8,024
8,494
13
2,137
1,988
2,023
2,055
2,084
2,110
2,163
1,988
2,023
2,084
2,055
2,110
2,137
2,163
14
Other private services (table 1, line 10)..........
122,594 131,013
30,760
31,637
28,623
33,218
30,033
33,286
34,476
30,720
30,681
31,022
31,744
32,260
33,170
33,838
15
Affiliated services.........................................
43,500
48,143
10,389
10,988
12,658
11,260
11,599
11,963
13,321
10,897
11,195
11,415
11,906
12,118
12,130
11,989
16
U.S. parents’ receipts..............................
25,194
27,795
6,167
6,207
7,027
6,679
6,582
6,863
7,671
6,262
6,380
6,517
6,858
6,969
7,107
6,861
17
U.S. affiliates’ receipts.............................
20,348
18,306
4,222
4,781
5,631
5,284
4,678
4,736
5,650
4,635
4,815
5,048
4,898
5,149
5,269
4,882
18
Unaffiliated services....................................
79,094
82,870
18,234
19,772
18,979
21,958
18,434
21,323
21,155
19,823
19,486
19,607
19,838
20,142
21,040
21,849
19
Education.................................................
12,759
13,672
1,584
3,471
2,610
5,607
1,643
3,639
2,784
3,150
3,253
3,274
3,402
3,330
3,426
3,514
20
Financial services....................................
15,859
16,184
3,842
4,126
3,808
3,984
4,140
3,825
4,235
4,126
3,842
3,984
3,808
3,825
4,140
4,235
21
Insurance services...................................
2,839
2,936
740
701
735
742
740
730
724
701
735
742
740
740
724
730
22
Telecommunications................................
4,137
3,884
992
1,045
1,009
987
965
976
956
1,045
1,009
987
992
976
965
956
23
Business, professional, and technical
services................................................
28,799
30,828
6,993
7,062
7,927
7,146
7,081
7,319
8,500
7,146
6,993
7,062
7,081
7,319
7,927
8,500
24
Other unaffiliated services3 ...................
14,700
15,367
3,767
3,632
3,723
3,717
3,773
3,922
3,957
3,654
3,655
3,802
3,794
3,731
3,921
3,852
25 imports of private services...............................
205,234 219,069
52,365
54,978
51,531
54,141
59,388
49,410
56,130
50,484
51,453
53,264
53,189
52,428
55,782
57,668
26
58,044
Travel (table 1, line 23).....................................
56,190
16,930
12,878
15,806
12,196
14,248
16,838
14,252
14,314
12,908
15,025
14,106
12,833
14,992
14,259
27
Passenger fares (table 1, line 24)...................
20,564
4,642
19,969
5,475
5,430
6,147
4,479
5,283
4,874
4,655
4,829
5,392
4,945
4,705
5,491
5,423
28
Other transportation (table 1, line 25).............
38,527
45,058
9,577
10,392
10,138
11,294
11,721
10,303
11,740
9,580
9,787
10,271
10,879
11,255
11,611
11,313
Freight..........................................................
29
25,973
31,768
6,428
6,806
7,145
6,962
8,103
8,378
8,325
6,456
6,579
7,016
7,372
8,105
8,102
8,190
30
Port services................................................
12,554
13,290
3,247
3,149
3,332
3,341
3,191
3,343
3,124
3,208
3,415
3,507
3,255
3,150
3,211
3,421
31
19,258
4,941
4,945
4,564
5,094
Royalties and license fees (table 1, line 26)....
19,881
4,765
4,546
5,677
4,902
5,036
4,592
4,707
4,706
5,181
5,285
32
Affiliated.......................................................
15,132
16,332
3,691
4,106
4,093
3,699
3,669
4,199
4,765
3,828
4,201
3,740
3,842
3,829
4,286
4,373
33
U.S. parents’ payments
2,958
2,571
718
843
799
630
623
661
657
718
843
799
630
623
657
661
34
U.S. affiliates' payments
12,174
3,294
13,761
2,973
3,263
3,069
3,046
3,538
4,108
3,110
3,358
2,941
3,212
3,206
3,625
3,716
35
Unaffiliated...................
4,126
3,549
1,074
852
835
865
877
895
912
1,074
835
852
877
865
912
895
36
Industrial processes1
1,935
2,071
487
494
504
522
480
513
532
487
480
494
504
513
522
532
37
Other2......................
2,192
1,479
594
349
358
362
373
365
594
349
380
358
362
365
373
380
38
Other private services (table 1, line 27)..........
69,436
77,376
16,742
18,674
17,539
17,868
18,770
19,588
17,487
21,150
16,876
17,984
18,552
18,929
20,357
19,538
9,202
8,821
39
Affiliated services.........................................
32,367
36,031
7,496
8,053
8,192
8,728
10,290
7,631
8,183
8,457
8,892
8,738
8,970
9,431
40
U.S. parents’ payments............................
17,529
19,382
4,607
4,992
4,181
4,329
4,719
4,810
4,287
4,657
5,524
4,522
4,716
4,838
4,845
4,983
41
U.S. affiliates’ payments..........................
14,838
16,649
3,315
3,446
4,210
4,009
3,863
4,011
3,344
4,766
3,526
3,935
4,022
4,054
4,125
4,448
42
Unaffiliated services....................................
37,069
41,345
9,472
9,246
9,486
9,676
10,042
10,767
10,860
9,245
9,304
9,527
9,814
10,037
10,568
10,926
43
Education.................................................
2,673
807
2,466
615
573
510
667
875
621
612
624
627
648
662
687
676
44
Financial services....................................
3,665
3,956
834
857
999
939
926
1,045
1,046
999
834
857
939
926
1,045
1,046
45
Insurance services...................................
15,348
17,723
4,111
4,374
4,492
3,756
3,948
4,250
4,607
4,111
3,756
3,948
4,250
4,374
4,492
4,607
46
Telecommunications................................
4,180
3,833
996
1,050
1,023
966
961
956
950
1,050
1,023
996
966
961
950
956
47
Business, professional, and technical
services................................................
10,732
12,426
2,702
2,658
2,759
2,830
2,931
3,216
3,449
2,658
2,702
2,759
2,830
2,931
3,216
3,449
Other unaffiliated services3 ...................
734
48
679
173
176
184
169
180
183
187
169
173
176
180
183
184
187
Supplemental detail on insurance
transactions:
49 Premiums received..............................................
11,937
13,196
3,124
2,916
3,248
3,265
3,277
3,309
3,124
3,345
2,916
3,277
3,248
3,265
3,309
3,345
50
For insurance services4(lino 21 )...................
2,839
2,936
740
701
735
742
740
730
724
701
735
742
740
740
724
730
51
For loss settlement5........................................
9,098
10,260
2,537
2,215
2,389
2,508
2,523
2,579
2,621
2,215
2,389
2,537
2,508
2,523
2,621
2,579
52 Actual losses paid5.............................................
8,619
9,094
2,158
2,131
2,236
2,305
2,377
2,131
2,176
2,158
2,131
2,131
2,176
2,236
2,377
2,305
53 Premiums paid.....................................................
52,065
47,156
11,663
11,902
12,175
12,472
12,826
13,194
11,902
13,573
11,663
12,175
12,472
12,826
13,194
13,573
54
For insurance services4 (line 4 5 )...................
15,348
17,723
3,756
3,948
4,111
4,250
4,374
4,492
4,607
3,756
3,948
4,111
4,374
4,250
4,492
4,607
55
For loss settlement5........................................
31,808
34,342
7,907
7,954
8,064
8,222
8,452
8,702
7,907
7,954
8,966
8,064
8,222
8,452
8,702
8,966
56 Actual losses recovered5....................................
30,914
30,615
7,658
8,003
8,130
7,704
7,495
8,026
7,390
7,658
8,003
8,130
8,026
7,704
7,495
7,390
Memoranda:
57 Balance on goods (table 1, line 71).................... -482,872 -549,409 -116,868 -134,059 -134,998 -126,994 -133,451 -146,742 -142,222 -121,286 -123,312 -132,241 -135,943 -138,012 -136,248 -139,206
58 Balance on private services (line 1 minus line 25)
74,261
72,337
15,387
18,256
20,130 20,323
14,160
17,468
20,386
18,841
18,429
18,857
17,785
17,566
17,702
19,284
59 Balance on goods and private services (lines 57
and 58)............................................................. -408,611 -477,072 -101,481 -115,803 -114,868 -106,671 -119,291 -129,274 -121,836 -102,445 -104,883 -113,384 -118,158 -120,446 -118,546 -119,922
See the footnotes on pages 102-103.
April 2004
S u rv ey
of
87
C u r r e n t B u sin e ss
Table 4. U.S. Official Reserve Assets and Foreign Official Assets in the United States
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; decrease in U.S. assets or increase in foreign assets.
Debits increase in U.S. assets or decrease in foreign assets.)
2002
2003 o
2002
I
A1 U.S. official reserve assets, net (table 1, line 41).....................................
?
Gold (table 1, line 42)...........................................................................
3
Special drawing rights (table 1, line 4 3 )...............................................
4
Reserve position in the International Monetary Fund (table 1, line 44)
5
Foreign currencies (table 1, line 45).....................................................
B1 Foreign official assets in the United States, net (table 1, line 56).........
By instrument:
2
U.S. Treasury securities (table 1, line 58).............................................
3
Bills and certificates.........................................................................
4
Bonds and notes, marketable...........................................................
5
Bonds and notes, nonmarketable.....................................................
6
Other U.S. Government securities (table 1, line 59)............................
7
Other U.S. Government liabilities (table 1, line 60)...............................
8
U.S. liabilities reported by U.S. banks, not included elsewhere (table 1,
line 61)...............................................................................................
9
Banks’ liabilities for own account1...................................................
10
Repurchase agreements..............................................................
11
Deposits and brokerage balances2.............................................
12
Other liabilities..............................................................................
13
Banks' customers’ liabilities1...........................................................
14
Negotiable certificates of deposit and other short-term
instruments...............................................................................
15
Other liabilities..............................................................................
16
Other foreign official assets (table 1, line 62).......................................
By area:
1/
Europe...................................................................................................
18
Canada..................................................................................................
19
Latin America and Caribbean...............................................................
20
Asia
21
Africa
22
Other
See the footnotes on pages 102-103.
II
2003
III
IV
I
II
III'
IV p
Amounts
outstanding
Dec. 31,
2003
-3,681
1,523
390
-1,843
-1,416
-812
83
-170
-611
2,221
-475
-2,632
-574
94,860
601
1,494
-572
207,665
-109
652
-153
6,106
-107
-1,607
-129
47,552
-132
-1,136
-148
8,992
-127
-541
-144
32,210
897
-644
-170
40,978
-102
86
-154
57,000
-97
-383
-131
45,289
-97
2,435
-117
64,398
183,578
108,866
12,638
22,536
39,538
1,343,127
43,144
28,656
15,131
-643
30,377
137
128,466
21,670
106,951
-155
24,795
-562
-1,039
-643
56
-252
7,296
-597
15,138
14,810
487
-159
6,568
365
1,415
9,501
-8,144
58
10,885
464
27,630
5,188
22,732
-290
5,628
-95
22,288
15,778
6,457
53
9,480
-437
35,349
3,914
31,380
55
3,290
-16
17,378
-2,129
19,451
56
3,340
-41
53,451
4,107
49,663
-319
8,685
-68
827,339
212,025
612,701
2,613
211,988
16,583
17,594
6,998
-280
-4,139
24,575
13,394
-4,607
3,519
-2,094
-5,776
-2,039
9,037
10,596
49,633
27,576
31,832
1,505
-5,761
22,057
-5,147
1,008
3,859
-707
14,101
11,181
-902
4,421
-8,126
4,717
-10,493
3,682
8,321
5,018
8,776
1,125
-4,883
3,303
17,628
9,104
5,291
1,235
2,578
8,524
23,166
15,239
16,709
-2,189
719
7,927
518
-1,785
1,056
1,334
-4,175
2,303
190,605
117,743
87,667
24,014
6,062
72,862
11,602
-1,006
3,608
19,672
2,385
5,333
3,716
143
726
11,372
-191
906
-8,048
-78
835
4,562
-880
1,141
2,482
821
1,326
4,329
4,195
749
6,313
1,614
1,446
6,548
-4,245
1,812
70,413
2,449
96,612
30,096
-2,333
-7,815
70,798
-130
4,244
3,505
-1,389
9,099
192,067
399
3,984
-1,254
868
-4,488
10,516
-2,345
2,809
11,977
-3,199
-2,071
40,138
1,291
-584
6,920
-995
-2,299
5,439
-1,051
978
12,453
993
1,043
14,705
1,975
1,041
7,448
-1,262
59
37,220
-118
-2,369
2,589
-168
8,092
41,768
505
4,214
613
406
523
46,064
-972
-1,345
-7,145
-365
425
67,015
984
3,484
295,166
10,593
76,936
928,118
16,419
15,895
88
U.S. International Transactions, 2003
April 2004
Table 5. Selected U.S. Government Transactions
[Millions of dollars]
Not seasonally adjusted
Line
2002
2002
2003p
I
A1 U.S. Government grants and transactions increasing Government assets, total..................................................
By category
2
Grants, net....................................................................................................................................................................
3
U.S. Government current grants, net (table 1, line 36, with sign reversed)............................................................
4
Financing military purchases1............................................................................................................................
Other grants.........................................................................................................................................................
5
fi
Cash contributions received from coalition partners for Persian Gulf operations...............................................
7
Debt forgiveness (table 1, part of line 39, with sign reversed).................................................................................
8
Credits and other long-term assets (table 1, line 47, with sign reversed)...................................................................
10
11
1?
13
14
15
1fi
17
18
19
?n
?1
??
23
r>4
?*S
26
27
28
29
30
31
32
as
34
35
36
37
38
39
40
41
42
43
44
45
46
A!
48
B1
2
3
4
5
6
/
8
C1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Credits repayable in U.S. dollars..............................................................................................................................
Credits repayable in other than U.S. dollars............................................................................................................
Other long-term assets............................................................................................................................................
Foreign currency holdings and short-term assets, net (table 1, line 49 with sign reversed).......................................
Foreign currency holdings (excluding administrative cash holdings), net..............................................................
Receipts from:
Sales of agricultural commodities...................................................................................................................
Interest.............................................................................................................................................................
Repayments of principal..................................................................................................................................
Reverse grants.................................................................................................................................................
Other sources..................................................................................................................................................
Less currencies disbursed for:
Grants and credits in the recipient’s currency.................................................................................................
Other grants and credits...............................
Other 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................................................
By program
Capital subscriptions and contributions to international financial institutions, excluding IMF.....................................
Under Agricultural Trade Development and Assistance Act and related programs....................................................
Under Foreign Assistance Act and related programs
Under Export-lmport Bank Act.................................
Under Commodity Credit Corporation Charter A ct...
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..................................................................................
27
-27
-2
By disposition3
Estimated transactions involving no direct dollar outflow from the United States......................................................
Expenditures on U.S. goods.....................................................................................................................................
Expenditures on U.S. services4..............................................................................................................................
Financing of military sales contracts by U.S. Government5 (line C6)....................................................................
By long-term credits
By short-term credits1
By grants1.........
U.S. Government 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..............................................
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-lmport Bank Act.................................................................................................................................
Under Commodity Credit Corporation Charter Act
Under other credit programs.................................
Receipts on other long-term assets.........................
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 grants1............................................................................................................................................................
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 Corporation8.............................................
Sales of space launch and other services by National Aeronautics and Space Administration............................
Other sales and miscellaneous operations.............................................................................................................
See the footnotes on pages 102-103.
II
2003
III
IV
I
III'
II
IV "
23,007
30,821
7,263
3,827
4,636
7,281
8,451
8,450
7,605
6,316
17,290
17,097
5,818
11,279
23,709
21,833
6,360
15,472
6,402
6,397
3,504
2,893
3,303
3,287
617
2,671
3,157
3,075
319
2,756
4,429
4,338
1,378
2,959
5,910
5,813
2,979
2,834
6,922
5,654
1,642
4,012
6,052
5,543
512
5,031
4,826
4,823
1,226
3,597
193
5,611
1,485
4,125
1,877
6,984
9
1,399
5,586
105
6
128
5
15
82
97
91
1,267
509
4
853
565
1,375
2,818
2,578
1,454
1,532
1,420
Capital subscriptions and contributions to international financial institutions, excluding IMF.....
364
357
294
308
378
369
197
408
1,011
2,510
1,175
2,200
1,085
1,126
(*)
1
5
-41
2
104
O
34
4
(*)
2
8
O
1
3
-36
74
20
70
O
73
155
10
(*)
-23
92
-6
-4
94
24
40
27
-27
-2
-20
12
37
-33
-20
-A
30
1,485
2,426
15,663
1,460
712
1,227
6
O
1,399
2,393
22,270
3,438
62
1,287
446
291
6,030
230
3
266
368
239
2,734
118
10
377
2
0
-20
364
383
2,963
636
15
263
O
308
1,514
3,936
477
685
321
4
378
334
6,629
874
17
252
369
1,314
6,068
429
5
284
357
452
5,242
1,159
39
359
294
294
4,330
975
12
37
-33
-20
-A
30
17,319
7,658
4,590
2,361
328
22,732
8,860
8,197
2,529
180
5,813
4,058
1,228
345
6
2,404
711
1,023
616
4
3,249
1,107
1,109
634
317
5,853
1,782
1,230
767
1
6,730
4,211
1,782
603
10
6,613
2,540
2,232
474
76
5,072
968
2,506
568
58
4,317
1,142
1,677
884
36
2,033
2,417
321
2,349
2,835
367
339
141
46
612
41
17
317
285
131
766
1,949
128
592
123
25
398
1,256
120
510
963
87
849
493
135
28
(*)
5,688
5,684
5,684
1,649
1,703
1,695
561
77
55
5
3
13
10
19
13
1,450
994
994
47
509
340
91
6
4
n
1,423
566
566
39
254
219
52
2
17
8,090
7,812
7,812
1,510
2,944
2,520
338
500
1,387
1,452
1,452
161
569
635
87
(*)
1,428
2,672
2,672
1,401
370
501
331
69
1,721
2,472
2,472
88
1,398
440
125
421
1,837
1,955
1,955
1,023
569
310
51
2
2,533
2,035
2,035
141
724
1,054
107
9
1,999
1,350
1,350
258
254
716
55
68
137
113
-562
-591
-597
-602
365
363
464
450
-95
-99
-437
-441
-16
-35
-41
-49
-68
-67
10,024
916
-586
2,361
328
10,193
796
-199
2,529
180
2,649
204
607
345
6
2,190
91
-400
616
4
2,695
254
-793
634
317
2,491
367
1
767
1
3,126
346
997
603
10
2,081
124
-549
474
76
2,365
244
-647
568
58
2,621
81
393
884
36
2,033
2,349
339
612
317
766
592
398
510
849
11,943
12,716
2,785
2,751
3,418
2,989
2,827
3,014
3,384
3,491
-1
24
30
5
2
14
4
4
19
7
11
14
33
-3
3
2
2
5
9
1
3
17
-13
17
3
7
-1
April 2004
S u rv ey
of
89
C u r r e n t B u sin e ss
Table 6a. Direct Investment: Income, Capital, Royalties and License Fees, and Other Private Services
[M s of dollars]
illion
Not seasonally adjusted
(Credits+; debits-)
2002
2002
2003
III
IV
U.S. direct investment abroad:
Income (table 1, line 14)...................................... 142,933 175,481 32,674 35,538 37,986 36,735
Earnings.................
137,605 169,728 31,351 34,242 36,641 35,371
Distributed earnings
42,714 8,681
43,453
9,673 10,228 14,871
Reinvested earnings
94,152 127,013 22,670 24,569 26.413 20,500
Reinvested earnings without currem-cosi
adjustment.............................................
76,057 108,336 18,273 20,074 21,840 15,870
Current-cost adjustment............................
18,677 4,397 4,495 4,573 4,630
18.095
Interest...............................................................
1.296 1.345 1.364
1.323
5.753
5.328
8,897 2,100 2,173 2,206 2,272
U.S. parents’ receipts.....................................
8,751
-777
-3,144
U.S. parents’ payments..................................
-908
-861
-877
-3,423
Income without current-cost adjustment...............
124,838 156,804 28,277 31,043 33.413 32,105
Manufacturing................................................
37,652 6,716 7,375 8,368 9,229
31,688
19,094 3,292 2,995 3,624 3,404
Wholesale trade.............................................
13,315
Finance (including depository institutions)
and insurance............................................
18,962 3,564 4,460 5,089 3,262
16,375
Holding companies, except bank holding
46,872 10,139 11,052 9,974 10,364
companies..................................................
41,529
Other..............................................................
34,224 4,566 5,161
6,358 5,846
21,931
Earnings without current-cost adjustment (line 2
less line 6)......................................................
119,510 151,051 26,954 29,747 32,068 30,741
Manufacturing................................................
7,067 8,016 8,886
30,380
36,450 6,411
18,701
12,927
Wholesale trade.............................................
3,308
3,193 2,895 3,531
Finance (including depository institutions)
16,662
and insurance............................................
19,062 3,599 4,557 5,161
3,345
Holding companies, except bank holding
companies..................................................
9,708 10,091
45,598 9,866 10,781
40,446
Other......
31,242 3,885 4,447 5,652 5,111
19.095
Interest.......
1.323 1.296 1.345 1.364
5.753
5.328
Manufacturing
352
305
1,201
1,308
343
308
395
388
Wholesale trade
96
93
100
99
Finance (including depository institutions)
and insurance ’ ..........................................
-72
-97
-99
-287
-83
-35
Holding companies, except bank holding
companies..................................................
271
1,275
1,083
273
266
273
Other..............................................................
706
714
681
2,983
2,836
735
Capital (table 1, line 51)....................................... -137,836 -154,761 -41,554 -37,643 -34,439 -24,200
Equity capital..................................................... -18,103 -22,984 -9,678 -3,266 -6,091
932
Increases in equity capital............................. -48,257 -43,798 -15,047 -8,240 -12,277 -12,693
30,154
Decreases in equity capital............................
20,815 5,369 4,974 6,186 13,625
Reinvested earnings (line 4 with sign reversed) -94,152 -127,013 -22,670 -24,569 -26,413 -20,500
-4,764 -9,206 -9,808 -1,935 -4,632
Intercompany debt............................................. -25,581
U.S. parents’ receivables............................... -24,880 -29,167 -1,365 -16,228
-323 -6,964
U.S. parents’ payables...................................
6,420 -1,612 2,332
-701
24,403 -7,841
Capital without current-cost adjustment................ -119,741 -136,084 -37,157 -33,148 -29,866 -19,570
Manufacturing................................................ -29,512 -29,185 -2,880 -9,524 -9,402 -7,706
Wholesale trade.............................................
-7,181 -14,117 -2,904
-309
161 -4,129
Finance (including depository institutions)
and insurance............................................ -24,590 -22,265 -10,203 -6,576 -4,720 -3,091
Holding companies, except bank holding
companies.................................................. -42,136 -45,904 -12,823 -13,591 -8,069 -7,653
Other.............................................................. -16,322 -24,614 -8,347 -3,618 -3,546
-611
Equity capital..................................................... -18,103 -22,984 -9,678 -3,266 -6,091
932
Manufacturing................................................ -13,717
-9,725 -5,124 -2,449 -3,922 - 2,222
Wholesale trade.............................................
-794
-769
-1,361
191
-553
-205
Finance (including depository institutions)
and insurance............................................
-2,887
-6,488 - 1,121 -1,522 -1,579
1,335
Holding companies, except bank holding
-357
companies..................................................
-605
-339
1,005
-418
-3,260
Other..............................................................
-2,741 -3,644
1,328
302 2,233
219
Reinvested earnings without current-cost
adjustment (line 5 with sign reversed)........... -76,057 -108,336 -18,273 -20,074 -21,840 -15,870
Manufacturing................................................ -15,602 -25,527 -2,141 -3,356 -5,243 - 4 /
-7,715 -13,444 -2,203 -2,076 -2,046 -1,390
Wholesale trade.............................................
Finance (including depository institutions)
-8,376 -10,575 -2,357 -2,464 -2,702
and insurance............................................
-853
Holding companies, except bank holding
-32,292 -36,155 -8,833 -9,548 -7,586 -6,325
companies
Other......
-12,072 -22,637 -2,739 -2,630 -4,263 -2,440
Intercompany debt
-4,764 -9,206 -9,808 -1,935 -4,632
-25,581
Manufacturing
-622
-237
-193
6,066 4,385 -3,719
Wholesale trade.............................................
1,895
93 2,442 -1,530
95
Finance (including depository institutions)
and insurance2.......................................... -13,327
-439 -3,573
-5,203 -6,725 -2,590
Holding companies, except bank holding
-144
-6,491 -4,995 -3,625
companies..................................................
-9,487
-723
Other..............................................................
-604
-4,469
767 -1,964 -2,316
415
Royalties and license fees, net..........................
26,108
28,805 6,283 6,518 6,356 6,951
29,066
U.S. parents’ receipts (table 1, part of line 9)....
7,236 7,199 7,750
31,376 6,881
-2,571
-2,958
U.S. parents' payments (table 1, part of line 26)
-718
-799
-843
-598
Other private services, net..................................
8,413 2,044 1,986 1,600 2,035
7,665
25,194
U.S. parents' receipts (table 1, part of line 10)
27,795 5,793 6,167 6,207 7,027
U.S. parents’ payments (table 1, part of line 27) -17,529 -19,382 -3,749 -4,181 -4,607 -4,992
See the footnotes on pages 102-103.
Seasonally adjusted
2002
III'
II
N"
2003
III
IV
III'
38,124 40,172
36,744 38,724
7,337 9,269
29,406 29,455
44,736 52,449
43,264 50,996
7,987 18,121
35,277 32,875
32,058 34,874
30,735 33,578
10,536 11,193
20,199 22,385
37,264
35,919
12,322
23,597
24,740 24,773
4,666 4,682
1.448
1.380
2,173 2,263
-815
-793
33,458 35,490
8,342 8,585
2,909 3,829
30,600 28,223
4,677 4,652
1.472 1.453
2,236 2,225
-772
-764
40,059 47,797
9,058 11,667
5,193 7,163
15,802
4,397
1.323
19,024 23,340 21,547
4,573 4,630 4,666
1,364 1.380
1.345
2,206 2,272 2,173
-793
-908
-861
32,691 34,105 32,410
8,213 9,685 8,225
3,624 3,404 2,909
17,890
4,495
1.296
2,173
2,100
-877
-777
27,661 30,379
6,633 7,156
3,292 2,995
IV p
38,735 37,076 39,203 43,718 55,486
37,371 35,696 37,755 42,246 54,033
9,483 11,487 9,905 11,838
9,401
27,970 26,213 26,268 32,341 42,195
21,586 27,664
4,682 4,677
1.448 1.472
2,263 2,236
-764
-815
34,521 39,041
8,313 8,874
3,829 5,193
37,543
4,652
1.453
2,225
-772
50,834
12,239
7,163
4,194
3,984
5,118
5,666
3,031
4,015
4,522
4,806
3,263
3,287
4,282
8,131
10,980
7,033
11,225
7,867
12,132
8,558
12,535
10,766
10,139
4,566
11,052
5,161
9,974
6,358
10,364
5,846
10,980
7,033
11,225
7,867
12,132
8,558
12,535
10,766
32,078
34,042
8,296
3,743
38,587 46,344
8,767 11,376
5,087 7,058
26,338 29,083
6,328 6,848
3,193 2,895
31,346
7,861
3,531
32,741
9,342
3,308
31,030
7,894
2,813
33,073 37,569 49,381
8,024 8,584 11,948
3,743 5,087 7,058
8,011
2,813
4,275
3,992
5,115
10,886
11,828
7,792
1.472
290
107
12,219
7,125
1.448
289
86
3,344
3,295
4,278
8,145
9,708
5,652
1.345
352
93
10,091
5,111
1,364
343
96
10,665
6,314
1.380
331
96
10,886
12,219
7,125
1.448
289
86
11,828
7,792
1.472
290
107
10,011
1.453
291
106
-81
339
742
-29,242
-4,843
-8,776
3,933
-26,268
1.869
-8,768
10,637
-24,560
-3,963
931
305
767
-42,160
-4,143
-7,965
3,822
-32,341
-5,676
-6,790
1,114
-37,483
-5,154
-5,948
316
755
-49,579
-9,103
-17,113
8,011
-42,195
1.719
-1,787
3,506
-44,927
-13,833
-6,840
-91
-5,733
-7,071
10,011
1.453
291
106
-14
-35
-97
-72
-83
316
273
755
681
-40,259 -39,083
-9,103 -9,678
-17,113 -15,047
8,011
5,369
-32,875 -20,199
1.719 -9,206
-1,787 -1,365
3,506 -7,841
-35,607 -34,686
-11,813 -2,353
-5,883 -2,683
271
714
-35,459
-3,266
-8,240
4.974
-22,385
-9,808
-16,228
6,420
-30,964
-8,982
314
266
706
-31,623
-6,091
-12,277
6,186
-23,597
-1,935
-323
-1,612
-27,050
-8,626
-3,602
273
735
-31,670
932
-12,693
13,625
-27,970
-4,632
-6,964
2,332
-27,040
-9,551
-9,211
-5,856
-3,988
-5,534
-12,026 -12,990 -10,156 -12,189
-10,653 -8,494 -4,223 -8,250
-4,843 -4,143 -9,103 -9,678
-946 -5,471 -5,124
-1,236
-687
-794
-207
122
-12,840
-3,600
-3,266
-2,449
-205
-7,790
-3,044
-6,091
-3,922
-553
-9,317 -10,224 -10,834 -12,681 -12,168
-1,428 -1,025 -10,603 -7,968 -5,015
932 -4,895 -4,843 -4,143 -9,103
-946 -5,471
-2,072 -1,236
- 2,222
-687
-207
122
3
191
1,121
-1,522
-1,579
-1,488
1,005
279 -3,644
-418
1,328
-339
302
315
719
-36,977
-4,895
-9,944
5,049
-29,406
-2,676
-11,822
9,146
-32,311
-6,771
-2,528
339
742
-32,429
-4,843
-8,776
3,933
-29,455
1,869
-8,768
10,637
-27,747
-4,'
-11,036
-1,023
305
767
-45,096
-4,143
-7,965
3,822
-35,277
-5,676
-6,790
1,114
-40,419
-5,917
-6,345
-6,673 -3,533
-603
-837
979 -1,703
-492 -1,423
-1,048
-1,105
-3,313
4,594
3,066
-14
-81
-10,732
-1,244
-4,895
-2,072
3
4,112
9,866 10,781
3,885 4,447
1.323 1.296
308
305
100
5,680
10,665
6,314
1.380
331
-1,735
-
-
315
719
-33,784
-4,895
-9,944
5,049
-26,213
-2,676
-11,822
9,146
-29,118
-6,235
1,210 -2,261
-9,373
-837
-1,735
979 -1,703 -1,048
-492 -1,423 -1,105
-1,488
279
1,335 -3,313
-605
2,233
-603
-24,740 -24,773 -30,600 -28,223 -15,802 -17,890 -19,024 -23,340 -21,547 -21,586 -27,664 -37,543
-6,040 -5,828 -7,212 -6,447 -1,614 -2,814 -4,467 -6,707 -5,504 -5,107 -6,448 -8,467
-1,843 -2,568 -4,135 -4,898 -1,982 -1,923 -1,519 -2,291 -1,576 -2,276 -3,737 -5,855
-2,455
-2,215
-3,280
-2,625
-9,920
-4,482
-2,676
1,341
-688
-9,029
-5,133
1,869
2,380
3,085
-9,476
-6,498
-5,676
2,240
-2,004
-7,730 -8,199
-6,524 -2,642
1.719 -9,206
105 4,385
93
-5,269
1.795 -2,556
-1,792 -1,295 -2,466
-891
3,732 -4,096
6,655 7,173 6,924
7,285 7.796 7,585
-661
-630
-623
1,869
2,253 2,144
6,582 6,863 6,679
-4,329 -4,719 -4,810
827
-1,365
-1,744 -1,970
-8,797
-2,612
-9,808
-3,719
2,442
-7,307
-3,761
-1,935
-237
-1,530
-6,725 -2,590
-439
-938 -4,995
2,022 -1 ;
8,053 6,468
8,710 7,066
-657
2,147
1,973
7,671
6,035
-5,524 -4,062
-144
-3,625
415
-2,316
6,595 6,514
7,313 7,357
-843
-718
1.975 1,723
6,262 6,380
-4,287 -4,657
-3,296
-791
-9,411
-7,!
-3,057 -4,265
-4,632 -2,676
-622
1,341
890
-688
-3,573
-5,2
-1,283 -2,340
-7,836
-5,084
1.869
2,380
3,085
-9,167 -9,742
-5,972 -7,316
1.719
-5,676
105
2,240
-2,004
-298
1,795 -2,556
-723 -1,792 -1,295
-604
3,732 -4,096
6,530 6,866 7,247
7,329 7,496 7.870
-623
-799
-630
1,995 2,142 2,131
6,517 6,858 6,969
-4,522 -4,716 -4,838
-6,163
827
-2,466
-938
2,022
-891
7,109 7,583
7,770 8,240
-657
-661
2,016 2,124
7,107
6,861
-4,845 -4,983
90
April 2004
U.S. International Transactions, 2003
Table 6a. Direct Investment: Income, Capital, Royalties and License Fees, and Other Private Services—Continued
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; debits -
2002
2002
Seasonally adjusted
2003
2002
2003
IV p
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
Foreign direct investment in the United States:
income (table 1, line 31)......................................
Earnings............................................................
Distributed earnings.......................................
Reinvested earnings......................................
Reinvested earnings without current-cost
adjustment.............................................
Current-cost adjustment............................
Interest...............................................................
U.S. affiliates’ payments................................
U.S. affiliates’ receipts...................................
Income without current-cost adjustment...............
Manufacturing................................................
Wholesale trade.............................................
Finance (including depository institutions)
and insurance............................................
Other..............................................................
Earnings without current-cost adjustment (line
67 less line 71)...............................................
Manufacturing................................................
Wholesale trade.............................................
Finance (including depository institutions)
and insurance............................................
Other..............................................................
Interest...............................................................
Manufacturing................................................
Wholesale trade.............................................
Finance (including depository institutions)
and insurance' ..........................................
Other..............................................................
Capital (table 1, line 64)....................................
Equity capital..................................................
Increases in equity capital..........................
Decreases in equity capital.........................
Reinvested earnings (line 69 with sign
reversed).....................................................
Intercompany debt..........................................
U.S. affiliates’ payables...............................
U.S. affiliates’ receivables...........................
Capital without current-cost adjustment.............
Manufacturing.............................................
Wholesale trade..........................................
Finance (including depository institutions)
and insurance.........................................
Other...........................................................
Equity capital
Manufacturing
Wholesale trade
Finance (including depository institutions)
and insurance.........................................
Other...........................................................
Reinvested earnings without current-cost
adjustment (line 70 with sign reversed)......
Manufacturing.............................................
Wholesale trade..........................................
Finance (including depository institutions)
and insurance.........................................
Other...........................................................
Intercompany debt..........................................
Manufacturing.............................................
Wholesale trade..........................................
Finance (including depository institutions)
and insurance2.......................................
Other...........................................................
Royalties and license fees, net...........................
U.S. affiliates’ payments (table 1, part of line 26)
U.S. affiliates' receipts (table 1, part of line 9)...
Other private services, net..................................
U.S. affiliates’ payments (table 1, part of line 27)
U.S. affiliates’ receipts (table 1, part of line 10)
See the footnotes on pages 102-103.
-49,458
-26,330
-19,575
-6,755
-71,532
-53,285
-14,727
-38,558
-8,074
-2,751
-6,880
4,129
-14,303 -15,637 -11,444 -15,332 -18,261 -19,359
-8,601 -9,699 -5,279 -10,783 -13,826 -14,836
-5,021 -2,094 -5,580 -2,955 -3,961 -1,832
301 -7,828 -9,864 -13,005
-3,580 -7,605
2,848
-9,603
-23,128
-24,662
1,534
-39,855
-13,140
-28,691
-9,867
-18,247
-20,054
1,806
-61,665
-23,983
-16,001
6,410
-2,281
-5,323
-5,617
294
-5,793
-3,449
-2,816
1,201 -5,155
-2,379 -2,450
-5,702 -5,938
-6,093 -6,276
391
338
-11,924 -13,187
-6,935 -6,985
-4,132 -3,729
-3,025
-1,469
-10,911
-10,770
-1,914
2,386
-728
48
-905 -1,745
-16,727
-10,339
-12,368
-43,418
-14,645
-15,542
-470 - 6,222
-260 -3,690
-2,596 -3,928
409
5,571
-23,128
-11,882
-772
-9,468
-3,763
-18,247
-9,338
-460
-1,413
730
247
845 -1,464 -2,784
3,799
666
14 1,092
302
-729
-5,323 -5,702 -5,938 -6,165 -4,549 -4,435
-3,189 -3,245 -3,000 -2,448 -2,229 -2,197
-220
-204
-204
-144
-121
-145
-
22,221
-
-7,249
-3,985
-3,525
2,794
-2,493
-6,165
-6,676
511
-8,951
-4,852
-2,463
-10,544
-2,461
-4,523
-4,991
468
-16,898
-€,742
-3,551
-5,464
-2,397
-4,740
-5,213
472
-16,183
-6,531
-3,543
5,672
-2,281
-5,323
-5,617
294
-5,853
-3,496
-2,816
-431 -1,864
-1,205 -1,473
-3,175
-2,455
-3,081
-3,524
-2,791
-3,318
-1,914
2,373
-2,786 -8,273 -11,327 -12,375 -11,443
-2,404 -1,871 -4,413 -4,340 -4,021
-2,319 -5,240 -3,401 -3,443 -3,458
6,755
-37,448
-22,580
-14,868
30,030
4,444
10,815
3,580 7,605
38,558 -4,129
-301
1,281 -25,199 -17,073
-10,506
3.543
729 -12,106 -15,762 4,559
2,574
552 -13,093 -1,311 -1,016
-13,081
11 12,400 10,031
72,115 7.588
810 -4,983
19,206
6,158 2,459
-553
3,998 4,880 2,490
16,145
-139 -1,409 -1,463
7,470 2,405 2,825
12.717 24.009 24.318
3,520 8,565 14,713
214
73
912
8,745
28,729
24,893
19,230
816
8,308
3,935
11,295
-2,848
1,086
11,064
28,691 -6,410
8,578 -3,929
14,295 2,459
1,201
1,901
3,695
2,336
6,357
-2,791 -2,429
-1,801 -1,535
-4,523 -4,740
-2,402 -2,510
-86
-108
-391
-400
-290
-1,775 -1,726 -1,723
34,241 25,239 2,285
32.710 5.338 7.517
33,539 9,110 8,855
-829 -3,772 -1,338
-4,504
-2,450
-5,938
-6,276
338
-12,900
-6,704
-3,729
37 -5,554 -4,608
-2,493 -2,510 -2,499
-6,165 -4,549 -4,435
-6,676 -5,011 -4,839
511
462
404
-10,017 -12,909 -14,915
-5,935 -4,170 -5,755
-2,463 -5,385 -3,522
-10,098
-2,461
-4,523
-4,991
468
-16,587
-6,439
-3,551
-8,433
-2,397
-4,740
-5,213
472
-17,255
-7,619
-3,544
-3,081
-3,516
-2,790
-3,302
48
-728
-915 -1,739
-431
-1,188
-1,864
-1,490
-6,962
-3,704
-3,525
-3,852
-3,487
-2,319
-8,360 -10,480 -12,064 -12,515
-1,941 -3,558 -4,037 -5,109
-5,240 -3,401 -3,443 -3,458
-530 -5,383
-307 -2,841
-2,596 -3,928
272
1,908
6,867 -3,032
5.338 7.517
2,478 2,055
224
270
810
12,559
8.367
1,046
502
1,658 21,781
2,769 7,695
-191
2,781
1,661
3,577
1,642
5,177
7,365
2,829
3,295
10,544
3,852
3,274
5,318
693
5,127
4,416
-513 -3,360
-829 -2,036
480
-421 -2,377
-982
1,401 -4,427 -1,035
-10,506
1,281 -25,199 -17,073
3.543 -6,296
1,219 -15,449 -11,692 -1,728 4.829
2,048
617 -3,085
700
203
465
-5,762
-1,943
-9,022
-12,174
3,152
3,468
-14,838
18,306
-442
-13,638
466 3.589
-9,702 -2,325
-13,761 -2,644
319
4,059
-195
3,698
-16,649 -3,867
20,348 3,672
-1,413
247
845 -1,464 -2,784
730
20
1,109
-737
3,786
656
285
-5,323 -5,702 -5,938 -6,165 -4,549 -4,435
-3,189 -3,245 -3,000 -2,448 -2,229 -2,197
-204
-220
-204
-144
-121
-145
-139 -1,409 -1,463
7,353 2,184 2,707
12.717 24.009 24.318
3,520 8,565 14,713
912
73
214
-1,704
-8,076
-2,453
-3,538
1,085
1,272
-4,011
5,284
-2,791
-1,793
-4,523
-2,402
-108
-2,429
-1,519
-4,740
-2,510
-86
7,107
10,038
7,279
2,759
19,984
8,925
4,134
12,559 10,830
-18,237 3.989
-9,366
6,275
-8,871 -2,287
-622 20,789
-2,195
3,526
2,784 3,514
-744
6,281
9.282
4,210
645
12,682
4,625
32.710
3,000
234
1,908
272
6,653 -3,119
5.338 7.517
2,478 2,055
224
270
810
12,938
8.367
1,046
502
816
8,308
3,935
11,295
2,336
6,357
1,658
2,769
21,781
7,695
-191
2,781
1,661
3.577
1,642
5,177
5,464 -5,672
1,204 -2,996
2,599 2,381
-1,645
-599
3,570
4,504
2,659
3,213
-37
5,554
2,022
1,120
1,899
5,013
4,608
394
3,187
10,098
3.577
3,191
8,433
3,487
2,906
-829 -2,036
1,098
-513 -3,360
481
1,950
1,467
563 -4,544 -1,256
-539 -1,922 -1,060
353
3.989
1,281 -25,199 -17,073
3.543 -6,296
10,038 -18,237
1,219 -15,449 -11,692 -1,728 4,829
6,053 -7,827 -1,007
106 -3,085
677
700
203
-631
89
465
-2,970
-366 -9,580
-425
-3,111
5,434 - 2,010
3,733
-2,289 -2,249 -2,117 -2,190
-3,263 -3,294 -3,069 -3,046
974
952
856
1,045
1,335 1,421
815
727
-3,446 -4,210 -3,863 -4,009
4,781
5,631
4,678 4,736
-3,175
-2,463
-361
-501
-682
-290
-361
-975 -1,276
-400
-391
-1,783 -1,413 -1,571 -1,759 -2,297 -1,775 -1,726 -1,723 -1,783
20,217 10,607
1,839 23,186
-456 14,199 15,281 34,478 22,483
8.367 12.717 24.009 24.318 9.282 32.710 5.338 7.517 8.367
11,848 17,180 25,965 27,649 13,290 33,539 9,110 8,855 11,848
-3,481 -4,463 -1,956 -3,331 -4,008
-829 -3,772 -1,338 -3,481
-744 12,681
5,826 4,700
9.282 32.710
4,210 3,000
234
645
5,155 -2,794
3,137
-23
1,642
3,268
1,645
-2,379
-5,702
-6,093
391
-11,085
-6,086
-4,132
734 6,954 2,456 8,064
7.828 9,864 13,005 7,861 -3,391
1,281 -25,199 -17,073 3.543 -6,296
-6,296 10,038 -18,237 3.989
729 -12,106 -15,762
-1,614
7,279 -9,366 6,275
4,559 -1,614
552 -13,093 -1,311 -1,016 -4,682
-4,682
2,759 -8,871 -2,287
-176 17,820 8,326 -2,835 11,749 12,788 31,968
31,731 22,740
1,243
5,680 4,504 8,949
8,523 11,359 -1,919
1,743 -7,483
5,827 4,242 2,868 3,208
-631
3,873 4,825 2,747 5,712
-6,738
-8,260
-37,448
-27,650
-2,093
-1,984
-7,855
-2,159
-2,973
814
907
-3,315
4,222
-8,134 -13,464 -15,350 -12,510 -15,419 -17,414 -19,048 -19,652
-2,811 -7,762 -9,412 -6,345 -10,870 -12,979 -14,525 -14,912
- 6,202
-7,028 -2,458 -3,889 -2,806 -5,872 -1,966 -4,083
3,391
-734 -6,954 -2,456 -8,064 -7,107 -12,559 -10,830
-7,365
-2,499
-4,435
-4,839
404
-15,762
-6,610
-3,522
-501
-682
-1,442
-975 -1,276
-7,007 -1,413 -1,571 -1,759 -2,297
81,982 9,869 2,390 14,850 12,524
53.932 12.717 24.009 24.318 9.282
63,352 17,180 25,965 27,649 13,290
-9,420 -4,463 -1,956 -3,331 -4,008
15,671
21,094
53.932
8,579
1,230
-18,580
-13,840
-5,979
-7,861
-5,318
-2,510
-4,549
-5,011
462
-12,822
-4,100
-5,385
-3,434
-7,040
39,633
70.326
84,084
-13,758
-3,755
18,526
70.326
31,008
1,844
IV p
-1,929
-442
6,819 3,589
-2,942 -2,397
-4,108 -2,765
1,166
368
884
-75
-4,766 -4,032
5,650 3,957
-1,984
-7,855
-2,164
-3,110
946
1,291
-3,344
4,635
-366
-2,970
5,434
-3,111
-2,321 -2,141
-3,358 -2,941
1,037
800
1,289
963
-3,526 -3,935
4,815 4,1
-9,580
-
2,010
-2,144
-3,212
1,068
1,026
-4,022
5,048
1,950 1,098
942
1,380
139
10,038 -18,237 3.989
6,053 -7,827 -1,007
-631
677
106
-425
3,733
-2,230
-3,206
976
1,095
-4,054
5,149
-1,704
-8,076
-2,489
-3,625
1,136
1,144
-4,125
5,269
-1,929
6,819
-2,837
-3,716
879
434
-4,448
4,882
April 2004
S u rvey
of
91
C u r r e n t B u sin e ss
Table 7a. Transactions in Long-Term Securities
[Millions of dollars]
Not seasonally adjusted
(Credits +; debits -)
Line
2002
2002
2003'’
I
A1
2
3
4
5
6
Foreign securities, net purchases (-) or net sales (+) by U.S. residents (table 1. line 52 or
lines 4 -i-18 below)............................
Stocks, gross purchases by U.S. residents
Stocks, gross sales by U.S. residents
Stocks, net purchases by U.S. residents
New issues in the United States....
Transactions in outstanding stocks, net.....................................................................................
15
Net purchases by U.S. residents, by area:
Europe....................................................................................................................................
Of which: United Kingdom
Canada...........................
Caribbean financial centers1
Latin America, excluding Caribbean financial centers.........................................................
Asia........................................................................................................................................
Of which: Japan
Africa.................
Other..................
16
17
18
19
20
Bonds, gross purchases by U.S. residents....................................................................................
Bonds, gross sales by U.S. residents............................................................................................
Bonds, net purchases by U.S. residents...................................................................................
New issues in the United States...............................................................................................
Transactions in outstanding bonds, net2..................................................................................
7
8
9
10
11
12
13
14
21
22
23
24
25
26
27
28
29
Net purchases by U.S. residents, by area:
Europe....................................................................................................................................
Of which: United Kingdom................................................................................................
Canada...........................
Caribbean financial centers1
Latin America, excluding Caribbean financial centers.........................................................
Asia................................
Of which: Japan........
Africa..............................
Other......................................................................................................................................
on pages 102-103.
15,801
-64,121
1,278,340 1,474,397
1,260,663 1,383,073
-17,677
-91,324
-3,429
-313
-14,248
-91,011
II
2003
III
5,367
314,200
315,943
1,743
-1,455
3,198
-5,843
360,295
340,947
-19,348
-1,544
-17,804
21,641
306,472
319,296
12,824
-25,836
-27,828
-2,599
-3,839
-1,189
-53,917
-37,224
-235
-3,709
1,414
83
1,470
-157
-1,961
987
105
38
-48
1,353,398 2,146,457
1,386,876 2,173,660
27,203
33,478
-20,777
-20,919
54,255
48,122
-12,094
-14,577
4,040
-7,882
-2,286
653
-987
-30
-78
20,076
10,930
761
4,787
4,423
1,633
-8,019
49
1,749
9,955
5,115
10,055
-10,054
-1,611
18,320
5,512
469
69
IV
I
12,824
-5,364
297,373
284,477
-12,896
-430
-12,466
-27,146
303,872
269,495
-34,377
-201
-34,176
-10,971
-14,490
754
-4,632
-575
-3,246
-3,242
-296
-382
5,815
6,020
2,442
-521
767
3,603
2,792
166
552
-8,352
-6,190
-626
-2,572
-517
-691
-642
62
-200
292,373
295,997
3,624
-6,012
9,636
332,780
346,285
13,505
-5,160
18,665
352,741
361,558
8,817
-2,887
11,704
7,160
3,027
-1,190
1,136
720
-4,537
-3,133
28
307
1,431
2,586
3,155
2,138
1,948
5,740
2,877
-1,164
257
5,032
2,190
-1,064
-1,362
802
4,094
208
495
820
II
8,654
333,808
316,907
-16,901
III'
IV p
-16,901
-28,616
406,521
376,518
-30,003
-112
-29,891
-10,043
-23,688
-22,787
101
-4,117
-482
-5,533
-2,733
-115
-543
-8,303
-6,275
-1,383
-1,209
232
-5,613
-3,009
-55
-570
-4,150
-1,702
-1,175
1,620
68
-26,843
-17,042
-190
667
10,305
2,936
-142
-133
-1,007
-15,928
-14,440
125
-3,263
375,504
383,036
7,532
-6,718
14,250
424,268
431,499
7,231
-10,138
17,369
553,763
579,318
25,555
-2,282
27,837
577,791
579,178
1,387
-3,235
4,622
590,635
583,665
-6,970
-5,264
-1,706
6,453
3,127
-140
2,875
953
-3,664
-7,971
690
365
4,778
9,778
4,094
-6,130
-1,964
4,749
1,631
274
1,430
16,203
8,417
3,550
-718
-2,127
9,960
2,756
190
-1,503
-9,585
-11,574
3,389
-6,017
2,053
11,466
6,804
-60
141
-1,441
-1,506
-978
2,811
427
-7,855
-5,679
65
1
-17,013
430,196
420,153
-10,043
92
U.S. International Transactions, 2003
April 2004
Table 7a. Transactions in Long-Term Securities—Continued
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; debits -)
2002
2003 p
2002
I
B1 U.S. securities, excluding transactions in U.S. Treasury securities and transactions of
foreign official agencies, net purchases (+) or net sales (-) by foreign residents (table 1,
line 66 or lines 4 + 16 + 30 below)..............................................................................................
2
Stocks, gross purchases by foreign residents...............................................................................
Stocks, gross sales by foreign residents.......................................................................................
3
4
Stocks, net purchases by foreign residents.............................................................................
5
6
7
8
9
10
11
12
13
Net purchases by foreign residents, by area:
Europe....................................................................................................................................
Of which: United Kingdom................................................................................................
Canada...................................................................................................................................
Caribbean financial centers1................................................................................................
Latin America, excluding Caribbean financial centers.........................................................
Asia........................................................................................................................................
Of which: Japan................................................................................................................
Africa......................................................................................................................................
Other......................................................................................................................................
14
15
16
17
18
Corporate bonds, gross purchases by foreign residents..............................................................
Corporate bonds, gross sales by foreign residents.......................................................................
Corporate bonds, net purchases by foreign residents...........................................................
New issues sold abroad by U.S. corporations...........................................................................
Transactions in outstanding bonds, net.....................................................................................
19
20
21
22
23
24
25
26
27
Net purchases by foreign residents, by area:
Europe....................................................................................................................................
Of which: United Kingdom
Canada............
Caribbean financial centers1
Latin America, excluding Caribbean financial centers.........................................................
Asia.................
Of which: Japan
Africa...............
Other...............
28
29
30
31
32
Federally sponsored agency bonds, gross purchases by foreign residents.................................
Federally sponsored agency bonds, gross sales by foreign residents.........................................
Federally sponsored agency bonds, net purchases by foreign residents............................
New issues sold abroad by federally sponsored agencies.......................................................
Transactions in outstanding bonds, net.....................................................................................
33
34
35
36
37
38
39
40
41
Net purchases by foreign residents, by area:
Europe....................................................................................................................................
Of which: United Kingdom
Canada........................
Caribbean financial centers1
Latin America, excluding Caribbean financial centers.........................................................
Asia........................................................................................................................................
Of which: Japan................................................................................................................
Africa......................................................................................................................................
Other......................................................................................................................................
C1 U.S. Treasury bonds and notes, excluding transactions of foreign official agencies, net
purchases (+) or net sales (-) by foreign residents (table 1, part of line 65 ).......................
2
U.S. Treasury bonds and notes, gross purchases by foreign residents........................................
U.S. Treasury bonds and notes, gross sales by foreign residents................................................
3
4
5
6
7
8
9
10
1
2
3
4
Net purchases by foreign residents, by area:
Europe........................................................................................................................................
Canada............................
Caribbean financial centers1
Latin America, excluding Caribbean financial centers.............................................................
Asia.................................
Africa...............................
Other...............................
Memoranda:
Net purchases of marketable long-term U.S. securities by foreign official agencies included
elsewhere in the international transactions accounts, net purchases (+) or net sales (-)
(lines in table 4):
U.S. Treasury marketable bonds and notes (line B4)...................................................................
Other U.S. Government securities (line B6)..................................................................................
U.S. corporate and other bonds (part of line B16)........................................................................
U.S. stocks (part of line B16).........................................................................................................
See the footnotes on pages 102-103.
291,492
238,652
3,200,575 3,108,305
3,145,392 3,071,081
55,183
37,224
II
2003
III
IV
I
II
III'
IV o
74,461
828,283
803,441
24,842
104,187
815,714
804,412
11,302
45,880
780,306
773,209
7,097
66,964
776,272
764,330
11,942
55,574
653,749
656,387
-2,638
85,964
817,023
796,465
20,558
9,628
777,860
781,300
-3,440
87,486
859,673
836,929
22,744
25,135
202
11,607
-1,556
-122
2,491
-2,334
241
-572
19,592
7,987
6,439
-6,062
153
2,655
955
11
2,054
-678
-1,059
2,124
266
359
8,192
7,265
-40
1,079
1,439
3,236
2,461
-8,262
-15
10,090
6,116
-2
1,386
11,149
4,211
1,106
-2,986
289
2,030
-2,122
-62
416
791
-1,247
2,228
-6,702
-351
4,272
1,492
-3
-2,873
9,570
1,353
4,461
4,061
349
1,128
-2,401
127
862
-735
-3,166
-2,147
419
-50
-1,584
-1,287
-33
690
15,509
3,262
7,065
666
-70
-1,325
-138
150
749
810,003 1,031,266
650,017
781,784
159,986
249,482
57,786
69,105
180,377
102,200
191,839
148,537
43,302
21,155
22,147
219,822
159,888
59,934
23,205
36,729
173,872
156,861
17,011
1,633
15,378
224,470
184,731
39,739
11,793
27,946
229,441
169,068
60,373
18,625
41,748
271,361
204,179
67,182
15,185
51,997
257,882
200,347
57,535
20,991
36,544
272,582
208,190
64,392
14,304
50,088
150,990
109,192
6,746
54,501
7,459
27,150
12,424
403
2,233
29,566
21,559
885
9,835
747
1,756
-914
-42
555
35,489
28,798
734
13,690
1,133
8,586
4,848
95
207
6,326
2,377
-17
3,747
541
4,078
1,916
32
2,304
22,000
17,584
-1,648
8,201
2,149
8,418
4,945
47
572
40,407
29,020
1,979
10,579
1,480
5,111
514
124
693
41,151
30,777
1,195
15,073
1,989
7,076
3,015
118
580
31,712
21,529
1,318
14,651
2,620
6,714
3,628
78
442
37,720
27,866
2,254
14,198
1,370
8,249
5,267
83
518
1,589,074 2,147,344
1,512,751 2,195,398
76,323
-48,054
47,649
49,061
28,674
-97,115
346,817
340,500
6,317
14,197
-7,880
387,942
354,991
32,951
12,794
20,157
431,512
409,740
21,772
11,024
10,748
422,803
407,520
15,283
9,634
5,649
459,957
462,118
-2,161
14,521
-16,682
705,437
707,213
-1,776
12,153
-13,929
581,265
625,732
-44,467
8,929
-53,396
400,685
400,335
350
13,458
-13,108
-4,072
402
-377
7,525
2,052
1,487
-3,669
9
-307
10,231
8,157
-98
8,590
1,254
13,360
10,381
43
-429
2,632
3,314
-1,511
7,563
687
12,120
8,576
204
77
5,139
4,864
-1,439
824
405
10,521
10,933
-82
-85
4,723
6,878
-1,641
-6,612
-103
1,307
3,373
598
-433
-12,831
-5,225
-1,537
16,180
-605
-1,912
5,137
-101
-970
-11,773
-10,486
-307
-5,061
137
-26,660
-16,268
25
-828
-4,427
-2,811
106
4,958
713
-1,022
1,951
-56
78
31,502
14,375
12,130
-17,044
786
22,967
12,214
-93
4,935
93,381
70,318
-46
35,473
4,570
22,838
10,795
132
3,638
13,930
16,737
-3,425
24,502
4,398
37,488
26,221
174
-744
-24,308
-11,644
-3,379
9,465
142
-28,287
-5,807
466
-2,153
81,477
6,614
52,484
19,242
140,014
9,264
13,115
14,043
57,192
49,537
6,724,758 8,374,142 1,449,014 1,641,663 1,912,138 1,721,943 1,790,916 2,179,705 2,443,413 1,960,108
6,643,281 8,234,128 1,442,400 1,632,399 1,859,654 1,708,828 1,776,873 2,122,513 2,393,876 1,940,866
26,823
-4,951
15,838
4,462
34,617
1,064
3,624
27,800
11,761
11,185
6,875
76,360
-67
6,100
12,085
-1,163
-3,389
913
-2,824
221
771
-2,968
-1,285
9,088
747
2,255
281
1,146
19,554
-3,330
-512
2,139
33,958
532
143
-1,848
827
10,651
663
1,228
30
1,564
-8,113
-694
8,541
1,838
11,886
33
552
21,515
3,973
-890
-188
30,460
46
2,276
17,131
6,521
3,617
3,687
16,759
-43
1,865
-2,733
1,961
-83
1,538
17,255
-103
1,407
15,131
30,377
5,593
-1,985
106,951
24,795
5,581
-248
56
7,296
2,003
-1,277
487
6,568
1,392
-486
-8,144
10,885
999
-164
22,732
5,628
1,199
-58
6,457
9,480
1,270
56
31,380
3,290
731
18
19,451
3,340
1,307
139
49,663
8,685
2,273
-461
April 2004
S u rv ey
of
93
C u rr e n t B u sin ess
Table 8a. Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns Except Securities Brokers1
[Millions of dollars]
Not seasonally adjusted
Line
{Credits +; decrease in U.S. assets or increase in U.S. liabilities.
Debits -; increase in U.S. assets or decrease in U.S. liabilities.)
2002
2002
2003 o
I
Claims, total (table 1, line 53)..................
Financial claims.....................................
Denominated in U.S. dollars...........
Denominated in foreign currencies.
By instrument::
-31,880
-32,513
-25,016
-7,497
-36,349
-36,647
-21,555
-15,092
-31,630
-883
-1,937
143
12,269
-49,936
-44,445
Negotiable certificates of deposit.........................................................
Other short-term instruments (including money market instruments)..
Other claims........................................................
Of which: Financial intermediaries’ accounts ‘
By area:
Europe..................................
Of which:..........................
United Kingdom.....
Germany................
Caribbean financial centers‘
Other..............................
Commercial claims....................................................
Denominated in U.S. dollars...............................
Denominated in foreign currencies....................
By instrument:
Trade receivables................................................
Advance payments and other claims.................
By area:...................................................................
Europe.................................................................
Canada
Asia
Other
Liabilities, total (table 1, line 68)..................................
Financial liabilities....................................................
Denominated in U.S. dollars................................
Denominated in foreign currencies....................
By instrument:3
Repurchase agreements.....................................
Short-term instruments.......................................
Other liabilities.....................................................
Of which: Financial intermediaries’ accounts *
By area:
Europe.................................................................
Of which:
United Kingdom..........................................
Germany.....................................................
Caribbean financial centers5.............................
Other...................................................................
Commercial liabilities..............................
Denominated in U.S. dollars...............
Denominated in foreign currencies....
By instrument:
Trade payables...................................
Advance receipts and other liabilities..
By area:
Euiope
Canada
Asia
Other
See the footnotes on pages 102-103.
-1,886
-3,374
1,969
-5,343
6,170
-9,544
-10,280
2003
II
III
-16,210
-17,772
-22,847
5,075
-11,862
-12,622
-4,279
-8,343
I
II
III'
IV 2
-1,922
1,255
141
1,114
-11,998
-13,060
-3,487
-9,573
-19,101
-16,839
-22,706
5,867
20,805
19,307
30,693
-11,386
-26,055
-26,055
-26,055
2,866
108
469
-22,498
2,216
2,245
-1 476
-24
69
59,568
-38,830
-37,279
IV
-6,716
-11,056
-11,435
-25,191
12,569
13,487
-5,893
7,148
6,291
-582
-15
-395
-4,866
-7,202
-3,291
-19,935
-6,120
-6,120
Amounts
outstanding
Dec. 31,
2003
636,778
605,869
484,287
121,582
2217
157
3 047
438,458
161,990
135,528
-22,421
-25,623
-30,744
5,643
-15,962
18,642
-25,084
-10,311
9,772
-13,940
-451
-10,357
265
633
2,925
-2,292
-19,994
4,069
-10,842
-182
298
446
-148
-25,234
1,837
27,986
-616
1,488
2,831
-1,343
12,904
-1,147
-24,994
1,579
1,562
1,731
-169
-19,476
-1,810
2,687
653
760
149
611
17,866
669
-16,036
-1,351
-3,177
-1,786
-1,391
-25,373
3,799
13,726
-1,702
1,062
3,403
-2,341
-7,178
708
-9,743
3,215
-2,262
-2,077
-185
12,557
-438
15,468
-5,933
1,498
-880
2,378
1,133
-500
912
-614
1,968
-480
1,355
207
772
-12
-2,962
-215
952
110
-794
-1,468
754
744
25,398
5,511
-190
69
515
239
72,142
67,193
50,829
16,364
264
21
1
12
77,352
80,996
84,830
-3,834
1,326
97
340
-275
46,771
41,686
35,645
6,041
847
10
206
499
24,610
21,655
11,109
10,546
-137
131
531
235
-8,102
-8,079
-1,752
-6,327
-2,226
-169
-562
-220
8,863
11,931
5,827
6,104
457
97
223
285
74,848
75,215
61,989
13,226
-1,769
-317
-282
106
4,147
5,607
11,721
-6,114
1,576
241
60
-379
5,140
6,957
17,903
-10,946
13,770
2,673
6,453
8,013
477,534
450,619
352,119
98,500
67,193
6,954
2,006
-4,308
83,298
57,133
41,686
24,586
21,655
3,543
-8,079
-26,299
11,931
5,124
2,460
726
72,029
17,982
-659
-3,861
10,127
-1,768
205
-1,173
7,925
33,493
342,412
-30,293
4,238
-6,783
-6,783
-6,783
-6,783
7,426
168,109
86,634
222,818
40,639
30,909
23,016
7,893
17 388
14 002
419,229
187,375
40,526
83,704
39,712
10,738
-26,981
17,057
64,148
3,606
15,950
369,622
28,327
4,248
30,191
-3,524
4,949
4,578
371
75,101
10,394
6,825
-9,533
-3,644
-3,625
-19
18,983
8,812
2,154
-180
5,085
4,810
275
7,446
-538
11,599
-682
2,955
3,119
-164
-8,168
-3,791
18,429
473
-23
285
-308
10,066
-235
-1,991
-3,135
-3,068
-3,636
568
56,683
10,461
5,873
5,194
-367
-2,037
1,670
167
6,001
7,416
-5,415
-1,460
-1,042
-418
18,251
-6,068
-7,124
-1,869
-1,817
-546
-1,271
213,613
74,564
27,108
53,889
26,915
24,904
2,011
2,519
2,430
942
-4,586
3,052
2,033
-913
3,868
-401
378
781
-3,849
330
-697
499
-1,959
113
-1,930
15,550
11,365
-5,778
3,220
6,256
1,251
-2,042
-746
-883
27
686
375
2,716
1,308
269
1,822
1,312
-448
-3,159
1,296
1,411
429
-3,574
-273
817
-38
-2,221
1,143
593
118
2,372
-1,599
-1,535
-698
-2,193
-290
59
607
8,043
2,032
11,705
5,135
660
-7,443
94
April 2004
U.S. International Transactions, 2003
Table 9a. Claims on Foreigners Reported by U.S. Banks and Securities Brokers1
[M s of dollars]
illion
Not seasonally adjusted
Line
(Credits +; decrease in U.S. assets. Debits -; increase in U.S. assets.)
2002
2003p
2002
I
1 Claims reported by U.S. banks and securities brokers, total (table 1, line 54)
2
Claims for own accounts..................................................................................
3
Denominated in dollars...................................................................................
By instrument:2
4
<
>
Negotiable certificates of deposit...........................................................
fi
7
8
Other claims (including loans)................................................................
By foreign borrower:
Claims on:
9
Own foreign offices............................................................................
Unaffiliated foreign banks...................................................................
10
11
Foreign official institutions3...............................................................
12
Other foreigners..................................................................................
By type of U.S. reporting institution:4
U.S.-owned banks’ claims on:
13
Own foreign offices and unaffiliated foreign banks............................
14
Foreign official institutions and other foreigners.................................
Foreign-owned banks' claims on:
15
Own foreign offices and unaffiliated foreign banks...........................
Foreign official institutions and other foreigners.................................
16
Brokers’ and dealers' claims on:
17
Own foreign offices and unaffiliated foreign banks...........................
Foreign official institutions and other foreigners.................................
18
19
Denominated in foreign currencies.................................................................
By instrument:2
?n
?1
22
Claims for customers’ accounts.....................................................................
23
Denominated in dollars...................................................................................
By instrument:2
24
Commercial paper5................................................................................
?•>
Other short-term instruments (including money market instruments)6
26
27
Deposits and brokerage balances (including sweep accounts)7..........
28
Other claims............................................................................................
Denominated in foreign currencies.................................................................
29
By instrument:2
30
31
Claims, total (line 1), by area:
32
Europe.................................................................................................................
Of which:
33
United Kingdom...........................................................................................
34
Switzerland..................................................................................................
Canada................................
35
36
Carribean financial centers8
37
Latin America, excluding Caribbean financial centers........................................
38
Asia.....................................
.............................................
Of which: Japan
39
40
Africa...........
Other...........
41
Memoranda:
1 International banking facilities' (IBF's) own claims, denominated in dollars (in
lines 1-16 above)................................................................................................
By bank ownership:4
2
U.S.-owned IBFs.............................................................................................
3
Foreign-owned IBFs........................................................................................
See the footnotes on pages 102-103.
-21,357
-15,091
-25,257
-24,696
-20,958
-26,407
II
2003
III
IV
I
II
-4,954
-4,940
-16,721
-27,795
-17,842
-10,427
Amounts
outstanding
Dec. 31,
2003
-69,254
-52,766
-48,238
52,999
51,730
46,433
-81,653
2,734
17,978
-13,653
48,187
III'
IV p
-72,765
-54,386
-52,743
36,403
17,089
6,590
39,461
34,181
30,173
1,781,525
1,394,126
1,316,306
-20,469
1,174
10,882
-1,895
-119
-148
-9,115
-6,731
-23,274
1,850
1,080
-10,608
-21,791
-33,768
-239
5,098
-1,775
37,274
-4,142
-51
918
625
32,823
348,227
1,061
6,367
495,793
464,858
-38,074
18,921
654
-6,758
9,713
-8,754
-22,751
-4,615
-3,653
4,197
-6,075
-1,200
-39,375
3,347
4,228
-16,438
59,834
-2,097
-10,048
-1,256
-54,880
13,474
12,549
12,136
-1,934
-3,528
-13,261
8,296
-33,736
-7,097
5,239
-17,149
13,319
416
-8,053
908
32,064
1,455
-6,676
3,330
933,171
97,387
58,365
227,383
22,127
3,923
32,095
5,612
13,944
-4,972
-5,798
3,010
12,004
11,134
1,977
-5,249
-10,135
1,390
9,037
2,292
29,053
874
4,140
1,056
318,296
29,448
-44,001
1,480
8,169
-8,659
-13,070
-641
-32,795
1,936
49,835
-7,725
-47,971
7,910
9,057
-8,296
-44,302
-4,033
15,384
-3,547
28,030
7,217
600,579
66,403
2,721
-11,507
10,166
-39,305
-24,319
5,449
-330
-1,662
-2,384
2,565
-17,156
-4,528
-4,102
-14,713
5,297
4,588
22,024
11,781
-4,384
1,941
-7,415
-5,568
-10,169
-1,643
-30,702
-4,472
10,499
1,349
-11,619
4,008
111,683
189,897
77,820
6,953
38,044
39,776
387,399
368,026
-21,554
-6,324
14,053
9,526
-1,967
11,626
-14
-891
-3,738
-6,897
8,967
7,978
-16,488
-17,282
1,269
5,896
-2,176
-12,849
-3,454
10,258
1,324
3,159
78
-7,758
-6,115
-7,759
3,884
891
3,125
989
-8,356
-1,455
287
794
4,672
7,267
72
-4,627
-6,524
7,350
6,042
877
1,701
1,458
-19,041
-3,697
2,054
3,546
-9,953
-18,379
-5,588
-24,004
17,240
1,233
2,775
5,280
5,455
-2,115
-10,393
487
5,621
812
-4,365
-4,320
-4,666
-3,989
-13,995
2,966
5,625
13,235
-9,317
-2,708
16,982
-952
2,074
-8,976
11,527
2,756
1,650
-1,502
-175
140,269
67,987
12,460
132,900
14,410
19,373
2,979
-7,344
-14,552
20,001
-6,266
-4,299
560
5,065
459
1,615
-2,297
2,122
7,038
12,335
19,314
-20,676
-30,202
-34,553
-23,168
34,695
2,350
-8,164
-62,712
6,135
34,539
833,092
-8,034
-31,168
-5,239
1,933
16,218
-12,557
-11,830
133
-1,169
-60,893
37,150
3,898
11,324
11,866
-18,217
-18,998
320
-3,685
3,688
-26,235
-3,133
34,714
590
3,284
4,578
7
-1,057
-15,313
176
-6,721
-32,927
3,162
-10,500
-5,291
5
895
-4,680
12,247
1,689
26,987
7,217
-18,613
-8,031
116
908
8,271
-17,356
2,926
-26,841
5,249
13,272
-3,086
5
-1,915
-11,059
5,918
-1,259
-17,983
6,487
-5,882
-9,761
19
-1,013
-54,218
3,189
11,081
-24,781
1,480
3,784
-6,807
371
-1,988
-9,799
11,336
-4,898
40,656
1,714
-5,261
944
-163
-1,780
14,183
16,707
-1,026
13,432
2,185
-10,858
-3,374
93
1,096
452,601
88,549
84,230
643,243
55,033
137,987
73,011
4,436
23,504
-9,155
2,517
-3,036
-13,004
22,103
-15,218
-4,676
-15,341
3,552
18,982
293,898
16,519
-25,674
-1,150
3,667
19,808
-22,844
-1,484
-11,520
-1,490
23,593
-315
-14,903
-12,430
7,754
-3,140
-12,201
6,476
-2,924
7,944
11,038
54,545
239,353
April 2004
S u rv ey
of
95
C u r r e n t B u sin e ss
Table 10a. Liabilities to Foreigners, except Foreign Official Agencies, Reported by U.S. Banks and Securities Brokers1
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; increase in U.S. liabilities. Debits -; decrease in U.S. liabilities.)
2002
2003 o
I
1 Liabilities reported by U.S. banks and securities brokers, total (table 1, part of line 65 and
table 1, line 69).............................................................................................................................
2
U.S. Treasury bills and certificates (table 1, part of line 65)...................................................
3
Other U.S. liabilities, total (table 1, line 69)..............................................................................
4
Liabilities for own accounts...................................................................................................
5
Denominated in dollars.........................................................................................................
By instrument:2
6
7
8
By foreign holder:
Liabilities to:
9
Own foreign offices...................................................................................................
10
Unaffiliated foreign banks.........................................................................................
11
Other foreigners and international organizations.....................................................
By type of U.S. reporting institution:3
U.S.-owned banks' liabilities to:
12
Own foreign offices and unaffiliated foreign banks...................................................
13
Other foreigners and international organizations.....................................................
Foreign-owned banks' liabilities to:
14
Own foreign offices and unaffiliated foreign banks...................................................
Other foreigners and international organizations.....................................................
15
Brokers’ and dealers' liabilities to:
Own foreign offices and unaffiliated foreign banks...................................................
16
17
Other foreigners and international organizations.....................................................
18
Denominated in foreign currencies........................................................................................
By instrument:2
19
Other liabilities (including loans)..................................................................................
21
Liabilities for customers’ accounts......................................................................................
22
Denominated in dollars.........................................................................................................
By instrument:2
23
Negotiable certificates of deposit and other short-term instruments............................
24
Other liabilities (including loans)..................................................................................
25
By instrument:2
26
27
Other U.S. liabilities, total (line 3), by area:
28
Europe........................................................................................................................................
?9
Canada......................................................................................................................................
30
31
Latin America, excluding Caribbean financial centers..............................................................
Asia...........................................................................................................................................
32
Africa.........................................................................................................................................
33
34
Other.........................................................................................................................................
Memoranda:
1 International banking facilities’ (IBFs) own liabilities, denominated in dollars (in lines 3-15 above)
By bank ownership:3
2
3
20,746
See the footnotes on pages 102-103.
105,866
14,740
91,126
76,091
86,132
94,355
-151
94,506
99,517
127,794
II
Amounts
outstanding
Dec. 31,
2003
2003
2002
III
IV
I
III'
II
IV »
28,902
4,954
23,948
23,605
16,879
25,469
5,021
20,448
8,243
15,946
53,766
-410
54,176
57,553
61,869
125,163
43,186
-40,555
17,248
525
16,723
25,410
19,588
34,667
-2,155
36,822
17,335
34,833
5,425
666
4,759
36,055
42,692
37,015
813
36,202
20,717
30,681
1,957,726
44,413
1,913,313
1,580,681
1,519,491
29,294
9,131
-18,837
-2,271
5,175
-7,446
-13,310
-8,562
16,790
41,829
-23,786
38,879
-23,007
26,820
40,200
15,233
-24,752
372,676
838,463
308,352
60,180
-4,697
30,649
65,385
8,825
53,584
-11,820
2,534
724
15,492
-8,174
9,561
-7,765
-6,133
29,844
64,273
7,076
-9,480
-25,672
3,243
42,017
48,287
-4,284
-9,170
29,184
4,397
9,111
13,586
5,469
11,626
1,089,557
137,965
291,969
4,104
-17,754
39,643
-22,001
-37,257
-4,512
17,793
-3,346
-13,700
-10,883
37,268
987
1,216
-12,733
1,975
6,247
6,910
-18,038
29,542
2,523
550,370
21,654
42,322
14,482
-64,772
12,940
20,495
3,845
-10,175
-359
-6,319
10,823
38,321
173
-31,226
9,899
13,584
-1,721
-15,583
2,430
-31,547
2,332
448,686
80,587
9,057
33,921
-10,041
99,339
62,645
-28,277
7,476
1,391
-4,748
-300
13,266
6,726
6,121
29,904
-7,703
-4,240
-10,640
-4,316
7,581
44,851
5,822
28,444
-13,696
-17,498
42,254
24,719
-6,637
21,060
6,771
-9,964
228,466
189,728
61,190
-9,173
-8,325
19,487
18,762
-5,392
-1,245
-31,296
-30,358
-7,019
-2,945
15,485
15,443
36,397
24,793
332,632
332,315
15,512
3,250
725
-15,773
-14,585
-938
5,913
9,530
42
141,687
190,628
317
-16
741
-938
42
317
24,613
-2,511
-22,393
-2,223
8,307
118
-1,152
11,478
148
22,792
3,419
1,238
1,953
-4,826
631,043
30,581
988,880
77,740
152,707
8,580
23,782
15,035
15,035
12,342
2,693
-18,650
-9,627
-5,011
-4,840
9,309
-14,149
-171
5,864
5,864
343
343
12,205
12,205
-3,377
-3,377
2,934
2,888
-8,687
-8,687
7,106
-1,242
-1,803
2,146
9,560
2,645
-2,521
-856
3,657
-12,344
?n
-16
-155
-1,024
71
-19,356
1,838
12,052
385
-1,412
3,064
-195
33,081
-3,953
-13,109
74
4,986
20,268
440
8,585
-101
-8,471
-68
-205
41,118
-740
15,240
1,345
-6,574
362
3,425
-22,710
4,073
48,089
-777
-11,148
467
-1,271
-17,339
1,717
58,219
-2,232
-8,847
-206
5,510
-39,262
11,771
3,968
-19,065
20,437
-61,647
5,981
8,468
7,936
365,594
9,752
-49,014
-17,753
29,524
3,257
711
5,166
-24,231
-309
-978
6,904
-923
-9,388
17,856
13,214
-5,278
74,583
291,011
63,426
-424
37,550
-871
-16,102
753
6,794
-3,958
3,427
106,707
-1,813
-10,450
2,332
-1,739
17,111
-9,639
-60,669
26,750
96
U.S. International Transactions, 2003
April 2004
Table 11. U.S. International
[Millions
Western Europe
Line
(Credits +; debits - ) 1
European Union1
4
2003
2002
2003p
2002
I
Current account
1 Exports of goods and services and income receipts...........................................................................................
374,634
2
Exports of goods and services...............................................................................................................................
262,765
153,377
3
Goods, balance of payments basis2..................................................................................................................
4
109,388
Services3...........................................................................................................................................................
5
Transfers under U.S. military agency sales contracts4..................................................................................
3,062
20,487
6
Travel.............
7
Passenger fares
6,327
8
Other transportation
9,517
9
Royalties and license fees5 ...........................................................................................................................
20,830
10
Other private services5.................................................................................................................................
49,026
11
139
U.S. Government miscellaneous services......................................................................................................
12
Income receipts.......................................................................................................................................................
111,869
13
Income receipts on U.S.-owned assets abroad
111,565
14
58,481
Direct investment receipts.................
15
Other private receipts.......................
52,133
951
16
U.S. Government receipts................
17
Compensation of employees..............................................................................................................................
304
18 Imports of goods and services and income payments........................................................................................
-471,445
19
-343,220
Imports of goods and services................................................................................................................................
20
Goods, balance of payments basis2..................................................................................................................
-245,909
21
Services3...........................................................................................................................................................
-97,311
22
-8,937
Direct defense expenditures...........................................................................................................................
23
Travel...............................................................................................................................................................
-19,452
24
Passenger fares..............................................................................................................................................
-9,559
25
Other transportation........................................................................................................................................
-13,585
26
Royalties and license fees5
-9,689
27
Other private services5
-34,889
28
U.S. Government miscellaneous services
-1,200
29
Income payments..............
-128,225
30
Income payments on foreign-owned assets in the United States.......................................................................
-127,859
31
Direct investment payments
-31,572
32
Other private payments
-75,885
33
U.S. Government payments
-20,402
34
Compensation of employees
-366
35 Unilateral current transfers, net
1,756
36
U.S. Government grants4..,
-657
37
U.S. Government pensions and other transfers.....................................................................................................
-1,564
38
Private remittances and other transfers6 ..............................................................................................................
3,977
Capital and financial account
II
2003 o
IV p
III'
398,671
277,242
161,438
115,804
3,519
20,965
5,832
10,663
22,290
52,392
143
121,429
121,108
75,563
44,490
1,055
321
-502,142
-373,834
-266,286
-107,548
-10,636
-18,684
-10,312
-17,149
-10,813
-38,788
-1,166
-128,308
-127,935
-45,106
-65,467
-17,362
-373
10
-642
-1,612
2,264
95,287
67,424
40,240
27,184
748
4,331
1,207
2,495
5,449
12,919
35
27,863
27,786
15,900
11,466
420
77
-117,305
-85,912
-62,223
-23,689
-2,566
-3,482
-1,993
-3,863
-2,309
-9,187
-289
-31,393
-31,293
-10,340
-16,441
-4,512
-100
-206
-264
-377
435
98,597
68,898
40,919
27,979
826
5,010
1,321
2,694
5,424
12,668
36
29,699
29,619
18,561
10,881
177
80
-126,617
-95,032
-66,975
-28,057
-2,781
-5,637
-3,032
-4,416
-2,550
-9,350
-291
-31,585
-31,496
-11,749
-15,487
-4,260
-89
164
-116
-393
673
97,802
67,757
37,620
30,137
1,038
6,182
1,670
2,755
5,385
13,071
36
30,045
29,963
18,679
11,037
247
82
-127,292
-94,375
-65,417
-28,958
-2,637
-5,615
-3,249
-4,467
-2,821
-9,877
-292
-32,917
-32,832
-12,201
-16,368
-4,263
-85
-83
-175
-388
480
106,985
73,163
42,659
30,504
907
5,442
1,634
2,719
6,032
13,734
36
33,822
33,740
22,423
11,106
211
82
-130,928
-98,515
-71,671
-26,844
-2,652
-3,950
-2,038
-4,403
-3,133
-10,374
-294
-32,413
-32,314
-10,816
-17,171
-4,327
-99
135
-87
-454
676
335,908
238,406
140,366
98,040
2,242
18,804
6,049
8,525
18,565
43,732
123
97,502
97,246
49,111
47,314
821
256
-424,329
-311,268
-225,395
-85,873
-7,633
-17,942
-8,841
-11,569
-7,616
-31,244
-1,028
-113,061
-112,748
-24,939
-69,522
-18,287
-313
2,123
-18
-1,335
3,476
356,604
250,739
147,550
103,189
3,036
19,305
5,596
9,426
19,421
46,278
127
105,865
105,593
63,854
40,957
782
272
-451,349
-338,571
-244,892
-93,679
-9,254
-17,165
-9,722
-14,163
-8,511
-33,873
-991
-112,778
-112,463
-37,029
-60,029
-15,405
-315
764
-76
-1,373
2,213
-325
-81
-80
-85
-79
-245
-240
-157,929
-572
-69,228
-170
-86,287
-154
-24,127
-131
21,713
-117
-51,070
-464
-166,318
-386
-572
482
-417
892
7
-157,839
-85,754
-17,014
-25,138
-29,933
278,920
-18,038
n
O7)
n
-915
n
H
296,958
37,638
(,7)
156,517
-170
34
-404
414
24
-69,092
-17,683
-19,045
-24,501
-7,863
112,053
179
(17)
(17)
(,7)
-186
(,7)
C7)
111,874
31,559
(,7)
47,175
-154
75
-9
68
16
-86,208
-18,958
7,471
-12,010
-62,711
52,303
-1,727
(,7)
(,7)
C7)
-34
n
n
54,030
7,581
(,7)
39,358
-131
266
-4
266
4
-24,262
-28,729
-13,968
11,373
7,062
69,634
3,101
(,7)
(,7)
C7)
-286
(")
(17)
66,533
-6,347
(17)
20,538
-117
107
-386
493
33,579
44,930
-19,591
H
H
(17)
-409
n
n
64,521
4,845
(,7)
49,446
-464
315
-122
455
-18
-50,921
-55,558
5,536
-19,802
18,903
199,783
(18)
n
n
n
684
n
n
(18)
19,516
(18)
129,501
470
23
-166,425
-71,730
-15,067
-19,847
-59,781
273,923
(18)
(18)
n
(18)
-951
(18)
(18)
(18)
39,598
(18)
141,627
81,690
C7)
-17,205
62,037
(,7)
-20,520
5,883
(,7)
61,920
13,770
n
-15,849
n
-42,756
22,170
18 27,912
-62,170
79,774
1813,875
-13,384
-104,848
8,256
-96,592
-6,879
10
-103,461
-21,983
3,495
-18,488
-3,530
-206
-22,224
-26,056
-78
-26,134
-1,886
164
-27,856
-27,797
1,179
-26,618
-2,872
-83
-29,573
-29,012
3,660
-25,352
1,409
135
-23,808
-85,029
12,167
-72,862
-15,559
2,123
-86,298
-97,342
9,510
-87,832
-6,913
764
-93,981
Capital account
39 Capital account transactions, net...........................................................................................................................
40
41
4?
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
-380
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))..........................................................................
-100,983
U.S. official reserve assets, net..............................................................................................................................
-573
Gold7.................................................................
Special drawing rights.......................................
Reserve position in the International Monetary Fund........................................................................................
Foreign currencies.............................................
-573
U.S. Government assets, other than official reserve assets, net
517
U.S. credits and other long-term assets...........
-304
Repayments on U.S. credits and other long-term assets8 ...............................................................................
869
U.S. foreign currency holdings and U.S. short-term assets, net........................................................................
-18
U.S. private assets, net
-100,927
Direct investment
-64,652
Foreign securities
6,859
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..................................................
-22,681
U.S. claims reported by U.S. banks, not included elsewhere............................................................................
-20,453
Foreign owned assets in the United States, net (increase/financial inflow (+))................................................
308,993
Foreign official assets in the United States, net
15,762
U.S. Government securities......
(,7)
U.S. Treasury securities9......
(17)
Other10..................................
C7)
Other U.S. Government liabilities1
1
268
U.S. liabilities reported by U.S. banks, not included elsewhere..........................................................................
(,7)
Other foreign official assets12 ...
(")
Other foreign assets in the United States, net........................................................................................................
293,231
Direct investment.................................................................................................................................................
22,526
U.S. Treasury securities....................................
O7)
U.S. securities other than U.S. Treasury securities
141,154
U.S. currency.....................................................
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns...............................................
34,729
U.S. liabilities reported by U.S. banks, not included elsewhere..........................................................................
n
Statistical discrepancy (sum of above items with sign reversed)......................................................................
-112,575
Memoranda:
Balance on goods (lines 3 and 20).............................................................................................................................
-92,532
12,077
Balance on services (lines 4 and 21).........................................................................................................................
Balance on goods and services (lines 2 and 19).......................................................................................................
-80,455
Balance on income (lines 12 and 29).........................................................................................................................
-16,356
Unilateral current transfers, net (line 35)....................................................................................................................
1,756
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75 )13.............................................................
-95,055
See the footnotes on pages 102-103.
144
-37
21,723
-20,384
8,528
April 2004
S urvey
of
97
C u r r e n t B u sin ess
Transactions, by Area
of dollars]
European Union1
4
I
II
III'
2003
2002
IV p
24,707
16,694
8,423
8,271
76
2,163
645
581
21
225
22
-34,086
-18,178
-10,515
-7,663
-199
-1,422
-1,225
-819
-398
-3,582
-18
-15,908
-15,890
-4,039
-9,773
-2,078
-18
299
23
-34,977
-18,614
-10,461
-8,153
-228
-1,536
-1,145
-850
-403
-3,973
-18
-16,363
-16,345
-3,956
-10,307
-2,082
-18
368
-239
1,577
-60
285
-61
360
-39
-33
-A
4,348
-128,713
-56,822
59
51
55
66
-7
-44,407
-18,876
-3,647
-13,850
-8,034
161,555
68
-17
-128,764
-25,414
-22,713
-19,744
-60,893
214,842
68
(18)
(18)
18)
(18)
(16)
(18)
(18)
(18)
(18)
-429
-40
H
98,073
64,335
32,091
32,244
410
8,177
2,813
1,932
4,452
14,444
16
33,738
33,656
11,389
22,183
84
82
-137,205
-67,818
-40,467
-27,351
-685
-5,561
-3,290
-2,657
-1,492
-13,586
-80
-69,387
-69,311
-12,382
-47,906
-9,023
-76
1,558
99,139
66,942
32,940
34,002
388
8,666
2,753
2,277
4,157
15,745
16
32,197
32,108
13,452
18,576
80
89
-139,312
-72,948
-42,412
-30,536
-852
-5,621
-3,821
-3,296
-1,640
-15,234
-72
-66,364
-66,288
-16,520
-41,267
-8,501
-76
1,338
-342
626
-234
1,792
-60
-59
-63
-58
-72,372
-120
-82,368
-104
-28,330
-85
16,752
-77
-120
238
-104
41
-85
140
-77
74
207
31
-72,490
-17,123
-17,769
-24,008
-13,590
126,889
(1 )
S
(18)
(1 )
S
(18)
31
10
-82,305
-15,852
6,956
-12,196
-61,213
38,069
136
4
-28,385
-24,739
-11,318
16,357
-8,685
60,332
96
-22
16,755
-14,016
7,064
(18)
(18)
(18)
(18)
(18)
(’8)
(18)
(18)
-169
-17
-336
(18)
n
(18)
(18)
(18)
(18)
26,307
17,389
8.194
9.195
94
2,272
780
580
1,167
4,298
4
8,918
8,895
4,141
4,674
80
23
-36,129
-19,245
-11,322
-7,923
-225
-1,449
-750
-877
-444
-4,160
-18
-16,884
-16,864
-3,804
-10,907
-2,153
23,326
16,083
8,457
7,626
119
1,779
572
512
938
3,702
4
7,243
7,222
2,541
4,681
96,108
66,341
39,162
27,179
805
5,011
1,581
2,412
5,200
12,138
32
29,767
29,697
19,191
10,302
204
70
-117,909
-89,255
-65,988
-23,267
-2,325
-3,675
-1,907
-3,655
-2,430
-9,025
-250
-28,654
-28,573
-8,977
-15,783
-3,813
-81
296
-25
-352
673
87,762
62,237
37,179
25,058
696
4,627
1,276
2,344
4,794
11,289
32
25,525
25,457
15,296
10,000
161
68
-113,389
-85,839
-61,382
-24,457
-2,436
-5,166
-2,876
-3,609
-2,014
-8,109
-247
-27,550
-27,473
-9,499
-14,189
-3,785
-77
284
23,707
48,633
(18)
n
H
(18)
(18)
(1 )
S
-62
(18)
(18)
-34,120
-16,911
-10,114
-6,797
-200
-1,214
-701
-750
-395
-3,519
-18
-17,209
-17,189
-4,721
-10,280
-2,188
-20
1,020
3,782
4
8,013
7,991
3,410
4,581
2003 "
180,137
131,132
86,434
44,698
977
7,452
2,884
4,597
8,352
20,350
192,689
137,938
91,298
46,640
915
7,376
2,467
5,026
9,420
21,352
84
54,751
54,604
37,356
16,679
569
147
-228,734
-192,239
-144,532
-47,707
-7,520
-8,131
-3,900
-7,105
86
IV p
47,035
34,001
22,800
11,201
292
1,490
528
1,166
2,390
5,314
21
13,034
12,999
8,501
4,329
169
35
-63,233
-44,738
-34,155
-10,583
-1,810
-1,455
-726
-1,610
-1,249
-3,535
-198
-8,495
-8,440
-3,539
-3,767
-1,134
-55
-97
47,402
34,340
23,169
11,171
231
1,678
541
1,247
2,210
5,243
21
13,062
13,025
8,813
4,059
153
37
-58,158
-49,030
-36,430
-12,600
-1,940
-2,606
-1,118
-1,814
-1,412
-3,511
-199
-9,128
-9,076
-4,532
-3,487
-1,057
-52
-24
46,283
32,866
20,757
12,109
203
2,316
701
1,310
2,237
5,321
51,969
36,731
24,572
12,159
189
1,892
697
1,303
2,583
5,474
21
21
13,417
13,380
9,114
4,136
130
37
-57,738
-47,825
-35,078
-12,747
-1,885
-2,396
-1,291
-1,837
-1,617
-3,521
15,238
15,200
10,928
4,155
117
38
-59,605
-50,646
-38,869
-11,777
-1,885
-1,674
-765
-1,844
-1,734
-3,673
446
49,005
48,867
29,051
19,232
584
138
-212,625
-179,262
-134,845
-44,417
-6,402
-8,832
-3,584
-6,006
-5,290
-13,475
-828
-33,363
-33,155
-9,728
-17,475
-5,952
-208
243
-61
429
-57
503
-723
966
-749
22
-183
-8
-9
-8
-41
-41
-11
-10
-11
-62,717
-20,329
11,155
-10,598
-185
-31,016
-16,849
-16,730
-1,804
-16,730
-8,827
3,111
-6,811
-4,203
32,550
P
H
-1,806
-12,997
288
4,393
6,510
-10,852
4,376
-7,184
4,301
(18)
(18)
(18)
(18)
(18)
-6
-56,822
-7,518
-13,009
-25,236
-11,059
110,122
n
n
n
(18)
24,799
16,776
7,866
8,910
99
2,452
756
604
1,032
3,963
4
8,023
Line
2003
2002
2003 p
87,155
61,111
34,275
26,836
923
5,712
1,574
2,452
4,637
11,506
32
26,044
25,975
15,593
10,195
187
69
-114,334
-85,324
-60,131
-25,193
-2,308
-5,073
-3,073
-3,658
-2,228
-8,605
-248
-29,010
-28,936
-10,162
-15,000
-3,774
-74
102
-44
-341
487
85,579
61,050
36,934
24,116
612
3,955
1,165
2,218
4,790
11,345
31
24,529
24,464
13,774
10,460
230
65
-105,717
-78,153
-57,391
-20,762
-2,185
-3,251
-1,866
-3,241
-1,839
-8,134
-246
-27,564
-27,481
-8,391
-15,057
-4,033
-83
82
-7
-338
427
European Union (6 )1
5
United Kingdom
2003
-62,711
-2,739
2,142
-7,896
-54,218
-772
8,000
3,360
4,640
2
-20,331
-10,644
-13,276
13,388
-9,799
72,727
(18)
(18)
(18)
(18)
-3
-83
(18)
(18)
-20
-13
11,100
-4,513
1,430
14,183
32,765
n)
(18
(18)
(18)
-13
(18)
(18)
-185
-23
1
-24
-10,390
-27,139
5,614
-7,900
19,035
8,666
-
6,012
-14,240
-799
-36,495
-36,283
-17,250
-14,752
-4,281
-212
-727
24
-31,040
-36,115
2,029
-1,271
4,317
45,399
n
(18)
31
-16,880
-7,107
-5,671
1,147
-5,249
9,627
(18)
n
(18)
-71
53
-83
n
(18)
(18)
(18)
-202
-8,959
-8,904
-4,072
-3,806
-1,026
-55
-298
-182
-126
-200
-98
4,367
24
(18)
(18)
(18)
(18)
(18)
-200
-9,913
-9,863
-5,107
-3,692
-1,064
-50
-308
(18)
(18)
2
7,259
14,074
50
(18)
(18)
(18)
(18)
(18)
(18)
(16)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
24,169
5,771
-5,950
15,608
14,850
26,643
19,538
1,984
4,293
1,788
10,631
3,747
11,469
(18)
37,128
17,527
43,642
101,430
97,750
34,651
26,905
28,317
21,746
20,857
7,420
2,662
r>
3,167
-7,247
(18)
43,330
828
n
7,877
2,226
8,044
62,145
18-2,586
-34,401
5,389
18-10,202
69,701
12,240
1 36,851
8
-4,862
18-10,188
-43,822
21,934
18 23,381
-79,594
74,357
1816,154
-47,261
55,166
18 850
-42,723
1,302
18-31,000
72,577
17,889
18 46,136
-42,579
18168
-34,536
-1,873
“ -12,924
34,218
5,367
18 8,491
22,430
3,768
18-5,225
13,528
9,557
1817,114
-5,030
-7,958
18 2,061
24,430
18-5,459
-10,498
-20,457
3,354
-17,103
-3,035
82
-20,056
-24,203
601
-23,602
-2,025
284
-25,343
-25,856
1,643
-24,213
-2,966
102
-27,077
-26,826
3,912
-22,914
1,113
296
-21,505
-8,376
4,893
-3,483
-35,649
1,558
-37,574
-9,472
3,466
-6,006
-34,167
1,338
-38,835
-1,657
829
-828
-9,966
225
-10,569
-2,092
608
-1,484
-7,895
299
-9,080
-2,595
757
-1,838
-8,340
368
-9,810
-3,128
1,272
-1,856
-7,966
446
-9,376
-48,411
281
-48,130
15,642
243
-32,245
-53,234
-1,067
-54,301
18,256
-727
-36,772
-11,355
618
-10,737
4,539
-97
-6,295
-13,261
-1,429
-14,690
3,934
-24
-10,780
-14,321
-638
-14,959
3,504
-308
-11,763
-14,297
382
-13,915
6,279
-298
-7,934
(18)
(18)
(18)
(IS)
(18)
(18)
(18)
( 18)
(18)
(18)
(18)
(18)
98
U.S. International Transactions, 2003
April 2004
Table 11. U.S. International
[Millions
Eastern Europe
Line
(Credits +; debits - ) 1
2002
2003p
2002
I
Current account
1 Exports of goods and services and income receipts...........................................................................................
2
Exports of goods and services...............................................................................................................................
3
Goods, balance of payments basis2..................................................................................................................
4
Services3...........................................................................................................................................................
5
Transfers under U.S. military agency sales contracts4.................................................................................
6
Travel...............................................................................................................................................................
7
Passenger fares
8
Other transportation
9
Royalties and license fees5
10
Other private services5.................................................................................................................................
11
U.S. Government miscellaneous services
12
Income receipts.........................................
13
Income receipts on U.S.-owned assets abroad
14
Direct investment receipts................
15
Other private receipts.......................
1fi
U.S. Government receipts................
17
Compensation of employees................
18 Imports of goods and services and income payments
19
Imports of goods and services.................
20
Goods, balance of payments basis2....
21
Services3...........................................................................................................................................................
22
Direct defense expenditures...........................................................................................................................
23
Travel...............................................................................................................................................................
24
Passenger fares..............................................................................................................................................
25
Other transportation........................................................................................................................................
26
Royalties and license fees5 ...........................................................................................................................
27
Other private services5..................................................................................................................................
28
U.S. Government miscellaneous services......................................................................................................
29
Income payments....................................................................................................................................................
30
Income payments on foreign-owned assets in the United States......................................................................
31
Direct investment payments...........................................................................................................................
32
Other private payments..................................................................................................................................
33
U.S. Government payments...........................................................................................................................
34
Compensation of employees..............................................................................................................................
35 Unilateral current transfers, net................
3R
U.S. Government grants4.........................
37
U.S. Government pensions and other transfers
38
Private remittances and other transfers6 .
Capital and financial account
Canada
2003
14,784
11,895
7,082
4,813
377
1,235
13,456
11,023
6,367
4,656
503
1,206
II
III'
3,323
2,717
1,602
1,115
86
331
16
58
116
500
8
606
592
451
121
20
14
-6,280
-5,391
-4,523
-868
-56
-387
-122
-47
-49
-192
-15
-889
-874
-423
-134
-317
-15
-1,061
-394
-15
-652
3,836
2,967
1,702
1,265
86
371
15
64
117
604
8
869
855
590
125
140
14
-6,868
-6,046
-5,080
-966
-61
-466
-169
-39
-17
-199
-15
-822
-809
-393
-121
-295
-13
-1,193
-455
-15
-723
4,339
3,486
2,267
1,219
100
278
14
68
141
610
8
853
839
675
130
34
14
-5,711
-4,841
-4,223
-618
-50
-195
-76
-41
-18
-223
-15
-870
-851
-411
-136
-304
-19
-1,207
-485
-12
-710
2003p
204,732
185,364
160,895
24,469
87
6,268
1,717
2,624
3,091
10,596
86
19,368
19,285
11,208
8,077
218,109
195,750
169,796
25,954
200
6,731
1,917
2,672
3,445
10,905
84
22,359
22,261
15,575
6,686
83
-234,543
-230,434
-211,761
-18,673
-83
-6,489
-594
-3,589
-1,048
-6,693
-177
-4,109
-3,804
1,213
-3,804
-1,213
-305
-590
98
-254,936
-245,782
-226,852
-18,930
-80
-6,285
-382
-3,642
-751
-7,610
-180
-9,154
-8,814
-4,273
-3,685
-856
-340
-521
-537
-53
-567
46
IV »
225
390
2,239
41
2,433
2,377
1,420
631
326
56
-21,443
-17,865
-14,884
-2,981
-175
-1,333
-425
-173
-90
-728
-57
-3,578
-3,513
-1,343
-698
-1,472
-65
-4,414
-1,821
-56
-2,537
249
480
2,380
32
2,889
2,833
2,006
507
320
56
-24,759
-21,294
-18,311
-2,983
-205
-1,227
-433
-163
-102
-793
-60
-3,465
-3,399
-1,622
-513
-1,264
-66
-4,498
-1,683
-57
-2,758
3,286
2,725
1,511
1,214
105
255
15
59
106
666
8
561
547
290
131
126
14
-5,900
-5,016
-4,485
-531
-38
-179
-66
-36
-18
-179
-15
-884
-865
-395
-122
-348
-19
-1,037
-349
-15
-673
-199
-213
-55
-51
-55
-52
133
121
-1,042
-607
315
-236
-1,788
1,102
-12,746
-4,764
102
-291
393
149
-193
342
58
-12
70
-76
76
44
-58
102
47
-47
94
-1,144
-2,114
1,123
70
-223
18,337
(18)
(18)
(18)
(18)
140
n
(18)
(18)
3,423
(18)
-2,341
-756
-1,398
1,133
-222
-269
17,155
(18)
(18)
(18)
(18)
279
(18)
(18)
(18)
-698
(18)
-4,700
257
549
135
-126
-301
4,332
(18)
(18)
(18)
(18)
12
(18)
(18)
-236
-594
429
-70
-1
4,269
(18)
(18)
(18)
(18)
98
(18)
(18)
-1,832
-1,112
233
-26
-927
-4,237
1,055
-241
336
960
12,791
n
-1,152
(18)
-1,254
n
339
(18)
-1,468
n
(18)
(18)
(18)
109
(18)
(18)
(18)
-88
(18)
-1,334
n
H
(18)
(18)
60
(18)
(18)
(18)
203
(18)
-644
-12,746
-12,889
4,801
581
-5,239
2,219
-2,333
C7)
(")
(")
28
(")
07)
4,552
-3,576
8,659
-4,764
-15,044
7,456
-1,074
3,898
46,095
-1,389
(")
(17)
(,7)
-39
H
(,7)
47,484
13,266
(’7)
14,974
20
1817,095
-4,695
-28
18 22,302
-1,862
-110
1 6,836
8
-941
95
1 5,205
8
36
-13
18-2,911
10,305
1813,172
-11,262
4,082
(,7)
40,795
3,663
n
-4,104
-8,517
1,675
-6,842
-1,145
-4,414
-12,401
-11,229
1,830
-9,399
-576
-4,498
-14,473
-2,974
683
-2,291
-323
-1,037
-3,651
-2,921
247
-2,674
-283
-1,061
-4,018
-3,378
299
-3,079
47
-1,193
-4,225
-1,956
601
-1,355
-17
-1,207
-2,579
-50,866
5,796
-45,070
15,259
-590
-30,401
-57,056
7,024
-50,032
13,205
-521
-37,348
52
60
Capital account
39 Capital account transactions, net...........................................................................................................................
40
41
4?
43
44
45
4R
47
48
43
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
K/
68
69
70
71
72
n
74
75
76
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))..........................................................................
U.S. official reserve assets, net..............................................................................................................................
Gold7................................................................
Special drawing rights......................................
Reserve position in the International Monetary Fund
Foreign currencies.............................................
U.S. Government assets, other than official reserve assets, net............................................................................
U.S. credits and other long-term assets...........
Repayments on U.S. credits and other long-term assets8 ...............................................................................
U.S. foreign currency holdings and U.S. short-term assets, net........................................................................
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..................................................
U.S. claims reported by U.S. banks, not included elsewhere............................................................................
Foreign owned assets in the United States, net (Increase/financial inflow (+))................................................
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............................................................................................................................
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.........................................................................
Statistical discrepancy (sum of above items with sign reversed)......................................................................
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 the footnotes on pages 102-103.
April 2004
S u rvey
of
99
C u r r e n t B u sin e ss
Transactions, by Area—Continued
of dollars]
Canada
Japan
Latin America and Other Western Hemisphere
2002
2002
II
lllr
IV "
52,766
47,662
41,177
6,485
44
1,803
483
665
809
2,660
21
5,104
5,081
3,295
1,786
56,681
51,466
44,931
6,535
57
1,872
495
660
846
2,584
21
5,215
5,191
3,593
1,598
51,627
45,992
39,547
6,445
51
1,593
511
674
845
2,750
21
5,635
5,610
3,988
1,622
57,035
50,630
44,141
6,489
48
1,463
428
673
945
2,911
21
6,405
6,379
4,699
1,680
23
-61,875
-60,312
-56,339
-3,973
-19
-962
-87
-865
-198
-1,797
-45
-1,563
-1,479
-366
-919
-194
-84
-145
24
-63,774
-61,706
-57,097
-4,609
-19
-1,501
-82
-931
-165
-1,866
-45
-2,068
-1,985
-936
-873
-176
-83
-120
25
-63,534
-60,969
-55,129
-5,840
-24
-2,721
-125
-913
-184
-1,828
-45
-2,565
-2,483
-1,339
-926
-218
-82
-97
26
-65,753
-62,795
-58,287
-4,508
-18
-1,101
-88
-933
-204
-2,119
-45
-2,958
-2,867
-1,632
-967
-268
-91
-159
-136
-9
-139
19
-139
42
28
28
-400
6,428
1
Line
2003
2003
2003
I
III'
II
I
IV p
IV «
III'
II
243,763
202,262
148,887
53,375
415
17,188
4,308
3,488
4,628
23,172
176
41,501
41,289
20,927
20,032
330
212
-306,365
-261,783
-217,920
-43,863
-273
-18,704
-2,920
-3,703
-1,120
-16,602
-541
-44,582
-37,636
-1,818
-26,508
-9,310
-6,946
-25,913
-1,957
-838
-23,118
56,612
47,163
35,022
12,141
114
3,597
955
842
891
5,698
44
9,449
9,396
4,262
5,067
67
53
-73,131
-61,836
-51,404
-10,432
-83
-4,572
-706
-927
-329
-3,681
-134
-11,295
-9,672
-805
-6,605
-2,262
-1,623
-6,335
-501
-186
-5,648
58,276
48,776
36,141
12,635
102
4,043
983
885
1,181
5,397
44
9,500
9,446
4,139
5,221
86
54
-75,977
-65,043
-54,186
-10,857
-66
-4,578
-702
-948
-249
-4,179
-135
-10,934
-9,278
-612
-6,424
-2,242
-1,656
-6,377
-530
-202
-5,645
62,234
51,633
37,363
14,270
100
4,884
1,212
880
1,219
5,931
44
10,601
10,549
5,553
4,937
59
52
-77,648
-66,583
-55,114
-11,469
-64
-5,067
-801
-918
-267
-4,216
-136
-11,065
-9,238
-223
-6,679
-2,336
-1,827
-6,496
-429
-196
-5,871
66,641
54,690
40,361
14,329
99
4,664
1,158
881
1,337
6,146
44
11,951
11,898
6,973
4,807
118
53
-79,609
-68,321
-57,216
-11,105
-60
-4,487
-711
-910
-275
-4,526
-136
-11,288
-9,448
-178
-6,800
-2,470
-1,840
-6,705
-497
-254
-5,954
92,656
80,057
49,664
30,393
617
8,492
2,809
2,825
6,349
9,210
91
12,599
12,528
6,898
5,629
1
71
-173,212
-140,366
-121,428
-18,938
-1,487
-2,874
-1,051
-4,169
-4,997
-4,221
-139
-32,846
-32,767
-7,521
-7,005
-18,241
-79
492
94,917
80,436
50,307
30,129
474
7.686
2,361
3,166
6.687
9,651
104
14,481
14,409
8,726
5,680
3
72
-168,819
-137,998
-118,043
-19,955
-1,610
-2,448
-967
-4,720
-5,722
-4,292
-196
-30,821
-30,742
-7,800
-5,457
-17,485
-79
480
22,738
19,600
12,179
7,421
151
1,913
534
753
1,592
2,452
26
3,138
3,120
1,679
1,440
1
18
-40,039
-33,756
-28,953
-4,803
-391
-588
-241
-1,130
-1,392
-1,012
-49
-6,283
-6,259
-515
-1,468
-4,276
-24
141
22,539
19,346
12,912
6,434
120
1,291
422
778
1,603
2,194
26
3,193
3,175
1,849
1,325
1
18
-41,005
-33,817
-29,210
-4,607
-422
-516
-211
-1,117
-1,218
-1,074
-49
-7,188
-7,171
-1,618
-1,293
-1,260
-17
155
24,069
20,448
12,254
8.194
105
2,352
770
794
1,681
2,466
26
3,621
3,603
2.194
1,408
1
18
-42,087
-33,746
-28,689
-5,057
-407
-615
-250
-1,232
-1,462
-1,042
-49
-8,341
-8,326
-2,652
-1,321
-4,353
-15
88
18
-45,688
-36,679
-31,191
-5,488
-390
-729
-265
-1,241
-1,650
-1,164
-49
-9,009
-8,986
-3,015
-1,375
-4,596
-23
96
-153
-6
241,300
200,795
147,944
52,851
379
18,236
4,726
3,296
3,739
22,306
169
40,505
40,300
16,990
22,939
371
205
-290,261
-245,465
-205,014
-40,451
-343
-17,314
-2,665
-3,407
-1,555
-14,652
-515
-44,796
-37,945
254
-29,038
-9,161
-6,851
-23,298
-1,892
-809
-20,597
-131
623
-131
611
-34
175
-35
190
-35
123
-27
123
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
35
30
-8
-85
-57
-5
-19
-4
19
24
6
6
6
6
39
-4,676
-6,116
-880
-13,000
-18,193
-34,402
53,825
-14,230
-25,871
-1
-57,290
-12,088
-8,236
-11,720
-25,246
401
-251
719
-67
-13,401
-8,100
-16,693
-11,798
23,190
218,838
(18)
(18)
(18)
(18)
70
(18)
(18)
(18)
7,178
(18)
69,889
173
-68
248
-7
-18,366
-7,307
-12,693
13,130
-11,496
62,743
n
(16)
(18)
(18)
-5
H
('8)
105
-52
197
-40
53,720
-1,124
-2,276
14,750
42,370
-9,495
(18)
8
2
H
(18)
(18)
30
H
(18)
(18)
933
(18)
12,716
86
-72
171
-13
-14,316
-1,738
2,098
-30,293
15,617
50,979
(18)
(18)
(18)
(18)
20
(18)
(18)
(18)
-1,261
(18)
21,835
3
n
960
(18)
-1,709
37
-59
103
-7
-34,439
2,069
-3,822
-9,385
-23,301
114,611
(18)
(18)
(18)
(18)
25
(18)
(18)
(18)
6,546
(18)
37,047
-1
-6
-1,026
14,752
-365
(17)
n
(17>
4
H
(,7)
15,117
3,533
(")
9,425
173
-545
737
-19
-1,053
-8,610
-958
-9 636
18,151
133,419
n
n
(18)
(18)
45
(18)
(18)
(18)
-1,191
(18)
52,685
-6
-25,864
-4,481
-9,006
-547
-11,830
84,068
(18)
(18)
(18)
(18)
-282
(18)
(18)
(18)
4,968
n
49,230
3
-57,293
-5,383
-31,712
-1,200
-18,998
139,888
(18)
(18)
(18)
(18)
-112
(18)
n
(18)
3,857
(18)
4,283
8
-12,096
-893
-1,102
-340
-9,761
24,922
(18)
n
<18)
(18)
-176
(18)
(18)
(18)
-1,995
(18)
5,379
2
-8,238
-620
-253
-558
-6,807
44,828
(18)
(18)
(18)
(18)
21
(18)
(18)
(18)
2,015
(18)
5,751
-11,720
-2,124
-10,238
-302
944
13,965
(18)
(18)
n
n
202
(18)
(18)
(18)
1,810
(18)
-13,927
25,571
21,042
12,962
8,080
98
2,130
635
841
1,811
2,539
26
4,529
4,511
3,004
1,507
-400
-2,807
4,195
-529
-1,259
10,168
-1,262
(")
(17
)
(")
-12
(” )
(")
11,430
325
n
2,566
6,428
-5,921
2,167
-899
11,081
11,660
-168
07)
(")
(1T
)
-12
07)
(")
11,828
7,093
(,7)
4,119
-4,676
-2,346
2,214
354
-4,898
9,515
406
(17)
(,7)
(1 )
7
-19
(")
(,7)
9,109
2,315
(17)
-1,136
4 666
(")
-542
-4 722
(’7)
-10,903
3719
n
7,130
n
211
30 207
18 51,673
-60,272
7,436
18134,265
-117,238
5,890
18 57,607
-21,639
7,562
18 63,431
-56,126
-6,676
18-16,498
-22,401
660
18 29,725
-17,072
-339
1 30,491
8
21,848
-8,888
18140,748
-9,200
-39
18 21,753
4,320
-2,170
18 39,211
-18,287
-6,679
18 32,559
15,679
18 47,225
-10,912
40
41
4?
43
44
45
46
47
48
49
50
51
b2
S3
54
55
56
b/
58
59
60
61
62
63
64
65
66
67
68
69
70
-15,162
2,512
-12,650
3,541
-145
-9,254
-12,166
1,926
-10,240
3,147
-120
-7,213
-15,582
605
-14,977
3,070
-97
-12,004
-14,146
1,981
-12,165
3,447
-159
-8,877
-57,070
12,400
-44,670
-4,291
-23,298
-72,259
-69,033
9,512
-59,521
-3,081
-25,913
-88,515
-16,382
1,709
-14,673
-1,846
-6,335
-22,854
-18,045
1,778
-16,267
-1,434
-6,377
-24,078
-17,751
2,801
-14,950
-464
-6,496
-21,910
-16,855
3,224
-13,631
663
-6,705
-19,673
-71,764
11,455
-60,309
-20,247
492
-80,064
-67,736
10,174
-57,562
-16,340
480
-73,422
-16,774
2,618
-14,156
-3,145
141
-17,160
-16,298
1,827
-14,471
-3,995
155
-18,311
-16,435
3,137
-13,298
-4,720
88
-17,930
-18,229
2,592
-15,637
-4,480
96
-20,021
71
/2
/3
/4
/b
/6
-6,116
-3,970
-1,120
-7
-7
-25,239
-1,746
-20,119
-3,374
56,173
(18)
(18)
(18)
(18)
-159
(18)
(18)
n
2,027
(18)
7,080
100
U.S. International Transactions, 2003
April 2004
Table 11. U.S. International
[Millions
Australia
Line
(Credits +; debits - ) 1
2003
2002
2003 p
I
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1fi
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
Current account
Exports of goods and services and income receipts...........................................................................................
Exports of goods and services...............................................................................................................................
Goods, balance of payments basis2..................................................................................................................
Services3...........................................................................................................................................................
Transfers under U.S. military agency sales contracts4..................................................................................
Travel...............
Passenger fares
Other transportation
Royalties and license fees5
Other private services5..................................................................................................................................
U.S. Government miscellaneous services
Income receipts...........................................
Income receipts on U.S.-owned assets abroad
Direct investment receipts..................
Other private receipts......................................................................................................................................
U.S. Government receipts...............................
Compensation of employees..............................
Imports of goods and services and income payments
Imports of goods and services...............................
Goods, balance of payments basis2..................................................................................................................
Services3...........................................................................................................................................................
Direct defense expenditures
Travel...............
Passenger fares
Other transportation
Royalties and license fees5
Other private services5
U.S. Government miscellaneous services.....................................................................................................
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...............................................................................................................................
Unilateral current transfers, net...................
U.S. Government grants4............................
U.S. Government pensions and other translers
Private remittances and other transfers6...
Capital and financial account
II
III'
IV >
22,653
18,149
12,760
5,389
176
1,473
339
292
834
2,264
11
4,504
4,480
2,612
1,868
24,908
18,567
12,707
5,860
172
1,506
293
347
907
2,627
8
6,341
6,313
4,596
1,717
5,283
4,075
2,766
1,309
57
317
66
73
207
587
2
1,208
1,201
768
433
6,153
4,774
3,155
1,619
43
375
69
89
236
805
2
1,379
1,372
967
405
6,794
5,071
3,575
1,496
37
449
89
96
219
604
2
1,723
1,716
1,285
431
6,678
4,647
3,211
1,436
35
365
69
89
245
631
2
2,031
2,024
1,576
448
24
-11,356
-9,539
-6,446
-3,093
-119
-997
-641
-192
-76
-1,029
-39
-1,817
-1,805
-777
-594
-434
-12
-238
28
-11,639
-9,572
-6,383
-3,189
-104
-1,027
-645
-185
-93
-1,099
-36
-2,067
-2,054
-923
-644
-487
-13
-238
7
-2,856
-2,212
-1,415
-797
-26
-267
-176
-52
-15
-252
-9
-644
-640
-372
-159
-109
-4
-64
7
-2,984
-2,348
-1,594
-754
-27
-249
-141
-46
-19
-263
-9
-636
-633
-363
-157
-113
-3
-60
7
-2,943
-2,497
-1,692
-805
-26
-265
-163
-42
-20
-280
-9
-446
-443
-155
-165
-123
-3
-58
7
-2,856
-2,515
-1,682
-833
-25
-246
-165
-45
-39
-304
-9
-341
-338
-33
-163
-142
-3
-56
-52
-186
-50
-188
-13
-51
-14
-46
-14
-44
-9
-47
-24
-24
-6
-6
-6
-6
-5,165
-10,863
1,051
-3,685
-4,333
-3,896
-5,165
-3,726
457
-2,880
984
19,574
n
D
n
n
99
n
n
(,8)
4,262
n
7,703
-10,863
-4,299
-3,809
-879
-1,876
20,035
(")
(16)
n
n
23
(18)
H
n
9,522
(18)
-1,321
1,051
-1,276
369
1,499
459
-3,365
(18)
(18)
(18)
(18)
-9
(18)
(18)
(18)
1,104
(18)
-2,708
-3,685
-863
-1,905
1,498
-2,415
6,916
-3,896
-1,221
-2,938
H
(18)
(18)
(IS)
11
(18)
(,8)
(18)
-1,458
n
776
-4,333
-939
665
-3,876
-183
2,157
n
(18)
(18)
(18)
19
(18)
(18)
(18)
1,628
(18)
-426
314
1 7,196
8
-25,444
498
1811,313
-22,179
715
,e -2,467
-43
-146
18 7,733
-6,334
-71
181,007
-1,611
1 5,040
8
-14,191
6,314
2,296
8,610
2,687
-238
11,059
6,324
2,671
8,995
4,274
-238
13,031
1,351
512
1,863
564
-64
2,363
1,561
865
2,426
743
-60
3,109
1,883
691
2,574
1,277
-58
3,793
1,529
603
2,132
1,690
-56
3,766
Capital account
39 Capital account transactions, net...........................................................................................................................
40
41
4?
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
6/
68
69
70
71
12
/3
/4
75
/6
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))..........................................................................
U.S. official reserve assets, net..............................................................................................................................
Gold7..................................................................
Special drawing rights.........................................
Reserve position in the International Monetary Fund
Foreign currencies..............................................
U.S. Government assets, other than official reserve assets, net............................................................................
U.S. credits and other long-term assets.............................................................................................................
Repayments on U.S. credits and other long-term assets8...............................................................................
U.S. foreign currency holdings and U.S. short-term assets, net.........................................................................
U.S. private assets, net
Direct investment.
Foreign securities.
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..................................................
U.S. claims reported by U.S. banks, not included elsewhere............................................................................
Foreign owned assets in the United States, net (increase/financial inflow (+))................................................
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............................................................................................................................
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........................................................................
Statistical discrepancy (sum of above items with sign reversed)......................................................................
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, ana 75)13.............................................................
See the footnotes on pages 102-103.
263
14,327
(18)
(18)
(18)
(18)
2
(18)
(18)
(16)
8,248
(18)
1,037
April 2004
S urvey
of
C
u rrent
B
101
u s in e s s
Transactions, by Area—Continued
of dollars]
Other countries in Asia and Africa
International organizations and unallocated1
8
2003
2002
2003
2003p
I
III'
II
2002
IV p
II
I
244,353
209,463
150,867
58,596
7,119
10,385
1,076
9,709
6,545
23,504
258
34,890
34,490
27,229
6,083
1,178
400
-431,475
-401,710
-359,304
-42,406
-8,101
-9,585
-5,034
-11,612
-183
-7,099
-792
-29,765
-29,039
-109
-7,387
-21,543
-726
-25,391
-11,993
-523
-12,875
263,355
226,187
163,544
62,643
7,559
9,743
827
10,579
6,876
26,796
263
37,168
36,755
29,411
4,821
2,523
413
-480,977
-454,902
-409,375
-45,527
-10,706
-7,815
-4,905
-12,946
-241
-8,093
-821
-26,075
-25,364
-123
-6,886
-18,355
-711
-30,014
-16,367
-555
-13,092
62,650
53,738
38,285
15,453
1,608
2,070
184
2,421
1,636
7,468
66
8,912
8,809
7,264
1,273
272
103
-110,888
-104,119
-93,355
-10,764
-2,551
-2,146
-1,210
-2,858
-60
-1,736
-203
-6,769
-6,542
-29
-1,696
-4,817
-227
-8,388
-4,552
-134
-3,702
59,818
51,854
38,228
13,626
1,780
2,263
149
2,545
1,709
5,115
65
7,964
7,862
5,930
1,162
770
102
-114,443
-108,033
-97,754
-10,279
-2,750
-1,380
-993
-3,075
-55
-1,822
-204
-6,410
-6,248
-61
-1,608
-4,579
-162
-7,653
-4,319
-136
-3,198
67,583
57,766
40,709
17,057
1,967
3,221
279
2,740
1,699
7,085
66
9,817
9,714
7,770
1,166
778
103
-126,632
-120,408
-108,391
-12,017
-2,715
-2,089
-1,390
-3,438
-58
-2,121
-206
-6,224
-6,103
65
-1,737
-4,431
-121
-6,931
-4,008
-137
-2,786
73,304
62,829
46,322
16,507
2,204
2,189
215
2,873
1,832
7,128
66
10,475
10,370
8,447
1,220
703
105
-129,014
-122,342
-109,875
-12,467
-2,690
-2,200
-1,312
-3,575
-68
-2,414
-208
-6,672
-6,471
-98
-1,845
-4,528
-201
-7,042
-3,488
-148
-3,406
-826
-2,548
-223
-1,445
-694
-18,998
-197
16,162
-17,170
-17,793
IV p
III'
-186
-12,186
Line
2003 o
1
2
3
4
5
fi
35,865
6,491
35,729
6,354
8,954
1,555
8,781
1,574
8,932
1,579
9,062
1,646
6,491
6,354
1,555
1,574
1,579
1,646
678
2,364
3,449
707
2,557
3,090
180
607
768
175
629
770
7
174
630
775
178
691
777
29,374
27,354
18,095
8,783
476
2,020
-17,922
-3,546
29,375
27,308
18,677
8,217
414
2,067
-18,138
-3,692
7,399
6,887
4,666
2,104
117
512
-4,518
-840
7,207
6,692
4,682
1,907
103
515
-4,591
-980
7,353
6,834
4,677
2,060
97
519
-4,573
-963
7,416
6,895
4,652
2,146
97
521
-4,456
-909
-3,546
-3,692
-840
-980
-963
-909
-1,800
-1,620
-125
-1
-14,376
-14,376
-9,603
-3,324
-1,449
-2,550
-1,039
-99
-4
-14,446
-14,446
-9,867
-3,306
-1,273
-572
-243
-24
-1
-3,678
-3,678
-2,510
-635
-333
-714
-241
-24
-1
-3,611
-3,611
-2,499
-793
-319
-592
-290
-26
-1
-3,547
-3,547
-2,397
-541
-309
-7,170
-734
-1,453
-4,983
-7,597
-1,184
-1,531
-4,882
-1,541
-147
-142
-1,252
-1,767
-295
-274
-1,198
-672
-265
-25
-1
-3,610
-3,610
-2,461
-837
-312
34
-1,871
-476
-231
-1,164
8
9
10
11
12
13
14
15
16
17
18
19
?0
21
??
?3
?4
25
26
27
28
29
30
31
32
33
-2,418
-266
-884
-1,268
35
36
37
38
,?q
-20,112
-3,107
-14,253
2,095
-5,163
253
-5,128
-16
-6,643
-480
2,681
2,338
'^475
-2,632
601
1,494
897
-644
-102
86
-97
-383
-97
2,435
-1,078
-1,078
-1,065
-1,065
-263
-263
-261
-261
-295
-295
48
-246
-246
-15,927
-18,095
1,112
-2
1,058
37,568
18
-15,283
-18,677
-588
4,236
-254
14,436
211
-5,153
-4,666
16
-4,851
-4,682
-86
-5,868
-4,677
-503
6,120
168
-83
7,281
25
-2
-1,143
3,716
3
589
-4,652
-472
4,238
1,475
-2,681
15
18
211
168
25
3
15
14,225
9,867
(18)
-757
16,640
-7,443
18-4,082
-10,177
5,952
2,510
(18)
-110
4,927
7,256
2,499
(18)
-353
1,458
3,713
2,461
(18)
-452
2,768
18-1,375
-3,852
18 3,652
-4,576
18-1,064
439
-2,696
2,397
(18)
158
7,487
-7,443
18-5,295
-2,188
49
50
51
52
.53
54
55
56
57
Sfi
59
60
61
fi?
63
64
65
66
67
68
69
70
2,662
2,662
14,929
-7,597
9,994
715
715
3,721
-1,541
2,895
594
594
3,596
-1,767
2,423
616
616
3,743
-1,871
2,488
737
737
3,869
-2,418
2,188
71
72
73
74
75
76
n
-382
(18)
34,589
730
-5,058
5,859
-71
-19,728
-16,106
-2,894
-274
-454
121,293
H
n8)
(!
n
-79
H
H
(18)
1,352
(18)
-233
-80
-1,831
1,740
11
-117
-2,894
979
-1,131
2,929
24,886
(18)
(18)
{18)
(18)
-229
(18)
(18)
(18)
930
(18)
6,235
574
-1,049
1,708
-85
15,588
-2,860
4,653
2,323
11,472
23,799
(18)
(18)
(18)
(18)
-150
(18)
(18)
(18)
624
(18)
734
363
-1,123
1,470
16
-17,533
-4,045
-5,200
-1,466
-6,822
34,817
(18)
(18)
(18)
n
-99
(’8)
(18)
(18)
-427
(18)
-6,351
3,107
18 65,670
122,720
424
18119,829
147,889
1,689
1816,261
32,160
-2,355
18 24,946
23,762
1,090
18 40,604
49,027
18 38,018
42,940
37,550
9,603
(18)
-187
21,513
22
18 6,599
-28,229
-208,437
16,190
-192,247
5,125
-25,391
-212,513
-245,831
17,116
-228,715
11,093
-30,014
-247,636
-55,070
4,689
-50,381
2,143
-8,388
-56,626
-59,526
3,347
-56,179
1,554
-7,653
-62,278
-67,682
5,040
-62,642
3,593
-6,931
-65,980
-63,553
4,040
-59,513
3,803
-7,042
-62,752
2,945
2,945
14,998
-7,170
10,773
260
-3,393
3,685
-32
-12,446
-23,269
11,413
3,215
-3,805
102,805
n
(18)
H
(18)
-179
(18)
(18)
-127
-1,055
941
-13
-17,666
-6,307
-3,326
-8,033
37,791
(18)
(18)
18)
(18)
399
(18)
(18)
(18)
225
(,8)
-851
40
41
4?
43
44
45
46
47
102
U.S. International Transactions, 2003
April 2004
Footnotes to U.S. International Transactions Tables 1-11
G en eral notes for all tables: p Preliminary. r Revised. * Less than
and in the June 1991 S u r v e y ) . P rior to 1983, annual d ata are as published by
$500,000 ( + / - ) D Su ppressed to avoid disclosure o f d ata o f individual co m p a
the C ensus Bureau, except that for 1975-80 published C en su s data are
nies.
adju sted to include trade between the U.S. V irgin Islands and foreign co un
Table 1:
tries.
1. Credits, + : E xports o f g ood s and services and incom e receipts; unilateral
2. A djustm ents in lines A5 an d A13, B12, B48, and B84 reflect the C ensus
current transfers to the U nited States; capital account tran saction s receipts;
Bureau’s reconciliation o f discrepancies betw een the g o o d s statistics published
financial inflow s— increase in foreign-ow ned assets (U .S. liabilities) or
by the United States and the co unterpart statistics published in C anada. These
decrease in U .S.-ow ned assets (U.S. claim s).
adjustm en ts are d istribu ted to the affected end-use categories in section C.
D ebits,
Im p o rts o f g ood s and services and incom e paym ents; unilateral
Beginning in 1986, estim ates for u ndocu m en ted exports to C anada, the largest
current transfers to foreigners; capital account transactions paym ents; finan
item in the U .S.-C an adian reconciliation, are included in C ensus basis data
cial outflow s— decrease in foreign-ow ned assets (U.S. liabilities) or increase in
shown in line A l.
U .S.-ow ned assets (U.S. claim s).
3. E xports o f m ilitary equ ipm en t under U.S. m ilitary agency sales con
2. Excludes exports o f good s under U.S. m ilitary agency sales contracts
tracts with foreign governm ents (line A 6), and direct im p orts by the D epart
identified in C ensus export docum en ts, excludes im ports o f g ood s under
m ent o f D efense an d the C oast G u ard (line A 14), to the extent such trade is
direct defense expenditures identified in C ensus im p ort d ocum en ts, and
identifiable from C ustom s declarations. The exports are included in tables 1
reflects various other adju stm en ts (for valuation, coverage, an d tim ing) o f
and 11, line 5 (transfers under U.S. m ilitary agency sales contracts); the
C ensus statistics to balance o f paym ents basis; see table 2.
im ports are included in tables 1 an d 11, line 22 (direct defense expenditures).
3. Includes som e goods: M ainly m ilitary equipm en t in line 5; m ajor equip
4. A ddition o f electrical energy; deduction o f exposed m otion picture film
m ent, other m aterials, supplies, and petroleum products purchased abroad by
for rental rather than sale; net change in stock o f U .S.-ow ned grains in storage
U.S. m ilitary agencies in line 22; and fuels purch ased by airline an d steam ship
in C anad a; coverage adju stm en ts for special situ ation s in which shipm ents
operators in lines 8 an d 25.
were om itted from C en su s data; dedu ction o f the value o f repairs an d alter
4. Includes transfers o f good s an d services under U.S. m ilitary grant p ro
ations to foreign-ow ned equipm en t sh ipped to the U nited States for repair;
gram s.
and the inclusion o f fish exported ou tsid e o f U.S. cu stom s area. Also includes
5. Beginning in 1982, these lines are presented on a gross basis. The defini
deduction o f exports to the P an am a C an al Zone before O ctober 1, 1979, and
tion o f exports is revised to exclude U.S. parents’ paym ents to foreign affiliates
for 1975-82, net tim ing adju stm en ts for good s recorded in C ensu s data in one
and to include U.S. affiliates’ receipts from foreign parents. The definition o f
period bu t foun d to have been sh ipped in another (see July issues o f the S u r v e y
im p orts is revised to include U.S. parents’ paym ents to foreign affiliates an d to
for historical data).
exclude U.S. affiliates’ receipts from foreign parents.
5. C overage adju stm en ts for special situation s in which shipm ents were
6. Beginning in 1982, the “other transfers” com ponent includes taxes paid
om itted from C ensus data; the d edu ction o f the value o f repairs and alter
by U.S. private residents to foreign governm ents an d taxes p aid by private
ations to U .S.-ow ned equ ipm en t sh ipped abroad for repair; and the ad ju st
nonresidents to the U.S. G overnm ent.
m ent o f softw are im p orts to m arket value. A lso includes addition o f
7. At the present tim e, all U.S. Treasury-owned gold is held in the United
understatem ent o f inland freight in f.a.s. values o f U.S. im ports o f g ood s from
States.
C an ad a in 1974-81; d edu ction o f im p orts from the P anam a C anal Zone
8. Includes sales o f foreign obligation s to foreigners.
before O ctober 1, 1979; an d for 1975-82, net tim ing ad ju stm en ts for g ood s
9. C onsists o f bills, certificates, m arketable b o n d s and notes, and nonm arrecorded in C ensus d ata in one p erio d bu t foun d to have been sh ipped in
ketable convertible an d nonconvertible bo n ds and notes.
another (see July issues o f the S u r v e y for historical d ata).
10. C onsists o f U.S. Treasury an d E xp o rt-lm p o rt Bank obligation s, not
6. For 1988-89, correction for the understatem ent o f crude petroleum
included elsewhere, and o f debt securities o f U.S. G overnm ent corporations
im ports from C anada.
and agencies.
7. A nnual and un ad ju sted quarterly d ata show n in this table correspon d to
11. Includes, prim arily, U.S. G overnm ent liabilities associated with m ili
country an d area data in table 11, lines 3 and 20. Trade with international
tary agency sales contracts and other transactions arranged with or through
organ izations includes purchases o f non m o n etary gold from the International
foreign official agencies; see table 5.
M onetary Fund, transfers o f tin to the In ternational Tin C oun cil (IT C ), and
12. C onsists o f investm ents in U .S. corporate stocks and in debt securities
sales o f satellites to Intelsat. The m em oran d a are defined as follow s: Industrial
o f private co rporation s and State and local governm ents.
countries: Western Europe, C an ada, Japan , A ustralia, N ew Zealand, and South
13. Conceptually, the su m o f line 76 and line 39 is equal to “ net lending or
A frica; Members of OPEC: Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi A ra
net borrow ing” in the nation al incom e and p roduct accounts (NIPA s). H ow
bia, Qatar, U nited A rab Em irates, Indonesia, Algeria, Libya, N igeria, and
ever, the foreign transactions account in the NIPAs (a) includes adjustm en ts
G abon (Excludes E cu ador beginning in Janu ary 1993 and G ab on beginning in
to the international transactions accounts for the treatm ent o f gold, (b)
Janu ary 1995.); Other countries: E astern E urope, Latin Am erica and Other
includes ad ju stm en ts for the different geographical treatm ent o f transactions
W estern H em isphere, and other countries in A sia and A frica, less OPEC.
with U.S. territories and Puerto Rico, an d (c) includes services furnished w ith
Before 1984, com plete geograph ic area detail was n ot available for som e bal
out paym ent by financial pen sion plan s except life insurance carriers an d p ri
ance o f paym ents adjustm ents. Therefore, the detail show n does not always
vate non in sured pen sion plans. A reconciliation o f the balance on g ood s and
su m to the values show n for the area aggregates. For all years, “Asia” and
services from the international accounts an d the N IPA net exports appears in
“A frica” exclude certain Pacific Islands an d unidentified countries included in
reconciliation table 2 in appen dix A in this issue o f the Survey o f C urren t Busi
“O ther countries in A sia and A frica.”
ness. A reconciliation o f the other foreign transactions in the two sets o f
8. Includes the form er G erm an D em ocratic R epublic (E ast Germ any)
accounts appears in table 4.3B o f the full set o f NIPA tables.
beginning in fourth quarter o f 1990. In earlier periods, the G erm an D em o
A dditional footnotes for historical data in July issues o f the S u r v e y :
cratic Republic w as included in Eastern Europe.
14. For 1974, includes extraordinary U.S. G overnm ent transactions with
9. Beginning in 1986, N ew Z ealand an d South A frica are included in
India. See “ Special U.S. G overnm ent Transactions,” June 1974 S u r v e y , p. 27.
“ O ther countries in A sia an d Africa,” with New Z ealand included as part o f
15. For 1978-83, includes foreign currency-denom inated notes sold to p ri
“A sia” and South Africa as part o f “Africa.”
vate residents abroad.
10. The “ Euro area,” which form ed in January 1999, includes Austria, Bel
16. Break in series. See Technical N otes in the June 1989-90, 1992-95, and
gium , Finland, France, Germ any, Ireland, Italy, Luxem bourg, N etherlands,
July 1996-2003 issu es o f the S u r v e y .
Portugal, Spain, and from Janu ary 2001, Greece.
Table 2:
Table 3:
1.
E xports, C ensus basis, represent transactions values, f.a.s. U . S . port o f
1. Includes royalties, license fees, and other fees associated with the use o f
exportation, for all years; im ports, C ensus basis, represent C ustom s values
intangible assets, including patents, trade secrets, and other p roprietary rights,
(see Technical N otes in the June 1982 S u r v e y ) , except for 1974-81, when they
that are used in connection with the prod uction o f goods.
represent tran saction s values, f.a.s. foreign p o rt o f exportation (see July issues
2. Includes royalties, license fees, an d other fees associated with the use o f
o f the S u r v e y for h istorical data). From 1983 forw ard, both u nadju sted and
copyrights, tradem arks, franchises, rights to broad cast live events, software
seasonally ad ju sted d ata have been prepared by BEA from “actual” and
licensing fees, and other intangible property rights.
“revised statistical” m onthly data su pplied by the C en su s Bureau (see Techni
3. O ther unaffiliated services receipts (exports) include m ainly expendi
cal N otes in the D ecem ber 1985 S u r v e y ) . Seasonally adju sted d ata reflect the
tures o f foreign governm ents and international organ izations in the U nited
application o f seasonal factors developed jointly by C ensus and BEA. The sea
States and film and television tape rentals. Paym ents (im ports) include m ainly
sonally a d ju sted d ata are the su m o f seasonally adju sted five-digit end-use cat
expenditures o f U.S. residents tem porarily w orking ab road an d film and tele
egories (see technical N otes in the June 1980 S u r v e y , in the June 1988 S u r v e y ,
vision tape rentals.
April 2004
S urv ey
of
C u r r e n t B u sin ess
4. Includes charges for auxiliary insurance services.
5. Beginning in 1992, the net result o f (line 51 - line 52) - (line 55 - line
56) is recorded in “private rem ittances and other transfers” (table 1, line 38).
Table 4:
1. C om plete in strum ent detail is only available beginning with 2003.
2. Prior to 2003, includes only dem an d deposits and nonnegotiable tim e
and savings deposits.
Table 5:
1. Expenditures to release foreign governm ents from their contractual lia
bilities to pay for m ilitary g ood s an d services purch ased through m ilitary sales
contracts— first authorized (for Israel) under Public Law 93-199, section 4,
and subsequently authorized (for m any recipients) under sim ilar legislation—
are included in line A4. Deliveries against these m ilitary sales contracts are
included in line CIO; see footnote 2. O f the line A4 item s, p art o f these m ili
tary expenditures is applied in lines A43 and A46 to reduce sh ort-term assets
previously recorded in lines A41 and C 8; this application o f funds is excluded
from lines C3 and C4. A second part o f line A4 expenditures finances future
deliveries under m ilitary sales contracts for the recipient countries and is
applied directly to lines A42 and C9. A third p art o f line A4, disbursed directly
to finance purchases by recipient countries from com m ercial suppliers in the
United States, is included in line A37. A fourth part o f line A4, representing
dollars p aid to the recipient countries to finance purchases from countries
other than the U nited States, is included in line A48.
2. Transactions under m ilitary sales contracts are those in which the
D epartm en t o f Defense sells and transfers m ilitary g ood s and services to a for
eign purchaser, on a cash or credit basis. Purchases by foreigners directly from
com m ercial suppliers are not included as transactions under m ilitary sales
contracts. The entries for the several categories o f transactions related to m ili
tary sales contracts in this and other tables are partly estim ated from in com
plete data.
3. The identification o f transactions involving direct dollar outflow s from
the U nited States is m ade in reports by each operating agency.
4. Line A3 8 includes foreign currency collected as interest and line A43
includes foreign currency collected as principal, as recorded in lines A16 and
A 17, respectively.
5. Includes (a) advance paym ents to the D epartm en t o f D efense (on m ili
tary sales contracts) financed by loans extended to foreigners by U.S. G overn
m ent agencies and (b) the contraentry for the part o f line CIO that was
delivered w ithout prepaym ent by the foreign purchaser. A lso includes expen
ditures o f appropriation s available to release foreign purchasers from liability
to m ake repaym ent.
6. Includes purchases o f loans from U.S. banks and exporters and pay
m ents by the U.S. G overnm ent under com m ercial export credit and invest
m ent guarantee program s.
7. Excludes liabilities associated with m ilitary sales contracts financed by
U.S. G overnm ent grants and credits and included in line C2.
8. Excludes transactions o f the U.S. E nrichm ent C orporation since it
becam e a non-governm ent entity in July 1998.
Table 6a:
1. For ban k affiliates, includes only interest on perm anen t debt investm ent
by their p arent com panies. Excludes interest between financial parent co m p a
nies an d n on bank financial affiliates.
2. For ban k affiliates, includes only perm anen t debt investm ent by their
parent com pan ies. Excludes intercom pany debt between financial parent
com pan ies an d n on bank financial affiliates.
Table 7a:
1. B ah am as, B erm uda, British West Indies (C aym an Islands), and N ether
lands Antilles.
2. Includes all redem ptions an d early retirem ents.
Table 8a:
1. Securities brokers’ claim s on and liabilities to their foreign affiliates are
included from 1998-2002 and excluded beginning with 2003.
2. Estim ates o f transactions other than those with U.S. ban ks’ Caribbean
branches and with financial interm ediaries (F.I.s) are not available. Prelim i
103
nary estim ates o f transactions w ith F.I.s, by area, are com m ingled in “other” to
avoid disclosure o f individual co m pan ies’ area data.
3. C om plete instrum ent detail is only available beginning with 2003.
4. Financial interm ediaries’ accounts are shown under “ other claim s (lia
b ilities)” because the m ajority o f these claim s (liabilities) are in the form o f
intercom pany balances. Financial interm ediaries’ accounts represent tran sac
tions between firm s in a direct investm ent relationship (that is, between U.S.
parents and their foreign affiliates or between U.S. affiliates and their
foreign parent grou p s), where both the U.S. and foreign firm s are classi
fied in a finance industry, bu t the firm s are neither ban ks nor securities b ro
kers.
5. Baham as, B erm uda, British West Indies (C aym an Islands), and N ether
lands Antilles.
Table 9a:
1. Beginning with 2003, includes securities brokers’ claim s on their foreign
affiliates.
2. C om plete instrum ent detail is only available beginning with 2003.
3. Includes foreign official agencies an d international and regional organ i
zations. Prior to 2003, also includes governm ent-ow ned co rp oration s and
state, provincial, and local governm ents and their agencies.
4. U .S.-ow ned banks include U .S.-chartered banks, Edge Act subsidiaries,
and U.S. ban k holding com panies. Foreign-ow ned banks include U.S.
branches an d agencies o f foreign banks and m ajority-ow ned ban k subsidiaries
in the U nited States. Brokers and dealers m ay be U .S.-ow ned or foreignowned.
5. C om m ercial paper issued in the U.S. m arket by foreign incorporated
entities and held in U.S. custom ers’ accounts. Excludes com m ercial paper
issu ed through foreign direct investm ent affiliates in the U nited States.
6. Prior to 2003, includes negotiable certificates o f d eposit and other n ego
tiable and transferable instrum ents.
7. P rior to 2003, includes only deposits.
8. B aham as, B erm uda, British West Indies (C aym an Islands), and N ether
lands Antilles.
Table 10a:
1. Beginning with 2003, includes securities brokers’ liabilities to their for
eign affiliates.
2. C om plete instrum ent detail is only available beginning w ith 2003.
3. U .S.-ow ned ban ks include U .S.-chartered banks, Edge Act subsidiaries,
and U.S. ban k holding com panies. Foreign-ow ned banks include U.S.
branches and agencies o f foreign banks and m ajority-ow n ed ban k subsidiaries
in the U nited States. Brokers and dealers m ay be U .S.-ow ned or foreignowned.
4. B aham as, B erm uda, British West Indies (C aym an Islands), and N ether
lands Antilles.
Table 11:
For footnotes 1-13, see table 1.
14. The “ European U nion” includes the “ E uropean U nion (6),” United
K in gdom , D enm ark, Ireland, Greece, Spain, an d Portugal. Beginning with the
first quarter o f 1995, the “ European U nion” also includes Austria, Finland,
an d Sweden.
15. The “ E uropean U nion (6 )” includes Belgium , France, G erm any
(includes the form er G erm an D em ocratic Republic (East Germ any) b egin
ning in the fourth quarter o f 1990), Italy, Luxem bourg, N etherlands, E u ro
pean A tom ic Energy C om m unity, European C oal and Steel C om m unity, and
E uropean Investm ent Bank.
16. Includes, as part o f international and unallocated, taxes withheld; current-cost adju stm en ts associated with U.S. and foreign direct investm ent; and
net U.S. currency flows. Before 1999, also includes the estim ated direct invest
m ent in foreign affiliates engaged in international shipping, in operating oil
and gas drilling equipm en t internationally, and in petroleum trading. Before
1996, also includes sm all transactions in bu sin ess services that are not
reported by country.
17. D etails are not show n separately; see totals in lines 56 and 63.
18. Details not show n separately are included in line 69.
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D-1
April 2004
B E A C u r r e n t and H i s t o r i c a l D a ta
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 BEAs Web site at < www.bea.gov>. The site contains data, articles, news releases,
and other information from BEAs national, industry, international, and regional programs.
The tables present annual [A], quarterly [Q], and monthly [M] data
N a t io n a l D a t a
A. Selected NIPA tables [A, Q]
1. Domestic product and income................................. D-2
2. Personal income and outlays.................................. D -18
3. Government current receipts and expenditures... D-21
4. Foreign transactions................................................ D-33
5. Saving and investment.............................................D-37
6. Income and employment by industry................... D-43
7. Supplemental tables................................................. D-44
B. Other NIPA and NIPA-related tables
B.l Personal income and its disposition [A, M ]..... D-47
C. Historical measures
C..1 GDP and other major NIPA aggregates............D-48
D. Domestic perspectives [A, Q, M ]............................... D-52
E. Charts
Selected NIPA series..................................................... D-54
Other indicators of the domestic economy.............. D-60
I n t e r n a tio n a l D a t a
F. Transactions tables
F.1 U.S. international transactions in goods
and services [A, M ]............................................. D-62
F.2 U.S. international transactions [A, Q ] ...............D-63
F.3 U.S. international transactions by area [Q ]...... D-64
F.4 Private services transactions [A ].........................D-67
G. Investment tables [A]
G..1 U.S. international investment position.............D-68
G.2 USDIA: Selected ite m s........................................D-69
G.3 Selected financial and operating data o f foreign
affiliates of U.S. companies................................ D-70
G.4 FDIUS: Selected items..........................................D-71
G.5 Selected financial and operating data of U.S.
affiliates of foreign companies...........................D-72
H. International perspectives [A, Q, M] ...................... D-73
I. Charts
The United States in the international economy..... D-74
Regional Data
J. State and regional tables
J.l Personal income [Q ]..............................................D-75
J.2 Personal income and per capita
personal income [A]............................................D-76
J.3 Disposable personal income and per capita
disposable personal income [A ]........................D-77
J.4 Gross state product [A]..........................................D-78
K. Local area table
K .l Personal income and per capita personal income
by metropolitan area [A ]................................... D-79
L. Charts
Selected regional estimates...........................................D-81
Appendixes
A: Additional information about the NIPA estimates
Statistical conventions.................................................. D-83
Reconciliation tables [A, Q ].........................................D-84
B: Suggested reading..........................................................D-85
As a result o f the comprehensive revision o f the
NIPAs, the estimates in tables B .l and B.2 have been
combined and are now presented in a new table B .L
The new tables B.2-B.11 (the old tables B.3-B.12) will
be published in upcoming issues of the Survey o f C ur
rent Business. An extensive set o f NIPA estimates were
published in the February Survey. The estimates for
1929 forward are available on BEA’s Web site at
< www.bea.gov>.
D-2
April 2004
National Data
A. S elected 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 25, 2004, and include the “final” estimates for the
fourth quarter of 2003. Also included are revised estimates o f wages and salaries and affected incomeside series for the third quarter o f 2003.
The selected set o f NIPA tables shown in this section presents quarterly estimates, which are
updated monthly. In most o f these tables, annual estimates are also shown.
The news release on gross domestic product is available within minutes of the time o f 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).
1. Dom estic Product and Incom e
Table 1.1.1. Percent Change From Preceding Period in Real
Gross Domestic Product
Table 1.1.2. Contributions to Percent Change in Real
Gross Domestic Product
[Percent]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Gross domestic product....
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..........................
Seasonally adjusted at annual rates
2003
I
II
Line
III
2002
2003
IV
1
2.2
3.1
1.3
2.0
3.1
8.2
4.1
2
3
4
5
3.4
6.5
3.0
3.0
3.1
7.4
3.8
2.0
2.2
0.3
4.6
1.5
2.5
0.5
5.7
1.5
3.3
17.7
1.2
1.7
6.9
28.0
7.3
2.8
3.2
0.7
5.4
2.8
6
7
8
9
10
11
1?
-1.2
-3.7
-7.2
-18.4
-2.8
4.9
4.2
4.4
3.0
-4.6
5.5
7.5
-0.6
2.1
-0.1
-5.6
1.7
6.8
-3.5
1.1
-0.6
-4.0
0.5
4.5
4.7
6.1
7.0
3.9
8.0
4.5
14.8
15.8
12.8
-1.8
17.6
21.9
14.9
9.9
10.9
-1.4
14.9
7.9
13
14
15
16
17
18
19
-2.4
-4.0
1.4
3.3
3.7
1.4
2.0
1.9
2.3
4.0
4.8
-0.1
-3.7
-9.1
9.4
8.2
7.4
12.2
-2.0
1.9
-10.1
-6.8
-6.6
-7.5
-1.1
-1.7
0.2
9.1
13.7
-10.9
9.9
8.6
12.7
0.8
-1.5
13.4
20.5
21.3
18.9
16.4
18.3
7.5
20
21
22
23
24
3.8
7.9
8.9
6.2
1.8
3.3
8.7
10.6
5.3
0.5
7.1
18.2
22.1
11.4
1.5
-0.4
-0.2
-5.6
10.5
-0.5
7.4
23.5
41.9
-5.0
-0.8
1.8
1.2
-1.3
6.5
2.1
-0.1
0.7
3.0
-3.7
-0.5
2002
IV
Percent change at annual rate:
Gross domestic product....
Percentage points at annual
rates:
Personal consumption
expenditures..........................
Durable goods.........................
Nondurable goods...................
Services....................................
Gross private domestic
investment...............................
Fixed investment......................
Nonresidential......................
Structures........................
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..........................
2003
I
III
II
IV
1
2.2
3.1
1.3
2.0
3.1
8.2
4.1
2
3
4
5
2.38
0.55
0.60
1.23
2.22
0.61
0.76
0.85
1.57
0.02
0.90
0.65
1.80
0.04
1.13
0.63
2.34
1.38
0.25
0.71
4.89
2.23
1.48
1.19
2.29
0.06
1.07
1.16
6
7
8
9
10
11
12
-0.18
-0.60
-0.82
-0.59
-0.23
0.23
0.41
0.64
0.67
0.30
-0.12
0.42
0.36
-0.03
-0.09
0.31
-0.01
-0.14
0.13
0.32
-0.40
-0.57
0.16
-0.06
-0.10
0.04
0.22
-0.74
0.73
0.90
0.68
0.09
0.59
0.22
-0.17
2.17
2.30
1.25
-0.04
1.30
1.05
-0.13
2.19
1.48
1.08
-0.03
1.11
0.40
0.71
13
14
15
16
17
18
19
-0.70
-0.24
-0.29
0.04
-0.45
-0.42
-0.03
-0.35
0.20
0.13
0.07
-0.55
-0.55
0.00
-1.47
-0.37
-0.64
0.27
-1.10
-0.83
-0.27
0.81
-0.19
0.13
-0.31
1.00
0.81
0.19
-1.34
-0.11
-0.11
0.01
-1.24
-1.51
0.27
0.80
0.92
0.56
0.36
-0.12
0.18
-0.30
-0.32
1.81
1.29
0.52
-2.14
-1.96
-0.17
20
21
22
23
24
0.69
0.48
0.35
0.14
0.21
0.62
0.56
0.44
0.12
0.06
1.29
1.11
0.85
0.26
0.18
-0.07
-0.01
-0.25
0.24
-0.06
1.36
1.46
1.58
-0.12
-0.10
0.34
0.09
-0.06
0.15
0.25
-0.01
0.05
0.13
-0.09
-0.06
April 2004
S urvey
of
C
urrent
D-3
B u s in e s s
Table 1.1.3. Real Gross Domestic Product, Quantity Indexes
Table 1.1.4. Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
2002
IV
Gross domestic product....
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.........................
Seasonally adjusted
2003
I
II
Line
III
105.951
110.868
104.949
105.420
109.286
119.017
108.926
107.555
106.819
111.638
105.885
106.276
107.489
111.779
107.358
106.664
108.378
116.420
107.685
107.115
110.197
123.834
109.607
107.849
111.081
124.037
111.053
108.591
6 90.580 94.386 91.953 91.135 92.186 95.424 98.800
7 93.258 97.392 93.718 93.968 95.378 98.932 101.290
8 88.683 91.349 88.378 88.248 89.751 92.485 94.913
9 79.492 75.828 76.304 75.523 76.244 75.906 75.638
10 92.144 97.234 92.927 93.047 94.851 98.779 102.260
11 105.228 113.073 107.629 108.828 110.021 115.616 117.827
1?
13
14 92.512 94.385 92.818 92.353 92.097 94.290
15 90.163 91.859 89.651 90.076 89.693 91.572
'16 98.348 100.655 100.660 98.010 98.068 101.033
17 100.609 104.612 103.610 101.810 104.059 104.277
18 100.400 105.234 103.586 101.829 105.144 104.739
19 101.787 101.709 103.842 101.828 98.938 102.100
98.800
96.097
105.510
108.302
109.223
103.969
20
21
22
23
24
110.986
123.616
128.187
115.511
104.642
106.697
111.958
113.086
109.956
104.047
110.271
121.690
125.020
115.785
104.533
108.666
116.764
118.672
113.381
104.593
108.563
116.713
116.972
116.252
104.463
110.527
123.025
127.675
114.781
104.248
111.008
123.406
127.247
116.596
104.779
2003
IV
1 102.710 105.918 103.502 104.008 104.801 106.887 107.977
2
3
4
5
2002
2002
2003
IV
Gross domestic product....
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
III
II
IV
1 103.949 105.686 104.571 105.163 105.440 105.870 106.270
2 103.429 105.325 104.203 104.927 105.065 105.522 105.787
3 95.208 91.682 94.136 93.074 92.147 91.207 90.298
4 102.075 104.179 102.789 104.079 103.529 104.488 104.618
5 105.946 109.007 107.174 108.028 108.758 109.306 109.935
101.589
101.796
98.293
108.559
94.961
110.485
102.093
102.319
98.678
109.288
95.251
111.321
102.988
103.260
99.124
110.556
95.483
113.363
13
14 99.273 101.354 99.964 100.842 101.044
15 98.668 100.677 99.311 100.159 100.589
16 100.740 102.985 101.543 102.491 102.166
17 96.519 100.031 97.694 100.435 99.381
18 95.345 98.114 96.364 99.086 97.353
19 102.665 110.249 104.681 107.525 110.212
101.434
100.529
103.587
100.042
97.972
111.108
102.094
101.431
103.697
100.265
98.047
112.150
108.433
107.755
107.654
107.942
108.778
108.635
107.842
107.770
107.969
109.049
6
7
8
9
10
11
1?
20
21
22
23
24
101.119
101.155
98.859
106.974
96.121
107.105
105.207
104.858
104.666
105.208
105.382
102.064
102.296
98.669
109.168
95.275
111.263
108.246
107.507
107.423
107.660
108.627
101.259
101.341
98.658
107.274
95.781
108.184
106.055
105.066
104.941
105.293
106.580
101.586
101.808
98.579
108.268
95.404
109.881
107.951
107.032
106.968
107.148
108.435
107.966
107.399
107.300
107.581
108.246
Table 1.1.5. Gross Domestic Product
Table 1.1.6. Real Gross Domestic Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Gross domestic product....
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.........................
Line
2003
I
II
III
1 10,480.8 10,987.9 10,623.7 10,735.8 10,846.7 11,107.0 11,262.0
2 7,385.3
3
911.3
4 2,086.0
5 4,388.0
2002
2003
7,757.4
941.6
2,209.7
4,606.2
7,501.2
907.3
2,119.2
4,474.7
7,600.7
898.2
2,175.7
4,526.8
7,673.6
926.2
2,170.8
4,576.6
7,836.3
975.1
2,230.0
4,631.2
7,919.1
967.0
2,262.2
4,689.9
6
7
8
9
10
11
12
1,589.2
1,583.9
1,080.2
266.3
813.9
503.7
5.4
1,670.6
1,673.0
1,110.6
259.2
851.3
562.4
-2.4
1,614.7
1,594.6
1,074.3
256.3
817.9
520.3
20.2
1,605.3
1,606.2
1,071.8
256.1
815.8
534.4
-0.9
1,624.3
1,630.1
1,086.9
259.2
827.7
543.2
-5.8
1,689.1
1,699.5
1,124.4
259.8
864.6
575.1
-10.5
1,763.5
1,756.0
1,159.2
261.9
897.3
596.9
7.5
13
14
15
16
17
18
19
-426.3
1,006.8
697.8
309.1
1,433.1
1,190.3
242.7
-495.0
1,048.9
725.5
323.4
1,543.8
1,283.3
260.5
-476.1
1,017.2
698.3
318.8
1,493.3
1,240.8
252.5
-487.6
1,021.0
707.6
313.3
1,508.5
1,254.2
254.3
-505.5
1,020.2
707.7
312.5
1,525.7
1,272.4
253.3
-490.6
1,048.5
722.1
326.4
1,539.0
1,275.6
263.5
-496.2
1,105.8
764.5
341.3
1,602.0
1,331.2
270.8
20
21
22
23
24
1,932.5
679.5
438.3
241.2
1,253.1
2,054.8
757.2
497.3
259.9
1,297.6
1,983.9
710.0
461.1
248.9
1,273.9
2,017.4
723.0
463.3
259.7
1,294.5
2,054.2
764.7
507.3
257.4
1,289.6
2,072.1
769.6
507.2
262.4
1,302.5
2,075.6
771.5
511.5
260.0
1,304.0
2002
IV
IV
Gross domestic product....
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
Exports.....................................
Goods...................................
Services................................
Imports......................................
Goods...................................
Services................................
Government consumption
expenditures and gross
investment...............................
Federal......................................
National defense..................
Nondefense.........................
State and local.........................
Residual........................................
2003
I
II
III
IV
1 10,083.0 10,398.0 10,160.8 10,210.4 10,288.3 10,493.1 10,600.1
2
3
4
5
7,140.4
957.2
2,043.6
4,141.8
7,365.2
1,027.5
2,121.0
4,225.7
7,198.9
963.8
2,061.8
4,175.4
7,244.1
965.0
2,090.5
4,190.7
7,304.0
1,005.1
2,096.9
4,208.4
7,426.6
1,069.1
2,134.3
4,237.2
7,486.2
1,070.8
2,162.4
4,266.4
6
7
8
9
10
11
12
1,572.0
1,565.8
1,092.6
249.0
846.7
470.3
5.7
1,638.0
1,635.2
1,125.5
237.5
893.5
505.3
-0.7
1,595.8
1,573.5
1,088.9
239.0
853.9
481.0
21.5
1,581.6
1,577.7
1,087.3
236.5
855.0
486.4
1.6
1,599.9
1,601.4
1,105.8
238.8
871.6
491.7
-4.5
1,656.1
1,661.0
1,139.5
237.7
907.7
516.7
-9.1
1,714.6
1,700.6
1,169.4
236.9
939.7
526.6
9.0
13
14
15
16
17
18
19
-470.6
1,014.2
707.2
306.8
1,484.7
1,248.4
236.4
-509.1
1,034.7
720.5
314.0
1,543.8
1,308.6
236.3
-511.5
1,017.5
703.2
314.0
1,529.0
1,288.1
241.2
-490.0
1,012.4
706.5
305.7
1,502.5
1,266.2
236.5
-526.0
1,009.6
703.5
305.9
1,535.7
1,307.4
229.8
-505.2
1,033.7
718.2
315.2
1,538.9
1,302.4
237.2
-515.2
1,083.1
753.7
329.1
1,598.3
1,358.2
241.5
20
21
22
23
24
25
1,836.9
648.0
418.8
229.2
1,189.1
2.4
1,898.4
704.3
463.0
241.4
1,194.6
-0.4
1,870.8
675.8
439.5
236.4
1,195.3
5.3
1,869.0
675.5
433.2
242.4
1,193.8
5.8
1,902.8
712.0
472.8
239.3
1,191.4
4.6
1,911.1
714.3
471.2
243.1
1,197.4
-6.0
1,910.7
715.5
474.7
240.8
1,195.9
-6.2
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines.
D-4
April 2004
National Data
Table 1.1.8. Contributions to Percent Change in the Gross Domestic Product
Price Index
Table 1.1.7. Percent Change From Preceding Period in Prices for
Gross Domestic Product
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Gross domestic product....
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
Exports
Goods
Services
Imports
Goods
Services...............................
Government consumption
expenditures and gross
investment...............................
Federal.....................................
National defense..................
Nondefense..........................
State and local..........................
Addendum:
Gross national product............
1
1.5
Line
2002
2003
2003
I
II
1.7
1.7
2.8
-4.4
5.1
3.2
IV
IV
III
1.1
2.3
2002
1.6
1.5
0.5
-3.9
-2.1
2.7
1.8
-4.0
3.8
2.0
1.0
-3.9
0.5
2.3
2
3
4
5
1.4
-2.9
0.5
2.7
1.8
-3.7
2.1
2.9
1.7
-3.0
1.0
3.1
6
7
8
9
10
11
12
0.0
0.1
-0.9
1.4
-1.7
2.4
0.9
1.1
-0.2
2.1
-0.9
3.9
1.6
1.7
0.4
1.1
0.2
4.5
1.3
1.9
-0.3
3.8
-1.6
6.4
0.0
0.0
-1.2
1.1
-1.8
2.2
2.0
2.1
1.6
2.7
1.2
3.1
3.6
3.7
1.8
4.7
1.0
7.5
1S
14
15
16
17
18
19
-0.4
-0.7
0.3
-1.0
-1.7
2.5
2.1
2.0
2.2
3.6
2.9
7.4
0.6
0.6
0.6
0.8
0.5
2.0
3.6
3.5
3.8
11.7
11.8
11.3
0.8
1.7
-1.3
^1.1
—
6.8
10.4
1.6
-0.2
5.7
2.7
2.6
3.3
2.6
3.6
0.4
0.9
0.3
3.8
20
21
22
23
24
2.6
2.7
2.5
3.2
2.5
2.9
2.5
2.6
2.3
3.1
1.8
-0.5
-0.6
-0.4
3.0
7.3
7.7
8.0
7.2
7.1
0.1
1.4
1.2
1.6
-0.7
1.7
1.3
1.3
1.3
2.0
0.7
0.3
0.4
0.1
1.0
25
1.5
1.7
1.7
2.3
1.1
1.7
1.5
Percent change at annual rate:
Gross domestic product....
Percentage points at annual
rates:
Personal consumption
expenditures..........................
Durable goods.........................
Nondurable goods...................
Services....................................
Gross private domestic
investment..............................
Fixed investment......................
Nonresidential......................
Structures........................
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.........................
2003
I
III
II
IV
1
1.5
1.7
1.7
2.3
1.1
1.6
1.5
2
3
4
5
0.96
-0.26
0.11
1.11
1.33
-0.23
0.26
1.30
1.21
-0.26
0.20
1.27
1.95
-0.39
1.00
1.33
0.35
-0.34
-0.43
1.12
1.24
-0.36
0.74
0.85
0.71
-0.35
0.10
0.96
6
7
8
9
10
11
12
0.01
0.01
-0.10
0.04
-0.14
0.11
0.00
0.17
0.17
-0.03
0.05
-0.08
0.20
-0.01
0.25
0.26
0.05
0.03
0.02
0.22
-0.01
0.25
0.27
-0.03
0.09
-0.12
0.31
-0.03
0.08
-0.01
-0.12
0.03
-0.14
0.11
0.09
0.30
0.31
0.16
0.06
0.09
0.15
-0.01
0.54
0.57
0.19
0.11
0.08
0.38
-0.03
13
14
15
16
17
18
19
0.11
-0.04
-0.05
0.01
0.15
0.20
-0.06
-0.38
0.22
0.15
0.07
-0.60
-0.41
-0.20
-0.05
0.06
0.04
0.02
-0.11
-0.06
-0.05
-1.24
0.33
0.22
0.11
-1.57
-1.31
-0.26
0.62
0.07
0.11
-0.04
0.55
0.80
-0.24
-0.22
0.15
-0.02
0.16
-0.37
-0.29
-0.08
0.13
0.25
0.24
0.01
-0.13
-0.04
-0.09
20
21
22
23
24
0.46
0.17
0.10
0.07
0.29
0.55
0.16
0.11
0.05
0.39
0.33
-0.03
-0.02
-0.01
0.36
1.32
0.49
0.33
0.17
0.83
0.01
0.09
0.06
0.04
-0.08
0.33
0.09
0.06
0.03
0.23
0.14
0.02
0.02
0.00
0.12
Table 1.1.9. Implicit Price Deflators for Gross Domestic Product
Table 1.1.10. Percentage Shares of Gross Domestic Product
[Index numbers, 2000=100]
[Percent]
Seasonally adjusted
Line
2002
2003
2002
IV
Gross domestic product....
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.........................
Addendum:
Gross national product............
2003
I
II
Line
III
1 103.945 105.673 104.556 105.146 105.427 105.851 106.244
2 103.429 105.325 104.199 104.923 105.060 105.517 105.783
3 95.209 91.639 94.137 93.075 92.148 91.208 90.298
. 4 102.075 104.180 102.785 104.075 103.525 104.485 104.614
5 105.946 109.005 107.167 108.021 108.751 109.299 109.928
6
7
8
9
10
11
12
101.097
101.155
98.859
106.974
96.121
107.106
13 105.671
14 99.274
15 98.668
16 100.740
17 96.520
18 95.345
19 102.666
20
21
22
23
24
105.206
104.858
104.666
105.208
105.381
101.985
102.311
98.676
109.162
95.285
111.293
101.186
101.340
98.658
107.269
95.788
108.173
101.495
101.806
98.579
108.264
95.411
109.871
101.530
101.795
98.293
108.553
94.968
110.475
101.995
102.318
98.678
109.283
95.258
111.311
102.852
103.258
99.124
110.550
95.490
113.352
105.671 105.671 105.671 105.671 105.671 105.671
101.365 99.962 100.841 101.042 101.432 102.093
100.690 99.313 100.161 100.590 100.531 101.432
102.995 101.535 102.484 102.157 103.579 103.688
100.000 97.662 100.403 99.349 100.011 100.234
98.074 96.332 99.053 97.321 97.939 98.015
110.249 104.671 107.514 110.201 111.098 112.139
108.239
107.507
107.424
107.655
108.623
106.046
105.059
104.933
105.289
106.576
107.941
107.025
106.960
107.143
108.431
107.957
107.392
107.291
107.577
108.242
108.423
107.748
107.644
107.938
108.774
2002
2003
IV
108.626
107.835
107.762
107.965
109.045
25 103.932 105.671 104.541 105.138 105.425 105.853 106.243
2002
IV
Gross domestic product....
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.........................
2003
I
II
III
IV
1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
2
3
4
5
70.5
8.7
19.9
41.9
70.6
8.6
20.1
41.9
70.6
8.5
19.9
42.1
70.8
8.4
20.3
42.2
70.7
8.5
20.0
42.2
70.6
8.8
20.1
41.7
70.3
8.6
20.1
41.6
6
7
8
9
10
11
12
15.2
15.1
10.3
2.5
7.8
4.8
0.1
15.2
15.2
10.1
2.4
7.7
5.1
0.0
15.2
15.0
10.1
2.4
7.7
4.9
0.2
15.0
15.0
10.0
2.4
7.6
5.0
0.0
15.0
15.0
10.0
2.4
7.6
5.0
-0.1
15.2
15.3
10.1
2.3
7.8
5.2
-0.1
15.7
15.6
10.3
2.3
8.0
5.3
0.1
13
14
15
16
17
18
19
-4.1
9.6
6.7
2.9
13.7
11.4
2.3
-4.5
9.5
6.6
2.9
14.1
11.7
2.4
-4.5
9.6
6.6
3.0
14.1
11.7
2.4
-4.5
9.5
6.6
2.9
14.1
11.7
2.4
-4.7
9.4
6.5
2.9
14.1
11.7
2.3
-4.4
9.4
6.5
2.9
13.9
11.5
2.4
-4.4
9.8
6.8
3.0
14.2
11.8
2.4
20
21
22
23
24
18.4
6.5
4.2
2.3
12.0
18.7
6.9
4.5
2.4
11.8
18.7
6.7
4.3
2.3
12.0
18.8
6.7
4.3
2.4
12.1
18.9
7.0
4.7
2.4
11.9
18.7
6.9
4.6
2.4
11.7
18.4
6.9
4.5
2.3
11.6
April 2004
S urvey
of
D-5
C u rren t B u sin ess
Table 1.2.1. Percent Change From Preceding Period in Real
Gross Domestic Product by Major Type of Product
Table 1.2.2. Contributions to Percent Change in Real Gross Domestic Product
by Major Type of Product
[Percent]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Gross domestic product....
Final sales of domestic
product........................
Change in private
inventories...................
Goods..........................................
Final sales............................
Change in private inventories
Durable goods..........................
Final sales............................
Change in private
inventories1......................
Nondurable goods....................
Final sales............................
Change in private
inventories1.....................
Services2.....................................
Structures...................................
Addenda:
Motor vehicle output................
Gross domestic product
excluding motor vehicle
output...................................
Final sales of computers3........
Gross domestic product
excluding final sales of
computers.............................
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers............................
Seasonally adjusted at annual rates
2003
I
II
Line
2002
2003
IV
III
2002
IV
1
2.2
3.1
1.3
2.0
3.1
8.2
4.1
2
1.8
3.2
1.7
2.7
3.3
8.3
3.4
3
4
5
fi
7
8
2.1
0.9
4.3
4.4
-2.8
-1.6
4.3
6.6
2.2
2.9
18.3
18.7
7.1
4.8
2.0
-1.1
5.9
6.1
-3.2
-6.3
-1.3
4.3
8.3
11.7
26.3
30.7
10.7
1.8
<)
■
10
11
2.2
2.7
3.0
3.0
-2.4
2.5
9.2
8.6
-2.6
-3.8
11.9
9.4
4.1
7.5
1?
13
14
3.1
-3.0
2.6
2.4
3.5
2.1
1.0
-0.3
3.6
2.8
2.1
13.9
2.8
2.4
15
11.4
2.7
-4.9
-6.4
2.1
26.6
3.7
16
17
1.9
11.1
3.1
41.0
1.5
34.8
2.3
34.6
3.1
32.8
7.6
93.4
4.2
32.3
18
2.1
2.8
1.0
1.7
2.8
7.6
3.9
19
2.6
3.0
2.5
0.9
3.9
6.5
3.9
Percent change at annual rate:
Gross domestic product....
Percentage points at annual
rates:
Final sales of domestic
product.........................
Change in private
inventories...................
Goods..........................................
Final sales............................
Change in private inventories
Durable goods.........................
Final sales............................
Change in private
inventories1......................
Nondurable goods...................
Final sales............................
Change in private
inventories1......................
Services2.....................................
Structures....................................
Addenda:
Motor vehicle output................
Gross domestic product
excluding motor vehicle
output....................................
Final sales of computers3........
Gross domestic product
excluding final sales of
computers.............................
2003
I
II
III
IV
1
2.2
3.1
1.3
2.0
3.1
8.2
4.1
2
1.78
3.15
1.69
2.71
3.25
8.34
3.44
3
4
5
6
7
8
0.41
0.71
0.30
0.41
0.31
-0.18
-0.03
1.40
1.43
-0.03
0.87
0.89
-0.40
-0.92
-0.52
-0.40
-0.50
-0.97
-0.74
1.37
2.11
-0.74
-0.18
0.62
-0.17
0.75
0.92
-0.17
1.17
1.62
-0.13
5.67
5.80
-0.13
3.62
4.15
0.71
2.30
1.59
0.71
1.56
0.29
9
10
11
0.49
0.40
0.48
-0.02
0.53
0.54
0.47
-0.42
0.45
-0.80
1.55
1.49
-0.44
-0.43
-0.70
-0.53
2.05
1.65
1.27
0.74
1.30
12
13
14
-0.08
1.77
-0.29
-0.01
1.50
0.23
-0.87
2.02
0.19
0.06
0.62
-0.02
0.27
2.08
0.26
0.40
1.27
1.27
-0.57
1.61
0.23
15
0.38
0.09
-0.18
-0.23
0.07
0.82
0.13
16
17
1.81
0.10
3.03
0.31
1.46
0.26
2.20
0.26
3.01
0.25
7.39
0.65
4.01
0.29
18
2.09
2.82
1.03
1.71
2.83
7.56
3.85
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. For some components of final sales of computers, includes computer parts.
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. For some components of final sales of computers, includes computer parts.
Table 1.2.3. Real Gross Domestic Product by Major Type of Product,
Quantity Indexes
Table 1.2.4. Price Indexes for Gross Domestic Product
by Major Type of Product
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
2002
IV
Gross domestic product....
Final sales of domestic
product.........................
Change in private
Goods..........................................
Final sales...........................
Change in private inventories
Durable goods.........................
Final sales...........................
Change in private
inventories1.....................
Nondurable goods...................
Final sales...........................
Change in private
Services2.....................................
Structures...................................
Addenda:
Motor vehicle output................
Gross domestic product
excluding motor vehicle
output...................................
Final sales of computers3........
Gross domestic product
excluding final sales of
computers............................
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers............................
Seasonally adjusted
Line
2003
I
II
III
2 103.242 106.501 103.877 104.569 105.420 107.553 108.462
106.204 108.034
108.127 109.412
105.529 108.238
108.828 109.315
q
10 102.917 105.971 102.440 104.728 104.050 107.011 108.093
11 104.078 107.233 104.161 106.323 105.287 107.681 109.640
1?
13 105.450 108.178 106.718 106.995 107.947 108.510 109.260
14 96.680 99.016 96.813 96.748 97.421 100.650 101.244
15 106.114 108.931 106.813 105.066 105.603 112.016 113.038
16 102.593 105.817 103.389 103.975 104.776 106.713 107.806
17 126.217 177.907 140.659 151.506 162.631 191.792 205.698
18 102.493 105.398 103.189 103.631 104.361 106.291 107.309
19 103.168 106.296 104.223 104.444 105.448 107.129 108.164
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. For some components of final sales of computers, includes computer parts.
2003
IV
1 102.710 105.918 103.502 104.008 104.801 106.887 107.977
4 100.034 104.342 100.222 101.286 101.844
5 101.511 105.997 101.226 102.859 103.590
6
7 96.965 102.721 97.888 97.573 99.541
8 98.685 104.731 97.976 99.006 101.775
2002
2002
IV
Gross domestic product....
Final sales of domestic
product.........................
Change in private
inventories...................
Goods..........................................
Final sales............................
Change in private inventories
Durable goods.........................
Final sales............................
Change in private
inventories1......................
Nondurable goods...................
Final sales............................
Change in private
Services2.....................................
Structures....................................
Addenda:
Motor vehicle output................
Gross domestic product
excluding motor vehicle
output....................................
Final sales of computers3
Gross domestic product
excluding final sales of
computers.............................
2003
I
II
III
IV
1 103.949 105.686 104.571 105.163 105.440 105.870 106.270
2 103.955 105.723 104.585 105.198 105.474 105.906 106.313
3
4 100.176
5 100.196
6
7 96.624
8 96.642
99.505
99.607
99.961
99.999
99.436
99.534
99.451
99.542
99.572
99.671
99.563
99.682
94.154
94.179
95.931
95.958
95.170
95.183
94.402
94.418
93.802
93.831
93.242
93.284
9
10 103.449 104.427 103.670 103.358 104.083 104.875 105.392
11 103.513 104.633 103.756 103.566 104.274 105.075 105.618
12
13 105.741 108.666 106.845 107.974 108.356 108.934 109.399
14 107.032 110.449 107.819 109.252 109.864 110.543 112.136
15
96.777
95.029
96.199
95.813
94.680
94.640
94.982
16 104.220 106.094 104.890 105.520 105.853 106.300 106.703
17 63.635 53.492 58.739 56.177 54.287 52.165 51.338
18 104.462 106.386 105.164 105.806 106.120 106.597 107.022
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. For some components of final sales of computers, includes computer parts.
D-6
National Data
April 2004
Table 1.2.5. Gross Domestic Product
by Major Type of Product
Table 1.2.6. Real Gross Domestic Product
by Major Type of Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Gross domestic product . ..
Final sales of domestic
product........................
Change in private
inventories...................
Goods..........................................
Final sales...........................
Change in private inventories
Durable goods.........................
Final sales............................
Change in private
inventories1.....................
Nondurable goods...................
Final sales............................
Change in private
inventories1.....................
Services2.......
Structures.....
Addenda:
Motor vehicle output................
Gross domestic product
excluding motor vehicle
output...................................
Final sales of computers3........
Gross domestic product
excluding final sales of
computers.............................
Seasonally adjusted at annual rates
2003
I
II
Line
III
2002
2003
IV
1 10,480.8 10,987.9 10,623.7 10,735.8 10,846.7 11,107.0 11,262.0
2 10,475.5 10,990.3 10,603.6 10,736.7 10,852.4 11,117.4 11,254.5
3
4
5
6
7
8
5.4
3,456.2
3,450.9
5.4
1,582.8
1,576.8
-2.4
3,579.8
3,582.2
-2.4
1,633.6
1,630.2
20.2
3,454.5
3,434.4
20.2
1,586.7
1,554.4
-0.9
3,472.6
3,473.5
-0.9
1,568.9
1,558.0
-5.8
3,492.8
3,498.5
-5.8
1,587.6
1,588.7
-10.5
3,646.0
3,656.5
-10.5
1,672.5
1,688.3
7.5
3,707.8
3,700.3
7.5
1,705.2
1,686.0
9
10
11
6.1
1,873.4
1,874.1
3.3
1,946.2
1,952.0
32.3
1,867.8
1,880.0
10.9
1,903.7
1,915.5
-1.1
1,905.1
1,909.8
-15.8
1,973.6
1,968.2
19.3
2,002.6
2,014.4
12
13
14
-0.7
6,049.8
974.8
-5.7
6,377.7
1,030.4
-12.1
6,185.9
983.3
-11.8
6,267.5
995.7
-4.7
6,345.6
1,008.3
5.4
6,412.8
1,048.1
-11.8
6,484.7
1,069.5
15
374.8
377.9
375.1
367.5
365.0
387.0
392.0
16 10,106.0 10,610.0 10,248.6 10,368.3 10,481.7 10,719.9 10,870.0
91.4
17
104.8
94.1
97.6
116.8
88.3
110.6
18 10,392.5 10,883.1 10,532.3 10,641.7 10,749.0 10,996.3 11,145.2
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. For some components of final sales of computers, includes computer parts.
2002
IV
Gross domestic product....
Final sales of domestic
product.........................
Change in private
inventories...................
Residual...........................
Goods..........................................
Final sales...........................
Change in private inventories
Durable goods.........................
Final sales...........................
Change in private
inventories1......................
Nondurable goods...................
Final sales...........................
Change in private
inventories1......................
Services2.....................................
Structures....................................
Residual........................................
Addenda:
Motor vehicle output................
Gross domestic product
excluding motor vehicle
output....................................
Final sales of computers3........
Gross domestic product
excluding final sales of
computers.............................
2003
I
III
II
IV
1 10,083.0 10,398.0 10,160.8 10,210.4 10,288.3 10,493.1 10,600.1
2 10,076.9 10,395.0 10,138.9 10,206.4 10,289.5 10,497.7 10,586.4
3
4
5
6
7
8
9
5.7
0.4
3,450.5
3,444.1
5.7
1,638.1
1,631.6
-0.7
3.7
3,599.1
3,596.3
-0.7
1,735.3
1,731.5
21.5
0.4
3,457.0
3,434.4
21.5
1,653.7
1,619.9
1.6
2.4
3,493.7
3,489.8
1.6
1,648.4
1,636.9
-4.5
3.3
3,512.9
3,514.7
-4.5
1,681.6
1,682.7
-9.1
4.5
3,663.3
3,668.6
-9.1
1,782.8
1,799.3
9.0
4.7
3,726.5
3,712.2
9.0
1,828.5
1,807.3
10
11
12
6.2
1,811.3
1,810.5
3.4
1,865.0
1,865.3
32.8
1,802.9
1,811.9
11.1
1,843.2
1,849.5
-1.0
1,831.2
1,831.5
-16.0
1,883.4
1,873.1
19.5
1,902.4
1,907.2
13
14
15
16
-0.4
5,721.3
910.8
3.0
-3.8
5,869.3
932.8
-0.5
-10.6
5,790.1
912.0
4.7
-8.9
5,805.1
911.4
5.3
-3.4
5,856.8
917.8
3.9
6.1
5,887.3
948.2
-4.9
-9.2
5,928.0
953.8
-6.5
17
387.3
397.6
389.8
383.5
385.4
408.8
412.5
18
19
9,697.1 10,001.9
138.8
195.6
9,772.3
154.6
9,827.7
166.6
20
9,949.0 10,231.0 10,016.6 10,059.5 10,130.4 10,317.7 10,416.5
9,903.4 10,086.5 10,189.8
178.8
210.8
226.1
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for sen/ices (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. For some components of final sales of computers, includes computer parts.
N ote. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line 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.
Table 1.3.1. Percent Change From Preceding Period in Real Gross
Value Added by Sector
Table 1.3.3. Real Gross Value Added by Sector,
Quantity Indexes
[Percent]
[Index numbers, 2000=100]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Gross domestic product....
Business1....................................
Nonfarm2..................................
Farm.........................................
Households and institutions....
Households..............................
Nonprofit institutions serving
households3........................
General government4................
Federal.....................................
State and local..........................
Addendum:
Gross housing value added
Seasonally adjusted
2003
Line
II
I
III
2003
IV
1
2
3
4
5
6
2.2
2.3
2.3
1.9
2.2
2.4
3.1
3.7
3.7
3.2
1.1
0.9
1.3
1.6
1.6
-1.5
-1.6
-3.8
2.0
1.9
2.4
-39.5
2.5
3.5
3.1
4.2
3.8
59.0
-1.9
-4.0
8.2
10.3
10.4
-3.2
2.9
4.1
4.1
3.9
4.2
-16.6
9.5
15.7
7
8
9
10
1.8
1.6
1.7
1.6
1.4
1.4
3.3
0.6
1.5
2.4
4.9
1.4
1.1
1.7
4.3
0.6
1.0
1.1
5.0
-0.5
1.3
0.1
0.0
0.1
1.9
0.5
-0.3
0.9
11
2.4
0.7
-3.6
3.5
-4.3
3.3
14.8
1. Equals gross domestic product excluding gross value added of households and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
2002
2002
2003
IV
Gross domestic product....
Business1....................................
Nonfarm2..................................
Farm.........................................
Households and institutions....
Households..............................
Nonprofit institutions serving
households3 ........................
General government4................
Federal......................................
State and local.........................
Addendum:
Gross housing value added..
I
II
III
IV
1
2
3
4
5
6
102.710
102.374
102.421
97.569
104.450
105.568
105.918
106.152
106.206
100.661
105.599
106.524
103.502
103.301
103.276
106.144
104.365
104.914
104.008
103.799
103.895
93.608
105.002
105.828
104.801
104.861
104.856
105.113
104.501
104.743
106.887
107.457
107.487
104.270
105.243
105.801
107.977
108.491
108.586
99.651
107.650
109.723
7
8
9
10
102.973
103.345
101.930
103.935
104.391
104.790
105.293
104.581
103.637
104.106
103.255
104.462
103.911
104.534
104.342
104.617
104.166
104.816
105.632
104.477
104.502
104.836
105.643
104.501
104.987
104.972
105.554
104.730
11 105.160 105.904 104.510 105.421 104.269 105.121
108.805
1. Equals gross domestic product excluding gross value added of households and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
April 2004
S urvey
of
D-7
C u rr e n t B u sin ess
Table 1.3.4. Price Indexes for Gross Value Added by Sector
Table 1.3.5. Gross Value Added by Sector
[Index numbers, 2000=100]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted
Line
2002
2003
2002
2003
Line
IV
Gross domestic product....
Business1....................................
Nonfarm2
Farm.....
Households and institutions....
Households..............................
Nonprofit institutions serving
households3.........................
General government4................
Federal.....................................
State and local..........................
Addendum:
Gross housing value added
I
II
III
2002
2003
103.949
102.768
102.779
101.347
108.650
108.361
105.686
104.177
104.058
116.231
110.853
109.291
104.571
103.321
103.355
98.584
109.316
108.739
105.163
103.746
103.739
103.534
110.057
109.241
105.440
103.972
103.925
108.260
110.281
108.815
105.870
104.321
104.207
115.663
111.080
109.116
106.270
104.667
104.360
137.468
111.994
109.994
7
8
9
10
109.039
107.547
107.425
107.599
112.950
111.156
110.807
111.299
110.092
108.623
107.193
109.212
111.156
110.245
110.358
110.193
112.251
110.941
110.844
110.978
113.716
111.582
111.011
111.818
114.677
111.855
111.016
112.205
11 108.227 109.411 108.677 109.222 108.989 109.319 110.114
2003
IV
IV
1
2
3
4
5
6
2002
Gross domestic product....
Business1....................................
Nonfarm2
Farm.
Households and institutions....
Households...............................
Nonprofit institutions serving
households3 ........................
General government4................
Federal......................................
State and local..........................
Addendum:
Gross housing value added
II
I
III
IV
1 10,480.8 10,987.9 10,623.7 10,735.8 10,846.7 11,107.0 11,262.0
2 8,065.6 8,476.9 8,181.3 8,254.3 8,357.5 8,592.4 8,703.2
3 7,994.9 8,393.4 8,106.7 8,185.4 8,275.8 8,506.5 8,606.0
81.7
97.2
70.7
69.0
85.9
4
83.5
74.6
5 1,226.4 1,265.2 1,233.0 1,248.9 1,245.5 1,263.4 1,302.9
701.7
702.4
711.8
710.8
743.0
716.8
6
704.3
7
8
9
10
522.2
1,188.8
345.3
843.5
548.4
1,245.8
367.9
877.9
530.6
1,209.5
349.1
860.4
537.1
1,232.6
363.1
869.4
543.8
1,243.7
369.2
874.5
552.6
1,251.1
369.8
881.3
559.9
1,255.8
369.6
886.3
11
904.0
920.4
902.2
914.6
902.7
912.8
951.7
1. Equals gross domestic product excluding gross value added of households and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
1. Equals gross domestic product excluding gross value added of households and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
Table 1.3.6. Real Gross Value Added by Sector, Chained Dollars
Table 1.4.1. Percent Change From Preceding Period in Gross Domestic
Product, Gross Domestic Purchases, and Final Sales to Domestic Purchasers
[Billions of chained (2000) dollars]
[Percent]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Gross domestic product ...
Business1....................................
Nonfarm2..................................
Farm.........................................
Households and institutions....
Households..............................
Nonprofit institutions serving
households3........................
General government4................
Federal.....................................
State and local.........................
Residual.......................................
Addendum:
Gross housing value added
Seasonally adjusted at annual rates
2003
I
II
III
7
8
9
10
11
478.9
1,105.4
321.4
783.9
0.1
485.5
1,120.8
332.1
788.8
-2.7
482.0
1,113.5
325.6
787.9
-0.5
483.3
1,118.1
329.1
789.0
-0.5
484.4
1,121.1
333.1
788.0
-1.2
486.0
1,121.3
333.2
788.2
-1.1
488.3
1,122.8
332.9
789.9
-5.1
12
835.3
841.2
830.1
837.3
828.2
835.0
864.2
1. Equals gross domestic product excluding gross value added of households and institutions and of general government.
2. Equals gross domestic business value added excluding gross farm value added.
3. Equals compensation of employees of nonprofit institutions, the rental value of nonresidential fixed assets owned and
used by nonprofit institutions serving households, and rental income of persons for tenant-occupied housing owned by
nonprofit institutions.
4. Equals compensation of general government employees plus general government consumption of fixed capital.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained- dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines.
Line
IV
1 10,083.0 10,398.0 10,160.8 10,210.4 10,288.3 10,493.1 10,600.1
2 7,848.7 8,138.3 7,919.7 7,957.9 8,039.3 8,238.4 8,317.6
3 7,779.0 8,066.5 7,844.0 7,891.0 7,964.0 8,163.8 8,247.3
4
67.0
69.8
72.0
75.9
75.2
74.6
71.3
5 1,128.8 1,141.2 1,127.9 1,134.8 1,129.4 1,137.4 1,163.4
651.4
6
649.9
655.8
645.9
651.5
675.5
644.8
2002
2003
2002
IV
Gross domestic product...........
Less: Exports of goods and
services....................................
Plus: Imports of goods and
services....................................
Equals: Gross domestic
purchases................................
Less: Change in private
2003
I
II
III
IV
1
2.2
3.1
1.3
2.0
3.1
8.2
4.1
2
-2.4
2.0
-3.7
-2.0
-1.1
9.9
20.5
3
3.3
4.0
8.2
-6.8
9.1
0.8
16.4
4
2.8
3.3
2.7
1.1
4.3
7.0
4.3
6
2.4
3.4
3.1
1.8
4.5
7.2
3.6
7
1.8
3.2
1.7
3.3
8.3
3.4
s
Equals: Final sales to domestic
purchasers...............................
Addendum:
Final sales of domestic product
D-8
National Data
April 2004
Table 1.4.3. Real Gross Domestic Product, Real Gross Domestic Purchases,
and Real Final Sales to Domestic Purchasers, Quantity Indexes
Table 1.4.4. Price Indexes for Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
2002
I
IV
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..............................
Addendum:
Final sales of domestic product
Seasonally adjusted
2003
II
Line
III
92.512
94.385
92.818
92.353
92.097
94.290
2003
IV
1 102.710 105.918 103.502 104.008 104.801 106.887 107.977
2
2002
98.800
3 100.609 104.612 103.610 101.810 104.059 104.277 108.302
4 103.482 106.935 104.625 104.915 106.016 107.836 108.974
5
6 103.998 107.502 104.992 105.459 106.619 108.483 109.446
7 103.242 106.501 103.877 104.569 105.420 107.553 108.462
2002
2003
IV
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...............................
Addendum:
Final sales of domestic product
II
I
III
IV
1 103.949 105.686 104.571 105.163 105.440 105.870 106.270
2
99.273 101.354
99.964 100.842 101.044 101.434 102.094
3
96.519 100.031
97.694 100.435
99.381 100.042 100.265
4 103.374 105.327 104.065 104.934 105.031 105.496 105.847
5
6 103.379 105.362 104.077 104.968 105.062 105.531 105.888
7 103.955 105.723 104.585 105.198 105.474 105.906 106.313
Table 1.4.5. Relation of Gross Domestic Product, Gross Domestic Purchases,
and Final Sales to Domestic Purchasers
Table 1.4.6. Relation of Real Gross Domestic Product, Real Gross Domestic
Purchases, and Real Final Sales to Domestic Purchasers, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
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..............................
Addendum:
Final sales of domestic product
Line
2003
I
II
III
2
1,006.8
1,048.9
1,017.2
1,021.0
1,020.2
1,048.5
1,105.8
3
1,433.1
1,543.8
1,493.3
1508.5
1,525.7
1,539.0
1,602.0
4 10,907.1 11,482.8 11,099.9 11,223.4 11,352.2 11,597.5 11,758.2
5.4
-2.4
20.2
-0.9
-5.8
-10.5
2003
2002
IV
1 10,480.8 10,987.9 10,623.7 10,735.8 10,846.7 11,107.0 11,262.0
5
2002
IV
7.5
6 10,901.7 11,485.2 11,079.7 11,224.3 11,357.9 11,608.0 11,750.7
7 10,475.5 10,990.3 10,603.6 10,736.7 10,852.4 11,117.4 11,254.5
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...............................
Addendum:
Final sales of domestic product
2003
II
I
III
IV
1 10,083.0 10,398.0 10,160.8 10,210.4 10,288.3 10,493.1 10,600.1
2
1,014.2
1,034.7
1,017.5
1,012.4
1,009.6
1,033.7
1,083.1
3
1,484.7
1,543.8
1,529.0
1,502.5
1,535.7
1,538.9
1,598.3
4 10,551.5 10,903.6 10,668.0 10,697.6 10,809.9 10,995.4 11,111.5
5
5.7
-0.7
21.5
1.6
-4.5
-9.1
9.0
6 10,545.4 10,900.6 10,646.1 10,693.5 10,811.1 11,000.1 11,097.8
7 10,076.9 10,395.0 10,138.9 10,206.4 10,289.5 10,497.7 10,586.4
N ote. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive.
April 2004
S urvey
of
D-9
C u rr e n t B u sin ess
Table 1.5.2 Contributions to Percent Change in Real Gross Domestic Product,
Expanded Detail
Table 1.5.1 Percent Change From Preceding Period in Real
Gross Domestic Product, Expanded Detail
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2002
2003
IV
Gross domestic product....
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....................................
Gross private domestic
investment...............................
Fixed investment......................
Nonresidential.....................
Structures........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
equipment...........
Software’ ................
Other.......................
Industrial equipment....
Transportation
equipment...............
Other equipment.........
Residential............................
Change in private inventories...
Farm.....................................
Nonfarm................................
Net exports of goods and
Exports.....................................
Goods...................................
Services...............................
Imports.....................................
Goods...................................
Services...............................
Government consumption
expenditures and gross
investment...............................
Federal.....................................
National defense...................
Consumption expenditures
Gross investment.............
Nondefense..........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures...
Gross investment.................
I
Line
III
2002
2003
IV
1
2.2
3.1
1.3
2.0
3.1
8.2
4.1
2
3
4
3.4
6.5
4.4
3.1
7.4
4.4
2.2
0.3
-S.0
2.5
0.5
-4.2
3.3
17.7
15.3
6.9
28.0
39.7
3.2
0.7
-8.4
5
6
7
8
9
10.0
4.8
3.0
2.3
5.1
9.8
10.0
3.8
3.8
4.8
8.2
7.0
4.6
2.3
7.5
1.3
11.0
5.7
6.7
3.0
19.4
20.0
1.2
2.4
7.8
22.9
12.5
7.3
7.3
9.4
10.1
6.5
5.4
3.3
1.3
10
11
12
13
14
15
16
17
18
19
20
2.3
3.5
3.0
2.7
1.1
2.9
0.0
-1.7
5.7
3.8
2.1
-0.2
4.6
2.0
2.2
0.4
-0.1
0.8
-2.3
5.1
2.2
0.0
12.7
4.5
1.5
2.3
0.9
6.1
-2.0
-3.1
6.1
3.2
-3.3
4.2
5.9
1.5
2.3
1.0
0.4
1.4
0.5
5.1
0.0
-2.8
-18.6
3.6
1.7
1.8
-3.3
-12.7
3.2
-4.0
4.6
3.6
1.3
3.7
7.6
2.8
2.2
3.5
4.1
3.2
-2.2
5.0
2.6
1.9
22.5
5.8
2.8
1.5
1.2
1.1
1.3
-3.1
5.0
4.1
3.5
21
22
23
24
25
-1.2
-3.7
-7.2
-18.4
-2.8
4.2
4.4
3.0
-4.6
5.5
-0.6
2.1
-0.1
-5.6
1.7
-3.5
1.1
-0.6
-4.0
0.5
4.7
6.1
7.0
3.9
8.0
14.8
15.8
12.8
-1.8
17.6
14.9
9.9
10.9
-1.4
14.9
26
0.4
13.8
-1.5
17.3
16.8
27.1
17.2
2/
28
29
30
13.8
-2.5
-2.9
-6.2
32.7
8.9
10.0
-3.6
12.0
-3.4
-5.9
-3.1
29.2
11.6
17.4
-7.4
48.6
9.9
9.7
-1.3
53.4
15.2
26.8
1.5
31.8
14.8
12.2
-2.5
31
32
33
34
3S
36
-10.1
-1.7
4.9
-9.1
3.4
7.5
18.1
3.1
6.8
-27.4
-10.5
4.5
-7.6
4.3
4.5
-4.8
25.2
21.9
24.2
16.8
7.9
37
38
39
40
41
42
43
-2.4
-4.0
1.4
3.3
3.7
1.4
2.0
1.9
2.3
4.0
4.8
-0.1
-3.7
-9.1
9.4
8.2
7.4
12.2
-2.0
1.9
-10.1
-6.8
-6.6
-7.5
-1.1
-1.7
0.2
9.1
13.7
-10.9
9.9
8.6
12.7
0.8
-1.5
13.4
20.5
21.3
18.9
16.4
18.3
7.5
44
45
46
47
48
49
50
51
52
53
54
3.8
7.9
8.9
8.4
11.7
6.2
6.1
7.0
1.8
1.4
3.4
3.3
8.7
10.6
11.0
7.8
5.3
5.5
4.1
0.5
0.7
-0.4
7.1
18.2
22.1
28.2
-12.6
11.4
13.7
-2.6
1.5
1.9
-0.3
-0.4
-0.2
-5.6
-4.8
-11.2
10.5
12.8
-4.1
-0.5
0.6
-4.9
7.4
23.5
41.9
41.9
42.1
-5.0
-11.7
53.7
-0.8
-0.5
-2.2
1.8
1.2
-1.3
-4.7
26.4
6.5
11.9
-22.8
2.1
-0.3
12.2
-0.1
0.7
3.0
4.8
-9.1
-3.7
-6.1
14.1
-0.5
0.4
-4.4
1. Excludes software “embedded,” or bundled, in computers and other equipment.
II
2002
2003
IV
Percent change at annual rate:
Gross domestic product....
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.....................................
Gross private domestic
investment...............................
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............................
Change in private inventories...
Farm.....................................
Nonfarm................................
Net exports of goods and
services
Exporls
Goods
Services
Imports
Goods
Services
Government consumption
expenditures and gross
investment...............................
Federal......................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense..........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures...
Gross investment.................
II
I
III
IV
1
2.2
3.1
1.3
2.0
3.1
8.2
4.1
2
3
4
2.38
0.55
0.18
2.22
0.61
0.17
1.57
0.02
-0.33
1.80
0.04
-0.16
2.34
1.38
0.54
4.89
2.23
1.36
2.29
0.06
-0.35
5
6
7
8
9
0.30
0.08
0.60
0.22
0.15
0.29
0.16
0.76
0.37
0.14
0.24
0.11
0.90
0.22
0.21
0.04
0.17
1.13
0.63
0.09
0.54
0.30
0.25
0.23
0.21
0.65
0.21
1.48
0.71
0.27
0.30
0.11
1.07
0.32
0.04
10
11
12
13
14
15
16
17
18
19
20
0.04
0.20
1.23
0.29
0.04
0.04
0.00
-0.05
0.63
0.11
0.20
0.00
0.26
0.85
0.24
0.02
0.00
0.02
-0.07
0.59
0.06
0.00
0.21
0.25
0.65
0.25
0.04
0.09
-0.05
-0.09
0.69
0.09
-0.33
0.08
0.33
0.63
0.26
0.04
0.01
0.03
0.01
0.59
0.00
-0.28
-0.40
0.20
0.71
0.20
-0.13
-0.21
0.08
-0.11
0.53
0.10
0.13
0.07
0.43
1.19
0.25
0.14
0.06
0.08
-0.06
0.60
0.08
0.19
0.39
0.33
1.16
0.17
0.05
0.02
0.03
-0.08
0.58
0.12
0.33
21
22
23
24
25
-0.18
-0.60
-0.82
-0.59
-0.23
0.64
0.67
0.30
-0.12
0.42
-0.09
0.31
-0.01
-0.14
0.13
-0.57
0.16
-0.06
-0.10
0.04
0.73
0.90
0.68
0.09
0.59
2.17
2.30
1.25
-0.04
1.30
2.19
1.48
1.08
-0.03
1.11
26
0.02
0.54
-0.06
0.64
0.64
1.05
0.70
27
28
29
30
0.11
-0.04
-0.05
-0.09
0.24
0.14
0.16
-0.05
0.09
-0.06
-0.10
-0.04
0.21
0.18
0.26
-0.10
0.33
0.15
0.15
-0.02
0.39
0.24
0.41
0.02
0.26
0.23
0.20
-0.03
31
32
33
34
35
36
-0.14
-0.02
0.23
0.41
-0.03
0.44
-0.11
0.04
0.36
-0.03
0.02
-0.05
0.20
0.04
0.32
-0.40
-0.02
-0.38
-0.37
-0.13
0.22
-0.74
0.15
-0.88
-0.09
0.05
0.22
-0.17
-0.09
-0.08
-0.05
0.28
1.05
-0.13
-0.03
-0.10
0.25
0.20
0.40
0.71
0.10
0.61
37
38
39
40
41
42
43
-0.70
-0.24
-0.29
0.04
-0.45
-0.42
-0.03
-0.35
0.20
0.13
0.07
-0.55
-0.55
0.00
-1.47
-0.37
-0.64
0.27
-1.10
-0.83
-0.27
0.81
-0.19
0.13
-0.31
1.00
0.81
0.19
-1.34
-0.11
-0.11
0.01
-1.24
-1.51
0.27
0.80
0.92
0.56
0.36
-0.12
0.18
-0.30
-0.32
1.81
1.29
0.52
-2.14
-1.96
-0.17
44
45
46
47
48
49
50
51
52
53
54
0.69
0.48
0.35
0.29
0.06
0.14
0.12
0.02
0.21
0.13
0.08
0.62
0.56
0.44
0.40
0.04
0.12
0.11
0.01
0.06
0.06
-0.01
1.29
1.11
0.85
0.93
-0.07
0.26
0.26
0.00
0.18
0.19
-0.01
-0.07
-0.01
-0.25
-0.19
-0.06
0.24
0.25
-0.01
-0.06
0.06
-0.12
1.36
1.46
1.58
1.39
0.19
-0.12
-0.26
0.14
-0.10
-0.05
-0.05
0.34
0.09
-0.06
-0.20
0.13
0.15
0.23
-0.08
0.25
-0.02
0.27
-0.01
0.05
0.13
0.19
-0.05
-0.09
-0.13
0.04
-0.06
0.04
-0.10
1. Excludes software “embedded," or bundled, in computers and other equipment.
April 2004
National Data
D-10
Table 1.5.3 Real Gross Domestic Product, Expanded Detail, Quantity Indexes
Table 1.5.4 Price Indexes for Gross Domestic Product, Expanded Detail
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted
Line
2002
2003
2002
I
IV
Gross domestic product....
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....................................
Gross private domestic
investment...............................
Fixed investment.......................
Nonresidential.....................
Structures.........................
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
equipment...........
Software’ ................
Other........................
Industrial equipment....
Transportation
equipment...............
Other equipment.........
Residential............................
Change in private inventories...
Line
2003
II
III
1 102.710 105.918 103.502 104.008 104.801 106.887 107.977
2 105.951 109.286 106.819 107.489 108.378 110.197 111.081
3 110.868 119.017 111.638 111.779 116.420 123.834 124.037
4 109.522 114.327 108.395 107.228 111.116 120.794 118.170
5
6
7
8
9
116.544
103.870
104.949
103.573
107.183
127.930
114.305
108.926
107.513
112.335
119.356
105.576
105.885
104.188
108.622
119.740
108.357
107.358
105.885
109.416
125.172
113.405
107.685
106.508
111.495
131.794
116.799
109.607
108.390
114.037
135.013
118.658
111.053
109.271
114.393
10
11
12
13
14
15
16
17
18
19
20
104.060
106.466
105.420
105.508
101.117
101.352
100.959
97.774
110.250
106.169
103.935
103.852
111.406
107.555
107.860
101.565
101.285
101.761
95.511
115.895
108.504
103.953
104.974
107.690
106.276
106.487
101.418
103.198
100.329
96.582
112.462
107.184
103.968
106.047
109.252
106.664
107.106
101.675
103.302
100.678
96.697
113.880
107.180
103.237
100.743
110.227
107.115
107.581
100.838
99.842
101.483
95.714
115.157
108.124
103.570
101.664
112.274
107.849
108.173
101.717
100.859
102.274
95.188
116.563
108.812
104.058
106.953
113.870
108.591
108.580
102.029
101.136
102.609
94.445
117.981
109.898
104.946
21
22
23
24
25
90.580
93.258
88.683
79.492
92.144
94.386
97.392
91.349
75.828
97.234
91.953
93.718
88.378
76.304
92.927
91.135
93.968
88.248
75.523
93.047
92.186
95.378
89.751
76.244
94.851
26
98.211
95.424 98.800
98.932 101.290
92.485 94.913
75.906 75.638
98.779 102.260
111.782 100.115 104.182 108.297 114.996 119.651
2 / 116.477 154.536 124.706 132.950 146.791 163.361 175.043
28 95.068 103.548 96.336 99.021 101.393 105.045 108.734
29 93.181 102.500 93.191 96.996 99.259 105.335 108.411
30 85.452 82.338 84.117 82.516 82.247 82.554 82.035
31 79.729 72.482 79.073 73.002 71.581 70.701 74.644
32 94.721 97.922 96.101 93.460 94.445 99.913 103.869
33 105.228 113.073 107.629 108.828 110.021 115.616 117.827
14
'V\
16
2002
2003
IV
Gross domestic product....
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.....................................
Gross private domestic
investment...............................
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............................
Change in private inventories...
Farm.....................................
I
II
III
IV
1 103.949 105.686 104.571 105.163 105.440 105.870 106.270
2 103.429 105.325 104.203 104.927 105.065 105.522 105.787
3 95.208 91.682 94.136 93.074 92.147 91.207 90.298
4 98.766 95.992 97.959 97.029 96.514 95.785 94.638
5 88.778 83.538 87.082 85.873 84.212 82.409 81.659
6 99.531 97.905 99.168 98.115 97.790 98.195 97.520
7 102.075 104.179 102.789 104.079 103.529 104.488 104.618
8 104.942 106.966 105.449 105.898 106.527 107.197 108.241
9 95.405 93.047 94.734 93.555 92.642 92.816 93.174
10
11
12
13
14
15
16
17
18
19
20
90.530
104.986
105.946
107.786
103.490
104.857
102.715
102.826
106.241
106.476
105.419
105.687
105.136
109.007
110.411
107.497
113.155
104.193
105.558
109.444
109.658
108.455
95.987
105.159
107.174
108.958
104.355
105.478
103.733
103.628
107.375
107.726
107.077
109.497
104.975
108.028
109.612
106.555
110.177
104.443
103.781
108.033
108.714
108.002
102.030
104.993
108.758
110.043
107.827
114.549
103.906
105.014
109.041
109.358
108.392
107.390
105.439
109.306
110.676
107.998
114.730
104.070
106.523
109.887
110.066
108.317
103.833
105.137
109.935
111.312
107.608
113.166
104.353
106.914
110.816
110.492
109.110
21 101.119 102.064 101.259 101.586 101.589 102.093 102.988
22 101.155 102.296 101.341 101.808 101.796 102.319 103.260
23 98.859 98.669 98.658 98.579 98.293 98.678 99.124
24 106.974 109.168 107.274 108.268 108.559 109.288 110.556
25 96.121 95.275 95.781 95.404 94.961 95.251 95.483
26
91.736
88.738
90.553
89.512
89.077
88.684
87.679
2 / 70.466 62.029 66.951 64.232 62.648 61.254 59.984
28 100.279 99.307 100.067 99.417 99.439 100.013 98.360
29 96.068 95.214 95.613 95.451 95.479 95.016 94.909
30 101.049 101.877 101.279 101.552 101.683 102.058 102.216
31 99.792 103.984 101.286 102.079 100.133 103.593 110.133
32 102.272 103.296 102.653 102.996 103.344 103.488 103.355
33 107.105 111.263 108.184 109.881 110.485 111.321 113.363
34
3fi
Net exports of goods and
V
38 92.512 94.385 92.818 92.353 92.097 94.290
39 90.163 91.859 89.651 90.076 89.693 91.572
40 98.348 100.655 100.660 98.010 98.068 101.033
41 100.609 104.612 103.610 101.810 104.059 104.277
42 100.400 105.234 103.586 101.829 105.144 104.739
43 101.787 101.709 103.842 101.828 98.938 102.100
98.800
96.097
105.510
108.302
109.223
103.969
44
45
46
47
48
49
50
51
52
53
54
110.986
123.616
128.187
128.064
129.066
115.511
115.837
113.822
104.642
104.280
106.127
106.697
111.958
113.086
112.664
116.016
109.956
110.398
107.396
104.047
103.568
106.021
110.271
121.690
125.020
125.019
125.014
115.785
116.483
111.751
104.533
104.259
105.649
108.666
116.764
118.672
118.810
117.620
113.381
114.500
106.644
104.593
104.207
106.184
108.563
116.713
116.972
117.355
114.165
116.252
118.011
105.540
104.463
104.361
104.857
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2003
IV
Net exports of goods and
Exports.....................................
Goods...................................
Services...............................
Imports.....................................
Goods...................................
Services...............................
Government consumption
expenditures and gross
investment...............................
Federal.....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense..........................
Consumption expenditures
Gross investment.............
State and local..........................
Consumption expenditures...
Gross investment.................
2002
110.527
123.025
127.675
128.087
124.649
114.781
114.406
117.511
104.248
104.231
104.288
111.008
123.406
127.247
126.569
132.174
116.596
117.676
110.132
104.779
104.165
107.326
Exports.....................................
Goods...................................
Services................................
Imports......................................
Goods...................................
Services................................
Government consumption
expenditures and gross
investment...............................
Federal......................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local.........................
Consumption expenditures...
Gross investment.................
:v
38 99.273 101.354 99.964 100.842 101.044
39 98.668 100.677 99.311 100.159 100.589
40 100.740 102.985 101.543 102.491 102.166
41 96.519 100.031 97.694 100.435 99.381
42 95.345 98.114 96.364 99.086 97.353
43 102.665 110.249 104.681 107.525 110.212
101.434
100.529
103.587
100.042
97.972
111.108
102.094
101.431
103.697
100.265
98.047
112.150
44
45
46
47
48
49
50
51
52
53
54
108.433
107.755
107.654
109.057
98.417
107.942
109.218
100.226
108.778
109.456
106.056
108.635
107.842
107.770
109.194
98.399
107.969
109.329
99.751
109.049
109.669
106.558
105.207
104.858
104.666
105.643
98.279
105.208
106.021
100.356
105.382
105.694
104.116
108.246
107.507
107.423
108.806
98.325
107.660
108.928
99.988
108.627
109.283
105.989
106.055
105.066
104.941
105.926
98.512
105.293
106.153
100.176
106.580
107.095
104.502
107.951
107.032
106.968
108.295
98.249
107.148
108.329
100.000
108.435
109.195
105.372
1. Excludes software “embedded,” or bundled, in computers and other equipment.
107.966
107.399
107.300
108.677
98.237
107.581
108.838
99.973
108.246
108.813
105.971
April 2004
S urvey
of
D-11
C u rren t B u sin ess
Table 1.5.5 Gross Domestic Product, Expanded Detail
Table 1.5.6 Real Gross Domestic Product, Expanded Detail, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2002
2003
IV
Gross domestic product....
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....................................
Gross private domestic
investment...............................
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............................
Change in private inventories...
Farm.....................................
Nonfarm................................
Net exports of goods and
services...................................
Exports.....................................
Goods...................................
Services...............................
Imports.....................................
Goods...................................
Services...............................
Government consumption
expenditures and gross
investment...............................
Federal.....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense..........................
Consumption expenditures
Gross investment.............
State and local..........................
Consumption expenditures...
Gross investment.................
I
Line
III
2002
2003
2
3
4
7,385.3
911.3
418.1
7,757.4
941.6
424.0
7,501.2
907.3
410.4
7,600.7
898.2
402.1
7,673.6
926.2
414.5
7,836.3
975.1
447.2
7,919.1
967.0
432.2
5
6
7
8
9
323.7
169.4
2,086.0
1,005.6
304.4
334.2
183.4
2,209.7
1,064.1
311.2
325.3
171.6
2,119.2
1,016.4
306.4
321.8
174.3
2,175.7
1,037.4
304.8
329.9
181.8
2,170.8
1,049.7
307.5
339.9
188.0
2,230.0
1,074.9
315.1
345.1
189.7
2,262.2
1,094.2
317.3
10
11
12
13
14
15
16
17
18
19
20
180.4
595.6
4,388.0
1,144.6
408.2
152.3
255.9
292.8
1,202.7
303.3
1,036.4
193.0
210.3
603.4
624.1
4,606.2 4,474.7
1,198.5 1,167.7
412.9
425.9
164.2
156.0
261.7
256.9
291.5
293.6
1,302.4 1,239.8
319.2
309.7
1,066.5 1,053.0
222.4
611.1
4,526.8
1,181.5
422.6
163.1
259.5
292.3
1,263.1
312.6
1,054.7
196.9
616.7
4,576.6
1,191.4
424.2
163.9
260.3
292.8
1,289.2
317.2
1,061.9
209.2
630.8
4,631.2
1,204.9
428.5
165.8
262.7
295.3
1,315.1
321.3
1,066.2
212.7
637.9
4,689.9
1,216.4
428.3
164.0
264.3
294.1
1,342.3
325.7
1,083.1
21
22
23
24
25
1,589.2
1,583.9
1,080.2
266.3
813.9
1,670.6
1,673.0
1,110.6
259.2
851.3
1,614.7
1,594.6
1,074.3
256.3
817.9
1,605.3
1,606.2
1,071.8
256.1
815.8
1,624.3
1,630.1
1,086.9
259.2
827.7
1,689.1
1,699.5
1,124.4
259.8
864.6
1,763.5
1,756.0
1,159.2
261.9
897.3
26
421.3
463.8
424.1
436.2
451.2
477.0
490.7
27
28
29
30
83.3
167.9
170.1
137.5
97.2
181.1
185.4
133.6
84.9
169.8
169.3
135.6
86.8
173.4
175.9
133.4
93.5
177.6
180.1
133.2
101.8
185.1
190.2
134.1
106.8
188.4
195.5
133.5
31
32
33
34
35
36
128.0
127.1
503.7
5.4
-3.4
8.7
121.3
132.7
562.4
-2.4
-2.3
-0.1
128.8
129.4
520.3
20.2
-4.8
25.0
119.8
126.3
534.4
-0.9
0.2
-1.2
115.3
128.1
543.2
-5.8
-2.7
-3.0
117.8
135.7
575.1
-10.5
-4.3
-6.2
132.2
140.9
596.9
7.5
-2.3
9.8
37
38
39
40
41
42
43
-426.3
1,006.8
697.8
309.1
1,433.1
1,190.3
242.7
-495.0
1,048.9
725.5
323.4
1,543.8
1,283.3
260.5
-476.1
1,017.2
698.3
318.8
1,493.3
1,240.8
252.5
-487.6
1,021.0
707.6
313.3
1,508.5
1,254.2
254.3
-505.5
1,020.2
707.7
312.5
1,525.7
1,272.4
253.3
-490.6
1,048.5
722.1
326.4
1,539.0
1,275.6
263.5
-496.2
1,105.8
764.5
341.3
1,602.0
1,331.2
270.8
44
45
46
47
48
49
50
b1
52
53
54
1,932.5
679.5
438.3
382.7
55.7
241.2
208.1
33.0
1,253.1
1,004.6
248.4
2,054.8
757.2
497.3
437.3
60.0
259.9
225.6
34.3
1,297.6
1,045.6
252.0
1,983.9
710.0
461.1
404.6
56.6
248.9
216.1
32.7
1,273.9
1,024.2
249.7
2,017.4
723.0
463.3
408.6
54.7
259.7
227.3
32.4
1,294.5
1,045.8
248.7
2,054.2
764.7
507.3
447.5
59.8
257.4
221.4
36.0
1,289.6
1,040.9
248.7
2,072.1
769.6
507.2
443.7
63.5
262.4
228.5
33.8
1,302.5
1,046.3
256.2
2,075.6
771.5
511.5
449.5
62.0
260.0
225.2
34.8
1,304.0
1,049.5
254.5
2002
IV
IV
1 10,480.8 10,987.9 10,623.7 10,735.8 10,846.7 11,107.0 11,262.0
1. Excludes software “embedded," or bundled, in computers and other equipment.
II
Gross domestic product....
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.....................................
Gross private domestic
investment...............................
Fixed investment
Nonresidential......................
Structures
Equipment and software...
Information processing
equipment and
software...................
Computers and
peripheral
Software2.................
Other........................
Industrial equipment....
Transportation
equipment................
Other equipment..........
Residential............................
Change in private inventories...
Farm.....................................
Nonfarm................................
Net exports of goods and
services...................................
Exports.....................................
Goods...................................
Services................................
Imports......................................
Goods...................................
Services................................
Government consumption
expenditures and gross
investment...............................
Federal......................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense.........................
Consumption expenditures
Gross investment.............
State and local..........................
Consumption expenditures...
Gross investment.................
Residual........................................
2003
I
II
III
IV
1 10,083.0 10,398.0 10,160.8 10,210.4 10,288.3 10,493.1 10,600.1
2
3
4
7,140.4
957.2
423.3
7,365.2
1,027.5
441.9
7,198.9
963.8
419.0
7,244.1
965.0
414.5
7,304.0
1,005.1
429.5
7,426.6
1,069.1
466.9
7,486.2
1,070.8
456.7
5
6
7
8
9
364.7
170.2
2,043.6
958.2
319.1
400.3
187.3
2,121.0
994.7
334.4
373.5
173.0
2,061.8
963.9
323.4
374.7
177.6
2,090.5
979.6
325.7
391.7
185.9
2,096.9
985.4
331.9
412.4
191.4
2,134.3
1,002.8
339.5
422.5
194.5
2,162.4
1,010.9
340.6
10
11
12
13
14
15
16
17
18
19
20
199.3
567.3
4,141.8
1,061.9
394.5
145.2
249.2
284.8
1,132.1
284.8
983.2
198.9
593.6
4,225.7
1,085.6
396.2
145.1
251.2
278.2
1,190.0
291.1
983.3
201.0
573.8
4,175.4
1,071.7
395.6
147.9
247.6
281.3
1,154.8
287.5
983.5
203.1
582.2
4,190.7
1,078.0
396.6
148.0
248.5
281.6
1,169.3
287.5
976.6
192.9
587.4
4,208.4
1,082.8
393.4
143.1
250.5
278.8
1,182.4
290.1
979.7
194.7
598.3
4,237.2
1,088.7
396.8
144.5
252.4
277.2
1,196.9
291.9
984.3
204.8
606.8
4,266.4
1,092.8
398.0
144.9
253.2
275.1
1,211.4
294.8
992.7
21
22
23
24
25
1,572.0
1,565.8
1,092.6
249.0
846.7
1,638.0
1,635.2
1,125.5
237.5
893.5
1,595.8
1,573.5
1,088.9
239.0
853.9
1,581.6
1,577.7
1,087.3
236.5
855.0
1,599.9
1,601.4
1,105.8
238.8
871.6
1,656.1
1,661.0
1,139.5
237.7
907.7
1,714.6
1,700.6
1,169.4
236.9
939.7
26
459.3
522.7
468.2
487.2
506.4
537.7
559.5
9!
28
29
30
167.5
177.1
136.1
182.4
194.8
131.1
169.7
177.1
133.9
174.4
184.3
131.4
178.6
188.6
131.0
185.0
200.2
131.4
191.5
206.0
130.6
31
32
33
34
35
36
128.2
124.3
470.3
5.7
-3.3
9.3
116.6
128.5
505.3
-0.7
-1.1
0.5
127.2
126.1
481.0
21.5
-3.5
25.4
117.4
122.6
486.4
1.6
1.2
0.3
115.1
123.9
491.7
-4.5
-2.0
-2.4
113.7
131.1
516.7
-9.1
-2.8
-5.9
120.1
136.3
526.6
9.0
-0.7
10.0
37
38
39
40
41
42
43
-470.6
1,014.2
707.2
306.8
1,484.7
1,248.4
236.4
-509.1
1,034.7
720.5
314.0
1,543.8
1,308.6
236.3
-511.5
1,017.5
703.2
314.0
1,529.0
1,288.1
241.2
-490.0
1,012.4
706.5
305.7
1,502.5
1,266.2
236.5
-526.0
1,009.6
703.5
305.9
1,535.7
1,307.4
229.8
-505.2
1,033.7
718.2
315.2
1,538.9
1,302.4
237.2
-515.2
1,083.1
753.7
329.1
1,598.3
1,358.2
241.5
44
45
46
47
48
49
50
51
52
53
54
55
1,836.9
648.0
418.8
362.2
56.6
229.2
196.3
32.9
1,189.1
950.5
238.6
-3.3
1,898.4
704.3
463.0
401.9
61.0
241.4
207.1
34.3
1,194.6
956.9
237.8
-18.6
1,870.8
675.8
439.5
382.0
57.4
236.4
203.6
32.7
1,195.3
956.4
239.0
-2.5
1,869.0
675.5
433.2
377.3
55.7
242.4
209.9
32.4
1,193.8
957.8
236.0
-4.5
1,902.8
712.0
472.8
411.8
60.8
239.3
203.4
36.0
1,191.4
956.6
234.7
-11.5
1,911.1
714.3
471.2
406.9
64.5
243.1
209.3
33.8
1,197.4
956.0
241.5
-27.4
1,910.7
715.5
474.7
411.7
63.0
240.8
206.0
34.9
1,195.9
957.1
238.8
-31.1
1. The quantity index for computers can be used to accurately measure the real growth of this component. However,
because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates
should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate
series; accurate estimates of these contributions are shown in table 1.5.2 and real growth rates are shown in table 1.5.1.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
N ote . The residual line is the difference between the first line and the sum of the most detailed lines.
D-12
April 2004
National Data
Table 1.6.4. Price Indexes for Gross
Domestic Purchases
Table 1.6.7. Percent Change From Preceding Period in Prices for Gross
Domestic Purchases
[Index numbers, 2000=100]
[Percent]
Seasonally adjusted
Line
2002
2003
2002
IV
Gross domestic purchases...
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....................................
Gross private domestic
investment...............................
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............................
Change in private inventories...
Farm.....................................
Nonfarm................................
Government consumption
expenditures and gross
investment...............................
Federal.....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense..........................
Consumption expenditures
Gross investment.............
State and local..........................
Consumption expenditures
Gross investment.............
Addenda:
Final sales of computers to
domestic purchasers2.........
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers............................
Food.........................................
Energy goods and services.....
Gross domestic purchases
excluding food and energy....
Gross domestic product..........
Gross domestic product
excluding final sales of
computers...................
Food.................................
Energy goods and
services.......................
Gross domestic product
excluding food and
energy..........................
Final sales of domestic product
Final sales to domestic
purchasers............................
I
II
Line
III
2 103.429 105.325 104.203 104.927 105.065 105.522 105.787
3 95.208 91.682 94.136 93.074 92.147 91.207 90.298
4 98.766 95.992 97.959 97.029 96.514 95.785 94.638
5 88.778 83.538 87.082 85.873 84.212 82.409 81.659
6 99.531 97.905 99.168 98.115 97.790 98.195 97.520
7 102.075 104.179 102.789 104.079 103.529 104.488 104.618
8 104.942 106.966 105.449 105.898 106.527 107.197 108.241
9 95.405 93.047 94.734 93.555 92.642 92.816 93.174
10
11
12
13
14
15
16
17
18
19
20
90.530
104.986
105.946
107.786
103.490
104.857
102.715
102.826
106.241
106.476
105.419
105.687
105.136
109.007
110.411
107.497
113.155
104.193
105.558
109.444
109.658
108.455
95.987
105.159
107.174
108.958
104.355
105.478
103.733
103.628
107.375
107.726
107.077
109.497
104.975
108.028
109.612
106.555
110.177
104.443
103.781
108.033
108.714
108.002
102.030
104.993
108.758
110.043
107.827
114.549
103.906
105.014
109.041
109.358
108.392
107.390
105.439
109.306
110.676
107.998
114.730
104.070
106.523
109.887
110.066
108.317
103.833
105.137
109.935
111.312
107.608
113.166
104.353
106.914
110.816
110.492
109.110
21 101.119 102.064 101.259 101.586 101.589 102.093 102.988
22 101.155 102.296 101.341 101.808 101.796 102.319 103.260
23 98.859 98.669 98.658 98.579 98.293 98.678 99.124
24 106.974 109.168 107.274 108.268 108.559 109.288 110.556
25 96.121 95.275 95.781 95.404 94.961 95.251 95.483
26
91.736
88.738
90.553
89.512
89.077
88.684
2002
2003
IV
1 103.374 105.327 104.065 104.934 105.031 105.496 105.847
87.679
2/ 70.466 62.029 66.951 64.232 62.648 61.254 59.984
28 100.279 99.307 100.067 99.417 99.439 100.013 98.360
29 96.068 95.214 95.613 95.451 95.479 95.016 94.909
30 101.049 101.877 101.279 101.552 101.683 102.058 102.216
31 99.792 103.984 101.286 102.079 100.133 103.593 110.133
32 102.272 103.296 102.653 102.996 103.344 103.488 103.355
33 107.105 111.263 108.184 109.881 110.485 111.321 113.363
34
35
3fi
3/
38
39
40
41
42
43
44
45
46
47
105.207
104.858
104.666
105.643
98.279
105.208
106.021
100.356
105.382
105.694
104.116
108.246
107.507
107.423
108.806
98.325
107.660
108.928
99.988
108.627
109.283
105.989
106.055
105.066
104.941
105.926
98.512
105.293
106.153
100.176
106.580
107.095
104.502
107.951
107.032
106.968
108.295
98.249
107.148
108.329
100.000
108.435
109.195
105.372
107.966
107.399
107.300
108.677
98.237
107.581
108.838
99.973
108.246
108.813
105.971
108.433
107.755
107.654
109.057
98.417
107.942
109.218
100.226
108.778
109.456
106.056
108.635
107.842
107.770
109.194
98.399
107.969
109.329
99.751
109.049
109.669
106.558
48
65.658
56.160
61.613
58.959
56.985
54.951
53.744
49 103.971 106.156 104.752 105.691 105.832 106.355 106.745
50 104.841 106.813 105.274 105.751 106.384 107.042 108.074
51 96.072 108.741 99.863 110.972 106.843 109.714 107.436
52 103.557 105.023 104.132 104.585 104.811 105.151 105.544
53 103.949 105.686 104.571 105.163 105.440 105.870 106.270
54 104.462 106.386 105.164 105.806 106.120 106.597 107.022
55 105.072 107.293 105.570 105.993 106.771 107.501 108.907
56 101.024 109.833 102.436 107.947 109.705 112.103 109.576
b/ 103.928 105.381 104.537 104.987 105.162 105.498 105.878
58 103.955 105.723 104.585 105.198 105.474 105.906 106.313
59 103.379 105.362 104.077 104.968 105.062 105.531 105.888
1. Excludes software “embedded," or bundled, In computers and other equipment.
2. For some components of final sales of computers, includes computer parts.
Seasonally adjusted at annual rates
2003
2002
2003
IV
Gross domestic purchases....
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.....................................
Gross private domestic
investment...............................
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............................
Change in private inventories...
Nonfarm................................
Government consumption
expenditures and gross
investment...............................
Federal......................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense..........................
Consumption expenditures
Gross investment.............
State and local..........................
Consumption expenditures
Gross investment.............
Addenda:
Final sales of computers to
domestic purchasers2..........
Gross domestic purchases
excluding finai sales of
computers to domestic
purchasers...........................
Food..........................................
Energy goods and services.....
Gross domestic purchases
excluding food and energy....
Gross domestic product...........
Gross domestic product
excluding final sales of
computers....................
Food..................................
Energy goods and
services.......................
Gross domestic product
excluding food and
energy..........................
Final sales of domestic product
Final sales to domestic
purchasers...........................
I
II
III
IV
1
1.4
1.9
1.7
3.4
0.4
1.8
1.3
2
3
4
1.4
-2.9
-1.6
1.8
-3.7
-2.8
1.7
-3.0
-2.0
2.8
-4.4
-3.7
0.5
-3.9
-2.1
1.8
-4.0
-3.0
1.0
-3.9
-4.7
5
6
7
8
9
-5.7
-0.8
0.5
1.9
-2.7
-5.9
-1.6
2.1
1.9
-2.5
-5.3
-1.0
1.0
1.7
-1.4
-5.4
-4.2
5.1
1.7
-4.9
-7.5
-1.3
-2.1
2.4
-3.8
-8.3
1.7
3.8
2.5
0.8
-3.6
-2.7
0.5
4.0
1.6
10
11
12
13
14
15
16
17
18
19
20
-6.4
2.2
2.7
3.8
-0.9
-5.2
1.9
1.3
2.5
3.0
3.5
16.7
0.1
2.9
2.4
3.9
7.9
1.4
2.7
3.0
3.0
2.9
9.4
-1.5
3.1
2.9
1.9
2.3
1.7
3.0
3.1
2.8
3.8
69.3
-0.7
3.2
2.4
8.7
19.0
2.8
0.6
2.5
3.7
3.5
-24.6
0.1
2.7
1.6
4.9
16.8
-2.0
4.8
3.8
2.4
1.5
22.7
1.7
2.0
2.3
0.6
0.6
0.6
5.9
3.1
2.6
-0.3
-12.6
-1.1
2.3
2.3
-1.4
-5.3
1.1
1.5
3.4
1.6
3.0
21
22
23
24
25
0.0
0.1
-0.9
1.4
-1.7
0.9
1.1
-0.2
2.1
-0.9
1.6
1.7
0.4
1.1
0.2
1.3
1.9
-0.3
3.8
-1.6
0.0
0.0
-1.2
1.1
-1.8
2.0
2.1
1.6
2.7
1.2
3.6
3.7
1.8
4.7
1.0
26
-3.8
-3.3
-3.4
-4.5
-1.9
-1.8
-4.5
2/
28
29
30
-14.2
-0.7
-1.5
0.3
0.0
0.0
-0.9
0.8
-12.8
-0.6
-1.1
0.3
-15.3
-2.6
-0.7
1.1
-9.5
0.1
0.1
0.5
-8.6
2.3
-1.9
1.5
0.0
0.0
-0.4
0.6
31
32
33
34
35
36
0.7
0.8
2.4
4.2
1.0
3.9
12.6
1.0
4.5
3.2
1.3
6.4
-7.4
1.4
2.2
14.6
0.6
3.1
27.7
-0.5
7.5
3/
38
39
40
41
42
43
44
45
46
47
2.6
2.7
2.5
2.9
-0.7
3.2
3.9
-0.5
2.5
2.6
1.9
2.9
2.5
2.6
3.0
0.0
2.3
2.7
-0.4
3.1
3.4
1.8
1.8
-0.5
-0.6
-0.7
0.6
-0.4
-0.5
0.0
3.0
3.7
0.4
7.3
7.7
8.0
9.3
-1.1
7.2
8.5
-0.7
7.1
8.1
3.4
0.1
1.4
1.2
1.4
0.0
1.6
1.9
-0.1
-0.7
-1.4
2.3
1.7
1.3
1.3
1.4
0.7
1.3
1.4
1.0
2.0
2.4
0.3
0.7
0.3
0.4
0.5
-0.1
0.1
0.4
-1.9
1.0
0.8
1.9
48
-17.2
-14.5
-17.1
-16.1
-12.7
-13.5
-8.5
49
50
51
1.6
1.9
-6.0
2.1
1.9
13.2
2.0
1.7
7.7
3.6
1.8
52.5
0.5
2.4
-14.1
2.0
2.5
11.2
1.5
3.9
-8.1
52
53
1.7
1.5
1.4
1.7
1.5
1.7
1.8
2.3
0.9
1.1
1.3
1.6
1.5
1.5
54
55
1.8
1.9
1.8
2.1
1.9
1.5
2.5
1.6
1.2
3.0
1.8
2.8
1.6
5.3
56
-7.8
8.7
7.0
23.3
6.7
9.0
-8.7
b/
58
1.8
1.5
1.4
1.7
1.6
1.8
1.7
2.4
0.7
1.1
1.3
1.6
1.4
1.5
59
1.4
1.9
1.7
3.5
0.4
1.8
1.4
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2. For some components of final sales of computers, includes computer parts.
April 2004
S urvey
of
D-13
C u rr e n t B u sin ess
Table 1.6.8. Contributions to Percent Change in the Gross Domestic
Purchases Price Index
Table 1.7.1. Percent Change from Preceding Period in Real Gross Domestic
Product, Real Gross National Product, and Real Net National Product
[Percent]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Percent change at annual rate:
Gross domestic purchases...
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....................................
Gross private domestic
investment...............................
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............................
Change in private inventories
Farm.....................................
Nonfarm................................
Government consumption
expenditures and gross
investment...............................
Federal.....................................
National defense..................
Consumption expenditures
Gross investment.............
Nondefense..........................
Consumption expenditures
Gross investment.............
State and local..........................
Consumption expenditures
Gross investment.............
Addenda:
Final sales of computers to
domestic purchasers2 .........
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers............................
Food.........................................
Energy goods and services.....
Gross domestic purchases
excluding food and energy....
I
II
III
Line
IV
2002
2003
2002
IV
1
1.4
1.9
1.7
3.4
0.4
1.8
1.3
2
3
4
0.92
-0.25
-0.06
1.22
-0.23
-0.08
1.16
-0.25
-0.07
1.87
-0.37
-0.14
0.29
-0.33
-0.08
1.18
-0.34
-0.11
0.68
-0.33
-0.18
5
6
7
8
9
-0.18
-0.01
0.10
0.18
-0.08
-0.13
-0.02
0.25
0.13
-0.05
-0.16
-0.01
0.19
0.15
-0.04
-0.16
-0.07
0.96
0.16
-0.14
-0.23
-0.02
-0.42
0.22
-0.11
-0.25
0.03
0.71
0.23
0.02
-0.11
-0.04
0.10
0.36
0.04
10
11
12
13
14
15
16
17
18
19
20
-0.12
0.12
1.07
0.39
-0.03
-0.08
0.04
0.03
0.27
0.08
0.33
0.17
0.00
1.21
0.27
0.14
0.11
0.04
0.07
0.35
0.09
0.29
0.15
-0.08
1.22
0.30
0.07
0.03
0.04
0.08
0.34
0.08
0.35
0.98
-0.04
1.28
0.25
0.31
0.25
0.06
0.02
0.27
0.10
0.33
-0.53
0.00
1.05
0.16
0.17
0.22
-0.05
0.12
0.41
0.06
0.13
0.36
0.09
0.81
0.24
0.02
0.01
0.01
0.15
0.35
0.07
-0.03
-0.24
-0.06
0.92
0.24
-0.05
-0.08
0.02
0.04
0.38
0.04
0.27
21
22
23
24
25
0.01
0.01
-0.10
0.04
-0.13
0.15
0.16
-0.03
0.05
-0.08
0.24
0.25
0.04
0.03
0.02
0.24
0.26
-0.03
0.09
-0.12
0.07
-0.01
-0.11
0.02
-0.14
0.29
0.30
0.15
0.06
0.09
0.52
0.54
0.18
0.10
0.07
26
-0.16
-0.15
-0.13
-0.18
-0.08
-0.07
27
28
29
30
-0.12
-0.01
-0.02
0.00
-0.12
-0.02
-0.02
0.01
-0.11
-0.01
-0.02
0.00
-0.13
-0.04
-0.01
0.01
-0.08
0.00
0.00
0.01
-0.08
0.04
-0.03
0.02
-0.07
-0.11
-0.01
0.01
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.........................
Government.................
General government.
Government
enterprises..........
Equals: Net national product....
Addenda:
Gross domestic income1.........
Gross national income2...........
Net domestic product...............
Net domestic income3.............
0.01
0.01
0.11
0.00
0.00
0.00
0.05
0.01
0.19
-0.01
0.02
-0.03
0.13
0.01
0.21
-0.01
0.00
-0.01
0.03
0.02
0.29
-0.02
0.05
-0.08
-0.08
0.02
0.10
0.07
0.06
0.01
0.14
0.01
0.15
-0.01
0.00
-0.01
0.26
-0.01
0.37
-0.02
-0.01
-0.01
37
38
39
40
41
42
43
44
45
46
47
0.44
0.16
0.09
0.10
0.00
0.07
0.07
0.00
0.28
0.24
0.04
0.51
0.15
0.10
0.10
0.00
0.05
0.05
0.00
0.36
0.32
0.04
0.31
-0.03
-0.02
-0.03
0.00
-0.01
-0.01
0.00
0.35
0.34
0.01
1.27
0.48
0.32
0.32
-0.01
0.16
0.16
0.00
0.79
0.72
0.07
0.01
0.09
0.05
0.05
0.00
0.04
0.04
0.00
-0.08
-0.13
0.05
0.31
0.09
0.06
0.05
0.00
0.03
0.03
0.00
0.22
0.22
0.01
0.13
0.02
0.02
0.02
0.00
0.00
0.01
-0.01
0.11
0.07
0.04
48
-0.22
-0.18
-0.22
-0.20
-0.16
-0.18
1.60
0.17
-0.24
2.07
0.12
0.38
1.93
0.15
0.28
3.59
0.17
1.66
0.53
0.22
-0.62
1.96
0.23
0.42
1.45
0.36
-0.33
52
1.44
1.39
1.28
1.56
0.77
1.13
1.30
III
IV
2.2
3.1
1.3
2.0
3.1
8.2
4.1
2
-7.3
4.0
-6.2
-13.3
3.2
15.4
76.6
3
4
5
6
7
8
-3.6
2.1
2.1
2.2
1.5
2.3
-3.0
3.3
1.9
1.8
2.5
2.5
-29.4
2.0
3.1
3.2
2.4
2.4
0.5
1.5
1.4
1.2
2.5
2.5
-3.9
3.3
-0.9
-1.6
2.5
2.6
11.3
8.3
1.6
1.4
2.6
2.6
14.4
5.5
2.2
2.1
2.7
2.8
9
10
-2.6
2.0
2.1
3.5
2.0
1.9
2.2
1.6
2.2
3.9
2.1
9.3
2.3
6.0
11
12
13
14
1.8
1.7
2.2
1.8
2.2
2.4
3.3
2.2
0.0
0.7
1.0
-0.5
0.5
0.1
2.0
0.4
4.3
4.5
3.6
5.0
6.4
6.5
9.1
7.1
4.9
6.3
4.4
5.3
Table 1.7.3. Real Gross Domestic Product, Real Gross National Product, and
Real Net National Product, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
Line
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..........................
Government.................
General government.
Government
enterprises..........
Equals: Net national product....
Addendum:
Net domestic product...............
-0.11
49
50
51
II
1
2002
2003
2003
2002
IV
31
32
33
34
35
36
2003
I
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.
3. Net domestic income deflated by the implicit price deflator for net domestic product.
-0.19
I
II
III
IV
1 102.710 105.918 103.502 104.008 104.801 106.887 107.977
2
75.802
78.813
76.753
74.059
74.640
77.366
89.187
3
4
5
6
7
8
78.053
102.527
108.180
108.842
104.868
104.883
75.682
105.921
110.279
110.838
107.452
107.532
74.505
103.476
109.708
110.495
105.777
105.815
74.593
103.873
110.102
110.835
106.432
106.482
73.848
104.711
109.846
110.388
107.099
107.167
75.847
106.825
110.288
110.782
107.778
107.867
78.440
108.277
110.881
111.348
108.500
108.611
9 104.827 107.070 105.615 106.201 106.778 107.347 107.956
10 101.759 105.317 102.631 103.028 104.007 106.335 107.898
11 101.963 105.312 102.657 103.178 104.106 106.404 107.558
Table 1.7.4. Price Indexes for Gross Domestic Product, Gross National
Product, and Net National Product
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
2002
IV
1. Excludes software “embedded," or bundled, In computers and other equipment.
2. For some components of final sales of computers, Includes computer parts.
Seasonally adjusted at annual rates
2003
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.........................
Government.................
General government.
Government
enterprises..........
Equals: Net national product....
Addendum:
Net domestic product...............
2003
I
II
III
IV
1 103.949 105.686 104.571 105.163 105.440 105.870 106.270
2 103.131 105.199 103.800 104.754 104.895 105.442 105.705
3
4
5
6
7
8
103.486
103.936
100.284
99.939
102.071
101.777
105.164
105.684
100.062
99.477
103.101
102.667
104.242
104.556
99.780
99.277
102.395
102.081
104.913
105.156
99.828
99.277
102.695
102.291
104.869
105.438
99.884
99.277
103.040
102.622
105.231
105.872
99.918
99.277
103.248
102.827
105.643
106.268
100.618
100.079
103.424
102.930
9 103.630 105.427 104.069 104.856 105.276 105.501 106.073
10 104.461 106.496 105.245 105.926 106.240 106.732 107.085
11 104.478
105.265 105.936 106.246 106.732
D-14
National Data
April 2004
Table 1.7.5. Relation of Gross Domestic Product, Gross National Product, Net
National Product, National Income, and Personal Income
Table 1.7.6. Relation of Real Gross Domestic Product, Real Gross National
Product, and Real Net National Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
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..........................
Domestic business...
Capital
consumption
allowances......
Less: Capital
consumption
adjustment......
Households and
institutions...........
Government.................
General government.
Government
enterprises..........
Equals: Net national product....
Less: Statistical discrepancy....
Equals: National income...........
Less: Corporate profits with
inventory valuation and capital
consumption adjustments........
Taxes on production and
imports less subsidies..
Contributions for
government social
insurance.....................
Net interest and
miscellaneous
payments on assets....
Business current transfer
payments (net)............
Current surplus of
government enterprises
Wage accruals less
disbursements.............
Plus: Personal income receipts on
assets.......................................
Personal current transfer
receipts........................
Equals: Personal income..........
Addenda:
Gross domestic income...........
Gross national income.............
Gross national factor income1..
Net domestic product..............
Net domestic income...............
Net national factor income2,.
2003
2002
IV
Seasonally adjusted at annual rates
I
II
Line
III
299.1
317.3
304.8
296.8
299.5
312.1
360.7
3
277.6
273.6
266.9
269.0
266.2
274.3
284.8
4 10,502.3 11,031.6 10,661.6 10,763.7 10,880.0 11,144.8 11,337.9
5 1,288.6 1,310.9 1,300.4 1,305.7 1,303.4 1,309.1 1,325.3
6 1,077.8 1,092.7 1,087.1 1,090.4 1,086.0 1,089.9 1,104.3
7
908.2
908.4
902.6
908.0
902.8
905.1
916.6
8
1,176.6
1,272.0
1,176.4
1,175.0
1,268.9
1,309.9
1,334.1
9
274.1
363.8
268.0
266.9
366.1
404.8
417.5
10
11
12
175.2
210.8
177.6
184.5
218.2
183.7
178.7
213.3
179.7
182.4
215.3
181.2
183.2
217.4
183.0
184.8
219.2
184.5
187.7
221.0
186.0
13
14
15
16
33.2
9,213.7
-77.2
9,290.8
34.5
9,720.7
17.8
9,702.8
33.6
9,361.2
-15.7
9,376.9
34.1
9,457.9
23.2
9,434.8
34.4
9,576.6
-8.3
9,584.9
34.7
35.0
9,835.7 10,012.5
38.2
18.3
9,797.5 9,994.2
17
904.2
1,069.9
934.9
927.1
1,022.8
1,124.2
2002
2003
18
721.8
740.4
732.8
729.4
725.2
745.2
761.8
19
750.3
776.2
755.5
768.7
772.3
779.0
582.4
583.2
589.7
589.3
581.7
579.9
581.8
21
89.8
95.2
86.2
90.1
92.5
97.1
2.8
5.0
4.1
6.3
5.8
3.7
4.1
III
IV
1 10,083.0 10,398.0 10,160.8 10,210.4 10,288.3 10,493.1 10,600.1
2
290.0
301.6
293.7
283.4
285.6
296.1
341.4
256.4
3
268.3
260.1
256.1
253.8
260.7
269.6
4 10,105.0 10,439.5 10,198.5 10,237.6 10,320.2 10,528.6 10,671.7
5 1,285.0 1,309.9 1,303.1 1,307.8 1,304.8 1,310.0 1,317.1
6 1,078.5 1,098.2 1,094.8 1,098.2 1,093.8 1,097.7 1,103.3
7
211.7
208.4
209.7
213.7
206.6
211.0
212.3
176.1
177.2
8
174.5
178.9
180.7
178.3
179.5
101.2
22
II
784.7
20
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.........................
Government.................
General government.
Government
enterprises..........
Equals: Net national product....
Addenda:
Gross domestic income’ .........
Gross national income2...........
Net domestic product...............
Net domestic income3.............
I
1,205.6
9
10
32.1
8,820.5
32.8
9,128.9
32.3
8,896.1
32.5
8,930.5
32.7
9,015.4
32.8
9,217.2
33.0
9,352.7
11 10,157.3 10,381.1 10,175.8 10,188.4 10,296.2 10,456.9 10,582.8
12 10,179.2 10,422.7 10,213.5 10,215.6 10,328.0 10,492.4 10,654.4
13 8,798.5 9,087.5 8,858.4 8,903.4 8,983.4 9,181.7 9,281.3
14 8,872.4 9,070.7 8,873.3 8,881.5 8,991.3 9,146.0 9,264.2
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.
3. Net domestic income deflated by the implicit price deflator for net domestic product.
N ote. Except as noted in footnotes 1, 2 and 3, chained (2000) dollar series are calculated as the product of the chain-type
quantity index and the 2000 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.
Table 1.8.3. Command-Basis Real Gross National Product, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
23
0.0
0.0
0.0
1.4
-1.4
0.0
0.0
24
1,378.5
1,393.3
1,392.0
1,388.6
1,390.2
1,389.2
1,405.2
25
26
1,292.2
8,910.3
1,377.5
9,203.7
1,315.6
8,981.3
1,337.6
9,048.7
1,369.7
9,145.9
1,398.7
9,256.3
1,403.8
9,363.9
27 10,558.0 10,970.0 10,639.4 10,712.7 10,855.0 11,068.8 11,243.6
28 10,579.5 11,013.7 10,677.3 10,740.5 10,888.3 11,106.6 11,319.5
29 9,765.0 10,173.1 9,854.1 9,914.7 10,064.9 10,260.6 10,452.4
30 9,192.2 9,677.0 9,323.3 9,430.1 9,543.3 9,797.9 9,936.7
31 9,269.3 9,659.1 9,339.0 9,406.9 9,551.6 9,759.7 9,918.3
32 8,476.4 8,862.3 8,553.7 8,609.0 8,761.5 8,951.5 9,127.1
1. Consists of compensation of employees, proprietors' income with inventory valuation adjustment (IVA) and capital
consumption adjustment (CCAdj), rental income of persons with CCAdj, corporate profits with IVA and CCAdj, net interest and
miscellaneous payments, and consumption of fixed capital.
2. Consists of gross national factor income less consumption of fixed capital.
2003
IV
1 10,480.8 10,987.9 10,623.7 10,735.8 10,846.7 11,107.0 11,262.0
2
2002
IV
Line
2002
2003
2002
2003
IV
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
world1.......................................
Equals: Command-basis gross
national product......................
Addendum:
Percent change from preceding
period in command-basis
real gross national product...
I
II
III
IV
1 102.527 105.921 103.476 103.873 104.711 106.825 108.277
2
88.137
90.312
88.613
87.555
87.521
89.858
96.316
3
90.387
91.521
90.480
88.015
88.944
91.137
97.987
4 102.865 106.102 103.756 103.942 104.924 107.017 108.527
5
2.1
3.1
2.0
0.7
8.2
3.8
5.8
1. Exports of goods and services and income receipts deflated by the implicit price deflator for imports of goods and
services and income payments.
Table 1.8.6. Command-Basis Real Gross National Product, Chained Dollars
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
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
world1.......................................
Equals: Command-basis gross
national product......................
Addendum:
Terms of trade2........................
2003
I
II
III
IV
1 10,105.0 10,439.5 10,198.5 10,237.6 10,320.2 10,528.6 10,671.7
2
1,303.5
1,335.7
1,310.5
1,294.9
1,294.4
1,328.9
1,424.5
3
1,336.8
1,353.6
1,338.2
1,301.7
1,315.5
1,347.9
1,449.2
4 10,138.2 10,457.4 10,226.1 10,244.5 10,341.3 10,547.5 10,696.4
5 102.553 101.331
102.111 100.528 101.630 101.427 101.738
1. Exports of goods and services and income receipts deflated by the implicit price deflator for imports of goods and
sen/ices and income payments.
2. Ratio of the implicit price deflator for exports of goods and services and income receipts to the corresponding implicit
price deflator for imports divided by 100.
N ote. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive.
April 2004
S urvey
of
D-15
C u rren t B u sin ess
Table 1.10. Gross Domestic Income by Type of Income
[Billions of dollars]
Seasonally adjusted at annual rates
2002
2003
2002
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
10,558.0
6,024.3
4,979.8
4,979.8
4,971.4
8.4
0.0
1,044.5
760.1
38.2
2,523.2
2,520.3
709.0
89.8
797.7
173.0
10,970.0
6,203.4
5,100.9
5,100.9
5,092.4
8.6
0.0
1,102.4
788.7
48.2
2,715.4
2,710.5
699.3
95.2
846.9
164.2
10,639.4
6,063.3
5,004.5
5,004.5
4,996.0
8.5
0.0
1,058.8
769.5
36.7
2,542.9
2,538.7
713.4
86.2
812.2
159.0
10,712.7
6,121.3
5,040.2
5,038.8
5,030.0
8.7
1.4
1,081.2
774.2
44.7
2,556.2
2,549.9
704.7
90.1
813.5
163.2
10,855.0
6,170.0
5,076.1
5,077.4
5,069.0
8.5
-1.4
1,093.9
782.1
56.9
2,656.4
2,650.6
691.7
92.5
838.8
153.4
11,068.8
6,234.7
5,124.1
5,124.1
5,115.5
8.6
0.0
1,110.6
791.5
46.3
2,780.2
2,776.5
695.0
97.1
860.9
157.0
11,243.6
6,287.5
5,163.5
5,163.5
5,155.0
8.5
0.0
1,124.0
806.9
45.1
2,869.0
2,864.8
705.9
101.2
874.3
183.0
17
18
19
20
750.8
195.0
555.8
358.9
904.9
224.9
680.0
384.1
767.9
202.9
565.0
375.6
778.4
213.9
564.5
375.7
874.3
211.4
662.8
388.4
966.5
230.6
735.9
382.7
1,000.4
243.7
756.7
389.7
21
22
23
24
25
196.8
2.8
1,288.6
1,077.8
210.8
295.9
5.0
1,310.9
1,092.7
218.2
189.5
4.1
1,300.4
1,087.1
213.3
188.8
6.3
1,305.7
1,090.4
215.3
274.5
5.8
1,303.4
1,086.0
217.4
353.2
3.7
1,309.1
1,089.9
219.2
367.0
4.1
1,325.3
1,104.3
221.0
26
-77.2
17.8
-15.7
23.2
-8.3
38.2
18.3
Line
IV
Gross domestic income...............................................................................................................
Compensation of employees, paid......................................................................................................
Wage and salary accruals....
Disbursements................
To persons..................
To the rest of the world.
Wage accruals less disbursements
Supplements to wages and salaries
Taxes on production and imports
Less: Subsidies.....................................................................................................................................
Net operating surplus...........................................................................................................................
Private enterprises..............................................................................................................................
Net interest and miscellaneous payments, domestic industries.....................................................
Business current transfer payments (net).......................................................................................
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, domestic
industries....................................................................................................................................
Taxes on corporate income.........................................................................................................
Profits after tax with inventory valuation and capital consumption adjustments.......................
Net dividends..........................................................................................................................
Undistributed corporate profits with inventory valuation and capital consumption
adjustments........................................................................................................................
Current surplus of government enterprises........................................................................................
Consumption of fixed capital
Private.....................
Government............
Addendum:
Statistical discrepancy........................................................................................................................
2003
I
II
III
IV
16
National Data
April 2004
Table 1.12. National Income by Type of Income
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
National income.............................................................................................................................
Compensation of employees
Wage and salary accruals....
Government....................
Other................................
Supplements to wages and salaries...................................................................................................
Employer contributions for employee pension and insurance funds..............................................
Employer contributions for government social insurance...............................................................
Proprietors' income with IVA and CCAdj............................................................................................
Farm.....................................................................................................................................................
Nonfarm...............................................................................................................................................
Rental income of persons with CCAdj
Corporate profits with IVA and CCAdj
Taxes on corporate income..
Profits after tax with IVA and CCAd]
Net dividends..................
Undistributed profits with IVA and CCAdj........................................................................................
Net interest and miscellaneous payments.........................................................................................
Taxes on production and imports........................................................................................................
Less: Subsidies......................................................................................................................................
Business current transfer payments (net)
To persons (net)...............................
To government (net)........................
To the rest of the world (net)...........
Current surplus of government enterprises.......................................................................................
Cash flow:
Net cash flow with IVA and CCAdj......................................................................................................
Undistributed profits with IVA and CCAdj........................................................................................
Consumption of fixed capital...........................................................................................................
Less: Inventory valuation adjustment..................................................................................................
Equals: Net cash flow...........................................................................................................................
Addenda:
Proprietors’ income with IVA and CCAdj.............................................................................................
Farm.................................................................................................................................................
Proprietors' income with IVA.......................................................................................................
Capital consumption adjustment
Nonfarm.......................................
Proprietors’ income (without IVA and CCAdj).............................................................................
Inventory valuation adjustment
Capital consumption adjustment
Rental income of persons with CCAdj
Rental income of persons (without CCAdj)
Capital consumption adjustment.....................................................................................................
Corporate profits with IVA and CCAdj.........
Corporate profits with IVA.......................
Profits before tax (without IVA and CCAdj)
Taxes on corporate income.............
Profits after tax (without IVA and CCAdj)
Net dividends..............................
Undistributed profits (without IVA and CCAdj)....................................................................
Inventory valuation adjustment...................................................................................................
Capital consumption adjustment.....................................................................................................
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
2003
I
II
III
IV
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
9,290.8
6,019.1
4,974.6
859.9
4,114.7
1,044.5
680.4
364.1
797.7
14.3
783.4
173.0
904.2
195.0
709.1
398.3
310.8
582.4
760.1
38.2
89.8
42.6
46.8
0.4
2.8
9,702.8
6,198.1
5,095.6
897.7
4,198.0
1,102.4
724.0
378.5
846.9
19.5
827.4
164.2
1,069.9
224.9
845.0
431.0
414.1
583.2
788.7
48.2
95.2
45.9
46.8
2.6
5.0
9,376.9
6,058.0
4,999.1
873.8
4,125.4
1,058.8
692.1
366.7
812.2
16.3
795.9
159.0
934.9
202.9
732.0
413.1
318.9
589.7
769.5
36.7
86.2
41.0
47.1
-1.8
4.1
9,434.8
6,115.8
5,034.6
891.4
4,143.3
1,081.2
706.3
374.9
813.5
13.0
800.5
163.2
927.1
213.9
713.2
420.3
292.9
589.3
774.2
44.7
90.1
45.3
45.4
-0.6
6.3
9,584.9
6,164.8
5,070.8
898.1
4,172.7
1,093.9
717.3
376.6
838.8
20.0
818.8
153.4
1,022.8
211.4
811.3
427.5
383.8
581.7
782.1
56.9
92.5
44.5
46.2
1.8
5.8
9,797.5
6,229.4
5,118.8
900.0
4,218.8
1,110.6
730.7
379.9
860.9
21.5
839.4
157.0
1,124.2
230.6
893.7
434.3
459.3
579.9
791.5
46.3
97.1
46.1
47.3
3.7
3.7
9,994.2
6,282.4
5,158.3
901.2
4,257.2
1,124.0
741.5
382.6
874.3
23.3
850.9
183.0
1,205.6
243.7
961.9
441.8
520.2
581.8
806.9
45.1
101.2
47.7
48.1
5.3
4.1
26
27
28
29
30
1,058.2
310.8
747.3
-2.2
1,060.4
1,164.1
414.1
750.1
-12.6
1,176.7
1,070.8
318.9
751.9
-10.8
1,081.7
1,043.3
292.9
750.4
-28.1
1,071.4
1,129.4
383.8
745.6
1.2
1,128.2
1,206.6
459.3
747.2
-1.8
1,208.4
1,277.2
520.2
757.1
-21.7
1,298.9
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
797.7
14.3
20.1
-5.8
783.4
654.1
-0.5
129.9
173.0
184.4
-11.4
904.2
742.7
745.0
195.0
549.9
398.3
151.6
-2.2
161.5
846.9
19.5
25.2
-5.8
827.4
673.2
-1.5
155.6
164.2
176.3
-12.2
1,069.9
843.8
856.4
224.9
631.5
431.0
200.5
-12.6
226.2
812.2
16.3
22.0
-5.8
795.9
662.4
-1.3
134.8
159.0
170.7
-11.7
934.9
784.2
795.0
202.9
592.1
413.1
179.1
-10.8
150.7
813.5
13.0
18.8
-5.8
800.5
665.9
-4.0
138.6
163.2
175.4
-12.1
927.1
780.9
809.0
213.9
595.0
420.3
174.7
-28.1
146.3
838.8
20.0
25.8
-5.7
818.8
663.0
1.0
154.8
153.4
165.5
-12.1
1,022.8
793.6
792.5
211.4
581.0
427.5
153.5
1.2
229.2
860.9
21.5
27.2
-5.7
839.4
677.6
-0.8
162.6
157.0
169.2
-12.2
1,124.2
864.2
865.9
230.6
635.4
434.3
201.1
-1.8
260.1
874.3
23.3
29.1
-5.8
850.9
686.6
-2.0
166.4
183.0
195.3
-12.3
1,205.6
936.4
958.1
243.7
714.5
441.8
272.7
-21.7
269.2
April 2004
S urvey
of
D-17
C u rren t B u sin ess
Table 1.14. Gross Value Added of Domestic Corporate Business in Current Dollars and Gross Value Added of Nonfinancial
Domestic Corporate Business in Current and Chained Dollars
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
2003
I
II
III
IV
Gross value added of corporate business1...............................................................................
Consumption of fixed capital...................................................................................................................
Net value added......................
Compensation of employees
Wage and salary accruals
Supplements to wages and salaries..............................
Taxes on production and imports less subsidies................
Net operating surplus..................................
................................................................
Net interest and miscellaneous payments
Business current transfer payments.......
Corporate profits with IVA and CCAdj....
Taxes on corporate income................
Profits after tax with IVA and CCAdj....
Net dividends..................................
Undistributed profits with IVA and CCAdj
Gross value added of financial corporate business1...............................................................
Gross value added of nonfinancial corporate business1.........................................................
Consumption of fixed capital...................................................................................................................
Net value added......................
........................................
Compensation of employees
........................................
Wage and salary accruals
........................................
Supplements to wages and salaries..............................................................................................
Taxes on production and imports less subsidies................................................................................
Net operating surplus..........................................................................................................................
Net interest and miscellaneous payments
Business current transfer payments
Corporate profits with IVA and CCAdj
Taxes on corporate income.....
Profits after tax with IVA and CCAdj
Net dividends......................
Undistributed profits with IVA and CCAdj...............................................................................
Addenda:
Corporate business:
Profits before tax (without IVA and CCAdj)
Profits after tax (without IVA and CCAdj)
Inventory valuation adjustment..............
Capital consumption adjustment............
Nonfinancial corporate business:
Profits before tax (without IVA and CCAdj)....................................................................................
Profits after tax (without IVA and CCAdj)........................................................................................
Inventory valuation adjustment.......................................................................................................
Capital consumption adjustment.....................................................................................................
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
6,233.4
747.3
5,486.1
3,989.9
3,326.4
663.6
501.1
995.1
168.1
76.2
750.8
195.0
555.8
358.9
196.8
822.9
5,410.6
618.2
4,792.4
3,570.1
2,971.8
598.3
464.5
757.7
206.9
59.1
491.7
101.6
390.2
257.2
133.0
6,515.3
750.1
5,765.3
4,094.5
3,393.7
700.8
519.0
1,151.7
165.2
81.6
904.9
224.9
680.0
384.1
295.9
868.6
5,646.8
623.3
5,023.5
3,663.9
3,032.0
631.9
480.8
878.8
203.7
58.1
617.0
129.4
487.6
271.8
215.8
6,285.1
751.9
5,533.2
4,019.6
3,337.8
681.8
508.7
1,004.9
167.6
69.4
767.9
202.9
565.0
375.6
189.5
805.8
5,479.3
623.4
4,856.0
3,596.8
2,982.1
614.7
471.5
787.6
207.0
61.4
519.3
114.5
404.8
265.7
139.1
6,321.2
750.4
5,570.8
4,037.2
3,349.7
687.6
511.6
1,022.0
165.6
78.0
778.4
213.9
564.5
375.7
188.8
842.0
5,479.2
622.9
4,856.3
3,612.6
2,992.7
619.9
474.1
769.6
204.5
55.1
510.0
119.8
390.2
265.8
124.4
6,437.7
745.6
5,692.2
4,068.4
3,373.2
695.2
506.8
1,117.0
163.4
79.4
874.3
211.4
662.8
388.4
274.5
856.1
5,581.7
619.4
4,962.3
3,640.5
3,013.7
626.8
469.0
852.8
201.4
56.7
594.7
117.7
477.0
274.8
202.2
6,602.0
747.2
5,854.8
4,116.0
3,410.5
705.5
524.3
1,214.4
164.6
83.3
966.5
230.6
735.9
382.7
353.2
881.8
5,720.2
621.3
5,098.9
3,683.1
3,047.0
636.1
486.0
929.7
202.9
59.6
667.3
133.6
533.7
270.8
262.9
6,700.4
757.1
5,943.3
4,156.4
3,441.4
715.0
533.4
1,253.5
167.3
85.8
1,000.4
243.7
756.7
389.7
367.0
894.4
5,806.0
629.4
5,176.6
3,719.3
3,074.6
644.7
494.2
963.1
206.2
60.9
696.0
146.6
549.4
275.7
273.7
32
33
34
35
591.6
396.5
-2.2
161.5
691.3
466.4
-12.6
226.2
628.1
425.2
-10.8
150.7
660.2
446.3
-28.1
146.3
644.0
432.5
1.2
229.2
708.2
477.6
-1.8
260.1
752.9
509.2
-21.7
269.2
36
37
38
39
336.5
234.9
-2.2
157.5
422.6
293.1
-12.6
207.1
384.7
270.3
-10.8
145.4
398.4
278.6
-28.1
139.7
383.4
265.7
1.2
210.1
433.6
299.9
-1.8
235.5
474.9
328.3
-21.7
242.8
Gross value added of nonfinancial corporate business2.........................................................
Consumption of fixed capital3.....................................................................................................
Net value added4........................................................................................................................
40
41
42
5,339.0
624.1
4,714.9
5,561.4
636.8
4,924.6
5,629.6
639.4
4,990.2
5,698.8
642.5
5,056.3
Value added, in billions of chained (2000) dollars
5,405.7
635.0
4,770.8
5,412.1
634.5
4,777.6
5,505.2
630.9
4,874.2
1. Estimates for financial corporate business and nonfinancial corporate business for 2000 and earlier periods are based on the 1987 Standard Industrial Classification (SIC); later estimates for these industries are
based on the North American Industry Classification System (NAICS).
2. Effective December 10,2003, the price index used to estimate chained- dollar gross value added of nonfinancial corporate business has been revised to reflect the 2000 reference year. Effective with the estimates
scheduled for release in July 2004, the current-dollar value added will be deflated by a revised chain-type price index calculated using the gross value added chain-type price index for nonfinancial industries from the
comprehensive revision to the GDP-by-industry accounts.
3. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product of the chain-type quantity index and the 2000 current-dollar value of the corresponding series, divided by
100.
4. Chained-dollar net value added of nonfinancial corporate business is the difference between the gross product and the consumption of fixed capital.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
Table 1.15. Price, Costs, and Profit Per Unit of Real Gross Value Added of Nonfinancial Domestic Corporate Business
[Dollars]
Seasonally adjusted
Line
2002
2003
2002
IV
Price per unit of real gross value added of nonfinancial corporate business1.............................
Compensation of employees (unit labor cost)..................................................................................
Unit nonlabor cost................................................................................................................................
Consumption of fixed capital...............................................................................................................
Taxes on production and imports less subsidies plus business current transfer payments..............
Net interest and miscellaneous payments..........................................................................................
Corporate profits with IVA and CCAdj (unit profits from current production)................................
Taxes on corporate income.................................................................................................................
Profits after tax with IVA and CCAdj....................................................................................................
1
2
3
4
5
6
7
8
9
1.013
0.669
0.253
0.116
0.098
0.039
0.092
0.019
0.073
1.015
0.659
0.246
0.112
0.097
0.037
0.111
0.023
0.088
1.014
0.665
0.252
0.115
0.099
0.038
0.096
0.021
0.075
2003
I
II
III
1.012
0.668
0.251
0.115
0.098
0.038
0.094
0.022
0.072
1.014
0.661
0.245
0.113
0.095
0.037
0.108
0.021
0.087
1.016
0.654
0.243
0.110
0.097
0.036
0.119
0.024
0.095
IV
1.019
0.653
0.243
0.110
0.097
0.036
0.122
0.026
0.096
1. The implicit price deflator for gross value added of nonfinancial corporate business divided by 100. Estimates for nonfinancial corporate business for 2000 and earlier periods are based on the 1987 Standard
Industrial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System (NAICS).
Note; Effective December 10,2003, the price index used to estimate chained-dollar gross value added ol nonfinancial corporate business has been revised to reflect the 2000 reference year. Effective with the esti
mates scheduled for release in July 2004, the current- dollar value added will be deflated by a revised chain-type price index calculated using the gross value added chain-type price index for nonfinancial industries
from the comprehensive revision to the GDP-by-industry accounts.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
D-18
April 2004
National Data
Personal Income and Outlays.
Table 2.1. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
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
8,910.3
6,019.1
4,974.6
4,114.7
859.9
1,044.5
680.4
364.1
797.7
14.3
783.4
173.0
1,378.5
982.4
396.2
1,292.2
1,249.5
710.3
53.4
29.9
19.7
436.2
42.6
750.3
1,053.1
7,857.2
7,674.0
7,385.3
194.7
94.0
58.6
35.4
183.2
2.3
9,203.7
6,198.1
5,095.6
4,198.0
897.7
1,102.4
724.0
378.5
846.9
19.5
827.4
164.2
1,393.3
964.6
428.7
1,377.5
1,331.6
743.7
55.6
32.4
20.3
479.6
45.9
776.2
990.6
8,213.1
8,043.0
7,757.4
185.4
100.2
63.1
37.1
170.0
2.1
8,981.3
6,058.0
4,999.1
4,125.4
873.8
1,058.8
692.1
366.7
812.2
16.3
795.9
159.0
1,392.0
981.2
410.8
1,315.6
1,274.6
721.1
53.8
30.9
20.1
448.8
41.0
755.5
1,045.6
7,935.6
7,789.2
7,501.2
187.7
100.3
60.1
40.2
146.4
1.8
9,048.7
6,114.4
5,033.2
4,143.3
890.0
1,081.2
706.3
374.9
813.5
13.0
800.5
163.2
1,388.6
970.6
418.0
1,337.6
1,292.4
732.3
51.9
31.8
20.2
456.3
45.3
768.7
1,009.4
8,039.2
7,888.3
7,600.7
186.2
101.3
61.3
40.1
151.0
1.9
9,145.9
6,166.2
5,072.2
4,172.7
899.5
1,093.9
717.3
376.6
838.8
20.0
818.8
153.4
1,390.2
964.9
425.3
1,369.7
1,325.3
741.8
56.3
32.4
20.3
474.5
44.5
772.3
1,000.2
8,145.8
7,956.7
7,673.6
183.2
100.0
62.5
37.5
189.0
2.3
9,256.3
6,229.4
5,118.8
4,218.8
900.0
1,110.6
730.7
379.9
860.9
21.5
839.4
157.0
1,389.2
957.0
432.2
1,398.7
1,352.6
745.6
58.6
33.0
20.3
495.1
46.1
779.0
938.5
8,317.8
8,118.5
7,836.3
184.6
97.6
63.7
33.9
199.3
2.4
9,363.9
6,282.4
5,158.3
4,257.2
901.2
1,124.0
741.5
382.6
874.3
23.3
850.9
183.0
1,405.2
965.7
439.5
1,403.8
1,356.1
754.9
55.6
32.5
20.4
492.7
47.7
784.7
1,014.5
8,349.4
8,208.6
7,919.1
187.6
101.9
64.9
37.0
140.8
1.7
2003
IV
Personal income.....................................................................................................................................
Compensation of employees, received
Wage and salary disbursements..
Private industries....................
Government.............................
Supplements to wages and salaries
Employer contributions for employee pension and insurance funds..........................................
Employer contributions for government social insurance...........................................................
Proprietors’ income with inventory valuation and capital consumption adjustments.........................
Farm.................................................................................................................................................
Nonfarm...........................................................................................................................................
Rental income of persons with capital consumption adjustment........................................................
Personal income receipts on assets.
Personal interest income.............
Personal dividend income...........
Personal current transfer receipts....
Government social benefits to persons
Old-age, survivors, disability, and health insurance benefits......................................................
Government unemployment insurance benefits..........................................................................
Veterans benefits
Family assistance1
Other................
Other current transfer receipts, from business (net)........................................................................
Less: Contributions for government social insurance..........................................................................
Less: Personal current taxes...............................................................................................................
Equals: Disposable personal income.................................................................................................
Less: Personal outlays.........................................................................................................................
Personal consumption expenditures
Personal interest payments2
Personal current transfer payments
To government................
To the rest of the world (net)
Equals: Personal saving
Personal saving as a percentage of disposable personal income..............................................
Addenda:
Disposable personal income:
Total, billions of chained (2000) dollars3.........................................................................................
Per capita:
Current dollars.............................................................................................................................
Chained (2000) dollars................................................................................................................
Population (midperiod, thousands).....................................................................................................
Percent change from preceding period:
Disposable personal income, current dollars...........................................................................
Disposable personal income, chained (2000) dollars...............................................................
1
II
III
IV
35
7,596.7
7,797.8
7,615.8
7,662.0
7,753.5
7,882.9
7,893.0
36
37
38
27,259
26,355
288,240
28,215
26,789
291,086
27,425
26,320
289,360
27,720
26,419
290,016
28,022
26,673
290,689
28,540
27,048
291,445
28,575
27,013
292,194
39
40
5.2
3.8
4.5
2.6
2.3
0.6
5.3
2.4
5.4
4.9
8.7
6.8
1.5
0.5
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. Consists of nonmortgage interest paid by households.
3. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.
Table 2.2B. Wage and Salary Disbursements by Industry
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Wage and salary disbursements..........................................................................................................
Private industries..................................................................................................................................
Goods-producing industries
Manufacturing..............
Services-producing industries
Trade, transportation, and utilities
Other services-producing industries1..........................................................................................
Government.........................
1
2
3
4
5
6
7
8
4,974.6
4,114.7
1,010.9
675.7
3,103.7
844.7
2,259.0
859.9
5,095.6
4,198.0
1,008.2
669.4
3,189.8
863.2
2,326.6
897.7
4,999.1
4,125.4
1,007.1
672.6
3,118.3
847.6
2,270.7
873.8
2003
I
5,033.2
4,143.3
1,005.8
670.5
3,137.5
855.0
2,282.6
890.0
II
5,072.2
4,172.7
1,003.4
666.5
3,169.3
859.5
2,309.8
899.5
III
5,118.8
4,218.8
1,007.3
667.6
3,211.5
865.4
2,346.1
900.0
IV
5,158.3
4,257.2
1,016.4
673.1
3,240.8
873.0
2,367.9
901.2
1. Other services-producing industries consists of information; finance and insurance; real estate and rental and leasing; professional, scientific, and technical services; management of companies and enterprises,
administrative and support and waste management and remediation services; educational services; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; and other
services.
N ote . Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
April 2004
S urvey
of
D-19
C u rren t B u sin ess
Table 2.3.1. Percent Change From Preceding Period in Real Personal
Consumption Expenditures by Major Type of Product
Table 2.3.2. Contributions to Percent Change in Real Personal
Consumption Expenditures by Major Type of Product
[Percent]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
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........................
Gasoline and oil....................
Fuel oil and coal..................
Other........................................
Services.......................................
Housing....................................
Household operation...............
Electricity and gas...............
Other household operation...
Transportation...........................
Medical care.............................
Recreation................................
Other........................................
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy............................
Seasonally adjusted at annual rates
2003
I
II
Line
III
2002
2003
IV
2002
2003
IV
1
2
3
3.4
6.5
4.4
3.1
7.4
4.4
2.2
0.3
-8.0
2.5
0.5
-4.2
3.3
17.7
15.3
6.9
28.0
39.7
3.2
0.7
-8.4
4
5
6
7
8
10.0
4.8
3.0
2.3
5.1
9.8
10.0
3.8
3.8
4.8
8.2
7.0
4.6
2.3
7.5
1.3
11.0
5.7
6.7
3.0
19.4
20.0
1.2
2.4
7.8
22.9
12.5
7.3
7.3
9.4
10.1
6.5
5.4
3.3
1.3
9
10
11
12
13
14
15
16
17
18
19
20
21
2.3
2.1
5.1
3.5
3.0
2.7
1.1
2.9
0.0
-1.7
5.7
3.8
2.1
-0.2
-0.4
1.8
4.6
2.0
2.2
0.4
-0.1
0.8
-2.3
5.1
2.2
0.0
12.7
10.5
40.2
4.5
1.5
2.3
0.9
6.1
-2.0
-3.1
6.1
3.2
-3.3
4.2
7.0
-21.7
5.9
1.5
2.3
1.0
0.4
1.4
0.5
5.1
0.0
-2.8
-18.6
-17.8
-26.8
3.6
1.7
1.8
-3.3
-12.7
3.2
-4.0
4.6
3.6
1.3
3.7
1.5
31.1
7.6
2.8
2.2
3.5
4.1
3.2
-2.2
5.0
2.6
1.9
22.5
21.8
30.0
5.8
2.8
1.5
1.2
1.1
1.3
-3.1
5.0
4.1
3.5
22
2.6
-0.1
9.6
2.5
-16.1
3.9
12.6
23
3.7
3.2
1.8
1.9
4.8
7.0
2.7
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Percent change at annual rate:
Personal consumption
expenditures..................
Percentage points at annual
rates:
Durable goods............................
Motor vehicles and parts.........
Furniture and household
equipment.............................
Other..........
Nondurable goods.....................
Food...........
Clothing and shoes..................
Gasoline, fuel oil, and other
energy goods.......................
Gasoline and oil...................
Fuel oil and coal..................
Other.........................................
Services.......................................
Housing.....................................
Household operation................
Electricity and gas...............
Other household operation...
Transportation..........................
Medical care.............................
Recreation................................
Other.........................................
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy............................
I
II
III
IV
1
3.4
3.1
2.2
2.5
3.3
6.9
3.2
2
3
0.79
0.25
0.87
0.24
0.03
-0.46
0.06
-0.23
1.98
0.77
3.13
1.92
0.08
-0.49
4
5
6
7
8
0.43
0.11
0.87
0.31
0.21
0.41
0.22
1.07
0.52
0.19
0.34
0.15
1.28
0.32
0.30
0.06
0.24
15 9
0.89
0.12
0.77
0.43
0.35
0.32
0.30
0.92
0.29
2.08
0.99
0.37
0.42
0.15
1.52
0.45
0.05
9
10
11
12
13
14
15
16
17
18
19
20
21
0.06
0.05
0.01
0.28
1.76
0.42
0.06
0.06
0.00
-0.07
0.90
0.15
0.29
-0.01
-0.01
0.00
0.37
1.21
0.34
0.03
0.00
0.03
-0.09
0.83
0.09
0.01
0.30
0.23
0.07
0.36
0.92
0.35
0.05
0.12
-0.07
-0.13
0.98
0.13
-0.47
0.11
0.17
-0.06
0.47
0.88
0.36
0.06
0.01
0.05
0.02
0.84
0.00
-0.39
-0.56
-0.49
-0.07
0.29
1.02
0.28
-0.18
-0.29
0.11
-0.16
0.75
0.15
0.18
0.10
0.04
0.06
0.61
1.68
0.35
0.20
0.09
0.11
-0.08
0.84
0.11
0.27
0.55
0.49
0.06
0.46
1.65
0.23
0.07
0.02
0.04
-0.12
0.83
0.17
0.47
22
0.12
-0.01
0.43
0.12
-0.86
0.19
0.58
23
2.98
2.64
1.49
1.52
3.88
5.71
2.22
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Table 2.3.3. Real Personal Consumption Expenditures by Major
Type of Product, Quantity Indexes
Table 2.3.4. Price Indexes for Personal Consumption Expenditures by Major
Type of Product
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
2002
IV
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.......................
Gasoline and oil...................
Fuel oil and coal..................
Other........................................
Services.......................................
Housing....................................
Household operation...............
Electricity and gas...............
Other household operation...
Transportation..........................
Medical care............................
Recreation................................
Other........................................
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy..........................
I
II
Line
III
2002
2003
IV
1 105.951 109.286 106.819 107.489 108.378 110.197 111.081
2 110.868 119.017 111.638 111.779 116.420 123.834 124.037
3 109.522 114.327 108.395 107.228 111.116 120.794 118.170
4
5
6
7
8
116.544
103.870
104.949
103.573
107.183
127.930
114.305
108.926
107.513
112.335
119.356
105.576
105.885
104.188
108.622
119.740
108.357
107.358
105.885
109.416
125.172
113.405
107.685
106.508
111.495
131.794
116.799
109.607
108.390
114.037
135.013
118.658
111.053
109.271
114.393
9
10
11
12
13
14
15
16
17
18
19
20
21
104.060
104.375
100.648
106.466
105.420
105.508
101.117
101.352
100.959
97.774
110.250
106.169
103.935
103.852
104.000
102.426
111.406
107.555
107.860
101.565
101.285
101.761
95.511
115.895
108.504
103.953
104.974
104.549
109.656
107.690
106.276
106.487
101.418
103.198
100.329
96.582
112.462
107.184
103.968
106.047
106.327
103.146
109.252
106.664
107.106
101.675
103.302
100.678
96.697
113.880
107.180
103.237
100.743
101.257
95.420
110.227
107.115
107.581
100.838
99.842
101.483
95.714
115.157
108.124
103.570
101.664
101.638
102.112
112.274
107.849
108.173
101.717
100.859
102.274
95.188
116.563
108.812
104.058
106.953
106.778
109.027
113.870
108.591
108.580
102.029
101.136
102.609
94.445
117.981
109.898
104.946
22 102.868 102.751 104.225 104.872 100.383 101.348 104.399
23 106.544 109.994 107.423 107.919 109.195 111.057 111.805
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Seasonally adjusted
2003
2002
2003
IV
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.......................
Gasoline and oil...................
Fuel oil and coal...................
Other.........................................
Services.......................................
Housing.....................................
Household operation................
Electricity and gas...............
Other household operation...
Transportation...........................
Medical care.............................
Recreation................................
Other.........................................
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy............................
I
II
III
IV
1 103.429 105.325 104.203 104.927 105.065 105.522 105.787
2 95.208 91.682 94.136 93.074 92.147 91.207 90.298
3 98.766 95.992 97.959 97.029 96.514 95.785 94.638
4 88.778 83.538 87.082 85.873 84.212 82.409 81.659
5 99.531 97.905 99.168 98.115 97.790 98.195 97.520
6 102.075 104.179 102.789 104.079 103.529 104.488 104.618
7 104.942 106.966 105.449 105.898 106.527 107.197 108.241
8 95.405 93.047 94.734 93.555 92.642 92.816 93.174
9
10
11
12
13
14
15
16
17
18
19
20
21
22
90.530
90.415
91.778
104.986
105.946
107.786
103.490
104.857
102.715
102.826
106.241
106.476
105.419
105.687
105.259
110.164
105.136
109.007
110.411
107.497
113.155
104.193
105.558
109.444
109.658
108.455
95.987
95.923
96.529
105.159
107.174
108.958
104.355
105.478
103.733
103.628
107.375
107.726
107.077
109.497
108.891
115.989
104.975
108.028
109.612
106.555
110.177
104.443
103.781
108.033
108.714
108.002
102.030
101.339
109.557
104.993
108.758
110.043
107.827
114.549
103.906
105.014
109.041
109.358
108.392
107.390
107.304
107.978
105.439
109.306
110.676
107.998
114.730
104.070
106.523
109.887
110.066
108.317
103.833
103.502
107.130
105.137
109.935
111.312
107.608
113.166
104.353
106.914
110.816
110.492
109.110
96.601 108.888 100.040 109.830 107.378 110.533 107.812
23 103.581 104.840 104.243 104.474 104.680 104.951 105.257
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
D-20
April 2004
National Data
Table 2.3.5. Personal Consumption Expenditures by Major
Type of Product
Table 2.3.6. Real Personal Consumption Expenditures by Major
Type of Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
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.......................
Gasoline and oil...................
Fuel oil and coal..................
Other........................................
Services.......................................
Housing....................................
Household operation...............
Electricity and gas...............
Other household operation...
Transportation...........................
Medical care.............................
Recreation................................
Other........................................
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy...........................
Seasonally adjusted at annual rates
2003
I
II
Line
III
2002
2003
IV
1 7,385.3
2
911.3
3
418.1
7,757.4
941.6
424.0
7,501.2
907.3
410.4
7,600.7
898.2
402.1
7,673.6
926.2
414.5
7,836.3
975.1
447.2
7,919.1
967.0
432.2
4
5
6
7
8
323.7
169.4
2,086.0
1,005.6
304.4
334.2
183.4
2,209.7
1,064.1
311.2
325.3
171.6
2,119.2
1,016.4
306.4
321.8
174.3
2,175.7
1,037.4
304.8
329.9
181.8
2,170.8
1,049.7
307.5
339.9
188.0
2,230.0
1,074.9
315.1
345.1
189.7
2,262.2
1,094.2
317.3
9
10
11
12
13
14
15
16
17
18
19
20
21
180.4
165.8
14.6
595.6
4,388.0
1,144.6
408.2
152.3
255.9
292.8
1,202.7
303.3
1,036.4
210.3
192.5
17.8
624.1
4,606.2
1,198.5
425.9
164.2
261.7
293.6
1,302.4
319.2
1,066.5
193.0
176.3
16.7
603.4
4,474.7
1,167.7
412.9
156.0
256.9
291.5
1,239.8
309.7
1,053.0
222.4
203.6
18.9
611.1
4,526.8
1,181.5
422.6
163.1
259.5
292.3
1,263.1
312.6
1,054.7
196.9
180.4
16.5
616.7
4,576.6
1,191.4
424.2
163.9
260.3
292.8
1,289.2
317.2
1,061.9
209.2
191.7
17.4
630.8
4,631.2
1,204.9
428.5
165.8
262.7
295.3
1,315.1
321.3
1,066.2
212.7
194.3
18.4
637.9
4,689.9
1,216.4
428.3
164.0
264.3
294.1
1,342.3
325.7
1,083.1
22
332.7
374.5
349.0
385.6
360.8
375.0
376.8
23
6,047.1
6,318.9
6,135.8
6,177.8
6,263.1
6,386.4
6,448.1
2002
2003
IV
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.......................
Gasoline and oil....................
Fuel oil and coal..................
Other.........................................
Services.......................................
Housing.....................................
Household operation................
Electricity and gas...............
Other household operation...
Transportation...........................
Medical care.............................
Recreation................................
Other.........................................
Residual........................................
Addenda:
Energy goods and services'....
Personal consumption
expenditures excluding food
and energy...........................
I
II
III
IV
1 7,140.4
2
957.2
3
423.3
7,365.2
1,027.5
441.9
7,198.9
963.8
419.0
7,244.1
965.0
414.5
7,304.0
1,005.1
429.5
7,426.6
1,069.1
466.9
7,486.2
1,070.8
456.7
4
5
6
7
8
364.7
170.2
2,043.6
958.2
319.1
400.3
187.3
2,121.0
994.7
334.4
373.5
173.0
2,061.8
963.9
323.4
374.7
177.6
2,090.5
979.6
325.7
391.7
185.9
2,096.9
985.4
331.9
412.4
191.4
2,134.3
1,002.8
339.5
422.5
194.5
2,162.4
1,010.9
340.6
9
10
11
12
13
14
15
16
17
18
19
20
21
22
199.3
183.3
15.9
567.3
4,141.8
1,061.9
394.5
145.2
249.2
284.8
1,132.1
284.8
983.2
-2.8
198.9
182.7
16.2
593.6
4,225.7
1,085.6
396.2
145.1
251.2
278.2
1,190.0
291.1
983.3
-10.4
201.0
183.6
17.4
573.8
4,175.4
1,071.7
395.6
147.9
247.6
281.3
1,154.8
287.5
983.5
-3.0
203.1
186.8
16.3
582.2
4,190.7
1,078.0
396.6
148.0
248.5
281.6
1,169.3
287.5
976.6
-2.8
194.7
192.9
177.9
178.5
15.1
16.2
587.4
598.3
4,237.2
4,208.4
1,082.8 1,088.7
393.4
396.8
144.5
143.1
252.4
250.5
277.2
278.8
1,182.4 1,196.9
290.1
291.9
979.7
984.3
-8.2
-15.3
204.8
187.6
17.3
606.8
4,266.4
1,092.8
398.0
144.9
253.2
275.1
1,211.4
294.8
992.7
-15.6
23
344.4
344.0
348.9
351.1
336.1
339.3
349.5
24
5,838.0
6,027.0
5,886.2
5,913.3
5,983.3
6,085.3
6,126.3
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines.
April 2004
S urvey
of
D-21
C u rren t B u sin ess
Government Current Receipts and Expenditures _________________________________________________________
Table 3.1. Government Current Receipts and Expenditures
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2003
2002
IV
Current receipts...........................................................................
Current tax receipts ...........................................................................
Personal current taxes
Taxes on production and imports......................................................
Taxes on corporate income
Taxes from the rest of the world
Contributions for government social insurance......................................
Income receipts on assets
Interest and miscellaneous receipts..................................................
Dividends................
Current transfer receipts
From business (net).
From persons.........
Current surplus of government enterprises...........................................
Current expenditures..................................................................
Consumption expenditures....................................................................
Current transfer payments
Government social benefits
To persons..........
To the rest of the world
Other current transfer payments to the rest of the world (net)..........
Interest payments..................................................................................
To persons and business...................................................................
To the rest of the world......................................................................
Subsidies................................................................................................
Less: Wage accruals less disbursements.............................................
Net government saving...............................................................
Social insurance funds..........................................................................
Other......................................................................................................
Addenda:
Total receipts
Current receipts...
Capital transfer receipts
Total expenditures.
Current expenditures
Gross government investment....
Capital transfer payments..........
Net purchases of nonproduced assets
Less: Consumption of fixed capital
Net lending or net borrowing (-).
2002
I
II
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
2,980.7
2,006.2
1,053.1
760.1
185.9
7.2
750.3
116.1
114.0
2.1
105.3
46.8
58.6
2.8
3,224.0
1,595.4
1,271.1
1,252.3
1,249.5
2.7
18.8
319.3
245.4
73.9
38.2
0.0
-243.3
51.9
-295.1
3,011.3
2,002.0
990.6
788.7
215.9
6.8
776.2
118.3
116.1
2.2
109.8
46.8
63.1
5.0
3,426.4
1,708.6
1,357.5
1,334.4
1,331.6
2.8
23.1
312.1
245.7
66.4
48.2
0.0
-415.0
42.6
-457.6
2,999.9
2,016.0
1,045.6
769.5
194.2
6.7
755.5
117.1
114.8
2.2
107.2
47.1
60.1
4.1
3,296.7
1,644.9
1,296.5
1,277.4
1,274.6
2.8
19.1
318.6
248.2
70.5
36.7
0.0
-296.8
46.7
-343.4
2,993.9
1,995.3
1,009.4
774.2
204.9
6.8
768.7
116.9
114.6
2.3
106.7
45.4
61.3
6.3
3,354.9
1,681.7
1,320.2
1,295.1
1,292.4
2.8
25.1
309.7
242.3
67.4
44.7
1.4
-361.0
49.7
-410.8
2,996.3
1,992.0
1,000.2
782.1
202.9
6.9
772.3
117.5
115.3
2.2
108.7
46.2
62.5
5.8
3,435.7
1,709.8
1,352.4
1,328.1
1,325.3
2.8
24.3
315.3
250.2
65.1
56.9
-1.4
-439.3
39.5
-478.9
2,970.6
1,958.2
938.5
791.5
221.6
6.7
779.0
118.7
116.6
2.1
111.0
47.3
63.7
3.7
3,452.3
1,718.6
1,378.3
1,355.4
1,352.6
2.8
22.9
309.1
243.8
65.3
46.3
0.0
-481.8
40.5
-522.2
3,084.5
2,062.5
1,014.5
806.9
234.2
6.9
784.7
120.2
117.9
2.3
113.0
48.1
64.9
4.1
3,462.5
1,724.3
1,379.0
1,359.0
1,356.1
2.9
20.0
314.2
246.4
67.8
45.1
0.0
-378.0
40.7
-418.7
30
31
32
33
34
35
36
37
38
39
3,013.9
2,980.7
33.1
3,359.3
3,224.0
337.1
0.2
8.8
210.8
-345.4
3,040.6
3,011.3
29.3
3,563.0
3,426.4
346.3
0.3
8.4
218.2
-522.4
3,030.4
2,999.9
30.5
3,431.5
3,296.7
339.0
0.4
8.7
213.3
-401.1
3,024.8
2,993.9
30.9
3,481.7
3,354.9
335.8
0.4
5.9
215.3
-456.9
3,022.3
2,996.3
26.0
3,570.6
3,435.7
344.5
0.1
7.7
217.4
-548.3
2,999.4
2,970.6
28.8
3,598.7
3,452.3
353.5
0.1
12.0
219.2
-599.3
3,116.0
3,084.5
31.5
3,601.1
3,462.5
351.3
0.4
7.9
221.0
-485.1
2003
III
IV
D-22
April 2004
National Data
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
Line
2002
2003
2002
IV
Current receipts......................
Current tax receipts...........................
Personal current taxes..................
Taxes on production and imports...
Excise taxes..............................
Customs duties..........................
Taxes on corporate income..........
Federal Reserve banks............
Other.........................................
Taxes from the rest of the world....
Contributions for government social
insurance.......................................
Income receipts on assets................
Interest receipts.............................
Rents and royalties.......................
Current transfer receipts...................
From business...............................
From persons................................
Current surplus of government
enterprises....................................
Current expenditures.............
Consumption expenditures...............
Current transfer payments................
Government social benefits..........
To persons.................................
To the rest of the world.............
Other current transfer payments....
Grants-in-aid to state and local
governments.........................
To the rest of the world (net).....
Interest payments..............................
To persons and business..............
To the rest of the world.................
Subsidies...........................................
Less: Wage accruals less
disbursements...............................
Net Federal Government
saving...................................
Social insurance funds......................
Other.................................................
Addenda:
Total receipts...............................
Current receipts........................
Capital transfer receipts............
Total expenditures......................
Current expenditures................
Gross government investment...
Capital transfer payments.........
Net purchases of nonproduced
assets....................................
Less: Consumption of fixed
capital....................................
Net lending or net borrowing (-)
11
12
13
14
15
16
17
736.7
20.6
15.9
4.7
25.8
14.1
11.7
762.3
24.2
19.6
4.6
26.6
14.7
11.9
741.9
22.0
18.3
3.8
25.4
13.6
11.7
Line
2003
I
1 1,860.7 1,849.4 1,859.7
2 1,080.7 1,037.8 1,072.7
831.1
764.3
815.4
3
4
87.6
88.0
89.0
67.7
66.8
68.4
5
19.9
21.2
6
20.6
7
154.8
178.6
161.7
8
24.5
21.0
22.8
157.7
138.9
9
130.3
10
7.2
6.8
6.7
Seasonally adjusted at annual rates
II
III
758.5
23.6
19.2
4.5
26.3
14.4
11.9
2003
765.1
24.9
19.8
5.1
26.9
14.9
11.9
2002
IV
1,863.5 1,863.9 1,788.9 1,881.3
1,060.3 1,057.1
974.6 1,059.1
794.3
698.8
769.4
794.6
88.3
87.7
86.3
89.9
67.4
66.8
64.6
68.5
21.7
21.4
20.9
20.9
171.0
167.9
182.8
192.9
22.7
20.2
22.0
19.0
162.6
148.3
145.9
173.9
6.8
6.9
6.7
6.9
755.1
22.5
18.9
3.6
26.0
14.2
11.8
2002
IV
770.7
25.9
20.6
5.3
27.1
15.2
11.9
-0.4
-2.5
18
-3.1
-1.5
-2.3
-1.6
-1.5
19 2,100.7 2,263.9 2,156.1 2,184.0 2,288.5 2,283.7 2,299.2
590.8
662.9
620.7
635.9
672.3
674.7
20
668.9
21 1,243.4 1,334.2 1,270.8 1,287.3 1,339.5 1,348.9 1,361.1
920.0
979.7
987.7
22
972.1
935.4
951.5
969.7
948.7
976.9
23
917.3
969.3
932.6
966.8
984.8
24
2.7
2.8
2.8
2.8
2.8
2.8
2.9
323.4
362.1
335.4
373.4
25
335.9
369.8
369.2
26
27
28
29
30
31
304.6
18.8
229.3
155.4
73.9
37.2
339.0
23.1
218.8
152.5
66.4
47.9
316.4
19.1
227.6
157.2
70.5
37.0
310.8
25.1
217.7
150.3
67.4
44.5
345.5
24.3
222.5
157.4
65.1
56.3
346.3
22.9
215.6
150.3
65.3
47.0
353.3
20.0
219.6
151.8
67.8
43.9
32
0.0
0.0
0.0
1.4
-1.4
0.0
0.0
33
34
35
-240.0
48.5
-288.5
-414.5
39.2
-453.6
-296.3
43.3
-339.7
-320.4
46.4
-366.8
-424.7
36.1
-460.8
-494.9
37.0
-531.9
-417.9
37.1
-455.0
36 1,886.2 1,871.5 1,882.8 1,887.1 1,882.6 1,810.6 1,905.9
37 1,860.7 1,849.4 1,859.7 1,863.5 1,863.9 1,788.9 1,881.3
21.7
38
25.6
22.1
23.5
18.7
24.6
23.0
39 2,144.8 2,311.9 2,198.5 2,215.7 2,339.9 2,344.5 2,347.6
40 2,100.7 2,263.9 2,156.1 2,184.0 2,288.5 2,283.7 2,299.2
41
88.7
87.1
94.3
89.3
95.8
97.3
96.8
42
44.3
37.3
47.1
44.1
44.9
42.9
51.3
43
0.2
-0.2
0.1
-2.7
-1.0
3.4
-0.7
44
45
89.1
-258.6
90.9
-440.4
89.8
-315.8
90.0
-328.6
90.5
-457.3
91.3
-533.9
91.8
-441.7
Current receipts.......................
Current tax receipts............................
Personal current taxes....................
Income taxes..............................
Other...........................................
Taxes on production and imports....
Sales taxes.................................
Property taxes............................
Other...........................................
Taxes on corporate income............
Contributions for government social
insurance........................................
Income receipts on assets.................
Interest receipts..............................
Dividends........................................
Rents and royalties........................
Current transfer receipts....................
Federal grants-in-aid......................
From business (net).......................
From persons..................................
Current surplus of government
enterprises......................................
Current expenditures..............
Consumption expenditures................
Government social benefit payments
to persons.......................................
Interest payments...............................
Less: Wage accruals less
disbursements................................
Net state and local
government saving..............
Social insurance funds.......................
Other...................................................
Addenda:
Total receipts.................................
Current receipts.........................
Capital transfer receipts.............
Total expenditures.......................
Current expenditures.................
Gross government investment....
Capital transfer payments..........
Net purchases of nonproduced
assets.....................................
Less: Consumption of fixed
capital.....................................
Net lending or net borrowing (-).
1 1,424.7
2
925.5
3
221.9
4
201.7
5
20.2
6
672.5
7
328.8
8
291.0
9
52.6
10
31.1
1,500.9
964.2
226.4
205.4
21.0
700.6
340.5
304.0
56.1
37.2
1,456.6
943.3
230.3
209.6
20.7
680.5
329.7
297.9
52.9
32.5
13.6
95.0
85.3
2.2
7.5
398.2
316.4
33.4
48.4
2003
I
II
III
IV
1,441.2 1,477.9 1,528.0 1,556.6
934.9
935.0
983.6 1,003.5
215.1
205.6
239.7
245.1
185.2
218.4
223.3
194.6
20.4
21.3
21.9
20.5
694.4
685.9
705.1
717.0
332.3
337.5
343.2
349.0
299.4
301.6
305.5
309.4
55.2
54.3
56.5
58.6
35.0
33.9
38.8
41.3
11
12
13
14
15
16
17
18
19
13.5
95.5
86.0
2.1
7.4
384.2
304.6
32.7
46.9
13.8
94.1
84.1
2.2
7.8
422.3
339.0
32.1
51.2
20
21
22
5.9
1,427.9
1,004.6
6.5
1,501.5
1,045.6
23
24
25
332.3
89.9
1.0
362.3
93.2
0.3
342.1
91.0
-0.3
343.7
92.0
0.3
358.4
92.7
0.6
375.7
93.5
-0.7
26
0.0
0.0
0.0
0.0
0.0
0.0
0.0
27
28
29
-3.2
3.4
-6.6
-0.6
3.4
-4.0
-0.4
3.4
-3.8
-40.6
3.4
-44.0
-14.7
3.4
-18.1
13.1
3.5
9.6
39.9
3.5
36.4
30 1,476.3
31 1,424.7
32
51.7
33 1,563.2
34 1,427.9
35
248.4
3fi
13.7
94.4
84.5
2.3
7.6
391.5
310.8
31.3
49.5
13.8
93.9
84.0
2.2
7.7
427.9
345.5
31.8
50.6
13.9
93.9
83.9
2.1
7.8
430.4
346.3
32.4
51.7
14.0
94.3
84.0
2.3
7.9
439.2
353.3
32.9
52.9
7.4
6.5
6.6
6.2
1,457.0 1,481.8 1,492.6 1,514.9
1,024.2 1,045.8 1,040.9 1,046.3
5.6
1,516.6
1,049.5
371.3
94.6
1.2
1,552.7 1,506.5 1,485.4 1,532.1 1,586.3 1,607.1
1,500.9 1,456.6 1,441.2 1,477.9 1,528.0 1,556.6
51.8
54.2
50.0
44.2
58.3
50.5
1,634.7 1,591.8 1,613.7 1,623.1 1,651.7 1,650.5
1,501.5 1,457.0 1,481.8 1,492.6 1,514.9 1,516.6
252.0
249.7
248.7
248.7
256.2
254.5
3/
8.6
8.6
8.6
8.6
8.6
8.6
8.6
38
39
121.7
-86.9
127.3
-82.0
123.5
-85.3
125.3
-128.3
126.9
-90.9
127.9
-65.4
129.2
-43.4
April 2004
S urvey
D-23
C u rren t B u sin ess
of
Table 3.9.1 Percent Change From Preceding Period in Real Government
Consumption Expenditures and Gross Investment
Table 3.9.2 Contributions to Percent Change in Real Government
Consumption Expenditures and Gross Investment
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Government consumption
expenditures and gross
investment.....................
Consumption
expenditures'..............
Gross investment2...........
Structures....................
Equipment and software
Federal.........................................
Consumption expenditures...
Gross investment..................
Structures.........................
Equipment and software...
National defense....................
Consumption expenditures...
Gross investment..................
Structures.........................
Equipment and software...
Nondefense.............................
Consumption expenditures...
Gross investment.................
Structures.........................
Equipment and software...
State and local............................
Consumption expenditures......
Gross investment.....................
Structures.............................
Equipment and software,
Line
2002
2003
2003
I
II
2002
IV
III
IV
1
3.8
3.3
7.1
-0.4
7.4
1.8
-0.1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
3.6
5.0
3.8
7.3
7.9
7.6
9.9
7.5
10.4
8.9
8.4
11.7
-5.1
13.4
6.2
6.1
7.0
14.2
4.2
1.8
1.4
3.4
3.5
3.0
3.8
1.4
-0.6
4.8
8.7
9.0
6.4
2.7
7.1
10.6
11.0
7.8
6.9
7.8
5.3
5.5
4.1
0.8
5.5
0.5
0.7
-0.4
-0.8
1.4
9.3
-2.7
0.8
-8.4
18.2
22.9
-9.1
4.6
-11.5
22.1
28.2
-12.6
-4.4
-13.3
11.4
13.7
-2.6
8.9
-7.3
1.5
1.9
-0.3
0.5
-3.5
0.8
-5.9
-6.8
-4.4
-0.2
1.1
-8.7
-10.9
-8.2
-5.6
-4.8
-11.2
3.3
-12.4
10.5
12.8
-4.1
-16.7
2.1
-0.5
0.6
-4.9
-6.5
1.5
7.1
9.0
-1.9
30.2
23.5
20.5
46.3
19.3
52.2
41.9
41.9
42.1
-8.8
47.6
-5.0
-11.7
53.7
34.4
62.8
-0.8
-0.5
-2.2
-3.3
2.5
0.1
10.4
14.4
4.0
1.2
0.6
5.7
13.9
4.3
-1.3
-4.7
26.4
67.0
23.5
6.5
11.9
-22.8
-4.1
-29.8
2.1
-0.3
12.2
14.4
3.6
0.7
-3.6
-6.5
1.4
0.7
1.0
-1.5
-16.8
1.7
3.0
4.8
-9.1
13.4
-10.9
-3.7
-6.1
14.1
-29.0
39.4
-0.5
0.4
-4.4
-5.7
0.9
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
Percent change at annual rate:
Government consumption
expenditures and gross
investment......................
Percentage points at annual
rates:
Consumption
expenditures1..............
Gross investment2...........
Structures....................
Equipment and software
Federal.........................................
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
National defense....................
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
Nondefense.............................
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
State and local...........................
Consumption expenditures......
Gross investment.....................
Structures.............................
Equipment and software
2003
I
II
III
IV
1
3.8
3.3
7.1
-0.4
7.4
1.8
-0.1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
2.96
0.88
0.41
0.46
2.68
2.24
0.44
0.05
0.38
1.92
1.60
0.32
-0.01
0.33
0.76
0.64
0.12
0.07
0.05
1.16
0.73
0.44
0.36
0.08
3.10
0.25
-0.05
0.30
3.05
2.75
0.29
0.03
0.27
2.39
2.17
0.22
0.02
0.20
0.66
0.58
0.07
0.01
0.06
0.30
0.35
-0.04
-0.08
0.04
7.59
-0.47
0.09
-0.56
6.13
6.56
-0.43
0.03
-0.47
4.74
5.13
-0.39
-0.01
-0.38
1.39
1.43
-0.04
0.04
-0.09
0.99
1.03
-0.04
0.05
-0.09
0.64
-1.03
-0.75
-0.28
-0.06
0.34
-0.40
-0.08
-0.32
-1.33
-1.00
-0.33
0.01
-0.34
1.27
1.34
-0.07
-0.09
0.02
-0.32
0.31
-0.63
-0.66
0.04
5.95
1.49
-0.19
1.68
7.95
6.20
1.75
0.13
1.62
8.59
7.57
1.02
-0.02
1.04
-0.64
-1.37
0.73
0.15
0.58
-0.52
-0.25
-0.26
-0.32
0.06
0.07
1.68
1.43
0.25
0.46
0.20
0.26
0.10
0.16
-0.33
-1.03
0.70
0.12
0.58
0.79
1.23
-0.44
-0.02
-0.42
1.29
-0.13
1.42
1.33
0.09
0.55
-0.62
-0.71
0.09
0.25
0.32
-0.07
-0.14
0.07
0.72
1.01
-0.29
0.03
-0.32
-0.47
-0.69
0.22
-0.17
0.39
-0.33
0.22
-0.55
-0.58
0.02
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
Table 3.9.3 Real Government Consumption Expenditures and
Gross Investment, Quantity Indexes
Table 3.9.4 Price Indexes for Government Consumption Expenditures and
Gross Investment
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
2002
IV
Government consumption
expenditures and gross
investment.....................
Consumption
expenditures1..............
Gross investment2...........
Structures....................
Equipment and software
Federal.........................................
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
National defense....................
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
Nondefense.............................
Consumption expenditures...
Gross investment.................
Structures.........................
Equipment and software...
State and local............................
Consumption expenditures......
Gross investment.....................
Structures.............................
Equipment and software
Seasonally adjusted
2003
I
II
Line
III
1 106.697 110.271 108.666 108.563 110.527 111.008 110.986
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
106.484
107.708
105.335
111.807
111.958
111.858
112.661
101.285
115.019
113.086
112.664
116.016
83.881
119.829
109.956
110.398
107.396
111.691
105.662
104.047
103.568
106.021
105.641
107.398
110.488
109.216
104.752
117.184
121.690
121.977
119.844
104.024
123.185
125.020
125.019
125.014
89.673
129.210
115.785
116.483
111.751
112.599
111.478
104.533
104.259
105.649
104.809
108.900
108.802
108.004
105.633
112.084
116.764
117.274
113.343
103.055
115.457
118.672
118.810
117.620
84.027
121.611
113.381
114.500
106.644
114.431
103.484
104.593
104.207
106.184
105.830
107.454
109.012
106.373
103.797
110.835
116.713
117.589
110.805
100.118
113.010
116.972
117.355
114.165
84.714
117.644
116.252
118.011
105.540
109.325
104.024
104.463
104.361
104.857
104.076
107.866
110.903
108.695
103.309
118.384
123.025
123.212
121.869
104.634
125.522
127.675
128.087
124.649
82.781
129.677
114.781
114.406
117.511
117.704
117.497
104.248
104.231
104.288
103.212
108.523
110.927
111.406
106.838
119.548
123.406
123.401
123.581
108.099
126.835
127.247
126.569
132.174
94.099
136.701
116.596
117.676
110.132
116.464
107.540
104.779
104.165
107.326
106.746
109.480
111.110
110.389
105.063
119.967
123.616
123.708
123.121
103.244
127.374
128.187
128.064
129.066
97.098
132.819
115.511
115.837
113.822
106.902
116.851
104.642
104.280
106.127
105.203
109.730
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
2002
2003
IV
2002
IV
Government consumption
expenditures and gross
investment......................
Consumption
expenditures1..............
Gross investment2...........
Structures....................
Equipment and software
Federal.........................................
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
National defense....................
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
Nondefense.............................
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
State and local............................
Consumption expenditures......
Gross investment.....................
Structures.............................
Equipment and software
2003
I
II
III
IV
1 105.207 108.246 106.055 107.951 107.966 108.433 108.635
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
105.729
102.783
106.492
96.856
104.858
105.775
99.068
106.114
97.759
104.666
105.643
98.279
106.402
97.494
105.208
106.021
100.356
105.966
98.270
105.382
105.694
104.116
106.518
95.616
109.135
104.111
109.336
95.877
107.507
108.848
98.964
109.064
97.121
107.423
108.806
98.325
109.394
97.308
107.660
108.928
99.988
108.894
96.612
108.627
109.283
105.989
109.353
94.132
106.696
103.085
107.148
96.614
105.066
106.006
99.150
106.901
97.718
104.941
105.926
98.512
107.140
97.688
105.293
106.153
100.176
106.774
97.704
106.580
107.095
104.502
107.164
95.086
108.872
103.655
108.360
96.192
107.032
108.306
98.918
108.022
97.245
106.968
108.295
98.249
108.363
97.306
107.148
108.329
100.000
107.849
97.025
108.435
109.195
105.372
108.383
94.734
108.802
104.080
109.302
95.847
107.399
108.733
98.901
108.710
97.106
107.300
108.677
98.237
109.045
97.241
107.581
108.838
99.973
108.539
96.724
108.246
108.813
105.971
109.344
94.084
109.342
104.201
109.487
95.875
107.755
109.113
99.107
109.261
97.254
107.654
109.057
98.417
109.536
97.397
107.942
109.218
100.226
109.118
96.851
108.778
109.456
106.056
109.501
93.925
109.522
104.506
110.194
95.593
107.842
109.241
98.929
110.261
96.880
107.770
109.194
98.399
110.631
97.290
107.969
109.329
99.751
110.069
95.848
109.049
109.669
106.558
110.186
93.786
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
D-24
April 2004
National Data
Table 3.9.5 Government Consumption Expenditures and
Gross Investment
Table 3.9.6. Real Government Consumption Expenditures and Gross
Investment, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
Seasonally adjusted at annual rates
2003
Line
IV
Government consumption
expenditures and gross
investment......................
Consumption
expenditures1..............
Gross investment2...........
Structures.....................
Equipment and software
Federal.........................................
Consumption expenditures...
Gross investment..................
Structures.........................
Equipment and software...
National defense.....................
Consumption expenditures...
Gross investment.................
Structures.........................
Equipment and software...
Nondefense.............................
Consumption expenditures...
Gross investment..................
Structures.........................
Equipment and software...
State and local............................
Consumption expenditures......
Gross investment......................
Structures.............................
Equipment and software......
I
II
III
2003
IV
1
1,932.5
2,054.8
1,983.9
2,017.4
2,054.2
2,072.1
2,075.6
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
1,595.4
337.1
212.4
124.7
679.5
590.8
88.7
14.3
74.4
438.3
382.7
55.7
4.4
51.2
241.2
208.1
33.0
9.9
23.2
1,253.1
1,004.6
248.4
198.1
50.3
1,708.6
346.3
216.8
129.4
757.2
662.9
94.3
15.1
79.2
497.3
437.3
60.0
4.9
55.1
259.9
225.6
34.3
10.2
24.0
1,297.6
1,045.6
252.0
201.8
50.2
1,644.9
339.0
214.3
124.7
710.0
620.7
89.3
14.6
74.7
461.1
404.6
56.6
4.5
52.1
248.9
216.1
32.7
10.2
22.6
1,273.9
1,024.2
249.7
199.6
50.1
1,681.7
335.8
212.9
122.8
723.0
635.9
87.1
14.4
72.7
463.3
408.6
54.7
4.6
50.2
259.7
227.3
32.4
9.8
22.5
1,294.5
1,045.8
248.7
198.6
50.1
1,709.8
344.5
213.8
130.7
764.7
668.9
95.8
15.1
80.7
507.3
447.5
59.8
4.5
55.3
257.4
221.4
36.0
10.6
25.4
1,289.6
1,040.9
248.7
198.7
50.0
1,718.6
353.5
221.5
132.0
769.6
672.3
97.3
15.7
81.6
507.2
443.7
63.5
5.1
58.4
262.4
228.5
33.8
10.6
23.3
1,302.5
1,046.3
256.2
205.8
50.4
1,724.3
351.3
219.2
132.1
771.5
674.7
96.8
15.1
81.7
511.5
449.5
62.0
5.3
56.7
260.0
225.2
34.8
9.8
25.0
1,304.0
1,049.5
254.5
204.1
50.4
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
2002
2002
2003
IV
Government consumption
expenditures and gross
investment......................
Consumption
expenditures1..............
Gross investment2...........
Structures....................
Equipment and software
Federal.........................................
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
National defense....................
Consumption expenditures...
Gross investment.................
Structures.........................
Equipment and software...
Nondefense.............................
Consumption expenditures...
Gross investment.................
Structures........................
Equipment and software...
State and local............................
Consumption expenditures......
Gross investment.....................
Structures.............................
Equipment and software......
Residual........................................
I
II
III
IV
1
1,836.9
1,898.4
1,870.8
1,869.0
1,902.8
1,911.1
1,910.7
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
1,509.0
328.0
199.4
128.8
648.0
558.5
89.5
13.5
76.1
418.8
362.2
56.6
4.2
52.5
229.2
196.3
32.9
9.3
23.6
1,189.1
950.5
238.6
186.0
52.6
-0.3
1,565.7
332.6
198.3
135.0
704.3
609.1
95.2
13.8
81.5
463.0
401.9
61.0
4.5
56.7
241.4
207.1
34.3
9.4
24.9
1,194.6
956.9
237.8
184.5
53.4
-0.9
1,541.8
328.9
200.0
129.1
675.8
585.6
90.1
13.7
76.4
439.5
382.0
57.4
4.2
53.3
236.4
203.6
32.7
9.5
23.1
1,195.3
956.4
239.0
186.3
52.7
-0.3
1,544.8
323.9
196.5
127.7
675.5
587.1
88.1
13.3
74.8
433.2
377.3
55.7
4.2
51.6
242.4
209.9
32.4
9.1
23.2
1,193.8
957.8
236.0
183.2
52.9
-0.2
1,571.6
331.0
195.6
136.4
712.0
615.2
96.8
13.9
83.1
472.8
411.8
60.8
4.1
56.9
239.3
203.4
36.0
9.8
26.2
1,191.4
956.6
234.7
181.7
53.2
-0.9
1,571.9
339.2
202.3
137.7
714.3
616.2
98.2
14.4
83.9
471.2
406.9
64.5
4.7
59.9
243.1
209.3
33.8
9.7
24.0
1,197.4
956.0
241.5
187.9
53.7
-1.0
1,574.5
336.1
198.9
138.2
715.5
617.7
97.8
13.7
84.3
474.7
411.7
63.0
4.8
58.2
240.8
206.0
34.9
8.9
26.1
1,195.9
957.1
238.8
185.2
53.8
-1.1
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines.
April 2004
S urvey
of
D-25
C u rr e n t B u sin ess
Table 3.10.1. Percent Change From Preceding Period in Real Government Consumption Expenditures and
General Government Gross Output
[Percent]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Government consumption expenditures1.............................................................................
Gross output of general government
Value added..............................
Compensation of general government employees........................................................
Consumption of general government fixed capital2.......................................................
Intermediate goods and services purchased3...................................................................
Durable goods.....................
Nondurable goods..........................................................................................................
Services...................
Less: Own-account investment4
Sales to other sectors
Federal consumption expenditures1
Gross output of general government..........................................................................................
Value added..............................................
Compensation of general government employees
Consumption of general government fixed capital2
Intermediate goods and services purchased3
Durable goods......................................
Nondurable goods................................
Services................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors..........
Defense consumption expenditures1
Gross output of general government
Value added.................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3
Durable goods..............
Nondurable goods
,
Services.......................
Less: Own-account investment4
Sales to other sectors
Nondefense consumption expenditures1
Gross output of general government
Value added.....................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods........
Commodity Credit Corporation inventory change..........................................................
Other nondurable goods
Services.......................
Less: Own-account investment4
Sales to other sectors
State and local consumption expenditures1......................................................................................
Gross output of general government......................
Value added.........................................................
Compensation of general government employees
Consumption of general government fixed capital2
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods
Services...........
Less: Own-account investment4
Sales to other sectors
Tuition and related educational charges....................................................................
Health and hospital charges.......................................................................................
Other sales................................................................................................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
2003
I
II
III
IV
3.6
3.6
1.6
1.5
2.3
7.3
3.3
4.8
8.5
1.0
4.1
7.6
7.4
1.7
2.0
0.7
16.1
5.4
13.2
17.9
-0.9
-10.7
8.4
8.4
1.4
2.1
-0.2
18.8
4.3
12.7
22.4
28.3
-8.5
6.1
5.5
2.1
1.9
3.0
11.0
18.0
3.8
3.6
1.4
1.2
2.5
7.5
4.6
2.2
9.5
0.3
3.2
9.0
8.9
3.3
3.8
1.7
16.4
7.7
-0.9
19.4
0.5
-7.6
11.0
10.7
3.3
4.2
1.0
20.2
8.8
-4.4
24.3
2.6
-29.2
5.5
5.5
3.3
3.2
3.4
8.8
-5.0
9.3
7.6
2.4
2.4
2.4
17.1
-9.9
1.4
25.7
-4.5
-1.1
22.9
20.1
4.9
6.0
1.3
43.5
-18.2
-7.9
60.9
-11.9
-92.0
28.2
24.1
-0.3
-0.7
0.6
62.1
-20.9
-13.4
92.2
15.5
-99.7
13.7
13.2
14.2
16.8
3.1
11.7
17.0
0.8
1.1
1.7
1.5
2.5
0.1
-11.3
0.5
1.1
-3.8
3.4
1.1
1.2
4.3
5.1
1.7
-2.5
-20.6
-10.9
0.6
4.7
28.8
-4.8
-4.6
6.2
8.2
1.2
-16.0
-18.2
30.7
-18.5
0.2
104.3
12.8
12.7
1.1
0.7
2.9
32.1
-42.9
7.1
7.0
1.1
0.8
2.6
17.4
42.1
7.6
18.7
3.4
6.4
20.5
21.7
5.0
6.0
2.0
46.2
88.3
45.8
42.2
6.3
467.0
41.9
42.5
8.0
10.6
1.2
95.5
100.3
8.0
103.7
6.3
680.6
-11.7
-9.5
0.2
-0.5
4.0
-22.1
-13.4
0.1
0.4
0.1
-0.4
2.6
1.0
1.2
-0.8
1.6
2.4
2.4
0.6
0.1
0.0
-0.6
2.2
0.2
1.3
-19.4
2.1
-24.2
-33.7
-4.7
-4.6
1.1
0.9
1.4
-10.4
-0.6
-48.1
-8.7
-18.9
17.0
11.9
10.1
-1.7
-2.8
4.1
29.8
31.8
0.7
0.8
0.5
0.1
2.8
1.1
3.2
3.3
0.3
5.1
1.0
1.0
0.3
-0.3
-1.2
2.6
1.0
5.8
10.7
-0.4
37.7
-77.6
4.8
3.8
-0.3
-1.0
1.7
8.4
3.8
20.1
8.5
19.5
-97.0
-6.1
-6.3
-0.4
-1.5
5.0
-14.1
34.3
22.0
10.4
-17.5
-12.3
1.4
2.0
1.6
1.3
3.9
2.7
1.0
3.5
2.5
1.4
4.4
1.5
5.0
5.3
4.2
10.2
-1.4
8.0
0.7
1.2
0.6
0.3
3.3
2.4
0.9
2.7
2.3
0.3
3.4
2.4
2.9
4.9
7.7
13.8
-30.6
23.5
1.9
2.2
1.4
1.1
3.4
3.7
1.6
3.0
4.1
-2.5
3.4
2.9
2.2
5.6
-36.8
51.0
9.0
6.5
0.6
1.0
0.6
0.3
3.3
1.8
1.1
2.4
1.6
-5.9
3.1
2.7
2.7
3.9
63.3
-32.0
6.3
386.8
-0.5
0.4
-0.5
-1.0
3.1
2.1
0.7
2.5
2.0
2.7
3.6
2.7
2.7
5.4
39.2
31.4
-28.9
-51.9
-0.3
0.6
0.1
-0.3
3.0
1.6
1.0
2.5
1.2
10.5
3.3
2.7
2.7
4.5
2.9
-17.6
56.8
-45.3
0.4
1.0
0.9
0.6
2.9
1.2
0.0
2.2
0.8
-1.7
3.3
2.7
2.7
4.4
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft
ware in table 3.9.5.
D -2 6
April 2004
National Data
Table 3.10.3. Real Government Consumption Expenditures and
General Government Gross Output, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
2002
IV
Governm consumption expenditures1.............................................................
ent
Gross output of general government...................................................................................
Value added....................................................................................................................
Compensation of general government employees......................................................
Consumption of general government fixed capital2.....................................................
Intermediate goods and services purchased3.................................................................
Durable goods.................
Nondurable goods...........
Services...........................
Less: Own-account investment4
Sales to other sectors......
Federal consumption expenditures1...
Gross output of general government.......................................................................................
Value added........................................................................................................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2.........................................................
Intermediate goods and services purchased3.....................................................................
Durable goods.................................................................................................................
Nondurable goods....
Services...................
Less: Own-account investment4
Sales to other sectors
Defense consumption expenditures1.....................................................................
Gross output of general government..................
Value added...................................................
Compensation of general government employees
Consumption of general government fixed capital2
Intermediate goods and services purchased3.
Durable goods............................................
Nondurable goods......................................
Services..........................................................................................................................
Less: Own-account investment4...
Sales to other sectors......
Nondefense consumption expenditures1
Gross output of general government
Value added........................................................................................................................
Compensation of general government employees
Consumption of general government fixed capital2
Intermediate goods and services purchased3.
Durable goods.............................................
Commodity Credit Corporation inventory change
Other nondurable goods.........................
Services..........................................................................................................................
Less: Own-account investment4..............................................................................................
Sales to other sectors
State and local consumption expenditures1
Gross output of general government
Value added.................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2.........................................................
Intermediate goods and services purchased3.....................................................................
Durable goods..........
Nondurable goods....
Services...................
Less: Own-account investment4
Sales to other sectors
Tuition and related educational charges..................................................................
Health and hospital charges
Other sales.............................................................................................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
2003
I
II
III
IV
106.484
106.763
103.345
103.070
104.883
113.061
106.859
110.332
114.648
109.731
108.262
111.858
111.330
101.930
102.174
101.177
126.895
107.680
123.429
130.280
121.298
66.494
112.664
112.715
101.657
102.711
99.107
130.598
105.743
115.417
138.001
163.043
91.911
110.398
108.891
102.398
101.379
106.978
120.093
132.912
110.488
110.657
104.790
104.310
107.532
121.549
111.784
112.747
125.591
110.094
111.755
121.977
121.189
105.293
106.077
102.853
147.714
115.927
122.329
155.570
121.872
61.455
125.019
124.797
105.033
107.032
100.070
156.986
115.047
110.308
171.501
167.335
65.071
116.483
114.840
105.743
104.668
110.665
130.633
126.282
108.802
108.856
104.106
103.801
105.815
117.654
107.376
110.959
121.002
109.790
109.137
117.274
116.386
103.255
103.788
101.608
138.210
108.246
119.674
144.969
120.830
47.156
118.810
118.511
101.852
102.922
99.265
145.547
105.731
108.868
158.546
167.824
42.436
114.500
112.647
105.654
105.063
108.180
124.723
141.354
109.012
109.151
104.534
104.188
106.482
117.698
104.212
111.103
121.343
108.725
110.053
117.589
116.744
104.342
105.085
102.034
137.337
102.168
116.284
145.178
122.213
50.238
117.355
117.121
103.407
104.972
99.566
139.332
100.561
116.402
150.644
167.903
50.733
118.011
116.073
105.943
105.252
108.955
133.716
122.865
110.903
111.009
104.816
104.402
107.167
122.510
113.779
113.144
126.647
109.649
111.783
123.212
122.622
105.632
106.622
102.530
151.007
119.684
127.780
158.544
124.097
77.522
128.087
127.970
105.418
107.647
99.857
164.759
119.628
118.676
179.963
170.482
84.799
114.406
113.217
106.004
105.108
110.033
125.630
118.537
110.927
111.130
104.836
104.308
107.867
122.821
114.115
112.908
127.144
110.307
112.454
123.401
122.654
105.643
106.464
103.088
151.074
120.079
121.061
159.353
115.774
69.947
126.569
126.457
105.696
107.895
100.214
160.295
119.441
100.722
175.894
161.800
88.187
117.676
115.964
105.562
104.351
111.154
134.098
127.010
111.110
111.339
104.972
104.343
108.611
123.167
115.029
113.834
127.231
111.697
112.730
123.708
122.734
105.554
106.138
103.762
151.440
121.775
124.189
159.204
125.405
48.114
128.064
127.641
105.613
107.614
100.643
163.560
120.559
105.433
179.502
169.155
36.563
115.837
114.105
105.464
103.960
112.517
129.088
136.717
144.492
117.862
98.831
55.699
103.568
104.753
103.935
103.381
108.421
106.330
105.896
108.404
105.359
107.211
109.505
103.924
111.310
110.414
150.515
129.872
97.416
60.170
104.259
106.030
104.581
103.682
111.992
108.849
106.892
111.355
107.782
107.532
113.248
106.465
114.488
115.861
146.971
123.108
95.560
49.502
104.207
105.546
104.462
103.802
109.829
107.648
106.351
109.683
106.760
107.386
110.974
104.683
112.571
112.684
131.028
136.464
97.635
50.291
104.361
105.813
104.617
103.870
110.726
108.134
106.631
110.336
107.180
105.775
111.827
105.391
113.333
113.779
148.114
123.925
99.146
74.700
104.231
105.908
104.477
103.613
111.587
108.689
106.805
111.024
107.699
106.484
112.810
106.104
114.099
115.289
160.890
132.687
91.028
62.195
104.165
106.068
104.501
103.541
112.422
109.118
107.071
111.724
108.010
109.166
113.720
106.822
114.872
116.551
162.029
126.413
101.854
53.492
104.280
106.333
104.730
103.703
113.232
109.454
107.060
112.337
108.238
108.701
114.636
107.544
115.649
117.823
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft
ware in table 3.9.5.
April 2004
D -27
S u r v e y o f C u r r e n t B u s in e s s
Table 3.10.4. Price Indexes for Government Consumption Expenditures and
General Government Gross Output
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
2002
105.729
109.135
106.696
108.872
106.955
108.623
109.842
102.081
104.090
100.660
99.999
105.923
106.984
108.547
108.848
108.806
IV
Governm consumption expenditures1.............................................................
ent
Gross output of general government...................................................................................
Value added........................................
Compensation of general government employees
Consumption of general government fixed capital2.....................................................
Intermediate goods and services purchased3
Durable goods................................
Nondurable goods..........................
Services..........................................
Less: Own-account investment4..........................................................................................
Sales to other sectors
Federal consumption expenditures1
Gross output of general government
Value added.....................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2
Intermediate goods and services purchased3....
Durable goods................................................
Nondurable goods..........................................
Services.........................................................
Less: Own-account investment4.............................
Sales to other sectors.................................
Defense consumption expenditures1.....................................................................
Gross output of general government.......................................................................................
Value added........................................................................................................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2.........................................................
Intermediate goods and services purchased3.....................................................................
Durable goods...
Nondurable goods
Services...........
Less: Own-account investment4
Sales to other sectors..................................................................................................
Nondefense consumption expenditures1
Gross output of general government
Value added................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2.........................................................
Intermediate goods and services purchased3
Durable goods.........................
Other nondurable goods..............................................................................................
Services..........................................................................................................................
Less: Own-account investment4..............................................................................................
Sales to other sectors..................................................................................................
State and local consumption expenditures1
Gross output of general government
Value added......................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2.........................................................
Intermediate goods and services purchased3
Durable goods........................
Nondurable goods...........................................................................................................
Services......................
Less: Own-account investment4
Sales to other sectors
Tuition and related educational charges..................................................................
Health and hospital charges
Other sales.........
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
4?
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
105.865
107.547
108.621
101.777
102.969
100.610
97.277
105.249
105.847
106.707
105.775
105.783
107.425
109.651
101.041
103.414
99.998
95.552
104.884
108.196
104.870
109.527
111.156
112.741
102.667
106.727
100.935
105.005
107.994
109.045
111.976
108.866
110.807
114.014
101.537
106.153
100.318
101.015
107.606
111.939
108.469
2003
I
II
III
IV
108.802
109.015
110.245
111.729
102.291
106.846
100.799
108.649
106.987
108.477
109.928
109.129
110.941
112.494
102.622
106.044
100.877
102.773
107.752
108.701
111.175
109.342
109.522
106.006
108.306
108.733
109.113
109.241
109.057
109.194
106.022
107.193
109.166
101.543
104.274
100.037
97.989
105.659
108.755
105.791
108.317
110.358
113.508
101.254
105.495
100.187
103.847
106.534
110.866
107.354
108.749
110.844
114.109
101.400
105.859
100.268
99.818
107.373
111.774
108.057
109.801
111.582
113.217
102.827
106.762
100.958
103.878
108.409
109.348
112.661
109.133
111.011
114.209
101.764
106.491
100.382
100.571
108.057
112.436
108.880
110.162
111.855
113.523
102.930
107.257
101.108
104.721
108.827
109.655
114.140
109.266
111.016
114.228
101.731
106.767
100.433
99.826
108.459
112.681
109.583
108.839
110.529
114.331
101.537
106.530
101.103
98.955
108.407
111.029
113.212
105.926
105.956
106.874
109.124
101.619
104.560
100.657
96.179
106.263
108.022
109.419
108.295
108.677
105.669
107.278
109.966
100.978
103.420
100.516
91.622
105.268
107.631
108.633
108.323
110.202
113.984
101.258
105.819
100.954
103.261
107.203
109.862
112.178
108.710
110.539
114.391
101.423
106.258
101.068
97.761
108.177
110.889
112.906
109.093
110.675
114.461
101.723
106.894
101.150
97.449
108.971
111.608
113.693
106.021
108.928
106.153
108.329
108.838
109.218
109.329
100.430
104.262
108.607
102.658
104.793
106.178
112.646
105.948
101.228
104.627
109.298
103.706
105.668
105.372
111.661
104.799
103.193
105.947
112.458
105.489
104.945
106.391
113.066
106.340
105.365
107.001
113.397
107.166
105.694
109.283
107.095
109.195
108.813
109.456
105.643
105.995
107.673
109.190
101.236
103.411
94.229
105.897
107.599
108.267
102.464
102.721
101.335
97.541
105.468
105.273
106.751
112.299
106.631
103.559
108.924
111.279
113.559
101.565
105.405
91.867
109.828
111.299
112.295
103.704
107.080
101.670
105.623
108.232
108.334
112.052
121.665
111.980
106.406
106.148
107.729
109.226
101.375
103.712
93.224
107.388
109.212
110.077
102.591
103.990
101.401
100.305
106.064
106.554
108.608
115.320
108.860
104.166
108.313
110.623
112.818
101.271
104.859
91.931
109.333
110.193
111.102
103.245
107.698
101.524
109.402
107.281
107.894
109.986
117.269
110.217
105.241
108.828
111.361
113.706
101.368
105.062
91.652
109.289
110.978
111.926
103.740
106.143
101.599
103.221
107.983
107.945
111.244
119.316
111.499
106.004
109.217
111.580
113.852
101.895
105.686
92.145
110.107
111.818
112.873
103.804
106.919
101.637
104.385
108.615
108.588
112.743
123.552
112.485
106.681
109.231
110.700
114.487
101.745
107.149
101.241
97.349
109.277
111.759
114.072
109.339
111.552
113.859
101.724
106.014
91.741
109.669
110.584
112.205
113.282
104.028
107.560
101.919
105.485
109.047
108.910
114.234
126.523
113.720
107.697
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft
ware in table 3.9.5.
National Data
April 2004
Table 3.10.5. Government Consumption Expenditures and General
Government Gross Output
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Governm consumption expenditures1.............................................................
ent
Gross output of general government...................................................................................
Value added....................................................................................................................
Compensation of general government employees......................................................
Consumption of general government fixed capital2.....................................................
Intermediate goods and services purchased3.................................................................
Durable goods............................................................................................................
Nondurable goods......................................................................................................
Services................
Less: Own-account investment4
Sales to other sectors
Federal consumption expenditures1
Gross output of general government
Value added..................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2.........................................................
Intermediate goods and services purchased3.....................................................................
Durable goods...........
..........................................................................................
Nondurable goods.....
Services....................
Less: Own-account investment4
Sales to other sectors ...
Defense consumption expenditures1
Gross output of general government
Value added..............................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2.........................................................
Intermediate goods and services purchased3.....................................................................
Durable goods.......................
Nondurable goods.................
Services................................
Less: Own-account investment4..............................................................................................
Sales to other sectors
..........................................................................................
Nondefense consumption expenditures1
Gross output of general government
Value added..............................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2.........................................................
Intermediate goods and services purchased3.....................................................................
Durable goods..................................
Nondurable goods............................
Commodity Credit Corporation inventory change........................................................
Other nondurable goods...............
Services...........................................
Less: Own-account investment4...............
Sales to other sectors
..........................................................................................
State and local consumption expenditures1
Gross output of general government
Value added..............................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2.........................................................
Intermediate goods and services purchased3
Durable goods.......................
Nondurable goods...........................................................................................................
Services....................
Less: Own-account investment4
Sales to other sectors
Tuition and related educational charges..................................................................
Health and hospital charges
Other s a l e s ......
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
1,595.4
1,878.9
1,188.8
1,011.2
177.6
690.1
47.4
156.0
486.8
21.0
262.5
590.8
1,708.6
1,644.9
2,014.6
1,245.8
1,062.1
183.7
768.8
49.7
172.0
547.1
21.7
284.3
1,935.3
1,209.5
1,029.8
179.7
725.8
47.7
161.2
516.9
21.3
269.1
662.9
620.7
2003
I
1,681.7
2,038.7
1,255.8
1,069.8
186.0
782.9
51.3
173.2
558.4
22.2
292.3
635.9
668.9
672.3
674.7
681.5
369.8
284.2
85.6
311.7
29.0
23.0
259.7
4.2
5.0
682.8
369.6
283.4
86.1
313.2
29.4
23.4
260.4
4.6
3.5
447.5
443.7
449.5
643.8
363.1
278.8
84.3
280.7
24.6
22.8
233.2
4.4
3.6
382.7
437.3
404.6
408.6
208.1
213.1
128.1
105.0
23.1
85.0
2.2
11.3
0.1
11.1
71.5
2.3
2.7
1,004.6
1,279.3
843.5
749.3
94.2
435.8
21.5
133.6
280.6
16.8
257.8
51.7
125.2
80.9
225.6
216.1
230.9
136.7
112.7
24.0
94.2
2.0
12.0
-0.1
12.1
80.2
2.3
3.0
220.7
132.2
108.8
23.4
88.5
2.3
11.3
-0.2
11.4
74.9
2.2
2.4
1,045.6
1,024.2
1,342.8
877.9
779.4
98.5
465.0
21.8
148.6
294.6
17.3
279.9
57.4
135.3
87.2
1,307.0
860.4
764.9
95.5
446.6
21.6
139.0
285.9
17.0
265.8
53.5
129.3
83.0
IV
1,724.3
2,028.2
1,251.1
1,066.6
184.5
777.1
50.8
170.4
555.9
21.8
287.8
628.2
349.1
264.9
84.2
279.2
26.0
22.2
231.0
4.2
3.3
407.5
216.8
156.1
60.8
190.7
23.7
10.9
156.1
2.1
0.9
III
1,718.6
2,013.6
1,243.7
1,060.7
183.0
769.9
50.6
168.9
550.4
21.6
282.3
671.8
367.9
282.7
85.2
303.8
27.9
23.4
252.5
4.4
4.4
440.9
231.2
170.0
61.2
209.6
25.9
11.4
172.3
2.1
1.4
1,709.8
1,977.9
1,232.6
1,051.4
181.2
745.3
46.3
175.4
523.6
21.3
274.8
599.6
345.3
261.9
83.4
254.3
25.9
22.3
206.1
4.2
4.6
386.6
217.2
156.9
60.3
169.4
23.7
11.0
134.7
2.0
1.9
II
678.9
369.2
284.4
84.8
309.7
28.8
24.1
256.7
4.5
5.5
411.8
227.0
166.2
60.7
184.8
22.6
12.5
149.6
2.1
1.1
451.5
232.1
171.1
61.0
219.4
26.9
12.1
180.4
2.1
1.9
447.7
233.0
171.6
61.4
214.7
26.9
10.2
177.6
2.0
2.0
227.3
221.4
228.5
232.1
136.2
112.6
23.6
95.9
2.0
10.3
-0.3
10.6
83.6
2.3
2.5
1,045.8
1,334.0
869.4
772.5
96.9
464.6
21.7
152.5
290.3
17.0
271.2
54.8
131.8
84.7
227.4
137.2
113.3
23.8
90.3
1.9
12.0
0.3
11.7
76.3
2.3
3.7
1,040.9
1,334.7
874.5
776.3
98.1
460.2
21.8
144.8
293.7
17.1
276.8
56.1
134.2
86.4
452.5
232.9
171.2
61.7
219.6
27.2
10.7
181.8
2.1
0.8
225.2
233.8
136.9
112.6
24.2
96.9
2.1
12.8
-0.2
13.0
82.1
2.2
3.1
230.3
136.7
112.2
24.5
93.6
2.2
12.7
-0.4
13.1
78.6
2.4
2.7
1,046.3
1,049.5
1,346.7
881.3
782.4
98.9
465.4
21.8
147.4
296.2
17.6
282.8
58.5
136.3
87.9
1,355.9
886.3
786.4
99.9
469.7
21.9
149.7
298.0
17.6
288.8
60.3
138.8
89.8
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft
ware in table 3.9.5.
April 2004
D -29
S u r v e y o f C u r r e n t B u s in e s s
Table 3.10.6. Real Government Consumption Expenditures and General Government
Gross Output, Chained Dollars
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Governm consumption expenditures1.............................................................
ent
Gross output of general government...................................................................................
Value added....................................................................................................................
Compensation of general government employees......................................................
Consumption of general government fixed capital2.....................................................
Intermediate goods and services purchased3.................................................................
Durable gcwds..........
Nondurable goods....
Services...................
Less: Own-account investment4
Sales to other sectors
Federal consumption expenditures1
Gross output of general government
Value added.....................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2.........................................................
Intermediate goods and services purchased3.....................................................................
Durable goods..............
Nondurable goods
Services.......................
Less: Own-account investment4..............................................................................................
Sales to other sectors..................................................................................................
Defenseconsumption expenditures1.....................................................................
Grass output of general government.......................................................................................
Value added........................................................................................................................
Compensation of general government employees...........................................................
Consumption of general government fixed capital2.........................................................
Intermediate goods and services purchased3.....................................................................
Durable goods............................................................
Nondurable goods
Services............
Less: Own-account investment4........................................
Sales to other sectors.........
Nondefense consumption expenditures1
Gross output of general government .
Value added................................
Compensation of general government employees
Consumption of general government fixed capital2.........................................................
intermediate goods and services purchased3
Durable goods..........................
Nondurable goods....................
Commodity Credit Corporation inventory change........................................................
Other nondurable goods
Services..................................
Less: Own-account investment4
Sales to other sectors..........
State and local consumption expenditures1...................................................................
Gross output of general government.......................................................................................
Value added........................................................................................................................
Compensation of general government employees
Consumption of general government fixed capital2
Intermediate goods and services purchased3.....................................................................
Durable goods...
Nondurable goods
Services...........
Less: Own-account investment4
Sales to other sectors..................................................................................................
Tuition and related educational charges
Health and hospital charges........
Other sales.................................
Residual..................................................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
1,509.0
1,774.8
1,105.4
930.9
174.5
670.2
47.1
160.3
462.5
19.9
246.0
558.5
566.9
321.4
238.8
82.6
245.9
25.9
23.3
196.5
3.9
4.4
362.2
1,565.7
1,541.8
609.1
585.6
1,839.5
1,120.8
942.1
178.9
720.5
49.3
163.8
506.6
19.9
253.9
1,809.6
1,113.5
937.5
176.1
697.4
47.3
161.2
488.1
19.9
247.9
617.1
332.1
248.0
83.9
286.3
27.9
23.1
234.7
3.9
4.1
592.6
325.6
242.6
82.9
267.9
26.0
22.6
218.7
3.9
3.1
401.9
365.8
202.5
142.7
59.7
163.8
23.5
12.0
128.0
1.8
1.8
405.1
209.2
148.7
60.3
196.9
25.6
11.5
159.0
1.9
1.3
382.0
196.3
207.1
203.6
201.0
119.0
96.1
22.9
82.1
2.3
11.2
0.1
11.1
68.5
2.1
2.6
950.5
1,208.0
783.9
692.1
91.9
424.2
21.2
137.0
266.1
15.9
241.5
46.1
117.4
78.1
-0.4
212.0
122.9
99.2
23.7
89.4
2.2
11.4
-0.1
11.6
75.5
2.0
2.8
956.9
1,222.7
788.8
694.1
95.0
434.3
21.4
140.7
272.2
16.0
249.8
47.2
120.8
82.0
-0.9
384.7
202.9
143.0
59.8
182.5
23.5
11.3
147.0
1.9
0.8
207.9
122.8
99.6
23.1
85.3
2.5
11.1
-0.2
11.3
71.6
2.0
2.3
956.4
1,217.2
787.9
694.9
93.1
429.5
21.3
138.6
269.6
16.0
244.8
46.4
118.8
79.7
-0.3
2003
I
II
III
1,544.8
1,571.6
1,571.9
587.1
615.2
616.2
1,814.5
1,118.1
941.0
177.2
697.7
45.9
161.4
489.5
19.7
250.0
594.4
329.1
245.6
83.3
266.2
24.5
22.0
219.0
4.0
3.3
377.3
1,845.4
1,121.1
943.0
178.3
726.2
50.2
164.4
510.9
19.8
254.0
624.4
333.1
249.2
83.7
292.7
28.8
24.2
239.2
4.0
5.1
411.8
1,847.4
1,121.3
942.1
179.5
728.1
50.3
164.1
512.9
20.0
255.5
624.5
333.2
248.9
84.1
292.8
28.9
22.9
240.4
3.7
4.6
406.9
380.1
206.0
145.9
60.0
174.7
22.4
12.1
139.7
1.9
1.0
415.4
210.0
149.6
60.1
206.6
26.6
12.4
166.9
1.9
1.7
410.4
210.5
149.9
60.4
201.0
26.6
10.5
163.1
1.8
1.7
209.9
203.4
209.3
214.3
123.1
99.8
23.3
91.5
2.2
9.7
-0.4
10.1
79.4
2.0
2.4
957.8
1,220.2
789.0
695.3
93.9
431.4
21.4
139.5
270.7
15.7
246.6
46.7
119.6
80.5
-0.7
209.0
123.2
99.7
23.5
85.9
2.1
11.6
0.3
11.4
72.1
2.1
3.5
956.6
1,221.3
788.0
693.6
94.6
433.6
21.4
140.3
272.0
15.8
248.8
47.0
120.4
81.6
-1.0
214.1
122.7
98.9
23.8
91.7
2.2
12.2
-0.2
12.4
77.2
1.9
2.9
956.0
1,223.2
788.2
693.1
95.3
435.4
21.5
141.2
272.8
16.2
250.8
47.3
121.2
82.4
-1.4
IV
1,574.5
1,850.9
1,122.8
942.4
180.7
730.1
50.7
165.4
513.2
20.2
256.1
617.7
624.9
332.9
248.1
84.7
293.5
29.3
23.5
240.2
4.1
3.2
411.7
414.3
210.4
149.5
60.6
205.1
26.8
11.0
166.4
1.9
0.7
206.0
210.6
122.5
98.6
24.0
88.3
2.4
12.2
-0.2
12.4
73.5
2.1
2.5
957.1
1,226.2
789.9
694.2
96.0
436.7
21.5
142.0
273.3
16.2
252.8
47.7
122.0
83.3
-1.1
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in
software in table 3.9.5.
N ote. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2 00 0 current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type
quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed
lines.
D -3 0
April 2004
National Data
Table 3.11.1. Percent Change From Preceding Period in Real National Defense Consumption
Expenditures and Gross Investment by Type
[Percent]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
N
ational defense consumption expenditures and gross investment.............................
Consumption expenditures1........................................................................................
Gross output of general government.........
Value added................................................
Compensation of general government employees
Military................................................
Civilian................................................................................................................................
Consumption of general government fixed capital2.................................................................
Intermediate goods and services purchased3.............................................................................
Durable goods.........................................................................................................................
Aircraft...
Missiles..
Ships.....
Vehicles..
Electronics..........................................................................................................................
Other durable goods
Nondurable goods..
Petroleum products
Ammunition.......
Other nondurable goods
Services................
Research and development.................................................................................................
Installation support.............................................................................................................
Weapons support
Personnel support
Transportation of material
Travel of persons
Less: Own-account investment4
Sales to other sectors
Gross investment9.....................................................................................................
Structures........................................................................................................................................
Equipment and software
Aircraft...........
Missiles
Ships.............
Vehicles.......................................................................................................................................
Electronics and software..............................................................................................................
Other equipment.........................................................................................................................
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
8.9
8.4
8.4
10.6
11.0
10.7
1.4
2.1
3.8
-1.2
-0.2
18.8
4.3
0.5
-3.7
5.9
-1.6
8.7
13.9
12.7
10.8
22.6
9.3
22.4
29.9
9.0
24.5
30.4
15.5
6.6
28.3
-8.5
3.3
4.2
6.5
-0.3
1.0
20.2
8.8
6.8
9.4
-0.5
5.1
16.4
10.7
-4.4
-34.8
-0.7
25.3
24.3
21.5
5.5
30.3
33.4
75.2
20.1
2.6
-29.2
11.7
7.8
-5.1
13.4
14.3
-0.2
19.6
33.3
3.1
17.3
6.9
7.8
-0.9
-1.2
9.4
19.4
8.3
11.6
22.1
28.2
24.1
-0.3
-0.7
-0.4
-1.3
0.6
62.1
-20.9
-3.4
5.6
-60.2
10.2
-47.5
-33.2
-13.4
-34.8
-31.4
27.6
92.2
216.7
30.5
75.6
84.5
7.6
10.1
15.5
-99.7
-12.6
-4.4
-13.3
10.8
60.6
4.3
-73.4
-18.5
-24.4
2003
I
II
-5.6
-4.8
-4.6
6.2
8.2
15.0
-4.0
1.2
-16.0
-18.2
-26.2
-57.7
36.4
10.7
64.2
-23.5
30.7
84.4
-50.6
50.6
-18.5
-57.4
-28.1
-18.9
-0.9
1,029.0
53.4
0.2
104.3
-11.2
3.3
-12.4
-40.1
-35.3
-10.0
431.4
12.5
-26.0
III
41.9
41.9
42.5
IV
-1.3
-4.7
-4.6
8.0
10.6
19.1
-5.3
1.2
95.5
100.3
110.2
115.9
29.0
3.3
57.3
154.4
8.0
-60.9
174.4
64.9
103.7
261.8
63.4
132.5
64.3
-7.7
3.0
6.3
680.6
1.1
0.9
-3.6
11.3
1.4
-10.4
-0.6
-33.1
-7.8
2.6
-1.6
47.8
51.5
-48.1
-90.8
9.1
-17.2
-8.7
-43.9
0.2
7.7
19.4
-5.2
77.7
-18.9
17.0
42.1
26.4
-8.8
47.6
-4.2
-0.6
68.4
-24.7
6.0
146.3
67.0
23.5
-24.1
44.6
-1.4
-25.1
36.3
66.3
3.0
4.8
3.8
-0.3
-1.0
-3.7
4.6
1.7
8.4
3.8
45.4
189.7
-28.6
-14.8
-35.1
-45.8
20.1
12.9
5.8
30.7
8.5
58.6
-11.3
-14.7
6.8
-34.5
-15.1
19.5
-97.0
-9.1
13.4
-10.9
124.2
80.4
-25.2
-47.6
27.1
-49.4
1. National defense consumption expenditures are defense services produced by government that are valued at their cost of production. Excludes government sales to other sectors and government own-account
investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in
software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed assets; inventory investment is included in government consumption expenditures.
April 2004
D-31
S u r v e y o f C u r r e n t B u s in e s s
Table 3.11.3. Real National Defense Consumption Expenditures
and Gross Investment by Type, Quantity Indexes
Table 3.11.4. Price Indexes for National Defense Consumption
Expenditures and Gross Investment by Type
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted
Line
2002
2003
2002
IV
N
ational defense
consumption
expenditures and gross
investment.................
Consumption expenditures1...
Gross output of general
government.........................
Value added........................
Compensation of general
government employees
Military.........................
Civilian.........................
Consumption of general
government fixed
capital2........................
Intermediate goods and
services purchased3 .......
Durable goods.................
Aircraft.........................
Missiles.......................
Ships...........................
Vehicles.......................
Electronics...................
Other durable goods....
Nondurable goods...........
Petroleum products.....
Ammunition.................
Other nondurable goods
Services..........................
Research and
development............
Installation support......
Weapons support........
Personnel support.......
Transportation of
material...................
Travel of persons.........
Less: Own-account investment4
Sales to other sectors..
Gross investment9.................
Structures................................
Equipment and software..........
Aircraft.................................
Missiles................................
Ships..................................
Vehicles..............................
Electronics and software.....
Other equipment..................
1
2
Line
2003
I
II
III
113.086 125.020 118.672 116.972 127.675 127.247 128.187
112.664 125.019 118.810 117.355 128.087 126.569 128.064
5 102.711 107.032 102.922 104.972 107.647 107.895 107.614
6 105.559 112.470 105.844 109.596 114.481 113.432 112.371
7 97.525 97.191
97.605 96.605 95.297 97.873 98.991
99.107 100.070
99.857 100.214 100.643
99.265
99.566
9
10
11
12
13
14
15
16
17
18
19
20
21
130.598
105.743
99.084
104.555
97.673
117.256
113.412
115.544
115.417
126.032
144.610
94.890
138.001
156.986
115.047
105.784
114.396
97.180
123.249
131.998
127.901
110.308
82.147
143.655
118.902
171.501
145.547
105.731
101.694
114.645
87.218
120.849
104.505
112.420
108.868
105.415
138.879
98.250
158.546
139.332
100.561
94.260
92.447
94.252
123.956
118.306
105.132
116.402
122.835
116.409
108.835
150.644
164.759
119.628
113.493
112.061
100.450
124.974
132.487
132.771
118.676
97.118
149.819
123.325
179.963
160.295
119.441
102.660
109.812
101.091
124.469
146.082
147.301
100.722
53.495
153.106
117.650
175.894
163.560
120.559
112.723
143.264
92.928
119.598
131.118
126.399
105.433
55.138
155.287
125.800
179.502
22
23
24
25
149.845
117.306
150.385
150.890
182.009
123.714
195.881
201.296
183.390
123.275
175.579
178.602
148.200
113.521
166.638
178.196
204.388
128.343
205.778
201.734
176.909
128.400
209.626
210.877
198.537
124.591
201.483
214.378
26
27
28
29
30
31
32
33
34
35
36
37
38
121.575 212.975 121.749 223.170 218.729 215.850 194.151
108.722 130.567 109.455 121.817 122.727 141.706 136.017
163.043 167.335 167.824 167.903 170.482 161.800 169.155
65.071
91.911
42.436 50.733 84.799 88.187 36.563
116.016 125.014 117.620 114.165 124.649 132.174 129.066
83.881
119.829
132.957
127.372
130.974
136.566
100.852
117.451
89.673
129.210
131.776
125.787
143.246
163.066
109.228
131.104
84.027
121.611
148.189
128.584
135.856
121.517
99.237
115.989
84.714
117.644
130.372
115.328
132.320
184.494
102.201
107.564
82.781
129.677
128.995
115.169
150.737
171.848
103.700
134.754
94.099
136.701
120.403
126.286
150.225
159.883
112.048
153.023
97.098
132.819
147.332
146.366
139.702
136.039
118.964
129.074
1. National defense consumption expenditures are defense services produced by government that are valued at their cost
of production. Excludes government sales to other sectors and government own-account investment (construction and soft
ware).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the
services of general government fixed assets; the use of depreciation assumes a zero net return on these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related
expenditures for goods and services and is classified as investment in structures and in software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
2003
2002
IV
IV
3 112.715 124.797 118.511 117.121 127.970 126.457 127.641
4 101.657 105.033 101.852 103.407 105.418 105.696 105.613
8
2002
N
ational defense
consumption
expenditures and gross
investment.................
Consum
ption expenditures1...
Gross output of general
government.........................
Value added........................
Compensation of general
government employees
Military.........................
Civilian.........................
Consumption of general
government fixed
capital2........................
Intermediate goods and
services purchased3........
Durable goods.................
Aircraft.........................
Missiles........................
Ships............................
Vehicles.......................
Electronics...................
Other durable goods....
Nondurable goods...........
Petroleum products......
Ammunition..................
Other nondurable goods
Services...........................
Research and
development............
Installation support......
Weapons support........
Personnel support.......
Transportation of
material....................
Travel of persons..........
Less: Own-account investment4
Sales to other sectors...
Gross investment5.................
Structures...............................
Equipment and software..........
Aircraft................................
Missiles................................
Ships...................................
Vehicles...............................
Electronics and software......
Other equipment..................
1
2
2003
I
II
III
IV
104.666 107.423 104.941 106.968 107.300 107.654 107.770
105.643 108.806 105.926 108.295 108.677 109.057 109.194
3 105.669 108.839 105.956 108.323 108.710 109.093 109.231
4 107.278 110.529 106.874 110.202 110.539 110.675 110.700
5 109.966 114.331 109.124 113.984 114.391 114.461 114.487
6 109.978 114.171 108.533 114.014 114.193 114.228 114.251
7 109.991 114.687 110.323 113.941 114.827 114.973 115.005
8 100.978 101.537 101.619 101.258 101.423 101.723 101.745
9
10
11
12
13
14
15
16
17
18
19
20
21
103.420
100.516
100.822
101.843
100.673
107.953
96.354
100.403
91.622
78.660
99.551
101.616
105.268
106.530
101.103
102.507
102.650
99.775
110.151
94.639
100.428
98.955
94.152
100.646
102.077
108.407
104.560
100.657
101.000
102.761
100.901
110.198
95.669
100.257
96.179
88.406
99.609
102.668
106.263
105.819
100.954
101.969
102.725
98.844
111.601
95.043
100.396
103.261
106.137
99.694
102.685
107.203
106.258
101.068
102.301
103.092
98.787
110.278
94.794
100.523
97.761
92.241
100.141
101.654
108.177
106.894
101.150
102.865
101.934
100.562
108.237
94.504
100.547
97.449
89.385
101.162
102.080
108.971
107.149
101.241
102.892
102.848
100.905
110.488
94.217
100.244
97.349
88.846
101.588
101.887
109.277
22
23
24
25
103.472
105.093
104.517
107.324
105.625
109.295
106.740
110.619
104.272
106.489
105.133
108.339
104.923
107.720
105.811
109.732
105.434
108.875
106.488
110.323
105.818
110.090
107.063
110.876
106.323
110.492
107.597
111.547
26
27
28
29
30
31
32
33
34
35
36
37
38
108.587
104.506
107.631
108.633
115.866
105.007
111.029
113.212
111.316
103.543
108.022
109.419
111.410
103.745
109.862
112.178
115.756
105.686
110.889
112.906
119.110
106.336
111.608
113.693
117.187
104.262
111.759
114.072
98.279 98.325 98.512 98.249 98.237 98.417 98.399
106.402 109.394 107.140 108.363 109.045 109.536 110.631
97.494 97.308 97.688 97.306 97.241
97.397 97.290
90.872 90.376 92.153 90.514 89.957 91.010 90.022
96.547 98.025 96.119 96.979 97.759 97.985 99.378
100.533 100.930 101.151 100.868 100.519 100.659 101.672
97.633 97.968 97.534 97.130 97.928 97.337 99.477
96.194 94.353 95.559 94.800 94.613 94.520 93.481
100.890 101.205 100.796 101.165 101.289 101.288 101.079
1. National defense consumption expenditures are defense services produced by government that are valued at their cost
of production. Excludes government sales to other sectors and government own-account investment (construction and soft
ware).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the
services of general government fixed assets; the use of depreciation assumes a zero net return on these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related
expenditures for goods and services and is classified as investment in structures and in software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
April 2004
National Data
D -3 2
Table 3.11.5. National Defense Consumption Expenditures and
Table 3.11.6. Real National Defense Consumption Expenditures and
Gross Investment by Type
Gross Investment by Type, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
N
ational defense
consumption
expenditures and gross
investment.................
Consum
ption expenditures1...
Gross output of general
government.........................
Value added........................
Compensation of general
government employees
Military.........................
Civilian.........................
Consumption of general
government fixed
capital2........................
Intermediate goods and
services purchased3 .......
Durable goods.................
Aircraft.........................
Missiles.......................
Ships...........................
Vehicles.......................
Electronics...................
Other durable goods....
Nondurable goods...........
Petroleum products.....
Ammunition.................
Other nondurable goods
Services..........................
Research and
development............
Installation support......
Weapons support........
Personnel support.......
Transportation of
material...................
Travel of persons.........
Less: Own-account investment4
Sales to other sectors..
Gross investment5.................
Structures................................
Equipment and software..........
Aircraft.................................
Missiles................................
Ships...................................
Vehicles...............................
Electronics and software.....
Other equipment..................
Line
2003
I
II
III
1
2
438.3
382.7
497.3
437.3
461.1
404.6
463.3
408.6
507.3
447.5
507.2
443.7
511.5
449.5
3
4
386.6
217.2
440.9
231.2
407.5
216.8
411.8
227.0
451.5
232.1
447.7
233.0
452.5
232.9
5
6
7
156.9
103.8
53.1
170.0
114.8
55.2
156.1
102.7
53.3
166.2
111.7
54.5
171.1
116.9
54.2
171.6
115.9
55.7
171.2
114.8
56.4
8
60.3
61.2
60.8
60.7
61.0
61.4
61.7
9
10
11
12
13
14
15
16
17
18
19
20
21
169.4
23.7
9.8
2.6
1.3
1.0
3.2
5.8
11.0
4.0
2.6
4.4
134.7
209.6
25.9
10.7
2.9
1.3
1.1
3.6
6.4
11.4
3.2
2.6
5.5
172.3
190.7
23.7
10.1
2.9
1.2
1.0
2.9
5.6
10.9
3.8
2.5
4.6
156.1
184.8
22.6
9.4
2.3
1.2
1.1
3.3
5.2
12.5
5.3
2.1
5.1
149.6
219.4
26.9
11.4
2.8
1.3
1.1
3.7
6.6
12.1
3.7
2.7
5.7
180.4
214.7
26.9
10.4
2.7
1.3
1.0
4.0
7.4
10.2
2.0
2.8
5.5
177.6
219.6
27.2
11.4
3.6
1.2
1.0
3.6
6.3
10.7
2.0
2.9
5.8
181.8
22
23
24
25
40.7
30.7
15.1
37.2
50.5
33.7
20.0
51.1
50.2
32.7
17.7
44.4
40.8
30.5
16.9
44.8
56.6
34.8
21.0
51.0
49.1
35.2
21.5
53.6
55.4
34.3
20.8
54.8
26
27
28
29
30
31
32
33
34
35
36
37
38
5.7
5.3
2.0
1.9
10.6
6.4
2.1
1.4
5.8
5.3
2.1
0.9
10.7
5.9
2.1
1.1
10.9
6.1
2.1
1.9
11.1
7.1
2.0
2.0
9.8
6.7
2.1
0.8
55.7
60.0
56.6
54.7
59.8
63.5
62.0
4.4
51.2
9.4
3.3
8.7
2.4
9.8
17.6
4.9
55.1
9.2
3.3
9.5
2.9
10.4
19.7
4.5
52.1
10.6
3.3
9.0
2.2
9.6
17.4
4.6
50.2
9.1
3.0
8.8
3.3
9.8
16.2
4.5
55.3
9.0
3.0
10.0
3.1
9.9
20.3
5.1
58.4
8.5
3.3
10.0
2.9
10.7
23.1
5.3
56.7
10.3
3.9
9.3
2.5
11.2
19.4
1. National defense consumption expenditures are defense services produced by government that are valued at their cost
of production. Excludes government sales to other sectors and government own-account investment (construction and soft
ware).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the
services of general government fixed assets; the use of depreciation assumes a zero net return on these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
4. Own-account investment Is measured in current dollars by compensation of general government employees and related
expenditures for goods and services and is classified as investment in structures and in software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
2002
2003
2002
IV
IV
N
ational defense
consumption
expenditures and gross
investment.................
Consumption expenditures1...
Gross output of general
government..........................
Value added.........................
Compensation of general
government employees
Military.........................
Civilian.........................
Consumption of general
government fixed
capital2........................
Intermediate goods and
services purchased3........
Durable goods.................
Aircraft.........................
Missiles........................
Ships............................
Vehicles.......................
Electronics...................
Other durable goods....
Nondurable goods...........
Petroleum products......
Ammunition..................
Other nondurable goods
Services...........................
Research and
development............
Installation support......
Weapons support........
Personnel support.......
Transportation of
material....................
Travel of persons..........
Less: Own-account investment4
Sales to other sectors...
Gross investment9.................
Structures................................
Equipment and software..........
Aircraft.................................
Missiles................................
Ships...................................
Vehicles...............................
Electronics and software......
Other equipment..................
Residual......................................
2003
II
I
III
IV
1
2
418.8
362.2
463.0
401.9
439.5
382.0
433.2
377.3
472.8
411.8
471.2
406.9
474.7
411.7
3
4
365.8
202.5
405.1
209.2
384.7
202.9
380.1
206.0
415.4
210.0
410.4
210.5
414.3
210.4
5
6
7
142.7
94.4
48.3
148.7
100.6
48.1
143.0
94.7
48.3
145.9
98.0
47.8
149.6
102.4
47.2
149.9
101.4
48.5
149.5
100.5
49.0
8
59.7
60.3
59.8
60.0
60.1
60.4
60.6
9
10
11
12
13
14
15
16
17
18
19
20
21
163.8
23.5
9.7
2.6
1.3
0.9
3.3
5.7
12.0
5.1
2.6
4.3
128.0
196.9
25.6
10.4
2.8
1.3
1.0
3.9
6.4
11.5
3.3
2.6
5.4
159.0
182.5
23.5
10.0
2.8
1.2
0.9
3.1
5.6
11.3
4.3
2.5
4.5
147.0
174.7
22.4
9.3
2.3
1.2
1.0
3.5
5.2
12.1
5.0
2.1
5.0
139.7
206.6
26.6
11.2
2.7
1.3
1.0
3.9
6.6
12.4
3.9
2.7
5.6
166.9
201.0
26.6
10.1
2.7
1.3
1.0
4.3
7.3
10.5
2.2
2.8
5.4
163.1
205.1
26.8
11.1
3.5
1.2
0.9
3.8
6.3
11.0
2.2
2.8
5.7
166.4
22
23
24
25
39.4
29.2
14.4
34.6
47.8
30.8
18.8
46.2
48.2
30.7
16.8
41.0
38.9
28.3
16.0
40.9
53.7
32.0
19.7
46.3
46.5
32.0
20.1
48.4
52.2
31.1
19.3
49.2
26
27
28
29
30
31
32
33
34
35
36
37
38
39
5.2
5.1
1.8
1.8
9.2
6.1
1.9
1.3
5.2
5.1
1.9
0.8
9.6
5.7
1.9
1.0
9.4
5.8
1.9
1.7
9.3
6.6
1.8
1.7
8.3
6.4
1.9
0.7
56.6
61.0
57.4
55.7
60.8
64.5
63.0
4.2
52.5
10.3
3.4
8.6
2.5
10.2
17.5
-0.1
4.5
56.7
10.2
3.4
9.4
3.0
11.0
19.5
0.2
4.2
53.3
11.5
3.5
8.9
2.2
10.0
17.3
-0.1
4.2
51.6
10.1
3.1
8.7
3.4
10.3
16.0
0.5
4.1
56.9
10.0
3.1
9.9
3.1
10.5
20.0
0.2
4.7
59.9
9.3
3.4
9.9
2.9
11.3
22.8
0.1
4.8
58.2
11.4
3.9
9.2
2.5
12.0
19.2
0.2
1. National defense consumption expenditures are defense services produced by government that are valued at their cost
of production. Excludes government sales to other sectors and government own-account investment (construction and soft
ware).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the
services of general government fixed assets; the use of depreciation assumes a zero net return on these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related
expenditures for goods and services and is classified as investment in structures and in software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines.
April 2004
D -33
S u r v e y o f C u r r e n t B u s in e s s
Foreign Transaction s
Table 4.1. Foreign Transactions in the National Income and Product Accounts
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
1,306.0
1,006.8
1,366.1
1,048.9
1,322.0
1,017.2
725.5
499.2
226.3
323.4
698.3
484.8
213.5
318.8
IV
Current receipts fromthe rest of the world..............................................................
Exports of goods and services....................................................................................
Goods1.....
Durable.
Nondurable
Services1..
Incom receipts
e
Wage and salary receipts...............................................................................................................
Income receipts on assets
...................
Interest........................
....................
Dividends....................
....................
Reinvested earnings on U.S. direct investment abroad...............................................................
Current payments to the rest of the world................................................................
Im of goods and services....................................................................................
ports
Goods1............................................................................................................................................
Durable.
Nondurable
Services'..
Incom payments
e
Wage and salary payments.............................................................................................................
Income payments on assets
Interest........................
Dividends....................
Reinvested earnings on foreign direct investment in the United States.......................................
Current taxes and transfer payments to the rest of the w (net).....................................
orld
From persons (net)..........................................................................................................................
From government | net)
...................
From business (net)
....................
Balance on current account, NIPA
s........................................................................
A
ddenda:
Net lending or net borrowing (-), NIPAs...........................................................................................
Balance on current account, NIPAs..............................................................................................
Less: Capital account transactions (net)2....................................................................................
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
697.8
489.8
208.0
309.1
2003
I
II
1,317.8
1,021.0
III
1,319.7
1,020.2
707.6
484.5
223.1
313.3
707.7
485.9
221.7
312.5
IV
1,360.6
1,048.5
1,466.5
1,105.8
722.1
497.1
224.9
326.4
764.5
529.1
235.4
341.3
3.2
296.0
93.5
81.5
121.0
3.3
314.0
74.6
84.4
155.1
317.3
304.8
296.8
299.5
312.1
360.7
1,770.1
1,433.1
1,885.2
1,543.8
1,822.5
1,493.3
1,847.1
1,508.5
1,859.9
1,525.7
1,879.0
1,539.0
1,954.7
1,602.0
1,275.6
788.9
486.7
263.5
1,331.2
848.0
483.2
270.8
274.3
284.8
299.1
1,190.3
770.4
419.9
242.7
277.6
8.4
269.2
220.2
42.1
6.9
59.3
1,283.3
799.4
484.0
260.5
273.6
3.1
301.7
87.7
74.5
139.5
1,240.8
788.0
452.8
252.5
266.9
8.6
265.1
190.7
37.5
36.9
8.5
258.4
211.4
37.0
10.0
3.2
293.6
78.2
79.1
136.2
1,254.2
770.9
483.3
254.3
3.3
296.3
75.5
83.8
137.0
1,272.4
789.7
482.7
253.3
269.0
266.2
8.7
260.2
193.6
34.5
32.1
8.5
257.7
185.4
44.7
27.7
3.3
308.8
72.7
82.7
153.5
3.3
357.4
72.1
91.8
193.5
8.6
266.1
187.7
31.1
47.3
8.5
276.3
196.3
39.7
40.4
35.4
14.3
9.6
37.1
19.1
11.6
67.8
62.2
69.6
68.1
65.7
67.8
-464.1
-519.0
-500.5
-529.3
-540.2
-518.4
-488.2
-465.4
-464.1
1.3
-520.5
-519.0
1.5
-501.9
-500.5
1.4
-530.9
-529.3
1.6
-541.5
-540.2
1.3
-521.6
-518.4
3.2
-488.2
-488.2
0.0
40.2
15.1
6.9
40.1
21.1
8.5
37.5
20.2
10.4
33.9
19.1
12.7
37.0
16.0
14.9
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 reclas
sified from goods to services.
2. Consists of capital transfers and the acquisition and disposal of nonproduced nonfinancial assets.
April 2004
National Data
D -3 4
Table 4.2.1. Percent Change From Preceding Period in Real Exports and in
Real Imports of Goods and Services by Type of Product
Table 4.2.2. Contributions to Percent Change in Real Exports and in Real
Imports of Goods and Services by Type of Product
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Exports of goods and
services.....................
Exports of goods1.................
1
-2.4
-4.0
Line
I
II
-1.1
-1.7
2.0
1.9
-3.7
-9.1
-2.0
1.9
IV
III
9.9
20.5
21.3
-2.0
-0.2
14.5
-12.1
0.4
-2.1
1.8
2.6
2.3
2.8
2.4
-1.7
4.8
7.5
10.1
6.1
-3.6
1.5
-6.3
1.1
-8.4
6.7
11.1
11.7
10.8
7
-8.7
2.2
-15.6
-2.5
-1.1
19.7
36.4
8
-6.6
-9.6
-45.5
-21.3
-17.6
34.2
39.3
9
10
-13.6
-8.1
5.9
4.5
14.6
-11.0
-7.4
3.6
-11.2
5.1
48.7
11.8
25.7
37.9
11
4.1
0.7
-14.5
5.9
-0.4
-6.2
18.2
-4.0
-5.0
-2.9
-1.0
6.0
4.3
7.8
-6.2
-0.9
-6.4
5.5
-14.8
5.4
-8.5
21.6
-16.4
7.4
15.5
-0.2
-4.9
12.2
18.2
6.3
-8.0
14.1
31.8
-2.5
1.2
Exports of services1..............
12
13
14
15
16
1.4
2.3
9.4
-10.1
0.2
12.7
18.9
Transfers under U.S. military
agency sales contracts.........
Travel...........................................
Passenger fares.........................
Other transportation..................
Royalties and license fees........
Other private services..............
Other...........................................
17
18
19
20
21
22
23
-3.2
-6.3
-7.4
2.4
6.2
6.1
1.1
5.8
-1.6
-13.2
3.8
5.0
5.0
2.0
-44.1
48.0
14.6
16.5
-9.5
4.8
1.4
-18.9
-36.1
-51.9
-9.3
14.0
5.9
2.9
28.7
-25.0
-8.1
20.8
0.1
8.4
2.4
51.7
53.0
44.2
-13.7
5.4
1.5
0.8
13.4
42.0
33.0
36.1
7.4
9.2
5.8
24
25
26
3.3
3.7
4.0
4.8
8.2
7.4
-6.8
-6.6
9.1
13.7
16.4
18.3
7.8
4.5
12.5
5.2
0.8
-1.5
27
28
29
30
2.9
5.2
0.7
-2.8
3.1
0.9
5.0
7.4
9.3
15.9
3.0
18.9
-7.4
-10.5
-4.4
-12.6
0.5
-12.7
13.6
55.5
10.0
3.1
16.4
-3.0
2.8
31.3
-18.3
-17.0
31
-1.7
6.0
4.8
-2.0
12.6
5.0
27.7
32
-19.8
-5.5
118.1
-37.7
0.3
-17.0
75.0
33
34
10.3
-3.1
9.1
6.3
0.9
-3.3
-0.4
3.4
18.9
11.9
15.8
4.0
36.8
19.5
35
7.0
2.6
-0.3
-8.6
13.8
-14.0
35.2
36
37
38
39
40
41
42
43
44
45
46
47
9.4
11.4
7.3
4.7
8.4
7.0
10.0
-8.7
11.6
7.5
16.2
4.5
6.4
-2.2
16.0
-51.3
1.0
4.8
-2.8
57.5
-0.2
6.1
-6.4
-19.3
27.2
42.8
12.1
12.5
23.6
-8.2
-15.7
2.9
13.9
7.0
-2.4
1.4
-0.1
2.3
-11.9
2.4
3.1
0.2
6.4
-3.4
12.2
9.3
18.5
74.9
12.6
-32.1
10.3
0.1
-7.5
4.0
-33.2
-31.6
10.6
5.8
7.1
-3.8
-10.9
13.3
-41.5
-10.5
-8.7
11.8
1.9
-6.4
-10.7
60.9
56.8
-14.8
13.3
5.1
0.7
-18.6
3.5
10.7
8.0
7.4
18.8
-3.7
48
49
50
-5.5
-0.3
-2.5
1.8
2.2
-0.1
-13.1
0.9
-1.2
-0.9
8.5
11.5
0.5
-6.4
-3.9
10.1
5.5
14.7
28.4
6.8
-4.8
51
52
53
54
-4.1
4.1
2.9
4.4
2.0
4.0
6.3
4.5
-9.7
5.1
11.8
6.3
1.1
-8.1
-4.1
-5.9
-1.5
10.1
19.6
9.5
8.1
-1.6
-1.4
-1.4
24.0
32.3
-2.2
23.1
Im of goods and
ports
services.....................
Im of goods1.................
ports
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.................
O ther...........................................
Im of services1..............
ports
Direct defense expenditures....
Travel...........................................
Passenger fares.........................
Other transportation..................
Royalties and license fees........
Other private services..............
Other...........................................
A
ddenda:
Exports of durable goods.........
Exports of nondurable goods...
Exports of agricultural goods2..
Exports of nonagricultural
goods......................................
Imports of durable goods..........
Imports of nondurable goods....
Imports of nonpetroleum goods
5.3
-3.1
4.0
13.4
9.0
18.4
7.5
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are
included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonau
tomotive consumer goods.
2002
IV
4
5
6
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...........................................
2003
2003
8.6
7.6
2
3
2002
Percent change at annual rate:
Exports of goods and
services.....................
Percentage points at annual
rates:
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............................................
Exports of services1..............
Transfers under U.S. military
agency sales contracts.........
Travel...........................................
Passenger fares.........................
Other transportation...................
Royalties and license fees........
Other private services...............
Other............................................
Percent change at annual rate:
Im of goods and
ports
services.....................
Percentage points at annual
rates:
Im of goods1.................
ports
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............................................
Im of services1..............
ports
Direct defense expenditures....
Travel...........................................
Passenger fares.........................
Other transportation...................
Royalties and license fees........
Other private services...............
Other............................................
1
-2.4
2
3
-2.81
-0.10
0.00
4
5
6
0.05
-0.11
0.17
2003
I
II
III
IV
-2.0
-1.1
9.9
20.5
2.0
-3.7
1.29
-6.52
-0.15
0.68
-0.65
-1.18
6.01
14.64
0.40
0.13
0.28
0.36
-0.09
0.46
1.15
0.54
0.61
-0.59
0.09
-0.68
0.18
-0.51
0.68
1.83
0.68
1.15
-4.80
-0.70
-0.31
5.19
9.65
1.35
1.69
1.31
0.39
0.50
7
-2.69
0.59
8
-0.34
-0.47
-3.03
-1.10
-0.85
9
10
-0.61
-1.74
0.17
0.89
0.51
-2.29
-0.29
0.68
-0.44
0.97
1.56
2.28
0.98
6.97
11
0.30
0.07
-1.21
0.45
-0.03
-0.48
1.37
12
13
14
15
16
-0.34
-0.23
-0.12
-0.04
0.49
0.19
0.30
-0.26
-0.07
-0.29
0.22
-0.65
0.44
-0.37
0.81
-0.71
0.61
0.62
-0.01
-0.19
1.04
0.77
0.27
-0.31
1.25
1.35
-0.10
0.05
0.42
0.73
2.77
-3.29
0.07
3.86
5.91
17
18
19
20
21
22
23
-0.04
-0.44
-0.13
0.07
0.25
0.70
0.02
0.07
-0.08
-0.22
0.12
0.22
0.60
0.03
-0.69
2.62
0.23
0.45
-0.44
0.58
0.02
-0.23
-2.98
-1.14
-0.30
0.59
0.72
0.05
0.28
-1.74
-0.12
0.58
0.01
1.04
0.04
0.51
2.72
0.60
-0.44
0.25
0.20
0.01
0.17
2.54
0.53
1.02
0.35
1.21
0.09
24
3.3
4.0
8.2
-6.8
9.1
0.8
16.4
25
26
0.18
3.09
3.95
0.28
0.16
6.21
-5.49
11.04
-1.28
15.02
27
28
29
30
0.33
0.29
0.04
-0.21
0.32
0.04
0.28
0.56
1.02
0.86
0.16
1.39
-0.85
-0.60
-0.26
-1.11
0.09
-0.72
0.81
3.99
1.10
0.16
0.94
-0.27
0.36
1.55
-1.20
-1.59
31
-0.35
1.10
0.94
-0.38
2.33
0.94
5.06
32
-0.45
-0.11
1.31
-0.77
0.00
-0.28
0.94
33
34
0.52
-0.42
0.42
0.79
0.05
-0.42
-0.02
0.41
0.88
1.45
0.73
0.50
1.69
2.43
35
0.96
0.42
-0.05
-1.21
1.83
-2.04
4.36
36
37
38
39
40
41
42
43
44
45
46
47
1.90
1.19
0.72
0.27
1.76
0.74
1.02
-0.48
2.47
0.84
1.63
0.27
1.35
-0.24
1.59
-3.71
0.21
0.52
-0.31
2.39
-0.04
0.65
-0.69
-1.12
5.54
4.28
1.27
0.63
-1.28
-1.91
0.23
0.26
-0.36
-0.26
0.08
0.17
0.37
-0.01
0.03
0.03
-0.47
0.04
0.08
0.00
0.36
-0.02
2.00
0.12
0.69
0.80
0.33
-0.50
0.55
0.00
0.42
0.06
-1.54
-0.51
0.29
0.07
0.38
-0.02
0.19
0.20
-1.91
-0.14
-0.27
0.14
0.11
-0.04
0.14
2.13
-0.17
1.71
0.61
-0.47
0.16
0.28
0.00
0.66
1.33
-0.30
0.14
0.15
0.24
0.10
1.03
-0.02
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 2004
D -35
S u r v e y o f C u r r e n t B u s in e s s
Table 4.2.3. Real Exports and Imports of Goods and Services by Type of
Product, Quantity Indexes
Table 4.2.4. Price Indexes for Exports and Imports of Goods and Services by
Type of Product
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2002
2003
2002
IV
Exports of goods and
services.....................
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...........................................
Exports of services1.............
Transfers under U.S. military
agency sales contracts.........
Travel...........................................
Passenger fares.........................
Other transportation..................
Royalties and license fees........
Other private services..............
Other...........................................
Im of goods and
ports
services.....................
Im of goods1.................
ports
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...........................................
Im of services1..............
ports
Direct defense expenditures....
Travel...........................................
Passenger fares.........................
Other transportation..................
Royalties and license fees........
Other private services..............
Other...........................................
A
ddenda:
Exports of durable goods.........
Exports of nondurable goods...
Exports of agricultural goods2..
Exports of nonagricultural
goods......................................
Imports of durable goods..........
Imports of nondurable goods....
Imports of nonpetroleum goods
1 92.512 94.385
2 90.163 91.859
3 100.813 100.651
Line
2003
1
II
III
92.818 92.353 92.097 94.290 98.800
89.651 90.076 89.693 91.572 96.097
98.225
101.612
98.394
98.991
91.491
103.727
97.101
89.417
101.948
98.875
91.596
103.468
97.982
91.940
101.808
80.752
80.523
84.217
91.008
102.394
Exports of services1..............
82.346
84.125
81.264
96.861
87.530
90.851
85.564
81.511
87.735
95.309
9
10
76.562
80.700
81.075
84.309
79.127
79.935
77.623
80.639
75.355
81.648
83.216
83.962
88.107
90.987
11
97.411
98.123
96.537
97.942
97.842
96.299
100.408
12
13
14
15
16
95.209 100.910
94.194 98.287
96.334 103.815
95.129 89.200
96.036
94.002
98.292
95.074
97.299
91.949
103.224
90.909
104.704
88.323
75.589
107.927
106.067
123.105
107.032
Transfers under U.S. military
agency sales contracts.........
Travel...........................................
Passenger fares.........................
Other transportation...................
Royalties and license fees........
Other private services...............
Other............................................
24
25
26
100.609 104.612 103.610 101.810 104.059 104.277 108.302
100.400 105.234 103.586 101.829 105.144 104.739 109.223
110.150
118.758 112.429
Im of goods and
ports
services.....................
Im of goods1..................
ports
27
28
29
30
99.102
98.696
99.512
100.595
102.191
99.633
104.461
107.992
31
87.117
92.325
88.768
88.310
90.978
92.104
97.907
32
91.865
86.835
96.437
85.668
85.734
81.828
94.111
95.850 90.447 85.827 91.412 101.457
80.044 87.425 78.177 72.757 80.917
68.958 78.802 65.611
64.238 70.392
102.596 101.331
98.879 103.661
99.918
103.964 99.468 102.785 102.817 104.187
120.278 115.908 117.583 119.984 120.439
105.644 103.936 104.693 105.324 105.529
115.791
117.274 118.428 123.537
33 100.666
34 81.911
109.860 102.304
87.094 83.191
102.212 106.740 110.731 119.757
83.885 86.272 87.126 91.095
35
103.782
106.529
106.300
103.929
107.339
103.378
111.470
36
37
38
39
40
41
42
43
44
45
46
47
111.249
110.513
112.098
106.584
120.586
118.212
123.259
97.329
116.750 118.566
114.260 113.626
119.538 124.044
109.006 91.065
118.847
114.969
123.163
102.013
118.786
116.690
121.154
96.677
126.142
127.562
124.676
99.562
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............................................
101.787 101.709 103.842 101.828 98.938 102.100 103.969
138.861
87.414
71.767
97.525
113.433
120.550
99.890
142.034 141.124
77.041
88.458
73.521
77.403
100.542 101.234
113.655 107.511
128.239 123.480
96.477 98.782
Im of services1..............
ports
48
49
50
86.738
99.337
100.641
88.270
101.515
100.548
51
52
53
54
89.398
97.646
105.815
100.340
91.230
101.512
112.517
104.898
102.638 100.689 100.827 103.270 103.979
102.846 100.045 96.710 97.452 104.327
102.459 101.320 104.594 108.636 103.295
104.309 100.868 112.633 111.781 106.685
142.502
79.974
70.393
103.822
109.036
125.606
97.821
85.918 85.718
99.620 101.674
97.202 99.874
147.008
69.954
68.473
101.477
112.127
126.193
96.226
142.891 135.735
78.782 79.453
76.626 78.591
97.484 99.385
115.685 117.774
127.769 133.388
96.387 95.475
85.835 87.930
100.006 101.345
98.883 102.342
93.595
103.037
101.090
89.100 89.349 89.014 90.767 95.788
100.200 98.103 100.502 100.091 107.353
110.265 109.127 114.118 113.723 113.099
103.493 101.927 104.276 103.920 109.469
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are
included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonau
tomotive consumer goods.
Exports of goods and
services.....................
Exports of goods1.................
98.348 100.655 100.660 98.010 98.068 101.033 105.510
98.244 100.862
89.953 92.475
103.476 106.155
8
17 90.568
18 81.359
19 79.460
20 98.823
21
98.987
22 114.593
23 103.615
2003
2002
IV
99.042 101.941 105.356
95.317 99.391 106.492
103.167 104.766 104.101
89.777 87.922 88.190
100.205
2002
IV
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............................................
4 96.460
5 89.461
6 100.864
7
Seasonally adjusted
Direct defense expenditures....
Travel...........................................
Passenger fares.........................
Other transportation...................
Royalties and license fees........
Other private services...............
Other............................................
A
ddenda:
Exports of durable goods..........
Exports of nondurable goods....
Exports of agricultural goods2 ..
Exports of nonagricultural
goods......................................
Imports of durable goods..........
Imports of nondurable goods....
Imports of nonpetroleum goods
2003
I
II
III
IV
1 99.273 101.354 99.964 100.842 101.044 101.434 102.094
2 98.668 100.677 99.311 100.159 100.589 100.529 101.431
3 102.806 112.254 106.681 107.186 110.039 111.676 120.114
4
5
6
95.529 102.099
98.428 102.761
93.863 101.652
97.570 100.994 101.936 101.779
99.278 101.024 102.240 103.047
96.560 100.894 101.684 101.001
103.688
104.732
103.028
7
98.816
97.764
98.354
98.171
98.084
97.642
97.159
8 108.378
112.501
109.616
110.862
111.643
113.260
114.240
9
10
90.663
98.529
88.529
96.610
88.285
98.074
88.904
97.422
88.892
97.150
88.144
96.375
88.176
95.492
11
100.853
101.593
101.233
101.416
101.483
101.685
101.789
12
13
14
15
16
99.134
99.831
98.375
99.514
99.718
100.261
99.124
102.198
99.292
99.871
98.660
100.456
99.441
99.907
98.922
101.461
99.571
100.205
98.886
101.972
99.732
100.285
99.129
102.103
100.128
100.647
99.561
103.253
100.740 102.985 101.543 102.491 102.166 103.587 103.697
17 97.141
98.784
98.027
18 99.265 100.775 99.975
19 103.699 115.909 104.405
20 99.028 104.677 101.744
21 103.145 105.071 103.781
22 99.987 101.519 100.190
23 110.248 106.898 113.357
99.257
98.105 98.218 99.558
99.904 99.425 101.554 102.217
110.099 113.416 120.069 120.051
106.370 102.403 105.381 104.552
104.690 104.774 105.270 105.550
100.867 101.240 102.123 101.846
109.738 106.404 104.244 107.208
24
25
26
96.519 100.031 97.694 100.435 99.381 100.042 100.265
95.345 98.114 96.364 99.086 97.353 97.972 98.047
102.291
100.568
27
28
29
30
92.485 100.190
92.681
94.963
92.297 105.826
85.601 102.910
94.376
92.924
95.886
93.762
31
93.717
92.293
92.724
92.534
92.405
92.351
91.883
32 105.069
105.614
103.516
103.964
104.862
106.505
107.125
98.107
102.080
102.010
100.913 99.524
92.923 92.903
109.251 106.486
112.132 96.417
102.210
102.862
99.681 100.641
95.896 98.128
103.936 103.631
102.073 101.019
33
34
83.168
96.610
77.691
96.939
81.045
96.252
79.706
96.530
78.399
96.847
77.062
97.230
75.597
97.148
35
100.226
100.768
100.568
100.497
100.649
100.648
101.280
36 98.168
37 97.186
38 99.243
39 98.689
40 102.665
41 102.864
42 102.622
43 114.628
44 95.363
45 103.093
46 103.288
47 100.906
97.977
96.473
99.620
100.862
98.037 97.924
96.771
96.556
99.429 99.424
99.204 100.397
97.975
96.501
99.585
100.681
97.979
96.468
99.629
100.957
98.027
96.367
99.845
101.414
48 99.198
49 97.333
50 102.581
51
52
53
54
110.249 104.681 107.525 110.212 111.108 112.150
121.278 109.320 118.294
114.530 105.003 109.518
116.994 114.742 116.064
107.672 98.017 101.173
105.035 103.745 104.654
105.578 104.471 105.339
107.450 102.322 104.750
99.342 99.121
103.624 99.655
113.110 106.837
98.360 99.688
96.141
95.937
93.857 101.917
96.427 97.603
121.253
115.005
118.351
106.456
104.738
105.569
107.297
120.155
114.430
118.980
111.140
105.234
106.060
107.942
125.411
119.167
114.579
111.918
105.513
105.343
109.809
99.293 99.444 99.321
99.310
102.029 103.083 103.171 106.215
107.766 109.938 112.044 122.691
98.714 99.555 99.844 99.610 99.744
95.821
95.744 95.734 96.031
96.239
97.267 104.905 100.195 101.364 101.204
96.624 97.674 97.488 97.526 97.725
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are
included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonau
tomotive consumer goods.
April 2004
National Data
D -3 6
Table 4.2.5. Exports and Imports of Goods and Services by Type of Product
[Billions of dollars]
Table 4.2.6. Real Exports and Imports of Goods and Services by Type of
Product, Chained Dollars
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Exports of goods and
services.....................
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.......................................
Exports of services1..............
Transfers under U.S. military
agency sales contracts........
Travel.......................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other.......................................
Im of goods and
ports
services.....................
Im of goods1.................
ports
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.......................................
Im of services1..............
ports
Direct defense expenditures....
Travel.......................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other.......................................
A
ddenda:
Exports of durable goods........
Exports of nondurable goods...
Exports of agricultural goods2..
Exports of nonagricultural
goods...................................
Imports of durable goods.........
Imports of nondurable goods....
Imports of nonpetroleum goods
Seasonally adjusted at annual rates
2003
I
II
III
IV
2002
2003
1
2
3
1,006.8 1,048.9 1,017.2 1,021.0 1,020.2 1,048.5 1,105.8
697.8 725.5 698.3 707.6 707.7 722.1 764.5
49.6
54.2
50.2
52.2
51.9
53.6
58.9
4
5
6
153.5
56.0
97.5
168.4
59.8
108.6
157.8
56.5
101.4
166.4
58.9
107.5
166.4
59.8
106.6
166.6
59.0
107.6
174.2
61.6
112.6
7
290.5
293.6
285.4
283.0
282.0
293.6
315.7
8
50.5
47.4
47.9
45.6
43.8
47.8
52.4
9
10
38.6
201.5
39.9
206.3
38.8
198.6
38.4
199.1
37.2
201.0
40.8
205.0
43.2
220.2
11
78.9
80.1
78.5
79.8
79.8
78.7
82.1
12
13
14
15
16
84.4
43.9
40.4
40.8
89.9
46.0
43.9
39.3
85.2
43.8
41.4
41.2
86.5
42.9
43.6
39.8
88.1
44.6
43.5
39.5
90.9
46.6
44.3
38.7
94.3
50.1
44.2
39.3
309.1
323.4
318.8
313.3
312.5
326.4
341.3
17
18
19
20
21
22
23
11.3
66.5
17.0
29.2
44.1
125.3
15.6
12.2
66.5
16.6
32.0
47.2
133.5
15.4
11.4
72.0
17.0
30.7
44.6
126.9
16.1
10.8
64.4
14.9
31.3
46.5
129.6
15.7
11.5
59.6
15.1
31.6
46.6
132.8
15.3
13.0
67.7
17.5
31.4
47.4
134.4
15.0
13.3
74.4
18.8
33.6
48.4
137.1
15.7
24
25
26
27
28
29
30
1,433.1 1,543.8 1,493.3 1,508.5 1,525.7 1,539.0 1,602.0
1,190.3 1,283.3 1,240.8 1,254.2 1,272.4 1,275.6 1,331.2
49.7
55.8
52.0
54.3
55.0
55.6
58.4
158.4
80.9
77.5
103.5
176.9
83.7
93.1
133.3
167.3
84.5
82.8
117.5
175.5
82.2
93.3
135.9
173.3
79.5
93.9
130.5
177.8
82.6
95.2
137.1
180.8
90.5
90.2
129.5
283.7
312.3
31
283.3
295.8
285.7
291.8
295.3
32
25.5
24.2
26.4
23.5
23.7
23.0
26.6
33
34
75.2
182.7
76.6
195.0
74.5
184.9
73.2
187.0
75.2
192.9
76.6
195.6
81.3
204.4
35
203.7
210.3
209.4
204.6
211.6
203.8
221.1
36
37
38
39
40
41
42
43
44
45
46
47
308.0
160.6
147.4
83.7
333.2
170.6
162.7
78.1
322.8
165.4
157.4
86.1
327.5
164.1
163.4
72.8
328.4
165.9
162.5
81.7
328.2
168.4
159.9
77.7
348.7
183.9
164.9
80.4
242.7
260.5
252.5
254.3
253.3
263.5
270.8
48
49
50
489.8
208.0
54.5
499.2
226.3
60.1
484.8
213.5
54.9
484.5
223.1
56.9
485.9
221.7
57.5
497.1
224.9
60.6
529.1
235.4
65.6
51
52
53
54
643.3
770.4
419.9
1,086.8
665.3
799.4
484.0
1,150.1
643.4
788.0
452.8
1,123.3
650.7
770.9
483.3
1,118.3
650.2
789.7
482.7
1,141.9
661.4
788.9
486.7
1,138.4
699.0
848.0
483.2
1,201.7
19.2
58.0
20.0
38.5
19.3
79.7
8.0
23.2
57.1
20.9
44.8
19.7
86.7
8.2
20.8
60.1
21.6
41.1
18.4
82.6
8.0
22.7
56.7
19.8
43.5
18.8
84.7
8.1
24.0
52.1
19.7
44.7
19.3
85.3
8.2
23.1
58.3
22.1
44.9
20.0
86.7
8.2
22.9
61.3
21.9
46.1
20.5
89.9
8.3
Exports of goods and
services..........................
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
parts2...............................
Other...................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.......................................
Exports of services1..................
Transfers under U.S. military
agency sales contracts........
Travel......................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.......................................
Residual.......................................
Imports of goods and
services..........................
Imports of go o ds1......................
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
parts2..............................
Other...................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.......................................
Imports of services1..................
Direct defense expenditures....
Travel......................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.......................................
Residual......................................
Addenda:
Exports of durable goods.........
Exports of nondurable goods....
Exports of agricultural goods3..
Exports of nonagricultural
goods..................................
Imports of durable goods.........
Imports of nondurable goods....
Imports of nonpetroleum goods
1
2
3
2003
2002
IV
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are
included in services. Beginning w 1986, repairs and alterations of equipment are reclassified from goods to services.
ith
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonau
tomotive consumer goods.
Line
1
II
III
IV
1,014.2 1,034.7 1,017.5 1,012.4 1,009.6 1,033.7 1,083.1
707.2 720.5 703.2 706.5 703.5 718.2 753.7
48.3
48.2
47.0
48.6
47.1
48.0
49.0
4
5
6
160.7
56.9
103.9
164.9
58.2
106.8
161.8
56.9
105.0
164.7
58.3
106.6
163.3
58.5
104.9
163.7
57.2
106.6
168.1
58.8
109.3
7
294.0
300.3
290.1
288.3
287.5
300.7
324.9
8
46.6
42.1
43.7
41.1
39.2
42.2
45.8
q
10
204.5
213.6
202.5
204.3
206.9
212.7
230.5
11
78.3
78.8
77.6
78.7
78.6
77.4
80.7
12
13
14
15
16
85.1
44.0
41.1
41.0
90.2
45.9
44.3
38.5
85.8
43.9
41.9
41.0
87.0
42.9
44.0
39.2
88.5
44.5
44.0
38.7
91.1
46.4
44.7
37.9
94.2
49.7
44.4
38.0
306.8
314.0
314.0
305.7
305.9
315.2
329.1
17
18
19
20
21
22
23
24
11.6
67.0
16.4
29.5
42.8
125.3
14.2
0.3
12.3
66.0
14.3
30.6
44.9
131.5
14.4
-0.7
11.6
72.0
16.3
30.2
43.0
126.7
14.2
0.1
11.0
64.4
13.6
29.5
44.4
128.5
14.3
-0.1
11.7
60.0
13.3
30.9
44.5
131.2
14.4
-0.7
13.0
66.7
14.6
29.8
45.0
131.7
14.4
-0.8
13.4
72.8
15.6
32.2
45.9
134.6
14.6
-1.1
25
26
27
1,484.7 1,543.8 1,529.0 1,502.5 1,535.7 1,538.9 1,598.3
1,248.4 1,308.6 1,288.1 1,266.2 1,307.4 1,302.4 1,358.2
50.6
54.6
51.7
53.2
53.9
54.5
56.8
28
29
30
31
171.2
87.3
83.9
120.9
176.6
88.1
88.1
129.8
177.4
91.0
86.4
125.4
174.0
88.5
85.5
121.2
174.2
85.5
88.2
135.4
178.5
86.2
91.6
134.3
179.7
92.3
87.1
128.2
32
302.3
320.4
308.0
306.5
315.7
319.6
339.8
33
24.2
22.9
25.4
22.6
22.6
21.6
24.8
M
35
189.1
201.1
192.1
193.7
199.2
201.2
210.3
36
203.3
208.7
208.2
203.6
210.3
202.5
218.3
37
38
39
40
41
42
43
44
45
46
47
48
49
313.7
165.3
148.5
84.8
340.1
176.8
163.3
77.5
329.2
170.9
158.4
86.8
334.4
169.9
164.3
72.5
335.2
171.9
163.2
81.2
335.0
174.5
160.5
77.0
355.7
190.8
165.2
79.3
236.4
236.3
241.2
236.5
229.8
237.2
241.5
50
51
52
493.7
213.7
53.1
502.5
218.4
53.1
489.1
214.3
51.3
487.9
218.7
52.7
488.6
215.1
52.2
500.5
218.0
54.0
532.8
221.6
53.4
53
54
55
56
654.0
801.4
447.4
1,127.1
667.4
833.1
475.7
1,178.3
651.8
822.3
466.2
1,162.5
653.6
805.1
461.4
1,144.9
651.2
824.8
482.5
1,171.3
664.0
821.4
480.8
1,167.3
700.7
881.0
478.2
1,229.7
18.7
56.6
17.4
40.4
18.7
77.2
7.9
-0.5
19.1
49.8
17.8
41.7
18.7
82.1
7.6
-2.5
19.0
57.2
18.8
41.9
17.7
79.0
7.8
-0.5
19.2
51.7
17.1
43.0
18.0
80.4
7.7
-1.3
19.8
45.3
16.6
42.0
18.5
80.8
7.6
-2.1
19.3
51.0
18.6
40.4
19.1
81.8
7.6
-2.2
18.3
51.4
19.1
41.2
19.4
85.4
7.6
-4.7
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are
included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
2. The quantity index for computers can be used to accurately measure the real growth of this component. However,
because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates
should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate
series; accurate estimates of these contributions are shown in table 4.2.2. and real growth rates are shown in table 4.2.1.
3. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonau
tomotive consumer goods.
N ote. Chained (2000) dollar series are calc u la te d a s th e product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. For exports and for imports, the
residual line is the difference between the aggregate line and the sum of the most detailed lines.
April 2004
D -3 7
S u r v e y o f C u r r e n t B u s in e s s
5. S avin g and Investm ent
Table 5.1. Saving and Investment
Table 5.3.1. Percent Change From Preceding Period in Real Private Fixed
Investment by Type
[Billions of dollars]
[Percent]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Gross saving.................
N saving...........................
et
Net private saving....................
Personal saving...................
Undistributed corporate
profits with inventory
valuation and capital
consumption adjustments.
Undistributed profits
Inventory valuation
adjustment...................
Capital consumption
adjustment...................
Wage accruals less
disbursements.................
Net government saving............
Federal................................
State and local.....................
Consum
ption of fixedcapital....
Private.....................................
Domestic business..............
Households and institutions.
Government.............................
Federal................................
State and local.....................
Gross domestic
investm capital
ent,
account transactions,
and net lending, N s...
IPA
Gross domestic investment...
Gross private domestic
investment...........................
Gross government investment..
Capital account transactions
(net)1.......................................
Net lending or net borrowing (-),
NIPAs.......................................
1
2
3
4
Seasonally adjusted at annual rates
2003
I
II
III
IV
1,539.4 1,479.9 1,469.0 1,388.5 1,436.9 1,486.0 1,608.3
250.8 169.1 168.5
82.8 133.5 176.9 283.0
494.0
183.2
584.1
170.0
465.3
146.4
443.9
151.0
572.9
189.0
658.7
199.3
661.0
140.8
5
6
310.8
151.6
414.1
200.5
318.9
179.1
292.9
174.7
383.8
153.5
459.3
201.1
520.2
272.7
7
-2.2
-12.6
-10.8
-28.1
1.2
-1.8
-21.7
8
161.5
226.2
150.7
146.3
229.2
260.1
269.2
9
10
11
12
13
14
15
16
17
18
19
0.0
-243.3
-240.0
-3.2
0.0
-415.0
-414.5
-0.6
0.0
-296.8
-296.3
-0.4
0.0
-361.0
-320.4
-40.6
0.0
-439.3
-424.7
-14.7
0.0
-481.8
-494.9
13.1
0.0
-378.0
-417.9
39.9
1,288.6 1,310.9 1,300.4 1,305.7 1,303.4 1,309.1 1,325.3
1,077.8
902.6
175.2
210.8
89.1
121.7
1,092.7
908.2
184.5
218.2
90.9
127.3
1,087.1
908.4
178.7
213.3
89.8
123.5
1,090.4
908.0
182.4
215.3
90.0
125.3
1,086.0
902.8
183.2
217.4
90.5
126.9
1,089.9
905.1
184.8
219.2
91.3
127.9
Commercial and health care.
Manufacturing......................
Power and communication....
Mining exploration, shafts,
and wells..........................
Other structures1.................
Equipm and software.....
ent
Information processing
equipment and software...
Computers and peripheral
equipment....................
Software2.........................
Other3..............................
Industrial equipment............
Transportation equipment....
Other equipment4................
20
21
1,462.2 1,497.8 1,453.3 1,411.7 1,428.6 1,524.1 1,626.6
1,926.3
2,016.8
1,953.8
1,941.0
1,968.8
2,042.6
2,114.8
Equipment........................
A
ddenda:
22
23
1,589.2
337.1
1,670.6
346.3
1,614.7
339.0
1,605.3
335.8
1,624.3
344.5
1,689.1
353.5
1,763.5
351.3
1.3
1.5
1.4
1.6
1.3
3.2
0.0
-465.4
-520.5
-501.9
-530.9
-541.5
-488.2
-77.2
-521.6
17.8
-15.7
23.2
-8.3
38.2
18.3
Gross private saving................
Gross government saving
Federal...............................
State and local.....................
Net domestic investment
27
28
29
30
31
1,571.8
-32.4
-150.9
118.5
637.7
1,676.8
-196.8
-323.6
126.8
705.9
1,552.4
-83.4
-206.5
123.1
653.3
1,534.3
-145.7
-230.4
84.7
635.3
1,658.9
-222.0
-334.1
112.2
665.4
1,748.6
-262.6
-403.6
141.0
733.5
1,765.3
-157.0
-326.1
169.2
789.5
Gross savingas a percentage
of gross national incom
e...
N savingas a percentage of
et
gross national incom
e
32
14.6
13.4
13.8
12.9
14.2
2.4
1.5
1.6
0.8
13.2
1.2
13.4
33
1.6
2.5
1. Consists of capital transfers and the acquisition and disposal of nonproduced nonfinancial assets.
Privatefixed investm
ent...
Nonresidential......................
Structures.........................
Residential...........................
Structures.........................
24
2002
2003
2002
2003
IV
1,104.3
916.6
187.7
221.0
91.8
129.2
25
26
Statistical discrepancy
A
ddenda:
Line
Permanent site.....................
Single family....................
Multifamily........................
Other structures5.................
Private fixed investment in
structures.............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures6...........................
Nonresidential structures.....
Residential structures..........
2.1
-0.1
-5.6
1.1
-0.6
-4.0
II
1
2
3
4
5
6
-3.7
-7.2
-18.4
-16.4
-46.1
-1.9
-7.8
-20.1
-4.5
-4.8
-26.7
2.6
-16.6
-16.6
12.2
7
8
9
-28.3
-17.1
16.2
-2.8
-15.8
-3.2
30.1
-0.9
-2.8
5.5
1.7
0.5
10
0.4
13.8
-1.5
17.3
11
12
13
14
15
16
17
18
19
20
21
22
23
13.8
-2.5
-2.9
-6.2
-10.1
-1.7
32.7
8.9
10.0
-3.6
-9.1
3.4
12.0
-3.4
-5.9
-3.1
18.1
3.1
29.2
11.6
17.4
-7.4
-27.4
-10.5
7.5
7.4
6.8
6.8
4.5
4.5
4.9
4.9
4.4
3.0
-4.6
I
III
IV
-2.4
8.8
-24.0
15.8
12.8
-1.8
2.2
-2.8
-16.0
9.9
10.9
-1.4
89.1
13.6
8.9
-1.4
0.9
-6.4
8.0
17.6
14.9
16.8
27.1
17.2
48.6
9.9
9.7
-1.3
-7.6
4.3
53.4
15.2
26.8
1.5
-4.8
25.2
31.8
14.8
12.2
-2.5
24.2
16.8
4.5
4.2
21.9
22.0
6.1
7.0
3.9
-0.5
-4.5
2.3
7.9
7.8
4.1
4.1
3.9
6.2
8.1
9.0
0.8
6.3
6.2
8.3
-9.1
7.5
8.2
8.5
5.7
-1.0
-0.4
0.1
-4.8
11.8
20.8
21.5
15.1
23.8
19.8
23.9
-11.4
-8.5
2.8
10.0
6.8
6.5
21.3
19.3
12.9
24
-4.7
3.2
2.4
1.6
4.1
13.8
4.8
25
-2.8
5.6
1.7
0.6
8.1
17.6
14.8
26
27
28
-5.4
-17.6
4.2
2.4
-4.6
6.7
1.6
-5.6
6.2
2.6
-4.0
6.5
0.7
3.9
-1.0
9.4
-1.8
16.2
8.6
-1.4
14.3
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers' commissions on the sale of structures.
2. Excludes software “embedded," or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’
commissions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers' commissions on the sale of structures.
April 2004
National Data
D -3 8
Table 5.3.2. Contributions to Percent Change in Real Private Fixed
Investment by Type
Table 5.3.3. Real Private Fixed Investment by Type, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Percent change at annual rate:
Privatefixed investment....
Percentage points at annual
rates:
Nonresidential......................
Structures........................
Commercial and health care
Manufacturing......................
Power and communication...
Mining exploration, shafts,
and wells.........................
Other structures1.................
Equipm and software.....
ent
Information processing
equipment and software...
Computers and peripheral
equipment...................
Software2........................
Other3..............................
Industrial equipment............
Transportation equipment....
Other equipment4................
Residential..........................
Structures........................
Permanent site....................
Single family....................
Multifamily.......................
Other structures5.................
Equipm
ent........................
A
ddenda:
Private fixed investment in
structures.............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures6...........................
Nonresidential structures.....
Residential structures..........
Line
2003
II
I
III
-3.7
4.4
2.1
1.1
6.1
15.8
9.9
2
3
4
5
6
-5.09
-3.64
-1.35
-0.84
-0.06
2.09
-0.79
-0.58
-0.21
-0.15
-0.08
-0.94
-0.35
-0.28
0.08
-0.39
-0.66
-1.24
-0.15
0.37
4.64
0.62
-0.16
0.07
-0.85
8.59
-0.27
0.15
-0.02
-0.50
7.18
-0.21
-0.03
-0.04
0.06
/
8
9
-0.65
-0.73
-1.45
0.25
-0.11
2.89
-0.27
-0.12
0.86
0.41
-0.03
0.26
1.10
0.46
4.02
0.16
-0.05
8.85
0.02
-0.22
7.39
10
0.10
3.67
-0.43
4.29
4.35
7.16
4.64
11
12
13
14
15
16
17
18
19
20
21
22
23
0.67
-0.27
-0.31
-0.55
-0.87
-0.13
1.40
1.39
0.70
0.63
0.07
0.69
0.01
1.61
0.96
1.10
-0.32
-0.74
0.28
2.34
2.30
1.51
1.49
0.02
0.79
0.05
0.61
-0.38
-0.65
-0.28
1.31
0.25
2.15
2.12
1.18
1.38
-0.20
0.94
0.03
1.38
1.18
1.73
-0.65
-2.48
-0.89
1.46
1.43
1.56
1.45
0.11
-0.13
0.03
2.26
1.05
1.04
-0.11
-0.57
0.34
1.50
1.40
-0.08
0.02
-0.10
1.49
0.10
2.68
1.65
2.83
0.13
-0.34
1.91
7.18
7.08
4.04
3.73
0.31
3.04
0.09
1.74
1.56
1.34
-0.19
1.64
1.30
2.69
2.63
3.79
4.03
-0.24
-1.16
0.06
24
-2.24
1.50
1.18
0.78
2.02
6.81
2.42
25
-1.44
2.93
0.89
0.29
4.11
8.95
7.45
26
27
28
-2.38
-3.42
1.04
0.98
-0.79
1.77
0.75
-0.94
1.69
1.12
-0.66
1.78
0.34
0.62
-0.28
4.29
-0.27
4.56
3.74
-0.21
3.95
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers' commissions on the sale of structures.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers'
commissions on the sale of residential structures.
2003
2002
IV
IV
1
6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
2002
Private fixed investment...
Nonresidential......................
Structures.........................
Commercial and health care.
Manufacturing......................
Power and communication....
Mining exploration, shafts,
and wells..........................
Other structures1.................
Equipm and software.....
ent
Information processing
equipment and software...
Computers and peripheral
equipment....................
Software2.........................
Other3.............................
Industrial equipment............
Transportation equipment....
Other equipment4................
Residential...........................
Structures.........................
Permanent site.....................
Single family....................
Multifamily........................
Other structures5.................
Equipment........................
A
ddenda:
Private fixed investment in
structures.............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures6...........................
Nonresidential structures.....
Residential structures..........
2003
I
1 93.258
2 88.683
3 79.492
4 78.414
5 48.152
6 101.099
97.392 93.718 93.968
91.349 88.378 88.248
75.828 76.304 75.523
72.317 75.818 72.464
38.486 39.892 38.125
96.531 100.672 103.600
7
8
9
98.695
77.213
97.234
84.947
79.462
92.144
10
98.211
11
12
13
14
15
16
17
18
19
20
21
22
23
116.477
95.068
93.181
85.452
79.729
94.721
105.228
105.263
104.698
104.256
108.435
106.126
103.061
154.536
103.548
102.500
82.338
72.482
97.922
113.073
113.072
113.222
113.690
109.253
112.835
113.389
24
94.525
97.584
25
92.233
97.366
80.863
76.014
92.927
II
95.378
89.751
76.244
72.032
38.936
96.746
III
IV
98.932 101.290
92.485 94.913
75.906 75.638
72.430 72.344
38.662 38.221
92.625 93.153
86.362 101.267 103.455 103.695
75.833 78.285 78.007 76.727
93.047 94.851
98.779 102.260
111.782 100.115 104.182 108.297 114.996 119.651
124.706
96.336
93.191
84.117
79.073
96.101
107.629
107.680
107.205
107.149
107.671
108.405
104.386
132.950
99.021
96.996
82.516
73.002
93.460
108.828
108.872
109.347
109.368
109.162
108.134
106.050
146.791
101.393
99.259
82.247
71.581
94.445
110.021
110.006
109.229
109.394
107.826
111.196
111.289
94.613
94.990
95.952
99.107 100.287
93.020
93.153
94.984
98.922 102.404
163.361
105.045
105.335
82.554
70.701
99.913
115.616
115.609
114.509
114.842
111.682
117.296
116.316
175.043
108.734
108.411
82.035
74.644
103.869
117.827
117.800
119.802
121.155
108.340
114.714
119.901
26 93.263 95.485 93.192 93.784 93.952 96.097 98.106
27 79.540 75.884 76.362 75.579 76.303 75.965 75.689
28 104.439 111.400 106.888 108.582 108.308 112.440 116.268
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers' commissions on the sale of structures.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’
commissions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
April 2004
D -39
S u r v e y o f C u r r e n t B u s in e s s
Table 5.3.4. Price Indexes for Private Fixed Investment by Type
Table 5.3.5. Private Fixed Investment by Type
[Index numbers, 2000=100]
[Billions of dollars]
Seasonally adjusted
Line
Seasonally adjusted at annual rates
Commercial and health care
Manufacturing......................
Power and communication...
Mining exploration, shafts,
and wells.........................
Other structures1.................
Equipm and software.....
ent
Information processing
equipment and software...
Computers and peripheral
equipment...................
Software2........................
Other3..............................
Industrial equipment............
Transportation equipment....
Other equipment4................
Residential..........................
Structures........................
Permanent site....................
Single family....................
Muitifamily.......................
Other structures5.................
Equipment........................
A
ddenda:
Private fixed investment in
structures.............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures6...........................
Nonresidential structures.....
Residential structures..........
1
2
3
4
5
6
2003
2002
IV
Private fixed investment....
Nonresidential......................
Structures........................
2002
I
II
III
IV
101.155
98.859
106.974
106.613
108.449
105.265
102.296
98.669
109.168
108.972
111.100
108.489
101.341
98.658
107.274
107.163
109.255
106.124
101.808
98.579
108.268
108.256
110.373
107.071
101.796
98.293
108.559
108.503
110.622
108.046
102.319
98.678
109.288
108.894
111.019
108.952
103.260
99.124
110.556
110.236
112.387
109.886
Line
7 111.934 110.208 108.705 109.203 108.379 110.830 112.418
8 106.419 108.825 107.065 108.092 108.401 108.801 110.007
9 96.121
95.275 95.781
95.404 94.961 95.251 95.483
10
91.736
88.738
90.553
89.512
89.077
88.684
87.679
11
12
13
14
15
16
17
18
19
20
21
22
23
70.466
100.279
96.068
101.049
99.792
102.272
107.105
107.231
107.550
107.706
106.260
106.747
99.571
62.029
99.307
95.214
101.877
103.984
103.296
111.263
111.501
112.090
112.206
111.025
110.606
96.848
66.951
100.067
95.613
101.279
101.286
102.653
108.184
108.331
108.707
108.820
107.674
107.764
99.291
64.232
99.417
95.451
101.552
102.079
102.996
109.881
110.074
110.780
110.895
109.727
109.006
98.224
62.648
99.439
95.479
101.683
100.133
103.344
110.485
110.712
111.212
111.327
110.155
109.955
96.764
61.254
100.013
95.016
102.058
103.593
103.488
111.321
111.565
111.932
112.047
110.868
111.006
96.593
59.984
98.360
94.909
102.216
110.133
103.355
113.363
113.655
114.436
114.555
113.349
112.459
95.810
24 107.159 110.735 107.986 109.479 110.002 110.815 112.644
25
96.150
95.287
95.811
95.427
94.975
95.260
95.483
26 107.033 110.535 107.809 109.360 109.789 110.535 112.455
27 106.984 109.195 107.287 108.289 108.582 109.316 110.592
28 107.011 111.253 108.065 109.931 110.437 111.189 113.454
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers’ commissions on the sale of structures.
2. Excludes software “embedded,’’ or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’
commissions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers' commissions on the sale of structures.
Privatefixedinvestment...
Nonresidential......................
Structures.........................
Commercial and health care.
Manufacturing......................
Power and communication....
Mining exploration, shafts,
and wells..........................
Other structures1.................
Equipm and software......
ent
Information processing
equipment and software...
Computers and peripheral
equipment....................
Software2.........................
Other3..............................
Industrial equipment............
Transportation equipment....
Other equipment4................
Residential...........................
Structures.........................
Permanent site.....................
Single family....................
Multifamily........................
Other structures5.................
Equipment........................
Addenda:
Private fixed investment in
structures.............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures6...........................
Nonresidential structures.....
Residential structures..........
2002
2003
2002
IV
2003
2003
I
II
III
IV
1
2
3
4
5
6
1,583.9
1,080.2
266.3
115.0
16.6
49.8
1,673.0
1,110.6
259.2
108.4
13.6
49.0
1,594.6
1,074.3
256.3
111.7
13.9
50.0
1,606.2
1,071.8
256.1
107.9
13.4
51.9
1,630.1
1,086.9
259.2
107.5
13.7
48.9
1,699.5
1,124.4
259.8
108.5
13.6
47.2
1,756.0
1,159.2
261.9
109.7
13.7
47.9
7
8
9
25.8
59.1
813.9
29.5
58.7
851.3
23.9
56.9
817.9
25.6
57.3
815.8
29.8
59.3
827.7
31.1
59.3
864.6
31.6
59.0
897.3
10
421.3
463.8
424.1
436.2
451.2
477.0
490.7
11
12
13
14
15
16
17
18
19
20
21
22
23
83.3
167.9
170.1
137.5
128.0
127.1
503.7
496.1
298.5
265.9
32.6
197.7
7.6
97.2
181.1
185.4
133.6
121.3
132.7
562.4
554.3
336.5
302.2
34.3
217.8
8.1
84.9
169.8
169.3
135.6
128.8
129.4
520.3
512.7
308.9
276.1
32.8
203.8
7.6
86.8
173.4
175.9
133.4
119.8
126.3
534.4
526.7
321.0
287.2
33.8
205.7
7.7
93.5
177.6
180.1
133.2
115.3
128.1
543.2
535.3
321.9
288.4
33.6
213.3
7.9
101.8
185.1
190.2
134.1
117.8
135.7
575.1
566.9
339.7
304.7
35.0
227.2
8.3
106.8
188.4
195.5
133.5
132.2
140.9
596.9
588.4
363.3
328.6
34.7
225.1
8.5
24
762.4
813.6
769.0
782.8
794.5
826.7
850.3
25
821.4
859.4
825.6
823.4
835.6
872.9
905.7
26
27
28
695.9
265.6
430.3
735.9
258.6
477.3
700.4
255.7
444.7
715.0
255.5
459.5
719.1
258.6
460.5
740.5
259.2
481.3
769.1
261.3
507.8
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers’ commissions on the sale of structures.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’
commissions on the sale of structures.
6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
D—
40
National Data
April 2004
Table 5.3.6. Real Private Fixed Investment by Type, Chained Dollars
Table 5.6.5B. Change in Private Inventories by Industry
[Billions of chained (2000) dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Privatefixed investment....
Nonresidential......................
Structures........................
Commercial and health care
Manufacturing......................
Power and communication...
Mining exploration, shafts,
ana wells.........................
Other structures1.................
Equipm and software......
ent
Information processing
equipment and software...
Computers and peripheral
Software3........................
Other4..............................
Industrial equipment............
Transportation equipment....
Other equipment®................
Residential..........................
Structures........................
Permanent site....................
Single family....................
Multifamily.......................
Other structures6.................
Equipm
ent........................
Residual......................................
1
2
3
4
5
6
Seasonally adjusted at annual rates
2003
I
II
Line
III
1,565.8 1,635.2 1,573.5 1,577.7 1,601.4 1,661.0 1,700.6
1,092.6 1,125.5 1,088.9 1,087.3 1,105.8 1,139.5 1,169.4
249.0 237.5 239.0 236.5 238.8 237.7 236.9
107.9
15.3
47.3
99.5
12.2
45.2
104.3
12.7
47.1
99.7
12.1
48.5
99.1
12.4
45.3
99.6
12.3
43.4
99.5
12.2
43.6
28.2
53.6
7
8
9
23.1
55.5
26.8
53.9
22.0
53.1
23.5
53.0
27.5
54.7
28.1
54.5
846.7
893.5
853.9
855.0
871.6
907.7
939.7
10
459.3
522.7
468.2
487.2
506.4
537.7
559.5
11
12
13
14
15
16
17
18
19
20
21
22
23
24
167.5
177.1
136.1
128.2
124.3
182.4
194.8
131.1
116.6
128.5
169.7
177.1
133.9
127.2
126.1
174.4
184.3
131.4
117.4
122.6
178.6
188.6
131.0
115.1
123.9
185.0
200.2
131.4
113.7
131.1
191.5
206.0
130.6
120.1
136.3
470.3
462.7
505.3
497.0
481.0
473.3
486.4
478.5
491.7
483.5
516.7
508.2
526.6
517.8
-5.0
-17.9
-7.2
-10.4
-15.4
-20.8
-25.1
25
711.5
734.5
712.2
715.0
722.3
746.0
754.9
26
854.3
901.8
861.6
862.8
879.8
916.3
948.5
27
28
29
650.2
248.3
402.1
665.7
236.9
428.9
649.7
238.4
411.5
653.8
235.9
418.0
655.0
238.2
417.0
669.9
237.1
432.9
683.9
236.3
447.6
277.5
246.9
30.6
185.2
7.6
300.1
269.2
30.9
196.9
8.3
284.1
253.7
30.4
189.2
7.7
289.8
259.0
30.8
188.7
7.8
289.5
259.0
30.5
194.0
8.2
303.5
271.9
31.6
204.7
8.6
317.5
286.9
30.6
200.2
8.8
A
ddenda:
Private fixed investment in
structures.............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures7...........................
Nonresidential structures.....
Residential structures..........
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and recreational struc
tures, net purchases of used structures, and brokers' commissions on the sale of structures.
2. The quantity index for computers can be used to accurately measure the real growth rate of this component. However,
because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates
should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate
series; accurate estimates of these contributions are shown in table 5.3.2 and real growth rates are shown in table 5.3.1.
3. Excludes software “embedded,” or bundled, in computers and other equipment.
4. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photocopy and
related equipment, and office and accounting equipment.
5. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and oilfield machinery,
service industry machinery, and electrical equipment not elsewhere classified.
6. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures, and brokers’
commissions on the sale of residential structures.
7. Excludes net purchases of used structures and brokers' commissions on the sale of structures.
N o te . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines.
2002
2003
IV
2002
IV
Change inprivate
inventories..................
Farm...........................................
Mining, utilities, and construction..
Manuracturing..............................
Durable goods industries.........
Nondurable goods industries....
Wholesale trade...........................
Durable goods industries
Nondurable goods industries....
Retail trade.................................
Motor vehicle and parts dealers
Food and beverage stores.......
General merchandise stores....
Other retail stores....................
Other industries...........................
A
ddenda:
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................................
5.4
-2.4
20.2
2003
I
III
IV
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
-3.4
-2.2
-7.5
-9.5
2.0
-0.9
-1.5
0.6
19.1
12.7
0.0
1.2
5.2
0.2
-2.3
-2.5
-13.4
-11.1
-2.3
-2.0
-0.7
-1.3
16.8
9.7
-0.4
1.0
6.4
0.9
-4.8
-3.6
-3.8
1.8
-5.7
6.5
3.9
2.5
26.6
20.1
-0.4
4.7
2.2
-0.8
0.2
-8.3
-12.4
-13.3
0.9
-5.2
0.6
-5.8
26.9
18.7
0.8
0.3
7.0
-2.2
-2.7
-2.5
-15.3
-13.9
-1.3
-5.1
-5.1
0.0
15.2
15.1
-0.9
-0.5
1.5
4.6
-5.8
-10.5
-4.3
-0.2
-16.1
-15.9
-0.2
-1.4
-7.4
6.1
11.0
1.1
1.4
-0.1
8.5
0.6
-2.3
1.1
-9.8
-1.0
-8.8
3.7
9.1
-5.4
14.2
4.1
-2.8
4.4
8.6
0.6
16
17
18
19
5.4
6.1
-0.7
8.7
-2.4
3.3
-5.7
-0.1
20.2
32.3
-12.1
25.0
-0.9
10.9
-11.8
-1.2
-5.8
-1.1
-4.7
-3.0
-10.5
-15.8
5.4
-6.2
7.5
19.3
-11.8
9.8
20
14.4
15.4
44.8
48.9
-12.5
-7.2
32.3
21
22
23
24
-5.7
-0.9
-1.8
-2.1
-50.1
-5.2
-0.7
3.9
9.4
-5.1
-4.8
-4.2
1.0
-1.4
0.1
-5.6
-22.5
3.7
3.4
8.5
-15.5
-2.0
-0.5
0.6
-19.9
6.5
4.6
3.0
-0.9
II
7.5
25
0.2
-1.1
1.7
-4.6
-0.6
5.7
-5.1
26
0.9
-1.5
1.8
-4.5
-0.3
-1.5
0.2
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 IV that adjusts business incomes. The IV
A
A
in this table reflects the mix of methods (such as first-in, first-out and last-in, first-out) underlying 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.
N ote . Estimates in this table are based on the North American Industry Classification System (NAICS).
April 2004
D-41
S u r v e y o f C u r r e n t B u s in e s s
Table 5.6.6B. Real Change in Private Inventories by Industry, Chained Dollars
Table 5.7.5B. Private Inventories and Domestic Final Sales by Industry
[Billions of chained (2000) dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Change inprivate
inventories.................
Farm...........................................
Mining, utilities, and construction..
Manufacturing..............................
Durable goods industries.........
Nondurable goods industries....
Wholesale trade...........................
Durable goods industries.........
Nondurable goods industries....
Retail trade..................................
Motor vehicle and parts dealers
Food and beverage stores
General merchandise stores....
Other retail stores....................
Other industries...........................
Residual......................................
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...............................
Seasonally adjusted quarterly totals
2003
I
II
Line
III
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
5.7
-3.3
-2.1
-7.5
-9.6
2.1
-0.7
-1.5
0.8
19.2
12.9
0.0
1.2
5.2
0.3
-0.3
-0.7
-1.1
-2.1
-13.2
-11.1
-2.2
-1.7
-0.7
-0.9
16.9
10.0
-0.3
1.0
6.4
1.0
-0.7
21.5
-3.5
-3.3
-3.8
1.9
-5.7
6.5
4.0
2.5
26.6
20.4
-0.4
4.7
2.2
-0.7
-0.6
1.6
1.2
-6.9
-12.2
-13.4
1.0
-4.7
0.6
-5.1
27.1
19.1
0.8
0.3
7.2
-2.1
-1.1
-4.5
-2.0
-2.2
-15.1
-14.0
-1.3
-4.6
-5.2
0.4
15.3
15.4
-0.9
-0.5
1.6
4.7
-0.5
-9.1
-2.8
-0.2
-15.8
-15.9
-0.2
-1.3
-7.6
5.8
11.0
1.2
1.4
-0.1
8.5
0.6
0.2
9.0
-0.7
1.1
-9.4
-1.0
-8.2
3.8
9.2
-4.9
14.1
4.2
-2.6
4.3
8.5
0.6
-1.5
17
18
19
20
21
22
23
5.7
6.2
-0.4
9.3
-0.7
-1.6
-2.1
-0.7
3.4
-3.8
0.5
-1.7
-0.2
0.6
21.5
32.8
-10.6
25.4
6.5
4.7
3.0
1.6
11.1
-8.9
0.3
-4.7
-0.3
3.9
-4.5
-1.0
-3.4
-2.4
-4.6
-4.3
-4.3
-9.1
-16.0
6.1
-5.9
-1.3
0.1
-5.7
9.0
19.5
-9.2
10.0
3.8
3.5
8.6
24
0.5
-0.8
1.7
-4.0
-0.1
5.4
-4.6
25
0.9
-1.5
1.8
-4.4
-0.3
-1.5
0.2
N o te . Estimates in this table are based on the North American industry Classification System (NAICS).
Chained (2000) 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 corresponding chained-dollar esti
mates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines.
2002
2003
IV
I
II
III
IV
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
1,500.2
134.9
51.7
443.0
263.7
179.2
344.2
198.9
145.3
413.8
135.0
33.5
65.3
180.0
112.6
1,525.8
136.8
55.6
448.7
262.3
186.3
348.1
199.6
148.5
423.2
140.6
34.1
65.6
182.9
113.4
1,516.9
138.2
54.3
441.1
257.5
183.6
343.7
198.0
145.7
425.7
143.1
34.2
65.6
182.8
113.9
1,530.8
151.4
53.3
437.7
254.1
183.6
345.8
197.0
148.8
428.6
142.0
35.1
65.8
185.8
114.1
1,545.8
154.2
52.4
440.9
256.3
184.6
352.0
201.1
150.9
431.7
141.5
34.9
67.0
188.3
114.7
16
17
18
19
20
21
22
23
24
25
1,500.2
678.8
821.4
1,365.3
344.2
295.2
171.6
123.6
49.0
680.1
1,525.8
685.0
840.8
1,389.0
348.1
298.3
173.0
125.3
49.8
687.9
1,516.9
682.1
834.8
1,378.7
343.7
295.9
171.7
124.2
47.9
696.9
1,530.8
678.4
852.5
1,379.4
345.8
297.8
171.1
126.7
48.0
716.9
1,545.8
686.4
859.5
1,391.6
352.0
303.0
174.9
128.2
49.0
724.6
26
368.1
372.4
375.6
392.1
397.5
27
28
2.21
2.01
2.22
2.02
2.18
1.98
2.14
1.92
2.13
1.92
29
3.71
3.73
3.67
3.52
3.50
IV
Private inventories1..................................
Farm...........................................................................
Mining, utilities, and construction
Manufacturing.........................
Durable goods industries....
Nondurable goods industries
Wholesale trade......................
Durable goods industries........................................
Nondurable goods industries..................................
Retail trade.................................................................
Motor vehicle and parts dealers.............................
Food and beverage stores
General merchandise stores...................................
Other retail stores....
Other industries..........
A
ddenda:
Private inventories..................................................
Durable goods industries....................................
Nondurable goods industries..............................
Nonfarm industries.................................................
Wholesale trade......................................................
Merchant wholesale trade...................................
Durable goods industries.................................
Nondurable goods industries...........................
Nonmerchant wholesale trade.............................
Final sales of domestic business2...............
Final sales of goods and structures of
domestic business2...............................
Ratios of private inventories to final sales of
domestic business:
Private inventories to final sale s..............................
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 change in inventories calculated from current-dollar
inventories in this table is not the current-dollar change in 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
value added of households and institutions and of general government, and it includes a small amount of final sales by farm
and by government enterprises.
N ote . Estimates in this table are based on the North American Industry Classification System (NAICS).
National Data
D -42
April 2004
Table 5.7.6B. Real Private Inventories and Real Domestic Final Sales
by Industry, Chained Dollars
Table 5.7.9B. Implicit Price Deflators for Private Inventories
by Industry
[Billions of chained (2000) dollars]
[Index numbers, 2000=100]
Seasonally adjusted quarterly totals
Line
2002
IV
Private inventories1...................................
Farm............................................................................
Mining, utilities, and construction..................................
Manufacturing..............................................................
Durable goods industries.........................................
Nondurable goods industries....................................
Wholesale trade...........................................................
Durable goods industries.........................................
Nondurable goods industries...................................
Retail trade..................................................................
Motor vehicle and parts dealers..............................
Food and beverage stores.......................................
General merchandise stores...................................
Other retail stores....................................................
Other industries...........................................................
Residual......................................................................
A
ddenda:
Private inventories...................................................
Durable goods industries.....................................
Nondurable goods industries................................
Nonfarm industries..................................................
Wholesale trade......................................................
Merchant wholesale trade...................................
Durable goods industries.................................
Nondurable goods industries............................
Nonmerchant wholesale trade..............................
Final sales of domestic business2................
Final sales of goods and structures of
domestic business2...............................
Ratios of private inventories tofinal sales of
domestic business:
Private inventories to final sales...................................
Nonfarm inventories to final sales................................
Nonfarm inventories to final sales of goods and
structures.................................................................
Seasonally adjusted
2003
I
II
Line
III
IV
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
1,490.4 1,490.8 1,489.6 1,487.4 1,489.6
123.3
50.1
443.2
266.2
177.0
344.8
203.9
140.6
415.2
138.3
32.4
64.8
179.9
113.5
0.4
123.6
48.3
440.2
262.8
177.3
343.6
204.1
139.4
422.0
143.1
32.6
64.8
181.7
113.0
0.1
123.1
47.8
436.4
259.3
176.9
342.5
202.8
139.5
425.8
146.9
32.3
64.7
182.1
114.1
0.1
122.4
47.7
432.4
255.4
176.9
342.1
200.9
140.9
428.6
147.2
32.7
64.7
184.2
114.3
0.1
122.2
48.0
430.1
255.1
174.8
343.1
203.2
139.7
432.1
148.3
32.0
65.8
186.4
114.4
-0.3
17
18
19
20
21
22
23
24
25
26
1,490.4
690.7
799.4
1,367.2
344.8
295.4
175.8
119.3
49.4
1,490.8
693.5
797.2
1,367.3
343.6
295.3
176.8
118.3
48.3
1,489.6
693.2
796.3
1,366.7
342.5
294.2
175.7
118.3
48.3
1,487.4
689.2
797.9
1,365.2
342.1
294.3
174.3
119.7
47.9
1,489.6
694.1
795.6
1,367.7
343.1
295.1
176.4
118.5
47.9
589.2
594.0
597.8
614.8
621.4
27
360.4
364.9
367.5
382.8
386.8
28
29
2.53
2.32
2.51
2.30
2.49
2.29
2.42
2.22
2.40
2.20
30
3.79
3.75
3.72
3.57
3.54
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
value added of households and institutions and of general government, and it includes a small amount of final sales by farm
and by government enterprises.
N o t e . Estimates in this table are based on the North American Industry Classification System (NAICS).
Chained (2000) dollar inventory series are calculated to ensure that the chained (2000) dollar change in inventories for
2000 equals the current-dollar change in inventories for 2000 and that the average of the 1999 and 2000 end-of-year chainweighted and fixed-weighted inventories are equal.
2002
IV
Private inventories1..................................
Farm...........................................................................
Mining, utilities, and construction
Durable goods industries
Nondurable goods industries
Wholesale trade...............
Durable goods industries
Nondurable goods industries
Retail trade.................................................................
Motor vehicle and parts dealers..............................
Food and beverage stores.......................................
General merchandise stores....................................
Other retail stores...................................................
Other industries..........................................................
A
ddenda:
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
2
3
4
5
6
7
8
9
10
11
12
13
14
15
2003
I
III
II
109.398
103.308
99.945
99.073
101.248
99.828
97.516
103.334
99.664
97.612
103.358
100.869
100.074
99.237
110.661
115.114
101.933
99.807
105.108
101.301
97.768
106.587
100.295
98.310
104.579
101.160
100.671
100.419
112.251
113.545
101.072
99.290
103.739
100.369
97.622
104.509
99.984
97.394
105.646
101.415
100.393
99.794
123.698
111.649
101.213
99.488
103.798
101.063
98.043
105.596
99.999
96.425
107.264
101.613
100.850
99.849
126.124
109.141
102.516
100.475
105.561
102.610
98.953
108.064
99.905
95.446
108.828
101.859
101.053
100.185
16 100.660 102.351 101.828 102.921 103.772
17 98.283 98.781
98.399 98.429 98.891
18 102.748 105.473 104.828 106.842 108.032
19 99.860 101.589 100.876 101.037 101.747
20 99.828 101.301 100.369 101.063 102.610
21 99.938 101.008 100.560 101.191 102.670
22 97.605 97.866 97.721 98.153 99.107
23 103.591 105.862 104.964 105.888 108.143
24 99.155 103.057 99.173 100.248 102.221
1. Implicit price deflators are as of the end of the quarter and are consistent with inventory stocks.
Estimates in this table are based on the North American Industry Classification System (NAICS).
N o te.
IV
100.660 102.351 101.828 102.921 103.772
April 2004
D -4 3
S u r v e y o f C u r r e n t B u s in e s s
Incom e and E m ploym en t by Industry
Table 6.16D. Corporate Profits by Industry
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Corporate profits w inventoryvaluation and capital consumption adjustments..........
ith
Dom industries...................................................................................................
estic
1
2
Financial1........................................................................................................................................
3
4
Nonfinancial..........................
5
Rest of the world.................
Receipts from the rest of the world
6
Less: Payments to the rest of the world
7
Corporate profits w inventoryvaluation ad]ustment...............................................
ith
8
9
D estic industries...................................................................................................
om
Financial..........................................................................................................................................
10
11
Federal Reserve banks
Other financial2
12
Nonfinancial....
13
14
Utilities.......
Manufacturing
15
Durable goods
16
17
Fabricated metal products..................................................................................................
Machinery...........................................................................................................................
18
19
Computer and electronic products....
Electrical equipment, appliances, and components
20
Motor vehicles, bodies and trailers, and parts
21
Other durable goods3.......................
22
Nondurable goods.................................
23
24
Food and beverage and tobacco products
Petroleum and coal products............
25
26
Chemical products..............................................................................................................
27
Other nondurable goods4
Wholesale trade................
28
29
Retail trade........................
Transportation and warehousing
30
Information........................
31
32
Other nonfinancial5............
Rest of the world.................
33
904.2
750.8
259.1
491.7
1,069.9
904.9
287.9
617.0
934.9
767.9
248.6
519.3
2003
I
II
927.1
778.4
1,022.8
874.3
268.4
510.0
279.6
594.7
III
IV
1,124.2
966.5
1,205.6
1,000.4
299.2
667.3
304.4
696.0
202.4
49.1
239.4
74.4
215.4
66.6
157.7
220.8
72.3
236.2
78.4
205.2
214.0
47.0
742.7
589.4
843.8
678.7
784.2
617.2
780.9
632.1
793.6
645.1
864.2
706.4
936.4
731.2
148.5
157.7
153.4
255.1
22.9
232.2
334.3
22.0
73.3
8.8
9.7
1.5
-18.4
1.7
-1.0
15.3
64.6
32.8
6.4
17.5
7.9
49.1
76.7
-2.3
-20.2
135.5
153.4
165.0
268.8
19.6
249.2
410.0
24.4
96.6
20.2
12.3
-2.6
-2.6
-1.7
1.1
13.8
76.4
32.8
22.3
18.7
2.5
45.4
80.1
11.9
-5.4
157.0
165.0
166.9
243.4
21.2
222.1
373.9
22.8
95.1
25.2
12.1
-1.3
-1.2
0.7
-1.7
16.6
69.9
32.4
8.7
19.4
9.4
47.9
73.9
2.4
-12.6
144.4
166.9
148.7
261.8
21.2
240.7
370.3
28.1
87.1
17.1
8.9
-2.8
-5.6
0.7
7.3
8.6
70.0
32.4
20.2
18.9
-1.5
39.8
72.9
5.6
-11.4
148.1
148.7
148.5
260.6
20.5
240.1
384.5
21.1
80.3
13.9
12.1
-2.7
-1.8
-0.9
-1.9
9.1
66.4
30.6
20.6
15.8
-0.5
42.6
85.0
12.9
-8.0
150.7
274.6
18.9
255.7
431.8
21.5
97.7
19.4
12.6
-2.4
-1.5
-1.5
-3.5
15.7
78.4
31.8
19.5
23.7
3.4
51.0
84.3
14.7
2.3
160.2
285.3
80.1
278.0
17.8
260.3
453.2
26.7
121.1
30.3
15.5
-2.5
-1.7
-5.1
2.4
21.7
90.8
36.6
28.9
16.6
8.8
48.2
78.2
14.5
-4.7
169.1
205.2
1. Consists of finance and insurance and bank and other holding companies.
2. Consists of credit intermediation and related activities; securities, commodity contracts, and other financial investments and related activities; insurance carriers and related activities; funds, trusts, and other finan
cial vehicles; and bank and other holding companies.
3. Consists of wood products; nonmetallic mineral products; primary metals; other transportation equipment; furniture and related products; and miscellaneous manufacturing.
4. Consists of textile mills and textile product mills; apparel; leather and allied products; paper products; printing and related support activities; and plastics and rubber products.
5. Consists of agriculture, forestry, fishing, and hunting; mining; construction; real estate and rental and leasing; professional, scientific, and technical services; administrative and waste management services;
educational services; health care and social assistance; arts, entertainment, and recreation; accommodation and food services; and other services, except government.
N o te . Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
D -4 4
National Data
April 2004
7. S u p plem ental Tables
Table 7.1. Selected Per Capita Product and Income Series in Current and
Chained Dollars
Table 7.2.1 B. Percent Change from Preceding Period in Real
Motor Vehicle Output
[Dollars]
[Percent]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Seasonally adjusted at annual rates
2003
I
II
Line
III
Current dollars:
Gross domestic product..........
Gross national product............
Personal income......................
Disposable personal income....
Personal consumption
expenditures........................
Durable goods.....................
Nondurable goods...............
Services..............................
1
2
3
4
36,361
36,436
30,913
27,259
36,715
36,845
31,038
27,425
37,018
37,114
31,201
27,720
37,314
37,428
31,463
28,022
38,110
38,240
31,760
28,540
Gross domestic product..........
Gross national product............
Disposable personal income....
Personal consumption
expenditures........................
Durable goods.....................
Nondurable goods...............
Services..............................
Population (midperiod, thousands)
38,543
38,803
32,047
28,575
5
6
7
8
25,622
3,162
7,237
15,224
26,650
3,235
7,591
15,824
25,923
3,136
7,324
15,464
26,208
3,097
7,502
15,609
26,398
3,186
7,468
15,744
26,888
3,346
7,652
15,891
27,102
3,309
7,742
16,051
9
10
11
34,981
35,057
26,355
35,721
35,864
26,789
35,115
35,245
26,320
35,206
35,300
26,419
35,393
35,503
26,673
36,004
36,125
27,048
36,278
36,523
27,013
Chained (2000) dollars:
2003
12 24,773 25,303 24,879 24,978 25,127 25,482 25,621
13
3,321
3,530
3,327
3,331
3,458
3,668
3,665
14
7,287
7,090
7,125
7,208
7,213
7,323
7,401
15 14,369 14,517 14,430 14,450 14,477 14,539 14,601
16 288,240 291,086 289,360 290,016 290,689 291,445 292,194
2002
IV
M vehicle output....
otor
37,748
37,898
31,619
28,215
2002
IV
Auto output..................
Truck output.................
Final sales of domestic product
Personal consum
ption
expenditures.................
New motor vehicles.............
Autos...............................
Light trucks (including
utility vehicles).............
Net purchases of used autos
and used light trucks........
Used autos......................
Used light trucks
(including utility
vehicles)......................
Privatefixed investment......
New motor vehicles.............
Autos................................
Trucks .............................
Light trucks (including
utility vehicles).........
Other...........................
Net purchases of used autos
and used light trucks........
Used autos......................
Used light trucks
(including utility
vehicles)......................
Gross governm
ent
investment.....................
Autos...................................
Trucks..
N exports
et
Exports
Autos
Trucks
Imports
Autos
Trucks .............................
Change inprivate inventories....
Autos.......................................
New.....................................
Domestic..........................
Foreign.............................
Used
Trucks
New
Domestic..........................
Foreign.............................
Used1.................................
1
2
3
4
11.4
5
6
7
2.7
-4.9
2003
I
II
-6.4
III
2.1
26.6
IV
3.7
3.8
16.8
-9.4
10.0
-5.2
-4.8
2.9
4.0
-11.7
-5.2
9.4
65.7
-16.5
5.1
4.2
-9.5
-5.7
16.1
45.5
-10.7
7.8
-0.9
-23.1
4.1
8.4
-1.9
-29.0
-31.1
-8.5
1.7
9.3
-1.5
59.2
20.6
4.8
39.4
-22.3
18.4
41.5
3.8
-32.4
-24.4
8
14.6
15.4
-27.7
-14.6
89.6
68.1
-36.3
y
10
-0.6
-2.4
-5.4
-5.1
74.9
134.3
1.7
4.6
-52.3
-55.9
59.5
43.2
100.5
59.1
1.4
-5.9
27.1
-1.7
-47.7
79.5
-3.4
152.6
-3.2
-9.7
-27.5
11
12
13
14
15
-1.6
-2.0
-1.2
-2.3
-6.3
0.5
16
17
-1.5
-0.4
2.0
-4.5
18
19
1.0
-0.7
20
2.7
21
22
23
74
25
26
27
28
29
30
31
3?
33
34
as
3fi
37
38
39
40
41
-3.0
10.8
13.7
7.9
-35.3
-27.3
-40.3
-5.7
-23.9
8.9
30.7
29.6
31.3
34.5
11.3
51.0
29.3
-23.9
-35.3
-55.4
6.6
18.1
18.8
85.4
55.2
37.7
-0.8
-8.9
30.9
-2.1
-44.5
-38.2
-25.3
-37.5
60.9
39.7
87.0
69.6
7.1
73.1
-49.6
-12.3
81.0
102.2
-2.0
6.0
-4.2
13.9
49.7
-33.0
-13.4
51.3
32.9
-6.1
-1.9
-3.2
-1.6
98.4
35.5
3.0
-43.4
-41.0
0.6
-33.9
97.6
78.7
21.7
12.3
12.0
12.7
5.3
6.2
4.1
9.5
4.0
15.2
-0.2
-3.5
3.7
8.3
-13.0
35.9
5.3
-5.0
18.8
-0.3
-1.9
1.2
-24.2
-30.2
-16.9
24.6
30.6
19.0
29.8
25.7
34.5
-21.1
-27.8
-14.1
-26.2
-18.0
-34.2
42.8
32.4
53.1
45.3
49.1
41.0
42
3.0
2.4
-6.3
-11.6
14.1
38.6
-6.1
43
44
45
-1.7
7.6
2.3
-1.9
-7.5
-3.5
12.0
-27.3
-11.5
-31.7
-13.2
-17.3
-8.7
21.3
0.3
23.6
-2.6
9.4
34.0
-8.3
-8.3
A
ddenda:
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 ..
1. Consists of used light 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 investment.
April 2004
D -45
S u r v e y o f C u r r e n t B u s in e s s
Table 7.2.3B. Real Motor Vehicle Output, Quantity Indexes
Table 7.2.4B. Price Indexes for Motor Vehicle Output
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted
Line
2002
2003
2002
IV
M vehicle output....
otor
Auto output..................
Truck output.................
Final sales of domestic product
Personal consumption
expenditures..................
New motor vehicles.............
Autos...............................
Light trucks (including
utility vehicles).............
Net purchases of used autos
and used light trucks.......
Used autos......................
Used light trucks
(including utility
vehicles)......................
Private fixed investment.....
New motor vehicles.............
Autos..............................
Trucks..............................
Light trucks (including
utility vehicles).........
Other...........................
Net purchases of used autos
and used light trucks.......
Used autos......................
Used light trucks
(including utility
vehicles)......................
Gross governm
ent
investm
ent.....................
Autos..................................
Trucks.................................
Exports...............................
Autos..............................
Trucks..............................
Imports................................
Autos...............................
Trucks..............................
Change Inprivate Inventories...
Foieign
Foieign
I
II
III
158.187 139.966 134.544 157.870 179.761
160.575
98.674
94.282
93.331
89.506
95.906
95.489
96.305
96.566
80.039
78.695
89.946 107.035
86.084 96.681
11 103.938
12 82.904
13 88.124
14 91.113
15 86.167
97.845
80.266
86.112
85.415
86.559
96.438
83.551
92.017
93.567
91.028
96.030
77.085
82.525
86.412
80.010
81.662
79.087
81.327
80.697
81.736
94.521 119.166
81.661 83.232
86.950 93.646
86.105 88.444
87.501 96.990
16
17
91.285
72.009
93.111
68.739
97.468
73.512
87.418
60.079
88.821
62.626
92.722 103.484
73.081 79.171
18
19
96.139
90.087
95.337 105.139
82.113 93.567
90.767
82.965
84.389
73.766
95.044 111.150
80.200 91.521
20 102.982 110.275 118.220
99.596
96.385 111.801
21
22
23
?4
25
26
27
28
29
30
11
3?
33
34
3S
36
37
38
39
40
41
102.799 100.745 106.499 96.340
97.475 94.330 104.622 105.405
104.807 103.113 107.202 92.986
108.501
120.195
98.225
103.027
103.627
102.320
118.772
125.058
113.163
102.791
100.022
106.075
114.830
122.244
108.257
106.349
104.705
108.292
114.733
121.654
108.587
99.235
95.721
103.390
133.319
92.927 103.058 110.653
92.362 83.272 96.283
93.115 110.396 115.957
121.218
130.056
113.407
105.929
101.353
111.336
114.249
119.903
109.191
98.196
96.441
100.289
124.890
128.620
121.469
107.804
106.574
109.286
Auto output..................
Truck output.................
Final sales of domestic product
Personal consumption
expenditures..................
New motor vehicles.............
Autos................................
Light trucks (including
utility vehicles).............
Net purchases of used autos
and used light trucks........
Used autos......................
Used light trucks
(including utility
vehicles)......................
Privatefixed investment......
New motor vehicles.............
Autos................................
Trucks..............................
Light trucks (including
utility vehicles).........
Other............................
Net purchases of used autos
and used light trucks........
Used autos......................
Used light trucks
(including utility
vehicles)......................
Gross governm
ent
investment.....................
Autos....................................
Trucks.................................
Exports................................
Autos................................
Trucks..............................
Imports...............................
Autos...............................
Trucks..............................
Foreign.............................
Foreign............................
2003
I
III
IV
1
2
3
4
96.777
97.527
96.264
96.900
95.029
92.913
96.088
94.572
96.199
96.359
96.031
96.367
95.813
94.071
96.686
95.503
94.680
93.115
95.457
94.101
94.640
92.367
95.788
94.145
94.982
92.098
96.422
94.540
5
6
7
97.943
97.832
98.370
94.621
96.417
96.535
96.952
97.881
98.278
95.763
96.977
97.160
95.211
96.441
96.592
94.399
96.310
96.330
93.108
95.941
96.057
8
97.429
96.290
97.576
96.811
96.295
96.237
95.817
9
10
98.078
98.071
89.731
88.853
94.408
94.150
92.558
92.203
91.960
91.379
89.048
87.516
85.357
84.313
11
12
13
14
15
98.086 90.724
97.482 101.662
97.376 97.314
98.357 96.523
96.704 97.828
94.676 92.943
99.043 100.167
97.398 98.238
98.274 97.153
96.788 98.977
II
90.768 86.572
92.611
97.352 100.720 108.410
97.885
96.473 96.661
96.580 96.314 96.045
96.408 96.889 99.037
16 95.453 96.197 94.915 97.586 94.382 95.110 97.712
17 101.000 103.437 103.225 103.532 103.531 103.085 103.598
18
19
97.438
97.516
91.854
91.786
95.477
95.411
95.952
95.696
95.652
95.405
91.359
91.347
84.455
84.694
20
97.361
91.941
95.543
96.194
95.886
91.394
84.288
21 99.530 101.222 100.580 101.019 100.082 100.839 102.947
22 100.153 99.542 99.715 98.296 98.030 99.921 101.922
23 99.323 101.904 100.899 102.083 100.875 101.258 103.401
?4
25 102.010 103.770 103.070 103.304 103.549 103.920 104.306
26 101.293 102.618 102.300 102.296 102.518 102.628 103.028
27 102.757 104.884 103.806 104.276 104.542 105.172 105.545
28 101.278 102.170 101.561 101.635 102.005 102.086 102.953
29 101.009 101.652 101.409 101.377 101.443 101.443 102.343
30 101.595 102.747 101.736 101.929 102.629 102.801 103.630
31
3?
33
34
35
36
37
38
39
40
41
Addenda:
42 104.192 106.716 103.365 100.228 103.588 112.402 110.647
43 91.202
44 98.291
45 101.050
89.449 95.584
90.878 91.575
97.475 101.539
86.910
88.391
96.842
84.950
92.766
96.922
89.566
92.163
99.132
1. Consists of used light 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 investment.
M vehicle output....
otor
Change in private Inventories....
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
IV
5 111.862 116.512 110.333 108.737 112.868 123.958 120.485
6 118.775 128.722 118.064 115.467 129.705 141.455 128.261
7 99.265 97.360 94.762 95.168 99.732 100.675 93.864
9
10
2003
Line
1 106.114 108.931 106.813 105.066 105.603 112.016 113.038
2 97.520 88.397 93.731
85.254
87.782 89.751
90.801
3 112.246 123.424 116.150 117.333 116.888 126.998 132.477
4 104.935 109.165 103.103 101.727 104.045 118.043 112.843
8 137.091
2002
IV
2003
96.369
90.193
97.005
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 ..
42
97.813
96.129
97.412
96.741
95.730
95.763
96.281
43
44
45
96.819
98.761
98.366
96.392
97.382
96.530
96.506
98.803
98.278
97.420
97.821
97.156
95.417
97.373
96.585
95.699
97.214
96.324
97.034
97.120
96.054
1. Consists of used light 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 investment.
D -4 6
National Data
April 2004
Table 7.2.5B. Motor Vehicle Output
Table 7.2.6B. Real Motor Vehicle Output, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2002
IV
Seasonally adjusted at annual rates
2003
I
Line
II
III
367.5
365.0
126.2
238.8
387.0
126.7
260.3
392.0
M vehicle output....
otor
Final sales of domestic product
Personal consumption
expenditures.................
M vehicle output....
otor
1
2
3
374.8
143.7
231.1
124.1
253.8
136.5
238.7
Final sales of domestic product
Personal consumption
expenditures..................
4
360.4
365.8
352.1
344.3
347.0
393.9
378.2
5
6
7
356.6
249.0
101.1
358.7
348.1
338.9
349.8
380.8
365.1
8
147.8
9
10
107.7
56.1
Auto output..................
Truck output.................
New motor vehicles.............
Autos...............................
Light trucks (including
utility vehicles).............
Net purchases of used autos
and used light trucks.......
Used autos......................
Used light trucks
(including utility
vehicles)......................
Privatefixed investment......
New motor vehicles.............
Autos...............................
Trucks..............................
Light trucks (including
utility vehicles).........
Other...........................
Net purchases of used autos
and used light trucks.......
Used autos......................
Used light trucks
(including utility
vehicles)......................
Gross governm
ent
investment.....................
Autos..................................
Trucks..................................
N exports.......................
et
Exports................................
Autos...............................
Trucks..............................
Imports................................
Autos...............................
Trucks..............................
Change in private inventories...
Autos.......................................
New.....................................
Domestic.........................
Foreign............................
Used....................................
Trucks ......................................
New.....................................
Domestic.........................
Foreign............................
Used1..................................
377.9
375.1
124.7
242.7
118.6
273.4
263.7
93.4
239.9
95.8
268.0
99.8
291.9
100.5
168.5
151.1
144.1
168.2
191.4
170.3
92.8
48.1
100.5
54.4
99.0
53.9
81.7
43.5
88.9
45.6
101.4
49.4
51.6
44.7
46.1
45.1
38.2
43.3
52.1
New motor vehicles.............
Autos................................
Light trucks (including
utility vehicles).............
Net purchases of used autos
and used light trucks........
Used autos......................
Used light trucks
(including utility
vehicles)......................
95.6
96.6
97.9
91.3
91.1
97.3
106.8
Privatefixedinvestment......
165.9
68.5
97.5
162.1
63.0
99.1
173.4
70.3
103.1
156.8
64.1
92.7
151.8
59.5
92.2
162.6
63.4
99.2
16
17
75.0
22.5
77.2
22.0
79.7
23.4
73.5
19.2
72.2
20.0
75.9
23.3
87.1
25.4
18
19
-70.4
-35.0
-65.5
-30.0
-75.5
-35.6
-65.5
-31.7
-60.7
-28.1
-65.3
-29.2
-70.6
-30.9
20
-35.3
-35.5
-39.9
-33.8
-32.6
-36.1
-39.7
New motor vehicles.............
Autos................................
Trucks..............................
Light trucks (including
utility vehicles).........
Other............................
Net purchases of used autos
and used light trucks........
Used autos......................
Used light trucks
(including utility
vehicles)......................
14.1
Gross governm
ent
investment.....................
12.7
3.3
9.3
12.6
3.2
9.4
13.3
3.6
9.7
-104.5 -102.1 -107.2
28.9
14.9
14.0
133.4
72.7
60.7
14.4
7.5
7.0
5.8
1.2
0.5
6.9
5.8
4.5
1.4
1.1
32.2
15.7
16.5
134.3
70.6
63.7
30.9
15.3
15.6
138.1
73.7
64.4
12.0
23.0
-2.7
-0.5
-0.4
-0.1
-2.2
14.8
8.9
8.8
0.0
5.9
5.7
5.7
0.0
5.7
0.1
17.3
7.6
2.1
5.5
9.6
12.1
3.5
8.5
11.5
3.1
8.4
-98.0 -105.3
31.0
15.2
15.7
128.9
67.4
61.6
32.8
16.3
16.5
138.1
71.4
66.8
23.2
18.0
-8.8
-3.9
-3.0
-1.0
-4.9
32.0
28.2
25.8
2.4
3.8
3.4
3.5
2.3
1.2
-0.1
14.6
6.0
4.8
1.2
8.6
12.9
2.8
10.0
177.4
64.9
112.5
3.3
10.8
-97.1 -107.9
31.0
15.1
16.0
128.1
67.9
60.2
-6.8
-3.5
-2.5
-0.3
-2.2
-1.0
-3.4
-11.3
-4.8
-6.5
8.0
N exports.......................
et
Exports................................
Autos................................
Trucks..............................
Imports................................
Autos................................
Trucks..............................
13.8
Change in private inventories....
-2.0
0.8
-0.7
1.5
-2.8
15.8
12.5
9.5
3.0
3.3
42
464.9
467.9
459.3
442.3
452.3
491.0
486.0
43
44
45
143.5
107.3
83.4
140.1
97.8
78.9
149.9
100.1
83.7
137.6
95.6
78.9
131.7
99.8
78.5
139.3
99.0
80.1
152.0
96.8
78.2
1. Consists of used light trucks only.
2. Consists of finai 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 investment.
Autos....................................
Trucks..................................
34.0
16.2
17.8
141.9
75.7
66.2
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..
Auto output..................
Truck output.................
11
12
13
14
15
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
2003
2002
IV
247.6
96.5
265.9
97.4
2002
IV
Autos........................................
New.....................................
Domestic..........................
Foreign.............................
Used....................................
Trucks......................................
New......................................
Domestic..........................
Used1.................................
Residual..............................
A
ddenda:
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 ..
1
2
3
4
387.3
397.6
371.9
5
6
7
364.1
254.5
102.8
275.8
100.8
147.3
240.1
2003
II
I
III
IV
385.4
408.8
412.5
389.8
383.5
132.6
251.0
135.6
250.0
137.2
271.6
386.9
365.4
360.6
368.8
418.4
399.9
379.2
359.1
353.9
367.4
403.5
392.2
133.6
264.0
141.6
248.4
252.9
98.2
247.4
98.6
277.9
103.3
303.1
104.3
128.8
283.3
274.8
97.2
8
151.7
175.1
154.9
148.9
174.7
198.9
177.7
9
10
109.8
57.2
103.8
54.3
106.7
57.9
107.1
58.6
89.0
47.7
100.1
52.2
119.1
58.6
52.6
49.5
48.8
48.6
41.3
47.8
60.3
98.0
94.9
98.8
91.2
93.5
96.6
11
12
13
14
15
170.4
69.6
100.8
166.5
65.2
101.3
177.9
71.5
106.5
159.6
66.0
93.6
157.3
61.6
95.6
168.1
65.8
102.4
181.1
67.6
113.5
16
17
78.6
22.3
80.1
21.3
83.9
22.7
75.2
18.6
76.4
19.4
79.8
22.6
89.1
24.5
18
19
-72.2
-35.9
-71.6
-32.7
-79.0
-37.3
-68.2
-33.1
-63.4
-29.4
-71.4
-32.0
-83.5
-36.5
20
-36.3
-38.9
-41.7
-35.1
-34.0
-39.4
-47.0
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
12.7
12.5
13.2
11.9
11.5
12.8
13.7
3.3
9.4
3.2
9.3
3.6
9.6
-103.4 -100.4 -106.0
28.3
14.7
13.6
131.7
71.9
59.8
14.2
31.0
15.3
15.7
131.4
69.4
62.0
30.0
15.0
15.0
136.0
72.7
63.3
3.6
8.3
3.1
8.4
2.8
9.9
98.4
3.3
10.4
-96.9 -103.8
31.7
15.9
15.8
135.4
70.4
65.0
-95.7 -105.2
30.0
14.9
15.1
126.9
66.4
60.4
29.8
14.7
15.2
125.5
66.9
58.6
19.9
17.0
-11.1
32.6
15.7
16.9
137.8
74.0
63.9
7.6
7.1
5.9
1.2
0.5
6.6
5.3
4.0
1.4
1.2
-2.9
-0.6
-0.4
-0.1
-2.4
12.0
5.9
5.9
0.1
6.4
9.5
22.7
5.9
5.7
-0.1
5.6
0.1
16.5
7.0
1.9
5.6
10.1
-9.1
-4.0
-3.1
-1.0
-5.1
28.0
23.7
21.4
2.3
4.0
3.5
3.5
2.3
1.2
-0.1
13.3
4.9
3.9
1.1
9.0
-3.7
-2.6
-0.3
-2.2
-1.2
-7.3
-14.8
-9.5
-5.7
8.7
-2.2
0.8
-0.7
1.4
-3.3
14.0
10.1
7.7
2.6
3.9
12.3
1.2
1.3
0.5
3.6
-0.8
1.9
1.0
43
475.3
486.8
471.5
457.2
472.5
512.7
504.7
44
45
46
148.2
108.6
84.7
145.3
100.4
81.7
155.3
101.2
85.2
141.2
97.7
81.2
138.0
102.5
81.3
145.5
101.8
83.1
156.6
99.7
81.4
1. Consists of used light 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 investment.
N ote . Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines, excluding the lines in the addenda.
D -4 7
April 2004
B. O ther NIPA and NIPA-Related Tables
Monthly Estimates
Table B .l presents the m ost recent estimates o f personal income and its components and the disposition o f personal
income.
These estimates were released on March 26, 2004, and they update the results o f the 2003 comprehensive NIPA
revision that were published in the February 2004 S urvey .
Table B.1. Personal Income and Its Disposition
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
2004
2003
2002
2003r
Jan.
Personal Income....................................
8,910.3
Feb.
9,203.7 9,012.5
Compensation of employees, received.........
Wage and salary disbursements..................
Private industries......................................
Goods-producing industries.................
Manufacturing..................................
Service-producing industries................
Trade, transportation, and utilities....
Other services-producing industries
Government.............................................
6,019.1
4,974.6
4,114.7
1,010.9
675.7
3,103.7
844.7
2,259.0
859.9
Supplements to wages and salaries.............
Employer contributions for employee
pension and insurance funds...............
Employer contributions for government
social insurance....................................
364.1
378.5
Proprietors’ income with IVA and CCAdj......
Farm........................................................
Nonfarm...................................................
797.7
14.3
783.4
846.9
19.5
827.4
Mar.
Apr.
May
Jun.
Jul.r
Aug.r
Sep. '
Oct.'
Nov. r
9,046.9 9,086.6 9,100.8 9,151.0 9,186.0 9,226.7 9,254.6 9,287.6 9,322.3 9,368.5
D ec/
Jan. r
Feb. »
9,401.1
9,429.5
9,463.6
6,198.1
5,095.6
4,198.0
1,008.2
669.4
3,189.8
863.2
2,326.6
897.7
6,088.2
5,015.3
4,130.8
1,006.0
670.9
3,124.8
850.9
2,273.9
884.5
6,118.9
5,037.0
4,145.7
1,005.8
671.1
3,139.9
855.3
2,284.6
891.2
6,136.2
5,047.5
4,153.3
1,005.4
669.5
3,147.8
858.7
2,289.2
894.2
6,142.1
5,051.6
4,155.4
1,000.0
664.2
3,155.4
857.3
2,298.1
896.2
6,171.4
5,077.4
4,178.7
1,003.4
666.6
3,175.3
860.2
2,315.1
898.7
6,184.9
5,087.6
4,183.9
1,006.8
668.7
3,177.1
860.9
2,316.2
903.7
6,208.4
5,103.6
4,204.0
1,003.9
665.9
3,200.1
862.3
2,337.8
899.6
6,232.0
5,121.4
4,220.8
1,007.0
667.2
3,213.9
866.5
2,347.3
900.6
6,247.8
5,131.4
4,231.6
1,011.1
669.7
3,220.5
867.4
2,353.1
899.8
6,265.3
5,144.9
4,244.5
1,012.3
669.9
3,232.2
873.4
2,358.7
900.4
6,294.1
5,169.5
4,269.0
1,019.1
675.3
3,249.9
874.8
2,375.1
900.5
6,287.7
5,160.5
4,258.0
1,017.6
674.1
3,240.4
870.7
2,369.7
902.6
6,342.4
5,196.0
4,287.3
1,024.9
678.1
3,262.4
877.7
2,384.6
908.7
1,044.5
1,102.4
1,072.9
1,081.9
1,088.8
1,090.4
1,094.0
1,097.3
1,104.8
1,110.6
1,116.5
1,120.4
1,124.6
1,127.1
1,146.4
1,158.0
680.4
724.0
699.1
706.8
713.1
714.7
717.6
719.6
725.9
730.7
735.6
738.7
741.3
744.4
754.3
764.1
373.8
375.1
375.7
375.7
376.4
377.7
378.9
380.0
380.8
381.7
383.3
382.7
392.1
393.9
813.0
11.7
801.3
809.5
13.1
796.5
818.0
14.2
803.9
822.6
16.2
806.4
839.5
20.0
819.5
854.3
23.8
830.5
859.8
22.5
837.2
858.1
21.4
836.7
864.8
20.5
844.3
867.4
22.5
844.9
873.9
23.9
850.1
881.6
23.7
857.9
875.1
19.9
855.2
880.6
17.1
863.5
6,377.5
5,219.5
4,308.3
1,028.5
681.3
3,279.8
880.7
2,399.1
911.2
Rental income of persons with CCAdj..........
173.0
164.2
158.3
163.3
168.1
160.8
153.3
146.2
151.4
157.0
162.6
172.9
182.9
193.1
186.6
180.2
Personal income receipts on assets.................
Personal interest income.............................
Personal dividend income............................
1,378.5
982.4
396.2
1,393.3
964.6
428.7
1,390.2
974.6
415.6
1,388.5
970.5
418.0
1,387.1
966.7
420.4
1,388.4
965.5
422.9
1,390.2
964.9
425.3
1,391.9
964.3
427.6
1,390.5
960.7
429.8
1,389.2
957.1
432.2
1,388.0
953.4
434.6
1,396.4
959.5
436.9
1,405.1
965.7
439.4
1,414.0
971.9
442.1
1,412.6
967.8
444.8
1,411.2
963.7
447.6
Personal current transfer receipts.....................
Government social benefits to persons........
Old-age, survivors, disability, and health
insurance benefits................................
Government unemployment insurance
benefits................................................
Other.......................................................
Other current transfer receipts, from
business (net).......................................
Less: Contributions for government social
insurance.....................................................
1,292.2
1,249.5
1,377.5
1,331.6
1,329.4
1,285.1
1,335.9
1,290.7
1,347.5
1,301.3
1,357.4
1,311.9
1,368.6
1,324.1
1,383.1
1,339.7
1,393.5
1,348.4
1,397.4
1,351.3
1,405.2
1,358.1
1,403.0
1,355.2
1,398.6
1,350.9
1,409.8
1,362.2
1,413.8
1,366.7
1,418.6
1,372.0
710.3
743.7
728.3
732.3
736.2
737.6
743.7
744.1
743.3
746.8
746.7
751.1
752.9
760.7
763.5
774.9
53.4
485.8
55.6
532.3
49.5
507.3
50.5
507.8
55.6
509.4
55.5
518.8
53.4
526.9
60.0
535.7
59.3
545.7
57.3
547.2
59.2
552.2
58.4
545.7
53.0
544.9
55.3
546.2
47.0
556.2
37.5
559.6
42.6
45.9
44.3
45.3
46.2
45.5
44.5
43.4
45.1
46.1
47.1
47.8
47.7
47.6
47.1
46.6
750.3
776.2
766.6
769.2
770.4
770.4
772.1
774.4
776.8
779.2
780.9
782.8
786.1
785.1
800.9
804.6
Less: Personal current taxes...........................
1,053.1
990.6
1,014.8
1,009.6
1,003.9
1,000.0
1,000.0
1,000.5
925.9
885.0
1,004.5
1,009.6
1,015.9
1,018.0
969.2
973.1
Equals: Disposable personal income.........
7,857.2
8,213.1
7,997.7 8,037.3 8,082.7
8,100.8 8,151.0
8,185.6 8,300.8
8,369.6 8,283.0
8,312.6 8,352.6
8,383.0 8,460.3
8,490.5
Less: Personal outlays.....................................
7,674.0
8,043.0
7,864.3
7,876.6
7,923.9
7,907.7
7,956.8
8,005.8
8,072.4
8,142.2
8,140.8
8,153.0
8,206.2
8,266.4
8,306.8
8,325.2
Personal consumption expenditures.............
Durable goods.........................................
Nondurable goods...................................
Services..................................................
Personal interest payments1........................
Personal current transfer payments..............
To government.........................................
To the rest of the world (net).....................
7,385.3
911.3
2,086.0
4,388.0
194.7
94.0
58.6
35.4
7,757.4
941.6
2,209.7
4,606.2
185.4
100.2
63.1
37.1
7,578.3
900.0
2,160.5
4,517.8
185.0
100.9
60.9
40.1
7,589.0
889.6
2,173.9
4,525.5
186.2
101.3
61.3
40.1
7,634.7
905.0
2,192.6
4,537.1
187.5
101.7
61.7
40.1
7,622.9
917.0
2,161.6
4,544.3
185.2
99.6
62.1
37.5
7,673.7
926.5
2,164.3
4,582.8
183.2
100.0
62.5
37.5
7,724.2
934.9
2,186.4
4,602.8
181.2
100.4
62.9
37.5
7,792.4
960.9
2,209.7
4,621.8
182.9
97.1
63.3
33.9
7,860.1
990.5
2,239.6
4,630.0
184.6
97.6
63.7
33.9
7,856.6
973.9
2,240.7
4,642.0
186.3
98.0
64.1
33.9
7,864.7
956.0
2,246.3
4,662.3
187.0
101.4
64.4
37.0
7,916.8
961.2
2,266.9
4,688.7
187.6
101.8
64.9
37.0
7,975.9
983.7
2,273.4
4,718.8
188.3
102.3
65.3
37.0
8,015.4
952.2
2,314.4
4,748.7
188.8
102.7
65.7
37.0
8,032.7
949.9
2,316.1
4,766.7
189.3
103.1
66.1
37.0
Equals: Personal saving.........................
Personal saving as percentage of disposable
personal income.......................................
183.2
170.0
133.4
160.7
158.8
193.1
194.2
179.8
228.4
227.3
142.2
159.6
146.4
116.6
153.5
165.3
2.3
2.1
1.7
2.0
2.0
2.4
2.4
2.2
2.8
2.7
1.7
1.9
1.8
1.4
1.8
1.9
A
ddenda:
Disposable personal income:
Billions of chained (2000) dollars2 ..........
Per capita:
Current dollars.........................................
Chained (2000 dollars).............................
Population (midperiod, thousands)3.............
7,596.7
7,797.8
7,647.7
7,656.9
7,681.4
7,716.4
7,763.3
7,780.6
7,879.9
7,932.2
7,836.5
7,862.3
7,902.1
7,914.6
7,960.5
7,972.9
27,259
26,355
288,240
28,215
26,789
291,086
27,597
26,389
289,806
27,714
26,402
290,013
27,849
26,467
290,228
27,890
26,567
290,451
28,041
26,707
290,686
28,136
26,744
290,929
28,507
27,062
291,179
28,717
27,217
291,446
28,395
26,864
291,709
28,472
26,930
291,958
28,586
27,044
292,197
28,667
27,065
292,427
28,910
27,202
292,644
28,993
27,225
292,848
Personal consumption expenditures:
Billions of chained (2000) dollars.............
Durable goods.....................................
Nondurable goods...............................
Services..............................................
Implicit price deflator, 2000=100..............
7,140.5
957.2
2,043.6
4,141.8
103.429
7,365.2
1,027.5
2,121.0
4,225.7
105.325
7,246.7
964.6
2,095.4
4,188.9
104.581
7,229.8
956.1
2,084.3
4,190.5
104.972
7,255.7
974.3
2,091.9
4,192.6
105.228
7,261.1
990.5
2,081.3
4,194.1
104.987
7,308.7
1,006.4
2,097.6
4,211.1
104.998
7,342.1
1,018.4
2,111.7
4,219.8
105.209
7,397.3
1,050.1
2,128.4
4,230.5
105.345
7,449.4
1,085.7
2,143.8
4,236.3
105.518
7,433.1
1,071.6
2,130.7
4,244.8
105.703
7,438.6
1,054.9
2,143.8
4,251.4
105.733
7,489.8
1,064.7
2,170.9
4,266.9
105.705
7,530.2
1,093.0
2,172.6
4,280.9
105.924
7,541.8
1,055.6
2,196.1
4,300.2
106.283
7,543.0
1,053.1
2,188.1
4,311.2
106.496
Personal incom current dollars..............
e,
2.3
3.3
0.2
0.4
0.4
0.2
0.6
0.4
0.4
0.3
0.4
0.4
0.5
0.3
0.3
0.4
Disposable personal income:
Current dollars.............................................
Chained (2000) dollars.................................
5.2
3.8
4.5
2.6
0.5
0.4
0.5
0.1
0.6
0.3
0.2
0.5
0.6
0.6
0.4
0.2
1.4
1.3
0.8
0.7
-1.0
-1.2
0.4
0.3
0.5
0.5
0.4
0.2
0.9
0.6
0.4
0.2
Personal consumption expenditures:
Current dollars.............................................
Chained (2000) dollars.................................
4.8
3.4
5.0
3.1
0.2
0.1
0.1
-0.2
0.6
0.4
-0.2
0.1
0.7
0.7
0.7
0.5
0.9
0.8
0.9
0.7
0.0
-0.2
0.1
0.1
0.7
0.7
0.7
0.5
0.5
0.2
0.2
0.0
* Preliminary.
' Revised. Revisions include changes to series affected by the introduction of revised wage and salary estimates for the
third quarter of 2003.
CCAdj Capital consumption adjustment.
IVA Inventory valuation adjustment.
1. Consists of nonmortgage interest paid by households.
2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.
3. 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
D -4 8
April 2004
C. Historical Measures
This table is derived from the “GDP and Other Major NIPA Series” tables that were published in the February 2004 issue of
the S u r v e y o f C u r r e n t B u s i n e s s and from the “Selected NIPA Tables” that are published in this issue. (The 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]
Billions of chained (2000) dollars
Year and quarter
Percent change from
preceding period
Chain-type price indexes
[2000=100]
Implicit price deflators
[2000=100]
Gross
domestic
product
Gross
domestic
product
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
purchases
Gross
national
product
Implicit price deflators
Gross
domestic
product
Gross
domestic
product
Gross
domestic
purchases
Gross
national
product
1959 ...................
2,441.3
2,442.7
2,457.4
7.1
6.2
20.754
20.365
20.751
20.727
1.2
1.2
1.2
1.2
1960
1961
1962
1963
1964
...................
...................
...................
...................
...................
2,501.8
2,560.0
2,715.2
2,834.0
2,998.6
2,506.8
2,566.8
2,708.5
2,830.3
2,999.9
2,519.4
2,579.3
2,736.9
2,857.2
3,023.6
2.5
2.3
6.1
4.4
5.8
2.6
2.4
5.5
4.5
6.0
21.044
21.281
21.572
21.801
22.134
20.646
20.865
21.139
21.385
21.725
21.041
21.278
21.569
21.798
22.131
21.018
21.255
21.547
21.777
22.111
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
...................
...................
...................
...................
...................
3,191.1
3,399.1
3,484.6
3,652.7
3,765.4
3,173.8
3,364.8
3,467.6
3,640.3
3,753.7
3,217.3
3,423.7
3,510.1
3,680.0
3,792.0
6.4
6.5
2.5
4.8
3.1
5.8
6.0
3.1
5.0
3.1
22.538
23.180
23.897
24.916
26.153
22.102
22.724
23.389
24.380
25.580
22.535
23.176
23.893
24.913
26.149
22.516
23.158
23.874
24.893
26.127
1.8
2.8
3.1
4.3
5.0
1.7
2.8
2.9
4.2
4.9
1.8
2.8
3.1
4.3
5.0
1.8
2.9
3.1
4.3
5.0
1970
1971
1972
1973
1974
...................
...................
...................
...................
...................
3,771.9
3,898.6
4,105.0
4,341.5
4,319.6
3,787.7
3,893.4
4,098.6
4,315.9
4,305.5
3,798.2
3,927.8
4,136.2
4,383.6
4,367.5
0.2
3.4
5.3
5.8
-0.5
0.9
2.8
5.3
5.3
-0.2
27.538
28.916
30.171
31.854
34.721
26.964
28.351
29.619
31.343
34.546
27.534
28.911
30.166
31.849
34.725
27.512
28.889
30.145
31.830
34.699
5.3
5.0
4.3
5.6
9.0
5.4
5.1
4.5
5.8
10.2
5.3
5.0
4.3
5.6
9.0
5.3
5.0
4.3
5.6
9.0
1975
1976
1977
1978
1979
...................
...................
...................
...................
...................
4,311.2
4,540.9
4,750.5
5,015.0
5,173.4
4,352.5
4,522.3
4,721.6
4,981.6
5,161.2
4,348.4
4,585.3
4,800.3
5,064.4
5,240.1
-0.2
5.3
4.6
5.6
3.2
1.1
3.9
4.4
5.5
3.6
38.007
40.202
42.758
45.762
49.553
37.761
39.938
42.634
45.663
49.669
38.002
40.196
42.752
45.757
49.548
37.976
40.175
42.731
45.737
49.527
9.5
5.8
6.4
7.0
8.3
9.3
5.8
6.8
7.1
8.8
9.4
5.8
6.4
7.0
8.3
9.4
5.8
6.4
7.0
8.3
1980
1981
1982
1983
1984
...................
...................
...................
...................
...................
5,161.7
5,291.7
5,189.3
5,423.8
5,813.6
5,196.7
5,265.1
5,233.4
5,454.0
5,739.2
5,227.6
5,349.7
5,249.7
5,482.5
5,869.3
-0.2
2.5
-1.9
4.5
7.2
0.7
1.3
-0.6
4.2
5.2
54.062
59.128
62.738
65.214
67.664
54.876
59.896
63.296
65.515
67.822
54.043
59.119
62.726
65.207
67.655
54.015
59.095
62.699
65.184
67.631
9.1
9.4
6.1
3.9
3.8
10.5
9.1
5.7
3.5
3.5
9.1
9.4
6.1
4.0
3.8
9.1
9.4
6.1
4.0
3.8
1985
1986
1987
1988
1989
...................
...................
...................
...................
...................
6,053.7
6,263.6
6,475.1
6,742.7
6,981.4
6,042.1
6,271.8
6,457.2
6,734.5
6,962.2
6,093.4
6,290.6
6,500.9
6,775.2
7,015.4
4.1
3.5
3.4
4.1
3.5
5.3
3.8
3.0
4.3
3.4
69.724
71.269
73.204
75.706
78.569
69.760
71.338
73.527
76.043
78.934
69.713
71.250
73.196
75.694
78.556
69.695
71.227
73.181
75.679
78.549
3.0
2.2
2.7
3.4
3.8
2.9
2.3
3.1
3.4
3.8
3.0
2.2
2.7
3.4
3.8
3.1
2.2
2.7
3.4
3.8
1990
1991
1992
1993
1994
...................
...................
...................
...................
...................
7,112.5
7,100.5
7,336.6
7,532.7
7,835.5
7,108.5
7,115.0
7,331.1
7,522.3
7,777.8
7,155.2
7,136.8
7,371.8
7,568.6
7,864.2
1.9
-0.2
3.3
2.7
4.0
2.1
0.1
3.0
2.6
3.4
81.614
84.457
86.402
88.390
90.265
82.144
84.836
86.828
88.730
90.583
81.590
84.444
86.385
88.381
90.259
81.589
84.440
86.375
88.382
90.262
3.9
3.5
2.3
2.3
2.1
4.1
3.3
2.3
2.2
2.1
3.9
3.5
2.3
2.3
2.1
3.9
3.5
2.3
2.3
2.1
1995
1996
1997
1998
1999
...................
...................
...................
...................
...................
8,031.7
8,328.9
8,703.5
9,066.9
9,470.3
8,010.2
8,306.5
8,636.6
8,997.6
9,404.0
8,069.8
8,365.3
8,737.5
9,088.7
9,504.7
2.5
3.7
4.5
4.2
4.5
3.0
3.7
4.0
4.2
4.5
92.115
93.859
95.415
96.475
97.868
92.483
94.145
95.440
96.060
97.556
92.106
93.852
95.414
96.472
97.868
92.114
93.863
95.420
96.475
97.869
2.0
1.9
1.7
1.1
1.4
2.1
1.8
1.4
0.6
1.6
2.0
1.9
1.7
1.1
1.4
2.1
1.9
1.7
1.1
1.4
2000
2001
2002
2003
...................
...................
...................
...................
9,817.0
9,866.6
10,083.0
10,398.0
9,760.5
9,901.1
10,076.9
10,395.0
9,855.9
9,901.4
10,105.0
10,439.5
3.7
0.5
2.2
3.1
3.8
1.4
1.8
3.2
100.000
102.376
103.949
105.686
100.000
101.974
103.374
105.327
100.000
102.373
103.945
105.673
100.000
102.368
103.932
105.671
2.2
2.4
1.5
1.7
2.5
2.0
1.4
1.9
2.2
2.4
1.5
1.7
2.2
2.4
1.5
1.7
April 2004
D -49
S u r v ey o f C u r r e n t B u sin e s s
Table C.1. GDP and Other Major NIPA Aggregates—Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Billions of chained (2000) dollars
Year and quarter
Percent change from
preceding period
Chain-type price indexes
[2000=100]
Implicit price deflators
[2000=100]
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
Gross
domestic
purchases
Implicit price deflators
Gross
domestic
product
Gross
national
product
1959: I..................
II.................
Ill................
IV...............
2,392.9
2,455.8
2,453.9
2,462.6
2,396.9
2,440.3
2,471.1
2,462.3
2,408.1
2,471.1
2,470.3
2,479.8
7.9
10.9
-0.3
1.4
8.1
7.4
5.1
-1.4
20.680
20.711
20.770
20.853
20.296
20.326
20.379
20.460
20.704
20.704
20.753
20.840
20.680
20.681
20.730
20.817
1.8
0.6
1.1
1.6
2.1
0.6
1.0
1.6
0.9
0.0
1.0
'1.7
0.9
0.0
1.0
1.7
1960: I..................
II.................
Ill................
IV...............
2,517.4
2,504.8
2,508.7
2,476.2
2,488.1
2,511.5
2,507.9
2,519.8
2,534.1
2,521.8
2,526.5
2,494.9
9.2
-2.0
0.6
-5.1
4.3
3.8
-0.6
1.9
20.903
20.995
21.093
21.186
20.505
20.598
20.694
20.787
20.931
21.004
21.084
21.146
20.909
20.982
21.061
21.122
1.0
1.8
1.9
1.8
0.9
1.8
1.9
1.8
1.8
1.4
1.5
1.2
1.8
1.4
1.5
1.2
1961: I..................
II.................
Ill................
IV...............
2,491.2
2,538.0
2,579.1
2,631.8
2,522.0
2,549.1
2,568.9
2,627.3
2,510.8
2,556.7
2,598.3
2,651.4
2.4
7.7
6.6
8.4
0.4
4.4
3.1
9.4
21.210
21.249
21.305
21.360
20.807
20.831
20.887
20.933
21.192
21.237
21.303
21.375
21.169
21.214
21.280
21.352
0.5
0.7
1.1
1.0
0.4
0.5
1.1
0.9
0.9
0.9
1.2
1.4
0.9
0.9
1.3
1.4
1962: 1..................
II
Ill................
IV...............
2,679.1
2,708.4
2,733.3
2,740.0
2,659.5
2,704.5
2,725.6
2,744.5
2,698.6
2,729.7
2,754.8
2,764.5
7.4
4.4
3.7
1.0
5.0
6.9
3.2
2.8
21.482
21.538
21.596
21.671
21.041
21.109
21.163
21.241
21.501
21.533
21.585
21.653
21.479
21.511
21.564
21.632
2.3
1.0
1.1
1.4
2.1
1.3
1.0
1.5
2.4
0.6
1.0
1.3
2.4
0.6
1.0
1.3
1963: I..................
II.................
Ill................
IV...............
2,775.9
2,810.6
2,863.5
2,885.8
2,762.8
2,809.7
2,859.4
2,889.5
2,799.4
2,833.3
2,886.6
2,909.6
5.3
5.1
7.7
3.1
2.7
7.0
7.3
4.3
21.732
21.754
21.794
21.923
21.308
21.335
21.382
21.514
21.702
21.745
21.788
21.951
21.681
21.724
21.768
21.930
1.1
0.4
0.7
2.4
1.3
0.5
0.9
2.5
0.9
0.8
0.8
3.0
0.9
0.8
0.8
3.0
1964: I..................
II.................
Ill................
IV...............
2,950.5
2,984.8
3,025.5
3,033.6
2,952.7
2,988.1
3,025.4
3,033.2
2,976.3
3,009.6
3,051.1
3,057.5
9.3
4.7
5.6
1.1
9.0
4.9
5.1
1.0
22.001
22.073
22.180
22.282
21.596
21.674
21.769
21.860
22.016
22.073
22.160
22.270
21.995
22.053
22.140
22.250
1.4
1.3
2.0
1.9
1.5
1.5
1.8
1.7
1.2
1.0
1.6
2.0
1.2
1.1
1.6
2.0
1965: I..................
II.................
Ill................
IV...............
3,108.2
3,150.2
3,214.1
3,291.8
3,081.0
3,136.6
3,195.5
3,282.4
3,135.2
3,178.0
3,240.0
3,315.7
10.2
5.5
8.4
10.0
6.5
7.4
7.7
11.3
22.380
22.479
22.578
22.717
21.940
22.037
22.140
22.292
22.383
22.480
22.563
22.707
22.363
22.460
22.544
22.688
1.8
1.8
1.8
2.5
1.5
1.8
1.9
2.8
2.0
1.7
1.5
2.6
2.0
1.7
1.5
2.6
1966: I..................
II.................
Ill................
IV...............
3,372.3
3,384.0
3,406.3
3,433.7
3,337.0
3,352.4
3,380.2
3,389.6
3,396.9
3,408.7
3,430.4
3,458.9
10.1
1.4
2.7
3.3
6.8
1.9
3.4
1.1
22.857
23.071
23.293
23.498
22.416
22.629
22.831
23.018
22.855
23.048
23.291
23.505
22.837
23.029
23.272
23.486
2.5
3.8
3.9
3.6
2.2
3.9
3.6
3.3
2.6
3.4
4.3
3.7
2.7
3.4
4.3
3.7
1967: I..................
II.................
Ill................
IV...............
3,464.1
3,464.3
3,491.8
3,518.2
3,424.2
3,460.2
3,477.8
3,508.2
3,489.0
3,488.5
3,518.5
3,544.1
3.6
0.0
3.2
3.1
4.1
4.3
2.0
3.5
23.611
23.759
23.977
24.242
23.109
23.254
23.469
23.723
23.612
23.741
23.975
24.241
23.593
23.722
23.955
24.221
1.9
2.5
3.7
4.5
1.6
2.5
3.7
4.4
1.8
2.2
4.0
4.5
1.8
2.2
4.0
4.5
1968: I..................
II.................
Ill................
IV...............
3,590.7
3,651.6
3,676.5
3,692.0
3,581.7
3,617.7
3,669.4
3,692.2
3,617.2
3,678.7
3,704.4
3,719.6
8.5
7.0
2.7
1.7
8.6
4.1
5.8
2.5
24.503
24.777
25.017
25.367
23.979
24.230
24.483
24.826
24.506
24.763
25.008
25.362
24.487
24.743
24.988
25.342
4.4
4.5
3.9
5.7
4.4
4.3
4.2
5.7
4.4
4.3
4.0
5.8
4.5
4.2
4.0
5.8
1969: I..................
II.................
Ill................
IV...............
3,750.2
3,760.9
3,784.2
3,766.3
3,730.5
3,748.6
3,767.6
3,768.1
3,778.0
3,787.7
3,810.0
3,792.1
6.5
1.1
2.5
-1.9
4.2
2.0
2.0
0.1
25.622
25.966
26.345
26.678
25.062
25.402
25.764
26.093
25.626
25.958
26.332
26.675
25.605
25.937
26.310
26.652
4.1
5.5
6.0
5.2
3.9
5.5
5.8
5.2
4.2
5.3
5.9
5.3
4.2
5.3
5.9
5.3
1970: I..................
II.................
Ill................
IV...............
3,760.0
3,767.1
3,800.5
3,759.8
3,778.0
3,771.0
3,804.6
3,797.2
3,786.3
3,794.3
3,827.4
3,784.5
-0.7
0.8
3.6
-4.2
1.1
-0.7
3.6
-0.8
27.051
27.437
27.655
28.009
26.474
26.841
27.093
27.449
27.056
27.428
27.647
28.004
27.034
27.406
27.624
27.982
5.7
5.8
3.2
5.2
6.0
5.7
3.8
5.4
5.8
5.6
3.2
5.3
5.9
5.6
3.2
5.3
1971: I..................
II.................
Ill................
IV...............
3,864.1
3,885.9
3,916.7
3,927.9
3,844.7
3,871.3
3,905.2
3,952.5
3,893.1
3,916.4
3,944.4
3,957.1
11.6
2.3
3.2
1.1
5.1
2.8
3.5
4.9
28.429
28.809
29.097
29.329
27.854
28.230
28.539
28.779
28.425
28.798
29.089
29.322
28.403
28.777
29.069
29.300
6.1
5.5
4.1
3.2
6.0
5.5
4.5
3.4
6.2
5.4
4.1
3.2
6.2
5.4
4.1
3.2
1972: I..................
II.................
Ill................
IV...............
3,997.7
4,092.1
4,131.1
4,198.7
4,006.9
4,073.0
4,109.6
4,204.8
4,028.1
4,122.1
4,163.5
4,231.0
7.3
9.8
3.9
6.7
5.6
6.8
3.6
9.6
29.814
29.989
30.264
30.620
29.234
29.437
29.728
30.078
29.781
29.959
30.250
30.652
29.759
29.937
30.229
30.631
6.8
2.4
3.7
4.8
6.5
2.8
4.0
4.8
6.4
2.4
3.9
5.4
6.4
2.4
4.0
5.4
1973: I..................
II.................
Ill................
IV...............
4,305.3
4,355.1
4,331.9
4,373.3
4,296.4
4,317.4
4,322.6
4,327.3
4,342.5
4,394.6
4,377.8
4,419.5
10.6
4.7
-2.1
3.9
9.0
2.0
0.5
0.4
31.025
31.542
32.147
32.703
30.478
31.052
31.625
32.218
31.020
31.500
32.114
32.750
31.000
31.481
32.095
32.731
5.4
6.8
7.9
7.1
5.4
7.7
7.6
7.7
4.9
6.3
8.0
8.2
4.9
6.4
8.0
8.2
1974: I..................
II.................
Ill................
IV...............
4,335.4
4,347.9
4,305.8
4,288.9
4,322.7
4,328.7
4,316.3
4,254.5
4,389.4
4,399.1
4,352.4
4,329.3
-3.4
1.2
-3.8
-1.6
-0.4
0.6
-1.1
-5.6
33.371
34.110
35.164
36.240
33.068
34.007
35.045
36.062
33.376
34.162
35.166
36.218
33.354
34.137
35.141
36.188
8.4
9.2
12.9
12.8
11.0
11.9
12.8
12.1
7.9
9.8
12.3
12.5
7.8
9.7
12.3
12.5
..........
National Data
D -5 0
April 2004
Table C.1. GDP and Other Major NIPA Aggregates—Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Billions of chained (2000) dollars
Year and quarter
Percent change from
preceding period
Chain-type price indexes
[2000=100]
Implicit price deflators
[2000=100]
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
Gross
domestic
purchases
Implicit price deflators
Gross
domestic
product
Gross
national
product
1975: I..................
II.................
Ill................
IV................
4,237.6
4,268.6
4,340.9
4,397.8
4,287.8
4,331.0
4,370.1
4,421.1
4,271.5
4,302.8
4,377.7
4,441.7
-4.7
3.0
6.9
5.4
3.2
4.1
3.7
4.8
37.077
37.622
38.324
39.005
36.849
37.412
38.060
38.724
37.050
37.614
38.313
38.987
37.022
37.586
38.288
38.961
9.6
6.0
7.7
7.3
9.0
6.3
7.1
7.2
9.5
6.2
7.6
7.2
9.5
6.2
7.7
7.2
1976: I..................
II.................
Ill................
IV................
4,496.8
4,530.3
4,552.0
4,584.6
4,482.1
4,496.3
4,523.7
4,587.1
4,539.3
4,574.6
4,596.7
4,630.4
9.3
3.0
1.9
2.9
5.6
1.3
2.5
5.7
39.443
39.866
40.405
41.096
39.163
39.595
40.168
40.828
39.418
39.840
40.385
41.122
39.396
39.818
40.365
41.101
4.6
4.4
5.5
7.0
4.6
4.5
5.9
6.7
4.5
4.4
5.6
7.5
4.5
4.4
5.6
7.5
1977: I..................
II.................
Ill................
IV................
4,640.0
4,731.1
4,815.8
4,815.3
4,631.5
4,705.5
4,755.2
4,794.1
4,692.2
4,782.3
4,866.4
4,860.4
4.9
8.1
7.4
0.0
3.9
6.5
4.3
3.3
41.781
42.452
43.036
43.762
41.591
42.306
42.950
43.688
41.796
42.401
42.917
43.852
41.773
42.381
42.899
43.831
6.8
6.6
5.6
6.9
7.7
7.1
6.2
7.1
6.7
5.9
5.0
9.0
6.7
6.0
5.0
9.0
1978: I..................
II.................
Ill................
IV................
4,830.8
5,021.2
5,070.7
5,137.4
4,799.5
4,989.9
5,036.0
5,100.6
4,882.9
5,064.7
5,118.2
5,191.9
1.3
16.7
4.0
5.4
0.5
16.8
3.7
5.2
44.493
45.350
46.133
47.074
44.410
45.266
46.048
46.928
44.505
45.321
46.072
47.047
44.483
45.301
46.052
47.027
6.9
7.9
7.1
8.4
6.8
7.9
7.1
7.9
6.1
7.5
6.8
8.7
6.1
7.6
6.8
8.7
1979: I..................
II.................
Ill................
IV................
5,147.4
5,152.3
5,189.4
5,204.7
5,117.8
5,117.9
5,192.3
5,216.9
5,203.1
5,214.9
5,263.8
5,278.6
0.8
0.4
2.9
1.2
1.4
0.0
5.9
1.9
47.929
49.092
50.102
51.088
47.828
49.044
50.289
51.515
47.876
49.058
50.115
51.117
47.857
49.034
50.093
51.093
7.5
10.1
8.5
8.1
7.9
10.6
10.5
10.1
7.2
10.2
8.9
8.2
7.2
10.2
8.9
8.2
1980: I..................
II.................
Ill................
IV................
5,221.3
5,115.9
5,107.4
5,202.1
5,227.3
5,126.2
5,193.5
5,239.7
5,296.5
5,185.5
5,173.0
5,255.6
1.3
-7.8
-0.7
7.6
0.8
-7.5
5.4
3.6
52.209
53.362
54.572
56.105
52.930
54.220
55.446
56.907
52.195
53.349
54.560
56.071
52.172
53.324
54.534
56.043
9.1
9.1
9.4
11.7
11.4
10.1
9.4
11.0
8.7
9.1
9.4
11.5
8.7
9.1
9.4
11.5
1981: I..................
II.................
Ill................
IV................
5,307.5
5,266.1
5,329.8
5,263.4
5,261.7
5,272.8
5,278.5
5,247.4
5,364.5
5,319.8
5,386.8
5,327.3
8.4
-3.1
4.9
-4.9
1.7
0.8
0.4
-2.3
57.566
58.582
59.661
60.704
58.397
59.434
60.355
61.400
57.517
58.598
59.641
60.729
57.492
58.571
59.616
60.706
10.8
7.2
7.6
7.2
10.9
7.3
6.3
7.1
10.7
7.7
7.3
7.5
10.8
7.7
7.3
7.5
1982: I..................
II.................
Ill................
IV................
5,177.1
5,204.9
5,185.2
5,189.8
5,232.9
5,230.5
5,196.6
5,273.3
5,237.7
5,272.8
5,242.9
5,245.3
-6.4
2.2
-1.5
0.4
-1.1
-0.2
-2.6
6.0
61.563
62.330
63.193
63.866
62.213
62.883
63.717
64.372
61.555
62.302
63.182
63.863
61.530
62.276
63.155
63.837
5.8
5.1
5.7
4.3
5.4
4.4
5.4
4.2
5.6
4.9
5.8
4.4
5.5
4.9
5.8
4.4
1983: I..................
II.................
Ill................
IV................
5,253.8
5,372.3
5,478.4
5,590.5
5,329.2
5,404.6
5,505.1
5,577.0
5,308.8
5,430.9
5,538.0
5,652.4
5.0
9.3
8.1
8.4
4.3
5.8
7.7
5.3
64.413
64.881
65.542
66.020
64.768
65.213
65.849
66.231
64.388
64.853
65.517
66.012
64.363
64.831
65.495
65.991
3.5
2.9
4.1
2.9
2.5
2.8
4.0
2.3
3.3
2.9
4.2
3.1
3.3
2.9
4.2
3.1
1984: I..................
II.................
Ill................
IV................
5,699.8
5,797.9
5,854.3
5,902.4
5,614.4
5,717.5
5,770.2
5,854.6
5,757.1
5,855.5
5,911.3
5,953.2
8.1
7.1
3.9
3.3
2.7
7.5
3.7
6.0
66.838
67.439
67.989
68.392
67.052
67.647
68.114
68.476
66.837
67.414
67.953
68.385
66.815
67.392
67.930
68.359
5.0
3.6
3.3
2.4
5.1
3.6
2.8
2.1
5.1
3.5
3.2
2.6
5.1
3.5
3.2
2.6
1985: I..................
II.................
Ill................
IV................
5,956.9
6,007.8
6,101.7
6,148.6
5,953.0
5,998.5
6,095.8
6,121.2
5,9974
6,050.8
6,137.4
6,188.2
3.8
3.5
6.4
3.1
6.9
3.1
6.6
1.7
69.180
69.542
69.876
70.299
69.137
69.537
69.907
70.459
69.155
69.550
69.838
70.289
69.127
69.529
69.827
70.276
4.7
2.1
1.9
2.4
3.9
2.3
2.1
3.2
4.6
2.3
1.7
2.6
4.6
2.3
1.7
2.6
1986: I..................
II.................
Ill................
IV................
6,207.4
6,232.0
6,291.7
6,323.4
6,184.1
6,230.5
6,317.8
6,355.0
6,242.5
6,257.3
6,320.1
6,342.8
3.9
1.6
3.9
2.0
4.2
3.0
5.7
2.4
70.660
71.001
71.455
71.960
70.851
70.985
71.493
72.025
70.652
71.015
71.426
71.893
70.635
70.993
71.401
71.866
2.1
1.9
2.6
2.9
2.2
0.8
2.9
3.0
2.1
2.1
2.3
2.6
2.1
2.0
2.3
2.6
1987: I..................
II.................
Ill................
IV................
6,365.0
6,435.0
6,493.4
6,606.8
6,344.4
6,431.4
6,510.8
6,542.5
6,386.8
6,461.8
6,519.5
6,635.4
2.7
4.5
3.7
7.2
-0.7
5.6
5.0
2.0
72.514
72.904
73.450
73.948
72.728
73.229
73.819
74.332
72.487
72.882
73.425
73.958
72.465
72.870
73.412
73.944
3.1
2.2
3.0
2.7
4.0
2.8
3.3
2.8
3.3
2.2
3.0
2.9
3.4
2.3
3.0
2.9
1988: I..................
II.................
Ill................
IV................
6,639.1
6,723.5
6,759.4
6,848.6
6,637.2
6,716.4
6,749.5
6,835.1
6,675.0
6,756.2
6,788.9
6,880.9
2.0
5.2
2.1
5.4
5.9
4.9
2.0
5.2
74.564
75.296
76.178
76.786
74.975
75.706
76.406
77.086
74.587
75.300
76.141
76.712
74.571
75.285
76.124
76.700
3.4
4.0
4.8
3.2
3.5
4.0
3.8
3.6
3.4
3.9
4.5
3.0
3.4
3.9
4.5
3.1
1989: I..................
II.................
Ill................
IV................
6,918.1
6,963.5
7,013.1
7,030.9
6,873.3
6,933.6
7,015.3
7,026.8
6,950.1
6,993.9
7,046.2
7,071.4
4.1
2.6
2.9
1.0
2.3
3.6
4.8
0.7
77.588
78.342
78.913
79.433
77.937
78.764
79.227
79.807
77.580
78.324
78.879
79.425
77.566
78.316
78.875
79.422
4.2
3.9
2.9
2.7
4.5
4.3
2.4
3.0
4.6
3.9
2.9
2.8
4.6
3.9
2.9
2.8
1990: I..................
II.................
Ill................
IV................
7,112.1
7,130.3
7,130.8
7,076.9
7,110.6
7,103.8
7,118.3
7,101.3
7,150.0
7,169.9
7,163.9
7,137.1
4.7
1.0
0.0
-3.0
4.9
-0.4
0.8
-1.0
80.389
81.326
82.053
82.689
80.878
81.629
82.531
83.536
80.375
81.311
82.031
82.646
80.376
81.301
82.028
82.652
4.9
4.7
3.6
3.1
5.5
3.8
4.5
5.0
4.9
4.7
3.6
3.0
4.9
4.7
3.6
3.1
April 2004
D-51
S u r v e y o f C u r r e n t B u sin e s s
Table C.1. GDP and Other Major NIPA Aggregates—Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Billions of chained (2000) dollars
Year and quarter
Percent change from
preceding period
Chain-type price indexes
[2000=100]
Implicit price deflators
[2000=100]
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
Gross
domestic
purchases
Implicit price deflators
Gross
domestic
product
Gross
national
product
1991: I..................
II.................
ill................
IV................
7,040.8
7,086.5
7,120.7
7,154.1
7,071.5
7,120.2
7,134.6
7,133.8
7,087.0
7,119.1
7,149.3
7,191.8
-2.0
2.6
1.9
1.9
-1.7
2.8
0.8
0.0
83.662
84.194
84.772
85.200
84.197
84.533
85.058
85.556
83.626
84.165
84.762
85.206
83.623
84.164
84.758
85.202
4.8
2.6
2.8
2.0
3.2
1.6
2.5
2.4
4.8
2.6
2.9
2.1
4.8
2.6
2.9
2.1
1992: I..................
II.................
Ill................
IV................
7,228.2
7,297.9
7,369.5
7,450.7
7,239.3
7,284.3
7,360.5
7,440.3
7,265.5
7,334.5
7,402.6
7,485.0
4.2
3.9
4.0
4.5
6.0
2.5
4.2
4.4
85.766
86.212
86.587
87.042
86.093
86.588
87.098
87.531
85.721
86.190
86.580
87.029
85.710
86.181
86.567
87.019
2.7
2.1
1.8
2.1
2.5
2.3
2.4
2.0
2.4
2.2
1.8
2.1
2.4
2.2
1.8
2.1
1993: I..................
II.................
Ill................
IV................
7,459.7
7,497.5
7,536.0
7,637.4
7,431.2
7,483.7
7,540.6
7,633.7
7,502.4
7,532.8
7,577.7
7,661.5
0.5
2.0
2.1
5.5
-0.5
2.9
3.1
5.0
87.729
88.204
88.599
89.030
88.076
88.595
88.916
89.331
87.707
88.190
88.570
89.038
87.705
88.189
88.574
89.048
3.2
2.2
1.8
2.0
2.5
2.4
1.5
1.9
3.2
2.2
1.7
2.1
3.2
2.2
1.8
2.2
1994: I..................
II.................
Ill................
IV................
7,715.1
7,815.7
7,859.5
7,951.6
7,677.5
7,737.2
7,814.3
7,882.3
7,747.2
7,843.7
7,886.8
7,979.2
4.1
5.3
2.3
4.8
2.3
3.1
4.0
3.5
89.598
89.980
90.525
90.958
89.800
90.271
90.921
91.340
89.578
89.954
90.530
90.952
89.583
89.963
90.527
90.953
2.6
1.7
2.4
1.9
2.1
2.1
2.9
1.9
2.4
1.7
2.6
1.9
2.4
1.7
2.5
1.9
1995: I..................
II.................
Ill................
IV................
7,973.7
7,988.0
8,053.1
8,112.0
7,918.7
7,962.3
8,055.0
8,104.8
8,014.3
8,032.0
8,081.0
8,152.0
1.1
0.7
3.3
3.0
1.9
2.2
4.7
2.5
91.554
91.891
92.281
92.734
91.877
92.329
92.662
93.065
91.530
91.859
92.289
92.733
91.534
91.868
92.299
92.743
2.6
1.5
1.7
2.0
2.4
2.0
1.5
1.8
2.6
1.4
1.9
1.9
2.6
1.5
1.9
1.9
1996: I..................
II.................
Ill................
IV................
8,169.2
8,303.1
8,372.7
8,470.6
8,175.4
8,285.8
8,319.9
8,444.7
8,213.3
8,337.6
8,402.7
8,507.6
2.9
6.7
3.4
4.8
3.5
5.5
1.7
6.1
93.302
93.615
94.064
94.455
93.602
93.897
94.286
94.796
93.328
93.659
93.951
94.450
93.338
93.671
93.962
94.458
2.5
1.3
1.9
1.7
2.3
1.3
1.7
2.2
2.6
1.4
1.3
2.1
2.6
1.4
1.2
2.1
1997: I..................
II.................
Ill................
IV................
8,536.1
8,665.8
8,773.7
8,838.4
8,507.3
8,574.6
8,705.7
8,758.6
8,566.0
8,707.0
8,808.7
8,868.1
3.1
6.2
5.1
3.0
3.0
3.2
6.3
2.5
94.963
95.291
95.541
95.864
95.189
95.296
95.494
95.781
95.054
95.206
95.534
95.846
95.058
95.212
95.542
95.851
2.2
1.4
1.1
1.4
1.7
0.5
0.8
1.2
2.6
0.6
1.4
1.3
2.6
0.6
1.4
1.3
1998: I..................
II.................
Ill................
IV................
8,936.2
8,995.3
9,098.9
9,237.1
8,821.1
8,948.7
9,038.4
9,182.2
8,965.5
9,022.2
9,112.2
9,255.2
4.5
2.7
4.7
6.2
2.9
5.9
4.1
6.5
96.096
96.284
96.620
96.901
95.773
95.881
96.141
96.444
96.089
96.249
96.600
96.934
96.091
96.254
96.604
96.932
1.0
0.8
1.4
1.2
0.0
0.5
1.1
1.3
1.0
0.7
1.5
1.4
1.0
0.7
1.5
1.4
1999: I..................
II.................
Ill................
IV................
9,315.5
9,392.6
9,502.2
9,671.1
9,239.7
9,353.7
9,453.5
9,569.3
9,346.7
9,429.1
9,532.7
9,710.4
3.4
3.4
4.8
7.3
2.5
5.0
4.3
5.0
97.274
97.701
98.022
98.475
96.761
97.317
97.790
98.356
97.328
97.674
98.013
98.432
97.330
97.675
98.014
98.433
1.5
1.8
1.3
1.9
1.3
2.3
2.0
2.3
1.6
1.4
1.4
1.7
1.7
1.4
1.4
1.7
2000: I..................
II
Ill................
IV................
9,695.6
9,847.9
9,836.6
9,887.7
9,668.8
9,748.4
9,780.4
9,844.3
9,729.0
9,885.3
9,867.8
9,941.6
1.0
6.4
-0.5
2.1
4.2
3.3
1.3
2.6
99.292
99.780
100.241
100.687
99.275
99.714
100.283
100.727
99.317
99.745
100.259
100.666
99.311
99.741
100.262
100.672
3.4
2.0
1.9
1.8
3.8
1.8
2.3
1.8
3.6
1.7
2.1
1.6
3.6
1.7
2.1
1.6
2001: I..................
II.................
Ill................
IV................
9,882.2
9,866.3
9,834.6
9,883.6
9,877.5
9,895.3
9,876.9
9,954.9
9,908.7
9,893.5
9,846.5
9,956.8
-0.2
-0.6
-1.3
2.0
1.4
0.7
-0.7
3.2
101.478
102.273
102.676
103.078
101.381
101.958
102.211
102.346
101.443
102.248
102.660
103.139
101.447
102.243
102.653
103.129
3.2
3.2
1.6
1.6
2.6
2.3
1.0
0.5
3.1
3.2
1.6
1.9
3.1
3.2
1.6
1.9
2002: I..................
II.................
Ill................
IV................
9,997.9
10,045.1
10,128.4
10,160.8
10,020.1
10,052.3
10,096.4
10,138.9
10,020.3
10,053.4
10,147.5
10,198.5
4.7
1.9
3.4
1.3
2.6
1.3
1.8
1.7
103.364
103.738
104.123
104.571
102.592
103.213
103.625
104.065
103.315
103.814
104.084
104.556
103.304
103.804
104.069
104.541
1.1
1.5
1.5
1.7
1.0
2.4
1.6
1.7
0.7
1.9
1.0
1.8
0.7
2.0
1.0
1.8
2003: I..................
II.................
Ill................
IV................
10,210.4
10,288.3
10,493.1
10,600.1
10,206.4
10,289.5
10,497.7
10,586.4
10,237.6
10,320.2
10,528.6
10,671.7
2.0
3.1
8.2
4.1
2.7
3.3
8.3
3.4
105.163
105.440
105.870
106.270
104.934
105.031
105.496
105.847
105.146
105.427
105.851
106.244
105.138
105.425
105.853
106.243
2.3
1.1
1.6
1.5
3.4
0.4
1.8
1.3
2.3
1.1
1.6
1.5
2.3
1.1
1.6
1.5
..........
D -5 2
April 2004
D. Dom estic Perspectives
This table presents data collected from other government agencies and private organizations, as noted.
Quarterly data are shown in the m iddle m onth o f the quarter.
2004
2003
2002
2003
Feb.
Mar.
Apr.
May
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....................................................
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.............................................
179.9
149.7
209.8
190.5
176.2
121.7
184.0
151.2
216.5
193.2
180.0
136.5
183.2
152.0
214.1
192.4
178.1
137.5
184.0
152.9
214.9
192.5
178.4
144.9
183.4
151.4
215.2
192.6
178.4
138.1
183.3
150.2
216.1
193.0
178.8
132.9
183.5
150.4
216.4
193.1
179.6
133.7
183.8
150.5
216.9
193.4
179.8
134.1
184.5
151.5
217.3
193.6
180.5
138.3
185.1
152.1
217.8
193.7
180.9
142.8
184.9
151.2
218.4
194.0
181.8
137.8
184.6
150.5
218.4
194.0
182.6
133.7
184.9
150.7
218.9
194.1
183.5
134.1
185.8
151.7
219.5
194.4
183.5
140.4
186.3
152.4
220.0
194.8
183.8
142.8
138.9
139.4
139.1
150.2
127.8
135.8
108.1
135.7
143.3
145.2
139.6
150.5
133.7
138.5
135.3
152.2
142.8
144.8
139.0
149.9
133.6
138.2
134.5
147.9
144.6
147.0
139.8
150.8
136.4
138.6
152.3
147.6
142.5
144.3
139.1
150.0
133.2
138.3
128.2
145.8
141.9
143.5
139.2
150.1
132.3
138.4
130.1
145.6
142.7
144.5
139.2
150.1
133.1
138.4
135.7
145.9
142.8
144.6
139.4
150.3
133.3
138.2
131.9
148.6
143.5
145.5
139.7
150.5
134.1
138.4
130.6
151.5
143.8
146.0
139.6
150.5
134.0
138.7
134.1
155.6
144.7
147.1
140.0
151.2
134.4
139.1
137.9
160.3
144.5
146.7
140.2
151.2
134.3
139.4
138.4
166.1
144.8
147.1
140.1
151.0
134.9
139.6
141.4
171.1
145.7
148.2
140.5
151.4
136.0
140.4
145.3
176.8
145.8
148.3
140.5
151.5
137.2
141.7
148.9
186.6
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...............
1.19
0.73
0.43
0.43
0.42
0.73
0.97
0.82
1.05
0.62
0.36
0.72
0.71
0.64
0.01
-0.36
0.17
-0.26
-0.06
-0.07
0.72
-0.09
-0.48
0.08
1.91
0.86
8.729
1.538
1.538
1.530
8.637
1.526
1.522
1.518
8.682
1.513
1.523
1.533
8.750
1.542
1.549
1.552
1.544
4.22
0.92
1.51
3.33
1.22
5.23
4.00
0.90
1.93
3.98
1.01
5.63
4.00
0.95
2.44
4.45
1.03
6.26
4.00
0.94
2.23
4.27
1.01
6.15
4.00
0.92
2.26
4.29
1.01
5.95
4.00
0.93
2.45
4.30
1.00
5.93
4.00
0.90
2.44
4.27
0.98
5.88
4.00
0.88
2.27
4.15
1.00
5.74
4.00
0.93
2.25
4.08
1.01
5.64
988.00
992.54
989.53
1,019.44
1,038.73
1,049.90
1,080.64
1,132.52
1,143.36
8.806
1.585
8.700
1.531
4.68
1.60
3.10
4.61
1.67
6.54
4.12
1.01
2.11
4.02
1.13
5.82
4.25
1.17
2.05
3.90
1.26
5.84
4.25
1.13
1.98
3.81
1.25
5.75
4.25
1.13
2.06
3.96
1.26
5.81
4.25
1.07
1.75
3.57
1.26
5.48
993.94
965.23
837.62
846.62
890.03
935.96
144,863
146,510
145,898
145,818
146,377
146,462
146,917
146,652
146,622
146,610
146,892
147,187
146,878
146,863
146,471
66.6
76.3
60.5
47.4
136,485
66.2
75.9
60.6
44.5
137,736
66.3
75.9
60.5
45.5
137,318
66.2
75.8
60.6
44.4
137,300
66.4
76.0
60.7
45.1
137,578
66.3
76.0
60.7
45.0
137,505
66.5
76.0
60.9
45.1
137,673
66.3
75.9
60.7
44.4
137,604
66.2
75.9
60.6
44.1
137,693
66.1
76.0
60.3
44.0
137,644
66.2
75.9
60.5
43.7
138,095
66.2
76.1
60.5
43.8
138,533
66.0
75.9
60.4
43.2
138,479
66.1
76.0
60.2
44.4
138,566
65.9
75.6
60.3
43.6
138,301
62.7
62.3
62.4
130,031
22,005
108,026
62.3
129,921
21,949
107,972
62.4
129,901
21,880
108,021
62.3
129,873
21,859
108,014
62.3
129,859
21,805
108,054
62.2
129,814
21,744
108,070
62.2
129,789
21,712
108,077
62.1
129,856
21,697
108,159
62.2
129,944
21,674
108,270
62.3
130,027
21,686
108,341
62.2
130,035
21,668
108,367
62.4
130,194
21,696
108,498
62.2
130,240
21,672
108,568
33.9
40.5
33.7
40.4
33.7
40.4
33.8
40.4
33.6
40.1
33.7
40.2
33.7
40.3
33.6
40.1
33.6
40.2
33.6
40.4
33.7
40.5
33.8
40.8
33.6
40.6
33.8
41.0
33.8
41.0
4.2
8,378
4.2
8,774
4.3
8,581
4.1
8,519
4.0
8,799
4.1
8,957
4.1
9,245
4.1
9,048
4.1
8,929
4.2
8,966
4.3
8,797
4.5
8,653
4.5
8,398
4.5
8,297
4.6
8,170
5.8
5.3
5.1
16.5
2.0
16.6
9.1
6.0
5.6
5.1
17.5
2.3
19.2
10.1
5.9
5.5
5.1
17.3
2.2
18.7
9.5
5.8
5.4
5.1
17.6
2.2
18.1
9.7
6.0
5.7
5.1
17.8
2.3
19.4
10.1
6.1
5.8
5.1
18.1
2.2
19.2
10.1
6.3
6.0
5.2
19.0
2.4
19.6
11.7
6.2
5.9
5.2
18.2
2.4
19.3
10.1
6.1
5.8
5.2
16.9
2.4
19.2
10.0
6.1
5.8
5.3
17.5
2.4
19.6
10.1
6.0
5.6
5.2
17.1
2.4
19.4
10.3
5.9
5.6
5.1
15.7
2.4
20.0
10.4
5.7
5.3
5.1
16.1
2.3
19.6
10.4
5.6
5.1
5.0
16.7
2.3
19.8
10.7
5.6
5.1
4.9
16.6
2.2
20.3
10.3
123.6
115.0
142.1
129.1
113.6
146.7
126.0
114.8
144.6
127.9
114.4
146.3
130.8
112.8
147.5
131.6
112.7
148.3
5.0
-2.5
0.7
4.4
-1.2
0.9
3.4
0.6
0.2
6.2
-1.3
4.2
9.5
-5.6
1.0
2.6
-0.4
1.4
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).........................................
Hours of production workers:
Average weekly hours, total private sector...
Average weekly hours, manufacturing.........
Average weekly overtime hours,
manufacturing..........................................
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..................................
Productivity and costs, nonfarm business sector,
1992=100:
Indexes:
Unit labor costs........................................
Hourly compensation...............................
Percent change from preceding period,
annual rate:
Output per hour.......................................
Unit labor costs.......................................
Real hourly compensation......................
See footnotes at end of table.
April 2004
D -5 3
S u r v e y o f C u r r e n t B u s in e s s
Table D.1. Domestic Perspectives—Continued
2003
2002
2004
2003
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Construction (monthly data seasonally adjusted at annual rates) '
New construction put in place (billions
of dollars).......................................
Private construction....................
Residential buildings..............
Other......................................
Public construction.....................
Housing starts (thousands of units):
Total...........................................
1-unit structures..........................
New 1-family houses sold (thousands
of units)..........................................
860.9
650.5
421.5
229.0
210.4
898.3
683.0
465.8
217.2
215.3
876.5
665.1
448.5
216.5
211.4
875.2
668.8
447.1
221.6
206.5
871.9
662.8
443.9
218.9
209.1
871.9
660.9
444.9
216.1
210.9
878.8
661.5
444.4
217.1
217.2
892.6
674.3
457.1
217.2
218.3
901.4
681.2
466.8
214.4
220.2
913.8
692.5
475.7
216.7
221.4
925.5
705.2
487.5
217.7
220.3
928.7
712.6
497.0
215.7
216.0
930.0
718.6
501.4
217.3
211.4
922.2
713.9
500.5
213.4
208.3
921.1
714.9
499.2
215.8
206.2
1,705
1,359
1,848
1,499
1,640
1,312
1,742
1,393
1,627
1,357
1,745
1,389
1,844
1,499
1,890
1,533
1,831
1,490
1,931
1,547
1,977
1,640
2,054
1,673
2,061
1,655
1,932
1,553
1,855
1,489
973
1,085
935
1,008
1,004
1,081
1,200
1,145
1,190
1,129
1,149
1,084
1,111
1,099
1,163
Manufacturing and trade, inventories and sales (millions of dollars, monthly data seasonally adjusted) ‘
Inventories:
Total manufacturing and trade.
Manufacturing....................
Retail trade........................
Merchant wholesalers........
Sales:
Total manufacturing and trade
Manufacturing....................
Retail trade........................
Merchant wholesalers........
Inventory-sales ratio:
Total manufacturing and trade
Manufacturing....................
Retail trade........................
Merchant wholesalers.......
1,179,578
446,088
443,879
289,611
10,306,299
3,999,124
3,421,870
2,885,305
1,184,120
445,207
448,258
290,655
1,180,719
444,049
446,914
289,756
1,181,151
442,666
448,758
289,727
1,179,291
440,767
448,314
290,210
1,174,817
439,632
445,224
289,961
1,179,879
438,294
450,337
291,248
1,184,623
438,680
453,394
292,549
1,188,505
438,126
456,845
293,534
1,192,214
438,584
458,195
295,435
1,193,816
439,411
458,618
295,787
836,982
325,591
274,675
236,716
850,675
330,764
280,369
239,542
837,207
322,608
279,601
234,998
838,571
323,920
280,578
234,073
849,170
328,643
283,318
237,209
863,926
337,248
287,565
239,113
861,826
331,676
290,121
240,029
868,719
337,598
289,594
241,527
875,195
339,825
288,940
246,430
881,112
341,454
291,921
247,737
893,201
348,485
293,190
251,526
896,627
350,087
293,424
253,116
1.41
1.37
1.62
1.22
9,879,445
3,891,753
3,245,407
2,742,285
1,183,219
445,180
447,163
290,876
1.39
1.35
1.59
1.21
1.41
1.38
1.60
1.24
1.41
1.37
1.59
1.24
1.39
1.35
1.58
1.22
1.37
1.31
1.56
1.21
1.36
1.33
1.53
1.21
1.36
1.30
1.56
1.21
1.35
1.29
1.57
1.19
1.35
1.28
1.56
1.18
1.33
1.26
1.56
1.17
1.33
1.26
1.56
1.17
Industrial production indexes and capacity utilization rates (monthly data seasonally adjusted):
Industrial production indexes,
1997=100:
Total......................................
Final products....................
Consumer goods...........
Business equipment......
Nonindustrial supplies.......
Materials............................
Capacity utilization rates (percent):
Total industry.........................
Manufacturing........................
110.9
107.6
106.8
109.5
108.6
115.1
111.1
107.5
106.0
110.3
108.9
115.7
111.6
108.2
107.0
110.6
109.5
115.8
110.8
107.6
106.3
110.0
108.8
114.7
110.1
106.5
105.3
108.7
108.1
114.5
110.0
106.7
105.5
108.6
108.1
114.1
110.0
106.5
105.0
109.0
107.8
114.4
110.8
107.1
105.8
109.3
108.7
115.4
110.9
107.2
105.7
110.0
108.6
115.5
111.5
107.8
106.1
111.2
108.7
116.4
111.8
107.7
106.0
110.8
109.6
116.9
112.9
108.9
107.1
112.7
110.4
117.9
112.9
108.7
106.9
112.9
110.4
118.2
113.8
109.2
107.5
113.6
111.5
119.4
114.6
110.1
108.3
114.8
112.1
120.2
75.6
73.9
74.8
73.4
75.4
73.5
74.8
73.3
74.2
72.7
74.1
72.6
74.0
72.7
74.5
73.0
74.5
73.0
74.9
73.6
75.0
73.6
75.7
74.4
75.6
74.4
76.1
74.6
76.6
75.2
Credit market borrowing (billions of dollars, quarterly data seasonally adjusted at annual rates):
All sectors, by instrument:
Total............................................
Open market paper.................
U.S. government securities.....
Municipal securities.................
Corporate and foreign bonds....
Bank loans, n.e.c.....................
Other loans and advances......
Mortgages...............................
Consumer credit......................
Sources:
1. Bureau of Labor Statistics
2. Federal Reserve Board
2,290.4
-91.5
811.5
159.4
495.8
-80.6
33.1
881.3
81.4
2,703.5
-81.6
969.0
136.3
650.6
-94.4
19.4
1,002.5
101.6
2,505.3
44.1
643.1
103.5
750.8
-122.4
84.6
919.8
82.0
3,170.0
-76.0
1,194.9
193.7
657.4
-59.3
12.9
1,127.3
119.2
2,577.3
-81.6
1,088.4
112.1
481.1
-86.5
-60.7
1,002.7
121.6
3. Standard and Poor's, Inc.
4. Bureau of the Census
n.e.c. Not elsewhere classified
2,555.8
-212.7
949.6
135.8
713.3
-109.3
40.9
960.3
77.9
D -54
April 2004
E. C harts
The percent changes shown in this section are based on quarter-to-quarter changes and are expressed at seasonally adjusted
annual rates. The levels of series are also expressed at seasonally adjusted annual rates as appropriate.
SELECTED NIPA SERIES
C hained (2000) dollars
Apr Feb
Mar
40,000
Mar Nov
40,000
3 5 ,0 0 0 -
-3 5 ,0 0 0
30,0 0 0 -
-3 0 ,0 0 0
2 5 ,0 0 0 -
-2 5 ,0 0 0
2 0 ,000 -
-
1 5 ,0 0 0 -
-15 ,0 0 0
10,000
I
59
Percent
2q
61
.
_.
r F
Apr Feb
I
65
I
I
67
I
I
I
69
_____________ Dec Nov
10,000
I
71
73
75
Nov__ Mar
IT CHANGE)
U.S. Bureau of Economic Analysis
20,000
79
81
Jan Jly Jly
01
Mar Nov
03
April 2004
D -55
S u r v e y o f C u r r e n t B u s in e s s
SELECTED NIPA SERIES
Percent
Dec Nov
Apr Feb
Nov
Mar
Jan Jly Jly
Nov
Jly Mar
Mar Nov
SHARES OF FEDERAL GOVERNMENT RECEIPTS
Personal current taxes
^
'
50
-
«/ V
-
40
|lV
J
V._____ _______ ___
11 , s
Contributions for government social insurance
b- 30
-
20
-
10
Taxes on corporate in
/ ’s _____ hw, . . . V
*
Taxes on production and imports
Percent
70
Apr Feb
Dec Nov
Nov
Mar
Jan Jly Jly
Nov
Jly Mar
Mar Nov
SHARES OF FEDERAL GOVERNMENT CURRENT EXPENDITURE?
Current transfer payments
..*»*
-6 0
-5 0
40
-4 0
\
Consumption expenditures
-3 0
-2 0
Interetst payments
-
Percent
6
Apr Feb
Dec Nov
Nov
Mar
Jan Jly Jly
Nov
Jly Mar
-4 _
Federal
U.S. Bureau of Economic Analysis
Mar Nov
10
National D ata
D -56
April 2004
SELECTED NIPA SERIES
Dec Nov
Percent Apr Feb
25
Nov
Mar
Jan JIyJly
Nov
Jly Mar
Mar Nov
25
), SAVINGS TO GROSS NATIONAL INCOME
20
■
-
S
' \
~
r '
\
r
\
*f~ VW
-
15 •'
10
20
G.OSS saving
N .*
___
‘
15
\
------ „
~
’
Gross business saving*
-
10
5
Personal*saving
0
Gross government saving
'Gross saving less personal saving and gross government sa
59
1
I
61
I
I
63
I
I
65
I
I
67
I
Percent Apr Feb
I
69
I
I
I
71
Dec Nov
I
73
I
Nov
I
75
I
I
77
I
I
79
I
I "
I
81
Jan Jly Jly
Mar
83
I
I
85
Nov
I
I
I
87
I
89
I
I
91
I
I
93
I
I
95
I
I
97
I
I
99
I
Jly Mar
I
01
I
T
-5
03
Mar Nov
25
RATO, INVESTMENT TO GROSS NATIONAL PRODUCT
20
w
-
15 -
10
^
V
,/«•—
. - ' i C
-r '
* , Gross private domestic investment
\J
r**
^
20
Gross domestic investment plus balance on current account,
. / '
\*V
* '
m-
i
-
15
10
I® Gross government investment
..........................................
5
Balance on current account
..
0
-5
-10
Percent Apr Feb
60
Dec Nov
Nov
Mar
Jan JIyJly
Nov
Jly Mar
Mar Nov
60
SHARES OF GROSS PRIVATE DOMESTIC FIXED INVEST
■
50-
50
Nonresidential equipment and software
40
Residential investment
w
. / V
|
r.*
,
a
p
W m
^
30
v
------ - — ■
20
Nonresidential structures
10
0
U.S. Bureau of Economic Analysis
April 2004
D -57
S u r v e y o f C u r r e n t B u s in e s s
SELECTED NIPA SERIES
2003
1959
SHARES OF NATIONAL INCOME
Supplements to wages
and salaries, 4.6%
Wage and salary
accruals, 57.0%
Supplements to wages
salaries, 11.4%
Wa9e and salarV
accruals, 52.5%
Proprietors' income, 11.1%
Proprietors' income,
8.7%
Rental income
of persons, 3.6%
Rental income
of persons, 1.7%
Corporate profits, 11.0%
Corporate profits, 12.2%
Net interest and misc. payments,
Net interest and misc. payments, 2.1%
Other 0 4%
Other 0 5%
Taxes on Procluction ancl imports, 9.0%
SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR
1959
2003
Households, 6.5%
Households, 5.9%
Nonprofit institutions serving
households, 2.0%
General government,
Federal 6.3%
General government,
state and local, 8.0%
2003
1959
Private nonresidential
investment, 10.0%
Nonprofit institutions
serving households,
5.0%
General government,
Federal, 3.3%
General government,
state and local 5.2%
Personal consumption
expenditures, 62.
Taxes on Production and imports, 8.1%
Business, 77.1%
Business, 80.6%
SHARES OF GROSS DOMESTIC PURCHASES
6.0%
Personal consumption
expenditures, 67.6%
Private residential
investment, 5.6%
Private nonresidential
investment, 9.7%
Private residential
investment, 4.9%
Federal Government*,
6 .6%
Federal Government*, 12.9%
'Consumption expenditures and gross investment
U.S. Bureau of Economic Analysis
State and local government*, 8.8%
and local government*, 11.3%
National D ata
D -58
April 2004
SELECTED NIPA SERIES
Percent
Apr Feb
Dec Nov
Nov
Mar
Jan
Mar
Mar Nov
60
- 50
40
- 30
30-
-
20
10
■
01
P ercen t
16
Apr Feb
Dec Nov
Nov
Mar
Jan Jly Jly
Nov
Jly Mar
03
Mar Nov
---------------EXPORTS AS SHARE OF GROSS DOMESTIC PRODUCT
IMPORTS AS SHARE OF GROSS DOMESTIC PURCHASES
14 -
12
i-
10
Exports
Percent Apr Feb
Dec Nov
Nov
Mar
Jan Jly Jly
Nov
Jly Mar
SHARES OF PERSONAL CONSUMPTION EXPENDITURES BY TYPE OF PRODUCT
60 Services
........
..............
..» •
I
Nondurable goods
-------------
30 -
20
-
Durable goods
v ~ --- -
U.S. Bureau of Economic Analysis
Mar Nov
12
-
-
10
April 2004
SELECTED NIPA SERIES
Percent
S u r v e y o f C u r r e n t B u s in e s s
D -59
National D ata
D -60
April 2004
OTHER INDICATORS OF THE DOMESTIC ECONOMY
Percent
Jan Jly Jly Nov
July Mar
Percent
Jan Jly Jly Nov
Mar Nov
18
80
82
84
Index
Hours
U.S. Bureau of Economic Analysis
86
88
90
92
94
96
I
I I
I I
II
98 2000 02
04
Percent
Hours
July Mar
Mar Nov
April 2004
D-61
S u r v e y o f C u r r e n t B u s in e s s
OTHER INDICATORS OF THE DOMESTIC ECONOMY
Percent
^
2
Percent
Jan Jly Jly Nov
18
Jan Jly Jly Nov
July Mar
Mar Nov
10-
6-
4-
Percent
80
82
84
I I I I II
86
88
Jan Jly Jly Nov
25
80
82
90
92
94
96
July Mar
84
86
88
90
98 2000 02
04
Ratio
Mar Nov
92
I I II
94
96
I I I I I I
98 2000 02
82
84
86
I II
88
g g Jan Jly Jly Nov
04
Millions
2.5
80
80
82
90
I II
92
II
94
I!
96
July Mar
84
July Mar
-------------
Mar Nov
1200
II
98 2000 02
I I I I I I II I I I I I I I II
86
88
90
04
Mar Nov
92 94
96
Th o usands
Jan Jly Jly Nov
II
Jan Jly Jly Nov_______________July Mar
98 2000 02
I I
04
Mar Nov
2 .0 -
1 .5 -
1.0 _
0.5
80
82
I I I I I
84
86
U.S. Bureau of Economic Analysis
I I
88
90
92
94
96
I T
98 2000 02
04
I I I
86
88
90
I
I I I I I I I I I I
92
94
96
98 2000 02
04
D -62
April 2004
International Data
F. Transactions Tables
Table F.l contains estimates o f U.S. international trade in goods and services that were released on April 14, 2004,
including “prelim inary” estimates for February 2004 and “revised” estimates for January 2004. 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
2004
2003
Jan.
Exports of goods and services...........
Goods.........................................
Foods, feeds, and beverages.............
Industrial supplies and materials.......
Capital goods, except automotive......
Automotive vehicles, parts, and
engines..........................................
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 contracts...............................
U.S. Government miscellaneous
services..........................................
Im of goods and services............
ports
Goods.........................................
Foods, feeds, and beverages.............
Industrial supplies and materials.......
Capital goods, except automotive......
Automotive vehicles, parts, and
engines..........................................
Consumer goods (nonfood), except
automotive.....................................
Other goods......................................
Adjustments1....................................
Services......................................
Travel.................................................
Passenger fares.................................
Other transportation...........................
Royalties and license fees.................
Other private services........................
Direct defense expenditures..............
U.S. Government miscellaneous
services..........................................
M oranda:
em
Balance on goods.................................
Balance on services...............................
Balance on goods and services.............
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. ’
Feb. o
81,103
57,243
4,372
14,212
22,983
82,261
57,774
4,327
14,260
23,268
84,132
59,269
4,506
14,465
24,111
85,627
60,367
4,650
14,821
24,710
83,385
57,691
4,392
14,020
23,891
85,836
59,719
4,598
14,069
24,665
88,250
61,655
4,828
14,731
25,576
90,633
63,722
5,189
14,650
27,214
90,103
62,962
4,952
15,275
26,002
88,819
61,881
4,607
15,195
25,807
92,366
65,060
4,736
15,924
27,325
974,107
681,874
49,616
156,837
290,496
1,018,720
713,788
55,096
172,969
293,047
82,058
57,156
4,434
14,077
22,922
82,691
57,920
4,436
13,976
24,093
82,639
58,309
4,412
14,414
23,612
78,942
80,121
6,643
6,653
6,663
6,641
6,756
6,553
6,812
6,116
6,748
6,928
6,670
6,937
6,780
7,046
84,359
32,854
-11,229
292,233
66,547
17,046
29,166
44,142
122,594
89,895
32,901
-10,241
304,932
65,054
15,598
31,871
47,870
131,013
7,319
2,509
-747
24,902
5,616
1,300
2,611
3,845
10,483
6,990
2,629
-857
24,771
5,492
1,271
2,580
3,880
10,553
7,299
2,882
-973
24,330
4,932
1,161
2,643
3,899
10,708
7,167
2,894
-1,026
23,860
4,458
1,065
2,631
3,948
10,708
7,173
2,878
-888
24,487
4,933
1,160
2,585
3,981
10,766
7,684
2,835
-885
24,863
5,103
1,227
2,634
4,009
10,786
7,542
2,687
-855
25,260
5,281
1,316
2,603
3,992
10,962
7,447
2,742
-916
25,694
5,462
1,351
2,585
4,009
11,058
7,716
2,696
-774
26,117
5,682
1,379
2,624
4,030
11,150
7,547
2,828
-782
26,595
5,798
1,390
2,803
4,062
11,273
8,098
2,651
-750
26,911
6,128
1,481
2,737
4,092
11,255
7,915
2,671
-790
27,141
6,169
1,497
2,834
4,123
11,311
7,744
2,726
-979
26,938
5,864
1,414
2,806
4,161
11,527
8,073
2,924
-969
27,306
5,995
1,453
2,876
4,194
11,613
11,943
12,716
980
929
918
984
996
1,034
1,039
1,161
1,184
1,202
1,150
1,139
1,098
1,107
795
1,392,145
1,164,746
49,687
267,681
283,323
810
1,508,632
1,262,945
55,834
316,330
295,678
68
122,065
101,989
4,534
24,981
24,457
67
121,280
101,548
4,417
25,933
23,224
67
125,591
105,791
4,630
28,371
23,216
67
123,074
103,577
4,671
26,051
24,064
67
124,033
104,402
4,612
25,559
24,466
68
124,489
104,319
4,462
25,880
24,407
67
126,240
105,373
4,586
26,719
24,459
68
123,166
102,386
4,536
26,758
24,041
68
127,090
106,267
4,786
26,902
25,296
67
129,955
108,743
4,788
26,799
25,478
68
128,853
107,666
4,869
25,616
25,659
68
132,795
110,883
4,942
26,761
26,911
68
132,277
110,396
4,839
27,481
26,933
68
134,452
112,297
5,080
29,528
26,160
203,743
210,217
16,969
16,826
17,333
16,872
17,786
18,227
17,964
15,570
17,400
18,335
18,208
18,725
17,638
18,383
307,854
49,078
3,380
227,399
58,044
19,969
38,527
19,258
69,436
19,245
333,634
47,791
3,460
245,687
56,190
20,564
45,058
19,881
77,376
23,614
26,975
3,879
195
20,076
4,991
1,722
3,596
1,556
6,141
1,822
26,942
3,999
207
19,732
4,724
1,652
3,486
1,568
6,183
1,870
28,057
3,936
249
19,800
4,391
1,571
3,797
1,583
6,228
1,982
27,729
3,924
266
19,497
4,060
1,497
3,843
1,560
6,264
2,023
27,758
3,872
350
19,631
4,247
1,535
3,659
1,566
6,326
2,049
26,719
4,156
468
20,170
4,526
1,673
3,753
1,580
6,339
2,049
27,334
4,107
203
20,867
4,751
1,867
3,883
1,692
6,431
1,992
27,220
3,796
466
20,780
4,845
1,866
3,640
1,730
6,472
1,976
27,608
3,967
307
20,823
4,663
1,758
3,790
1,759
6,636
1,966
29,047
4,026
269
21,212
4,917
1,798
3,795
1,748
6,751
1,951
28,966
4,090
257
21,187
4,880
1,843
3,704
1,760
6,791
1,957
29,280
4,040
223
21,912
5,195
1,782
4,112
1,777
6,816
1,977
29,321
3,941
243
21,881
5,075
1,731
4,134
1,801
6,878
2,010
28,697
4,210
240
22,155
5,175
1,739
4,183
1,822
6,928
2,056
2,920
3,004
248
249
248
250
249
250
251
251
251
252
252
253
252
252
-482,872
64,834
-418,038
-549,156
59,245
-489,911
-44,833
4,826
-40,007
-43,628
5,039
-38,589
-47,482
4,530
-42,952
-46,334
4,363
-41,971
-46,628
4,856
-41,772
-45,050
4,693
-40,357
-45,006
4,393
-40,613
-44,695
4,914
-39,781
-46,548
5,294
-41,254
-47,088
5,383
-41,705
-43,944
5,724
-38,220
-47,921
5,229
-42,692
-48,516
5,057
-43,459
-47,237
5,151
-42,086
f Preliminary.
' Revised.
1. Reflects adjustments necessary to bring the Census Bureau’s component data in line w the concepts and definitions used to prepare BEA’s international and national accounts.
ith
2. Contains goods that cannot be separately identified.
Sources: U.S. Bureau of Economic Analysis and U.S. Bureau of the Census.
April 2004
D -63
S u r v e y o f C u r r e n t B u s in e s s
Table F.2. U.S. International Transactions
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; debits - ) 1
2 00 3 p
2002
II
C
urrent account
1 Exports ofgoods andservices and incom receipts....................
e
2
3
4
b
6
7
8
9
10
11
12
13
14
1b
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
70a
71
72
73
/4
75
/6
Exports of goods and services...............................................................
Goods, balance of payments basis2..................................................
Services3...........................................................................................
Transfers under U.S. military agency sales contracts4.................
Travel.............................................................................................
Passenger fares.............................................................................
Other transportation.......................................................................
Royalties and license fees5...........................................................
Other private services5.................................................................
U.S. Government miscellaneous services....................................
Income receipts......................................................................................
Income receipts on U.S.-owned assets abroad.................................
Direct investment receipts
Other private receipts
U.S. Government receipts
Compensation of employees
III
Seasonally adjusted
2003
IV
I
II
2002
III'
IV p
II
III
2003
IV
II
I
III'
IV p
1,294,236 310,189 312,767 311,746 307,576 314,168 322,877 349,615 307,616 313,939 311,015 309,869 311,387 323,463 349,517
1,018,693
713,761
304,932
12,716
65,054
15,598
31,871
47,870
131,013
810
275,543
272,276
175,481
92,150
4,645
3,267
245,704
175,002
70,702
2,751
16,732
4,281
7,104
11,012
28,623
199
64,485
63,705
35,538
27,560
607
780
245,866
169,014
76,852
3,418
18,829
4,831
7,646
11,168
30,760
200
66,901
66,116
37,986
27,225
905
785
248,924 243,942 249,405 253,213 272,133 243,696 247,815 246,151 247,388
174,073 171,180 177,888 172,770 191,923 171,421 174,315 170,840 173,385
72,762 71,517 80,443 80,210 72,275 73,500 75,311
74,851
74,003
2,827
2,989
3,014
3,384
3,491
3,418
2,989
2,827
2,751
16,217
16,507
14,286
15,185
19,052
16,531
16,030
18,005
16,040
4,062
3,444
3,455
4,153
4,279
4,288
4,255
3,732
4,546
7,307
7,632
7,488
7,884
8,177
8,322
7,075
7,682
7,834
11,823
11,297
11,744
13,034
11,221
11,157
11,624
11,795
11,389
31,637 33,218 30,033 33,286 34,476 30,720 30,681
31,022 31,744
202
201
202
203
200
201
202
203
199
62,822 63,634 64,763 69,664 77,482 63,920 66,124 64,864 62,481
62,035 62,827 63,949 68,844 76,656 63,140
65,339 64,077 61,674
36,735 38,124 40,172
44,736 52,449 34,874 37,264 38,735 37,076
24,408 23,700 22,620 22,786 23,044 27,560 27,225 24,408 23,700
892
1,003
1,157
1,322
1,163
706
850
934
898
787
807
814
826
785
787
820
780
807
247,497 254,848 268,958
174,287 177,777 188,312
73,210 77,071
80,646
3,014
3,384
3,491
14,494
16,425
18,095
3,452
4,046
4,368
7,850
7,812
8,374
11,938
12,031
12,277
32,260 33,170 33,838
202
203
203
63,890 68,615 80,559
63,076 67,795 79,733
39,203 43,718 55,486
22,620 22,786 23,044
1,253
1,291
1,203
814
820
826
Im of goods andservices and incom paym
ports
e
ents.................. -1,767,775 -418,753 -431,963 -427,504 -416,512 -435,671 -451,577 -464,015 -416,962 -422,666 -424,165 -431,634 -434,165 -442,104 -459,870
Imports of goods and services...............................................................
Goods, balance of payments basis2.................................................
Services3.....
Direct defense expenditures..........................................................
Travel.......
Passenger fares
Other transportation
Royalties and license fees5...........................................................
Other private services5.................................................................
U.S. Government miscellaneous services....................................
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..............................................................
U
nilateral current transfers, net.............................................
-1,508,857 -349,628 -363,766 -366,524 -354,003 -372,350 -385,587 -396,917 -348,584 -354,795
-1,263,170 -291,870 -303,073 -309,071 -298,174 -311,339 -319,512 -334,145 -292,707 -297,627
-245,687 -57,758 -60,693 -57,453 -55,829 -61,011 -66,075 -62,772 -55,877 -57,168
-23,614
-4,668
-4,990
-5,193 -5,674
-6,121
-5,934 -5,885 -4,668 -4,990
-56,190 -15,806 -16,930 -12,878 -12,196 -14,248 -16,838 -12,908 -14,252 -14,314
-20,564
-5,475
-5,430
-4,642 -4,479
-5,283 -6,147 -4,655 -4,874
-4,829
-45,058
-9,577 -10,138 -10,392 -10,303 -11,294 -11,721 -11,740 -9,580 -9,787
-4,941
-19,881
-4,765
-4,945 -4,564
-4,546
-5,094 -5,677 -4,902 -5,036
-77,376 -16,742 -17,539 -18,674 -17,868 -18,770 -19,588 -21,150 -16,876 -17,487
-3,004
-725
-725
-729
-745
-749
-757
-725
-753
-725
-258,918 -69,125 -68,197 -60,980 -62,509 -63,321 -65,990 -67,098 -68,378 -67,871
-250,390 -67,085 -66,107 -58,705 -60,428 -61,296 -63,844 -64,822 -66,246 -65,820
-71,532 -14,303 -15,637 -11,444 -15,332 -18,261 -19,359 -18,580 -13,464 -15,350
-112,466 -33,773 -31,802 -29,648 -28,245 -26,769 -28,154 -29,298 -33,773 -31,802
-66,392 -19,009 -18,668 -17,613 -16,851 -16,266 -16,331 -16,944 -19,009 -18,668
-8,528
-2,040
-2,090
-2,275 -2,081
-2,025
-2,146 -2,276 -2,132 -2,051
-21,833
-5,341
-41,117
-3,287
-1,005
-8,542
-3,075
-923
-9,774
C andfinancial account
apital
C account
apital
C account transactions, net...........................................
apital
Financial account
U nedassets abroad, net (increase/financial outflow(-)).......
.S.-ow
-3,050
-286
-364
Foreign-ow assets inthe U States, net (increase/financial
ned
nited
inflow(+)).....................................................................
-277,704 -130,751
1,523
-1,416
601
-107
1,494
-1,607
-572
-129
700
42
-6,984
-565
7,812
566
-128
41
-279,927 -128,950
-154,761 -37,643
-64,121
-5,843
-132
-1,136
-148
-27
-1,375
1,452
-104
28,339
-34,439
21,641
-36,349
-24,696
-16,210
-69,254
-11,862
52,999
47,552
21,706
15,138
6,568
365
24,575
906
176,536
2,390
14,218
104,187
7,183
8,992
12,300
1,415
10,885
464
-4,607
835
133,137
14,850
57,505
45,880
2,556
77,352
94,506
24,610
23,948
-8,102
20,448
Statistical discrepancy(sumofabove item w signreversed).....
s ith
-34,076
Of which: Seasonal adjustment discrepancy.........................................
-4,338 -5,813
-1,867 -1,037
-9,592 -10,725
-358
-5,654
-1,208
-9,857
-5,543
-1,155
-9,943
-4,823
-1,941
-10,592
-3,287
-1,279
-8,915
-3,075
-1,282
-9,640
-4,338
-1,292
-9,806
-388 -1,553
-818
-291
-286
-364
-358
-5,654
-1,335
-10,073
-5,543
-1,334
-9,774
-4,823
-1,352
-11,013
-388 -1,553
-818
-291
-5,813
-1,320
-10,258
-812
83
-611
2,221
-97
2,435
-117
-140
-1,420
1,350
-70
-53,186
-49,579
-17,013
-1,922 -11,998
-4,954 -27,795
-170
-19,101
-72,765
-611
2,221
-127
897
-102
-97
-97
-102
-107
-132
-127
897
-97
-541
-644
86
-383
2,435 -1,607 -1,136
-541
-644
86
-383
-144
-170
-154
-117
-154
-131
-129
-148
-144
-131
-170
-70
427
-27
427
-180
483
-140
42
-180
-70
483
-2,818 -2,578 -1,454
-1,532 -1,420
-565 -1,375
-2,818 -2,578 -1,454 -1,532
2,472
2,672
1,955
1,350
2,035
566
1,452
2,672
2,472
1,955
2,035
-34
36
-74
-104
-74
-20
-70
41
-34
-20
36
-36,440 -103,916 -115,641 -16,504 -43,866 -126,766 31,155 -43,910 -100,723 -112,454 -13,568
-24,200 -36,977 -32,429 -45,096 -40,259 -35,459 -31,623 -31,670 -33,784 -29,242 -42,160
-5,364 -27,146
8,654 -28,616 -17,013 -5,843
-5,364 -27,146
8,654 -28,616
21,641
20,805 -26,055
36,403 39,461
-1,843
-16,210
-69,254
-1,416
-11,862
52,999
-812
-1,922
-4,954
83
-11,998
-27,795
-170
-19,101
-72,765
20,805
36,403
-26,055
39,461
32,210 40,978 57,000
33,258 31,768 38,639
27,630 22,288 35,349
5,628
9,480
3,290
-437
-95
-16
8,321
-2,094
17,628
1,141
1,326
749
162,481 200,881 208,667
12,524 34,241
25,239
14,568
55,037
12,705
66,964
55,574 85,964
4,927
7,249
1,458
45,289
20,718
17,378
3,340
-41
23,166
1,446
74,783
2,285
50,203
9,628
2,768
64,398
62,136
53,451
8,685
-68
518
1,812
164,664
20,217
20,055
87,486
7,487
47,552
21,706
15,138
6,568
365
24,575
906
173,690
-456
14,218
104,187
7,183
8,992
12,300
1,415
10,885
464
-4,607
835
132,486
14,199
57,505
45,880
2,556
74,848
16,723
5,140
4,759
-6,783
36,202
24,610
23,948
-8,102
20,448
8,863
54,176
74,848
16,723
2,091
-12,409
1,744
9,215
8,863
54,176
4,147
36,822
32,210 40,978
33,258 31,768
27,630 22,288
5,628
9,480
-95
-437
-2,094
8,321
1,141
1,326
165,238 201,118
15,281
34,478
12,705
14,568
66,964 55,574
7,249
4,927
57,000
38,639
35,349
3,290
-16
17,628
749
205,911
22,482
55,037
85,964
1,458
45,289
20,718
17,378
3,340
-41
23,166
1,446
74,337
1,839
50,203
9,628
2,768
64,398
62,136
53,451
8,685
-68
518
1,812
167,633
23,186
20,055
87,486
7,487
5,140
4,759
-6,783
36,202
1,187 -12,539
2,136
4,147
36,822
28,347 -35,693 -25,346 -11,057 -10,508 42,719 -55,230 30,438 -48,102 -23,602 -1,842 -9,321
30,180 -53,094
-549,409 -116,868 -134,059 -134,998 -126,994 -133,451 -146,742 -142,222 -121,286 -123,312 -132,241 -135,943 -138,012
59,245
12,944
16,159
17,398
16,933
10,506
14,368
17,438
16,332
13,912
16,398
16,125
14,395
-490,164 -103,924 -117,900 -117,600 -110,061 -122,945 -132,374 -124,784 -104,888 -106,980 -116,116 -121,548 -124,100
16,625
-4,640
-1,296
1,842
1,125
1,442
3,674
10,384
1,322
-4,458 -1,747
2,966
-217
-68,291 -12,834 -13,772 -15,797 -17,575 -16,719 -16,641 -17,356 -13,481 -13,997 -15,436 -17,391 -17,062
-541,830 -121,398 -132,968 -131,555 -126,511 -138,222 -145,341 -131,756 -122,827 -122,724 -128,586 -139,156 -139,840
-136,248 -139,206
14,602
16,336
-121,646 -122,870
3,005
12,517
-16,651 -17,188
-135,292 -127,541
'’Preliminary.
' Revised.
See footnotes on page D-67.
Source: Table 1 in “US. International Transactions, 2003" in the April 2004 issue of the S urvey of C urrent B u sin ess .
-376,494 -391,828
-314,025 -327,518
-62,469 -64,310
-5,934
-5,885
-14,259 -14,992
-5,491
-5,423
-11,313 -11,611
-5,181
-5,285
-19,538 -20,357
-757
-753
-65,610 -68,042
-63,533 -65,894
-19,048 -19,652
-28,154 -29,298
-16,331 -16,944
-2,077
-2,148
856,660 224,088 142,129 194,691 241,859 265,667 120,072 229,062 221,242 141,478 197,448 242,096 262,911 119,626 232,031
207,665
153,261
128,466
24,795
-562
49,633
5,333
648,995
81,982
139,863
238,652
16,640
Balance on goods (lines 3 and 2 0).............................................................
Balance on services (lines 4 and 21)..........................................................
Balance on goods and services (lines 2 and 19)........................................
Balance on income (lines 12 and 2 9).........................................................
Unilateral current transfers, net (line 35).....................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 7 5 )1
3
-371,597
-312,299
-59,298
-6,121
-12,833
-4,705
-11,255
-4,706
-18,929
-749
-62,568
-60,449
-17,414
-26,769
-16,266
-2,119
26,896 -37,432 -103,903 -115,384 -16,632 -41,785 -128,567 29,712 -44,902 -100,710 -112,197 -13,696 -51,105
-1,843
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............................................................
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........
M oranda:
em
-368,936
-309,328
-59,608
-5,674
-14,106
-4,945
-10,879
-4,707
-18,552
-745
-62,698
-60,515
-15,419
-28,245
-16,851
-2,183
-68,291 -12,834 -13,772 -15,797 -17,575 -16,719 -16,641 -17,356 -13,481 -13,997 -15,436 -17,391 -17,062 -16,651 -17,188
U.S. Government grants4.......................................................................
U.S. Government pensions and other transfers......................................
Private remittances and other transfers6..............................................
U.S. official reserve assets, net..............................................................
Gold7.................................................................................................
Special drawing rights........................................................................
Reserve position in the International Monetary Fund.......................
Foreign currencies.............................................................................
U.S. Government assets, other than official reserve assets, net...........
U.S. credits and other long-term assets............................................
Repayments on U.S. credits and other long-term assets8 ...............
U.S. foreign currency holdings and U.S. short-term assets, net........
U.S. private assets, net...........................................................................
Direct investment...............................................................................
Foreign securities...............................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns........................................................................................
U.S. claims reported by U.S. banks, not included elsewhere............
-362,267
-303,081
-59,186
-5,193
-15,025
-5,392
-10,271
-4,592
-17,984
-729
-61,898
-59,771
-12,510
-29,648
-17,613
-2,127
D -6 4
International D ata
April 2004
Table F.3. U.S. International Transactions, by Area
[Millions of dollars]
Western Europe
Line
European Union1
4
United Kingdom
European Union (6)15
2003
2003
2003
2003
(Credits +; debits - ) 1
II
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
4S
46
47
48
49
50
51
52
S3
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
Current account
Exports of goods and services and incom receipts................................
e
lllr
IV p
II
lllr
IV"
II
lllr
IV p
II
III'
IV"
Compensation of employees...................
97,802 106,985
87,762
87,155
96,108
24,707
24,799
26,307
47,402
46,283
51,969
67,757
37,620
30,137
1,038
6,182
1,670
2,755
5,385
13,071
36
30,045
29,963
18,679
11,037
211
82
62,237
37,179
25,058
696
4,627
1,276
2,344
4,794
11,289
32
25,525
25,457
15,296
10,000
61,111
34,275
26,836
923
5,712
1,574
2,452
4,637
11,506
32
26,044
25,975
15,593
10,195
187
69
66,341
39,162
27,179
805
5,011
1,581
2,412
5,200
12,138
32
29,767
29,697
19,191
10,302
204
70
16,694
8,423
8,271
76
2,163
645
581
1,020
3,782
4
8,013
7,991
3,410
4,581
16,776
7,866
8,910
99
2,452
756
604
1,032
3,963
4
8,023
8,000
3,360
4,640
22
23
17,389
8,194
9,195
94
2,272
780
580
1,167
4,298
4
8,918
8,895
4,141
4,674
80
23
34,340
23,169
11,171
231
1,678
541
1,247
2,210
5,243
21
13,062
13,025
8,813
4,059
153
37
32,866
20,757
12,109
203
2,316
701
1,310
2,237
5,321
21
13,417
13,380
9,114
4,136
130
37
36,731
24,572
12,159
189
1,892
697
1,303
2,583
5,474
21
15,238
15,200
10,928
4,155
117
38
-126,617 -127,292 -130,928 -113,389 -114,334 -117,909
Exports of goods and services...........................................................................
Goods, balance of payments basis2..............................................................
Services3......................................................................................................
Transfers under U.S. military agency sales contracts4..............................
Travel.........................................................................................................
Passenger fares
Other transportation
Royalties and license fees5 ......................................................................
Other private services5.............................................................................
U.S. Government miscellaneous services..................................................
Income receipts..........................................
Income receipts on U.S.-owned assets abroad
Direct investment receipts...................
Other private receipts..........................
-34,086
-34,977
-36,129
-58,158 -57,738 -59,605
-89,255
-65,988
-23,267
-2,325
-3,675
-1,907
-3,655
-2,430
-9,025
-250
-28,654
-28,573
-8,977
-15,783
-3,813
-31
-18,178
-10,515
-7,663
-199
-1,422
-1,225
-819
-398
-3,582
-18
-15,908
-15,890
-4,039
-9,773
-2,078
-18
-18,614
-10,461
-8,153
-228
-1,536
-1,145
-650
-403
-3,973
-18
-16,363
-16,345
-3,956
-10,307
-2,082
-18
-19,245
-11,322
-7,923
-225
-1,449
-750
-877
-444
-4,160
-18
-16,884
-16,864
-3,804
-10,907
-2,153
-20
-49,030
-36,430
-12,600
-1,940
-2,606
-1,118
-1,814
-1,412
-3,511
-199
-9,128
-9,076
-4,532
-3,487
-1,057
-52
296
299
368
446
-24
-308
-298
-61
360
-61
429
-57
503
-184
160
-182
-126
-200
-98
-8
-10
-11
-9
11,155 -16,730
-1,804
4,367
2
-9
2
-1,806
-12,997
288
4,393
6,510
-9
4,376
-7,184
4,301
32,550 -10,852
14,074
98,597
68,898
40,919
27,979
826
5,010
1,321
2,694
5,424
12,668
36
29,699
29,619
18,561
10,881
177
247
80
imports of goods and services and incom payments.............................
e
Imports of goods and services...........................................................................
Goods, balance of payments basis2..............................................................
Services3......................................................................................................
Direct defense expenditures.......................................................................
Travel................
Passenger fares
Other transportation
Royalties and license fees5 ......................................................................
Other private services5.............................................................................
U.S. Government miscellaneous services..................................................
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..........................................................................
-95,032
-66,975
-28,057
-2,781
-5,637
-3,032
-4,416
-2,550
-9,350
-291
-31,585
-31,496
-11,749
-15,487
-4,260
-89
164
U
nilateral current transfers, net............................................................
-83
-98,515
-71,671
-26,844
-2,652
-3,950
-2,038
-4,403
-3,133
-10,374
-294
-32,413
-32,314
-10,816
-17,171
-4,327
-99
135
68
-85,839
-61,382
-24,457
-2,436
-5,166
-2,876
-3,609
-2,014
-8,109
-247
-27,550
-27,473
-9,499
-14,189
-3,785
-77
284
-85,324
-60,131
-25,193
-2,308
-5,073
-3,073
-3,658
-2,228
-8,605
-248
-29,010
-28,936
-10,162
-15,000
-3,774
-74
102
-116
-393
673
-175
-388
480
-87
-454
676
-342
626
-44
-341
487
-25
-352
673
-80
-85
-79
-59
-63
-58
-8
-9
-86,287 -24,127
-62,717
-20,329
-6
2
U.S. Government pensions and other transfers.................................................
Private remittances and other transfers6 ..........................................................
C
apital and financial account
Capital account
Capital account transactions, net..........................................................
Financial account
U
.S.-ow assets abroad, net (increase/financial outflow{-))...................
ned
-94,375
-65,417
-28,958
-2,637
-5,615
-3,249
-4,467
-2,821
-9,877
-292
-32,917
-32,832
-12,201
-16,368
-4,263
-85
73,163
42,659
30,504
907
5,442
1,634
2,719
6,032
13,734
36
33,822
33,740
22,423
11,106
161
82
21,713
-82,368
-28,330
16,752
-131
-117
-104
-S5
-117
107
-104
41
-85
140
-77
74
144
-37
21,723
-20,384
8,528
136
4
-28,385
-24,739
-11,318
16,357
-8,685
96
-22
16,755
-14,016
7,064
33,579
31
10
-82,305
-15,852
6,956
-12,196
-61,213
44,930
38,069
60,332
-19,591
(1 )
7
(17)
n
-409
(17)
(,7)
64,521
4,845
H
49,446
n
n
n
n
-17
(18)
(18)
n
(,8)
-50,646
-38,869
-11,777
-1,885
-1,674
-765
-1,844
-1,734
-3,673
-202
-8,959
-8,904
-4,072
-3,806
-1,026
-55
-77
-154
-131
U.S. Government assets, other than official reserve assets, net.........................
75
266
-9
-4
68
266
4
U.S. foreign currency holdings and U.S. short-term assets, net......................
16
-86,208 -24,262
U.S. private assets, net..........................................
-18,958 -28,729
Direct investment............................................................................................
7,471 -13,968
Foreign securities...........................................................................................
11,373
-12,010
7,062
U.S. claims reported by U.S. banks, not included elsewhere..........................
-62,711
Foreign owned assets inthe U States, net (increase/financial inflow(+))
nited
52,303 69,634
-1,727
Foreign official assets in the United States, net.................................................
3,101
U.S. Government securities...........................................................................
(,7)
H
U.S. Treasury securities9...........................................................................
n
(,7)
Other10......................................................................................................
<")
(,7)
-34
-286
Other U.S. Government liabilities11...............................................................
U.S. liabilities reported by U.S. banks, not included elsewhere.......................
(17)
(,7)
Other foreign official a sse ts12.......................................................................
n
(,7)
Other foreign assets in the United States, net....................................................
54,030
66,533
-6,347
Direct investment............................................................................................
7,581
U.S. Treasury securities.................................................................................
(1 )
7
(17)
U.S. securities other than U.S. Treasury securities........................................
39,358
20,538
-47,825
-35,078
-12,747
-1,885
-2,396
-1,291
-1,837
-1,617
-3,521
-200
-9,913
-9,863
-5,107
-3,692
-1,064
-50
-154
n
5,771
H
37,128
55
68
-13
11,100
-4,513
1,430
23,707
-6
-62,711
-2,739
2,142
-7,896
-54,218
2
-20,331
-10,644
-13,276
13,388
-9,799
48,633
-772
72,727
(18)
(18)
(18)
(18)
(18)
37
(18)
(18)
(18)
1,984
(18)
26,905
n
828
n
7,877
(18)
(18)
(18)
(18,
-13
n
(18>
n
4,293
(18)
28,317
1,302
12,240
1 36,851 18-10,188 18-31,000
8
17,889
1 46,136
8
18168
9,557
1817,114
-7,958
182,061 18-5,459
24,430 -10,498
n
n
-336
n
n
(18)
-5,950
(18)
17,527
n
n
(18)
-429
(18)
n
(18)
15,608
(18)
43,642
n
n
n
(,8)
-3
(18)
(18)
14,183
32,765
-16,730
-8,827
3,111
-6,811
-4,203
(18)
n
(18)
(18,
50
(18)
(18)
(18)
2,662
(18)
3,167
(18)
(18)
(18)
(18)
66
(18)
(18)
(18)
-7,247
(18)
2,226
7,259
(18)
(,8)
(18)
(18)
20
(18)
(18)
(18)
11,469
H
8,044
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
U.S. liabilities reported by U.S. banks, not included elsewhere.......................
Statistical discrepancy(sumof above item w sign reversed)................
s ith
M oranda:
em
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-67.
5,883
(17)
13,770
(’7)
5,389
(,7) 18-10,202
61,920 -15,849 -42,756
69,701
-4,862
-43,822
72,577
-42,579
-34,536
-5,030
-26,056
-78
-26,134
-1,886
164
-27,856
-27,797
1,179
-26,618
-2,872
-83
-29,573
-24,203
601
-23,602
-2,025
284
-25,343
-25,856
1,643
-24,213
-2,966
102
-27,077
-26,826
3,912
-22,914
1,113
296
-21,505
-2,092
608
-1,484
-7,895
299
-9,080
-2,595
757
-1,838
-8,340
368
-9,810
-3,128
1,272
-1,856
-7,966
446
-9,376
-13,261
-1,429
-14,690
3,934
-24
-10,780
-29,012
3,660
-25,352
1,409
135
-23,808
-14,321
-638
-14,959
3,504
-308
-11,763
-14,297
382
-13,915
6,279
-298
-7,934
April 2004
D -65
S u r v e y o f C u r r e n t B u s in e s s
Table F.3. U.S. International Transactions, by Area—Continued
[Millions of dollars]
Eastern Europe
Line
Canada
Latin America and Other
Western Hemisphere
Japan
2003
2003
2003
2003
(Credits +; debits - ) 1
II
1
2
3
4
5
6
'/
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
2b
26
2/
28
29
30
31
32
33
34
35
36
37
38
39
40
41
4?
43
44
45
46
47
4fi
49
50
51
52
53
54
55
56
57
bB
b9
60
61
62
63
64
65
66
67
68
69
70
71
/2
73
74
75
76
IIIr
IV f
II
III'
IV p
II
IIIr
IV »
58,276
62,234
66,641
48,776
36,141
12,635
102
4,043
983
885
1,181
5,397
44
9,500
9,446
4,139
5,221
86
54
51,633
37,363
14,270
100
4,884
1,212
880
1,219
5,931
44
10,601
10,549
5,553
4,937
59
52
54,690
40,361
14,329
99
4,664
1,158
881
1,337
6,146
44
11,951
11,898
6,973
4,807
118
53
-5,711
-63,774 -63,534 -65,753 -75,977
-77,648
-79,609 -41,005 -42,087 -45,688
-6,046
-5,080
-966
-61
-466
-169
-39
-17
-199
-15
-822
-809
-393
-121
-295
-13
-4,841
-4,223
-618
-50
-195
-76
-41
-18
-223
-15
-870
-851
-411
-136
-304
-19
-61,706
-57,097
-4,609
-19
-1,501
-82
-931
-165
-1,866
-45
-2,068
-1,985
-936
-873
-176
-83
-60,969
-55,129
-5,840
-24
-2,721
-125
-913
-184
-1,828
-45
-2,565
-2,483
-1,339
-926
-218
-82
-62,795
-58,287
-4,508
-18
-1,101
-88
-933
-204
-2,119
-45
-2,958
-2,867
-1,632
-967
-268
-91
-65,043
-54,186
-10,857
-66
-4,578
-702
-948
-249
-4,179
-135
-10,934
-9,278
-612
-6,424
-2,242
-1,656
-66,583
-55,114
-11,469
-64
-5,067
-A01
-918
-267
-4,216
-136
-11,065
-9,238
-223
-6,679
-2,336
-1,827
-68,321
-57,216
-11,105
-60
-4,487
-711
-910
-275
-4,526
-136
-11,288
-9,448
-178
-6,800
-2,470
-1,840
-33,817
-29,210
-4,607
-422
-516
-211
-1,117
-1,218
-1,074
-49
-7,188
-7,171
-1,618
-1,293
-4,260
-17
-33,746
-28,689
-5,057
-407
-615
-250
-1,232
-1,462
-1,042
-49
-8,341
-8,326
-2,652
-1,321
-4,353
-15
-1,193
-1,207
-120
-6,377
-6,496
-6,705
155
88
96
Current account
Exports of goods and services and incom receipts................................
e
3,323
3,836
4,339
56,681
51,627
57,035
Exports of goods and services...........................................................................
Goods, balance of payments b asis2.............................................................
Services3.....................................................................................................
Transfers under U.S. military agency sales contracts4..............................
Travel.........................................................................................................
Passenger fares........................................................................................
Other transportation...................................................................................
Royalties and license fees5 ......................................................................
Other private services5.............................................................................
U.S. Government miscellaneous services..................................................
Income receipts.................................................................................................
Income receipts on U.S.-owned assets abroad..............................................
Direct investment receipts..........................................................................
Other private receipts....
U.S. Government receipts
Compensation of employees
2,717
1,602
1,115
86
331
16
58
116
500
8
606
592
451
121
20
14
2,967
1,702
1,265
86
371
15
64
117
604
8
869
855
590
125
140
14
3,486
2,267
1,219
100
278
14
68
141
610
8
853
839
675
130
34
14
51,466
44,931
6,535
57
1,872
495
660
846
2,584
21
5,215
5,191
3,593
1,598
45,992
39,547
6,445
51
1,593
511
674
845
2,750
21
5,635
5,610
3,988
1,622
50,630
44,141
6,489
48
1,463
428
673
945
2,911
21
6,405
6,379
4,699
1,680
24
25
26
Im of goods and services and incom payments.............................
ports
e
-6,280
-6,868
Imports of goods and services...........................................................................
Goods, balance of payments basis2.............................................................
Services3.....................................................................................................
Direct defense expenditures.......................................................................
Travel.........................................................................................................
Passenger fares............
Other transportation......
Royalties and license fees5
Other private services5 .
U.S. Government miscellaneous services..................................................
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
-5,391
-4,523
-868
-56
-387
-122
-47
-49
-192
-15
-889
-874
-423
-134
-317
-15
-1,061
U
nilateral current transfers, net.......
U.S. Government grants4.................
U.S. Government pensions and other transfers.................................................
Private remittances and other transfers6 ..........................................................
Capital andfinancial account
Capital account
Capital account transactions, net.........................................................
Financial account
U
.S.-ow assets abroad, net (increase/financial outflow(-))...................
ned
-394
-15
-652
-455
-15
-723
-485
-12
-710
-97
-159
-139
19
-139
42
-153
-6
-530
-202
-5,645
30
-5
-429
-196
-5,871
lllr
IV o
22,539
24,069
25,571
19,346
12,912
6,434
120
1,291
422
778
1,603
2,194
26
3,193
3,175
1,849
1,325
1
18
20,448
12,254
8,194
105
2,352
770
794
1,681
2,466
26
3,621
3,603
2,194
1,408
1
18
21,042
12,962
8,080
98
2,130
635
841
1,811
2,539
26
4,529
4,511
3,004
1,507
II
18
-36,679
-31,191
-5,488
-390
-729
-265
-1,241
-1,650
-1,164
-49
-9,009
-8,986
-3,015
-1,375
-4,596
-23
-497
-254
-5,954
-35
190
-35
123
-27
123
-19
-4
6
6
6
-51
-55
-52
28
35
-236
-1,788
1,102
6,428
-4,676
-6,116 -34,402
53,825
-14,230
6,428
-5,921
2,167
-899
11,081
-4,676
-2,346
2,214
354
-4,898
-6,116
-3,970
-1,120
105
-52
197
-40
53,720
-1,124
-2,276
14,750
42,370
86
-72
171
-13
-14,316
-1,738
2,098
-30,293
15,617
2
-8,238
-620
-253
-558
-6,807
-11,720
-2,124
-10,238
-302
944
-8,236 -11,720 -25,246
U.S. official reserve assets, net..........................................................................
Gold7............................................................................................................
Special drawing rights....................................................................................
Reserve position in the International Monetary Fund....................................
Foreign currencies..........................................................................................
U.S. Government assets, other than official reserve assets, net.........................
U.S. credits and other long-term assets.........................................................
Repayments on U.S. credits and other long-term assets8 ............................
U.S. foreign currency holdings and U.S. short-term assets, net......................
U.S. private assets, net......................................................................................
Direct investment...........................................................................................
Foreign securities..........................................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere..........................
-76
76
44
-58
102
47
-47
94
-236
-594
429
-70
-1
-1,832
-1,112
233
-26
-927
1,055
-241
336
Foreign owned assets inthe U States, net (increase/financial inflow(-f))
nited
12,791
-1,026
4,269
-4,237
37
-59
103
-7
-34,439
2,069
-3,822
-9,385
-23,301
11,660
9,515
14,752
114,611
-9,495
50,979
44,828
13,965
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 a sse ts12.......................................................................
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.......................
D
n
n
( 18)
n
(18)
-168
(17)
406
-365
(18 )
(18)
,18)
n
(18 )
-12
-19
4
h
25
(18)
(18)
(18)
(18)
(18 )
(,7)
(17)
(17)
(18 )
(18 )
(18 )
( 18 )
(17)
(17)
C7)
( 18 )
( 18 )
(18 )
( 18)
21
202
n
n
n
(,7)
(,7)
(")
C7)
(17)
(’7)
n
<18)
11,828
7,093
9,109
2,315
15,117
3,533
(17>
9,425
Statistical discrepancy (sumof above item w sign reversed)................
s ith
M oranda:
em
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 7 5)13...........
See footnotes on page D-67.
98
n
n
n
n
n
n
n
109
n
n
H
339
-88
n
n
960
n
(18 )
60
(18)
n
( 18)
203
(18)
-1,468
-1,334
-644
95
1 5,205
8
-13
18-2,911
1813,172
36
-2,921
247
-2,674
-283
-1,061
-4,018
n
<17)
(17)
4,119
-1,136
-4,722
3719
n
10,305 -11,262 -10,903
-3,378
299
-3,079
47
-1,193
-4,225
H
-1,956
601
-1,355
-17
-1,207
-2,579
-12,166
1,926
-10,240
3,147
-120
-7,213
(17)
(17j
n
30
( 18 )
( 18 )
n
(,8)
20
2
(18 )
(18)
(18)
( 18)
(18 )
(18)
-7
n
( 18)
n
n
-7
-25,239
-1,746
-20,119
-3,374
56,173
-159
n
( 18 )
n
6,546
933
-1,261
2,015
1,810
2,027
37,047
12,716
21,835
5,751
-13,927
7,080
7 562
-6 676
1 63,431 18-16,498
8
660
18 29,725
-2 170
18 39,211
-6 679
1832,559
18 47,225
(18 )
( 18)
(18 )
(18)
7,130
211
-56,126
-22,401
-17,072 -18,287
-15,582
605
-14,977
3,070
-97
-12,004
-14,146
1,981
-12,165
3,447
-159
-8,877
-18,045
1,778
-16,267
-1,434
-6,377
-24,078
-17,751
2,801
-14,950
-464
-6,496
-21,910
-16,855
3,224
-13,631
663
-6,705
-19,673
-16,298
1,827
-14,471
-3,995
155
-18,311
( 18 )
n
15,679 -10,912
-16,435
3,137
-13,298
-4,720
88
-17,930
-18,229
2,592
-15,637
-4,480
96
-20,021
April 2004
International D ata
D -6 6
Table F.3. U.S. International Transactions, by Area—Continued
[Millions of dollars]
Australia
Other countries in Asia and Africa
International organizations and
unallocated16
2003
2003
2003
(Credits +; debits - ) 1
Line
II
1
2
3
4
5
Current account
Exports of goods and services and incom receipts................................................
e
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
IV o
II
IV p
III'
II
III'
IV"
6,153
6,794
6,678
59,818
67,583
73,304
8,781
8,932
9,062
4,774
3,155
1,619
43
375
69
89
236
805
2
1,379
1,372
967
405
5,071
3,575
1,496
37
449
89
96
219
604
2
1,723
1,716
1,285
431
4,647
3,211
1,436
35
365
69
89
245
631
2
2,031
2,024
1,576
448
57,766
40,709
17,057
1,967
3,221
279
2,740
1,699
7,085
66
9,817
9,714
7,770
1,166
778
103
62,829
46,322
16,507
2,204
2,189
215
2,873
1,832
7,128
66
10,475
10,370
8,447
1,220
703
105
1,574
1,579
1,646
1,574
1,579
1,646
175
629
770
174
630
775
178
691
777
7,207
6,692
4,682
1,907
103
515
7,353
6,834
4,677
2,060
97
519
7,416
6,895
4,652
2,146
97
521
7
7
7
51,854
38,228
13,626
1,780
2,263
149
2,545
1,709
5,115
65
7,964
7,862
5,930
1,162
770
102
Im of goods and services and incom payments.............................................
ports
e
-2,984
-2,943
-2,856
-114,443
-126,632
-129,014
-4,591
-4,573
-4,456
Imports of goods and services...............................................................................................
-2,348
-1,594
-754
-27
-249
-141
-46
-19
-263
-9
-636
-633
-363
-157
-113
-3
-2,497
-1,692
-805
-26
-265
-163
-42
-20
-280
-9
-446
-443
-155
-165
-123
-3
-2,515
-1,682
-833
-25
-246
-165
-45
-39
-304
-9
-341
-338
-33
-163
-142
-3
-108,033
-97,754
-10,279
-2,750
-1,380
-993
-3,075
-55
-1,822
-204
-6,410
-6,248
-61
-1,608
-4,579
-162
-120,408
-108,391
-12,017
-2,715
-2,089
-1,390
-3,438
-58
-2,121
-206
-6,224
-6,103
65
-1,737
-4,431
-121
-122,342
-109,875
-12,467
-2,690
-2,200
-1,312
-3,575
-68
-2,414
-208
-6,672
-6,471
-98
-1,845
-4,528
-201
-980
-963
-909
-980
-963
-909
-714
-241
-24
-1
-3,611
-3,611
-2,499
-793
-319
-672
-265
-25
-1
-3,610
-3,610
-2,461
-837
-312
-592
-290
-26
-1
-3,547
-3,547
-2,397
-841
-309
-60
-58
-56
-7,653
-1,767
-1,871
-2,418
-14
-46
-14
-44
-6
-3,685
Exports of goods and services...............................................................................................
Services3.........................................................................................................................
fi
7
8
9
10
11
lllr
Other transportation......................................................................................................
Royalties and license fees5 ..........................................................................................
Other private services5................................................................................................
Income receipts...........................................
Income receipts on U.S.-owned assets abroad
Direct investment receipts....................
Other private receipts..........................
Compensation of employees....................
Services3.........................................................................................................................
Other transportation.......................................................................................................
Royalties and license fees5 ..........................................................................................
Other private services5................................................................................................
U.S. Government miscellaneous services......................................................................
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
U
nilateral current transfers, net
-6,931
-7,042
-9
-47
-4,319
-136
-3,198
-4,008
-137
-2,786
-3,488
-148
-3,406
-6
-6
-1,445
-694
-186
-4,333
-3,896
16,162
-17,170
-17,793
-476
-231
-1,164
-266
-684
-1,268
-5,128
-6,643
2,681
-102
86
U.S. Government pensions and other transfers.....................................................................
Private remittances and other transfers6 ..............................................................................
-295
-274
-1,198
-97
-383
-97
2,435
C
apital and financial account
Capital account
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
Financial account
U
.S.-ow assets abroad, net (increase/financial outflow(-))...................................
ned
Gold7
-16
-480
.....................................................................................................................
2,338
574
-1,049
1,708
-85
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.............................................
16
363
-1,123
1,470
-127
-1,055
941
-261
-261
-295
-295
-246
-246
-17,533
-4,045
-5,200
-1,466
-6,822
-17,666
-6,307
-3,326
-4,851
-4,682
-86
589
-4,652
-472
4,238
1,475
-13
-3,685
-863
-1,905
1,498
-2,415
-4,333
-939
665
-3,876
-183
-3,896
-1,221
-2,938
263
15,588
-2,860
4,653
2,323
11,472
-8,033
-83
-5,868
-4,677
-46
-2
-1,143
6,916
2,157
14,327
23,799
34,817
37,791
7,281
3,716
-2,681
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
25
3
15
2
-150
-99
399
25
3
15
7,256
2,499
3,713
2,461
-2,696
2,397
Foreign owned assets inthe U States, net (increase/financial inflow(+))..............
nited
Foreign official assets in the United States, net.....................................................................
n
H
(18
(18)
11
Other U.S. Government liabilities11..................................................................................
19
(18)
(18)
H
(18)
(18)
(!8)
(18)
(11)
-1,458
(18)
(18)
(18)
1,628
8,248
624
-427
225
776
-426
1,037
734
-6,351
-851
-353
1,458
-146
18 7,733
-71
181,007
-452
2,768
18 5,040
-2,355
18 24,946
1,090
18 40,604
18 38,018
18 3,652
18-1,064
158
7,487
-7,443
1 -5,295
8
-6,334
-1,611
-14,191
23,762
49,027
42,940
-4,576
439
-2,188
1,561
1,883
865
Balance on services (lines 4 and 21).........................................................................................
2,426
Balance on goods and services (lines 2 and 19).......................................................................
743
Balance on income (lines 12 and 29).........................................................................................
-60
Unilateral current transfers, net (line 35)....................................................................................
3,109
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13..............................
691
2,574
1,277
-58
3,793
1,529
603
2,132
1,690
-56
3,766
-59,526
3,347
-56,179
1,554
-7,653
-62,278
-67,682
5,040
-62,642
3,593
-6,931
-65,980
-63,553
4,040
-59,513
3,803
-7,042
-62,752
594
594
3,596
-1,767
2,423
616
616
3,743
-1,871
2,488
737
737
3,869
-2,418
2,188
Other foreign assets in the United States, net........................................................................
Direct investment................................................................................................................
U.S. Treasury securities.....................................................................................................
U.S. securities other than U.S. Treasury securities............................................................
U.S. liabilities reported by U.S. banks, not included elsewhere...........................................
Statistical discrepancy(sumof above items w sign reversed)................................
ith
M oranda:
em
(18)
? Preliminary.
'Revised.
See footnotes on page D-67.
Source: Table 11 in “U.S. International Transactions, 2003” in the April 2004 issue of the S urvey o f C u rrent B u sin ess .
(!8)
(18)
n
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
April 2004
D -67
S u r v e y o f C u r r e n t B u s in e s s
Table F.4. Private Services Transactions
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
2002
2003p
2002
2003
III
IV
IIIr
IVp
IIr
lllr
IV p
Exports of privateservices...................................
291,406
67,752
73,234
71,661
69,733
68,301
76,856
76,516
69,325
69,882
72,121
70,974
69,994
73,484
76,952
Travel (table F.2, line 6).................................................
Passenger fares (table F.2, line 7)..................................
Other transportation (table F2, line 8)............................
Freight....................................................................
Port services...........................................................
Royalties and license fees (table F2, line 9)...................
Affiliated..................................................................
U.S. parents' receipts
U.S. affiliates’ receipts
Unaffiliated..............
Industrial processes1...........................................
Other2...............
65,054
15,598
31,871
14,146
17,725
16,732
4,281
7,104
2,926
4,178
18,829
4,831
7,646
3,134
4,512
16,507
4,062
7,632
3,391
4,241
11,168
8,173
7,199
974
2,995
972
2,023
33,218
11,260
6,582
4,678
21,958
5,607
3,825
742
987
7,081
3,717
33,286
11,963
6,679
5,284
21,323
3,639
4,140
730
965
7,927
3,922
11,389
8,394
7,357
1,037
2,995
972
2,023
30,681
11,195
6,380
4,815
19,486
3,253
3,842
735
1,009
6,993
3,654
18,005
4,255
7,682
3,338
4,344
11,157
8,129
7,329
800
3,028
973
2,055
31,022
11,415
6,517
4,898
19,607
3,274
3,808
740
992
7,062
3,731
16,040
3,732
7,834
3,338
4,496
11,624
8,564
7,496
1,068
3,060
976
2,084
31,744
11,906
6,858
5,048
19,838
3,402
3,825
742
987
7,081
3,802
12,031
8,906
7,770
1,136
3,125
988
2,137
30,760
10,988
6,207
4,781
19,772
3,471
3,842
735
1,009
6,993
3,723
16,030
4,279
7,075
2,918
4,157
11,221
8,259
7,313
946
2,962
974
1,988
30,720
10,897
6,262
4,635
19,823
3,150
4,126
701
1,045
7,146
3,655
18,095
4,368
8,374
3,725
4,649
12,277
9,119
8,240
879
3,158
995
2,163
131,013
48,143
27,795
20,348
82,870
13,672
16,184
2,936
3,884
30,828
15,367
16,531
4,153
8,322
3,784
4,538
13,034
9,876
8,710
1,166
3,158
995
2,163
34,476
13,321
7,671
5,650
21,155
2,784
4,235
724
956
8,500
3,957
14,494
3,452
7,850
3,612
4,238
11,938
8,846
7,870
976
3,092
981
2,110
Other private services (table F.2, line 10)........................
Affiliated services....................................................
U.S. parents’ receipts
U.S. affiliates’ receipts
Unaffiliated services.
Education...........
Financial services
Insurance services
Telecommunications
Business, professional, and technical services.......
Other unaffiliated services3..................................
11,823
8,795
7,750
1,045
3,028
973
2,055
31,637
12,658
7,027
5,631
18,979
2,610
3,808
740
992
7,062
3,767
19,052
4,546
8,177
3,467
4,710
11,795
8,670
7,585
1,085
3,125
988
2,137
16,425
4,046
7,812
3,471
4,341
11,012
8,050
7,236
814
2,962
974
1,988
28,623
10,389
6,167
4,222
18,234
1,584
4,126
701
1,045
7,146
3,632
15,185
3,455
7,884
3,622
4,262
11,744
8,652
7,796
856
3,092
981
2,110
30,033
11,599
6,863
4,736
18,434
1,643
3,984
740
976
7,319
3,773
16,217
4,288
7,307
3,140
4,167
47,870
35,435
31,376
4,059
12,435
3,940
8,494
14,286
3,444
7,488
3,273
4,215
11,297
8,237
7,285
952
3,060
976
2,084
32,260
12,118
6,969
5,149
20,142
3,330
3,984
740
976
7,319
3,794
33,170
12,130
6,861
5,269
21,040
3,426
4,140
730
965
7,927
3,852
33,838
11,989
7,107
4,882
21,849
3,514
4,235
724
956
8,500
3,921
II
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
2003
I
II
II
III
IV
lr
Im of privateservices....................................
ports
219,069
52,365
54,978
51,531
49,410
54,141
59,388
56,130
50,484
51,453
53,264
53,189
52,428
55,782
57,668
26
27
28
29
30
31
32
33
34
35
36
37
Travel (table F.2, line 23)...............................................
Passenger fares (table F.2, line 24)................................
Other transportation (table F.2, line 25)..........................
Freight....................................................................
Port services...........................................................
Royalties and license fees (table F.2, line 26).................
Affiliated..................................................................
U.S. parents’ payments........................................
U.S. affiliates’ payments.......................................
Unaffiliated..............................................................
Industrial processes1...........................................
Other2................................................................
Other private services (table F.2, line 27)........................
Affiliated services....................................................
U.S. parents' payments
U.S. affiliates’ payments
Unaffiliated services.
Education...........
Financial services
Insurance services
Telecommunications
Business, professional, and technical services...
Other unaffiliated services3..................................
15,806
5,475
9,577
6,428
3,149
4,765
3,691
718
2,973
1,074
480
594
16,742
7,496
4,181
3,315
9,246
615
999
3,756
1,050
2,658
169
16,930
5,430
10,138
6,806
3,332
4,941
4,106
843
3,263
835
487
349
17,539
8,053
4,607
3,446
9,486
807
834
3,948
1,023
2,702
173
12,878
4,642
10,392
7,145
3,247
4,945
4,093
799
3,294
852
494
358
18,674
9,202
4,992
4,210
9,472
573
857
4,111
996
2,759
176
12,196
4,479
10,303
6,962
3,341
4,564
3,699
630
3,069
865
504
362
38
39
40
41
42
43
44
45
46
47
48
56,190
20,564
45,058
31,768
13,290
19,881
16,332
2,571
13,761
3,549
2,071
1,479
77,376
36,031
19,382
16,649
41,345
2,673
3,956
17,723
3,833
12,426
734
17,868
8,192
4,329
3,863
9,676
510
939
4,250
966
2,830
180
14,248
5,283
11,294
8,103
3,191
4,546
3,669
623
3,046
877
513
365
18,770
8,728
4,719
4,009
10,042
667
926
4,374
961
2,931
183
16,838
6,147
11,721
8,378
3,343
5,094
4,199
661
3,538
895
522
373
19,588
8,821
4,810
4,011
10,767
875
1,045
4,492
956
3,216
184
12,908
4,655
11,740
8,325
3,415
5,677
4,765
657
4,108
912
532
380
21,150
10,290
5,524
4,766
10,860
621
1,046
4,607
950
3,449
187
14,252
4,874
9,580
6,456
3,124
4,902
3,828
718
3,110
1,074
480
594
16,876
7,631
4,287
3,344
9,245
612
999
3,756
1,050
2,658
169
14,314
4,829
9,787
6,579
3,208
5,036
4,201
843
3,358
835
487
349
17,487
8,183
4,657
3,526
9,304
624
834
3,948
1,023
2,702
173
15,025
5,392
10,271
7,016
3,255
4,592
3,740
799
2,941
852
494
358
17,984
8,457
4,522
3,935
9,527
627
857
4,111
996
2,759
176
14,106
4,945
10,879
7,372
3,507
4,707
3,842
630
3,212
865
504
362
18,552
8,738
4,716
4,022
9,814
648
939
4,250
966
2,830
180
12,833
4,705
11,255
8,105
3,150
4,706
3,829
623
3,206
877
513
365
18,929
8,892
4,838
4,054
10,037
662
926
4,374
961
2,931
183
14,259
5,491
11,313
8,102
3,211
5,181
4,286
661
3,625
895
522
373
19,538
8,970
4,845
4,125
10,568
676
1,045
4,492
956
3,216
184
14,992
5,423
11,611
8,190
3,421
5,285
4,373
657
3,716
912
532
380
20,357
9,431
4,983
4,448
10,926
687
1,046
4,607
950
3,449
187
13,196
2,936
10,260
9,094
2,916
701
2,215
2,158
11,663
3,756
7,907
7,658
3,124
735
2,389
2,131
11,902
3,948
7,954
8,003
3,248
740
2,508
2,131
12,175
4,111
8,064
8,130
3,265
742
2,523
2,176
12,472
4,250
8,222
8,026
3,277
740
2,537
2,236
12,826
4,374
8,452
7,704
3,309
730
2,579
2,305
13,194
4,492
8,702
7,495
3,345
724
2,621
2,377
13,573
4,607
8,966
7,390
2,916
701
2,215
2,158
11,663
3,756
7,907
7,658
3,124
735
2,389
2,131
11,902
3,948
7,954
8,003
3,248
740
2,508
2,131
12,175
4,111
8,064
8,130
3,265
742
2,523
2,176
12,472
4,250
8,222
8,026
3,277
740
2,537
2,236
12,826
4,374
8,452
7,704
3,309
730
2,579
2,305
13,194
4,492
8,702
7,495
3,345
724
2,621
2,377
Supplem detail on insurancetransactions:
ental
49
50
51
52
53
54
55
56
Premiums received..........................................................
For insurance services4(line 21)..................................
For loss settlement5....................................................
Actual losses paid5.........................................................
Premiums paid................................................................
For insurance services4(line 45)..................................
For loss settlement5....................................................
Actual losses recovered5.................................................
M oranda:
em
57 Balance on goods (table F2, line 71).................................
58 Balance on private services (line 1 minus line 25)...............
59 Balance on goods and private services (lines 57 and 58)
52,065
17,723
34,342
30,615
13,573
4,607
8,966
7,390
-549,409 -116,868 -134,059 -134,998 -126,994 -133,451 -146,742 -142,222 -121,286 -123,312 -132,241 -135,943 -138,012 -136,248 -139,206
72,337
15,387
18,256
20,130
20,323
14,160
17,468
20,386
18,841
18,429
18,857
17,785
17,566
17,702
19,284
-477,072 -101,481 -115,803 -114,868 -106,671 -119,291 -129,274 -121,836 -102,445 -104,883 -113,384 -118,158 -120,446 -118,546 -119,922
p 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 organiza
tions 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.
4. Includes charges for auxiliary insurance services.
5. Beginning in 1992, the net result of (line 51 - line 52) - (line 55 - line 56) is recorded in “private remittances and other transfers"
(table F.2, line 38).
Source: Table 3 in “U.S. International Transactions, 2003" in the April 2004 issue of the S urvey of C urrent 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 transac
tions 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, excludes imports
of goods under direct defense expenditures identified in Census import documents, and reflects various other adjustments (for valua
tion, coverage, and timing) of Census statistics to balance of payments basis; see table 2 in “U.S. International Transactions, Third
Quarter 2003" in the January 2004 issue of the S urvey of C urrent B usiness.
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 airline 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 parents. The definition of imports is revised to include
U.S. parents’ payments to foreign affiliates and to exclude U.S. affiliates’ receipts from foreign parents.
6. Beginning in 1982, the ‘other transfers’ component includes taxes paid by U.S. private residents to foreign governments and
taxes paid by private nonresidents to the U.S. Government.
7. 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-lmport Bank obligations, not included elsewhere, and of debt securities of U.S. Govern
ment corporations and agencies.
11. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other transactions arranged
with or through foreign official agencies; see table 4 in “U.S. International Transactions, Third Quarter 2003" in the January 2004 issue
of the S urvey.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State and local governments.
13. Conceptually, the sum of line 76 and line 39 is equal to “net lending or net borrowing’ in the national income and product
accounts (NIPAs). However, the foreign transactions account in the NIFAs (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 appendix A in the April 2004 issue of the S urvey. A reconciliation of the other foreign
transactions in the two sets of accounts appears in table 4.3B of the full set of NIPA tables.
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 Democratic Republic (East
Germany) beginning in the fourth quarter of 1990), Italy, Luxembourg, Netherlands, European Atomic Energy Community, European
Coal and Steel Community, and European Investment Bank.
16. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged in international
shipping, in operating oil and gas drilling equipment internationally, and in petroleum trading. Also includes taxes withheld; current-cost
adjustments associated with U.S. and foreign direct investment; 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.
April 2004
D -6 8
G. Investment Tables
Table G.1. International Investment Position of the United States at Yearend, 2001 and 2002
[Millions of dollars]
Changes in position in 2001 (decrease (-))
Attributable to:
Valuation adjustments
Type of investment
Line
Position,
Financial
flows
Position,
Total
2002p
Price
changes
Exchange
rate
changes'
Other
changes2
(a)
(b)
(c)
(d)
-1,979,906
-2,314,271
-527,998
-527,998
-83,284
-42,105
147,129
230,053
56,848
49,166
-407,305
-290,884
-2,387,211
-2,605,155
6,187,410
6,891,251
178.985
178.985
-365,107
-847,812
182,335
264,680
5,568
-13,542
1,781
-417,689
6.189.191
6,473,562
129,961
72,328
10,783
17,869
28,981
3,681
18,492
3 18,492
6,482
-14
4 -14
475
2,632
574
28,641
18,478
1,383
4,110
4,670
158,602
90,806
12,166
21,979
33,651
U.S. Government assets, other than official reserve assets...........
U.S. credits and other long-term assets 5 ..................................
Repayable in dollars..............................................................
Other 6...................................................................................
U.S. foreign currency holdings and U.S. short-term assets........
85,654
83,132
82,854
278
2,522
32
-73
-69
-4
105
32
-73
-69
-4
105
85,686
83,059
82,785
274
2,627
U.S. private assets:
W direct investment at current cost (lines 17+19+22+23)...
ith
W direct investment at market value (lines 18+19+22+23)..
ith
5,971,795
6,675,636
175.272
175.272
-383,599
-866,304
175,853
258,198
5,582
-13,528
-26,892
-446,362
5,944,903
6,229,274
1,598,072
2,301,913
2,114,734
502,061
1,612,673
835,780
1,423,209
137.836
137.836
-15,801
-33,478
17,677
31,880
21,357
-5,215
-487,920
-378,384
21,274
-399,658
25,577
107,922
126,427
11,927
114,500
13,301
10,548
-4,418
-23,528
153,780
-265,690
-267,758
-277
-267,481
55,181
31,905
1,751,852
2,036,223
1,846,976
501,784
1.345.192
890,961
1,455,114
8,167,316
9,205,522
706.983
706.983
-281,823
-805,707
35,206
34,627
-51,280
-62,708
409,086
-126,805
8,576,402
9,078,717
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......................................................
1,027,194
798,844
650,703
148,141
17,007
123,425
87,918
94,860
73,521
43,144
30,377
137
17,594
3,608
10,476
25,640
16,761
8,879
-15,164
105,336
99,161
59,905
39,256
137
17,594
-11,556
1,132,530
898,005
710,608
187,397
17,144
141,019
76,362
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).
7,140,122
8,178,328
612.123
612.123
-292,299
-816,183
35,206
34,627
-51,280
-62,708
303,750
-232,141
7,443,872
7,946,187
1,514,374
2,552,580
389,000
2,855,705
1,391,616
1,464,089
275,569
799,120
1,306,354
39.633
39.633
96,217
291,492
236,309
55,183
21,513
72,142
91,126
-6,060
-529,944
18,413
-304,652
43,801
-348,453
579
-44,098
-55,526
-9,946
-545,837
114,630
5,410
298,680
-293,270
21,513
71,139
101,004
1,504,428
2,006,743
503,630
2,861,115
1,690,296
1,170,819
297,082
870,259
1,407,358
N international investment position of the U States:
et
nited
W direct investm positions at current cost (line 3 less line 24)..
ith
ent
W direct investm positions at m value (line 4 less line 25).
ith
ent
arket
U
.S.-ow assets abroad:
ned
W direct investm positions at current cost (lines 5+10+15)...
ith
ent
W direct investm positions at m value (lines 5+10+16)...
ith
ent
arket
U.S. official reserve assets............................................
Gold...........................................................................
Special drawing rights...............................................
Reserve position in the International Monetary FundForeign currencies.....................................................
Direct investment abroad:
At current cost.......................................................................
At market value.....................................................................
Foreign securities......................................................................
Bonds....................................................................................
Corporate stocks.........................................................................................
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..
U.S. claims reported by U.S. banks, not included elsewhere..........................
Foreign-owned assets inthe U States:
nited
W direct investm at current cost (lines 26+33)...
ith
ent
W direct investm at m value (lines 26+34).
ith
ent arket
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..........................
2001
p Preliminary.
r Revised.
1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation at current exchange
rates.
2. Includes changes in coverage, capital gains and losses of direct investment affiliates, and other statistical adjust
ments 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.
'
(a+b+c+d)
908
1,478
4,096
10,000
18.570
18.570
6,179
9,878
-7,182
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 W W I debts that are not being
orld ar
serviced.
6. Includes indebtedness that the borrower may contractually, or at its option, repay w its currency, w a third
ith
ith
country’s currency, or by delivery of materials or transfer of sen/ices.
7. Primarily U.S. Government liabilities associated w military sales contracts and other transactions arranged w or
ith
ith
through foreign official agencies.
Source: Table 1 in “The International Investment Position of the United States at Yearend 2002" in the July 2003 issue
of the S urvey o f C urrent Business.
April 2004
D -69
S u r v e y o f C u r r e n t B u s in e s s
Table G.2. U.S. Direct Investment Abroad: Selected Items, by Country of Foreign Affiliate
and by Industry of Foreign Affiliate, 1999-2002
[M
illions of dollars]
Direct investment position
on a historical-cost basis
1999
A countries, all industries.....................................
ll
B country of foreign affiliate
y
2000
1,215,960
1,316,247
2001
Capital outflows (inflows (-))
2002
Income
1999
1,383,225 1,520,965
2000
2001
2002
1999
2000
2001
2002
209,392
142,627
103,767
119,742
114,348
133,692
107,060
123,889
Canada...................................................................................
119,590
132,472
141,789
152,522
22,824
16,899
15,510
12,893
13,529
16,181
11,881
11,098
Europe....................................................................................
Of which:
France............................................................................
Germany
Ireland
Netherlands
Switzerland.....................................................................
United Kingdom..............................................................
627,754
687,320
716,901
796,913
109,484
77,976
44,720
66,761
58,289
65,574
51,133
59,487
43,120
53,399
25,157
121,315
40,532
216,638
42,628
55,508
35,903
115,429
55,377
230,762
40,839
65,800
35,712
126,076
60,675
238,773
43,978
64,739
41,636
145,474
70,051
255,391
2,111
5,658
4,741
13,320
6,929
47,265
1,967
3,811
9,823
961
8,687
28,317
-118
11,046
196
12,828
4,029
15,720
2,132
-4654
4,870
18,325
7,673
18,871
1,781
5,086
4,167
13,646
6,686
13,629
2,370
4,736
5,773
13,402
5,027
19,099
1,722
3,879
4,375
12,096
4,974
9,665
1,884
2,991
4,652
14,401
7,861
11,250
Latin America and Other Western Hemisphere.......................
Of which:
Bermuda.........................................................................
Brazil..............................................................................
Mexico............................................................................
United Kingdom Islands, Caribbean...............................
253,928
266,576
282,328
272,363
44,658
23,212
26,152
8,610
19,686
19,796
18,860
16,809
50,847
37,184
37,151
29,762
60,114
36,717
39,352
33,451
66,144
35,523
56,554
30,242
68,856
31,715
58,074
29,252
6,871
5,672
8,164
11,264
9,363
3,350
4,203
989
6,704
769
15,305
-20
4,238
181
3,627
-719
4,655
1,180
4,350
2,466
6,446
1,621
4,431
1,606
6,137
1,294
4,251
2,813
4,758
766
4,532
3,132
Africa......................................................................................
13,118
11,891
13,411
15,066
596
716
1,120
861
1,803
2,010
1,537
1,938
Middle East.............................................................................
10,950
10,863
12,351
14,154
1,000
1,375
1,585
1,837
1,334
2,272
1,375
1,864
Asia and Pacific......................................................................
Of which:
Australia..........................................................................
Hong Kong .....................................................................
Japan..............................................................................
Singapore.......................................................................
190,621
207,125
216,445
269,947
30,831
22,449
14,680
28,779
19,707
27,861
22,274
32,694
35,386
22,759
55,120
20,665
34,838
27,447
57,091
24,133
32,574
32,089
58,233
26,749
36,337
35,764
65,676
61,361
4,868
4,447
10,602
3,863
890
4,922
4,295
3,688
-396
4,407
2,322
3,820
3,726
2,035
4,482
11,407
2,397
3,170
4,146
2,604
3,415
5,163
5,988
4,045
1,702
4,785
4,767
2,600
2,596
4,962
6,807
10,060
Mining.....................................................................................
72,526
72,111
78,319
80,976
9,298
2,174
12,823
9,011
8,451
13,164
10,011
10,165
Utilities....................................................................................
22,472
21,964
23,214
20,932
1,296
2,466
2,436
-3301
1,503
1,610
1,574
1,552
Manufacturing.........................................................................
Of which:
Food...............................................................................
Chemicals.......................................................................
Primary and fabricated metals.......................................
Machinery.......................................................................
Computers and electronic products................................
Electrical equipment, appliances, and components........
Transportation equipment...............................................
327,282
343,899
365,924
392,553
39,672
43,002
29,899
29,510
35,637
42,230
32,234
31,279
23,268
81,727
21,569
21,501
46,783
8,212
43,322
23,497
75,807
21,644
22,229
59,909
10,005
49,887
24,681
93,779
22,699
21,292
65,559
10,118
44,210
28,240
99,371
24,359
22,025
69,208
10,166
48,378
1,111
9,007
2,068
2,785
9,631
1,136
4,482
2,014
3,812
1,233
2,659
17,303
2,100
7,814
2,274
8,270
1,251
-845
8,659
1,115
2,809
3,893
10,116
1,814
161
922
100
3,238
3,020
9,026
1,552
2,048
6,430
998
4,770
2,681
11,552
1,536
2,257
8,860
1,079
4,107
2,626
10,313
1,379
1,261
5,868
478
1,921
3,440
12,065
973
1,412
3,764
397
1,477
Wholesale trade.....................................................................
86,313
93,936
102,322
114,895
11,029
11,938
9,096
7,182
12,414
14,198
13,002
13,229
Information.............................................................................
50,062
52,345
50,492
53,841
14,180
16,531
3,519
1,533
752
-964
-3491
237
Depository institutions (banking)............................................
40,879
40,152
52,681
52,935
903
-1274
9,715
-1185
968
2,191
2,662
2,270
14,005
B industry of foreign affiliate
y
Finance (except depository institutions) and insurance...........
198,749
217,086
225,556
244,480
27,833
21,659
5,807
25,775
13,097
15,210
8,430
Professional, scientific, and technical services........................
29,968
32,868
34,704
38,307
7,238
5,441
3,442
2,448
2,985
3,548
2,084
2,968
Other industries......................................................................
387,709
441,886
450,013
522,047
97,944
40,690
27,030
48,769
38,542
42,504
40,555
48,184
N o t e . In this table, unlike in the international transactions accounts, income and capital outflows are shown without a
current-cost adjustment, and income is shown net of withholding taxes. In addition, unlike in the international investment
position, the direct investment position is valued at historical cost.
The data in this table are from tables 16 and 17 in “U.S. Direct Investment Abroad: Detail for Historical-Cost Position
and Related Capital and Income Flows, 2002” in the September 2003 issue of the S urvey of C u rrent B u sin ess .
D -7 0
International D ata
April 2004
Table G.3. Selected Financial and Operating Data for Nonbank Foreign Affiliates of U.S. Companies by Country and by Industry of Affiliate, 2001
Majority-owned nonbank foreign affiliates (MOFAs)
All nonbank affiliates
Millions of dollars
Millions of dollars
Total
assets
A countries, all industries..............
ll
B country
y
5,836,225
Sales
2,929,609
U.S.
exports of
goods
shipped to
affiliates
U.S.
imports of
goods
shipped by
affiliates
Thousands
of
employees
192,147
205,030
211,761
9,775.6
Net
income
Total
assets
5,225,797
Sales
2,520,556
Net
income
176,380
U.S.
exports of
goods
shipped to
affiliates
U.S.
imports of
goods
shipped by
affiliates
Thousands
of
employees
583,444
198,547
197,436
8,193.4
Gross
product
Canada..............................................................
509,564
367,216
17,401
65,303
77,041
1,156.3
464,038
334,124
16,417
71,527
63,501
71,871
1,044.2
Europe...............................................................
Of which:
France.......................................................
Germany...................................................
Netherlands...............................................
United Kingdom.........................................
3,393,748
1,459,546
103,812
48,873
38,400
4,168.5
3,170,144
1,311,967
97,126
317,983
47,906
37,928
3,749.4
190,604
320,810
423,488
1,432,135
134,870
240,718
141,185
428,171
3,770
9,042
23,810
8,059
2,966
5,086
2,571
8,648
578.3
652.6
230.1
1,279.9
166,117
268,999
398,356
1,391,209
121,962
199,178
112,599
415,338
3,899
8,309
22,397
8,451
34,367
57,710
20,362
103,143
4,079
7,352
8,807
11,746
2,845
5,067
2,425
8,637
540.5
601.0
175.8
1,204.8
Latin America and Other Western Hemisphere
Of which:
Brazil.........................................................
Mexico.......................................................
884,540
371,684
33,697
4,606
7,436
9,029
(D)
44,834
50,769
2,005.1
746,829
306,912
29,120
64,315
43,363
48,126
1,585.7
126,088
128,203
73,180
132,068
-1,769
6,087
3,615
34,635
1,810
42,782
406.4
1,016.7
94,336
98,261
59,760
107,293
-1,360
4,409
14,547
19,891
3,523
33,595
1,666
41,177
348.0
801.8
Africa.................................................................
67,280
42,145
3,541
786
(D)
241.0
51,299
33,597
2,900
12,271
707
4,066
139.1
Middle East........................................................
55,581
34,815
2,641
922
93.1
24,964
18,213
1,938
7,354
854
810
60.2
Asia and Pacific.................................................
Of which:
Australia.....................................................
Japan.........................................................
925,513
654,203
31,055
44,312
(D)
40,560
2,111.7
768,522
515,743
28,879
109,995
42,216
34,636
1,614.8
111,608
345,333
69,448
241,072
2,632
7,247
4,726
14,585
1,082
7,899
316.9
494.6
101,371
263,034
58,563
157,228
2,407
6,437
18,427
37,376
4,662
13,222
1,080
2,231
265.3
235.1
Mining................................................................
256,604
103,016
18,128
1,478
10,614
167.8
234,459
92,043
15,430
55,188
1,315
9,766
147.9
Utilities...............................................................
188,456
97,564
3,115
5
114.8
138,199
75,222
1,512
11,203
4
154
77.9
Manufacturing....................................................
Of which:
Food..........................................................
Chemicals..................................................
Primary and fabricated metals...................
Machinery..................................................
Computers and electronic products............
Electrical equipment, appliances, and
components...........................................
Transportation equipment...........................
1,202,034
1,329,898
55,120
133,591
(D)
180,050
5,074.3
1,024,761
1,148,329
50,941
300,819
129,108
166,801
4,308.8
67,572
309,369
58,613
69,322
160,111
93,164
230,312
45,790
75,101
207,822
4,030
18,425
1,766
2,188
9,237
4,487
18,067
3,407
7,751
28,919
3,084
14,338
3,916
8,121
44,884
425.6
631.0
255.6
403.3
747.3
60,970
274,113
52,309
55,781
153,848
83,807
205,790
39,778
60,244
203,268
3,676
17,643
1,485
1,981
9,391
18,668
57,617
11,908
16,725
36,038
4,209
17,266
3,249
7,362
28,671
3,017
13,771
3,836
7,308
44,573
376.9
567.3
235.0
339.6
719.6
27,264
207,235
31,000
306,862
829
2,251
2,756
53,746
4,751
83,741
264.4
1,047.1
23,977
160,937
27,480
252,092
753
1,812
6,945
44,606
2,658
51,766
4,151
73,646
223.4
893.0
Wholesale trade................................................
396,093
698,852
17,716
62,016
18,869
831.7
378,528
663,352
16,562
92,713
60,711
18,736
783.1
Information........................................................
295,805
165,558
-13,582
(D)
(D)
700.8
123,481
76,457
-14,928
19,388
677
(D)
339.2
Finance (except depository institutions) and
insurance.......................................................
2,028,161
211,006
19,853
9
0
343.9
1,955,630
198,581
19,282
23,511
9
0
320.2
Professional, scientific, and technical services....
124,005
86,417
5,547
899
437.8
120,741
81,794
5,395
30,926
1,529
Other industries.................................................
1,345,067
237,298
86,250
(D)
5,592
(D)
2,104.5
1,249,998
184,778
82,186
49,695
5,195
(D)
995
1,806.9
B industry
y
D Suppressed to avoid disclosure of data of individual companies.
in this table are from “U.S. Multinational Companies: Operations in 2001” in the November 2003 issue of the S urvey of C urrent B usin ess .
N o te : The data
409.4
April 2004
D-71
S u r v e y o f C u r r e n t B u s in e s s
Table G.4. Foreign Direct Investment in the United States: Selected Items, by Country of Foreign Parent
and by Industry of U.S. Affiliate, 1999-2002
[M
illions of dollars]
Direct investment position
on a historical-cost basis
1999
A countries, all industries................................................
ll
B country of foreign parent
y
955,726
Income
Capital inflows (outflows (- )
2000
2001
2002
1,256,867
1,355,114
1,347,994
1999
283,376
2000
2001
2002
1999
2000
2001
2002
314,007
143,980
30,032
46,385
47,921
8,899
38,821
Canada ...............................................................................................
90,559
114,309
102,127
92,041
26,367
27,258
12,957
-3,577
2,215
849
-5,817
-1,233
Europe................................................................................................
Of which:
France.........................................................................................
Germany
Luxembourg
Netherlands
Switzerland
United Kingdom
639,923
887,014
1,005,606
1,006,530
223,406
251,041
127,859
25,956
36,753
38,766
17,454
32,348
89,945
112,126
35,644
125,010
52,973
153,797
125,740
122,412
58,930
138,894
64,719
277,613
148,282
164,017
34,111
157,596
118,447
269,321
170,619
137,036
34,349
154,753
113,232
283,317
29,834
23,478
6,887
41,689
2,503
108,566
51,001
14,054
30,864
33,517
12,124
82,652
12,146
37,939
-21,654
25,193
52,580
4,891
16,097
-4,607
-1,327
-4,989
1,907
14,851
2,954
6,123
2,241
7,299
2,844
11,899
3,633
2,140
4,711
8,776
2,782
13,347
5,477
-8,155
2,675
3,739
1,089
10,368
5,052
-2,906
1,220
5,652
5,137
12,309
Latin America and Other Western Hemisphere...................................
Of which:
Bermuda......................................................................................
Mexico..........................................................................................
Panama.......................................................................................
United Kingdom Islands, Caribbean............................................
40,771
53,691
54,082
52,291
16,929
12,741
3,435
-1,190
2,397
2,382
-3,567
-458
14,798
1,999
5,275
11,573
18,336
7,462
3,819
15,191
4,611
7,336
4,391
26,200
977
7,857
5,668
25,502
10,338
1,273
-226
4,137
2,965
5,062
-1,087
3,800
-8,734
-320
303
13,069
-3,012
1,281
1,824
-1,419
41
175
752
1,527
-204
-142
647
1,627
-5,076
-716
499
1,264
-2,928
-369
844
720
Africa...................................................................................................
1,361
2,700
2,397
2,344
423
666
-374
28
-66
31
-198
36
Middle East..........................................................................................
4,362
6,506
6,145
6,766
376
2,389
-334
560
156
241
220
-89
Asia and Pacific....................................................................................
Of which:
Australia.......................................................................................
Japan..........................................................................................
Singapore.....................................................................................
178,749
192,647
184,757
188,023
15,876
19,912
438
8,253
4,931
5,651
808
8,218
15,616
153,815
1,365
18,775
159,690
5,087
22,289
150,008
3,490
24,470
152,032
2,902
4,193
11,555
-560
4,935
7,820
5,911
5,675
-4,005
-1,467
4,258
4,970
-530
643
4,006
101
356
5,182
-123
1,488
-110
-164
749
7,323
-75
Manufacturing......................................................................................
Of which:
Food.............................................................................................
Chemicals....................................................................................
Primary and fabricated metals.....................................................
Machinery....................................................................................
Computers and electronic products.............................................
Electrical equipment, appliances, and components......................
Transportation equipment............................................................
406,415
480,561
484,042
470,893
82,382
105,119
36,855
4,445
28,855
24,744
5,288
21,706
15,015
96,614
18,831
30,462
62,566
13,413
52,809
18,073
120,413
24,184
32,283
92,782
43,109
55,750
15,240
123,748
19,217
32,924
58,053
61,103
60,881
15,113
112,602
18,482
35,502
54,040
53,834
61,570
-1,637
7,435
2,881
17,878
29,481
4,206
7,153
2,281
25,466
8,199
2,175
33,073
13,333
1,653
-2,735
9,236
-3,219
1,553
-1,282
17,878
9,719
1,427
-10,519
1,038
1,150
-2,598
376
5,814
1,246
6,236
886
886
634
585
6,946
1,076
4,572
1,121
1,003
2,395
2,033
4,284
528
3,413
-287
582
-4,965
22
1,772
-71
7,326
114
-131
-1,543
4,454
4,204
Wholesale trade...................................................................................
106,745
173,991
177,396
188,819
16,458
52,501
6,962
10,815
6,066
13,569
9,347
13,067
Retail trade..........................................................................................
22,387
26,703
28,323
28,341
3,335
4,111
5,183
548
1,152
1,519
674
2,008
Information..........................................................................................
78,035
146,856
199,809
185,408
81,894
25,207
47,436
8,074
-22
-3,996
-12,000
-4,354
2,431
B industry of U affiliate
y
.S.
Depository institutions (banking)..........................................................
61,972
64,236
71,628
80,726
19,471
5,775
7,329
4,132
2,974
3,590
2,715
Finance (except depository institutions) and insurance........................
132,203
167,007
174,109
162,853
35,185
50,990
18,659
-7,887
3,185
3,782
-433
305
Real estate and rental and leasing......................................................
47,816
49,985
49,828
50,769
5,948
3,473
-2,645
1,781
1,211
2,382
1,562
1,866
Professional, scientific, and technical services....................................
11,682
30,492
41,659
40,245
5,826
34,136
9,952
1,414
-66
-166
-20
5
Other industries....................................................................................
88,473
117,037
128,320
139,939
32,876
32,695
14,250
6,710
3,029
2,496
1,766
1,787
N o te . In this table, unlike in the international transactions accounts, income and capital inflows are shown without a
current-cost adjustment, and income is shown net of withholding taxes. In addition, unlike in the international investment position, the direct investment position is valued at historical cost.
The data in this table are from tables 16 and 17 in ‘Foreign Direct Investment in the United States: Detail for Historical-Cost Position and Related Capital and income Flows, 2002" in the September 2003 issue of the S urvey of C u rrent
B u sin ess .
D -72
International D ata
April 2004
Table G.5. Selected Financial and Operating Data of Nonbank U.S. Affiliates of Foreign Companies by Country
of Untimate Beneficial Owner and by Industry of Affiliates, 2001
All nonbank affiliates
Majority-owned nonbank affiliates
Millions of dollars
Total
assets
All countries, all industries.........
Millions of dollars
Millions of dollars
Sales
5,466,000
2,354,136
-42,902
Net income
Gross
product
486,553
Thousands
of
employees
U.S.
exports
of goods
shipped by
affiliates
U.S.
imports
of goods
shipped to
affiliates
6,371.9
163,641
369,488
Millions of dollars
Total
assets
Sales
4,732,536
2,085,727
-48,608
Net income
Gross
product
428,109
Thousands
of
employees
U.S.
exports
of goods
shipped by
affiliates
U.S.
imports
of goods
shipped to
affiliates
5,671.5
149,323
352,861
By country
Canada.............................................
385,328
156,413
-18,848
34,648
562.2
9,497
16,596
367,143
146,772
-18,694
30,843
509.4
9,143
16,170
Europe..............................................
Of which:
France.......................................
Germany...................................
Netherlands...............................
Sweden......................................
Switzerland................................
United Kingdom.........................
3,732,776
1,389,403
-18,654
308,241
4,251.0
86,263
145,454
3,523,089
1,249,018
-20,864
275,753
3,894.9
78,431
139,964
534,536
687,828
620,025
65,477
818,244
841,184
188,096
313,897
244,594
41,001
127,686
353,895
-5,085
-12,786
1,964
-852
-4,425
4,474
39,975
50,180
44,685
10,494
36,080
100,338
578.6
734.8
571.9
248.8
546.8
1,120.7
16,011
30,173
6,717
3,866
7,216
15,985
19,154
55,981
16,496
4,171
8,461
26,366
490,219
671,073
598,268
64,968
793,647
755,051
168,649
302,392
(D)
40,263
115,143
319,860
-3,309
-12,734
(D)
505.5
699.4
558.3
241.4
452.4
1,037.7
10,464
29,665
-813
-4,435
2,372
37,376
46,985
40,309
10,133
30,374
87,941
3,846
7,110
15,394
(D)
55,687
(D)
4,141
8,298
26,046
250,890
138,681
-7,725
33,724
456.3
10,587
18,547
237,244
118,571
-7,848
29,631
355.8
10,357
15,735
149,960
29,957
1,750
57,834
29,809
1,194
-7,353
-825
-9
14,079
6,303
510
225.4
143.8
6.6
6,293
(D)
(D)
(D)
21,173
1,637
16,291
1,134
-670
-15
14,008
3,270
492
223.8
50.1
6.5
6,284
127
1,937
3,409
64
1,932
2,774
64
44,411
11,815
(D)
34.8
7.7
(D)
43,927
9,596
-322
1,910
343
(D)
(D)
(D)
(D)
(D)
33.3
H
(D)
(D)
1,555
794
2,002
6,445
1,555
25,635
8,145
5,559
22
1,126
11.0
639
254
(D)
(D)
(D)
(D)
J
(D)
249
Latin America and Other Western
Hemisphere...................................
Of which:
Bermuda...................................
Mexico......................................
Panama.....................................
United Kingdom Islands,
Caribbean..............................
Venezuela..................................
Africa.................................................
(D)
(D)
(D)
(D)
127
(D)
Middle East.......................................
25,621
32,251
928
8,819
48.2
846
7,801
23,557
30,805
969
8,298
39.8
842
7,744
Asia and Pacific.................................
Of which:
Australia.....................................
Japan........................................
656,210
576,886
-5,424
87,368
965.1
54,017
179,590
555,586
518,444
-3,576
76,499
829.7
48,205
171,845
68,610
536,435
31,243
481,598
-3,601
99
8,251
71,663
80.4
786.8
1,715
43,725
1,328
153,342
60,231
449,523
25,526
437,268
-3,414
1,576
7,171
62,983
66.4
683.6
(D)
40,728
782
149,817
United States.....................................
407,029
54,944
6,798
12,627
78.1
1,792
1,245
(D)
(D)
(D)
(D)
K
(D)
1,153
Manufacturing....................................
Of which:
Food..........................................
Chemicals..................................
Primary and fabricated metals....
Machinery..................................
Computers and electronic
products.................................
Electrical equipment, appliances,
and components....................
Transportation equipment..........
1,151,660
952,003
-22,025
225,483
2,569.8
99,394
144,995
1,066,060
829,797
-22,524
204,508
2,355.7
88,818
131,019
59,196
263,557
61,158
95,222
49,269
174,681
63,091
72,510
-74
-630
83
-1,592
11,362
44,412
17,014
21,325
153.0
385.2
211.7
309.9
2,364
16,935
5,588
8,572
3,953
20,704
8,525
8,773
57,730
244,245
52,230
93,528
46,268
160,158
54,127
71,023
-136
-1,138
-19
-595
10,762
40,640
15,167
21,275
143.2
354.4
196.5
303.5
2,242
15,872
4,483
8,357
3,879
20,404
7,667
8,464
111,804
98,870
-19,162
21,566
256.6
17,421
24,184
98,829
85,648
-18,673
18,455
224.9
12,478
17,040
118,087
206,515
49,658
198,389
-1,509
-2,472
12,777
32,166
198.8
389.2
6,080
29,788
3,056
50,651
117,844
199,646
49,279
187,749
-1,527
-2,658
12,689
29,685
197.7
361.7
5,958
3,001
(D)
(D)
Wholesale trade................................
411,476
653,230
8,227
85,241
596.6
58,099
213,468
403,192
631,713
7,769
81,839
563.8
54,537
211,182
Retail trade.........................................
83,705
137,142
-989
30,131
776.5
1,443
5,114
63,854
115,413
-605
25,311
630.8
1,422
4,824
Information........................................
Of which:
Publishing industries..................
Broadcasting and
telecommunications...............
334,134
98,779
-19,709
18,372
307.4
(D)
242
245,267
71,410
-19,886
8,444
235.0
(D)
(D)
59,148
28,976
-4,059
7,698
101.9
467
(D
)
44,867
25,397
-3,228
6,321
86.8
455
140
(D
)
2
(D
)
(D
)
(D
)
(D
)
(D)
(D
)
2
(*)
4
(D
)
455
By industry1
178,253
45,443
-12,434
4,263
94.2
Finance (except depository
institutions) and insurance.............
2,922,634
253,305
-4,705
33,264
336.5
(*)
4
2,475,361
207,910
-10,954
24,139
278.7
Real estate and rental and leasing....
118,683
24,197
2,395
11,255
44.6
(D
)
455
106,962
21,240
2,040
9,652
35.8
Professional, scientific, and technical
services.........................................
60,319
45,396
-3,395
15,178
202.4
405
313
52,073
41,891
-2,432
14,500
180.8
(D
)
(D
)
Other industries.................................
383,390
190,084
-2,701
67,628
1,538.1
3,370
4,897
319,767
166,352
-2,017
59,716
1,390.9
3,255
4,846
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.
N otes . 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 2001,” in the August 2003 issue of the S urvey o f C urrent B usin ess .
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; 1
—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 2004
D -7 3
H. Intern atio nal P erspectives
The quarterly data in this table are shown at the end m onth o f the quarter.
2002
Dec.
2003
Jan.
Feb.
Mar.
Apr.
May
Jun.
2004
Aug.
Jul.
Sep.
Oct.
Nov.
Dec.
Jan.
Feb.
Unemployment rate (percent)
Euro area..................................................
France
Germany
Italy....
Netherlands
United Kingdom.........................................
Japan....
Singapore
South Korea
Taiwan...
Canada......................................................
Mexico......................................................
United States............................................
8.6
9.3
10.1
8.9
4.4
5.1
5.3
4.2
3.1
5.0
7.5
2.1
6.0
8.7
9.3
10.3
8.7
9.4
10.5
4.5
5.1
5.5
4.9
5.2
5.2
3.5
5.0
7.4
2.7
5.8
Euro area...................................................
France
Germany
Italy....
Netherlands
United Kingdom.........................................
Singapore
South Korea
Taiwan...
Canada..
Mexico......................................................
United States.............................................
2.94
2.86
2.93
2.69
2.94
3.84
0.67
4.90
1.52
2.67
7.27
1.19
Euro area..................................................
France
Germany
Italy....
Netherlands
United Kingdom
Japan....
Singapore
South Korea
Taiwan...
Canada..
United States............................................
4.41
4.43
4.30
4.55
4.36
4.62
0.89
2.55
5.77
2.48
4.88
4.03
8.8
9.5
10.7
8.8
9.5
10.6
5.4
5.2
5.4
5.5
5.2
5.4
3.7
5.2
7.4
2.7
5.9
8.8
9.4
10.6
8.9
5.1
5.2
5.4
4.5
3.6
5.1
7.3
2.8
5.8
3.3
4.9
7.5
2.9
6.0
3.2
5.0
7.8
2.7
6.1
2.83
2.79
2.81
2.60
2.83
3.75
0.66
4.70
1.37
2.81
8.69
1.17
2.69
2.67
2.67
2.43
2.69
3.46
0.62
4.54
1.21
2.86
8.86
1.17
2.53
2.44
2.51
2.34
2.53
3.48
0.63
4.76
1.19
3.14
9.12
1.13
2.54
2.46
2.52
2.36
2.53
3.44
0.55
4.62
1.16
3.24
8.00
1.13
2.41
2.32
2.39
2.20
2.40
3.41
0.55
4.39
1.11
3.20
5.75
1.07
4.27
4.27
4.20
4.38
4.19
4.44
0.75
2.44
5.43
1.96
5.02
4.05
4.06
4.07
4.00
4.16
3.97
4.39
0.78
2.24
5.15
1.90
4.93
3.9
4.13
4.17
4.00
4.19
4.01
4.54
0.73
2.05
5.20
1.93
5.13
3.81
4.23
4.25
4.20
4.31
4.23
4.67
0.61
2.10
5.03
1.91
4.9
3.96
3.92
3.97
3.80
4.04
3.91
4.46
0.53
1.89
4.68
1.49
4.5
3.57
8.8
9.5
10.5
8.7
5.4
5.2
5.3
4.6
3.3
5.1
7.8
3.3
6.3
8.8
9.6
10.6
8.8
9.6
10.6
5.3
5.2
5.3
5.4
5.1
5.1
3.4
5.2
7.8
3.5
6.2
3.3
5.2
8.0
4.0
6.1
8.8
9.7
10.5
8.6
5.5
5.1
5.1
5.5
3.2
5.1
8.0
3.9
6.1
8.8
9.7
10.5
8.8
9.6
10.5
8.8
9.6
10.2
8.8
9.6
10.3
6.1
4.9
5.0
6.1
4.8
5.0
3.4
4.7
7.5
3.8
5.9
8.8
9.7
10.4
85
5.7
4.9
4.9
4.5
3.7
4.6
7.4
3.0
5.7
5.5
5.0
5.2
5.8
5.0
5.2
3.3
4.9
7.6
3.6
6.0
3.6
4.5
7.4
3.8
5.6
3.6
4.5
7.4
3.9
5.6
2.15
2.08
2.13
2.08
2.15
3.56
0.72
3.83
0.89
2.60
5.20
0.94
2.14
2.08
2.13
2.08
2.14
3.78
0.76
3.93
0.88
2.65
5.38
0.92
2.16
2.08
2.15
2.14
2.16
3.82
0.63
4.23
0.93
2.71
5.23
0.93
2.15
2.08
2.13
2.10
2.15
3.74
0.71
4.34
1.01
2.59
6.18
0.90
2.09
2.05
2.07
2.02
2.09
3.88
0.77
4.26
0.96
2.26
5.11
0.88
2.07
2.03
2.05
1.99
2.07
3.86
0.68
4.08
0.91
2.13
5.63
0.93
4.23
4.24
4.20
4.31
4.21
4.76
1.42
3.54
4.77
2.77
4.64
4.27
4.31
4.34
4.20
4.38
4.27
4.88
1.44
3.95
4.87
2.78
4.85
4.29
4.44
4.48
4.40
4.51
4.41
4.95
1.33
4.03
5.35
2.87
4.79
4.30
4.36
4.36
4.30
4.46
4.33
4.83
1.33
3.75
5.43
2.80
4.66
4.27
4.26
4.22
4.20
4.32
4.18
4.75
1.33
3.39
5.42
2.62
4.61
4.15
4.18
4.24
4.10
4.34
4.12
1.24
3.36
5.43
2.70
4.41
4.08
Short-term interest rate (percent per year)
2.15
2.07
2.13
1.98
2.15
3.47
0.52
4.28
1.09
3.13
5.37
0.92
2.13
2.07
2.11
1.98
2.13
3.33
0.63
4.15
0.85
2.81
5.27
0.90
2.14
2.09
2.12
2.07
2.14
3.49
0.78
3.90
0.85
2.70
5.11
0.95
Long-term interest rate (percent per year)
3.72
3.75
3.60
3.82
3.72
4.39
0.71
2.28
4.46
1.42
4.37
3.33
4.06
4.05
4.00
4.13
4.04
4.65
0.96
3.07
4.95
1.81
4.78
3.98
4.20
4.24
4.10
4.29
4.18
4.68
1.41
3.72
5.26
2.24
4.96
4.45
Real GDP (percent change from same quarter a year earlier)
Euro area...........
France...........
Germany
Italy....
Netherlands....
United Kingdom.
Japan....
Singapore
South Korea
Taiwan...
Canada..
Mexico...
United States.....
0.9
0.6
0.4
0.5
-0.2
1.8
2.8
1.7
3.7
5.3
2.7
2.5
2.1
-0.1
-0.4
-0.7
0.1
-1.1
2.0
2.3
-3.9
1.9
1.1
1.5
0.1
2.4
0.2
-0.2
-0.2
0.3
-1.2
2.1
2.1
1.7
2.3
3.7
1.1
0.6
3.6
0.7
0.5
0.2
0.1
-0.4
2.8
3.4
4.9
5.4
5.6
1.6
2.0
4.3
Stock market prices (index number)
France ......................................................
Germany...................................................
Italy...........................................................
Netherlands
United Kingdom........................................
Japan....
Singapore
South Korea
Taiwan...
Canada..
Mexico......................................................
United States............................................
48.94
41.05
55.36
48.93
62.12
50.75
65.55
88.82
57.64
68.85
94.14
61.97
46.93
39.00
53.20
44.71
56.24
49.33
63.13
83.77
64.92
68.38
91.49
60.27
43.99
36.15
54.19
40.36
57.63
49.47
62.27
81.45
57.38
68.23
91.07
59.25
41.83
34.40
50.93
37.68
56.96
47.16
61.97
75.82
55.94
66.02
90.87
59.74
47.18
41.76
56.12
42.85
61.89
46.33
62.63
84.83
53.70
68.55
100.03
64.58
47.79
42.33
58.57
42.54
63.82
49.83
65.94
89.65
58.98
71.40
102.93
67.87
49.26
45.71
58.13
44.20
63.55
53.73
70.77
94.82
63.07
72.68
108.40
68.64
1.0194
1.5863
121.89
1.7532
1206.61
34.799
1.5592
10.225
125.13
1.0622
1.6175
118.81
1.7363
1176.45
34.571
1.5414
10.622
123.60
1.0785
1.6079
119.34
1.7451
1190.37
34.734
1.5121
10.945
123.50
1.0797
1.5825
118.69
1.7551
1237.2
34.721
1.4761
10.905
123.00
1.0862
1.5739
119.9
1.7771
1231.1
34.824
1.4582
10.589
122.01
1.1556
1.6224
117.37
1.7357
1201.23
34.697
1.384
10.253
117.97
1.1674
1.6609
118.33
1.7351
1194.14
34.633
1.3525
10.503
117.36
51.28
49.50
59.16
48.13
65.53
56.57
76.20
100.99
68.85
75.54
113.01
69.75
52.89
49.46
59.59
49.94
65.60
61.19
78.17
107.50
73.15
78.24
116.64
71.00
50.08
46.22
58.42
46.51
64.50
60.45
79.71
98.73
72.64
77.24
120.19
70.15
53.88
51.89
61.28
50.06
67.59
62.46
84.26
110.74
78.25
80.90
123.92
74.08
54.71
53.16
63.69
50.36
68.46
61.54
83.78
114.28
74.71
81.80
131.44
74.54
56.83
56.28
63.08
51.19
70.58
63.16
86.25
114.75
76.25
85.57
135.14
78.32
58.12
57.60
65.10
53.56
69.22
63.79
90.05
120.1
82.53
88.69
144.88
79.67
59.67
57.14
66.05
54.24
70.82
66.67
92.78
125.04
88.24
92.02
153.54
80.93
1.1155
1.5939
118.66
1.7533
1178.6
34.318
1.3963
10.783
119.93
1.1267
1.6155
114.8
1.7466
1165.4
33.995
1.3634
10.923
118.57
1.1714
1.6792
109.5
1.7345
1169.34
33.875
1.3221
11.18
116.21
1.171
1.6897
109.18
1.7282
1186.39
34.036
1.313
11.149
116.07
1.2298
1.7516
107.74
1.7107
1192.34
34.056
1.3138
11.251
114.51
1.2638
1.8255
106.27
1.6965
1183.35
33.669
1.2958
10.92
112.54
1.2640
1.8673
106.71
1.6869
1167.53
33.214
1.3299
11.03
113.10
Exchange rate1
Euro area (E).........
United Kingdom (f).
Japan (Y)
Singapore (S$)......
South Korea (W)....
Taiwan (NT$).........
Canada (Can$)......
Mexico (Ps)
United States ($)....
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 nominal foreign exchange value of the U.S. dollar against the
currencies of a broad index group of major U.S. trading partners from a base of January 1997=100. For other countries,
figures are in currency units per U.S. dollar.
2. Unemployment and GDP figures are revised regularly.
Sources: Exchange rates are from the Board of Governors of the Federal Reserve System. Indexes of stock market
1.1365
1.6221
118.7
1.7551
1181.16
34.396
1.3821
10.458
118.57
prices are calculated from data taken from finance oriented Web sites and are rebased to 2000=100 to facilitate compari
sons. Other series are drawn from the W sites of the statistical agencies of the countries shown.
eb
N ote. In 2003, 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 -74
April 2004
I. C harts
THE U.S. IN THE INTERNATIONAL ECONOMY
B illio n $
B illio n $
30 |—
40 r
BALANCE ON CURRENT ACCOUNT
COMPONENTS OF CURRENT ACCOUNT BALANCE
Services
Unilateral transfers
150
i i i i i i i i i i i i i i .T" "I" "I I I I I
82
84
86
88
90
92
94
96
98
00
82
02
B illio n $
84
86
88
90
92
94
96
98
00
02
B illio n $
160
CAPITAL FLOWS ON U.S. DIRECT INVESTMENT ABROAD
AND FOREIGN DIRECT INVESTMENT IN THE UNITED STATE S
SECURITIES TRANSACTIONS
Net foreign purchases of U.S. securities.
USDIA
Net U.S. purchases of foreign securities
B illio n $
B illio n $
400
10,000
EXPORTS AND IMPORTS OF GOODS AND SERVICES
NET INTERNATIONAL INVESTMENT POSITION
VALUED AT CURRENT COST
Foreign assets in the United States
U.S. assets abroad
Net investment position
50
“
82
I
84
I
I
I
86
U.S. Bureau of Economic Analysis
I
88
I
90
I
I
92
I
I
94
I
I
96
I
I
98
I
I
00
I
I
02
r
-4,000
\
82
I
84
I
I
86
I
I
88
I
I
90
I
I
92
I
I
94
I
I
96
I
I
98
I
I
00
I
T
02
D -75
April 2004
Regional Data
J. S tate and R egional Tables
The tables in this section include the m ost recent estimates o f state personal income and gross state product. The
sources o f these estimates are noted.
The quarterly and annual estimates o f state personal income and the estimates o f gross state product are
available on CD -R O M . For inform ation on state personal income, e-mail reis.remd@bea.gov; write to the
Regional Econom ic Inform ation System, BE-55, Bureau o f Econom ic Analysis, U.S. Departm ent o f Commerce,
W ashington, DC 20230; or call 202-606-5360. For inform ation on gross state product, e-mail gspread@ bea.gov;
write to the Regional Econom ic Analysis Division, BE-61, Bureau o f Econom ic Analysis, U.S. D epartm ent o f
Com merce, Washington, D C 20230; or call 202-606-5340.
Table J.1. Personal Income by State and Region
[Millions of dollars, seasonally adjusted at annual rates]
1999
2000
2001
2002
Percent
change1
2003
Area name
IV
United S tates.... 7,953,561
New England............
472,228
Connecticut...........
133,597
Maine.....................
31,228
Massachusetts......
223,830
New Hampshire.....
38,300
Rhode Island.........
29,334
Vermont.................
15,939
Mideast..................... 1,478,613
Delaware...............
23,229
District of Columbia
21,181
Maryland...............
170,617
New Jersey............
295,035
New York...............
619,371
Pennsylvania.........
349,180
Great Lakes.............. 1,276,384
Illinois....................
381,355
Indiana...................
157,602
Michigan................
280,785
Ohio.......................
309,656
Wisconsin..............
146,985
Plains........................
525,456
Iowa.......................
74,855
Kansas..................
72,199
Minnesota..............
150,723
Missouri.................
146,660
Nebraska...............
46,741
North Dakota.........
15,307
South Dakota.........
18,971
Southeast................. 1,753,053
Alabama................
102,191
Arkansas ...............
57,013
Florida...................
431,669
Georgia..................
218,724
Kentucky................
93,383
Louisiana...............
100,586
Mississippi.............
57,916
206,935
North Carolina.......
South Carolina.......
93,051
Tennessee.............
144,055
Virginia..................
209,459
West Virginia.........
38,070
Southwest................
795,211
Arizona..................
123,358
New Mexico...........
38,396
Oklahoma..............
79,144
Texas .....................
554,313
Rocky Mountain.......
246,228
Colorado................
133,367
Idaho.....................
29,778
Montana................
19,925
Utah.......................
49,960
Wyoming................
13,199
Far West................... 1,406,387
Alaska....................
17,974
California............... 1,026,338
Hawaii....................
33,113
Nevada .................
56,986
Oregon..................
91,234
Washington............
180,741
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
8,203,951
492,587
137,801
32,059
235,826
40,481
30,101
16,318
1,533,630
23,706
22,333
176,498
306,809
647,339
356,945
1,312,492
392,581
162,336
291,251
316,931
149,392
534,339
76,108
71,753
154,381
150,470
46,642
15,726
19,260
1,798,309
103,738
57,854
444,157
226,268
96,542
101,827
58,563
212,844
95,124
147,282
215,466
38,644
819,754
129,117
38,764
80,479
571,394
252,336
136,641
30,544
20,249
51,426
13,477
1,460,503
18,489
1,069,569
33,642
58,401
93,634
186,768
8,340,516
499,629
140,406
32,757
238,462
40,773
30,489
16,743
1,567,335
24,231
22,689
179,203
316,979
661,036
363,197
1,325,439
398,686
164,309
292,004
318,569
151,869
546,218
77,676
73,639
158,125
153,761
47,414
16,097
19,505
1,828,832
105,257
58,562
452,177
229,859
97,668
103,306
59,561
216,603
97,267
149,179
220,039
39,354
833,799
129,404
39,593
82,367
582,434
259,527
141,846
31,075
20,593
52,319
13,693
1,479,739
18,694
1,085,862
34,291
59,989
95,150
185,753
8,481,243
510,551
142,688
33,121
245,457
41,521
30,977
16,788
1,589,291
24,672
22,938
182,368
321,275
669,618
368,419
1,339,837
405,376
166,165
293,583
321,035
153,677
553,792
78,421
75,309
160,570
155,682
48,088
16,153
19,569
1,854,115
105,904
59,672
459,035
233,463
98,868
104,252
60,068
219,838
98,213
151,095
224,073
39,634
849,525
131,811
39,945
83,896
593,873
265,102
146,085
31,333
20,967
52,885
13,832
1,519,030
18,942
1,122,375
34,504
60,602
96,589
186,018
8,569,774
517,235
144,758
33,529
248,107
42,285
31,396
17,160
1,621,161
25,209
23,434
185,696
327,824
685,055
373,942
1,347,657
410,567
165,361
294,304
322,078
155,348
557,165
78,715
74,825
163,070
156,483
48,252
16,111
19,709
1,874,225
107,041
59,633
465,884
236,058
99,780
105,135
60,195
221,626
99,036
152,187
227,532
40,118
857,947
133,853
40,467
84,982
598,645
268,181
147,601
31,754
21,166
53,442
14,219
1,526,203
19,099
1,124,911
35,099
61,604
96,659
188,832
8,651,750
523,494
146,423
34,234
250,661
42,913
31,817
17,447
1,631,068
25,256
23,144
188,357
326,632
691,345
376,335
1,358,650
413,332
168,181
295,843
324,581
156,713
562,952
79,391
76,291
164,055
157,920
49,123
16,304
19,868
1,895,842
108,598
60,661
470,309
238,069
100,459
107,373
61,420
223,903
100,603
152,906
230,869
40,671
871,240
135,545
41,451
85,713
608,532
270,900
148,921
32,064
21,523
54,120
14,271
1,537,604
19,332
1,133,205
35,467
62,527
98,003
189,070
8,669,238
521,469
145,899
34,394
248,883
42,752
31,919
17,622
1,628,112
25,609
23,324
189,786
327,969
683,685
377,739
1,360,352
411,904
168,290
296,181
326,608
157,369
565,546
79,654
76,556
164,632
158,745
49,476
16,398
20,086
1,909,663
109,319
61,067
475,131
239,184
100,953
108,618
61,739
224,212
100,513
153,934
233,930
41,063
871,512
136,991
41,979
86,339
606,204
271,833
148,426
32,365
21,740
54,787
14,516
1,540,750
19,673
1,130,001
35,462
63,415
97,966
194,232
8,697,083
520,807
145,327
34,585
248,235
42,729
32,245
17,685
1,632,447
25,850
23,276
190,747
329,812
682,727
380,035
1,367,434
414,358
169,060
297,092
328,330
158,594
569,173
80,152
77,327
165,126
159,866
49,887
16,533
20,282
1,918,954
109,808
61,559
478,106
240,715
101,830
110,287
62,092
224,210
101,332
154,928
232,735
41,353
877,630
138,663
42,630
86,925
609,412
272,434
148,132
32,515
22,015
55,027
14,744
1,538,203
19,793
1,128,191
35,805
63,839
98,167
192,407
8,691,889
519,362
144,542
34,753
247,332
42,722
32,261
17,752
1,631,164
25,780
23,305
191,170
330,559
681,059
379,292
1,364,979
412,582
168,955
296,806
327,985
158,651
569,280
80,093
77,138
165,325
159,843
50,084
16,452
20,347
1,921,712
109,825
61,927
478,882
241,046
101,649
110,991
62,437
224,050
101,158
154,751
233,388
41,608
878,046
138,125
42,982
87,221
609,717
271,806
147,475
32,507
21,799
55,122
14,904
1,535,539
19,842
1,128,075
35,766
63,020
97,967
190,868
8,772,204
524,249
147,269
35,481
247,765
43,055
32,779
17,900
1,644,672
25,929
24,204
194,304
337,578
676,590
386,067
1,373,198
415,157
171,072
295,932
330,130
160,906
576,036
81,814
77,875
167,189
161,919
50,408
16,787
20,043
1,944,902
111,057
62,408
485,611
243,028
103,365
112,155
63,376
227,740
102,912
156,391
234,661
42,198
882,369
140,528
43,677
86,961
611,202
273,963
147,880
33,294
22,270
55,522
14,996
1,552,816
20,091
1,138,401
36,757
64,384
98,842
194,342
8,881,691
531,524
148,249
35,858
252,257
43,865
33,202
18,093
1,662,445
26,090
24,677
196,862
338,845
686,279
389,692
1,396,144
420,863
173,169
304,930
334,343
162,839
580,552
82,375
77,967
169,755
162,979
50,774
16,608
20,095
1,968,792
112,093
63,291
493,048
245,628
104,583
113,505
63,990
228,855
104,156
158,810
238,366
42,467
892,577
142,215
44,098
87,622
618,643
275,997
149,421
33,221
22,490
55,771
15,095
1,573,659
20,273
1,152,672
37,244
65,121
100,211
198,138
8,927,635
532,245
148,840
36,141
251,714
43,847
33,467
18,238
1,668,240
26,175
24,768
198,005
341,099
685,909
392,285
1,402,919
420,922
174,777
306,682
336,601
163,937
585,711
82,803
78,418
171,656
164,041
51,397
16,931
20,466
1,979,094
113,036
63,686
495,859
246,123
105,556
113,982
64,523
229,994
104,718
159,256
239,670
42,689
896,253
143,274
44,438
88,168
620,373
277,739
149,961
33,695
22,862
55,952
15,271
1,585,435
20,607
1,160,385
37,570
65,891
100,896
200,086
8,982,839
533,241
148,486
36,483
252,127
44,047
33,659
18,439
1,674,725
26,143
25,393
199,454
342,035
687,503
394,198
1,409,904
422,491
176,538
307,437
338,255
165,182
589,532
83,577
79,028
171,969
165,471
51,767
17,059
20,660
1,995,385
114,183
64,464
501,588
248,050
106,548
115,257
65,077
230,836
105,420
160,411
240,605
42,944
902,617
144,881
45,193
88,522
624,021
279,810
150,665
34,129
22,979
56,568
15,469
1,597,627
20,898
1,169,530
38,016
66,889
101,974
200,319
9,057,680
538,181
150,866
37,011
252,895
44,424
34,413
18,571
1,685,937
26,731
24,988
200,338
345,818
689,228
398,833
1,417,554
424,276
177,379
307,968
340,827
167,102
598,651
85,500
80,422
173,352
166,740
53,239
17,787
21,610
2,019,529
116,119
65,052
505,386
252,333
107,330
115,964
66,489
234,192
107,187
162,261
243,809
43,406
908,147
146,021
45,453
89,338
627,335
281,350
151,187
34,666
23,093
56,800
15,604
1,608,331
20,896
1,176,483
38,689
68,028
102,141
202,094
9,144,434
541,195
151,227
37,241
254,749
44,785
34,408
18,784
1,706,806
27,011
25,263
203,040
348,854
700,133
402,505
1,429,236
428,002
178,740
311,347
342,900
168,247
603,516
86,099
80,401
175,683
167,858
53,653
17,980
21,841
2,031,701
116,271
65,618
511,191
252,767
108,217
117,351
66,633
233,826
107,266
163,405
245,534
43,622
919,452
148,477
46,109
90,184
634,683
283,624
152,040
34,823
23,527
57,432
15,801
1,628,904
21,202
1,191,379
38,950
68,629
103,053
205,690
9,248,017
546,076
152,249
37,606
257,126
45,318
34,783
18,994
1,724,203
27,278
25,445
205,031
352,001
707,533
406,915
1,442,726
432,607
180,831
313,184
346,219
169,884
611,825
87,618
81,536
177,732
170,108
54,373
18,252
22,206
2,056,564
117,745
66,489
517,516
256,823
109,511
118,864
67,542
236,424
108,223
165,496
247,887
44,043
931,723
150,546
46,873
91,434
642,870
286,548
152,992
35,586
23,911
58,044
16,016
1,648,351
21,527
1,204,509
39,355
69,811
104,332
208,817
1. Percent change was calculated from unrounded data.
N o te . 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 (NIPAs) 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
2003:ll2003:lll
1.1
0.9
0.7
1.0
0.9
1.2
1.1
1.1
1.0
1.0
0.7
1.0
0.9
1.1
1.1
0.9
1.1
1.2
0.6
1.0
1.0
1.4
1.8
1.4
1.2
1.3
1.3
1.5
1.7
12
1.3
1.3
1.2
1.6
1.2
1.3
1.4
1.1
0.9
1.3
1.0
1.0
1.3
1.4
1.7
1.4
1.3
1.0
0.6
2.2
1.6
1.1
1.4
12
1.5
1.1
1.0
1.7
1.2
1.5
the NIFA 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 “State Personal Income: Third Quarter 2003” in the February 2004 issue of the S urvey o f C urrent Bush
ness .
D -7 6
Regional D ata
April 2004
Table J.2. Annual Personal Income and Per Capita Personal Income for States and Regions
Personal income
Area name
1997
U States.........
nited
N England.................
ew
Connecticut....................
Maine
Massachusetts...............
New Hampshire..............
Rhode Island..................
Vermont
M
ideast
Delaware
District of Columbia........
Maryland
New Jersey.....................
New York
Pennsylvania..................
G Lakes..................
reat
Illinois.............................
Indiana............................
Michigan.........................
Ohio................................
Wisconsin.......................
Plains..........................
Iowa................................
Kansas...........................
Minnesota.......................
Missouri..........................
Nebraska........................
North Dakota..................
South Dakota..................
Southeast.....................
Alabama.........................
Arkansas........................
Florida............................
Georgia...........................
Kentucky.........................
Louisiana........................
Mississippi......................
North Carolina................
South Carolina................
Tennessee......................
Virginia...........................
West Virginia..................
Southwest....................
Arizona...........................
New Mexico....................
Oklahoma.......................
Texas ..............................
R M
ocky ountain.............
Colorado
Idaho
Montana
Utah..
Wyoming
Far W
est
Alaska
California
Hawaii
Nevada
Oregon...........................
Washington.....................
Per capita personal income1
Millions of dollars
1998
6,928,545
408,231
116,421
27,773
191,596
32,397
26,293
13,752
1,315,810
20,145
19,135
148,826
260,705
553,543
313,457
1,138,557
340,594
139,459
250,216
279,367
128,920
462,173
67,938
63,728
129,020
131,144
40,724
13,332
16,288
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
677,462
103,702
34,860
69,951
468,950
206,847
108,765
25,226
17,726
43,696
11,433
1,187,299
16,488
861,557
31,218
47,258
80,575
150,203
7,418,497
437,134
124,880
29,469
205,176
35,198
27,673
14,738
1,400,562
21,879
20,255
158,501
278,788
590,406
330,733
1,206,886
362,081
149,318
264,520
293,208
137,759
493,714
71,280
67,896
140,031
138,987
43,313
14,709
17,497
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
736,392
112,895
36,857
74,677
511,964
223,322
118,413
27,066
18,942
46,772
12,129
1,281,057
17,138
931,564
31,841
52,017
85,305
163,192
1999
7,779,521
459,782
130,579
30,680
217,066
37,121
28,762
15,575
1,458,307
22,716
20,785
167,360
288,796
616,292
342,357
1,252,336
373,813
154,405
276,187
304,342
143,589
512,453
72,908
69,997
147,151
143,814
45,293
14,848
18,442
1,718,850
100,422
55,919
425,157
213,508
91,218
99,052
56,799
202,455
91,075
141,046
204,727
37,472
775,029
120,264
37,725
77,512
539,527
238,547
128,386
28,901
19,405
48,923
12,931
1,364,218
17,600
995,326
32,626
55,439
89,080
174,148
2000
8,398,871
505,001
141,413
32,867
241,963
41,265
30,741
16,752
1,577,854
24,455
22,849
180,941
318,222
665,762
365,626
1,331,356
401,803
164,543
292,786
319,653
152,572
547,878
77,730
73,882
159,037
154,099
47,599
16,022
19,511
1,838,870
105,485
58,930
455,313
231,412
98,215
103,630
59,597
217,727
97,410
149,936
221,778
39,438
840,256
131,046
39,692
82,931
586,587
261,286
143,043
31,177
20,744
52,518
13,805
1,496,369
18,806
1,100,679
34,384
60,149
95,508
186,843
2001
8,677,490
521,283
145,548
34,491
248,778
42,779
32,061
17,627
1,630,698
25,624
23,262
190,015
328,743
684,704
378,350
1,362,854
413,044
168,622
296,480
326,876
157,832
566,738
79,822
76,828
164,784
159,093
49,642
16,422
20,146
1,911,543
109,388
61,304
475,607
239,754
101,223
109,317
61,922
224,094
100,902
154,130
232,730
41,174
874,607
137,331
42,260
86,550
608,466
271,743
148,239
32,363
21,769
54,764
14,609
1,538,024
19,660
1,129,868
35,625
63,200
98,026
191,645
2002
8,891,093
530,315
148,211
35,991
250,966
43,703
33,276
18,167
1,662,520
26,084
24,760
197,156
339,889
684,070
390,560
1,395,541
419,858
173,889
303,745
334,832
163,216
582,958
82,642
78,322
170,142
163,603
51,086
16,846
20,316
1,972,043
112,592
63,463
494,027
245,707
105,013
113,725
64,242
229,356
104,302
158,717
238,325
42,575
893,454
142,725
44,352
87,818
618,560
276,877
149,481
33,585
22,650
55,953
15,208
1,577,384
20,467
1,155,247
37,397
65,571
100,481
198,221
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.
N o te . 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 (NIPAs) because of differences in coverage,
Percent
change2
2.5
1.7
1.8
4.3
0.9
2.2
3.8
3.1
2.0
1.8
6.4
3.8
3.4
-0.1
3.2
2.4
1.6
3.1
2.5
2.4
3.4
2.9
3.5
1.9
3.3
2.8
2.9
2.6
0.8
3.2
2.9
3.5
3.9
2.5
3.7
4.0
3.7
2.3
3.4
3.0
2.4
3.4
2.2
3.9
4.9
1.5
1.7
1.9
0.8
3.8
4.0
2.2
4.1
2.6
4.1
2.2
5.0
3.8
2.5
3.4
Dollars
1997
25,412
29,924
34,759
22,134
30,773
27,238
25,643
23,026
28,868
26,807
33,704
28,857
31,720
29,670
25,635
25,589
27,950
23,418
25,509
24,772
24,481
24,517
23,499
24,182
27,086
23,926
24,148
20,520
21,885
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
22,868
21,892
19,641
20,739
23,756
23,651
27,067
20,534
19,920
20,613
23,360
26,353
26,898
26,521
25,765
26,789
24,385
26,469
1998
26,893
31,829
37,108
23,404
32,714
29,187
26,837
24,547
30,565
28,662
35,836
30,455
33,640
31,478
27,008
26,983
29,505
24,891
26,860
25,921
26,004
26,001
24,555
25,519
29,092
25,171
25,541
22,716
23,453
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
24,352
23,118
20,551
21,930
25,398
25,041
28,764
21,612
21,225
21,594
24,714
27,972
27,645
28,240
26,201
28,069
25,446
28,285
1999
27,880
33,227
38,560
24,218
34,360
30,377
27,645
25,757
31,630
29,312
36,452
31,851
34,547
32,638
27,916
27,849
30,246
25,543
27,906
26,849
26,926
26,787
24,989
26,134
30,194
25,857
26,569
23,046
24,576
25,067
22,668
21,087
26,978
26,536
22,702
22,205
20,082
25,468
22,914
25,014
29,246
20,682
25,141
23,939
20,865
22,551
26,244
26,230
30,380
22,656
21,621
22,203
26,294
29,335
28,170
29,712
26,957
28,655
26,247
29,807
2000
29,760
36,195
41,446
25,732
38,034
33,266
29,257
27,465
34,013
31,092
39,970
34,060
37,734
35,041
29,759
29,437
32,297
27,010
29,408
28,130
28,389
28,430
26,540
27,439
32,231
27,493
27,781
24,990
25,815
26,456
23,694
22,000
28,366
28,103
24,258
23,185
20,920
26,939
24,209
26,290
31,210
21,821
26,761
25,361
21,788
24,007
27,992
28,194
33,060
23,987
22,961
23,410
27,941
31,694
29,960
32,363
28,354
29,794
27,836
31,605
2001
30,413
37,096
42,377
26,853
38,864
33,969
30,256
28,756
34,952
32,166
40,539
35,279
38,625
35,878
30,752
29,986
32,990
27,522
29,629
28,699
29,196
29,257
27,225
28,432
33,059
28,221
28,861
25,798
26,566
27,169
24,477
22,750
29,048
28,523
24,878
24,454
21,653
27,308
24,840
26,808
32,338
22,862
27,350
25,878
23,081
24,945
28,472
28,819
33,455
24,506
24,044
24,033
29,587
32,025
31,027
32,655
29,034
30,128
28,222
31,976
2002
30,832
37,494
42,829
27,804
39,044
34,276
31,107
29,464
35,434
32,307
43,371
36,121
39,567
35,708
31,663
30,555
33,320
28,233
30,222
29,317
29,996
29,942
28,141
28,838
33,895
28,841
29,544
26,567
26,694
27,683
25,096
23,417
29,559
28,703
25,657
25,370
22,370
27,566
25,395
27,378
32,676
23,628
27,419
26,157
23,908
25,136
28,401
28,926
33,170
25,042
24,906
24,157
30,494
32,344
31,792
32,898
30,040
30,169
28,533
32,661
Rankin
U.S.
1
33
3
6
16
24
13
4
2
5
15
8
31
18
25
21
32
27
7
26
23
37
36
43
49
22
28
39
41
50
34
40
35
11
48
38
47
42
30
9
44
45
46
17
14
10
20
19
29
12
in the methodologies used to prepare the estimates, and in the timing of the availability of source data. In particular, it
differs from the NIFA 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: First Quarter 2003 and Revised 2002” in the August 2003 issue of the
S urvey o f C urrent B usin ess .
A p ril 2 0 0 4
D -77
S u r v e y o f C u r r e n t B u s in e s s
Table J.3. Disposable Personal Income and Per Capita Disposable Personal Income for States and Regions
Disposable personal income
Area name
1997
U States..........
nited
N England.................
ew
Connecticut....................
Maine..............................
Massachusetts...............
New Hampshire..............
Rhode Island..................
Vermont..........................
M
ideast........................
Delaware........................
District of Columbia........
Maryland........................
New Jersey.....................
New York........................
Pennsylvania..................
5,960,749
342,605
95,724
24,200
159,674
28,200
22,851
11,955
1,114,511
16,987
16,120
125,597
220,964
464,468
270,375
Great Lakes..................
975,464
1998
6,349,151
364,015
101,699
25,480
169,596
30,578
23,898
12,764
1,178,249
18,470
16,921
133,060
234,080
491,784
283,933
6,621,490
379,850
105,647
26,439
177,512
31,985
24,800
13,467
1,218,066
19,169
17,080
140,240
240,074
508,124
293,380
2000
7,113,634
410,995
113,079
28,184
193,936
35,151
26,249
14,397
1,313,155
20,624
18,715
150,839
263,055
547,203
312,719
2001
7,386,598
429,722
117,445
29,700
202,977
36,797
27,568
15,235
1,363,967
21,737
19,085
159,164
274,376
565,168
324,435
2002
7,778,520
453,483
124,516
31,718
213,268
38,615
29,293
16,072
1,432,002
Dollars
1997
1998
1999
21,863
25,114
23,016
26,505
23,730
27,450
25,206
29,458
31,198
20,871
28,099
26,174
23,836
22,272
33,142
22,065
30,485
28,337
24,983
23,603
25,714
26,419
28,307
5.3
5.5
6.0
6.8
5.1
4.9
6.3
5.5
28,580
19,286
25,646
23,709
22,286
20,018
5.0
24,452
22,624
21,059
169,147
293,008
583,205
342,959
4.1
10.3
6.3
6.8
3.2
5.7
1,165,051
1,222,381
4.9
5.1
22,605
28,393
24,353
26,885
24,896
22,111
30,219
20,236
27,041
25,356
23,176
21,258
24,196
29,937
25,566
28,245
26,220
23,186
1,135,687
316,698
132,864
235,134
260,394
121,619
340,103
142,187
250,086
273,184
130,127
425,703
442,180
471,590
488,749
513,542
73,662
68,965
147,061
144,944
45,195
15,249
18,466
5.7
4.2
5.5
5.2
5.1
4.3
2.5
20,509
20,913
22,921
20,799
21,069
18,244
19,684
21,421
22,045
24,516
21,796
22,184
20,297
21,109
1,336,061
1,423,978
1,489,666
1,591,256
1,657,731
1,749,719
100,962
56,831
438,003
215,896
92,703
102,500
58,607
201,761
93,249
144,299
206,667
38,241
5.5
4.9
5.5
6.5
5.0
5.8
5.9
5.5
4.5
5.7
5.0
5.6
5.0
18,394
17,325
21,709
20,605
18,194
18,419
16,653
20,284
18,364
20,300
22,554
17,141
291,507
119,826
214,500
239,900
109,732
Plains..........................
399,625
Southeast.....................
Southwest....................
Iowa..
Kansas
Minnesota
Missouri
Nebraska........................
North Dakota..................
South Dakota..................
59,294
55,113
109,183
114,001
35,531
11,853
14,650
80,342
45,063
329,682
158,350
71,915
81,431
46,245
155,311
70,880
111,632
154,028
31,182
1,029,255
1999
Percent
change2
1,066,709
Illinois.............................
Indiana............................
Michigan.........................
Ohio................................
Wisconsin.......................
Alabama.........................
Arkansas ........................
Florida............................
Georgia...........................
Kentucky.........................
Louisiana........................
Mississippi......................
North Carolina................
South Carolina................
Tennessee......................
Virginia...........................
West Virginia..................
Per capita disposable personal income1
Millions of dollars
307,987
128,475
225,186
250,838
116,768
62,181
58,652
118,006
120,352
37,620
13,143
15,748
84,855
47,302
351,912
171,711
76,215
86,139
49,256
165,760
75,481
119,346
163,510
32,491
63,446
60,312
124,969
124,434
39,267
13,247
16,506
88,267
49,179
368,621
182,801
78,682
87,749
50,744
173,925
79,283
125,546
171,743
33,128
67,875
63,535
133,951
133,323
41,133
14,297
17,476
92,749
51,684
392,530
197,747
84,974
91,613
53,307
186,877
85,040
133,732
186,170
34,834
350,333
146,053
253,620
279,754
135,291
69,689
66,162
139,411
137,821
43,021
14,623
18,021
96,291
53,882
411,117
205,629
87,582
96,752
55,538
193,094
88,247
137,460
195,722
36,416
366,070
153,875
266,749
292,386
143,300
4.5
5.4
5.2
4.5
5.9
21,924
23,011
25,097
21,417
22,866
22,175
22,041
25,625
21,979
23,758
22,972
22,806
21,199
22,420
23,113
20,044
21,056
21,725
19,265
18,011
22,724
21,836
19,124
19,399
17,561
21,226
19,259
21,426
23,694
17,895
596,546
90,217
30,758
61,222
414,349
645,743
679,260
732,944
765,749
800,718
4.6
20,137
21,354
Rocky M
ountain.............
178,194
191,724
203,763
221,953
232,166
242,485
4.4
20,375
21,498
Far West......................
1,017,744
1,090,483
1,141,995
1,236,055
1,283,464
1,364,190
6.3
22,590
92,927
22,044
15,621
37,715
9,886
Colorado.........................
Idaho..............................
Montana.........................
Utah...............................
Wyoming.........................
Alaska.............................
California........................
Hawaii.............................
Nevada...........................
Oregon ...........................
Washington.....................
14,497
735,173
27,371
41,126
68,539
131,039
100,489
23,639
16,670
40,460
10,466
15,003
789,557
27,846
44,903
72,660
140,515
103,783
33,169
67,783
474,525
108,384
25,119
17,023
42,113
11,123
15,430
827,718
28,431
47,692
75,394
147,329
113,010
34,702
72,358
512,874
120,009
26,884
18,150
45,154
11,757
16,444
898,615
29,862
51,533
80,343
159,258
119,024
37,079
75,646
533,999
125,325
28,078
19,096
47,182
12,484
17,189
934,447
31,046
54,304
83,130
163,348
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.
N o te . 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 (NIPAs) because of differences in coverage,
126,808
39,751
78,176
555,983
129,666
29,941
20,236
49,310
13,332
18,271
993,302
33,258
57,893
87,270
174,196
6.5
7.2
3.3
4.1
3.5
6.6
6.0
4.5
6.8
6.3
6.3
7.1
6.6
5.0
6.6
23,721
23,922
20,121
21,868
21,273
20,837
Arizona...........................
New Mexico....................
Oklahoma.......................
Texas ..............................
97,615
32,496
65,310
450,321
24,734
29,953
26,690
28,718
26,909
23,922
19,045
17,330
18,151
20,990
23,126
17,944
17,554
17,792
20,199
23,650
22,630
22,590
23,313
20,742
23,092
19,989
18,119
19,179
22,340
24,410
18,876
18,679
18,680
21,324
23,811
24,201
23,935
22,914
24,230
21,674
24,354
21,746
22,518
25,643
22,372
23,033
20,561
21,996
2000
2001
25,889
30,580
34,195
23,122
31,709
29,218
26,016
24,853
29,235
26,222
32,739
28,393
31,192
28,801
25,453
27,288
33,260
29,551
32,237
29,614
26,370
25,111
25,634
27,338
23,340
25,119
24,040
24,213
27,981
23,839
25,346
24,562
25,026
24,472
25,231
23,175
23,596
27,147
23,786
24,007
22,299
23,124
22,894
19,924
18,545
23,390
22,720
19,582
19,671
17,941
21,879
19,947
22,265
24,534
18,285
20,833
19,295
24,455
24,015
20,987
20,496
18,712
23,122
21,135
23,448
26,199
19,274
22,034
23,343
2002
26,974
32,062
35,982
24,503
33,179
30,285
27,384
26,066
30,521
28,021
36,888
30,990
34,109
30,443
27,804
26,377
23,769
24,485
27,969
24,448
25,012
22,973
23,764
25,083
25,393
29,297
25,552
26,137
24,048
24,263
23,562
24,562
21,547
19,996
25,109
24,463
21,525
21,643
19,421
23,531
21,724
23,909
27,196
20,220
22,504
20,970
26,207
25,221
22,650
22,866
20,408
24,250
22,704
24,891
28,336
21,223
21,871
19,048
20,947
24,475
22,428
20,252
21,803
24,987
23,946
24,573
22,405
23,950
24,621
28,284
21,262
21,092
20,706
25,283
25,333
28,773
22,325
22,251
21,289
26,734
24,556
26,181
26,725
27,973
24,697
24,709
23,491
24,651
22,214
25,217
27,736
20,684
20,090
20,127
23,796
26,197
26,422
24,625
25,526
23,416
26,939
27,128
27,007
25,302
25,887
23,933
27,255
1
34
3
6
16
24
14
4
2
5
15
26,764
29,052
24,983
26,541
25,600
26,336
20,658
18,345
19,721
23,082
25,647
19,691
18,967
19,112
22,619
Rank in
U.S.
23,240
21,429
22,376
25,527
28,381
28,286
26,716
26,636
24,782
28,703
8
31
20
25
21
30
28
7
26
23
37
35
42
49
22
29
41
39
50
36
40
32
12
48
38
46
43
27
9
44
45
47
17
11
13
18
19
33
10
in the methodologies used to prepare the estimates, and in the timing of the availability of source data. In particular, it
differs from the NIFft 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 2 in “Personal Income by State: First Quarter 2003 and Revised 2002" in the August 2003 issue of the
S urvey of C urrent B usin ess .
D -7 8
Regional D ata
April 2004
Table J.4. Gross State Product (GSP) by Industry for States and Regions, 2001
[Millions of dollars]
State and region
Rank of
total GSP
U States.........
nited
N England.................
ew
Connecticut....................
Maine.............................
Massachusetts...............
New Hampshire..............
Rhode Island..................
Vermont..........................
22
42
11
38
43
49
M
ideast........................
Delaware........................
District of Columbia
Maryland........................
New Jersey.....................
New York........................
Pennsylvania..................
G Lakes..................
reat
Illinois.............................
Indiana............................
Michigan.........................
Ohio................................
Wisconsin.......................
Plains..........................
Iowa................................
Kansas...........................
Minnesota.......................
Missouri..........................
Nebraska........................
North Dakota..................
South Dakota..................
Southeast.....................
Alabama.........................
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina................
South Carolina................
Tennessee
Virginia
West Virginia..................
Southwest
Arizona
New Mexico....................
Oklahoma
Texas..............................
41
15
8
2
6
5
16
9
7
20
30
31
17
19
36
50
46
25
34
4
10
26
24
35
12
28
18
13
40
23
37
29
3
R M
ocky ountain.............
Colorado.........................
Idaho..............................
Montana.........................
Utah...............................
Wyoming.........................
Far West......................
Alaska.............................
California........................
Hawaii.............................
Nevada...........................
Oregon ...........................
Washington.....................
21
44
47
33
48
45
1
39
32
27
14
Total GSP
10,137,190
594,686
166,165
37,449
287,802
47,183
36,939
19,149
1,900,223
40,509
64,459
195,007
365,388
826,488
408,373
1,536,991
475,541
189,919
320,470
373,708
177,354
647,904
90,942
87,196
188,050
181,493
56,967
19,005
24,251
2,205,625
121,490
67,913
491,488
299,874
120,266
148,697
67,125
275,615
115,204
182,515
273,070
42,368
1,073,842
160,687
55,426
93,855
763,874
324,139
173,772
36,905
22,635
70,409
20,418
1,853,781
28,581
1,359,265
43,710
79,220
120,055
222,950
Agriculture,
forestry, and
fishing
140,650
4,563
1,152
725
1,683
365
234
403
12,092
Mining
139,040
320
129
5
99
37
14
36
3,922
Construction
Manufacturing
Transportation
and public
utilities
480,013
26,205
1,422,990
78,655
819,464
34,833
5,898
1,723
13,512
2,282
1,922
868
75,070
387
25
1,798
2,060
3,729
4,093
2
22
157
299
657
2,785
1,598
578
11,319
15,749
27,372
18,453
16,840
4,494
74,687
4,303
2,458
2,993
3,506
3,579
1,050
668
915
1,573
288
16,965
3,598
3,454
2,392
3,166
2,506
2,772
1,004
1,671
33,751
203
1,266
753
459
129
658
129
40,281
2,427
2,263
7,753
4,188
2,498
1,308
1,879
5,218
1,506
1,926
2,444
343
1,483
496
730
1,126
2,235
28,114
740
511
162
516
1,154
3,013
15,417
59,682
2,605
1,270
1,967
9,575
7,126
1,183
5,224
5,386
47,890
10,174
2,738
2,143
860
874
511
3,068
156
838
1,323
4,789
33,896
16,568
497
24,435
504
629
3,075
4,757
5,590
8,623
33
1,761
156
405
23,556
9,971
16,012
16,537
8,611
32,174
3,951
4,051
9,982
9,619
2,712
896
963
111,379
5,929
3,368
26,974
15,307
5,635
6,482
3,098
14,101
6,825
8,173
13,338
2,149
53,897
9,701
2,418
3,933
37,846
21,175
11,827
2,585
1,313
4,357
1,094
85,426
1,384
57,712
1,891
7,523
5,893
11,024
N o te . 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
stationed abroad and government consumption of fixed capital for military structures located abroad and for military equip-
24,277
5,239
34,427
7,610
4,105
2,998
208,027
5,235
762
13,963
42,068
77,701
68,297
315,515
68,339
51,647
73,937
79,603
41,988
104,786
19,112
14,053
29,801
30,442
6,994
1,641
2,744
320,110
21,626
13,136
29,038
43,489
30,297
17,416
12,041
58,923
23,124
34,166
31,607
5,249
136,041
21,707
7,545
13,034
93,754
32,718
14,991
6,570
1,535
8,079
1,542
227,140
1,056
163,841
1,173
3,070
30,613
27,387
9,754
2,518
16,093
2,818
2,285
1,365
Wholesale
trade
680,683
37,940
10,004
2,198
19,443
3,359
1,830
1,107
Retail trade
Finance,
insurance, and
real estate
Services
Government
931,756
50,290
2,076,987
158,783
2,226,585
146,039
1,219,022
57,057
12,887
4,481
22,767
4,923
3,312
1,920
51,458
7,194
73,880
11,792
10,934
3,526
35,654
7,970
79,902
10,179
7,951
4,382
14,951
5,396
25,995
3,818
4,352
2,544
146,418
120,175
143,945
522,373
449,316
218,886
114,262
109,332
141,787
40,445
14,376
20,774
26,198
12,468
37,136
11,636
22,659
26,507
11,394
39,031
17,544
31,350
37,261
16,601
278,109
315,053
166,913
60,046
49,068
61,956
109,367
130,377
79,567
379,132
457,688
301,478
168,990
218,620
131,507
34,490
10,145
17,576
156,410
20,291
10,006
15,779
85,431
1,902
3,095
14,192
32,957
59,282
34,989
1,576
705
11,766
33,782
46,992
25,354
7,631
11,145
13,468
17,777
6,340
1,932
1,755
6,256
6,535
15,353
13,287
4,340
1,607
1,690
191,168
149,546
10,338
7,216
39,353
33,414
9,905
12,909
6,360
18,829
10,256
15,420
22,577
4,589
107,138
7,883
4,581
37,353
26,675
7,461
7,877
3,875
16,766
7,035
13,177
14,576
2,289
75,997
11,172
4,137
8,820
83,010
10,570
2,225
5,596
57,606
32,922
19,500
19,317
2,919
2,503
5,595
2,588
132,676
4,560
92,421
4,085
5,750
7,750
18,111
10,714
2,312
1,405
4,243
826
119,123
842
89,384
1,632
3,635
8,428
15,202
2,674
1,759
16,972
28,999
56,468
37,072
8,218
8,545
18,358
17,536
4,962
1,870
2,467
221,091
12,507
8,109
56,063
28,405
11,369
12,547
7,327
25,113
12,236
20,314
22,758
4,343
106,552
17,582
5,023
9,831
74,117
17,476
10,569
42,025
90,097
282,888
79,318
105,089
27,224
50,256
66,439
29,102
14,594
11,669
36,348
29,653
8,981
2,771
5,353
18,015
8,354
108,534
48,978
14,152
19,613
8,244
52,309
16,571
27,533
51,815
5,016
31,387
7,434
11,934
118,235
6,229
24,269
48,534
83,497
190,202
96,584
108,099
34,306
66,417
73,297
32,935
16,210
15,533
40,589
38,646
11,536
3,662
4,201
21,991
11,514
125,903
61,114
20,081
25,014
12,046
47,977
19,583
39,657
64,526
8,281
3,429
22,675
34,280
35,878
81,197
41,427
48,493
20,089
35,157
42,786
20,387
11,313
12,007
20,234
21,568
8,201
2,965
3,280
19,292
8,876
59,787
37,179
16,633
17,418
11,514
35,868
17,906
21,634
48,275
7,096
31,582
56,021
16,909
3,877
2,303
6,989
1,503
70,205
42,716
31,816
4,515
3,200
14,135
2,355
41,860
6,635
4,804
14,498
2,410
20,532
5,195
3,874
10,315
2,800
174,553
404,211
439,287
220,899
1,920
127,073
4,915
8,502
10,059
22,086
3,197
317,481
10,057
14,860
17,583
41,034
3,962
326,119
10,019
25,210
21,848
52,128
5,572
152,176
9,400
8,282
14,652
30,817
ment, except office equipment. Also, GSP and GDP have different revision schedules,
Source: This table reflects the GSP estimates for 2001 that were released on May 22, 2003. Detailed estimates are
available on BEA’s Web site at <www.bea.gov> under “State and local area data."
April 2004
D -79
K. Local A rea Table
Table K.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 1999-2001
Personal income
Area name
U States3..............
nited
M
etropolitan portion...................
N etropolitan portion.............
onm
C
onsolidated M
etropolitan
Statistical A
reas
Chicago-Gary-Kenosha, IL-IN-WI...........
Cincinnati-Hamilton, OH-KY-IN................
Cleveland-Akron, OH...............................
Dallas-Fort Worth, T X .............................
Denver-Boulder-Greeley, CO...................
Detroit-Ann Arbor-Flint, M l......................
Houston-Galveston-Brazoria, T X ............
Los Angeles-Riverside-Orange County,
CA........................................................
Miami-Fort Lauderdale, FL......................
Milwaukee-Racine, Wl.............................
New York-No. New Jersey-Long Island,
NY-NJ-CT-FA.......................................
Philadelphia-Wilmington-AtlanticCity,
PA-NJ-DE-MD.....................................
Portland-Salem, OR-WA.........................
Sacramento-\blo, CA ..............................
San Francisco-Oakland-San Jose, CA....
Seattle-Tacoma-Bremerton, WA..............
Washington-Baltimore, OC-MD-VA-WV...
Percent
change2
Millions of dollars
1999
2000
Per capita personal income1
2001
7,779,521 8,398,871 8,677,490
6,633,219 7,185,218 7,428,050
1,146,302 1,213,653 1,249,440
20002001
Rank
in
U.S.
Dollars
1999
2000
3.3 27,880 29,760
3.4 29,616 31,680
2.9 20,818 21,901
2001
Personal income
Area name
2001
Percent
change2
Millions of dollars
1999
30,413
32,336
22,472
Corvallis, OR...........................................
Cumberland, MD-WV..............................
Dallas, TX*...............................................
32,771 35,028 35,751
29,124 30,559 31,419
29,293 30,773 31,368
31,106 33,412 33,247
33,878 37,158 37,607
31,182 33,067 33,314
31,218 33,632 34,916
Danville, VA..............................................
Davenport-Moline-Rock Island, IA-IL......
Dayton-Springfield, OH...........................
Daytona Beach, FL.................................
Decatur, AL..............................................
Decatur, IL................................................
Denver, CO*.............................................
Des Moines, IA.........................................
2,194
9,264
26,119
10,763
3,403
3,058
71,496
13,766
Dothan, AL...............................................
Dover, DE.................................................
2000
2,317
2,191
2,114
2,014
125,424
113,010
Per capita personal income1
2001
20002001
Rank
in
U.S.
Dollars
1999
2000
2001
2001
2,403
2,201
126,926
3.7
4.1
1.2
27,995
19,656
32,774
29,650
20,756
35,383
30,709
21,694
34,697
78
302
33
2,319
9,791
27,251
11,533
3,540
3,194
80,516
14,545
2,335
9,988
27,811
12,040
3,695
3,222
83,704
15,318
0.7
2.0
2.1
4.4
4.4
0.9
4.0
5.3
19,894
25,753
27,402
22,114
23,432
26,563
34,515
30,550
21,074
27,283
28,677
23,273
24,236
27,901
37,924
31,777
21,280
27,879
29,340
23,827
25,233
28,417
38,513
32,991
304
138
103
264
215
123
17
47
140,791
3,072
2,877
149,689
3,228
3,047
151,753
3,330
3,084
14
3.1
1.2
31,716
22,360
22,906
33,665
23,386
23,974
34,035
24,030
23,940
37
254
260
298,061
57,342
86,292
159,254
85,768
169,736
143,594
321,557
60,627
90,686
175,700
96,583
180,724
157,975
331,277
62,758
92,446
180,072
100,284
182,894
167,954
3.0
3.5
1.9
2.5
3.8
1.2
6.3
450,650
100,297
51,745
484,858
107,399
54,859
508,187
112,446
56,513
4.8 27,842
4.7 26,289
3.0 30,716
774,091
846,883
872,675
3.0
40,949
Dubuque, IA.............................................
2,176
2,305
2,394
3.9
24,465
25,825
26,889
163
194,331
64,163
49,898
283,381
121,336
264,060
209,100
69,645
54,257
333,236
129,721
287,952
216,243
71,520
57,143
326,824
132,586
302,650
3.4
2.7
5.3
-1.9
2.2
5.1
31,526
28,638
28,235
40,605
34,428
35,119
33,750 34,750
30,619 30,822
29,996 30,571
47,180 45,778
36,386 36,669
37,684 38,915
Abilene, TX...............................................
Akron, OH*...............................................
Albany, GA................................................
Albany-Schenectady-Troy, NY.................
Albuquerque, N M ....................................
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, T X ...........................
Bakersfield, CA
Baltimore, MD*........................................
Bangor, ME (NECMA).............................
Barnstable-Yarmouth, MA (NECMA).......
Baton Rouge, LA.....................................
Beaumont-Port Arthur, TX.......................
Bellingham, WA.......................................
Benton Harbor, M l...................................
Bergen-Passaic, NJ*...............................
Billings, MT...............................................
Biloxi-Gulfport-Pascagoula, M S ..............
3,001
19,258
2,646
24,982
17,295
2,885
17,521
2,999
5,052
8,674
18,277
2,376
9,604
5,760
3,405
126,446
10,367
2,023
10,819
36,852
12,815
78,303
3,229
7,348
14,488
8,752
3,699
4,041
53,208
3,202
8,064
3,184
20,362
2,776
26,732
18,436
3,070
18,796
3,146
5,344
9,200
20,022
2,392
10,290
6,114
3,613
139,019
11,135
2,161
11,489
40,712
13,637
83,987
3,461
7,881
15,246
9,115
3,950
4,219
58,913
3,450
8,502
3,051
20,905
2,852
27,956
19,531
3,297
19,520
3,173
5,367
9,755
20,125
2,452
10,746
6,256
3,755
144,477
11,273
2,210
11,876
41,673
14,236
87,832
3,651
8,159
15,836
9,307
4,192
4,185
60,735
3,635
8,685
-4.2
2.7
2.7
4.6
5.9
7.4
3.8
0.8
0.4
6.0
0.5
2.5
4.4
2.3
3.9
3.9
1.2
2.3
3.4
2.4
4.4
4.6
5.5
3.5
3.9
2.1
6.1
-0.8
3.1
5.4
2.2
23,757
27,784
21,951
28,583
24,489
22,877
27,579
23,110
23,407
33,447
32,072
20,675
27,030
25,747
22,527
31,534
29,404
17,918
22,805
30,560
19,553
30,824
22,287
33,557
24,221
22,730
22,474
24,941
38,885
24,869
22,336
25,179
29,258
22,975
30,503
25,794
24,282
29,421
24,382
24,468
35,307
34,403
21,486
28,626
26,970
23,452
33,507
31,328
18,714
24,033
32,185
20,543
32,837
23,889
35,303
25,228
23,689
23,567
25,942
42,799
26,628
23,304
24,304
29,953
23,275
31,789
27,030
26,053
30,317
24,682
24,365
36,949
33,965
22,035
29,579
27,378
24,085
33,769
31,511
18,923
24,721
31,511
21,021
34,039
25,097
36,135
26,032
24,296
24,564
25,826
43,856
27,891
23,679
246
91
277
62
159
181
86
234
243
22
38
295
97
148
252
41
66
312
233
66
306
36
221
28
183
247
239
189
4
137
266
5,984
8,029
3,600
11,874
4,614
2,150
1,321
6,618
7,849
7,817
4,533
7,151
6,813
2,558
10,667
2,954
2,903
6,657
45,084
11,477
9,064
4,304
4,344
13,234
46,244
18,282
2,121
5,121
6,411
16,197
2,756
2,249
2,264
2,699
28,993
1,908
3,888
6,431
6,389
8,702
3,837
12,546
4,852
2,298
1,378
6,975
8,292
8,288
4,811
7,587
7,356
2,771
11,013
3,091
3,103
7,512
48,383
12,523
9,608
4,632
4,531
14,022
50,277
19,332
2,211
5,423
6,839
17,240
2,934
2,416
2,388
2,922
30,747
2,013
4,217
6,834
6,571
9,196
3,872
13,230
4,833
2,325
1,421
7,156
8,420
8,650
4,992
7,777
7,936
2,884
11,016
3,140
3,251
7,849
51,370
13,563
10,033
4,839
4,768
14,070
53,146
20,219
2,253
5,635
7,088
17,825
2,986
2,459
2,444
3,007
31,462
2,072
4,357
7,005
2.8
5.7
0.9
5.4
-0.4
1.2
3.1
2.6
1.5
4.4
3.8
2.5
7.9
4.1
0.0
1.6
4.8
4.5
6.2
8.3
4.4
4.5
5.2
0.3
5.7
4.6
1.9
3.9
3.6
3.4
1.7
1.8
2.3
2.9
2.3
2.9
3.3
2.5
24,615
28,925
24,426
17,581
25,544
23,549
22,704
23,527
24,392
26,445
26,216
23,710
22,464
21,086
24,556
20,759
23,107
26,966
28,281
26,568
28,653
21,029
25,698
26,558
27,663
20,061
20,397
23,727
25,758
25,685
22,211
19,871
23,125
23,509
26,909
23,669
22,301
28,605
26,202
30,987
25,817
18,398
26,436
25,246
23,896
24,847
25,641
27,970
27,538
25,054
23,461
22,577
25,204
21,615
24,666
29,700
29,629
28,215
29,965
22,270
26,505
27,867
29,337
20,878
21,400
24,841
27,272
27,282
23,599
21,319
24,562
25,019
28,145
25,106
23,016
30,052
26,873
32,349
25,899
19,186
26,050
25,638
24,780
25,495
25,963
29,185
28,372
25,729
24,585
23,311
25,105
22,037
25,742
30,198
30,702
29,540
30,601
23,048
27,674
27,819
30,230
21,463
21,865
25,572
27,786
28,094
23,952
21,738
25,351
25,366
28,471
26,016
22,469
30,535
166
53
188
311
182
202
230
206
185
106
124
198
237
275
219
294
197
89
79
99
83
280
142
140
88
303
298
203
141
130
258
301
212
210
121
184
290
85
Binghamton, NY......................................
Birmingham, AL........................................
Bismarck, N D ...........................................
Bloomington, IN.......................................
Bloomington-Normal, IL..........................
Boise City, ID............................................
Boston-Worcester-Lawrence-LowellBrockton, MA-NH (NECMA)................
Boulder-Longmont, CO*..........................
Brazoria, TX*............................................
Bremerton, WA*......................................
Brownsville-Harlingen-San Benito, TX ....
Bryan-College Station, TX.......................
Buffalo-Niagara Rills, NY........................
Burlington, VT (NECMA)..
Canton-Massillon, OH.....
Casper, W Y.....................
Cedar Rapids, IA.............
Champaign-Urbana, IL....
Charleston-North Charleston, SC...........
Charleston, W V...............
Charlotte-Gastonia-Rock Hill, NC-SC.....
Charlottesville, VA...................................
Chattanooga, TN-GA..............................
Cheyenne, W Y ........................................
Chicago, IL*.........
Chico-Paradise, CA
Cincinnati, OH-KY-IN*
Clarksville-Hopkinsville, TN-KY...............
Cleveland-Lorain-Elyna, OH*..................
Colorado Springs, CO
Columbia, M O ....
Columbia, SC.....
Columbus, GA-AL
Columbus, OH....
Corpus Christi, TX...................................
5,987
25,654
2,276
2,763
4,206
11,424
6,344
27,170
2,460
2,979
4,511
12,776
6,463
28,450
2,618
3,062
4,679
13,153
1.9
4.7
6.4
2.8
3.7
3.0
23,686
27,969
24,155
22,964
28,200
27,135
25,167 25,669
29,437 30,620
25,944 27,461
24,684 25,302
29,897 30,761
29,294 29,109
201
81
144
213
77
109
Duluth-Superior, MN-WI..........................
Dutchess County, NY*...
Eau Claire, W l..............
El Paso, T X ..................
Elkhart-Goshen, IN .................................
Elmira, NY
Enid, OK
Erie, PA....................................................
Eugene-Springfield, OR..........................
Evansville-Henderson, IN-KY..................
Fargo-Moorhead, ND-MN........................
Fayetteville, NC .......................................
Fayetteville-Springdale-Rogers, AR........
Flagstaff, AZ-UT......................................
Flint, Ml*...................................................
Florence, AL.............................................
Florence, S C ............................................
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, N Y .......................................
Goldsboro, NC
Grand Forks, ND-MN..............................
Grand Junction, C O ................................
Grand Rapids-Muskegon-Holland, Ml.....
Great Falls, MT........................................
Greeley, CO*...........................................
Green Bay, W l..........................................
Greensboro-Winston-Salem-High Point,
NC........................................................
Greenville, NC.........................................
Greenville-Spartanburg-Anderson, S C ....
Hagerstown, MD*....................................
Hamilton-Middletown, OH*......................
Harrisburg-Lebanon-Carlisle, PA.............
33,981
2,940
23,013
3,035
8,917
17,748
36,054
3,291
24,655
3,257
9,404
18,649
36,626
3,362
25,239
3,375
9,682
19,476
1.6
2.2
2.4
3.6
3.0
4.4
27,452
22,179
24,159
23,139
26,961
28,256
28,707
24,526
25,534
24,655
28,184
29,611
28,774
24,854
25,818
25,404
28,718
30,829
115
225
191
209
116
76
211,837
10,384
5,582
5,699
4,665
2,882
30,386
5,579
10,160
1,967
5,738
4,296
12,671
6,728
43,384
4,634
11,947
2,191
275,684
4,258
48,424
4,319
67,035
13,880
3,453
14,108
6,478
44,563
8,478
237,575
11,850
6,185
6,162
5,038
3,122
31,895
6,035
10,635
2,216
6,147
4,656
13,594
7,104
46,785
5,013
12,694
2,333
297,811
4,535
51,222
4,673
70,324
15,266
3,721
15,083
6,872
47,519
8,995
244,142
12,223
6,409
6,388
5,283
3,233
32,454
6,360
10,830
2,224
6,278
4,863
14,177
7,442
48,815
5,123
12,738
2,469
306,730
4,701
53,075
4,802
71,541
15,682
3,850
15,567
7,136
49,093
9,221
2.8
3.1
3.6
3.7
4.9
3.6
1.8
5.4
1.8
0.3
2.1
4.4
4.3
4.8
4.3
2.2
0.3
5.8
3.0
3.6
3.6
2.8
1.7
2.7
3.4
3.2
3.8
3.3
2.5
35,178
36,319
23,494
24,844
14,125
19,190
25,902
28,315
24,964
29,680
30,211
24,048
23,199
26,638
29,481
29,450
25,823
27,052
33,569
21,155
29,561
21,079
29,757
27,267
25,752
26,555
23,654
29,228
22,208
39,125
40,447
25,426
26,497
14,954
20,429
27,284
30,250
26,133
33,301
31,977
25,874
24,694
28,256
30,993
31,269
27,254
28,547
35,907
22,255
31,040
22,510
31,241
29,388
27,396
28,021
24,992
30,737
23,628
39,873
40,840
25,695
27,427
15,334
21,028
27,852
31,591
26,620
33,274
32,391
26,808
25,543
29,847
31,526
31,657
27,213
30,074
36,624
22,818
31,967
23,017
31,807
29,280
28,020
28,578
25,909
31,343
24,280
16
13
200
147
317
305
139
64
171
43
52
168
204
94
65
63
155
90
25
287
59
282
61
105
133
120
186
69
248
Hartford, CT (NECMA)............................
Hattiesburg, M S ......................................
Hickory-Morganton-Lenoir, NC................
Honolulu, H I.............................................
Houma, LA......
Houston, TX*....
Huntington-Ashland, WV-KY-OH.............
Huntsville, AL...
Indianapolis, IN
Iowa City, IA.....
Jackson,Ml.....
Jackson, MS....
Jackson, T N ....
Jacksonville, FL
Jacksonville, NC
Jamestown, NY
Janesville-Beloit, W l................................
Jersey City, NJ*........................................
Johnson City-Kingsport-Bristol, TN-VA....
Johnstown, PA..........................................
Jonesboro, AR..........................................
Joplin, MO.......
Kalamazoo-Battle Creek, M l...................
Kankakee, IL*...
Kansas City, MO-KS................................
Kenosha, W l*...
Killeen-Temple, TX
Knoxville, TN....
Kokomo, IN...............................................
39,199 42,490 43,836
2,412
2,282
2,533
8,159
8,648
8,675
25,385 26,644 27,511
3,955
4,220
4,600
131,601 144,951 154,457
6,319
6,626
6,841
8,837
9,549
9,987
46,760 50,256 52,244
3,524
3,094
3,343
3,705
3,909
3,902
11,746 12,210
11,091
2,697
2,526
2,683
29,903 32,189 33,416
3,300
3,448
3,559
2,855
2,990
3,038
3,783
3,936
3,976
15,674 17,130 17,552
10,233 10,894 11,282
5,344
5,212
5,029
1,715
1,811
1,841
3,341
3,535
3,654
11,314 11,815 11,912
2,512
2,357
2,580
52,969 57,032 58,978
3,994
3,823
4,143
6,785
7,163
7,406
17,138 18,356 19,035
2,778
2,920
2,847
3.2
5.0
0.3
3.3
9.0
6.6
3.2
4.6
4.0
5.4
-0.2
3.9
-0.5
3.8
3.2
1.6
1.0
2.5
3.6
2.5
1.6
3.4
0.8
2.7
3.4
3.7
3.4
3.7
-2.5
34,345
20,628
24,141
28,882
20,328
31,995
20,002
26,023
29,427
28,172
23,588
25,360
23,740
27,475
22,056
20,383
24,961
25,950
21,409
21,489
21,165
21,438
25,051
22,731
30,063
25,774
22,019
25,147
27,419
36,915
21,517
25,205
30,420
21,697
34,487
21,021
27,800
31,155
30,018
24,628
26,583
25,076
29,161
22,952
21,419
25,802
28,100
22,676
22,441
21,952
22,413
26,063
24,184
32,000
26,609
22,797
26,636
28,762
37,819
22,351
24,988
31,115
23,540
35,872
21,793
28,684
31,960
31,203
24,415
27,428
24,674
29,625
23,945
21,897
25,908
28,584
23,473
23,141
22,147
23,019
26,207
24,749
32,693
27,217
23,415
27,330
28,038
19
291
224
72
268
29
299
118
60
71
241
146
235
96
259
297
187
119
271
279
293
281
178
232
49
154
272
152
132
29,488 30,360
27,576 28,325
32,436 33,308
36,943 40,046
M
etropolitanStatistical A 4
reas
See footnotes at the end of the table.
D -8 0
Regional D ata
April 2004
Table K.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 1999-2001—Continued
Percent
change2
Millions of dollars
Area name
1999
La Crosse, W
I-MN.....................
Lafayette, LA.............................
Lafayette, IN.............................
Lake Charles, LA.......................
Lakeland-Winter Haven, FL........
Lancaster, PA...........................
Lansing-East Lansing, Ml...........
Laredo, TX...................................
Las Cruces, NM.........................
Las Vegas, NV-AZ.....................
Lawrence, KS...........................
Lawton, OK...............................
Lewiston-Auburn, ME (NECMA)...
Lexington, KY...........................
Lima, OH..................................
Lincoln, NE...............................
Little Rock-North Little Rock, AR..
Longview-Marshall, TX................
Los Angeles-Long Beach, CA*....
Louisville, KY-IN.........................
Lubbock, TX .................................
Lynchburg, VA...........................
Macon, GA.
Madison, Wl..................................
Mansfield, OH.................................
McAllen-Edinburg-Mission, TX.........
Medford-Ashland, OR......................
Melbourne-Titusville-Palm Bay, FL...
Memphis, TN-AR-MS......................
Merced, CA...................................
M
iami, 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.....................................
M
yrtle Beach, SC ...........................
Naples, FL.....................................
Nashville, TN.................................
Nassau-Suffolk, NY*........................
New Haven-Bridgeport-StamfordDanbury-Waterbury, CT*.............
New London-Norwich, CT (NECMA)..
New Orleans, LA............................
New York, NY*................................
Newark, N J*..................................
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. W
V-OH..........
Pensacola, FL....
......
Peoria-Pekin, IL.
......
Philadelphia, PA-NJ*.......................
Phoenix-Mesa, AZ
......
Pine Bluff, AR....
Pittsburgh, PA....
......
Pittsfield, M (N! CMA)
A
Pocatello, ID.....
......
Portland, ME (NECma) ...................
Portland-Vancouver, OR-WA*...........
Providence-Warwick-Pawtucket, Rl
(NECMA)...................................
Provo-Orem, UT.............................
Pueblo, CO....................................
Punta Gorda, FL.............................
Racine, Wl*...................................
Raleigh-Durtiam-Chapel H NC.....
ill,
RapidCity, SD................................
Reading, RA....................................
Redding, CA...................................
2000
2001
3,166
8,131
4,179
4,016
10,600
12,415
11,508
2,690
2,887
40,406
2,116
2,348
2,418
12,808
3,721
6,852
15,270
4,769
264,408
29,253
5,601
4,890
3,356
8,641
4,476
4,118
11,275
13,387
12,116
2,924
2,991
43,969
2,293
2,466
2,559
13,743
3,877
7,358
16,189
5,074
282,700
31,202
6,041
5,202
3,525
9,247
4,642
4,383
11,800
13,699
12,287
3,125
3,173
46,155
2,441
2,561
2,680
14,002
3,929
7,833
17,028
5,346
296,233
32,298
6,090
5,315
Personal income
Per capita personal income1
Personal income
20002001
Rank
in
U.S.
Dollars
1999
2000
2001
2001
5.0
7.0
3.7
6.4
4.7
2.3
1.4
6.9
6.1
5.0
6.4
3.9
4.7
1.9
1.3
6.5
5.2
5.4
4.8
3.5
0.8
2.2
25,121
21,167
23,034
21,895
22,173
26,534
25,740
14,232
16,602
26,882
21,268
20,233
23,389
27,023
24,027
27,689
26,378
22,829
28,017
28,677
23,261
22,884
26,420
22,395
24,416
22,436
23,224
28,382
27,023
15,011
17,090
27,777
22,892
21,520
24,637
28,585
24,983
29,289
27,663
24,305
29,605
30,357
24,872
24,174
27,626
23,881
25,141
23,935
23,991
28,863
27,253
15,508
17,984
27,916
24,129
22,672
25,752
28,849
25,353
30,872
28,845
25,439
30,611
31,251
24,788
24,665
143
262
218
261
256
110
153
316
314
136
251
289
196
111
211
75
112
208
82
70
229
236
20002001
1999
2000
2001
11,199
4,288
29,131
70,928
6,482
3,870
30,339
9,387
3,097
45,588
10,350
3,822
2,306
77,424
8,037
11,096
32,685
2,374
39,188
84,585
85,910
76,443
12,216
4,639
31,331
76,681
6,899
4,181
31,715
9,838
3,512
49,579
10,854
4,095
2,473
82,714
8,388
11,802
35,039
2,519
42,152
92,986
101,736
93,928
13,018
4,967
32,619
80,842
7,138
4,447
32,846
9,889
3,613
52,350
10,792
4,221
2,536
85,596
8,595
12,230
36,295
2,592
43,742
97,241
100,048
87,479
6.6
7.1
4.1
5.4
3.5
6.4
3.6
0.5
2.9
5.6
-0.6
3.1
2.6
3.5
2.5
3.6
3.6
2.9
3.8
4.6
-1.7
-6.9
6,191
6,772
7,011
3.5
12,071
8,362
4,347
14,293
19,928
7,581
14,983
93,047
2,615
3,032
2,415
8,994
2,964
5,036
6,949
10,012
5,665
7,590
15,685
3,234
2,772
12,223
13,179
9,687
4,646
16,204
21,512
8,069
15,863
99,291
2,786
3,212
2,607
9,416
3,084
5,403
7,321
10,877
6,032
8,149
16,838
3,423
2,924
13,192
13,541
9,426
4,910
16,173
22,545
8,418
16,399
101,059
2,821
3,314
2,633
9,748
3,192
5,694
7,486
11,044
6,277
8,519
17,473
3,618
2,985
13,753
2.7
-2.7
5.7
-0.2
4.8
4.3
3.4
1.8
1.2
3.2
1.0
3.5
3.5
5.4
2.3
1.5
4.1
4.5
3.8
5.7
2.1
4.3
Rank
in
U.S.
Dollars
1999
2000
2001
33,648
22,685
29,513
22,238
27,529
31,571
27,675
25,483
21,604
28,457
25,663
23,098
22,628
29,838
23,366
28,001
24,748
22,846
24,920
30,322
49,788
45,733
35,781
24,074
31,348
23,382
29,250
33,488
28,863
26,429
24,546
30,249
26,927
24,361
24,106
31,729
24,080
29,270
26,176
24,230
26,355
32,910
58,702
55,677
36,988
25,259
32,268
23,840
30,249
35,110
29,870
26,335
25,164
30,906
26,749
24,802
24,799
32,666
24,402
29,901
26,780
25,104
26,887
33,883
57,714
51,579
21
214
55
263
87
32
93
176
217
74
170
227
228
50
242
92
169
220
165
39
1
2
25,429
27,341
27,917
135
30,414
32,966
29,680
31,522
34,247
25,998
23,878
38,811
21,657
27,052
22,117
22,989
23,921
29,874
26,228
24,100
28,135
23,600
25,834
23,897
20,800
22,127
32,961
37,866
31,365
35,193
36,292
27,509
25,436
41,025
23,180
28,486
23,482
24,000
24,842
31,129
27,534
25,977
29,929
24,933
27,649
25,175
22,207
23,212
33,739
36,865
32,920
34,671
37,212
28,422
26,439
41,229
23,512
29,409
23,366
24,812
25,768
32,154
28,098
26,107
31,037
25,756
28,705
26,396
22,876
23,155
42
23
48
34
20
122
174
12
269
100
274
226
194
57
128
180
73
195
117
175
285
278
2001
7,798
8,289
8,556
3.2
24,309
25,644
26,265
177
13,746
3,911
7,066
4,285
11,522
32,011
3,717
55,213
45,573
46,584
101,664
2,174
11,729
9,582
36,488
3,226
8,236
2,798
4,333
9,693
36,409
104,726
14,929
4,100
7,601
4,574
12,567
33,607
3,867
59,016
50,577
49,423
110,764
2,373
12,372
10,253
40,335
3,409
8,698
2,977
4,693
10,365
39,065
113,140
15,753
4,193
8,170
4,688
13,079
35,084
4,033
61,077
51,677
50,907
115,330
2,498
12,765
10,568
41,934
3,541
8,994
3,031
4,847
10,940
40,554
115,641
5.5
2.3
7.5
2.5
4.1
4.4
4.3
3.5
2.2
3.0
4.1
5.3
3.2
3.1
4.0
3.9
3.4
1.8
3.3
5.6
3.8
2.2
32,477
22,172
12,712
23,906
24,405
28,431
17,977
24,860
39,400
31,134
34,671
22,935
21,846
21,846
32,730
21,918
24,870
23,559
22,590
39,548
29,973
38,264
34,848
23,340
13,238
25,152
26,300
29,513
18,268
26,093
43,051
32,898
37,152
24,696
22,847
22,791
35,668
23,151
26,078
25,088
23,694
40,772
31,599
40,978
36,201
23,989
13,788
25,505
26,888
30,559
18,461
26,594
43,292
33,780
38,131
25,818
23,400
22,677
36,543
24,171
26,830
25,493
24,021
41,269
32,338
41,559
27
257
318
205
164
84
313
173
6
40
18
191
273
288
26
249
167
207
255
11
54
10
Reno, NV........................................
Richland-Kennewick-Pasco, WA.......
Richmond-Petersburg, VA................
Riverside-San Bernardino, CA*.........
Roanoke, VA...................................
Rochester, M
N
Rochester, NY.
Rockford, IL....
Rocky Mount, NC
Sacramento, CA*
Saginaw-Bay City-Midland, Ml..........
St. Cloud, M
N..
St. Joseph, M
O
St. Louis, MO-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 Maria-Lompoc,
CA
Santa Cruz-Watsonville, CA*............
Santa Fe, NM..................................
Santa Rosa, CA*
Sarasota-Bradenton, FL...................
Savannah, GA.
Scranton-Wilkes-Barre-Hazleton, FA..
Seattle-Bellevue-Everett, WA*..........
Sharon, FA.....................................
Sheboygan, W
l
Sherman-Denison, TX
Shreveport-Bossier City, LA..............
Sioux City, IA-NE
Sioux Falls, SD
South Bend, IN
Spokane, WA..
Springfield, IL..
Springfield, MO...............................
Springfield, M (NECMA)................
A
State College, PA............................
Steubenville-Weirton, OH-WV..........
Stockton-Lodi, CA...........................
74,560
7,969
33,672
337,749
75,429
9,654
80,841
8,492
35,278
368,463
84,027
10,370
83,358
8,635
37,431
379,472
87,193
10,875
3.1
1.7
6.1
3.0
3.8
4.9
43,925
30,939
25,159
36,529
37,314
25,292
47,286
32,723
26,385
39,501
41,291
26,609
48,453
33,112
28,048
40,450
42,550
27,343
3
45
131
14
7
150
Sumter, SC.....................................
Syracuse, NY..................................
Tacoma, W
A*...................................
Tallahassee, FL...............................
Tampa-St. Petersburg-Clearwater, FL.
Terre Haute, IN................................
2,044
18,396
17,306
6,953
64,205
3,252
2,150
19,390
18,554
7,304
69,119
3,433
2,191
19,810
19,124
7,507
71,843
3,482
1.9
2.2
3.1
2.8
3.9
1.4
19,500
25,119
24,985
24,743
27,101
21,755
20,519
26,474
26,354
25,621
28,748
23,033
21,009
27,021
26,601
26,127
29,379
23,493
307
160
172
179
102
270
38,799
84,550
5,540
5,984
25,953
5,284
21,652
93,187
41,313
2,088
3,391
3,423
9,090
9,365
162,176
83,347
1,601
68,830
3,822
1,518
8,016
56,125
41,376
96,400
5,889
6,470
28,152
5,715
23,174
101,280
44,684
2,237
3,575
3,564
9,720
9,829
174,534
91,777
1,663
72,987
4,113
1,593
8,521
61,258
43,516
98,073
6,077
6,619
29,564
6,016
24,151
106,284
46,064
2,300
3,678
3,617
10,101
10,083
180,280
96,047
1,708
76,679
4,205
1,651
9,092
62,926
5.2
1.7
3.2
2.3
5.0
5.3
4.2
4.9
3.1
2.8
2.9
1.5
3.9
2.6
3.3
4.7
2.7
5.1
2.2
3.6
6.7
2.7
24,905
35,764
21,727
24,927
24,117
25,790
30,416
33,093
25,692
22,860
22,886
22,578
22,169
26,909
31,896
26,223
19,023
29,092
28,264
20,098
30,373
29,594
26,288
40,086
22,624
27,389
25,928
27,426
32,234
35,446
26,974
24,424
24,115
23,593
23,549
28,309
34,186
27,991
19,745
30,966
30,511
21,081
32,036
31,801
27,452
39,963
22,910
27,920
26,970
28,266
33,249
36,647
27,003
25,095
24,575
24,055
24,140
29,139
35,192
28,337
20,387
32,626
31,363
21,780
34,041
31,971
145
15
284
134
162
127
44
24
161
222
238
253
250
108
31
125
308
51
68
300
35
58
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*................
V
fentura, CA*...................................
Victoria, TX....................................
Vineland-MiIIville-Bridgeton, NJ*.......
Visalia-Tulare-Porterville, CA............
Waco, TX........................................
Washington, DC-MD-VA-W
V*...........
Waterloo-Cedar Falls, IA..................
Wausau, Wl....................................
West Palm Beach-Boca Raton, FL.....
Wheeling, W
V-OH...........................
W
ichita, KS....................................
W
ichita Falls, TX.............................
2,680
16,611
4,491
13,000
19,129
22,044
3,788
4,541
6,819
13,823
22,128
2,069
3,165
6,917
4,663
182,722
2,964
3,252
44,869
3,365
14,626
3,347
2,852
17,203
4,783
14,386
20,412
23,738
3,984
4,898
7,151
15,281
24,197
2,217
3,320
7,209
4,888
200,708
3,169
3,457
47,656
3,513
15,258
3,533
2,887
17,385
4,973
15,041
21,384
24,903
4,145
5,131
7,306
15,626
24,828
2,300
3,468
7,549
5,029
211,443
3,300
3,573
50,676
3,597
16,161
3,584
1.2
1.1
4.0
4.5
4.8
4.9
4.0
4.7
2.2
2.3
2.6
3.7
4.5
4.7
2.9
5.3
4.1
3.4
6.3
2.4
5.9
1.5
20,698
26,862
26,499
37,311
23,077
27,604
23,037
26,288
22,741
27,069
29,768
24,638
21,633
18,965
22,044
37,693
23,193
25,936
40,172
21,819
26,887
23,786
21,983
27,825
28,127
40,911
24,048
29,486
24,134
27,920
23,863
29,280
31,974
26,391
22,675
19,539
22,837
40,536
24,770
27,455
41,945
22,984
27,940
25,175
22,150
28,098
29,144
42,317
24,767
30,650
25,041
28,824
24,452
29,289
32,232
27,158
23,616
20,166
23,302
41,754
25,826
28,274
43,626
23,783
29,386
25,716
292
128
107
8
231
80
223
114
240
104
56
157
267
309
276
9
189
126
5
265
101
199
26,040
6,469
3,009
3,393
5,161
35,568
2,217
9,892
3,754
27,809
7,063
3,194
3,608
5,436
39,128
2,359
10,563
4,029
29,051
7,339
3,308
3,753
5,606
40,772
2,446
10,898
4,211
4.5
3.9
3.6
4.0
3.1
4.2
3.7
3.2
4.5
27,251
17,887
21,464
24,195
27,398
30,613
25,185
26,668
23,176
28,817
19,046
22,517
25,361
28,762
32,681
26,577
28,208
24,595
29,824
19,271
22,954
25,800
29,550
32,998
27,181
28,835
25,175
95
310
283
193
98
46
156
113
216
W
illiamsport, FiA..............................
W
ilmington-Newark, DE-MD*............
W
ilmington, NC...............................
V kim WA....................................
& a,
Yolo, CA*........................................
Vbrk.RU..........................................
Vbungstown-W
arren, OH..................
Vliba City, CA..................................
Yuma, AZ.......................................
2,599
18,624
5,684
4,606
4,311
9,753
13,951
2,953
2,510
2,764
20,111
6,136
4,934
4,678
10,445
14,364
3,088
2,543
2,903
21,221
6,479
5,109
4,793
10,553
14,378
3,114
2,762
5.0
5.5
5.6
3.6
2.5
1.0
0.1
0.8
8.6
21,621
32,073
24,696
20,786
26,084
25,741
23,354
21,383
16,124
23,047
34,179
26,175
22,145
27,547
27,290
24,177
22,130
15,819
24,344
35,638
27,081
22,872
27,332
27,365
24,322
21,983
16,839
244
30
158
286
151
149
245
296
315
1. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates for 20002001 reflect county population estimates available as of April 2003.
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 (NIPAs) 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
Percent
change2
Millions of dollars
Area name
Per capita personal income1
...........................
the N estimate because, by definition, it omits the earnings of Federal civilian and military personnel stationed abroad and
IRA
of U.S. residents employed abroad temporarily by private U.S. firms.
4. Includes Metropolitan Statistical Areas, Primary Metropolitan Statistical Areas (PMSAs designated by *), and New
England County Metropolitan Areas (NECMAs). 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, 1999-2001" in the May 2003 issue of the S urvey of C urr en t B u sin ess .
April 2004
D-81
L. C harts
SELECTED REGIONAL ESTIMATES
S H A R E S O F U.S. P E R S O N A L IN C O M E B Y R E G IO N
2002
1969
Mideast
23.6%
Great Lakes
20.9%
New England
6.4%
Plains
7.5%
Far West
15.2%
Southeast
17.3%
Southwest
7 .0%
Great Lak es
15.7%
Mideast
18.7%
Plains
6.6%
New England
6 .0%
Far W est
17.7%
Southeast
22 .2 %
Rocky Mountain
2.2%
Southwest
10. 1%
Rocky Mountain
3.1%
S H A R E S O F U .S. G R O S S ST A T E P R O D U C T B Y R E G IO N
1977
Great Lakes
19.6%
Mideast
2 0.3 %
New England
5 .2%
Plains
7 .5%
Far West
15.7%
Southeast
19.6%
S o u th w e s t
Rocky Mountain
2 .8%
9.3%
A V E R A G E A N N U A L G R O W T H R A T E O F P E R S O N A L IN C O M E, 1992-2002
S T A T E S W ITH F A S T E S T G R O W TH
Nevada
Arizona
Colorado
U.S. average
5.2 %
S T A T E S W ITH S L O W E S T G R O W TH
U Sg.|V% a9e
K a n sa s
Iowa
Alabam a
Utah
North Dakota
G eorgia
Pennsylvania
Texas
New York
Idaho
Ohio
New Ham pshire
A laska
Florida
W est Virginia
North Carolina
Hawaii
5
6
Percent
U.S. Bureau of Economic Analysis
7
Regional D ata
D -82
April 2004
SELECTED REGIONAL ESTIMATES
P E R C A P IT A P E R S O N A L IN C O M E , 2 0 0 2
MA
$39,044
Ri
$31,107
CT
$39,567 $42’829
DE
$32,307
DC
$43,371
U.S. = $30,832
HI
$30,040
S^jj Highest quintile
Fourth quintile
Third quintile
Second quintile
l | Lowest quintile
P E R S O N A L IN C O M E : P E R C E N T C H A N G E , 2 0 0 3 :ll-2 0 0 3 :lll
MA 0.9
RI 1.1
CT 0.7
NJ 0.9
DE 1.0
MD 1.0
DC 0.7
U.S. growth rate =1. 1 percent
F I Highest quintile
~ ~] Fourth quintile
Third quintile
] ] Se co n d quintile
Low est quintile
U.S. Bureau of Economic Analysis
D -83
April 2004
Appendix A
Additional Information About the NIPA Estimates
S tatistical C on ven tions
Current-dollar GDP is a measure o f the market value
o f goods, services, and structures that are produced in
the economy in a particular period. The changes in current-dollar GDP can be decom posed into quantity and
price components. Quantities, or “real” measures, and
prices are expressed as index num bers with the reference
year— at present, the year 2000— equal to 100.1
The annual changes in quantities and prices are calcu
lated using a Fisher form ula that incorporates weights
from 2 adjacent years. For example, the annual percent
change in real GDP for 2001-2002 uses prices for 2001
and 2002 as weights, and the 2001-2002 annual percent
change in the GDP price index uses quantities for 2001
and 2002 as weights. Because the Fisher form ula allows
for the effects o f changes in relative prices and in the
com position o f 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
calculated using a fixed-weighted formula. These annual
changes are “chained” (multiplied) together to form time
series o f quantity and price indexes. The percent changes
in the Fisher indexes are not affected by the choice o f the
reference year.
BEA also publishes implicit price deflators (IPDs),
which are calculated as the ratio o f the current-dollar
value o f a com ponent to the chained-dollar value o f the
component, multiplied by 100. The values o f an IPD are
very close to the values o f the corresponding “chain-type”
price index.
The measures o f real GDP and its m ajor components
are also presented in dollar-denom inated form, desig
nated “chained (2000) dollar estimates.” For m ost series,
these estimates are com puted by multiplying the cur
rent-dollar value in 2000 by a corresponding quantity
index num ber and then dividing by 100. For example, if a
current-dollar GDP com ponent equaled $100 in 2000
and if real output for this com ponent increased by 10
percent in 2001, then the chained (2000) dollar value o f
this com ponent in 2001 would be $110 ($100 x 1.10).
The percent changes calculated from the chained (2000)
dollar estimates and from the quantity indexes are the
same; any differences will be small and due to rounding.
The chained-dollar values for the detailed GDP com
ponents will not necessarily sum to the chained-dollar
estimate o f GDP (or to any intermediate aggregate) in a
table, because the relative prices that are used as weights
for any period other than the reference year differ from
those o f the reference year. A m easure o f the effect o f such
1. See J. Steven Landefeld, Brent R. Moulton, and Cindy M. Vojtech, “ChainedDollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” S u r v e y o f C u r r e n t
B u s i n e s s (November 2003): 8-16.
differences is provided by a “residual” line— the differ
ence between the chained-dollar value o f the m ain aggre
gate in the table and the sum o f the m ost detailed
components in the table. For periods close to the refer
ence year, when the relative prices that are used as weights
have usually not changed much, the residuals tend to be
small, and the chained-dollar estimates can be used to
approxim ate the contributions to growth and to aggre
gate the detailed estimates. For periods further from the
reference year, the residuals tend to be larger, and the
chained-dollar estimates are less useful for analyses o f
contributions to growth. In particular, for components
for which relative prices are changing rapidly, the calcula
tion o f contributions based on chained-dollar estimates
may be m isleading even just a few years from the refer
ence year. Thus, contributions derived from quantity
indexes provide a better measure than contributions
derived from chained-dollar estimates; contributions
based on quantity indexes are shown in selected NIPA
tables 1.1.2,1.2.2,1.5.2, 2.3.2, 3.9.2, 4.2.2, and 5.3.2.
For quarters and months, NIPA estimates are pre
sented at annual rates, which show the value that would
be registered if the rate o f activity that is m easured for a
quarter or for a m onth were m aintained for a full year.
Annual rates are used so that periods o f different
lengths— for example, quarters and years— m ay be more
easily compared. These annual rates are determined sim
ply by multiplying the estimated rate o f activity by 4 (for
quarterly data) or by 12 (for monthly data).
For m ost quarterly NIPA estimates, percent changes in
the estimates are also expressed at annual rates. Calculat
ing these changes requires a variant o f the com pound
interest formula:
m/n
r =
-
x.
- 1
x 100
where r is the percent change at an annual rate; x t is the
level o f activity in the later period; x 0 is the level o f activ
ity in the earlier period; m is the periodicity o f the data
(for example, 1 for annual data, 4 for quarterly data, or 12
for monthly data); and n is the num ber o f periods
between the earlier periods and the later periods (that is,
t-0 ).
Quarterly and monthly NIPA estimates are seasonally
adjusted if necessary. Seasonal adjustm ent removes from
the time series the average effects o f variations that nor
mally occur at about the sam e time and in about the same
m agnitude each year— for example, weather, holidays,
and tax payment dates. After seasonal adjustm ent, cycli
cal and other short-term changes in the economy stand
out more clearly.
Appendix A
D -8 4
April 2004
R econciliation Tables
“Table 1. Reconciliation of Changes in BEA-Derived Compensation Per
Hour With BLS Average Hourly Earnings” is being revised to reflect the
results of the comprehensive revision of the national income and product
accounts. It will be published in an upcoming issue of the S u r v e y .
Table 2. Relation of Net Exports of Goods and Services and Net Receipts of Income in the NIPAs
to Balance on Goods and Services and Income in the ITAs
[Billions of dollars]
2002
Line
2002
2003
2003
III
IV
I
II
III
IV
Exports of goods and services and income receipts, ITAs......................................................
1
1,229.6
1,294.2
1,255.8
1,244.1
1,239.5
1,245.5
1,293.9
1,398.1
Less: Gold, ITAs..........................................................................................................................................
Statistical differences1...........................................................................................................................
Other items..............................................................................................................................................
2
3
4
3.4
-13.0
0.7
4.8
-10.6
0.6
3.6
-13.2
0.6
3.8
-13.5
0.6
3.8
-15.0
0.5
5.6
-14.6
0.6
5.3
-6.4
0.6
4.7
-6.4
0.6
Plus: Adjustment for grossing of parent/affiliate interest payments......................................................
Adjustment for U.S. territories and Puerto Rico.................................................................................
Services furnished without payment by financial intermediaries except life insurance carriers...
5
6
7
5.0
53.0
9.4
5.0
53.0
8.8
4.8
54.4
9.7
5.7
53.5
9.7
5.0
53.3
9.2
4.9
52.2
8.6
4.9
53.1
8.2
5.0
53.3
9.0
Equals: Exports of goods and services and income receipts, NIPAs.....................................
8
1,306.0
1,366.1
1,333.7
1,322.0
1,317.8
1,319.7
1,360.6
1,466.5
Imports of goods and services and income payments, ITAs...................................................
9
1,651.7
1,767.8
1,690.7
1,696.7
1,726.5
1,736.7
1,768.4
1,839.5
Less: Gold, ITAs..........................................................................................................................................
Statistical differences1...........................................................................................................................
Other items..............................................................................................................................................
10
11
12
2.9
-12.9
0.0
3.6
-9.4
0.0
3.0
-13.2
0.0
2.9
-13.5
0.0
2.4
-13.8
0.0
4.1
-12.3
0.0
4.1
-6.2
0.0
3.8
-5.2
0.0
Plus: Gold, NIPAs........................................................................................................................................
Adjustment for grossing of parent/affiliate interest payments...........................................................
Adjustment for U.S. territories and Puerto Rico.................................................................................
Imputed interest paid to rest of world...................................................................................................
13
14
15
16
-3.3
5.0
38.0
9.4
-3.8
5.0
33.9
8.8
-3.5
4.8
39.3
9.7
-3.0
5.7
40.7
9.7
-3.8
5.0
29.2
9.2
-4.0
4.9
37.4
8.6
-4.2
4.9
33.9
8.2
-3.2
5.0
35.2
9.0
Equals: Imports of goods and services and income payments, NIPAs..................................
17
1,710.7
1,817.4
1,751.1
1,760.2
1,777.5
1,791.8
1,813.4
1,886.8
Balance on goods and services and income ITAs (1-9)...........................................................
18
-422.1
-473.6
-434.9
-452.6
-487.0
-491.2
-474.5
-441.4
Less: Gold (2-10+13)................................................................................................................................
Statistical differences (3 -1 1 )1...............................................................................................................
Other items (4 -1 2 ).................................................................................................................................
19
20
21
-2.8
-0.1
0.7
-2.6
-1.2
0.6
-2.9
0.0
0.6
-2.1
0.0
0.6
-2.4
-1.2
0.5
-2.5
-2.3
0.6
-3.0
-0.2
0.6
-2.3
-1.2
0.6
Plus: Adjustment for U.S. territories and Puerto Rico (6-1 5 )...............................................................
22
15.0
19.1
15.1
12.8
24.1
14.8
19.2
18.1
Equals: Net exports of goods and services and net receipts of income, NIPAs (8-17)
23
-404.7
-451.3
-417.4
-438.2
-459.7
-472.1
-452.8
-420.3
1. Consists of statistical revisions in the NIPAs that have not yet been incorporated into the ITAs
(2001 :l—
2003:IV), statistical revisions in the ITAs that have not yet been incorporated into the NIPAs
(2003:II-2003:IV).
ITAs International transactions accounts
NIPAs National income and product accounts
April 2004
D -85
Appendix B
Suggested Reading
The Bureau o f Econom ic Analysis (BEA) has published a
wealth o f inform ation about the m ethodologies that are
used to prepare its national, industry, international, and
regional accounts. In addition, m ost o f this inform ation
is available on BEA’s Web site at < www.bea.gov>. Look
under “M ethodologies” ; for articles from the S urvey of
C u r r en t B u sin e ss , look under “ Publications.”
National accounts
The national accounts encom pass the detailed estimates
in the national income and product accounts (including
gross dom estic product) and the estimates o f wealth and
related estimates.
N ational incom e an d produ ct accounts (NIPAs). This
series o f papers docum ents the conceptual framework o f
the NIPAs and the m ethodologies that have been used to
prepare the estimates.
An Introduction to National Economic Accounting
(1985) [also in the March 1985 S urvey ]
Corporate Profits: Profits Before Tax, Profits Tax L iabil
ity, and D ividends (2002)
G overnm ent Transactions (1988)
Personal Consumption Expenditures (1990)
The m ethodologies described in these papers have
been updated and improved, typically as part o f the com
prehensive and annual revisions o f the NIPAs.
The following S urvey articles describe the m ost recent
comprehensive revision o f the NIPAs.
“ Improved Estimates o f the National Income and
Product Accounts for 1929-2002: Results o f the Com pre
hensive Revision” (February 2004)
“ Preview o f the Revised NIPA Estimates for 1997
Effects o f Incorporating the 1997 Benchmark 1-0 Ac
counts and Proposed Definitional and Statistical
Changes” (lanuary 2003)
“ Preview o f the 2003 Comprehensive Revision o f the
National Income and Product Accounts”
Changes in Definitions and Classifications
(June 2003)
New and Redesigned Tables (August 2003)
Statistical Changes (September 2003)
In addition, see the following articles.
“Annual Revision o f the National Income and Product
Accounts” (August 2002).
“ Chained-Dollar Indexes: Issues, Tips on Their Use,
and Upcom ing Changes” (November 2003) discusses the
advantages o f using chain-weighted indexes and the chal
lenges o f using chained dollars.
“M easuring the Services o f Com m ercial Banks in the
NIPAs: Changes in Concepts and M ethods” (September
2003)
“M easuring the Services o f Property-Casualty Insur
ance in the NIPAs: Changes in Concepts and M ethods”
(October 2003)
“Reliability o f GDP and Related NIPA Estim ates” (Jan
uary 2002) evaluates the principal NIPA estimates by ex
amining the record o f revisions to them.
Fixed assets and consum er durable goods. Fixed
Assets and Consumer D urable Goods in the United States,
19 2 5 - 9 7 (2003) discusses the concepts and statistical con
siderations that underlie the estimates and their deriva
tion.
“ Fixed Assets and Consum er Durable G oods for
1925-98” (April 2000) describes the definitional and sta
tistical improvements that were incorporated in the com
prehensive revision o f the estimates.
Industry accounts
The industry accounts consist o f the estimates o f gross
dom estic product by industry, the input-output
accounts, and two satellite accounts.
“Preview o f the Comprehensive Revision o f the
Annual Industry Accounts: Integrating the Annual InputO utput Accounts and the Gross-Dom estic-Product-byIndustry Accounts” (March 2004) provides the details
about the upcom ing comprehensive revision.
G ross produ ct by industry. “ Improved Estimates o f
Gross Product by Industry for 1947-98” (June 2000)
describes the m ost recent comprehensive revision o f
these estimates.
“Gross Dom estic Product by Industry for 1999-2001”
(November 2002) describes the m ost recent annual revi
sion o f the these estimates.
Mission Statem ent and Strategic Plan
The m ission statement o f the Bureau o f Econom ic
Analysis and the latest update to its strategic plan for
improving the accuracy, reliability, and relevance of
the national, industry, regional, and international
a c c o u n ts are a v a ila b le on BEA ’s W eb site at
< www.bea.gov>; look under “About BEA.”
Appendix B
D -86
Input-output accounts. “Benchmark Input-Output
Accounts for the U.S. Economy, 1997” (December 2002)
presents the 1997 accounts and describes the im prove
ments that were incorporated.
Satellite accounts. These accounts extend the analyti
cal capacity o f the input-output accounts by focusing on
a particular aspect o f economic activity.
“U.S. Transportation Satellite Accounts”
For 1992 (April 1998)
For 1996 (May 2000)
“U.S. Travel and Tourism Satellite Accounts”
For 1992 (July 1998)
For 1996 and 1997 (July 2000)
International accounts
The international accounts encom pass the international
transactions accounts, direct investment, and interna
tional transactions in services.
International transactions accounts (ITAs). The
Balance o f Paym ents o f the United States: Concepts, D ata
Sources, an d Estim ating Procedures (1990) describes the
m ethodologies used to prepare the estimates in the ITAs
and the international investment position o f the United
States. These m ethodologies are usually updated and
im proved as part o f the annual revisions o f the ITAs.
The annual revisions o f the ITAs are described in a
series o f articles, the latest o f which was published in the
July 2003 S urvey.
Direct investment. International D irect Investment:
Studies by the B ureau o f Economic A nalysis (1999) is a col
lection o f previously published articles on U.S. direct in
vestment abroad and foreign direct investment in the
United States. It also includes the following information.
The “M ethodology for U.S. Direct Investment
Abroad,” which is also available in U.S. Direct
Investment A broad: 1994 Benchm ark Survey, Fin al
Results (1998)
“A Guide to BEA Statistics on U.S. Multinational
Com panies,” which is also available in the March
1995 S urvey
“A Guide to BEA Statistics on Foreign Direct
Investment in the United States,” which is also
available in the February 1990 S urvey
In addition, the updated m ethodology for foreign
direct investment in the United States is available in For
eign D irect Investment in the United States: F in al Results
From the 1997 Benchm ark Survey (2001).
April 2004
International services. U.S. International Transac
tions in Private Services: A G uide to the Surveys Conducted
by the Bureau o f Economic Analysis (1998) describes 11
surveys. It includes classifications, definitions, release
schedules, the m ethods used to prepare the estimates, and
sam ples o f the survey forms.
“Selected Issues in the M easurem ent o f U.S. Interna
tional Services” (June 2002) describes key issues in defin
ing and m easuring insurance, wholesale and retail trade,
finance, construction, and utilities services and explores
possible actions to address these issues.
Regional accounts
The regional accounts include estimates o f personal
income and gross state product.
Personal income. Estimates o f personal incom e are
prepared for States and for local areas.
“Comprehensive Revision o f State Personal Income
for 1969-99” (June 2000) sum m arizes the changes in the
m ethodology that is used to prepare the estimates. The
detailed m ethodology is available on the C D -R O M State
Personal Income, 1929-2000.
“State Personal Income: Revised Estim ates for 19992001” (October 2002) presents the m ost recent annual re
vision o f these estimates.
“The Reliability o f the State Personal Income Esti
m ates” (December 2003) evaluates the estimates o f state
personal income and o f selected com ponents by exam in
ing the revisions o f these estimates.
“Comprehensive Revision o f Local Area Personal In
come for 1969-98” (July 2000) sum m arizes the changes
in the m ethodology that is used to prepare the estimates
for counties and m etropolitan areas. The detailed m eth
odology is available on the C D -R O M Regional Economic
Inform ation System, 1969-2001.
“Local Area Personal Income, 1999-2001” (M ay 2003)
presents the m ost recent annual revision o f these esti
mates.
Gross state product. “Comprehensive Revision o f
Gross State Product by Industry, 1977-94” (June 1997)
sum marizes the sources and the m ethods that are used to
prepare the estimates. “Gross State Product by Industry,
1977-98” (October 2000) describes the m ost recent com
prehensive revision o f these estimates.
“Gross State Product by Industry, 1999-2001” (June
2003) presents the m ost recent annual revision o f these
estimates.
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