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December 1991 / Volume 71 Number
_
12
SURVEY OF CURRENT BUSINESS
1
Business Situation
1 Corporate Profits.
3
National Income and Product Accounts
3
18
19
22
23
U.S. Department of Commerce
Robert A. Mosbaeher / Secretary
Economics and Statistics Administration
Michael R, Darby / Undersecretary for
Economic Affairs and Administrator
Selected NIPA Tables
NIPA Chart
Personal Income and Outlays: Monthly Series, 1987-91
Reconciliation and Other Special Tables
Errata
24
Bureau of Economic Analysis
Allan H. Young / Director
Carol S. Carson / Deputy Director
The Comprehensive Revision of the U.S. National Income and
Product Accounts: A Review of Revisions and
Major Statistical Changes
43
Gross State Product by Industry, 1977-89
Editor-in-Chief: Douglas R, Pox
Managing Editor: Leland L» Scott
60
U.S. International Transactions, Third Quarter 1991
86
1992 Release Dates for BEA Estimates
87
Subject Guide
Publication Staff: W. Ronnie Foster,
M. Gretchen Gibson, Eric B. Manning,
Donald J. Parschalk
SURVEY OF CURRENT BUSINESS. Published monthly
by the Bureau of Economic Analysis of the U.S.
Department of Commerce. Editorial correspondence should be addressed to the Editor-in-Chief,
SURVEY OF CURRENT BUSINESS, Bureau of Economic
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C-pages: Business Cycle Indicators
(See page C-l for contents)
S-pages: Current Business Statistics
(Seepage SSSfor contents and subject index)
Inside back cover: BEA Information
NOTE.—This issue
of the SURVEY went to the printer on January 6,1992.
It incorporates data from the following monthly BEA news releases:
Gross Domestic Product (Dec. 20),
Personal Income and Outlays (Dec. 23), and
Composite Indexes of Leading, Coincident, and Lagging
Indicators (Dec. 31).
the BUSINESS SITUATION
P INAL estimates for the third quarter qf 1991 show that real gross domestic product (GDP) increased at an
annual rate of 1.8 percent; preliminary
estimates had shown
a 1.7-percent increase (table I). 1 Personal consumption expenditures, net exports, and
government purchases were revised up
slightly; residential and nonresidential fixed investment and the change
in business inventories were revised
down slightly. The final estimate of
the third-quarter increase in real gross
domestic purchases was unchanged
from the preliminary estimate of a
3.4-percent increase.
The final estimate of the thirdquarter increase in real gross national
product (GNP) was unchanged from
the preliminary estimate of a 2.0percent increase. GNP equals GDP
plus net receipts of factor income from
the rest of the world. In the final
estimate of GNP, the small upward revision in GDP was offset by a small
downward revision in net receipts of
factor income.
Corporate Profits
Profits from current production—
profits before tax plus inventory valuation adjustment (IVA) and capital consumption adjustment (CCAdj)—
increased $2.6 billion in the third quarter of 1991 after increasing $1.4 billion in the second quarter (table 2).
The third-quarter increase was more
than accounted for by domestic profits
of financial corporations (up $2.2 billion) and profits from the rest of the
world (up $1.3 billion); domestic profits
NOTE.—Daniel Larkins prepared this article.
1. Quarterly estimates in the national income and
product accounts are expressed at seasonally adjusted
annual rates, and quarterly changes are differences between these rates. Quarter-to-quarter percent changes
are annualized.
Table 1.-—Revisions in Selected Component Series of the NIPA's, Third Quarter of 1991
Seasonally adjusted at annual rates
Preliminary
Percent change from preceding quarter at annual rates
Difference
Preliminary
Final
Billions of current dollars
Gross domestic product .
5,707.4
5,709.2
1.8
3.9
4.1
National income
4,559.1
4,559.8
.7
2.5
2.6
3,406.0
3,405.3
-.7
3.4
3.3
303.9
849.2
306.1
848.4
2.2
.5
-.3
3.5
-.7
4354.0
4,853.3
2.8
2.7
Compensation of employees
.,
Corporate profits with inventory valuation and capital
consumption adjustments ....'.
Other
Personal income .
Billions of constant (1987) dollars
Gross domestic product .
4^61.0
4,862.7
1.7
1.7
544.1
576.4
545.2
576.3
1.1
-.1
6.4
Equals: Gross domestic purchases ...
4393.3
4,893.8
Personal consumption expenditures ,
Durables
Nondurables
Services
3,270.6
418.2
1,048.1
1,804.3
3,271.2
418.3
1,046.1
1,806.8
.6
.1
-2.0
2.5
Fixed investment
Nonresidential
Residential
Change in business inventories .
Nonfarm
Farm
687.1
510.2
176.9
.4
-2.5
2.9
686.5
510.0
176.5
.1
-2.8
2.9
-.6
-.2
-.4
-.3
-.3
0
Government purchases .
Federal
State and local
935.2
384.1
551.0
936.1
384.5
551.6
4,872.3
4,872.0
Less: Exports .
Phis: Imports .
22.4
7.3
22.3
3.4
Addendum:
Gross national product .
2.3
9.5
0
2.2
2.3
9.4
.7
1.6
.2
-3.5
1J.9
-.2
-3.7
10.9
.9
.4
.6
-3.8
-8.5
-.5
-3.4
-8.1
-.1
-.3
2.0
2.0
NOTE.—The final estimates of the national income and product accounts for the third quarter of 1991 incorporated the following revised source
data and additional source data that were not available when the preliminary estimates were prepared.
Personal consumption expenditures: Revised retail sales for September.
Nonresidential fixed investment: Revised construction put in place for August and September, revised manufacturers' shipments of equipment for
September, and newly available estimates of shipments of complete civilian aircraft for September.
Residential investment: Revised construction put in place for August and September.
Change in business inventories: Revised manufacturing and trade inventories for September.
Net exports of goods and services: Revised merchandise exports and imports for September, and revised exports and imports of services for the
quarter.
Government purchases of goods and services: Revised State and local government construction put in place for September.
Net interest: Revised net interest from the rest of the world for the quarter.
Corporate profits: Revised domestic book profits for the quarter and profits from the rest of the world for the quarter.
GNP prices: Revised housing prices for the quarter.
Looking Ahead...
• New Look for the SURVEY. The SURVEY will take on anew look beginning
with the January 1992 issue. A redesigned cover will feature a list of the
articles in the issue. On the inside, the text and tables will be set in new—
and larger—typefaces, and margins will be widened. These changes are
being made to improve the appearance and readability of the SURVEY.
SURVEY OF CURRENT BUSINESS
of nonfinancial corporations decreased
$0.9 billion, reflecting a decrease in
profits per unit.
Cash flow from current production,
a profits-related measure of internally
generated funds available to corporations for investment, decreased $2.6
billion. The ratio of cash flow to
nonresidential fixed investment increased to 77.5 percent because nonresidential fixed investment decreased
proportionately more than cash flow.
Profits by industry.—Profits before
tax (PBT) with IVA is the best available
measure of industry profits because
estimates of the CCAdj by industry
do not exist. For domestic industries, PBT with IVA decreased $4.0
billion. The decrease was more than
accounted for by decreases in trade and
in the transportation and public utilities group. Manufacturing profits increased $1.2 billion, mainly reflecting
improved earnings in chemicals and in
motor vehicles.
Domestic profits of financial corporations increased $1.4 billion, mainly
reflecting improved earnings of savings
and loan associations and of property
and casualty insurance companies.
Profits from the rest of the world
increased $1.3 billion. This component measures inflows of profits to U.S.
corporations from their foreign affiliates less outflows of profits to foreign
corporations from their U.S. affiliates.
Inflows increased $3.4 billion, and outflows increased $2.1 billion. Both
petroleum and nonpetroleum affiliates
contributed to the increase in inflows.
The increase in outflows was more
than accounted for by U.S. affiliates of
corporations in Australia and Japan.
Profits before tax and related measures.—PBT increased $12.0 billion.
The difference between the $2.6 billion
increase in profits from current production and the $12.0 billion increase in
PBT reflected a decrease in the IVA
that was partly offset by an increase in
the CCAdj.
The IVA is an estimate of inventory
profits with the sign reversed. Inventory profits increased $14.7 billion, reflecting an increase in prices of inventoried goods, especially petroleum. The
Producer Price Index for crude petroleuih increased at an annual rate of
21.9 percent (not seasonally adjusted)
in the third quarter.
December 1991
Table 2.—Corporate Profits
Level
1991:111
Change from preceding quarter
1991:11
1991:111
Billions of dollars
Profits from current production
Domestic
Financial .
.
. . . . .
Nonfinancial
Rest of the world . . . .
Inventory valuation adjustment
Capital consumption adjustment
Profits before tax
Profits tax liability
Profits after tax
Profits by industry:
Profits before tax with IVA
Domestic
...
financial
Nonfinancial
Manufacturing
Trade
Transportation and pub ic
utilities
Other
Rest of the world
Receipts (inflows)
Payments (outflows)
306.1
243.1
37.5
205.5
63.0
1.4
14.2
2.2
12.0
-12.9
2.6
1.4
2.2
-.9
1.3
-4.8
-7.3
318.2
128.6
189.6
3.2
1.0
-2.9
4.1
-7.0
-14.7
5.3
12.0
5.1
6.9
313.4
250.4
43.5
206.9
84.1
44.6
.4
13.2
2.0
11.3
7.9
1.6
-2.7
-4.0
1.4
-5.4
1.2
-2.3
44.3
33.9
63.0
62.9
-.1
3.5
-1.8
-12.9
-11.2
1.7
-4.9
.6
1.3
3.4
2.1
Dollars
Unit prices, costs, and profits of
domestic nonfinancial
corporations:
Unit price
Unit labor cost
Unit nonlabor cost
;
Unit profits from current
production
1.138
.765
.297
0.006
.003
-.001
0.003
.002
.002
.076
.004
-.001
NOTE.—Levels of these and other profits series are found in tables
1.14, 1.16, 6.16C, and 7.15 of the "Selected NIPA Tables."
IVA Inventory valuation adjustment
SURVEY OF CURRENT BUSINESS
December 1991
NATIONAL INCOME
AND PRODUCT ACCOUNTS
Selected NIPA Tables
New estimates in this issue: Third quarter 1991, final.
The set of 53 NIPA tables were shown in the November 1991 SURVEY OF CURRENT BUSINESS. For most series, revised annual estimates for 1987-90
and revised quarterly estimates for 1988:1-1991:111 were included. Leaders were shown for several tables and parts of tables that were not available.
As this issue goes to press, the following tables are not yet available: Tables 6.1 C, 7.4, 7.6, 7.9, 7.10, 7.11, and 7.12; they are not shown in this issue.
Also, parts of tables 1.10,1.16, 7.1, 7.2, 7.3, 7.13, and 8.1 are not yet available; leaders are shown for the parts that are not yet available.
Monthly estimates of personal income and outlays for 1987-90 are shown beginning on page 19. These tables reflect the comprehensive revision of
theNIPA's.
Corrections to several "Selected NIPA Tables" and to several series included in November's "Summary National Income and Product Series" are
shown in the errata on page 23.
The complete set of NIPA tables will appear in the January 1992 SURVEY.
NOTE.—This section of the SURVEY is prepared by the National Income and Wealth Division and the Government Division.
Table 1.1.—Gross Domestic Product
Table 1.2.—Gross Domestic Product in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual fates
1990
Seasonally adjusted at annual rates
1991
1990
1989
1991
1990
1990
III
IV
Gross domestic product
5,244.0 5,513.8 5,504.7 5,570.5 5,557.5 5,589.0 5,652.6 5,709.2
Gross domestic product
4,836.9 4,884.9 4,900.3 4,9033 4,855.1 4,824.0 4,840.7 4,862.7
Personal consumption expenditures .
3,517.9 3,742.6 3,706.0 3,785.2 3,812.0 3,827.7 3,868.5 3,916.4
Personal consumption expenditures ....
3,223.1 3,262.6 3,258.6 3,281.2 3,251.8 3,241.1 3,252.4 3,271.2
.Durable goods-.........;........,.
Nondurable goods
Services
Gross private domestic investment
459.8 465.9 464.6 467.1 451.9 440.7 440.0 452.9
1,146.9 1,217,7 1,200.9 1,228.4 1,246.4 1,246.3 1,252.9 1,257.4
1,911.2 2,059.0 2,040.4 2,089.6 2,113.6 2,140.7 2,175.6 2,206.1
Fixed investment
Nonresidential
Structures
Producers' durable equipment ....
Residential
Change in business inventories
Nonfarm
Farm
;
837.6
801.6
570.7
193.1
377.6
230.9
36.0
35.5
.5
Net exports of goods and services
Exports
Imports
504.9
587.8
Government purchases
Federal
National defense ....
Nondefense
State and local
802.6
388.3
215.7
0
-2.0
2.0
380.5
220.3
25.6
17.1
8.5
394.7
211.4
14.1
9.6
4.4
-74.4
-60.4
-82.5
550.4
624.8
545.9
606.3
631.2
750.9
7093
708.8
740.9
585.2
191.2
394.0
202.2
748.4
560.0
184.0
375.9
188.4
745.8
554.6
180.0
374.7
191.2
-37.1
-34.0
-3.1
744.5
546.8
169.0
377.8
197.7
-3.6
-3.2
-.4
-76.6
649.2
-37.3
565.9
602.7
589.8
607.0
597.0
634.3
971.4 1,042.9 1,033.2 1,046.0 1,071.2 1,088.8 1,092.5 1,089.1
401.4 424.9 423.3 424.7 434.5 451.5 452.1 444.9
300.0 313.4 312.7 311.1 320.6 332.3 328.4 322.3
101.5 111.5 110.7 113.6 113.9 119.2 123.7 122.6
570.0 618.0 609.9 621.4 636.7 637.3 640.4 644.2
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Durable goods
Nondurable goods
Services
440.8 438.9 438.7 440.3 424.0 410.8 408.9 418.3
1,049.3 1,050.8 1,050.3 1,053.7 1,044.7 1,043.9 1,046.2 1,046.1
1,732.9 1,773.0 1,769.6 1,787.3 1,783.1 1,786.3 1,797.2 1,806.8
Gross private domestic investment
Fixed investment
Nonresidential
Structures ...,
Producers' durable equipment ....
Residential
Change in business inventories
Nonfarm
Farm
Net exports of goods and services .
Exports .
Imports .
542.4
177.4
365.0
214.2
32.6
33.3
-.7
548.8
177.9
370.8
195.5
.2
-1.5
1.7
-75.7
-51.3
544.9
7603
696.6
657.0
6563
746.4
555.5
180.0
375.5
190.9
13.9
9.9
4.0
727.8
544.5
170.4
374.0
183.3
-31.2
-25.7
-5.5
689.8
519.1
163.3
355.8
170.7
-32.8
-31.1
-1.7
686.8
514.8
158.9
355.8
172.0
-30.4
-30.8
.4
-52.5
-31.2
-18.6
-123
554.5
522.5
553.7
531.1
22.1
15.5
6.7
Government purchases ,
Federal
National defense .
Nondefense
State and local
927.5
94.4
525.3
281.3
99.6
548.2
283.8
99.5
544.8
100.4
549.1
282.0
100.6
555.3
510.0
148.4
361.6
176.5
.1
-2.8
2.9
576.3
944.5
944.3
552.7
551.7
936.1
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 1.4.—Gross Domestic Product by Major Type of Product in
Constant Dollars
Table 1.3.—Gross Domestic Product by Major Type of Product
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1989
766.0
743.8
544.3
178.9
365.4
199.5
1991
1990
1990
1990
1991
III
Gross domestic product
Final sales of domestic product
Change in business inventories
5,244.0 5,513.8 5304.7 5,570.5 5,557.5 5,589.0 5,652.6 5,709.2
Gross domestic product .
4,836.9 4,884.9 4,9003 4,9033 4,855.1 4,824.0 4,840.7 4,862.7
5,208.1 5,513.8 5,479.1 5,556.5 5,594.0 5,628.2 5,689.6 5,712.8
-3.6
14.1 -36.5 -39.2 -37.1
0
25.6
36.0
Final sales of domestic product
Change in business inventories
Goods1
4,804.3 4,884.7 4,878.1 4,889.4 4,886.3 4,856.8 4,871.2 4,862.6
.1
13.9 -31.2 -32.8 -30.4
22.1
32.6
.2
2,098.1 2,167.6 2,176.5 2,195.6 2,158.0 2,169.4 2,186.1 2,210.5
Final sales
Change in business inventories
2,062.1 2,167.6 2,150.9 2,181.6 2,194.5 2,208.6 2,223.2 2,214.1
-3.6
14.1 -36.5 -39.2 -37.1
25.6
36.0
0
873.0
916.4
-43.5
906.1 920.3
939.5 . 929.4
-33.5
-9.2
Nondurable goods
1,178.3 1,239.9 1,244.1 1,241.8 1,260.2 1,296.4 1,280.1 1,290.3
Final sales
1,169.2 1,233.0 1,219.8 1,242.3 1,267.3 1,292.1 1,283.7 1,284.7
24.3
Change in business inventories
-.4
4.3
-3.6
5.6
-7.1
6.9
9.1
2,812.6
Services'
2,864.8 2,905.5 2,951.7 2,999.0 3,035.1
2,634.7 2,834.0
515.6
Structures
,
510.1 494.0 467.9 467.4 463.5
5113 512.2
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Durable "oods
Final sales
Change in business inventories
919.8
892.9
26.9
927.7
934.6
-7.0
932.4
931.1
1.4
953.8
939.3
14.5
897.7
927.2
-29.4
Final sales
Change in business inventories
Durable goods
Final sales
Change in business inventories
Nondurable goods
Final sales
Change in business inventories
Services1 ...
Structures .
1,962.0 1,958.0 1,973.8 1,968.5 1,928.6 1,917.0 1,922.0 1,940.5
1,929.4 1,957.8 1,951.6 1,954.6 1,959.8 1,949.8 1,952.4 1,940.4
.1
22.1
13.9 -31.2 -32.8 -30.4
32.6
.2
893.4 886.2 893.0 905.4 857.5 827.0 852.8 865.5
873.9
883.3
868.2 892.9 891.8 892.3 884.8 866.4
-8.4
-6.7
1.2
13.1 -27.3 -39.4 -30.5
25.2
1,068.6 1,071.8 1,080.7 1,063.1 1,071.1 1,090.0 1,069.2 1,074.9
1,061.3 1,065.0 1,059.8 1,062.3 1,075.0 1,083.4 1,069.1 1,066.5
.1
8.4
6.6
-3.9
.8
20.9
6.9
7.4
2,402.7 2,464.8 2,461.2 2,4763 2,481.8 2,487.6 2,502.7 2,511.8
462.0 4653 458.5 444.6 419.4 416.1 410.4
4724
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
December 1991
Table 1.5.—Relation of Gross Domestic Product, Gross Domestic Purchases,
and Final Sales to Domestic Purchasers
Table 1.6.—Relation of Gross Domestic Product, Gross Domestic Purchases,
and Final Sales to Domestic Purchasers in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1989
II
III
1989
1991
1990
1990
IV
I
II
504.9
587.8
Less: Exports of goods and services
Plus: Imports of goods and services
Equals: Gross domestic purchases' ....
Equals: Final sales to domestic
purchasers2
545.9
606.3
548.7
631.2
572.6
649.2
565.9
602.7
589.8
607.0
597.0
634.3
5326.9 5,588.1 5,565.1 5,653.0 5,634.0 5,625.8 5,669.8 5,746.5
36.0
Less: Change in business inventories
550.4
624.8
0
25.6
14.1
-36.5
-39.2
-37.1
-3.6
5,290.9 5,588.2 5^39.5 5,638.9 5,670.6 5,665.0 5,706.8 5,750.1
1990
II
III
5,244.0 5,513.8 5,504.7 5,570.5 5,557.5 5,589.0 5,652.6 5,709.2
Gross domestic product
1990
Gross domestic product
Less: Exports of goods and services
Plus: Imports of goods and services
Equals: Gross domestic purchases' ....
Less: Change in business inventories
Equals: Final sales to domestic
purchasers 2
III
1991
A
I
IV
II
III
4,836.9 4,884.9 4,9003 4,9033 4,855.1 4,824.0 4,840.7 4,862.7
469.2
544.9
505.7
557.0
502.1
554.5
501.6
567.4
522.5
553.7
512.5
531.1
535.7
548.0
4,912.6 4,936.2 4,952.7 4,969.1 4,8863 4,842.6 4,853.1 4,893.8
32.6
.2
22.1
13.9
-31.2
-32.8
4,880.0 4,936.0 4,930.6 4,955.1 4,917.5 4,875.4 4,883.5 4,893.7
Table 1.7.—Gross Domestic Product by Sector
Table 1.8.—Gross Domestic Product by Sector in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Gross domestic product
5,244.0 5,513.8 5,504.7 5,570.5 5,557.5 5,589.0 5,652.6 5,709.2
4,490.7 4,699.4 4,696.2 4,748.7 4,722.3 4,734.7 4,786.8 4335.0
Nonfarm
Nonfarm less housing
Housing
Farm
Statistical discrepancy
...
Households and institutions
....
Private households
Nonprofit institutions
4,411.3 4,605.6 4,608.9 4,634.8 4,640.4 4,640.1 4,687.2 4,730.1
3,986.8 4,155.8 4,163.4 4,179.5 4,180.6 4,175.7 4,217.6 4,256.0
424.6 449.8 445.5 455.3 459.8 464.3 469.7 474.1
76.6
85.7
83.1
79.8
82.1
85.7
89.6
82.9
18.0
28.2
16.5
2.1
-2.7
8.1
-2.4
22.0
205.0
225.1
222.2
228.9
233.3
237.5
243.7
249.9
8.9
196.2
9.1
216.1
9.2
213.0
9.1
219.8
9.1
224.2
9.2
228.3
9.5
234.2
9.6
240.2
601.9
616.8
169.2
379.1
179.4
409.8
180.1
406.2
179.1
413.8
181.0
420.9
189.4
427.4
General government
Federal
State and local
Addendum:
Gross domestic business product less
housing
624.3
188.7
433.2
.1
-30.4
1. Purchases by U.S. residents of goods and services wherever produced.
2. Final sales to U.S. residents of goods and services wherever produced.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1. Purchases by U.S. residents of goods and services wherever produced.
2. Final sales to U.S. residents of goods and services wherever produced.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Business
545.2
576.3
188.4
435.9
4,061.6 4,245.1
Gross domestic product
Business
Nonfarm
Nonfarm less housing
Housing
Farm
Statistical discrepancy
Households and institutions
Private households
Nonprofit institutions
4,836.9 4,884.9 4,900.3 4,903.3 4,855.1 4,824.0 4,840.7 4,862.7
4,150.4 4,180.4 4,196.7 4,196.4 4,145.1 4,111.4 4,126.4 4,148.6
4,085.9 4,101.9 4,126.9 4,099.9 4,071.2 4,024.6 4,040.1 4,055.6
3,700.3 3,711.3 3,737.6 3,708.4 3,678.3 3,631.2 3,645.9 3,660.4
385.6 390.6 389.2 391.5 392.9 393.4 394.2 395.2
72.0
71.4
72.0
67.2
71.7
71.1
72.1
74.1
-2.1
7.2
1.9
-2.7
24.9
15.7
14.3
18.9
189.7 195.7 194.8 197.2 197.9 198.8 201.]
203.1
8.6
181.1
8.6
187.1
154.1
342.7
155.7
353.1
8.4
190.4
511.0
508.7
General government
Federal
State and local
Addendum:
Gross domestic business product less
housing
8.4
189.4
357.7
3,760.7 3,785.8
Table 1.9.—Relation of Gross Domestic Product, Gross National Product,
Net National Product, National Income, and Personal Income
Table 1.10.—Relation of Gross Domestic Product, Gross National Product,
Net National Product, and National Income in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
5,244.0 5,513.8 5,504.7 5,570.5 5,557.5 5,589.0 5,652.6 5,709.2
Gross domestic product
Plus: Receipts of factor income from the
rest of the world'
Less: Payments of factor income to the
rest of the world2
147.7
142.2
145.4
158.3
147.9
131.6
132.0
141.2
137.0
141.5
139.1
132.6
125.2
123.5
121.0
5,248.2 5,524.5 5,505.5 5^76.8 5,583.2 5,611.7 5,660.6 5,720.1
Equals: Gross national product
Less: Consumption of fixed capital
Capital consumption
allowances
Less: Capital consumption
adjustment
Equals: Net national product
Less: Corporate profits with inventory
valuation and capital consumption
adjustments
Net interest
Contributions for social
insurance
Wage accruals less
disbursements
Plus: Personal interest income
Personal dividend income
Government transfer payments to
persons
Business transfer payments to
persons
...
598.3
605.4
615.4
620.0
623.7
Less: Consumption of fixed capital
556.3
548.5
548.8
547.1
547.0
550.8
556.2
564.6
Equals: Net national product
411.0
26.8
-2.7
27.7
8.1
6.1
4.8
27.7
-2.4
3.3
442.3
27.6
28.2
451.2
28.5
2.1
461.6
29.6
18.0
30.7
16.5
31.8
22.0
-5.2
10.8
2.7
1.9
-7.1
Less: Indirect business tax and nontax
liability plus business transfer
payments less subsidies plus current
surplus of government enterprises
Statistical discrepancy
4,836.9 4,884.9 4,9003 4,9033 4,855.1 4,824.0 4,840.7 4,862.7
133.7
130.2
125.9
127.2
137.4
126.8
111.8
111.4
129,9
120.4
125.0
121.4
114.7
107.0
104.7
102.2
4,840.7 4,894.6 4,901.2 4,909.2 4,877.7 4,843.7 4,847.8 4,872.0
542.1 550.5 548.3 552.4 556.7 561.9 565.3 569.0
4,298.6 4,344.2 4,352.9 4,356.7 4,321.0 4,281.8 4,282.5 4,303.0
-2.7
7.2
-2.1
24.9
1.9
15.7
14.3
18.9
Equals: National income
Addenda:
Net domestic product (1.-5)
Domestic income (9-2+3)
Gross national income (4-8)
4,294.8 4,334.4 4,351.9 4,350.9 4,298.3 4,262.0 4,275.4 W.293.7
4,843.2 4,887.5 4,903.4 4,884.4 4,875.9 4,828.2 4,833.7 4,853.2
1. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of
U.S. affiliates of foreign corporations.
302.1
492.6
303.5
481.6
306.1
480.1
473.4
522.9
525.7
529.5
0
669.0
119.8
123.5
.2
730.1
128.7
721.8
127.4
716.7
128.7
Table 1.11.—Command-Basis Gross National Product in Constant Dollars
602.0
653.7
725/
736.8
[Billions of 1987 dollars]
351.7
452.6
22.4
339.8
736.9
23.
23.1
23.2
23.6
24.7
25.8
26.9
4,669.5 4,919.0 4,914.6 4,972.2 4,952.1 4,973.6 5,032.6 5,085.5
4,240.5 4,448.9 4,460.2 4,469.0 4,481.1 4,467.1 4,522.8 4,548.9
5,250.9 5,516.5 5,507.9 5,548.6 5,581.1 5,593.7 5,644.1 5,698.1
1. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of
U.S. affiliates of foreign corporations.
Equals: Gross national product
590.1
4,380.2 4,679.8 4,654.7 4,7193 4,764.7 4,768.0 4,821.1 4,8533
Equals: Personal income
Plus: Receipts of factor income from the
rest of the world l
Less: Payments of factor income to the
rest of the world2
594.8
4,244.7 4,459.6 4,461.0 4,475.2 4,506.8 4,489.8 4,530.8 4,559.8
Equals: National income
Gross domestic product
574.5
-18.2 -46.2 -41.4 -51.2 -58.4 -64.5 -63.8 -59.1
4,673.7 4,929.8 4,915.4 4,978.5 4,977.8 4,9963 5,040.6 5,096.4
Less: Indirect business tax and nontax
liability
Business transfer payments
Statistical discrepancy
,
Plus: Subsidies less current surplus of
government enterprises
Addenda:
Net domestic product (1-5)
Domestic income (13-2+3)
Gross national income (4-11)
145.4
Gross national product
Less: Exports of goods and services and
receipts of factor income from the
rest of the world
Plus: Command-basis exports of goods
and services and. receipts of factor
income'
Equals: Command-basis gross
national product
Addendum:
Terms of trade 2
4,840.7 4,894.6 4,901.2 4,909.2 4,877.7 4,843.7 4,847.8 4,872.0
602.9
635.8
628.0 ,628.9
659.9
639.3
647.5
656.6
602.0
620.8
625.3
620.6
625.0
625.8
644.5
654.7
4,839.7 4,879.7 4,898.5 4,900.9 4,842.8 4,830.2 4,844.9 4,870.1
99.8
97.6
99.6
98.7
94.7
97.9
99.6
99.7
1. Exports of goods and services and receipts of factor income deflated F011 by the implicit price deflator
for imports of goods and services and payments of factor income.
2. Ratio of the implicit price deflator for exports of goods and services and receipts of factor income to
the corresponding implicit price deflator for imports with the decimal point shifted two places to the right.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
December 1991
Table 1.16.—Gross Domestic Product of Corporate Business in Current
Dollars and Gross Domestic Product of Nonfinancial Corporate Business
in Current and Constant Dollars
Table 1.14.—National Income by Type of Income
[Billions of dollars]
Seasonally adjusted at annual rates
1990
1990
Seasonally adjusted at annual rates
1991
1990
National income
Compensation of employees
Wages and salaries
Government
..
Other
.
,
Supplements to wages and salaries ....
Employer contributions for social
insurance
Other labor income
Proprietors' income with inventory
valuation and capital consumption
adjustments
Farm
..
Proprietors' income with inventory
valuation adjustment
Capital consumption adjustment .....
Nonfarm
Proprietors' income
Inventory valuation adjustment
Capital consumption adjustment
4,244.7 4,459.6 4,461.0 4,475.2 4,506.8 4,489.8 4^30.8 4,559.8
3,101.3 3,290.3 3,279.9 3325.3 3340.0 3342.9 3377.4 3,4053
2,585.8 2,738.9 2,731.6 2,769.9 2,778.3 2,771.1 2,800.2 2,822.4
478.6 514.0 511.4 517.7 525.4 536.0 540.1 541.8
2,107.2 2,224.9 2,220.2 2,252.2 2,253.0 2^235.1 2,260.1 2,280.6
277.3
276.2
288.7
288.5
373.2
374.2
368.8
42.5
45.3
32.4
49.6
-8.1
50.3
-7.9
53.2
-7.8
40.2
-7.8
49.0
-7.8
40.5
-7.7
47.1
-7.6
305.5
278.6
-1.2
is: i
330.7
308.9
328.8
306.1
-.9
23.6
-.9
21.6
332.7
313.0
-.5
20.2
331.4
312.5
-.3
19.1
340.4
321.6
-.3
19.2
373.9
364.2
40.6
-53.4
35.8
-53.2
43.5
-53.9
351.7
319.0
339.8
299.8
24.7
318.2
332.3
135.3
197.0
133.7
63.3
-14.2
380.0
32.8
-10.4
46.9
-54.8
Capital consumption adjustment
287.5
41.4
327.0
344.5
138.0
206.6
127.9
78.7
-17.5
Addenda:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments
Net cash flow with inventory
valuation and capital
consumption adjustments
Undistributed profits with
inventory valuation and capital
consumption adjustments
Consumption of fixed capital
Less: Inventory valuation
adjustment
Equals: Net cash flow
281.7
347.0
Corporate profits with inventory
valuation adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
Billions of dollars
Gross domestic product of
corporate business
3,171.7 3,280.9 3,296.2 3,298.6 3,291.6 3,295.7 3333.7 3,364.1
350.5
Consumption of fixed capital
Rental income of persons with capital
consumption adjustment
Rental income of persons
Capital consumption adjustment
Corporate profits with inventory
valuation and capital consumption
adjustments
1991
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
382.5
32.0
39.6
-7.6
-.5
19.4
-11.7
-53.5
41.9
-53.8
-54.2
-55.1
296.1
302.1
303.5
306.1
335.4
331.6
137.9
193.7
132.5
61.2
3.8
302.4
335.1
138.8
196.3
133.8
62.5
-32.6
304.9
326.1
127.1
199.0
136.2
62.8
-21.2
315.7
309.1
119.4
189.7
137.8
51.9
6.7
316.1
306.2
123.5
182.7
136.7
46.1
9.9
313.4
318.2
128.6
189.6
138.1
4.4
-2.7
-8.8
-13.6
-12.6
-7.3
506.4
492.6
481.6
480.1
182.7
180.0
177.5
405.4
425.1
426.5
423.9
32.8
372.7
45.0
380.1
43.4
383.2
39.4
384.6
452.6
213.7
183.6
201.9
161.0
436.3
415.4
431.8
394.7
85.8
350.5
49.9
365.5
69.4
362.5
-17.5
453.9
-14.2
429.5
3.8
428.0
6.7
418.4
365.5
362.5
367.5
372.7
380.1
383.2
384.6
2,821.3 2,915.5 2,933.8 2,931.1 2,919.0 2,915.6 2,950.5 2,979.6
Net domestic product
,
Domestic income
Compensation of employees ,
Wages and salaries
Supplements to wages and
salaries
Corporate profits with inventory
valuation and capital
consumption adjustments
Profits before tax
Profits tax liability
,
Profits after tax
Dividends
Undistributed profits
,
Inventory valuation adjustment .
Capital consumption adjustment
Net interest
,
Gross domestic product of
financial corporate business
Gross domestic product of
nonfinancial corporate
business
Consumption of fixed capital
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
Compensation of employees
Wages and salaries
Supplements to wages and
salaries
Corporate profits with inventory
valuation and capital
consumption adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment.
Capital consumption adjustment
Net interest
289.1
309.8
307.2
315.4
324.0
325.9
335.6
2,532.1 2,608.3 2,631.4 2,621.3 2,603.5 2,591.6 2,624.6 2,643.9
2,078.5 2,186.8 2,181.9 2,215.6 2,215.9 2,202.4 2,223.9 2,242.8
1,745.4 1,833.3 1,829.3 1,857.2 1,857.2 1,844.0 1,862.3 1,877.7
365.1
286.5
278.4
137.9
140.5
110.7
29.8
3.8
4.4
162.9
152.7
260.9
272.0
270.6
227.5
234.5
119.4
115.1
120.7
-5.5
6.7
-13.6
161.7
139.6
113.3
277.4
277.5
283.9
243.1
-.9
9.9
-12.6
2.6
-4.8
-7.3
158.1
289.8
294.0
2,910.8 3,008.9 3,025.6 3,021.2 3,014.2 3,011.8 3,043.9 3,070.1
316.2
327.3
324.9
328.9
333.1
339.6
342.5
343.8
2,594.7 2,681.6 2,700.7 2,692.4 2,681.1 2,672.2 2,701.4 2,726.3
268.8
285.5
288.0
293.2
301.3
303.0
312.2
2325.9 2,396.1 2,419.7 2,404.3 2,387.9 2,370.9 2,398.5 2,414.1
1,922.9 2,023.3 2,021.4 2,046.0 2,043.8 2,028.0 2,046.1 2,063.5
1,613.4 1,694.5 1,693.1 1,713.1 1,710.9 1,696.0 1,711.5 1,725.5
309.4
261.0
251.5
99.2
152.3
104.4
47.9
-17.5
27.0
142.0
328.4
224.3
232.5
96.1
136.4
112.2
24.2
-14.2
5.9
148.5
249.7
236.9
98.1
138.8
107.7
31.1
3.8
9.0
148.5
239.1
99.1
140.0
109.5
30.5
-32.6
2.9
149.0
332.8
332.0
334.7
338.0
193.3
216.9
89.0
127.9
1.19.9
8.0
-21.2
-2.4
150.9
194.4
194.4
79.9
114.5
114.1
.4
6.7
-6.6
148.4
206.4
202.4
83.6
118.9
115.3
3.6
9.9
-5.9
145.9
205.5
211.7
87.2
124.5
117.3
7.2
-4.8
-1.4
145.1
Billions of 1987 dollars
Gross domestic product of
nonfinancial corporate
business
Consumption of fixed capital
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
2,715.3 2,717.4 2,741.6 2,710.4 2,697.6 2,668.1 2,682.1 2,699.0
313.6
298.5 303.0 302.0 303.9 305.7
2,416.9 2,414.4 2,439.5 2,406.5 2,391.8 2,359.0 2,370.7 2,385.4
SURVEY OF CURRENT BUSINESS
December 1991
Table 2.1.—Personal Income and Its Disposition
Table 2.2.—Personal Consumption Expenditures by Major Type of Product
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1989
1990
IV
III
II
Seasonally adjusted at annual rates
1991
1990
4380.2
4,679.8
4,654.7
4,7193
4,764.7
4,768.0
4,821.1
4,8533
2,585.8
2,738.9
2,731.6
2,769.8
2,778.2
2,770.9
2,800.6
2,822.4
723.8
542.1
607.5
775.9
478.6
745.4
555.8
634.6
845.0
514.0
747.7
557.5
634.5
838.0
511.4
751.2
560.4
640.4
860.6
517.7
745.2
557.3
639.0
868.8
525.2
733.4
549.3
635.1
866.5
535.8
735.2
552.3
642.0
883.0
540.5
742.3
559.9
644.0
894.4
541.8
Other labor income
253.7
274.0
272.1
2763
279.9
284.2
2883
292.8
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Nonfarm
347.0
41.4
305.5
373.2
42.5
330.7
374.2
45.3
328.8
368.8
32.4
336.5
373.9
41.2
332.7
364.2
32.8
331.4
380.0
39.6
340.4
382.5
32.0
350.5
Rental income of persons
with capital
consumption adjustment
-7.9
-12.9
-173
-10.4
-93
-11.9
-11.7
-14.2
Personal dividend income .
119.8
124.8
123.5
124.8
127.0
128.7
127.4
128.7
Personal interest income ...
669.0
721.3
716.2
729.1
736.9
730.1
721.8
716.7
624.4
684.9
676.8
687.7
705.8
737.2
7513
763.7
325.1
352.0
348.9
353.0
358.4
373.1
377.2
381.7
14.4
17.3
17.9
17.8
17.1
17.8
18.0
17,7
20.5
17.9
23.6
18.0
27.0
18.7
26.5
18.4
87.2
180.4
93.1
203.9
92.4
200.6
93.1
205.7
94.6
214.4
100.3
222.2
98.9
229.7
99.3
237.8
Personal income
Wage and salary
disbursements
Commodity-producing
industries
Manufacturing
Distributive industries
Service industries
Government . v
Transfer payments to
persons
Old-age, survivors,
disability, and health
insurance benefits
Government
unemployment
insurance benefits
Veterans benefits
Government employees
retirement benefits
Other transfer payments ..
Aid to families with
dependent children ..
Other
Less: Personal
contributions for social
insurance
Less: Personal tax and
nontax payments
18.0
162.4
19.8
1842
19.5
181.1
19.9
185 8
20.5
193.9
20.9
2012
21.7
208.0
22.1
215.7
211.7
2243
2223
226.7
2273
235.4
237.0
2393
591.7
621.0
622.7
627.5
627.2
617.1
615.1
613.6
Equals: Disposable personal
income
3,788.6
4,058.8
4,032.0
4,091.8
4,1373
4,151.0
4,2073
4,238.2
Less: Personal outlays
3,621.6
3,852.2
3,8153
3,8953
3,921.7
3,9373
3,977.9
4,024.9
Personal consumption
expenditures
Interest paid by persons
Personal transfer payments
to rest of the world (net) .
Equals: Personal saving
3,517.9
101.6
3,742.6
107.5
3,706.0
107.6
3,785.2
107.7
3,812.0
107.6
3,827.7
107.5
3,868.5
107.1
3,916.4
106.3
2.1
2.1
1.7
2.5
2.1
2.3
2.2
2.1
166.9
206.6
216.7
1963
215.8
213.4
229.6
2133
Addenda:
Disposable personal income:
Total, billions of 1987
dollars
Per capita:
Current dollars
1987 dollars
Population (mid-period,
thousands)
Personal saving as
percentage of disposable
personal income
3,471.2
3,538.3
3,545.3
3,547.0
3,529.5
3,514.8
3,537.4
3,539.9
15,313
14,030
16,236
14,154
16,154
14,204
16,344
14,168
16,479
14,058
16,492
13,965
16,678
14,022
16,752
13,992
247,405 249,992 249,594 250,349 251,074 251,689 252,281 252,990
4.4
5.1
5.4
4.8
5.2
5.1
5.5
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
1991
1990
HI
II
I
5.0
Personal consumption
expenditures
3317.9 3,742.6 3,706.0 3,785.2 3,812.0 3,827.7 3,8683 3,916.4
Durable goods
Motor vehicles and parts
Furniture and household equipment ...
Other
459.8
465.9
464.6
467.1
451.9
440.7
440.0
452.9
205.6
168.1
86.0
203.7
173.2
89.0
203.6
173.4
87.6
204.7
173.1
89.4
192.5
170.4
89.1
180.7
171.1
88.9
179.3
172.8
87.8
188.4
173.9
90.7
1,146.9 1,217.7 1,200.9 1,228.4 1,246.4 1,2463 1,252.9 1,257.4
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
563.3
200.5
95.5
12.0
275.6
595.8
208.7
106.8
12.5
293.9
592.3
208.3
97.3
11.7
291.4
601.1
211.0
106.4
13.3
296.6
604.8
206.8
123.2
13.1
298.6
616.3
208.2
105.0
12.2
304.5
620.5
212.8
102.0
11.4
306.2
620.4
214.6
101.7
11.7
309.0
1,911.2 2,059.0 2,040.4 2,089.6 2,113.6 2,140.7 2,175.6 2,206.1
Services
Housing ,.
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
5143
208.4
97.6
110.8
138.0
472.2
578.4
547.1
212.7
97.2
115.6
147.6
523.1
628.4
541.5
213.4
98.3
115.1
146.2
515.8
623.5
553.6
215.8
99.1
116.7
148.5
531.3
640.3
559.3
216.5
99.6
116.9
151.7
543.4
642.8
565.7
218.6
99.8
118.8
152.2
555.9
648.2
571.7
225.4
103.7
121.6
153.9
570.0
654.7
577.0
226.5
102.4
124.1
157.4
583.5
661.6
Table 2.3.—Personal Consumption Expenditures by Major Type of Product
in Constant Dollars
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1989
Personal consumption
expenditures
3,223.1 3,262.6 3,258.6 3,281.2 3,251.8 3,241.1 3,252.4 3,271.2
Durable goods
Motor vehicles and pans
Furniture and household equipment ...
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household opearation
Transportation
Medical care
Other
1991
1990
1990
440.8
438.9
438.7
4403
424.0
410.8
408.9
4183
196.2
166.1
78.5
191.4
170.6
76.9
192.0
170.9
75.8
192.9
170.5
76.9
168.0
76.2
166.7
168.9
75.1
164.2
171.1
73.6
170.9
172.5
74.9
1,0493 1,050.8 1,0503 1,053.7 1,044.7 1,043.9 1,046.2 1,046.1
...
513.3
187.9
86.7
11.5
250.0
515.8
187.4
85.0
10.0
252.6
516.3
187.2
84.5
10.5
251.9
517.1
188.2
84.4
11.0
252.9
515.9
184.1
84.0
8.9
251.7
518.7
181.7
81.8
9.3
252.5
517.0
186.1
83.0
9.8
250.3
517.4
184.7
83.6
10.-1
250.3
1,732.9 1,773.0 1,769.6 1,7873 1,783.1 1,7863 1,797.2 1,806.8
469.0
201.5
94.2
107.3
126.0
408.5
528.0
474.5
202.1
92.2
109.9
129.0
424.3
543.0
473.0
202.8
93.2
109.6
128.9
422.4
542.5
475.4
206.3
94.9
111.4
129.6
427.7
548.2
476.9
203.7
93.5
110.2
128.7
429.6
544.3
477.3
201.7
91.7
110.0
127.0
432.9
547.5
478.3
207.1
95.6
111.5
127.9
436.9
547.1
479.4
208.0
95.2
112.9
128.9
441.7
548.9
SURVEY OF CURRENT BUSINESS
December 1991
Table 3.2.—Federal Government Receipts and Expenditures
Table 3.3.—State and Local Government Receipts and Expenditures
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1990
1989
1991
II
1,055.2 1,104.8 1,106.3 1,115.4 1,110.7 1,115.2 1,114.3 1,124.6
Receipts
Receipts
...
Personal tax and nontax receipts
Income taxes '.
Estate and gift taxes
Nontaxes
:
460.2
450.0
8.9
1.3
482.2
469.7
11.6
.9
485.4
469.7
14.8
.9
486.6
474.7
11.1
485.5
474.0
10.7
473.9
462.1
10.9
.9
468.8
457.2
10.6
1.0
469.9
457.0
11.8
1.0
Personal tax and nontax receipts
Income taxes
Nontaxes
Other
Corporate profits tax accruals
Federal Reserve banks
Other
113.9
21.6
92.2
112.1
23.6
88.5
114.1
23.2
90.9
115.1
24.7
90.4
105.7
24.0
81.7
99.0
23.3
75.7
102.0
22.6
79.5
106.2
23.0
83.2
Corporate profits tax accruals
61.9
34.0
17.5
10.4
65.8
36.2
17.5
12.2
64.8
35.4
17.4
12.0
65.2
35.5
17.5
12.2
68.5
39.0
17.4
12.1
78.2
46.6
16.6
15.0
77.1
46.4
16.1
14.6
78.7
46.0
17.1
15.6
419.4
444.7
442.0
448.5
451.1
464.1
466.3
469.9
Indirect business tax and nontax
accruals
.
Excise taxes
,
Customs duties
L
Nontaxes
{&.'.
Contributions for social insurance
1,179.4 1,270.1 1,263.2 1,265.1 1,304.4 1,261.6 1,321.0 1,334.8
Expenditures
Indirect business tax and nontax
accruals
Sales taxes
Property taxes
Other
Contributions for social insurance
Federal grants-in-aid
Expenditures
1991
1990
1990
III
rv
I
II
III
677.0
724.5
717.3
730.3
741.3
749.4
764.1
777.4
131.5
101.4
14.1
15 9
138.8
106.1
15.5
17.3
137.3
104.7
15.3
17.2
140.9
107.8
15.6
17.5
141.8
108.2
15.9
17.6
143.2
109.1
16.2
17.9
144.9
110.3
16.5
18.1
145.2
110.0
16.8
18.4
24.1
23.2
23.8
23.7
21.4
20.4
21.4
22.4
349.1
171.4
140 8
36.9
373.4
181.4
152.1
39.8
367.5
178.0
150.8
38.6
377.1
183.8
153.5
39.8
382.6
185.0
156.1
41.5
383.4
183.9
158.6
40.9
387.3
186.3
161.0
40.0
397.0
192.4
163.3
41.2
54.1
57.0
56.6
57.4
58.2
58.8
59.4
59.6
118.2
132.2
132.2
131.2
137.3
143.7
151.0
153.3
635.9
698.8
688.8
704.2
7233
729.0
736.5
745.6
570.0
379.1
190.8
618.0
409.8
208.2
609.9
406.2
203.7
621.4
413.8
207.6
636.7
420.9
215.7
637.3
427.4
209.9
640.4
433.2
207.2
644.2
435.9
208.3
Purchases
National defense
Nondefense
401.4
300.0
101.5
424.9
313.4
111.5
423.3
312.7
110.7
424.7
311.1
113.6
434:5
320.6
113.9
451.5
332.3
119.2
452.1
328.4
123.7
444.9
322.3
122.6
Purchases
»
Compensation of employees
Other
Transfer payments (net)
To persons
To rest of the world (net)
469.5
458.7
10.8
510.8
498.2
510.7
498.4
12.3
523.8
511.1
457.5
535.3
-77.8
505.1
543.0
-37.9
534.9
547.4
-12.5
Transfer payments to persons
143.3
163.5
161.0
166.0
171.0
177.2
182.7 . 189.4
12.6
507.2
492.7
14.5
Grants-in-aid to State and local
governments
Net interest paid
. .
Interest paid
Less: Interest received by government
-49.9
57.6
107.5
-53.7
61.1
114.9
-53.4
60.7
114.1
-54.1
61.6
115.7
-54.8
62.4
117.2
-55.7
63.2
118.9
-56.7
64.0
120.7
-57.6
64.9
122.5
118.2
132.2
132.2
143.7
Net interest paid
Interest paid ,
To persons and business
To rest of the world (net)
...
Less: Interest received by government
164.7
193.4
157.6
35.9
28.8
177.5
209.2
171.4
37.9
31.8
177.5
206.3
168.8
37.4
28.8
189.7
220.3
8.1
9.0
9.0
9.0
9.2
9.1
9.2
9.4
38.1
29.7
39.1
38.8
185.7
217.4
178.2
39.3
31.7
39.1
30.6
39.0
32.5
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of government
enterprises
-19.5
.4
19.8
-20.0
.4
-19.7
.4
20.1
-20.0
.4
20.4
-20.4
.4
-20.8
.4
-20.8
.4
-21.0
.4
20.8
21.1
21.2
21.4
25.5
28.7
24.7
27.5
23.0
26.1
14.8
17.8
31.2
33.0
23.4
28.6
22.7
29.7
13.9
20.6
Less: Wage accruals less disbursements
0
0
0
0
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of government
enterprises
216.5
Less: Wage accruals less disbursements
Less: Dividends received by
"ovemment'
7.0
6.8
-.4
0
Surplus or deficit (-), national
income and product accounts
63.1
60.6
62.2
-187.3 -225.9 -219.1
Social insurance funds
Other
58.2
Surplus or deficit (-), national
income and product accounts
Social insurance funds
Other
20.3
0
0
0
0
41.1
25.7
28.5
26.1
18.0
20.4
27.6
31.8
60.4
-19.2
63.8
-38.1
63.5
-34.9
64.2
-38.2
64.9
-46.9
65.0
-44.7
65.6
-38.0
65.6
-33.8
47.9
-194.4 -251.3
Table 3.7B.—Government Purchases by Type
Table 3.8B.—Government Purchases by Type in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1989
Government purchases
Federal
1990
423.3
424.7
311.1
87.5
12.0
205.3
124.4
82.5
41.9
80.9
6.4
113.6
5.8
6.7
434.5
451.5
452.1
444.9
87.5
18.6
208.7
126.2
83.9
42.2
82.5
5.8
91.5
14.8
220.8
132.6
88.5
44.1
88.2
5.1
93.9
217.9
131.8
87.4
44.4
86.1
5.4
88.6
12.4
217.0
131.3
86.7
44.6
85.7
4.3
119.2
5.7
8.5
123.7
6.3
8.6
122.6
6.0
5.1
-.5
5.6
101.4
57.1
44.3
10.1
300.0
80.9
11.2
201.4
118.9
78.7
40.2
82.6
6.5
85.9
12.7
208.4
124.5
82.7
41.8
83.9
6.4
Nondefense
Durable goods
Nondurable goods
Commodity Credit Corporation
inventory change
Other nondurables
Services
Compensation of employees ....
Other services
Structures
101.5
5.3
5.9
111.5
5.7
5.1
312.7
86.1
10.7
209.1
124.0
82.3
41.8
85.1
6.7
110.7
5.6
4.5
6.7
83.2
50.3
32.9
7.0
-1.7
6.8
92.5
54.9
37.6
8.2
-3.1
7.5
92.3
56.1
36.2
8.3
-.1
6.8
93.0
54.7
38.3
8.0
6.2
94.3
54.8
39.5
8.2
3.3
5.2
96.9
56.8
40.1
8.1
1.9
6.6
98.8
56.9
41.9
10.1
570.0
618.0
609.9
621.4
636.7
6373
640.4
31.0
50.1
408.5
379.1
29.4
80.4
33.7
54.9
439.2
409.8
29.4
90.1
33.4
53.0
435.8
406.2
29.6
87.7
34.1
55.2
442.6
413.8
28.8
89.5
34.7
58.2
450.4
420.9
29.5
93.4
35.3
56.1
457.1
427.4
29.6
35.6
55.0
462.3
433.2
29.1
87.6
Durable goods
Nondurable goods
Services
Compensation of employees
Other services
Structures
11.2
1990
1989
1,042.9 1,033.2 1,046.0 1,071.2 1,088.8 1,092.5 1,089.1
401.4
National defense
Durable goods
Nondurable goods
Services
Compensation of employees ....
Military
Civilian
Other services
Structures
State and local
Seasonally adjusted at annual rates
1991
1990
Government purchases
Federal
National defense
Durable goods
Nondurable goods
Services
,
Compensation of employees ....
Military
Civilian
Other services
Structures
Nondefense
Durable goods
Nondurable goods
Commodity Credit Corporation
inventory change
Other nondurables
Services
Compensation of employees ....
Other services
Structures
State and local ..,
35.7
55.1
464.2
435.9
28.3
89.2
1991
Durable goods
Nondurable goods
Services
Compensation of employees
Other services
Structures
944.5
9443
936.1
382.6
391.7
392.7
384.5
81.2
12.2
83.7
12.1
72.9
36.1
74.6
4.9
74.0
36.2
79.5
3.9
287.0
86.3
10.2
186.4
108.9
72.7
36.2
77.5
4.2
280.4
81.7
11.2
184.4
107.9
71.7
36.2
76.6
3.1
100.4
5.5
6.1
5.9
5.3
5.4
7.6
105.7
5.9
7.9
104.1
5.7
4.8
-1.9
6.8
81.7
48.7
32.9
7.5
0
6.1
81.6
47.4
34.2
7.2
-.4
5.8
82.1
47.1
35.0
7.4
3.2
4.4
82.0
46.8
35.2
7.2
2.1
5.8
83.0
46.6
36.4
8.9
-.1
4.8
84.7
46.6
38.2
8.9
548.2
544.8
549.1
5553
552.7
551.7
551.6
31.2
47.5
387.2
353.1
34.1
82.4
30.9
47.3
386.3
352.3
34.0
80.2
31.4
47.6
388.5
354.4
34.1
81.6
31.7
48.0
390.5
356.0
34.6
85.1
31.9
48.0
392.1
356.9
35.3
80.6
32.1
48.0
392.9
357.7
35.2
78.6
32.2
47.8
391.6
356.6
35.1
80.0
375.0
380.9
383.3
378.4
280.7
77.9
10.2
186.8
108.5
72.1
36.4
78.3
5.8
281.3
80.5
9.9
185.4
108.1
72.1
36.1
77.3
5.5
283.8
81.8
9.3
186.8
71.6
36.1
79.1
5.9
278.0
80.9
9.8
181.9
107.9
71.7
36.1
74.0
5.5
94.4
5.2
6.2
99.6
5.5
5.1
99.5
5.5
4.9
.1
6.1
76.4
45.6
30.8
6.6
-1.0
6.2
81.5
47.6
33.9
7.4
5253
29.3
45.8
375.7
342.7
33.0
74.6
107.7
8
SURVEY OF CURRENT BUSINESS
December 1991
Table 3.10.—National Defense Purchases
Table 3.11.—National Defense Purchases in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1990
1989
1991
II
National defense purchases .
313.4
312.7
311.1
320.6
332.3
328.4
3223
85.9
86.1
87.5
87.5
9L5
93.9
88.6
73.8
28.6
13.0
11.1
5.1
7.3
8.7
7.0
79.3
30.6
15.4
12.5
4.7
7.3
8.8
6.6
78.2
31.5
13.9
12.5
4.7
6.5
9.2
7.9
80.6
31.7
16.8
11.9
4.8
7.4
8.0
6.8
83.3
32.2
17.1
14.1
4.4
7.7
7.8
4.2
78.7
27.5
18.1
11.5
4.1
6.9
10.6
12.9
82.3
27.2
1.6.1
12.6
5.1
7.4
14.0
11.6
76.5
26.6
16.1
12.1
4.5
6.1
11.1
12.1
11.2
12.7
10.7
12.0
18.6
14.8
11.2
12.4
4.2
3.5
3.5
6.2
3.1
3.4
4.1
3.2
3.3
5.0
3.6
3.4
11.5
3.5
3.6
6.5
4.9
3.4
4.0
3.8
3.4
5.5
3.4
3.6
201.4
208.4
209.1
2053
208.7
220.8
217.9
217.0
118.9
78.7
40.2
82.6
124.5
82.7
41.8
83.9
124.0
82.3
41.8
85.1
124.4
82.5
41.9
80.9
126.2
83.9
42.2
82.5
132.6
88.5
44.1
88.2
131.8
87.4
44.4
86.1
131.3
86.7
44.6
85.7
27.2
26.4
9.8
11.7
4.1
4.0
-.7
28.7
23.7
9.6
13.5
4.9
4.0
-.6
29.8
23.3
10.4
13.6
4.3
4.1
-.5
28.6
20.9
9.4
13.5
5.2
4.2
-.8
26.8
23.4
8.5
13.8
6.3
4.4
-.6
26.0
24.7
11.1
13.0
7.6
6.2
-.4
27.4
21.3
11.4
12.7
7.6
6.1
-.5
26.7
25.7
11.1
12.4
5.6
5.5
-1.3
6.5
6.4
6.7
6.4
5.8
5.1
5.4
43
4.1
2.4
3.7
2.7
4.0
2.7
3.7
2.7
3.0
2.8
2.5
2.7
2.8
2.5
1.8
2.4
300.0
Durable goods
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment
Other
Other durable goods
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods
Services
Compensation of employees .
Military
Civilian
Other services
Contractual research and
development
Installation support' ..........
Weapons support2
Personnel support3
Transportation of material .
Travel of persons
Other
Structures .
Military facilities .
Other
National defense purchases
Durable goods
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment
Other
Other durable goods
Nondurable goods
Petroleum products
Ammunition
Other nondurable °oods
Services
1.
Compensation of employees
Military
Civilian .
.
Other services
Contractual research and
development
Installation support'
Weapons support23
Personnel support
Transportation of material
Travel of persons
Other
Structures
Military facilities
Other
.
.
...
1991
1990
1990
II
I
III
III
IV
289.4
287.0
280.4
280.7
281.3
283.8
278.0
282.0
77.9
80.5
81.8
80.9
81.2
83.7
86.3
81.7
71.3
27 8
134
10 3
4.8
7.1
8.0
6.5
74.8
28.4
15.8
11.4
4.4
6.9
7.9
5.8
74.8
29.2
15.4
11.4
4.4
6.2
8.3
7.0
75.1
29.0
16.5
10.8
4.5
7.0
7.2
5.8
77.6
30.0
16.7
12.7
4.1
7.2
6.9
3.6
72.7
25.7
17.2
10.1
3.9
6.5
9.4
11.0
76.4
25.1
16.4
10.8
4.8
6.9
12.4
9.8
71.4
25.2
16.2
10.4
4.1
5.8
9.7
10.3
10.2
9.9
93
9.8
12.2
12.1
10.2
11.2
3.6
33
3.2
4.0
2.8
3.0
3.4
2.8
3.0
3.5
3.2
3.1
5.7
3.2
3.2
4.2
4.8
3.1
3.3
3.7
3.2
4.3
3.5
3.3
186.8
185.4
186.8
181.9
183.7
189.7
186.4
184.4
108.5
72 1
36 4
78 3
108.1
72.1
36.1
77.3
107.7
71.6
36.1
79.1
107.9
71.7
36.1
74.0
109.1
72.9
36.1
74.6
110.2
74.0
36.2
79.5
108.9
72.7
36.2
77.5
107.9
71.7
36.2
76.6
26 2
24.9
9.2
10.6
4.2
3.8
-.6
27.0
21.4
8.9
11.5
5.3
3.1
28.1
21.3
9.6
11.8
4.8
3.9
-.4
26.8
18.5
8.6
11.4
5.6
3.8
24.9
20.5
7.7
11.3
6.7
4.0
24.0
21.8
10.0
10.6
7.9
5.5
25.1'
19.0
10.2
10.1
7.7
5.7
24.2
22.6
9.9
9.9
5.9
5.1
-1.0
5.8
5.5
5.9
5.5
4.9
3.9
4.2
3.1
39
19
3.4
2.1
3.8
2.1
3.4
2.1
2.8
2.1
2.3
1.6
2.6
1.6
1.6
1.5
1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractors
to operate installations.
2. Includes depot maintenance and contractual services for weapons systems, other than research and development.
3. Includes compensation of foreign personnel, consulting, training, and education.
1. Includes utilities, communications, rental payments, maintenance and repair, and payments to contractors
to operate installations.
,i
2. Includes depot maintenance and contractual services for weapons systems, other than research and development.
3. Includes compensation of foreign personnel, consulting, training, and education.1
Table 4.1.—Foreign Transactions in the National Income and Product
Accounts
Table 4.2.—Exports and Imports of Goods and Services and Receipts
and Payments of Factor Income in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1989
1990
Seasonally adjusted at annual rates
1991
1989
IV
Receipts from rest of the world
650.3
Exports of goods and services
Merchandise'
Durable
Nondurable
Services'
504.9
371.4
242.3
129.2
133.5
Receipts of factor income2
145.4
398.2
262.6
147.7
694.1
730.9
265.2
132.2
548.7
395.0
262.4
132.6
153.7
572.6
410.0
266.2
143.8
162.6
713.8
565.9
412.3
265.2
147.2
153.5
145.4
158.3
147.9
0
0
0
142.2
Capital grants received by the United
States (net)
650.3
698.2
Imports of goods and services
Merchandise'
Durable
Nondurable
Services1
587.8
484.6
310.6
174.0
103.3
624.8
507.4
Payments of factor income 3
141.2
17.3
2.1
10.8
4.4
-96.0
Payments to rest of the world ..
Transfer payments (net)
From persons (net)
From government (net)
From business
Net foreign investment
,
II
688.1
694.1
730.9
713.8
606.3
492.8
311.3
181.5
113.5
631.2
511.8
319.1
192.7
119.4
649.2
525.0
320.0
205.1
124.1
602.7
485.4
304.6
180.7
117.3
137.0
141.5
139.1
132.6
19.2
2.1
12.6
4.5
20.8
1.7
14.5
4.6
19.1
2.5
12.3
4.3
19.6
2.1
12.7
4.9
-82.8
-80.4
-95.3
-70.4
56.5
721.4
728.9
163.1
287.2
140.1
169.7
132.0
488.3
304.8
183.5
118.7
325.7
185.4
123.2
125.2
123.5
121.0
-70.6
2.3
-77.8
4.9
-30.8
2.2
-37.9
4.9
-5.5
2.1
-12.5
4.9
21.7
-20.9
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
2. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
3. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of
U.S. affiliates of foreign corporations.
Exports of goods and services
Merchandise'
;
Durable
Nondurable
Services '
469.2
343.8
230.6
113.2
125.4
505.7
369.4
249.3
120.1
136.2
1991
1990
1990
502.1
368.0
249.9
118.1
134.1
III
IV
501.6
365.1
248.6
116.5
136.5
522.5
379.4
254.5
124.9
143.1
I
512.5
379.9
251.2
128.7
132.6
II
535.7
395.8
271.0
124.8
139.9
III
545.2
400.3
272.8
127.6
144.8
Receipts of factor income2
133.7
130.2
125,9
127.2
137.4
126.8
111.8
111.4
Imports of goods
and services
Merchandisel
Durable
Nondurable .
Services'
544.9
450.4
287.0
163.4
94.5
557.0
458.5
290.0
168.4
98.5
554.5
457.2
287.1
170.1
97.4
567.4
467.9
296.4
171.5
99.5
553.7
453.0
293.0
160.0
100.7
531.1
435.9
278.9
156.9
95.3
548.0
451.2
283.2
168.0
96.8
5763
475.7
304.8
170.9
100.6
Payments of factor income3
129.9
120.4
125.0
121.4
114.7
107.0
104.7
102.2
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
2. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations'.
3. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of
U.S. affiliates of foreign corporations.
SURVEY OF CURRENT BUSINESS
December 1991
Table 4.4.—Exports and Imports of Merchandise by End-Use Category
in Constant Dollars
Table 4.3.—Exports and Imports of Merchandise by End-Use Category
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1990
1990
Exports of merchandise
371.4
398.2
397.5
395.0
Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except automotive
Civilian aircraft, engines, and pans ....
Computers, peripherals, and parts
Other ..
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
L
Nondurable goods
U
37.4
96.9
35.0
61.9
139.6
26.6
24.5
88.5
34.9
36.6
19,8
16.8
26.0
13.0
13.0
35.3
102.0
35.7
66.3
153.3
32.2
25.9
95.2
36.5
42.8
22.9
19.9
28.4
14.2
14.2
34.1
100.6
35.5
65.1
152.6
31.6
26.5
94.6
37.7
42.3
22.7
19.6
27.6
13.8
13.8
32.5
110.2
37.0
73.2
155.0
30.8
26.2
98.0
35.4
45.3
23.0
22.3
31.7
15.8
15.8
511.8
525.0
Imports of merchandise
484.6
507.4
Foods, feeds, and beverages
;
Industrial supplies and materials, except
petroleum and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except automotive
Civilian aircraft, engines, and parts ....
Computers, peripherals, and parts ......
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
,
Durable goods
Nondurable goods
25.1
26.7
36.4
97.8
34.8
63.0
154.7
34.4
25.1
95.2
38.4
43.3
23.9
19.4
26.8
13.4
13.4
492.8
27.1
78.4
40.8
37.5
50.9
112.5
9.6
21.6
81.3
87.4
103.5
56.4
47.0
26.9
13.5
13.5
77.6
39.0
38.7
62.3
116.0
10.5
23.0
82.5
87.7
105.3
55.7
49.6
31.8
15.9
15.9
76.3
38.2
38.1
51.3
115.1
10.5
22.9
81.7
87.7
103.9
54.6
49.2
31.4
15.7
15.7
78.3
39.7
38.5
61.8
115.8
9.7
23.0
83.0
90.7
106.9
56.6
50.2
32.5
16.2
16.2
Addenda:
Exports of agricultural products'
Exports of nonagricultural products ...
Imports of nonpetroleum products
42.2
329.3
433.7
40.8
356.7
441.5
39.2
Other
Durable goods
Nondurable goods
Seasonally adjusted at annual rates
25.8
78.7
39.5
39.2
72.8
120.2
12.6
23.3
84.2
86.5
107.2
57.0
50.3
33.4
16.7
16.7
426.7
4273
Exports of merchandise
343.8
369.4
368.0
365.1
379.4
379.9
395.8
400.3
36.5
73.3
155.8
30.8
27.3
97.7
34.2
45.9
23.6
22.3
30.2
15.1
15.1
34.5
106.7
38.1
68.6
170.5
38.9
27.3
104.4
40.3
44.5
23.2
21.3
30.1
15.1
15.1
37.0
103.9
38.0
65.9
165.7
35.6
26.7
103.5
44.9
44.8
23.1
21.7
31.1
15.5
15.5
Foods, feeds, and beverages
Industrial supplies and materials
,
Durable goods
Nondurable goods
Capital goods, except automotive
Civilian aircraft, engines, and parts ....
Computers, peripherals, and parts
Other
.
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
30.0
85.8
29.9
55.9
136.8
24.9
28.4
83.6
33.3
34.2
18.7
15.5
23.7
11.8
11.8
30.7
90.1
31.3
58.8
149.8
28.3
33.9
87.6
34.0
39.3
21.5
17.8
25.5
12.8
12.8
31.1
87.9
30.5
57.4
150.6
30.4
32.5
87.8
35.8
38.4
21.0
17.5
24.2
12.1
12.1
29.0
88.4
30.7
57.7
149.2
27.5
34.8
86.9
33.7
40.0
22.6
17.4
24.8
12.4
12.4
29.5
94.3
33.0
61.3
151.8
26.6
35.7
89.6
34.2
41.4
21.4
20.0
28.1
14.1
14.1
32.1
95.1
31.3
63.9
153.8
26.5
38.7
88.6
31.1
41.0
21.7
19.3
26.8
13.4
13.4
30.4
95.9
33.2
62.6
167.0
33.0
40.1
93.8
36.4
39.3
20.9
18.4
26.8
13.4
13.4
32.8
95.4
33.4
62.0
164.4
29.7
42.0
92.6
40.3
39.8
20.9
18.9
27.7
13.9
13.8
485.4
4883 511.1
475.7
25.6
27.9
26.3
74.2
35.9
38.3
52.9
119.3
11.2
24.2
83.9
82.1
100.5
52.0
48.5
31.0
15.5
15.5
75.8
36.2
39.7
51.7
121.1
12.4
26.0
82.7
78.7
100.3
52.5
47.8
32.7
16.4
16.4
76.2
36.9
39.3
52.0
122.6
12.5
27.6
82.5
92.1
110.5
58.4
52.1
31.4
15.7
15.7
39.8
372.6
432.5
Imports of merchandise
450.4
458.5
457.2
467.9
453.0
435.9
451.2
Foods, feeds, and beverages
Industrial supplies and materials, except
petroleum and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except automotive
Civilian aircraft, engines, and parts ....
Computers, peripherals, and parts
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
,
24.6
25.5
26.1
24.4
24.5
23.9
25.6
24.2
65.6
32.8
32.8
51.4
109.6
9.0
25.5
75.2
80.6
94.2
51.7
42.4
24.5
12.3
12.3
66.4
32.6
33.8
51.5
114.0
9.2
30.1
74.8
79.1
93.3
50.0
43.4
28.6
14.3
14.3
65.3
31.6
33.6
53.0
113.7
9.3
29.7
74.7
78.7
91.9
48.8
43.1
28.5
14.2
14.2
67.1
33.0
34.1
54.7
113.8
8.5
30.1
75.3
83.4
95.3
51.6
43.7
29.2
14.6
14.6
67.4
33.3
34.1
43.1
117.0
10.9
31.5
74.6
77.4
93.9
50.5
43.5
29.6
14.8
14.8
62.4
29.9
32.5
44.8
116.9
9.6
33.9
73.4
72.7
87.9
45.8
42.1
27.2
13.6
13.6
65.5
30.9
34.6
51.4
121.6
10.6
37.5
73.5
69.3
88.8
46.9
41.9
29.0
14.5
14.5
67.4
32.3
35.1
51.9
125.2
10.4
41.7
73.0
81.0
98.1
52.4
45.7
28.0
14.0
14.0
Addenda:
Exports of agricultural products'
Exports of nonagricultural products ...
Imports of nonpetroleum products
35.0
308.8
399.0
35.4
334.0
407.0
35.2
332.8
404.2
34.2
330.9
413.1
34.4
345.0
409.9
35.0
344.9
391.0
33.6
362.2
399.8
36.3
364.1
423.8
1. Includes parts of line 2 and line 5.
1991
1990
1991
1 .Includes pans of line 2 and line 5.
Table 5.1.—Gross Saving and Investment
[Billions of dollars]
Seasonally adjusted at annual rates
1989
1991
1990
IV
Gross saving
Gross private saving
Personal saving
Undistributed corporate profits with
inventory valuation and capital
consumption adjustments
Undistributed profits
,
Inventory valuation adjustment ......
Capital consumption adjustment ....
Corporate consumption of fixed
capital
Noncorporate consumption of fixed
capital
Wage accruals less disbursements
Government surplus or deficit (-),
national income and product
accounts
Federal
State and local
Capital grants received by the United
States (net)
8273
166.9
8513
85.8
78.7
-17.5
49.9
63.3
-14.2
206.6
69.4
61.2
3.8
27.2
62.5
-32.6
362.5
350.5
224.0
821.9
196.5
229.3
713.9
698.0
6783
853.9
215.8
747.7
32.8
62.8
-21.2
-8.8
45.0
51.9
6.7
-13.6
43.4
46.1
9.9
-12.6
39.4
51.5
-4.8
-7.3
372.7
380.1
383.2
384.6
232.7
0
235.3
0
873.8
213.4
213.3
-83.0 -139.5 -128.4 -123.6 -175.6 -126.1
-146.4
-124.2 -165.3 -156.9
20.4
28.5
41.1
25.7
-210.2
31.8
0
0
0
Gross investment
741.5
719.9
745.5
726.5
680.4
765.8
730.4
720.0
Gross private domestic investment
Net foreign investment
Statistical discrepancy
837.6
-96.0
802.6
-82.8
825.9
-80.4
821.8
-95.3
-70.4
709.3
56.5
21.7
-20.9
2.1
18.0
16.5
22.0
0
0
0
10
SURVEY OF CURRENT BUSINESS
December 1991
Table 5.4.—Fixed Investment by Type
Table 5.5.—Fixed Investment by Type in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1989
II
Fixed investment
Seasonally adjusted at annual rates
III
IV
II
I
III
801.6
802.7
800.2
807.7
787.4
748.4
745.8
744.5
570.7
587.0
580.0
5963
585.2
560.0
554.6
546.8
Structures
Nonresidential buildings, including
farm
Utilities
.
Mining exploration, shafts, and
wells
Other structures
193.1
198.7
199.5
201.7
191.2
184.0
180.0
169.0
143 5
29.2
148.2
30.4
149.9
29.9
150.9
30.6
140.7
31.7
134.2
31.4
128.6
31.9
119.0
31.8
13.0
7.4
11.3
8.8
11.2
8.5
11.0
9.1
10.4
8.4
10.3
8.2
10.0
9.5
9.2
9.1
Producers' durable equipment
Information processing and related
377.6
388.3
380.5
394.7
394.0
375.9
374.7
377.8
124.3
129.2
127.1
128.0
132.8
129.9
129.5
132.3
37.2
87 1
93.2
37.3
91.9
91.6
37.0
90.1
90.1
36.1
91.9
90.4
38.7
94.1
92.2
36.6
93.3
87.4
36.7
92.8
84.0
37.6
94.6
82.0
76.7
83.3
83.5
84.0
80.1
83.2
91.6
84.6
83.6
85.4
82.1
76.5
85.5
75.6
89.2
74.3
230.9
215.7
220.3
211.4
202.2
188.4
191.2
197.7
224.2
116.2
22.3
85.8
208.8
107.0
19.3
82.6
213.4
110.9
19.5
82.9
204.5
103.6
19.0
81.9
195.4
95.8
18.5
81.1
181.7
85.3
17.5
78.9
184.4
86.7
15.5
82.2
190.9
98.5
14.1
78.3
6.7
6.9
6.9
6.9
6.8
6.7
6.8
6.8
Nonresidential
Computers and peripheral
equipment'
Other
. .
Industrial equipment
Transportation and related
equipment
Other
Residential
Structures
Single family ....
Multifamily
Other structures
Producers' durable equipment
1991
1990
1991
1990
1990
1. Includes new computers and peripheral equipment only.
Fixed investment ...
III
III
II
756.6
744.2
743.8
746.4
727.8
689.8
686.8
686.5
544.5
519.1
514;8
510.0
1633
158.9
542.4
548.8
5443
555.5
Structures
Nonresidential buildings, including
farm
Utilities
Mining exploration, shafts, and
wells
.".
.....
Other structures
177.4
177.9
178.9
180.0
133.0
26.5
133.6
26.8
135.3
26.4
135.3
27.0
126.2
120.1
114.7
27.6
105.5
11.0
6.9
9.5
8.0
9.5
7.7
9.3
8.3
8.7
7.6
8.5
7.3
8.2
8.4
7.5
8.1
Producers' durable equipment
Information processing and related
equipment
Computers and peripheral
equipment'
Other
,.,
Industrial equipment |^
Transportation and related
equipment
.-.*.
Other
365.0
374.0
355.8
52.1
89.7
79.8
51.6
88.7
74.7
Nonresidential .
Residential
Structures
Single family
Multifamily ...
Other structures .
Producers' durable equipment
43.2
84.8
86.3
48.8
88.3
80.9
46.9
88.2
79.5
48.3
86.8
80.3
361.6
53.9
88.0
71.6
58.9
89.5
69.5
72.7
78.0
76.9
75.9
74.3
75.6
84.5
76.4
76.1
76.2
73.0
67.7
75.7
66.7
78.5
65.2
214.2
195.5
199.5
190.9
1833
170.7
172.0
176.5
207.7
107.3
20.6
79.8
188.9
96.5
17.4
74.9
192.8
100.0
17.7
75.1
1843
93.0
17.0
74.3
176.9
86.7
16.6
73.6
1643
77.6
15.8
70.9
165.4
78.6
13.9
72.9
170.0
88.3
12.5
69.1
6.5
6.6
6.7
6.6
•6JS
6.4
6.6
6.5
1. Includes new computers and peripheral equipment only.
Table 5.10.—Change in Business Inventories by Industry
Table 5.11.—Change in Business Inventories by Industry in Constant
Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted quarterly totals
Change in business inventories
36.0
Farm
Nonfarm
Change in book value
Inventory valuation adjustment
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Automotive
Other
Nondurable goods
Other
Durable goods
Nondurable goods
2.0
14.1
-36.5
-39.2
-37.1
-3.6
8.5
4.4
-7.6
-4.2
-3.1
-.4
-34.0
-45.1
11.2
-15.8
-15.2
-.5
-3.2
3.9
-7.1
-4.4
-4A
-.1
1.0
3.2
-14.8
-2.1
3.4
2.4
1.0
-2.4
.7
-3.1
-.6
-14.2
-12.8
-1.4
-.6
-1.5
.9
-2.0
-4.4
2.4
-3.6
-5.8
2.1
1.6
1.4
.3
-9.7
-13.4
-10.4
-3.0
3.7
-30.7
-28.4
-23.2
-5.2
-2.3
-3.6
-1.5
-1.2
-.4
-2.1
7.1
2.0
0
2.0
5.1
-4.5
-4.2
-.3
-5.8
-9.4
3.6
.2
-2.4
2.7
-3.9
-2.5
-1.4
-28.9
-.4
-28.5
-16.2
-10.8
-5.4
-35.0
.9
5.2
-4.3
1.3
-.2
1.6
1.6
-.9
2.5
3.8
.6
3.2
-2.2
-1.5
-.7
7.1
6.2
4.4
1.8
.9
1.2
5.0
6.1
-1.1
-3.8
3.7
0
3.7
-.6
-.1
-.5
9.6
-21.3
17.1
12.7
4.4
19.8
17.1
2.7
-1.7
-3.1
1.4
.2
-4.6
4.7
-51.1
6.7
4.6
2.2
3.3
2.7
.6
2.5
2.1
.4
.7
.6
.1
3.4
2.0
1.4
6.1
-.3
6.4
2.3
5.0
-2.7
2.2
2.2
-.1
1.3
-.2
1.5
3.8
-.5
4.4
2.3
.2
2.1
-7.4
-6.4
-6.4
0
-1.1
3.6
.5
3.1
12.2
5.3
3.8
1.5
7.0
.1
1.8
-1.6
1990
25.6
35.5
60.3
-24.8
-2.0
19.2
Seasonally adjusted quarterly totals
1991
1990
60.7
.5
-8.8
9.3
-14.3
Change in business
inventories
Farm
32.6
-.7
Nonfarm
.2
1.7
-1.5
Manufacturing
Durable goods
Nondurable goods
18.5
16.0
2.5
Wholesale trade
Durable goods
Nondurable goods
3.3
2.6
.7
-1.3
-2.9
1.6
3.1
1.8
1.3
2.6
2.0
.6
.7
.6
.1
Retail trade
Durable goods
Automotive
Other
Nondurable goods
Other
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Durable goods
Nondurable goods
1990
22.1
6.7
13.9
15.5
9.9
1991
-31.2
-25.7
.4
-4.3
4.7
-32.8
-1.7
-31.1
.5
-7.8
8.2
-30.4
.4
.1
2.9
-30.8
-14.2
-13.9
-.3
-13.7
-13.1
-.7
-4.0
-.1
5.0
-.3
5.4
2.5
4.4
-1.9
.9
-.9
1.8
1.9
3.1
-1.1
2.3
2.1
.2
.8
-.2
1.1
3.2
-.6
3.7
1.9
.2
1.6
1.7
4.7
-3.0
.9
-.3
1.1
3.8
.6
3.2
-2.9
-1.5
-1.4
3.5
2.4
1.1
-1.6
.7
-2.2
-13.2
-11.7
-1.5
-.6
-1.4
-3.0
-5.2
2.2
1.6
1.3
.2
11.4
5.0
3.6
1.4
6.4
-6.8
-6.0
-6.0
0
-.8
6.6
5.8
4.2
1.6
1.8
4.8
5.7
-.9
-3.0
-8.9
-12.4
-9.7
-2.7
3.6
-28.3
-26.2
-21.5
-4.7
-2.1
-3.0
-1.4
-1.1
-.3
-1.7
6.2
1.8
0
1.7
4.4
.1
1.6
-1.5
3.6
.5
3.1
.2
-.1
.3
-4.0
-3.9
-.1
-5.2
-8.6
3.4
.2
-2.2
2.3
-3.4
-2.2
-1.2
-1.5
-3.9
2.4
11
SURVEY OF CURRENT BUSINESS
December 1991
Table 5.12.—Inventories and Final Sales of Domestic Business by Industry
Table 5.13.—Inventories and Final Sales of Domestic Business by Industry
in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1990
98.4
*,
Wholesale trade
Durable goods
<&
Nondurable goods ....'.
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Automotive
Other
Nondurable goods
^
,
.
Other
Final sales of domestic business2
Final sales of goods and structures of domestic
business7
Inventories to final *sales
Nonfarm inventories to final sales
.
Nonfarm inventories to final sales of goods and structures
..
95.6
98.0
96.2
994.5 1,018.0 1,010.3
581.7 588.3 582.3
412.8 429.7 428.1
992.1
570.5
421.7
983.1
563.3
419.8
982.8
560.1
422.7
410.6
269.2
141.4
423.1
271.6
151.6
416.6
268.8
147.8
410.3
265.3
145.1
404.8
260.7
403.7
259.2
144.5
228.5
147.1
81.4
233.7
149.5
84.2
234.3
149.9
84.4
233.3
150.7
82.6
229.1
147.4
229.1
146.1
201.0
130.1
70.9
27.5
17.0
10.5
204.5
132.4
72.1
29.2
17.1
12.1
206.2
133.2
73.Q
28.1
16.7
11.4
206.5
133.9
72.6
26.8
16.8
10.0
130.9
71.6
26.6
16.4
10.2
201.9
129.4
72.6
27.1
16.8
10.4
246.9
118.6
59.3
59.3
128.3
249.8
120.5
61.3
59.2
129.3
248.8
117.8
59.1
58.7
131.0
241.5
111.0
53.5
57.6
130.5
242.1
111.8
53.6
58.1
130.4
243.9
112.4
53.7
58.7
131.5
Retail trade
Durable goods
Automotive
Other
Nondurable goods
Other
108.6
111.3
110.7
106.9
107.0
106.1
389.1
394.0
394.4
395.9
401.3
402.3
222.2
224.3
224.0
223.0
224.2
223.1
Ratio of inventories to final sales of domestic business
Farm
968.7
984.5
,
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
374.6
*
Wholesale trade
Durable goods
Nondurable goods
*
.
,.
;.;.... *
Final sales of domestic business2
Final sales 2of goods and structures of domestic
business
83.1
886.4
514.1
372.3
885.7
512.0
373.7
908.3
538.4
369.9
901.9
531.5
370.3
894.1
521.7
372.4
375.9
248.5
372.5
245.9
126.6
372.6
244.0
128.6
205.6
134.0
71.6
206.1
134.8
71.3
202.6
131.5
71.1
202.3
130.6
71.7
,
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
968.7
82.3
179.7
117.6
62.2
25.0
15.6
9.4
180.1
118.7
61.4
25.2
15.5
9.7
181.1
118.9
62.2
24.5
15.1
9.4
182.0
119.5
62.5
24.1
15.3
8.8
178.7
116.6
62.1
24.0
15.0
9.0
177.9
115.3
62.6
24.4
15.3
9.1
226.0
111.6
56.9
54.7
226.4
112.7
58.3
54.4
113.7
224.2
109.6
55.9
53.7
114.6
217.2
103.1
50.5
52.6
114.1
216.4
102.8
50.3
52.5
113.6
217.9
103.2
50.3
52.9
2.80
2.56
4.49
2.81
2.57
4.52
100.5
100.5
99.5
98.2
347.8
348.1
346.1
343.7
2.84
2.61
4.50
2.84
2.60
4.53
201.1
Ratio of inventories to final sales of domestic business
2.81
2.56
4.48
2.83
2.58
4.54
2.80
156
4.51
2.75
2,51
4.45
2.69
2.45
4.38
2.68
2.44
4.40
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories calculated from
current-dollar inventories in this table is not the current-dollar change in business inventories (CBI) component
of GDP. The former is the difference between two inventory stocks, each valued at their respective end-ofquarter prices. The latter is the change in the physical volume of inventories valued at average prices of the
quarter. In addition, changes calculated from this table are at quarterly rates, whereas CBI is stated at annual
rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product
less gross product of households and institutions and general government and includes a small amount of final
sales by farm.
Inventories1
93.1
96.8
1991
1990
1,092.9 1,114.8 1,103.4 1,087.8 1,081.0 1,079.0
Inventories >
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Seasonally adjusted at annual rates
1991
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and structures
[Billions of dollars]
Seasonally adjusted at annual rates
1990
Domestic industries
Financial
Nonfinancial
Rest of the world
Receipts from the rest of the world
Less: Payments to the rest of the world
Corporate profits with inventory
valuation adjustment
Domestic industries
Financial
Federal Reserve banks
Other ...,
Nonfinancial
Manufacturing
,
Durable goods
Primary metal industries
Fabricated metal products
,
Industrial machinery and equipment ....
Electronic and other electric equipment
Motor vehicles and equipment
Other
Nondurable goods
Food and .kindred products
Chemicals and allied products
Petroleum and coal products
Other
Transportation and public utilities
Wholesale and retail trade
Other
Rest of the world
2.85
2.61
4.52
1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from this table are at
quarterly rates, whereas the constant-dollar change in business inventories component of GDP is stated at annual rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product
less gross product of households and institutions and general government and includes a small amount of final
sales by farm.
Table 6.16C—Corporate Profits by Industry
Corporate profits with inventory
valuation and capital consumption
adjustments
2.84
2.60
4.50
1991
302.1 303.5 306.1
351.7 319.0 339.8
243.1
297.8 258.8 286.5 243.1 223.3 227.5
36.9 34.5 36.8 33.7 30.0 33.1 353 37.5
194.4 206.4 205.5
261.0 224.3
53.9
64.6
10.7
60.2
64.9
4.7
53.2
63.2
10.0
64.5
318.2 335.4 302.4
273.1 258.0 282.1 245.8 232.1
39.2 39.6 41.5 39.3 36.4
20.2 21.3 21.0 22.3
19.0 18.3 20.5 17.0
233.9 218.3 240.7 206.5 195.7
113.6 95.7 107.1 94.8 78.9
50.2 37.2 42.7 35.6 24.6
3.5
6.4
4.3
4.8
4.6
4.9
6.9
3.7
6.3
5.6
9.8
10.3 10.2 10.2
9.3
7.2
8.7
5.7
8.9
7.9
1.7 -7.1 -4.4 -5.0 -12.3
16.2 16.0 17.0 15.1
63.4 58.5 64.4 59.2
11.8 12.6 13.7 14.7 13.9
19.9 20.3 22.6 20.3 17.0
4.3
7.2
8.0
7.3
6.5
24.5 19.2 20.9 19.9 15.4
45.0 44.5 49.7 41.5 37.5
42.8 39.8 45.1 34.4 38.2
32.6 38.4 38.7 35.9 41.1
53.9 60.2 53.2 56.6 72.8
74.6
70.7
-3.9
61.7
59.5
-2.2
63.0
62.9
-.1
313.4
327.0
19.1
20.4
2.9
3.0
9.5
7.2
21.7
212.3
82.9
26.5
1.7
4.9
9.4
7.0
15.0
16.6
45.7
45.3
35.1
74.6
22.7
1.1
4.9
6.8
5.3
-8.3
21.5
49.2
46.9
33.3
61.7
44.3
44.6
33.9
63.0
12
SURVEY OF CURRENT BUSINESS
December 1991
Table 7.1.—Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1987=100]
Seasonally adjusted
Seasonally adjusted
1989
1990
II
Gross domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark^years weights
Implicit price deflator
Personal consumption expenditures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual wei°hts . .
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights .
Benchmark-years weights
Implicit price deflator
IV
I
115.5 121.5 121.3 122.7 122.4 P3.1
106.5 107.
II
III
124.5 125.8
107.9 108.0 106.9 ; i.3 106.6 107.1
IV
I
II
III
114.7 117.9 116.5 119.8 117.6 112.5 111.4 109.9
109.0 110.2 109.4 111.6 109.4 104.3 103.4 102.5
108.4 112.9 112.3 113.6 114.5 115.9 116.8 117.4
Implicit price deflator
115.3 122.6 121.4 124.0 124.9 125.4 126.7 128.3
Structures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
105.6 106.9 106.8 107.5 106.5 106.2 106.6 107.2
.
...
109.1 114.7 113.7 115.4 117.2 118.1 118.9 119.7
113.9 115.4 115.1 115.7 111.9 109.2 109.0 112.2
109.2 108.7 108.7 109.1 105.0 101.8 101.3 103.6
,
104.3 106.1 105.9 106.1 106.6 107.3 107.6 108.3
113.4 120.4 118.8 121.5 123.3 123.3 123.9 124.4
103.8 103.9 103.9 104.2 103.3 103.2 103.5 103.5
Benchmark-years weights . . . . .
Implicit price deflator
. .
109.3 115.9 114.3 116.6 119.3 119.4 119.8 120.2
Services:
Current dollars
Quantitv indexes.
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weiuhts
Price indexes:
Fixed 1987 weights
Alternative indexes:
105.2 107.0 106.5 107.4 107.5 107.9 107.7 107.2
105.8 108.3 108.1 109.2 108.9 109.1 109.8 110.3
110.3 116.1 115.3 116.9 118.5 119.8 121.1 122.1
111.8 107.1 110.2 109.7 100.2
94.7
93.0
87.7
105.3
99.4 102.2 101.5
94.6
87.6
98.9
91.6
86.6
95.3
115.7 118.9 116.5 120.9 120.7 115.2 114.8 115.7
111.8 113.6 111.9 115.0 114.6 109.0 109.0 110.8
Benchmark-years weights
Implicit price deflator
103.5 104.7 104.1 105.1 105.3 105.7 105.3 104.5
.
.
102.5
95.8
97.8
93.9
89.8
83.7
84.9
87.8
95.1
86.8
88.6
84.7
81.4
75.8
76.4
78.3
107.8 110.4 110.4 110.7 110.3 110.4 111.2 112.0
Exports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Imports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
98.7
92.8
99.5
108.8 111.7 111.5 112.0 112.2 112.7 113.2 113.9
Producers' durable equipment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Residential:
Current dollars
.
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
112.7 116.0 116.4 117.7 111.6 107.4 105.0
103.6 103.8 104.4 105.0
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Implicit price deflator
116.7 125.7 124.6 127.6 129.1 130.7 132.9 134.7
Benchmark-vears weiuhts
Implicit price deflator ..;
138.7 151.2 150.0 150.8 157.3 155.5 162.1 164.0
128.9 138.9 137.9 137.8 143.5 140.8 147.1 149.8
107.6 108.9 108.7 109.4 109.6 110.4 110.1 109.5
.
115.9 123.2 119.6 124.5 128.0 118.9 119.7 125.1
107 5 109.8 109.4 111.9 109.2 104.7 108.1 113.7
Price indexes:
Fixed 1987 weiehts
Alternative indexes:
»
Fixed investment:
110.9 111.0 110.7 111.7 108.9 103.5 103.2 103.0
III
Alternative indexes:
Nondurable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 wpisrhrr
Alternative indexes:
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-tvpe annual weights
Benchmark-vears weiuhts
Implicit price deflator
II
Nonresidential:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
1991
1990
1990
Price indexes:
Durable goods:
Current dollars
.
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Gross private domestic investment:
Current dollars
Quantitv indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights . .
Alternative indexes:
Chain-tvpe annual weights
Benchmark-years weights
Implicit price deflator
III
1989
1991
1990
104.6 102.9 102.9 103.2 100.7
95.4
95.0
94.9
Benchmark-years weights
Implicit price deflator
Government purchases:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
107.9 112.2 109.3 111.2 117.2 113.5 110.8 110.1
110.2 118.3 117.2 118.7 121.5 123.5 123.9 123.6
102.1 105.4 105.3 105.2 106.4 107.1 107.1 106.2
Price indexes:
106.6 107.9 107.6 108.2 108.2 108.5 108.6 108.5
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
107.9 112.2 111.3 112.8 114.2 115.3 115.7 116.4
13
SURVEY OF CURRENT BUSINESS
December 1991
Table 7.1.—Quantity and Price Indexes for Gross Domestic Product—
Continued
Table 7.2,—Quantity and Price Indexes for Domestic Product, Final
Sales, and Purchases
[Index numbers, 1987=100]
[Index numbers, 1987=100]
Seasonally adjusted
1989
1990
II
Federal:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years wei"hts
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Implicit price deflator ...;
National defense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes: .
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years wei"hts
Implicit price deflator
Nondefense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-tvpe annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-veafs wei°hts
Implicit price deflator
State and local:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years wei"hts
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Implicit price deflator
III
Seasonally adjusted
1991
1990
IV
I
II
1989
III
104.3 110.4 110.0 110.3 112.9 117.3 117.4 115.6
97.4
99.0
99.6
98.3
99.4 101.8 102.0
99.9
107.0 111.6 110.4 112.2 113.6 115.3 115.1 115.7
102.7 107.3 107.1 106.5 109.8 113.8 112.4 110.4
96.1
96.3
97.2
95.2
96.6
99.1
98.3
96.0
106.9 111.4 110.2 111.9 113.7 114.8 114.4 114.9
109.3 120.1 119.2 122.3 122.7 128.3 133.2 132.1
101.6 107.2 107.2 108.1 108.4 110.2 113.8 112.1
107.5 112.0 111.2 113.1 113.2 116.5 117.1 117.9
114.8 124.4 122.8 125.1 128.2 128.3 129.0 129.7
105.8 110.4 109.7 110.6 111.8 111.3 111.1 111.1
108.5 112.7 111.9 113.2 114.7 115.3 116.1 116.8
NOTE.—The quantity and price indexes in this table are calculated from weighted averages of the detailed
output and prices used to prepare each aggregate and component. The fixed weighted measures use as weights
the composition of output in 1987. The chain-type indexes with annual weights use weights for the preceding
and current years. The indexes with benchmark- years weights use weights of 1959, 1963, 1967, 1972, 1977,
1982, and 1987 and the most recent year. Percent changes from preceding period for selected items in this
table are shown in table 8.1.
1990
1990
II
Gross domestic product:
Curreni dollars
Quantitv indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weinhts
Benchmark-years weights
Price indexes:
Fixed 1987 wei°hts
Alternative indexes:
Chain-type annual weights
Benchmark-vears weights
Implicit price deflator
Final sales of domestic product':
Current dollars
Quantitv indexes:
Fixed"l987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years wei°hts
Price indexes!
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
(Iross domestic purchases2:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual wei°hts
Benchmark-years weights
Implicit price deflator
Final sales to domestic purchasers3:
Current dollars
Quantitv indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weichts
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
III
1991
IV
I
II
HI
115.5 121.5 121.3 122.7 122.4 123.1 124.5 125.8
106.5 107.6 107.9 108.0 106.9 106.3 106.6 107.1
108.4 112.9 112.3 113.6 114.5 115.9 116.8 117.4
115.4 122.2 121.4 123.1 123.9 124.7 126.1 126.6
106.4 108.2 108.1 108.3 108.3 107.6 107.9 107.7
...
108.4 112.9 112.3 113.6 114.5 115.9 116.8 117.5
...
113.7 119.3 118.8 120.7 120.3 120.1 121.1 122.7
104.9 105.4 105.8 106.1 104.3 103.4 103.6 104.5
108.4 113.2 112.4 113.8 115.3 116.2 116.8 117.4
113.6 120.0 119.0 121.1 121.8 121.7 122.5 123.5
104.8 106.0 105.9 106.4 105.6 104.7 104.9 105.1
108.4 113.2 112.3 113.8 115.3 116.2 116.9 117.5
L Equals GDP less change in business inventories.
2. Equals GDP less net exports of goods and services or the sum of personal consumptions expenditures,
gross private domestic investment, and government purchases.
3. Equals gross domestic purchases less change in business inventories or the sum of personal consumption
expenditures, gross private domestic fixed investment, and government purchases.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
14
SURVEY OF CURRENT BUSINESS
December 1991
Table 7.3.—Quantity and Price Indexes for Gross National Product
and Command-Basis Gross National Product
Table 7.14.—Implicit Price Deflators for Gross Domestic Product by
Sector
[Index numbers, 1987=100]
[Index numbers, 1987=100]
Seasonally adjusted
1989
1990
II
Gross national product:
Current dollars
,
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
C h a i n - t y p e annual weights . . . .
B e n c h m a r k - y e a r s weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
IV
III
Seasonally adjusted
1991
1990
II
I
1989
III
115.5 121.6 121.1 122.7 122.9 123.5 124.6 125.9
106.5 107.7 107.8 108.0 107.3 106.6 106.7 107.2
II
Gross domestic product
Business
Nonfarm
Nonfarm less housing
Housing
Statistical discrepancy
1991
1990
1990
IV
III
I
II
ni
108.4 112.9 1123 113.6 114.5 115.9 116.8 117.4
108.2
108.0
107.7
1101
122.2
108.2
112.4
112.3
112.0
1152
120.1
112.4
111.9
111.7
111.4
114.4
124.5
111.9
113.2
113.0
112.7
116.3
119.5
113.2
113.9
114.0
113.7
117.0
110.8
113.9
115.2
115.3
115.0
118.0
107.7
115.2
116.0
116.0
115.7
119.1
115.3
116.0
116.5
116.6
116.3
120.0
111.9
116.5
Households and institutions
Private households . ..
Nonprofit institutions
108.1 115.1 114.1 116.1 117.9 119.5 121.2 123.0
102.6 106.0 105.1 106.8 108.6 109.8 110.9 111.8
108.3 115.5 114.5 116.5 118.3 119.9 121.6 123.5
108.4 112.9 112.3 113.6 114.5 115.9 116.8 117.4
Less: Exports of goods and services and
receipts of factor income:
Current dollars
Quantity index, fixed 1987 weights
General government
Federal
State and local
110.4 115.8 115.3 116.3 117.5 120.0 121.2 122.2
109.8 115.2 115.1 115.3 115.9 120.6 121.4 122.0
110.6 116.1 115.3 116.8 118.3 119.8 121.1 122.3
138.7 148.9 146.7 148.0 155.8 152.2 153.8 155.4
128.5 135.5 133.9 134.1 140.7 136.3 138.0 140.0
Addendum:
Gross domestic business product less housing ..
108.0 112.1
Plus: Command-basis exports of goods and
services and receipts of factor income:
Current dollars
,
Quantity index, fixed 1987 weights
138.7 151.2 150.0 150.8 157.3 155.5 162.1 164.0
128.4 132.4 133.3 132.3 133.3 133.4 137.4 139.6
Equals: Command-basis gross national
product:
Current dollars
,
Quantity index, fixed 1987 weights
115.5 121.6 121.1 122.7 122.9 123.5 124.6 125.9
106.5 107.4 107.8 107.8 106.6 106.3 106.6 107.2
Table 7.15.—Current-Dollar Cost and Profit Per Unit of Constant-Dollar
Gross Domestic Product of Nonflnancial Corporate Business
[Dollars]
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Seasonally adjusted
1989
Table 7.13.—Implicit Price Deflators for the Relation of Gross Domestic
Product, Gross National Product, Net National Product, and National
Income
[Index numbers, 1987=100]
Seasonally adjusted
1989
1990
1990
II
Gross domestic product
III
1991
IV
I
II
III
108.4 112.9 112.3 113.6 114.5 115.9 116.8 117.4
Plus: Receipts of factor income from the rest of
the world'
Less: Payments of factor income to the rest of the
world ^
108.7 H3.5 112.9 114.3 115.2 116.7 117.7 118.4
Equals: Gross national product
108.4 112.9 112.3 113.6 114.5 115.9 116.8 117.4
108.7 113.8 113.2 114.6 115.6 117.0 118.0 118.7
Less: Consumption of fixed capital
106.0 108.0 107.6 108.3 108.7 109.5 109.7 109.6
Equals: Net national product
108.7 113.5 112.9 114.3 115.2 116.7 117.7 118.4
Less: Indirect business tax and nontax liability
plus business transfer payments less subsidies
plus current surplus of government enterprises .
Statistical discrepancy
108.2 112.4 111.9 113.2 113.9 115.2 116.0 116.5
Equals: National income
Addenda:
Net domestic product (1-5)
Domestic income (10-2+3)
108.7 113.5 112.9 114.3 115.2 116.7 117.7 118.4
1. Consists largely of receipts by U.S. residents of interest and dividends and reinvested earnings of foreign
affiliates of U.S. corporations.
2. Consists largely of payments to foreign residents of interest and dividends and reinvested earnings of
U.S. affiliates of foreign corporations.
1990
1990
III
Current-dollar cost and profit per unit
of constant-dollar gross domestic
product'
1991
IV
1.072 1.107 1.104 1.115 1.117 1.129 1.135 1.138
Consumption of fixed capital
.116
.120
.119
.121
.123
Net domestic product
.956
.987
.985
.993
.994 1.002 1.007 1.010
.099
.857
.708
.105
.882
.745
.103
.883
.737
.096
.037
.083
.035
.091
.036
.060
.052
.047
.055
.055
.054
Indirect business tax and nontax liability plus
business transfer payments less subsidies
Domestic income*
Compensation of employees
Corporate profits with inventory valuation
and capital consumption adjustments
Profits tax liability
Profits after tax with inventory valuation
and capital consumption adjustments ....
Net interest
.037
.127
.128
.127
.109
.885
.113
.889
.760
.113
.894
.763
.116
.894
.765
.072
.033
.073
.030
.077
.031
.076
.032
.056
.043
.056
.046
.054
.054
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point
shifted two places to the left.
SURVEY OF CURRENT BUSINESS
December 1991
15
Table 8.1.—-Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
1989
1990
1990
II
Gross domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-tvpe annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-tvpe annual weights
Benchmark-years weights
Personal consumption expenditures:
Current dollars
i.^.:...
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
III
Seasonally adjusted at annual rates
1991
IV
II
I
1989
II
III
7.0
5.1
6.2
4.9
-.9
2.3
4.6
4.1
2.5
1.0
1.6
.2
-3.9
-2.5
1.4
1.8
6.7
6.4
4.3
8.8
2.9
1.7
4.3
5.0
1.9
1.2
0
2.8
-3.5
-1.3
1.4
2.3
Nondurable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
> Benchmark-years wei"hts
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Services:
Current dollars
Quantitv indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Gross private domestic investment:
Current dollars
Quantitv indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Nonresidential:
Current dollars
Quantitv indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
IV
I
III
II
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Structures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Producers' durable equipment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
52
1 3 -122
2 2 -12 4
-9 6
-6
123
2.8
-.4 -11.8
1.5 -14.0 -11.9
-1.8
9.5
6.8
6.2
2.0
9.5
6.0
1.4
.1
-1.5
1.3
-3.4
0
2.1
1.4
-.3
.9
0
7.1
7.7
10.0
10.0
4.7
5.2
6.7
5.7
2.0
2.3
4.1
4.1
-.9
.7
2.5
2.2
5.5
-4.2
7.0
-2.0 -30.3 -20.4
-.3
19.4
2.0
-5.7
6.0
-2.9 -29.5 -20.9
-.4
19.7
-8.4
-22.3
6.1
2.9
-5.6
4.5 - 1 9 . 3
-14.2
2.0
3
-7.3
2.5 -19.7
—15.7 - 1 0 . 3 - 2 3 . 9
3.1
.1
-7.2
3.8
-9.7 -18.4
-1.4
_
.4
-1.6
-7.7
1.4
-9.6 -19.3
-1.7
-.2
-I
4.6
2.9
-4.2
11.7
-7.2 -16.1
-3.8
-5.5
2.2
1.2
-4.6
8.5
-7.7 -17.4
-3.3
-3.7
39
2.8
-3.6
15.8
2.3
1.6
-3.2
11.5
-.7 -17.1
-1.6
-18.1
-1.3
3.4
0
6.7
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Residential:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Exports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Imports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual wei°hts
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Government purchases:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Benchmark-vears weights
Fixed investment:
Current dollars
Quantitv indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-tvpe annual wei"hts
Benchmark-years wei"hts
III
Benchmark-years weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
.
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Durable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights .
Price indexes:
Fixed 1987 wei^hls
Alternative indexes:
Chain-type annual wei"hts
Benchmark-years weights
1991
1990
1990
-.5
-6.6
-14.4
-15.2
-16.3 -24.6
6.1
14.3
-3.8
-8.7
-15.7
-16.2
- 1 5 . 0 -24.8
3.1
10.9
13.7
9.0
8.7
2.1
18.6
-4.6
18.0
5.0
11.3
7.8
4.8
-.4
17.7
-7.4
19.4
7.3
6.4
6.3
-4.1
175
11.9 -25.7
7 9
19.2
3.7
2.2
1.7
9.6
-9.3 -15.4
13.3
22.3
5.7
7.4
4.8
5.0
10.0
6.7
1.4
-1.2
1.5
3.2
2.2
-.3
4.6
2.8
-.1
-3.4
3.7
5.9
6.0
1.3
9.6
16.6
.5
-6.2
-.6
1.6
4.3
-5.0
4.5
9.9
1.0
-8.1
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Federal:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
16
SURVEY OF CURRENT BUSINESS
December 1991
Table 8.1.—Percent Change From Preceding Period in Selected Series—Continued
[Percent]
Se isonally adjusted at annual rates
1990
1989
1990
III
II
National defense:
Current dollars
Quantity indexes:
IV
II
I
1989
II
1.5
4.5
4.5
-2.0
12.8
15.4
-4.6
-7.2
.2
3.3
-7.9
5.9
10.9
-3.3
-8.9
11.1
9.9
10.8
109
1 l
20 0
160
-3 5
4.7
5.5
7.6
3.7
.8
6.9
14.0
-5.9
Price indexes:
Fixed 1987 weights
Alternative indexes:
Addenda:
Final sales of domestic product:
Current dollars
Quantity indexes:
7.2
8.4
4.0
7.8
10.2
.4
2.0
2.4
3.1
4.4
.8
3.2
4.6
-1.9
-.7
-.1
III
11
I
Alternative indexes:
Benchmark-years weights
.
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Final sales to domestic purchasers:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Gross national product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
6.6
5.9
4.0
5.8
2.7
2.5
4.4
1.6
2.2
1.7
-.5
.9
-.3
-2.4
1.2
-.7
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Seasonally adjusted at annual rates
1989
1990
1991
Current dollars:
21,196
21,213
17,705
15,313
22,056
22,099
18,720
16,236
22,055
22,058
18,649
16,154
22,251
22,276
18,851
16,344
22,135
22,237
18,977
16,479
22,206
22,296
18,944
16,492
22,406
22,438
19,110
16,678
22,567
22,610
19,184
16,752
14,219
1,858
4,636
7,725
14,971
1,864
4,871
8,236
14,848
1,862
4,812
8,175
15,120
1,866
4,907
8,347
15,183
1,800
4,964
8,418
15,208
1,751
4,952
8,505
15,334
1,744
4,966
8,624
15,481
1,790
4,970
8,720
19,550
19,566
14,030
19,540
19,579
14,154
19,633
19,637
14,204
19,586
19,609
14,168
19,337
19,428
14,058
19,166
19,245
13,965
19,188
19,216
14,022
19,221
19,258
13,992
13,027
1,782
4,241
7,004
13,051
1,756
4,203
7,092
13,056
1,758
4,208
7,090
13,107
1,759
4,209
7,139
12,952
1,689
4,161
7,102
12,877
1,632
4,148
7,097
12,892
1,621
4,147
7,124
12,930
1,653
4,135
7,142
Constant (1987) dollars:
Population (mid-period,
thousands)
48
65
-1 3
-6
32
55
.5
1.3
1.3
-6.5
-3.5
.9
3.4
6.0
5.6
2.6
7.4
2.3
-.4
3.0
3.1
1.6
1.1
-.8
2.0
-3.0
-3.4
.7
.8
6.9
5.3
5.5
5.3
.5
2.1
3.5
4.3
2.4
1.1
.9
.7
-2.5
-2.8
.3
2.0
2.4
.8
1.9
.2
-4.7
-1.0
1.2
2.1
6.8
2.0
7,1
1.9
6.0
1.6
6.1
.2
4.5
-2.0
1.3
-1.7
5.6
2.6
3.0
.3
weights use weights for the preceding and current years. The indexes with benchmark- years weights use
weights of 1959, 1963, 1967, 1972, 1977, 1982, and 1987 and the most recent year.
[Percent]
Gross domestic product
Gross national product
Disposable personal income
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
49
1.9
Benchmark-years weights
Table 8.2.—^-Selected Per Capita Product and Income Series in Current
and Constant Dollars and Population of the United States
Gross domestic product
Gross national product
Personal income
Disposable personal income
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
64
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Command-basis gross national product:
Quantity index, fixed 1987 weights
Disposable personal income:
Current dollars
1987 dollars
NOTE.—Except for disposable personal income, the quantity and price indexes in this table are calculated
from weighted averages of the detailed output and prices used to prepare each aggregate and component. The
fixed weighted measures use as weights the composition of output in 1987. The chain-type indexes with annual
1991
IV
III
Gross domestic purchases:
Alternative indexes:
Chain-tvpe annual weights
State and local:
Current dollars
Quantity indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights ....
Benchmark-vears weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights ..
Benchmark-years weights
1990
1990
III
-2.2
Alternative indexes:
Chain-tvpe annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Alternative indexes:
Chain-type annual weights
Benchmark-years weights
Nondefense:
Current dollars
Quantity indexes:
Seasonally adjusted at annual rates
1991
247,405 249,992 249,594 250349 251,074 251,689 252,281 252,990
December 1991
SURVEY OF CURRENT BUSINESS
17
Table 8.3.—Auto Output
Table 8.4.—Auto Output in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
1989
Auto output
Final sales
Personal consumption
expenditures
New autos
Net purchases of used
autos
Producers' durable
equipment
New autos
Net purchases of used
autos
Net exports
Exports
Imports
Government purchases ..
1303
133.2
147.6
118.5
109.8
115.5
132.2
135.0
136.4
138.8
126.2
117.6
121.5
13:
132.4
96.6
132.7
98.0
133.5
95.7
125.4
89.7
115.0
78.4
112.1
78.2
100.0
35.8
Seasonally adjusted at annual rates
1991
133.9
1989
125.2
117.7
79.0
32.5
31.2
49.7
37.8
35.7
33.9
38.7
35.5
55.0
34.3
53.0
38.9
60.9
36.1
55.8
35.3
55.5
37.4
59.6
39.9
64.7
-18.6
-33.7
10.8
44.5
2.3
-19.6
-35.4
10.5
45.9
2.5
-18.8
-32.9
11.6
44.6
2.3
-22.0
-35.8
10.9
46.7
2.2
-19.7
-38.3
9.0
47.3
3.0
-20.2
-35.7
10.5
46.3
3.0
-22.2
-29.9
11.7
41.5
1.9
-24.7
-36.8
14.3
51.1
1.8
-4.7
-4.2
-.6
-3.2
-2.1
-1.1
8.8
8.9
-.2
-7.7
-6.9
-.7
-7.8
-7.0
-.7
-6.0
-8.2
2.2
2.5
2.1
.4
104.9
99.7
103.0
116.4
89.1
86.8
89.4
57.5
59.3
60.4
59.6
58.5
50.4
55.8
p ) a n g e in business
inventories of new and
used autos
New
Used
Addenda:
Domestic output of new
autos1
,
Sales of imported new
autos 2
1990
Auto output .
Final sales
Personal consumption expenditures ....
New autos
Net purchases of used autos
Producers' durable equipment
New autos
Net purchases of used autos
Net exports
Exports
Imports
Government purchases
127.1
121.1
125.4
126.2
96.1
30.1
30.1
47.8
-17.6
-33.1
9.5
42.6
2.2
126.5
124.9
91.5
33.4
Change in business inventories or new
and used autos
New
Used
Addenda:
Domestic output of new autos'
Sales of imported new autos2
100.0
55.3
1990
1990
33.1
52.1
-19.0
-33.8
9.7
43.6
2.3
128.0
125.6
93.0
32.6
32.0
50.4
-18.4
-31.7
10.5
42.3
2.1
1991
135.9
110.7
99.3
104.5
112.3
129.3
126.5
91.3
35.3
36.7
58.1
-21.4
-35.8
9.3
45.2
2.0
119.3
118.0
84.7
33.4
33.4
52.6
-19.2
-34.9
8.9
43.8
2.8
108.0
106.8
72.2
34.5
31.4
51.2
-19.8
-32.6
9.3
41.9
2.5
109.7
103.1
71.5
31.6
32.9
54.5
109.8
-27.9
10.3
38.2
1.7
71.9
35.3
35.3
58.9
-23.6
-34.4
12.5
46.9
1.6
6.5
-21.6
107.3
-5.3
-4.8
-.5
-4.3
-3.4
-1.0
6.6
-.1
-8.6
-8.0
-.6
-8.7
-8.1
-.6
-5.2
-7.4
2.2
25
2.0
.5
93.5
56.2
57.3
107.9
56.9
83.5
55.2
78.4
46.4
81.2
51.0
92.6
52.6
1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases.
57.8
1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and government purchases.
Table 8.5.—Truck Output
Table 8.6.—Truck Output in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1989
Truck output •
Final sales ...
.. .
Personal consumption expenditures ....
Producers' durable equipment
Net exports
Exports
Imports .
... .
Government purchases
Change in business inventories
I. Includes new trucks only.
1991
1990
1990
II
III
1989
IV
I
II
76.9
72.8
773
74.4
67.1
56.8
68.2
723
75.8
42.1
34.1
-7 1
3.4
10.5
6.7
73.8
39.5
33.4
-5.4
4.2
9.6
6.3
74.6
39.5
32.9
-5.4
4.5
9.9
7.7
72.7
39.3
33.7
-6.4
4.0
10.4
6.1
69.6
35.9
32.7
-42
4.5
8.7
5.3
65.6
32.8
29.4
-3.5
4.5
8.0
6.8
69.3
34.2
30.4
-2.6
5.8
8.4
7.3
70.8
38.3
31.4
-4.2
5.3
9.5
5.4
1.1
-1.0
2.7
1.6
-2.5
-8.8
-1.1
1.4
III
II
III
Truck output'
Final sales
Personal consumption expenditures ....
Producers' durable equipment
Net exports
Exports
Imports
Government purchases
Change in business inventories
1. Includes new trucks only.
1991
1990
1990
rv
I
II
III
72.8
67.4
72.0
68.6
61.2
51.2
61.7
64.1
71.8
40.4
31.8
-6.7
3.2
9.9
6.3
68.3
36.5
30.9
-5.0
3.9
8.9
5.8
69.5
36.7
30.7
-5.0
4.2
9.2
7.2
67.1
36.3
31.1
-6.0
3.7
9.7
5.6
63.5
32.7
29.9
-3.9
4.1
8.0
4.8
59.2
29.3
26.6
-2.9
4.1
7.0
6.1
62.6
30.4
27.6
-2.0
5.3
7.3
6.6
62.9
33.6
28.1
-3.7
4.7
8.4
4.8
1.1
-1.0
2.5
1.5
-23
-7.9
-1.0
13
18
SURVEY OF CURRENT BUSINESS
December 1991
NIPA Chart
Jan. July July Nov
PT
P
T
3,000
2,000
1,800
1,600
1,400
1,200
1,000
Personal constimptfon expenditures-
Gross private domestic inves ment
Chande in busine ss inventory s
Net exports of goods and services-
Government purchases—
1964 65 66 67
68
70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87
88
90
91 1992
December 1991
19
SURVEY OF CURRENT BUSINESS
Personal Income and Outlays: Monthly Series, 1987-91
Table 2.8.—Personal Income by Type of Income
[Billions of dollars]
Wage and salary disbursements
Year and month
Personal
income
Commodity-producing
All industries
Govern- Other labor
ment and
income
government
enterprises
Manufac- Distributive
turing
Proprietors' income with
Rental
inventory valuation and income of
capital consumption
persons
adjustments
with capital
consumpadjustFarm
Nonfarm tionment
Personal
dividend
income
100.4
108.4
119.8
Personal
interest
income
548.1
583.2
669.0
Transfer
payments
542.2
576.7
624.4
Less: Personal contributions
for social
insurance
173.6
194.5
211.7
Addendum:
Total
nonfarm
3,749.4
4,023.9
4,316.6
3,802.0
4,075.9
4,380.2
2,261.2
2,443.0
2,585.8
651.8
699.1
723.8
490.1
524.5
542.1
536.9
575.3
607.5
650.7
719.6
775.9
421.8
449.0
478.6
210.4
230.5
253.7
31.3
30.9
41.4
279.0
293.4
305,5
4,679.«
2,738.9
745.4
555.8
634.6
845.0
514.0
274.0
42.5
330.7
3,687.5
3,722.6
3,737.3
3,751.3
3,759.1
3,768.0
3,789.5
3,816.3
3,836.7
3,903.5
3,896.3
3,955.6
2,181.3
2,197.4
2,212.0
2,219.5
2,233.9
2,243.7
2,256.5
2,283.6
2,295.9
2,310.4
2,330.6
2,369.9
638.3
639.4
644.9
642.2
644.1
645.2
647.9
653.6
661.2
663.7
669.4
672.0
480.8
481.9
486.2
483.6
483.6
484.3
486.9
490.9
498.7
498.4
502.3
504.2
515.1
522.4
524.5
527.9
532.3
534.3
537.7
544.4
547.8
549.7
553.2
552.8
617.2
622.8
627.9
633.0
639.1,
643.8
648.4
661.0
660.0
668.1
676.6
710.4
410.7
412.8
414.6
416.4
418.3
420.3
422.4
424.6
426.8
428.9
431.3
434.7
206.6
207.3
207.7
209.5
206.7
208.0
208.7
209.1
211.2
214.5
216.5
218.5
26.9
39.0
36.2
37.7
23.4
22.7
23.9
18.7
19.4
60.3
26.9
40.1
269.9
274.6
276.4
276.0
277.3
278.7
280.8
283.1
283.0
282.2
282.1
283.4
103.7
102.4
101.3
99.9
99.8
99.2
99.1
99.2
99.3
99.6
100.1
100.8
533.8
535.7
537.8
541.1
543.9
544.6
548.0
551.1
554.1
558.6
562.1
566.1
531.7
534.3
535.6
537.7
545.0
542.2
544.2
544.2
545.6
547.8
547.6
549.9
169.4
170.3
171.0
171.3
172.1
172.6
173.2
174.8
175.4
176.2
177.3
179.6
3,638.9
3,661.9
3,679.9
3,692.4
3,714.2
3,724.1
3,744.4
3,776.3
3,796.1
3,822.0
3,848.2
3,894.4
3,942.9
3,962.8
3,997.2
4,019.2
4,035.6
4,059.0
4,083.2
4,101.4
4,124.0
4,191.2
4,177.8
4,216.7
2,354.4
2,373.1
2,387.0
2,408.6
2,420.7
2,439.4
2,461.0
2,462.3
2,477.6
2,507.9
2,504.4
2,519.5
675.3
679.9
691.0
691.5
694.0
699.0
702.9
702.0
706.9
717.5
714.0
714.4
507.3
510.3
520.1
517.6
520.3
523.8
526.4
525.7
529.9
539.9
536.6
536.1
556.6
561.9
560.2
568.5
569.9
574.5
580.4
579.1
582.8
589.0
587.5
593.3
685.0
691.6
693.9
705.0
711.1
718.2
727.8
729.0
733.7
745.2
744.3
751.0
437.5
439.8
441.8
443.8
445.7
447.7
450.0
452.2
454.2
456.2
458.6
460.8
219.9
221.3
222.9
224.6
226.5
228.8
231.2
233.6
236.0
238.2
240.4
242.4
30.1
31.0
45.1
37.2
34.8
30.4
23.8
24.2
21.2
41.2
19.2
32.3
286.4
285.4
284.6
291.0
291.6
293.5
291.3
294.5
295.5
301.3
302.3
304.0
101.9
103.3
104.3
105.5
106.4
107.4
108.9
110.7
111.7
113.0
113.9
114.3
565.6
565.0
563.8
567.1
570.6
574.7
581.1
588.1
595.1
601.9
608.7
616.0
565.5
567.4
575.2
573.5
573.7
574.3
577.0
579.3
579.8
582.8
584.7
586.9
188.6
189.7
190.5
192.0
192/7
194.0
195.5
195.7
196.8
199.0
199.1
200.4
3,891.7
3,910.7
3,931.1
3,961.0
3,979.8
4,007.5
4,038.4
4,056.0
4,081.6
4,128.6
4,137.1
4,162.9
4,269.7
4,304.7
4,337.1
4,348.0
4,348.0
4,359.2
4,381.3
4,389.5
4,401.8
4,438.9
4,478.9
4,505.4
2,542.1
2,543.0
2,558.4
2,572.3
2,561.6
2,574.2
2,593.7
2,590.7
2,603.1
2,625.9
2,625.1
2,639.8
718.8
718.3
725.4
720.3
718.7
720.0
721.9
725.0
725.6
732.4
729.2
730.4
539.6
539.7
547.1
539.7
538.9
540.2
540.8
542.1
542.4
547.4
542.9
543.9
599.0
599.3
601.4
607.5
602.8
605.0
610.9
604.8
610.7
614.9
614.5
618.7
758.1
756.9
761.2
772.1
765.4
772.4
781.6
779.1
782.5
791.8
791.7
798.2
466.2
468.6
470.4
472.4
474.7
476.9
479.3
481.8
484.3
486.8
489.7
492.4
244.1
245.8
247.5
249.2
251.0
252.8
254.6
256.4
258.2
260.0
261.8
263.5
40.7
59.9
53.8
47.8
47.9
35.6
31.0
28.5
29.2
38.4
40.4
44.2
305.9
305.0
305.6
303.9
303.4
302.4
301.2
304.5
303.8
304.5
311.8
314.3
-.2
-2.2
-4.1
-5.5
-6.7
-7.2
-7.4
-7.3
-16.4
-23.1
-6.4
-8.0
116.0
117.1
118.1
118.8
119.1
119.4
120.5
120.9
121.0
121.8
122.4
122.5
626.6
639.3
652.1
658.9
665.6
672.4
675.7
679.0
682.6
686.8
691.7
697.4
602.4
605.2
615.4
613.4
616.4
620.8
624.5
629.2
633.5
639.2
646.4
647.0
208.0
208.3
209.7
210.8
210.3
211.2
212.5
212.4
213.2
214.6
214.5
215.2
4,207.3
4,223.1
4,261.6
4,278.3
4,278.2
4,301.6
4,328.1
4,338.7
4,350.2
4,378.1
4,415.9
4,438.6
4,541.5
4,581.8
4,618.6
4,637.6
4,646.0
4,680.4
4,702.6
4,712.2
4,743.2
4,740.0
4,764.5
4,789.6
2,648.6
2,679.8
2,699.4
2,721.3
2,725.0
2,748.4
2,761.8
2,763.9
2,783.8
2,765.9
2,771.9
2,796.8
728.2
739.5
744.5
745.3
747.1
750.6
750.6
750.4
752.5
748.1
741.0
746.3
540.7
549.2
554.1
556.6
556.6
559.3
560.1
559.9
561.2
559.5
553.1
559.3
618.9
625.4
629.5
633.8
63.1.8
637.8
639.6
638.2
643.5
634.6
639.4
643.0
803.0
813.1
821.2
834.5
834.5
845.1
856.0
858.0
867.7
860.4
866.3
879.8
498.5
501.8
504.3
507.7
511.6
514.9
515.6
517.4
520.0
522.8
525.3
527.7
266.4
267.8
269.3
270.7
272.1
273.5
274.9
276.3
277.7
278.8
279.9
281.0
46.6
47.5
58.6
49.1
45.1
41.7
38.1
31.9
27.2
30.8
47.4
45.4
321.7
325.3
327.8
326.1
329.4
331.0
333.5
336.4
339.5
337.3
333.6
327.2
-11.2
-14.6
-16.8
-18.0
-18.0
-16.0
-12.9
-10.0
-8.4
-9.0
-9.5
-10.1
123.2
123.7
124.1
124.8
122.4
123.4
124.1
124.8
125.5
126.2
126.9
128.0
699.9
702.9
706.2
710.7
716.0
722.0
725.4
729.1
732.7
735.3
737.4
738.1
667.4
668.4
671.9
672.9
675.8
681.7
683.9
686.2
692.8
701.4
704.0
712.0
221.1
219.1
221.8
219.9
221.8
225.3
226.2
226.3
227.6
226.6
227.1
228.9
4,472.3
4,511.7
4,537.5
4,565.7
4,578.1
4,615.8
4,641.6
4,657.4
4,693.1
4,686.2
4,694.0
4,721.1
4,761.5
4,761.2
4,781.4
4,792.0
4,825.5
4,845.8
4,833.1
4,854.2
4.872.8
4,886.0
4,878.7
2,771.7
2,767.6
2,773.4
2,779.4
2,799.5
2,822.8
2,808.1
2,823.6
2,835.9
2,830.8
2,830.3
737.7
734.1
728.5
731.0
735.8
738.7
739.4
743.3
744.4
747.4
737.7
553.0
549.1
545.8
548.8
552.4
555.8
557.7
560.7
561.6
566.1
560.0
634.0
635.4
636.1
635.8
641.7
648.3
639.3
644.3
648.3
642.7
646.4
866.7
862.1
870.8
873.7
881.5
893.7
886.3
894.5
902.3
899.6
904.4
533.3
536.1
538.1
538.8
540.5
542.0
543.1
541.5
540.8
541.0
541.7
282.6
284.2
285.8
287.2
288.6
289.9
291.3
292.7
294.2
295.6
297.0
27.4
29.2
41.8
39.4
43.4
36.0
32.0
31.0
33.0
43.2
30.2
329.7
332.2
332.2
336.2
340.8
344.3
347.9
350.3
353.3
354.4
355.0
-12.1
-12.3
-11.3
-11.7
-11.6
-11.6
-12.9
-14.2
-15.5
-21.2
-15.6
128.6
129.5
127.8
127.2
127.5
127.6
128.3
128.6
129.1
129.3
129.5
734.6
729,8
726.0
723.8
721.7
719.8
718.1
716.6
715.5
714.5
713.7
733.9
736.2
741.5
746.5
752.6
755.5
758.7
765.0
767.4
779.3
778.5
234.9
235.3
235.8
235.9
237.0
238.3
238.3
239.4
240.2
239.9
239.8
4,710.9
4,708.7
4,716.2
4,729.1
4,758.5
4,786.2
4,777.3
4,799.3
4,815.7
4,818.8
4,824.3
1. Equals personal income less the following farm components: wages and salaries, other labor income, proprietors' income with inventory valuation and capital consumption adjustments, and net interest. These farm
components plus employer contributions for social insurance and farm corporate profits with inventory valuation and capital consumption adjustments equal farm national income shown annually in table 1.21.
3.2
4.3
-7.9
-12.9
4,614.5
124.8
20
SURVEY OF CURRENT BUSINESS
December 1991
Table 2.9.—Personal Income and Its Disposition
Billions of dollars
Disposable personal income
Less: Personal outlays
Year and month
Personal
income
Less: Personal
Equals:
tax and nontax Disposable perpayments
sonal income
Total
Personal
consumption
expenditures
Per capita
Interest paid
by persons
Personal
transfer payments to foreigners (net)
Equals:
Personal
saving
Total, billions
of 1987
dollars
Current
dollars
Population
(mid-period,
thousands)
1987 dollars
Personal saving
as a percentage
of disposable
personal
income'
1989 ....
3,802.0
4,075.9
4,380.2
512.5
527.7
591.7
3,289.5
3,548.2
3,788.6
3,146.9
3,392.0
3,621.6
3,052.2
3,296.1
3,517.9
92.3
93.7
101.6
142.6
156.2
166.9
3,289.6
3,404.3
3,471.2
13,545
14,477
15,313
13,545
13,889
14,030
242,860
245,093
247,405
4.3
4.4
4.4
1990 ....
4,679.8
621.0
4,058.8
3,852.2
3,742.6
107.5
206.6
3,538.3
16,236
14,154
249,992
5.1
June
July
August
September ....
October
November
December
3,687.5
3,722.6
3,737.3
3,751.3
3,759.1
3,768.0
3,789.5
3,816.3
3,836.7
3,903.5
3,896.3
3,955.6
473.4
470.6
477.8
607.0
498.3
501.2
505.3
512.9
517.2
521.0
526.0
538.8
3,214.1
3,252.0
3,259.5
3,144.4
3,260.8
3,266.8
3,284.1
3,303.4
3,319.5
3,382.5
3,370.3
3,416.9
3,009.9
3,075.2
3,085.5
3,110.7
3,119.4
3,144.5
3,165.0
3,200.3
3,194.0
3,203.3
3,212.8
3,242.0
2,915.9
2,981.1
2,991.2
3,016.0
3,024.8
3,049.6
3,069.9
3,105.4
3,098.9
3,108.5
3,118.2
3,147.1
91.6
91.8
92.0
92.3
92.2
92.5
92.7
92.5
92.6
92.4
92.2
92.5
2.3
2.3
2.3
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4
204.2
176.8
174.0
33.6
141.4
122.2
119.1
103.2
125.6
179.2
157.5
174.8
3,281.3
3,304.1
3,300.4
3,172.3
3,279.5
3,273.1
3,282.3
3,287.3
3,287.5
3,336.8
3,314.8
3,355.7
13,289
13,437
13,459
12,974
13,445
13,459
13,519
13,587
13,641
13,887
13,827
14,008
13,567
13,652
13,628
13,090
13,522
13,485
13,512
13,520
13,509
13,700
13,599
13,757
241,870
242,018
242,179
242,352
242,531
242,722
242,925
243,136
243,354
243,564
243,748
243,922
4.8
5.7
4.0
3.6
3.1
3.9
3.5
3.5
4.1'
4.6
5.0
4.7
1988
January
February
March
April
May
June
July
August
September ....
October
November
December
3,942.9
3,962.8
3,997.2
4,019.2
4,035.6
4,059.0
4,083.2
4.101.4
4,124.0
4.191.2
4,177.8
4,216.7
514.4
504.8
513.2
546.7
524.9
519.5
524.8
526.7
531.5
539.0
540.7
546.4
3,428.5
3,458.0
3,484.0
3,472.5
3,510.6
3,539.5
3,558.4
3,574.7
3,592.6
3,652.2
3,637.0
3,670.3
3,277.5
3,284.6
3,320.5
3,323.5
3,355.2
3,387.0
3,405.5
3,427.3
3,434.2
3,477.9
3,491.0
3,519.8
3,182.3
3,189.6
3,225.5
3,228.9
3,260.6
3,292.1
3,310.2
3,331.4
3,338.1
3,381.2
3,393.1
3,420.4
92.9
92.7
92.7
92.6
92.6
93.0
93.2
93.8
93.9
94.5
95.7
97.2
2.3
2.3
2.3
1.9
1.9
1.9
2.1
2.1
2.1
2.2
2.2
2.2
151.0
173.4
163.5
149.0
155.4
152.5
152.9
147.4
158.4
174.4
146.1
150.5
3,359.6
3,384.0
3,396.9
3,367.2
3,389.4
3,402.3
3,405.5
3,409.2
3,407.8
3,451.9
3,428.9
3,448.7
14,046
14,159
14,256
14,199
14,345
14,450
14,515
14,568
14,627
14,857
14,784
14,909
13,764
13,856
13,899
13,769
13,849
13,890
13,891
13,893
13,875
14,042
13,938
14,009
244,084
244,233
244,389
244,554
244,736
244,943
245,162
245,385
245,614
245,825
246,008
246,179
4.8
4.7
4.7
4.5
4.3
4.3
4.2
4.3
4.4
4.4
4.3
4.2
1989
January
February
March
April
May
June
July
August
September ....
October
November
December
4,269.7
4,304.7
4.337.1
4,348.0
4,348.0
4,359.2
4,381.3
4.389.5
4,401.8
4,438.9
4,478.9
4,505.4
577.1
567.5
578.3
615.0
592.8
584.9
589.9
590.8
594.7
600.5
602.2
606.2
3,692.6
3,737.3
3,758.8
3,733.0
3,755.3
3,774.3
3,791.4
3,798.7
3,807.1
3,838.4
3,876.6
3,899.3
3,531.0
3,538.0
3,538.6
3,580.9
3,592.9
3,606.3
3,632.1
3,666.3
3,672.0
3,674.4
3,694.8
3,732.0
3,432.7
3,438.7
3,438.1
3,479.2
3,490.1
3,502.6
3,527.7
3,561.1
3,566.3
3,567.7
3,587.2
3,623.4
96.3
97.4
98.5
99.5
100,6
101.6
102.3
103.2
103.7
104.5
105.3
106.4
1.9
1.9
1.9
2.2
2.2
2.2
2.0
2.0
2.0
2.2
2.2
2.2
161.6
199.2
220.2
152.1
162.4
168.0
159.4
132.3
135.0
164.0
181.9
167.3
3,450.8
3,481.5
3,489.1
3,443.8
3,449.0
3:459.8
3,466.5
3,470.8
3,463.3
3,474.3
3,497.6
3,507.2
14,990
15,162
15,240
15,124
15,202
15,266
15,321
15,335
15,354
15,466
15,607
15,686
14,008
14,124
14,146
13,952
13,962
13,993
14,008
14,012
13,968
13,999
14,081
14,108
246,339
246,486
246,649
246,829
247,026
247,242
247,471
247,710
247,951
248,182
248,391
248,588
4.6
5.2
5.1
4.8
4.3
4.3
4.0
3.7
3.8
4.2
4.4
4.5
4,541.5
4,581.8
4.618.6
4,637.6
3,939.4
3,974.1
4,008.5
4,014.4
4,023.2
4,058.5
4,076.7
4,085.5
4,113.2
4,114.2
4,138.4
4,159.9
3,766.7
3,774.1
3,788.9
3,795.5
3,804.5
3,845.8
3,870.7
3,892.5
3,922.8
3,916.9
3,922.1
3,926.0
3,657.9
3,664.7
3,679.2
3,686.3
3,695.3
3,736.4
3,760.5
3,782.3
3,812.7
3,807.6
3,812.5
3,815.8
106.7
107.3
107.7
107.5
107.6
107.7
107.8
107.7
K)7.6
107.3
107.6
108.1
172.8
200.1
219.5
218.8
218.6
212.7
206.0
193.0
190.5
197.2
216.2
234.0
3,516.6
4,789.6
602.0
607.6
610.2
623.2
622.8
621.9
625.9
626.7
630.0
625.9
626.2
629.7
3,544.1
15,836
15,964
16,089
16,099
16,119
16,244
16,300
16,319
16,414
16,401
16,482
16,554
14,136
14,182
14,237
14,207
14,177
14,229
14,231
14,144
14,131
14,019
14,051
14,103
248,768
248,943
249,140
249,352
249,586
249,845
250,100
250,348
250,599
250,848
251,077
251,297
4.6
5.0
5.3
5.5
5.4
5.2
5.0
4.8
4.7
4.9
5.2
5.5
4,761.5
4,761.2
4,781.4
4,792.0
4,825.5
4,845.8
4,833.1
4,854.2
4,872.8
4,886.0
4,878.7
621.7
616.1
613.4
612.7
613.2
615.0
612.0
615.2
618.1
619.4
618.9
4,139.8
4,145.1
4,168.0
4,179.3
4,212.3
4,230.8
4,221.1
4,239.0
4,254.7
4,266.6
4,259.8
3,902.2
3,937.2
3,973.1
3,951.4
3,982.9
3,999.3
4,016.7
4,019.2
4,038.7
4,034.0
4,059.7
3,792.4
3,827.5
3,863.3
3,841.7
3,873.5
3,890.2
3,908.0
3,910.7
3,930.6
3,926.0
3,951.9
lt)7.6
107.4
107.6
107.5
107.1
106.8
106.6
106.4
106.0
105.9
105.7
237.6
207.8
194.9
227.9
229.4
3,509.6
3,506.8
3,528.1
3,524.1
3,538.5
3,549.7
3,535.5
3,541.4
3,543.1
3,547.9
3,531.9
16,461
16,469
16,548
16,580
16,698
16,756
16,701
16,756
16,801
16,832
16,791
13,955
13,933
14,007
13,981
14,026
14,058
13,988
13,998
13,991
13,997
13,922
251,501
251,688
251,879
252,070
252,271
252,502
252,745
252,987
253,239
253,480
253,698
5.5
5.1
5.0
5.2
5.5
5.3
5.2
5.0
5.2
5.1
1987
January
February
March
April
May
4,646.0
4,680.4
4,702.6
4,712.2
4,743.2
4,740.0
4,764.
1. Monthly estimates equal the 3-month moving average of personal saving as a percentage of the 3-month
moving average of disposable personal income.
231
204.4
219/
216.0
232.6
200,1
3,530.6
3,546.9
3,542.5
3,538.4
3,555.1
3,559.3
3,540.8
3,541.
3,516.6
3,527.8
SURVEY OF CURRENT BUSINESS
December 1991
Table 2.10.—Personal Consumption Expenditures by Major Type of Product
[Billions of dollars]
Year and month
1987
1988
1989
Personal consumption
expenditures
3,052.2
3,296.1
3,517.9
Durable goods
403.7
437.1
459.8
3,742.6
1990
21
Table 2.11.—Personal Consumption Expenditures by Major Type of Product
in Constant Dollars
[Billions of 1987 dollars]
Year and month
Nondurable goods
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
1,011.1
1,073.8
1,146.9
1,637.4
1,785.2
1,911.2
1987
1988
1989
3,052.2
3,162.4
3,223.1
403.7
428.7
440.8
1,011.1
1,035.1
1,049.3
1,637.4
1,698.5
1,732.9
1,217.7
2,059.0
1990
3,262.6
438.9
1,050.8
1,773.0
2,976.9
3,028.9
3,028.7
3,042.8
3,042.1
3,055.5
3,068.2
3,090.2
3,069.1
3,066.5
3,066.9
3,090.8
372.2
398.1
398.0
403.5
398.2
407.5
411.4
425.6
416.2
398.2
402.5
413.2
996.2
1,014.6
1,005.9
1,009.9
1,011.7
1,012.3
1,012.5
1,015.1
1,011.1
1,011.3
1,013.0
1,019.5
1,608.6
1,616.2
1,624.8
1,629.4
1,632.2
1,635.7
1,644.3
1,649.5
1,641.8
1,657.0
1,651.4
1,658.0
1987
January
February
March
April
May
June
July
August
September ....
October
November ....
December ....
2,915.9
2,981.1
2,991.2
3,016.0
3,024.8
3,049.6
3,069.9
3,105.4
3,098.9
3,108.5
3,118.2
3,147.1
367.1
393.2
394.5
401.0
396.2
406.9
412.4
427.7
419.1
402.1
406.8
417.6
972.5
999.5
995.1
1,002.8
1,007.5
1,012.5
1,014.0
1,020.3
1,020.8
1,023.8
1,028.2
1,036.2
1.576.3
1,588.5
1,601.7
1,612.2
1,621.1
1,630.2
1,643.5
1,657.3
1,659.1
1,682.6
1,683.2
1,693.3
1987
January ........
February ......
March ..........
April
May
June
July
August
September ....
October ........
November ....
December ....
1988
January
February
March
April
May
June
July
August
September ....
October
November ....
December ....
3,182.3
3,189.6
3,225.5
3,228.9
3,260.6
3,292.1
3,310.2
3,331.4
3,338.1
3,381.2
3,393.1
3,420.4
426.8
427.1
432.6
426.3
432.6
440.5
434.9
433.0
432.7
444.6
447.0
467.2
1,036.1
1,035.8
1,052.5
1,053.0
1,062.8
1,070.1
1,078.0
1,087.0
1,092.3
1,102.9
,109.3
[,105.2
1,719.4
1,726.6
1,740.4
1,749.7
1,765.2
1,781.4
1,797.2
1,811.4
1,813.2
1,833.7
1,836.8
1,848.0
1988
January
February ......
March
April
May
June
July
August
September ....
October
November ....
December ....
3,118.3
3,121.3
3,144.9
3,131.0
3,148.0
3,164.5
3,168.0
3,177.2
3,166.5
3,195.7
3,198.9
3,214.0
423.1
423.9
428.2
421.1
426.6
432.9
426.4
423.5
421.5
431.9
433.5
452.1
1,018.5
1,019.4
1,032.4
1,025.9
1,031.9
1,035.2
1,036.1
1,042.3
1,039.5
1,046.6
1,050.6
1,043.2
1,676.7
1,678.0
1,684.2
1,684.1
1,689.5
1,696.3
1,705.4
1,711.5
1,705.5
1,717.3
1,714.8
1,718.7
1989
January
February
March
April
May
June
July
August
September ....
October
November ....
December ....
3,432.7
3,438.7
3,438.1
3,479.2
3,490.1
3,502.6
3,527.7
3,561.1
3,566.3
3,567.7
3,587.2
3,623.4
456.1
446.5
445.6
461.7
452.0
457.9
464.6
485.6
473.3
456.9
458.7
458.4
,121.2
,118.8
,120.0
,133.8
,146.0
,147.6
,151.3
,154.1
1,160.7
,160.8
,168.9
,179.6
1,855.5
1,873.3
1,872.5
1,883.7
1,892.1
1,897.1
1,911.9
1,921.4
1,932.4
1,949.9
1,959.6
1,985.4
1989
January ........
February
March
April
May
June
July
August
September ....
October
November ....
December ....
3,208.0
3,203.3
3,191.5
3,209.7
3,205.4
3,210.7
3,225.3
3,253.7
3,244.4
3,229.3
3,236.4
3,259.1
439.8
430.3
430.6
445.0
435.1
439.7
445.3
465.1
452.5
435.7
435.6
435.3
1,052.9
1,046.7
1,041.7
1,040.7
1,044.4
1,044.8
1,046.5
1,052.5
1,055.3
1,049.4
1,054.6
1,062.0
1,715.3
1,726.3
1,719.2
1,724.0
1,725.8
1,726.2
1,733.6
1,736.1
1,736.5
1,744.1
1,746.2
1,761.7
1990
January
February
March
April
May
June
July
August
September ....
October
November ....
December ....
3,657.9
3,664.7
3.679.2
3,686.3
3,695.3
3,736.4
3,760.5
3,782.3
3,812.7
3,807.6
3,812.5
3,815.8
495.1
473.9
470.8
466.4
460.7
466.9
470.9
461.9
468.7
457.0
452.8
445.9
1,184.0
1,200.5
1,200.2
1,194.9
1,196.3
1,211.6
1,216.9
1,229.4
1,239.0
1,243.3
1,250.8
1,245.2
1,978.9
1,990.4
2,008.2
2,025.1
2,038.3
2,058.0
2,072.7
2,091.0
2,105.1
.2,107.3
2,108.9
2,124.7
1990
January ........
February
March
April
May
June
;
July
August
September ....
October
November ....
December ....
3.265.3
3,255.7
3,255.5
3,253.0
3,250.0
3,272.9
3,283.2
3,278.0
3,282.4
3,254.6
3,250.0
3,250.9
468.3
446.4
443.3
440.0
434.5
441.4
444.5
435.2
441.2
428.1
424.6
419.3
1,051.1
1,057.4
1,054.7
1,048.6
1,048.1
1,054.3
1,055.4
1,055.0
1,050.6
1,044.9
1,048.2
1,040.9
1,745.9
1,751.9
1,757.5
1,764.3
1,767.4
1,777.2
1,783.3
1,787.8
1,790.6
1,781.5
1,777.2
1,790.8
1991
January
February
March
April
May
June
July
August
September....
October
November ....
3,792.4
3,827.5
3,863.3
3,841.7
3,873.5
3,890.2
3,908.0
3,910.7
3,930.6
3,926.0
3,951.9
425.4
438.2
458.6
434.0
437.3
448.6
453.8
449.0
456.0
449.2
451.4
1,239.5
1,249.5
1,249.9
1,243.8
1,259.1
1,255.8
1,262.0
1,258.5
1,251.7
1,249.4
1,253.8
2,127.5
2,139.8
2,154.7
2,163.9
2,177.1
2,185.9
2,192.2
2,203.3
2,222.8
2,227.5
2,246.7
1991
January
February ......
March
April
May
June
July
August
September ....
October
November ....
3,215.0
3,238.1
3,270.1
3,239.4
3,253.9
3,263.9
3,273.3
3,267.1
3,273.2
3,264.7
3,276.5
397.8
407.6
427.0
403.2
406.2
417.4
419.6
415.0
420.1
413.8
415.4
1,035.4
1,045.6
1,050.8
1,041.5
1,051.2
1,045.9
1,052.5
1,046.2
1,039.6
1,039.3
1,036.9
1,781.7
1,784.9
1,792.4
1,794.7
1,796.5
1,800.6
1,801.2
1,805.9
1,813.4
1,811.6
1,824.3
22
SURVEY OF CURRENT BUSINESS
December 1991
Reconciliation and Other Special Tables
Table 1.—Relation of Net Exports of Goods and Services and Net Receipts of Factor Income
in the National Income and Product Accounts (NIPA's) to Balance on Goods, Services,
and Income in the Balance of Payments Accounts (BPA's)
Seasonally adjusted at annual
rates
1989
Exports of goods, services, and income, BPA's .
Less: Gold. BPA's
,
.
Capital gains net of losses
in direct investment income receipts, BPA's
Statistical differences1
Other items
Plus: Adjustments for grossing of parent/affiliate transactions:
Services
.
Income
Adjustment for U.S. territories and Puerto Rico
Services furnished without payment by financial intermediaries except life
insurance carriers and private noninsured pension plans.
Nonresident raxes
1991
606.6
652.9
668.6
3.0
1.6
-.20
3.7
1.1
.7
.1
4.1
2.6
0
.6
3.3
2.1
-.2
.1
3.4
4.4
1.5
.1
7.4
5.3
26.1
7.7
8.6
. 4.7
27.4
8.3
9.5
5.1
27.3
8.4
9.6
5.5
27.7
8.4
12.2
5.6
28.1
8.4
2.2
2.5
1.6
1.8
Equals: Exports of goods and services and receipts of factor income, NIPA's .
650.3
698.2
713.8
Imports of goods, services, and income, BPA's
697.4
722.7
694.4
3.7
1.6
0
0
-2.2
2.5
-1.9
.1
0
-2.5
3.3
3.8
0
0
-2.9
3.0
-1.4
0
-2.0
2.3
2.8
.1
0
-2.0
7.4
5.3
17.2
7.7
1.5
8.6
4.7
19.2
8.3
1.4
9.5
5.1
18.9
8.4
1.6
9.6
5.5
19.3
8.4
1.6
12.2
5.6
19.6
8.4
1.7
Less: Gold. BPA's
Capital gains net of losses in direct investment income payments, BPA's ....
Statistical differences1
Other items
Phis: Gold, NIPA's
Adjustments for grossing of parent/affiliate transactions:
Services
Income
,
,
Adjustment for U.S. territories and Puerto Rico
Imputed interest paid to the rest of the world
Nonresident taxes
23 Equals: Imports of goods and services and payments of factor income, NIPA's .
Balance on goods, services, and income, BPA's (1-12)
Less: Gold (2-13+17)
Capital gains net of losses in direct investment income, BPA's (3-14) ,
Statistical differences (4-15)x
Other items (5-16)
•Plus: Adjustment for U.S. territories and Puerto Rico (8-20)
Nonresident taxes (10—22)
Equals: Net exports of goods and services and net receipts of factor income
NIPA's (11-23)
714.3
761.8
-90.8
-69.8
-25.8
-16.4
-34.1
-2.9
0
-.2
0
8.9
.1
-1.2
3.0
.5
.1
8.2
.4
-2.1
-1.2
0
.6
8.4
.5
-1.7
3.5
-.1
.1
8.4
.6
-.9
1.6
1.5
.1
8.5
-63.6
-14.1
-9.1
-27.0
1. Consists of statistical revisions in the BPA's that have not yet been incorporated into the NIPA's. For the third quarter of 1991, includes
Census Bureau merchandise trade data for September, which became available too late for incorporation in the BPA's, but in time for incorporation
x
in the NIPA's.
23
SURVEY OF CURRENT BUSINESS
December 1991
ERRATA
National Income and Product Accounts
The "Selected NIPA Tables" and the "Summary National Income and Product Series" in the
November 1991 SURVEY OF CURRENT BUSINESS contained several errors. The corrected estimates are
provided below.
"Selected NIPA T a b l e s "
Table 1.4.-Gross Domestic Product by Major Type of Product in Constant Dollars
[Billions of 1987 dollars]
1987
Line 13, Services
1988
2,267.3
1989
2,349.7
2,402.7
1990
2,464.8
Table 5.4.-Fixed Investment by Type
[Billions of dollars, seasonally adjusted at annual rates]
1991:1
87.4
76.5
Line 12, Industrial equipment
Line 15, Other
1991:11
84.0
75.6
Table 5.5.-Fixed Investment by Type in Constant Dollars
[Billions of 1987 dollars, seasonally adjusted at annual rates]
Line 12, Industrial equipment
Line 15, Other
74.7
67.7
71.6
66.7
"Summary National Income and Product Series"
Annual and quarterly current-dollar estimates for 1970-76 of nonresidential gross private domestic investment and of the aggregates for which gross private domestic investment is a component were
incorrect. As a result, a number of the percent changes for the period 1970-77 and 1970:1-1977:1
were also incorrect. The correct levels and percent changes are shown below. The corresponding
constant-dollar estimates were correct.
Table 1.—Gross Domestic Product (Quarterly estimates are seasonally adjusted at annual rates)
Percent change from preceding period
Billions of dollars
Gross private domestic
investment
Year and quarter
Nonresidential
Final
sales of
domestic
product
Gross
domestic
purchases
GDP
Total
1970
1971
1972
1973
1974
1975
1976
1977
1970:1
i n ".!'.!!!'.!!!'.!'.'.'.'.!'.'.'.'.'.'.'„'.'.
rv
1971-1
ii
in
IV
1972:1
II
Ill
IV
1973:1
II
Ill
IV
1974:1
II
Ill
IV . .
1975:1
II
Ill
IV
19761
II
III
IV
1977-1
Gross
national
product
GDP
Final
sales of
domestic
product
Gross
domestic
purchases
GNP
1,010.7
1,097.2
1,207.0
1 149 6
1,458.6
1,585.9
1,768.4
150.3
175.5
205.6
243.1
245.8
226.0
286.4
106.7
111.7
126.1
150.0
165.6
169.0
187.2
1,008.4
1,089.2
1,197.1
1,331.9
1,444.4
1,591.5
1,751.7
1,009.5
1,100.2
1,215.0
1,349.0
1,461.8
1,572.3
1,770.7
1,017.1
1,104.9
1,215.7
1,362.3
1,474.3
1,599.1
1,785.5
5.3
8.6
10.0
11.8
8.1
8.7
11.5
11.6
6.2
8.0
9.9
11.3
8.4
10.2
10.1
11.3
5.1
9.0
10.4
11.0
8.4
7.6
12.6
12.8
5.3
8.6
10.0
12.1
8.2
8.5
11.7
11.7
989.7
1,003.8
1,022.8
1.026.4
1,069.8
1,088.2
1,108.4
1,122.3
1,160.9
1,192.5
1,217.7
1,256.8
1,304.4
1,334.5
1,358.4
1.401.2
1,410.9
1.444.1
1,474.7
1.504.8
1,513.6
1,552.1
1,614.4
1.663.3
1.717.8
1.746.4
1.779.9
1.829.6
148.6
150.2
154.0
148.5
169.2
175.2
180.1
177.7
192.2
203.3
209.4
217.6
232.1
241.4
240.1
258.7
241.8
247.7
244.4
249.3
211.0
210.6
236.3
246.2
271.3
284.6
289.7
299.8
105.8
107.1
108.2
105.7
108.2
111.1
112.4
115.3
120.6
123.5
126.3
133.8
141.2
149.0
153.7
156.4
159.0
163.7
168.5
171.0
166.3
166.0
169.7
173.9
179.1
183.4
189.8
196.4
987.6
1,000.0
1,017.4
1,028.6
1,057.4
1,078.7
1,099.0
1,121.5
1,155.9
1,180.9
1,204.1
1,247.3
1,291.3
1,317.8
1,346.9
1,371.5
1,397.1
1,427.6
1,466.2
1,486.5
1,526.5
1,567.5
1,612.5
1,659.6
1,701.7
1,725.8
1,760.7
1,818.7
988.5
1,001.3
1,022.0
1,026.0
1,069.0
1,092.0
1,111.5
1,128.3
1,169.5
1,200.8
1,225.7
1,263.8
1,308.7
1,335.6
1,355.2
1,396.4
1,406.6
1,449.7
1,483.8
1,506.9
1,500.5
1,535.6
1,602.8
1,650.4
1,713.6
1,747.5
1,784.9
1,836.8
996.0
1,010.4
1,029.4
1,032.5
1,077.3
1,096.2
1,115.7
1,130.2
1,169.2
1,200.8
1,226.8
1,265.9
1,315.1
1,346.2
1,372.3
1,415.6
1,428.1
1,460.7
1,490.2
1,518.3
1,525.2
1,564.0
1,627.6
1,679.5
1,733.7
1,763.3
1,797.2
1,847.7
4.5
5.8
7.8
1.4
18.0
7.1
7.6
5.1
14.5
11.3
8.7
13.5
16.0
9.6
7.4
13.2
2.8
9.7
8.7
8.4
2.4
10.6
17.0
12.7
13.8
6.8
7.9
11.6
11.9
6.7
5.1
7.1
4.5
11.7
8.3
7.7
8.4
12.8
8.9
8.1
15.1
14.9
8.5
9.1
7.5
7.7
9.0
11.3
5.7
11.2
11.2
12.0
12.2
10.5
5.8
8.3
13.8
10.9
4.1
5.3
8.5
1.6
17.8
8.9
7.3
6.2
15.4
11.1
8.6
13.0
15.0
8.5
6.0
12.7
3.0
12.8
9.7
6.4
-1.7
9.7
18.7
12.4
16.2
8.2
8.8
12.1
15.2
4.6
5.9
7.7
1.2
18.5
7.2
7.3
5.3
14.5
11.3
8.9
13.4
16.5
9.8
8.0
13.2
3.6
9.4
8.3
7.8
1.8
10.6
17.3
13.4
13.5
7.0
7.9
11.7
12.4
NOTE.—GDP=Gross domestic product; GNP=Gross national product
The Comprehensive Revision of the U.S. National Income and
Product Accounts: A Review of Revisions and
Major Statistical Changes
AN early December, the Bureau of
Economic Analysis (BEA) released results of a comprehensive—that is,
benchmark—revision of the national
income and product accounts (NIPA's).
This comprehensive revision is the
ninth of its kind; the last such revision was released in December 1985.
In this revision, most current-dollar
series are revised back to 1978, and
many are revised back to earlier years;
all constant-dollar series are revised
back to 1929. (For information on the
availability of the revised estimates,
see the box on page 26.)
Comprehensive revisions differ from
annual NIPA revisions because of the
scope of the changes incorporated and
because of the number of years subject to revision. (Annual NIPA revisions are typically carried back 3 years
to incorporate new and revised source
data from a variety of annual government surveys and administrative
records and reports.) Comprehensive
revisions incorporate three kinds of
changes: Definitional and classificational changes, statistical changes, and
new and redesigned tables. The definitional and classificational changes
incorporated in this comprehensive revision were described in an article in
the September 1991 SURVEY OF CURRENT
BUSINESS, the major statistical changes
are reviewed in a section of this article
beginning on page 34, and the new and
redesigned tables were presented in an
article in the October 1991 SURVEY.
The incorporation of definitional and
classificational changes (hereafter referred to as "definitional changes") and
of statistical changes leads to revisions in current-dollar estimates and
in estimates of prices. In turn, these
revisions lead to revisions in constantdollar estimates. The first three sections of this article describe the impact of the definitional and statistical
changes on the current-dollar annual
estimates for 1959-90, the constantdollar annual estimates for 1977-90,
24
and the quarterly estimates for 1988:11991:111. The final section reviews the
major statistical changes incorporated
in this comprehensive revision.
Annual Revisions in Current
Dollars
As shown in table 1, the currentdollar revisions in level for major aggregates are generally upward. Prior
to 1977, the revisions are mostly small,
and they are largely traceable to definitional changes. The largest revisions result from the change that redefines government sales and nontaxes.
This change lowers both State and
local government purchases and personal tax and nontax payments and
raises personal consumption expenditures for services; it has little effect
on gross domestic product (GDP) and
gross national product (GNP) because
the revisions are largely offsetting.
Two other definitional changes result
in noticeable revisions—amounting to
$2.0 billion or more—prior to 1977.
The reclassification of interest paid by
the Federal Government to foreigners
raises payments of factor income, thus
lowering GNP but not affecting GDP,
and lowers net interest, thus lowering
Table 1.—Revisions in Gross Domestic Product,
Gross National Product, National Income, and
Personal Income
(Billions of dollars]
1959
1977
1982
1987
1990
dross domestic product:
Total revision
Definitional
Statistical
1.5
1.3
2
9.0
.9
8.1
34.8
6.0
28.8
53.2
10.0
43.2
90.4
5.6
84.8
Gross national product:
Total revision
Definitional
Statistical
1.2
1.0
.2
4.1
-4.0
8.1
13.8
-12.7
26.5
28.9
-14.9
43.8
59.4
-31.9
91.3
National income:
Total revision
Definitional
Statistical
.9
.8
.1
-8.7
-4.1
-4.6
4.1
-21.6
25.7
32.0
-16.5
48.5
41.2
-43.5
84.7
Personal income:
Total revision
Definitional
Statistical
.5
.3
.2
-6.2
-3.3
-2.9
20.1
-2.1
22.2
35.6
-4.5
40.1
34.3
-19.3
53.6
national income. The reclassification
of bad debt losses as financial transactions raises corporate profits and lowers proprietors' income, rental income
of persons, and business transfer payments. This change has little effect
on GDP and GNP; it raises national
income and lowers personal income.
One statistical change, the introduction of a new procedure for estimating
construction of private nonresidential
structures and of State and local government nonresidential structures, results in upward revisions back to 1970,
raising both GDP and GNP. Another
statistical change, the introduction of
a new methodology for estimating imputed rental income of farm dwellings,
lowers personal consumption expenditures (PCE) and farm proprietors' income back to 1973; this change lowers GDP, GNP, national income, and
personal income.
The remainder of the discussion of
the revisions in the NIPA estimates focuses on 1977-90, the period in which
the revisions are concentrated. The
dollar revisions for 1977-90 in the components of the five summary NIPA's
are shown in appendix A. Revisions
in the major components of these accounts are discussed in some detail in
the following sections.
National income and product
GDP in current dollars is revised
up for all years from 1977 through
1990.
The percent revision in the
level of GDP ranges from 0.5 percent for 1977 to 1.7 percent for 1990.
Statistical changes account for most
of the revision; the change that has
the largest impact is the introduction of the new procedure for estimating nonresidential structures. Other
statistical changes that contribute to
the upward revisions are the incorporation of the results of the 1982
benchmark input-output (I-O) accounts
(largely into the estimates of produc-
December 1991
ers' durable equipment), the Annual
Survey of Manufactures for 1988 and
for 1989 (change in business inventories), and the Annual Retail Trade
Survey for 1988 and for 1989 (PCE).
Definitional changes have their greatest impact in 1986, when they account
for about one-fifth of the total revision. The changes that contribute
most to the upward revisions in GDP
are (1) the change in imputed brokerage charges (PCE and State and
local government purchases), (2) the
reclassification of nine Federal Government agencies (Federal nondefense
purchases), (3) the reclassification of
capital gains distributions (PCE), and
(4) the capitalization of monetary interest on own-account construction
(nonresidential structures).
GNP is revised up for all years. The
percent revision in the level of GNP is
less than that for GDP, ranging from
0.2 percent for 1977 to 1.1 percent
for 1990 (In the last comprehensive
revision, the largest percent revision
in the level of GNP was 4.0 percent.)
In general, the impacts of the definitional and statistical changes on GNP
are similar to those on GDP. Two exceptions are definitional changes that
affect receipts and payments of factor
SURVEY OF CURRENT BUSINESS
25
income: The reclassification of interest
paid by the Federal Government to foreigners as a payment of factor income
(which lowers GNP); and the recording
of nonresident taxes as transfer payments, which raises both receipts and
payments of factor income (because receipts are raised more than payments,
GNP is also raised).
National income is revised down for
1977-81 and up for 1982-90. The
largest percent revision in the level
of national income is 0.9 percent in
1990. (In the last comprehensive revision, the largest percent revision in
the level of national income was 4.4
percent.) The downward revisions for
1977-81 largely result from the definitional change that reclassifies interest
paid by Federal Government to foreigners. Beginning with 1982, substantial upward statistical revisions more
than offset downward definitional revisions. For all or part of 1982-87,
the following are the major statistical
changes that result in upward revisions: The improved adjustments for
misreporting on tax returns that are
used in estimating nonfarm proprietors' income and wages and salaries,
information from the 19821-0 accounts
that lowers rental expenses and thus
raises rental income of persons, information from a trade source that increases the employer's share of health
insurance premiums, and a variety of
improvements in the procedures for
estimating net interest. For 198890, the upward revisions also reflect
the incorporation of tax return sources
for the estimates of corporate profits and net interest and of Bureau of
Labor Statistics (BLS) tabulations of
wages and salaries covered by State
unemployment insurance.
Product-side components
Personal consumption expenditures
(PCE) for goods.—PCE for goods is revised down for 1977-88 and up for
1989 and 1990 (table 2). These revisions are largely accounted for by a
number of statistical changes.
PCE for durable goods is revised
down for all years; the revisions are
primarily in motor vehicles, mainly in
purchases of used autos and of "tires,
tubes, accessories, and other parts."
The downward revisions in used auto
purchases by consumers reflect an updating of the depreciation schedule
used to determine the constant-dollar
value and, prior to 1984, the carry-
Acknowledgments
Gerald F. Donahoe, Chief of the National Income and Wealth
Division, supervised the preparation of this comprehensive
revision of the national income and product accounts of the
United States. Richard C. Ziemer, Acting Chief of the Government Division, and Joseph C. Wakefield, former Chief,
directed major parts of the revision. Robert P. Parker, Associate Director for National Economic Accounts, provided
overall supervision. Norman E. Bakka developed the major
computer systems used in the revision. Shelby W. Herman
and Christian ^ e m a n n assisted in the review of the estimates. Other Btek staff who made significant contributions
to the revision are listed below.
Douglas R. Fox and Robert P. Parker wrote the article describing the revision. Ralph W. Morris prepared the tables in the
article.
Personal consumption expenditures—Clinton P. McCully, M.
Greg Key, Everette P. Johnson, William T. Bannister, Myung
G. Han, Moses J. Branch, Ellen B. Arroyo.
Investment—David W. Cartwright, Gregory Y. Won, David B.
Wasshausen. Structures—Brooks B. Robinson. Producers'
durable equipment—Jeffrey W. Crawford. Inventories—
Stephen P. Baldwin, Jean M. Stiller, Felicia V. Candella,
Michael D. Glenn.
Net exports—Leo M. Bernstein, Corinne E. Krincek, Phyllistine
M-. Barnes.
Federal Government transactions—David TV Dobbs. Receipts
and expenditures—Hermione A. Anglin, Gary W. Davis,
Ann M. Groszkiewicz, Benyam Tsehaye, Michael W. Webb.
Constant-dollar estimates—Karl D. Galbraith, Peter G.
Beall, James E. Boucher, Florence H. Campi, Chon A. Ficklin, Doris N. Johnson, Pamela A. Kelly, Raymen G. Labella,
Robert T. Mangan, Tamara M. Mast, Michael D. McConathy,
Keith E. McKenzie, Matthew P. McNeil, Claire G. Pitzer,
Abner Sachs.
State and local government transactions—David F. Sullivan,
Steven J. Andrews, Richard D. Melchionno, Donald L.
Peters.
Measures of price change—Shelby W. Herman.
Income—Eugene P. Seskin.
Personal income—Arthur L. Sensenig. Wages and salaries—
Pauline M. Cypert, Toui C. Pomsouvan. Other labor
income—James E. Rankin. Other contributors to the personal income estimates include Thae S. Park and Mary V.
Pitts.
Business income—Kenneth A. Petrick. Corporate profits—
Kenneth A. Petrick, Craig A. Hargenrader, Dorothy G.
Collins, Jerry L. Stone. Nonfarm proprietors' income—Willie
J. Abney.
Farm output and income—George M. Smith.
Interest income—Teresa L. Weadock.
Rental income of persons—George M. Smith, Denise A.
McBride.
Consumption of fixed capital—John C. Musgrave, Heather L.
Quick.
Measures of output-Christian Ehemann, Mary. W. Hook,
Jennifer M. Wu.
Computer services—Norman E. Bakka, Mary Carol Barron,
Phyllistine M. Barnes,
Table preparation and review—Virginia H. Mannering, Norman
E. Bakka, Jeanette M. Honsa, Phyllistine M. Barnes.
Secretarial—Eunice V. Blue, Gail P. Jones, Mary B. Perkins,
Dorothy A. Wilson.
SURVEY OF CURRENT BUSINESS
26
Table 2.—Revisions in Personal Consumption
Expenditures
[Billions of dollars]
1987
Personal consumption expenditures:
Total revision
14.3
By source of revision
Definitional
Redefine government sales and
personal nontaxes
Reciassify bad debt losses as
financial transactions
Reciassify capital gains
distributions
Remove capital gains from
brokerage charges
Statistical
17.4
37.8
17.2
34.8
2.1
.1
.2
-3.1
57.8
74.6
53.0
71.0
-1.5
.3
2.1
.3
4.1
.9
-29.3 -15.0
2.9
10.7
By component
Durable goods
Nondurable goods
Services
,
-1.9 -16.2
0
1.3
16.1
23.4
9.8
52.7
24.0
75.7
ing back of an adjustment for quality
change in the valuation of used autos in current dollars. Beginning with
1981, expenditures for "tires, tubes, accessories, and other parts" is revised
down substantially; the revisions result from information from the 1982
1-0 accounts on the consumer share of
purchases of these items.
PCE for nondurable goods is revised
up beginning with 1980; the revisions
for recent years are sizable. Much
of the revision is traceable to upward
revisions in expenditures for gasoline
and oil, reflecting newly available information from the 1982 1-0 accounts,
the 1987 Census of Retail Trade, and
the 1987 Truck Inventory and Use
Survey. Within nondurables, new information from the 1982 1-0 accounts
and the 1987 Census of Retail Trade
on the product composition of sales by
retail stores leads to substantial downward revisions in expenditures for food
and substantial upward revisions in
expenditures for "other nondurables."
Sizable upward revisions in "other nondurables" also reflect the incorporation
of data from the 1988 and the 1989 Annual Retail Trade Survey. Beginning
with 1978, expenditures for fuel oil and
coal are revised down, reflecting information from the 1982 1-0 accounts on
the consumer share of purchases.
PCE for services.—PCE for services is revised up substantially for
all years.
These revisions are
largely accounted for by the definitional change that redefines government sales and nontaxes; this change
adds expenditures for certain services
provided by government—primarily
tuition payments for higher education
and charges for medical care—to PCE
for services. Statistical changes result in sizable upward and downward
revisions in a number of services components. Data from the 1982 1-0 accounts result in upward revisions for
most years—especially since 1982—in
transportation services, services furnished without payment by financial
intermediaries, expense of handling
life insurance, and religious and welfare activities. Housing services is
revised down for all years for both
nonfarm and farm dwellings: The revisions in nonfarm housing services
mainly reflect newly available data on
units from the 1990 Census of Housing, and the revisions in farm housing
services reflect the new methodology
for estimating imputed rental value of
farm dwellings. Among other services, professional medical services is
revised down to reflect the elimination of a double-counting of physicians'
fees included in hospital charges, and
personal care services is revised down
to reflect data from the 1982 1-0 accounts; net foreign travel is revised
down to reflect data from the 1982
1-0 accounts and, for years prior to
1986, to carry back several balance-ofpayments-accounts revisions that had
been introduced in the 1987 and 1989
annual NIPA revisions.
Nonresidential structures.—Nonresidential structures is revised up substantially for all years (table 3). These
revisions largely reflect the introduction of the new procedure for estimating construction. Within structures, the upward revisions are concentrated in industrial and commercial
buildings.
Nonresidential producers' durable
equipment
(PDE).—Nonresidential
PDE is revised up for all years. The revisions are largely in information processing and related equipment, mainly
in computers and in communication
equipment, and reflect information
from the 1982 1-0 accounts. Within
transportation and related equipment,
net sales of used autos to consumers by
business—a negative entry in PDE—is
Data Availability
Revised estimates for most quarterly series are available in hard copy, on magnetic
tape, and on diskettes. To obtain an order form indicating the cost of obtaining the
estimates in these various forms and the
schedule and cost of other materials, write
to the National Income and Wealth Division
(BE-54), Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DG
20230, or call (202) 523-0669.
December 1991
Table 3.—Revisions in Gross Private Domestic
Investment
[Billions of dollars]
1977
Gross private domestic investment:
Total revision
1982
1987
1990
14.2
56.1
49.8
61.6
4.0
3.5
9.0
7.1
-2.2
-32
-.1
-.8
.6
10.2
1.9
47.1
1.0
52.0
.7
61.7
10.7
9.0
7.9
1.3
1.7
47.5
47.0
35.5
11.5
6
51.8
52.9
37.6
15:3
56.6
62.9
51.7
11.2
-6.3
3.4
0
3.4
8.6
1.4
7.2
By source of revision
Definitional
..
Reciassify CCC commodity loans
Capitalize monetary interest on
own-account construction
Statistical
By component
Fixed investment
Nonresidential
Structures
Producers' durable equipment .
Residential
Change in business inventories
Nonfarm
Farm
-2.0 :• 5 . P
5.4
.4
-.4
-2.5
CCC Commodity Credit Corporation
revised up (see the entry on used car
purchases in PCE goods), and aircraft
is revised down, reflecting information
from the 19821-0 accounts and the Annual Survey of Manufactures for 1988
and for 1989.
Residential investment.—-Except for
1990, the revisions in residential investment are small. A downward revision for 1990, which is primarily in
single-family construction, reflects the
incorporation of revised data from the
Census Bureau on the value of new
construction put in place.
Change in business inventories.—
Revisions in change in business inventories vary from year to year in
terms of direction and size. For all
years, revisions in the change in farm
inventories largely reflect the reclassification of commodity loans made
by the Commodity Credit Corporation
(CCC). Within nonfarm inventories,
the change in manufacturing inventories is revisedaip for 1988-90, reflecting newly available information from
the Annual Survey of Manufactures
for 1988 and for 1989; the change
in "other" inventories is revised down
for 1988 and 1989, reflecting the incorporation of Internal Revenue Service (IRS) tabulations of inventory book
values from corporate tax returns for
1988.
Net exports of goods and services.—
As part of this comprehensive revision,
GDP replaces GNP as the primary production aggregate; this replacement
leads to a redefinition of net exports
of goods and services to exclude
net
receipts of factor income.1 (Exports
1. For more information, see "Gross Domestic Product as a Measure of U.S. Production" in the August 1991
SURVEY OF CURRENT BUSINESS.
27
SURVEY OF CURRENT BUSINESS
December 1991
Table 4.—Revisions in Net Exports of Goods
and Services
Table 5.—Revisions in Government Purchases
Table 6.—Revisions in Compensation of Employees
[Billions of dollars]
[Billions of dollars]
[Billions of dollars]
1977
Net exports of goods and services:
Total revision
1982
1987
4.2
0.6
1982
1987
1990
-193
-34.1
-39.9
-55.2
-20.5
-40.8
^5.6
-68.9
.2
1.6
4.2
2.0
-17.4
-3.5
-35.7
-7.1
-54.6
3.2
-73.2
.8
.1
1.2
.4
6.7
1.6
5.7
1.5
13.7
1990
Government purchases:
Total revision
-0.2
1977
-1.4
Definitional
Statistical
-.2
4.2
.6
-1.4
By component
Exports
Merchandise
Services
Of which: Record exports of
services on a gross basis
Imports
Merchandise
Services
Of which: Record imports of
services on a gross basis
Addenda:
Net receipts of factor income: Total
revision
3.3
.6
2.6
12.3
1.2
10.9
11.0
1.7
9.2
15.0
.3
14.8
1.6
3.4
.7
2.6
4.3
8.1
1.1
6.9
6.1
10.4
2.2
8.1
8.6
16.5
4.7
11.8
1.6
4.3
6.1
8.6
-4.9
-21.0
-4.9
-18.7
-24.9
-37.5
-5.5
-19.3
-25.3
-37.9
.6
.6
-2.3
.4
.5
.4
6.6
-30.9
0
By component
Receipts of factor income
Of which: Record receipts of
interest on a gross basis
Payments of factor income
Of which: Record payments of
interest on a gross basis
Reclassify interest paid by
Federal Government to
foreigners
1.6
5.7
8.5
10.3
.3
6.5
4.7
26.6
5.3
32.9
4.7
41.3
.3
4.7
5.3
4,7
37.9
25.3
5.5
19.3
NOTE.—In this comprehensive revision, net exports of goods and
services is redefined to exclude net receipts of factor income. The addenda show revisions in net receipts of factor income.
is redefined to exclude receipts of factor income, and imports is redefined to
exclude payments of factor income.)
Revisions in net exports of goods and
services (as redefined) are generally
small (table 4). For all years, both exports and imports are revised up; the
revisions largely result from the definitional change that records exports
and imports of services on a gross basis
and from the statistical change related
to territorial adjustment, which affects
both goods and services. Statistical
revisions also reflect the incorporation
of the latest balance of payments accounts; these revisions are mainly in
travel and passenger fares, beginning
with 1984, and in foreign students'
expenditures, beginning with 1981.
The addenda to table 4 show the revisions in net receipts of factor income.
The downward revisions for all years
reflect larger upward revisions in payments of factor income than in receipts
of factor income. The upward revisions
in payments of factor income largely
result from two definitional changes:
The reclassification of interest paid by
the Federal Government to foreigners,
and the recording of payments of in-
By component
Federal
National defense
Nondefense
State and local
-3.2
0
-3.3
-16.1
-6.1
0
-6.2
-27.9
3.6
-2.5
6.2
^3.6
.9
-.2
1.1
-56.1
CCC Commodity Credit Corporation
-24.4
By source of revision
Definitional
Reclassify interest paid by
Federal Government to
foreigners
Record nonresident taxes as
transfer payments
Statistical
Definitional
Reclassify nine Federal
Government agencies
Redefine government sales and
personal nontaxes
Reclassify CCC commodity loans
Remove capital gains from
brokerage charges
Statistical
Compensation of employees:
Total revision
1982
0.7
9.0
1987
1990
12.3
46.1
.6
By source of revision
By source of revision
By source of revision
1977
terest on a gross basis. The upward
revisions in receipts of factor income
largely result from the recording of
interest on a gross basis.
Government purchases.—Government purchases are revised down substantially for all years (table 5). The
downward revisions are accounted for
by the redefinition of government sales
and personal nontaxes, which substantially lowers State and local government purchases of services for all
years. These downward revisions are
partly offset by upward statistical revisions in State and local government
purchases of structures, reflecting the
new procedure for estimating construction, and compensation of employees.
Prior to 1990, the revisions in employee compensation largely reflect the
inclusion of the wages and salaries
of students working for public educational institutions and of other State
and local government employees not
covered by unemployment insurance;
for 1990, they largely reflect BLS tabulations of wages and salaries covered
by State unemployment insurance.
Revisions in Federal Government
purchases are generally small except
for years when the reclassification of
CCC commodity loans results in sizable upward or downward revisions in
Federal nondefense purchases.
Income-side components
Compensation of employees.—Compensation of employees is revised up
for all years, substantially for 1990
(table 6). Upward revisions in wages
and salaries are mainly attributable to
the following statistical changes: The
improved adjustments for misreporting
on tax returns; the inclusion of wages
and salaries of students working for
Definitional
. ..
Reclassify nine Federal
Government agencies
Record nonresident taxes as
transfer pavments
Statistical
0
0
.2
0
0
.2
0
0
.7
0
.6
0
45.5
9.0
12.1
.7
7.2
1.8
11.5
.8
33.6
12.5
.1
.6
0
1.8
-.1
1.0
-3.5
15.9
By component
Wage and salary disbursements
Supplements to wages and salaries .
Employer contributions for social
insurance
Other labor income
0
public educational institutions and of
other State and local government employees not covered by unemployment
insurance; and, for 1990, to BLS tabulations of wages and salaries covered
by State unemployment insurance.
Upward revisions in supplements to
wages and salaries are more than accounted for by upward statistical revisions in other labor income. Within
other labor income, revisions in health
insurance are attributable to revised
estimates of the employer's share of
these contributions derived from information from the U.S. Chamber of Commerce and BLS; revisions in pensions
are attributable to IRS tabulations of
data on contributions from corporate
tax returns for 1988.
Proprietors' income with inventory
valuation adjustment (IVA) and capital
consumption adjustment (CCAdj).—
Proprietors' income with IVA and
CCAdj is revised down for all years
except 1984r-86 (table 7). Farm proprietors' income is revised down for all
years; the revisions reflect both definitional and statistical changes. The
definitional changes are the reclassification of CCC commodity loans and
the elimination of the defaulters' gain
associated with the reclassification of
bad debt losses as financial transactions. The statistical changes are
the introduction of a new procedure
for estimating imputed rental value
of farm dwellings and the incorporation of revised estimates of production
expenses from the Department of Agriculture based on the 1987 Census of
Agriculture and on the 1988 Agricultural Economics and Land Ownership
Survey.
Nonfarm proprietors' income is revised down for 1977-79, up for 198086, and down for 1987-90. The elimination of the defaulters' gain associated with bad debt losses results in
28
SURVEY OF CURRENT BUSINESS
Table 7.—Revisions in Proprietors' Income With
Inventory Valuation and Capital Consumption
Adjustments
Table 8.—Revisions in Rental Income of Persons
with Capital Consumption Adjustment
Proprietors' income with inventory
valuation and capital
consumption adjustments:
Total revision
-6.5
1977
1982
-4.8
1987
-13.2
1990
-293
By source of revision
Definitional
Reclassify CCC commodity loans
Reclassify bad debt losses as
financial transactions
Capitalize monetary interest on
own-account construction
Statistical
-1.3
-.1
-4.4
-1.2
-13.5
0
-12.6
-.1
-1.3
-3.5
-13.4
-12.4
.1
-5.2
.3
-.4
-.1
.3
-.1
-16.7
Rental income of persons with
capital consumption adjustment:
Total revision
1987
1990
0.8
8.3
-105
-.7
-.5
-2.0
-3.2
-.7
1.5
-.5
8.8
-2.0
-8.0
-3.2
-16.6
1.2
-.4
10.0
-1.6
-11.6
1.1
-21.0
1.3
By component
Rental income of persons
Capital consumption adjustment
1990
31.8
23.4
-22.8
-37.2
-25.3
-37.9
By source of revision
By source of revision
Definitional
Reclassify bad debts losses as
financial transactions
Statistical
Net interest: Total revision .
Definitional
Reclassify interest paid by
Federal Government to
foreigners
Record nonresident taxes as
transfer payments
Reclassify bad debt losses as
financial transactions
Reclassify capital gains
distributions
Remove capital gains from
brokerage charges
Statistical
-5.5
-19.3
0
.1
.3
-.2
2.4
-.1
.2
.2
2.3
.4
.1
.9
.1
6.6
.3
54.6
.2
60.6
By component
Farm
Proprietors' income with
inventory valuation adjustment
Capital consumption adjustment .
-3.4
-11.1
-11.5
-7.4
-3.3
-.2
-10.8
-.4
-11.2
-.3
-7.2
-.3
Nonfarm
Proprietors' income
Inventory valuation adjustment ...
Capital consumption adjustment .
-3.0
-2.6
0
-.4
6.4
9.3
-.1
-2.9
-1.6
5.3
.2
-7.1
-21.9
-15.4
.9
-7.3
Table 9.—Revisions in Corporate Profits With
Inventory Valuation and Capital Consumption
Adjustments
Net monetary interest
Net imputed interest
-4.5
-5.6
[Billions of dollars]
1977
Corporate profits with inventory
valuation and capital
consumption adjustments:
Total revision
0.9
1982
1987
1990
1.5
115
20.7
By source of revision
downward revisions for all years, sub9.0
21.7
-.2
3.5
Definitional
Record nonresident taxes as
stantially beginning with 1987. Sta-4.3
-2.9
-3.1
-.8
transfer payments
Reclassify bad debt losses as
tistical revisions are upward through
19.0
27.4
4.9
4.6
financial transactions
1987, as the improved adjustments for
Remove capital gains from
-5.0
-2.5
-3.2
-.8
brokerage charges
misreporting on tax returns more than
Capitalize monetary interest on
-.5
-.4
1.3
.5
own-account construction
offset downward revisions from two
Recognize capital consumption
for abandoned nuclear power
sources. The first of these sources
0
0
0
plants
is revisions in the CCAdj, which reRecognize personal-injury trusts
_2
0
0
0
as corporate businesses
flect the incorporation of the revised
11J
Statistical
1.7 -10.2
-4.4
estimates of fixed investment into the
By component
estimates of the consumption of fixed
12.6
6.7
2.9
Profits before tax
27.6
capital (see consumption of fixed cap-2.8
4.9
.5
0
Inventory valuation adjustment
-4.1
-6.0
-5.7
-2.0
Capital consumption adjustment
ital for additional detail); the second
source is the carrying back and correction of an adjustment, introduced in
the July 1988 annual NIPA revision,
for interest paid by partnerships that The lower receipts are based on data
is passed through to partners, who, in on the number of units from the 1990
turn, treat it as an expense on their Census of Housing, and the higher
own tax returns. Beginning in 1988, expenses reflect a new procedure for
statistical revisions turn negative; the handling refinanced mortgages.
upward revisions due to the misreportCorporate profits with JVA and
ing adjustments become smaller, and CCAdj.—Revisions in corporate profits
they are more than offset by downward with IVA and CCAdj are small except
revisions stemming from the other two for downward revisions for 1981 and
sources. The incorporation of IRS tab- 1986 and substantial upward revisions
ulations of noncorporate business tax for 1987-90 (table 9). The downreturns for 1989 also contributes to the ward revisions are largely attributable
downward revisions.
to statistical revisions in the CCAdj,
Rental income of persons with which is revised down for all years
CCAdj.—Rental income of persons (see consumption of fixed capital for
with CCAdj is revised up for 1979-85 a description of the major sources of
and down for 1986-90 (table 8). The these revisions). The upward revirevisions are largely statistical. The sion for 1987 is more than accounted
upward revisions for 1979-85 reflect for by the reclassification of bad debt
information from the 19821-0 accounts losses as financial transactions. The
that lowers expenses and thus raises upward revisions for 1988-90 are acrental income of persons. The down- counted for by this reclassification and
ward revisions for 1986-90 reflect both by statistical revisions that largely relower estimates of rental receipts and flect the incorporation of IRS tabulahigher estimates of interest expenses. tions of corporate tax return data for
[Billions of dollars]
1987
1982
By component
CCC Commodity Credit Corporation
Table 10.—Revisions in Net Interest
[Billions of dollars]
[Billions of dollars]
1977
December 1991
_•?
1988 into the estimates of profits before
tax. By industry, the upward revisions for 1987-90 are largely in profits
of financial institutions, reflecting the
reclassification of bad debt losses.
Net interest.—Net interest is revised
down for 1977-83 and up for 198490 (table 10). The downward revisions are attributable to the reclassification of interest paid by Federal
Government to foreigners. Downward
definitional revisions continue through
1990; although these revisions become
large, they are more than offset by
even larger upward statistical revisions. For 1982-87, the statistical
revisions are largely accounted for by
the following changes: (1) Newly available IRS tabulations of interest paid
by partnerships for residential rental
property, (2) improvements in the adjustment to interest reported on partnership tax return data to account for
interest passed through to the individual partners (see proprietors' income),
(3) improvements in the procedure
used to convert data from federally
insured banks^ to represent all commercial banks in estimating imputed
interest paid by them, (4) improved
adjustments for interest misreported
as business receipts by credit agencies and captive finance companies^ (5)
revised estimates for 1987 of income
earned by regulated investment companies, (6) newly available IRS tabulations of interest paid by several types
of nonprofit institutions, and (7) revised estimates of mortgage interest
(see rental income of persons). Beginning with 1988, upward revisions also
reflect the incorporation of IRS tabulations of corporate tax returns for 1988
and the incorporation of data from several other annual sources for 1989 and
1990.
SURVEY OF CURRENT BUSINESS
December 1991
29
Table 11.—Revisions in Indirect Business Tax
and Nontax Liability
Table 13.—Revisions in Subsidies Less Current
Surplus of Government Enterprises
Table 14.—Revisions in Consumption of Fixed
Capital
[Billions of dollars]
[Billions of dollars]
[Billions of dollars!
1977
Indirect business tax and nontax
liability: Total revision
-0.2
1982
-2.4
1987
2.8
-1.1
By source of revision
Definitional
Reclassify nine Federal
Government agencies
Recognize court-mandated
escrow accounts
Statistical
.6
1.6
3.8
4.6
.5
1.6
3.8
4.6
.2
-.8
0
-4.0
0
-6.6
1977
1990
0
-5.7
Subsidies less current surplus of
government enterprises:
Total revision
0.3
1982
1987
1990
-2.5
-3.3
2.3
3.7
1990
.7
14.9
0
14.7
0
18.6
5.1
3.1
2.0
-1.4
3.8
8.0
-1.7
9.7
-10.8
-5.7
-5.1
-6.0
15.9
By source of revision
By source of revision
Definitional
Reclassify nine Federal
Government agencies
Reclassify CCC commodity loans
Statistical
Consumption of fixed capital:
Total revision
1987
.3
-2.7
-2.8
3.4
.3
-.1
0
-1.5
-1.2
.2
-2.8
0
-.5
3.5
-.1
-1.1
0
-.3
0
2.4
.7
3.9
.2
-2.1
Definitional
Capitalize monetary interest on
own-account construction
Recognize capital consumption
for abandoned nuclear power
plants
Statistical
By component
Subsidies
Current surplus
Table 12.—Revisions in Business Transfer
Payments
CCC Commodity Credit Corporation
[Billions of dollars]
1977
1982
1987
Business transfer payments:
Total revision
ing of nonresident taxes as transfer
payments.
By source of revision
Definitional
Reclassify nine Federal
Government agencies
Record nonresident taxes as
transfer payments
Reclassify bad debt losses as
financial transactions
Recognize personal-injury trusts
as corporate businesses
Statistical
.....
0
-5.1
-5.4
-.2
-.2
3.6
3.2
4.5
-4.4
-8.0
-10.0
0
1.9
0
.2
-1.9
By component
Transfers to persons
Transfers to rest of the world
-2.7
-7.7
-11.8
3.2
Subsidies less the current surplus
of government enterprises.—Revisions
in subsidies less the current surplus
of government enterprises are generally small (table 13). They largely
reflect the definitional changes involving the reclassification of nine Federal
Government agencies.
Consumption of fixed capital.—Con-
Indirect business tax and nontax
liability.—Indirect business tax and
nontax liability is revised down for all
years (table 11). The downward revisions are more than accounted for
by a statistical change that transfers
interest earned by State and local governments on industrial development
bonds from rental receipts, which is
included in nontaxes, to interest received. These downward statistical
revisions are partly offset by upward
revisions for all years tjjat result from
the definitional changes that involve
the reclassification of nine Federal
Government agencies.
Business transfer payments.—Revisions in business transfer payments
are small for 1977-86; business transfer payments are revised down for
1987-90 (table 12). The downward revisions are more than accounted for
by downward revisions in transfer payments to persons, which largely reflect the elimination of the defaulters'
gain associated with bad debt losses.
The downward revisions in transfers
to persons are partly offset by upward revisions in transfers to the rest
of the world, which result from another definitional change, the record-
sumption of fixed capital—that is, economic depreciation and allowances for
accidental damage—is revised up for
all years (table 14). The upward revisions largely result from the higher
estimates of fixed investment.
Capital consumption allowances
(CCA) is also revised up for all
years, but by less than is consumption of fixed capital. Upward revisions in the CCA of corporations and
of nonfarm sole proprietorships and
partnerships—which are tax-returnbased depreciation measures—reflect a
number of statistical changes. These
changes include the incorporation of
corrections to IRS tabulations of corporate tax return amortization for 198285 and the incorporation of IRS tabulations of corporate tax return data
for 1988 and of noncorporate business
tax return data for 1989. Upward
revisions in the CCA of nonprofit institutions serving individuals reflect a
new estimating procedure that results
in higher estimates offixedinvestment
by these institutions.
The CCAdj—which is derived as the
difference between the CCA and the
economic measure of depreciation—is
revised down for all years. The revision is almost entirely in the adjustments for corporate profits and for
nonfarm proprietors' income.
By component
Capital consumption allowances ..
Corporate
Noncorporate
Less: Capital consumption
adjustment
Corporate
Noncorporate
Addenda:
Consumption of fixed capital:
Corporate
Noncorporate
4.5
10.7
2.5
16.7
Personal income and outlays
Personal income is revised down for
1977-79, up for 1980-88, down for
1989, and up for 1990 (table 15). These
revisions reflect a combination of substantial upward and downward revisions in several components. The revisions in wages and salaries, other labor
income, proprietors' income, and rental
income of persons were described previously. Among other components, revisions in personal interest income are
particularly large.
Personal interest income is revised
up for all years, substantially beginning with 1984. The upward revisions largely stem from the previously
described2 statistical revisions in net
interest. These revisions are partly
offset by sizable upward revisions in
interest received by State and local
governments, which reflect the inclusion of interest paid by businesses
for industrial bonds (see indirect business taxes), and in interest received by
the Federal Government, which reflect
higher estimates of the interest paid by
persons and by business because of late
filings of income tax returns.
Personal dividend income is revised
up for all years. The revisions largely
result from the definitional change that
recognizes capital gains distributions
of regulated investment companies as
dividends.
Transfer payments to persons are
revised down for all years. These revi2. Personal interest income is derived as net interest
plus interest paid by persons and by government less
interest received by government.
30
SURVEY OF CURRENT BUSINESS
Table 15.—Revisions in Personal Income
[Billions of dollars]
1977
Personal income: Total revision
Definitional
Statistical
-62
-3.3
-2.9
1982
20.1
-2.1
22.2
1987
35.6
-4.5
40.1
1990
343
-19.3
53.6
These revisions largely reflect the previously mentioned revisions in PCE.
In addition, they also reflect a definitional change that recognizes interest
payments by persons to government.
Personal saving.—Personal saving is
revised down for 1977 and 1978, up
Wage and salaries, other labor
income, proprietors' income with
for 1979-88, down for 1989, and up
1VA and CCAdj, and rental
income of persons with CCAdj ...
.4
12.5 -11.2
-5.1
for 1990. The pattern of revision in
Personal dividend income
1.0
8.6
1.2
3.2
Personal interest income
40.9
.3
46.8
7.1
personal saving reflects the revisions
Transfer payments
-2.8
-9.9
-7.7
-2.5
Less: Personal contributions for
in
both personal income and personal
social insurance
-1.9
.7
0
0
outlays. Beginning with 1982, the
Less: Personal tax and nontax
principal statistical revisions in per-18.1 -37.9 -59.1 -78.4
payments: Total revision
Definitional
-18.1 -37.1 -56.7 -75.9
sonal income that raise personal sav-2.4
-2.5
-.8
Statistical
ing are the improved adjustments for
Equals: Disposable personal income:
94.8 112.7
58.2
12.0
Total revision
misreporting on tax returns, the revi14.9
56.6
52.3
35.2
Definitional
sions in personal interest income that
-2.9
56.1
42.5
23.0
Statistical
stem from the revisions in net interest,
Less: Personal outlays:
86.2
44.7
12.1
Total revision
14.5
and the revisions in employer contribu78.2
61.3
39.3
17.8
Definitional
8.0
-3.3 -27.2 -16.6
Statistical
tions for health insurance. For 1977Equals: Personal saving:
87, personal saving is also raised by
50.1
Total revision
26.5
46.1
-2.6
the downward statistical revisions in
-9.1 -21.7
-4.4
-3.0
Definitional
.4
48.2
59.2
50.5
Statistical
personal outlays (which is subtracted
Addendum:
in deriving personal saving), mainly
Personal saving as a percent of
.5
1.8
1.4
-.3
disposable personal income
stemming from revisions in PCE for
IVA Inventory valuation adjustment
durable goods and for services. For
CCAdj Capital consumption adjustment
1988—90, personal saving is lowered
by upward statistical revisions in persions largely result from the elimina- sonal outlays, mainly in PCE for nontion of the defaulters' gain associated durable goods. For all years, personal
saving is lowered by the definitional
with bad debt losses.
Revisions in personal contributions change that eliminates the defaulters'
gain associated with bad debt losses.
for social insurance are small.
Most of the other major definitional
Personal tax and nontax payments.— and statistical changes that affect perPersonal tax and nontax payments sonal income, personal taxes, DPI, or
is revised down substantially for all personal outlays have little effect on
years. These revisions are largely personal saving. For example, the
traceable to the redefinition of gov- redefinition of government sales and
ernment sales and personal nontaxes, personal nontaxes raises DPI and the
which removes payments for certain PCE component of personal outlays by
services—primarily tuition payments virtually the same amount. Similarly,
for higher education and charges for several of the statistical changes that
medical care—provided by government affect personal income also affect the
from personal nontaxes and adds them PCE component of personal outlays;
to PCE. Personal taxes is also low- the most important of these offsetting
ered by the statistical change related changes are the downward revisions in
to taxes and interest paid to the Fed- imputed rental receipts, which lower
eral Government because of late filings farm proprietors' income and rental income of persons as well as PCE for
of tax returns.
housing services, and the upward reDisposable personal income.—Dis- visions in imputed interest paid by
posable personal income (DPI) is re- commercial banks, which raise both
vised up substantially for all years. personal interest income and PCE for
The upward revisions in DPI reflect services.
The personal saving rate—personal
both the largely statistical revisions
in personal income, upward except for saving as a percentage of DPI—is re1977-79 and 1989, and the largely def- vised up for all years except 1977,
initional revisions in personal tax and 1978, and 1989. The largest upward
nontax payments, downward for all revisions are for 1980-87, when the
personal saving rate is raised l-to-2
years.
percentage points each year. In 1990,
Personal outlays.—Personal outlays the rate is raised 0.5 percentage point
is revised up substantially for all years. to 5.1 percent.
By component
December 1991
Table 16.—Revisions in Government Receipts
and Expenditures
[Billions of dollars]
1977
1982
1987
1990
Federal
Receipts
-0.1
0.1
0
-4.9
Expenditures
-3 7
-10 3
-63
-5 6
3.6
10.4
6.4
.7
-18.2
-40.4
-60.9
-76.0
-17.4
-16.9
-35.7
-32.2
-54.3
-49.9
-72.8
-66.3
-17.4
-35.7
-54.3
-72.8
-1.3
-8.2
-10.9
-§i§
Surplus or deficit (-), national
income and product accounts
State and local
Receipts
Of which: Redefine government
sales and personal nontaxes
Expenditures
Of which: Redefine government
sales and personal nontaxes
Surplus or deficit (-), national
income and product accounts
Government receipts and expenditures
Federal.—Revisions in Federal Government receipts are small for all years
except 1990 (table 16). For most years,
personal income tax receipts are revised down, reflecting the definitional
change that records nonresident taxes
as transfer payments and the statistical change related to taxes and interest
paid by persons because of late filings
of tax returns. (In the NIPA's, interest received by government is recorded
on the expenditures side of the government account as an offset to interest paid.) The downward revisions
in personal taxes tend to be offset by
upward revisions in indirect business
nontax accruals, reflecting the definitional changes related to the reclassification of nine Federal Government
agencies and a statistical change related to the valuation of purchases of
used assets. For 1989 and 1990, corporate profits tax accruals are revised
up, reflecting information from regular
annual sources on taxes paid by liability year. For 1990, information from
regular annual sources adds to the
downward revisions in personal income
tax receipts.
Federal Government expenditures is
revised down for all years except 1983.
For most years, the downward revisions reflect revisions in net interest
paid. Net interest paid is revised down
for all years, as interest received by
the Federal Government (recorded as
an offset to interest paid) is revised
up, reflecting the statistical change related to interest paid by persons and
business because of late filings of income tax returns. The reclassification
of CCC commodity loans results in
sizable revisions in nondefense purchases; these purchases are revised
December 1991
down considerably for 1982 and 1985
and up considerably for 1983 and 1988.
The Federal Government deficit on
a NIPA basis is reduced for all years.
Prior to 1984, the upward revisions
are traceable to definitional changes,
primarily the reclassification of CCC
commodity loans and the reclassification of nine Federal Government agencies. For 1984-90, the upward revisions reflect a number of statistical
changes, primarily the change related
to higher interest payments by business (the higher interest payments by
persons are offset by lower personal
taxes.) because of late filings of tax returns, the change in the revaluation
of used assets, and for 1989 and 1990,
the upward revisions in corporate profits tax accruals. For particular years,
the reclassification of CCC commodity
loans also resulted in sizable revisions
in the Federal deficit. (The effects
of the CCC loan reclassification are
largely those of timing; over long periods, revisions in the deficit due to this
change will net to zero.)
State and local.—State and local government receipts are revised down substantially for all years. The revisions
largely result from the redefinition of
government sales and personal nontaxes, which lowers personal nontax
receipts. Indirect business tax and
nontax accruals is also revised down
for all years, reflecting the transfer
of interest earned on industrial development bonds from nontaxes to interest received (revised estimates of
earnings results in adding more to interest received than is deducted from
nontaxes). For 1989 and 1990, these
revisions are partly offset by upward
revisions in personal tax receipts and
in indirect business tax and nontax liability; these upward revisions reflect
Census Bureau Government Finances
tabulations for fiscal year (FY) 1989
and preliminary tabulations for FY
1990 and Census Bureau quarterly tax
revenue data for 1990.
State and local government expenditures are revised down substantially
for all years. These revisions largely
result from the redefinition of government sales and personal nontaxes,
which raises government sales (a negative entry in government purchases).
Net interest paid is revised down for
all years, as interest received is revised
up, reflecting the inclusion of interest
paid by business for industrial development bonds. For 1983-89, these
revisions are partly offset by the carrying back of a statistical change, in-
SURVEY OF CURRENT BUSINESS
troduced in the July 1988 annual NIPA
revision, that excludes capital gains
from interest received by State and
local government retirement systems.
The downward revisions are partly offset by upward revisions in purchases
of structures, reflecting the introduction of the new procedure for estimating construction, and in purchases of
employee compensation, reflecting the
inclusion of wages and salaries of students working for public educational
institutions and of other State and local government employees not covered
by unemployment insurance.
The State and local government surplus on a NIPA basis is reduced for
all years. The downward revisions are
largely traceable to the higher estimates of purchases of structures and
of employee compensation. (The reclassification of government sales and
personal nontaxes results in equal, and
offsetting, revisions in receipts and
expenditures; the transfer of interest earned on industrial development
bonds results in largely offsetting revisions.) For 1989 and 1990, the incorporation of the data from regular annual
sources holds down the reduction in the
surplus.
Rest-of-the-world transactions
Receipts from the rest of the world
is revised up for all years (table 17).
Both exports of goods and services
and receipts of factor income are revised up. The upward revisions in
exports largely reflect the recording of
exports of services on a gross basis; the
upward revisions in factor income receipts largely reflect the recording of
receipts of interest on a gross basis.
Payments to the rest of the world is
revised up for all years. Both imports
of goods and services and payments
of factor income are revised up. The
upward revisions in imports largely
reflect the recording of imports of services on a gross basis; the upward revisions in factor income payments reflect
the reclassification of interest paid by
the Federal Government to foreigners
and the recording of payments of interest on a gross basis. Net transfer payments is revised up; the revisions are
more than accounted for by the recording of nonresident taxes as business
transfer payments to the rest of the
world. The downward revisions in interest paid by the Federal Government
to foreigners result from the deletion of
this interest item as a separate entry.
31
Table 17.- -Revisions in Rest-of-the-World
Transactions
[Billions of dollars]
1977
Receipts from the rest of the world .
Exports of good and services
Receipts of factor income
Capital grants received by the
United States (net)
Payments to the rest of the world ...
Imports of goods and services
Payments of factor income
Transfer payments (net)
Interest paid by government to
foreigners'
Net foreign investment
4.9
3.3
1.6
1987
1990
18.0
19.4
25.4
12.3
5.7
11.0
8.5
15.0
10.3
1982
0
0
0
4.9
18.0
19.4
25.4
3.4
6.5
.7
8.1
26.6
2.6
10.4
32.9
1.4
16.4
41.3
3.7
-5.5
-.3
-18.3
-.9
0
-25.3 -38.8
.1
2.7
1. In this comprehensive revision, the reclassification of interest paid
by government to foreigners as a payment of factor income results in
the deletion of this line.
Net foreign investment—the difference between receipts from the rest of
the world and payments to the rest of
the world—is revised down for 197786 and up for 1987-90. The revisions
are small for most years. For 1986-90,
the revisions are largely traceable to
statistical revisions from the balance of
payments accounts that were not previously incorporated into the NIPA's;
these revisions are primarily in net
receipts of factor income.
Gross saving and investment
Gross saving is revised up substantially for all years (table 18). The
upward revisions are largely traceable
to the previously described statistical revisions in personal saving and
in undistributed corporate profits with
IVA and CCAdj. (The upward revisions in consumption of fixed capital
are largely offset by the revisions in
the CCAdj for corporate profits and for
proprietors' income.) The government
surplus or deficit on a NIPA basis is
revised down for most years, as reductions in the State and local government surplus exceed reductions in the
Table 18.—Revisions in Gross Saving and
Investment
[BiUions of dollars]
1982
1987
1990
3.0
62.5
64.1
54.5
.7
60.4
68.7
63.4
-2.6
46.1
50.1
26.5
-.4
3.6
-1.6
15.8
3.3
15.1
17.7
19.2
1977
Gross saving
Gross private saving
Personal saving
Undistributed corporate profits
with IVA and CCAdj
Consumption of fixed capital
Government surplus or deficit(-),
national income and product
accounts
Gross investment
Gross private domestic investment .
Net foreign investment
Statistical discrepancy
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
2.3
2.2
-4.6
-8.9
14.0
55.2
49.9
64.3
14.2
-.3
56.1
-.9
49.8
.1
61.6
2.7
10.9
-7.3
-14.2
9.8
32
SURVEY OF CURRENT BUSINESS
December 1991
CHART 1
Federal Government deficit. Most of
the definitional revisions in the compoReal Gross Domestic Product:
nents of gross saving are offset in total
Percent Change From Preceding Year
gross saving; for example, the reclassification of bad debt losses as finan- Percent
cial transactions lowers personal sav- 10
ing but raises undistributed corporate 8
• Revised
cD Previously Published
profits with IVA and CCAdj.
Gross investment is also revised up
substantially for all years. The up- 6
ward revisions largely result from the
following statistical changes: The in- 4
troduction of the new procedure for
estimating nonresidential structures; 2
the incorporation of information on
ri
purchases of new equipment from the
i
1982 1-0 accounts; the revised esti-2 -mates of net purchases of used autos
in PDE; and, for 1989-90, the incori
1
poration of regular annual source data
1977 78
79
80
81
82 1 83
87
86
88
89
84
85
90
for the change in business inventories. U.S. Department of Commerce, Bureau of Economic Analysis
91-12-1
The definitional change in the classification of CCC commodity loans also
affects the change in business inven- Second, they reflect the shift in the revisions is obtained as a residual, the
tories; it reduces gross investment for base period from 1982 to 1987; the measure of this contribution depends
most years but contributes to the up- contribution of the base-period shift upon the way the contributions of the
ward revisions for 1977, 1981, 1982, is measured as the difference between first two sources are measured.
and 1985.
the change in the previously published
During 1977-90, the revised estiestimates in 1987 dollars and the mates of real GDP show an average
change in the previously published es- annual growth rate of 2.5 percent, 0.2
Annual Revisions in
timates
in 1982 dollars. Third, they re- percentage point less than was shown
Constant Dollars
flect "other" revisions that result from in the previously published estimates
The preceding section examined the such sources as revisions in prices (table 19). The growth rate of real
revisions in the current-dollar esti- and the interaction of redistributions GNP, shown in the addendum to the
mates in terms of the differences be- of current-dollar levels within compo- table, is also revised down 0.2 percenttween the revised and the previously nents, which, in effect, reweight the age point to 2.5 percent. As indicated
published levels. This approach is constant-dollar component detail; be- in the columns of the table showing
not useful for the constant-dollar es- cause the contribution of the "other" the sources of the constant-dollar revitimates, because the shift in the base
period changes the prices in which
these series are measured. The difTable 19.—Gross Domestic Product and Its Major Components: Revisions in Average Annual
ferences in the levels of the revised
Rates of Change Over the Period 1977-90
and the previously published series
[Percent]
primarily reflect this change; the effect
Source of constant-dollar
Constant dollars
Current dollars
can be seen by comparing the previrevision
PreviPreviously published levels of real GNP for
ReviBase
Currentously
ReviRe- '
Reously
Other
period
dollar
sion
pubvised
sion
vised
pub1990 in 1982 dollars ($4,157.3)3 with
shift
revision
lished
lished
that in 1987 dollars ($4,846.9). This
-0.1
-0.2
0.1
2.7
-0.2
8.2
2,5
0.1
8.1
Gross domestic product
section will examine the revisions in
-.1
-.1
.1
2.7
-.1
2.8
.1
8.7
8.6
consumption expenditures
the constant-dollar estimates in terms Personal
-.1
-.4
3.5
-.6
4.1
-.1
7.5
7.6
-.1
Durable goods .
.1
.1
0
.1
.2
1.9
1.7
7.2
7.1
Nondurable goods
of the differences between the revised
.1
.1
-.2
.1
0
3.1
3.1
10.0
99
Services
...
and the previously published rates of
.1
-.9
3
1.7
6.4
-.5
2.2
.3
6.1
Gross private domestic investment .
change.
0
-.9
.3
-.6
2.1
2.7
.3
7.0
6.7
Fixed investment
.1
.6
-.4
-1.1
3.2
3.6
.6
7.7
71
In general, revisions in aggregate
0
1.5
.9
.3
2.7
1.5
7.8
1.8
63
Structures
.3
.2
-1.8
4.8
7.7
-1.3
3.5
.2
7.5
Producers' durable equipment
constant-dollar—or
real—estimates
-.2
0
-.4
.4
-.6
-.2
-.4
5.3
5.7
Residential
Change in business inventories
arise from three main sources. First,
exports of goods and services
they reflect the revisions in the NetExports
-.1
0
0
-.9
5.7
10 0
-1.0
6.7
10 0
-.2
current-dollar estimates; the contribu-1.2
0
-1.4
6.9
0
9.4
5.5
9.4
Merchandise
0
0
.2
6.1
5.9
11.9
117
Services
...
.
.2
.2
tion of the current-dollar revisions is
.1
.1
0
.2
0
5.4
5.6
99
99
Imports
.1
0
.2
5.4
.3
5.7
9.7
.1
9.6
Merchandise
measured as the revision in percent
.1
.1
.1
0
0
5.1
5.0
11.1
110
Services
change of the current-dollar estimates. Government purchases
.2
-.2
0
0
2.6
2.6
8.3
0
S3
n
|
I
if
k
Federal
National defense
Nondefense
State and local
3. The levels of real GNP are from the August 1991
SURVEY, table 1.2 of the "Selected NIPA Tables" and
table 4 of the "Reconciliation and Other Special Tables."
Addendum:
Gross national product
...
83
91
6.2
8.4
8.5
9.1
6.9
8.3
.7
-.1
3.1
3.8
1.2
2.3
2.9
3.4
1.6
2.4
-2
-.4
.4
.1
.7
-.1
-3
-.3
.1
-.1
-.1
-.1
-.4
.3
8.1
8.2
.1
2.7
2.5
-2
.1
-.3
0
0
.2
0
.2
33
SURVEY OF CURRENT BUSINESS
December 1991
sions, the downward revisions in the
growth rates of both real GDP and real
GNP are mainly accounted for by the
shift in the base period. (As discussed
in the section on the major statistical
changes, a shift to a more recent base
period tends to reduce the measured
change in real aggregates.) By major component, the downward revision
in the increase in real GDP is largely
accounted for by downward revisions
in fixed investment and in exports of
goods and services.
Revisions in components of real
GDP.—Largely as a result of the rebasing, the average annual growth rate of
real fixed investment during 1977-90
is revised down 0.6 percentage point
to 2.1 percent. The growth rate of
producers' durable equipment is revised down 1.3 percentage points to
3.5 percent; the downward revision
is more than accounted for by rebasing, mainly reflecting the importance
of computers in this component (the
volume of computer purchases jumped
from 1982 to 1987, while their price
fell sharply). The growth rate of
residential investment is also revised
down, 0.6 percentage point to -0.2
percent; the downward revision is attributable to current-dollar revisions
and to "other" revisions that largely
result from methodological changes in
the price estimates for single-family
houses and for multifamily houses. In for 8 years, is revised up for 4 years,
contrast, the growth rate of nonres- and is unrevised for 2 years (chart 1).
idential structures is revised up 1.8 The revisions for the 14 annual percent
percentage points to 2.7 percent, as changes average 0.3 percentage point
the sharp upward revision in current (without regard to sign). Changes for
dollars is augmented by an upward 3 years are revised by 0.5 percentage
point or more. For 1984, the growth of
revision due to the rebasing.
As a result of the rebasing, the real GDP is revised down 0.8 percentgrowth rate of exports of goods and age point to 6.2 percent. This revision
services is revised down 1.0 percent- is largely in nonresidential fixed inage point to 5.7 percent. The growth vestment, reflecting the rebasing, and
rate of merchandise exports is revised in Federal Government purchases, redown 1.4 percentage points to 5.5 per- flecting current-dollar revisions. For
cent; the downward revision is largely 1987, the growth of real GDP is reaccounted for by the rebasing, mainly vised down 0.5 percentage point to 3.1
reflecting the importance of computers. percent. This revision is largely in nonThe growth rate of exports of serv- residential fixed investment, reflecting
ices is revised up 0.2 percentage point current-dollar revisions and the rebasto 6.1 percent, mainly reflecting the ing, and in exports, reflecting the rebasing and "other" revisions. For 1988,
current-dollar revisions.
Revisions in the growth rates of the the growth of real GDP is revised down
other major components of GDP are 0t5 percentage point to 3.9 percent.
small. Within PCE, durable goods is This revision is largely in nonresidenrevised down, largely reflecting the re- tial fixed investment and in exports,
basing. Within government purchases, both mainly reflecting the rebasing.
Federal national defense purchases is
revised down, largely reflecting the reQuarterly Revisions
basing, and Federal nondefense purchases is revised up, reflecting currentRevisions in quarterly estimates
dollar revisions.
Within imports, come about in three iiiajof ways: (1)
merchandise imports is revised up, Adjustment of the estimates tb reflect
reflecting the rebasing.
the annual revisions, (2) incorporation
Annual changes.-—For 1977-90, the of new and revised source data (includannual, or year-to-year, percent ing the updating of seasonal factors)
change in real GDP is revised down that are used to indicate quarterly pat-
Table 20.—Real Gross Domestic Product: Percent Change From Preceding Quarter in the Revised and Previously Published Estimates
[Percent change at annual rates, based on seasonally adjusted estimates]
1989
Gross domestic product:
Revised
Previously published ...
2.6
4.6
1991
1990
1.2
-.1
4.3
4.3
0.2
.7
Final sales of domestic product:
Revised
Previously published
-2.5
-3.0
1.8
2.5
-2.4
-2.9
-.7
.6
-3.5
-3.4
-1.3
-1.5
2.3
3.8
-7.7
.1
-17.4
-16.3
-24.8
-25.3
-3.9
-2.1
-.5
.1
Personal consumption expenditures:
Revised
Previously published
4.1
4.6
Nonresidential fixed investment:
Revised
Previously published
5.7
11.4
Residential fixed investment:
Revised
Previously published
-5.8
-6.8
Exports of goods and services:
Revised
Previously published
23.6
31.5
Imports of goods and services:
Revised
Previously published
Federal Government purchases:
Revised
Previously published
11.0
15.7
2.7
-6.3
3.3
-.4
-5.9
-3.6
-11.9
-11.3
10.3
6.9
14.0
14.2
12.4
17.8
17.2
12.7
-1.2
-.2
-4.0
-2.8
11.7
11.6
-6.1
-3.0
6.8
12.4
-11.6
-24.1
-2.6
3.5
5.1
33.6
-9.5
-9.1
5.1
-7.9
-3.7
-10.4
-4.6
-A.I
-2.5
-3.8
-5.6
-7.6
-7.3
-5.5
.6
15.1
-15.7
-11.2
-16.2
-19.8
-15.0
-20.6
13.7
14.9
8.8
16.8
4.8
-2.6
-.4
3.6
17.7
10.8
-2.5
4.3
1.7
-1.5
9.6
10.2
-9.3
-11.7
4.3
16.4
-5.0
.1
-7.2
-.4
NOTE.—The previously published estimates for 1991:111 are the advance estimates released in October 1991.
1.3
-15.4
-2.0
-3.7
6.6
10.9
20.6
19.4
14.5
7.3
3.7
13.3
22.3
22.3
17.0
-8.1
-14.3
State and local government purchases:
Revised
Previously published
Addendum:
Gross national product:
Revised
Previously published .
-7.4
-3.3
1.4
-2.5
-1.6
-1.9
-1.9
-.1
-.3
-2.8
-2.8
2.0
2.4
34
SURVEY OF CURRENT BUSINESS
terns, and (3) changes in the methodology used to prepare the quarterly
estimates. The following discussion of
quarterly revisions focuses on the estimates for 1988:1-1991:111, the period
that would normally have been covered
by an annual NIPA revision.
For this period, the quarter-toquarter percent change in real GDP
is revised down for nine quarters, is
revised up for five quarters, and is unrevised for one quarter (chart 2 and
table 20). The preponderance of downward revisions is largely attributable
to the just-described revisions in the
constant-dollar annual estimates. The
revisions for the 15 quarterly percent
changes (at annual rates) average 0.8
percentage point (without regard to
sign), somewhat larger than the average for the past five annual NIPA
revisions. Changes for three quartgp
are revised by 1.5 percentage points or
more. For the first quarter of 1988, the
increase in real GDP is revised down
2.0 percentage points to 2.6 percent.
The downward revision is accounted
for by nonresidential fixed investment,
change in business inventories, exports, and State and local government
purchases. (The quarterly estimates
of exports—and of imports as well—
are revised back to 1978, reflecting the
application of seasonal adjustment factors developed jointly by BEA and the
Census Bureau.) For the fourth quarter of 1988, the increase in real GDP
is revised up 1.5 percentage points to
3.9 percent. The upward revision is
largely accounted for by change in business inventories; PCE, nonresidential
and residential fixed investment, and
State and local government purchases
also contribute. For the fourth quarter of 1990, the decrease in real GDP
is revised down 1.8 percentage points
to 3.9 percent. The downward revision
is accounted for by nonresidential fixed
investment, change in business inventories, and State and local government
purchases.
CHART 2
Real Gross Domestic Product:
Percent Change From
Preceding Quarter
Percent
Major Statistical Changes
This section of the article reviews
the major sources of the statistical revisions in the revised estimates for
1959-90. In this comprehensive revision, the following statistical changes
are incorporated:
• Shift of the base period by the
substitution of the prices of 1987
for those of 1982 in calculating
constant-dollar series and the substitution of the composition of output in 1987 for that in 1982
in calculating fixed-weighted price
indexes;
• New and revised data from sources
that are usually incorporated at
the time of the annual July revisions of the NIPA's, referred to as
"regular sources for 1988-90";
• New and revised data from sources
that are usually incorporated at
the time of comprehensive revisions because they become available less often than annually, referred to as "regular benchmark
sources"; and
• Changes in methodologies—that
is, new source data and/or new
estimating procedures—including
the use in earlier years of methodological changes introduced in
the annual NIPA revisions that
have taken place since the 1985
comprehensive revision.
Shift of the base period
1988
1989
1990
1991
Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
91-12-2
A shift to a more recent base period is a standard procedure designed
to provide measures of real output and
prices that are more relevant for many
purposes. The NIPA's were last "rebased" in the 1985 comprehensive revision, when the base period was shifted
from 1972 to 1982. The year 1987
was selected as the new base period
because it is the latest year for which
the economic censuses were conducted
December 1991
and for which the NIPA estimates will
not be revised until the next comprehensive revision. The effects of the
shift on the revised constant-dollar estimates are described in a section of
this article beginning on page 32; a
hypothetical example that shows these
effects is described in a note on page
35.
Newly available regular source data
Regular data sources for 1988-90.—
Major regular data sources for 1988-90
are shown in table 21. These data
would normally have been used to prepare an annual revision in July 1991,
the annual revision was combined with
this comprehensive revision. The effect of incorporating these sources reflects the newly available or revised
data for 1988-90 as well as changes in
procedures related to them.
Regular benchmark source data.—
The single most important regular
benchmark source is BEA's 1982
benchmark 1-0 tables. 1-0 tables
provide the benchmarks for the estimates of the expenditure components
of GDP and for parts
of several income components.4 In turn, the 1-0
tables are based primarily on the detailed industry statistics collected by
the Census Bureau in the 1982 Economic Censuses and in the 1982 censuses of agriculture and governments.
The tables also are based on 1982 data
from the following regular sources:
BEA's balance of payments accounts
and perpetual-inventory-method estimates of private capital stock, U.S. Department of Agriculture (USDA) farm
statistics reports, and Health Care
Financing Administration reports on
health insurance.
The detailed industry statistics from
the economic censuses provide additional data items and more detailed
information than the annual surveys
that cover the same industries, and
they also cover additional industries.
For example, sales and receipts of
retail and service establishments are
reported for the types of products
sold, and manufacturers' shipments
are reported by more detailed type of
4. The 1982 1-0 tables were presented in "Benchmark Input-Output Accounts for the U.S. Economy,
1982," SURVEY 71 (July 1991): 30-71. For several
GDP expenditure components, these estimates were
subsequently revised to reflect the definitional, classificational, and statistical changes incorporated into this
NIPA comprehensive revision. Revised 1982 1-0 tables reflecting these changes will be prepared and made
available later in 1992.
December 1991
product. The additional retail and,
service data provide for a more accurate distribution of products purchased by persons; the additional shipments data provide for a more accurate
SURVEY OF CURRENT BUSINESS
35
identification of purchases of business
equipment and of related parts.
The censuses also provide additional
information, such as goods and services purchased by business, for both
the industries covered by annual surveys and for most of the industriesmining, construction, and nonmerchant wholesale trade—covered only
in the censuses. This information—
A Note on the Effect of Shifting the Base Period
Typically, the effect of shifting to a more recent base period is to reduce
the rate of growth in real GDP and the fixed-weighted price index for
GDP.
Real GDP.—To understand how shifting to a more recent base period affects measured growth in real GDP, a hypothetical example of a
two-commodity economy is helpful. The following table shows prices,
quantities, and the current-dollar value of output—that is, price times
quantity—for two commodities (A and B) in years 1 and 2. An important feature of the example is that the price of A grows more than the
price of By while the quantity of A grows less than the quantity of B.
Price (dollars)
year 1
A
B
Quantity (number)
yean
year 2
5
6
9
7
10
10
year 2
11
16
Current-dollar value
(dollars)
year 1
50
60
year 2
90
112
Using the entries in the table, real GDP is obtained by multiplying
quantities in each year by prices in the base period. Thus, with year
1 as the base period, real GDP in year 1 is (5 x 10) + (6 x 10), or 110,
and in year 2, it is (5 x 11) + (6 x 16), or 151.-1
The ratio of real GDP in year 2 to real GDP in year 1, with year 1 as
the base period, is 151 — 110, or 1.373. Thus, the increase from year
1 to year 2 is 37.3 percent. The increase in real GDP is a weighted
average of the 10-percent increase for A (whose quantity increased
from 10 to 11) and the 60-percent increase for B (10 to 16), with the
weights based on year 1 prices.2
When the base period is shifted to year 2, the increase in real GDP
is calculated using year 2 prices. Real GDP is then (9 x 10) + (7 x 10),
or 160, in year 1 and (9 x 11) + (7 x 16), or 211, in year 2. The ratio
of real GDP in year 2 to real GDP in year 1 is 211 -j- 160, or 1.319.
Thus, the increase is 31.9 percent. This increase, too, is a weighted
average of the increases for A and B, but the weights are based on year
2 prices.3
In this example, selecting year 2 as the base period produces a
smaller increase—31.9 percent versus 37.3 percent. The reason is that
A, the commodity with less growth in quantity, is also the commodity with more growth in price. Commodity A therefore receives more
weight when year 2 is the base period than when year 1 is the base pe1. Because price and quantity data are not available for most components of
GDP, real GDP is obtained by deflating current-dollar values by price indexes
that express each period's price relative to a base-period price. This procedure
yields results identical to those obtained directly from prices and quantities.
For example, using prices and quantities directly with year 1 as the base year,
commodity A in real terms in year 2 is (11 x 5), or 55. The identical result is
obtained by deflating the current-dollar value of 99 for commodity A in year 2
by the price index with year 1 as the base year for commodity A in year 2. The
price index is (9 + 5), or 1.80. Thus, commodity A in real terms is (99 — 1.80),
or 55.
Algebraically, the two procedures may be shown to be identical as follows.
Using prices and quantities directly, real GDP is ] ^ qtpo, whereat is the quantity in year t and po is the price in the base period. Deflating current-dollar
values, real GDP is
QtPo
Real GDP may also be presented as afixed-weightedquantity index with a base
period equal to 100.0. Such an index is obtained by weighting quantity indexes
in each year by proportions of total output in the base period.
2. The weights are the proportions of total output in year 1.
3. The weights are the proportions of total output in year 1 valued in the prices
of year 2.
riod. It is true generally, as in this example, that a recent base period
produces lower growth in real GDP than an early base period if there is
a tendency for slow-growing quantities to be associated with relatively
fast-growing prices and for fast-growing quantities to be associated
with relatively slow-growing prices.
Over long timespans, such inverse relationships tend to be the rule.
As changes in technology or in market structure lower some relative prices and raise others, buyers respond by demanding relatively
moreof the low-priced goods and relatively less of the high-priced ones.
Computers provide a dramatic example of a technological change that
lowers a relative price and leads to rapid growth in demand. It is possible for shifts in demand due to changes in taste or in income levels to
have a contrary effect, driving both prices and quantities up for some
commodities more than for others. Over long timespans, such shifts
are apparently less important than the factors producing the inverse
relationships of price and quantity changes.
Fixed-weighted GDP price index.—Using the entries in the table, the
fixed-weighted price index for GDP is obtained by multiplying prices
each year by quantities in the base period, dividing the result for each
year by that for the base year, and multiplying each year by 100. Thus,
with year 1 as the base period, the fixed-weighted GDP price index in
year 1 is
(5 x 10) + (6 x 10)
(5 x 10) + ( 6 x 10)
X 100 = 100.0,
and in year 2, it is
(9 x 10) + (7 x 10)
,
-,
z—:
r x 100 - 145.01
( 5 x 10) + ( 6 x 10)
The ratio of the fixed-weighted GDP price index in year 2 to that
in year 1, with year 1 as the base period, is 145.0 -j- 100.0, or 1.45.
Thus, the increase from year 1 to year 2 is 45 percent. The increase
in the fixed-weighted GDP price index is a weighted average of the
80.0-percent increase for A and the 16.7-percent increase for B with
the weights based on year 1 quantities.2
When the base period is shifted to year 2, the increase in the fixedweighted GDP price index is calculated using year 2 quantities. The
fixed-weighted price index is then
(5 x l l ) + ( 6 x 16)
X 100 = 71.6
(9x
( 7 x 16)
in year 1 and
(9 x 11) + ( 7 X 16)
( 9 X l l ) + ( 7 x 16)
X 100 = 100.0
in year 2. The ratio of the fixed-weighted GDP price index in year 2
to that in year 1, with year 2 as the base period, is 100.0 -r 71.6, or
1.40. Thus, the increase is 40 percent. This increase, too, is a weighted
average of the increase for A and B, but the weights are based on year
2 quantities.3
With year 2 as the base period, the increase in the fixed-weighted
GDP price index is less than that with year 1 as the base period. The
direction of the difference is the same as that for the growth of real
GNP and for the same reason.
1. Because price and quantity data are not available for most components
of GDP, thefixed-weightedprice index for real GDP is obtained by weighting
price indexes in each year by proportions of total output in the base period.
This procedure yields results identical to those obtained directly from prices and
quantities.
2. The weights are the proportions of total output of year 1.
3. The weights are the proportions of total output in year 2 valued in the prices
of year 1.
36
SURVEY OF CURRENT BUSINESS
in combination with the more detailed
sales, receipts, and shipments data—
provides more accurate estimates
of
purchases of products by persons.5 The
additional industry coverage also provides more accurate estimates of in-
ventories and, as explained later in
this section, the basis for improved
estimates of investment in structures.
In addition to the incorporation of estimates from the 1982 1-0 tables, other
regular benchmark sources incorporated into the comprehensive revision
include the following: The 1987 Economic Censuses and the 1987 censuses
of agriculture and governments (to the
extent data were available in time);
5. For a description of the estimation of PCE in
the 1-0 accounts, see U.S. Department of Commerce,
Bureau of Economic Analysis, Personal Consumption
Expenditures, Methodology Paper Series MP-6 (Washington, DC: U.S. Government Printing Office, June
1990): 31-40.
December 1991
the 1990 Census of Housing; periodic
audits conducted by the IRS; and periodic IRS tabulations on private pension plans and nonprofit institutions.
The 1987 Economic Censuses data that
are incorporated in the revision are
limited to the following: Sales, receipts, and shipments for retail trade,
service industries, and manufacturing;
inventory change for mining, manufacturing, and trade; mileage and other
Table 21.—Major Regular Data Sources for Current-Dollar Estimates, 1988-90
GDP
Source data
""""*
^^__^^
Components
- — - ^ _
Census Bureau annual surveys of merchant wholesale and retail trade
Nonresidential fixed
investment
PCE
Goods
Services
Structures
PDE
Residential fixed
investment
Net exports
Government purchases
CBI
Merchandise
Services
Federal
State and
local
1988 ' &
1989
1988 ' &
1989
r
Census Bureau services annual survey
1989 &
1990
Bureau of Labor Statistics tabulations of wages and salaries of employees covered by State
unemployment insurance.
1989'&
1990
1989'&
1990
Census Bureau surveys of State and local government
1988-90
1988-89'
& 1990
Internal Revenue Service tabulations of tax returns:
Corporations
Sole proprietorships and partnerships
Individuals
1988
1989
1988
.,
..
..
U.S. Department of Agriculture farm statistics
1988-90'
1988-90 '
Bureau of Economic Analysis balance of payments accounts
1988-90'
1988-90'
Bureau of Economic Analysis capital stock statistics
1988-90'
1988-89'
& 1990
1988-90'
1988-90'
1988-90'
1988-89
Census Bureau annual survey of manufactures
1988-90'
1988-90'
1988-90"
Census Bureau value of new construction put in place
1988-89
1989'&
1990
Office of Management and Budget Federal budget data
Gross national income
Source data
"
.^^^
Components
Compensation of employees
Wages
and salaries
Supplements
Proprietors' income
with IVA and CCAdj
Farm
Nonfarm
Rental income of
persons
with
CCAdj
Corporate
profits
with IVA
and
CCAdj
Net interest
Consumption of
fixed capital
Capital
consumption allowances
Other incomes
Census Bureau annual surveys of merchant wholesale and retail trade
Census Bureau services annual survey
.
.
.
.
.
1990
..
Bureau of Labor Statistics tabulations of wages and salaries of employees covered by State
unemployment insurance.
1989 ' &
1990
Internal Revenue Service tabulations of tax returns:
Corporations
.
. . .
Sole proprietorships and partnerships
Individuals
1988-89'
& 1990
1988-90'
& 1990
Census Bureau surveys of State and local government
.
.
..
1988
1989
1988
1988-90'
1988-90'
1988
1989
....
i989'&
1988
1989
1988
1989
1988
1990
U S. Department of Agriculture farm statistics
Bureau of Economic Analysis balance of payments accounts
.
1988-90'
1988-90'
1988-90'
1990
Census Bureau value of new construction put in place
1988-90'
1988-90'
1988-90'
1988-90'
1988-90'
1988-90'
1988-90'
1988-89'
Census Bureau annual survey of manufactures
1989 r &
1990
' Revised.
NOTE.—Years shown are the years of the estimates into which the source data are directly incorporated.
PCE Personal consumption expenditures
PDE Producers' durable equipment
CBI Change in business inventories
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
1988-90'
1988-90'
1988-90'
Office of Management and Budget Federal budget data
1988-90'
1989'&
1990
1989'&
1990
December 1991
SURVEY OF CURRENT BUSINESS
of the farm land. Previously, for all
periods, BEA used USDA's estimates,
which had been derived as the sum
of expenses related to farm housingsuch as depreciation and maintenance
and repair—and an estimated return
Changes in methodology
to the owner equal to the market value
Because the availability of new of farm housing times the mortgage
source data and the development of interest rate.
new estimating procedures often go
The methodology for the constanthand in hand, these changes are de- dollar imputed rental values is not
scribed as "changes in methodology." affected by the changes in the currentA list of the major methodological dollar estimates. The constant-dollar
changes, including those needed to in- estimates continue to be calculated by
corporate the definitional and classi- extrapolating the base-period value by
Ificational changes, is shown in table the constant-dollar net value of the
22. For major changes incorporated in farm housing stock.
the annual NIPA revisions since the
Imputed commissions of domestic se1985 comprehensive revision, the table
curity
dealers.—The definitional
identifies the July issue of the SURVEY
change
related
to imputed commisin which a summary description apsions
of
security
dealers required the
pears. Several of the most important
development
of
a
procedure for elimichanges made in this comprehensive
nating
capital
gains
(or losses) from the
revision are described in the following
previously
published
estimates of these
paragraphs.
commissions, which were based largely
Imputed rental value of farm on reports filed with the Securities and
dwellings.—Beginning with 1973, the Exchange Commission (SEC). In the
methodology used to prepare current- revised estimates, the commission is
dollar estimates of the imputed rental defined as the "spread," or the differvalue of farm dwellings is changed; ence, between the cost of acquiring a
the change is based largely on a security or an equity and its sale value,
similar change recently introduced by based on the acquisition cost on the
USDA in their farm statistics reports.6 date of sale. For Federal Government
The new methodology, which reduces securities, the revised commissions are
both PCE services and farm propri- estimated using the dollar volume of
etors' income by $7.9 billion for 1982, trading as reported by the Federal Reis based on the rental equivalency serve Bank of New York and on bid
method of valuing the imputed rent. and ask prices as published in the Wall
This method, the same as that used Street Journal (WSJ). For equities, the
for nonfarm dwellings, is based on the revised commissions are estimated in
convention that assumes that the im- two parts: For stocks sold over the
puted rent paid by owner occupants is counter, volume data are from the Nathe same as that paid by tenants for tional Association of Securities Dealthe rent of a similarly valued dwelling. ers, and bid and ask prices are from the
Both the BEA and USDA estimates for WSJ; and for exchange-traded stocks,
1987 are based on the total value of volume data are based on transactions
farm dwellings derived from the 1987 on the New York and other stock exCensus of Agriculture and the related changes and on related bid and ask
1988 Agricultural Economics and Land prices. Imputed commissions paid by
Ownership Survey and on the rent-to- various purchasers—such as persons,
value ratio for nonfarm housing from businesses, and State and local govBEA's estimates. The two estimates ernment pension plans—are estimated
differ for other periods. BEA's esti- for securities using data on holdings of
mates are extrapolated backwards and these purchasers from theflowof funds
forwards by the net value of the stock accounts published by the Federal Reof farm housing at current replacement serve Board and for equities using data
cost from BEA's capital stock series; on transactions from New York Stock
the USDA's estimates are extrapolated Exchange reports.
by the current market value of the
The definitional revision also results
farm housing stock including the value in the elimination of the capital gains
element of the commissions from the
6. The USDA change is described in Economic In- profits of the dealers. For dealers in
dicators of the Farm Sector: National Financial Sum- securities, the capital gains were demary, 1989, U.S. Department of Agriculture, ECIFS
9-2 (Washington DC: U.S. Government Printing Office, rived from SEC trading accounts data
January 1991): 8-9.
by subtracting the revised commissions
characteristics of truck use from the
truck inventory and use survey; and
drilling expenses for mineral industry
establishments.
37
estimates and estimates of interest included in the SEC data. The capital
gains were allocated between security
dealers and bank dealers using data
from the SEC and the Federal Deposit
Insurance Corporation.
Nonresidential
structures.—Estimates of nonresidential structures,
both privately owned and owned by
State and local governments, are revised up substantially; the revisions
begin with 1970 for private structures and with 1975 for State and
local structures. For 1982, the revised estimate for private nonresidential structures is 24.8 percent, or $35.5
billion, higher than the previously
published estimate; the revised estimate for State and local structures is
12.1 percent, or $5.3 billion, higher.
These revisions reflect the introduction of a new procedure to benchmark the estimates from the Census
Bureau's monthly construction-put-inplace survey, the source of the previously published estimates of nonresidential structures. The new procedure was introduced in an effort to
resolve a longstanding problem with
the put-in-place survey—the need for
benchmark estimates for most types of
nonresidential construction.
The benchmark procedure, which
provided estimates for 1977 and 1982,
is based primarily on information from
the census of construction industries
on the value of contract construction
receipts for new construction, from the
census of service industries on architectural and engineering fees, and from
Federal regulatory agency reports on
the value of own-account new construction of utility companies. (Work is in
progress on the development of similar
benchmark estimates for 1987.) The
procedure provided estimates of total
new construction except for investment
in mining exploration, for which estimates for all periods were taken from
regular benchmark sources. The 1977
and 1982 estimates for the types of
construction covered by the new procedure were prepared as follows. (1) The
latest estimates from the put-in-place
survey, with minor adjustments for
definitional differences, were used for
all of new residential construction and
for new nonresidential construction by
the Federal Government, public utilities, and agriculture. (2) The benchmark procedure estimates were used
for State and local government new
construction. (3) For the remainder
of private new nonresidential construction, estimates by type of construe-
38
SURVEY OF CURRENT BUSINESS
December 1991
Table 22.—Major Changes in Methodology
Changel
Initial year
of revision
Components affected
Annual current-dollar estimates
Expanded coverage of the retail-control method:
Improved estimates of expenditures by type
Nonfood sales of gasoline service stations (1988pt)
Goods sold at service establishments
^Improved estimates of imputed rental value of farm dwellings
Improved estimates of imputed charges for services of financial intermediaries:
*Charges paid to domestic security dealers by households and nonprofit and public
institutions 2.
Charges paid to regulated investment companies
.
Improved estimates of:
Taxicabs
.
Day care and nursery schools
Motor vehicle leasing
.
Telephone
.
Video cassette rentals (1987)
Improved estimates of net purchases of used autos:
Depreciation
Quality-adjusted prices (1987)
*Improved estimates of private nonresidential structures
Adjustment for monetary interest paid by utility corripanies on own-account construction 2
Improved estimates of exports and imports of capital goods
Improved estimates of manufacturing and trade inventories:
Expanded industry detail
Redefined book value (1988)
Prices
Expanded coverage of exports and imports of services:
Commissions on securities (1987)
,
Student's expenditures (1989)
Medical services (1987)
,
Travel and passenger fares (1989)
Introduction of revised end-use merchandise trade categories (1988, 1989)
,
Adjustment to include nonresident taxes in factor incomes and transfer payments 2
Adjustment to record services and interest payments between affiliated foreigners on a gross
basis 2.
Improved estimates of adjustments to exclude the Commonwealth of Puerto Rico and U.S.
territories.
Consistent use of market valuation of purchases and sales of used assets
*Improved estimates of nonresidential structures
Addition of wages and salaries of students working for public educational institutions and
other State and local government employees not covered by unemployment insurance.
Improved conversion of fiscal year local government purchases
improved adjustments for misreporting on tax returns
Improved estimates of employer share of contributions for group health and life insurance ...
Adjustment for employer stock ownership plans
Adjustment to farm inventories for Commodity Credit Corporation loans 2
Adjustment for pass through of interest expense of partnerships (1988)
Improved estimates of expenses of home ownership (1988pt)
Improved estimates of interest paid on refinanced mortgages (1988)
Adjustment for profits reported on the completed-contract method (1986)
Adjustment for reversions of defined benefit pension plans (1986)
Adjustment for pass through of income and expenses of small business corporations (1990) ,
Adjustment for dividends paid by mutual life insurance companies (1990)
,
Improved estimates of income on private noninsured pension plans
^Improved estimates of interest paid by real estate rental partnerships
Improved estimates of interest received by captive finance companies
Adjustment to recognize capital consumption for abandoned nuclear power plants 2
Improved estimates of service lives and of investment by nonprofit institutions .-.
Transfer of and improved estimates of interest earned by State and local governments on
industrial development bonds.
Improved estimates of unrecovered losses from thefts
Transfer of and improved estimates of interest on late tax payments to government by
persons and business.
PCE
PCE
PCE
PCE and proprietors' income
1983
1978
1978
1973
PCE, State and local purchases, corporate profits, and net
interest.
PCE, corporate profits, dividends, and net interest
1959
PCE
PCE
PCE
PCE
PCE
1959
...,
1983
1982,
1978
1984
1982
PCE and PDE
PCE and PDE
Nonresidential structures
Nonresidential investment and consumption of fixed capital
PDE
1978
1970
1970
1959
1982
CBI
CBI
IVA
1978
1982
1978
Net exports
Net exports, PCE
Net exports, PCE
Net exports, PCE
Net exports
Receipts and payments of factor income, business transfer
payments, corporate profits, personal taxes, and transfer
payments to foreigners.
1981
1981
1981
1984
1967
1959
Net exports
Net exports
Nondefense purchases
State and local purchases
State and local purchases and wages and salaries
1974
1959
1978
1975
1979
State and local purchases
Wages and salaries, proprietors' income, rental income, and
net interest.
Other labor income
Other labor income and corporate profits
Proprietors' income and CBI
Proprietors' income and net interest
Rental income
Rental income and net interest
Corporate profits
,.
Corporate profits
Corporate profits and net interest
,
Corporate profits
,
Net interest and corporate profits
,
Net interest
Net interest
Corporate profits, consumption of fixed capital, CCAdj
Consumption of fixed capital
Indirect business taxes, personal interest and rental income
1983
1977
Business transfer payments
Personal interest income, personal taxes, and government
interest received.
1978
1978
1978
1976
1959
1972
1978
1978
1978
1978
1987
1985
1978
1981
1978
1978
1959
1973
39
SURVEY OF CURRENT BUSINESS
December 1991
tion were judgmentally prepared using
both the corresponding benchmark and
put-in-place estimates.
For the years between 1977 and
1982, estimates of State and local government new construction were interpolated using estimates from annual
Census Bureau surveys of State and
local government expenditures. The
same survey data were used to extrapolate backwards from 1977 and
forwards from 1982. For each type
of private new construction based on
the new procedure, estimates for the
years between 1977 and 1982 were interpolated using the latest corresponding put-in-place estimates. The same
put-in-place estimates were used to ex-
Tax return misreporting adtrapolate backwards from 1977 and
forwards from 1982. For the estimates justments.—Beginning with 1977, the
after 1982, the put-in-place extrapola- adjustments for misreporting on tax returns are updated to reflect regularly
tors were adjusted for the downward
available audit information from the
bias in growth in earlier periods.7
1982 and the 1985 Taxpayer Compli7. Since BEA began work on preparing benchmark
ance Measurement Program (TCMP)
estimates, the Census Bureau has incorporated several major revisions in the put-in-place estimates. For and the following additional informaState and local nonresidential construction, the revised
tion: The results of two special audit
put-in-place and BEA benchmark estimates for 1982
studies—one on partnership returns
are only slightly different. For private new nonresidential construction, the put-in-place estimate remains for 1981 and the other on employment
substantially below the benchmark estimate for 1982, tax returns for 1984; the results of
but the difference has been narrowed. This remaining
new research by the IRS on the extent
difference appears to be due mainly to inadequate coverage of construction and reconstruction work performed
to which the audits detect all unreat industrial or commercial sites in the put-in-place
ported income; and a BEA assumpsurvey. For a discussion of the Census Bureau revition that recent changes in tax law on
sions and of the major coverage problem in the survey,
see U.S. Bureau of the Census, Current Construction compliance by noncorporate businesses
Reports: Value of New Construction Put in Place (Washhave reduced misreporting beginning
ington, DC: U.S. Government Printing Office, May
1991): 2-3.
Table 22.—Major Changes in Methodology—Continued
Change*
Initial year
of revision
Components affected
Exclusion of capital gains from interest received by State and local government retirement
systems (1988).
Introduction of 1987 Standard Industrial Classification
Personal interest income and government interest received
1983
CBI and most income components
1987
Improved deflation
^Computer prices
Composition of food purchases
Expanded detail
Airline transportation (1986)
Personal purchases of computers (1986, 1988)
Purchases of trucks (1987)
Business equipment prices:
Domestic
Imported (1988)
Gas plant and petroleum pipeline construction (1989)
Telephone and telegraph structures (1989)
Railroad structures (1990)
Single-family houses (1987, 1990)
*Multifamily houses
Residential brokers' commissions on sales of existing houses
Nonfarm inventory cost indexes
•...
Merchandise exports and imports:
Allocation of reexports (1989, 1990)
Expanded detail (1987)
Services exports and imports:
Expanded quarterly detail for foreign military sales
Expanded quarterly detail for direct defense expenditures abroad
Expanded detail for other private services
Expanded detail for transportation
All product components
PCE
PCE
PCE and State and local purchases
PCE
PCE
PDE
PDE
Nonresidential structures
Nonresidential structures
Nonresidential structures
Residential and nonresidential structures
Residential structures
Residential structures
CBI
,
....
,
,
,
1958
1983
Various
1978
1979
1982
1982
1982
1985
1964
1978
1977
1977
1978
1978
Exports
Exports and imports
1978
1981
Exports
Imports
Exports and imports
Exports and imports
1972
1972
1959, 1977
1959
Quarterly estimates
Security brokers
Brokerage charge and investment counseling (1988)
Hotels and motels (1988)
..
Farm inventories of livestock
Revised seasonal factors for merchandise trade3
,
,
These changes are described in this article.
1. The year(s) in parentheses refer to the July issue of the SURVEY in which the change was described.
2. Changes that are related to definitional and classificational revisions.
3. A description of this change appears in the June 1991 issue of the SURVEY, page 41.
PCE Personal consumption expenditures
PDE Producers' durable equipment
CBI Change in business inventories
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
,
PCE
PCE
PCE
CBI
Net exports
,
1983
1983
1983
1973
1978
40
SURVEY OF CURRENT BUSINESS
with 1987. 8 For 1982, the revised
misreporting adjustments added $23.3
billion to both national and personal
income: Proprietors' income is raised
by $17.0 billion; wages and salaries,
by $5.9 billion; and rental and interest
income combined, by $0.4 billion.
The special partnership audit, conducted as part of the TCMP effort, was
the first comprehensive audit of the detailed partnership return Form 1065.
Previously, misreporting by partnerships was assumed to be proportionately the same as that by sole proprietorships. The new study, whose results are incorporated beginning with
1977, generally showed more misreporting by partnerships. The 1984
employment tax study updates the previous adjustments, which were based
on information from the 1979 TCMP.
The new study provides more accurate
information because it is based on reporting of wages and salaries by all
employers covered by Federal Unemployment Insurance; the TCMP study
was based only on reporting of wages
paid by sole proprietorships and small
corporations.
In the revised wage
and salary estimates, the misreporting
adjustments are interpolated between
1978 and 1984; for 1984 forward, the
total 1984 adjustment is extrapolated
using total private wages and salaries.
The new IRS research incorporated
into the revised estimates relates to
that part of the adjustment that covers
incomes undetected by the auditors.9
Previously, IRS assumed that the auditors detected only $1 out of every $3^2
of unreported net income. The new
research shows that this adjustment
should be made only to underreported
gross income and not to that part of
underreported net income caused by
the overreporting of expenses. In the
revised BEA estimates, the auditor's
adjustment is reduced, beginning with
1977.
The other change in procedure is a
reduction, beginning with 1987, in the
estimates of the amount of misreporting undetected by the auditors. This
reduction is based on a BEA assumption that the compliance provisions and
provisions related to the use of passive
losses of the Tax Reform Act of 1986
will reduce misreporting.
Interest paid by real estate rental
partnerships.—Beginning with 1981,
the estimates of interest paid are revised to reflect the incorporation of
newly available tabulations of interest paid by partnerships primarily engaged in the rental of real estate. Prior
to 1981, interest paid by these businesses was included in the published
IRS tabulations of partnership tax returns. Beginning in 1981, the partnership tax return was redesigned with
regard to the reporting of rental income. As a result, the related interest
payments were not tabulated for 1981;
for 1982-86, they were not tabulated
when the partnership returns were
tabulated. Because these tabulations
were not available, BEA judgmentally
estimated the missing interest paid.
Their incorporation in the comprehensive revision has the largest effect for
1984, when it adds $10.4 billion to net
interest.
Computer prices.—Several improvements are incorporated in the price
indexes for computers (processors and
peripheral equipment). The most important of these improvements is the
preparation of a separate index for
imports, which is used in the deflation of imported computers in PDE
and in merchandise imports.
The
new index uses import weights to combine separate indexes for imported pro-
8. For a description of the previous adjustments, see
"Improved Adjustments for Misreporting of Tax Return
Information Used to Estimate the National Income and
Product Accounts, 1977," SURVEY 64 (June 1984): 17-25.
9. The IRS research is described in Income Tax
Compliance Research, IRS: Supporting Appendices to
Publication 7285, IRS publication No. 1415 (July 1988):
A46-A48.
December 1991
cessors, imported personal computers,
imported printers, and for domestic
and imported disk drives and displays. Previously, these series were
deflated using an aggregate deflator for
domestic and imported computers.10
Other improvements include the separate deflation of computers and peripheral equipment held in manufacturing and trade inventories and the
extension from 1969 back to 1958
of separate deflation of computers
based on indexes developed in several
independent studies. 11
Price index for multifamily houses.—
Beginning with 1977, a newly developed BEA price index for multifamily
houses is used for this component of
residential fixed investment. Previously, the Census Bureau's price index
for single-family houses was used. The
multifamily index is an hedonic index
derived from Census Bureau data on
the prices of multifamily construction
projects and on the following characteristics: Units per project, square feet
per unit, bathrooms per unit, bedrooms
per unit, percent of units with central air conditioning, percent of units
with parking in the structure, arid
percent of units having more than
three stories. In addition, two characteristics are included to account for
the effects of the geographic location—
construction wage rates and average
cooling-degree days for the State where
the structure is located. The index
is calculated only annually; for quarterly estimates, the Census Bureau
single-family index is used as both the
interpolator and the extrapolator.
10. For a description of the previously used prices
for computers, see "Improved Deflation of Purchases of
Computers," SURVEY 66 (March 1986): 7-9.
11. The indexes used to construct these deflators are
shown in Jack E. Triplett, "Price and Technological
Change in a Capital Good: A Survey of Research on
Computers" in Technology and Capital Formation, ed.
Dale W. Jorgenson and Ralph Landau (Cambridge, MA:
The MIT Press, 1989), Table 4.6A on p. 176 and Table
4.11 on p. 190.
December 1991
SURVEY OF CURRENT BUSINESS
41
APPENDIX A.—Revisions in Summary National Income and Product Accounts
Account 1.—National Income and Product Account
[Billions of dollars]
1977
Compensation of employees
Wages and salaries
Disbursements .
Wage accruals less disbursements
Supplements to wages and salaries
Employer contributions for social insurance .
Other labor income
Proprietors';' income with IVA and CCAdj
Farm ....
Nonfarm .
Rental income of persons with CCAdj
Corporate profits with IVA and CCAdj
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
IVA
CCAdj
Net interest
National income
Business transfer payments
Indirect business tax and nontax liability
Less: Subsidies less current surplus of government enterprises .
Consumption of fixed capital
Gross national income
Statistical discrepancy
Gross national product
Less: Receipts of factor income from the rest of the world
Plus: Payments of factor income to the rest of the world
GROSS DOMESTIC PRODUCT
Personal consumption expenditures
Durable goods
..
Nondurable goods :
Services
Gross private domestic investment .....
Fixed investment
Nonresidential
,
Structures
Producers' durable equipment
Residential
1
Change in business inventories
Nonfarm
Farm
Net exports of goods and services
Exports
Imports
Government purchases
,
Federal
National defense
Nondefense
State and local
GROSS DOMESTIC PRODUCT .
0.7
0
0
0
.7
.1
.6
-6.5
-3.4
-3.0
.9
2.9
0
2.9
1.2
1.6
0
-2.0
-8.7
-1.3
-.2
.3
3.7
-6.8
10.9
4.1
1.6
6.5
9.0
14.3
-1.9
0
16.1
14.2
10.7
9.0
7.9
1.3
1.7
3.4
0
3.4
-.2
3.3
3.4
-19.3
-3.2
0
-3.3
-16.1
9.0
1978
3.8
1.3
1.4
0
2.4
.1
2.4
-8.5
-5.5
-3.0
-.4
2.5
4.4
0
4.4
1.2
3.3
.3
-2.2
-5.8
-8.4
-1.1
-.3
-.3
4.9
-4.7
9.5
4.8
1.4
10.1
13.6
17.7
-3.3
-.3
21.3
17.2
17.9
15.5
12.9
2.6
2.4
-.7
0
-.7
.3
4.3
4.1
-21.6
.4
0
.4
-22.0
1979
1980
1981
1982
1983
5.0
3.4
3.3
0
1.6
0
1.6
-10.1
-7.0
-3.1
6.2
4.6
4.6
0
1.5
0
1.4
-8.9
-9.0
.2
6.6
.5
3.8
0
3.8
4.3
-.5
.1
-3.4
-9.7
-5.3
-.9
-1.3
-.9
8.1
1.5
8.7
10.1
2.2
15.7
23.6
15.5
-6.8
1.5
20.8
30.6
31.8
31.0
23.6
7.5
.8
-1.2
-1.0
-.2
.8
6.6
5.8
-23.2
1.0
0
1.0
-24.2
8.1
5.2
5.3
0
2.7
0
2.7
-6.0
-9.5
3.5
7.5
-6.0
2.4
0
2.4
5.6
-3.2
-1.5
-6.8
-14.7
-11.0
1.0
-2.2
-2.0
14.6
4.4
6.8
11.2
3.6
22.5
30.1
11.1
-11.4
3.6
18.8
42.5
41.0
40.8
30.6
10.2
.2
1.4
-1.6
3.0
3.5
10.7
7.2
-27.0
-1.4
0
-1.5
-25.6
30.1
9.0
7.2
7.2
0
1.8
0
1.8
-4.8
-11.1
6.4
8.3
1.5
6.7
0
6.7
3.1
3.6
.5
-5.7
-9.9
4.1
1.1
-2.4
-2.5
15.9
21.1
-7.3
13.8
5.7
26.6
34.8
8.5
-16.2
1.3
23.4
56.1
47.5
47.0
35.5
8.7
8.0
8.1
0
.7
-.4
1.0
-A.2
-10.0
5.9
8.9
-1.0
3.1
0
3.1
9.7
-6.6
2.4
-6.6
-11.0
2.4
4.2
0
4.2
2.3
1.9
ijs
-3.3
-8.4
-.4
-.7
-.6
6.6
-2.1
14.8
12.6
1.6
13.2
24.2
16.9
-4.8
.1
21.6
25.4
25.6
23.6
18.9
4.8
1.9
-.2
1.3
-1.4
1.2
5.8
4.6
-19.3
1.3
0
1.4
-20.7
24.2
11.5
.6
8.6
1.4
7.2
4.2
12.3
8.1
-34.1
-6.1
0
-6.2
-27.9
34.8
.6
-2.5
-2.4
2.1.8
23.7
5.0
28.7
7.1
27.6
49.1
23.0
-14.1
1.1
36.0
44.4
42.8
43.3
29.1
14.3
_ e.
L6
9.4
-7.9
4.6
12.9
8.3
-22.7
8.5
0
8.4
-31.2
49.1
1984
13.0
11.2
11.2
0
1.8
0
1.8
1.5
-9.2
10.7
14.8
-2.7
.5
.1
.3
3.7
-3.2
1.7
-4.9
3.1
29.7
.3
-4.4
1985
15.3
11.1
11.1
0
4.1
42
4.0
-8.7
12.8
9.5
-1.5
.7
.1
.7
9.1
-8.5
1.9
-4.2
7.2
34.4
-1.0
-3.7
-.4
17.7
43.6
17.3
47.9
-14.4
29.3
7.7
30.8
52.4
29.8
-17.6
5.7
41.8
54.1
50.7
52.9
34.5
18.4
-2.2
3.4
4.9
-1.4
3.6
19.3
15.7
-35.1
.4
-1.2
1.6
-35.4
52.4
38.7
7.6
33.5
64.6
38.4
-19.3
8.2
49.5
71.4
58.1
61.1
40.2
20.9
-2.9
13.3
4.3
9.1
3.1
20.8
17.6
-48.5
-10.9
-.5
-10.3
-37.5
64.6
1986
1987
12.4
10.6
10.6
0
1.8
.4
1.4
1.7
-12.4
14.3
-2.9
-10.5
-3.8
.2
-4.0
18.5
-22.4
3.0
-9.7
24.7
253
-.4
-3.4
-3.1
18.5
43.1
3.0
46.1
8.9
34.2
71.4
53.2
-16.4
12.3
11.5
11.5
0
.8
-.1
1.0
-13.2
-11.5
-10.5
11.5
12.6
.2
12.4
8.0
4.4
4.9
-6.0
31.8
32.0
-4.5
-2.8
-3.3
15.2
59.3
58.2
56.5
57.2
35.0
22.2
-.7
1.7
1.5
.3
-.7
9.8
10.5
43.1
-14.2
28.9
8.5
32.9
53.2
42.8
-19.7
9.8
52.7
49.8
51.8
52.9
37.6
15.3
-1.1
-2.0
.4
-2.5
.6
11.0
10.4
1.3
-1.1
2.4
3.6
-2.5
6.2
10.2
1990
16.2
11.9
11.9
0
4.3
-.7
5.0
-29.9
-12.8
-17.1
-12.0
27.4
30.8
.8
30.0
5.3
24.7
-.3
-3.1
15.9
17.7
-4.7
-3.4
-5.3
19.7
34.7
10.0
35.6
60.2
57.9
-20.4
13.8
64.5
46.5
56.6
57.0
42.1
15.0
-.5
-10.0
-2.3
-7.7
-.4
11.0
11.4
-43.8
6.7
-1.6
8.3
-50.6
60.2
22.3
12.6
12.6
0
9.7
-2.2
11.8
-32.3
-7.2
-25.2
-16.1
40.1
36.8
2.9
34.0
4.4
29.6
4.2
7.5
21.4
-5.6
-3.0
-.2
20.1
33.0
14.3
47.4
10.2
43.5
80.8
67.8
-14.8
16.9
65.7
66.4
58.7
58.8
46.9
11.9
-.1
7.7
12.2
-4.5
.8
13.9
13.1
-54.2
1.4
-1.1
2.6
46.1
33.6
33.6
.1
12.5
-3.5
15.9
-29.3
-7.4
-21.9
-19.8
20.7
27.6
3.2
24.5
-.2
24.6
-2.8
-4.1
23.4
4L2
-7.3
-1.1
2.3
19.2
49.6
9.8
59.4
10.3
41.3
90.4
85.3
-14.4
24.0
75.7
61.6
56.6
62.9
51.7
11.2
-6.3
5.0
5.4
-.4
-1.4
15.0
16.4
.9
-.2
1.1
-56.1
90.4
Account 2.—Personal Income and Outlay Account
[Billions of dollars]
Personal tax and nontax payments
Personal outlays
Personal consumption expenditures
Interest paid by persons
Personal transfer payments to the rest of the world (net)
Personal saving
PERSONAL TAXES, OUTLAYS, AND SAVING
Wage and salary disbursements
Other labor income
Proprietors' income with IVA and CCAdj
Rental income of persons with CCAdj
Personal dividend income
Dividends
Less: Dividends received by government
Personal interest income
Net interest
Interest paid by government
Less: Interest received by government
Interest paid by persons
Transfer payments to persons
From business
'.
From government
Less: Personal contributions for social insurance
PERSONAL INCOME
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
18.1
14.5
14.3
.2
0
-2.6
-62
0
.6
-6.5
.8
1.2
1.2
0
.3
-4.6
5.6
.7
.2
-2.8
-2.7
0
0
-6.2
-21.0
18.5
17.7
.8
0
-2.1
-4.5
1.4
2.4
-8.5
-.4
1.2
1.2
0
2.0
-5.8
9.0
2.0
.8
-2.4
-2.5
0
0
-4.5
-24.5
18.0
16.9
1.0
0
5.6
-.9
3.3
1.6
-10.1
2.8
2.3
2.3
0
1.7
-8.4
11.5
2.4
1.0
-2.4
-2.4
0
0
-.9
-28.1
17.5
15.5
2.0
.1
17.4
6.9
4.6
1.4
-8.9
6.6
4.2
4.3
0
2.1
-9.7
13.3
3.6
2.0
-3.2
-3.3
0
0
6.9
-33.1
14.0
11.1
2.6
.3
33.0
13.8
5.3
2.7
-6.0
7.5
5.6
5.6
0
.7
-14.7
18.0
5.2
2.6
-2.2
-2.2
-37.9
12.1
8.5
3.3
.3
46.1
20.1
7.2
1.8
-4.8
8.3
3.2
3.1
0
7.1
-9.9
20.6
6.9
3.3
-2.5
-2.5
.1
-41.7
27.3
23.0
3.8
.4
38.5
23.9
8.1
1.0
-4.2
8.9
9.1
9.7
.6
4.4
-11.0
19.3
7.7
3.8
-3.7
-3.2
-.5
-45.1
32.7
29.8
2.5
.4
58.2
45.9
11.2
1.8
1.5
14.8
3.3
3.7
.4
17.2
3.1
20.9
9.3
2.5
-3.7
-3.6
-.1
^9.8
39.9
38.4
1.0
.5
64.4
54.5
11.1
4.2
4.0
9.5
9.2
9.1
0
20.1
7.2
23.0
11.1
1.0
-3.9
-4.2
.3
-53.9
55.1
53.2
1.8
.2
62.9
64.2
10.6
1.4
1.7
-2.9
18.9
18.5
-.4
38.5
24.7
24.4
12.4
1.8
-3.7
-3.9
.3
.2
642
-59.1
44.7
42.8
1.6
.2
50.1
35.6
11.5
1.0
-13.2
-10.5
8.6
8.0
-.5
46.8
31.8
26.5
-63.9
58.4
57.9
.1
.2
10.6
5.1
11.9
5.0
-29.9
-12.0
6.2
5.3
-.9
35.3
15.9
31.0
11.8
.1
-11.0
o'
0
13.8
0
20.1
-.4
.1
-.2
23.9
45.9
54.5
13.2
1.6
-7.7
-7.7
0
.7
35.6
1989
-67.1
67.9
67.8
-.6
.7
-4.9
-4.1
12.6
11.8
-32.3
-16.1
5.4
4.4
-1.0
25.8
7.5
36.2
17.3
-.6
-12.5
-10.0
-9.5
-1.5
-2.5
.4 -1.1
5.1 -4.1
1990
-78.4
86.2
85.3
-.3
1.2
26.5
34.3
33.6
15.9
-29.3
-19.8
1.0
-.2
-1.1
40.9
23.4
39.7
21.9
-.3
-9.9
-11.8
2.0
-1.9
34.3
42
SURVEY OF CURRENT BUSINESS
December 1991
APPENDIX A.—Revisions in Summary National Income and Product Accounts—Continued
Account 3.—Government Receipts and Expenditures Account
[Billions of dollars]
Purchases
Transfer payments
To persons
To the rest of the world (net)
Net interest paid
Interest paid
Less: Interest received by government
Less: Dividends received by government
Subsidies less current surplus of government enterprises
Subsidies
Less: Current surplus of government enterprises
Less: Wage accruals less disbursements
Surplus or deficit (-), national income and product accounts .
State and local
GOVERNMENT EXPENDITURES AND SURPLUS
Personal tax and nontax payments
Corporate profits tax liability
Indirect business tax and nontax liability
Contributions for social insurance
Employer
Personal
GOVERNMENT RECEIPTS
,
1987
1988
1989
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
-19.3
-.7
0
-.8
-.7
0
.7
0
.3
0
-.3
0
2.3
3.6
-1.3
-18.2
-18.1
0
-.2
0
.1
0
-18.2
-21.6
-.9
0
-.9
-1.7
.3
2.0
0
-.3
-.1
.1
0
3.3
1.2
2.2
-21.2
-21.0
0
-.3
.1
.1
0
-21.2
-19.3
-1.1
0
-1.1
-2.1
.4
2.4
0
-.6
-.3
.3
0
-2.1
.4
-2.5
-25.1
-24.5
0
-.7
0
0
0
-25.1
-23.2
-1.6
0
-1.5
-2.9
.7
3.6
0
-.9
-.1
.8
0
-.8
1.2
-2.0
-29.4
-27.0
-1.5
0
-1.5
-4.1
1.1
5.2
0
-2.0
0
2.0
0
-.6
5.0
-5.6
-35.3
-33.1
0
-2.2
.1
0
0
-35.3
-34.1
-1.3
.1
-1.4
-4.6
2.3
6.9
0
-2.5
0
2.5
0
2.2
10.4
-8.2
-403
-22.7
-35.1
-1.7
-.5
-1.2
-1.5
-.1
-1.3
-6.3
1.5
7.7
-8.1
1.1
9.3
-39.2 -39.9 -43.8 -54.2
-5.0
-4.3
-2.0
-1.4
-2.5
-1.5
0
.3
-2.6
-2.7
-2.0
-1.6
-10.6 -11.9 -10.9 -17.0
.9
.3
1.3
1.8
11.8
13.2
17.3
12.4
-.9
-1.0
-.4
-.5
-.2
-5.3
-3.3
-3.1
.5
.7
.7
-.3
.7
6.0
4.0
2.8
0
0
0
0
4.8
-3.0
-4.6
-2.7
10.1
5.1
6.4
5.9
-5.3
-8.1
-8.5 -10.9
-56.6 -61.2 -66.6 -70.6
-53.9 -59.1 -63.9 -67.1
.8
2.9
.2
.2
-3.4
-3.0
-3.4
-2.8
-3.4
-.3
.6
.6
-2.2
-.7
-.1
.4
-1.1
.4
.7
.2
-56.6 -61.2 -66.6 -70.6
-28.1
0
-1.3
.1
0
0
-29.4
1990
-55.2
0
2.0
-2.0
-21.0
.9
21.9
-1.1
2.3
.1
-2.1
.1
-8.9
-403
^4.9
-49.3
-48.5
-1.7
.3
-2.0
-9.4
1.7
11.1
0
-.8
-.4
.4
0
6.5
15.5
-9.0
-53.8
-49.8
.1
-3.7
-.3
-.1
-.2
-53.8
1982
1983
1984
1985
1986
1987
1988
9.8
8.9
0
18.7
10.5
34.2
2.0
.2
-1.6
0
-22.6
-5.6
18.7
11.0
8.5
0
19.4
10.4
32.9
1.4
.2
-2.0
0
-25.3
.1
19.4
11.0
10.0
0
20.9
11.4
35.6
2.3
.2
-2.7
0
-30.2
1.7
20.9
-36.0
.8
24.1
15.0
10.3
0
25.4
16.4
41.3
3.7
1.2
-2.0
0
-38.8
2.7
25.4
1988
1989
1990
.6
.4
-2.4
-.1
2.3
-.4
-.2
.1
0
0
-11.2
-4.1
-7.2
-3.8
2.7
-6.5
-44.9
-493
-37.9
-41.7
-45.1
0
0
-2.4
-2.5
0
0
0
-.8
-.4
-.4
.1
-4.4
.1
0
.1
-9".|
-81.7
-78.4
3.2
-1.1
-5.2
-3.5
-1.9
-81.7
Account 4.—Foreign Transactions Account
[Billions of dollars]
77
Exports of goods and services
Receipts of factor income
Capital grants received by the United States (net)
RECEIPTS FROM THE REST OF THE WORLD
Imports of goods and services
Payments of factor income
Transfer payments to the rest of the world (net)
,
From persons (net)
From government (net)
From business (net)
Interest paid by government to the rest of the world ...
Net foreign investment
PAYMENTS TO THE REST OF THE WORLD ...
3.3
1.6
0
4.9
3.4
6.5
.7
0
-.8
0
5.5
-.3
4.9
1978
4.3
1.4
0
5.8
4.1
10.1
.4
0
-.9
0
-8.7
-.2
5.8
1979
1980
1981
5.8
1.6
0
7.3
4.6
13.2
.9
0
-1.1
0
-11.1
-.2
73
6.6
2.2
0
8.8
5.8
15.7
.8
.1
-1.5
0
-12.6
-1.1
8.8
10.7
3.6
0
143
7.2
22.5
2.0
.3
-1.5
0
-16.9
-.5
143
12.3
5.7
0
18.0
8.1
26.6
2.6
.3
-1.4
0
-18.3
-.9
18.0
12.9
7.1
0
20.0
8.3
27.6
3.0
.4
-1.2
0
-17.8
-1.1
20.0
0
27.0
15.7
30.8
2.9
.4
-1.3
0
-19.8
-2.7
27.0
20.8
7.6
0
28.4
17.6
33.5
1.8
.5
-2.0
0
-21.3
-3.2
28.4
1983
1984
1985
1986
1987
44.4
-1.1
433
38.5
0
-10.8
21.8
15.0
6.9
-11.2
0
5.0
47.1
54.1
-2.7
51.3
58.2
0
-6.5
17.7
11.4
6.5
-3.8
0
-14.4
55.2
71.4
-3.2
683
64.4
0
-10.7
17.3
9.2
8.0
6.5
0
-9.1
7L5
58.2
-5.6
52.7
62.9
0
-29.1
18.5
8.3
10.2
-2.7
0
3.0
56.2
49.8
.1
49.9
50.1
0
3.3
15.2
4.5
10.6
-4.6
0
-14.2
53.1
19.3
7.7
1989
13.9
10.2
0
24.1
13.1
43.5
2.5
.7
-2.6
0
1990
Account 5.—Gross Saving and Investment Account
[Billions of dollars]
?77
Gross private domestic investment
Net foreign investment
GROSS INVESTMENT
Personal saving
;
Wage accruals less disbursements
Undistributed corporate profits with IVA and CCAdj
Consumption of fixed capital
Corporate
Noncorporate
....
Government surplus or deficit (-), national income and product accounts
Capital grants received by the United States (net)
Statistical discrepancy
GROSS SAVING AND STATISTICAL DISCREPANCY
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
14.2
-.3
14.0
-2.6
0
-.4
3.7
2.0
1.6
2.3
0
10.9
15.4
1978
17.2
-.2
17.0
-2.1
0
1.3
4.9
2.5
2.4
3.3
0
9.5
183
1979
25.4
-.2
25.2
5.6
0
.1
6.6
3.5
3.2
-2.1
0
14.8
27.2
1980
30.6
-1.1
29.5
17.4
0
-3.8
8.1
3.7
4.4
-.8
0
8.7
31.9
1981
42.5
_
£
42.0
33.0
0
-11.5
14.6
8.7
5.9
-.6
0
6.8
45.2
1982
56.1
-.9
55.2
46.1
0
-1.6
15.9
8.7
7.1
2.2
0
-7.3
58.7
46.5
1.7
483
10.6
0
21.2
19.7
5.5
14.2
-3.0
0
-.2
53.1
66.4
.8
67.1
-4.9
0
32.8
20.1
4.1
16.0
4.8
0
14.3
71.6
61.6
2.7
643
26.5
0
17.7
19.2
2.5
16.7
-8.9
0
9.8
68.8
By EDWARD A. TROTT, JR., ANN E. DUNBAR, and HOWARD L. FRIEDENBERG
Gross State Product by Industry, 1977-89
THIS article presents new current-
ponents of GSP and then sums the lated or extrapolated on the basis of
components to get total GSP.
movements in related series. For all
Most of the compensation and pro- years, the estimates of subsidies less
prietors' income components of GSP
are primarily based on BEA's estiTable 1.—Industries for Which GSP Estimates
mates of earnings by place of work,
Are Available
an aggregate in the State personal
1972 SIC
income series. (Table 2 shows in decode
1988 SURVEY OF CURRENT BUSINESS.1 Re- tail how GSP corresponds to earnings
A
forestry, and fisheries
visions from the previously published and GDP.) The capital charges compo- Agriculture,
01-02
Farms
i
»
,
07-09
estimates for 1977, 1982, and 1986 nent of GSP reflects capital stocks and Agricultural services, forestry, and fisheries
B
are shown in table 6. The estimates profits by State. The IBT component Mining....
10
Metal mining
11-12
Coal
mining
for 1977-89 are consistent with the reflects liabilities charged to business Oil and gas extraction
13
14
revised estimates of gross product by expense, most of which are sales and Nonmetallic minerals, except fuels .....
industry for the Nation that were pub- property taxes levied by State and local Construction
lished in the January 1991 and April governments.3
Manufacturing .
1991 issues of the SURVEY.2
The next section of this article dis- Durable goods
24
Lumber and wood products
GSP is the market value of the goods cusses the source data and estimating
Furniture and fixtures
25
Stone, clay, and glass products
32
and services produced by labor and methods for the GSP series. The final
Primary metal industries
33
Fabricated metal products
34
property located in a State. It is section discusses the impact of the re35
Machinery, except electrical
the State counterpart of the Nation's visions on regional growth trends from
Electric and electronic equipment
36
Motor vehicles and equipment
371
gross domestic product (GDP) from the 1977 to 1986 and the growth trends
Transportation equipment, excluding motor vehicles 372-79
Instruments and related products
38
national income and product accounts during 1986-89.
Miscellaneous manufacturing industries
39
(NIPA's).
Nondurable goods
20
Food and kindred products
BEA prepares GSP estimates for 61
Sources and Methods
21
Tobacco manufactures
22
Textile mill products
industries (table 1). For each indus23
Apparel
and
other
textile
products
The sources and methods underlying
try, GSP is composed of four compo26
Paper and allied products
27
Printing
and
publishing
nents: (1) Compensation of employ- the estimates are similar to those dis-4
28
Chemicals and allied products
29
Petroleum
and
coal
products
cussed
in
the
May
1988
SURVEY
article.
ees (hereafter termed "compensation");
30
Rubber and miscellaneous plastic products .
31
Leather and leather products
(2) proprietors' income with inventory One new element is the application of
E
and public utilities
valuation adjustment and capital con- benchmark-year estimation methods to Transportation
40
Railroad transportation
»
sumption allowances ("proprietors' in- all years for two components: Capital
Local and interurban passenger transit
41
Trucking and warehousing
42
come"); (3) indirect business tax and charges for government enterprises—
Water transportation
44
Transportation by air
45
that
is,
subsidies
less
current
surplus
nontax liability ("IBT"); and (4) other,
Pipelines, except natural gas •
46
5
Transportation services
47
mainly capital-related, charges ("capi- of government enterprises—and IBT.
Communication
48
Electric, gas, and sanitary services
49
tal charges"). For the farming, min- Previously, the estimates of subsidies
less
current
surplus
for
all
nonbenchF
Wholesale
trade
.
ing, construction, and manufacturing
Retail trade
G
industries, BEA estimates total GSP mark years and the estimates of IBT Finance, insurance, and real estate
H
for
1978-81
and
1986
were
interpoand three of its four components—
60
Banking
61
Credit agencies other than banks
compensation, proprietors' income, and
62,67
Holding companies and investment services .
3. Property taxes on owner-occupied housing are
63
Insurance carriers
IBT—and then it subtracts the three included because owner-occupied housing is treated
64
Insurance agents, brokers, and services
65-66
Real
estate
;
components from total GSP to get cap- as a business in BEA's national income and product
I
Services
ital charges. For the other industries, accounts.
70
Hotels and other lodging places ..
4. For a more extensive discussion of sources and
72
Personal services
BEA estimates each of the four com- methods,
see Experimental Estimates of Gross State
dollar estimates of gross state product (GSP) by industry and by component for States and regions for 198789 and revised estimates for 1977-86
(see tables 4 and 5, which follow the
text). These estimates update and
extend those published in the May
4
Product by Industry, Bureau of Economic Analysis Staff
1. Vernon Renshaw, Edward A. Trott, Jr., and Paper 42 (Washington, DC: U.S. Government PrintHoward L. Friedenberg, "Gross State Product by In- ing Office, May 1985). The paper is available from
dustry, 1963-86," SURVEY OP CURRENT BUSINESS 68 (May the National Technical Information Service, 5285 Port
1988): 30-46. See also "Errata: Gross State Product," Royal Road, Springfield, VA 22161: Accession No.
SURVEY 68 (October 1988): 37.
PB85-240885, price $26 (paper copy), $9 (microfiche).
2. Frank de Leeuw, Michael F. Mohr, and Robert
5. Benchmark years in the GSP series correspond
P. Parker, "Gross Product by Industry, 1977-88: A with those in the national income and product acProgress Report on Improving the Estimates," SURVEY counts (NIPA's), The estimates in this article reflect
71 (January 1991): 23-37; and Michael F. Mohr, "Gross benchmark-year estimation for 1977 and 1982; they do
National Product by Industry, 1987-89," SURVEY 71 not reflect the recent comprehensive, or benchmark,
(April 1991): 25-27.
revision of the NIPA's for 1987.
Business services
Auto repair services and garages
Miscellaneous repair services
Motion pictures
...
Amusement and recreation services
Health services
Legal services
*
Educational services
Social services and membership organizations .
Miscellaneous professional services
Private households
Government
Federal civilian government
Federal military government
State and local government
73
75
76
78
79
80
81
82
83,86
84,89
91-96
43
44
current surplus now are based on data
for individual enterprises. For all
years, the IBT estimates now are based
on data for nearly 50 types of taxes—
more than twice as many as for the
series published in 1988.
Other new elements are the preparation of annual estimates of the capital consumption allowance in proprietors' income and of improved estimates of the rental-income-of-persons
portion of capital charges for the real
estate industry.
The effect of the new elements is to
increase from 70 percent to 80 percent
the portion of total GSP for nonbenchmark years that is estimated directly,
that is, through the use of source data
for each year, rather than being interpolated or extrapolated. For benchmark years, the directly estimated
portion of GSP stays at 95 percent.
SURVEY OF CURRENT BUSINESS
December 1991
Compensation and proprietors' income
ing noncorporate capital consumption
allowances to States.
Annual estimates by State and industry of two components of compensation—wages and salaries and other
labor income—as well as of proprietors' income with inventory valuation adjustment are from6 BEA's State
personal income series. Wages and
salaries, in turn, is part of the basis for
allocating to States the component of
compensation not measured in the personal income account—employer contributions for social insurance. For
proprietors' income, unpublished income estimates from the Internal Revenue Service are the basis for allocat6. See U.S.' Department of Commerce, Bureau of Economic Analysis, State Personal Income, 1929-87: Estimates and a Statement of Sources and Methods (Washington, DC: U.S. Government Printing Office, 1989).
The publication is available from the Superintendent of
Documents, U.S. Government Printing Office, Washington, DC 20402: GPO Stock No. 003-010-00197-6, price
$16.
IBT
For all years, IBT estimates are
based on the following data on taxes
collected: (1) By State and type of
tax, from the census of governments
(for State and local IBT) and from the
Internal Revenue Service (for Federal
IBT) and (2) by industry and type of
tax, from BEA.
Capital charges
For government enterprises, the
sources and methods for estimating
capital charges, or subsidies less current surplus, are the same for all years.
For Federal Government enterprises,
BEA uses data for 20 enterprises to allocate subsidies less current surplus to
States. For State and local government
Table 2.—The Relation of Gross Domestic Product to the Totals of State Earnings by Place of Work and Gross State Product, 1989
[Billions of dollars]
Gross state product
Gross domestic
productx
Compensation of employees:
Wages and salaries
Supplements to wages and salaries:
Employer contributions for social insurance
Other labor income
2,573.2
,
263.9
241.9
Proprietors' income with inventory valuation and capital consumption adjustments:
Farm:
Proprietors' income with inventory valuation adjustment
Capital consumption adjustment
Nonfarm:
Proprietors' income
Inventory valuation adjustment
Capital consumption adjustment
298.9
-1.0
32.8
Rental income of persons with capital consumption adjustment:
Rental income of persons
Capital consumption adjustment
64.1
-55.8
Corporate profits with inventory valuation and capital consumption adjustments:
Profits before tax
Inventory valuation adjustment
Capital consumption adjustment
256.8
-21.7
56.3
-7.7
State earnings
by place of
work2
3
2,563.5
Compensation
of employees
Proprietors'
income with
IVA and CCA
IBT and
nontax liability
Other, mainly
capital-related,
charges
4
2,563.0
2,563.0
5
6
241.6
7
258.9
241.6
258.9
6
241.6
49.7
-7.7
56.3
298.9
-1.0
32.8
298.9
-1.0
8
298.9
-1.0
8
256.8
-21.7
256.8
-21.7
458.3
4583
8
25.5
Net interest
458.3
32.4
Business transfer payments
32.4
32.4
414.0
Indirect business tax and nontax liability
414.0
Less: Subsidies less current surplus of government enterprises
Capital consumption allowances with capital consumption adjustment:
Capital consumption allowances:
Corporate
Noncorporate
Less: Capital consumption adjustment:
Corporate
Noncorporate
25.5
-38.1
Statistical discrepancy
-17.0
Total ...
1. For definitions, see SURVEY OF CURRENT BUSINESS, July 1987, pp. 104-105. The estimates in this article
reflect benchmark-year estimation for 1977 and 1982; they do not reflect the recent comprehensive, or benchmark, revision of the NIPA's for 1987.
2. For definitions, see State Personal Income, 1929-87: Estimates and a Statement of Sources and Methods
(1989).
3. Differs from the gross domestic product entry in that it excludes the wages and salaries of Federal civilian
and military personnel stationed abroad ($12.3 billion) and includes wages and salaries paid to students by
State colleges and universities ($2.0 billion), other statistical revisions not yet incorporated into gross domestic
product ($0.1 billion), and wages and salaries paid to U.S. residents employed by international organizations
and by foreign embassies and consulates located in the United States ($0.4 billion).
4. Differs from the gross domestic product entry in that it excludes the wages and salaries of Federal civilian
and military personnel stationed abroad ($12.3 billion) and includes wages and salaries paid to students by
State colleges and universities ($2.0 billion).
372.0
169.9
5,163.2
372.0
372.0
169.9
1,155.7
5,164.7
169.9
8
3,177.8
3,063.5
-7.4
531.5
414.0
5. Differs from the gross domestic product entry in that it excludes employer contributions for social insurance of Federal civilian and military personnel stationed abroad ($5.0 billion).
6. Differs from the gross domestic product entry in that it excludes other labor income of Federal civilian
personnel stationed abroad ($Q.3 billion).
7. Differs from the gross domestic product entry because different data sources are used.
8. When income and capital consumption allowances are parts of the same aggregate, the two associated
entries for the capital consumption adjustment cancel. In the case of the capital consumption allowance for
buildings and equipment owned and used by nonprofit institutions serving individuals, there is no income, and
the capital consumption adjustment of $7.4 billion is included in gross product.
NOTE.—Not all line items of gross domestic product or gross state product are available by industry.
IVA Inventory valuation adjustment
IBT Indirect business tax
CCA Capital consumption allowance
45
SURVEY OF CURRENT BUSINESS
December 1991
Table 3.—Revisions in Gross State Product as a Share of U.S. Total, for Regions for Selected Years, 1977-86
Percentage-point change in share of U.S. total
Percent of U.S. total
1977
1982
1986
1977
1982
1986
Revision
Revised
Previously published
Revised
Previously published
1977-86
1977-82
1982-86
1977-86
1977-82
1982-86
1977-86
1977-82
1982-86
Coastal regions:
Total
New England
Mideast
Far Westl
Coastal Southeast^
51.77
5.25
19.97
15.74
10.81
52.04
5.30
18.88
16.37
11.49
55.00
5.87
19.52
16.96
12.66
51.53
5.28
19.87
15.58
10.80
51.94
5.28
18.82
16.40
11.45
55.37
5.92
19.61
17.01
12.82
3.23
.62
-.45
1.22
1.85
0.27
.05
-1.09
.63
.68
2.96
.57
.64
.59
1.17
3.84
.64
-.26
1.43
2.02
0.41
0
-1.05
.82
.65
3.43
.64
.79
.61
1.37
0.61
.02
.19
.21
.17
0,14
-.05
.04
.19
-.03
0.47
.07
.15
.02
.20
Interior regions:
Total
Great Lakes
Plains
Southwest
Rocky Mountain
Interior Southeast3
48.23
19.83
7 54
9 43
2.74
8.70
47.96
16.95
7.33
11.50
3.15
9.04
45.00
16.72
6.98
10.26
2.87
8.17
48.47
19.88
7.61
9.43
2.73
8.82
48.06
16.93
7.36
11.48
3.16
9.13
44.63
16.74
6.92
10.00
2.79
8.18
-3.23
-3.11
-.56
.83
.13
-.53
-.27
-2.88
-.21
2.07
.41
.34
-2.96
-.23
-.35
-1.24
-.28
-.87
-3.84
-3.14
-.69
.57
.06
-.64
-.41
-2.95
-.25
2.05
.43
.31
-3.43
-.19
-.44
-1.48
-.37
-.95
-.61
-.03
-.13
-.26
-.07
-.11
-.14
-.07
-.04
-.02
.02
-.03
-.47
.04
-.09
-.24
-.09
-.08
1. In this table, includes Alaska and Hawaii.
2. Consists of Florida, Georgia, North Carolina, South Carolina, and Virginia.
3. Consists of Alabama, Arkansas, Kentucky, Louisiana, Mississippi, Tennessee, and West Virginia.
enterprises, BEA uses data on current
revenues and expenses for 15 types of
enterprises from the census of governments to allocate subsidies less current
surplus.
For private industries for benchmark
years, the sources and methods for
estimating capital charges differ by industry group. For 27 goods-producing
industries in agriculture, mining, construction, and manufacturing, BEA estimates capital charges by first estimating total GSP and then subtracting
compensation, proprietors' income, and
IBT. Economic census data on value
added in production, adjusted to conform to BEA's NIPA definitions, are the
basis for estimating total GSP.
For seven regulated distributive and
service industries in transportation,
communication, utilities, and finance,
data from financial reports filed by
firms with regulatory agencies are the
basis for estimating capital charges
by State. For multistate firms in
this group, BEA employs indicators of
capital stock or its use—for example,
airline boardings—to allocate capital
charges to States.
For real estate, BEA mainly uses
data from the population and housing
censuses and from the U.S. Department of Agriculture to allocate capital
charges to States in accordance with
the location of real property. BEA
estimates the rental-income-of-persons
portion of capital charges.
For 23 unregulated distributive and
service industries in transportation,
trade, finance, insurance, and services,
BEA uses economic census data on
business receipts or sales and data on
wages and salaries to allocate capital
charges to States.
Data Availability
GSP estimates for 1977-89 (in current and constant dollars) for 61 industries for States,
BEA regions, and the United States are available on computer tape and diskette. When
ordering, please specify the accession number.
Media Type
Computer tape
Diskette
3^2 inch
5*4 inch (double-sided, high-density)
5*4 inch (double-sided, double density)*
BEA Accession No.
Price
61-91-00-420
$100
61-91-40-421
61-91-40-422
61-91-40-499
25
20
60
(3 diskettes)
* Also available to users who require estimates for specific States, at $20 per diskette.
Send your order, along with a check or money order payable to "Bureau of Economic Analysis," to Public Information Office, Order Desk, BE-53, Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230. For further information, or to place an
order using MasterCard or VISA, call (202) 523-9180.
The GSP estimates are available electronically from the U.S. Department of Commerce
Economic Bulletin Board at (202) 377-1986 and from the Bureau of the Census State Data
Center Bulletin Board at (301) 763-1580.
For all private industries except
farming and real estate for nonbenchmark years, capital charges are interpolated or extrapolated on the basis
of movements in wages and salaries.
For farming, estimates for all years are
based on U.S. Department of Agriculture data. For real estate, estimates
for intercensal years are based on data
developed in the course of estimating
the rental income of persons in BEA's
State personal income series.
As resources permit, BEA plans
to incorporate data from the Census
Bureau's Annual Survey of Manufactures and other annual data, particularly those contained in regulatory
agency reports, in the estimates of capital charges for private industries for
nonbenchmark years.
Regional Growth Trends,
1977-89
The trends in regional growth in
1977-86 shown by the revised GSP
estimates are similar to, but more pronounced than, the trends shown by the
previously published estimates: From
1977 to 1986, the share of GSP generated in the Nation's interior regions
declined, and the share generated in
regions along the Atlantic and Pacific coasts increased. The revisions
now show that the share in the interior regions declined (and that the
share in the coastal regions increased)
3.8 percentage points during 1977-86,
compared with 3.2 percentage points
before the revision (table 3). The 197786 trends in regional growth in GSP
continued in 1986-89: The share of
GSP generated in the interior regions
declined by an additional 1.6 percentage points, and the share generated
46
in the coastal regions increased by an
offsetting amount.
The 0.6-percentage-point revision in
the change in share between coastal
and interior regions from 1977 to 1986
largely reflected GSP revisions in four
regions: In the Mideast, as a result
of upward revisions in the gain in
share in New Jersey and the District of
Columbia; in the coastal Southeast, an
upward revision in the gain in share
in North Carolina; in the Far West, an
upward revision in the gain in share in
California; and in the Southwest, upward revisions in the loss in share in
Texas and Oklahoma.
SURVEY OF CURRENT BUSINESS
Changes in estimating methods contributed to the revisions in changes
in share in New Jersey, the District
of Columbia, and California. In New
Jersey, the upward revision partly reflected the effect on capital charges for
real estate of the improved annual estimates of rental income of persons.
In the District of Columbia, the upward revision partly reflected the effect
on Federal Government enterprises of
the improved estimates of subsidies
less current surplus. In California,
the upward revision partly reflected
the effects on GSP for real estate of
the new annual estimates of the capital consumption allowance in propri-
December 1991
etors' income and of the improved IBT
estimates.
The revised national estimates of
GDP by industry contributed to the revisions in North Carolina, Texas, and
Oklahoma. In North Carolina, the
upward revision partly reflected revisions in GDP for tobacco manufactures;
North Carolina is the Nation's leading tobacco-producing State. In the
oil-producing States of Texas and Oklahoma, revisions in GDP for oil and
gas extraction led to an upward revision in the loss in share of the Nation's
all-industry GSP attributable to these
States.
47
SURVEY OF CURRENT BUSINESS
December 1991
Table 4.—Gross State Product for States and Regions, by Component, 1977-89
[Millions of dollars]
State and region
1980
1988
1982
1989
United Stales:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes ...
1,957,608
1,169,174
213,396
409,377
165,661
2,213,331
1,321,597
244,059
469,609
178,066
2,458,084
1,484,198
269,206
515,328
189,352
2,670,330
1,629,200
268,322
559,527
213,281
2,986,892
1,797,945
285,008
652,463
251,476
3,104,181
1,896,394
282,901
666,051
258,835
3,339,966
2,010,033
302,955
744,418
282,560
3,707,032
2,201,502
352,108
839,508
313,914
3,966,280
2,354,918
379,547
898,179
333,636
4,186,032
2,498,362
411,225
927,497
348,948
4,483,510
2,672,533
459,340
983,884
367,753
4,854,260
2,890,868
496,604
1,078,135
388,653
5,164,671
3,063,462
531,504
1,155,732
413,973
New England:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes ...
103,310
65,487
9,671
18,228
9,924
115,312
73,518
10,794
20,405
10,594
127,430
82,640
12,115
21,623
11,052
139,362
91,993
12,338
23,729
11,302
154,204
101,155
13,006
27,790
12,253
163,800
108,805
13,340
28,530
13,125
181,746
118,107
15,655
33,667
14,317
205,160
131,857
17,654
39,752
15,897
224,466
143,351
19,844
44,098
17,173
247,849
156,248
22,311
50,476
18,813
274,642
171,665
25,814
56,902
20,261
301,104
188,844
28,416
62,390
21,454
311,942
197,387
30,054
61,790
22,711
Connecticut:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
29,822
18,458
2,786
5,440
3,138
33,219
20,774
3,074
6,055
3,316
36,695
23,545
3,361
6,291
3,498
39,928
26,461
3,340
6,737
3,389
44,233
29,164
3,554
7,741
3,774
46,872
31,410
3,589
7,753
4,119
52,286
33,810
4,181
9,744
4,551
59,084
37,714
4,727
11,401
5,243
64,160
41,033
5,169
12,285
5,673
70,577
44,557
5,647
14,101
6,272
78,420
49,169
6,701
15,818
6,731
85,651
54,029
7,284
17,278
7,060
. 88,863
56,530
7,652
17,104
7,577
Maine:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
7,648
4,557
1,021
1,401
669
8,590
5,100
1,070
1,689
730
9,554
5,675
1,192
1,917
770
10,337
6,305
1,195
2,006
830
11,280
6,864
1,244
2,263
12,052
7,383
1,162
2,518
989
13,271
7,929
1,390
2,849
1,103
14,758
8,680
1,556
3,283
1,239
16,008
9,256
1,826
3,611
1,315
17,660
10,064
2,079
4,094
1,422
19,898
11,127
2,359
4,834
1,578
22,129
12,330
2,581
5,510
1,708
23,474
13,259
2,798
5,599
1,817
Massachusetts:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
49,004
31,932
4,029
8,422
4,622
54,301
35,592
4,583
9,191
4,936
59,647
39,831
5,209
9,557
5,050
65,552
44,242
5,389
10,704
5,217
72,464
48,619
5,707
12,646
5,492
76,870
52,347
6,035
12,884
5,604
85,123
57,132
7,086
14,882
6,023
96,515
64,184
7,986
17,858
6,487
105,883
69,786
9,033
20,056
7,009
116,364
75,946
10,272
22,597
7,550
128,115
83,181
11,650
25,229
8,055
140,793
91,524
12,935
27,717
8,617
144,791
95,036
13,665
27,089
9,001
New Hampshire:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
6,285
3,897
729
1,156
504
7,368
4,557
819
1,446
546
8,440
5,223
944
1,678
596
9,336
5,833
947
1,891
666
10,521
6,490
1,014
2,276
741
11,530
7,084
1,041
2,510
895
13,135
7,856
1,292
2,978
1,009
14,855
8,777
1,485
3,459
1,134
16,698
9,792
1,702
3,990
1,214
19,209
10,985
1,938
4,899
1,386
21,831
12,193
2,401
5,705
1,531
23,812
13,452
2,683
6,024
1,653
24,504
13,994
2,836
5,889
1,786
Rhode Island:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
7,112
4,630
612
1,209
661
7,814
5,159
646
1,294
715
8,597
5,742
734
1,352
770
9,282
6,270
772
1,424
815
10,187
6,815
764
1,708
901
10,611
7,163
803
1,606
1,039
11,479
7,683
964
1,728
1,103
12,775
8,464
1,067
2,053
1,190
13,816
9,075
1,199
2,241
1,301
15,252
9,864
1,375
2,626
1,387
16,532
10,715
1,503
2,833
1,481
17,897
11,696
1,655
3,012
1,534
18,807
12,318
1,746
3,136
1,608
Vermont:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
3,440
2,013
495
601
331
4,019
2,336
603
731
350
4,498
2,626
675
828
369
4,926
2,881
695
967
384
5,520
3,202
722
1,157
439
5,864
3,418
709
1,258
479
6,453
3,697
743
1,485
528
7,173
4,038
833
1,697
604
7,901
4,411
914
1,915
661
8,786
4,831
1,000
2,159
796
9,846
5,279
1,199
2,482
10,821
5,812
1,278
2,849
881
11,502
6,251
1,357
2,973
921
Mideast:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes ...
388,887
246,900
33,278
73,367
35,342
427,766
272,119
37,072
80,973
37,602
464,836
300,172
40,752
84,453
39,459
500,342
328,468
41,341
89,134
41,399
551,617
359,804
43,791
102,675
45,347
584,056
382,317
44,815
107,479
49,445
636,663
407,115
51,067
123,634
54,846
703,472
443,814
57,679
140,661
61,318
761,233
475,473
63,767
155,768
66,225
820,984
510,670
69,872
169,692
70,750
889,160
552,390
79,312
182,051
75,407
971,895
601,789
87,473
203,370
79,263
1,026,195
634,438
93,068
214,259
84,429
Delaware:
Gross state product
Compensation
Proprietors' income ....
Capital charges
I
Indirect business taxes
5,623
3,663
578
6,097
4,080
614
1,074
329
6,544
4,501
658
1,037
349
7,040
5,018
564
1,090
368
7,710
5,390
646
1,259
415
8,297
5,808
669
1,313
508
9,098
6,185
750
1,602
561
9,963
6,651
876
1,728
708
10,756
7,150
979
1,754
871
11,449
7,595
1,115
2,004
734
12,823
8,403
1,223
2,318
879
14,275
9,237
1,344
2,793
900
15,418
10,089
1,442
2,942
944
District of Columbia:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
14,818
11,149
778
2,300
591
16,646
12,204
877
2,897
668
17,778
13,334
910
2,854
680
18,857
14,591
843
2,696
726
20,182
15,705
914
2,709
855
21,393
16,607
950
2,897
939
23,426
17,630
1,057
3,677
1,061
26,122
19,015
1,180
4,774
1,152
29,307
20,410
1,276
6,372
1,249
30,665
21,516
1,365
6,445
1,340
33,486
23,284
1,519
7,215
1,467
36,759
25,701
1,758
7,744
1,556
39,363
27,536
1,871
8,223
1,732
Maryland:
Gross state product
Compensation
,
Proprietors' income ....
Capital charges
,
Indirect business taxes
34,144
22,264
3,094
5,877
2,910
37,918
24,817
3,378
6,600
3,123
41,300
27,485
3,643
6,946
3,225
44,352
30,196
3,536
7,275
3,345
49,364
33,360
3,819
8,534
3,652
52,225
35,237
4,054
8,919
4,015
57,889
38,342
4,476
10,547
4,523
64.461
42,342
5,121
12,065
4,933
70,855
46,102
5,781
13,661
5,311
77,385
50,035
6,456
15,104
5,790
84,623
54,898
7,415
16,044
6,266
92,707
60,121
8,139
17,725
6,721
99,074
64,298
8,702
18,943
7,131
New Jersey:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
66,396
41,489
5,691
12,688
6,529
73,756
46,305
6,345
14,249
6,857
81,051
51,449
6,944
15,485
7,173
88,594
56,879
7,210
16,777
7,729
98,239
62,506
7,542
19,847
8,343
106,422
67,187
7,865
21,741
9,628
118,658
72,902
9,075
25,561
11,120
132,825
80,643
10,151
30,013
12,018
144,978
86,916
11,482
33,699
12,882
158,745
94,300
12,657
37,677
14,111
174,714
103,239
14,551
41,840
15,084
193,034
113,509
16,068
47,426
16,031
203,375
119,391
17,005
49,449
17,528
New York:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
169,215
104,847
13,271
33,234
17,863
184,528
114,453
14,988
36,196
18,891
199,492
125,590
16,647
37,472
19,783
215,239
138,064
16,913
39,644
20,618
238,885
152,402
18,137
45,499
22,847
254,991
164,927
18,354
47,294
24,416
277,996
176,394
21,704
53,459
26,438
306,928
192,355
24,620
59,706
30,246
332,461
206,680
27,368
65,667
32,746
358,767
223,140
29,859
70,949
34,819
384,983
239,807
33,985
74,087
37,104
419,903
260,612
38,080
82,507
38,704
441,068
272,616
40,400
87,180
40,872
Pennsylvania:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
98,690
63,487
9,866
18,180
7,157
108,821
70,261
10,871
19,957
7,732
118,671
77,813
11,950
20,658
8,250
126,259
83,721
12,275
21,650
8,613
137,237
90,441
12,734
24,827
9,235
140,728
92,551
12,923
25,314
9,940
149,597
95,663
14,005
28,787
11,143
163,173
102,808
15,731
32,374
12,260
172,876
108,215
16,880
34,615
13,166
183,973
114,085
18,420
37,514
13,955
198,531
122,758
20,620
40,547
14,606
215,218
132,609
22,084
45,174
15,350
227,898
140,509
23,647
47,520
16,221
Great Lakes:
Gross state product
Compensation
Proprietors' income
Capital charges*
Indirect business taxes ...
389,173
240,057
37,717
83,117
28,282
433.274
269,704
40,566
92,607
30,397
468,697
297.122
44,786
94,417
32,373
481,752
309,966
42,834
94,947
34,005
521,929
331.634
44,994
108,090
37,211
525,453
336,106
43,214
105,447
40,686
559,353
351.411
44,460
118,340
45,142
622,684
385,357
54,197
134,031
49,100
660,968
409,587
56,732
142,694
51,955
700,746
432,913
61.825
151,793
54,215
742,568
457,427
68.763
159,564
56,814
802,069
493.860
72,507
175,965
59,737
849,141
520,666
79.032
185,461
63,983
48
SURVEY OF CURRENT BUSINESS
December 1991
Table 4.—Gross State Product for States and Regions, by Component, 1977-89—Continued
[Millions of dollars]
State and region
1986
1987
1988
1989
197,379
120,150
19,133
41,901
16,195
208,310
127,255
20,531
43,650
16,874
222,079
135,607
23,103
45,626
17,743
241,135
147,342
24,633
50,244
18,916
256,478
155,278
26,979
54,133
20,088
76,455
46,363
7,159
17,018
5,914
80,359
48,882
7,277
17,811
6,389
85,223
51,516
7,941
19,180
6,587
91,231
55,097
8,909
20,356
6,868
98,243
59,560
9,085
22,326
7,272
105,314
63,188
10,134
24,130
7,862
117,829
77,839
8,173
21,858
9,959
131,389
86,373
9,455
24,719
10,842
143,285
94,596
10,059
27,284
11,346
153,217
101,018
11,148
29,127
11,924
160,930
104,966
12,392
31,019
12,553
172,653
112,486
13,198
34,258
12,712
181,827
118,809
14,220
34,919
13,879
133,893
85,420
9,703
28,979
9,791
143,468
89,211
10,428
32,901
10,928
158,529
97,686
12,501
36,980
11,363
167,648
103,348
12,969
39,230
12,101
177,159
108,161
14,126
42,273
12,600
186,385
113,880
15,468
43,884
13,153
201,478
122,548
16,495
48,476
13,959
211,545
128,602
17,496
50,604
14,843
57,343
34,586
6,366
12,481
3,909
59,377
35,774
6,208
12,888
4,507
62,748
37,360
6,058
14,254
5,077
69,306
40,731
7,204
15,892
5,479
72,296
42,610
7,294
16,468
5,924
76,836
44,963
8,079
17,563
6,230
81,943
47,877
8,891
18,679
6,496
88,559
51,924
9,096
20,661
6,878
93,978
54,789
10,203
21,676
7,310
199,337
114,389
27,861
43,476
13,611
222,457
124,138
32,551
50,420
15,347
228,339
129,412
30,269
51,840
16,818
237,253
136,213
27,641
54,568
18,829
265,905
148,197
35,379
61,830
20,499
278,318
155,951
37,356
63,464
21,547
289,715
163,633
40,682
63,005
22,394
305,244
173,600
44,226
63,739
23,679
325,025
186,090
44,645
69,142
25,148
348,523
196,842
47,614
77,497
26,571
33,423
16,849
6,570
8,043
1,962
35,023
18,002
5,942
8,946
2,132
39,007
19,130
7,268
10,356
2,254
37,805
19,154
6,041
10,066
2,545
36,752
19,664
4,795
9,441
2,852
41,184
20,785
6,878
10,496
3,026
41,680
21,232
7,253
10,042
3,152
42,924
21,903
8,061
9,608
3,351
44,659
23,433
8,614
9,101
3,510
47,558
25,362
8,373
10,215
3,608
52,574
27,065
9,167
12,497
3,845
23,210
12,627
3,609
5,167
1,807
26,694
14,414
4,370
6,020
1,891
28,297
15,949
3,730
6,535
2,083
31,742
17,619
4,231
7,450
2,443
33,549
18,419
4,542
7,866
2,722
35,186
19,214
4,447
8,521
3,004
38,642
20,843
5,093
9,447
3,259
40,716
21,768
5,522
9,881
3,544
41,777
22,859
5,906
9,418
3,594
43,956
23,921
6,269
9,938
3,827
46,615
25,411
6,517
10,567
4,120
48,829
26,682
6,409
11,575
4,163
35,862
20,988
5,319
6,849
2,706
40,543
23,982
5,647
7,963
2,950
45,555
27,400
6,116
8,905
3,133
48,990
29,951
6,147
9,525
3,366
53,887
32,524
6,550
11,051
3,762
56,013
34,105
6,154
11,483
4,271
59,374
36,139
5,797
12,526
4,912
67,600
40,064
7,445
14,496
5,595
71,289
42,662
7,636
15,155
5,835
75,651
45,254
8,455
15,862
6,079
80,881
48,578
9,236
16,544
6,522
87,238
52,639
9,317
18,275
7,006
93,559
55,873
10,256
19,894
7,536
Missouri:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
41,476
24,876
5,112
8,745
2,743
46,742
27,922
5,784
10,079
2,957
51,416
31,032
6,581
10,599
3,204
53,325
33,319
5,956
10,692
3,357
58,825
36,104
6,738
12,293
3,689
61,358
37,990
6,420
12,935
4,013
66,342
40,586
6,264
14,891
4,601
74,272
44,569
7,626
17,099
4,977
79,461
47,521
8,275
18,337
5,328
84,335
50,224
9,019
19,408
5,684
89,168
53,149
10,024
20,067
5,929
94,932
56,585
10,713
21,314
6,319
100,081
59,662
11,295
22,456
6,668
Nebraska:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
13,760
7,344
2,476
2,854
1,086
15,514
8,195
3,101
3,067
1,151
17,366
9,219
3,440
3,472
1,236
18,325
10,061
3,009
3,967
1,287
20,935
10,890
3,861
4,783
1,401
21,373
11,434
3,677
4,733
1,529
21,554
11,889
3,242
4,727
1,695
24,316
12,815
4,153
5,599
1,749
25,341
13,411
4,488
5,614
1,828
25,705
13,829
4,782
5,168
1,925
26,611
14,508
5,204
4,834
2,065
28,518
15,534
5,453
5,392
2,139
31,115
16,469
5,638
6,726
2,282
North Dakota:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
5,418
2,649
1,211
1,129
430
6,601
3,031
1,801
1,299
470
7,715
3,438
1,890
1,841
546
8,333
3,774
1,475
2,270
814
10,357
4,280
2,078
2,837
1,162
10,369
4,581
1,774
2,937
1,076
10,133
4,779
1,597
2,678
1,079
10,972
4,904
2,197
2,749
1,121
10,762
4,983
2,160
2,562
1,057
10,001
4,995
2,220
1,859
927
10,193
5,166
2,328
1,769
930
10,042
5,378
1,863
1,787
1,015
11,231
5,596
2,170
2,375
1,089
South Dakota:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
5,200
2,424
1,357
963
456
5,970
2,777
1,574
1,125
493
6,907
3,095
1,912
1,366
533
7,045
3,332
1,601
1,540
572
7,703
3,592
1,826
1,649
637
7,873
3,731
1,661
1,820
662
7,911
3,941
1,499
1,785
686
8,920
4,217
1,987
1,944
772
9,070
4,374
2,021
1,871
803
9,323
4,569
2,239
1,683
833
9,777
4,844
2,551
1,486
897
10,123
5,180
2,409
1,592
942
11,135
5,496
2,677
1,972
990
Southeast:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes ...
384,195
223,865
42,399
86,041
31,890
438,653
255,057
49,301
35,306
490,687
287,447
53,957
110,656
38,626
539,289
319,507
53,089
122,558
44,135
610,794
355,371
58,567
143,769
53,087
639,010
376,767
57,712
149,698
54,833
693,183
403,150
61,125
168,194
60,714
773,881
443,236
73,385
189,443
67,816
828,897
475,644
78,217
203,025
72,011
879,010
507,485
84,563
212,105
74,856
946,378
547,471
93,933
226,178
78,795
1,025,196
591,787
103,400
246,556
83,453
1,091,847
628,406
110,351
264,336
88,754
Alabama:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
25,978
15,993
2,793
5,536
1,656
29,731
18,159
3,236
6,510
1,825
33,004
20,134
3,581
7,267
2,022
35,179
21,925
3,369
7,685
2,199
39,607
23,769
3,742
8,999
3,096
40,602
24,698
3,629
9,504
2,770
44,105
26,314
3,831
10,946
3,013
49,060
28,629
4,603
12,430
3,398
52,712
30,802
4,761
13,602
3,547
55,778
32,689
5,247
14,196
3,646
59,547
34,912
5,780
15,053
3,801
64,059
37,452
6,477
16,138
3,992
67,886
39,602
6,749
17,296
4,238
Arkansas:
Gross state product
Compensation
Proprietors' income ....
Capital charges
Indirect business taxes
14,795
7,986
2,525
3,378
906
17,285
9,147
3,349
3,796
993
19,075
10,248
3,147
4,614
1,065
20,334
11,148
2,875
5,115
1,196
23,031
12,160
3,341
6,164
1,365
23,712
12,664
3,134
6,451
1,463
25,190
13,637
3,014
6,931,606
28,666
14,944
3,883
7,890
1,949
29,792
15,757
4,034
7,95f
2,048
31,015
16,667
4,138
8,080
2,130
32,708
17,500
4,711
8,291
2,206
35,130
18,662
5,245
8,906
2,317
37,169
19,712
5,485
9,549
2,424
1977
1978
114,966
70,284
12,105
23,631
8,946
127,181
78,367
13,126
26,133
9,555
137,616
85,863
14,693
26,842
10,218
143,523
90,921
13,843
27,828
10,932
156,170
97,824
15,071
31,643
11,632
159,460
100,924
14,290
31,758
12,488
167,222
104,490
14,503
34,304
13,925
187,006
114,203
17,879
39,423
15,501
Indiana:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes ,
48,176
29,061
5,140
10,457
3,518
53,879
32,754
5,628
11,688
3,808
58,404
36,202
5,986
12,292
3,924
59,633
37,396
5,732
12,463
4,043
64,706
40,406
5,838
14,061
4,401
64,455
40,551
5,587
13,633
4,684
68,086
42,512
5,297
15,023
5,254
Michigan:
Gross state product
Compensation
Proprietors' income
,
Capital charges
Indirect business taxes
88,577
56,092
6,754
19,548
6,183
98,489
63,576
7,189
21,024
6,700
104,587
69,707
7,664
19,945
7,271
103,968
70,467
7,324
18,392
7,784
110,963
74,248
7,743
20,186
8,786
108,267
73,438
7,425
18,189
9,216
Ohio:
Gross state product
Compensation
,
Proprietors' income
,
Capital charges
Indirect business taxes
97,331
60,936
8,772
20,954
6,668
108,574
68,099
9,372
23,980
7,124
117,863
75,132
10,309
24,864
7,557
121,552
78,894
9,630
25,394
7,634
132,747
84,571
9,975
29,718
8,482
Wisconsin:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
40,123
23,684
4,946
8,527
2,966
45,150
26,907
5,251
9,782
3,210
50,228
30,217
6,134
10,473
3,403
53,075
32,289
6,305
10,870
3,612
Plains:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes ....
148,907
82,908
23,697
31,587
10,716
168,914
93,582
27,940
35,788
11,604
189,076
105,448
30,878
40,245
12,505
Iowa:
Gross state product
Compensation
Proprietors' income .....
Capital charges
Indirect business taxes
26,598
13,533
4,939
6,486
1,640
30,335
15,047
6,424
7,088
1,775
Kansas:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
20,593
11,094
3,283
4,560
1,655
Minnesota:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
Illinois:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
1983
49
SURVEY OF CURRENT BUSINESS
December 1991
Table 4.—Gross State Product for States and Regions, by Component, 1977-89—Continued
[Millions of dollars]
1986
1987
1988
1989
161,750
96,518
16,775
32,916
15,540
176,588
104,928
19,081
35,536
17,042
194,884
115,769
21,436
38,804
18,875
212,761
126,451
22,981
42,280
21,050
226,964
135,118
24,222
45,288
22,335
86,430
52,944
7,290
20,600
5,596
95,287
58,245
7,689
23,107
6,245
104,810
63,646
8,824
25,772
6,568
113,098
69,016
9,763
27,149
7,169
122,717
74,530
10,712
29,679
7,796
129,776
78,384
11,426
31,273
8,693
44,545
23,840
4,408
11,863
4,434
49,574
25,816
5,714
13,126
4,919
51,507
26,994
5,513
13,850
5,150
53,986
28,156
5,763
14,669
5,398
57,426
30,218
6,364
15,224
5,620
61,631
32,407
7,044
16,443
5,737
65,858
34,316
7,690
17,899
5,953
77,986
34,328
6,891
24,779
11,988
76,803
34,201
6,835
24,862
10,905
81,350
35,816
7,393
26,142
12,000
81,962
36,308
8,018
25,918
11,718
72,300
34,971
7,337
19,910
10,083
72,125
34,927
7,537
20,397
9,264
76,540
36,890
8,601
21,888
9,161
79,138
38,388
8,608
22,400
9,742
24,409
13,157
2,798
6,710
1,744
25,501
13,705
2,785
7,131
1,881
26,890
14,262
2,673
7,866
2,088
29,595
15,281
3,363
8,564
2,387
31,125
16,056
3,634
8,912
2,523
31,734
16,754
3,497
8,855
2,627
33,281
17,560
4,037
9,051
2,633
36,255
18,812
4,626
9,937
2,880
38,135
19,931
4,591
10,534
3,079
59,110
36,315
5,415
12,898
4,481
65,980
40,212
6,050
14,921
4,797
69,182
42,233
6,036
15,493
5,420
77,876
46,113
6,421
18,164
7,178
88,275
51,321
8,141
21,210
7,603
94,622
55,408
8,506
22,686
8,021
104,054
59,807
9,513
26,450
8,284
112,288
65,092
10,421
27,903
8,872
121,489
70,719
11,387
30,088
9,295
130,085
75,419
12,453
32,626
9,587
25,232
16,588
2,474
4,545
1,624
27,330
18,384
2,319
4,879
1,748
30,775
20,358
2,588
5,890
1,939
32,030
21,341
2,393
6,153
2,143
35,349
23,155
2,496
7,252
2,446
39,729
25,537
3,193
8,270
2,729
42,195
27,018
3,316
8,889
2,972
45,804
28,818
3,807
9,711
3,469
49,608
31,009
4,272
10,544
3,783
54,338
33,765
4,684
11,927
3,962
60,150
36,366
6,204
13,242
4,339
38,270
22,824
4,247
8,412
2,787
42,252
25,444
4,712
9,123
2,974
45,031
27,532
4,814
9,594
3,091
49,845
30,149
5,042
11,286
3,368
51,879
31,328
5,069
11,904
3,577
56,065
33,430
5,219
.13,491
3,925
63,173
36,666
6,434
15,437
4,636
67,967
39,211
6,636
17,002
5,118
73,213
42,187
7,197
18,182
5,647
80,507
45,977
8,213
20,159
6,158
86,949
49,616
9,098
21,898
6,338
92,267
52,552
9,591
23,379
6,745
42,781
27,313
3,535
8,534
3,399
48,295
30,648
4,236
9,717
3,693
53,390
34,343
4,480
10,646
3,921
58,401
38,216
4,407
11,590
4,188
65,590
42,573
4,869
13,529
4,619
70,245
46,056
4,829
14,448
4,911
78,633
50,033
5,413
17,075
6,112
87,900
55,172
6,601
19,522
6,604
96,008
60,211
7,261
21,472
7,065
105,511
65,470
8,090
24,161
7,790
115,881
71,792
9,229
26,497
8,363
126,668
78,154
10,206
29,440
8,867
136,497
83,789
10,889
32,481
9,339
West Virginia:
Gross state product ..,
Compensation
Ct
Proprietors' income
Capital charges
Indirect business taxes
14,633
8,567
1,348
3,718
1,000
16,322
9,537
1,455
4,187
1,143
17,978
10,602
1,460
4,571
1,345
19,430
11,401
1,583
5,064
1,382
20,755
12,085
1,589
5,542
1,540
21,503
12,477
1,639
5,557
1,830
21,783
12,099
1,723
6,069
1,891
23,173
12,801
1,925
6,412
2,035
23,970
13,115
2,073
6,718
2,064
24,217
13,392
2,069
6,584
2,173
25,025
13,700
2,169
7,107
2,048
26,660
14,328
2,339
7,934
2,059
27,922
14,829
2,444
8,369
2,279
Southwest:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes ....
184,596
97,335
23,796
47,603
15,862
213,674
113,390
26,476
56,134
17,674
248,929
131,937
30,282
66,952
19,758
288,876
152,757
30,900
79,558
25,661
342,250
178,262
33,291
96,200
34,496
356,400
193,914
34,742
95,323
32,421
374,025
200,874
37,568
101,972
33,611
407,274
218,228
39,854
111,112
38,080
430,828
232,226
43,545
115,283
39,775
418,807
235,147
43,456
99,890
40,314
431,753
240,909
47,310
102,063
41,471
458,666
255,558
51,070
107,733
44,306
483,119
269,267
53,104
114,286
46,461
Arizona:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
18,918
11,140
2,116
3,830
1,831
22,558
13,247
2,464
4,797
2,050
26,868
15,870
2,783
5,879
2,335
29,676
17,948
2,826
6,485
2,417
32,895
20,250
2,933
7,277
2,435
33,548
21,146
2,880
6,923
2,598
37,691
23,142
3,199
8,320
3,029
43,845
26,208
3,824
9,910
3,903
49,312
29,220
4,086
11,583
4,424
54,269
32,017
4,539
12,906
4,807
58,480
34,393
5,302
13,468
5,317
62,375
36,882
5,626
14,159
5,709
65,306
38,691
5,852
14,606
6,157
New Mexico:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
10,196
5,430
1,196
2,431
1,140
11,901
6,230
1,364
2,977
1,330
14,101
7,087
1,548
3,861
1,604
16,670
7,889
1,717
4,961
2,102
19,598
8,943
1,794
6,051
2,810
19,835
9,606
1,782
5,950
2,498
20,523
10,149
1,792
6,094
2,488
23,005
10,973
1,985
6,601
3,446
23,516
11,697
2,277
6,836
2,705
22,273
12,016
2,176
5,623
2,458
23,039
12,472
2,400
5,699
2,469
24,263
13,132
2,545
5,939
2,647
25,414
13,845
2,668
6,157
2,744
Oklahoma:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
23,647
12,685
3,556
5,705
1,701
27,319
14,633
3,961
6,823
1,902
32,145
16,870
4,945
8,189
2,140
37,811
19,846
5,109
10,020
2,837
45,185
23,326
5,376
12,540
3,943
48,560
25,764
5,772
13,242
3,783
47,622
25,381
5,490
13,016
3,735
49,862
26,469
5,975
13,252
4,166
50,171
26,887
6,255
12,773
4,256
47,191
26,375
6,404
10,395
4,018
47,371
26,346
6,656
10,455
3,914
49,903
27,630
7,228
10,854
4,190
52,342
28,942
7,529
11,466
4,405
131,835
16,929
35,637
11,190
151,896
79,280
18,687
41,536
12,392
175,815
92,109
21,005
49,022
13,679
204,720
107,074
21,248
58,093
18,306
244,572
125,744
23,189
70,332
25,308
254,457
137,397
24,308
69,208
23,543
268,190
142,201
27,088
74,542
24,359
290,562
154,577
28,070
81,349
26,566
307,828
164,421
30,927
84,090
28,389
295,074
164,739
30,337
70,967
29,031
302,862
167,698
32,952
72,440
29,772
322,125
177,914
35,671
76,780
31,760
340,057
187,790
37,054
82,057
33,156
53,508
30,595
7,238
11,214
4,461
63,122
35,534
8,649
13,940
5,000
72,692
40,931
9,405
16,602
5,753
82,223
46,076
10,284
19,011
6,852
93,551
52,382
10,438
22,100
8,632
97,998
56,230
9,870
22,416
9,482
103,341
58,641
10,524
24,061
10,115
112,139
63,349
11,729
26,047
11,013
116,822
66,509
12,215
26,883
11,215
116,887
67,746
13,372
24,749
11,020
120,178
69,395
14,760
25,060
10,962
126,730
73,377
15,817
26,311
11,225
134,873
77,803
16,966
28,216
11,888
State and region
1983
Florida:
Gross state product ..
Compensation
,
Proprietors' income
Capital charges
Indirect business taxes .
64,140
38,003
8,153
12,125
5,859
74,590
43,919
9,709
14,216
6,746
85,142
50,547
11,078
16,066
7,451
95,727
58,411
10,778
18,334
8,204
109,668
66,585
11,792
21,775
9,516
117,197
72,196
11,296
23,037
10,669
131,150
79,195
13,434
26,300
12,222
146,957
88,311
14,845
29,842
13,959
Georgia:
Gross state product
Compensation
Proprietors' income .
Capital charges
Indirect business taxes
40,504
24,939
3,813
8,872
2,880
46,040
28,281
4,503
10,072
3,184
51,211
31,817
4,987
10,982
3,425
55,616
35,468
4,514
11,861
3,773
62,847
39,519
5,318
13,837
4,173
66,793
42,670
5,185
14,552
4,385
74,793
46,870
5,658
17,372
4,893
Kentucky:
Gross state product
Compensation
,.
Proprietors' income
Capital charges
Indirect business taxes
28,584
15,149
3,624
7,065
2,745
32,147
17,199
3,985
7,989
2,974
35,399
19,365
4,267
8,596
3,171
37,228
20,517
4,437
8,911
3,364
40,977
22.218
4,944
10,314
3,501
42,380
23,070
4,825
10,689
3,796
Louisiana:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
39,478
18,364
4,203
12,340
4,571
45,165
21,359
4,557
14,200
5,048
52,713
24,336
5,286
17,176
5,915
64,297
28,226
6,009
21,165
8,898
77,309
32,586
6,495
24,800
13,428
Mississippi:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
16,027
8,697
2,328
3,722
1,280
18,161
9,852
2,499
4,426
1,384
20,401
11,014
2,995
4,929
1,464
21,606
11,963
2,570
5,463
1,611
North Carolina:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
44,148
25,955
4,571
9,919
3,704
50,103
29,389
5,349
11,364
4,001
54,890
33,008
5,491
12,141
4,250
South Carolina:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
19,878
13,010
1,861
3,665
1,343
22,546
14,744
2,175
4,101
1,526
Tennessee:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
33,249
19,888
3,645
7,169
2,547
Virginia:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
Texas:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
Rocky Mountain:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes ....
5
50
SURVEY OF CURRENT BUSINESS
December 1991
Table 4.—Gross State Product for States and Regions, by Component, 1977-89—Continued
[Millions of dollars]
State and region
1977
1987
1978
1988
1989
Colorado:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
24,535
14,784
3,054
4,662
2,034
28,630
17,223
3,537
5,608
2,262
33,212
20,081
4,003
6,539
2,589
37,156
22,961
4,328
7,050
2,817
42,155
26,486
4,292
8,114
3,264
45,314
29,259
4,288
8,199
3,568
48,912
30,735
4,830
9,443
3,904
53,705
33,416
5,458
10,396
4,434
56,445
35,195
5,872
10,738
4,640
57,506
36,205
6,259
10,291
4,751
59,630
37,255
6,881
10,493
5,001
62,490
39,170
7,480
10,778
5,062
66,180
41,336
7,936
11,533
5,376
Idaho:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
6,929
3,915
1,193
1,385
436
8,213
4,452
1,505
1,769
8,954
4,960
1,575
1,888
531
9,666
5,316
1,854
1,966
530
10,390
5,802
1,896
2,140
552
10,376
5,867
1,721
2,201
587
11,243
6,259
1,937
2,328
719
12,077
6,718
2,075
2,495
789
12,547
7,038
2,085
2,603
821
12,664
7,108
2,214
2,453
889
13,599
7,394
2,608
2,643
952
14,830
8,011
2,837
2,966
1,016
16,339
8,663
3,132
3,420
1,124
Montana:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
6,383
3,309
1,049
1,468
558
7,610
3,790
1,384
1,839
597
8,554
4,240
1,349
2,286
679
9,466
4,576
1,428
2,674
788
10,601
5,020
1,577
3,074
931
11,061
5,205
1,423
3,221
1,212
11,379
5,447
1,264
3,345
1,323
11,753
5,679
1,388
3,321
1,365
11,460
5,731
1,353
3,112
1,264
11,497
5,663
1,846
2,742
1,245
11,771
5,812
2,015
2,723
1,220
12,178
6,136
1,950
2,850
1,242
13,104
6,448
2,248
3,138
1,270
Utah:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
10,116
6,138
1,227
1,966
785
11,839
7,119
1,354
2,467
899
13,493
8,129
1,486
2,854
1,023
15,033
9,059
1,514
3,270
1,190
17,185
10,267
1,527
3,933
1,457
18,018
10,961
1,438
4,097
1,522
19,499
11,584
1,553
4,707
1,655
21,988
12,773
1,786
5,495
1,933
23,525
13,573
1,867
5,917
2,168
23,985
14,012
2,074
5,632
2,267
24,622
14,486
2,249
5,845
2,041
26,450
15,464
2,452
6,237
2,297
28,135
16,611
2,584
6,507
2,433
5,545
2,449
715
1,733
649
6,830
2,951
869
2,256
754
8,480
3,521
993
3,034
932
10,903
4,165
1,160
4,051
1,528
13,219
4,806
1,145
4,839
2,428
13,228
4,938
999
4,697
2,594
12,307
4,615
940
4,238
2,514
12,617
4,763
1,022
4,340
2,491
12,846
4,973
1,039
4,513
2,321
11,235
4,758
979
3,630
1,869
10,557
4,449
1,006
3,355
1,747
10,782
4,596
1,097
3,481
1,608
11,115
4,745
1,066
3,618
1,685
288,490
171,443
34,239
55,284
27,523
334,603
197,656
41,685
67,112
28,149
375,278
226,580
45,127
75,997
27,573
412,573
252,642
47,244
81,502
31,185
456,580
280,100
45,944
94,095
36,440
476,094
296,081
46,019
97,100
36,895
519,993
316,392
51,621
111,122
40,858
580,321
348,357
58,701
127,122
46,141
626,595
376,206
63,551
137,275
49,563
675,070
404,153
70,654
147,704
52,559
735,855
438,678
80,762
159,761
56,654
802,711
477,054
88,241
177,434
59,983
873,693
513,674
95,865
199,205
64,948
California:
Gross state product
Compensation
Proprietors' income
Capital charges ...,
Indirect business taxes .
224,134
133,245
26,620
42,255
22,013
258,181
152,732
32,757
50,835
21,856
288,244
174,527
35,332
57,616
20,769
319,321
195,159
37,028
63,063
24,071
356,864
217,617
36,013
74,692
28,542
374,086
231,997
36,421
77,631
28,038
409,384
249,567
40,650
88,482
30,685
459,905
276,535
46,677
101,932
34,760
500,538
300,290
50,788
112,020
37,441
539,307
323,266
56,264
120,943
38,833
589,311
351,858
64,597
130,816
42,040
642,309
381,912
70,496
145,025
44,876
697,381
409,424
76,765
162,671
48,521
Nevada:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes .
7,142
4,442
695
1,372
632
8,851
5,416
841
1,833
762
10,405
6,353
2,332
837
11,866
7,296
954
2,748
868
13,358
8,262
882
3,219
994
13,833
8,590
861
3,274
1,108
14,940
9,041
966
3,720
1,213
16,489
9,781
1,090
4,252
1,366
17,995
10,531
1,185
4,698
1,581
19,355
11,356
1,324
5,047
1,629
21,478
12,562
1,554
5,591
1,772
24,657
14,200
1,776
6,714
1,967
27,960
15,975
1,958
7,882
2,145
Oregon:
Gross state product
,
Compensation
Proprietors' income
Capital charges
Indirect business taxes
21,885
12,828
2,788
4,890
1,380
25,485
14,904
3,144
5,947
1,490
28,696
16,971
3,506
6,619
1,601
30,205
18,262
3,604
6,591
1,748
31,430
19,080
3,554
6,803
1,993
31,141
19,109
3,372
6,524
2,136
33,403
19,958
3,766
7,320
2,358
36,434
21,565
4,202
8,037
2,630
38,205
22,689
4,432
8,248
2,835
40,438
23,863
4,879
8,674
3,022
43,563
25,502
5,553
9,252
3,256
47,881
27,940
6,168
10,383
3,390
52,1-18
30,306
6,516
11,565
3,732
Washington:
Gross state product
Compensation
Proprietors* income
Capital charges
Indirect business taxes
35,329
20,928
4,136
6,767
3,498
42,086
24,604
4,943
8,498
4,041
47,933
28,730
5,406
9,431
4,367
51,180
31,924
5,656
9,101
4,499
54,928
35,141
5,495
9,381
4,912
57,035
36,386
5,365
9,671
5,613
62,267
37,825
6,239
11,600
6,602
67,493
40,476
6,732
12,901
7,385
69,857
42,696
7,146
12,309
7,706
75,970
45,668
8,187
13,040
9,075
81,503
48,757
9,058
14,101
9,587
87,864
53,002
9,800
15,311
9,750
96,233
57,970
10,625
17,087
10,551
Alaska:
Gross state product
,...
Compensation
Proprietors' income
Capital charges
Indirect business taxes ....
7,597
4,726
641
1,375
856
8,006
4,509
838
1,790
869
9,201
4,673
1,002
2,261
1,265
13,955
5,298
1,317
3,281
4,059
20,004
6,339
1,477
4,699
7,489
18,619
7,365
1,790
5,565
3,899
18,932
8,111
1,993
6,053
2,774
19,695
8,494
2,175
6,405
2,621
20,511
8,656
2,824
6,363
2,668
17,877
8,304
2,801
4,400
2,372
16,994
7,894
2,644
4,533
1,924
17,681
8,107
3,004
4,528
2,041
19,582
9,046
3,287
5,178
2,071
Hawaii:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes ....
8,946
5,858
721
1,561
805
10,006
6,527
738
1,871
871
11,257
7,248
901
2,122
986
12,621
8,104
1,115
2,331
1,071
13,507
8,760
948
2,623
1,175
14,412
9,398
1,130
2,654
1,230
15,477
10,018
1,299
2,806
1,353
16,500
10,613
1,354
3,103
1,429
17,642
11,314
1,496
3,328
1,504
19,088
12,063
1,687
3,682
1,655
20,738
13,103
1,816
4,033
1,786
23,183
14,403
2,031
4,706
2,043
25,755
15,932
2,164
5,502
2,157
Wyoming:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes .
Far West:
Gross state product
Compensation
Proprietors' income
Capital charges
Indirect business taxes
51
SURVEY OF CURRENT BUSINESS
December 1991
Table 5.—Gross State Product for States and Regions, by Industry, Selected Years, 1977-89
[Millions of dollars]
1977
1982
1985
1986
1987
1977
1988
1982
1985
1986
1987
1988
1989
New England
United States
1,957,608
3,104,181
3,966,280
4,186,032
4,483,510
4,854,260
5,164,671
103310
163,800
224,466
247^49
274,642
301,104
311,942
Farms
Agricultural services, forestry, and fisheries
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
50,427
8,469
50,152
97,895
465,346
277,673
187,673
76,975
12,621
132,122
140,908
634,648
362,512
272,136
75,401
16,607
114,174
186,566
789,536
458,773
330,763
75,775
17,823
74,289
203,803
832,420
478,079
354,341
78,813
21,857
76,836
219,165
875,539
499,874
375,665
80,682
23,575
80,017
237,395
940,656
527,137
413,519
88,587
24,896
80,254
247,721
965,997
540,995
425,002
698
485
84
3,880
27,492
18,280
9,212
1,065
654
117
1,150
1,192
154
6,488
10,606
42,988
29,560
13,428
53,456
37,415
16,042
1,304
1,524
202
12,724
55,945
38,990
16,956
1,469
1,633
227
15,430
59,017
40,822
18,196
1,496
1,860
302
17,281
61,878
42,320
19,557
1,505
1,908
232
16,326
62,580
42,789
19,791
Transportation and public utilities
Wholesale trade
Retail trade
,...,.
Finance, insurance, and real estate
Services
178,852
139,804
192,951
280,349
253,431
288,441
219,004
287,480
475,139
463,633
374,051
280,841
377,400
639,505
648,112
394,898
282,047
400,537
696,262
717,624
413,903
294,774
426,355
761,606
793,590
444,270
317,377
459,947
826,756
885,203
460,863
339,468
485,979
896,652
970,539
8,293
7,218
10,108
17,665
15,666
12,889
11,344
15,334
26,658
28,892
17,311
15,945
21,878
38,509
42,303
18,138
16,610
24,513
45,387
48,185
19,848
18,355
27,138
52,257
54,151
21,548
20,227
29,777
57,262
61,908
22,219
21,352
30,929
57,588
67,903
54,469
27,807
157,656
80,108
46,668
246,434
100,663
55,600
307,824
100,163
57,997
332,394
105,213
60,387
355,472
112,696
62,524
383,162
125,481
65,111
413,123
2,435
926
8,359
3,736
1,535
12,100
4,211
1,853
15,898
4,182
1,958
17*174
4,274
2,015
18,829
4,571
2,112
20,884
4,827
2,184
22,388
Total gross state product
,
Federal civilian government
Federal military
State and local government
Connecticut
29,822
46,872
64,160
70,577
78,420
85,651
88,863
7,648
12,052
16,008
17,660
19,898
22,129
23,474
Farms
Agricultural services, forestry, and fisheries
Mining
,..,
Construction
Manufacturing
Durable goods
Nondurable goods
144
92
29
1,104
8,975
6,432
2,544
216
155
37
1,678
13,424
9,769
3,655
250
201
42
2,779
16,410
12,015
4,395
288
228
45
3,160
17,349
12,587
4,762
310
319
55
3,853
18,228
13,140
5,088
321
357
70
4,420
18,816
13,331
5,485
318
367
55
4,222
18,883
13,361
5,522
206
114
2
393
1,767
617
1,150
226
64
5
588
2,911
1,087
1,823
225
254
5
941
3,466
1,458
2,007
226
335
5
1,189
3,661
1,598
2,063
297
277
7
1,547
4,019
1,815
2,204
281
334
17
1,712
4,364
1,955
2,409
311
354
12
1,739
4,527
2,039
2,488
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
2,193
2,035
2,727
5,387
4,104
3,535
3,425
4,262
8,115
7,243
5,113
4,661
5,935
12,055
10,671
5,407
4,762
6,682
14,342
12,108
5,957
5,177
7,516
16,632
13,684
6,334
5,744
8,241
18,448
15,701
6,713
6,149
8,674
18,572
17,141
648
508
852
1,139
961
1,279
685
1,242
1,720
1,658
1,546
952
1,728
2,507
2,327
1,497
1,005
1,937
3,024
2,619
1,662
1,103
2,180
3,463
2,995
1,846
1,211
2,449
3,882
3,441
1,909
1,314
2,609
3,984
3,876
795
262
1,973
1,327
393
3,063
1,228
503
4,312
1,143
512
4,548
1,062
526
5,102
995
544
5,661
1,045
563
6,160
269
178
609
437
276
962
541
336
1,181
540
334
1,288
574
342
1,434
641
365
1,587
704
373
1,763
Total gross state product
,
,
Federal civilian government
Federal military
State and local government
..
.,
Massachusetts
Total gross state product
Farms
,
,
Agncultural services, forestry, and fisheries
Mining
,
,
Construction
..,.,
Manufacturing
Durable goods
Nondurable goods
,
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
,
Federal civilian government
Federal military
State and local government
,
,
,
New Hampshire
49,004
76370
105,883
116^64
128,115
140,793
144,791
6,285
11,530
16,698
19,209
21,831
23^12
24,504
148
191
21
1,570
12,228
8,210
4,018
256
319
34
2,947
19,013
13,246
5,766
312
514
59
4,902
23,799
16,850
6,949
402
671
89
5,954
24,387
17,109
7,278
403
731
90
7,309
25,557
17,689
7,868
432
820
128
8,160
26,962
18,538
8,424
429
830
99
7,519
27,129
18,635
8,495
46
31
10
362
1,685
1,023
662
71
27
11
758
3,349
2,392
957
78
63
21
1,113
4,589
3,398
1,191
87
67
29
1,370
4,957
3,727
1,230
117
96
36
1,502
5,365
4,006
1,359
123
106
42
1,591
5,662
4,186
1,476
113
111
31
1,373
5,770
4,293
1,477
4,173
3,611
4,778
8,509
8,153
6,052
5,623
7,079
12,155
15,617
7,961
8,072
10,309
17,084
22,906
8,283
8,409
11,476
19,751
26,132
9,089
9,368
12,434
22,407
29,115
9,920
10,344
13,567
24,415
33,202
10,064
10,789
13,894
24,317
36,302
470
365
664
1,034
887
800
619
1,116
1,981
1,674
1,088
923
1,654
3,150
2,611
1,205
992
1,930
3,983
3,049
1,297
1,141
2,232
4,814
3,531
1,448
1,246
2,479
5,141
4,097
1,506
1,312
2,563
5,099
4,540
990
297
4,336
1,389
504
5,881
1,725
591
7,649
1,794
638
8,379
1,892
663
9,056
2,107
699
10,038
2,183
719
10,517
128
77
525
201
121
801
243
152
1,014
252
160
1,128
270
164
1,264
299
165
1,412
326
173
1,589
Vermont
Rhode Island
Total gross state product
Farms
Agricultural services, forestry, and fisheries
Mining
Construction
Manufacturing
Durable goods
„
Nondurable goods
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Federal civilian government
Federal military
State and local government
7,112
10,611
13316
15,252
16,532
17397
18307
3,440
5364
7,901
8,786
9,846
10321
11302
17
36
4
63
120
6
359
3,362
2,317
1,045
66
187
8
439
3,650
2,535
1,114
71
151
10
527
3,762
2,624
1,138
71
179
12
615
3,896
2,707
1,189
69
183
8
632
4,000
2,780
1,220
137
21
19
168
782
568
214
253
22
22
289
1,499
1,144
355
222
40
21
513
1,830
1,375
455
235
37
26
611
1,942
1,433
509
271
59
29
692
2,086
1,549
538
267
63
33
783
2,178
1,603
574
264
64
27
841
2,054
1,430
624
42
67
8
227
2,793
1,921
872
497
493
721
1,082
1,046
756
684
1,055
1,754
1,818
954
898
1,439
2,367
2,554
1,043
942
1,606
2,680
2,863
1,103
1,010
1,780
3,020
3,233
1,189
1,087
1*939
3,200
3,670
1,178
1,165
2,020
3,350
4,032
312
205
367
514
514
466
308
581
933
880
650
439
813
1,345
1,235
703
501
882
1,607
1,413
740
556
996
1,920
1,592
811
595
1,102
2,176
1,797
849
623
1,170
2,266
2,010
177
96
607
261
218
929
298
242
1,154
298
280
1,190
311
1,269
336
300
1,403
358
315
1,495
76
17
308
121
24
465
175
29
588
155
33
643
166
37
704
192
39
783
210
40
866
282
283
2,271
1,682
589
52
SURVEY OF CURRENT BUSINESS
December 1991
Table 5.—Gross State Product for States and Regions, by Industry, Selected Years, 1977-89—Continued
[Millions of dollars]
Total gross state product ...
1977
1982
1986
1987
1982
8,297
1985
1986
1987
10,756
11,449
12,823
14,275
15,418
226
30
0
551
195
39
1
612
251
43
0
739
3,792
4,099
272
46
0
724
4,428
957
3,471
388387
584,056
761,233
820,984
889,160
971,895
1,026,195
5,623
Farms
Agricultural services, forestry, and fisheries ,
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
2,648
971
2,108
14,714
89,219
50,272
38,947
4,320
1,447
2,656
22,590
119,582
62,706
56,876
4,515
1,943
2,595
33,914
138,921
70,895
68,026
4,739
2,177
2,462
39,397
145,146
73,050
72,096
4,977
2,717
2,510
44,923
151,200
74,984
76,216
5,015
2,951
2,611
49,661
163,038
78,329
84,709
5,457
3,118
2,599
51,392
164,912
79,061
85,851
97
17
32
348
20
-1
419
184
27
-2
485
1,775
2,712
3,369
Transportation and public utilities .
Wholesale trade .
Retail trade .
Finance, insurance, and real estate .
Services
38,552
30,304
35,253
65,048
59,307
59,571
46,459
49,656
97,879
105,191
74,729
59,868
65,648
137,169
147,664
78,631
59,895
71,251
154,069
163,931
82,341
63,187
77,086
171,993
181,202
88,127
68,460
83,005
190,197
202,758
90,369
71,712
87,270
203,752
221,472
329
465
733
614
659
502
671
Federal civilian government
Federal military
State and local government
15,033
2,377
33,352
22,161
4,000
48,545
28,445
4,924
60,897
28,262
5,248
65,776
30,069
5,592
71,362
32,750
5,825
77,497
34,780
6,061
83,300
87
97
495
140'
3,466
408
615
898
835
910
840
1,367
2,097
2,471
2,630
2,882
3,259
830
614
869
912
594
944
1,031
1,132
1,134
1,062
1,736
1,453
129
146
704
177
167
845
534
1,238
770
1,213
2,651
2,450
674
743
1,820
1,627
1,043
2,181
1,863
1,134
2,438
2,177
193
173
912
216
183
993
1,079
263
19S
1,165
251
187
Maryland
District of Columbia
21393
29307
30,665
33,486
36,759
39363
34,144
52,225
70^55
77385
84,623
92,707
99,074
0
4
1
359
477
49
429
0
2
2
1,376
682
41
641
0
5
5
1,857
1,017
141
876
0
5
4
2,185
1,131
189
942
0
7
5
2,407
1,217
199
1,017
0
9
5
2,557
1,277
145
1,132
0
9
5
2,708
1,306
156
1,149
313
128
43
506
190
94
580
296
101
606
365
110
640
433
139
687
488
143
1,972
5,415
3,045
2,371
2,215
7,193
3,940
3,253
3,735
8,888
4,883
4,005
4,382
9,259
4,946
4,313
5,202
9,619
5,074
4,545
5,903
10,228
5,264
4,964
726
526
137
6,194
10,531
5,441
5,090
Transportation and public utilities
Wholesale trade .
Retail trade
Finance, insurance, and real estate ....
Services .
1,109
404
758
1,744
3,193
1,382
479
1,019
\ 1,706
5,598
1,694
525
1,235
2,315
7,620
1,793
530
1,305
2,534
8,369
1,921
510
1,385
2,795
9,311
2,169
556
1,465
2,981
10,600
2,277
563
1,531
3,218
11,582
3,003
2,321
3,877
5,148
5,091
4,620
3,710
5,717
8,154
9,439
6,082
5,104
7,947
11,584
13,885
6,487
5,277
8,686
13,055
15,798
7,141
5,560
9,650
14,280
17,745
7,890
6,094
10,368
15,567
20,000
8,471
6,356
11,044
16,888
21,667
Federal civilian government .
Federal military
State and local government ..
5,491
388
7,722
572
854
11,147
689
1,197
10,750
735
1,322
11,733
773
1,421
12,780
810
1,548
13,616
859
1,688
2,899
4,205
1,125
5,057
5,190
1,359
6,104
5,244
1,499
6,618
5,549
1,546
7,118
5,990
1,596
7,753
6,449
1,667
8,418
Total gross state product .
Farms
Agricultural services, forestry, and fisheries .
Mining
Construction
,
Manufacturing
.
,
Durable goods'
Nondurable goods .
635
3,299
New York
New Jersey
106,422
144,978
158,745
174,714
193,034
203375
169,215
254,991
332,461
358,767
384,983
419,903
441,068
Farms
Agricultural services, forestry, and fisheries
Mining
t
Construction
Manufacturing
Durable goods
Nondurable goods
255
203
55
410
321
64
480
451
87
498
517
182
567
637
124
574
686
142
4,412
25,245
11,098
14,147
7,278
30,277
13,038
17,239
8,340
32,114
13,551
18,563
9,741
34,270
14,211
20,059
10,972
37,383
14,693
22,690
901
352
261
4,913
34,831
19,755
15,076
1,564
515
369
8,791
47,512
25,403
22,110
1,433
660
448
2,409
17,473
8,179
9,293
573
718
140
11,029
37,442
14,389
23,053
54,710
28,655
26,055
1,494
725
388
16,187
56,817
29,672
27,146
1,579
888
420
18,071
57,873
29,813
28,060
1,570
963
488
19,582
61,878
31,009
30,869
1,744
1,005
468
20,293
62,032
31,206
30,826
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
6,674
5,382
6,175
11,247
9,088
10,954
9,035
8,969
18,017
17,492
15,044
12,559
12,484
26,416
25,691
16,436
12,984
13,766
30,245
28,577
17,188
14,056
15,118
34,776
31,989
18,526
15,469
16,426
38,612
36,420
18,659
16,837
17,012
42,033
39,876
17,200
15,504
14,524
33,282
28,342
27,042
23,357
20,535
48,694
48,658
32,712
29,536
27,345
68,740
67,658
33,742
28,941
29,604
77,592
74,944
34,852
30,179
31,658
85,768
82,239
36,836
32,323
33,774
95,997
91,316
37,197
33,046
35,432
102,055
99,289
1,381
2,245
2,864
3,057
857
15,140
2,820
527
15,758
4,160
812
22,982
4,850
1,040
29,461
4,953
1,102
32,278
5,105
1,220
35,132
5.644
1,342
38,189
5,906
1,480
41,121
Total gross state product
66^96
,
Federal civilian government
Federal military
State and local government
2,588
2,607
2,662
417
636
790
831
830
846
5,638
8,623
10,834
11,648
12,754
14,114
13,870
Great Lakes
Pennsylvania
98,690
140,728
172,876
183,973
198,531
215,218
227398
389,173
525,453
660,968
700,746
742,568
802,069
849,141
Farms
,
Agricultural services, forestry, and fisheries
Mining
,
Construction
Manufacturing
Durable goods
,
Nondurable goods
1,081
268
1,716
4,715
29,248
18,837
10,411
1,700
398
2,127
5,379
36,238
21,610
14,628
1,838
504
1,957
6,689
40,660
23,281
17,379
1,916
534
42,360
23,856
18,503
1,995
712
1,822
8,889
44,429
24,776
19,652
1,933
761
1,833
9,907
48,173
26,377
21,796
2,142
814
1,849
10,444
49,173
26,911
22,262
10,349
1,015
3,069
17,135
132,129
95,713
36,416
13,129
1,448
5,402
18,553
145,725
96,743
48,983
12,655
1,840
5,101
23,591
183,755
124,202
59,553
11,781
1,829
4,152
26,189
191,533
128,152
63,381
10,917
2,492
4,448
29,351
197,766
129,841
67,925
9,873
2,666
4,398
32,813
212,661
137,457
75,204
13,383
2,846
4,364
35,238
215,531
139,043
76,488
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
10,032
6,363
9,455
12,894
12,977
14,914
9,376
12,745
20,175
22,943
18,366
11,530
15,769
26,377
31,356
19,260
11,570
16,946
28,822
34,616
20,208
12,207
18,232
32,193
38,055
21,573
13,276
19,839
34,601
42,244
22,526
14,140
21,036
36,905
46,608
34,196
26,017
37,132
49,223
43,847
48,359
36,565
48,803
81,197
73,750
61,731
46,157
61,514
101,386
100,307
66,027
46,287
65,295
109,906
111,212
68,590
48,613
69,353
119,995
121,179
73,140
52,345
74,342
131,694
134,020
74,870
56,543
78,582
141,265
146,006
2,356
313
7,273
3,700
709
10,325
4,493
879
12,457
4,516
907
12,998
1,041
13,944
5,220
1,043
14,814
5,490
1,003
15,768
5,683
1,594
27,781
8,094
2,529
41,899
9,732
3,295
49,904
9,573
3,458
53,506
9,941
3,532
56,393
10,410
3,612
60,094
12,413
3,737
64,363
Total gross state product
Federal civilian government
Federal military
State and local government
1,778
7,752
53
SURVEY OF CURRENT BUSINESS
December 1991
Table 5.—Gross State Product for States and Regions, by Industry, Selected Years, 1977-89—Continued
[Millions of dollars]
1977
Total gross state product
Farms
Agricultural services, forestry, and fisheries
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Federal civilian government
Federal military
State and local government
1982
1985
1986
1987 1988
1989
1977
1982
1985
1986
1989
114,966
159,460
197379
208310
222,079
241,135
256,478
48,176
64,455
80359
85,223
91,231
98^43
105314
3,460
311
1,112
5,362
31,235
19,826
11,409
3,834
456
1,803
6,251
36,801
21,022
15,779
3,798
537
1,801
8,208
41,632
23,013
18,619
3,243
551
1,534
9,032
43,247
23,527
19,721
2,623
764
1,542
10,134
45,346
24,428
20,918
2,425
837
1,508
11,124
50,162
26,819
23,343
3,991
898
1,502
11,969
50,914
27,482
23,431
1,864
116
291
2,196
17,681
13,282
4,399
2,278
213
554
2,925
19,664
14,061
5,603
2,140
220
608
3,524
24,485
17,401
7,084
2,002
214
549
3,922
25,714
18,231
7,483
1,882
310
570
4,340
27,306
18,980
8,326
1,550
325
579
4,897
29,412
20,374
9,038
2,323
353
601
5,307
30,474
21,094
9,380
10,893
9,483
11,110
16,876
14,592
16,276
13,646
14,463
25,308
25,103
21,499
16,988
18,206
32,271
34,005
22,861
16,880
19,236
34,513
37,957
23,927
17,729
20,608
38,364
40,945
25,482
18,944
22,047
42,512
45,506
25,842
20,635
23,202
44,608
49,710
4,550
2,747
4,857
5,533
4,443
6,127
3,696
6,464
9,175
7,399
7,858
4,590
8,224
11,463
10,084
8,557
4,669
8,660
12,161
11,150
9,075
4,865
9,226
13,304
12,251
9,681
5,201
9,922
14,342
13,693
10,044
5,724
10,493
15,591
14,918
1,882
726
7,924
2,652
1,125
11,742
3,164
1,373
13,897
3,009
1,479
14,768
3,121
1,452
15,523
3,184
1,463
15,941
4,034
1,517
17,656
709
173
3,018
950
315
4,694
1,227
410
5,526
1,191
454
5,980
1,226
475
6,402
1,246
483
6,911
1,635
489
7,362
Michigan
Ohio
88^77
108,267
143,285
153,217
160,930
172,653
181^27
97331
133,893
167,648
177,159
186385
201,478
211,545
Farms
Agricultural services, forestry, and fisheries
Mining
.'.
Construction
Manufacturing
Durable goods
Nondurable goods
1,238
196
611
3,432
35,361
29,595
5,766
1,796
232
1,201
3,318
31,417
24,349
7,069
1,767
350
1,015
4,343
46,181
37,010
9,171
1,625
346
757
5,085
48,120
38,246
9,874
1,592
458
947
5,600
47,834
37,192
10,642
1,555
503
1,023
6,508
49,703
37,809
11,894
1,888
533
1,009
6,903
49,881
37,628
12,252
1,649
245
986
4,167
34,836
24,584
10,251
1,979
338
1,780
4,368
40,585
26,917
13,668
2,129
430
1,596
5,363
50,774
34,451
16,322
1,893
444
1,216
5,709
52,908
17,420
1,817
579
1,287
6,538
53,742
35,526
18,216
1,724
608
1,170
7,221
57,643
37,576
20,067
2,027
650
1,130
7,734
58,244
37,972
20,272
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
6,659
4,918
8,178
10,037
9,656
8,666
6,564
10,314
17,280
15,338
10,970
8,824
13,028
21,177
21,370
11,724
9,036
14,063
23,231
23,852
12,321
9,722
14,971
25,399
25,999
13,138
10,429
15,930
28,179
28,520
13,313
11,266
17,011
30,574
31,191
9,079
6,395
9,180
11,449
10,780
12,718
8,982
12,401
19,672
18,299
15,560
11,299
15,598
24,401
24,818
16,594
11,225
16,524
26,809
27,416
16,957
11,547
17,348
28,935
30,167
18,030
12,628
18,637
31,634
33,189
18,643
13,364
19,531
34,143
35,889
919
269
7,103
1,366
383
10,392
1,641
481
12,139
1,655
500
13,224
1,703
527
13,859
1,836
540
14,788
2,014
560
15,684
1,740
347
6,477
2,440
545
9,785
2,795
754
12,130
2,767
728
12,926
2,866
762
13,839
3,003
793
15,199
3,431
827
15,934
Total gross state product
Federal civilian government
Federal military
State and local government
35,487
Plains
40,123
59377
72,296
76,836
81,943
88,559
93,978
148,907
228339
278318
289,715
305,244
325,025
348,523
2,139
148
69
1,978
13,017
8,426
4,591
3,242
209
62
1,692
17,257
10,393
6,864
2,822
303
82
2,153
20,684
12,328
8,356
3,018
274
96
2,440
21,544
12,660
8,883
3,003
381
102
2,738
23,538
13,715
9,823
2,620
393
118
3,063
25,741
14,879
10,861
3,153
412
121
3,325
26,019
14,867
11,152
12,052
739
1,783
7,680
31,197
12,669
18,384
1,116
4,202
8,515
44,334
24,730
19,604
17,722
1,136
3,358
10,508
55,490
32,090
23,400
17,274
1,059
2,061
11,474
58,149
33,456
24,693
15,851
1,533
2,120
12,382
61,997
35,387
26,609
14,566
1,563
2,283
12,609
66,906
37,598
29,308
*7,857
1,630
2,174
12,897
68,877
38,312
30,565
Transportation and public utilities .....
Wholesale trade
t
Retail trade
Finance, insurance, and real estate
Services
3,015
2,475
3,807
5,328
4,377
4,571
3,677
5,161
9,762
7,610
5,843
4,455
6,458
12,075
10,029
6,290
4,477
6,811
13,192
10,836
6,309
4,751
7,199
13,994
11,817
6,809
5,143
7,806
15,026
13,113
7,028
5,555
8,346
16,349
14,298
14,629
11,899
14,989
20,788
16,898
22,327
17,580
20,755
37,372
30,080
28,460
20,616
26,038
45,737
40,176
29,837
20,083
27,077
48,660
43,827
30,642
20,945
28,680
52,111
47,346
33,118
22,526
30,962
55,391
52,225
34,681
24,001
32,503
59,193
57,271
Federal civilian government .
Federal military
State and local government .,
433
78
3,259
687
160
5,287
904
278
6,211
951
298
6,609
1,026
315
6,769
1,141
332
7,254
1,299
345
7,727
3,108
1,512
11,633
3,250
2,349
18,075
4,250
2,832
21,996
3,666
2,990
23,556
3,673
3,178
24,786
3,057
3,289
26,530
5,835
3,425
28,179
Total gross state product
Farms
Agricultural services, forestry, and fisheries
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
18,528
Kansas
26,598
37,805
41,680
42,924
44,659
47^58
52374
20393
33349
40,716
41,777
43,956
46,615
48^29
Farms
Agricultural services, forestry, and fisheries
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
3,111
189
59
1,356
6,565
3,961
2,604
4,608
310
63
1,272
8,474
4,801
3,672
4,200
269
95
1,321
8,868
4,932
3,937
4,299
232
102
1,343
9,037
4,975
4,062
3,534
360
121
1,435
10,154
5,692
4,462
3,192
365
130
1,622
10,935
6,068
4,867
4,257
373
112
1,770
11,396
6,325
5,072
1,388
107
730
1,103
4,056
2,162
1,893
2,463
141
1,452
1,338
6,012
3,087
2,924
2,490
139
1,325
1,569
7,661
4,100
3,562
2,378
134
696
1,754
8,203
4,361
3,842
2,393
190
708
1,889
8,473
4,430
4,043
2,379
196
797
1,814
8,959
4,605
4,354
2,292
209
671
1,765
9,041
4,671
4,370
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
2,166
1,880
2,498
3,648
2,637
2,950
2,618
3,131
6,662
4,370
3,491
2,905
3,675
7,338
5,564
3,692
2,819
3,755
7,658
6,013
3,649
2,889
3,954
8,062
6,387
3,991
3,108
4,290
8,589
7,099
4,152
3,390
4,563
9,511
7,786
2,192
1,530
2,035
2,751
2,237
3,812
2,354
2,912
5,185
4,045
4,856
2,854
3,578
6,329
5,264
4,958
2,797
3,756
6,506
5,703
5,179
2,823
4,002
7,091
6,098
5,604
2,952
4,356
7,508
6,715
5,907
3,078
4,527
7,970
7,362
Federal civilian government
Federal military
State and local government
329
46
2,116
122
64
3,161
215
91
3,648
30
102
3,840
-20
112
4,021
-304
117
4,423
421
121
4,723
403
436
1,625
450
743
2,643
591
848
3,211
544
894
3,456
549
959
3,602
518
1,001
3,818
859
1,026
4,121
Total gross state product
SURVEY OF CURRENT BUSINESS
54
December 1991
Table 5.—Gross State Product for States and Regions, by Industry, Selected Years, 1977-89—Continued
[Millions of dollars]
1977
1982
1987
1989
Missouri
35362
56,013
71,289
75,651
80,881
87,238
93,559
41,476
61358
79,461
84335
89,168
94,932
100,081
Farms
Agricultural services, forestry, and fisheries
Mining
;
Construction
Manufacturing
.
Durable goods
.
Nondurable goods
2,745
142
408
1,855
7,527
4,545
2,982
3,401
216
588
1,854
11,940
6,965
4,975
3,178
254
423
2,531
15,191
8,944
6,248
3,271
240
288
2,880
16,092
9,453
6,639
2,973
329
323
3,282
17,490
10,191
7,299
2,578
338
3,258
19,486
11,287
8,199
3,457
356
413
3,453
19,766
11,190
8,576
1,632
148
262
1,996
10,233
6,373
3,860
2,102
217
373
2,248
13,873
7,934
5,939
2,097
251
289
3,233
18,956
11,711
7,245
1,914
245
279
3,663
19,855
12,216
7,639
1,850
351
288
3,842
20,623
12,408
8,215
1,856
358
289
3,903
21,764
12,731
9,033
1,966
372
285
3,856
22,708
13,065
9,643
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
3,287
3,100
3,506
5,305
4,269
5,036
4,660
5,260
9,640
7,865
6,596
5,762
6,750
12,720
10,876
6,897
5,689
7,020
13,995
11,915
7,182
5,943
7,486
15,138
13,008
7,780
6,486
8,196
16,135
14,411
8,272
6,949
8,619
17,188
15,963
4,596
3,370
4,350
5,411
5,110
6,736
4,952
5,991
9,299
9,217
8,734
5,795
8,008
11,658
12,600
9,409
5,606
8,471
12,765
13,828
9,765
6,015
8,908
13,686
15,049
10,521
6,485
9,444
14,558
16,484
10,981
6,878
9,870
15,198
17,953
580
101
3,038
649
121
4,783
854
163
5,991
764
185
6,415
758
204
6,766
668
216
7,315
1,212
223
7,687
1,242
352
2,773
1,693
533
4,122
2,057
664
5,119
"2,002
707
5,591
2,091
719
5,983
2,173
734
6,363
2,442
783
6,788
Total gross state product
Federal civilian government
Federal military
State and local government
'..
*
.
369
Nebraska
Total gross state product
13,760
21^73
25341
25,705
26,611
28318
31,115
5,418
10369
10,762
10,001
10,193
10,042
Farms
Agricultural services, forestry, and fisheries
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
1,572
86
48
622
2,034
1,103
931
2,887
135
81
765
2,904
1,399
1,505
3,033
122
91
959
3,444
1,691
1,753
2,872
121
69
939
3,515
1,703
1,812
2,588
178
72
978
3,712
1,825
1,887
2,851
183
1,057
4,074
1,973
2,101
3,414
192
64
1,070
4,196
2,034
2,162
726
29
220
424
357
161
195
1,442
43
1,567
753
453
204
249
1,344
44
1,049
540
550
244
305
1,163
40
537
512
563
244
318
1,138
57
499
544
606
283
323
606
56
505
518
656
322
334
1,060
57
503
515
675
350
325
Transportation and public utilities .....
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
1,421
1,121
1,425
2,101
1,501
2,226
1,666
1,900
3,618
2,574
2,752
1,843
2,196
4,323
3,331
2,799
1,779
2,246
4,413
3,647
2,811
1,854
2,402
4,699
3,898
2,959
1,999
2,584
4,990
4,334
3,060
2,113
2,728
5,363
4,790
474
503
564
833
569
852
773
765
1,648
1,047
1,134
840
877
1,846
1,298
1,168
799
865
1,773
1,371
1,145
812
886
1,821
1,455
1,260
837
980
1,896
1,581
1,281
887
1,028
2,103
1,680
Federal civilian government .
Federal military
State and local government ..
270
267
1,294
160
422
2,034
273
511
2,467
152
536
2,617
124
568
2,728
-37
587
2,864
466
606
3,052
125
200
393
34
287
704
65
354
821
2
353
856
-8
368
869
-112
379
880
136
393
913
73
Southeast
South Dakota
5300
7373
9,070
9323
9,777
10,123
11,135
384,195
639,010
828^97
879,010
946378
1,025,196
1,091^47
Farms
....
,
Agncultural services, forestry,- and fisheries
Mining
Construction
.
Manufacturing
,
Durable goods
Nondurable goods
879
38
56
324
426
223
1,379
58
85
356
821
469
203
1,480
53
78
283
679
339
340
352
1,379
48
91
383
884
503
381
1,375
68
110
413
939
558
381
1,104
68
121
436
1,032
612
420
1,410
71
126
468
1,094
677
417
10,761
1,767
15,591
20,056
90,210
37,523
52,687
17,294
2,634
36,132
32,201
128,419
53,397
75,022
16,452
3,551
31,377
43,346
166,671
74,465
92,206
16,456
3,738
20,869
47,576
180,527
79,292
101,235
17,841
4,547
21,212
50,692
192,722
85,368
107,353
20,417
4,888
22,221
54,698
205,994
90,476
115,518
20,348
5,155
22,184
55,908
214,304
93,569
120,735
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
*/.
492
395
611
739
575
715
555
796
1,321
962
897
618
954
1,524
1,243
915
595
963
1,548
1,351
912
609
1,042
1,615
1,451
1,004
659
1,113
1,715
1,600
1,028
705
1,168
1,860
1,737
35,389
26,394
39,287
47,575
43,696
59,203
41,960
61,474
89,723
82,271
80,453
55,088
83,728
122,558
117,174
86,208
55,442
89,594
131,722
131,463
91,530
58,673
95,968
143,267
146,890
99,157
63,284
104,037
153,843
164,564
102,881
68,008
109,850
168,041
182,066
Federal civilian government
Federal military
State and local government
159
111
394
143
179
628
195
201
739
171
214
781
180
248
817
150
256
867
300
273
896
12,588
9,925
30,955
19,613
17,377
50,710
24,544
20,501
63,456
24,968
21,266
69,181
26,554
22,128
74,355
28,698
22,877
80,517
31,338
23,940
87,824
Total gross state product
25,978
40,602
52,712
55,778
59347
64,059
67386
14,795
23,712
29,792
31,015
32,708
35,130
37,169
Farms
*
,
Agricultural services, forestry, and fisheries
Mining
...
,
Construction
Manufacturing
,
Durable goods
Nondurable goods
693
103
626
1,525
6,607
3,123
3,484
1,179
162
1,562
1,233
9,315
4,348
4,967
1,112
201
1,560
1,638
12,236
6,101
6,134
1,163
181
1,198
1,777
13,145
6,521
6,624
1,227
218
1,206
1,878
14,175
6,901
7,274
1,470
219
1,297
2,042
15,177
7,398
7,780
1,381
230
1,452
2,106
15,735
7,681
8,054
1,159
88
294
844
3,811
2,143
1,668
1,513
113
1,113
5,769
2,823
2,947
1,562
128
662
1,403
7,254
3,778
3,475
1,536
107
334
1,553
7,699
3,985
3,714
1,704
156
353
1,485
8,349
4,329
4,020
2,053
166
360
1,557
8,958
4,626
4,332
1,975
177
366
1,553
9,294
4,768
4,526
Transportation and public utilities
Wholesale trade
;
Retail trade
Finance, insurance, and real estate
Services
2,481
1,899
2,560
2,800
2,664
4,174
,2,634
3,617
5,391
4,778
5,405
3,353
4,735
7,517
6,579
5,693
3,349
5,120
7,931
7,562
6,047
3,449
5,333
8,383
8,464
6,905
3,638
5,686
8,768
9,234
7,236
3,928
5,955
9,561
10,073
1,317
946
1,556
1,693
1,522
2,342
1,303
2,237
3,486
2,651
3,236
1,675
2,996
4,210
3,549
3,475
1,686
3,091
4,402
3,869
3,705
1,733
3,171
4,533
4,189
3,984
1,826
3,410
4,767
4,594
4,217
1,938
3,545
5,230
5,011
Federal civilian government
Federal military
State and local government
1,386
483
2,148
2,147
914
3,495
2,700
1,078
4,598
2,678
1,113
4,868
2,930
1,193
5,043
3,036
1,227
5,360
3,201
1,226
5,803
299
204
1,062
369
303
1,761
500
386
2,232
458
401
2,402
468
418
2,444
441
419
2,595
686
438
2,739
Total gross state product
750
55
SURVEY OF CURRENT BUSINESS
December 1991
Table 5.—Gross State Product for States and Regions, by Industry, Selected Years, 1977-89—Continued
[Millions of dollars]
1977
1982
1985
1986
1987
1988
1977
1982
1985
Total gross state product
Federal civilian government
Federal military
State and local government
1988
64,140
117,197
161,750
176,588
194,884
212,761
226,964
40,504
66,793
95,287
104,810
113,098
122,717
129,776
1,717
538
3,595
7,109
3,621
3,489
2,902
903
1,736
8,638
13,294
7,421
5,874
3,215
1,220
1,666
12,478
18,074
10,542
7,532
3,495
1,356
1,184
13,602
19,408
11,405
8,003
3,918
1,580
1,161
14,445
21,129
12,511
8,617
4,405
1,743
1,250
15,616
22,545
13,088
9,457
4,460
1,856
1,075
15,768
23,133
13,344
9,790
836
149
214
1,841
9,771
3,758
6,013
1,740
216
334
3,040
14,136
5,118
9,018
1,711
324
517
5,017
19,514
7,842
11,672
1,816
321
623
5,879
21,738
8,668
13,069
1,744
406
664
5,974
23,426
9,362
14,063
1,935
431
751
6,127
24,428
9,499
14,929
2,033
442
688
5,999
24,953
9,427
15,525
6,684
4,953
7,859
11,341
10,556
11,673
8,647
13,954
19,042
21,337
16,040
11,937
19,646
26,498
31,689
17,337
12,203
21,380
29,340
36,043
18,384
13,259
23,585
33,567
40,882
19,538
14,635
26,078
35,680
45,961
19,934
15,700
27,689
37,908
51,302
4,343
3,853
4,163
4,869
4,607
7,332
6,405
6,487
8,923
8,495
10,601
9,422
9,434
13,683
12,943
11,731
9,378
10,163
15,205
14,966
12,751
9,816
11,087
16,392
16,943
13,798
10,812
11,941
18,262
19,116
14,158
11,595
12,624
19,776
21,158
1,564
1,602
6,015
2,545
2,653
9,873
3,237
3,177
12,871
3,369
3,422
14,447
3,582
3,553
15,839
4,022
3,653
17,635
4,367
3,945
19,826
1,522
985
3,351
2,278
1,807
5,599
2,970
2,049
7,101
3,015
2,159
7,817
3,157
2,218
8,521
3,445
2,324
9,347
3,681
2,412
10,258
607
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
1987
Georgia
Florida
Farms
Agricultural services, forestry, and fisheries
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
1986
Louisiana
Kentucky
28384
42380
51307
53,986
57,426
61,631
65358
39,478
77,986
81,962
72300
72,125
76340
79,138
Farms
Agricultural services, forestry, and fisheries
Mining
Construction '.
Manufacturing
Durable goods
Nondurable goods
1,303
77
2,180
1,355
8,454
4,218
4,236
2,148
156
3,422
2,144
9,973
4,685
5,288
1,870
197
3,091
2,311
12,531
6,183
6,348
1,655
210
2,856
2,584
13,139
6,322
6,817
1,706
268
3,016
2,977
13,878
6,810
7,068
1,805
283
2,923
3,175
14,840
7,287
7,553
2,085
286
2,958
3,355
15,461
7,592
7,868
707
153
7,681
2,494
7,056
2,021
5,034
989
183
21,161
4,837
9,301
2,830
6,471
724
250
17,699
4,350
10,468
2,869
7,598
792
264
9,243
3,734
10,874
2,661
8,212
915
263
9,241
3,439
10,854
2,692
8,162
1,264
282
9,740
3,744
12,003
2,905
9,098
902
290
9,634
3,792
12,394
3,077
9,317
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
2,286
1,502
2,613
3,044
2,573
3,568
2,178
3,754
5,655
4,421
4,507
2,606
4,645
7,890
5,821
4,827
2,498
4,875
8,528
6,481
4,968
2,713
5,175
8,750
7,211
5,571
2,865
5,642
9,305
8,077
5,852
3,159
5,949
10,172
8,883
3,449
2,389
3,275
5,056
3,673
6,816
3,996
5,392
11,286
7,691
8,421
4,444
6,509
12,320
9,585
8,318
3,951
6,337
11,515
9,948
8 225
3,882
6,149
11,403
10,354
8,729
4,118
6,410
11,372
11,278
8,908
4,355
6,677
11,996
12,201
Federal civilian government
Federal military
State and local government
714
650
1,831
1,088
993
2,880
1,449 .
1,130
3,459
1,474
1,132
3,727
1,598
1,173
3,992
1,685
1,217
4,241
1,891
1,244
4,563
535
426
2,585
806
772
4,755
947
892
5,354
934
935
5,456
965
1,007
5,427
1,052
1,054
5,494
1,193
1,087
5,710
Total gross state product
Mississippi
North Carolina
16,027
25301
31,125
31,734
33,281
36,255
38,135
44,148
69,182
94,622
104,054
112,288
121,489
130,085
Farms
.....
Agricultural services, forestry, and fisheries
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
992
87
368
846
4,308
2,222
2,086
1,323
130
1,341
1,494
6,034
3,197
2,837
1,129
136
1,029
1,279
8,311
4,620
3,691
1,019
118
571
1,297
8,871
4,916
3,955
1,239
145
570
1,324
9,261
5,338
3,923
1,547
137
599
1,417
10,275
5,844
4,431
1,207
146
592
1,520
10,514
6,034
4,480
1,481
164
101
1,885
15,362
5.036
10,326
2,310
251
178
2,219
22,013
7,840
14,173
2,153
373
267
3,810
29,276
11,309
17,968
2,176
403
304
4,290
32,762
12,050
20,712
2,202
519
339
4,648
34,927
12,950
21,977
2,388
564
382
5,060
36,920
13,623
23,297
2,686
594
359
5,115
38,970
14,252
24,718
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
1,261
1,001
1,709
1,789
1,573
2,042
1,393
2,466
3,421
2,599
2,746
1,602
3,184
4,503
3,279
2,872
1,571
3,295
4,404
3,617
3,099
1,589
3,333
4,587
3,887
3,332
1,752
3,507
4,914
4,274
3,532
1,915
3,648
5,328
4,683
3,627
2,780
4,310
4,376
4,323
5,928
4,502
6,476
8,560
7,419
8,356
6,090
9,353
12,438
10,912
9,073
6,133
10,091
14,199
12,088
9,739
6,699
10,942
15,349
13,501
10,570
7,233
12,033
16,486
15,385
11,042
7,830
12,777
17,889
17,107
408
353
1,333
532
623
2,102
684
708
2,535
653
750
2,697
682
754
2,812
689
763
3,047
907
760
3,384
780
1,327
3,631
1,230
2,298
5,799
1,541
2,752
7,303
1,595
2,800
8,142
1,628
2,904
8,892
1,841
2,957
9,670
1,972
3,139
10,605
Total gross state product
Federal civilian government
Federal military
State and local government
,
,
,
,
Tennessee
South Carolina
19378
32,030
42,195
45304
49,608
54338
60,150
33,249
51,879
67,967
73,213
80307
86,949
92,267
Farms
Agricultural services, forestry, and fisheries
Mining
,
Construction
Manufacturing
Durable goods
Nondurable goods
,
412
79
46
841
6,282
1,934
4,348
658
120
67
1,141
9,003
2,918
6,085
563
166
94
1,690
11,285
3,931
7,354
460
177
106
1,886
12,250
4,218
8,032
561
212
122
1,975
4,682
8,720
653
234
147
2,208
14,625
5,177
9,447
707
243
123
2,342
15,443
5,423
10,020
833
101
280
1,570
9,636
4,401
5,235
1,515
168
350
2,114
13,274
5,850
7,423
1,324
203
326
2,844
16,864
8,643
8,221
1,188
199
315
3,251
17,957
9,252
8,705
1,353
286
337
3,619
19,461
9,977
9,484
1,476
292
375
3,855
21,046
10,681
10,365
1,426
312
354
4,013
22,161
11,243
10,918
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
1,431
1,227
2,077
2,123
1,973
2,763
1,918
3,148
4,014
3,512
3,807
2,460
4,447
5,578
5,038
4,125
2,496
4,938
6,050
5,739
4,314
2,634
5,404
6,479
6,447
4,751
2,836
5,850
7,074
7,280
4,961
3,043
6,216
9,593
8,185
2,460
2,704
3,728
3,785
3,841
3,718
3,874
5,727
7,177
7,209
5,047
5,038
7,724
10,046
10,180
5,558
5,333
8,247
11,042
11,371
6,371
5,710
8,800
12,221
12,529
6,904
5,900
9,491
13,152
13,998
7,326
6,271
9,903
13,981
15,494
Federal civilian government
Federal military
State and local government
569
1,014
1,805
1,703
3,102
1,096
1,894
4,077
1,127
1,934
4,516
1,196
1,970
4,891
1,333
2,001
5,344
1,508
2,082
5,705
1,441
246
2,625
2,397
402
3,954
3,016
452
4,902
3,111
468
5,175
3,454
498
5,869
3,597
515
6,347
3,716
537
6,772
Total gross state product
13,402
56
SURVEY OF CURRENT BUSINESS
December 1991
Table 5.—Gross State Product for States and Regions, by Industry, Selected Years, 1977-89—Continued
[Millions of dollars]
1977
1982
1985
1986 1987
1988
1989
1977
1982
Virginia
Total gross state product
1985
1986
1987
1988
1989
West Virginia
42,781
70,245
96,008
115^81
126,668
136,497
14,633
21,503
234)70
24,217
25,025
26,660
27,922
Farms
Agricultural services, forestry, and fisheries
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
542
136
839
2,363
3,321
5,338
869
190
1,185
3,137
13,083
4,737
8,346
927
309
1,096
5,412
17,278
6,735
10,543
981
361
1,066
6,577
18,932
7,301
11,631
1,100
432
1,121
7,656
20,001
7,834
12,167
1,235
473
1,211
8,570
20,912
8,190
12,722
1,302
510
1,187
9,013
21,894
8,450
13,444
85
24
2,422
897
3,154
1,724
1,429
146
41
4,045
1,090
3,224
1,631
1,592
162
45
3,370
1,114
3,582
1,912
1,670
175
42
3,069
1,147
3,752
1,994
1,759
170
62
3,083
1,273
3,858
1,981
1,878
186
63
3,185
1,328
4,264
2,157
2,107
184
68
3,397
1,335
4,352
2,278
2,074
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
4,165
2,412
4,145
5,231
5,096
6,135
4,045
6,399
9,854
9,907
8,993
5,238
8,939
14,209
14,805
9,856
5,667
9,862
15,590
16,768
10,559
6,033
10,757
17,840
19,311
11,516
6,469
11,688
19,913
21,876
12,091
7,014
12,463
22,086
24,182
729
1,292
1,466
1,295
2,712
1,063
1,817
2,914
2,252
3,293
1,223
2,117
3,664
2,794
3,341
1,177
2,193
3,516
3,012
3,368
1,155
2,232
3,763
3,172
3,558
1,200
2,300
4,148
3,491
3,625
1,260
2,405
4,523
3,788
Federal civilian government
Federal military
.
State and local government
3,144
2,604
3,444
5,000
4,861
5,579
5,992
5,919
6,892
6,132
6,082
7,637
6,442
6,370
8,260
7,053
6,672
9,078
7,662
6,992
10,103
226
30
1,126
340
47
1,812
413
64
2,131
424
69
2,299
452
71
2,365
503
75
2,360
554
78
2,355
8,660
Southwest
Arizona
184,596
356,400
430,828
418307
431,753
458,666
483,119
18,918
33,548
49312
54,269
58,480
62375
65306
Farms
.
Agricultural services, forestry, and fisheries .
Mining
Construction
Manufacturing
.
Durable goods
,
Nondurable goods ....
4,403
864
20,091
12,550
32,700
16,900
15,801
7,448
1,297
57,709
21,057
53,672
30,460
23,212
7,483
1,568
48,850
25,412
62,914
34,732
28,182
7,415
1,569
28,765
24,610
64,500
34,845
29,655
8,792
1,904
29,953
22,220
66,353
36,098
30,255
9,498
1,978
30,456
22,066
72,725
38,900
33,825
9,251
2,029
30,523
22,014
74,746
40,593
34,153
531
139
536
1,439
2,616
2,112
504
797
221
610
2,887
4,667
3,724
943
793
279
496
5,303
6,415
5,207
1,208
857
320
515
5,705
7,153
5,768
1,385
1,134
385
660
5,202
7,764
6,229
1,535
1,210
399
783
4,964
8,224
6,495
1,729
1,158
412
797
4,646
8,300
6,509
1,790
Transportation and public utilities
Wholesale trade
Retail trade .
Finance, insurance, and real estate .
Services
,
17,629
12,523
17,627
23,480
20,772
34,106
23,979
30,935
45,509
42,930
43,535
28,460
40,077
65,094
59,507
44,204
27,933
40,415
65,401
63,736
46,291
27,441
40,931
66,493
69,010
49,532
28,513
43,457
69,104
75,822
51,958
30,113
45,412
74,102
83,094
1,839
1,058
2,295
2,935
2,572
2,973
1,809
3,859
5,246
5,173
4,313
2,685
5,656
8,636
8,059
4,760
2,701
6,044
9,773
9,223
5,229
2,964
6,496
10,598
10,357
5,704
3,054
6,944
11,040
11,710
6,024
3,443
7,360
11,442
12,711
Federal civilian government .
Federal military
,
State and local government .
5,089
3,566
13,302
7,572
5,720
24,467
9,516
6,505
31,908
9,494
6,816
33,949
9,664
7,105
35,596
10,339
7,238
37,937
11,695
7,422
40,761
666
438
1,853
1,003
700
3,603
1,347
814
4,517
1,354
843
5,021
1,372
875
5,444
1,458
919
5,965
1,578
967
6,468
Total gross state product
New Mexico
10,196
19335
23,516
22,273
23,039
24,263
25,414
23,647
48^60
50,171
47,191
47371
49,903
52342
Farms
,
Agricultural services, forestry, and fisheries
Mining
Construction
,
Manufacturing
,
Durable goods
Nondurable goods
302
34
1,666
673
615
328
287
397
52
4,699
1,301
1,028
525
503
460
64
4,075
1,540
1,409
778
631
432
65
2,416
1,520
1,431
781
650
477
82
2,413
1,440
1,388
819
569
524
87
2,530
1,447
1,569
931
638
564
87
2,526
1,457
1,687
1,020
667
715
102
2,821
1,339
3,661
2,197
1,464
1,799
133
9,391
2,284
6,223
3,702
2,520
1,445
138
6,213
2,015
6,960
3,899
3,061
1,642
130
3,570
1,767
6,907
3,799
3,109
1,722
173
3,663
1,638
6,800
3,795
3,005
1,908
172
3,571
1,765
7,330
4,107
3,223
1,970
176
3,615
1,816
7,430
4,335
3,095
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
933
468
1,011
1,449
1,239
1,872
811
1,539
2,778
2,376
2,369
956
1,981
3,641
3,306
2,371
919
2,068
3,569
3,618
2,460
935
2,210
3,690
3,861
2,568
1,000
2,355
3,721
4,228
2,548
1,040
2,460
3,970
4,572
2,204
1,601
2,422
2,945
2,622
4,334
3,210
4,141
6,133
5,135
5,183
3,111
4,945
7,159
6,350
5,355
2,821
4,816
6,727
6,603
5,380
2,675
4,729
6,678
7,008
5,655
2,916
5,089
6,786
7,637
5,815
3,061
5,222
7,244
8,362
Federal civilian government
Federal military
State and local government
492
280
1,035
696
456
1,830
854
563
2,297
863
584
2,416
904
603
2,576
970
598
2,666
1,098
604
2,802
982
491
1,742
1,465
866
3,445
1,639
1,007
4,007
1,592
1,042
4,219
1,605
1,106
4,195
1,557
1,112
4,406
1,800
1,106
4,723
Total gross state product
Rocky Mountain
131335
254,457
307328
295,074
302362
322,125
340,057
53,508
97,998
116322
116387
120,178
126,730
134373
Farms
Agricultural services, forestry, and fisheries
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
2,856
588
15,068
9,098
25,809
12,263
13,546
4,455
891
43,009
14,586
41,754
22,509
19,245
4,785
1,086
38,066
16,554
48,130
24,848
23,282
4,485
1,054
22,264
15,618
24,497
24,512
5,459
1,265
23,218
13,941
50,401
25,255
25,145
5,856
1,321
23,572
13,890
55,603
27,367
28,236
5,559
1,353
23,584
14,095
57,329
28,729
28,600
2,145
252
3,642
3,949
7,239
4,495
2,744
3,858
407
9,525
7,036
11,197
6,882
4,315
3,229
516
7,605
7,650
14,316
8,732
5,583
3,582
472
5,331
7,202
14,885
9,045
5,840
4,065
626
5,187
6,031
15,605
9,436
6,170
4,117
639
5,393
5,793
16,914
10,054
6,860
4,826
661
5,437
6,024
17,747
10,714
7,033
Transportation and public utilities .
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
12,652
9,397
11,900
16,150
14,338
24,925
18,149
21,395
31,352
30,246
31,670
21,707
27,496
45,658
41,792
31,718
21,492
27,488
45,332
44,292
33,222
20,866
27,496
45,527
47,784
35,604
21,543
29,069
47,557
52,247
37,570
22,568
30,369
51,446
57,450
5,091
3,471
5,785
7,540
6,637
10,467
6,088
9,157
14,902
12,805
13,535
7,199
11,425
18,361
17,115
13,660
6,887
11,689
18,322
18,536
13,898
6,907
11,710
18,954
20,000
14,893
7,188
12,366
19,224
22,040
15,404
7,757
13,093
20,671
24,250
2,949
2,358
8,672
3,698
15,588
5,675
4,121
21,087
5,684
4,346
22,293
5,782
4,522
23,381
6,355
4,608
24,900
7,219
4,745
26,768
2,069
1,030
4,657
3,040
1,636
7,880
3,770
1,906
10,194
3,796
2,031
10,495
3,949
2,153
11,092
4,228
2,251
11,684
4,629
2,306
12,068
Total gross state product .
Federal civilian government .
Federal military
State and local government ..
57
SURVEY OF CURRENT BUSINESS
Decemberil991
Table 5.—Gross State Product for States and Regions, by Industry, Selected Years, 1977-89—Continued
[Millions of dollars]
Total gross state product
Farms
Agricultural services, forestry, and fisheries ........
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
,
Federal civilian government
Federal military
State and local government
1977
1982
1985
1986
24,535
45314
56,445
57,506
700
105
882
1,218
1,290
1,242
1987
1977
1988
1989
13,599
14,830
16,339
1,292
1,393
99
156
357
145
164
338
158
211
358
2,180
1,074
1,106
2,446
• 1,264
1,182
2,763
1,458
1,305
1,628
167
223
401
3,001
1,672
1,328
[ 1985
1989
59,630
62,490
66,180
6,929
10,376
12,547
12,664
1,251
1,412
646
60
98
541
1,166
1,104
1,046
86
168
313
118
193
365
1,185
1,571
714
471
783
788
2,154
1,060
1,095
1,088
201
248
252
309
314
1,654
3,478
2,186
1,292
2,092
3,133
5,799
3,736
2,062
1,767
3,499
7,148
4,530
2,617
1,181
3,350
7,467
4,740
2,727
1,145
2,983
7,863
4,915
2,948
1,173
2,755
8,319
5,111
338
1,634
322
1,193
2,788
8,680
5,373
3,307
2,258
1,688
2,857
3,714
3,401
4,640
3,128
4,819
7,039
7,041
6,105
3,809
6,138
9,216
9,622
6,215
3,618
6,276
9,441
10,420
6,561
3,727
6,364
9,716
11,154
7,050
3,819
6,581
9,733
12,332
7,252
4,085
6,920
10,267
13,615
591
456
763
874
844
921
645
1,386
1,046
3,773
1,636
1,176
4,792
1,674
1,257
5,114
1,746
1,337
5,474
1,879
1,407
5,717
2,069
1,416
5,940
189
109
573
2,233
1982
1988
1,418
1,401
1,385
1,510
1,606
892
1,603
2,299
2,577
753
729
759
806
1,616
1,428
1,263
1,781
1,831
1,304
1,807
1,977
1,358
1,903
2,127
1,479
2,000
2,358
254
155
890
304
191
298
206
313
215
337
216
1,070
1,103
1,152
1,241
393
224
1,325
652
989
Utah
Total gross state product
6^83
Farms
Agricultural services, forestry, and fisheries
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
431
42
425
496
709
449
260
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
696
411
655
885
743
233
101
556
Federal civilian government
Federal military
State and local government
11,061
11,460
11,497
11,771
12,178
875
55
315
61
1,227
1,107
1,011
818
72
804
770
884
445
439
558
69
854
817
941
463
478
1,395
1,471
702
329
372
973
873
427
446
698
45
800
885
898
432
466
1,177
1,447
1,429
678
614
983
601
890
611
627
1,002
1,999
1,762
1,085
2,076
1,929
1,899
1,217
1,013
1,931
1,544
314
127
871
433
140
387
147
416
159
460
172
1,042
1,064
1,077
1,119
1,898
1,649
13,104
70
870
897
1,010
531
479
1,473
677
1,162
2,160
2,100
492
194
1,129
10,116
18,018
23,525
23,985
24,622
26,450
28,135
191
26
520
773
340
40
1,058
316
59
722
345
50
539
418
62
537
454
62
571
1,550
1,056
2,840
1,937
1,224
3,980
2,708
1,271
1,043
4,038
2,716
1,322
1,022
4,476
2,930
1,546
444
65
596
1,092
4,633
3,043
1,590
3,081
1,554
2,336
3,550
3,626
3,087
1,488
2,285
3,668
4,058
3,307
1,616
2,502
3,764
4,465
3,499
1,766
2,665
4,096
4,910
1,308
494
903
1,340
3,806
2,623
1,183
1,055
1,082
1,348
1,222
2,261
1,226
1,650
2,638
2,344
2,982
1,532
2,170
3,547
3,287
612
111
914
917
207
1,192
270
286
298
309
1,554
2,302
2,185
2,388
2,595
1,418
323
2,627
711
942
Wyoming
Total gross state product
Farms
Agricultural services, forestry, and fisheries
Mining
Construction
,
Manufacturing
Durable goods
Nondurable goods
1,228
1,252
Far West
5,545
13,228
12,846
11,235
10,557
10,782
11,115
288,490
476,094
626,595
675,070
735,855
802,711
873,693
177
20
260
26
204
30
251
26
286
37
300
36
1,717
4,980
1,541
3,913
1,474
2,655
1,386
2,537
2,584
285
96
190
335
92
242
360
90
271
897
373
95
278
841
416
93
323
250
38
2,554
846
424
94
330
7,158
2,207
3,024
15,932
54,198
35,700
18,497
11,138
3,432
8,581
21,224
87,478
57,757
29,721
11,832
4,481
7,920
28,111
112,555
75,947
36,608
12,805
4,866
5,119
31,661
120,169
80,934
39,235
14,473
5,920
5,867
35,337
129,242
87,564
41,678
15,253
6,456
6,799
39,588
138,636
91,582
47,054
15,543
6,924
6,749
44,338
145,263
96,427
48,836
1,574
336
744
1,848
1,048
23,394
21,273
31,228
46,639
44,323
38,883
33,990
48,868
77,887
83,829
51,060
46,187
63,855
105,905
118,596
54,886
47,630
67,462
117,813
131,108
57,306
49,364
72,092
131,377
147,840
60,971
53,382
78,293
144,479
165,104
64,117
58,486
84,225
165,875
180,839
256
149
1,047
7,503
5,513
26,099
11,196
9,423
40,165
14,467
11,276
50,351
14,469
11,667
55,415
15,273
12,032
59,731
16,696
12,548
64,507
17,921
13,144
70,270
485
317
90
228
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
490
205
428
718
427
1,300
1,583
1,534
1,470
1,554
481
808
427
842
372
789
322
700
321
719
1,710
1,885
1,625
1,668
1,651
775
831
864
899
957
Federal civilian government
Federal military
State and local government
114
64
382
168
102
791
205
130
988
209
135
222
144
245
147
1,029
1,000
1,011
California
Nevada
....
224,134
374,086
500,538
539^307
589311
642309
697381
7,142
13,833
17,995
19355
21,478
24,657
27,960
Farms
Agricultural services, forestry, and fisheries
Mining
Construction
Manufacturing
Durable goods
,
Nondurable goods
.....
5,385
1,595
2,782
11,627
41,259
26,279
14,980
8,188
2,692
8,042
15,246
71,189
46,661
24,528
8,842
3,300
7,361
21,765
92,572
62,404
30,168
9,465
3,455
4,470
24,593
98,495
66,044
32,451
10,694
4,350
4,871
27,686
105,827
71,483
34,345
11,120
4,679
5,389
30,577
113,010
74,173
38,837
11,006
5,033
5,111
33,590
117,782
77,672
40,110
122
40
351
110
58
370
113
61
433
156
76
721
156
88
980
176
105
1,307
2,886
1,140
697
442
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
17,705
16,427
24,315
37,883
34,901
29,490
26,348
38,161
62,130
66,589
39,208
36,625
50,721
87,060
95,343
42,273
37,239
53,579
97,334
105,736
44,005
38,655
57,168
109,189
119,870
46,526
42,419
61,946
120,613
133,866
48,852
46,325
66,213
139,138
146,121
72
23
130
589
362
234
128
662
283
777
936
2,390
1,476
1,786
4,774
Federal civilian government
Federal military
State and local government
5,533
4,460
20,260
8,261
7,608
30,143
10,417
9,096
38,229
10,635
9,438
42,594
11,143
9,715
46,139
12,152
10,085
49,928
13,115
10,570
54,527
177
165
576
274
287
351
311
397
316
408
331
447
328
1,121
1,345
1,445
1,581
1,763
Total gross state product
1,158
1,381
1,617
1,761
628
387
242
947
632
315
911
574
337
990
603
386
1,284
1,689
1,839
2,002
533
716
1,851
2,544
6,321
771
1,957
2,662
6,833
850
2,130
2,887
7,585
2,245
1,075
652
423
2,226
937
2,384
3,262
8,766
2,393
1,077
2,658
3,816
9,605
492
391
1,915
58
SURVEY OF CURRENT BUSINESS
December 1991
Table 5.—Gross State Product for States and Regions, by Industry, Selected Years, 1977-89—Continued
[Millions of dollars]
1977
1985
1986
1987
1988
1989
1977
1982
1985
1986
1989
Washington
Oregon
21385
31,141
38,205
40,438
43,563
47,881
52,118
35,329
57,035
69357
75,970
81,503
87364
96,233
672
175
64
1,247
5,332
4,060
1,272
1,103
264
59
1,055
6,276
4,542
1,734
1,168
353
57
1,271
7,584
5,547
2,037
1,264
368
59
1,382
8,065
5,929
2,136
1,426
473
61
1,446
8,850
6,502
2,348
1,644
504
68
1,734
9,681
7,103
2,578
1,707
532
68
2,095
10,227
7,630
2,597
1,028
1,725
1,712
1,963
413
47
437
129
769
132
982
158
2,198
1,020
2,333
1,184
214
362
2,469
7,244
5,127
2,117
3,765
9,385
6,168
3,217
3,694
11,452
7,365
4,087
4,069
12,698
8,386
4,312
4,445
13,575
8,977
4,599
5,032
14,870
9,654
5,216
2,654
1,254
263
5,767
16,115
10,428
5,687
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
2,174
1,662
2,187
3,154
2,630
3,214
2,429
2,986
5,337
4,410
3,913
3,045
3,610
6,378
5,927
4,073
3,052
3,784
6,856
6,498
4,384
3,136
3,980
7,358
7,162
4,751
3,393
4,379
7,913
8,028
5,000
3,802
4,737
8,787
9,008
2,853
2,902
3,949
4,666
4,402
4,896
4,679
6,245
8,635
8,056
6,250
5,800
7,674
9,923
11,006
6,701
6,568
8,142
10,961
12,041
6,915
6,723
8,815
11,943
13,224
7,468
6,633
9,585
12,691
14,444
7,872
7,282
10,617
14,134
16,105
Federal civilian government
Federal military
State and local government
528
80
1,979
784
106
3,119
1,097
141
3,660
1,033
161
3,843
1,138
156
3,993
1,287
1,365
163
4,627
1,264
158
4,342
3,284
1,878
1,422
5,783
2,603
1,727
7,117
2,403
1,752
7,533
2,584
1,830
8,018
2,811
1,977
8,474
2,946
2,020
9,201
7,597
18,619
20,511
17377
16,994
17,681
19,582
8,946
14,412
17,642
19,088
20,738
23,183
25,755
7
137
759
14
137
19
316
23
513
23
397
23
470
7,213
2,406
5,326
1,757
5,300
1,326
5,543
1,197
405
89
12
425
104
11
1,022
1,212
1,473
532
167
365
610
164
446
660
171
489
713
221
492
855
253
602
942
304
638
325
50
2
890
721
110
611
395
76
2
404
110
294
205
32
0
597
559
151
407
346
65
1
1,401
7,796
2,353
21
513
5,984
847
129
718
906
146
760
924
154
770
1,690
1,048
396
111
8
2,237
1,095
168
881
912
739
253
540
1,251
1,476
1,414
940
453
1,386
1,951
2,173
644
804
829
876
1,009
859
1,459
1,328
1,836
443
1,122
1,833
2,040
1,001
1,381
1,426
1,627
2,552
2,558
2,047
2,844
3,526
2,183
3,127
3,895
2,408
3,405
4,306
2,372
1,045
2,685
3,814
4,980
2,530
1,054
2,993
4,333
5,598
382
400
706
515
593
586
682
612
714
636
764
696
813
1,810
1,821
1,730
1,714
736
859
1,908
578
964
810
932
1,375
1,506
1,220
1,143
1,826
1,411
1,142
1,849
1,520
1,180
1,890
1,598
1,251
1,958
1,799
1,307
2,033
2,061
Total gross state product
Farms
Agricultural services, forestry, and fisheries
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
Total gross state product
Farms
Agricultural services, forestry, and fisheries
Mining
:
Construction
Manufacturing
Durable goods
Nondurable goods
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Federal civilian government
Federal military
State and local government
,
396
870
1,355
1,284
518
451
1,189
1,942
1,744
1,059
1,855
1,732
412
989
1,755
1,666
405
1,022
1,748
1,780
1,347
808
1,760
183
59
SURVEY OF CURRENT BUSINESS
Decemtx^ 1991
Table 6.- -Revisions in Gross State Product for Selected Years
[Millions of dollars]
1986
1982
Previously
published
Revision as
a percent of
previously
published
Revised
United States .
1,957,586
1,957,608
Coastal regions:
Total
Revision as
a percent of
previously
published
Previously
published
3,104,127
3,104,181
Revision as
a percent of
previously
published
Previously
published
4,191,705
4,186,032
-5,673
-0.14
1,013^9
1,008,681
-4,688
-.46
1,615315
1,612,429
-2,886
-.18
2305303
2317,635
12,132
.53
New England
Connecticut
Maine
Massachusetts ....
New Hampshire .
Rhode Island
Vermont ....
102^28
29,547
7,515
49,020
6,291
7,057
3,399
103310
29,822
7,648
49,004
6,285
7,112
3,440
482
275
133
-16
-6
55
41
.47
.93
1.77
-.03
-.10
.78
1.21
164,575
47,241
12,099
77,166
11,606
10,592
5,871
163300
46,872
12,052
76,870
11,530
10,611
5,864
-775
-369
-47
-296
-76
19
-7
-.47
-.78
-.39
-.38
-.65
.18
-.12
245350
70,639
17,326
115,526
18,518
15,205
8,636
247,849
70,577
17,660
116,364
19,209
15,252
8,786
1,999
-62
334
838
691
47
150
.81
-.09
1.93
.73
3.73
.31
1.74
Mideast
Delaware .
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
390385
5,609
14,975
34,361
66,915
170,357
98,668
388,887
5,623
14,818
34,144
66,396
169,215
98,690
-1,998
14
-157
-217
-519
-1,142
22
-.51
.25
-1.05
-.63
-.78
-.67
.02
586,093
8,435
21,402
52,583
106,705
255,686
141,282
584,056
8,297
21,393
52,225
106,422
254,991
140,728
-2,037
-138
-9
-358
-283
-695
-554
-35
-1.64
-.04
-.68
-.27
-.27
-.39
818,061
11,706
28,791
76,504
154,765
362,736
183,559
820,984
11,449
30,665
77,385
158,745
358,767
183,973
2,923
-257
1,874
881
3,980
-3,969
414
36
-2.20
6.51
1.15
2.57
-1.09
.23
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
308,129
7,370
227,590
9,037
7,118
21,842
35,172
305,033
7,597
224,134
8,946
7,142
21,885
35,329
-3,096
227
-3,456
-91
24
43
157
-1.00
3.08
-1.52
-1.01
.34
.20
.45
508,137
19,648
372,541
14,259
13,796
31,148
56,745
509,126
18,619
374,086
14,412
13,833
31,141
57,035
989
-1,029
1,545
153
37
-7
290
.19
-5.24
.41
1.07
.27
-.02
.51
711,098
19,575
533,816
19,320
19,426
41,278
77,683
712,035
17,877
539,307
19,088
19,355
40,438
75,970
937
-1,698
5,491
-232
-71
-840
-1,713
.13
-8.67
1.03
Coastal Southeast
Florida
Georgia
,
North Carolina ....
South Carolina ....
Virginia
211,527
64,830
40,354
43,754
19,709
42,880
211,451
64,140
40,504
44,148
19,878
42,781
-76
-690
150
394
169
-99
-.04
-1.06
.37
.90
.86
-.23
356,510
118,301
66,766
69,128
31,940
70,375
355,447
117,197
66,793
69,182
32,030
70,245
-1,063
-1,104
27
54
90
-130
-30
-.93
.04
.08
.28
-.18
530,494
177,729
102,922
100,961
44,727
104,155
536,767
176,588
104,810
104,054
45,804
105,511
6,273
-1,141
1,888
3,093
1,077
1,356
1.18
-.64
1.83
3.06
2.41
1.30
-1.20
-.37
-2.03
-2.21
Interior regions:
Total
944,217
948,928
4,711
.50
1,488,813
1,491,753
2,940
1386,202
1,868398
-17,804
-.94
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
388,106
115,465
47,726
88,484
96,613
39,818
389,173
114,966
48,176
88,577
97,331
40,123
1,067
-499
450
93
718
305
.27
-.43
.94
.11
.74
.77
526,210
159,778
64,042
108,627
134,204
59,558
525,453
159,460
64,455
108,267
133,893
59,377
-757
-318
413
-360
-311
-181
-.14
-.20
.64
-.33
-23
-.30
700352
209,666
84,922
153,240
176,102
76,922
700,746
208,310
85,223
153,217
177,159
76,836
-106
-1,356
301
-23
1,057
-86
-.02
-.65
.35
-.02
.60
-.11
147,583
26,233
20,341
35,595
41,328
13,619
5,342
5,125
148,907
26,598
20,593
35,862
41,476
13,760
5,418
5,200
1,324
365
252
267
148
141
76
75,
.90
1.39
1.24
.75
.36
1.04
1.42
1.46
227,437
37,634
33,287
55,919
61,226
21,244
10,293
7,835
228339
37,805
33,549
56,013
61,358
21,373
10,369
7,873
902
171
262
94
132
129
76
38
.40
.45
.79
.17
.22
.61
.74
.49
292323
43,836
42,472
75,626
83,534
26,521
10,733
9,802
289,715
42,924
41,777
75,651
84,335
25,705
10,001
9,323
-2,808
-912
-695
25
801
-816
-732
-479
-.96
-2.08
-1.64
.03
.96
-3.08
-6.82
-4.89
184,656
18,996
9,982
23,587
132,091
184,596
18,918
10,196
23,647
131,835
-60
-78
214
60
-256
-.03
-.41
2.14
.25
-.19
356,834
33,603
20,023
48,700
254,508
356,400
33,548
19,835
48,560
254,457
-434
-55
-188
-140
-51
-.12
-.16
-.94
-.29
-.02
430,180
53,253
23,603
49,814
303,510
418,807
54,269
22,273
47,191
295,074
-11373
1,0.16
-1,330
-2,623
-8,436
-2.64
1.91
-5.63
-5.27
-2.78
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
53^43
24,772
6,914
6,317
10,122
5,417
53,508
24,535
6,929
6,383
10,116
5,545
-35
-237
15
66
-6
128
-.07
-.96
.22
1.04
-.06
2.36
97,639
45,252
10,432
11,007
17,892
13,056
97,998
45,314
10,376
11,061
18,018
13,228
359
62
-56
54
126
172
37
.14
-.54
.49
.70
1.32
120,192
59,177
13,170
12,163
24,008
11,673
116,887
57,506
12,664
11,497
23,985
11,235
-3305
-1,671
-506
-666
-23
-438
-2.75
-2.82
-3.84
-5.48
-.10
-3.75
Interior Southeast
Alabama
Arkansas .
Kentucky .
Louisiana
Mississippi
Tennessee
West Virginia .
170,329
25,768
14,665
28,434
38,003
15,786
33,196
14,477
172,744
25,978
14,795
28,584
39,478
16,027
33,249
14,633
2,415
210
130
150
1,475
241
53
156
1.42
.81
.89
.53
3.88
1.53
.16
1.08
280,693
40,328
23,462
42,286
75,743
25,537
51,967
21,370
283,563
40,602
23,712
42,380
77,986
25,501
51,879
21,503
2370
274
250
94
2,243
-36
-88
133
1.02
.68
1.07
.22
2.96
-.14
-.17
.62
342,455
55,007
31,633
53,135
74,426
31,830
72,328
24,096
342,243
55,778
31,015
53,986
72,300
31,734
73,213
24,217
-212
771
-618
851
-2,126
-96
885
121
-.06
1.40
-1.95
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
Southwest
Arizona
New Mexico
Oklahoma
Texas
,
,
....
NOTE.—In this table, the Far West region includes Alaska and Hawaii.
1.60
-2.86
-.30
1.22
.50
By ANTHONY J. DiLULLO
U.S, International Transactions, Third Quarter 1991
THE U.S. current-account balance deficit, as a result of a jump in imports, U.S. direct investment abroad and conshifted to a deficit of $10.5 billion in the
third quarter of 1991 from a surplus
of $3.0 billion (revised)
in the second
quarter (table A).1 The shift reflected
an increase in the merchandise trade
1. The analysis in this article is based on seasonally
adjusted estimates of the components of the current and
capital accounts. The accompanying tables present both
adjusted and unadjusted estimates.
and a shift in net unilateral transfers
to outflows from inflows.
In the capital account, net recorded
capital inflows were $10.8 billion in the
third quarter, in contrast to outflows
of $11.5 billion in the second quarter. Net outflows for U.S. assets abroad
decreased to $12.0 billion from $15.0
billion, despite a step-up in outflows for
tinued strength in net U.S. purchases
of foreign securities. Net inflows for
foreign assets in the United States increased significantly to $22.8 billion
from $3.5 billion, reflecting a large
shift, from a decrease to an increase,
in U.S. bank-reported liabilities. Foreign purchases of U.S. securities and
inflows for foreign direct investment
Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
1990
1990
Exports of goods, services, and income (1)
Merchandise, excluding military (2)
Services (3) .
Income receipts on investments (11) .
652,936
389,550
133,295
130,091
158,782
95,244
31,579
31,959
160,759
97,088
32,357
31,314
162,292
96,638
33,642
32,012
171,100
100,580
35,715
34,805
167,157
100,900
33,528
32,729
168,295
104,245
35,763
28,287
170,063
104,532
36,726
28,805
Imports of goods, services, and income (15)
Merchandise, excluding military (16)
Services (17)
Income payments on investments (25)
-722,730
-497,665
-106,919
-118,146
-177,417
-122,781
-25,679
-28,957
-178,244
-121,178
-25,759
-31,307
-181,847
-125,398
-27,239
-29,210
-185,222
-128,308
-28,242
-28,672
-173,595
-119,294
-26,455
-27,846
-172,396
-119,636
-26,818
-25,942
Unilateral transfers (29)
-22,329
-4,032
^,693
-4,326
-9,280
16,939
U.S. assets abroad, net (increase/capital outflow (-))(33)
U.S. official reserve assets, net (34)
U.S. Government assets, other than official reserve assets, net
(39).
U.S. private assets, net (43)
-57,706
-2,158
37,147
-3,177
-33,462
371
-26,689
1,739
-314
-34,703
-1,091
-923
-353
1,422
-33,033
-28,114
-1,992
-729
Foreign assets in the United States,net (increase/capital inflow (+))
(48).
Foreign official assets, net (49) .
Other foreign assets, net (56) ....
Allocations of special drawing rights (62)
Statistical discrepancy (63) .
Memorandum:
Balance on current account (69)
r
p
1991
Lines in tables 1 and 10 in which transactions are included are indicated in ( )
Change:
1991 IIHI
2,976
-669
40,993
Change:
1990-91
1990
1991
1,768
287
963
518
481,833
288,970
97,578
95,285
505,515
309,677
106,017
89,821
23,682
20,707
8,439
-5,464
-178,585
-125,018
-27,264
-26,303
-6,189
-5,382
-446
-361
-537,508
-369,357
-78,677
-89,474
-524,576
-363,948
-80,537
-80,092
12,932
5,409
-1,860
9,382
7,129
-1,937
-9,066
-13,051
22,131
35,182
-14,982
1,014
-493
-11,971
3,877
2,715
3,011
2,863
3,208
-23,004
-1,067
-1,783
-27,876
4,538
3,644
-4,872
5,605
5,427
-15,503
-18,564
-3,061
-20,154
-36,059
-15,905
3,503
22,816
19,313
47,271
25,590
-21,681
7,835
17,755
-4,289
-17,392
in*
-58,524
January-September
4,759
-38,370
31,257
49,096
86,303
32,425
53,879
-33,082
-7,022
-26,059
5,805
25,452
13,341
35,754
39,033
20,301
18,732
6,631
-7,361
-3,105
6,608
4,309
18,507
7,414
11,899
12,124
35,147
63,526
18,601
24,383
1,475
19,072
-8,849
8,451
-386
-8,837
44,459
-92,123
-22,667
-22,178
-23,881
-23,402
10,501
3,028
-10,459
-13,487
-68,726
-45,243
3,070
71,796
Revised.
Preliminary.
Table B.—Indexes of Foreign Currency Price of the U.S. Dollar
[December 1980=100]
1991
1990
ffl
x
Trade-weighted average against 10 currencies2 ,
,
91.3
102.3
102.6
Nov.
Dec.
Jan.
Feb.
Mar.
93.5
94.1
99.7
91.8
90.3
91.7
91.9
90.3
96.9
93.8
Apr.
May
June
99.2
101.0
100.6
101.5
104.7
July
99.8
Aug.
99.4
Sept
97.0
96.4
97.1
96.7
96.0
95.6
96.8
97.0
97.3
97.0
96.6
96.6
96.8
96.4
96.1
95.6
96.1
95.7
95.1
103.5
117.3
81.0
126.4
84.0
126.0
75.0
69.0
98.0
111.2
76.4
120.2
79.3
120.8
71.5
62.3
99.8
114.6
78.0
123.1
81.4
123.3
73.6
63.7
112.7
129.1
88.3
138.4
91.5
137.6
82.8
65.9
113.2
129.9
88.5
139.0
91.8
139.2
85.1
64.9
102.0
115.5
79.9
125.9
82.9
124.9
73.4
65.9
99.2
112.1
77.5
121.6
80.4
120.7
72.0
61.7
96.8
109.8
75.6
118.9
78.5
119.5
70.6
61.5
98.0
111.8
76.2
120.2
79.1
122.2
71.9
63.7
98.2
112.6
76.8
121.6
79.7
121.4
71.4
63.6
96.3
110.7
75.3
118.9
79.5
119.5
71.2
62.1
104.9
120.5
82.0
128.9
85.1
128.9
78.1
65.4
110.6
126.4
86.6
135.4
89.8
134.2
80.8
111.7
128.0
87.5
137.2
90.7
136.2
81.8
65.8
115.9
132.8
90.7
142.7
94.0
142.3
85.9
66.5
116.1
133.1
90.8
142.7
94.2
142.2
86.9
65.6
113.4
130.1
88.7
139.0
92.0
139.4
85.3
65.1
110.2
126.5
86.1
135.4
89.3
136.0
83.1
63.9
1. Currencies of 22 OECD countries—Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland,
France, Germany, Greece, Iceland, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Spain,
Sweden, Switzerland, Turkey, United Kingdom—plus Hong Kong, Republic of Korea, Singapore, and Taiwan.
Data: U.S. Department of the Treasury. End-of-month rates for months; averages of end-of-month rates for
quarters.
60
Oct.
94.7
98.7
Trade-weighted average against 26 currencies ,
Selected currencies:3
Canada
European Monetary System currencies:4
Belgium
France
.
Germany
Italy
Netherlands
United Kingdom
Switzerland
Japan
Sept.
65.3
2. Currencies of Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and
United Kingdom. Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by BEA.
. Federal
- . . Reserve
. average rates. Indexes
-.
3. Data:
Board.
Monthly and quarterly
prepared--by BEA.
4. Beginning October 1990, includes United Kingdom.
SURVEY OF CURRENT BUSINESS
December 1991
61
Table C—U.S. Merchandise Trade, Current and Constant (1987) Dollars
[Balance of payments basis, millions of dollars, quarters seasonally adjusted]
Constant (1987) dollars
Current dollars
1990
1989
1991
III
1990
1989
IV
I
1991
1990
1990
IF
UIP
III
IV
Exports
Agricultural products
Nonagricultural products
361,451
42,185
319,266
389,550
40,217
349,333
96,638
9,819
86,819
100,580
9,457
91,123
100,900
9,940
90,960
104,245
9,557
94,688
104,532
10,160
94,372
335,484
34,957
300,527
361,405
35,152
326,253
89,760
8,636
81,124
92,722
8,605
84,117
Imports
Petroleum and products .
Nonpetroleum products ..
477,368
50,920
426,448
497,665
62,108
435,557
125398
15,456
109,942
128^08
18,021
110,287
119,294
13,219
106,075
119,636
12,923
106,713
125,018
13,003
112,015
445360
51,398
393,962
452,900
51,967
400,933
114,559
13,336
101,223
111378
10,785
100,593
r
p
IF
m*
93373
8,750
84,623
97,058
8,398
88,660
98,136
9,071
89,065
107,658
11,203
96,455
111,081
12,859
98,222
117,199
12,977
104,222
I
Revised.
Preliminary.
dropped sharply after recording strong
inflows in the second quarter.
The statistical discrepancy (errors
and omissions in recorded transactions) was a net outflow of $0.4 billion
in the third quarter, in contrast to a
net inflow of $8.5 billion in the second.
August due to an increase in the deCurrent Account
mand for dollars during the short-lived
coup against the Government of the So- Merchandise trade
viet Union. The depreciation occurred
The merchandise trade deficit inas market participants grew increasingly skeptical about the strength of creased to $20.5 billion in the third
quarter from $15.4 billion in the secthe recovery.
The impact of changes in interest- ond. The increase was more than
rate differentials between U.S. and key accounted for by a jump in imports;
foreign rates varied among key cur- exports increased only slightly.
rencies (chart 4). U.S. interest rates
Exports.—Exports increased $0.3 bilfell further during the quarter, re- lion, or less than 1 percent, to $104.5
flecting both persistent weakness in billion in the third quarter (table C).
the U.S. economy and moves by the
Federal Reserve Board to lower the
CHART 4
federal funds and discount rates. ConSelected Interest Rates
currently, German monetary officials
raised official interest rates to limit Percent
persistent inflation, thereby further
SHORT TERM
widening the U.S.-German interest- 15 -s — ^ _— \
rate differential in favor of marks. DeUnited Kingdom
preciation against the Japanese yen 13 - was limited, as Japanese interest rates
fell more rapidly than U.S. rates.
U.S. dollar in exchange markets
On a trade-weighted basis, the U.S.
dollar depreciated 4 percent in the
third quarter against both an index of
the currencies of 10 industrial countries and a broader index of the currencies of 22 OECD countries and 4
newly industrialized countries in the
Far East (table B, chart 3). The dollar reached its highest point in more
than 2 years in early July, boosted in
part by expectations of a strong U.S.
economic recovery. Thereafter, it depreciated moderately throughout the
quarter, except for a brief rise in mid-
-
1
y
11 —Germany
CHART 3
\
Indexes of Foreign Currency Price of the U.S. Dollar
(December 1980 = 100)
9 -
120 TRADE-WEIGHTED AVERAGES
-X
7 -*•
United States
I I I I I I M i l l !
10 Currencies2
A
A
13
/
,,
Japan
i i i
v
iT
LONG TERM 2
—
110
United Kingdom
A /
/
100
V
26 Currencies1
90
1 1 11 1 I 11 111 I 1
1988
X I 1 1
1989
Vf
i I i i . MTN.
1990
I I I I I I I I I
1991
2. Currencies of Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and United Kingdom.
Data: Federal Reserve Board. Monthly average rates. Index rebased by BEA.
U.S. Department of Commerce, Bureau of Economic Analysis
I I i I I I I I I I I I I I I I I I I I
j
1. Currencies of 22 OECD countries-Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany,
Greece, Iceland, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom-plus
Hong Kong, Republic of Korea, Singapore, and Taiwan.
Data: U.S. Department of the Treasury. End-of-month rates.
91-12-3
F M A M
J J A S O N D J F M A M J J A S
1990
1991
1 • United States and Japan: 90-day rates; United Kingdom and
Germany: Interbank rates.
Data: Federal Reserve Board.
2. Long-term (10-year) government bond yields.
Data: Federal Reserve Board.
U.S. Department of Commerce, Bureau of Economic Analysis
.91-12-4
62
The volume of exports, measured in
constant (1987) dollars, increased 1
percent.
Nonagricultural exports decreased
$0.3 billion, or less than 1 percent, to
$94.4 billion in the third quarter. Decreases in nonagricultural industrial
supplies and materials and in capital
goods were partly offset by an increase
in automotive products. The decreases
reflected a slackening in foreign demand resulting from a continued slowdown in economic activity in a number
of industrial countries. Capital goods
decreased also because of a drop in deliveries of civilian aircraft following an
unusually high level of deliveries in
the second quarter. Most of the increase in automotive products was in
exports of passenger cars and trucks to
Canada. Exports of engines and parts
for assembly to Canada and Mexico
also increased.
Agricultural exports increased $0.6
billion, or 6 percent, to $10.2 billion in
the third quarter. Exports of corn and
wheat more than accounted for the increase, as exports to Eastern Europe,
Latin America, and developing countries in Asia and Africa picked up. Exports of soybeans and cotton decreased,
reflecting ample supplies abroad. After a sharp drop in the second quarter,
agricultural exports to Eastern Europe
recovered, spurred in part by the issuance of new U.S. Government export
credit guarantees at the end of June.
(Guarantees extended at the beginning
of the year boosted exports mostly in
the first quarter.)
Imports.—Imports increased $5.4
billion, or 4 percent, to $125.0 billion
in the third quarter. The volume of
imports, measured in constant (1987)
dollars, increased 6 percent. Nonpetroleum imports accounted for the
increase; petroleum imports were virtually unchanged. In the first three
quarters of 1991, imports in current
dollars were 2 percent lower than in
the same period of 1990, largely reflecting weakness in U.S. economic
activity.
Nonpetroleum imports increased $5.3
billion, or 5 percent, to $112.0 billion in
the third quarter. Imports of automotive products and consumer goods more
than accounted for the increase. Automotive products, which increased $3.4
billion, or 17 percent, were boosted
mainly by a step-up in imports of passenger cars from Japan, Canada, and
Mexico; imports of engines and parts
for assembly also increased. In the
first three quarters of 1991, imports
SURVEY OF CURRENT BUSINESS
of passenger cars were only 2 percent higher than in the same period of
1990, reflecting continued weakness in
U.S. sales of new passenger cars. Imports of consumer goods increased $2.6
billion. The largest increase was in
textiles; there were smaller increases
in toys, radios, televisions, and household appliances. Most of the increase
in consumer goods was in imports from
China and countries in the Far East,
where production of inexpensive consumer goods has accelerated rapidly in
recent years.
Petroleum imports increased $0.1
billion, or 1 percent, to $13.0 billion
in the third quarter. The average
number of barrels imported daily increased to 8.2 million from 8.1 million.
The average price per barrel decreased
to $17.24 from $17.31; an increase in
crude petroleum prices was more than
offset by a decrease in average prices
of other petroleum products.
Balances by area.—The merchandise
trade deficit with industrial countries
increased $2.9 billion, to $9.4 billion,
in the third quarter. The deficit with
Japan increased $2.2 billion because of
a step-up in imports. A drop in exports to Western Europe reduced the
surplus with that area by $2.0 billion.
The deficit with Canada decreased $0.7
billion, and the surplus with Australia
increased $0.5 billion.
The deficit with members of OPEC
decreased $0.3 billion; U.S. exports to
OPEC countries increased more than
imports.
The deficit with all other countries
increased $2.6 billion; the increase was
more than accounted for by a $3.4 billion increase in the combined deficit
with China and with the newly industrialized countries in Asia. Partly
offsetting was a $1.6 billion shift to
a surplus with Latin America that
mainly resulted from a jump in exports
to Brazil and Mexico.
Service transactions
The surplus in service transactions
increased $0.5 billion, to $9.5 billion,
in the third quarter. Service receipts
increased $1.0 billion, to $36.7 billion; payments increased $0.4 billion,
to $27.3 billion.
Travel receipts increased $0.3 billion, to $11.6 billion, in the third quarter. Receipts from overseas visitors
increased, but the increase was smaller
than in the previous quarter, when
travel receipts rebounded sharply after
the end of the Persian Gulf hostilities.
December 1991
Receipts from Canada and Mexico also
increased, especially in the U.S. border areas. Travel payments, at $9.9
billion, were virtually unchanged from
the second quarter. After partially recovering in the second quarter from the
effects of the Persian Gulf hostilities,
overseas travel was unchanged in the
third. Payments to Mexico and Canada
were unchanged.
Passenger fare receipts were unchanged at $3.5 billion. Passenger
fare payments increased $0.1 billion, to
$2.4 billion.
Transportation receipts increased
$0.3 billion, to $6.0 billion, in the third
quarter. Transportation payments increased $0.4 billion, to $6.1 billion.
Receipts and payments were boosted
by expenditures for port services by
air carriers, reflecting recent efforts
by U.S. and foreign carriers to expand
routes and freight services.
Receipts from other private services
were unchanged at $8.7 billion in the
third quarter, and payments increased
$0.1 billion, to $3.7 billion.
Transfers under U.S. military sales
contracts increased $0.2 billion, to $2.6
billion, in the third quarter. The increase was in deliveries to Western
Europe and the Middle East. Direct
defense expenditures abroad decreased
$0.1 billion, to $3.8 billion.
Investment income
The surplus in net investment income increased $0.2 billion, to $2.5
billion, in the third quarter. Investment income receipts increased $0.5
billion, to $28.8 billion, and payments
increased $0.4 billion, to $26.3 billion.
For both receipts and payments, increases in direct investment income
were largely offset by decreases in
other private investment income. U.S.
Government income receipts increased;
payments were unchanged.
Direct investment income.—Receipts
of income on U.S. direct investment
abroad increased $1.2 billion, to $13.4
billion, in the third quarter.
Income before capital gains and losses
increased $0.6 billion. Almost all of
the increase was in operating income of
petroleum affiliates. Operating income
of nonpetroleum affiliates was virtually unchanged; income of automotive
affiliates in Western Europe was hurt
by the slump in passenger car sales
there. Capital gains increased $0.6 billion as a result of the sale of a British
petroleum affiliate.
December! 991
Payments of income on foreign direct investment in the United States
shifted $1.5 billion from a net loss of
$0.8 billion in the second quarter to
net earnings of $0.7 billion in the third.
A shift to capital gains accounted for
most of the shift in income. Operating
losses decreased $0.4 billion.
Portfolio investment income.—Receipts of income on other private investment abroad decreased $1.0 billion, to $13.3 billion, in the third quarter. Payments of income on other private investment in the United States
decreased $1.1 billion, to $15.9 billion.
The decreases in both receipts and
payments were mainly due to sharply
lower short-term interest rates in the
United States and abroad.
U.S. Government income receipts increased $0.3 billion, to $2.1 billion,
in the third quarter. The increase
was partly due to the forgiveness and
rescheduling of interest owed to the
U.S. Government by the governments
of Poland, Egypt, and several developing countries. (Related entries appear
in the unilateral transfers and U.S.
Government capital accounts.) U.S.
Government income payments were
unchanged at $9.7 billion.
SURVEY OF CURRENT BUSINESS
U.S. Government assets other than
official reserve assets.—U.S. Government credits and other long-term assets increased $8.2 billion in the third
quarter, compared with an increase of
$1.1 billion in the second. The higher
disbursements of credits were associated with the rescheduling of $2.1
billion of Polish debt and $5.1 billion
of Egyptian debt. Repayments on credits were $11.0 billion, compared with
$0.8 billion. The higher repayments included $1.3 billion in debt forgiveness
to developing countries, $1.6 billion in
debt forgiveness to Poland, and the
rescheduling of Polish and Egyptian
debt.
Claims reported by banks.—U.S.
claims on foreigners reported by U.S.
banks increased $0.2 billion in the
third quarter, in contrast to a decrease
of $1.2 billion in the second. An increase in claims payable in foreign currencies was nearly offset by a decrease
in claims payable in dollars.
Banks' own claims payable in dollars decreased $4.2 billion. The decrease reflected weak interbank demand for dollars stemming partly from
the slackening in economic activity
abroad. Interbank claims of foreignowned banks decreased $7.7 billion;
Unilateral transfers
the decrease was mainly in claims on
their
foreign offices in Canada,
Net unilateral transfers shifted to an Japan,own
and
Asian banking centers. Inoutflow of $1.9 billion in the third quar- terbank claims
U.S.-owned banks
ter from an inflow of $7.1 billion in the increased $4.9 of
billion;
an increase
second. The shift resulted mostly from in claims to meet the end-of-quarter
a decrease, to $4.6 billion from $11.6 needs of U.S. banks' own foreign ofbillion, in cash contributions received fices,
mainly in the United Kingdom
from coalition partners in Operation and the
Caribbean, more than offset
Desert Storm. In addition, grants other decreases
during most of the
to forgive $2.9 billion in outstanding quarter. A decrease
claims on fordebts were provided to several devel- eign public borrowers in
in
Latin
oping countries ($1.3 billion) and to was due to the transfer of someAmerica
loans to
Poland ($1.6 billion).
the books of U.S. banks' foreign offices.
Banks' own claims payable in foreign
currencies increased $5.1 billion in the
Capital Account
third quarter, as banks stepped up
US. assets abroad
lending in foreign currencies. Most of
the increase was in claims on Canada
U.S. assets abroad increased $12.0 and Japan.
billion in the third quarter, compared
Banks' domestic customers' claims
with an increase of $15.0 billion in decreased $0.7 billion. U.S. money
the second. An increase in U.S. pri- market funds shifted funds from
vate assets more than accounted for abroad to the United States, as interthe third-quarter increase.
est rates on U.S Treasury securities
U.S. official reserve assets.—U.S. of- fell less rapidly than rates on overseas
ficial reserve assets decreased $3.9 bil- short-term instruments.
lion in the third quarter, following
Foreign securities.—Net U.S. pura decrease of $1.0 billion in the second. The third-quarter decrease was chases of foreign securities were
largely due to off-market sales of for- $12.5 billion in the third quarter,
eign currencies to foreign monetary only slightly below the second-quarter
record of $12.8 billion. In the first
authorities.
63
three quarters of 1991, net purchases
of foreign securities totaled a record
$34.8 billion.
Net U.S. purchases of foreign stocks
decreased $0.6 billion, to $8.5 billion.
Despite the decrease, the high level
of net purchases reflected continued
strong demand for foreign stocks. Net
purchases of both British and Japanese
stocks picked up sharply. Transactions in Canadian stocks shifted to net
purchases following several consecutive quarters of net sales. Although
net purchases of Latin American stocks
decreased, they remained substantial,
reflecting U.S. interest in offerings
resulting from the continued privatization of Latin American companies,
especially in Mexico
Net purchases of foreign bonds increased $0.3 billion, to $4.0 billion.
Transactions in outstanding bonds
shifted to net purchases of $2.7 billion
from net sales of $1.5 billion. Net purchases of British gilt-edged securities
more than accounted for the shift; declining interest rates encouraged some
investors to lock in current yields, and
others were spurred by prospects of
capital gains from rising bond prices
and the appreciation of the British
pound against the dollar. Foreign new
issues in the United States decreased
to $2.5 billion from $6.4 billion.
Direct investment.—Net outflows for
U.S. direct investment abroad were
$5.9 billion in the third quarter, compared with $1.8 billion in the second.
The increase was largely accounted for
by a shift of $2.6 billion in equity to
net outflows of $2.2 billion, mainly for
acquisitions in Western Europe and
Mexico.
Intercompany debt inflows were
nearly unchanged at $3.4 billion.
However, there were large offsetting
changes in receivables and payables
between parents and affiliates. Some
parent companies received large loan
repayments from their foreign affiliates, and others repaid loans to their
affiliates.
Reinvested earnings increased to
$7.0 billion from $5.6 billion.
Foreign assets in the United States
Foreign assets in the United States
increased $22.8 billion in the third
quarter, compared with an increase of
$3.5 billion in the second. Both foreign
official assets and other foreign assets
increased.
SURVEY OF CURRENT BUSINESS
64
Foreign official assets.—Foreign official assets in the United States increased $4.3 billion, in contrast to a
decrease of $3.1 billion (table D). Assets of developing countries other than
OPEC members increased $8.2 billion.
Assets of OPEC members decreased
$4.3 billion.
Assets of industrial
countries increased $0.4 billion.
fund an increase in foreign currency
claims.
Banks' custody liabilities decreased
$1.4 billion.
U.S. Treasury securities.—Foreign
transactions in U.S. Treasury securities shifted to net sales of $1.4
billion from net purchases of $13.4
billion. The shift was mostly due
to a slowdown from unusually large
second-quarter net purchases by interLiabilities reported by banks.—U.S. national investment funds located in
liabilities reported by U.S. banks, ex- the Caribbean.
cluding U.S. Treasury securities, inOther U.S. securities.—Net foreign
creased $8.8 billion in the third quarpurchases
of U.S. securities other than
ter, in contrast to a decrease of $28.7
billion in the second. Banks' own U.S. Treasury securities were $9.7 billiabilities payable in dollars shifted lion in the third quarter, down from
to a net increase, but the increase $15.1 billion in the second. Deprewas restrained by continued slack U.S. ciation of the dollar and weakness
in U.S. economic activity depressed
demand for loans.
Liabilities of foreign-owned banks foreign purchases of U.S. stocks.
Net foreign purchases of U.S. stocks
increased $8.4 billion, reflecting a temdecreased
to $2.0 billion from $7.4 bilporary resumption in borrowing from
overseas sources in the latter part of lion, despite a strengthening in U.S.
the quarter. In the first two quar- stock prices during the third quarter.
ters and during part of the third Some investors may have switched inquarter, liabilities of foreign-owned vestments to the British and French
banks were sharply reduced, as those stock markets, where price increases
banks borrowed from U.S. sources. outpaced those in the U.S. market.
Net foreign purchases of U.S. bonds
Foreign-owned banks' reliance on large
U.S. time deposits for funding dur- were unchanged at $7.7 billion. A
ing most of the first three quarters $3.9 billion decrease in new issues sold
was encouraged by the Federal Reserve abroad by U.S. corporations was offset
Board's ruling, effective December 27, by a $2.3 billion increase in net pur1990, that eliminated reserve require- chases of U.S. agency bonds, mainly by
ments on domestic nonpersonal time Japan, and a $1.7 billion decrease in
deposits. Short-term borrowing from net sales of outstanding U.S. bonds.
foreign banks was resumed in the third
Direct investment.—Net inflows for
quarter to fund a brief increase in lend- foreign direct investment in the United
ing to the overseas interbank market States decreased to $1.4 billion in the
and to substitute temporarily for fund- third quarter from $7.5 billion in the
ing from U.S. sources. Dollar liabilities second. In the first three quarters of
of U.S.-owned banks decreased $2.4 1991, net inflows were $13.3 billion,
billion, reflecting the decrease in U.S. compared with $32.7 billion in the first
loan demand.
three quarters of 1990. Much of the
Liabilities payable in foreign curren- decrease has been in investment by
cies increased $4.1 billion, mainly to Japan.
December 1991
Net inflows for intercompany debt
decreased to $0.3 billion in the third
quarter from $6.6 billion in the second;
several U.S. finance affiliates extended
loans to parent companies in Western Europe in the third quarter. Net
equity inflows decreased to $4.1 billion from $5.5 billion; third-quarter
inflows included a large acquisition
in manufacturing by Western Europe
and sizable contributions to affiliates
in "other" industries.
Reinvested earnings increased to
-$3.0 billion from -$4.5 billion.
Reconciliation of the
U.S.-Canadian
Current-Account Statistics
A reconciliation of the 1990 bilateral
current-account statistics of the United
States and Canada and a revision of
the 1989 current-account reconciliation
were completed by BEA and Statistics Canada in November 1991. The
results are shown in table E.
The completion of the reconciliations continues the long history of
cooperation between U.S. and Canadian statistical agencies. In 1990,
over three-fourths of the data used
by the United States and Canada
to compile U.S.-Canadian bilateral
current-account statistics was provided
through the exchange of data, including U.S. and Canadian merchandise imports (beginning January 1990);
services such as travel, passenger
fares, inland freight, and government
nonmilitary expenditures; and certain
U.S. banking data used to estimate
Canadian interest receipts.
For 1989, the difference between
the latest U.S. and Canadian published estimates of the U.S.-Canadian
current-account balance was $2.9 billion; after reconciliation, the difference
Table D.—Selected Transactions with Official Agencies
[Millions of dollars]
1991
1990
Line
1990
•
II
in
IV
I
r
n
IIIP
Change:
1991 lira
January-September
1990
1991
Change:
1990-91
1 Changes in foreign official assets in the United States, net
(decrease -) (table 1, line 49).
Industrial countriesl
Members of OPEC 2
Other countries
32,425
-7,022
5,805
13,341
20,301
6,631
-3,105
4,309
7,414
12,124
7,835
-4,289
25,547
2,163
4,715
-6,917
3,094
-3,199
6,393
193
-781
13,231
-1,699
1,809
12,840
575
6,886
-8,411
988
14,054
-2,923
-3,162
2,980
424
^,298
8,183
3,347
-1,136
5,203
12,707
1,588
-2,171
-10,910
-6,472
25,217
-23,617
-8,060
27,388
5
-2,158
-3,177
371
1,739
-353
1,014
3,877
2,863
4,538
5,605
2
3
4
Changes in U.S. official reserve assets, net (increase - ) (table 1,
line 34).
-1,091
Activity under U.S. official reciprocal currency arrangements with
foreign monetary authorities: *
6
6a
6b
Foreign drawings, or repayments (—) net
Drawings
i
Repayments
r
Revised.
Preliminary.
1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
p
-1,245
1,487
-2,732
80
1,325
-1,245
-463
153
-616
-1,067
1,210
40
40
1,487
-1,447
-2,697
2,657
-35
-40
-40
-1,210
-35
2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries.
3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange
Stabilization Fund.
-827
9
-836
65
SURVEY OF CURRENT BUSINESS
December 1991
was $0.4 billion. For 1990, the differ- because the detailed data needed to records some service transactions on
ence between the published estimates make two estimates comparable may a gross basis, whereas the United
was $3.5 billion; after reconciliation, be available from one country but not States records them on a net basis.
the difference was $0.4 billion. For from the other. In this case, ad- To achieve reconciliation of definitional
both years, the largest reconciliation justments are based on the detailed differences, a common definition must
adjustments were made to investment data that are available. Third, many be selected; either country's definition
income. A few differences, mainly in adjustments are based essentially on may be selected as the basis for comsome investment income and service pragmatic factors. When no means of parison, assuming that the data to
transactions, could not be satisfacto- clearly establishing the superiority of make the definitional adjustments are
rily reconciled because of differences in one country's data are available, recon- available. Among methodological difciled values reflect compromises by the ferences, one country may classify one
U.S. and Canadian source data.
Revisions based on the reconcilia- compilers, particularly when the com- group of transactions in an account
tion will be incorporated, as far as promise is within a reasonable range of different from that of the other counpossible, into the U.S. international error in measurement. Most statistical try. To achieve reconciliation, these
transactions estimates to be published reconciliation adjustments fall into the transactions must be reclassified to a
common account.
in June 1992. A full substitution of second and third types.
The following sections present a brief
In
addition
to
statistical
adjustthe reconciled estimates for the previously published estimates is not possi- ments, definitional and methodologi- discussion of some of the major types
ble, because of methodological and def- cal adjustments are made to the pub- of reconciliation adjustments made to
initional differences and because the lished estimates. Some definitional the accounts to achieve the results
estimates of transactions with third and methodological differences arise shown in table E. Although numerbecause of domestic requirements in ous adjustments are made, only the
countries would be affected.
The adjustments made to each coun- each country to integrate the exter- major ones, either because of importry's data fall into three categories- nal accounts with domestic-sector ac- tant conceptual differences or because
In other instances, there of the size of the adjustment, are
statistical, definitional, and meth- counts.
odological.2 There are three broad are differences of opinion between mentioned here. Some methodologtypes of statistical adjustments. First, U.S. and Canadian compilers as to ical adjustments, such as reclassifiis cor- cation and netting adjustments, are
some reconciliation adjustments are which definition or methodology
3
Among defini- necessary to achieve common treatbased on knowledge about the quality rect or preferable.
and coverage of source data. When tional differences, the United States ment, but because they are offsetone country's source data are known includes reinvested earnings as a com- ting, they do not affect the reconciled
to be superior to the other country's ponent of direct investment income, current-account balance. Some defisource data, preference for the recon- whereas Canada does not, and Canada nitional adjustments—such as the exclusion of reinvested earnings and of
ciled value is given to the superior
capital
gains and losses—do affect the
3.
Recent
efforts
by
international
organizations
to
source data. Second, some types of
harmonized guidelines for domestic-sector and reconciled balance, as do most of the
reconciliation adjustments are made develop
external accounts will provide guidance in the future in statistical adjustments.
resolving some differences. For example, the revisions
2. The fact that a reconciled value is agreed upon af- of the United Nations' System of National Accounts
Merchandise trade.—Most of the difter statistical adjustments does not necessarily indicate and the International Monetary Fund's Balance of Payferences
between published U.S. and
that the value is accurate or that there is no need for ments Manual will include harmonized treatment of
Canadian estimates of merchandise
improvements to the source data. Also, choice of one external and domestic-sector accounts. In addition, the
country's definitions or methodology over the other's in revised Balance ofPayments Manual will provide guid- trade stem from different treatment of
developing reconciliation adjustments does not indicate ance in resolving some of the other differences between
agreement on what the correct definitions should be or the United States and Canada in the compilation of certain aspects of merchandise trade
on the most appropriate methodology.
in the U.S. and Canadian balance-offoreign-sector accounts.
Table E.—United States-Canadian Balance on Current Account
[Billions of U.S. dollars]
1990
1989
Published estimates!
United
States
U.S. receipts/Canadian payments:
Goods, services, and income
Merchandise exports
Inland freight2
Other services
Investment income
,
Unilateral transfers3
,
Total
U.S. payments/Canadian receipts:
Goods, services, and income
Merchandise imports
,
Inland freight2
Other services
Investment income
Unilateral transfers3
Total .
U.S.-Canadian current-account balance (U.S. surplus/Canadian deficit +)
Reconciled estimates
United
States
Published estimates'
Reconciled estimates
United
States
Canada
United
States
Canada
United
States
Reconciliation
adjustments
United
States
105.9
78.7
2.0
11.4
13.9
106.6
79.0
2.0
13.5
12.2
0.5
103.8
78.8
2.0
11.5
11.5
0.3
104.3
78.8
2.0
11.4
12.1
0.3
-2.1
0.1
0.0
0.1
-2.4
0.3
-2.3
-0.2
0.0
-2.1
-0.1
-0.2
108.2
81.3
2.3
13.2
11.4
110.5
79.6
2.3
15.5
13.1
0.5
109.3
80.1
2.3
13.8
13.1
0.4
109.0
80.1
2.3
13.4
13.2
0.4
1.1
-1.2
0.0
0.6
1.7
0.4
-1.5
0.5
0.0
-2.1
0.1
-0.1
105.9
107.1
104.1
104.6
-1.8
-2.5
108.2
111.1
109.7
109.3
1.5
-1.8
100.7
87.8
2.1
6.5
4.2
0.4
103.6
89.2
2.1
8.2
4.0
1.5
101.7
88.3
2.5
6.5
4.4
0.6
101.7
88.3
2.5
6.2
4.8
0.6
1.0
0.5
0.4
0.0
0.2
0.2
-1.9
-0.9
0.4
-2.0
0.8
-O.9
104.1
91.1
1.9
7.0
4.1
0.3
109.0
94.7
2.4
8.7
3.3
1.7
106.8
93.0
2.5
6.7
4.6
0.6
106.0
93.0
2.5
6.3
4.2
0.6
2.7
1.9
0.6
-0.3
0.5
0.3
-3.0
-1.7
101.0
105.1
102.3
102.4
13
-2.7
104.4
110.7
107.4
106.7
3.0
-4.1
4.9
2.0
1.8
2.2
-3.1
0.2
3.8
0.3
2.3
2.7
-1.5
2.4
1. U.S. data as published in the June 1991 SURVEY OF CXJRRENT BUSINESS; Canadian data as published
in Canada's Balance of International Payments, Third Quarter 1991.
Reconciliation
adjustments
2. Inland freight is included in the merchandise trade accounts in U.S. published estimates.
3. U.S. estimates are published on a net basis.
0.1
-2.4
0.9
-1.1
66
SURVEY OF CURRENT BUSINESS
December 1991
payments accounts.4 For reconcilia- to expenditures in port by airline and timates are adjusted to exclude withtion, the main task is resolving those railroad operators are reclassified from holding taxes. Most of the other recdifferences in treatment; there are the Canadian published estimates of onciliation adjustments are made to
three major adjustments. First, inland business services to the transportation compensate for differences in source
freight is reclassified from U.S. mer- account.
data. For example, U.S. published
chandise exports to the inland freight
The U.S. published estimates of serv- estimates of receipts of income from
account to be consistent with the Cana- ice receipts are increased to include Canadian banks are increased because
dian accounts. Second, Canadian re- certain intercompany charges between U.S. estimates of claims (deposits) of
exports are added to U.S. merchandise U.S. parents and Canadian affiliates U.S. nonbank residents on Canadian
imports. In the U.S. published esti- that are not included in the underlying banks are underestimated. (Plans are
mates, which are on a country-of-origin U.S. data but that are included in the under way to resolve this problem.)
basis, these imports (Canadian reex- Canadian estimates.
The underestimation of claims leads
ports) are attributed to third countries
The remaining difference in the rec- to an understatement of U.S. income
rather than to Canada, which is the onciled service estimates is related to receipts from Canada. The Canadian
country of shipment. Third, valuation transactions of insurance companies— published estimates, which are based
differences are excluded from Cana- premiums and casualty losses. These on more complete coverage, are used
dian estimates of exports of petroleum transactions cannot be reconciled, be- for reconciliation. In another examto the United States. Canada uses cause of basic differences in data collec- ple, receipts and payments of income
information from Canadian producers; tion methods for this industry between between U.S. and Canadian affiliated
the United States uses values reported the United States and Canada.
banks are netted. The Canadian pubon U.S. customs documents.
lished estimates of receipts and payInvestment income.—To reconcile in- ments substantially exceed the U.S.
Services.—In the service accounts,
the reconciliation adjustments are vestment income, a number of adjust- estimates on a gross basis. On a net
made mainly to the Canadian pub- ments are made both to the U.S. and basis, the estimates are almost idenlished estimates. First, withholding Canadian published estimates. In di- tical. The reason for the pattern of
taxes are removed to reconcile with rect investment income, the U.S. es- biases in the gross estimates, while unthe U.S. estimates, which are pub- timates are adjusted to exclude rein- clear, may be differences in reporting
lished exclusive of withholding taxes. vested earnings and capital gains and definitions.
Transfers.—U.S. estimates are pubSecond, transactions between affili- losses. The Canadian estimates are
ated U.S. and Canadian companies are adjusted to exclude withholding taxes. lished on a net basis—transfers to
changed from a gross basis to a net Adjustments are made, as necessary, Canada less transfers to the United
basis to reconcile with the U.S. treat- to reallocate income payments on di- States. For reconciliation, gross esment. Finally, transactions related rect investment in the United States timates are used, after making some
and Canada that were made through adjustments for coverage. Canadian
holding companies in third countries. published estimates are on a gross
Differences that could not be reconciled basis. The main adjustment to the
4. The source data are the same for both countries, except for Canada's source data for petroleum
were due mainly to timing differences Canadian estimates is the exclusion of
exports. The data, except as noted, are compiled from
U.S. and Canadian customs documents filed by U.S. in recording of dividend payments and withholding taxes.
to the problems—arising from differand Canadian importers. U.S. merchandise imports
Current-account reconciliations for
are compiled from U.S. customs documents, and U.S.
ences in U.S. and Canadian source 1970—88 were published in the followexports (Canadian imports) are compiled from data prodata—with reconciling transactions of ing issues of the SURVEY OF CURRENT
vided by Canada from Canadian import documents.
Similarly, Canadian merchandise imports are compiled affiliates in the insurance industry.
BUSINESS: June 1975, September 1976
from Canadian customs documents, and Canadian exIn other private investment income and 1977, December 1979, June 1.981,
ports (U.S. imports) are compiled from data provided by
the United States from U.S. customs documents.
(portfolio), the Canadian published es- and December 1981 through 1990.
67
SURVEY OF CURRENT BUSINESS
December 1991
Table 1.- -U.S. International Transactions
[Millions of dollars!
Seasonally adjusted
Not seasonally adjusted
(Credits+; debits-) J
1990
1990
1990
1991
III"
Exports of goods, services, and income
652,936
163,152
159,712
170,642
167,455
170351
167312
160,759
162,292
171,100
167,157
168,295
170,063
Merchandise, adjusted, excluding military2
389,550
99,544
92,971
100,384
101,720
106,503
100,310
97,088
96,638
100,580
100,900
104,245
104,532
Services3
Transfers under U.S. military agency sales contracts4 .
Travel
Passenger fares
Other transportation
133,295
9,899
31,882
2,260
35,955
2,710
34,661
2,686
32,834
2,410
35,163
2,382
39,371
2,587
32,357
2,260
33,642
2,710
35,715
2,686
33,528
2,410
35,763
2,382
36,726
2,587
40,579
12,251
22,407
10,020
3,017
5,427
11,766
3,599
5,785
10,048
3,067
5,772
8,978
2,650
5,495
11,333
3,472
5,681
13,702
4,259
5,983
9,982
2,998
5,404
9,899
2,918
5,751
10,960
3,433
5,823
9,947
3,008
5,495
11,306
3,482
5,661
11,601
3,461
5,955
15,291
32,173
695
3,610
7,348
200
3,829
8,080
187
4,617
8,311
160
3,833
9,291
178
3,990
8,155
150
4,065
8,614
161
3,688
7,851
174
4,037
8,159
168
4,155
8,475
183
4,030
8,479
159
4,058
8,709
165
4,268
8,707
147
130,091
54,444
65,702
9,945
31,726
13,676
16,256
1,794
30,786
12,388
16,362
2,036
35,597
14,868
16,692
4,037
32,901
15,472
15,232
2,197
28,685
12,678
14,297
1,710
27,631
12,267
13,308
2,057
31,314
13,199
16,256
1,859
32,012
13,667
16,362
1,983
34,805
14,067
16,692
4,046
32,729
15,352
15,232
2,145
28,287
12,233
14,297
1,757
28,805
13,438
13,308
2,059
Royalties and license fees 5 6
,
Other private services6
U.S. Government miscellaneous services
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Imports of goods, services, and income
-722,730
-179,411
-184,595
-186,265
-168,669
-173,264
-181,022
-178,244
-181,847
-185,222
-173395
-172396
-178385
Merchandise, adjusted, excluding military2 .
-497,665
-121,461
-124,961
-131,090
-116,512
-119,625
-124,242
-121,178
-125,398
-128,308
-119,294
-119,636
-125,018
Services3
Direct defense expenditures
Travel
Passenger fares
Other transportation
-106,919
-17,119
-26,643
-3,818
-30,424
-4,393
-26,503
-4,929
-24,311
^,739
-27,697
-3,866
-30,478
-3,755
-25,759
-3,818
-27,239
-4,393
-28,242
-4,929
-26,455
-4,739
-26,818
-3,866
-27,264
-3,755
-38,671
-8,963
-23,463
-10,448
-2,373
-5,628
-12,410
-2,791
-6,050
-8,397
-1,969
-6,219
-6,949
-1,692
-5,621
-10,595
-2,460
-5,768
-12,467
-2,922
-6,215
-9,679
-2,246
-5,625
-9,796
-2,302
-5,991
-9,883
-2,277
-6,171
-8,684
-1,974
-5,736
-9,840
-2,325
-5,763
-9,856
-2,405
-6,149
-2,644
-13,819
-2,240
-583
-3,230
-564
-696
-3,502
-583
-lie
-3,657
-555
-807
-3,923
-826
-3,603
-579
-826
-3,699
-593
-583
-3,245
-563
-696
-3,499
-562
-776
-3,640
-565
-807
-3,924
-592
-3,619
-578
-826
-3,699
-574
-118,146
-1,782
-78,494
-37,870
-31,307
-2,300
-19,647
-9,360
-29,210
-301
-19,379
-9,530
-28,672
1,367
-20,263
-9,776
-27,846
-16
-18,016
-9,814
-25,942
813
-17,040
-9,715
-26,303
-657
-15,941
-9,705
-31,307
-2,300
-19,647
-9,360
-29,210
-301
-19,379
-9,530
-28,672
1,367
-20,263
-9,776
-27,846
-16
-18,016
-9,814
-25,942
813
-17,040
-9,715
-26,303
-657
-15,941
-9,705
-22329
-4393
-4,229
16,720
7306
-1,883
-4,693
-4326
-9,280
16,939
7,129
-1,937
-17,486
-2,947
-1,896
-3,570
-583
-241
-3,024
-659
-546
-8,079
-1,047
-387
18,255
-698
-837
8,444
-600
-339
-670
-690
-524
-3,570
-740
-383
-3,024
-731
-571
-8,079
-736
-465
18,255
-783
-533
8,444
-784
-531
-670
-784
-483
-57,706
-34,881
-27,932
-30,963
-1,933
-16380
-12396
-33,462
-26,689
-34,703
-14,982
-11,971
-2,158
371
1,739
-1,091
-353
1,014
3,877
371
1,739
-1,091
-353
1,014
3,877
-192
731
-2,697
-216
493
94
363
8
1,368
-93
-4
-995
31
-341
-43
-190
72
1,132
6
-114
3,986
-216
493
94
363
8
1,368
-93
-4
-995
31
-341
-190
72
1,132
6
-114
3,986
2,976
-7,319
10,327
-794
-1,868
1,062
-329
-1,345
1,039
4,798
-2,239
6,985
1,392
-1,314
2,762
-488
-1,062
770
2,691
-8,163
10,961
-800
-1,868
1,055
-314
-1,345
1,054
4,759
-2,239
6,946
1,422
-1,314
2,792
-493
-1,062
765
2,715
-8,163
10,986
-23
52
-56
-196
-108
-23
52
-56
-58,524
-33,437
-28,476
-34,459
-4,284
-11,160
-29,342
-19,020
-1,014
-34,670
-102
-2,972
-12,832
-9,430
-16,906
-3,212
-12,833
-19,464
-6,775
-12,511
-33,033
-2,858
-11,160
-28,114
-17,792
-1,014
-38,370
-3,802
-7,546
-1,992
-11,852
-9,430
-15,503
-1,809
-12,833
-18,564
-5,875
-12,511
-1,944
-1,760
676
-1,308
-2,076
-1,760
676
-2,509
-1,308
-2,076
5,333
-17,255
-9,984
20,598
1,215
-178
-17,255
-9,984
-24,513
20,598
1,215
Royalties and license fees 36
Other private services6
U.S. Government miscellaneous services
,
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net
U.S. Government grants4
U.S. Government pensions and other transfers
Private remittances and other transfers
,
,
U.S. assets abroad, net (increase/capital outflow (-))
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official reserve assets,
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term
assets, net
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S.
nonbanking concerns
U.S. claims reported by U.S. banks, not included
elsewhere
Foreign assets in the United States, net (increase/capital
inflow (+))
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other 10
;
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included
elsewhere
Other foreign official assets 12
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns
U.S. liabilities reported by U.S. banks, not included
elsewhere
Allocations of special drawing rights
63
63a
Statistical discrepancy (sum of above items with sign
reversed).
,
Of which seasonal adjustment discrepancy
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or
lines 64, 65, and 66) 13
Unilateral transfers, net (line 29)
Balance on current account (lines 1 ,15, and 29 or lines 67
and 68) 13
See footnotes on page 79.
-32
-108
-7,546
-2,509
-24,513
86303
31,257
49,096
39,033
-729
3303
22,816
31,257
49,096
39,033
-729
3303
22316
32,425
29,310
28,643
1,703
5,805
2,807
2,461
346
1,141
13,341
11,983
11,849
134
-248
20,301
20,827
20,119
708
1,102
6,631
2,352
2,381
-29
1,012
-3,105
-2,506
-2,287
-219
370
4,309
6,124
5,717
407
1,302
5,805
2,807
2,461
346
1,141
13,341
11,983
11,849
134
-248
20,301
20,827
20,119
708
1,102
6,631
2,352
2,381
-29
1,012
-3,105
-2,506
-2,287
-219
370
4,309
6,124
5,717
407
1,302
2,998
-1,586
2,131
-274
1,871
-265
-707
-921
2,501
766
-1,084
115
-3,144
27
2,131
-274
1,871
-265
-707
-921
2,501
766
-1,084
115
-3,144
27
53,879
37,213
1,131
25,452
9,346
4,287
2,140
35,754
7,060
24
18,732
4,538
-2,029
-7,361
4,336
3,409
5,306
6,608
7,548
13,434
15,073
18,507
1,403
-1,389
9,653
25,452
9,346
4,287
2,140
35,754
7,060
24
18,732
4,538
-2,029
-7,361
4,336
3,409
5,306
6,608
7,548
13,434
15,073
18,507
1,403
-1,389
9,653
-1,616
-760
n.a.
699
-18,795
-28,687
8,840
8,980
667
1,781
3,779
-2,558
802
4,260
-1,840
699
9,975
26,968
17,261
-2,558
802
4,260
-1,840
26,968
17,261
-1,616
-760
n.a.
-18,795
-28,687
8,840
63,526
24,278
7,948
17,066
-12344
835
5,673
24383
105
1,475
-6,473
19,072
2,007
-8349
3,995
8,451
166
-386
-6,059
-108,115
26,376
11,945
-21,917
5,239
419
-31,990
5,531
1,576
-30,706
8,159
6,925
-14,792
8,524
5,055
-13,122
7,466
2,743
-23,932
8,893
1,329
-24,090
6,598
7
-28,760
6,403
2,802
-27,728
7,473
6,133
-18,394
7,073
4,883
-15,391
8,945
2,345
-20,486
9,462
2,502
-69,794
-22,329
-16,260
-4,393
-24,883
-4,229
-15,623
-9,513
-1,214
16,720
-2,913
7,506
-13,710
-1,883
-17,485
-4,693
-19,555
-4,326
-14,122
-9,280
-6,438
16,939
-4,101
7,129
-8,522
-1,937
-92,123
-20,653
-29,112
-25,136
15,506
4,592
-15,593
-22,178
-23,881
-23,402
10,501
3,028
-10,459
68
SURVEY OF CURRENT BUSINESS
December 1991
Table 2.—U.S. Merchandise Trade
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
1990
1990
1991
1990
IV
Balance of payments adjustments to Census trade
EXPORTS
Merchandise exports, Census basis v including reexports
and including military grant shipments
393,592
97,596
100,626
93,903
101,467
102,630
107,819
101,674
96,189
98,170
97,569
101,664
101310
105,561
105,896
Adjustments:
Private gift parcel remittances
291
71
71
84
71
71
71
84
71
71
Gold exports, nonmonetary
740
132
325
198
184
132
325
198
184
31
-5,162
-1,256
108
-1,218
-14
-1,272
-56
-1,416
51
-1,137
-28
-1,126
-295
-1,159
-307
-1,256
-1,272
-56
-1,416
51
-1,137
-28
-1,126
-295
-1,159
-307
Equals: Merchandise exports, adjusted to balance of
payments basis excluding "military" (table 1, line 2)
389,550
96,651
99344
92,971
100384
101,720
106,503
100310
95,244
96,638
100,580
100,900
104,245
104332
Merchandise imports, Census basis l (general imports) .
495313
119,756
120,937
124,329
130,291
115^53
119,085
123,742
122383
120,654
124,767
127,509
118,635
119,097
124318
Inland U.S. freight to Canada2
U.S.-Canadian reconciliation adjustments, n.e.c., net 3
Merchandise exports transferred under U.S. military
agency sales contracts identified in Census
documents4
Other adjustments, net 5
-1,218
-14
Adjustments:
Electric energy
.
Gold imports, nonmonetary
Inland freight in Canada2
U.S.-Canadian reconciliation adjustment, n.e.c, net 3 .
Merchandise imports of U.S. military agencies
identified in Census documents4
Other adjustments, net 6 7
82
1,348
2,264
20
119
586
20
294
561
21
457
539
21
478
578
20
299
656
20
203
649
21
216
592
20
119
586
20
294
561
21
457
539
21
478
578
20
299
656
20
203
649
21
216
592
-1,048
-294
-251
-77
-262
-89
-284
-101
-251
-27
-285
-31
-313
-19
-299
-30
-251
-77
-262
-89
-284
-101
-251
-27
-285
-31
-313
-19
-299
-30
Equals: Merchandise imports, adjusted to balance of
payments basis, excluding "military" (table 1, line
16)
497,665
120,153
121,461
124,961
131,090
116312
119,625
124,242
122,781
121,178
125398
128308
119,294
119,636
125,018
389,550
96,651
99344
92,971
100384
101,720
106303
100310
95,244
97,088
96,638
100380
100,900
104,245
104332
111,375
96,276
10,371
13,682
18,300
7,849
12,769
22,928
10,377
15,099
27,353
23,936
2,300
3,327
4,503
1,976
3,330
5,857
2,643
3,417
29,003
25,020
2,649
3,267
4,806
2,098
3,163
6,096
2,941
3,983
25,630
22,027
2,612
3,360
4,161
1,693
2,785
5,136
2,280
3,603
29,389
25,293
2,810
3,728
4,830
2,082
3,491
5,839
2,513
4,096
30,454
26,276
2,974
4,118
5,105
2,108
3,406
5,593
2,972
4,178
30,382
26,405
2,725
3,801
5,777
2,270
3,413
5,637
2,782
3,977
26,309
22,945
2,520
3,651
4,967
1,734
2,617
4,797
2,659
3,364
27,046
23,667
2,278
3,296
4,458
1,953
3,278
5,813
2,591
3,379
28,255
24,379
2,574
3,176
4,680
2,047
3,093
5,929
2,880
3,876
26,555
22,827
2,695
3,465
4,310
1,759
2,900
5,312
2,386
3,728
29,519
25,403
2,824
3,745
4,852
2,090
3,498
5,874
2,520
4,116
30,262
26,104
2,961
4,100
5,075
2,092
3,373
5,570
2,933
4,158
29,670
25,786
2,658
3,707
5,634
2,219
3,347
5,496
2,725
3,884
27,308
23,816
2,612
3,778
5,151
1,801
2,728
4,975
2,771
3,492
83,572
47,977
21,176
12,062
22,827
11,238
19,255
11,900
20,314
12,777
20,203
12,266
22,700
11,901
20,541
11,357
20,973
11,819
22,234
10,982
19,952
12,438
20,413
12,738
20,093
12,120
22,194
11,710
21,328
.11,919
2,296
Merchandise trade, by area and country, adjusted8 to
balance of payments basis, excluding military:
EXPORTS
Total, ail countries (A-8)
Western Europe
European Communities
Belgium and Luxembourg
France 9
Germany
Italy ....".
Netherlands
United Kingdom
Other
Western Europe, excluding EC ......
Canada3
Japan
...,
Australia, New Zealand, and South Africa1(
Australia
8,302
2,074
1,932
2,249
2,047
1,858
1,883
2,219
2,054
1,874
2,319
2,055
1,850
1,835
4,341
1,536
1,510
571
724
1,405
947
1,006
1,458
1,533
620
730
1,350
944
1,104
Latin America and Other Western Hemisphere .
Brazil
Mexico
Venezuela
Other
54,272
5,040
28,103
3,055
18,074
12,447
1,245
6,449
570
4,183
13,128
1,004
7,005
780
4,339
14,148
1,396
7,189
796
4,767
14,549
1,395
7,460
909
4,785
13,361
1,152
7,054
948
4,207
15,974
1,420
8,444
1,211
4,899
16,529
1,880
8,493
1,211
4,945
12,262
1,233
6,354
559
4,116
12,778
973
6,819
758
4,228
14,678
1,437
7,460
830
4,951
14,554
1,397
7,470
908
4,779
13,260
1,114
6,861
919
4,366
15,644
1,384
8,271
1,184
4,805
17,226
1,951
8,849
1,259
5,167
Other countries in Asia and Africa 810
Asia 8 1 0
.;
Members of OPEC
China
,
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa 810
Members of OPEC
79,153
70,919
8,051
4,791
6,783
13,961
8,000
19,627
17,615
1,954
1,227
1,968
3,568
1,997
2,801
1,977
420
19,218
17,086
1,700
1,158
1,604
3,283
2,160
2,544
2,066
375
20,584
18,327
2,278
1,151
1,590
3,647
2,015
2,830
2,161
490
21,974
19,712
2,424
1,361
1,926
3,919
2,413
2,942
2,170
385
22,716
20,489
2,747
1,596
1,999
3,662
2,365
3,162
2,125
392
22,215
20,059
2,862
1,555
2,123
3,545
1,899
3,341
2,073
45'
19,353
17,575
2,078
1,227
1,600
3,385
1,812
2,913
1,733
320
19,153
17,181
1,913
1,196
1,920
3,489
1,938
2,737
1,940
415
20,076
17,832
1,776
1,219
1,671
3,451
2,224
11,138
7,990
1,617
19,724
17,891
2,119
1,255
1,621
3,463
1,828
2,963
1,786
332
20,571
18,331
2,284
1,149
1,592
3,636
2,026
2,826
2,147
487
21,766
19,172
2,352
1,329
1,873
3,820
2,334
2,868
2,128
381
22,248
20,053
2,682
1,565
1,958
3,593
2,304
3,103
2,093
388
23,217
20,929
2,979
1,619
2,209
3,716
1,964
3,500
2,198
483
558
279
279
134
279
279
254,083
13,400
121,509
63,322
3,165
29,885
65,646
3,326
30,293
61,158
4,75^
34,261
62,541
3,097
29,327
63,972
3,254
29,583
Eastern Europe ...
International organizations and unallocated
199
2,662
2,170
395
134
199
Memoranda:
Industrial countries 88 .,
Members of OPEC ..
Other countries 8
See footnotes on page 79.
59,754
3,054
30,163
65,361
3,855
31,168
65,587
3,972
31,962
67,755
4,592
34,156
62,008
3,192
31,438
65,562
3,857
31,161
65,105
3,862
31,734
66,276
4,492
33,477
63,610
4,959
35,829
SURVEY OF CURRENT BUSINESS
December 1991
69
Table 2.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
Seasonally adjusted
1991
Merchandise trade, by area and country, adjusted
to
balance of payments basis, excluding military8—
Continued:
IMPORTS
Total, all countries (A-16) .
Western Europe
European Communities
Belgium and Luxembourg
France 9
Germany
Italy
.
Netherlands
United Kingdom
Other
Western Europe, excluding EC
;
Canada 3
Japan
Australia, New Zealand, and South Africa1(
Australia
Eastern Europe
Latin America and Other Western Hemisphere .
Brazil
Mexico
Venezuela
Other.....;
Other countries
in Asia and Africa 810 .
Asia 8 1 0
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan .
Africa 8 1 0
Members of OPEC
497,665
120,153
121,461
124,961
131,090
116,512
119,625
124,242
122,781
121,178
125^98
128pO8
119,294
119,636
115,018
109,254
91,326
4,575
13,062
27,964
12,698
4,928
19,929
8,170
17,928
26,426
22,120
1,166
3,082
6,881
3,147
1,229
4,666
1,949
4,306
27,268
22,666
1,124
3,300
6,933
3,220
1,244
4,712
2,133
4,602
26,717
22,384
1,123
3.115
6,982
3,142
1,270
4,714
2,038
4,333
28,843
24,156
1,162
3,565
7,168
3,189
1,185
5,837
2,050
4,687
25,039
21,066
1,042
3,164
6,624
2,883
1,028
4,490
1,835
3,973
25,408
21,346
1,063
3,320
6,377
2,851
1,116
4,693
1,926
4,062
24,824
21,047
932
3,329
6,064
2,916
1,378
4,547
1,881
3,777
27,030
22,626
1,192
3,154
7,040
3,218
1,255
4,775
1,992
4,404
27,202
22,612
1,121
3,293
6,912
3,211
1,241
4,706
2,128
4,590
26,835
22,486
1,126
3,132
7,016
3,155
1,274
4,736
2,047
4,349
28,187
23,602
1,136
3,483
6,996
3,114
1,158
5,712
2,003
4,585
25,669
21,596
1,068
3,245
6,794
2,956
1,053
4,600
1,880
4,073
25,405
21,344
1,063
3,320
6,376
2,850
1,116
4,693
1,926
4,061
25,002
21,198
939
3,354
6,111
2,937
1,387
4,576
1,894
3,804
93,026
89,667
22,364
21,591
24,372
21,608
22,317
21,899
23,973
24,569
22,095
22,554
24,308
21,086
22,574
23,277
22,856
22,101
24,309
21,555
22,403
22,015
23,458
23,996
22,618
23,129
24,309
21,081
22,723
23,460
1,071
1,065
1,040
1,273
1,107
1,071
1,057
1,012
1,037
1,277
1,083
2,267
607
467
543
650
497
397
451
620
466
544
637
509
397
453
64,320
7,962
30,495
9,479
16,384
15,604
2,021
7,500
2,029
4,054
15,017
2,071
7,254
1,892
3,800
16,130
2,084
7,568
2,271
4,207
17,569
1,786
8,173
3,287
4,323
15,034
1,706
7,223
2,099
4,006
15,850
1,810
7,995
1,857
4,188
15,815
1,595
7,886
2,170
4,164
15,919
2,064
7,657
2,060
4,138
14,987
2,064
7,237
1,896
3,790
16,155
2,090
7,590
2,261
4,214
17,259
1,744
8,011
3,262
4,242
15,360
1,703
7,194
2,063
4,400
15,857
1,809
7,997
1,861
4,190
15,878
1,607
7,929
2,157
4,185
134,722
118,809
17,887
15,234
9,617
18,445
9,791
22,651
15,776
9,309
32,572
28,109
4,717
3,110
2,201
4,300
2,204
5,444
4,433
2,731
31,689
28,002
3,530
3,486
2,254
4,671
2,424
5,573
3,667
2,132
36,082
32,285
4,830
4,492
2,671
4,939
2,593
6,033
3,728
2,222
34,379
30,413
4,810
4,146
2,491
4,535
2,570
5,601
3,948
2,224
30,330
26,570
3,839
3,555
1,959
3,898
2,273
5,091
3,601
2,329
31,505
27,768
3,694
4,012
2,015
4,100
2,411
5,408
3,702
2,247
36,244
32,606
3,871
5,614
2,651
4,547
2,507
6,329
3,596
1,987
33>243
28,714
4,786
3,183
2,252
4,399
2,255
5,569
4,498
2,766
31,622
27,938
3,532
3,480
2,248
4,657
2,418
5,555
3,667
2,133
36,169
32,387
4,807
4,516
2,684
4,963
2,607
6,061
3,711
2,206
33,688
29,770
4,762
4,055
2,433
4,426
2,511
5,466
3,900
2,204
31,021
26,482
3,782
3,548
1,957
3,893
2,270
5,084
3,551
2,289
31,516
27,773
3,702
4,012
2,014
4,099
2,411
5,407
3,709
2,253
36,437
32,811
3,856
5,656
2,672
4,582
2,527
6,379
3,583
1,974
299,257
38,049
160,359
72,080
9,806
38,267
75,036
7,842
38,583
72,926
9,736
42,299
79,215
10,665
41,210
71,406
8,564
36,542
72,729
8,170
38,726
72,440
8,388
43,414
73,726
9,946
39,109
74,849
7,850
38,479
73,253
9,686
42,459
77,429
10,567
40,312
73,158
8,430
37,706
72,722
8,189
38,725
72,964
8,348
43,706
4,409
International organizations and unallocated ,
Memoranda:
Industrial countries8 .
Members of OPEC 8 .
Other countries8
BALANCE (EXCESS OF EXPORTS +)
Total, all countries .....
Western Europe
European Communities
Belgium and Luxembourg
France
„
Germany9
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EC .
Canada3
Japan
..
Australia, New Zealand, and South Africa10 .
Australia
Eastern Europe
90
91
Latin America and Other Western Hemisphere .
Brazil
,
Mexico
Venezuela
Other
92 Other countries
in Asia and Africa 810 .
93
Asia 8 1 0 .....
94
Members of OPEC
95
China
96
Hong Kong
97
Korea, Republic of
98
Singapore
99
Taiwan
100
Africa 810
101
Members of OPEC
International organizations and unallocated .
-108,115
-2332 -21,917 -31,990 -30,706 -14,792 -13,122 -23,932 -27,537 -24,090 -28,760 -27,728 -18394 -15391 -20,486
2,121
4,950
5,796
620
-9,664
-4,849
7,841
2,999
2,207
-2,829
927
1,816
1,134
245
-2,378
-1,171
2,101
1,191
694
-889
1,735
2,354
1,525
-33
-2,127
-1,122
1,919
1,384
808
-619
-1,087
-357
1,489
245
-2,821
-1,449
1,515
422
242
-730
546
1,137
1,648
163
-2,338
-1,107
2,306
2
463
-591
5,415
5,210
1,932
954
-1,519
-775
2,378
1,103
1,137
-9,454
-41,690
-1,188
-9,529
-1,545
-10,370
-3,062
-9,999
-3,659
-11,792
-1,892
-10,288
205
4,974
5,059
1,662
481
-600
-581
2,297
944
856
-85
1,485
1,898
1,588
322
-1,097
-1,182
1,239
250
778
-413
16
1,041
1,086
142
-2,582
-1,265
2,023
1,038
599
-1,025
1,053
1,767
1,453
-117
-2,232
-1,164
1,852
1,223
752
-714
-1,608 -2,033 -1,883 -2,075
-9,185 -11,920 -10,282 -10,573
-280
341
1,569
333
-2,706
-1,396
1,626
576
339
-621
1,332
1,801
1,688
262
-2,144
-1,024
2,340
162
517
-469
970
1,053
85
4,265
4,442
1,595
387
-742
-631
2,231
803
799
-177
2,306
2,618
1,673
424
-960
-1,136
1,341
399
877
-312
-2,451 -3,045 -2,525
-9,577 -11,258 -11,009
-2,115
-9,371
-1,395
-11,541
4,593
4,508
1,893
855
-1,719
-864
2,320
1,231
3,893
1,085
1,162
1,042
1,042
972
862
2,074
929
1,043
28
74
908
550
555
838
1,067
76
93
841
547
651
-10,048
-2,922
-2,392
-6,424
1,690
-3,157
-776
-1,051
-1,459
129
-1,889
-1,067
-249
-1,112
539
-1,982
-688
-379
-1,475
560
-3,020
-391
-713
-2,378
462
-1,673
-554
-169
-1,151
201
124
-390
449
-646
711
714
285
607
-959
781
-3,657
-831
-1,303
-1,501
-22
-2,209
-1,091
-418
-1,138
438
-1,477
-653
-130
-1,431
737
-2,705
-347
-541
-2,354
537
-2,100
-589
-333
-1,144
-34
-213
-425
274
-677
615
1,348
344
920
-898
982
-55,569
-47,890
-9,836
-10,443
-2,834
-4,484
-1,791
-11,513
-7,786
-7,692
-12,848
-10,218
-2,598
-1,855
-580
-837
-376
-2,481
-2,647
-2,399
-12,062
-10,387
-1,576
-2,259
-286
-1,103
-427
-2,772
-1,690
-1,712
-16,864
-15,199
-3,130
-3,334
-1,067
-1,656
^33
-3,489
-1,662
-1,847
-13,795
-12,086
-2,532
-2,995
-901
-888
-555
-2,771
-1,787
-1,734
-8,356
-6,858
-1,415
-2,194
-33
21
140
-2,149
-1,431
-1,944
-8,789
-7,279
-947
-2,416
-16
-438
-46
-2,246
-1,577
-1,855
-14,029
-12,547
-1,009
-4,059
-528
-1,002
-608
-2,988
-1,523
-1,530
-13,890 -12,469
-11,139 -10,757
-2,708
-1,619
-1,956
-2,284
-652
-328
-1,014
-1,168
•^143
-480
-2,656
-2,818
-2,765
-1,727
-2,446
-1,718
-16,093
-14,555
-3,031
-3,297
-1,013
-1,512
-383
-3,399
-1,541
-1,811
-13,117
-11,439
-2,478
-2,906
-841
-790
^85
-2,640
-1,753
-1,717
-9,255
-7,310
-9,268
-7,720
-1,020
-2,447
-56
-506
-107
-2,304
-1,616
-1,865
-13,220
-11,882
-877
-4,037
-463
-866
-563
-2,879
-1,385
-1,491
558
279
279
-45,174
-24,649
-38,850
-8,758
-6,641
-8,382
-9,390
-4,516
-8,290
895
976
199
134
279
279
-11,282
-3,631
-9,153
-11,185
-6,849
-9,782
-10,877
-4,596
-8,896
-1,430
-2,219
-84
-73
64
-2,216
-1,423
-1,908
134
199
Memoranda:
103
104
105
Industrial countries8 .
Members of OPEC 8 .
Other countries8
See footnotes on page 79.
-13,172
-6,682
-12,136
-13,854
-6,810
-10,042
-5,819
-4,592
-4,580
-4,974
-3,578
-4,570
-11,245
-6,494
-11,021
-11,867
-6,710
-9,151
-8,053
-4,568
-5,972
-6,446
-3,697
-5,248
-9,354
-3,389
-7,877
70
SURVEY OF CURRENT BUSINESS
December 1991
Table 2.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
1990
1990
1991
1990
III
Merchandise trade, by principal end-use category,
adjusted to balance of payments basis, excluding
military:
Merchandise exports, balance of payments basis,
excluding military (A-8)
Agricultural products
Nonagricultural products
Foods, feeds, and beverages ...,
96,651
99,544
92,971
100384
101,720
106,503
100310
95,244
97,088
96,638
100,580
100,900
104,245
104,532
40,217
349,333
11,635
85,016
10,015
89,529
8,593
84,378
9,974
90,410
10,590
91,130
9,197
97,306
8,806
91,504
10,740
84,504
10,201
86,887
9,819
86,819
9,457
91,123
9,940
90,960
9,557
94,688
10,160
94,372
35,423
10,012
8,864
8,168
8,379
9,210
8,125
8,566
9,571
9,137
8,560
8,155
9,104
8,623
9,250
31,484
14,919
4,018
6,274
3,572
3,338
5,646
4,009
9,027
4,490
1,267
1,819
1,469
807
1,320
941
7,980
4,082
1,027
1,944
660
812
1,421
1,005
6,891
3,259
999
1,318
501
817
1,273
1,041
7,586
3,088
725
1,193
942
902
1,632
1,022
7,962
3,446
761
1,516
1,188
933
1,388
1,007
7,110
2,853
721
1,131
750
915
1,487
1.105
7,361
3,245
871
1,332
618
932
1.348
1.218
8,495
4,304
1,267
1,805
1,031
851
1,357
952
8,159
3,950
1,027
1,774
998
809
1,396
1,006
7,700
3,608
999
1,515
837
811
1,400
1,044
7,130
3,057
725
1,180
706
867
1,493
1,007
7,690
3,417
761
1,627
836
985
1,431
1,021
7,460
2,826
721
1,056
1,182
912
1,434
1,106
8,398
3,680
871
1,559
1,068
928
1,503
1,219
3,939
3,241
985
827
708
1,277
1,094
793
612
1,248
1,087
1,015
846
1,205
1,037
1,076
918
978
802
860
677
1,025
844
1,414
1,254
1,163
994
852
685
105,201
25,440
26,006
25,322
28,433
28,604
28,314
26,227
25,310
25,195
25,930
28,766
28,462
27,491
26,816
8,534
2,801
1,462
1,761
2,510
2,549
963
438
488
660
1,970
645
333
468
524
1,667
492
200
423
552
2,348
701
491
382
774
2,565
1,114
336
400
715
2,023
598
473
368
584
1,405
210
235
316
644
2,197
716
377
444
660
1,991
636
374
457
524
2,070
718
346
454
552
2,276
731
365
406
774
2,198
827
289
367
715
2,046
581
523
358
584
1,707
304
422
3-37
644
96,667
14,547
14,030
5,063
7,647
22,891
3,063
2,905
1,088
1,560
24,036
3,149
3,010
1,314
1,321
23,655
3,688
3,556
1,383
1,802
26,085
4,647
4,559
1,278
2,964
26,039
3,997
3,978
1,135
2,549
26,291
3,347
3,335
1,279
1,650
24,822
3,314
3,284
1,461
1,551
23,113
3,266
3,108
1,291
1,560
23,204
3,059
2,920
1,224
1,321
23,860
3,601
3,469
1,296
1,802
26,490
4,621
4,533
1,252
2,964
26,264
4,217
4,198
1,355
2,549
25,445
3,261
3,249
1,193
1,650
25,109
3,234
3,205
1,382
1,551
Paper and paper base stocks
Textile supplies and related materials .,
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
8,479
5,759
28,377
7,631
9,043
2,129
1,411
6,895
1,956
2,183
2,174
1,502
7,240
2,009
2,304
2,126
1,390
6,733
1,806
2,276
2,050
1,456
7,509
1,860
2,280
2,221
1,573
8,219
1,810
2,362
2,310
1,745
8,196
2,011
2,469
2,139
1,598
7,556
1,877
2,397
2,120
1,410
6,803
2,006
2,149
2,111
1,444
6,984
1,879
2,229
2,134
1,435
6,863
1,868
2,303
2,114
1,470
7,727
1,878
2,362
2,213
1,577
8,124
1,861
2,332
2,248
1,677
7,917
1,881
2,391
2,150
1,654
7,721
1,945
2,426
Metals and nonmetallic products
Steelmaking materials
Iron and steel products
Nonferrous metals
Nonmonetary gold
Other precious metals
Other nonferrous metals
Other metals and nonmetallic products
22,831
2,118
4,333
10,933
3,005
1,529
6,399
5,447
5,254
488
1,003
2,463
469
378
1,616
5,658
639
1,023
2,552
705
373
1,474
5,636
499
1,074
2,736
742
398
1,596
6,283
492
1,233
3,182
1,089
380
1,7.13
5,857
389
1,049
3,005
1,016
231
1,758
6,213
529
1,258
2,877
813
210
1,854
5,941
378
1,150
2,817
853
240
1,724
5,359
596
997
2,463
469
378
1,616
1,303
5,498
528
1,030
2,552
705
373
1,474
5,656
492
1,058
2,736
742
398
1,596
6,318
502
1,248
3,182
1,089
380
1,713
5,940
472
1,044
3,005
1,016
231
1,758
6,070
439
1,266
2,877
813
210
1,854
5,979
375
1,137
2,817
853
240
1,724
Agricultural
Grains and preparations
Wheat
Com
Soybeans
Meat products and poultry
Vegetables, fruits, nuts, and preparations
Other agricultural foods, feeds, and beverages .......
Nonagricultural (fish, distilled beverages, etc.)
Fish and shellfish
.,
Industrial supplies and materials
Agricultural ....
Raw cotton .
Tobacco, unmanufactured
Hides and skins, including furskins ...
Other agricultural industrial supplies .
Nonagricultural
Energy products
t.
Fuels and lubricants11 ....
Coal and related fuels .
Petroleum and products .
Capital goods, except automotive
Machinery, except consumer-type
Electric generating machinery, electric apparatus,
and parts
Nonelectric, including parts and attachments
Oil drilling, mining, and construction machinery
Industrial engines, pumps, and compressors .......
Machine tools and metalworking machinery
Measuring, testing, and control instruments
Other industrial, agricultural, and service
industry machinery
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and
parts
1,300
1,444
1.327
1,376
1,414
1,549
1,596
37,968
39,404
37,373
39,094
39,193
43,207
40,626
29,521
30,307
29,154
30,833
31,037
33,009
31,462
23,821
3,129
26,392
2;ll4
1,621
818
1,394
5,849
3,419
26,888
2,309
1,559
802
1,441
6,270
3,058
26,096
2,222
1,452
758
1,412
5,753
3,141
27,692
2,512
1,794
765
1,528
5,949
3,249
27,788
2,381
1,674
716
1,395
5,830
3,474
29,535
2,796
1,880
830
1,543
6,497
3,354
28,108
2,609
1,878
743
1,495
6,087
25,923
13,333
9,625
2,140
6,565
3,233
2,355
516
6,237
3,389
2,460
519
6,280
3,367
2,482
517
6,841
3,344
2,328
588
6,981
3.511
2,439
633
6.764
3,736
2,577
649
6,332
3,499
2,690
596
153,839
119,815
12,747
107,068
9,157
6,426
3,143
5,775
1,388
1.370
1,386
1,419
1,488
1,650
38,819
38,267
38,992
38,961
42,636
41,558
29,734
29,955
30,787
30,835
32,443
32,303
5,900
3,322
26,412
2,244
1,559
771
1,413
5,994
3,123
26,832
2,300
1,452
785
1,450
5,931
3,186
27,601
2,520
1,794
762
1,51.8
5,996
3,243
27,592
2,360
1,673
722
1,398
5,893
3,374
29,069
2,729
1,880
801
1,511
6,213
3,422
28,881
2,693
1,879
767
1,535
6,276
6,431
3,259
2,355
513
6,274
3,290
2,460
519
6,614
3,340
2,482
530
6,604
3,444
2,328
578
6,826
3,533
2,439
629
6,821
3,640
2,577
649
6,663
3,470
2,690
610
37,761
29,339
3,116
26,223
2.093
1,621
825
1,394
7,725
1,927
1,902
1,853
2,043
2,228
2,263
2,179
1,832
1,888
1,948
2,057
2,119
2,248
2,298
Civilian aircraft, engines, parts ,
Civilian aircraft, complete, all types
Other transportation equipment
32,303
18,445
1,721
8,042
4,653
405
8,672
5,286
425
7,819
4,278
400
7,770
4,228
491
7,740
4,249
416
9,718
6,298
480
8,797
5,498
367
8,017
4,653
405
8,660
5,286
425
7,912
4,278
400
7,714
4,228
491
7,710
4,249
416
9,713
6,298
480
8,889
5,498
366
Automotive vehicles, engines, and parts .
37,394
9,455
10,530
8,112
9,297
10,930
9,542
8,855
9,666
9,594
9,279
8,540
10,081
11,215
To Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles .
Engines and engine parts
Other pans and accessories
22,609
6,297
2,690
2,769
10,853
5,939
1,793
656
700
2,790
6,632
1,983
861
752
3,036
4,779
1,184
535
647
2,413
5,259
1,337
638
670
2,614
5,165
1,610
623
614
2,318
6,213
1,832
732
814
2,835
5,302
1,462
646
706
2,488
5,395
1,557
632
633
2,573
5,954
1,701
743
689
2,821
5,874
1,603
620
111
2,874
5,386
1,436
695
670
2,585
4,871
1,511
635
562
2,163
5,566
1,565
626
747
2,628
6,424
1,954
731
836
2,903
To other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles .
Engines and engine pans
Other pans and accessories ....:
,
14,785
4,648
1,645
1,485
7,007
3,516
1,271
344
385
3,898
1,306
388
377
3,333
757
374
353
1,849
4,038
1,314
539
370
3,715
1,230
502
348
4,717
1,465
824
411
4,240
1,086
620
456
3,460
1,164
343
393
3,712
1,201
388
359
3,720
1,132
374
365
3,893
1,151
540
368
3,669
1,122
502
359
4,515
1,349
824
397
4,791
1,626
620
475
Consumer goods (nonfood), except automotive
Consumer nondurable goods, manufactured
Medical, dental, and pharmaceutical preparations,
including vitamins
Consumer durable goods, manufactured
Household and kitchen appliances and other
household goods
Unmanufactured consumer goods (gem stones,
nursery stock)
73
389^50
Exports, n.e.c ,
See footnotes on page 79.
1,815
1,635
2,017
2,078
1,560
1,764
1,849
1,834
1,686
1,945
2,070
11,258
11,555
11,526
10,904
10,169
10,942
10,701
11,459
11,477
11,128
11,204
5,553
1,229
5,220
5,517
1,309
5,511
5,411
1,403
5,62!
5,351
1,329
5,098
4,632
1,158
5,032
4,940
1,228
5,526
4,997
1,172
5,174
5,658
1,280
5,315
5,529
1,148
4,981
1,28'
5,273
1,344
5,401
5,371
1,361
5,326
1,870
1,688
1,747
1,90:
2,150
2,049
1,739
1,807
1,767
1,781
5,425
2,075
2,145
523
480
485
527
493
455
505
476
530
486
1,855
454
507
3,429
3,551
3,923
4,278
4,401
4,445
3,578
3,329
3,586
3,929
523
4,286
4,489
1,516
1,827
10,257
11,311
4,838
21,047
4,624
1,178
5,124
5,066
1,283
5,722
7,094
1,789
1,997
509
14,422
3,519
10,445
43,271
4,984
20,227
4,356
71
SURVEY OF CURRENT BUSINESS
December 1991
Table 2.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
Seasonally adjusted
1990
Merchandise trade, by principal end-use category,
adjusted to balance of payments basis, excluding
military—Continued:
Merchandise imports, balance of payments basis,
excluding military (A-16)
497,665
120,153
121,461
124,961
131,090
116,512
119,625
124,242
122,781
121,178
125398
128308
119,294
119,636
125,018
62,108
435,557
15,599
104,554
12,801
108,660
15,557
109,404
18,151
112,939
13,055
103,457
12,888
106,737
13,098
111,144
15,806
106,975
12,825
108,353
15,456
109,942
18,021
110,287
13,219
106,075
12,923
106,713
13,003
112,015
26,650
7,090
6,647
6,190
6,723
6,438
6,896
6,328
6,921
6,774
6,453
6,502
6,390
6,986
6,581
19,378
3,009
1,766
4,018
5,734
1,865
4,753
7,272
5,208
1,725
5,427
876
552
999
2,111
368
1,074
1,663
1,224
362
4,873
831
452
1,003
1,381
468
1,190
1,774
1,303
382
4,400
4,801
632
536
980
1,512
378
1,300
1,637
1,249
309
4,969
680
426
1,110
1,486
443
1,251
1,927
1,486
356
4,367
679
338
938
1,064
437
1,249
1,961
1,463
412
5,140
876
552
999
1,690
456
1,120
1,781
1,288
416
4,935
831
452
1,003
1,422
457
1,221
1,839
1,315
436
4,673
717
362
943
1,352
470
1,192
1,780
1,281
415
4,630
585
400
1,073
1,270
482
1,220
1,872
1,324
458
4,635
632
536
980
1,209
467
1,348
1,755
1,320
355
5,001
680
426
1,110
1,500
432
1,279
1,985
1,493
4,624
679
338
938
1,349
430
1,228
1,957
1,432
438
144,619
35,807
33,659
362
943
1,050
476
1,2.14
1,790
1,313
394
36,188
4,678
585
400
1,073
1,192
553
1,275
2,045
1,368
587
38,965
33,137
33,254
32,958
36,022
33,326
36,282
38,989
33,313
33,125
33,122
3,727
140,892
66,276
65,734
1,044
34,763
16,699
16,599
941
32,718
13,663
13,547
880
35,308
16,485
16,314
862
38,103
19,429
19,274
1,010
32,127
14,209
14,106
1,042
32,212
13,893
13,775
924
32,034
14,132
13,947
936
35,086
16,796
16,696
947
32,379
13,743
13,627
954
35,328
16,497
16,327
890
38,099
19,240
19,084
903
32,410
14,309
14,206
1,055
32,070
14,124
14,006
1,012
32,110
14,155
13,969
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
9,472
5,695
14,309
7,349
6,207
2,416
1,399
3,702
1,813
1,499
2,426
1,436
3,613
2,026
1,545
2,353
1,448
3,419
1,91.4
1,563
2,277
1,412
3,575
1,596
1,600
2,253
1,358
3,746
1,471
1,533
2,133
1,504
3,815
1,765
1,632
2,027
1,588
3,573
1,901
1,975
2,439
1,422
3,578
1,955
1,505
2,443
1,385
3,530
1,879
1,504
2,341
1,446
3,545
1,823
1,569
2,249
1,442
3,656
1,692
1,629
2,277
1,381
3,627
1,567
1,541
2,149
1,454
3,735
1,641
1,590
2,016
1,590
3,713
1,813
1,987
Metals and nonmetallic products
Steelmaking materials
Iron and steel products
Nonferrous metals
Nonrnonetary gold
Other precious metals
Bauxite and aluminum
Other nonferrous metals
Other metallic and nonmetallic products
31,584
1,793
11,314
13,666
2,452
2,519
3,548
5,147
4,811
7,235
354
2,643
3,015
413
569
830
1,203
8,009
472
2,883
3,406
532
535
955
1,384
8,126
502
2,904
3,552
693
609
937
1,313
8,214
465
2,884
3,693
814
806
826
1,247
7,557
299
2,680
3,472
819
700
844
1,109
7,470
452
2,579
3,330
739
612
817
1,162
6,838
430
2,392
2,956
578
531
801
1,046
7,391
427
2,717
3,015
413
569
830
1,203
7,895
437
2,829
3,406
532
535
955
1,384
8,107
481
2,887
3,552
693
609
937
1,313
8,191
448
2,881
3,693
814
806
826
1,247
7,708
358
2,764
3,471
819
700
843
1,109
7,377
417
2,543
3,329
739
612
817
1,161
6,836
422
2,380
2,956
578
531
801
1,046
Petroleum and products7
Nonpetroleum products
Foods, feeds, and beverages
Agricultural
Coffee, cocoa, and sugar
Green coffee
Meat products and poultry
Vegetables, fruits, nuts, and preparations
Wine and related products
Other agricultural foods, feeds, and beverages
Nonagricultural (fish, distilled beverages, etc)
Fish and shellfish
Whiskey and other alcoholic beverages
Industrial supplies and materials
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
Agricultural
Nonagricultural products
Energy products
Fuels and lubricants711
Capital goods, except automotive
108
109
110
112
113
114
115
116
117
118
119
120
121
122
123
Machinery, except consumer-type
Electric generating machinery, electric apparatus
and parts
Nonelectric, including pans and attachments
;...
Oil drilling, mining, and construction machinery
Industrial engines, pumps, and compressors
Machine tools and metalworking machinery
Measuring, testing, and control instruments
Other industrial, agricultural, and service
industry machinery
Computers, peripherals, and pans
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and
pans
Transportation equipment, except automotive
Civilian aircraft, engines, pans
Civilian aircraft, complete, all types
Automotive vehicles, engines, and parts
in
1,223
1,248
1,168
1,172
1,106
1,109
1,060
1,232
1,223
1,187
1,169
1,115
1,088
1,078
27,936
28,972
28,875
30,606
29,322
30,283
30,323
28,392
28,897
29,055
30,045
29,813
30,286
30,515
25,323
26,001
26,161
27,085
26,224
26,876
26,982
25,779
25,926
26,342
26,523
26,715
26,879
27,174
22,639
2,941
22,382
1,078
1,124
992
626
5,718
3,310
22,691
1,187
1,113
946
610
5,730
3,302
22,859
1,046
1,126
1,115
632
5,474
3,228
23,857
933
1,149
998
692
5,717
3,206
23,018
1,013
1,152
1,037
669
5,597
3,253
23,623
1,043
1,142
1,171
657
5,474
3,204
23,778
729
1,129
981
713
5,123
3,030
22,749
1,084
1,114
992
643
5,671
3,210
22,716
1,140
1,070
946
613
5,598
3,307
23,035
1,051
1,145
1,115
645
5,597
3,234
23,289
969
1,183
998
659
5,773
3,307
23,408
1,019
1,141
1,036
684
5,561
3,156
23,723
1,013
1,101
1,172
663
5,363
3,217
23,957
732
1,152
981
728
5,247
22,994
12,168
9,399
4,149
5,593
2,971
2,130
1,039
5,544
3,079
2,212
1,036
5,654
3,050
2,447
1,004
6,203
3,068
2,610
1,070
5,936
3,072
2,242
999
6,287
3,210
2,331
970
6,802
3,364
2,525
1,033
5,701
3,076
2,265
1,042
5,727
3,009
2,298
1,083
5,750
3,011
2,404
1,002
5,816
3,072
2,432
1,022
6,047
3,176
2,384
1,002
6,497
3,142
2,423
1,014
6,903
3,327
2,475
1,032
116,389
104,570
12,781
91,789
4,244
4,512
4,051
2,560
5,073
1,111
1,234
1,311
1,417
1,301
1,338
1,379
1,161
1,232
1,315
1,365
1,358
1,335
1,380
11,819
10,671
2,690
2,613
2,314
551
2,971
2,680
765
2,714
2,481
524
3,521
3,196
850
3,098
2,796
616
3,407
3,107
885
3,341
3,120
989
2,613
2,314
551
2,971
2,680
765
2,713
2,481
524
3,522
3,196
850
3,098
2,796
616
3,407
3,107
885
3,341
3,120
989
87,314
21,080
22,795
20,431
23,008
20,031
20,539
20,656
21,387
21,829
22,579
21,519
20,515
19,665
23,028
125
126
127
128
129
From Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
29,719
13,701
6,979
1,732
7,307
7,193
3,260
1,681
443
1,809
8,497
3,893
1,954
556
2,094
6,724
2,879
1,681
411
1,753
7,305
3,669
1,663
322
1,651
5,874
2,767
1,354
264
1,489
7,785
4,079
1,669
376
1,661
7,022
3,503
1,552
351
1,616
7,100
3,128
1,719
426
1,827
7,741
3,505
1,792
511
1,933
8,055
3,689
1,926
484
1,956
6,823
3,379
1,542
311
1,591
5,878
2,700
1,402
252
1,524
7,104
3,688
1,539
345
1,532
8,535
4,518
1,799
417
1,801
130
131
132
133
134
From other areas
Passenger cars, new and used
Trucks/buses, and special purpose vehicles
Engines and engine parts
Other pans and accessories
57,595
32,167
2,721
4,917
17,790
13,887
7,734
650
1,215
4,288
14,298
7,703
701
1,308
4,586
13,707
7,324
698
1,185
4,500
15,703
9,406
672
1,209
4,416
14,157
8,407
600
1,132
4,018
12,754
6,754
555
1,156
4,289
13,634
7,565
645
1,197
4,227
14,287
8,141
649
1,203
4,294
14,088
7,637
701
1,230
4,520
14,524
7,979
699
1,254
4,592
14,696
8,410
672
1,230
4,384
14,637
8,864
600
1,130
4,043
12,561
6,695
555
1,085
4,226
14,493
8,265
645
1,278
4,305
105,666
49,180
23,884
6,625
50,792
24,300
11,583
5,713
1,555
11,297
25,211
11,747
5,482
1,637
12,178
28,903
13,897
7,097
1,864
13,468
27,252
11,953
5,592
1,569
13,849
23,440
11,483
5,530
1,519
10,543
24,143
11,374
5,165
1,487
11,415
29,835
14,270
7,232
1,882
14,049
26,119
12,121
5,891
1,619
12,581
26,175
12,215
5,897
1,686
12,660
26,655
12,430
6,168
1,691
12,680
26,717
12,414
5,928
1,629
12,871
25,120
11,984
5,707
1,577
11,725
25,064
11,814
5,556
1,531
11,884
27,630
12,894
6,333
1,724
13,213
18,662
4,367
4,940
4,657
4,198
4,348
5,089
4,611
4,643
4,740
4,668
4,434
4,292
4,878
9,740
6,371
1,975
1,400
2,332
1,413
2,770
1,647
2,663
1,911
1,643
1,335
1,955
1,399
2,665
1,849
2,367
1,591
2,505
1,524
2,448
1,565
2,420
1,691
1,973
1,515
2,095
1,511
2,331
1,751
135
136
137
138
139
140
142
143
145
146
147
Consumer goods (nonfood), except automotive
Consumer nondurable goods, manufactured
Textile apparel and household goods, except rugs ..
Footwear of leather, rubber, and other materials ....
Consumer durable goods, manufactured
Household and kitchen appliances and other
household goods
Toys, shooting, and sporting goods, including
bicycles
Television and video receivers
Radio and stereo equipment, including records,
tapes, and disks
Unmanufactured consumer goods (gemstdnes, nursery
stock)
Imports, n.e.c, and U.S. goods returned
U.S. goods returned
Other products, including balance of payments
adjustments not included above (minimum value
shipments and miscellaneous imports)
See footnotes on page 79.
5,328
1,118
1,242
1,464
1,504
1,098
1,316
1,701
1,320
1,291
1,350
1,367
1,296
1,364
1,564
5,694
1,420
1,286
1,538
1,450
1,414
1,354
1,516
1,417
1,300
1,545
1,432
1,41.1
1,366
1,523
17,027
10,327
3,940
2,366
4,177
2,642
4,374
2,546
4,536
2,773
4,144
2,401
4,510
2,823
4,142
2,567
3,940
2,366
4,177
2,642
4,374
2,546
4,536
2,773
4,143
2,401
4,510
2,823
4,142
2,567
6,700
1,574
1,535
1,828
1,763
1,743
1,687
1,575
1,574
1,535
1,828
1,763
1,742
1,687 1,575
SURVEY OF CURRENT BUSINESS
72
December 1991
Table 3.—Selected Service Transactions
[Millions of dollars]
Not seasonally adjusted
Line
Seasonally adjusted
1990
1991
1990
122,701
28,406
29,422
33,058
31,815
30,247
32,631
36,623
29,167
29,923
30,764
32346
30,959
33,216
33,992
Travel (table 1, line 5) ..
Passenger fares (table 1, line 6)
Other transportation (table 1, line 7)
Freight
Port services
Other...
40,579
12,251
22,407
6,766
14,690
952
8,745
2,568
5,423
1,602
3,586
235
10,020
3,017
5,427
1,602
3,588
237
11,766
3,599
5,785
1,775
3,771
238
10,048
3,067
5,772
1,787
3,745
241
8,978
2,650
5,495
1,689
3,561
245
11,333
3,472
5,681
1,748
3,686
246
13,702
4,259
5,983
1,714
4,022
247
9,738
2,901
5,429
1,602
3,592
235
9,982
2,998
5,404
1,602
3,565
237
9,899
2,918
5,751
1,775
3,738
238
10,960
3,433
5,823
1,787
3,795
241
9,947
3,008
5,495
1,689
3,561
245
11,306
3,482
5,661
1,748
3,666
246
11,601
3,461
5,955
1,714
3,994
247
Royalties and license fees (table 1, line 8)
Affiliated, net
;..
U.S. parents' receipts
U.S. parents' payments
Unaffiliated
Industrial processes*
Other2 ,....:
15,291
11,846
12,062
215
3,445
2,609
836
3,236
2,437
2,503
66
798
596
202
3,610
2,768
2,825
57
842
637
205
3,829
2,946
2,997
51
882
672
210
4,617
3,694
3,736
42
923
704
219
3,833
2,882
2,904
22
951
728
223
3,990
3,015
3,040
25
975
747
228
4,065
3,074
3,096
22
991
759
231
3,411
2,614
2,683
69
798
596
202
3,688
2,846
2,904
58
842
637
205
4,037
3,154
3,208
54
882
672
210
4,155
3,232
3,267
35
923
704
219
4,030
3,078
3,101
23
951
728
223
4,058
3,084
3,109
26
975
747
228
4,268
3,277
Other pprivate services (table 1, line 9)
ffiliated services,, net
Affili
S parents'' receipts
U.S.
U.S. parents' payments
Unaffiliated services
Education
Financial services
Insurance, net
,
Premiums received
,
Losses paid
Telecommunications
....
Business, professional, and technical services
Other unaffiliated services3
,
32,173
4,333
8,496
4,163
27,840
5,022
4,873
1,832
5,694
3,862
2,742
7,552
5,819
8,434
976
1,901
924
7,458
1,987
1,210
434
1,376
942
663
1,765
1,399
7,348
1,104
2,107
1,003
6,243
650
1,181
450
1,403
953
675
1,837
1,450
8,080
1,039
2,053
1,014
7,041
1,257
1,225
466
1,437
971
692
1,934
1,467
8,311
1,213
2,435
1,222
7,098
1,128
1,258
482
1,479
997
712
2,015
1,503
9,291
1,139
2,190
1,051
8,152
2,182
1,111
495
1,527
1,032
737
2,087
1,540
8,155
1,295
2,326
1,031
6,860
713
1,168
506
1,564
1,058
756
2,155
1,563
8,614
1,065
2,694
1,629
7,549
1,393
1,070
514
1,589
1,075
768
2,188
1,618
7,687
1,009
1,986
977
6,679
1,208
1,210
434
1,376
942
663
1,765
1,399
7,851
1,027
2,073
1,046
6,823
1,230
1,181
450
1,403
953
675
1,837
1,450
8,159
1,083
2,126
1,043
7,077
1,293
1,225
466
1,437
971
692
1,934
1,467
8,475
1,214
2,311
1,097
7,261
1,291
1,258
482
1,479
997
712
2,015
1,503
8,479
1,176
2,289
1,113
7,302
1,332
1,111
495
1,527
1,032
737
2,087
1,540
8,709
1,204
2,274
1,071
7,505
1,358
1,168
506
1,564
1,058
756
2,155
1,563
8,707
1,113
2,783
1,669
7,594
1,438
1,070
514
1,589
1,075
768
2,188
1,618
87^60
18,830
22,261
25,448
21,019
18,992
23,252
26,129
21,149
21378
22,284
22,748
21,125
22^73
22,935
38,671
8,963
23,463
12,586
9,920
957
7,416
1,830
5,566
3,188
2,141
238
10,448
2,373
5,628
3,107
2,275
246
12,410
2,791
6,050
3,171
2,646
233
8,397
1,969
6,219
3,120
2,859
240
6,949
1,692
5,621
2,903
2,474
244
10,595
2,460
5,768
3,016
2,504
248
12,467
2,922
6,215
3,126
2,844
245
9,313
2,138
5,676
3,188
2,246
242
9,679
2,246
5,625
3,107
2,279
239
9,796
2,302
5,991
3,171
2,586
234
9,883
2,277
6,171
3,120
2,808
243
8,684
1,974
5,736
2,903
2,586
247
9,840
2,325
5,763
3,016
2,508
240
9,856
2,405
6,149
3,126
2,776
247
2,644
1,621
333
1,954
1,023
786
237
588
359
76
435
229
184
45
583
335
81
416
248
191
57
696
429
83
512
267
200
67
776
498
93
591
278
210
68
807
510
94
605
296
224
72
519
93
613
307
234
73
512
118
631
314
241
73
588
359
76
435
229
184
45
583
335
81
416
248
191
57
696
429
83
512
267
200
67
776
498
93
591
278
210
807
510
94
605
296
224
72
826
519
93
613
307
234
73
826
512
118
631
314
241
73
13,819
-456
3,842
3,386
14,274
665
2,346
1,810
10,124
8,314
5,980
2,045
1,428
3,431
85
845
930
3,346
134
572
346
2,515
2,169
1,400
502
392
3,230
-278
959
681
3,509
169
588
441
2,515
2,074
1,456
525
330
3,502
-169
957
787
3,671
209
593
499
2,530
2,031
1,524
540
306
3,657
-93
1,081
988
3,751
152
594
525
2,564
2,039
1,600
479
401
3,923
104
1,148
1,252
3,820
138
621
509
2,608
2,099
1,678
486
388
3,603
-231
1,202
970
3,834
173
559
499
2,643
2,144
1,733
515
355
3,699
-174
1,251
1,077
3,874
215
557
493
2,667
2,174
1,785
495
329
3,434
85
845
930
3,349
162
572
346
2,515
2,169
1,400
502
367
3,245
-278
959
681
3,523
167
588
441
2,515
2,074
1,456
525
346
3,499
-169
957
787
3,668
173
593
499
2,530
2,031
1,524
540
339
3,640
-93
1,081
988
3,733
163
594
525
2,564
2,039
1,600
479
372
3,924
104
1,148
1,252
3,821
166
621
509
3,619
-231
1,202
970
3,851
170
559
499
2,643
2,144
1,733
515
375
3,699
-174
1,251
1,077
3,874
177
557
493
2,667
Exports of selected services ,
Imports of selected services .
Travel (table 1, line 19)
Passenger fares (table 1, line 20)
Other transportation (table 1, line 21) .
Freight
.......;
Port sen-ices
Other
;
Royalties and license fees (table 1, line 22)
Affiliated, net
U.S. affiliates' receipts
U.S. affiliates' payments
Unaffiliated
Industrial processes1
Other2
Other private sendees (table 1, line 23)
Affiliated services, net
U.S. affiliates' receipts
U.S. affiliates' payments
Unaffiliated services
,
Education
Financial services
Insurance, net
Premiums paid
Losses recovered
Telecommunications
Business, professional, and3 technical services ,
Other unaffiliated services
See footnotes on page 79.
2,608
2,099
1,678
486
361
3,301
24
991
759
231
2,174
1,785
495
368
73
SURVEY OF CURRENT BUSINESS
December 1991
Table 4.—Selected U.S. Government Transactions
[Millions of dollars]
Line
III"
24^36
4,754
5,425
4392
10,266
-16^85
-7,186
8,940
2,813
883
1,930
3,570
1,694
1,876
3,024
1,030
1,994
,,
17,486
6,085
15,661
-4,260
8,079
2,479
9,860
t260
-18,255
1,408
3,011
-22,674
-8,444
474
2,693
-11,612
670
442
4,832
-4,604
Credits and other long-term assets (table 1, line 40, with sign reversed)
,
Capital subscriptions and contributions to international financial institutions, excluding IMF ....
Credits repayable in U.S. dollars
......:.
,
Credits repayable in other than U.S. dollars
Other long-term assets
7,319
1,301
5,295
253
471
1,867
325
1,296
132
115
1,868
304
1,433
11
122
1,345
461
681
90
113
2,239
212
1,886
21
121
1,314
283
916
4
112
1,062
420
507
-2
137
8,163
341
7,691
15
115
Foreign currency holdings and short-term assets, net (table 1, line 42, with sign reversed)
Foreign currency holdings (excluding administrative cash holdings), net
Receipts from:
Sales of agricultural commodities
Interest
;
Repayments of principal
Reverse grants
Other sources8
,
Less currencies disbursed for:
Grants and credits in the recipient's currency
........
Other grants and credits
Other U.S. Government expenditures8
,
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
32
-66
74
-19
-13
5
23
-43
-52
-9
56
196
-11
108
-5
13
38
84
6
9
21
4
11
22
(*)
9
24
4
10
17
(*)
8
37
U.S. Government grants and transactions increasing Government assets, total .
By category
Grants, net (table 1, line 30, with
sign
reversed)
Financing military purchases 1
Other grants
;
Cash contributions received from coalition partners for Persian Gulf operations
.,
5
14
53
176
(*)
181
16
(*)
-40
41
106
(*)
-37
By program
Capital subscriptions and contributions to international financial institutions, excluding IMF
Under Agricultural Trade Development and Assistance Act and related programs
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Under Commodity Credit Corporation Charter Act
t
Under other grant and credit programs
Other foreign currency assets acquired (lines A13, A14, and A16)
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)
Other (including changes in administrative cash holdings), net
.
-3639
144
181
552
325
372
2,965
750
8
149
34
53
206
304
552
3,376
968
9
116
31
25
96
461
607
2,732
297
5
139
37
57
171
283
212
382
440
4,258
13,177
172
405
417
(*)
-4,043 -22,477
36
42
29
46
74
79
420
334
3,050
150
178
-11,472
41
53
167
341
2,635
6,059
780
3,408
-4,416
50
41
123
24,047
7,114
6,141
3,252
593
3,713
1,241
1,465
569
297
4,628
1,383
1,074
1,400
72
3,183
1,646
777
512
96
12,524
2,845
2,825
770
128
5,000
801
1,116
1,419
129
2,370
888
772
429
103
11,320
960
1,087
371
68
2,659
7,161
585
272
441
56
1,328
417
384
417
214
101
642
6,090
44
1,290
1,533
163
326
116
218
303
8,815
129
(*)
(*)
(*)
(*)
(*)
(*)
(*)
(*)
25
181
789
7
53
1,041
5
25
797
9
57
1,209
4
46
-2,258
3
29
-21,884
(*)
53
-9,556
10327
9,819
7,263
1,786
70
123
508
1,241
1,118
68
467
561
18
4
124
1,062
937
101
311
507
17
1
125
1,039
913
211
341
332
26
4
126
6,985
6,852
198
6,144
386
10
114
133
2,762
2,629
65
1,990
297
276
1
133
770
646
38
334
273
(*)
1
125
(*)
41
-2,381
10,961
10,836
2,319
4,413
836
3,269
(*)
125
1,703
1,999
-292
-258
1,141
1,287
-248
-142
1,102
1,111
1,012
976
370
225
1302
1,314
9,004
546
-189
3,252
593
1,635
134
83
569
297
2,162
145
-130
1,400
72
1,929
197
-324
512
96
3,279
70
182
770
128
1,840
510
-637
1,419
129
1,554
40
-664
429
103
3,447
362
-445
371
68
1,301
1,970
22,249
2,420
22
By disposition3
Estimated transactions involving no direct dollar outflow from the United States .,
Expenditures on U.S. merchandise
,
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 credits1 4 6
U.S. Government long- and short-term credits to repay prior U.S. private credits and other assets
Increase in liabilities associated with U.S. Government grants and transactions increasing Government assets (including
changes in retained accounts)7 (line Cll)
Less receipts on short-term.U.S. Government assets (a) financing military sales contracts,1 (b) financing repayment of
private credits and other assets, and (c) financing expenditures on U.S. merchandise
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)
i
Estimated dollar payments to foreign countries and international financial institutions
Repayments on U.S. Government long-term assets, total (table 1, line 41)
Receipts of principal on U.S. Government credits
Under Agricultural Trade Development and Assistance Act and related programs
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Under Commodity Credit Corporation Charter Act
Under other credit programs
Receipts on other long-term assets
U.S. Government liabilities other than securities,
total, net increase (+) (table 1, line 53)
Associated with military sales contracts2
U.S. Government cash receipts from
foreign governments (including principal repayments on credits financing military
J
sales contracts), net of refunds.
Less U.S. Government receipts from principal repayments
.
Less U.S. Treasury securities issued in connection with prepayments for military purchases in the United States
Plus financing of military sales contracts by U.S. Government5 (line A36)
,
By long-term credits 1
By short-term
credits
By grants1
Less transfers of goods and services (including transfers financed by grants for military purchases, and by credits)! 2
(table 1, line 4)
Associated with
U.S. Government grants and transactions increasing Government assets (including changes in retained
accounts)7 (line A42)
4
Associated with other liabilities
Sales of nuclear material by Department of Energy
Sales of space launch and other services by National Aeronautics and Space Administration
Other sales and miscellaneous operations
4.
See footnotes on page 79.
578
2,659
272
1,328
417
642
1,290
326
303
9,899
2,243
2,260
2,710
2,686
2,410
2,382
2,587
(*)
-296
-132
17
-181
(*)
-34
-15
-15
-5
(*)
-147
-78
19
-87
(*)
-106
7
-24
-89
(*)
-9
-46
36
(*)
(*)
36
-6
38
4
(*)
146
-33
28
151
(*)
-12
-29
9
December 1991
SURVEY OF CURRENT BUSINESS
74
Table 5.—Direct Investment: Income, Capital, Royalties and License Fees, and Other Private Services
[Millions of dollars]
1990
(Credits +; debits - )
1991
1990
U.S. direct investment abroad:
-652
12,388
12,050
338
11,899
5,228
6,671
489
1,137
-648
14,868
14,697
171
14,344
11,805
2,539
524
1,275
-750
15,472
14,819
653
15,028
6,443
8,585
444
1,151
-707
12,678
12,163
515
12,323
5,360
6,963
355
1,165
-810
12,267
11,176
1,091
11,921
4,008
7,913
346
1,189
-843
-4,284
2,207
-2,020
4,227
-6,206
-285
1,157
-1,442
-19,020
-5,644
-6,916
1,272
-6,671
-6,706
-10,330
3,624
-102
-1,885
-4,367
2,481
-2,539
-12,832
-1,115
-2,857
3,845
-8,585
-3,132
-2,901
-232
-3,211
417
-2,597
3,015
-6,963
3,334
-5,213
8,548
-6,775
-2,222
-2,841
619
-7,913
3,360
72
3,289
2,437
2,503
-66
2,768
2,825
-57
2,946
2,997
-51
3,694
3,736
-42
2,882
2,904
-22
3,015
3,040
-25
3,074
3,096
-22
4,333
8,496
-4,163
976
1,901
-924
1,104
2,107
-1,003
1,039
2,053
-1,014
1,213
2,435
-1,222
1,139
2,190
-1,051
1,295
2,326
-1,031
1,065
2,694
-1,629
54,444
10,854
22,875
20,715
53,336
10,540
23,013
19,783
13,512
2,492
6,212
4,809
13,289
2,453
6,031
4,805
13,676
1,867
6,105
5,703
13,300
1,888
6,176
5,236
12,388
2,427
4,798
5,163
12,050
2,135
5,001
4,914
14,868
4,068
5,760
5,040
14,697
4,064
5,804
4,829
15,472
3,787
4,731
6,954
14,819
3,666
4,911
6,242
12,678
2,275
4,922
5,481
12,163
1,853
5,294
5,016
12,267
2,907
4,193
5,166
11,176
2,248
4,331
4,596
-6,179
-198
-323
-5,658
-22,250
-4,055
-8,903
-9,292
-5,008
-230
-938
-3,840
-857
-1,201
175
169
-6,835
-802
-3,773
-2,260
-2,339
-446
-2,449
555
2,207
1,015
147
1,045
-6,206
-983
-2,788
-2,434
-285
326
-832
220
-5,644
85
-877
-4,852
-6,671
-1,102
-2,006
-3,562
-6,706
-603
406
-6,509
-1,885
-98
232
-2,019
-2,539
-1,167
-336
-1,035
4,322
493
1,936
1,893
-1,115
-356
-46
-712
-8,585
-1,555
-2,347
-4,684
-3,132
277
-2,299
-1,110
417
17
840
-440
-6,963
-2,586
-3,353
3,334
155
-376
3,555
-2,222
-512
-751
-959
-7,913
-1,822
-2,388
-3,703
-1,782
-3,640
1,858
6,244
-7,764
14,008
-8,027
-9,938
1,911
-548
-1,162
614
1,218
-1,863
-301
-1,622
-1,766
-2,174
409
-2,300
-2,231
-69
-384
-1,296
912
-1,916
-2,337
421
1,605
-1,155
2,760
-1,906
-2,433
527
1,367
1,375
-8
3,806
-3,450
7,256
-2,440
-2,994
555
-16
944
-960
2,123
-1,835
3,958
-2,140
-2,705
566
813
461
351
3,095
-1,413
4,508
-2,282
-2,855
573
-657
44
-701
1,616
-1,406
3,023
-2,273
-2,838
565
37,213
47,035
50,431
-3,396
-14,008
4,185
14,882
-10,697
16,269
12,660
13,782
-1,122
-3,081
6,690
7,107
-417
9,346
12,840
13,069
-229
-912
-2,583
-466
-2,117
7,060
9,992
10,993
-1,001
-2,760
-172
4,984
-5,156
4,538
11,544
12,588
-1,044
-7,256
250
3,257
-3,007
4,336
6,388
8,173
7,548
5,458
7,333
-1,874
-4,508
6,597
839
5,758
1,403
4,111
4,202
-91
-3,023
315
4,333
-4,018
Royalties and license fees (table 1, part of line 22)
U.S. affiliates' payments
U.S. affiliates' receipts
-1,621
-1,954
333
-359
^35
76
-335
-429
-512
83
-498
-591
93
-510
94
-519
-613
93
-512
-631
118
Other private services (table 1, part of line 23)
U.S. affiliates' payments
U.S. affiliates' receipts
456
-3,386
3,842
-85
-930
845
278
-681
959
169
-787
957
93
-988
1,081
-104
-1,252
1,148
231
-970
1,202
-1,077
1,251
-1,782
-3,171
-4,270
5,659
-3,640
-3,384
-3,453
3,197
-548
-619
-856
927
-1,162
-703
-829
371
-2,300
-649
-2,251
601
-2,231
-757
-1,595
121
-301
-864
-1,204
1,766
-1,622
-908
-1,241
528
1,367
-1,039
41
2,365
1,375
-1,014
212
2,177
-16
-634
95
522
944
-637
231
1,350
813
-254
-893
1,959
461
-233
-1,181
1,876
-657
-51
-1,157
551
44
-29
-1,189
1,263
47,035
779
15,291
30,965
-14,008
1,442
-3,997
-11,453
4,185
-1,448
315
5,319
12,660
699
4,327
7,633
-3,081
209
-764
-2,526
6,690
-262
-845
7,797
12,840
44
3,004
9,792
-912
289
850
-2,051
-2,583
-539
-1,653
-391
9,992
(*)
4,687
5,305
11,544
36
3,274
8,235
-7,256
422
-3,772
-3,906
250
-1,906
1,831
325
6,388
152
2,503
3,733
-3,958
-6
-1,563
-2,388
1,905
-630
2,778
-243
5,458
118
4,150
1,190
-4,508
-141
-632
-3,735
6,597
-1,526
1,439
6,685
4,111
26
1,753
2,332
-3,023
-243
-637
-2,142
315
-90
1.039
-634
Income (table 1, line 12)
Income before capital gains/losses
Capital gains/losses (gains +; losses - ) l
Earnings (net of withholding taxes)
Distributed earnings
Reinvested earnings
Interest (net of withholding taxes)
U.S. parents' receipts
U.S. parents' payments
54,444
53,336
1,108
52,787
30,538
22,250
1,657
4,433
-2,776
13,512
13,289
223
13,208
6,373
6,835
304
1,030
-726
13,676
13,300
376
13,336
7,130
6,206
340
992
-33,437
-6,179
-17,023
10,844
-22,250
-5,008
-9,959
4,951
-10,031
-857
-3,720
2,863
-6,835
-2,339
-1,264
-1,075
Royalties and license fees (table 1, part of line 8)
U.S. parents' receipts
U.S. parents' payments ....,
11,846
12,062
-215
Other private services (table 1, part of line 9)
U.S. parents' receipts
U.S. parents' payments
Capital (table 1, line 44)
Equity capital
Increases in equity capital2
Decreases in equity capital3
Reinvested earnings
Intercompany debt
U.S. parents' receivables
U.S. parents' payables
4,322
All
1,742
By industry of affiliate:4
Income (line 1)
Petroleum
Manufacturing
Other
Income before capital gains/losses (line 2)
Petroleum
Manufacturing
Other
Capital:
Equity capital (line 11)
Petroleum
Manufacturing
Other
Reinvested earnings (line 14, or line 6 with sign reversed) ..
Petroleum
Manufacturing
Other
Intercompany debt (line 15)
Petioleum
Manufacturing
Other
-1,024
3,360
1,553
-433
2,241
Foreign direct investment in the United States:
Income (table 1, line 26)
Income before capital gains/losses
Capital gains/losses (gains -; losses +) 5
Earnings (net of withholding taxes)
Distributed earnings
Reinvested earnings
Interest (net of withholding taxes)
U.S. affiliates' payments
U.S. affiliates' receipts
,
,
.....
Capital (table 1, line 57)
Equity capital
Increases in equity capital2
Decreases in equity capital3
Reinvested earnings
Intercompany debt
U.S. affiliates' payables
U.S. affiliates' receivables
3,081
1,320
-1,784
-3,958
1,905
6,622
-4,716
-605
174
By industry of affiliate:4
Income (line 44)
Petroleum
Manufacturing
Other
Income before capital gains/losses (line 45)
Petroleum
Manufacturing
Other
Capital:
Equity capital (line 54)
Petroleum
Manufacturing
Other
Reinvested earnings (line 57, or line 49 with sign reversed)
Petroleum
Manufacturing
Other
Intercompany debt (line 58)
Petroleum
Manufacturing
Other
See footnotes on page 79.
-2,760
522
-311
-2,970
-172
1,259
982
-2,413
75
SURVEY OF CURRENT BUSINESS
December 1991
Table 6.—Securities Transactions
[Millions of dollars]
1991
(Credits +; debits - )
Foreign securities, net U.S. purchases (-), (table 1, line 45 or lines 2 + 11 below) .
-28,476
-8,756
New issues in the United States .
Of which Canada
,
Bonds, net U.S. purchases
New issues in the United States
By issuer:
Central governments and their agencies and corporations .
Other governments and their agencies and corporations1 .
Private corporations
International financial institutions2
By area:
Western Europe
Canada
Japan
Latin America
Other countries
,
International financial institutions2 .....
Redemptions of U.S.-held foreign bonds 3 .
Western Europe
.;
,
Canada
Other countries
,
International financial institutions2 .....
Other transactions in outstanding bonds, net 3 .
Western Europe
Of which United Kingdom
Canada
Japan
;
Other
U.S. securities, excluding Treasury securities and transactions of foreign official agencies,
net foreign purchases (+)» (table 1, line 59 or lines 2 + 10 below)
ID
IV
I
-11,160
-1,014
-7,546
-9,430
-12,833
-5,985
-541
-389
-6,562
-9,160
-8337
-1,648
-55
-222
-15
-595
-40
-378
-453
-332
-1,957
-83
-1,291
-121
-5,276
-1,953
600
-53
-68
213
-115
261
-457
1,520
-735
-5,390
-3,027
-1,694
29
-1,638
-754
-163
206
663
203
189
-761
64
983
1,370
172
-139
-6,230
-1,867
-501
392
-4,884
129
-7,203
-4,459
-2,463
309
-2,503
-550
-7,246
-2,936
-1,827
-460
-3,380
-470
-8,747
-5,175
-473
-6,924
Stocks, net U.S. purchases
Transactions in outstanding stocks, net
Western Europe
Of which United Kingdom
Canada
Japan
Other
1990
-3,202
-21,552
-23,153
-9,618
-6,616
-3,839
-3,080
-6,632
-1,326
-517
-1,496
-3,113
-6,474
-892
-8,989
-605
-3,080
-298
-1,423
-122
-6,552
-80
-1,496
4,750
-1,537
-9,971
1,162
-105
-2,512
-1,350
-593
-30
-593
1,175
-495
-446
-596
-398
-296
-496
-150
-197
1,335
-952
-7,157
-7,085
-2,386
-2,332
-1,376
-991
-846
-2,389
-274
-2,287
-298
-991
1,078
-2,868
-3,673
-3,974
-5,261
-6,406
-2,544
-95
-1,519
-2,163
-1,484
-1,100
-1,495
-3,116
-695
-643
-1,742
-159
-1,455
-2,322
-1,780
-2,503
-1,241
-696
-347
-350
-1,078
-101
-1,484
-695
-159
1,200
1,300
999
2,450
762"
535"
478"
399
2,300
400
500
800
600
600
-3,149
-507
322
-3,178
-1,230
1,766
62
573
704
-189
-199
-123
-1,790
-930
-1,906
-911
-1,151
1,202
-271
-848
-1,771
-538
842
273
-1,150
698
3,295
-1,540
-722
414
6OCT
600
700
600
1,394
920
376
175
-581
1,533
2,271
846
-2,550
203
1,609
-2,730
-7,360
-6,238
-474
806
4,298
1,781
1397
2,140
-2,558
802
5306
15,073
9,653
-14342
-3,288
-3,614
-2,473
-5,167
1,556
7,445
1,983
-8,797
-395
-2,931
-3,189
804
-3,024
-3,525
-1,303
145
-939
-775
-270
-729
-986
-2,351
-120
-774
-442
-239
-651
-373
-2,620
-170
-559
-1,115
685
93
-631
-2,523
-250
-659
-857
628
-1,737
-1,535
-885
-326
-830
245
751
-670
2,360
3,462
74
1,167
1,074
1,177
1,876
930
19
69
74
68
591
(*)
1,373
Corporate and other bonds, net foreign purchases .
16^23
4,685
5,754
-85
5,969
3,750
7,628
7,670
By type:
New issues sold abroad by U.S. corporations .
U.S. federally-sponsored agency bonds, net ....
Other outstanding bonds, net
16,106
5,588
-5,371
3,146
2,690
-1,151
4,825
1,123
-194
4,703
-677
-4,111
3,432
2,452
85
3,241
884
-375
8,092
1,556
-2,020
4,176
3,852
-358
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom
Canada
Japan
Other countries
International financial institutions2
9,367
-384
384
10,540
1,891
731
4,735
-401
1,295
-456
23
2,007
823
852
1,923
-208
3,957
-3
341
3,697
862
-914
1,844
5
1,159
206
21
1,296
76
-804
-561
45
2,956
-131
-1
3,540
130
1,597
1,529
-243
1,989
261
459
657
557
236
783
185
5,091
391
421
3,558
685
988
1,041
-177
2,648
258
71
2,337
-166
3,155
2,167
-134
23,913
667
-153
-1,433
-4,440
-4,842
-521
12
-138
-1,936
3,625
346
-46
-228
1,012
11,108
134
-89
-176
-690
14,022
708
-30
-891
-2,826
-2,275
-29
-88
854
2,638
-2,918
-219
102
13
15,214
-245
407
140
-113
-1,644
Stocks, net foreign purchases
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom .
Canada
Japan
Other
Memoranda:
Other foreign transactions in marketable, long-term U.S. securities included elsewhere in
international transactions accounts:
Foreign official assets in the United States (lines in table 9):
U.S. Treasury marketable bonds (line A4)
,
Other U.S. Government securities (line A6)
U.S. corporate and other bonds (part of line A14)
U.S. stocks (part of line A14)
Other foreign transactions in U.S. Treasury bonds and notes (table 9, line B4)
See footnotes on page 79.
76
SURVEY OF CURRENT BUSINESS
December 199.1
Table 7.-—Glaims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
1990
Line
(Credits +; increase in U.S. liabilities or decrease in U.S. assets.
Debits -; decrease in U.S. liabilities or increase in U.S. assets.)
Amounts
outstanding, June
30, 1991
1991
»90
I
II
III
IV
I
IF
in*
-1,308
-2,076
n.a.
36,495
U05
-42
-1,461
-1,471
10
-323
-551
228
-1,592
-1,848
256
n.a.
n.a.
n.a.
20,250
18,875
581
-2,058
-434
1,897
-1,155
-306
-126
-197
249
-1,841
n.a.
n.a.
11,197
9,053
401
448
134
462
293
-2,987
-2,969
-277
1,492
18
1,574
1,585
41
-198
87
-1,308
725
-893
-99
-54
-204
-1,279
1,054
-148
29
-1,742
-1,354
-196
158
-8
n.a.
n.a.
n.a.
n.a.
n.a.
14,051
8,944
2,029
5,374
825
1,625
1,665
40
493
416
77
-283
-348
65
-787
-741
-46
-1,048
-992
-56
-985
-1,011
26
-484
-474
-10
n.a.
n.a.
n.a.
15,642
603
By type: Trade receivables
Advance payments and other claims .
1,300
-325
504
-11
-186
-97
-697
-90
-921
-127
-881
-104
-350
-134
n.a.
n.a.
13,945
2,300
By area: Industrial countries2
Members of OPEC4 ...
Other
1,094
40
-571
230
77
186
40
-39
-284
-608
45
-224
-756
-43
-249
-1,010
-59
84
-364
47
-167
n.a.
n.a.
n.a.
10,486
943
4,816
699
4,260
-1,840
-1,616
-760
n.a.
41,519
914
515
399
-2,549
-1,932
-617
-1,086
-710
-376
-40
-210
170
n.a.
n.a.
n.a.
16,767
13,872
2,895
Claims, total (table 1, line 46) .
1,944
1,649
-1,760
676
-319
-164
-155
1,156
1,031
125
-1,477
-1229
-248
1,463
By type: Deposits
Other claims *
1,034
715
-26
1,182
By area: Industrial countries2
Of which United Kingdom .
Canada
Caribbean banking centers3 ...
Other
2,320
-211
-995
1,657
344
Financial claims
Denominated in U.S. dollars
Denominated in foreign currencies ,
Commercial claims
Denominated in U.S. dollars
Denominated in foreign currencies ,
Liabilities, total (table 1, line 60)
-2,509
U75
16,245
3,779
660
-430
250
-680
-437
173
-610
3,129
2,945
1,988
711
-1,177
-485
566
174
593
485
761
288
-190
-1,202
821
283
-2,355
-1,743
-160
-34
-681
-397
98
-503
176
158
-203
-13
n.a.
n.a.
n.a.
n.a.
12,374
5,706
3,296
1,097
4,209
4,006
203
1,097
963
134
-943
-978
35
3,346
3,171
175
709
850
-141
-530
-557
27
-720
-495
-225
n.a.
n.a.
n.a.
24,752
23,653
1,099
By type: Trade payables
Advance receipts and other liabilities ,
2,414
1,795
-153
1,250
-554
-389
3,075
271
46
663
-1,635
1,105
188
-908
n.a.
n.a.
8,412
16,340
By area: Industrial countries2
Members of OPEC4
Other
2,290
412
1,507
866
-177
408
-547
-206
-190
914
1,619
813
1,057
-824
476
219
-484
-265
-1,441
159
562
n.a.
n.a.
n.a.
16,486
1,918
6,348
Financial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies .
By area: Industrial countries2
Of which United Kingdom .
Caribbean banking centers3 ...
Other
Commercial liabilities
;
Denominated in US. dollars
Denominated in foreign currencies .
See footnotes on page 79.
1,642
1,494
148
77
SURVEY OF CURRENT BUSINESS
December 1991
Table 8.—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]
Amounts
outstanding, September
30, 1991
1990
Line
(Credits +; decrease in U.S. assets. Debits -; increase in U.S. assets.)
Total (table 1, line 47)
,
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers'
other private foreigners
.?.
By bank ownership:2
U.S.-owned banks' claims on:
own foreign offices
unaffiliated foreign banks
other foreigners
Foreign-owned banks' claims on:
own foreign offices
unaffiliated foreign banks
other foreigners
57,085
-17,255
-9,984
634,819
-7,627
-5,938
-17,303
13,221
-659
874
567,045
45,909
-2,029
-4,554
-19,259
14,263
-6,488
4,181
500,510
,
,
-7,115
15,063
16,728
-4,609
21,060
12,013
7,746
5,090
-5,122
1,204
2,179
-290
1,126
-3,456
652
-2,876
-24,179
5,302
6,151
-6,533
6,160
7,280
-2,229
3,052
-6,869
-4,256
4,631
6
1,650
1,221
4,042
-2,732
304,264
113,633
35,256
47,357
-306
8,333
8,315
21,378
4,009
8,374
3,971
1,455
1,201
-4,903
-221
-20,752
3,090
1,548
7,551
1,398
-37
4,619
1,759
2,971
-4,428
-428
3,514
135,164
31,899
43,381
-6,809
6,730
3,804
-318
8,004
4,462
-9,093
-251
688
6,029
-3,235
584
-3,427
2,212
-1,930
-1,391
5,882
860
-11,488
-6,015
1,666
6,078
1,649
-2,204
169,100
81,734
39,232
-1,384
,
1,956
-1,042
5,829
-5,055
66,535
-7,210
-3,490
-2,565
664
-1,589
-3,720
7,377
4,141
-2,669
7,497
-687
3,236
1,874
-2,751
-2,338
4,625
696
311
-132
350
93
385
67,774
65,426
19,512
35,054
10,860
2,348
-2,752
-6,603
-6,327
1,435
2,304
112
-881
-14,487.
-10,220
-472
13,983
95
21,049
14,180
16,320
-1,772
8,406
235
12,541
7,724
3,584
-1,388
6,516
-311
-1,374
-3,547
-3,135
1,789
1,435
-1,051
294,883
154,809
87,662
21,308
113,688
5,078
-1,557
-5,662
-24,295
-3,891
-17,730
-1,682
221,106
-2,795
-1,650
986
-3,945
77
87
-1,570
1,065
-132
-653
270
-1,055
663
4,380
6,211
-6,954
78
1,328
3,440
-1,108
780
1,261
25
1,374
6,404
2,184
3,792
3,820
98
-1,306
2,878
419
-1,036
2,512
36
1,366
118,830
16,622
56,233
51,500
4,025
7,072
24,070
-1,782
6,320
10,112
22,961
-2,679
1,756
229,447
10,525
9,796
15,465
2,934
6,178
9,063
7,362
1,467
-4,632
67
1,844
939
7,205
-3,160
1,838
437
1,774
3,826
4,421
91
16,365
5,437
899
260
2,298
^,970
582
-589
-1,057
612
2,313
-112
99,922
85,738
24,671
19,116
28,250
10,470
-585
15,299
8,771
-694
315
-2,097
676
4,670
1,650
56
7,966
2,146
-623
3,695
19,266
1,893
4,632
-7,311
1,351
1,274
482
1,745
53,730
175,717
8,665
4,045
-5,598
7,131
5,273
-3,962
8,963
272
1,858
-9,628
-8,665
1,273
-8,449
-1,489
-963
By area:
Industrial countries3
Western Europe
Of which United Kingdom
Canada
Japan
Other
15,266
-9,823
-7,603
-243
23,304
2,028
31,802
18,084
15,034
1,523
10,210
1,985
-12,903
-6,817
-6,090
-2,729
-3,193
-164
Caribbean banking centers4
-29,526
1,988
19,593
6,176
21,849
-2,914
359
299
23,295
2,381
14,784
8,638
-66
-61
38,720
;
Other areas
Of which Members of OPEC, included below5
Latin America
Asia
Africa
Other6
Memoranda:
International banking facilities' (IBF's) own claims, payable in dollars (lines 1-13 above)
By borrower:
Claims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers
all other foreigners
By bank ownership:2
U.S.-owned IBF's
-178
49,954
-981
See footnotes on page 79.
1,215
19,086
-13,753
-10,697
-4,253
-2,447
-3,997
-3,056
Foreign-owned IBF's
Banks' dollar acceptances payable by foreigners
20,598
20,067
Payable in foreign currencies
Banks' domestic customers' claims
Payable in dollars
Deposits
Negotiable and readily transferable instruments
Outstanding collections and other
Payable in foreign currencies
-24,513
,
Banks own claims
Payable in dollars
5333
,
-3,815
1,001
-3,625
-1,191
-231
-454
41
SURVEY OF CURRENT BUSINESS
78
December 1991
Table 9.—Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]
(Credits +; increase in foreign assets. Debits -; decrease in foreign assets.)
Foreign official assets in the United States (table 1, line 49)
,
By type:
U.S. Treasury securities (table 1, line 51)
Bills and certificates
Bonds and notes, marketable
.
Bonds and notes, nonmarketable
Other U.S. Government securities (table 1, line 52)
Other U.S. Government liabilities (table 1, line 53)
U.S. liabilities reported by U.S. banks, not included elsewhere
(table 1, line 54)
Banks' liabilities for own account, payable in dollars1
Demand deposits
,
Time deposits1
Other liabilities2
Banks' custody liabilities, payable in dollars 13
Other foreign official assets (table 1, line 55)
,
Amount
outstanding, September
30, 1991
1990
,...
32,425
-7,022
5305
13341
20301
6,631
-3,105
4309
375,536
28,643
1,508
23,913
3,222
667
1,703
2,998
3,590
-255
3,470
375
-592
-1,586
-5,786
-3,945
-4,842
3,001
-521
-292
-297
1,250
-370
-139
1,759
-1,547
-126
2,461
-1,236
3,625
72
346
1,141
2,131
1,880
-215
26
2,069
251
-274
11,849
668
11,108
73
134
-248
1,871
1,999
887
1,166
-54
-128
-265
20,119
6,021
14,022
76
708
1,102
-707
-1,539
-557
2,417
-3,399
832
-921
2,381
4,567
-2,275
89
-29
1,012
2,501
3,800
-278
-319
4,397
-1,299
766
-2,287
536
-2,918
95
-219
370
-1,084
-1,782
-101
711
-2,392
698
115
5,717
5,868
-245
94
407
1,302
-3,144
-3,324
105
-1,745
-1,684
180
27
288,657
90,394
194,195
4,068
10,397
19,409
38,012
33,464
1,647
12,893
18,924
4,548
19,061
11,106
^4,385
13,267
26,992
15,232
-15386
-15,253
7,451
797,979
By area (see text table B):
Other foreign assets in the United States (table 1, lines 58 and 61)
By type:
U.S. Treasury securities (line 58)
1,131
-1,151
4,287
24
-2,029
3,409
13,434
-1,389
148,654
By security:
Bills and certificates
Marketable bonds and notes
5,571
^1,440
785
-1,936
3,275
1,0.12
714
-690
797
-2,826
771
2,638
-1,780
15,214
255
-1,644
16,605
132,049
By holder
Foreign banks
Other private foreigners
International financial institutions4
3,592
-2,287
-174
-13
-318
-820
4,142
467
-322
-494
-286
804
-2,150
164
12
3,654
-257
-2,008
15,490
-48
-508
-554
-327
8,158
132,071
8,425
9,975
-2,189
-3,613
-43,234
-48,757
-44,195
8,300
2,923
26,968
21,667
20,490
17,261
16,601
17,169
-18,795
-16,912
-10,958
-28,687
-24,134
-19,024
8,840
10,210
6,076
649,325
582,040
518,670
U.S. liabilities reported by
U.S. banks (line 61)
Banks' own liabilities1
Payable in dollars
,
By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners:
demand deposits
time deposits1
other liabilities2
1,221
-20,674
2,927
12,197
6,771
-7,512
2,497
-1,632
315,064
-43
-4,153
-638
-1,196
-14,237
-8,088
97
-3,389
3,288
849
6,835
609
207
6,638
3,553
-1,178
-3,954
1,686
-1,320
-16,246
-3,955
1,031
2,987
3,690
18,285
136,801
48,520
By holder
Liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners
international financial institutions4
1,221
2,610
-8,706
1,262
-20,674
-19,280
-4,350
109
2,927
922
-1,965
1,039
12,197
9,076
-1,468
685
6,771.
11,892
-923
-571
-7,512
-4,435
723
266
2,497
-17,671
-2,907
-943
-1,632
7,709
-1,528
1,527
315,064
122,605
75,611
5,390
-1,572
3,189
-8,639
-16,766
1,228
-5,958
390
1,619
-59
5,756
2,106
-335
9,048
-1,764
-2,287
-5,904
3,512
618
-2,985
-2,860
-2,866
-4,959
703
1,901
126,895
24,161
47,088
2,793
-579
1,195
-3,908
-20,508
1,717
2,537
-697
-867
6,441
6,970
-448
-2,277
13,656
793
-1,608
-7,947
371
5,482
-14,811
-984
3,327
7,006
-1,902
188,169
98,444
33,913
By bank ownership:5
U.S.-owned banks' liabilities to:
own foreign offices
unaffiliated foreign banks
other-private foreigners and international financial institutions4
Foreign-owned banks' liabilities to:
own foreign offices .
unaffiliated foreign banks
other private foreigners and international financial institutions4
1,424
-4,562
5,377
1,177
-568
-5,954
-5,111
4,134
63,370
12,164
-1,683
5,523
640
680
-923
5,301
-693
660
-707
-1,883
1,201
-4,552
-211
-1,370
-915
67,285
12,928
-21,826
13,590
-1,872
-33,544
25,017
7,915
3,519
2,037
4,701
722
455
-35,162
-13,161
-3,204
-18,797
-7,272
-1,951
-586
1,243
-2,155
-165
-874
5,703
10,355
1,533
-6,185
3,491
4,073
1,116
1,459
1,901
7
706
11,341
7,488
-581
4,434
10,161
5,490
1,036
-195
4,401
314
970
-3,708
8,908
380
-12,996
18,637
303
1,953
-470
554
566
-347
-11,637
-9,857
2,403
-4,183
-7,528
3,779
-241
379
2,799
55
546
-21,557
-13,547
1,316
-9,326
8,410
-2,106
-1,582
4,639
-5,077
-52
-1,616
-5,339
1,670
86
-7,095
15,536
-2,746
-391
-5,260
1,306
40
1,168
360,116
263,102
26,906
70,108
300,810
137,053
24,578
59,787
57,629
3,526
16,111
-16,228
-22,531
-299
3,855
2,747
-11,921
-22,720
4,028
287,453
-17,172
2,668
168
-1,892
-3,693
-18,706
-1,764
1,632
111
668
891
-1,969
-4,106
8,631
-38
-632
-9,484
12,075
1,079
-923
-5,294
-5,762
-1,132
267
-5,967
-16,690
1,695
-1,758
-823
7,303
-2,098
-354
141,795
105,243
15,931
24,484
.....
-15,314
-914
-5,108
-17,423
-1,695
1,396
-894
4,749
-7,617
10,364
-4,405
-7,516
-8,584
-14,136
-4,215
8,243
55,513
231,940
.,
-190
393
-1,163
-97
677
134
-725
-563
7,371
Payable in foreign currencies
Banks' custody liabilities, payable in dollars1 3
Of which negotiable and readily transferable instruments
.
By area:
Industrial countries6
Western Europe
Canada
Other
Caribbean banking centers7
Other areas
Of which Members of OPEC, included below 8 .,
Latin America
Asia
Africa
....,
Other 9
,
.
Memoranda:
International banking facilities' (IBF's) own liabilities, payable in dollars (in lines A9, and
BIO above)
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
foreign official agencies
....
other private foreigners and international financial institutions4
By bank ownership:5
U.S.-owned IBF's
Foreign-owned IBF's
Negotiable certificates of deposit held for foreigners1 (in lines A13 and B27 above)
See footnotes on page 79.
December 1991
SURVEY OF CURRENT BUSINESS
79
Footnotes to U.S. International Transactions Tables 1-10
P Preliminary.
General notes for all tables:
*Less than $500,000 (±) n.a. Not available.
this application of funds is excluded from lines C3 and C4. A second part of line A3 expenditures
finances future deliveries under military sales contracts for the recipient countries and is applied
directly to lines A39 and C9. A third part of line A3, disbursed directly to finance purchases by
recipient countries from commercial suppliers in the United States, is included in line A34. A
fourth part of line A3, representing dollars paid to the recipient countries tofinancepurchases from
countries other than the United States, is included in line A45.
2. Transactions under military sales contracts are those in which the Department of Defense
sells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.
Purchases by foreigners directly from commercial suppliers are not included as transactions under
military sales contracts. The entries for the several categories of transactions related to military
sales contracts in this and other tables are partly estimated from incomplete data.
3. The identification of transactions involving direct dollar outflows from the United States is
made in reports by each operating agency.
4. Line A35 includes foreign currency collected as interest and line A40 includes foreign currency
collected as principal, as recorded in lines A13 and A14, respectively.
5. Includes (a) advance payments to the Department of Defense (on military sales contracts)
financed by loans extended to foreigners by U.S. Government agencies and (b) the contraentry
for the part of line C10 that was delivered without prepayment by the foreign purchaser. Also
includes expenditures of appropriations available to release foreign purchasers from liability to
make repayment.
6. Includes purchases of loans from U.S. banks and exporters and payments by the U.S.
Government under commercial export credit and investment guarantee programs.
7. Excludes liabilities associated with military sales contracts financed by U.S. Government
grants and credits and included in line C2.
8. Lines A16 and A19 exclude offsetting amounts for the receipt and near immediate conversion
into dollars of cash contributions in foreign currencies from two coalition partners for Persian Gulf
operations. The amounts were $6,475 million in 1991:1 and $2,147 million in 1991:11.
Table 5:
1. Also included in line 4. Excludes currency translation adjustments. See Technical Notes in
the June 1990 SURVEY.
2. Acquisition of equity holdings in existing and newly established companies, capital
contributions, capitalization of intercompany debt, and other equity contributions.
3. Sales, liquidations, and other dispositions of equity holdings, total and partial.
4. Petroleum includes, and manufacturing and "other" industries exclude, the exploration,
development, and production of crude oil and gas, and the transportation, refining, and marketing
of petroleum products, exclusive of petrochemicals. "Other" industries includes wholesale trade;
banking; finance (except banking), insurance, and real estate; services; and other industries-yagriculture, forestry, andfishing;mining; construction; transportation, communication, and public
utilities; and retail trade.
5. Also included in line 47.
Table 6:
Table 2:
1. Primarily provincial, regional, and municipal.
1. Exports, Census basis, represent transactions values, f.a.s. U.S. port of exportation; imports,
2. Largely transactions by International Bank for Reconstruction and Development (IBRD),
Census basis, represent Customs values (see Technical Notes in the June 1982 SURVEY). Unadjusted
International Development Association (IDA), International Finance Corporation (IFC), Asian
data are as published by the Bureau of the Census. Seasonally adjusted data reflect the appplication
Development Bank (ADB), and Inter-American Development Bank (IDB).
of seasonal factors developed jointly by Census and BEA, and are the same totals except for six
3. Estimate for scheduled redemptions and identifiable early retirements. Includes estiseries which use quarterly factors; these series are not seasonally adjusted by Census (see Technical mates based on Canadian statistics for redemptions of Canadian issues held in the United States.
Notes in the June 1991 SURVEY).
Unidentified and nonscheduled retirements appear in line 28.
2. Beginning in 1990, the Census Bureau replaced its compiled export statistics with counterpart
Table 7:
Canadian import statistics. Similarly, Statistics Canada replaced its compiled export statistics with
1. Primarily mortgages, loans, and bills and notes drawn on foreigners.
counterpart U.S. import statistics. This exchange of data has eliminated the need for the inland
2. Western Europe, Canada, Japan, Australia^ New Zealand, and South Africa.
freight adjustment on U.S. exports, but not on U.S. imports.
3. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
3. Adjustments in lines A5 and A13, B12, B47, and B82 reflect the Census Bureau's reconcilia4. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting
tion of discrepancies between the merchandise trade statistics published by the United States and
countries.
the counterpart statistics published in Canada. These adjustments are distributed to the affected
end-use categories in section C.
Table 8:
4. Exports of military equipment under U.S. military agency sales contracts with foreign gov1. Includes central governments and their agencies and corporations; state, provincial, and local
ernments (line A6), and direct imports by the Department of Defense and the Coast Guard (Tine
governments and their agencies and corporations; and international and regional organizations.
A14), to the extent such trade is identifiable from Customs declarations. The exports are included
2. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers'
in tables 1 and 10, line 4 (transfers under U.S. military agency sales contracts); the imports are
and dealers' accounts may be commingled in some categories. Foreign-owned banks include U.S.
included in tables 1 and 10, line 18 (direct defense expenditures).
branches
and agencies of foreign banks and majority-owned bank subsidiaries in the United States.
5. Addition of electrical energy; deduction of exposed motion picture film for rental rather than
3. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
sale; net change in stock of U.S.-owned grains in storage in Canada; coverage adjustments for
4. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
special situations in which shipments were omitted from Census data; deduction of the value of
5. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting
repairs and alterations to foreign-owned equipment shipped to the United States for repair; and
countries.
the inclusion of fish exported outside of U.S. customs area.
6.
Includes Eastern Europe and international and regional organizations.
6. Deduction of foreign charges for repair of U.S. vessels abroad, which are included in tables
1 and 10, line 21 (other transportation); coverage adjustments for special situations in which ship- Table 9:
ments were omitted from Census data; and the deduction of the value of repairs and alterations to
1. Negotiable certificates of deposit issued by banks in the United States are included in banks'
U.S.-owned equipment shipped abroad for repair.
custody liabilities and are separately identified in memorandum line 8. Nonnegotiable certificates
7. Beginning in 1986, New Zealand and South Africa are included in "Other countries in Asia
of
deposit
are included in time deposits.
and Africa," with New Zealand included as part of "Asia" and South Africa as part of "Africa."
2. Includes borrowing under Federal funds or repurchase arrangements, deferred credits, and
8. Annual and unadjusted quarterly data shown in this table correspond to country and area
liabilities
other
than deposits.
data in table 10, lines 2 and 16. Trade with international organizations includes purchases of
3. Mainly negotiable and readily transferable instruments, excluding U.S. Treasury securities.
nonmonetary gold from the International Monetary Fund, transfers of tin to the International Tin
4. Mainly International Bank for Reconstruction and Development (IBRD), International DeCouncil (ITC), and sales of satellites to Intelsat. The memoranda are defined as follows: Industrial
Association (IDA), International Finance Corporation (IFC), Asian Development Bank
countries: Western Europe, Canada, Japan, Australia, New Zealand, and South Africa; Members velopment
(ADB), Inter-American Development Bank (IDB), and the Trust Fund of the International Monetary
of OPEC: Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Fund.
Indonesia, Algeria, Libya, Nigeria, and Gabon; Other countries: Eastern Europe, Latin America
5. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers'
and Other Western Hemisphere, and other countries in Asia and Africa, less OPEC. For all years,
and dealers' liabilities may be commingled in some categories. Foreign-owned banks are U.S.
"Asia" and "Africa" exclude certain Pacific Islands and unidentified countries included in "Other branches
and agencies of foreign banks and majority-owned bank subsidiaries in the United States.
countries in Asia and Africa."
6. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
9. Includes nuclear fuel materials and fuels.
7. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
8. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting
Table 3:
countries.
1. Patented techniques, processes, and formulas and other intangible property rights that are
9. Includes Eastern Europe and international and regional organizations.
used in goods production.
2. Copyrights, trademarks, franchises, rights to broadcast live events, and other intangible
Table 10:
property rights.
For footnotes 1-13, see table 1.
3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign govern14. The "European Communities (12)" includes the "European Communities (6)," United
ments and international organizations in the United States. Payments (imports) include mainly
Kingdom,
Denmark, Ireland, Greece, Spain, and Portugal.
wages of foreign residents temporarily employed in the United States and Canadian and Mexican
15. The "European Communities (6)" includes Belgium, France, Germany (includes the former
commuters in U.S. border areas.
German Democratic Republic (East Germany) beginning in the fourth quarter of 1990), Italy, Luxembourg, Netherlands, European Atomic Energy Community, European Coal and Steel Community,
Table 4:
and European Investment Bank.
1. Expenditures to release foreign governments from their contractual liabilities to pay for
16. Includes, as part of international and unallocated, the estimated direct investment in foreign
military goods and services purchased through military sales contracts—first authorized (for Israel)
affiliates engaged in international shipping, in operating oil and gas drilling equipment that is
under Public Law 93-199, section 4, and subsequently authorized (for many recipients) under
moved from country to country during the year, and in petroleum trading.
similar legislation—are included in line A3. Deliveries against these military sales contracts are
17. Details not shown separately; see totals in lines 49 and 56.
included in line C10; see footnote 2. Of the line A3 items, part of these military expenditures is
applied in lines A40 and A43 to reduce short-term assets previously recorded in lines A38 and C8;
18. Details not shown separately are included in line 61.
Table 1:
1. Credits, +: Exports of goods and services; unilateral transfers to United States; capital
inflows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S.
official reserve assets; increase in foreign official assets in the United States.
Debits, - : Imports of goods and services; unilateral transfers to foreigners; capital outflows
(decrease in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official
reserve assets; decrease in foreign offical assets in the United States.
2. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, excludes imports of goods under direct defense expenditures identified in Census
import documents, and reflects various other adjustments (for valuation, coverage, and timing) of
Census statistics to balance of payments basis; see table 2.
3. Includes some goods: Mainly military equipment in line 4; major equipment, other materials,
supplies, and petroleum products purchased abroad by U.S. military agencies in line 18; and fuels
purchased by airline and steamship operators in lines 7 and 21.
4. Includes transfers of goods and services under U.S. military grant programs.
5. Beginning in 1982, line 8 and line 22 are redefined to include only net receipts and payments
for the use or sale of intangible property rights. Other services are reclassified to lines 9 and 23.
6. Affiliated and unaffiliated transactions, previously shown separately, have been combined.
7. For all areas, amounts outstanding September 30,1991, were as follows in millions of dollars:
Line 34,74,731; line 35,11,062; line 36,10,722; line 37,9,094; line 38,43,853. Data are preliminary.
8. Includes sales of foreign obligations to foreigners.
9. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible
and nonconvertible bonds and notes.
10. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and
of debt securities of U.S. Government corporations and agencies.
11. Includes, primarily, U.S. Government liabilities associated with military agency sales
contracts and other transactions arranged with or through foreign official agencies; see table 4.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations
and State and local governments.
13. Conceptually, the sum of lines 69 and 62 is equal to "net foreign investment" in the national
income and product accounts (NIPA's). However, the foreign transactions account in the NIPA's
(a) includes adjustments to the international transactions accounts for the treatment of gold, (b)
excludes capital gains and losses of foreign affiliates of U.S. parent companies from the NIPA s measure of income receipts from direct investment abroad, and from the corresponding income payments
on direct investment in the United States, (c) includes an adjustment for the different geographical
treatment of transactions with U.S. territories and Puerto Rico, and (d) includes services furnished
without payment byfinancialintermediaries, 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 the "Reconciliation and Other Special Tables" section in this
issue of the SURVEY OF CURRENT BUSINESS. A reconciliation of the other foreign transactions in the
two sets of accounts appears in table 4.5 of the full set of NIPA tables (published annually in the
July issue of the SURVEY).
SURVEY OF CURRENT BUSINESS
80
December 1991
Table 10.—U.S. International
[Millions
European Communities (12) 14
Western Europe
(Credits +; debits - ) 1
Exports of goods, services, and income
1990
1990
209,410
53,775
50,190
55,411
55374
53,657
50,590
178,147
45,691
42,690
111,375
29,003
25,630
29,389
30,454
30,382
26,309
96,276
25,020
22,027
46,644
3,455
11,398
913
12,811
801
12,327
795
10,668
786
11,937
794
13,627
944
37,938
2,433
9,330
689
10,660
557
12,291
4,574
7,759
3,030
1,122
1,887
3,894
1,522
1,994
3,133
1,093
1,992
2,399
884
1,852
3,394
1,284
1,816
4,452
1,787
1,932
9,452
4,097
5,964
2,341
1,011
1,463
3,190
1,402
1,552
9,237
9,167
161
2,196
2,212
38
2,266
2,280
54
2,865
2,423
25
2,306
2,408
33
2,353
2,271
25
2,392
2,087
34
8,246
7,610
136
1,952
1,843
31
2,025
1,889
46
Income receipts on U.S. assets abroad .
Direct investment receipts
Other private receipts
U.S. Government receipts
51,390
29,548
18,798
3,044
13,375
7,906
4,786
11,749
6,439
4,503
808
13,696
7,850
5,057
14,252
8,906
4,475
872
11,338
6,127
4,512
699
10,653
5,891
3,975
787
43,933
24,311
16,845
2,777
11,341
6,509
4,188
644
10,003
5,142
4,135
726
Imports of goods, services, and income
-211,623
Merchandise, adjusted, excluding military2
Services3
Transfers under U.S. military agency sales contracts4 ...
Travel
Passenger fares
Other transportation .
Royalties and license fees 56
Other private services6
U.S. Government miscellaneous services ,
Merchandise, adjusted, excluding military2
Services3
Direct defense expenditures .
Travel
Passenger fares
Other transportation
Royalties and license fees 56
Other private services6
U.S. Government miscellaneous services .
Income payments on foreign assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net
U.S. Government grants4
U.S. Government pensions and other transfers ,.
Private remittances and other transfers ,
U.S. assets abroad, net (increase/capital outflow (-))
-109,254
683
-55343
-45,596
-11,700
-27,268
-11,783
-2,693
-14,002
-4,628
-8,568
-54,014
-26,717
788
-52^31
-48,860
-50,974
-51,486
-179,172
-46,658
^(5,783
-25,039
-25,408
-24,824
-91,326
-22,666
-22,384
-10,045
-3,468
-11,963
-2,811
-13,323
-2,720
-39,323
-10,825
-10,101
-2,428
-11,702
-2,731
-13,623
-2,956
-28,843
-10,761
-3,208
-4,059
-1,310
-2,136
-5,112
-1,576
-2,185
-2,644
-941
-2,210
-1,964
-653
-1,922
-3,923
-1,370
-1,944
-4,984
-1,597
-2,018
-12,278
^,055
-6,669
-3,571
-1,119
-1,689
-4,385
-1,390
-1,724
-2,027
-4,033
-638
-484
-939
-163
-521
-1,108
-166
-566
-1,046
-146
-590
-1,272
-176
-591
-1,160
-164
-608
-1,223
-173
-1,531
-3,465
-500
-357
-809
-128
-388
-954
-130
-56,774
-3,424
-35,217
-18,133
-16,292
-2,937
-8,888
-4,467
-13,675
-425
-8,638
-4,612
-12,727
1,188
-9,106
-4,809
-13,776
-876
-8,087
-4,813
-13,603
-822
-7,987
-4,794
-13,339
-1,138
-7,456
-4,745
-48,522
-3,999
-30,079
-14,444
-13,891
-2,699
-7,642
-3,550
-11,697
-694
-7,330
-3,673
417
-7
89
271
5,403
-294
-132
243
299
-261
-916
1,594
-225
-213
431
-127
-222
437
111
-261
421
5,243
-232
392
-462
-224
392
-291
-233
392
161
-716
1,786
-49
-179
471
-3
-179
481
-33,520
-15,564
-19,028
-11377
-543
2,516
-16,264
-26353
-14,807
-12,155
U.S. official reserve assets, net7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
-720
-74
815
-661
301
1,529
1,254
-514
-32
825
-661
301
1,529
1,254
-514
-32
825
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
111
-542
669
-16
-37
-89
53
-2
85
-81
193
-27
200
-101
274
27
463
-136
612
-13
-6
-82
81
-4
153
-51
204
1
41
-333
392
-18
-62
-89
33
-6
-21
-80
81
-22
-32,910
-14,503
-6,799
-1,786
-9,822
-15,453
-27
-6,011
-2,598
-6,817
-19,929
-13,297
-1,282
1,253
-6,603
-10,916
3,702
540
-671
-14,487
-1,307
-11,417
-2,734
-1,307
14,151
992
-662
-4,355
-1,745
7,754
-17,671
-1,977
-12,147
n.a.
-3,547
-25,879
-9,101
-7,029
-1,352
-8,397
-14,714
-138
-5,713
-2,548
-6,315
-12,959
23386
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
-720
63,725
21,780
19326
26,563
-5,429
-4,424
5,083
60,580
15,974
Foreign official assets in the United States, net
U.S. Government securities9
U.S. Treasury securities
Other10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets12
34,285
8,224
8,941
14,710
-714
-2,522
1,141
(18)
(18)
(18)
(18)
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
29,440
16,314
()17
571
-886
Foreign assets in the United States, net (increase/capital inflow (+))
(17)
8
7
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above
items with sign reversed)
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on investment income (lines 11 and 25) .
Balance on goods, services, and income (lines 1 and 15 or lines 64, 65, and 66) 13 .
Unilateral transfers, net (line 29)
Balance on current account (lines 1, 15, and 29 or lines 67 and 68) 13
See footnotes on page 79.
-28,409
2,121
1,049
-5,384
-2,214
417
-1,797
ft
ft
()
ft
-93
8 8
-115
7
()
-1,460
154
-1,115
-4,641
3,537
-18,536
-5,945
1,735
-1,087
-81"
-1,926
-3,824
89
-3,736
546
1,566
969
3,080
271
3,351
5,415
623
477
6,514
5,403
11,918
(17)
1,606
-86
-385
-2,918
-1,568
—7
-1,575
10,286
4,080
(17)
17
11,853
3,709
(17)
432
448
-38
(")
-4,716
4,510
1,104
-516
13,556
1,756
ft
(17)
(.7)
( 17 )
-1,902
4,331
( 17)
()
8,553
-1,203
17
)
4,974
-26
-2,265
2,683
-294
2,389
3,942
-596
ft
ft
ft
-6,686
-180
1,391
-7,484
(18)
(18)
(18)
(18)
( 18 )
(.8)
-43
14
76
(18)
(18)
(18)
(18)
(18)
(18)
15,817
1,353
5,839
(17)
(18)
2,667
3,027
-1,830
18
43,610
(18)
(18)
(18)
18
2,106
-207
12,646
18
-977
-335
18,744
12310
-34,434
-443
-8336
1,485
304
-2,686
-897
-132
-1,029
4,950
-1,385
-4,589
-1,024
1,231
206
2,354
-770
-2,550
-967
243
-723
-357
-1,042
-1,695
-3,093
299
-2,795
SURVEY OF CURRENT BUSINESS
December 1991
81
Transactions, by Area
of dollars]
European Communities( 12) 1 4 '
1990
European Communities(6)15
United Kingdom
1991
1990
n
IV
' I
IP
46,908
47^56
46,058
43,793
54,019
25,293
26,276
26,405
22,945
22,928
9,863
497
8,642
575
9,796
543
11,544
669
2,303
959
1,503
1,820
795
1,429
2,708
1,179
1,386
2,573
2,008
20
2,066
1,930
27
11,752
6,552
4,471
730
1990
I
I
Line
IP
III
IV
26,620
24,902
27,944
28365
28382
25,959
1
15,983
14,611
16,941
•1.7,711.
17,986
15,489
2
20,425
1,244
4,983
354
5,702
265
5,418
278
4,897
318
5,264
257
6,226
392
3
4
1,339
674
266
4,801
2,096
3,382
1,160
526
798
1,644
703
889
1,182
490
885
937
424
866
1,357
625
811
1,879
827
865
5
6
7
464
710
9
475
742
10
5,630
3,221
51
1,343
782
20
1,381
807
13
1,755
821
6
1,455
887
11
1,388
816
11
1,405
846
11
8
9
10
5,394
2,560
2,832
3,882
1,396
2,485
1
4,184
1,678
2,505
1
20,886
13,503
4,916
2,467
5,654
3,791
1,255
609
4,589
2,770
1,190
629
5,584
3,663
1,279
642
5,957
4,145
1,112
700
5,132
3,122
1,371
639
4,244
2,606
1,025
613
11
12
13
14
-16,929
-14,478
-16,041
-15349
-98,797
-25,426
-25,715
-23,853
-23,186
-23349
-24,277
15
-5,837
-4,490
-4,693
-4,547
-63,227
-15,821
-15,632
-16,269
-14,741
-14,727
-14,619
16
-3,111
-262
-2,421
-300
-2,357
-398
-2,939
-293
-3,143
-295
-23,717
-8,799
-5,934
-1,988
-7,053
-2,285
-5,788
-2,351
-5,356
-2,517
-6,059
-2,082
-6,693
-1,980
17
.18
-1,022
-446
-559
-1,241
-508
-505
-714
-371
^53
-635
-245
-368
-1,055
-480
-410
-1,210
-515
-419
-6,861
-1,780
-3,475
-2,005
-481
-811
-2,440
-636
-941
-1,409
-362
-948
-887
-250
-854
-1,873
-538
-795
-2379
-645
-832
19
20
21
-622
-1,497
-73
-145
-347
-18
-163
-417
-16
^too
-168
-15
-224
-465
-22
-229
-454
-19
-246
-438
-20
-889
-1,595
-318
-207
-360
-83
-221
-444
-86
-254
-396
-68
-237
-526
-85
-236
-453
-81
-223
-549
-85
22
23
24
-11,522
-1,240
-6,403
-3,879
-34,099
-5,612
-22,832
-5,655
-9,606
-2,311
-5,850
-1,445
-8,005
-1,000
-5,574
-1,431
-8,672
-1,328
-5,960
-1,384
-7,631
-923
-5327
-1381
-8,409
-1,517
-5,462
-1,430
-7,659
-1,219
-4,996
-1,444
-11,853
1,550
-6,620
-6,783
-3,671
-369
-1,647
-1,655
-3,031
279
-1,606
-1,704
-1,796
1,737
-1,694
-1,839
-3,090
167
-1,473
-1,783
-2,563
453
-1,338
-1,678
-2,966
-55
-1,249
-1,662
25
26
27
28
240
242
723
195
201
149
179
191
204
910
163
177
475
5,661
129
131
29
-9
-189
438
-17
-190
448
-110
833
-28
223
-28
228
-28
111
-29
208
(*)
-30
221
-29
233
274
-408
1,045
(*)
-102
265
(*)
-102
278
274
-102
304
5,500
-107
267
(*)
-107
236
-108
239
30
31
32
1,212
-845
-15,040
-8,560
-12,107
-11,152
28
7386
1,790
-11,142
-13,098
-1,418
144
-8,656
-5,074
-2,026
-3,907
33
538
1,819
1,372
-6
-2
-2
-2
-2
-1
-1
-508
-30
827
-534
539
1,820
1,374
-535
538
1,819
1,372
-6
-2
-2
-2
-2
-1
-1
-508
-30
827
-534
539
1,820
1,374
34
35
36
37
38
126
-99
213
13
468
-45
515
-1
-54
-82
29
34
-51
86
-1
111
-1
-2
111
14
4
37
14
-10
28
-7
-4
5
111
(*)
-2
14
4
52
-15
17
-3
14
-24
12
15
9
-16
6
-10
5
-1
111
(*)
39
40
41
42
-12,104
865
-4,014
-2,865
-6,090
-11,148
-5,026
-1,287
1,492
-6,327
-81
5,165
4,370
605
-10,220
7,574
-6,651
-957
-1,138
16,320
1,788
1,623
-1,878
-1,541
3,584
-11,141
886
-8,892
n.a.
-3,135
-12,627
-6,567
-5,887
-901
728
-1,402
68
-1,544
387
-313
-673
-1,544
1,744
-53
-820
-8,150
-2,089
-3,811
-1,039
-1,211
-5,607
-2,969
-1,162
-149
-1,327
-3,843
-1,310
-2,611
-341
419
-5,286
-2,689
-2,391
n.a.
-206
43
44
45
46
47
7,951
6^01
4,180
-4,426
1,645
2,492
25379
4,878
12,024
10,798
-6,787
-€,185
181
48
(18)
(18)
(18)
(»8)
(18)
(18)
(.8)
(18)
( 18 )
(18)
( 18 )
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(,8)
(18)
(18)
(18)
(18)
(18)
-14
49
50
51
52
53
54
55
II
IP
nip
13^35
12,667
12,630
104,282
5,593
5,637
4,797
62,971
3,115
137
2,548
148
3,148
201
3,649
143
1,171
575
357
869
412
289
706
324
249
1,052
464
248
424
801
10
444
825
28
512
887
9
402
708
12
18,891
7,501
11,341
49
4,611
1,803
2,806
2
4,625
1,844
2,780
2
^13,982
-64,576
-17,150
-15,830
-21,047
-19,929
^,712
-4,714
-10,335
-2,570
-11,413
-2,470
-10,548
-1,112
-2,831
-294
-1,727
-570
-1,505
-3,452
-1,209
-1,500
-4,276
-1,409
-1,564
-3,664
-1,614
-1,965
-426
-884
-113
-466
-1,084
-135
-470
-1,009
-125
^75
-1,087
-133
-11,202
456
-7,806
-3,852
-11,550
^717
-6,958
-3,875
-11,888
-1,042
-6,947
-3,899
510
5,741
227
-180
462
5,479
-188
450
-9,052
-535
III
IV
13,703
13,276
14,027
6,096
5,136
5,839
12,200
555
2,997
115
3,515
117
3,647
1,647
1,478
3,581
1,694
1,266
909
410
328
2,111
1,850
20
2,152
1,925
26
1,757
3,275
72
12,438
7,520
4,117
801
9,856
5,201
3,998
658
9,304
4,921
3,674
709
-44,753
-41356
-43,569
-24,156
-21,066
-21,346
-9,395
-3,029
-8,740
-3,254
-2,400
-842
-1,701
III*
i
-8,643
3,182
566
-351
-12,040
206
-10,077
-2,162
-1,263
13,708
-2,610
-980
-^,813
-1,841
5,024
-16,446
-1,655
-11,612
n.a.
-3,179
-8,664
-520
-103
-438
-7,603
22312
-4,055
-4,069
6,660
19,006
(18)
(18)
(,8)
(18)
(18)
(18)
(18)
(.8)
(18)
(, 8 )
18
-158
R
8-
(18)
(18)
(18)
(18)
( 18 )
(18)
609
( 18 )
(.8)
8
<2
(18)
(18)
59
32
-37
-4
12
49
-52
89
-9
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
<;:>
(18)
(18)
(18)
(18)
(18)
(18)
4,247
(18)
1,688
-386
18
-9,446
3,135
359
3,668
-505
2,920
(18)
(18)
(18)
(18)
(18)
18
6,868
-743
-13,336
18
2,337
n.a.
3,355
18
7,352
-3,091
11,045
18
(18)
(18)
(.8)
(18)
(18)
(18)
(18)
1,216
-1,239
19,593
5,074 .
1,978
3,051
44
(.8)
2,724
(18)
18
1991
1990
1991
1990
3,255
-95
5,237
181
-1,338
4,706
18
( 18 )
-141
(18)
2,683
-1,701
3,376
18
(18)
(18)
(.8)
(18)
-123
(18)
(18)
-68
580
(18)
( 18 )
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
3,027
(18)
901
-83
18
-8,267
1,484
1,412
12,173
1,906
3,257
2,508
635
1,698
-988
(18)
(18)
(18)
(18)
(i«)
(18)
(18)
(18)
(18)
18
4,632
-232
-4,251
18
2,405
n.a.
-1,374
18
-4,733
1,157
16,834
-1,163
-67
4,U3
18
-1,401
595
9,582
18
-1,510
750
9,064
18
18
396
-332
-7,363
18
2,062
-492
-9,386
18
214
n.a.
375
56
57
58
59
60
61
62
-15,925
-8,897
2,185
8328
1,137
468
550
2,155
510
2,664
5,210
-99
888
6,000
5,741
11,741
5,059
-538
-2,032
2,489
240
2,729
1,898
130
-2,218
-189
242
52
7,407
7,004
-1,455
-2396
-253
11,166
-18,676
-4,817
-11331
-«,708
822
3,050
1,913
63
2,999
1,384
1,652
165
-15,208
-4,996
-10,557
-3,446
723
195
-9,834 ' -3,251
422
404
-3,379
-2,554
201
-2,353
2
694
-3,598
-2,902
149
-2,753
1,103
192
-2,237
-943
179
-764
944
209
-^,527
-3,374
191
-3,183
250
506
-3,475
-2,719
204
-2,515
-256
-3,293
9,033
5,485
910
6,395
162
•^952
1,983
1,193
163
1,357
-1,021
-1,350
1,558
-813
177
-637
672
-370
3,788
4,091
475
4,566
2,970
-459
2,867
5,379
5,661
11,039
3,259
-795
2,569
5,033
129
5,162
870
-461
1,279
1,682
131
1,813
64
65
66
67
68
69
-612
SURVEY OF CURRENT BUSINESS
82
December 1991
Table 10.—U.S. International
[Millions
Canada
Eastern Europe
(Credits +; debits - ) *
1990
1990
1990
1990
IV
Exports of goods, services, and income
887
1,119
1,753
1,216
1,413
108,185
29,207
25,107
4,341
1,510
571
724
1,405
947
1,006
83,572
22,827
19,255
962
235
271
238
209
(*)
228
1
266
13,217
102
3,370
31
3,414
33
67
15
65
99
20
51
122
28
52
5,690
782
1,555
195
257
1,494
169
291
4
55
3
4
50
4
4
54
6
1,102
4,403
60
257
1,046
29
280
1,130
18
41
(*)
41
100
11,396
4,163
7,209
25
3,009
1,293
1,716
(*)
2,438
581
1,845
12
5,619
Merchandise, adjusted, excluding military2
Services3
Transfers under U.S. military agency sales contracts4 .
Travel
Passenger fares ..
Other transportation .
344
81
324
Royalties and license fees 5 6
Other private services6
U.S. Government miscellaneous services
15
182
16
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
139
54
1
199
118
Imports of goods, services, and income
Merchandise, adjusted, excluding military 2
Services 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
106
23
,
Royalties and license fees 56
Other private services6
,
U.S. Government miscellaneous services
Income payments on foreign assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
45
(*)
41
116
34
105
-3,249
-767
-849
-859
-680
-777
-766
-104,091
-27,196
-25,880
-2,267
-467
-543
-650
-497
-397
-451
-93,026
-24,372
-22,317
-847
-5
-262
-1
-270
-3
-178
-1
-140
-1
-330
-2
-264
-2
-6,985
-286
-1,717
-74
-2,569
-84
-66
-220
-150
-22
-50
-148
-24
-52
-67
-12
-61
-40
-11
-50
-215
-23
-49
-144
-25
-51
-3,499
-260
-877
-851
-74
-233
-1,674
-95
-225
-11
-96
-49
-3
-23
-12
-3
-25
-15
-2
-25
-11
-1
-26
-11
(*)
-27
-13
-29
-12
-37
-1,840
-187
-418
-63
-8
-431
-52
-38
-36
-43
-50
-51
-27
-11
-24
-12
-19
-12
-20
-23
-19
-31
-20
-31
-4,080
45
-2,677
-1,448
-1,107
-108
-657
-342
-994
28
-638
-383
-1,743
-290
-68
-70
-54
-6
-94
-31
-6
-108
-14
-7
-101
-18
-7
-106
-18
-7
-102
-1,628
-7
-108
-364
74
-91
23
-91
21
1,011
-117
500
1,383
-10,763
-5,969
86
11
1,554
-2,102
3,656
43
-1
42
2
(*)
(*)
-135
Unilateral transfers, net
U.S. Government grants4
U.S. Government pensions and other transfers .
Private remittances and other transfers
U.S. assets abroad, net (increase/capital outflow (-))
-325
-25
-403
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
86
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
-107
-237
118
11
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns .
U.S. claims reported by U.S. banks, not included elsewhere
1,032
1
-14
15
(*)
-10
-14
-105
-209
103
1
-33
-57
1,122
3
-50
698
-13
7
-112
-4
-23
631
-7
-70
-411
587
641
-310
-83
1,153
(18)
(18)
(18)
(18)
(18)
(*)
(18)
(18)
(18)
(18)
(,8)
(18)
(*)
(18)
(18)
(18)
(18)
(18)
(18)
(.8)
(18)
(.8)
()
-10
-104
8
-196
(18)
Foreign assets in the United States, net (increase/capital inflow (+))
Foreign official assets in the United States, net
U.S. Government securities9
U.S. Treasury securities
Other 10
Other 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. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
1,078
-488
(18)
(
8
-69
55
601
-32
-35
5
-2
-107
-296
190
-1
8
86
556
467
-905
-96
33
1,435
290
467
-84
-5,969
-348
-2,613
-279
-2,729
1,093
(18)
(18)
(18)
(18)
(18)
-845
-1,350
760
13
7
()
2,695
-76
2,443
400
(17)
624
-114
253
-145
7,043
2,933
-3,109
-9,454
6,23:
7,317
4,094
-290
3,804
-1,545
1,653
1,902
2,011
-68
1,943
-3,062
845
1,444
-773
-70
-843
n.a.
-171
8
-10,806
-2,280
-7,311
-972
-243
24
-5
<::>
(18)
(18)
8
3,466
17
(18)
(18)
( 18
(18)
-51
79
8
-59
1,212
18
(18)
(,8)
(18)
•"(IS)
43
244
8
2
n.a.
465
761
217
7
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above
items with sign reversed)
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 64, 65, and 66) 1:
Unilateral transfers, net (line 29)
,
Balance on current account (lines 1, 15, and 29 or lines 67 and 68) 13
See footnotes on page 79.
-3,215
-2,161
2,074
114
182
2,370
-752
1,618
1,043
-27
17
1,033
-154
880
-1,500
28
1
9
38
-145
-107
74
60
126
260
-121
139
908
69
96
1,07
-131
943
550
-101
-9
440
-127
312
555
2
90
64'
-1,743
-1,095
83
SURVEY OF CURRENT BUSINESS
December 1991
Transactions, by Area—Continued
of dollars]
Canada
1990
Japan
Latin America and Other Western Hemisphere
1991
11"
III/'
Line
1990
1990
I
IV
1991
1990
1991
1990
II
IV
III
I
W
III*
II
III
IV
I
II'
HIP
26,129
26^58
29,855
27,243
103,188
24,653
27,049
26,965
25,781
28,244
29,661
82,704
19326
20,631
22,017
20,062
19,766
19,418
1
20,314
20,203
22,700
20,541
54,272
13,128
14,148
14,549
13,361
15,974
16,529
47,977
11,238
11,900
12,777
12,266
11,901
11,357
2
3,086
17
3,823
28
3,988
36
3,930
37
19,190
287
4,564
100
5,002
66
5,109
52
4,909
69
5,202
61
5,753
67
19,356
332
4,463
63
5,072
95
5,142
93
4,566
122
5,056
100
5,766
96
3
4
1,136
173
288
1,736
211
372
1,896
174
388
1,791
154
377
9,209
1,851
2,700
2,226
428
638
2,424
525
696
2,489
521
740
2,218
475
646
2,542
561
701
2,938
630
726
7,694
2,853
3,208
1,710
706
794
2,165
673
832
1,952
737
881
1,505
650
821
1,886
822
841
2,475
821
890
5
6
7
320
1,149
3
250
1,214
272
1,213
9
278
1,280
14
439
4,590
114
98
1,049
25
122
1,138
32
120
1,154
33
125
1,347
28
147
1,157
34
140
1,221
32
2,859
2,377
33
664
524
2
736
570
2
828
624
27
740
727
1
778
624
5
807
673
5
8
9
10
2,729
885
1,844
(*)
2,832
956
1,866
11
3,168
1,177
1,991
(*)
2,772
921
1,841
10
29,725
8,239
20,851
635
6,961
1,761
4,998
203
7,898
2,565
5,188
145
7,307
1,993
5,241
73
7,511
2,067
5,171
273
7,068
2,548
4,439
81
7,379
2,652
4,552
176
15,371
1,986
12,334
1,051
3,826
431
3,146
249
3,659
230
3,153
276
4,097
812
2,913
372
3,230
719
2,192
319
2,810
523
1,884
403
2,295
370
1,653
272
11
12
13
14
U
-26,405
-24,417
-26,687
-25,914
-112,735
-26,405
-28319
-30^52
-27,222
-27,663
-27,616
-114,453
-27^12
-28,436
-30355
-27357
-26,050
-28,743
15
-23,973
-22,095
-24,308
-22,574
-64,320
-15,017
-16,130
-17,569
-15,034
-15,850
-15,815
-89,667
-21,608
-21,899
-24,569
-22,554
-21,086
-23,277
16
-1,368
-67
-1,251
-67
-1,700
-65
-2,560
-65
-20,377
-318
-5,027
-86
-5,174
-77
-5,209
-62
-5,150
-105
-5,432
-86
-5,435
-88
-10,065
-1,562
-2,352
-428
-2,643
-388
-2,844
-372
-2,446
-368
-2,527
-340
-2,896
-350
17
18
-585
-45
-226
-422
-45
-197
-908
-71
-219
-1,747
-99
-215
-11,100
-1,851
-2,051
-2,788
-446
-491
-2,819
^73
-516
-2,775
-439
-533
-2,711
-456
-529
-2,965
-465
-548
-2,949
-522
-568
-2,151
-439
-4,349
-545
-114
-967
-595
-126
-1,166
-536
-104
-1,298
-449
-83
-1,132
-595
-115
-1,081
-635
-139
-1,339
19
20
21
-18
-387
-41
-14
^168
-39
-24
-375
-38
-10
-377
-47
-28
-4,680
-351
-5
-1,127
-84
-9
-1,180
-100
-10
-1,303
-88
-7
-1,254
-88
-13
-1,262
-93
-10
-1,205
' -93
-533
-933
-98
-91
-190
-19
-149
-201
-18
-179
-311
-44
-194
-203
-18
-192
-184
-21
-189
-223
-21
22
23
24
-1,065
10
-730
-345
-1,071
-134
-646
-291
-679
325
-703
-301
-780
183
-661
-302
-28,038
718
-26,301
-2,455
-6,361
759
-6,556
-564
-7,015
200
-6,559
-656
-7,773
-296
-6,645
-832
-7,039
-35
-6,134
-870
-6,381
-49
-5,344
-988
-6,366
-50
-5,193
-1,123
-14,720
364
-7,608
-7,476
-3,852
-95
-1,909
-1,848
-3,894
-196
-1,861
-1,837
-3,442
272
-1,994
-1,720
-2,357
714
-1,571
-1,500
-2,436
543
-1,509
-1,470
-2,570
171
-1,251
-1,490
25
26
27
28
-61
-97
-80
-96
-3,396
-993
-797
-918
-824
-882
-1,757
281
-19
-42
394
6,162
2,131
577
29
-97
17
-96
-1 871
-558
-967
-665
-111
-217
-421
-128
-249
-461
-195
-262
-412
-135
-277
-528
-118
-236
-1 361
-132
-264
429
-49
-99
-14
-6
-10
-31
429
-10
-26
6218
-10
-45
2 147
-10
-6
624
-12
-36
30
31
32
-6,723
96
-23,216
-1,079
-8,190
-23,282
256
-17,040
-4^23
1,159
475
816
35
-92
31
-97
(*)
-3,572
-3,214
1,469
4,205
1342
33
-369
-343
-397
2,732
-274
-369
-343
-397
2 732
34
35
36
37
38
3
7
-1
475
816
35
-3 221
-295
13
-382
364
30
-18
-247
234
-5
977
-220
1,185
12
-1
1
-49
-270
212
8
3
20
-3
-113
-383
282
-12
3
-1
(*)
3
7
-6,724
-852
-4,226
-258
-1,388
79
-658
-1,052
n.a.
1,789
-23,772
-9,274
-8,504
1,667
-7,661
-1,256
-2,546
488
1,362
-560
-8,893
-2,030
-687
-376
-5,800
-23,268
-3,335
-1,822
-42
-18,069
243
2,618
822
-88
-3,109
-17,022
-1,204
-1,955
75
-13,938
-5,801
-3,804
733
n.a.
-2,730
19,015
-1,443
-2,190
-656
23,304
-6,293
-235
-2,789
-76
-3,193
2,986
255
535
-108
2,304
11,435
-795
-1,135
-618
13,983
1,806
-379
-5,465
-756
8,406
4,603
485
-2,300
-98
6,516
-1,390
96
-2,921
n.a.
1,435
43
44
45
46
47
3339
3,924
-105
44,982
10,488
11,874
21,122
-1,045
20,736
15,461
-26,826
-3,400
6,045
-9378
-11335
-5360
-3,895
48
-201
761
393
<;:>
(17)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(17)
(18)
(18)
(18)
(18)
-92
-67
-22
34
38
19
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
49
50
51
52
53
54
55
(18)
(18)
(18)
(18)
(18)
2,055
(18)
1,926
675
(18)
(18)
-2,218
(18)
-3
-3,570
981
-3,279
-799
-472
-3,237
-1,035
-1,357
927
-1,772
-830
$
$
14
4
(17)
(17)
758
-138
(17)
11,069
-274
-298
-821
533
-10
24
-1
(.7)
2,711
-295
-603
-1,903
1,354
-54
17
23
722
-278
-6390
1 159
1
-3
22
15,797
-3,221
(17)
(17)
3,540
-124
3,164
10
-498
-1,009
( 17)
(17)
(17)
1,308
-47
1,862
-24
(17)
(17)
425
n.a.
(17)
18
2,818
2,490
37,711
18
1,544
791
6,294
18
-609
1,118
10,711
18
713
-55
22,648
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
( 18)
18
434
(18)
(18)
-99
(18)
(18)
(18)
(185)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
17,336
(18)
5,210
(18)
921
4,086
(18)
1,469
1,654
(18)
(18)
1,904
37
-3,555
1,175
1,174
n.a.
12,638
18
18
(18)
(18)
(18)
(18)
(18)
531
<;:>
(18)
(18)
(18)
(18)
q
271
<18)
(*)'
18,080
18
-2,294
261
-42,401
18
-1,565
418
-7,468
(18)
18
-711
399
5,002
18
-141
68
-13,491
39
40
41
42
i
(18)
<::>
(.8)
(18)
-91
-31
685
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
1,111
1,042
(18)
(18)
144
(18)
-^34
-119
18
-11,035
18
2,864
41
-9,845
(l8)
3,155
n.a.
-8,776
18
56
57
58
59
60
61
62
4,739
-2,469
-289
-1,224
-8,824
-6,664
-1,616
6,666
3,055
-3395
-10,925
42,497
18,295
-909
6,953
11,199
5308
11301
63
-3,659
1,718
1,665
-276
-61
-337
-1,892
2,572
1,761
2,441
-97
2,344
-1,608
2,288
2,489
3,168
-80
3,088
-2,033
1,371
1,991
1,329
-96
1,232
-10,048
-1,187
1,688
-9,547
-3,396
-12,943
-1,889
-464
601
-1,752
-993
-2,745
-1,982
-172
883
-1,271
-797
-2,068
-3,020
-100
-467
-3,587
-918
^,505
-1,673
-241
473
-1,441
-824
-2,265
124
-230
687
582
-882
-301
714
318
1,013
2,045
-1,757
288
-41,690
9,291
651
-31,748
281
-31,467
-10,370
2,110
-26
-8,286
-19
-8,305
-9,999
2,429
-235
-7,805
-42
-7,847
-11,792
2,299
655
-8,838
394
. -8,445
-10,288
2,120
873
-7,295
6,162
-1,133
-9,185
2,528
373
-6,283
2,131
^,153
-11,920
2,870
-274
-9,324
577
-8,748
64
65
66
67
68
69
84
SURVEY OF CURRENT BUSINESS
December 1991
Table 10.—U.S. International
[Millions
(Credits +; debits - ) l
1991
1990
14,439
3,508
3,743
3,749
3,159
3,032
3,452
Merchandise, adjusted, excluding military2
8,302
1,932
2,249
2,047
1,858
1,883
2,219
Services3
Transfers under U.S. military agency sales contracts4 .
3,528
415
893
162
944
79
929
52
731
53
864
61
1,003
54
1,061
801
324
225
218
79
295
219
93
317
223
83
233
151
73
237
240
84
338
267
450
472
5
94
114
1
126
129
2
141
113
(*)
87
133
(*)
103
139
(*)
108
146
2
2,609
1,985
617
683
512
171
550
413
134
3
773
591
181
2
570
446
124
1
285
122
163
230
125
105
Exports of goods, services, arid income
Travel
Passenger fares ..
Other transportation .
Royalties and license fees 56
Other private services6
U.S. Government miscellaneous services .
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U-S. Government receipts
-7,102
-1,638
-1,933
-1,851
-1,530
-1,201
-1348
Merchandise, adjusted, excluding military2 .
^,409
-1,040
-1,273
-1,107
-963
-1,071
-1,057
Services3
Direct defense expenditures
-2,132
-35
-471
-12
-560
-6
-582
-7
-565
-9
-528
-7
-886
-235
-765
-202
-49
-166
-233
-65
-198
-221
-66
-236
-207
-66
-211
-204
-50
-202
-602
-7
-237
-72
-214
.,
-4
-167
-40
-1
-30
-12
(*)
-46
-12
(*)
-47
-6
-1
-51
-21
-1
-52
-11
-2
-59
-12
Income payments on foreign assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
-562
263
-264
-561
-127
72
-69
-130
-100
102
-56
-146
-162
51
-66
-147
-2
189
-45
-146
398
584
-50
-136
-189
-13
-42
-134
-45
-14
-16
-16
-19
-5
-11
-5
-11
-6
-14
Imports of goods, services, and income
Travel
Passenger fares
Other transportation
,
Royalties and license fees 56
Other private services6
U.S. Government miscellaneous services
Unilateral transfers, net
U.S. Government grants4 .
U.S. Government pensions and other transfers .
Private remittances and other transfers
-21
-43
U.S. assets abroad, net (increase/capital outflow (-))
-19
-6
-11
-6
-13
-347
-376
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund ...
Foreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets8
U.S. foreign currency holdings and U.S. short-term assets, net
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns .
U.S. claims reported by U.S. banks, not included elsewhere
Foreign assets in the United States, net (increase/capital inflow (+))
Foreign official assets in the United States, net
U.S. Government securities9
,
U.S. Treasury securities
,
Other 10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S.
banks, not included elsewhere .
Other foreign official 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. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
-194
-262
186
63
54
21
48
146
-483
254
-82
457
-798
-310
-220
11
-279
-347
-49
661
n.a.
-959
-565
329
-964
159
217
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
-26
-13
P
759
-1,032
-75
14
1,852
-378
-439
140
-6
-73
-919
-543
786
1,271
(18)
(18)
(18)
(18)
80
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(.8)
(18)
539
93
-175
(18)
-52
-56
18
314
-106
(18)
(18)
(18)
(18)
<
18
)
-14
(18)
-77
(18)
-614
-101
is 724
-73
-165
8
1,076
-267
-84
18
-122
-8,849
-2,752
3,893
1,396
2,048
7,337
-65
7,272
892
422
557
1,870
-14
1,857
(18)
()
(18)
(18)
(18)
30
(18)
(18)
-164
()
940
5
2
13
(*)
34
-2
(18)
(18)
8
Q
(18)
-259
226
18
-730
(18)
18
212
-80
-350
(18)
93
(18)
303
n.a.
18
-186
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with sign
reversed)
Memoranda:
Balance on merchandise trade (lines 2 and 16) ....;
Balance on services (lines 3 and 17)
Balance on investment income (line 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 64, 65, and 66) 13 .
Unilateral transfers, net (line 29)
•
Balance on current account (lines 1, 15, and 29 or lines 67 and 68) 13
See footnotes on page 79.
-2,404
976
384
450
1,810
-16
U793
940
347
611
1,898
-16
1,882
895
165
569
1,629
-19
1,610
-1,178
-1,455
812
335
683
1,831
-17
1,814
1,162
401
41
1,604
-19
1,585
85
SURVEY OF CURRENT BUSINESS
December 1991
Transactions, by Area—Continued
of dollars]
International organizations and unallocated16
Other countries in Asia and Africa
1990
1990
I
IV
III
II
III*
IV
I
IV
III
II
HI*
II'
Line
1991
1990
1991
1990
1,844
1
134
2
1,041
(*)
1,077
3
4
403
402
419
5
6
7
29
639
(*)
24
615
(*)
24
614
(*)
24
633
(*)
8
9
10
674
98
340
236
811
232
359
220
603
97
282
225
632
72
369
191
634
93
324
217
11
12
13
14
-727
-697
-648
-870
-769
-780
15
-2,411
-596
-555
-488
-610
-643
-661
17
18
-1,771
-449
-1,307
-73
-1,853
-13
-465
-19
-414
-19
-339
-19
-462
-13
-504
-19
-503
19
20
21
-3
-420
-238
-5
-447
-237
-8
-476
-2
-114
-1
-2
-120
-2
-128
-2
-127
-2
-123
-1
-2
-136
22
23
24
-3,299
125
-1,405
-2,019
-3,066
232
-1,338
-1,959
-2,888
191
-1,234
-1,845
-553
-131
-142
-160
-260
-126
-119
-431
-122
-114
-17
-108
-34
-114
-46
-108
-152
-90
-36
-84
-35
25
26
27
28
1,641
122,235
28,828
30,465
33^24
32,623
32,907
33,691
7,155
1355
79,153
19 627
19218
20 584
21 974
22 716
22 215
558
279
26,453
5,308
5,982
992
7,475
1,636
6,913
1677
6,886
1352
6,847
1 330
7,949
1389
3,944
978
967
917
1,043
4,290
1,309
5,610
1,184
329
1,362
1,388
468
1,475
932
294
1,470
820
264
1,262
1,279
371
1,399
1,586
572
1,499
1,405
334
316
249
1,100
8,532
304
277
1,739
100
272
2,164
72
310
2,163
68
295
2,792
101
309
2,088
72
312
2,522
69
89
2,449
2
21
623
1
23
627
(*)
16,629
8,101
4,367
4,161
3,218
1,741
1,036
441
3,772
2,062
1,154
556
6,027
2,505
1,056
2,466
3,762
2,282
1,088
393
3,344
2,108
898
338
3,527
2,215
817
495
2,653
422
1,327
904
598
32
349
217
-166,513
-39,524
-44,467
-42,764
-37,733
-39,144
-43370
-2,964
-134,722
-31 689
-36 082
-34 379
-30 330
-31 505
-36 244
-18,506
-3,213
-4,435
-525
-5,031
-879
-5,072
-1 213
-4,104
-722
-4,573
-554
-4,738
-523
-6,632
-1,411
-4,781
-1,853
-345
-1,120
-1,829
-413
-1,293
-1,569
-343
-1,316
-1,156
-359
-1,119
-1,785
-353
-1,221
3
-1,596
-876
7
-388
-211
-4
-392
-221
1
-412
-220
2
-522
-226
-13,285
251
-5,904
-7,632
-3,400
9
-1,427
-1,981
-3,354
-9
-1,495
-1,850
-3,312
142
-1,589
-1,865
1,728
1,673
1345
199
16
-17,075
-2,907
-3,007
-8,417
6,638
7,007
1492
-1,450
-232
-240
-644
-412
-231
-304
29
-14,686
-354
-2,036
-2,464
-89
-354
-2,319
-83
-605
-7,888
-90
-439
7,519
-93
-788
7,468
-91
-371
2,180
-92
-496
-773
-661
-16
-162
-54
-16
-126
-113
-256
-388
-294
-118
-163
-41
-22
-193
-111
30
31
32
-4351
-5310
-2,684
-3,109
774
2,639
3,740
-3,455
-134
-203
-1384
-233
-933
1,978
33
538
277
371
-96
-310
-118
-109
34
-192
731
-216
493
363
8
-93
-4
31
-341
-190
72
6
-114
36
37
4,475
-3,659
8.110
25
-230
-714
461
23
68
-477
527
19
4,851
-1,553
6,388
16
1,190
-295
1,566
-80
-110
-373
451
-188
275
-5,504
5,896
-117
-977
-977
-231
-231
-390
-390
-106
-106
-205
-205
-325
-325
-285
-285
39
40
41
42
-8,826
^,838
-1,514
-169
-2,305
-5,580
-899
-611
-106
-3,964
-2,753
-2,448
-204
59
-160
-7,959
-590
-250
-392
-6,727
-1,948
623
68
841
2,749
-936
-271
-56
4,012
3,465
-417
1,431
n.a.
2,451
-3,016
-67
-2,050
15
-914
-180
u 211
233
-7
-617
-184
-53
653
2
-786
-1,182
-127
-1,650
15
580
283
-186
-1,566
2,035
-490
267
494
-5
-1,246
2,371
33
784
n.a.
1,554
43
44
45
46
47
3,100
-1,673
8,536
2,435
13,538
-9,765
5,073
34
1,057
824
-925
214
-1458
515
48
(18)
(18)
(18)
(18)
(18)
15
-8
5
34
(*)
-44
-5
15
-8
5
34
(*)
^4
49
50
51
52
-5
•53
19
1,065
819
-959
214
-1,514
520
(18)
(18)
(18)
(18)
(18)
(18)
(18)
Jl8\
18
(18)
(18)
(18)
(18)
-562
1,197
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
1,606
-854
-551
(18)
M
M
1,885
1,211
(18)
(18)
(18)
(18)
554
-484
(18)
18
-957
1,886
-267
18
-60
-22
-2,318
18
-293
2,511
5,274
n
18
-584
-731
3,406
18
1,439
-1,143
12,667
(18)
M
1,125
(18)
(18)
(18)
(18)
157
(18)
(18)
221
237
411
389
-11,244
(18)
(18)
(18)
18
54
55
(18)
(18)
442
18
1,801
n.a.
2,894
-369
150
238
18
18
65
-209
1,209
18
31
49
739
18
-273
108
-794
244
18
18
-35
-7
81
-1,588
18
126
n.a.
394
56
57
58
59
60
61
62
62,603
21,087
11,157
18330
-15,839
6356
-227
679
-1,819
-1325
1373
-55,569
7,948
3,344
-44,277
-17,075
-61,352
-12,062
1,547
-181
-10,696
-2,907
-13,603
-16,864
2,445
418
-14,002
-3,007
-17,009
-13,795
1,841
2,715
-9,239
-8,417
-17,656
-8,356
2,783
463
-5,110
6,638
1,527
-8,789
2,274
278
-6,237
7,007
770
-14,029
3,212
639
-10,179
1,592
-8,587
558
1,533
2,100
4,191
-1,450
2,741
279
382
467
1,128
-232
897
412
532
944
-240
704
429
651
1,080
-644
436
-545
199
433
343
975
563
1318
-3,253
63
398
506
904
-231
673
134
416
515
1,065
-304
760
64
65
66
67
68
69
86
SURVEY OF CURRENT BUSINESS
December 1991
1992 Release Dates for BEA Estimates
Subject
Release
Date*
State Personal Income, 3d quarter 1991
Gross Domestic Product, 4th quarter 1991 (advance)
Personal Income and Outlays, December 1991
Composite Indexes of Leading, Coincident, and Lagging
Indicators, December 1991.
Jan.
Jan.
Jan.
Jan.
Gross Domestic Product, 4th quarter 1991 (preliminary) . . .
Feb. 28
Merchandise Trade (balance of payments basis),
4th quarter 1991.
Personal Income and Outlays, January 1992
Composite Indexes of Leading, Coincident, and Lagging
Indicators, January 1992.
Summary of International Transactions, 4th quarter 1991 ..
Gross Domestic Product, 4th quarter 1991 (final)
Corporate Profits, 4th quarter 1991 (preliminary)
Personal Income and Outlays, February 1992
Composite Indexes of Leading, Coincident, and Lagging
Indicators, February 1992.
Mar. 2
State Personal Income, 4th quarter 1991 and Per Capita
Personal Income, 1991 (preliminary).
Gross Domestic Product, 1st quarter 1992 (advance)
Corporate Profits, 4th quarter 1991 (revised)
Personal Income and Outlays, March 1992
Composite Indexes of Leading, Coincident, and Lagging
Indicators, March 1992.
23
29
30
31
Mar. 2
Mar. 3
Mar.
Mar.
Mar.
Mar.
Mar.
17
26
26
27
31
Apr. 22
Apr.
Apr.
Apr.
Apr.
28
28
29
30
Metropolitan Area Personal Income, 1990
May 5
Gross Domestic Product, 1st quarter 1992 (preliminary).... May 29
Corporate Profits, 1st quarter 1992 (preliminary)
May 29
Merchandise Trade (balance of payments basis),
1st quarter 1992.
Personal Income and Outlays, April 1992
Composite Indexes of Leading, Coincident, and Lagging
Indicators, April 1992.
Summary of International Transactions, 1st quarter 1992 . .
Gross Domestic Product, 1st quarter 1992 (final)
Corporate Profits, 1st quarter 1992 (revised)
Personal Income and Outlays, May 1992
Composite Indexes of Leading, Coincident, and Lagging
Indicators, May 1992.
* These are target dates and are subject to revision.
June
1
June
June
1
2
June
June
June
June
June
16
25
25
26
30
Subject
Release
Date*
State Personal Income, 1st quarter 1992
Gross Domestic Product, 2d quarter 1992 (advance)
Personal Income and Outlays, June 1992
July 22
July 30
July 31
Composite Indexes of Leading, Coincident, and Lagging
Indicators, June 1992.
State Per Capita Personal Income, 1991 (revised)
Gross Domestic Product, 2d quarter 1992 (preliminary) . . . .
Corporate Profits, 2d quarter 1992 (preliminary)
Merchandise Trade (balance of payments basis),
2d quarter 1992.
Personal Income and Outlays, July 1992
Aug.
4
Aug.
Aug.
Aug.
Aug.
20
27
27
28
Aug. 28
Composite Indexes of Leading, Coincident, and Lagging
Sept. 1
Indicators, July 1992.
Summary of International Transactions, 2d quarter 1992 .. . Sept. 15
Gross Domestic Product, 2d quarter 1992 (final)
Sept. 24
Corporate Profits, 2d quarter 1992 (revised)
Sept. 24
Personal Income and Outlays, August 1992
Sept. 25
Composite Indexes of Leading, Coincident, and Lagging
Sept. 29
Indicators, August 1992.
State Personal Income, 2d quarter 1992
Gross Domestic Product, 3d quarter 1992 (advance)
Personal Income and Outlays, September 1992
Oct. 22
Oct. 27
Oct. 28
Composite Indexes of Leading, Coincident, and Lagging
Nov. 3
Indicators, September 1992.
Gross Domestic Product, 3d quarter 1992 (preliminary) . . . . Nov. 25
Corporate Profits, 3d quarter 1992 (preliminary)
Nov. 25
Personal Income and Outlays, October 1992
Nov. 27
Merchandise Trade (balance of payments basis),
Nov. 30
3d quarter 1992.
Composite Indexes of Leading, Coincident, and Lagging
Indicators, October 1992.
Summary of International Transactions, 3d quarter 1992 . . .
Gross Domestic Product, 3d quarter 1992 (final)
Corporate Profits, 3d quarter 1992 (revised)
Personal Income and Outlays, November 1992
Composite Indexes of Leading, Coincident, and Lagging
Indicators, November 1992.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
For further information, call (202) 523-0777, or write to
Public Information Office (BE-53), Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, DC 20230.
15
22
22
23
30
SURVEY OF CURRENT BUSINESS
December 1991
87
Subject Guide
Volume 71 (1991)
This guide lists articles and "Business Situation" sections by subject, giving the
title, issue number, and beginning page number.
National income and product accounts (NIPA's)
General
Improving the Quality of Economic Statistics: The 1992
Economic Statistics Initiative. 3:4.
1992 Release Dates for BEA Estimates. 11:51; 12:86.
A User's Guide to BEA Information. 1:44.
National
Corporate profits
Preliminary Estimates. Fourth Quarter 1990, 3:1; First
Quarter 1991, 5:5; Second Quarter 1991, 8:6; Third
Quarter 1991, 11:2.
And Property Income in 1990. 4:4.
Revised Estimates. First Quarter 1991, 6:1; Second
Quarter 1991, 9:1; Third Quarter 1991, 12:1.
Government transactions
Federal Fiscal Programs. 2:25
Government Sector. Fourth Quarter 1990, 3:2; First
Quarter 1991, 5:6; Second Quarter 1991, 8:6.
State and Local Government Fiscal Position in 1990. 2:31
GNP by industry
Gross Product by Industry, 1977-88: A Progress Report
on Improving the Estimates. 1:23.
Gross National Product by Industry, 1987-89. 4:25.
Input-output
Annual Input-Output Accounts of the U.S. Economy,
1986, 2:35.
Benchmark Input-Output Accounts for the U.S. Economy,
1982, 7:30.
Business Situation: Advance Estimates for Real GNP,
Prices, and Personal Income. Fourth Quarter and Year
1990, 1:1; First Quarter 1991, 4:1; Second Quarter
1991, 7:1; Third Quarter 1991, 10:1.
Business Situation: Final Estimates for Real GNP and
Prices. Fourth Quarter 1990, 3:1; First Quarter 1991,
6:1; Second Quarter 1991, 9:1. Final Estimates for Real
Gross Domestic Product and Its Components: Third
Quarter 1991, 12:1. (See also "Revisions in Selected
Component Series of the NIPA's" under Reconciliation
and other special tables.)
Business Situation: Preliminary Estimates for Real GNP
and Its Components. Fourth Quarter 1990, 2:1; First
Quarter 1991, 5:1; Second Quarter 1991, 8:1. Preliminary Estimates for Real Gross Domestic Product and
Its Components: Third Quarter 1991,11:1.
Comprehensive Revision of the National Income and
Product Accounts. A Preview of Definitional and Classificational Changes, 9:23; A Preview of New and
Redesigned Tables, 10:20; A Summary, 11:2; A Review
of Revisions and Major Statistical Changes, 12:24.
Gross Domestic Product as a Measure of U.S. Production.
8:8.
National Income and Product Accounts Tables. Selected
NIPA Tables: 1:6; 2:7; 3:6; 4:8; 5:8; 6:3; 7:5; 8:9; 9:3;
10:4; Revised Estimates, First Quarter 1988 to Third
Quarter 1991, 11:6 (Errata, 12:23); 12:3. Selected Annual NIPA Tables, 1989-90, 7:19. (See also entries
under Reconciliation and other special tables.)
Personal Income and Outlays: Monthly Series, 1987-91.
12:19.
Summary National Income and Product Series. Annually
and Quarterly, 1959-91,11:35; Errata, 12:23.
Inventories and sales
Constant-Dollar Inventories, Sales, and Inventory-Sales
Ratios for Manufacturing and Trade. 3:24; 6:21; 9:21. Pollution abatement and control
Motor vehicles
Motor Vehicles, Model Year 1991. 11:41.
Pollution Abatement and Control Expenditures, 1987-89.
11:46.
88
SURVEY OF CURRENT BUSINESS
December 1991
Reconciliation and other special tables
Reconciliation and other special tables
Reconciliation of NIPA Net Exports and BPA Balance on
Cyclically Adjusted Federal Receipts, Expenditures, and
Goods and Services. 3:23; 6:20; 9:20; 12:22.
Surplus or Deficit. 3:23; 5:25; 8:26.
Gross National Product in 1987 Dollars. 2:24; 5:26; 8:27.
Reconciliation of BE A Compensation and BLS Earnings. US. direct investment abroad
2:23; 5:25; 8:26.
Alternative Measures of the Rate of Return on Direct
Reconciliation of NIPA Net Exports and BPA Balance on
Investment. 8:44.
Goods and Services. 3:23; 6:20; 9:20; 12:22.
Capital Expenditures by Majority-Owned Foreign AffiliRevisions in Selected Component Series of the NIPA's.
ates of U.S. Companies. Latest Plans for 1991, 3:26;
Fourth Quarter 1990, 2:23 and 3:22; First Quarter
Revised Estimates for 1991, 9:32.
1991, 5:24 and 6:19; Second Quarter 1991, 8:25 and
U.S. Direct Investment Abroad: Detail for Historical-Cost
9:19.
Position and Balance of Payments Flows, 1990. 8:81.
U.S. Direct Investment Abroad: 1989 Benchmark Survey
Results. 10:29.
International
Balance of payments
Regional
U.S. International Sales and Purchases of Services, 1989- Gross state product
90. 9:66.
Gross State Product by Industry, 1977-89. 12:43.
U.S. International Transactions. Fourth Quarter and
Year 1990, 3:34; First Quarter 1991, 6:36; Second Personal income
Quarter 1991, 9:39; Third Quarter 1991, 12:60.
County and Metropolitan Area Personal Income, 1987-89.
4:35.
Foreign direct investment in the United States
Errata: Evaluation of the State Personal Income
Alternative Measures of the Rate of Return on Direct
Estimates. 1:43.
Investment. 8:44.
Regional Perspectives. Personal Income Continued To
Foreign Direct Investment in the United States: Detail
Grow Slowly in Third Quarter 1990, 1:39. Personal
for Historical-Cost Position and Balance of Payments
Income by Region: Fourth Quarter 1990, 4:28; First
Flows, 1990. 8:47.
Quarter 1991, 7:94; Second Quarter 1991,10:56.
U.S. Affiliates of Foreign Companies. Operations in 1989,
State Per Capita Personal Income, 1985-90, and State
7:72; Errata, 8:46.
Personal Income, 1988-90: Revised Estimates. 8:29.
U.S. Business Enterprises Acquired or Established by
State Personal Income, Summary Estimates. Third QuarForeign Direct Investors in 1990. 5:30.
ter 1990, 1:41; Fourth Quarter 1990 and Per Capita
Personal Income, 1990, 4:30; First Quarter, 1991, 7:97;
Investment positions
Second Quarter 1991,10:59.
International Investment Position of the United States in Projections
1990. 6:23.
Valuation of the U.S. Net International Investment
Recalibration of BE A Regional Projections of Population.
8:43.
Position. 5:40.
BUSINESS CYCLE INDICATORS
Data tables
Footnotes for pages C-l through C-5
Charts
C-l
C-6
C-7
Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources are provided through
the courtesy of the compilers and are subject to their copyrights.
Current and historical data for the series shown in the C-pages are available on printouts, diskettes, and the Commerce Department's Economic
Bulletin Board. For more information, write to Statistical Indicators Branch, Business Outlook Division (BE-52), Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230.
NOTE .--This section of the SURVEY is prepared by the Statistical Indicators Branch.
Series
no.
Year
1991
1990
Series title and timing classification
1990
Nov.
Oct.
Dec.
Feb. I Mar.
Jan.
May
Apr.
June
July
Aug.
Sept. I Oct.
Nov.
1. CYCLICAL INDICATORS
1.1 Composite Indexes
The Leading Index
910 4
0)
(5)
(8)
(32)
(20)
(29)
(92)
(99)
(19)
(106)
(83)
950
144.0
-.4
-3.9
-4.0
141.5
-1.2
-13.4
-11.7
139.9
-1.1
-12.8
-9.7
139.6
-.2
-2.5
-7.4
138.8
-.6
-6.7
1.4
140.4
1.2
14.7
5.6
.01
-.05
-.15
-.08
-.22
.08
.03
-.23
.07
-.08
-.20
-.62
.01
-.22
-.12
-.10
.04
-.04
.01
-.19
-.32
.05
-.24
-.03
-.28
-.29
-.13
22
-.20
-.07
.05
-.15
-.06
-.18
0
.03
-.03
-.08
-.10
-.15
-.15
-.16
-.29
-.30
.14
-.13
.07
-.18
23
-.05
.03
-.10
-.05
-.11
38.3
33.0
27.3
0
27.3
18.2
45.5
18.2
36.4
27.3
Composite index of coincident indicators, 1982=100 (C,C,C)
Percent change from previous month
Percent change over 1-month span, AR
Percent change over 3-month span, AR
132.8
-.3
-3.3
-3.2
131.5
-1.0
-11.1
-11.1
130.1
-1.1
-12.1
-11.2
128.9
-.9
-10.5
-13.0
Contributions of coincident index components:'
Employees on nonagricultural payrolls (C,C,C)
Personal income less transfer payments in 1987$ (C,C,C)
Industrial production (C,C,C)
Manufacturing and trade sales in 1982$ (C.C.C)
.03
-.03
-.03
-.93
-.09
-.55
-.16
.10
-.41
-.40
-.10
.22
Diffusion index of 4 coincident indicator components:
Percent rising over 1-month span
Percent rising over 6-month span
54.2
50.0
25.0
0
Composite index of leading indicators, 1982=100 (L,L,L)
Percent change from previous month
Percent change over 1-month span, AR
Percent change over 3-month span, AR
Contributions of leading index components:'
Average weekly hours, mfg. (L,L,L)
Average weekly initial claims for unemployment insurance
(inverted) (L,C,L)+.
New orders in 1982$, consumer goods and materials (L,L,L)
Vendor performance, slower deliveries diffusion index (L,L,L)
Contracts and orders for plant and equipment in 1982$ (L,L,L) ...
Building permits, new private housing units (L,L,L)
Change in unfilled orders in 1982$, durable goods, smoothed
(U,L)f.
Change in sensitive materials prices, smoothed (L,L,L) t
Stock prices, 500 common stocks, NSA (L,L,L)
Money supply M2 in 1982$ (L.L.L)
Index of consumer expectations, NSA (L,L,L)
Diffusion index of 11 leading indicator components:
Percent rising over 1-month span
Percent rising over 6-month span
143.0
.8
9.7
7.0
143.9
.6
7.8
'10.8
'145.6
'1.2
'15.1
'7.5
'145.6
0
0
3.9
145.3
'-.2
'-2.4
'-.3
145.5
.1
1.7
"-1.4
^ 145.1
"-.3
9.2
141.9
.3
3.4
7.6
0
-.20
.23
.15
.23
.30
.10
-.07
.13
•22
-.14
0
-.06
-.07
.03
0
-.15
.13
.04
.02
.16
-.10
-.14
.06
.01
.10
-.14
.33
.14
'.35
.01
.30
-.02
-.06
'-.22
-.15
.22
.02
.01
'-.15
.09
'-.01
-.05
.05
'21
.13
-.04
p-Q3
'.04
.03
-.18
-.06
'-.08
.13
-10
.03
'-.13
-.03
-.12
.04
'-.07
0
'.04
-.22
-.01
"-.01
-.32
"36.4
.34
.11
P-3.2
-.19
-.04
-.07
.05
-.06
-.13
-.06
.15
.23
.83
.01
.11
.01
-.36
-.02
.03
-.12
.03
0
-.03
.16
59.1
54.5
40.9
72.7
63.6
90.9
72.7
81.8
72.7
63.6
'72.7
72.7
36.4
"63.6
'40.9
45.5
127.0
-1.5
-16.3
126.3
-.6
-6.4
-9.6
125.7
-.5
-5.6
-3.4
125.9
.2
1.9
.6
126.5
.5
5.9
'3.5
'126.8
'.2
'2.9
'2.9
'126.8
'0
'0
'0
'126.5
-.2
'-2.8
'-.9
'126.5
0
0
'-1.9
'126.2
-.2
-2.8
2
-4.0
-.15
-.82
-.16
-.22
-.19
-.02
-.24
.11
-.19
-.18
-.11
-.12
-.14
.13
.45
.11
.16
.24
.21
0
'.13
.23
.07
-.02
'-.29
•21
.23
.08
'.06
-.03
'-.13
'.07
'.03
'.05
.08
0
'-.07
0
".01
"-23
"-.28
"-.14
25.0
0
0
0
25.0
0
25.0
50.0'
50.0
'62.5
100.0
75.0
87.5
'75.0
'62.5
100.0
50.0
33.3
100.0
'37.5
2
2
118.5
-.1
-1.0
.3
119.2
.6
7.3
4.1
119.8
.5
6.2
2.7
119.3
-.4
119.2
-.1
-1.0
-7.5
117.5
-1.4
-15.8
-11.2
115.8
-1.4
'113.2
—4
-4.'i
'-11.9
'112.2
-.9
-10.1
'-17.5
'113.6
'-1.9
'-20.6
'-13.9
'-6.5
'111.7
'-.4
'-5.2
'-62
-3.2
3
-4.9
-.13
.03
-.31
-.26
-.15
.36
-.26
-.20
-.58
-.13
'-.32
.13
-.26
-.32
-.04
.13
'-.08
0
0
'-.12
'-.13
"0
'20
0
-.21
'-.31
-.34
'.06
-.10
0
'-.56
'-.25
-.10
'-.18
'-.24
'-.19
'.19
'-.12
'-22
'-.06
'.05
50.0
0
21.4
'28.6
'35.7
3Q
-.05
.06
-.12
.07
.03
".15
-.10
"-.10
.09
The Coincident Index
(41)
(51)
(47)
(57)
951
.15
2
125.2
2
-.8
2
-9.1
0
The Lagging Index
930*
(91)
(77)
(62)
(109)
(101)
(95)
(120)
Composite index of lagging indicators, 1982=100 (Lg.Lg.Lg)
Percent change from previous month
Percent change over 1-month span, AR
Percent change over 3-month span, AR
Contributions of lagging index components:l
Average duration of unemployment (inverted) (Lg.Lg.Lg) $
Ratio, mfg. and trade inventories to sales in 1982$ (Lg.Lg.Lg) ....
Change in labor cost per unit of output, mfg., smoothed
(Lg.Lg.Lg) t .
Average prime rate, NSA (Lg.Lg.Lg)
Commercial and industrial loans in 1982$ (Lg.Lg.Lg)
Ratio, consumer installment credit to personal income (Lg.Lg.Lg)
Change in Consumer Price Index for services, smoothed
118.6
-.4
-.6
-.5
-4.9
0
-16.0
-.04
.03
.07
.20
0
.02
-.20
.26
.10
0
.26
.78
0
.26
.17
-.19
-.13
.02
-.02
-.02
-.13
.02
0
-.54
0
-.10
0
-.03
-.16
-.14
0
.05
-.34
-.19
-28
.03
.06
.24
-.28
.17
-.12
.14
-.03
-.19
-.14
0
-.41
.03
-.38
-.29
-.37
-.40
-.34
42.3
41.
50.0
35.7
35.7
35.7
57.1
42.9
78.6
42.9
42.9
14.3
28.6
0
21.4
0
14.3
0
105.9
105.5
107.1
3
110.8
3
-.5
3
-6.3
"-.35
T-.05
"-.34
".07
".07
(Lg,Lg,Lg)t.
952
940 •
Diffusion index of 7 lagging indicator components:
Percent rising over 1-month span
Percent rising over 6-month span
Ratio, coincident index to lagging index, 1982=100 (L,L,L)
108.1
'112.0
3
40.0
'113.2
NOTE.—The following current high values were reached before October 1990: January 1984—BCI-940 (116.1), October
1989—BCI-930 (120.3), and June 1990-BCI-910 (146.3) and BCI-920 (134.6).
See page C-6 for other footnotes.
c-i
SURVEYr OF CURRENT BUSINESS
C-2
Series
no.
Year
December 1991
1991
1990
Series title and timing classification
1990
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
|
June
July
|
Aug.
|
Sept.
|
Oct.
| Nov. *
1. CYCLICAL INDICATORS - Continued
1.2 Employment and Unemployment
1 •
21 •
5*
46 •
60
48 4
42
414
963
40 •
90 •
37
43 •
45
91 •
44
Marginal employment adjustments:
Average weekly hours, mfg. (L,L,L)
Average weekly overtime hours mfg. (L C L)
Average weekly initial claims for unemployment insurance, thous.
(LCL)1*
Job vacancies:
Index of help-wanted advertising, 1967=100 (L,Lg,U)
Ratio, help-wanted advertising to unemployment (L.Lg.U)
Employment:
Employee hours in nonagricultural establishments, bil. hours, AR
n i c n\ &
Persons engaged in nonagricultural activities, thous. (U,C,C)
Employees on nonagricultural payrolls, thous (C C C)
Diffusion index of employees on private nonagricultural payrolls,
Percent rising over 1-month span
Percent rising over 6-month span
Employees in goods-producing industries, thous. (L,C,U)
Ratio, civilian employment to population of working age, percent
(U.Lg.U).
Unemployment:
Number of persons unemployed, thous. (L,Lg,U) t
Civilian unemployment rate, percent (L,Lg,U) +
Average weekly insured unemployment rate, percent (L,Lg,U)' t....
Average duration of unemployment in weeks (Lg.Lg.Lg) +
Unemployment rate, 15 weeks and over, percent (Lg.Lg.Lg) $
40.8
3.6
382
40.7
3.6
425
40.6
3.5
460
40.7
3.5
455
40.4
3.4
444
40.3
3.3
477
40.3
3.3
512
40.2
3.3
472
40.4
3.4
434
40.8
3.7
418
40.7
3.7
399
41.0
3.8
419
41.0
3.7
428
40.9
3.7
423
'40.9
'3.8
446
129
.559
116
.483
'108
'.438
108
.423
100
.386
97
.354
95
.330
95
.342
94
.324
96
.327
92
.322
91
.319
92
.324
88
.305
'.312
'202.10
'201.27
'200.09
'89
203.64
'202.35
'202.80
'203.33
'201.00
'201.30
'200.71
'199.66
'200.76
'201.73
'199.81
'200.94
114,728
109,971
114,558
109,982
114,201
109,761
114,321
109,621
113,759
109,418
113,696
109,160
113,656
108,902
114,243
108,736
113,319
108,887
113,576
108,885
113,474
108,859
113,150 113,859 113,772 113,457
108,971 '109,066 '109,070 '108,829
48.5
43.7
24,958
62.7
41.4
348
24,705
62.4
40.3
30.9
24,481
62.2
42.0
28.8
24,375
62.3
38.5
267
24,181
61.9
36.9
312
24,039
61.8
38.6
295
23,877
61.7
38.5
343
23,794
62.0
51.1
412
23,847
61.5
45.8
'458
23.792
61.6
51.3
''49.4
23,798
61.5
54.8
'46.3
23,826
61.3
'50.0
"48.2
'44.0
'23,797
61.6
'23,723
61.5
'23,593
61.3
6,874
5.5
2.4
12.1
1.2
7,142
5.7
2.6
12.0
1.3
7,337
5.9
2.7
12.4
1.4
7,600
6.1
2.8
12.4
1.4
7,715
6.2
2.9
12.4
1.5
8,158
6.5
3.0
12.8
1.6
8,572
6.8
3.2
13.0
1.7
8,274
6.6
3.3
13.7
1.8
8,640
6.9
3.3
12.9
1.8
8,745
7.0
3.2
14.2
2.0
8,501
6.8
3.1
13.9
1.9
8,488
6.8
3.0
14.0
1.9
8,442
6.7
3.1
14.0
1.9
8,582
6.8
3.1
14.3
2.0
8,499
6.8
3.1
14.9
2.1
'4,065.3
'3,431.5
'608.4
'4,047.8
'3,412.4
'607.3
4,862.7
1.8
'4,872.0
'1,940.5
'4,055.3
'3,416.2
'609.6
'4,057.3
'3,418.3
'608.0
'4,061.5
'3,413.7
',4,045.4
'3,399.8
1.3 Production and Income
55*
50
49
52
51 •
53*
47*
73*
74*
124
82 •
Output and income:
Gross domestic product, bil. 1987$, AR (C,C,C)§
Percent change from previous quarter, AR§
Gross national product, bil. 1987$, AR (C,C,C)§
Value of domestic goods output, bil. 1987$, AR (C,C,C)§
Personal income, bil. 1987$, AR (C,C,C)§
Personal income less transfer payments, bil. 1987$, AR (C,C,C)§
Wages and salaries in mining, mfg., and construction,
bil. 1987$, AR(C,C,C)§.
Industrial production indexes, 1987=100:
Total (C.C.C)
Durable manufactures (C,C,C)
Nondurable manufactures (C,L,L)
Capacity utilization rates (percent):
Total industry (L,C,U)
Manufacturing (L,C,U)
'4,035.2
'3,413.2
'613.4
4,824.0
-2.5
'4,843.7
'1,917.0
'4,028.1
'3,405.2
'608.8
'4,048.6
'3,420.7
'604.5
'4,040.5
'3,411.0
'605.0
4,840.7
1.4
'4,847.8
'1,922.0
'4,055.0
'3,422.6
'607.5
107.2
107.5
107.4
106.6
107.2
106.8
105.7
106.1
106.0
105.0
105.0
105.4
105.5
106.0
105.9
106.4
106.7
106.5
107.3
107.3
107.6
108.1
108.1
108.6
108.0
'107.8
109.0
108.2
'108.4
'109.5
108.2
'108.2
'109.7
'107.8
'107.3
'109.6
80.6
79.4
80.0
78.9
79.1
78.0
78.4
772
78.6
77.5
79.1
77.8
79.6
78.3
80.0
78.7
79.8
78.6
79.8
78.8
79.6
78.6
'79.1
'78.0
4,884.9
1.0
4,894.6
1,958.0
4,079.5 ' 4,051.3
3,482.6 '3,451.8
639.4
'628.7
4,855.1
-3.9
'4,877.7
'1,928.6
'4,061.8
'3,461.6
'620.5
'4,079.7
'3,473.3
'623.3
109.2
111.6
107.8
109.9
112.5
108.4
108.3
109.9
107.7
83.0
82.3
83.0
82.2
81.6
80.7
1.4 Consumption, Trade, Orders, and Deliveries
7*
8*
92«
32 •
57*
75*
59*
58
83*
Orders and deliveries:
Mfrs.1 new orders, durable goods, bil. 1982$ (L,L,L)
Mfrs.' new orders, consumer goods and materials, bil. 1982$ (L,L,L)
Mfrs.1 unfilled orders, durable goods, mil. 1982$ 0
Change from previous month bil 1982$
Change from previous month! bil. 1982$, smoothed (L,L,L)f
Vendor performance, slower deliveries diffusion index, percent
(L,L,L).
Consumption and trade:
Manufacturing and trade sales mil. 1982$ (CC.C)
Index of industrial production, consumer goods, 1987=100 (C.L.C) .
Sales of retail stores, mil. 1982$ (U.L.U)
Indexes of consumer attitudes:
Consumer sentiment, U. of Michigan, 1966:1=100, NSA
Consumer expectations, U. of Michigan, 1966:1=100, NSA
'97.84 '100.17 '101.34
102.35
'91.51
'92.05
'92.83
92.52
408,658 '404,690 '402,836 '400,151
'-2.68
'-1.85
'-3.97
-.50
'-1.32
'-1.01
'-.88
-.86
51.5
50.8
49.7
49.4
95.40
87.67
415,076
-7.08
-1.13
49.9
98.70
83.11
416,085
1.01
-1.35
46.8
96.39
83.95
415,859
-.23
-1.34
43.3
96.04
84.84
415,953
.09
-1.13
43.3
91.52
81.94
412,651
-3.30
-1.31
42.4
94.88
87.35
409,051
-3.60
-1.72
45.1
96.76
89.50
406,602
-2.45
-2.05
46.0
95.38
8724
402,758
-3.84
-2.49
47.5
'106.54
'92.80
409,158
6.40
-1.55
50.8
5,746,619 '478,608 '470,887
106.5
108.6
107.3
1,466,560 -121,185 '121,351
461,198
105.7
118,849
457,123
105.6
117,118
459,053
104.7
119,724
457,033
104.7
120,307
465,334
105.5
119,815
469,205
106.6
120,719
470,536
108.0
120,666
474,815 '472,276 473,720 '473,828
'108.8
'109.3
1092
108.4
108.3
120,190 '120,488 '120,606 '120,369
121,295
1,251.12
1,106.31
416,085
-.25
.76
47.9
107.54
93.07
422,157
1.59
-.25
48.7
81.6
63.9
66.0
65.5
66.8
70.4
87.7
81.8
78.3
82.1
82.9
82.0
83.0
78.3
69.1
70.2
50.9
52.8
53.7
55.2
62.0
84.5
74.7
71.5
75.9
74.4
75.3
76.4
70.5
61.9
91.5
83.7
62.6
55.6
61.7
56.1
61.2
59.8
55.1
55.3
59.4
63.6
81.1
100.7
79.4
99.7
76.4
95.5
78.0
100.9
77.7
100.3
76.1
96.8
72.9
95.4
60.1
79.5
52.7
69.7
/I 1 1 \ (P\ 2
122
123 •
Consumer confidence, The Conference Board, 1985=100 (L.L.L)
Consumer expectations, The Conference Board, 1985=100
(L.L.L).
1.5 Fixed Capital Investment
12*
134
10
20 4
27*
9*
11
97
Formation of business enterprises:
Index of net business formation 1967=100 (L L L)
Number of new business incorporations (L L L)
Business investment commitments:
Contracts and orders for plant and equipment, bil.$ (L,L,L)
Contracts and orders for plant and equipment, bil. 1982$ (L.L.L) ....
Mfrs.' new orders, nondefense capital goods, bil. 1982$ (L,L,L)
Construction contracts awarded for commercial and industrial
buildings, mil. sq.ft. (L,C,U)© 3 .
Newly approved capital appropriations, mfg., bil.$ (U.Lg.U)
Backlog of capital appropriations, mfg., bil.$ (C,Lg,Lg)0
120 7
646,977
1172
52,181
116.1
51,422
115.2
52,060
1155
51,991
1149
50,384
1142
51,536
1150
52,235
1157
52,327
116.1
52,071
115.5
'52,803
'115.9
'53.315
115.2
'52,234
1132
'113.3
465.48
545.31
499.71
713.94
42.12
48.38
44.52
53.26
'36.52
'43.72
39.27
54.97
41.77
47.00
44.46
4625
37.72
45.91
42.94
50.14
37.30
44.32
41.54
54.86
35.03
42.99
40.56
44.82
33.44
40.82
37.12
51.98
32.07
4122
38.04
47.11
32.00
41.33
39.20
36.51
4026
'47.83
'45.06
39.12
3420
'43.53
'41.03
42.85
'32.87
'40.95
'38.82
34.69
'34.92
'44.75
'41.78
52.77
'37.90
'47.68
'45.59
38.42
147.30
105.80
105.80
NOTE.-The following current high values were reached before October 1990: May 1983—BCI-123 (124.3); November
1983—BCI-32 (67.5); March 1984—BCI-58 (101.0), BCI-83 (97.7), BCI-92 change (8.62), and BCI-92 smoothed (4.61);
September 1985—BCI-9 (93.19); December 1986—BCI-13 (65,691); July 1987—BCI-5 (286); November 1987—BCI-46
(162); October 1988—BCI-53 (671.8); December 1988—BCI-7 (115.44), BCI-8 (99.79), and BCI-60 (0.741); January
1989-BCMO (25,406), BCI-45 (2.0), and BCI-82 (85.1); February 1989—BCI-21 (4.0) and BCI-122 (120.7); March
1989—BC1-12 (126.5), BCI-37 (6,252), and BCI43 (5.1); 1st Q 1989—BCI-11 (50.01); April 1989—BCI-1 (412) and BCI-
'3182
32.08
36.68
i 00.28
'96.78
124 (85.0); June 1989—BCI-91 (11.2); 2d Q 1989-BCI-97 (117.90); August 1989—BCI-59 (124,761); November 1989—
BCI-90 (63.1); December 1989—BCI-10 (4627), BCI-20 (51.59), and BCI-27 (46.54); March 1990—BCI-42 (115,038); May
1990-BCI-44 (1.1) and BCI-92 level (423,364); June 1990—BCI-41 (110,435) and BCI-48 (205.18); 2d Q 1990-BCI49 (1,973.8); July 1990—BCI-51 (3,509.8) and BCI-52 (4,107.1); August 1990—BCI-57 (488,655); September 1990-BCI47 (110.6) and BCI-73 (113.8); and 3d Q 1990—BCI-50 (4,909.2) and BCI-55 (4,903.3).
See page C-6 for other footnotes.
SURVEY OF CURRENT BUSINESS
December 1991
Year
Series
C-3
1991
1990
Series title and timing classification
no.
Nov.
Oct.
1990
Dec.
Jan.
Mar.
Feb.
Apr.
June I July
May
Aug.
Sept. I Oct.
Nov. *
1. CYCLICAL INDICATORS - Continued
1.5 Fixed Capital Investment — Continued
61
100 •
69 •
76*
86 •
87*
88 •
291
89«
Business investment expenditures:
New plant and equipment expenditures by business, bil.$, AR
(C,Lg,Lg).
New plant and equipment expenditures by business,
bil.1987$,AR(C,Lg,Lg)§.
Mfrs.' machinery and equipment sales and business construction
expenditures, bil.$, AR (C.Lg.Lg).
Index of industrial production, business equipment, 1987=100
(CLg.U).
Gross private nonresidential fixed investment, bil. 1987$, AR:
Total (C Lg C) §
Structures (Lg Lg Lg) §
Producers' durable equipment (C,Lg,C)§
Residential construction and investment:
New private housing units started, thous., AR (L,L,L)
Index of new private housing units authorized by local building
permits, 1967=100 (L.L.L).
Gross private residential fixed investment, bil. 1987$, AR
(U,L)§.
532.61
530.13
535.50
524.57
"527.86
"531.96
498.10
"493.15
"496.29
"487.06
"49195
"495.88
471.28
474.64
465.43
472.58
456.93
463.83
451.72
459.92
456.48
462.64
448.70
"453.84
"456.50
'464.71
123.1
125.4
122.9
121.2
121.6
120.6
120.3
121.3
121.7
121.9
122.5
121.3
"122.3
"122.5
'121.7
"1,017
78.3
"1,089
82.0
'1,066
79.2
1.193
89.5
1,026
73.8
1,130
73.0
971
68.1
847
64.0
907
71.1
992
69.9
977
72.8
"1707
"183.3
195.5
"510.0
"148.4
"361.6
"514.8
"158.9
"355 8
"5191
"163.3
"355.8
"544.5
"170.4
"374.0
548.8
177.9
370.8
983
77.0
1,034
79.7
1,049
80.1
1,056
76.0
"172.0
"176.5
".1
-1.8
1.6 Inventories and Inventory Investment
30 •
31 •
Inventory investment:
Change in business inventories, bil. 1987$, AR (L,L,L)§
Change in mfg. and trade inventories, bil.$, AR (L,L,L)
70
77*
Inventories on hand:
Mfg. and trade inventories, bil. 1982$ (Lg,Lg,Lg)O
Ratio, mfg. and trade inventories to sales in 1982$ (Lg.Lg.Lg) .
99*
98
Sensitive commodity prices:
Index of sensitive materials prices, 1982=100
Percent change from previous month
Percent change from previous month, smoothed (L,L,L) t
Index of producer prices for sensitive crude and intermediate
.2
16.7
"38.1
"-312
1.46
697.82
1.46
697.98
1.48
1.50
695.51
1.52
"-32.8
-38.9
-103.0
-32.7
"-30.4
-622
"37.7
'36.1
687.21
1.48
683.63
1.46
680.76
1.45
680.67
1.43
"680.11
681.05
'683.15
1.51
687.70
1.50
121.23
1.7 Prices, Costs, and Profits
123.91
-.32
-.47
139.16
123.38
-.43
-.59
138.36
122.75
-.51
-.65
137.63
121.60
-.94
-.72
136.42
121.23
-.30
-.71
136.32
-.61
137.10
120.26
-.80
-.57
136.75
"119.87
"-.32
"-.52
"137.09
118.12
"-1.46
"-.61
134.29
116.62
-1.27
-.76
134.66
115.74
-.75
"-.84
134.65
116.16
141.13
124.31
-1.75
-.25
139.33
217.8
129.7
104.2
86.9
166.0
166.2
181.5
172.7
158.3
125.5
118.1
89.6
310.7
210.8
127.8
95.4
81.3
165.6
170.6
191.4
191.7
166.0
126.0
121.3
78.0
313.9
212.3
127.4
94.4
81.9
171.1
167.5
177.3
179.4
156.1
126.5
119.6
75.8
303.2
205.4
128.0
105.8
81.5
189.9
164.7
176.0
171.8
146.8
126.4
124.9
75.3
301.2
203.5
128.6
106.2
75.2
189.1
158.5
176.2
168.9
146.8
127.0
120.2
75.5
298.6
196.4
127.6
108.3
74.5
188.8
152.9
180.9
167.3
146.4
128.6
134.3
'66.8
293.9
185.4
127.7
115.1
75.3
184.6
150.1
175.9
160.3
146.1
128.4
132.5
58.0
292.4
184.2
128.4
115.4
76.3
179.9
150.2
173.7
152.3
144.2
128.1
134.0
56.3
294.7
173.8
131.5
112.8
74.8
176.2
148.9
172.0
140.3
140.5
128.1
136.3
65.7
290.2
170.9
135.8
107.2
63.4
166.6
138.1
168.4
129.9
132.1
128.1
123.8
75.2
285.4
"162.4
"135.8
"97.5
"61.5
"158.6
"143.4
"168.6
"137.6
"132.9
"128.7
115.2
78.5
279.8
162.3
132.8
95.8
57.1
138.5
141.2
169.7
140.4
132.8
128.9
102.0
72.0
276.9
154.8
133.0
91.8
52.6
140.9
146.4
162.9
137.4
130.2
129.1
105.7
73.7
271.9
156.2
133.6
90.2
52.1
142.8
147.2
170.8
126.6
127.8
129.2
100.1
67.3
271.7
166.0
133.8
91.5
52.2
151.4
146.1
162.5
124.6
125.9
129.8
93.4
67.7
271.0
.904
.234
107.646
3.462
.777
.287
.712
.741
4.893
1.021
63.121
.464
.133
.890
.236
106.195
3.608
.728
.288
.739
.790
5.240
.947
61.934
.475
.136
.851
.193
105.316
3.548
.700
.288
.859
.179
100.873
3.292
.700
.288
.736
.798
4.600
.915
59.062
.483
.133
.916
.181
99.902
3.252
.652
.288
.822
.782
4.600
.858
58.766
.484
.124
.889
.193
100.200
3.202
.620
.288
.795
.810
4.312
.868
58.997
.492
.132
.886
.192
99.001
3.224
.620
.288
.795
.810
4.260
.958
61.538
.453
.135
.826
.180
95.286
3.282
.620
.288
.809
.820
4.300
.992
59.701
.449
.121
.846
.148
90.292
3.285
.620
.865
.129
89.749
3.506
.620
.863
.126
91.707
3.645
.598
.811
.123
95.755
3.628
.518
.817
.138
97.097
3.585
.505
.808
.137
96.907
3.555
.546
288
288
284
272
272
271
.790
4.712
.930
59.901
.483
.138
.823
.184
106.339
3.328
.700
.288
.723
.801
4.600
.942
59.140
.490
.139
.736
.832
4.525
.965
60.362
.446
.117
.678
.850
4.270
.880
61.350
.427
.124
.642
.855
3.962
61.856
.431
.144
.639
.880
3.852
.742
61.287
.437
.137
.591
.880
3.670
.752
60.914
.457
.136
.563
.880
3.738
.755
59.880
.469
.132
139.2
141.6
142.1
142.7
4.3
6.2
4.3
5.9
5.2
5.5
143.9
10.6
148.5
5.8
5.9
334.59
307.12
315.29
328.75
126.34
-.18
-.27
140.43
126.53
-.99
.11
0
.36
-.73
134.38
matoriak 1QR9 10(1/1 1 l \
23 •
120 •
19*
16 +
18*
22*
81 •
26 •
35
63
62*
materials, iyot=iuu (L,L,L/
Cattle hides
Lumber and wood products
Wastepaper, news
Wastepaper, mixed, NSA
Wastepaper, corrugated
Iron and steel scrap ..
Copper base scrap....
Aluminum base scrap)
Other nonferrous scrap, n e e , NSA
Sand, gravel, and crushed stone
Raw cotton
Domestic apparel wool
Index of spot market prices, raw industrial materials, 1967=100,
NSA IIIL L ) © '
Copper scrap, $ per lb ©
Lead scrap, $ per lb. ©
Steel scrap, $ per ton ©
Tin, $ per lb., NSA©
Zinc, $ per lb., NSA©
Burlap, $ per yd., NSA ©
Cotton, $ per lb. ©
Print cloth, $ per yd., NSA ©
Wool tops, $ per Ib., NSA©
Hides, $ per lb., NSA©
Rosin, $ per 100 lb.©
Rubber, $ per Ib. © ...
Tallow, $ per Ib. ©
Consumer Price Index for services, 1982-84=100
Percent change from previous month, AR
Percent change from previous month, AR, smoothed (Lg.Lg.Lg) t
Index of stock prices, 500 common stocks, 1941-43=10, NSA
(L,L,L).
Profits and profit margins:
Corporate profits after tax bil $ AR (L L L) §
Corporate profits after tax bil 1987$ A R ( L L L ) §
Ratio, corporate domestic profits after tax to corporate domestic
income, percent (L,L,L) §.
Ratio coroorate domestic orofits after tax with IVA and CCAdi to
corporate domestic income, percent (U,L,L) §.
Ratio, implicit price deflator to unit labor cost, all persons,
nonfarm business sector, 1982=100 (L.L.L).
111
144.6
144.9
145.1
145.5
145.8
146.4
146.8
147.6
148.0
6.0
6.0
6.3
2.5
6.0
1.7
52
3.4
4.5
2.5
3.8
5.1
3.6
3.3
3.4
6.7
3.8
3.3
3.9
4.1
4.0
325.49
362.26
37228
379.68
377.99
378.29
38023
389.40
38720
386.88
385.92
"106.6
"-3.3
"-1.2
"107.5
"10.6
'106.9
'-65
'-.2
"1990
"174.6
"4.9
197.0
175J
5.3
Til
'1896
'1634
'4.8
"182 7
"157.8
"4.6
" 189.7
"164.8
"4.4
4.8
3.7
"4.2
"4.5
'43
103.5
103.0
103.2
103.0
'103.0
Corporate net cash flow, bil. 1987$, AR (L,L,L)§
401.0
"395.7
"385.3
"3837
'3953
Unit labor costs:
Index of unit labor cost, all persons, business sector, 1982=100
(Lg,Lg,Lg).
Index of labor cost per unit of output, mfg., 1987=100 §
Percent change from previous month AR §
Percent change from previous month, AR, smoothed
{Lg.Lg.Lg) t §.
104.3
1 IIAUV,
W l ^Wl HkV
WVIM&^ilV
|^1VI(M
VMlWl
IMA
lUkl 1
l¥n
W *V
WWflVJ fcV
1252
123.1
45
2.2
"104.2
"2.3
".1
"105.1
"10.9
"1.7
NOTE.-The following current high values were reached before October 1990: November 1983—BCI-99 smoothed
(2.09); February 1984—BCI-28 (2,260) and BCI-29 (158.5); 1st Q 1984—BCI-22 (7.0) and BCI-30 (79.9); 2d Q 1 9 8 5 BCI-87 (199.1); 3d Q 1985—BCI-81 (8.3); March 1986—BCI-77 (1.58); 3d Q 1986—BCI-89 (231.3); October 1986—BCI99 change (3.37): December 1988-BCI-31 (98.6); 4th Q 1988—BCI-16 (226.0), BCI-18 (215.1), BCI-26 (104.6), and
"106.7
"-65
"7.0
"107.0
"3.4
"7.1
'1284
128.0
126.4
"107.3
"28.2
"6.1
"107.4
"46
"6.8
"107.3
-1 1
"5.5
"107.1
"-22
"3.8
"106.9
"-22
"1.9
"106.5
"-44
"0
"106.9
"4 6
"-.5
"0
BCI-35 (460.4); March 1989—BCI-99 index (135.82); April 1989—BCI-23 (335.0); November 1989—BCI-70 (705.14); February 1990—BCI-69 (484.43); 2d Q 1990—BCI-100 (501.93); August 1990—BCl-98 (142.59); September 1990—BCI-76
(126.4) and BCI-120 smoothed (6.4); and 3d Q 1990—BCI-86 (555.5) and BCI-88 (375.5).
See page C-6 for other footnotes
SURVEY OF CURRENT BUSINESS
C-4
Series
no.
Year
December 1991
1990
1991
Series title and timing classification
1990
Oct.
|
Nov.
Dec.
Jan.
Feb.
|
Mar.
Apr.
May
Aug.
July
Sept.
Oct.
Nov. *
1. CYCLICAL INDICATORS - Continued
1.8 Money and Credit
85*
102*
105
106 •
Money:
Percent change jn money supply M1 (L,L,L)
Percent change in money supply M2 (L,C,U)
Money supply M1, bil. 1982$ (L.L.L)
Money supply M2, bil. 1982$ (L,L,L)
107
108
Velocity of money:
Ratio, gross domestic product to money suppy M1 (C,C,C) §
Ratio, personal income to money supply M2 (C.Lg.C) §
112*
113 •
111
110 •
Credit flows:
Net change in business loans, bil.$, AR (L.L.L.)
Net change in consumer installment credit, bil.S, AR (L,L,L)
Percent change in business and consumer credit outstanding,
AR (L,L,L).
Funds raised by private nonfinancial borrowers in credit markets,
mil.$, AR (L.L.L).
14
39
Credit difficulties:
Current liabilities of business failures, mil.$, NSA (L,L,L) +
Percent of consumer installment loans delinquent 30 days and
over(L,L,L)0t
93
94
Bank reserves:
Free reserves, mil.$, NSA ( L ^ U ) *
Member bank borrowings from the Federal Reserve, mil.$, NSA
(Ug.U).
119*
114 •
116*
115*
117
118
109 •
72
101 •
Interest rates (percent NSA):
Federal funds rate (L.Lg.Lg)
Discount rate on new issues of 91-day Treasury bills (CLg.Lg) .
Yield on new issues of high-grade corporate bonds (Lg.Lg.Lg) ...
Yield on long-term Treasury bonds (C.Lg.Lg)
Yield on municipal bonds, 20-bond average (U,Lg,Lg)
Secondary market yields on FHA mortgages (Lg.Lg.Ig)
Average prime rate charged by banks (Lg.Lg.Lg)
Outstanding debt:
Consumer installment credit outstanding, mil.$ (Lg,Lg,Lg)O
Commercial and industrial loans outstanding, mil.$, (Lg.Lg.Lg) ...
Commercial and industrial loans outstanding, mil. 1982$
(Lg.Lg.Lg).
Ratio, consumer installment credit outstanding to personal
income, percent (Lg,Lg,Lg)§.
.33
.27
599.6
1.17
.70
597.4
594.2
2,405.6
.26
-.02
593.6
2,396.3
6.789
1.421
' 1.426
' 6.750
-1.433
" 1.439
'1.429
6.690
'1.419
16.46
16.24
-1.0
-23.58
-1.37
-1.1
-41.34
11.75
-5.5
-54.52
-15.72
-10.6
21.22
-25.67
-3.8
-43.46
-2.41
-1.5
2,431.0
-.07
.09
2,392.4
.16
.11
591.8
2,384.7
'61.40
-3.84
-2.2
"3,591.9 P 4,676.5
2.57
2.47
507
455
410
741
230
1,361
326
1,662
534
1,590
252
8.10
7.51
9.84
8.73
7.27
10.17
10.01
8.11
7.19
10.09
8.93
7.49
10.23
10.00
7.81
7.07
9.79
8.60
7.18
9.81
10.00
7.31
6.81
9.55
8.31
7.09
9.66
10.00
6.91
6.30
9.60
8.33
7.08
9.58
9.52
6.25
5.95
9.14
8.12
6.91
9.57
9.05
735,102
467,049
401,717
735,433
474,937
393,160
736,411
471,492
392,583
735,102
466,949
393,386
732,962
468,717
393,880
15.62
'15.52
"15.46
'10,242.8
2.53
r
15.39
'1.425
'1.426
'6.599
'1.432
'1.438
'1.439
'-56.39
-20.38
'-7.9
'5.11
-7.55
'-6.7
-128.06
-10.25
'-13.2
'-64.61
'.52
'-9.0
'-33.91
'9.62
'-3.4
4,930.5 '4,734.1
2.79
2.73
2.79
2.74
2,413.5
'2,415.6
'6.645
'1.421
-111.38
14.15
-4.1
'-64.68
-15.97
-€.3
.13
618.2
'2,388.0
'1.27
'.38
'623.5
'2,387.0
'12.25
6.12
5.91
9.14
8.38
7.10
9.61
9.00
231
815
303
676
340
345
607
622
764
586
645
'834
261
'108
5.91
5.67
9.07
8.29
7.02
9.61
9.00
5.78
5.51
9.13
8.33
6.95
9.62
8.50
5.90
5.60
9.37
8.54
7.13
9.71
8.50
5.82
5.58
9.38
8.50
7.05
9.59
8.50
5.66
5.39
8.88
8.17
6.90
9.14
8.50
5.45
5.25
8.79
7.96
6.80
9.06
8.20
5.21
5.03
8.81
7.88
6.68
8.71
8.00
4.81
4.60
8.72
7.83
6.73
8.69
7.58
732,762 732,442 733,621 732,289 730,591 729,962
465,095 '470,212 '460,930 '455,540 '450,841 '451,267
396,839 '404,657 '397,353 '391,021 '387,320 '388,688
'15.39
.45
0
612.2
2,384.9
'167,900
11,997.2 '7,317.7 "5,069.1 12,248.0
2.67
2.53
2.65
2.65
' 4,473.0
2.47
2,413.5
609.2
257,376
59,836.4
2.57
.77
-.01
611.7
2,393.4
1.13
.37
605.7
-.11
.25
1.05
'.20
.13
-.34
608.7
2,400.3
600.6
r
192,024
390,311
2.396.2
.79
.62
602.6
2,412.7
r
r
729,108 '729,151 '729,953
440,595 '435,211 '432,385 '433,406
379,170 '375,182 '371,465 '372,342
'15.32
'15.31
'15.18
'15.08
'15.10
'15.02
235.2
'199.2
238.4
200.5
240.1
'203.0
241.8
204.8
'242.8
208.0
241.7
207.9
1.9 Alternative Composite Indexes
991 •
CIBCR long-leading composite index, 1967=100 >
CIBCR short-leading composite index, 1967=100 >
237.9
202.8
240.6
202.2
240.2
199.5
234.7
199.8
233.2
199.1
2352
'197.7
242.5
'209.3
243.5
'210.1
'244.5
'209.8
2. OTHER IMPORTANT ECONOMIC MEASURES
2.1 Savings
290
295
292
298 •
293 •
Gross saving, bil.$, AR§
Business saving, bil.$, AR§
Personal saving, bil.$, AR§
Government surplus or deficit, bil.$, AR §
Personal saving rate, percent §
'678.3
'638.2
'215.8
-175.6
'5.2
711.8
644.7
206.6
-139.5
5.1
'747.7
'660.4
'213.4
'713.9
'663.4
'229.6
'-126.1
'-179.1
'5,5
'5.1
'663.1
'213.3
'-178.4
'5.0
2.2 Prices, Wages, and Productivity
Price Movements
311
4
320
4
323
4
336
4
337
4
334
333
i
332
i
331
Fixed-weighted price index, gross domestic business product,
1987=100.
Percent change from previous quarter, AR
Consumer Price Indexes for all urban consumers:
All items, 1982-84=100, NSA
Percent change over 1-month span
Percent change over 6-month span, AR
All items less food and energy, 1982-84=100
Percent change over 1-month span
Percent change over 6-month span, AR
Producer Price Indexes:
Finished goods, 1982=100
Percent change over 1-month span
Percent change over 6-month span, AR
Finished goods less foods and energy, 1982=100
Percent change over 1-month span
Percent change over 6-month span, AR
Finished consumer goods, 1982=100
Percent change over 1-month span
Percent change over 6-month span, AR
Capital equipment, 1982=100
Percent change over 1-month span
Percent change over 6-month span, AR
Intermediate materials, supplies, and components, 1982=100
Percent change over 1-month span
Percent change over 6-month span, AR
Crude materials for further processing, 1982=100
Percent change over 1-month span
Percent change over 6-month span, AR
130.7
.5
5.8
135.5
.4
5.4
133.5
.6
6.7
137.7
.3
5.5
133.8
.3
5.4
138.1
.3
5.9
133.8
.3
3.7
138.6
.4
5.3
134.6
.4
2.9
139.7
.8
5.1
134.8
.2
2.9
140.7
.7
5.0
135.0
-.1
2.7
140.9
.1
5.0
135.2
.2
2.2
141.2
.2
4.0
135.6
.3
2.2
141.5
2
3.3
136.0
.2
3.1
142.0
.4
3.9
136.2
.2
2.8
142.5
.4
3.7
136.6
.2
3.1
137.2
.4
137.4
.1
137.8
.4
143.0
.4
4.0
143.6
.4
143.8
.1
144.3
.3
119.2
.5
5.1
126.6
.3
3.8
118.2
.5
5.7
122.9
.3
3.5
114.5
.4
3.7
108.9
122.3
1.2
7.6
127.8
.2
4.5
122.1
1.6
8.8
124.1
.2
4.4
117.9
1.6
6.9
125.4
8.5
25.6
122.8
.4
3.7
128.4
.5
4.5
122.4
.1
-1.6
129.6
.8
121.5
-.7
-1.5
129.9
.2
1212
-.2
-1.5
121.3
.1
-2.1
130.4
122.3
.7
122.5
.2
132.0
.5
132.4
.3
120.5
120.7
.4
-.7
120.1
0
121.0
.7
121.2
.2
126.5
.3
1.4
126.7
.2
1.3
127.7
.2
118.1
.2
2.5
117.2
-.8
-2.7
1112
-5.4
-23.7
113.9
-.1
-2.7
114.0
114.1
-.1
114.3
.2
113.2
1.8
-35.6
104.5
-7.7
-26.7
114.1
.4
.7
99.2
'-.1
-.6
114.2
.1
-6.5
125.9
.2
3.4
115.7
-.8
-7.0
127.5
.4
3.9
125.7
.7
3.2
127.0
.2
4.1
131.3
.2
2.3
120.1
'.3
.8
126.8
'0
1.9
131.3
0
121.6
-.1
-3.1
121.1
-.2
1.7
'131.1
.2
2.5
'119.7
'-.2
1.3
'126.8
M
2.2
'113.6
'-.4
.2
'99.3
M
-1.0
121.5
.1
3.9
121.4
-.4
.5
130.8
-.1
1.5
120.0
-.6
.3
121.4
.2
4.1
121.9
.5
-.2
130.9
.4
2.2
3.8
124.4
.2
122.3
-.4
.7
128.6
.2
4.4
121.7
-.7
-.5
124.8
.3
100.1
1.8
100.4
.3
.6
8.4
122.6
.4
U7.6
-62
-10.1
NOTE.-The following current high values were reached before October 1990: January 1983—BCI-102 (2.79); July
1983—BCI-14 (829.2); February 1984—BCI-39 (1.78); May 1984—BCI-93 ($-$2,380) and BCI-118 (15.01); June 1984—
BCI-111 (23.2), BCI-115 (13.00), BCI-116 (14.49), and BCI-117 (10.67); August 1984—BCt-94 (8,017), BCI-109 (13.00),
BCI-114 (10.49), and BC1-119 (11.64); 4th Q 1984—BCI-107 (7.060); September 1985—BCI-113 (132.08); 4th Q 1985—
116.6
-.5
-.9
-3.1
130.3
.3
3.5
119.9
-.5
.1
'2.3
126.2
.2
120.2
.3
'-3.1
126.1
-.1
3.1
114.5
-1.0
-5.4
101.0
-3.3
-20.4
114.0
-.4
'-5.1
100.6
-.4
'-23.1
-2.8
'1.8
100.7
.1
-9.9
.1
-.5
99.2
-1.5
-5.3
1.0
BCI-110 (869,764); December 1986—BCI-85 (2.49); May 1987—BCI-105 (637.9); May 1988—BCI-106 (2,472.3); September 1989—BCI-95 (16.07); March 1990-BCI-101 (409,697) and BCI-112 (131.06); and September 1990—BCI-72
(476,902).
See page C-6 for other footnotes.
SURVEY OF CURRENT BUSINESS
December 1991
Series
no.
Year
C-5
1991
1990
Series title and timing classification
1990
Oct.
Nov.
Dec.
Jan.
|
Mar.
Feb.
Apr.
|
May
|
June
|
July
Aug.
Sept.
Oct.
Nov. *
2. OTHER IMPORTANT ECONOMIC MEASURES - Continued
2.2 Prices, Wages, and Productivity — Continued
Wages and Productivity
345
346
370
•
•
358
Index of average hourly compensation, all employees, nonfarm
business sector, 1982=100.
Percent change from previous quarter, AR
Index of real average hourly compensation, all employees, nonfarm
business sector, 1982=100.
Percent change from previous quarter, AR
Index of output per hour, all persons, business sector, 1982=100 ...
Percent change over 1-quarter span, AR
Percent change over 4-quarter span, AR
Index of output per hour, all persons, nonfarm business sector,
1982=100.
136.8
139.1
140.5
142.1
/»143 3
3.8
101.0
3.8
100.3
42
100.5
4.6
101 1
'1012
-1.5
112.4
-.4
0
111.2
-3.0
112.3
-1 2
.6
112.3
0
2.4
1122
_5
'1128
'23
111.2
111.2
1112
'1118
-2
'34
p 4
p 1
2.3 Labor Force and Employment
441
442
Civilian labor force, thous
Civilian employment, thous
Civilian labor force participation rates (percent):
Males 20 years and over
Females 20 years and over
Both sexes 16-19 years of age
451
452
453
124,787
117,914
124,875
117,733
124,723
117,386
125,174
117,574
124,638
116,922
125,076
116,918
125,326
116,754
125,672
117,398
125,232
116,591
125,629
116,884
125,214
116,712
124,904
116,416
125,607
117,165
125,549
116,967
125,257
116,758
77.8
57.9
53.7
77.8
57.7
53.0
77.8
57.5
52.4
77.9
57.8
52.8
77.3
57.6
53.0
77.4
57.8
53.3
77.6
57.8
53.6
77.7
58.1
52.6
77.4
57.8
52.2
77.5
58.2
512
77.4
57.9
50.0
77.2
57.8
48.5
77.5
57.8
51.5
77.3
57.8
51.9
77.0
57.6
51.5
'5,063
'87.9
2.4 Government Activities
517
525
543
548
557
570
564 •
Defense indicators:
Defense Department gross obligations incurred mil $
Defense Department prime contract awards, mil.$
Defense Department gross unpaid obligations outstanding,
mil.$0.
Manufacturers' new orders, defense products, mil.$
Index of industrial production, defense and space equipment,
1987=100.
Employment, defense products industries, thous
Federal Government purchases, national defense, bil.$, AR§
131,796
26,637 "29,150
4,262
8,117
204,677 '196,282
8,202
19,434
13,411
11,480
6,041
14,379
10,276
9,355
10,201
'16,848
93,458
97.3
7,515
97.3
5,044
96.2
6,844
95.8
7,683
94.4
7,922
94.5
6,692
93.9
7,790
92.5
9,531
91.5
8,281
91.0
9,385
90.0
10,804
'89.8
'5,517
89.0
'8,293
'88.7
1,230
313.4
1,207
1,196
' 320.6
1,192
1,187
1,173
' 332.3
1,167
1,157
1,148
'328.4
1,137
1,128
1,127
'322.3
'1,122
'1,118
34,030
3,081
6,947
38,100
3,872
5,544
35,632
3,045
7,732
40,139
4,054
5,445
35,270
3,070
7,440
40,062
4,100
5,037
104,245
119,636
-15,391
34,974
2,929
7,439
38,764
4,160
5,426
35,225
3,333
7,555
41,176
3,786
5,787
34,379
3,140
7,258
40,910
4,385
6,567
'104,532
125,018
'-20,486
'35,345
3,167
7,609
'42,282
4,185
6,341
36,734
3,300
7,656
43,465
4,147
6,253
2.5 U.S. International Transactions
602
604
606
612
614
616
618 •
620 •
622
Exports, excluding military aid shipments, mil.$
Exports of domestic agricultural products, mil.$
Exports of nonelectrical machinery, mil.$
General imports, mil.$
Imports of petroleum and petroleum products, mil.$
Imports of automobiles and parts, mil.$
Merchandise exports, adjusted, excluding military, mil.S'
Merchandise imports, adjusted, excluding military, mil.S'
Balance on merchandise trade, mil.$'
393,576
38,753
83,098
495,310
70,527
389,550
497,665
-108,115
34,630
3,047
7,254
44,527
6,927
6,567
33,586
3,158
6,774
43,123
6,332
5,993
100,580
128,308
-27,728
33,570
2,858
6,927
5,353
5,475
34,144
2,906
7,069
41,520
5,385
5,904
33,599
3,300
6,977
39,103
3,846
5,311
100,900
119,294
-18,394
2.6 International Comparisons
Industrial Production Indexes (1987=100)
47*
721 •
728 •
725 •
726 •
722*
727*
723*
United States
OECD, European countries2
Japan
Federal Republic of Germany
France
United Kingdom
Italy ..
Canada
109.2
111
121.3
114
109
103
110.2
100.7
109.9
111
125.6
117
110
102
108.4
99.3
108.3
110
124.3
116
108
'101
107.7
97.3
107.2
110
123.8
116
106
100
110.5
96.4
106.6
111
125.8
119
110
100
109.6
'96.3
105.7
111
125.7
118
109
101
109.3
95.3
105.0
110
123.0
118
'107
101
109.1
95.0
105.5
109
123.3
118
110
99
104.2
'96.2
106.4
110
126.0
117
109
98
105.5
96.8
107.3
112
122.8
121
110
'101
111.4
'97.4
108.1
111
126.6
119
'110
101
107.2
'97.9
108.0
'109
122.8
117
'110
100
'105.6
'97.6
130.7
5.8
111.4
4.0
112.1
2.9
133.1
3.5
148.2
9.4
159.5
6.5
135.4
5.7
133.5
6.7
113.9
6.8
113.4
3.8
135.2
4.3
153.1
6.1
162.6
7.1
137.4
10.3
133.8
5.4
113.5
5.4
113.2
3.2
135.0
3.6
152.7
4.8
163.6
7.1
138.2
9.5
133.8
3.7
113.2
5.1
113.3
2.1
134.9
2.2
152.6
3.8
1642
6.8
138.1
8.8
134.6
2.9
114.1
2.0
114.0
1.2
135.5
1.6
153.0
2.9
165.4
6.6
141.7
7.7
134.8
2.9
113.8
2.3
114.3
2.1
135.7
2.1
153.8
4.8
167.0
6.5
141.7
6.6
135.0
2.7
114.3
2.1
114.2
3.4
135.8
2.4
154.4
5.0
167.4
6.8
142.3
7.2
135.2
2.2
114.8
.3
114.7
5.0
136.3
2.5
156.4
4.9
168.2
6.1
142.3
1.6
135.6
22
115.4
1.0
115.2
5.1
136.6
2.4
156.9
4.6
168.8
5.6
143.0
2.6
136.0
3.1
114.9
0
115.8
5.9
136.9
3.1
157.6
4.3
169.7
5.5
143.7
2.1
136.2
2.8
114.8
2.5
116.8
6.0
137.4
3.4
157.2
4.2
169.9
5.7
143.8
1.1
136.6
3.1
115.0
364.0
1,974.9
355.6
835.0
1,043.0
409.1
386.6
334.1
1,592.1
297.8
726.8
974.1
338.4
348.2
343.0
1,5722
292.4
713.9
969.3
3022
356.0
357.6
1,579.4
299.9
719.4
993.4
312.9
368.0
354.1
1,542.4
280.5
694.7
969.3
289.1
369.8
394.1
1,696.8
300.8
740.0
1,047.6
318.0
391.2
405.0
1,785.2
314.8
822.6
1,137.9
336.5
395.0
413.0
411.2
1,776.2
327.9
840.7
1,155.9
331.6
400.7
411.5
1,712.1
339.3
810.1
1,155.9
355.9
391.6
1082
1082
'123.7
'117
'109
'100
'123.5
'116
'107.8
'98.3
Consumer Pries Indexes (1982-84=100)
320
4
738
4
735
736 *
4
732
737 *
4
733
United States, NSA
Percent change over 6-month span, AR
Japan, NSA
Percent change over 6-month span, AR
Federal Republic of Germany, NSA ....
Percent change over 6-month span, AR
France, NSA
Percent change over 6-month span, AR
United Kingdom, NSA
Percent change over 6-month span, AR
Italy, NSA
Percent change over 6-month span, AR
Canada. NSA
Percent change over 6-month span, AR
137.2
137.4
115.3
"7i6.6
137.8
117.4
116.8
"i38"6
"i'58.7
. . _
157.6
4.3
170.4
171.1
143.9
143.7
""143.4
Stock Price Indexes (1967=100, NSA)
19 •
748*
745*
746 •
742*
747*
743*
United States
Japan
Federal Republic of Germany
France
United Kingdom
Italy ..
Canada
750*
Exchange value of U.S. dollar, index: March 1973=100, NSA3 ,
Foreign currency per U.S. dollar (NSA):
Japan (yen)
Federal Republic of Germany (d. mark)
France (franc)
United Kingdom (pound)
Italy (lira) ..
Canada (dollar)
1,8032
3242
820.1
1,168.0
342.0
392.0
420.8
421.2
423.6
413.6
419.8
1,612.8 '1,724.3 '1,665.8
1,593.0
1,639.9
'320.3
330.2
326.3
'323.3
329.1
'862.4
871.7
832.6
'840.3
810.1
1,168.0 '1,212.1 '1,226.8 '1,182.2 '1,147.5
'304.7
'293.4
'315.2
325.8
335.2
397.3
382.8
397.5
390.3
400.0
Exchange Rates
758*
755*
756*
752*
757 •
753*
See footnotes on page C-6.
89.05
83.43
82.12
83.35
83.51
82.12
88.12
91.41
92.29
95.18
95.19
93.47
91.18
144.82
1.6159
5.4449
.5630
1,198.05
1.1670
129.59
1.5238
5.1032
.5140
1,141.62
1.1600
129.22
1.4857
5.0020
.5091
1,117.04
1.1635
133.89
1.4982
5.0895
.5203
1,12926
1.1603
133.70
1.5091
5.1253
.5169
1,134.38
1.1560
130.54
1.4805
5.0398
.5091
1,111.19
1.1549
137.39
1.6122
5.4862
.5490
1,201.96
1.1572
137.11
1.7027
5.7540
.5715
1,261.57
1.1535
138.22
1.7199
5.8282
.5801
1,275.67
1.1499
139.75
1.7828
6.0483
.6062
1.325.09
1.1439
137.83
1.7852
6.0596
.6056
1,329.55
1.1493
136.82
1.7435
5.9244
.5938
1,303.31
1.1452
134.30
1.6933
5.7621
.5792
1,26625
1.1370
87.98
130.77
1.6893
5.7583
.5803
1,26320
1.1279
129.63
1.6208
5.5391
.5619
1,221.04
1.1302
C-6
SURVEY OF CURRENT BUSINESS
December 1991
FOOTNOTES FOR PAGES C-1 THROUGH C-5
a
AR
c
©
e
Anticipated.
Annual rate.
Corrected.
Copyrighted.
Estimated.
Available data for later period(s) listed in notes.
NSA
p
r
•
§
o
Not seasonally adjusted.
Preliminary.
Revised.
Graph included for this series.
Major revision-see notes.
End of period.
L,C,Lg,U Cyclical indicator series are classified as L (leading), C (coincident), Lg (lagging), or U (unclassified) at reference cycle peaks, troughs, and overall. Series classifications
are shown in parentheses following the series titles.
$ Cyclical indicator series denoted by $ are inverted (i.e., the sign is reversed) for cyclical analysis calculations, including classifications, contributions to composite indexes,
and current high values,
t Cyclical indicator series denoted by f are smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
For information on composite indexes and other concepts used in this section, see "Composite Indexes of Leading, Coincident, and Lagging Indicators" in the November 1987
SURVEY OF CURRENT BUSINESS and "Business Cycle Indicators: Revised Composite Indexes" in the January 1989 SURVEY.
References to series in this section use the prefix "BCI-" followed by the series number. Unless otherwise noted, series are seasonally adjusted.
Percent change data are centered within the spans: 1-month changes are placed in the ending month, 3-month changes are placed in the 3d month, 6-month changes are
placed in the 4th month, 1-quarter changes are placed in the ending quarter, and 4-quarter changes are placed in the 3d quarter.
Diffusion indexes are defined as the percent of components rising plus one-half of the percent of components unchanged. Diffusion index data are centered within the spans:
1-month indexes are placed in the ending month and 6-month indexes are placed in the 4th month.
High values reached by cyclical indicators since the last reference cycle trough (November 1982) are shown in boldface type; high values reached prior to the period shown in
the table are listed at the bottom of each page. For inverted series, low values are indicated as highs.
Sources for series in this section are shown on pages C-47 and C-48 in the October 1991 SURVEY.
Page C-1
Page C-3
1. A component's contribution measures its impact, in percentage points, on the percent change in the
index. Each month, the sum of the contributions plus the trend adjustment factor equals (except for rounding
differences) the index's percent change from the previous month. The trend adjustment factors are 0.142
for the leading index, - 0 . 1 8 6 for the coincident index, and 0.030 for the lagging index.
2. Excludes BCI-57, for which data are not available.
3. Excludes BCI-77 and BCI-95, for which data are not available.
NOTE.—Major data revisions:
New plant and equipment expenditures by business in constant dollars (BCI-100) has been revised by
the source agency from 1958 forward to reflect a shift in the base period from 1982 to 1987. For further
information, contact the U.S. Department of Commerce, Bureau of the Census, Industry Division, Washington,
DC 20233.
Series based on the national income and product accounts (BCI-16, -18, -22, -30, -35, -62, -81, -86, -87,
-88, and -89)—see note for page C-2.
* Preliminary December values: BCI-23 = 269.3, BCI-19 = 385.72; anticipated 4th quarter values: BCI61 = 531.96 and BCI-100 = 495.88; anticipated 1st quarter 1992 values: BCI-61 = 563.31 and BCI-100 =
525.23; anticipated 2nd quarter 1992 values: BCI-61 = 580.52 and BCI-100 = 541.40.
1. Copyrighted. This series may not be reproduced without written permission from Commodity Research
Bureau, Inc., 75 Wall Street, 22d Floor, New York, NY 10005.
PageC-2
NOTE.—Major data revisions:
Employee hours in nonagricultural establishments (BCI-48) has been revised by the source agency from
1987 forward to incorporate new seasonal adjustment factors. For further information, contact the U.S.
Department of Labor, Bureau of Labor Statistics, Office of Employment Structure and Trends, Division of
Monthly industry Employment Statistics, Washington, DC 20210.
Series based on the national income and product accounts have been revised to reflect a shift in emphasis
to gross domestic product rather than gross national product, a new reference base period (1987 rather than
1982), new seasonal adjustment factors, new and revised source data, and definitional and classification^
changes. Revised data are incorporated in this issue as follows: BCI-16, -18, -22, -30, -35,-49, -50, -55,
-81, -86, -87, -88, -89, -107, -290, -292, -293, -295, -298, and -564 from 1959 forward and BCI-51, -52,
-53, -62, -95, and -108 from 1987 forward. Revised data for earlier periods will be available in a later issue.
Revised data for the fixed-weighted price index, gross domestic business (BCI-311) will be shown at a later
date. For constant-dollar series, data prior to 1959 and 1987, respectively, are still shown on a 1982 base.
Gross domestic product in 1987 dollars (BCI-55) has been added and the implicit price deflator for gross
national product (BCI-310) has been discontinued in the C-pages. For further information, contact the U.S.
Department of Commerce, Bureau of Economic Analysis, National Income and Wealth Division, Washington,
DC 20230.
* Preliminary December values: BCI-122 = 52.4 and BCI-123 = 72.8.
1. Data exclude Puerto Rico, which is included in figures published by the source agency.
2. Copyrighted. This series may not be reproduced without written permission from the University of
Michigan, Survey Research Center, P.O. Box 1248, Ann Arbor, Ml 48106-1248.
3. Copyrighted. This series may not be reproduced without written permission from McGraw-Hill
Information Systems Company, F.W. Dodge Division, 1221 Avenue of the Americas, New York, NY 10020.
Page C-4
NOTE.—Major data revisions: Series based on the national income and product accounts (BCI-95, -107,
-108, -290, -292, -293, -295, -298, and -311)-see note for page C-2.
* Preliminary December values: BCI-85 = 1.41, BCI-119 = 4.61, BCI-114 = 4.25, BCI-116 = 8.61, BCI-115
= 7.67, BCI-117 = 6.72, and BCI-109 = 7.42.
1. This index is compiled by the Center for International Business Cycle Research (CIBCR), Graduate
School of Business, Columbia University, New York, NY 10027.
Page C-5
NOTE.—Major data revision: Federal Government purchases, national defense—see note for page C-2.
* Preliminary December values: BCI-19 = 419.6, BCI-748 = 1,554.2, BCI-745 = 314.8, BCI-746 = 785.9,
BCI-742 = 1,091.2, BCI-747 = 284.0, BCI-743 = 375.8, BCI-750 = 86.43, BCI-758 = 128.78, BCI-755 =
1.5811, BCI-756 = 5.4028, BCI-752 = 0.5529, BCI-757 = 1,195.07, and BCI-753 = 1.1415.
1. Balance of payments basis: Excludes transfers under military grants and Department of Defense sales
contracts (exports) and Department of Defense purchases (imports).
2. Organisation for Economic Co-operation and Development.
3. This index is the weighted-average exchange value of the U.S. dollar against the currencies of the other
G-10 countries plus Switzerland. Each country is weighted by its 1972-76 global trade. For a description of
this index, see the August 1978 Federal Reserve Bulletin (p. 700).
SURVEY OF CURRENT BUSINESS
December 1991
Composite Indexes
Aug. Apr.
P T
Apr. Feb.
P
T
1955 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
NOTE—The numbers and arrows indicate length of leads (-) and lags (+) in months from business cycle turning dates.
C-8
SURVEY OF CURRENT BUSINESS
December 1991
CYCLICAL INDICATORS
Composite Indexes: Rates of Change
Aug. Apr.
P T
Apr. Feb.
P T
910c. Composite ndex of 11 leading indicators
Percent change over 3-month span, annual rate
920c. Composite ndex of 4 coincident indies tors
Composite index of 7 lagging ind cato
Composite Indexes: Diffusion
950. Diffusion index of 11 leading indicator components
Percent of components rising over 6-month span
100500-
I 951. Diffusion index of 4 coincident indicator components
100 500-
952. Diffusion index of 7 lagging indicator components
100 -i
500-
1955 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
NOTE.—Current data for these series are shown on page C-1.
SURVEY OF CURRENT BUSINESS
December 1991
Composite Indexes: Leading Index Components
Aug. Apr.
P T
Apr. Feb.
P T
Dec. Nov.
P T
Nov. Mar.
P T
Jan. July July Nov.
PT P T
age weekly hours of productio
5. Average weekly hitial claims for unemployment insurance, Stale programs (1 housa ids—inverted sc ale
new orders in 1982 dollars consumer goods and materials industries (bil
index (percent)
ntracts and orders for pi mt anc equipment
!
I
I
I "I
1955 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
NOTE.—Current data for these series are shown on page C-2.
C-9
C-10
SURVEY OF CURRENT BUSINESS
December 1991
BfCUCAL INDICATORS
Composite Indexes: Leading Index Components—Continued
Aug. Apr.
P T
Apr. Feb.
P T
Dee. Nov.
P T
Nov. Mar.
P T
Jan. July July Nov.
PT P T
29. New private housing units aiithorizjd by I >cal bi ilding >ermits (index: 1967=100)
in 1982 dollars, durable goods industries, smoothed1 (b I. dol.)
99. Change in
prices, smoothed1 (percent)
19. Stock prices, 500comnonst< ckt|»dex:1941-43±10}
Money supply M2 In
Consumer expectati
gan2 (index: 1966:1=100)
1955 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
1. This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
C-ll
SURVEY OF CURRENT BUSINESS
December 1991
Composite Indexes: Coincident Index Components
Aug. Apr.
P T
Apr. Feb.
P T
Dec. Nov.
P T
Nov. Mar.
P T
Jan. July July Nov.
PT P T
120, 11011
100Employees on nonagr cultural
= 90. 80•3600^20011
-2800f
2400-
;2000J
120-1
Ill
1 100908070550-
10
500450400350300-
250-
200-
150-
1955 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
NOTE.—Current data for these series are shown on page C-2.
C-12
SURVEY OF CURRENT BUSINESS
December 1991
INDICATORS
Composite Indexes: Lagging Index Components
Aug. Apr.
P T
Apr. Feb.
P T
index of labor cost per u lit of
personal incom»(percent)
1955 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 911992
1. This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
SURVEY OF CURRENT BUSINESS
December 1991
Employment and Unemployment
Dec. Nov.
P T
Nov.
P
Jan. July July Nov.
P T
P
T
Mar.
T
production or no isupervi jory workers, manufacturi
Help-wanted advertisi ig
nevfspapers (index: 1967=100
nonag icultural establ
40. Employees on nonagricultural payrolls. goods-producinj industries (millions)
civil an emplc yment to popul on of we rking agis (percent)
Civil an unemployment rate (percent—inverted scale)
C-13
C-14
SURVEY OF CURRENT BUSINESS
it
1
December 1991
•»"!!> r
Production and Income
Sross dc mestic
lars,Q(i inn. rate.
W iges and salaries in mininii manufacturing
construction (ann
nondurable manufactures index: 1987=100)
, durable manufactures (ind
82. Capacity utilization rat;, manufacturing i percent)
1964 65
66 67
68
69
70
71
72
73
NOTE.—Current data for these series are shown on page C-2.
74
75
76 77
78
79 80
81
82
83
84
85
86
87
88
90
91 1992
C-15
SURVEY OF CURRENT BUSINESS
December 1991
H\i.r
Consumption, Trade, Orders, and Deliveries
Dec. Nov.
P
T
Nov.
P
Mar.
T
Jan. July July
P T
P
Nov.
T
July
P
140-
s' new orders in 1982 dol ars, durable goods industries (bil. dol.)
100-
80'
60-
75 Industrial production, cor sumer goods (index: 1907 =100)
, 140! 120-
* 60-|
40J
1964 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 1992
NOTE.—Current data for these series are shown on page C-2.
C-16
December 1991
SURVEY OF CURRENT BUSINESS
ttf*' •
Fixed Capital Investment
Dec. Nov.
P T
Nov.
P
Mar.
T
Jan. July July Nov.
PT
P
T
July
P
12. Net Jusiness formatic n (index:
Number of new business ncorpon toons (thsusands
27. Manufacturers
982 dollars,
striesAU
9. Constructkin contracts
buildings1 {mil. sq. of floor space
I IT
1964 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88
1. This is a copyrighted series used by permission; it may not be reproduced without written permission from McGraw-Hill
90
91 1992
C-17
SURVEY OF CURRENT BUSINESS
December 1991
CYCLICAL INDICATORS
Fixed Capital Investment—Continued
Dec. Nov.
P
T
Nov.
P
Mar.
T
Jan. July
PT
July
P
Nov.
T
New pla and eq Jipment expenditures by t usiness
1987 do..-.-,
machinery and uquipmei it sales t nd
construction expenditures (am. rate
business equip! i f f (index
vate m presidential fixed investm
(ann. rate, bil.
19H7 dollars-
. Producers'durable equipment
1964 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88
NOTE.—Current data for these series are shown on page C-3.
90
91 1992
C-18
SURVEY OF CURRENT BUSINESS
December 1991
CYCLICAL INDICATORS
Fixed Capital Investment—Continued
housing units started (a in. rate, millions)
Gross private residential fix
(ann. rate, bit. dol.)
Inventories and Inventory Investment
manufacturing and trade invento
1964 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88
NOTE.—Current data for these series are shown on page C-3.
90
91 1992
C-19
SURVEY OF CURRENT BUSINESS
December 1991
Prices, Costs, and Profits
Dec. Nov.
P
T
Jan. July July
P T
P
Nov.
T
July
P
400-n
350300250-
Spotmerketpricjs , raw industrial materials
200150100-
Corporate profits after tax
28024020016012080-
Corporate profits after ta> In current dollars, Q (ann.
40J
corporate tomestic profits after tax to corporate domestic
81 Ratio, corporate domestii profits after tax with
corporate domestic incone- , Q (percent) \
26. Ratio, implicit price deflator to jnit labor cost, nonfarm business
sector, Q (index: 1982=100)
i
' "
108-
i
106104102100-
1964 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
90
91 1992
C-20
SURVEY OF CURRENT BUSINESS
December 1991
CYCLICAL INDICATORS
Money and Credit
Dec. Nov.
P
T
ney supply M1 (
102. Chi nge in mbney su[ ply M2 >ercent;i>-term moving
112. Net change
(ankrate,
business loan
tet cha ge in consumer installmen I credit
; 6-term noving £ vg.)
private nonfinancial
incredtmarkes, Q(ann
1964 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 1992
NOTE.—Current data for ttiese series are shown on page C-4.
C-21
SURVEY OF CURRENT BUSINESS
December 1991
CYCLICAL JNDIG
Money and Credit—Continued
Dec. Nov.
P T
Nov. Mar.
P
T
Jan. July July Nov.
P T
P
T
1 -day Treasury bi Is (percent)
field on i lew issu ss Of high-grade
Alternative Composite Indexes
260 i
240220200-
990. CIBCR long-leading composite inde:: (1967=
180-
160140220200180-
160140-
991. CIBCR short-leading composite index (1967=
120100-
1964 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88
CIBCR Center for International Business Cycle Research (Columbia University).
90
91 1992
C-22
SURVEY OF CURRENT BUSINESS
December 1991
l i IMPORTANT ECONOMIC MEASURES
Other Measures
Price Movements
Jan. July July Nov.
P T
P
T
July
P
Jan. July July Nov.
P T
P
T
July
P
Percent change at annual rate
sighted price index, gross
: bus ness product (1-Qs
span)
293. Personal saving rate, Q (percent)
108642-
1»
J <5s
201(H
0-
40-
Government su rplus or deficit
0-40-80-
20-
H
-120-160-200-
20100-10-
Finished consumer goo(
105-
20100-10-1
-5-
20-i
100-10-"
400350300-
0-
25020100-10-
332c. Intermediate materials, supp
81 82 83 84 85 86 87 88 89 90 1991
NOTE.—Current data for these series are shown on pages C-4 and C-5.
150-
20-|
100-1040-i
3020100-10-20-30-
1979 80
200-
650550450350250-
3. Merchandise exports, adjusted,
excluding military, Q (ann. rate, bil. dol.)
1979 80 81 82 83 84 85 86 87 88 89 90 1991
150
International Industrial Production
Jan. July
P T
July
P
C-23
SURVEY OF CURRENT BUSINESS
December 1991
Nov.
T
International Consumer Prices
Jan. July
P T
r
July
P
July
P
Nov.
T
Percent change over 6-month span, annual rate
Consumer prices—
320c. United States
721. OECO European countries
1979 80
81 82
83
84
85
86 87
88
NOTE.—Current data for these series are shown on page C-5.
90 1991
1979 80 81 82 83 84 85 86 87 88
90 1991
C-24
SURVEY OF CURRENT BUSINESS
December 1991
Mm IMPORTANT ECONOMIC iilASlififS
International Exchange Rates
International Stock Prices
Jan. July
P T
July
P
_J
Nov.
T
Jan. July July Nov.
P T
P
T
Wsighted-sverage exchange value of
Forei jn currei icy per LI .S
755. Federal Republic of
Ger many (d. mark)
756, France (franc)
Jnited Kingdom
1979 80
81
82
83
84
85
86
87
88
NOTE.—Current data for these series are shown on page C-S.
89
90 1991
1979 80
81
82
83 84
90 1991
CURRENT BUSINESS STATISTICS
Series originating in Government agencies are not copyrighted and may be reprinted freely. Series from private sources are provided through
the courtesy of the compilers and are subject to their copyrights.
Current data for the series shown in the S-pages are available on diskette on a subscription basis or from the Commerce Department's Economic
Bulletin Board. Historical data, data sources, and methodological notes for each series are published in BUSINESS STATISTICS, 1961-38. For more
information, write to Business Statistics Branch, Current Business Analysis Division (BE-53), Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230.
NOTE.—This section of the SURVEY is prepared by the Business Statistics Branch.
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1991
1990
Annual
1989
1961-88
1990
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
GENERAL BUSINESS INDICATORS
PERSONAL INCOME BY SOURCE f
[Billions of dollars]
Seasonally adjusted, at annual rates:
Total personal income
Wage and salary disbursements, total
Commodity-producing industries, total ....
Manufacturing
Distributive industries
Service industries
Government
Other labor income
Proprietors' income: i
Farm
Nonfarm
Rental income of persons with capital consumption
adjustment
Personal dividend income
.
Personal interest income
Transfer payments to persons
Less: Personal contributions for social insurance
Total nonfarm income
r
4,380.2
'4,679.8
-4,740.0
'4,764.5
'4,789.6
"4,761.5
'4,761.2
"4,781.4
'4,792.0
'4,825.5
'4,845.8
'4,833.1
'4,854.2
'4,872.8
'4,886.0
4,878.7
' 2,585.8
-723.8
r
542.1
r
607.5
"775.9
' 478.6
' 253.7
'2,738.9
'745.4
'555.8
'634.6
'845.0
'514.0
'274.0
-2,765.9
'748.1
'559.5
'634.6
'860.4
'522.8
'278.8
'2,771.9
'741.0
'553.1
'639.4
'866.3
'525.3
'279.9
'2,796.8
'746.3
'559.3
'643.0
"879.8
"527.7
"281.0
"2,771.7
'737.7
'553.0
'634.0
'866.7
'533.3
'282.6
'2,767.6
'734.1
'549.1
'635.4
'862.1
'536.1
'284.2
"2,773.4
"728.5
"545.8
'636.1
'870.8
'538.1
'285.8
'2,779.4 '2,799.5
'735.8
'731.0
'552.4
'548.8
'641.7
'635.8
'873.7 _ '881.5
'540.5
'538.8
'288.6
'287.2
'2,822.8
'738.7
'555.8
'648.3
'893.7
-542.0
'289.9
'2,808.1
'739.4
'557.7
'639.3
'886.3
'543.1
'291.3
'2,823.6
'743.3
'560.7
'644.3
'894.5
'541.5
'292.7
'2,835.9
'744.4
'561.6
'648.3
'902.3
'540.8
'294.2
'2,830.8
'747.4
'566.1
'642.7
'899.6
"541.0
'295.6
2,830.3
737.7
560.0
646.4
904.4
541.7
297.0
'41.4
-305.5
'42.5
'330.7
'30.8
'337.3
'47.4
'333.6
"45.4
"327.2
'27.4
'329.7
'29.2
'332.2
'41.8
'332.2
-39.4
-336.2
'43.4
'340.8
'36.0
'344.3
'32.0
'347.9
'31.0
'350.3
'33.0
'353.3
'43.2
'354.4
30.2
355.0
"-7.9
"119.8
-669.0
-624.4
"211.7
"4,316.6
'-12.9
'124.8
-721.3
"684.9
"224.3
"4,614.5
'-9.0
'126.2
'735.3
'701.4
'226.6
"4,686.2
'-9.5
'126.9
"737.4
"704.0
"227.1
"4,694.0
"-10.1
"128.0
'738.1
'712.0
'228.9
'4,721.1
'-12.1
'128.6
'734.6
'733.9
'234.9
"4,710.9
'-12.3
'129.5
'729.8
'736.2
"235.3
"4,708.7
'-11.3
'127.8
'726.0
'741.5
'235.8
'4,716.2
"-11.7
'127.2
'723.8
'746.5
"235.9
"4,729.1
'-11.6
'127.5
'721.7
'752.6
'237.0
'4,758.5
'-11.6
'127.6
'719.8
'755.5
'238.3
'4,786.2
'-12.9
'128.3
"718.1
'758.7
'238.3
'4,777.3
'-14.2
'128.6
"716.6
"765.0
"239.4
'4,799.3
'-15.5
'129.1
'715.5
'767.4
'240.2
'4,815.7
'-21.2
'129.3
"714.5
"779.3
"239.9
"4,818.8
-15.6
129.5
713.7
778.5
239.8
4,824.3
-4,380.2
"591.7
"3,788.6
-3,621.6
"3,517.9
'459.8
"1,146.9
"1,911.2
-101.6
"2.1
-4,679.8
"621.0
"4,058.8
'3,852.2
'3,742.6
-465.9
'1,217.7
'2,059.0
'107.5
'2.1
'4,740.0
'625.9
'4,114.2
'3,916.9
'3,807.6
'457.0
'1,243.3
'2,107.3
'107.3
'2.1
"4,764.5
'626.2
'4,138.4
'3,922.1
'3,812.5
'452.8
'1,250.8
'2,108.9
'107.6
'2.1
'4,789.6
'629.7
"4,159.9
"3,926.0
"3,815.8
"445.9
"1,245.2
'2,124.7
-108.1
'2.1
'4,761.5
'621.7
'4,139.8
'3,902.2
'3,792.4
'425.4
'1,239.5
'2,127.5
'107.6
'2.3
"4,761.2
'616.1
'4,145.1
'3,937.2
'3,827.5
'438.2
'1,249.5
'2,139.8
-107.4
'2.3
'4,781.4
'613.4
'4,168.0
'3,973.1
'3,863.3
'458.6
'1,249.9
'2,154.7
'107.6
-2.3
"4,792.0
"612.7
"4,179.3
"3,951.4
"3,841.7
"434.0
'1,243.8
'2,163.9
'107.5
'2.2
'4,825.5
'613.2
'4,212.3
'3,982.9
'3,873.5
'437.3
'1,259.1
'2,177.1
'107.1
'2.2
'4,845.8
'615.0
'4,230.8
'3,999.3
'3,890.2
'448.6
'1,255.8
'2,185.9
-106.8
-2.2
'4,833.1
'612.0
'4,221.1
'4,016.7
'3,908.0
'453.8
'1,262.0
'2,192.2
'106.6
'2.1
'4,854.2
'615.2
-4,239.0
'4,019.2
'3,910.7
'449.0
'1,258.5
'2,203.3
'106.4
'2.1
'4,872.8
'618.1
'4,254.7
'4,038.7
'3,930.6
'456.0
'1,251.7
' 2 2228
'106.0
'2.1
"4,886.0
'619.4
'4,266.6
'4,034.0
'3,926.0
'449.2
'1,249.4
'2,227.5
'105.9
'2.1
4,878.7
618.9
4,259.8
4,059.7
3,951.9
451.4
1,253.8
2,246.7
105.7
2.1
DISPOSITION OF PERSONAL INCOME t
[Billions of dollars, unless otherwise indicated]
Seasonally adjusted, at annual rates:
Total personal income
Less: Personal tax and nontax payments
Equals: Disposable personal income
Less: Personal outlays
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Interest paid by persons
Personal transfer payments to rest of the world (net)
Equals: personal saving
Personal saving as percentage of disposable personal income
"166.9
-4.4
'206.6
'5.1
'197.2
'4.9
'216.2
'5.2
'234.0
'5.5
'237.6
"5.5
'207.8
-5.1
'194.9
'5.0
'227.9
'5.2
'229.4
'5.5
'231.5
'5.3
'204.4
'5.2
'219.7
-5.0
'216.0
'5.2
"232.6
Disposable personal income in constant (1987) dollars
Personal consumption expenditures in constant (1987) dollars
Durable goods
Nondurable goods
Services
Implicit price deflator for personal consumption expenditures,
1987=100
'3.471.2
"3,223.1
"440.8
"1,049.3
'1,732.9
"3,538.3
"3,262.6
"438.9
'1,050.8
'1,773.0
'3,516.6
'3,254.6
'428.1
'1,044.9
'1,781.5
'3,527.8
'3,250.0
'424.6
'1,048.2
'1,777.2
'3,544.1
"3,250.9
"419.3
"1,040.9
"1,790.8
'3,509.6
'3,215.0
'397.8
'1,035.4
'1,781.7
'3,506.8
'3,238.1
"407.6
"1,045.6
"1,784.9
'3,528.1
'3,270.1
'427.0
'1,050.8
'1,792.4
'3,524.1
'3,239.4
'403.2
'1,041.5
'1,794.7
'3,538.5
'3,253.9
'406.2
'1,051.2
'1,796.5
'3,549.7
'3,263.9
'417.4
'1,045.9
'1,800.6
'3,535.5
'3,273.3
'419.6
'1,052.5
'1,801.2
'3,541.4
'3,267.1
'415.0
'1,046.2
'1,805.9
'3,543.1
'3,273.2
'420.1
'1,039.6
'1,813.4
"3,547.9
"3,264.7
'413.8
"1,039.3
"1,811.6
3,531.9
3,276.5
415.4
1,036.9
1,824.3
'109.1
'114.7
'117.0
'117.3
"117.4
'118.0
"118.2
'118.1
'118.6
'119.0
'119.2
'119.4
'119.7
'120.1
'120.3
120.6
200.1
5.1
INDUSTRIAL PRODUCTION 0
[1887=100]
Not seasonally adjusted:
Total index
108.1
109.2
111.3
107.7
105.3
105.1
106.1
104.2
104.4
104.7
109.2
106.6
110.4
111.3
109.6
By industry groups:
Mining
Utilities
Manufacturing
Durable
Nondurable
100.5
107.0
108.9
110.9
106.4
102.6
108.0
109.9
111.6
107.8
103.7
96.9
113.3
114.6
111.7
106.0
101.2
108.5
109.8
106.9
104.7
116.6
104.4
105.6
102.8
103.1
129.5
103.1
104.5
101.2
105.0
120.7
104.9
106.1
103.4
102.3
109.6
103.9
104.9
102.5
100.2
100.0
105.2
106.1
104.1
98.5
97.9
105.8
106.4
105.2
100.9
106.8
110.3
109.6
111.1
98.0
110.4
107.1
105.1
109.7
'100.6
'109.7
'111.4
108.8
114.8
'100.0
'104.9
112.9
'110.8
'115.6
'101.1
'97.1
111.5
'110.4
'113.0
Seasonally adjusted:
Total index ...
108.1
109.2
109.9
108.3
107.2
106.6
105.7
105.0
105.5
106.4
107.3
108.1
108.0
108.2
108.2
"107.8
108.6
109.1
106.7
110.1
110.8
107.3
111.0
112.3
108.6
109.3
110.2
106.5
108.4
109.2
105.7
107.8
109.1
105.6
106.9
108.3
104.7
106.5
108.1
104.7
106.9
108.7
105.5
107.7
109.3
106.6
108.6
110.1
108.0
108.7
110.2
108.3
108.5
109.8
108.4
'108.8
'110.3
109.2
108.9
'110.4
'109.3
p 108.4
* 109.8
P 108.8
By market groups:
Products, total
Final products
Consumer goods
P
107.1
P 102.8
'103.6
107.9
P1Q72
P
See footnotes at end of tables.
S-l
SURVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated in footnotes below, data through
1988 and methodological notes are as shown in BUSINESS
STATISTICS, 1961-88
Annual
1989
December 1991
1991
1990
1990
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
I June
July
Aug.
|
Sept.
Oct.
Nov.
GENERAL BUSINESS INDICATORS-Continued
INDUSTRIAL PRODUCTION 0-Continued
[1987=100]
Seasonally adjusted-Continued
By market groups—Continued
Final products—Continued
Consumer goods—Continued
-Dwable
Automotive products
„• Autos and trucks
Other durable goods
107.9
106.9
105.7
108.8
106.1
102.
97.
109.3
106.9
107.1
107.5
106.8
99,
93.5
84.2
104.1
96.0
86.
74.6
103.4
97.6
90.6
79.6
103.
95.2
88.
74.7
100.7
95.9
88.9
76.7
101
94.2
85.0
103,
101.1
97.
89.;
104.1
1042
100.4
92.5
107.3
105.5
102.3
98.1
108.
104.0
98.6
90.2
108.3
'107.
'106.6
103.0
'108.6
"107.8
'107.3
105.
'108.3
'106.2
' 103.8
'99.0
"1082
Nondurable
Foods and tobacco
Clothing
Chemical products
Paper products
Energy products
106.4
104.
101.6
109.5
114.3
106.:
107.6
105.9
95.7
113.2
119.6
105.9
109.1
106.
942
115.9
123.4
108.8
108.5
107.8
91
113.5
122.8
106,
108.4
107.5
92.1
113.5
122.
106.6
107.8
106.3
90.6
114.
122.1
106.5
107.3
105.9
90.8
114.8
121.0
105.2
107.1
105.
90.4
114.
122.2
105.5
107.2
105.3
90.6
115.0
122.7
104,
108.1
1062
92.0
113.9
121.8
109.0
109.0
106.9
93.9
114.3
123.3
110.0
109.0
106.9
94.3
115,
122.1
109,
109.6
'107.1
'94.8
'117.4
122.6
'109.5
'109.6
107.6
'95.
'117.3
'124.8
'105,
'109:
'107.'
'95.
'1172
"125.0
"105.
"109.4
'107.1
'95.3
'117.7
' 124.5
'105.8
112.3
119.1
121.7
137.2
113.8
123.8
103.9
115.5
123.0
127.
149.6
115.2
130.0
96.7
117.0
125.4
130.1
155.3
115.4
137.5
106.5
115.1
122.9
128.8
149.8
115.3
126.3
83.9
113.6
121.2
127.5
148.9
112.3
123.4
75.3
113.6
121.6
130.1
155.0
111.5
124.0
79.8
112.9
120.6
131.6
157.3
109.1
120.3
75.0
112.5
120.3
131
155.1
109.5
120.76.7
112.8
121.3
131.5
155.6
109.3
124.1
84,
112.7
121.7
131.8
155.6
109.3
125.9
87.9
112.8
121.9
130.
154.0
109.1
128.0
90.8
112.8
122.5
131.1
156.0
109.0
131.2
96.6
'111.6
121.3
'130.3
153.1
'108.6
'126.7
86.2
'111.8
'122.3
'130.
'152.2
'1082
'132.6
111.9
"122.5
"131:
"156.5
"106.9
"133.0
101.
"111.1
'121.7
'132.6
'157.3
'104.5
'130.1
'96.5
97.
93.7
92.3
97.
109.3
90.6
97.3
107.1
89.0
96.
109.7
87.3
95.8
107.3
83.4
94.'
106.'
83.1
94.5
108.2
77.3
93.9
107.7
79.3
92.5
105.1
83.1
91.5
101.3
86.6
91.0
103.0
90.8
90.0
97.8
86.5
'89.8
86.7
90.3
80.1
86.2
"88.1
79.0
'86.3
'87.9
'78.1
'87.6
106.8
106.1
107.3
107.7
105.2
109.4
107.0
103.1
109.7
106.
101.8
109.
106.0
101.0
109.4
103.8
97.7
108.1
102.6
96,
106.8
101.3
94.0
106.4
101.2
94.9
105.6
102.7
95.8
107.5
104.0
97,
108.5
104.0
96.9
109.0
'104.4
'96.7
'109.
'104.2
'96.4
'109.6
'103.9
'95.
'109.9
'104.3
'95.5
'110.4
107.4
111.6
105.
101.3
107.8
111.8
106.0
102.1
108.3
112.5
106.5
102.3
106.8
110.4
105.6
101.6
105.3
107.5
104.9
102.0
104.8
106.8
104.
101.1
103.9
105.5
103.6
101.1
102.6
103.3
102.8
101.3
103.4
104.9
103.1
101.1
104.5
106.2
103.;
102.4
105.'
106.7
104.9
103.
107.0
108.2
108.1
104.1
107.2
109.1
'107.8
'103.3
'107.3
1092
'108.3
'103.1
'107.2
108.8
'108.8
'103.1
'106.8
'107.8
'108.9
'103.3
100.5
141.4
105.
95.5
91.4
102.7
113.9
102.5
152.8
113.4
95.5
87.5
104.6
119.3
102.6
146.8
114.7
95.8
87.5
104.8
118.0
103.3
153.4
112.9
97.3
89.0
106.5
113.5
103.4
162.0
110.6
96.7
90.5
103.4
11;
101.7
143.1
108.4
96.0
89.9
101.8
119.2
102.9
148.0
112.8
97.
89.0
106.4
112.0
101.5
147.6
109.9
96.4
88.4
104.9
108.0
100.9
145.7
105.9
96.6
88.7
106.3
107.0
100.2
148.0
103.4
96.0
87.6
107.5
107.
102.1
157.0
110.
96.9
87.6
110.1
106.4
102.
153.0
116.0
96,
88.:
109.0
107.8
'101.3
'155.5
110.8
95.
88.
108.8
'107.0
'100.8
'153.1
110.1
'95.:
'88.8
110.0
107.3
'100.3
'153.6
"107.9
'95.1
88.8
'100.3
'152.0
'108.7
'95.1
Utilities
Electric
Gas
107.0
108.1
103.0
108.0
110.8
97.7
109.2
112.1
98.1
106.9
109.6
97.0
108.8
111.8
97.6
107.6
110.4
97.5
104.6
107.8
92.8
106.4
109.8
93.6
105.9
109.8
91.6
111.4
116.4
92.8
111.5
117.1
90.
110.9
116.6
89.
'110/
115.6
'92.4
'108.9
'113.3
"93.0
Manufacturing
Equipment, total
Business equipment
Information processing and related
Office and computing machines
Industrial
Transit
Autos and trucks
Defense and space equipment
Oil and gas well drilling
Manufactured homes
Intermediate products
Construction supplies
Business supplies
Materials
Durable
Nondurable
By industry groups:
Mining
Metal mining
Coal
Oil and gas extraction*
Crude oil
Natural gas
Stone and earth minerals
'105.2
'105.1
'109.0
"113.4
'109.9
'114.6
'92.6
108.9
109.9
110.7
108.9
107.5
107.0
106.1
105.;
105.9
106.6
107.5
108.3
108.4
108.9
108.9
'108.3
Durable
Lumber and products
Furniture and fixtures
Clay, glass, and stone products .
Primary metals
Iron and steel
Nonferrous
Fabricated metal products
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments
110.9
103.1
105.3
108.0
109.2
109.3
109.0
107.2
121.8
109.5
107.2
104.9
116.4
111.6
101.1
105.9
105.8
108.2
109.7
106.1
105.8
126.5
111.4
105.5
96.8
116.9
112.5
98.2
104.4
104.4
108.6
110.3
106.2
106.4
128.1
110.8
109.2
103.8
ti8.1
109.9
95.
102.3
103.8
109.1
112.6
104.1
104.
126.3
110.4
100.1
85.8
118.1
107.5
93.5
102.0
100.7
104.2
107.3
99.8
101.9
124.7
108.7
96.6
78.5
117.3
107.2
94.2
99.0
97.2
99.7
99.0
100.6
101.7
125.5
107.6
97.6
83.0
119.0
106.1
91.5
94.9
98.9
99.5
98.0
101.6
99.1
124.5
108.2
95.5
79.4
119.3
105.0
91
95.4
94.4
94.7
92.0
98.4
97.8
123.1
108.6
95.0
79.8
118.4
106.0
92.7
98.3
94.2
94.5
91.6
98.5
98.0
123.5
109.7
97.2
86.2
118.6
106.7
92.5
98.5
95.1
96.9
94.0
101.0
99.1
123.6
110.6
98.2
89.8
118.2
107.3
96.
99.4
95.0
96.4
92.9
101
99.8
123.4
111.5
99.7
92.5
117.3
108.1
94.8
100.5
95.8
101.2
99.
103.5
100.9
123.9
111.0
101.3
96.7
116.
'107.8
'95.3
101.3
'95.5
'102.6
'100.6
'105.5
'101,
123.3
"111.5
'99.0
91.6
116.9
'108.4
94.9
101.2
'94.3
'102.;
'100.8
'104.3
'101.8
'123.2
'111.0
102.
99.4
'1182
'108.2
'93.7
'1012
'94.
102.3
'102,
'102.3
'101.7
'124.0
'109.7
'102.4
'100,
'118.0
'107.3
'95.7
'100.4
'92.7
'102.2
'102.8
'101.3
'100.9
' 122.4
'110.2
'99.6
'95.7
'118.3
Nondurable
Foods
Tobacco products
Textile mill products
Apparel products
Paper and products
Printing and publishing
Chemicals and products
Petroleum products
Rubber and plastics products
Leather and products
106.4
105.5
99.6
101.9
104.3
103.2
108.5
108.5
106.1
108.9
103.7
107.8
107.6
98.7
100.7
98.8
105.4
112.0
110.1
108.3
110.2
99.9
108.4
108.8
97.8
101.2
97.2
106.8
112.9
110.7
108.6
110.6
95.3
107.7
109.6
99.0
97.4
95.5
105.1
112.4
110.0
107.8
109.6
107.4
109.1
101.1
96.1
94.9
105.4
112.8
109.9
105.6
106.9
92.6
106.8
108.3
100.0
94.0
92.9
104.2
112.1
110.1
104.7
108.8
106.0
107.6
100.1
94.3
93.1
102.2
110.9
109.1
108.8
106.1
90.8
105.4
107.4
98.2
95.4
92.5
101.3
110.4
108.2
108.5
104.4
91.5
105.9
107.6
97.6
97.2
93.2
101.3
110.7
109.0
105.7
106.6
90.0
106.5
107.8
98.7
99.2
95.2
101.3
110.6
1092
107.5
109.2
89.5
107.6
108.6
99.4
101.7
96.2
105.3
111.2
109.6
109.6
110.5
90.9
108.6
108.3
102.6
104.2
97.8
108.1
111.9
111.5
108.3
110.1
91.0
109.0
108.7
'103.1
104.7
'98.3
106.5
112.3
'112.3
107.3
'112.6
'87.1
'109.5
'109.3
'102.7
'103.
'98.
'108.0
'113.1
'112.6
'108.6
'113.
'109.7
'109.3
'1022
'103.2
98.9
'107.
'113.9
'113.1
'107.4
'113.2
'83.8
'109.6
'109.2
'99.6
'103.2
'98.6
'107.6
'114.2
'113.5
'105.7
'112.6
'84.8
556,219
485.259
491,129
532,805
531,115
551,778
551,353
,520,634
550,380
'550,077
563.018
534,361
527,074
527,915
523.117
530,872
535,926
536,977
541,023
539,578
'540,898
542,673
236,575
118,578
117,997
234,548
117,648
116,900
233,215
117,432
115,783
228.715
114,487
114,228
238.289
121,024
117,265
239,118
122,240
116,878
240,193
122,994
117,199
241,894
124,459
117,435
'242,240
•124,965
•117,275
244,886
126.497
118,389
149,750
52.402
97,348
147,803
50,897
96,906
151,092
53,235
97,857
151,467
53,725
97,742
234,886
119,721
115,165
150,967
53.490
97,477
152,710
54,074
98,636
152,642
54,212
98,430
153,195
54,117
99.078
152,160
53,390
98.770
•152.658
'54,619
'98,039
152,687
54.966
97,721
146,000
'71,070
'74,930
145,100
70,160
74,940
BUSINESS SALES
[Millions of dollars; constant (1982) dollar series
in billions of dollars]
Manufacturing and trade sales (unadj.), total
Manufacturing and trade sales (seas, adj.), total
Manufacturing, total ...
Durable goods industries
Nondurable goods industries
Retail trade, total
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
Manufacturing and trade sales in constant (1982) dollars
(seas, adj.), total
Manufacturing
Retail trade
Merchant wholesalers
See footnotes at end of tables.
6.310.071
'6,310,071
' 2.840,264
1.494,388
1,345,876
'1,741,748
652,184
1,089.564
' 1,728,059
842,065
885,994
6,515,005
573.259
' 6,515,005
'554.628
'2,917,465
1.504,650
1.412,815
251.953
127.692
124.261
'1,807,219
654,757
1,152,462
'152.087
'54,294
'97,793
'546,541
245.827
122.693
123.134
'152,538
'54.200
'98.338
'1,790,321
876,182
914,139
'150,588
'71,760
'78,828
148,176
69,739
78,437
148,036
71,045
76,991
144,723
69,094
75,629
143,608
69,022
74,586
142,935
69,280
73,655
145,019
68,945
76,074
144,927
68,564
76,363
145,217
69,347
75,870
147,635
70,618
77,017
145,524
69,902
75,622
482.5
228.9
125.0
128.6
474.3
222.9
124.7
126.6
464.6
216.1
122.3
126.3
460.5
215.7
120.4
124.3
462.4
215.3
123.1
124.0
460.4
213.1
123.7
123.7
468.7
219.3
123.2
126.2
472.6
222.0
124.2
126.5
473.9
222.8
124.1
127.1
478.2
223.7
124.7
129.8
476.4
224.5
123.7
128.2
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through
1988 and methodological notes are as shown in BUSINESS
STATISTICS, 1961-88
Annual
1989
S-3
1991
1990
Oct.
1990
Nov.
|
Dec.
Jan.
Feb.
Mar. ] Apr.
May
*„,
July
Aug.
820,214
812,683
801,777
802,438
800,602 - 807,582
827,831
Sept.
Oct.
|
GENERAL BUSINESS INDICATORS-Continued
BUSINESS INVENTORIES
[Millions of dollars;'constant (1982) dollar series in billions of
dollars]
Manufacturing and trade inventories, book value (non-LIFO
basis), end of period, (unadjusted), total
Manufacturing and trade inventories, book value (non-LIFO
basis), end of period, (seas, adj.), total
Manufacturing, total
Durable goods industries
Nondurable goods industries
Retail trade, total
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
798,787
815,348
843,061
847,768
810,257
383,825
253,261
130,564
238,159
120,663
117,496
188,273
123,436
64,837
826,941
388,811
252,836
135,975
242,563
120,629
121,934
195,567
128,619
66,948
-•829,140
391,460
255,113
136,347
Manufacturing and trade inventories in constant (1982)
dollars, end of period (seas, adj.), total
Manufacturing
Retail trade
Merchant wholesalers
r
r
815,348
824,829
827,742
832,464
826,941
831,445
828,201
819,615
811,713
807,105
806,802
392,370
256,387
135,983
388,811
252,836
135,975
388,381
252,170
136,211
388,459
252,256
136,203
385,982
250,405
135,577
385,145
249,546
135,599
381,877
246,964
134,913
379,968
245,642
134,326
378,002
244,467
133,535
806,648 ' 809,793
r
377,388 378,837
243,616 '244,310
133,772 ' 134,527
243,760
135,120
243,600
122,923
120,677
244,550
122,947
121,603
242,563
120,629
121,934
244,071
121,217
122,854
241,179
119,239
121,940
236,900
116,041
120,859
236,695
116,087
120,609
236,204
115,490
120,714
114,305
120,793
235,994
114,754
121,240
236,757
115,279
121,478
239,745
117,437
122,308
242,545
118,867
123,678
194,080
127,647
' 66,433
195,544
127,971
67,573
195,567
128,619
66,948
198,993
131,331
67,662
198,563
131,254
67,309
196,733
129,885
66,848
195,052
128,607
66,445
193,632
126,816
66,816
192,039
125,707
66,332
192,806
126,056
66,750
192,503
125,992
66,511
191,211
124,418
" 66,793
191,377
123,482
67,895
697.8
332.8
195.7
169.3
698.0
332.6
195.1
170.3
692.7
329.7
192.7
170.3
695.5
329.5
192.5
173.5
693.9
330.8
189.7
173.3
687.7
329.4
186.5
171.8
687.2
329.6
186.8
170.8
683.6
327.5
186.5
169.7
680.8
326.2
186.2
168.3
680.7
324.7
186.7
169.2
679.6
323.7
186.5
169.4
1.52
1.55
1.58
1.57
1.57
1.54
1.51
1.50
1.49
1.49
1.50
1.50
1.55
2.00
.55
.95
.49
1.60
2.09
.58
1.00
.51
1.64
2.13
.60
1.00
.53
1.66
2.14
.61
1.01
.53
1.67
2.15
.60
1.01
.53
1.69
2.19
.61
1.04
.54
1.64
2.08
-.58
.99
.52
1.60
2.04
.57
.97
.51
1.59
2.01
.55
.96
.49
1.57
1.99
.54
.95
.49
1.56
1.96
.54
.93
.48
1.56
"1.96
.54
.93
.48
1.55
1.93
.53
.92
.48
1.10
.40
.19
.51
1.10
.41
.19
.51
1.15
.42
.19
.54
1.17
.43
.19
.55
1.18
.43
.19
.55
1.19
.43
.19
.56
1.18
.43
.19
.55
1.15
.42
.19
.54
1.15
.42
.19
.54
1.14
.42
.19
.53
1.14
.42
.19
.53
1.15
.42
.19
.53
1.14
.42
.19
.53
M.60
-2.26
'1.23
1.60
2.27
'1.24
1.62
2.30
1.25
1.65
2.38
1.27
1.60
2.24
1.25
1.56
2.16
1.24
1.57
2.17
1.24
1.55
2.14
1.22
1.54
2.11
1.23
1.54
2.12
1.22
1.56
2.16
1.23
1.57
2.15
1.25
1.59
2.16
1.27
1.29
1.78
.84
1.32
1.83
.86
1.32
1.81
.87
1.37
1.90
1.38
1.90
.90
1.38
1.87
.91
1.35
1.87
.87
1.34
1.85
.87
1.32
1.81
.87
1.31
1.79
.87
1.32
1.31
'1.75
1.32
1.76
.91
1.45
1.45
1.57
1.32
1.47
1.49
1.56
1.34
1.49
1.53
1.58
1.35
1.51
1.53
1.60
1.40
1.50
1.54
1.54
1.40
1.49
1.55
1.51
1.39
1.47
1.50
1.52
1.35
1.45
1.48
1.50
1.34
1.44
1.46
1.50
1.32
1.42
1.45
1.50
1.30
1.43
1.44
1.51
1.32
259,185
244,210
234,271
214,255
231,617
238,810
235,069
240,483
254,733
218,827
242,053
257,962
253,561
131,632
5,535
12,743
5,213
16,578
21,991
17,151
34,345
22,197
10,246
121,237
4,985
11,447
4,720
14,901
21,047
17,135
29,803
17,212
10,305
119,684
4,197
10,578
4,198
14,304
23,834
16,925
28,476
11,784
10,810
104,622
4,033
10,617
4,499
13,350
17,830
14,758
25,107
15,467
8,714
116,914
4,290
10,728
4,299
14,819
20,308
16,459
29,488
17,002
9,462
122,049
4,402
10,650
4,110
15,443
23,286
17,443
29,230
15,952
10,182
120,571
4,757
10,966
4,327
15,017
20,557
16,197
31,591
18,767
9,632
123,418
4,756
10,764
4,385
15,367
20,366
17,006
33,179
20,605
9,920
133,092
5,209
10,949
4,463
16,144
24,383
18,360
34,310
19,809
10,774
107,332
4,765
9,836
3,970
13,541
17,876
15,251
25,671
14,233
9,067
122,340 '133,506
' 5,239
5,158
10,854 '11,272
'4,561
4,399
15,404 '16,143
19,147 '22,726
17,061 '19,094
31,889 '35,448
19,311 '20,827
9,968 '10,599
130,925
5,125
11,221
4,622
16,595
20,807
17,480
36,498
23,395
10,137
127,553
34,679
2,393
5,510
114,587
33,005
2,346
4,655
109,633
29,912
1,548
4,267
121,641
34,635
3,130
5,938
111,495
31,765
1,792
4,773
119,713
33,370
2,456
5,901
10,030
23,701
14,935
6,953
116,761
33,904
2,944
5,189
10,253
24,200
12,838
7,497
117,065
33,700
2,906
5,214
10,093
23,031
16,080
6,684
114,703
32,651
1,826
4,831
10,334
24,205
13,261
7,482
114,498
32,152
1,817
5,026
10,904
24,260
19,604
8,335
122,973
33,511
3,179
5,293
10,473
23,929
18,201
7,215
9,921
24,971
13,509
7,799
9,851
24,560
14,352
7,807
10,738
14,136
8,298
9,964
22,566
13,672
7,559
10,406
24,037
14,394
7,997
251,953
245,827
236,575
234,548
233,215
228,715
234,886
239,118
240,193
241,894
127,692
5,122
12,352
5,108
15,854
22,433
17,026
32,674
20,111
10,206
122,693
4,983
11,754
4,913
15,309
22,235
16,869
118,578
4,832
11,485
4,568
15,606
21,876
16,550
26,751
13,515
117,648
4,610
11,140
4,623
14,846
21,006
16,599
28,106
16,070
9,845
117,432
4,544
10,620
4,281
14,616
20,897
16,517
28,912
15,726
9,797
114,487
4,397
10,220
3,900
14,532
20,840
16,525
27,314
14,910
9,488
119,721
4,556
10,626
4,135
14,711
20,890
16,755
30,402
17,372
10,137
121,024
4,617
10,569
4,220
14,715
20,735
17,218
31,310
18,515
10,01:
122,240
4,762
10,418
4,21;
15,003
21,142
17,082
31,823
18,561
9,962
122,994
5,006
10,611
4,296
14,895
20,511
17,166
32,692
19,979
9,933
124,261
33,680
2,532
5,166
10,768
24,816
19,240
7,976
123,134
33,718
2,792
5,188
10,758
24,974
17,948
7,588
117,897
33,660
1,844
4,995
10,467
23,902
15,874
7,384
116,900
32,111
2,465
4,889
10,216
24,195
15,464
7,476
115,783
32,917
2,286
4,878
10,218
23,816
14,099
114,228
33,111
2,452
4,932
9,994
22,885
13,584
7,303
115,165
32,854
2,095
5,085
9,949
24,117
13,760
7,527
117,265
33,316
2,567
5,233
9,952
24,543
14,331
7,482
116,878
33,265
2,560
5,437
10,284
23,895
14,151
7,626
117,199
32,981
2,556
5,546
10,251
24,062
13,714
7,927
117,435 '117,275
33,273 '33,246
'2,585
2,547
'5,634
5,598
10,266 '10,317
24,027 '24,025
13,687 '13,348
'8,064
7,930
118,389
33,411
2,505
5,661
10,219
24,363
13,773
8,067
820,398
r
r
812,802
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total
Manufacturing, total
Durable goods industries
Materials and supplies
Work in process
Finished goods
Nondurable goods industries
Materials and supplies
Work in process
Finished goods
Retail trade, total ...
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
Manufacturing and trade in constant (19132) dollars, total
Manufacturing
Retail trade
Merchant wholesalers
r
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND
ORDERS t
[Millions of dollars]
Shipments (not seas, adj.), total
Durable goods industries, total
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Motor vehicles and parts
Instruments and related products
Nondurable goods industries, total
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
Shipments (seas, adj.), total ...
By industry group:
Durable goods industries, total #
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Motor vehicles and parts
Instruments and related products
Nondurable goods industries, total #
Food and kindred products
Tobacco products
Textile mill products ...
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
See footnotes at end of tables.
2,840,264
1,494,388
63,763
153,021
62,740
180,579
260,805
195,225
372,436
233,203
118,000
1,345,876
379,543
26,003
68,366
128,287
275,187
146,310
94,357
2,917,465
1,504,650
62,897
144,185
58,921
188,115
263,573
200,430
377,319
226,050
120,219
1,412,815
397,090
28,161
63,535
128,761
285,612
179,357
91,657
16,889
10,217
r
r
124,456
'35,140
2,954
'6,186
122,636
34,515
2,372
6,037
'10,563
'25,047
'14,406
'8,378
10,382
24,100
14,560
8,395
242,240
244,886
124,459 '124,965
'4,853
4,884
10,754 '10,857
4,480
4,426
15,401 '15,291
20,526 '20,683
17,114 '17,343
33,198 '33,836
19,879 '20,041
'9,964
10,291
126,497
4,738
10,739
4,461
15,696
21,070
17,326
34,837
21,119
10,072
r
Nov.
SURVEY OF CURRENT BUSINESS
S-4
Unless otheiwise stated in footnotes below, data through
1988 and methodological notes are as shown in BUSINESS
STATISTICS, 1961-88
Annual
1989
|
December 1991
1991
1990
1990
Oct.
Nov.
|
oec.
Jan.
Feb.
|
Mar.
|
Apr.
m,
June
July
Aug.
Sept.
Oct.
1
GENERAL BUSINESS INDICATORS-Continued
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND
ORDERS-Continued t
[Millions of dollars]
Shipments (seas, adj.)—Continued
By market category:
Home goods and apparel
Consumer staples
Machinery and equipment
Automotive equipment
Construction materials and supplies
Other materials, supplies, and intermediate products ....
Supplementary series:
Household durables
:
Capital goods industries
Nondefense
Defense
' 173,136
'617,547
'458,113
'113,294
'175,948
' 974,969
'170,871
'670,558
'472,748
'103,865
'170,750
'983,829
14,353
59,575
40,874
9,282
13,888
84,145
14,320
59,319
39,250
7,753
13,498
82,098
14,444
56,705
38,310
6,426
13,348
78,870
14,039
55,652
38,105
7,090
12,941
78,608
13,930
55,603
38,199
7,045
12,789
77,547
13,910
55,191
36,730
6,686
12,563
75,795
14,405
54,903
38,623
7,815
13,091
77,875
14,376
56,728
39,163
8,237
13,297
78,647
14,639
56,143
39,416
8,145
13,503
79,570
15,069
55,635
39,033
8,781
13,743
80,245
15,129
55,830
39,217
8,854
13.685
80,551
"15,255
'•55,842
'39,871
' 8,987
"13,655
"80,331
15,426
56,398
40,809
9,399
13,649
80,906
'76,973
471,469
364,922
'106,547
'77,561
'491,594
'384,663
'106,931
6,515
41,539
32,632
8,907
6,513
41,142
32,099
9,043
6,658
41,523
32,722
8,801
6,383
39,923
31,721
8,202
6,242
40,711
32,213
8,498
6,215
39,971
31,405
8,566
6,460
40,593
31,733
8,860
6,445
40,543
32,131
8,412
6,383
41,398
32,848
8,550
6,678
39,978
31,732
8,246
6,786
41,400
32,260
9,140
'6,836
' 41,577
'32,547
'9,030
6,890
42,207
33,322
8,885
377,201
248,011
129,190
383,825
382,135
247,615
134,520
391,165
254,748
136,417
391,216
255,440
135,776
382,135
247,615
134,520
387,733
251,035
136,698
390,570
253,719
136,851
386,434
251,017
135,417
387,458
251,304
136,154
384,554
249,380
135,174
378,904
245,429
133,475
378,863
245,338
133,525
378,749 '377,445
244,736 '243,223
134,013 '134,222
379,003
243,662
135,341
388,811
391,460
392,370
388,811
388,381
388,459
385,982
385,145
381,877
379,968
378.002
377,388 '378,837
378,880
253,261
7,780
22,663
10,948
24,600
48,557
31,130
72,576
12,159
24,998
252,836
8,157
23,651
11,658
24,585
47,724
30,067
73,424
13,039
24,273
255,113
8,039
23,612
11,313
24,904
48,409
30,607
73,228
12,370
25,119
256,387
8,078
23,544
11,388
24,863
48,499
30,584
74,818
12,750
24,826
252,836
8,157
23,651
11,658
24,585
47,724
30,067
73,424
13,039
24,273
252.170
8,223
23,257
11,400
24,519
47,977
29,947
73,486
13,085
23,975
252,256
8,243
23,216
11,368
24,717
48,198
29,698
73,551
13,228
23,928
250,405
8,138
23,265
11,426
24,272
47,921
29,719
73,116
12,919
23,640
249,546
8,096
23,029
11,216
23,992
48,014
29,714
72,985
12,867
23,743
246,964
8,016
22,645
11,023
23,649
47,764
29,522
72,109
12,447
23,567
245,642
8,019
22,509
10,943
23,433
46,922
29,333
72,071
12,479
23,717
244,467
7,968
22,217
10,851
23,163
46,985
29,377
71,612
12,488
23,638
243,616 '244,310
'7,905
7,988
22,065 '21,947
10,774 '10,724
23,101 '23,001
46,735 '46,580
29,159 '29,035
71,486 '72,458
12,564 '12,694
23,603 '23,606
243,760
7,913
21,809
10,597
22,940
46,466
28,857
72,542
12,766
23,533
71,295
120,890
61,076
71,191
119,169
62,476
70,741
121,692
62,680
71,041
122,487
62,859
71,191
119,169
62,476
71,208
119,015
61,947
70,980
119,010
62,266
70,101
118,646
61,658
69,274
118.041
62,231
68,425
117,308
61,231
67,387
117,748
60,507
66,936
117,350
60,181
66,951 '67,027
116,308 '116,762
60,357 '60,521
66,946
116,285
60,529
130,564
135,975
27,784
5,375
8,846
13,362
32,366
13,175
11,995
136,347
28,186
5,332
9,080
13,241
31,897
13,370
11,952
135,983
28,047
5,225
8,933
13,247
32,172
13,304
11,940
135,975
27,784
5,375
8,846
13,362
32,366
13,175
11,995
136,211
28,091
5,642
8,892
13,547
32,651
12,279
12,054
136,203
28,137
5,720
8,861
13,695
32,762
11,871
11,959
135,577
28,221
5,662
8,699
13,771
32,805
11,586
11,766
135,599
28,321
5,851
8,639
13,720
32,772
11.563
11,801
134,913
28,154
5,788
8,592
13,576
32,666
11,759
11,652
134,326
28,169
5,803
8,546
13,332
32,417
11,774
11,537
133,535
27,864
5,987
8,561
13,247
32,228
11,613
11,405
133,772 '134,527
27,962 '28,494
'5.892
5,950
'8,744
8,579
13,098 '13,153
32,476 '32,522
11,688 '11,778
11,359 '11,253
135,120
28,814
5,900
8,707
13,320
32,596
11,389
11,251
48,456
22,424
49,710
22,906
63,359
49,845
23,155
63,347
49,981
22,950
63,052
49,710
22,906
63,359
50,034
22,426
63,751
49,706
22,369
64,128
49,661
21,998
63,918
49,523
22,296
63,780
49,342
22,224
63,347
49,305
22,395
62,626
49,409
22,228
61,898
'49,284
'22,786
'62,457
49,547
22,782
62,791
28,080
51,075
87,474
6,373
23,508
128,055
26,567
54,407
87,135
6,698
23,957
131,364
27,158
54,772
87,421
6,526
24,107
131,188
26,841
54,573
87,914
6,604
24,035
131,513
26,567
54,407
87,135
6,698
23,957
131,364
26,280
54,616
87,645
6,660
23,865
131,625
26,180
54,589
87,612
6,677
23,922
131,474
25,703
54,466
87,738
6,472
23,637
130,508
25,444
54,796
87,832
6,454
23,341
129,945
25,406
54,693
87,319
6,316
23,054
128,491
25,390
54,578
86,647
6,228
23,123
127,715
25,244
54,359
86,572
6,209
23,063
126,666
25,395 '25,925
54,594 '55,100
86,662 '86,679
6,274
'6,369
23,040 '23,011
126,018 '126,008
26,146
55,291
86,206
6,380
22,893
126,105
13,548
124,243
84,141
40,102
12,901
121,951
83,334
38,617
13,254
123,975
83,770
40,205
13,158
124,938
84,212
40,726
12,901
121,951
83,334
38,617
12,807
121,856
84,132
37,724
12,758
121,907
83,908
37,999
12,442
121,538
83,985
37,553
12,225
121,727
84,146
37,581
12,134
120,871
83,747
37,124
12,080
119,975
82,869
37,106
11,923
119,629
82,925
36,704
11,961 '12,163
118,977 '119,448
82,985 '82,727
35,992 '36,721
12,179
119,140
82,091
37,049
'1,543,806
' 1,345,286
'2,923,715
'1,511,501
'1,412,214
260,229
133,369
126,860
238,277
115,896
122,381
237,406
123,043
114,363
217,443
107,749
109,694
234,071
119,158
114,913
238,355
120,990
117,365
231,020
116,644
114,376
237,591
119,718
117,873
246,990
125,745
121,245
226,615
114,829
111,786
240,835 '253,067
120,697 '128,355
120,138 '124,712
248,818
126,890
121,928
New orders, net (seas, adj.), total
By industry group:
Durable goods industries, total
Primary metals
Blast furnaces, steel mills
Nonferrous and other primary metals
Fabricated metal products
,
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Aircraft, missiles, and parts
'2,889,092
'2,923,715
254,976
239,237
238,196
234,462
233,132
226,431
231,229
236,540
233,725
248,090
243,160 '237,676
242,117
'1,543,806
1
149,818
'60,458
'77,325
' 177,552
'262,898
'1 97,269
'421,986
' 162,805
'1,511,501
'143,388
'58,201
'73,379
'187,049
'261,443
'201,261
'145,798
130,875
12,653
5,223
6,448
15,156
21,904
17,363
36,784
14,556
116,193
11,190
4,204
6,078
14,879
21,984
15,950
26,903
9,085
120,221
10,459
3,786
5,926
15,532
20,492
17,622
31,788
15,679
117,789
9,506
3,555
5,215
15,196
21,785
16,243
29,837
11,235
117,547
9,776
3,8395,134
14,278
19,899
18,067
29,758
12,801
112,116
9,725
3,664
5,274
14,328
19,872
15,642
28,343
12,015
116,139
10,490
4,279
5,429
14,874
20,243
17,330
27,453
8,677
118,434
10,377
4,223
5,360
14,703
20,955
16,911
28,781
7,596
117,128
10,782
4,476
5,429
14,592
20,137
15,371
29,814
9,890
130,827
11,496
5,088
5,515
14,875
20,522
17,523
37,882
16,595
125,482 '120,144
11,318 '10,823
'4,483
4,924
'5,525
5,525
15,370 '15,193
20,374 '21,038
16,174 '16,830
34,404 '29,353
'6,993
11,860
123,747
10,651
4,627
5,178
15,314
20,345
17,388
32,874
10,183
Nondurable goods industries, total
Industries with unfilled orders +
Industries without unfilled orders 0
'1,345,286
'342,006
'1,003,280
'1,412,214
'351,172
'1,061,042
124,101
29,126
94,975
123,044
29,336
93,708
117,975
28,609
89,366
116,673
28,322
88,351
115,585
28,463
87,122
114,315
28,363
85,952
115,090
27,916
87,174
118,106
29,033
89,073
116,597
27,958
88,639
117,263
28,808
88,455
117,678 '117,532
28,983 '28,972
88,695 '88,560
118,370
28,851
89,519
'173,304
'617,551
'506,138
'113,102
'174,531
'975,289
'171,099
'670,419
'495,458
'103,683
'170,287
'980,655
14,263
59,564
46,170
9,251
13,813
83,624
14,707
59,310
38,327
7,692
13,140
80,380
14,241
56,664
44,161
6,375
13,204
77,001
13,428
55,660
39,949
7,121
12,830
77,745
13,668
55,599
39,282
7,049
12,655
77,449
13,925
55,209
36,967
6,660
12,644
74,854
14,601
54,838
35,803
7,828
13,199
77,834
14,528
56,698
35,251
8,262
13,411
79,391
14,645
56,249
35,301
8,103
13,633
78,452
15,036
55,692
42,265
8,785
14,325
83,243
15,409
55,815
37,554
8,902
13,716
81,450
'15,554
'55,835
'38,103
'9,308
'13,721
'80,241
15,606
56,440
39,398
9,375
13,577
79,534
'76,893
'526,797
'417,797
'109,000
'77,099
'501,797
'408,380
'93,417
6,388
44,738
37,223
7,515
6,752
35,928
30,884
5,044
6,397
45,404
38,560
6,844
5,932
41,640
33,957
7,683
6,092
41,678
33,756
7,922
6,167
38,632
31,940
6,692
6,580
36,538
28,748
7,790
6,567
37,569
28,038
9,531
6,367
37,563
29,282
8,281
6,756
46,074
36,689
9,385
6,961
41,797
30,993
10,804
'6,966
'35,646
'30,129
'5,517
7,036
39,680
31,103
8,577
Inventories, end of year or month:
Book value (non-UFO basis), (unadjusted), total
Durable goods industries, total
Nondurable goods industries, total
Book value (non-UFO basis), (seasonally adjusted), total .
By industry group:
Durable goods industries, total #
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Motor vehicles and parts
Instruments and related products
By stage of fabrication:
Materials and supplies
Work in process
Finished goods
Nondurable goods industries, total #
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
By stage of fabrication:
Materials and supplies
Work in process
Finished goods
By market category:
Home goods and apparel
Consumer staples
Machinery and equipment
Automotive equipment
Construction materials and supplies
Other materials, supplies, and intermediate products
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense
New orders, net (unadj.), total
Durable goods industries, total
Nondurable goods industries, total
By market category:
Home goods and apparel
Consumer staples
Machinery and equipment
Automotive equipment
t
Construction materials and supplies
Other materials, supplies, and intermediate products ..
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense
See footnotes at end of tables.
7
7
5,094
8,999
12,962
31,098
10,688
11,430
49,237
22,339
62,196
Nov.
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1989
|
S-5
1990
1990
1991
Nov.
Oct.
Dec.
J a
,
|
Mar.
Feb.
May
Apr.
June
July
Aug.
|
Sept.
514,575
21,106
522,363
500,966
21,397
521,145 '516,250
499,323 ' 494,172
21,822 '•22,078
Nov.
Oct.
GENERAL BUSINESS INDICATORS-Continued
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND
ORDERS-Continued t t
[Millions of dollars]
Unfilled orders, end of period (unadjusted), total
Durable goods industries, total
Nondurable goods industries with unfilled orders $
517,822
497,280
20,542
Unfilled orders, end of period (seasonally adjusted) total
By industry group:
Durable goods industries, total #
Primary metals
Blast furnaces, steel mills
Nonferrous and other primary metals
520,837
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Aircraft, missiles, and parts
23,927
9.308
11,930
28,477
59,354
48,377
261,092
223,248
21,343
524,072
504,131
19,941
527,195
506,375
23,122
8,578
11,416
27,411
57,185
49,185
277,502
241,418
526,870 520,937
506,113 500,772
20,757 20,165
532,164 525,574
524,072
504,131
19,941
527,260
507,258
20,002
527,195
527,109
511,232
24,712
10,069
11,481
27,915
58,820
49,032
275,001
238,744
20,932
504,732
24,148
9,360
11,632
506,375
23,122
8,578
11,416
506,516
21,488
7,510
10,981
27,485
58,569
48,113
272,465
237,129
27,411
57,185
49,185
277,502
241,418
20,842
527,026
529,259
508,443
20,816
524,742
525,210
504,516
20,694
521,085
519,336
513,943
521,840
523,106 '518,541
515,772
506,631
20,644
7,068
10,621
504,260
20,149
6,832
10,405
500,678
20,013
6.976
10,194
19,821
6,979
10,068
492,976
20,185
7,243
10,156
500,809
21,070
8,035
10,225
501,832 '497,010
21,634 '21,600
8,533
'8,536
10,262 '10,281
494,260
21,512
8,702
10,054
27,761
57,964
48,829
279,233
242,391
27,423
56,966
50,379
280,079
243,762
27,219
55,998
49,496
281,108
245,407
27,382
55,351
50,071
278,159
243,014
27,370
55,571
49,764
275,630
239,781
26,959
54,566
48,053
273,621
238,282
26,939
54,577
48,410
278,811
243,995
26,908 '26,810
54,425 '54,780
47,470 '46,957
280,017 '275,533
244,398 '239,601
26,428
54,055
47,019
273,570
238,016
529,714
509,502
20,212
522,318
500,816
21,502
511,507
490,137
21,370
20,820
20,593
20,395
20,482
20,407
21,248
20,967
21,031
'21,531
21,512
1,333
224,088
1,955
13,052
129,359
8,790
1,324
223,166
1,894
12,694
127,640
1,283
229,017
1,843
12,550
125,773
7,975
1,291
230,861
1,875
12,439
124,910
7,714
1,287
231,945
1,879
12,304
124,810
7,729
1,304
232,182
1,853
12,385
123,871
7,925
1,239
229,362
1,866
12,493
123,829
8,077
1,209
225,450
1,891
12,606
124,574
1,315
221,335
1,849
12,737
123,455
8,050
1,371
224,567
1,852
13,318
126,456
'8,629
8,331
'1,350
1,357
222,903 '221,136
'2,222
1,900
13,350 '13,415
127,354 '127,264
1,392
219,725
2,198
13,343
125,891
5,203
402,026
250,310
151,716
5,225
403,359
245,687
157,672
5,464
398,145
244,472
153,673
5,203
402,026
250,310
151,716
4,752
403,743
252,546
151,197
4,602
404,710
254,089
150,621
4,554
403,371
254,624
148,747
4,674
399,316
251,639
147,677
4,796
396,342
247,546
148,796
4,780
392,507
243,980
148,527
4,858
398,603
248,937
149,666
'5,163
5,033
399,000 '393,068
247,670 '245,252
151,330 '147,816
5,309
390,541
243,033
147,508
676,565
643,022
53,068
51,824
45,714
51,422
50,394
52,060
54,227
51,991
48,419
50,384
55,917
51,536
55,735
52,235
56,618
52,327
51,654
52,071
52,949
52,843
Failures, total
Commercial service
Construction ...
Manufacturing and mining
Retail trade
Wholesale trade
50,361
12,779
7,120
4,284
11,120
3,687
1,084
398
5,148
1,414
635
405
991
362
1,759
900
496
1,360
433
7,464
1,931
1,043
572
1,449
533
7,786
2,022
1,023
630
1,549
516
1,734
918
510
1,320
468
7,627
1,923
1,052
595
1,422
507
3,591.9
781.9
185.3
735.8
264.6
286.7
4,676.5
• 518.7
115.6
1,146.4
584.9
168.5
10,242.8
984.2
168.8
1,667.2
2,150.8
206.7
6,876
1,802
913
599
1,307
454
11,997.2
5,189.9
396.3
4,179.1
416.8
258.2
7,330
1,876
1,036
567
1,442
495
42,328.8
4,250.9
2,837.7
3,593.2
2,721.6
1,187.5
6,079
1,568
731
478
1,258
463
4,473.0
542.2
354.8
602.2
351.6
226.6
5,354
1,416
Liabilities (current), total
Commercial service
Construction ...
Manufacturing and mining
Retail trade
Wholesale trade
60,432
16,063
8,072
5,090
12,826
4,376
64,044.1
6,767.3
2,905.2
6,829.7
7,716.0
2,414.8
75.0
7,317.7
919.9
163.0
643.3
280.9
326.1
5,069.1
759.6
746.0
795.8
675.3
12,248.0
601.5
595.1
374.1
413.6
241.3
4,930.5
434.2
170.4
286.5
335.0
107.8
4,734.1
1,227.8
350.5
525.2
259.5
359.6
694
598
706
631
857
567
363
298
685
594
664
555
358
291
672
585
604
565
368
304
675
598
631
550
367
324
Nondurable goods industries with unfilled orders +
By market category:
Home goods and apparel
Consumer staples
Machinery and equipment
Automotive equipment
Construction materials and supplies
Other materials, supplies, and intermediate products
Supplementary series:
Household durables
Capita! goods industries
Nondefense
Defense
20,820
8,328
1,420
206,341
2,026
13,024
129,044
8,586
1,283
229,017
1,843
12,550
125,773
5,750
226,633
165,063
21,274
BUSINESS INCORPORATIONS @
[Number]
New incorporations (50 States and DC):
Unadjusted
Seasonally adjusted
51,838
53,222
INDUSTRIAL AND COMMERCIAL FAILURES @
[For failures, number; for liabilities, millions of dollars]
Failure annual rate, number per 10,000 concerns
COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMERS t
[1910-14=100]
Prices received, all farm products
Crops*
Commercial vegetables
Cotton
Feed grains and hay
Food grains
Fruit
Tobacco
Livestock and products #
Dairy products
Meat animals
Poultry and eggs
Prices paid
Production items
All commodities and services, interest, taxes, and wage rates
(oaritv index)
yptaiuj ii iu«Ay
Parity ratio §
674
581
756
503
404
428
710
684
554
767
546
389
338
709
666
521
786
570
361
278
671
671
536
827
574
356
275
759
654
525
704
556
361
275
739
663
533
726
542
368
279
771
661
529
707
573
374
282
728
681
554
828
578
385
294
787
679
566
842
598
392
303
788
1,406
1,444
1,471
1,477
1,479
1,494
1,493
1,486
1,488
1,488
1,474
1,488
1,349
1,484
1,351
1,439
1,440
1,552
770
829
983
312
820
837
818
801
813
777
789
716
799
716
800
716
813
697
798
691
794
697
783
697
780
722
762
752
1,088
1,094
1,104
1,084
1,089
1,108
1,122
1,116
1,108
1,086
1,060
1,015
299
304
291
284
306
279
310
278
272
273
289
286
754
783
990
283
1,068
582
385
307
869
'653
'548
'617
'528
'363
'353
'1,009
1,548
'763
'820
'994
280
646
549
915
527
365
365
805
1,465
747
838
958
275
958
988
1,009
1,004
1,012
1,000
999
1,220
1,265
1,289
1,295
1,305
1,299
1,302
55
54
52
52
51
52
53
50
122.6
129.0
131.9
132.2
132.2
132.8
132.8
133.0
133.3
133.8
134.1
134.3
134.6
135.2
135.4
135.8
124.0
130.7
133.5
133.8
133.8
134i>
134.8
135.0
135.2
135.6
136.0
136.2
136.6
137.2
137.4
137.8
121.6
1237
122.4
128.2
130.3
128.8
131,2
133.5
131.5
131.5
133.7
131.7
131.5
133.7
131.8
132.1
134.3
132.4
132.2
134.6
132.6
132.2
134.8
132.7
132.6
134.9
133.0
133.1
1354
133.3
133.3
135.7
133.6
133.3
136.1
133.8
133.7
136.7
134.2
134.5
137.4
134.8
134.6
137.7
134.9
135.0
138.0
135.2
51
CONSUMER PRICES
[1982-84=100]
Not seasonally adjusted:
All items, wage earners and clerical workers (CPI-W)
All items all urban consumers (CPI-U)
Special group indexes:
All items less shelter
All items less food
All items less medical care
See footnotes at end of tables.
SURVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
Annual
1989
1961-88
|
December 1991
1990
1990
Oct.
|
Nov.
1991
|
Dec.
Jan.
|
Mar. I Apr.
Feb.
M.y | * „ .
July
Aug.
Oct. 1 Nov.
Sept.
COMMODITY PRICES-Continued
CONSUMER PRICES—Continued
[1982-44=100. unless otherwise indicated]
Not seasonally adjusted-Continued
All items (CPI-U)-Continued
Commodities
Nondurables
NonduraWes less food
Durables
Commodities less food
Services ,y
116.7
118.2
111.7
112.2
112.0
131.9
122.8
126.0
119.9
113.4
117.4
139.2
126.1
130.4
126.8
113.6
121.8
141.7
126.3
130.5
126.6
114.1
121.8
142.0
126.0
130.0
125.7
114.5
121.4
142.3
126.0
129.8
124.0
115.0
120.6
143.8
125.7
129.3
1232
115.5
120.3
144.5
125.7
1292
122.9
115.5
120.1
144.8
126.4
1302
123.9
115.5
120.7
144.7
126.8
130.6
124.6
115.9
121.3
145.0
126.7
130.4
123.9
116.0
120.9
145.8
126.2
129.6
123.0
116.3
120.5
146.8
126.4
130.1
124.3
115.9
121.1
147.3
127.1
131.0
125.9
115.9
122.1
147.9
1272
131.0
126.1
116.3
122.4
148.1
127.8
131.5
126.7
117.0
123.0
148.3
Food*
Food at home
125.1
124.2
132.4
132.3
133.6
133.4
134.0
133.8
134.2
133.8
135.8
136.4
135.5
135.7
135.8
136.0
136.7
137.0
136.8
136.9
1372
137.4
136.5
136.0
136.0
134.9
136.0
134.9
135.8
134.4
1362
135.0
Housing
Shelter*
Rent, residential
Homeowners' cost, Dec. 1982*100
Fuel and other utilities*
Fuel oil and other household fuel commodities
Gas (piped) and electricity
Household furnishings arid operation
123.0
132.8
132.8
137.3
107.8
81.7
107.5
111.2
128.5
140.0
138.4
144.6
111.6
99.3
109.3
113.3
130.6
142.4
140.5
147.2
113.4
118.5
109.0
114.2
130.4
142.4
140.7
147.3
112.9
117.0
108.0
113.8
130.5
142.7
141.1
147.5
112.7
114.1
108.6
113.7
131.8
144.0
1412
147.9
114.8
111.2
111.5
114.1
132.4
144.6
141.5
1482
114.7
105.7
111.5
115.6
132.6
145.2
142.0
148.4
114.1
99.3
110.8
115.7
132.5
1452
142.5
148.8
113.1
94.4
109.4
115.9
133.4
145.8
143.0
149.7
115.8
89.3
114.4
115.9
1342
146.8
143.7
150.2
116.4
87.8
115.4
116.3
134.5
147.3
143.7
150.7
1162
87.8
114.7
116.2
134.7
147.4
144.6
151.6
116.8
88.9
115.5
116.4
134.7
147.7
144.6
152.1
115.7
90.9
112.9
116.4
134.7
147.9
145.0
152.6
115.3
94.8
1112
116.5
Apparel and upkeep
Transportation
Private
New cars
Used cars
Public
Medical care
118.6
114.1
112.9
119.2
120.4
129.5
149.3
124.1
120.5
118.8
121.0
117.6
142.6
162.8
128.4
125.8
124.2
120.5
118.1
146.6
167.1
127.5
126.9
125.1
122.1
117.2
150.3
168.4
125.3
127.2
125.1
123.5
117.1
154.4
1692
123.8
125.5
1232
124.6
116.1
155.4
171.0
126.2
123.7
1212
125.3
115.1
156.2
172.5
128.8
122.3
119.9
125.4
114.4
153.3
173.7
130.1
1222
1202
125.3
115.0
147.1
174.4
132.8
145.2
142.8
149.2
1142
90.9
111.5
116.3
129.4
123.3
121.5
125.4
117.0
146.0
1752
126.9
123.7
121.9
125.3
118.8
146.6
176.2
125.2
123.4
121.7
124.9
120.4
146.7
177.5
127.6
123.8
122.0
124.4
120.0
147.6
178.9
131.3
123.8
122.1
124.1
119.8
146.6
179.7
132.7
124.0
122.4
125.0
1202
144.9
180.7
132.9
125.0
123.4
126.6
125.6
147.0
181.8
.6
125.8
121.3
134.1
133.9
.3
126.1
121.4
134.7
134.6
.3
126.2
121.5
134.9
134.8
.4
126.3
121.3
135.7
135.9
2
126.1
121.1
135.4
1352
2
126.0
120.3
136.7
136.8
.3
126.5
121.0
136.7
136.5
2
126.8
121.1
137.4
137.4
2
126.6
121.3
136.6
135.8
2
126.8
121.8
136.2
135.0
.4
127.1
122.1
136.3
1352
.1
126.9
121.9
136.2
134.8
.4
127.6
122.6
137.0
135.9
1272
127.8
127.7
128.9
130.4
129.9
129.4
130.7
122.4
120.7
1252
1232
121.6
125.3
123.5
121.8
125.6
123.5
121.8
125.6
124.0
122.3
125.8
124.3
122.7
1262
124.0
122.5
125.8
124.6
123.0
126.0
145.5
145.8
146.4
146.8
147.6
148.0
,
Seasonally adjusted %
All items, percent change from previous month or year
Commodities
Commodities less food
Food ...
Food at home
Apparel and upkeep
125.1
125.3
125.7
126.9
128.9
-.1
125.6
1202
135.7
135.5
127.4
Transportation
Privale
New cars
125.8
124.3
1212
126.5
124.8
121.5
126.9
124.9
122.0
125.4
123.2
123.6
124.0
121.6
1242
122.8
120.6
124.8
142.1
142.7
143.9
Services
PRODUCER PRICES §
[1982=100 unless otherwise indicated]
Not seasonally adjusted:
All commo<
commodities
By stage of processing:
Crude materials tor further processing
Intermediate materials, supplies, and components ..
Finished goods #
Finished consumer goods
Capital equipment
By durability of product:
Durable goods
Nondurable goods
Total manufactures
Durable manufactures
Nondurable manufactures
1122
116.3
120.8
120.1
118.7
119.0
117.2
1162
116.0
116.5
116.4
-116.1
1162
103.1
112.0
113.6
112.1
118.8
108.9
114.5
119.2
118.2
122.9
124.8
117.9
122.3
121.9
124.5
116.7
117.9
122.9
122.6
124.7
110.5
116.7
122.0
121.4
124.9
112.8
116.4
122.3
121.4
125.9
104.1
115.5
121.4
120.3
126.1
101.2
114.2
120.9
119.6
126.2
100.8
113.9
121.1
119.8
126.2
102.1
114.0
121.8
120.6
126.5
99.8
114.3
121.9
120.7
126.5
"99.5
114.0
121.6
r
120.4
'126.6
99.2
114.3
121.7
120.5
126.5
114.5
121.3
120.1
126.1
114.1
122.3
120.8
127.9
99.7
114.1
122.3
120.9
127.9
119.0
107.1
114.3
118.3
110.2
121.2
112.2
118.1
120.7
1152
122.5
118.8
121.3
121.9
120.1
122.3
117.8
121.4
121.9
120.3
122.2
115.4
120.5
121.8
118.7
122.8
115.6
120.3
122.4
117.7
122.9
112.8
119.6
122.5
116.4
122.9
111.1
118.7
122.6
114.8
122.9
111.0
118.7
122.6
114.7
122.8
111.7
118.8
122.5
115.0
122.7
111.6
118.8
122.6
114.9
-•122.7
111.1
118.5
' 122.6
114.3
122.6
111.4
118.7
122.4
114.9
122.4
111.2
118.6
122.3
114.8
123.4
1112
119.1
123.3
114.9
123.3
111.3
119.2
1232
115.2
Farm products, processed foods and feeds
Farm products
Foods and feeds, processed
115.4
110.9
117.8
118.6
112.2
121.9
117.9
109.5
122.2
117.3
108.5
121.7
116.8
1072
121.7
117.0
106.9
122.1
117.1
106.9
122.3
118.3
109.7
122.6
118.1
109.6
122.5
118.3
110.4
122.3
117.6
109.1
121.9
116.3
'105.6
'121.6
115.3
102.6
121.6
115.0
102.8
121.1
115.0
1012
122.0
Industrial commodities
111.6
123.0
72.9
116.9
136.3
126.7
117.4
124.1
112.6
137.8
112.6
112.3
117.7
1162
115.8
121.4
120.7
119.0
119.3
117.2
115.7
115.6
116.1
116.1
116.4
116.2
116.6
123.6
82.2
119.1
141.7
129.7
120.7
123.0
114.7
141.3
113.6
114.9
121.5
118.2
126.5
101.0
119.5
140.9
127.5
121.4
124.5
115.3
142.0
114.2
115.1
124.0
121.6
128.2
97.4
119.8
140.5
126.9
121.7
123.3
115.8
142.3
115.0
115.3
124.2
121.5
127.9
90.5
120.0
140.6
126.8
122.0
122.4
115.8
142.3
115.4
115.2
124.2
121.5
128.3
90.1
120.6
1402
127.6
122.6
122.4
116.9
143.6
116.0
115.7
1252
121.9
128.1
83.0
120.9
140.0
127.2
122.9
121.9
117.2
143.8
116.0
115.8
125.7
122.4
126.0
78.5
121.0
140.4
127.8
123.0
121.5
117.4
143.7
115.8
115.9
125.7
122.2
126.0
78.1
121.2
141.1
129.2
123.1
121.3
117.3
1432
115.5
116.0
125.5
121.5
125.3
802
1212
140.4
132.3
123.1
120.5
117.3
143.0
1152
116.0
125.6
120.7
125.0
80.3
1212
140.0
1362
123.1
119.7
117.3
142.7
115.0
116.2
125.6
120.6
116.0
'124.4
80.1
'121.2
'138.3
'136.9
'123.0
'119
114.8
101.4
121.5
116.7
124.6
81.4
121.2
138.2
133.1
122.9
119.6
117.0
142.4
114.9
116.5
125.7
120.2
124.3
81.2
121.3
137.1
133.0
123.0
119.6
117.3
142.6
114.9
116.5
124.8
118.6
124.9
81.0
121.4
136.5
133.3
123.0
119.5
117.3
142.9
114.7
116.6
128.9
125.6
125.0
81.3
121.4
137.0
133.3
123.1
119.1
117.4
143.0
114.6
116.8
128.9
125.5
-.4
.1
-.7
-2
.1
.1
.7
125.4
117.9
122.3
122.1
125.1
120.6
121.2
118.6
124.1
117.6
118.1
122.8
122.6
125.2
121.3
121.8
119.3
124.4
1112
1172
122.3
121.7
124.8
1202
122.3
117.6
124.8
1132
116.6
122.4
121.6
124.6
120.1
123.1
1172
125.7
104.5
115.7
121.5
120.5
124.9
118.4
123.5
114.7
125.9
101.0
114.5
121.2
119.9
125.1
117.5
124.2
113.4
126.2
100.6
114.0
121.3
1202
125.5
117.7
123.9
113.7
126.1
100.7
113.9
121.9
120.7
125.5
118.5
123.6
114.9
126.5
992
114.0
121.4
120.0
124.9
.117.7
1232
114.0
126.7
'99.3
'113.6
121.1
'119.7
124.0
117.6
'123.6
'113.8
' 126.8
992
114.1
121.4
120.1
123.5
118.4
123.7
114.8
126.8
98.3
1142
121.5
120.1
122.9
118.7
123.5
1152
127.0
100.1
114.1
122.3
121.0
123.4
119.8
124.5
116.2
127.5
100.4
114.3
122.5
1212
123.3
120.1
125.0
116.6
127.7
.818
.749
.814
.748
.820
.747
.824
.742
.827
.741
.826
.739
.821
.737
.820
.735
.822
.734
.822
.732
.824
.729
.818
.728
.818
.726
Chemicals and allied products
Fuels and related prod., and power...
Furniture and household durables
Hides, skins, and leather products
Lumber and wood products
Machinery and equipment
Metals and metal products
Nonmetallic mineral products
Pulp, paper, and allied products
Rubber and plastics products
Textile products and apparel
Transportation equipment*
Motor vehicles and equipment
Seasonally adjusted: $
Finished goods, percent change from previous month or year
By stage of processing:
Crude materials for further processing
Intermediate materials, supplies, and components
Finished goods #
Finished consumer goods
Foods
Finished goods, exc. foods
Durable
Nondurable
Capital equipment
.
12
1172
'142.3
'114.8
116.3
'125.7
'120.5
-.4
116.4
PURCHASING POWER OF THE DOLLAR
As measured by:
Producer prices, 1982=$1.00
Consumer prices, 1982~84*$T.OO .
See footnotes at end of tables.
.807
.766
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
Annual
1989
1961-88
S-7
1990
1990
Oct.
|
Nov.
1991
Dec.
Jan.
Feb.
Mar.
|
Apr.
|
May
June
July
|
Aug.
Sept.
Oct.
Nov.
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE +
[Millions of dollars]
New construction (unadjusted), total
Private, total #
Residential
New housing units
Nonresidential buildings, except farm and public utilities,
total # .
Industrial
Commercial
Public utilities:
Telecommunications
Public, total #
Buildings (excl. military) #
Housing and redevelopment
Industrial
Military facilities
.
Highways and streets
443,722
345,417
196,551
139,202
446,434
40,080
37,061
32,006
27,732
32,467
34,483
36,043
'37,131
'38,746
'38,123
29,428
15,894
10,885
27,401
14,509
10,041
24,127
12,034
8,300
21,108
10,465
7,336
27,105
20,394
9,625
6,643
29,216
337,777
182,856
127,987
22,044
10,991
7,527
24,120
12,192
8,048
25,162
13,608
26,144
14,838
9,739
'26,484
15,266
10,461
'27,513
'15,952
'11,007
'26,997
'15,610
'11,066
26,956
15,562
10,949
113,988
20,410
117,971
23,848
62,862
10,228
2,083
5,400
9,603
1,930
4,991
9,060
1,989
4,633
7,851
1,640
3,951
7,886
1,693
3,921
8,119
1,797
3,994
8,796
1,954
4,392
8,337
1,731
4,239
8,055
1,833
1,744
4,100
1,787
4,280
'8,147
'1,773
'4,144
8,018
1,958
3,877
908
735
582
716
716
786
767
775
758
3,991
385
94
247
2,956
7,879
3,607
345
112
156
1,969
6,624
3,353
276
122
156
1,159
6,711
3,509
282
114
144
1,177
7,172
3,613
287
121
156
1,415
8,347
4,063
283
141
152
1,913
9,321
4,106
307
152
9,899
4,167
298
181
155
2,918
10,647
4,568
294
118
148
3,147
'11,233
'4,795
284
'195
'149
3,648
'11,127
'4,610
'324
'234
'188
'3,381
11,042
4,422
336
171
156
3,434
9,465
9,565
938
98,305
39,567
3,621
1,300
3,520
28,174
108,657
45,825
3,733
1,433
2,732
30,593
10,652
3,973
370
92
163
3,715
746
[Billions of dollars]
431.4
421.3
406.5
410.1
401.9
'407.1
399.0
398.2
'399.6
'402.4
'407.5
411.5
324.1
172.1
119.0
317.2
168.0
115.1
311.3
165.0
113.0
303.9
161.8
107.9
300.5
155.6
103.5
293.3
152.4
100.8
299.0
151.8
100.6
291.0
154.6
103.2
290.9
158.3
106.7
'288.6
157.8
109.7
'292.4
'162.7
'114.3
'296.3
'166.8
'118.2
296.1
168.2
119.3
114.3
22.8
60.2
111.4
22.5
57.8
109.6
23.0
56.9
105.8
22.4
53.8
107.0
23.2
54.0
103.8
23.1
51.8
108.9
24.3
54.8
99.0
20.7
50.2
94.3
20.9
47.6
93.9
20.9
47.0
'92.0
20.4
'46.3
'91.8
'20.3
'45.6
89.7
21.3
43.6
10.1
9.1
9.7
9.4
8.9
9.2
8.8
109.6
48.2
3.4
1.4
1.7
30.7
108.6
48.4
3.4
1.5
1.9
30.0
108.0
49.6
3.4
1.7
1.8
28.6
108.0
48.9
3.7
1.8
1.9
29.2
107.3
46.8
3.6
2.2
1.9
111.0
49.5
3.5
1.4
1.8
28.7
'110.0
'50.0
3.4
'2.3
1.8
'30.1
'111.2
'50.4
'3.9
'2.8
'2.3
'28.8
115.4
52.3
4.0
2.1
1.9
29.4
21,283
145
21,558
155
19,411
144
22,738
157
14,402
7,250
14,308
6,498
12,913
7,736
15,002
New construction (seasonally adjusted at annual rates), total...
Private, total #
Residential
New housing units
Nonresidential buildings, except farm and public utilities,
total #
industrial
Commercial
Public utilities:
Telecommunications
Public, total #
Buildings (excl. military) #
Housing and redevelopment .
Industrial
Military facilities
Highways and streets
10.1
9.9
110.5
46.6
4.4
1.1
2.0
31.6
114.2
48.6
4.6
1.1
3.0
34.3
4.1
1.3
1.9
33.2
102.6
45.9
3.3
1.5
1.9
25.6
CONSTRUCTION CONTRACTS
[Millions of dollars, unless otherwise indicated]
Construction contracts (F.W. Dodge Division, McGraw-Hill):
Valuation, total
Index (mo. data seas, adj.), 1982*100
Public ownership
Private ownership
By type of building:
Nonresidential
Residential
Non-building construction
New construction planning (Engineering News-Record) §
261,163
'173
233,042
'157
21,454
151
17,200
152
13,405
136
14,034
132
13.376
141
16,276
139
20,929
153
20,713
146
19,552
137
71,305
69,573
163,471
6,397
15,057
5,000
12,200
4,326
9,079
5,116
8,918
4,925
8,450
5,803
10,473
6,700
14,229
6,665
14,047
6,728
12,824
81,692
105,352
46,001
213,389
8,824
8,530
4,100
6,100
7,008
4,091
13,169
5,393
5,308
2,704
15,344
5,923
5,091
3,021
14,365
5,091
5,185
3,100
8,136
5,747
6,785
3,744
10,619
7,076
8,712
5,141
9,229
6,778
9,190
4,745
17,726
6,412
8,909
4,231
9,433
6,940
9,695
4,648
7,454
9,764
4,339
6,218
8,941
4,252
8,337
9,984
4,417
1,192.7
94.2
75.6
81.4
54.9
57.4
43.1
52.5
39.2
59.1
73.8
61.4
99.7
82.8
97.7
84.5
103.4
86.8
103.5
87.4
94.7
78.7
'86.6
'73.7
'102.0
'81.5
75.3
62.5
1,026
1,130
769
907
742
977
801
983
831
1,034
1,049
879
1,056
883
'1,017
'861
'1,089
1,066
892
913
742
966
760
1,005
794
953
780
982
782
'1,028
'796
93,058
120,436
47,670
275,118
HOUSING STARTS AND PERMITS
[Thousands]
New housing units started:
Unadjusted:
Total (private and public)
Privately owned
One-family structures
()
1,376.1
1,003.3
Seasonally adjusted at annual rates: 0
Total privately owned
One-family structures
New private housing units authorized by building permits (17,000
permit-issuing places): t
Monthly data are seas. adj. at annual rates:
Total
One-family structures
1,338
932
1,111
798
925
703
Manufacturers' shipments of mobile homes:
Unadjusted
Seasonally adjusted at annual rates @
916
847
648
788
854
645
802
611
876
14.2
181
10.3
167
11.7
168
10.9
157
12.8
157
15.2
175
16.6
174
15.6
173
14.7
175
17.4
178
15.1
172
16.9
172
110.9
111.0
110.8
110.7
110.7
110.9
110.6
111.0
110.6
111.0
110.6
111.0
110.8
111.1
111.1
111.5
111.6
112.1
'111.7
'112.5
'111.8
'112.6
111.8
112.6
783
CONSTRUCTION COST INDEXES
Bureau of the Census, 1987=100:
Composite fixed-weighted price index *
Implicit price deflator *
107.4
108.3
110.1
110.8
Boeckh indexes, 1987=100: t t
Average, 20 cities:
Apartments, hotels, office buildings
Commercial and factory buildings
Residences
106.2
107.2
106.3
108.7
110.6
109.7
Engineering News-Record, 1967=100:
Building
Construction
390.7
428.8
400.0
440.5
Federal Highway Adm.—Highway construction, 1987=100:
Composite (avg. for year or qtr.) %%
See footnotes at end of tables.
110.8
111.1
403.8
444.2
404.1
445.7
c
'110.7
112.3
-111.5
109.9
111.8
110.8
402.6
444.7
108.5
402.7
444.8
402.1
444.4
111.2
113.0
112.1
110.9
112.7
402.0
444.3
401.0
443.7
403.1
447.0
404.6
448.6
111.8
408.1
451.9
113.0
115.7
114.3
112.9
115.6
114.3
112.2
114.4
113.3
413.3
455.4
412.3
455.3
107.0
412.3
455.4
2
413.2
455.8
2
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
Annual
1989
1961-88
1990
|
December 1991
1990
Oct.
Nov.
1991
Dec.
Jan.
Feb.
|
Mar.
|
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
CONSTRUCTION AND REAL ESTATE-Continued
REAL ESTATE 0
[Thousands of units]
Mortgage applications for new home construction:
FHA applications
Seasonally adjusted annual rates
115.4
117.3
5.8
9.5
127
9.2
128
Requests for VA appraisais
Seasonally adjusted annual rates
8.0
106
8.2
10.5
106
8.8
105
10.1
117
6.1
82
6.0
8.4
8.3
92
7.1
83
7.1
8,635.0
111
[Millions of dollars]
Home mortgages insured or guaranteed by:
Fed. Hous. Adm.: Face amount
Vet. Adm.: Face amount §
45,893.24
14,041.80
Federal Home Loan Banks, outstanding advances to member
institutions, end of period
51,863.74
15,787.10
4,476.07
1,612.16
4,224.89
1,206.52
3,686.16
931.01
4,459.53
1,501.67
3,651.85
1,259.86
3,630.56
1,183.14
3,765.79
1,210.77
3,723.18
1,173.79
4,070.27
939.10
4,444.38
1,311.15
4,072.77
1,529.80
3,696.55
3,419.86
1,589.33
117,096
116,514
116,675
117,096
112,647
111,513
107,004
102,827
98,744
94,740
91,525
90,142
83,946
80,143
78,784
12,291
10,224
10,526
8,216
8,113
11,137
13,640
14,253
13,322
12,743
880
8,651
675
7,038
682
6,984
419
934
9,728
475
1,106
12,047
467
1,246
12,470
536
1,206
11,511
605
1,285
10,964
141,794
New mortgage loans of SAIF-insured institutions,
2
186,567
By purpose of loan:
Home construction
Home purchase
All other purposes
2
152,384
2
2
24,952
142,432
2
19,183
2
16^02
127,297
2
1,189
10,541
8,758
527
DOMESTIC TRADE
ADVERTISING
(Millions of dollars}
Magazine advertising (Leading National Advertisers):
Cost, total
Apparel and accessories
Automotive, incl. accessories
Building materials
Drugs and toiletries
Foods, soft drinks, confectionery
Beer, wine, liquors
Houshold equipment, supplies, furnishings
Industrial materials
Soaps, cleansers, etc
Smoking materials
All other
Newspaper advertising expenditures (Newspaper Advertising
Bureau, Inc.):
Total
Classified ,
National
Retail
32,368
11,916
3,948
16,504
32,280
11,506
4,122
16,652
1,728,059
842,065
1,790,321
876,182
914,139
162,605
78,872
83,733
149,343
70,015
79,328
142,295
67,374
74,921
140,101
64,989
75,112
130,923
62,188
68,735
70,164
74,532
147,536
70,939
76,597
151,460
71,311
80,149
142,711
69,060
73,651
147,164
70,183
76,981
148,417 "145,418
71,644 '71,607
76,773 '73,811
157,190
77,290
79,900
188,586
121,484
67,102
195,861
126,560
69,301
195,482
127,298
68,184
196,474
127,118
69,356
195,861
126,560
69,301
200,792
130,628
70,164
200,356
131,344
69,012
198,017
130,016
68,001
196,316
129,997
66,319
192,743
127,981
64,762
190,525
125,687
64,838
191,427
127,149
64,278
188,557 "189,023
125,480 "123,980
63,077 '65,043
193,000
123,146
1,741,748
1,807,219
151,469
156,086
179,653
130,903
149,299
148,510
159,835
153,909
154,643
159,910 '146,697
"152,267
652,184
654,757
54,092
52,27t
56,505
43,954
45,320
52,909
55,271
58,949
92,700
383,596
91,493
92,524
381,961
92,983
8,082
31,603
7,710
7,443
28,953
8,118
6,558
26,507
9,784
5,626
25,656
6,705
5,683
27,112
6,495
6,876
32,191
7,234
8,558
33,185
7,150
9,282
35,031
7,518
1,089,564
204.387
345,069
117,791
91,426
173,894
62,495
20,033
1,152,462
211,933
362,410
131,725
94,731
182,044
68,557
20,813
97,377
17,027
29,970
12,562
7,728
15,289
5,841
1,694
103,815
21,783
30,472
12,271
8,807
14,722
5,943
1,785
123,148
32,454
32,809
11,709
12,696
15,075
7,500
2,501
86,949
12,335
29,451
10,667
5,641
13,927
5,771
1,629
83,269
12,965
27,452
9,484
5,784
13,809
5,686
1,537
96,390
16,778
31,276
10,241
7,890
15,560
6,298
1,716
93,239
16,370
29,552
10,382
7,533
15,506
6,049
1,642
"152,087 "152,538
8,771
3,226
1,114
4,431
7,718
2,598
1,072
4,047
6,770
2,293
982
3,496
WHOLESALE TRADE t
[Millions of dollars]
Merchant wholesalers sales (unadj.), total
Durable goods establishments
Nondurable goods establishments
Merchant wholesalers inventories, book value (non-LIFO basis),
end of period (unadj.), total
Durable goods establishments
Nondurable goods establishments
RETAIL TRADE %
[Millions of dollars]
All retail stores:
Estimated sales (unadj.), total
Durable goods stores #
Building materials, hardware, garden supply, and mobile
home dealers
Automotive dealers
Furniture, home furnishings, and equipment
Nondurable goods stores
~
General merch. group stores
Food stores
Gasoline service stations'...
Apparel and accessory stores
Eating and drinking places
Drug and proprietary stores
Liquor stores
Estimated sales (seas, adj.), total
Durable goods stores #
Bldg. materials, hardware, garden supply, and mobile
home dealers #
Building materials and supply stores
Hardware stores
Automotive dealers
Motor vehicle and miscellaneous auto dealers
Auto and home supply stores
Furniture, home furnishings, and equipment #
Furniture, home furnishings stores
Household appliance, radio, and TV stores
See footnotes at end of tables.
57,277
56,724
'53,567
'54,472
8,701
33,792
7,342
8,787
34,262
7,562
8,556
33,182
7,676
'7,994
'31,793
'7,144
'8,329
'31,974
'7,408
100,886
18,091
32,652
11,219
8,004
16,596
6,296
1,790
97,240
16,983
31,650
11,090
7,503
16,801
5,989
1,772
97,366
16,153
31,993
11,298
7,339
16,797
6,065
1,884
103,186
18,595
32,518
11,572
8,918
17,450
6,231
1,922
'93,130
'16,189
'29,757
'10,560
'7,508
'15,476
'5,882
'1,653
'97,795
'17,769
'30,757
'10,824
'7,790
'15,829
'6,233
1,693
152,160 '152,658
'152,687
;
156,352
1
52,592
"' 7,238
29,541
' 8,023
1
1
103,760
'22,241
1
31,106
1
10,467
' 9,091
1
15,338
1
6,221
149,750
147,803
151,092
151,467
150,967
152,710
152,642
153,195
' 54,294
'54,200
52,402
50,897
53,235
53,725
53,490
54,074
54,212
54,117
53,390
'54,619
'54,966
' 7,574
"5.417
'1.116
'7,661
'5,470
'1,102
7,341
5,364
1,081
7,270
5,141
1,085
7,645
5,419
1,133
7,488
5,380
1,110
7,836
5,675
1,114
7,814
5,666
1,120
7,762
5,752
1,089
7,882
5.805
1,080
7,727
5,750
1,093
'7,791
'5,797
1,074
'7,763
5,849
1,049
'7,595
'31,685
'29,144
'2,541
'31,81
'29,255
'2,562
30,531
27,981
2,550
29,186
26,656
2,530
30,758
28,180
2,578
31,149
28,590
2,559
30,849
28,180
2,669
31,307
28,628
2,679
31,562
28,885
2,677
31,238
28,593
2,645
30,691
28,119
2,572
'31,943
'29,352
'2,591
'32,425
'29,838
'2,589
'32,620
1
30,088
'2,532
'7,700
'4,264
'2,739
'7,559
4,173
'2,679
7,380
4,056
2,609
7,303
4,012
2,616
7,487
4,105
2,690
7,536
4,071
2,740
7,590
4,114
2.752
7,607
4,124
2,724
7,555
4,034
2,736
7.680
4,121
2,782
7,581
4,088
2,737
'7,536
'4,063
'2,726
'7,429
3,969
2,736
'7,436
'153,109
1
54,986
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
Annual
1989
1951-88
S-9
1991
1990
1990
Oct.
Nov.
|
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
DOMESTIC TRADE-Continued
RETAIL TRADE *—Continued
[Millions of dollars—Continued]
All retail stores—Continued
Estimated sales (seas. adj.)-Continued
' 97,793
' 17,631
14,204
601
'98,338
'17,699
14,266
'645
97,348
17,446
14,140
561
96,906
17,484
14,255
582
97,857
18,109
14,815
593
97,742
18,072
14,704
591
97,477
18,093
14,710
600
98,636
18,324
14,864
607
98,430
17,925
14,456
595
18,541
15,044
600
98,770
18,393
14,932
599
'18,285
'14,863
'591
'97,721
'18,135
'14,808
575
'98,123
'18,185
'14,917
' 30,462
' 28,482
'12,137
'30,709
28,727
'12,271
30,639
28,670
11,887
30,650
28,680
11,409
30,483
28,509
10,926
30,947
28,977
10,701
30,660
;.
10,497
31,125
29.087
10,746
31,251
29,116
10,663
30,991
28,934
10,618
30,825
28,778
10,735
'30,941
'28,908
'10,476
'31,027
'28,992
'10,448
Apparel and accessory stores #
Men's and boys' clothing and furnishings stores ...
Women's clothing, specialty stores, and furriers ....
Shoe stores
'7,854
'788
'2,711
'1,493
'7,816
776
'2,683
1,507
7,696
766
2,599
1,499
7,475
749
2,470
1,430
8,002
782
2,685
1,532
7,856
780
2,698
1,466
8,103
794
2,801
1,501
8,147
787
2,836
1,484
8,074
755
2,807
1,455
8,188
750
2,828
1,510
8,155
768
2,787
1,518
'7,982
'779
'2,746
'1,454
'7,860
745
2,695
1,448
'30,939
'28,931
'10,562
'8,010
'15,198
'5,930
'1,772
'15,288
'5.967
'1,778
15,166
5,869
1,785
15,304
5,925
1,826
15,710
6,154
1,845
15,513
6,254
1,837
15,615
6,243
1,783
15,791
6,227
1,769
15,955
6,245
1,760
15.816
6,285
1,794
15,907
6,281
1,822
'15,648
'6,271
'1,774
'15,688
'6,322
241,114
114,739
255,828
120,780
'16,221
'55,799
'17,399
16,226
59,924
18,551
135,048
52,322
42,106
26,068
21,631
Nondurable goods stores
General merch. group stores
Department stores excluding leased departments .
Variety stores
Food stores
Grocery stores
Gasoline service stations ...
Eating and drinking places
Drug and proprietary stores
Liquor stores
Estimated inventories, end of period:
Book value (non-LIFO basis), (unadjusted), total
Durable goods stores #
Bldg. materials, hardware, garden supply, and mobile
home dealers
;
Automotive dealers
Furniture, home furnishings, and equipment
r
233,000
121,245
237,352
121,195
256,414
124,645
260,078
126,967
237,352
121,195
236,304
120,298
236,816
119,389
235,947
116,856
236,440
116,894
235,386
117,072
232,348
115,004
232,148
112,816
233,296
111,399
15,893
66,391
17,003
15,782
65,292
16,843
15,948
63,662
18,649
15,836
65,545
18,640
15,782
65,292
16,843
15,893
64,692
16,597
16,241
63,807
16,386
16,831
60,975
16,405
16,639
60,163
16,874
16,848
60,134
16,795
16,709
58,508
16,664
16,319
56,415
16,562
16,304
54,433
16,609
111,755
40,091
31,248
23,397
17,667
116,157
40,348
31,946
25,249
18,021
131,769
50,359
39,507
25,068
22,364
133,111
51,004
40,431
25,559
22.084
116,157
40,348
31,946
25,249
18,021
116,006
40,626
32,291
25,193
17,645
117,427
42,030
33,194
24,757
18,771
119,091
43,220
34,370
25,099
19,138
119,546
43,580
34,839
24,980
19,304
118,314
42,593
34,017
25,243
18,954
117,344
42,069
33,475
25,282
18,706
119,332
43,344
34,466
24,950
19,280
121,897 "126,375
44,448 '47,364
35,344 '37,843
24,852 '25,073
20,156 '20,835
Book value (non-LIFO basis), (seas, adj.), total
Durable goods stores #
Bldg. materials, hardware, garden supply, and mobile
home dealers
Automotive dealers
Furniture, home furn., and equipment
238,159
120,663
242,563
120,629
'243,600
'122,923
244,550
122,947
242,563
120,629
244,071
121,217
241,179
119,239
236,900
116,041
116,087
236,204
115,490
235,098
114,305
235,994
114,754
236,757
115,279
16,590
64,179
17,140
16,440
63,071
16,996
'16,407
'65,113
'17,284
16,427
65,062
17,291
16,440
63,071
16,996
16,401
63,580
17,005
16,241
61,942
16,893
16,199
59,357
16,723
16,014
58,921
17,166
16,107
58,461
17,103
16,160
57,390
17,039
16,286
57,688
17,022
16,452
58,327
16,709
Nondurable goods stores #
General merch. group stores
Department stores excluding leased departments
Food stores
Apparel and accessory stores
117,496
44,095
34,226
23,198
19,436
121,934
44,357
34,990
25,008
19,847
'120,677
'43,897
'34,534
'24,392
'20,039
121,603
44,286
34,854
24,604
19,895
121,934
44,357
34,990
25,008
19,847
122,854
44,824
35,563
25,325
19,804
121,940
44,341
34,941
25,178
19,738
120,859
43,820
34,752
25,273
19,569
120,609
43,684
34,700
25,246
19,558
120,714
43,905
34,925
25,336
19,380
120,793
44,171
35,163
25,334
19,405
121,240
44,465
25,226
19,222
121,478
44,567
35.737
25,307
19,214
648,387
685,851
57,074
63,525
82,401
49,228
47,817
57,230
54,982
59,740
57,115
56,728
'61,046
77,143
7,940
81,101
8,597
6,562
767
7,152
727
10,544
702
5,265
611
5,213
582
6,236
698
6,626
747
7,244
795
6,948
794
7,045
823
'7,130
'826
6,588
754
571,244
187,508
192,960
190,359
50,066
44,384
37,521
604,750
194,464
202,872
50,512
15,572
16,893
16,680
4,290
3,901
3,539
56,373
20,087
17,264
17,028
5,163
3,725
3,670
71,857
30,149
18,732
18,316
7,570
3,761
4,993
43,963
11,275
17,034
16,820
3,039
3,515
3,450
42,604
11,903
15,629
15,386
3,217
3,418
3,457
50,994
15,399
17,846
17,570
4,616
3,933
3,864
48,356
14,934
16,488
16,264
4,284
3,812
3,597
52,496
16,504
18,173
17,940
4,602
4,005
3,787
50,167
15,521
17,458
17,240
4,287
4,050
3,639
49,683
14,688
17,718
17,494
4,149
4,028
3,686
'53,916
'17,055
'18,121
'17,898
5,202
'4,173
'3,832
48,348
14,778
16,611
16,403
4,338
3,749
3,605
58,046
711
13,715
466
16,934
4,411
1,555
926
3,683
58,274
718
13,823
472
17,045
4,462
1,566
57,825
721
13,702
431
16,959
4,393
1,546
905
3,615
57,630
720
13,872
451
17,093
4,361
1,538
896
3,531
58,497
741
14,454
465
16,945
4,647
1,594
971
3,786
58,583
718
14,308
455
17,209
4,536
1,603
920
58,317
741
14,308
453
16,942
4,649
1,652
965
3,778
740
14,412
455
17,184
4,717
1,689
945
3,757
58,573
739
14,033
441
17,240
4,608
1,649
922
59,455
753
14,633
447
17,168
4,725
1,645
946
3,872
'59,292
'756
'14,521
'445
'17,177
'4,641
'1,594
'953
59,138
762
14,451
438
17,339
4,645
1,652
917
3,889
Nondurable goods stores #
General merch. group stores
Department stores excluding leased departments ...
Food stores
Apparel and accessory stores
Firms with 11 or more stores:
Estimated sales (unadj.), total
Durable goods stores
Auto and home supply stores
Nondurable goods stores #
General merchandise group stores
Food stores
Grocery stores
Apparel and accessory stores
Eating places
Drug stores and proprietary stores
53,297
45,964
41,947
Estimated sales (sea. adj.), total
Auto and home supply stores
Department stores excluding leased departments
Variety stores '.
Grocery stores
Apparel and accessory stores
Women's clothing, specialty stores;, and furriers
Shoe stores
Drug stores and proprietary stores
r
r
r
r
239,745
117,437
'15,764
'6,303
242,545
118,867
'16,518
'59,631
'17,058
61,159
17,177
122,308
'45,034
'36,283
'25,293
'19,436
123,678
45,605
36,806
25,357
19,383
54,936
LABOR FORCE, EMPLOYMENT, AND EARNINGS
LABOR FORCE AND POPULATION
[Thousands, unless otherwise indicated]
Not seasonally adjusted:
Noninstitutional population, persons 16 years of age and over
Labor force @
Resident Armed Forces
Civilian noninstitutional population .
Civilian labor force, total
Employed
Unemployed
Seasonally adjusted: 0
Civilian labor force, total
Participation rate, percent t
Employed, total
Employment-population ratio, percent t
Agriculture '.
Nonagriculture
Unemployed, total
Long term, 15 weeks and over .
See footnotes at end of tables.
188,081
125,557
1,688
189,686
126,424
1,637
190,095
126,590
1,570
190,312
126.436
1,615
190,483
126,247
1,617
190,592
125,200
1,615
190,717
125,672
1,602
190,703
125,903
1,460
190,836
126,183
1,456
190,980
126,315
1,458
191,173
128,559
1,505
191,443
128,931
1,604
191,589
127,713
1,616
191,746
127.029
1,624
191,903
127,182
1,614
192,057
127,001
1,605
186,393
123,869
117,342
6,528
188,049
124,787
117,914
6,874
188,525
125,020
118,299
6,722
188,697
124,821
117,611
7,211
124,630
117,287
7,343
188,977
123,585
114,990
8,595
189,115
124,070
115,151
8,919
189,243
124,443
115,639
8,804
189,380
124,727
116,678
8,049
189,522
124,857
116,624
8,233
127,054
118,280
8,774
127,327
118,751
8,576
189,973
126,097
117,859
8,237
190,122
125.405
117,335
8,070
190,269
125,568
117,555
8,013
190,452
125,396
117,110
66.5
66.4
63.0
3,199
114,142
62.7
3,186
114,728
124,875
66.2
117,733
62.4
3,175
114,558
124.723
66.1
117,386
62.2
3,185
114,201
125,174
66.3
117,574
62.3
3,253
114,321
124,638
66.0
116,922
61.9
3,163
113,759
125.076
66.1
116,918
61.8
3,222
113,696
125,326
66.2
116.754
61.7
3,098
113,656
125,672
66.4
117,398
62.0
3.156
114.243
125,232
66.1
116,591
61.5
3,272
113,319
125,629
66.2
116,884
61.6
3,308
113,576
125,214
66.0
116.712
61.5
3,239
113,474
124,904
65.7
116,416
61.3
3,266
113,150
125,607
66.1
117,165
61.6
3,306
113,859
125,549
66.0
116,967
61.5
3,195
113,772
125,257
65.8
116,758
61.3
3,302
113,457
1,375
1,504
7,142
1,591
7,337
1,727
7,600
1,739
7,715
1,829
8,158
1,975
8,572
2,184
8,274
2,229
8,640
2,234
8,745
2.573
8,501
2,348
8,488
2,396
8,442
2,362
8,582
2,537
8,499
2,581
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1989
|
December 1991
1991
1990
1990
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
|
Apr.
May
|
June
July
Sept.
Aug.
Oct. 1
Nov.
LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
LABOR FORCE-Contlnued
Seasonally adjusted 0—Continued
Civilian labor force-Continued
Unemployed—Continued
Rates (unemployed in each group as percent of
civilian labor force in the group):
All civilian workers
Men, 20 years and over
Women, 20 years and over
Both sexes, 16-19 years
White
Black
Hispanic origin
Married men, spouse present
Married women, spouse present
Women who maintain families
Industry of last job:
Private nonagricultural wage and salary workers
Construction
Manufacturing
Durable goods
Agricultural wage and salary workers
Not seasonally adjusted:
Occupation:
Managerial and professional specialty
Technical, saies, and administrative support
Service occupations
Precision production, craft, and repair
Operators, fabricators, and laborers
Farming, forestry, and fishing
6.8
6.5
5.4
6.8
6.5
5.7
6.7
6.5
5.5
6.8
6.4
5.8
20.6
19.0
18.0
18.8
4.5
4.7
4.9
5.0
5.3
5.5
5.9
62
5.8
6.1
7.0
6.6
5.9
192
62
6.2
6.1
6.0
6.0
11.4
11.3
11.7
12.2
12.2
12.1
11.8
12.6
13.0
13.1
11.8
12.3
8.0
3.0
3.7
8.1
8.0
3.4
3.8
8.2
8.2
3.5
3.9
8.5
8.6
3.7
4.1
8.7
9.3
3.8
9.3
4.0
4.1
9.0
9.5
4.3
4.4
9.1
12.3
10.3
9.0
4.4
4.5
9.9
9.7
4.4
4.6
9.1
9.8
4.7
4.7
9.2
9.5
4.3
4.3
8.3
9.9
4.3
4.4
9.6
12.1
11.1
12.7
10.6
4.5
4.5
8.9
4.2
4.4
9.5
5.3
4.5
4.7
15.0
5.5
4.9
4.8
15.5
5.7
5.2
4.9
5.9
5.4
5.1
16.2
16.4
6.1
5.6
5.3
16.6
4.1
8.7
6.2
5.6
5.3
6.5
6.3
5.4
18.2
17.1
6.8
6.5
5.7
6.6
65
5.5
18.7
18.1
4.5
4.8
9.0
6.9
6.5
5.8
19.1
6.8
6.3
5.9
18.5
6.1
12.1
102
4.5
4.5
9.1
5.3
5.7
5.9
6.2
6.3
6.4
6.9
12
7.0
7.2
7.4
7.1
7.0
6.9
7.0
7.2
10.0
11.1
13.0
13.3
14.0
14.5
15.5
14.1
15.0
14.7
15.6
16.7
15.1
15.7
16.2
5.1
4.8
9.6
5.8
5.8
9.7
5.8
5.9
8.5
6.5
6.9
9.8
6.5
6.6
6.4
6.8
7.4
8.1
7.6
8.2
7.4
7.7
8.2
8.4
7.0
7.1
7.2
7.4
6.6
6.7
7.0
7.5
16A
12.3
11.9
11.5
13.8
7.6
8.3
9.9
11.2
12.2
11.5
11.9
10.9
12.0
12.7
2.0
3.9
6.5
5.2
8.0
6.4
2.1
4.2
6.6
5.8
8.6
6.2
2.2
4.3
6.5
5.6
8.0
5.1
2.0
4.5
7.1
6.5
9.2
7.0
2.1
4.4
6.6
7.1
9.9
8.2
2.7
5.0
7.2
9.1
2.4
5.2
7.5
9.6
2.5
5.2
7.9
8.8
2.4
4.9
6.7
8.2
2.9
5.1
7.5
7.2
13.0
10.5
12.3
11.2
11.0
6.4
5.8
3.1
5.0
7.1
7.2
9.9
5.4
3.3
5.1
7.1
7.1
9.2
6.8
3.1
5.2
7.6
7.1
8.7
6.8
2.9
5.1
7.6
6.9
8.8
7.2
2.6
5.1
8.2
7.7
12.3
10.3
2.8
5.2
7.4
7.6
9.8
5.8
108,329
90,550
109,971
91,649
110,721
92,128
110,691
91,937
110,409
91,756
107,979
89,646
107,887
89,204
108,147
89,373
108,590
89,825
109,304
90,493
109,836
91,294
108,607
91,145
108,687 "109,421 "109,795 '109,803
91,416 "91,257 "91,090 "90,952
108,329
90,550
71,108
25,322
109,971
91,649
72,538
24,958
109,982
91,638
72,665
24,705
109,761
91.406
72,599
24.481
109,621
91,268
72,519
24,375
109,418
91,053
72,382
24,181
109,160
90,771
72,239
24,039
108,902
90,495
72,052
23,877
108,736
90,312
71,916
23,794
108,887
90.447
72,021
23,847
108,885
90.429
72,051
23,792
108,859
90.439
72,037
23,798
108,971 "109,066 "109,070 " 108,829
90,557 "90,642 "90,610 "90,378
72,115 "72,228 "72,236 "72,037
23,826 "23,797 "23,723 '23,593
"676
"678
684
693
'4,576
"4,671
"4,699
4,691
10.4
EMPLOYMENT §
[Thousands]
Employees on nonfarm payrolls by industry:
Total, not adjusted for seas, variation
Private sector (excl. government)
Seasonally adjusted:
Total employees, nonfarm payrolls
Private sector (excl. government)
Nonmanufacturing industries
Goods-producing
Mining
Construction
Manufacturing
Durable goods
Lumber and wood products
Furniture and fixtures
Stone, clay and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Instruments and related products
Miscellaneous manufacturing
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile mill products ,
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and misc. plastics products
Leather and leather products
Service-producing
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Federal
State
Local
Production or nonsupervisory workers on private nonfarm
payrolls, not seas, adjusted
Manufacturing, not seas, adjusted
Production or nonsupervisory workers on private nonfarm
payrolls
Goods-producing
Mining
Construction
Manufacturing
Durable goods
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Instruments and related products
Miscellaneous manufacturing
See footnotes at end of tables.
693
711
710
712
715
713
715
714
710
706
704
701
5,187
5,136
5,022
4,962
4,911
4,797
4,792
4,720
4,688
4,715
4,710
4,695
19,442
11,420
19,111
11,115
18,973
11,000
18,807
10,867
18,749
10,828
18,671
10,770
18,532
10,652
18,443
10,584
18,396
10,560
18,426
10,575
18,378
10,534
18,402
10,546
18,442
10,553
758
526
570
773
741
510
557
756
730
505
549
753
719
496
543
747
714
493
539
742
706
490
532
740
696
482
527
726
692
479
520
724
692
481
521
723
697
483
519
721
696
483
518
718
699
478
520
721
700
483
523
722
1,450
2,130
1,747
2,054
1,028
1,423
2,095
1,673
1,980
1,004
1,415
2,074
1,647
1,957
1,402
2.063
1.636
1.897
1.395
2,054
1,628
1,902
1,389
2,048
1,621
1,888
1.365
2,036
1,611
1,859
1,356
2,024
1,599
1,846
1,353
2,007
1,597
1,846
1,354
2,003
1,599
1,863
1.358
1,990
1,594
1,845
1,359
1,984
1,589
1,861
1,361
1,980
1,585
1,868
1,358
1,980
-1,581
"1,861
383
377
995
375
991
373
989
372
985
371
982
368
978
366
976
364
973
363
969
363
968
367
966
365
967
365
"714
1,355
"1,969
"1.576
"1,848
"964
"367
8,022
1,651
7,995
1,668
7,973
1,672
7,940
1,669
7,921
1,672
7,901
1,673
7,880
1,679
7,859
1,679
7,836
1,673
7,851
1,677
7,844
1,677
7,856
1,660
7,889
1,685
"7,883
"1,676
"7,880
"1,671
50
721
49
691
49
678
49
677
49
671
49
667
49
661
48
660
48
660
48
665
48
665
49
671
50
670
"49
670
48
672
1,023
1,017
1,012
1,013
1,017
1,034
"1,039
"691
1,526
"1,091
1,079
697
1,043
699
"18,414
10,531
"696
"482
522
719
"18,374
"10,494
698
481
522
"18,341
'10,462
"699
"479
"518
'709
"1,350
"1,958
"1,572
"1,850
"961
"366
1,540
1,086
1,531
1.086
1,532
1,084
1,531
1,088
1,530
"1,090
849
120
159
854
119
159
854
120
159
857
123
160
861
121
"862
159
864
121
"119
"7,879
'1,673
"47
"672
"1,039
'691
"1,523
"1,092
"158
"863
"121
85,025
5,824
6,105
19,378
6,735
28,576
18,407
2,951
4,359
11,097
84,942
5,814
6,086
19,324
6.718
28.576
18,424
2,953
4,352
11,119
85,040
5,819
6,085
19,339
6,712
28,645
18,440
2,952
4,348
11,140
85,093
5,809
6,068
19,345
6,703
28,712
18,456
2,971
4,359
11,126
85,061
5,809
6,064
19,347
6,688
28,733
18,420
2,963
4,338
11,119
85,145
5,820
6,050
19,343
6,687
28,831
18,414
2,967
4,337
11,110
"85,269
"5,829
"6,049
"19,338
"6,692
"28,937
"18,424
2,979
"4,328
"11,117
"85,347
"5,829
"6,043
"19,294
"6,698
"29,023
"18,460
"2,986
4,322
"11,152
'85,236
"5,826
"6,032
"19,183
"6,702
"29,042
"18,451
'2,988
"4,325
"11,138
71,903
12,362
72,079
12,319
72,530
12,327
73,188
12,389
73,941
12,491
73.811
12,384
74,074
12,579
"73,920
12,606
"73,803
"12,558
"73,667
"12,484
73.666
16.787
73,378
16,658
73,172
16,534
72,983
16,477
73,121
16,530
73,147
16,507
73,196
16,535
73,265
16,563
"73,338
"16,531
511
512
511
509
503
500
499
490
484
3,773
12,672
7,148
3.672
12,604
7,098
3,658
12,488
7,000
3,599
12,424
6,956
3,565
12,403
6.948
3,598
12,429
6.964
3,597
12,410
6,943
3,588
12.448
6,971
3,585
12,488
6,983
590
389
421
566
585
386
419
562
578
384
411
559
1,041
1,244
1,038
1,211
1,030
1,235
1,028
1,158
1,024
1,228
1,022
1,168
1,018
1,223
1,014
1,158
569
377
406
548
994
564
375
400
546
990
566
377
401
544
989
570
378
400
544
990
570
379
400
541
992
573
375
401
544
995
574
379
404
545
995
"3,591
12,456
"6,954
"571
"73,321
"16,495
"481
"3,577
"12,437
"6,936
1,215
1,007
1,135
1,209
1,000
1,125
1,198
1,001
1.130
1,191
1,005
1,148
1,183
1,004
1,139
1,177
1,005
1,163
1,179
1,004
1,169
'995
"1,176
"997
"1,159
"73,106
"15,364
"478
"3,474
"12.412
"6,914
"574
"377
"399
"534
"989
"1,158
"993
"1,155
488
271
486
269
486
268
486
267
484
265
485
262
481
261
478
260
475
260
474
264
471
263
468
263
1,032
699
697
695
696
1,010
694
1,009
693
1,562
1,076
1,574
1,093
1,573
1,095
1,568
1,095
1,565
1,095
1,560
1,094
1,553
1,093
1,548
1,091
156
891
138
158
889
132
158
889
128
159
877
126
159
873
125
158
868
124
158
861
122
158
852
121
83,007
5,644
6,221
19,549
6,695
27,120
17,779
2,988
4,182
10,609
85,014
5,826
6,205
19,683
6,739
28,240
18,322
3,085
4,303
10,934
85,277
5.855
6,190
19,663
6,746
28,479
18,344
2,980
4.339
11,025
85,280
5,852
6,180
19,628
6,740
28,525
18,355
2,964
4,345
11,046
85,246
5,867
6,166
19,579
6,733
28,548
18,353
2,948
4,347
11,058
85,237
5.866
6,138
19,542
6,736
28,590
18,365
2,952
4,352
11,061
85,121
5,834
6,119
19,464
6,732
28,583
18,389
2,951
4.354
11,084
73,400
13,269
74,254
12,974
74,709
12,984
74,526
12,788
74,340
12,694
72.309
12,485
73,400
17,811
74,254
17,471
74,209
17,252
73,984
17,048
73.841
16,958
494
510
512
512
513
4,048
13,269
7,614
3,987
12,974
7,371
3,876
12.864
7,287
3,821
12,715
7,172
628
419
445
590
610
403
433
574
600
397
426
571
1,074
1,285
1,104
1,279
1.048
1,259
1,055
1,218
511
279
498
274
1,005
691
1,542
1,089
1
159
690
687
1,032
689
1,031
692
692
159
379
"404
542
574
378
404
"538
992
"1,170
996
"1,152
"466
266
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1989
|
S-ll
1990
Nov.
Oct.
1990
1991
Dec.
Jan.
Feb.
Mar.
|
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
'5498
'1,211
LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
EMPLOYMENT §—Continued
[Thousands]
Seasonally adjusted-Continued
Production or nonsupervisory workers—Continued
Nondurable aoods
Food and'kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and misc. plastics products
Leather and leather products
Service-producing
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
5,655
1,181
5 603
1,200
5577
1,204
5543
1,202
5 524
1,206
5506
1,208
5488
1,213
5468
1,213
5455
1,207
5465
1,211
5467
1,213
5477
1,197
5 505
1,220
'5502
'1,216
'5501
'1,211
37
623
910
522
867
605
102
694
115
36
593
874
524
873
603
103
688
109
36
580
864
525
871
600
104
688
105
36
580
854
522
867
598
104
677
103
36
574
850
521
864
596
103
672
102
36
571
844
522
860
594
102
668
101
36
565
843
522
855
592
102
660
100
35
564
842
521
851
591
102
651
98
35
565
840
519
849
591
103
649
97
36
570
847
519
844
585
102
654
97
36
571
850
517
841
583
103
656
97
36
575
867
517
845
580
103
658
99
38
574
863
521
843
583
103
662
98
'37
574
'36
577
'865
'870
98
97
'97
55590
4,688
5,009
17327
4,849
23,718
56,783
4,835
4,985
17434
4,884
24,646
56,957
4,852
4,968
17,409
4,886
24,842
56,936
4,854
4,959
17370
4,876
24,877
56,883
4,868
4,946
17,321
4,863
24,885
56879
4,869
4,924
17277
4,869
24,940
56 720
4,840
4,904
17202
4,863
24,911
56638
4,834
4,894
17132
4,862
24,916
56 506
4,825
4,879
17072
4,851
24,879
56,591
4,834
4,878
17,083
4,854
24,942
56 640
4,825
4,864
17081
4,851
25,019
56,661
4,834
4,861
17078
4,837
25,051
56,702
4,836
4,843
17067
4,826
25,130
'56 807
'4,847
'4,850
'17061
'4,829
'25,220
'56,826
4,849
'4,842
'16994
'4,829
'25,312
'56,742
'4,856
'4,833
'16896
'4,841
'25,316
34.3
34.2
44.0
38.0
34.3
34.4
44.9
38.2
347
33.7
34.1
44.4
36.2
33.9
34.3
44.9
37.0
34.0
34.2
44.6
37.2
34.0
34.0
44.3
37.8
34.2
34!3
34.7
34!6
34.5
34.6
44.8
38.3
449
382
450
387
43.9
38.6
34.7
34.3
44.5
38.7
34.7
34.5
44.1
39.0
34.4
34.3
'44.2
'39.1
'34,3
'34.4
'44.1
'37.6
40.3
40.9
40.8
40.4
40.7
40.9
41.0
41.4
41.0
41.1
40.9
3.7
3.7
3.8
3.7
3.7
'41.2
'40.9
'3.8
41 3
41.5
'41.3
521
520
'845
'842
'581
'102
'665
580
103
'663
'35
'576
'871
'521
'840
'581
'101
'665
AVERAGE HOURS PER WEEK §
[Hours]
Seasonally adjusted:
Average weekly hours per worker on private nonfarm
payrolls: 0
Not seasonally adjusted
Seasonally adjusted
Mining
Construction $
Manufacturing:
Not seasonally adjusted
Seasonally adjusted
Overtime hours
34.6
34.5
43.0
37.9
44.1
38.2
41.0
40.8
40.9
40.7
40.8
40.6
41.3
40.7
40.2
40.4
39.9
40.3
40.1
40.3
40.1
40.2
3.8
3.6
3.6
3.5
3.5
3.4
3.3
3.3
3.3
Durable goods
Overtime hours
Lumber and wood products
Furniture and fixtures ..
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Instruments and related products
Miscellaneous manufacturing
41.6
41 3
41 3
41 1
41.2
40.8
40.7
40 6
40.7
41.2
41 4
3.9
3.7
3.6
3.5
3.6
3.3
3.2
3.2
3.3
404
3.4
408
3.3
3.7
3.7
40.1
39.5
42:3
43.0
41.6
42.4
40.8
42.4
41.1
39.4
40.2
39.1
42.0
42.7
41.3
41.9
40.8
42.0
41.1
39.5
39.8
38.6
41.2
42.9
41.2
42.1
40.7
42.5
41.0
39.8
39.5
38.5
41.8
42.7
40.8
41.8
40.7
41.1
41.0
39.6
40.0
38.8
42.0
42.3
41.1
42.1
40.7
41.5
41.2
39.3
39.4
38.5
41.0
42.0
40.6
41.6
40.3
41.5
40.8
39.0
39.3
37.5
41.7
41.5
40.7
41.5
40.5
41.0
41.0
39.3
39.2
38.2
41.3
41.4
40.6
41.5
40.2
40:8
40.9
39.3
39.2
38.9
41.3
41.4
40.7
41.3
40.6
41.0
40.8
39.2
39.7
38.9
41.5
41.6
40.8
41.2
40.6
41.2
40.8
39.3
40.6
39.3
42.0
42.3
41.2
41.8
40.7
42.1
41.0
39.7
40.0
39.2
41.9
42.6
41.3
41.6
40.7
42.3
40.6
39.6
3.8
402
Nondurable goods
Overtime hours
...
Food and kindred products
Tobacco manufactures $
Textile mill products .....
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products. $
Rubber and misc. plastics pioducts
Leather and leather products.
40.2
40.0
40.0
39.9
40.0
39.9
39.8
39.9
39.7
39.9
40.1
40.1
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate $
Services
. . . .
34A
39.1
41.6
43.0
41.6
42.0
40.8
42.4
41.0
40.1
40.4
3.7
402
'40.0
39.1
41.8
'42.7
'41.6
'41.8
40.5
'42.5
'40.9
39.9
'40.3
'3.7
40.6
'40.3
41.3
'37.3
43.4
'37.6
'43.2
'44.6
41.2
37.7
'40.7
'40.2
'41.3
'37.4
'43.4
37.8
'43.2
'43.9
'41.4
'37.1
'40.4
'3.9
'40.8
'38.4
'41.5
'37.2
'43.7
'38.0
'43.4
'427
'41.3
'38.1
'38.6
'38.1
'288
'35.6
'32.5
'40.4
3.8
3.6
3.6
3.6
3.6
3.6
3.4
3.4
3.4
3.4
3.5
3.7
3.7
3.8
40.7
38.6
40.9
36.9
43.3
37.9
42.4
44.3
41.4
37.9
40.8
39.2
39.9
36.4
43.3
37.9
42.6
44.6
41.1
37.4
40.6
40.8
39.8
36.4
43.5
37.9
42.6
43.8
41.1
37.1
40.7
40.3
39.3
36.3
43.5
37.8
42.6
46.0
40.8
36.8
40.9
39.9
39.4
36.6
43.5
37.8
42.9
43.9
41.0
37.3
40.7
39.5
39.4
36.3
43.0
37.7
42.6
42.9
40.8
36.9
40.6
38.4
39.2
36.5
43.0
37.6
42.4
43.8
40.6
37.2
40.6
38.2
39.4
36.6
43.2
37.6
42.7
43.9
40.6
37.1
40.3
37.7
39.6
36.4
42.9
37.5
42.4
44.5
40.7
37.1
40.3
39.0
40.2
36.7
43.0
37.5
42.5
45.1
40.9
37.2
40.4
39.5
40.8
36.9
43.2
37.8
42.8
44.8
41.1
37.6
40.4
38.4
41.0
37.0
43.5
37.6
42.6
43.9
41.1
37.7
40.5
39.4
41.4
37.3
43.5
37.8
382
'38.9
38.2
36.1
32.6
'38.6
38.1
'285
35.5
32.4
432
43.6
41.4
37.3
'41 3
'3.7
'40.5
'38.7
'41.4
'42.4
'41.3
'41.9
'41.1
'42.2
'41.1
'39.7
3.7
'40.5
'39.1
42.0
42.8
41.7
42.1
'40.7
42.3
41.3
38.9
38.4
38.4
37.9
289
284
35.6
32.2
28 7
35.5
32.5
36.2
32.7
322
38.7
38.2
28 6
35.7
32.4
'200.71
'163.69
1.66
'9.25
'38.77
'11.74
12.10
28.82
'12.56
'48.80
37.03
'199.66
'162.66
'1.63
'9.24
'38.66
'11.68
11.99
28.54
'12.36
'48.55
37.00
'200.76
'163.90
1.65
'9.34
'38.81
'11.73
12.09
28.86
'12.49
'48.93
36.86
'201.73
'164.87
'1.63
9.33
'38.96
'11.76
12.12
29.07
'12.64
'49.35
36.86
'199.81
'162.99
1.60
'928
'38.99
'11.66
11.95
28.57
'12.30
'48.65
36.82
'200.94
'164.32
1.60
9.25
'39.23
11.71
12.02
28.77
'12.47
'49.28
36.62
'202.10
'165.16
1.57
'9.36
'39.17
'11.82
'12.02
28.96
'12.61
'49.65
'36.95
'20127
'164.02
1.56
'9.30
'39.05
'11.75
'11.97
'28.59
12.36
'49.43
'3725
'200.09
'163.91
'1.55
'8.95
'38.99
'11.72
'11.95
'28.73
'12.49
'49.53
'36.18
120.9
102.7
65.0
123.2
100.9
97.8
105.2
129.0
114.1
114.3
120.6
1199
146.5
120.0
102.5
64.3
122.7
100.7
97.9
104.5
127.9
113.3
113.4
119.3
1183
145.4
121.2
103.2
64.4
124.4
101.2
98.4
105.2
129.3
114.7
114.2
120.6
1197
147.1
122.1
103.8
64.2
124.4
102.0
99.4
105.8
130.3
114.8
114.5
121.5
121 3
148.5
120.7
103.8
62.5
123.8
102.3
99.6
106.0
128.2
113.5
112.9
119.3
1179
146.4
121.5
104.4
62.2
123.3
1032
100.3
107.2
1292
114.5
113.4
120.1
119.0
147.8
'122.3
'104.4
60.9
124.9
'102.9
'100.0
107.0
'130.3
'115.3
'113.6
120.9
1204
'149.2
'121.5
'104.1
'60.6
'124.4
'102.6
'99.4
'107.1
'129.3
'114.5
113.1
'119.2
118 1
'148.9
'121.4
'102.9
'60.1
'118.6
' 102.5
'99.0
'107.3
'129.7
'114.7
'112.9
'119.7
'1193
'149.3
38.9
38.0
38.9
38.1
38.5
37.9
38.7
38.0
39.0
38.3
38.7
37.9
38.6
38.1
38.4
37.9
288
284
38.6
37.9
289
287
287
283
286
286
284
35.8
32.6
35.8
32.6
35.5
32.3
35.6
32.5
36.2
32.8
35.7
322
35.8
32.5
35.6
32.4
'20120
'165.35
1.55
'10.23
'41.38
'11.44
'12.31
'29.42
'12.50
'46.54
'35.85
'203.58
'166.88
1.63
'10.21
'40.51
'11.81
12.29
'29.47
'12.57
'48.39
'36.70
'202.35
'165.57
'1.64
'9.66
'40.20
'11.79
12.20
29.04
'12.49
'48.55
'36.78
'202.80
'165.93
1.66
'9.93
'39.70
'11.84
12.21
29.29
' 1257
'48.73
'36.87
'203.33
'166.54
'1.66
'9.91
'39.68
'11.92
12.28
29.22
'12.72
'49.15
'36.79
'201.00
'164.01
1.65
'9.28
'39.31
'11.83
12.10
28.76
'12.52
'48.57
36.99
'201.30
'164.35
1.67
'9.57
'38.97
'11.77
12.06
28.95
'12.55
'48.82
36.95
122.6
112.0
60.6
139.3
109.6
109.7
109.6
127.4
111.5
116.8
123.3
120 0
140.2
123.7
109.8
64.1
138.3
106.6
105.5
108.2
130.0
115.1
116.3
123.6
1208
145.6
122.6
107.7
64.4
130.9
105.6
104.2
107.6
129.3
114.3
115.7
121.7
119.4
146.1
122.9
106.8
65.3
132.9
104.0
102.1
106.7
130.1
115.2
115.8
122.7
120.2
146.7
123.3
106.7
65.3
132.6
103.9
102.0
106.7
130.7
116.1
1158
122.3
121.6
148.1
121.3
104.4
64.9
125.0
102.7
100.4
105.9
128.9
115.3
114.7
120.3
1204
145.8
121.5
104.0
65.4
126.9
101.6
98.8
105.5
129.4
114.3
114.2
121.1
1202
146.9
38.8
35.6
288
AGGREGATE EMPLOYEE-HOURS §
[Billions of hours]
Seasonally adjusted:
Employee-hours, wage and salary workers in nonagric.
establishments, for 1 week in the month, seas adj. at
annual rate
Total private sector
Mining
Construction
Manufacturing
Transportation and public utilities
Wholesale trade
Retail tiade
Finance, insurance, and real estate
Services
Government
[1982=100]
Indexes of employee-hours (aggregate weekly): 0
Private nonfarm payrolls total
Goods-producing
Mining
Construction
Manufacturing ...
Durable goods
Nondurable goods
»
Service-producing
Transportation and public utilities
Wholesale trade
Retail trade
Finance insurance and real estate
Services
See footnotes at end of tables.
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1989
December 1991
1990
1990
Oct.
|
Nov.
1991
Dec.
Jan.
|
Feb.
|
Mar.
Apr.
May
|
Jun.
July
Aug.
Sept.
|
Oct.
Nov.
LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
HOURLY AND WEEKLY EARNINGS §
[Dollars)
Average hourly earnings per worker, not seasonally
adjusted: 0
Private nonfarm payrolls
Mining
.
Construction
Manufacturing
Bcdudipg overtime
Durable goods
Excluding overtime
Lumber i n d wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment $i
Electronic and other electrical equipment ti
Transportation equipment it
,
Instruments and related products
Miscellaneous manufacturing
Nondurable goods
Excluding overtime
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and misc. plastics products
Leather and leather products
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Average hourly earnings per worker, seasonally adjusted: 0
Private nonfarm payrolls
Mining
Construction
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
10.31
14.16
14.03
11.17
10.67
11.77
1125
9.36
8.82
11.41
13.42
11.23
12.15
10.78
14.83
11.66
8.85
10.46
'14.35
'14.15
'1127
'10.73
11.89
11.33
'9.41
8.88
'11.44
'13.51
'11.33
1224
'10.84
15.06
11.74
8.90
'10.44
'14.12
14.14
'1125
'10.74
11.87
11.33
'9.37
'8.85
'11.42
'13.48
11.31
'12.26
'10.75
'15.08
11.76
'8.86
'1420
'13.95
'11.30
'10.78
'11.89
'11.36
'9.36
'8.84
'11.45
'13.52
'11.33
'1228
'10.85
'15.07
'11.79
'8.90
10.43
9.97
9.92
18.38
828
6.77
12.66
11.44
14.05
'16.85
10.08
7.15
13.16
11.19
6.98
10.42
10.19
10.30
1420
13.97
11.22
10.74
11.81
11.32
9.34
8.78
11.42
13.44
11.23
12.17
10.77
14.91
11.71
8.83
10.47
10.00
9.87
18.31
8.27
6.79
12.78
11.49
14.16
16.87
10.11
7.10
1325
11.14
6.98
10.36
10.13
10.42
9.92
9.81
16.58
8.36
6.80
12.72
11.56
14.06
16.80
10.11
7.10
13.26
11.14
6.97
10.37
10.15
10.49
9.97
'9.86
'16.03
8.42
6.86
'12.80
'11.65
'1421
'17.16
'10.16
7.18
'13.32
1124
7.07
'10.53
'10.33
'10.47
'9.98
'9.85
'16.09
'8.40
'6.81
12.80
'11.64
'1425
'17.14
'10.15
'7.19
'13.29
'11.18
7.0;
10.48
10.33
'10.55
'10.05
'10.01
'17.02
'8.46
'6.81
'12.89
'11.61
'14.38
'17.28
'10.22
'7.25
'13.34
'11.25
'7.12
'10.53
'10.39
10.32
14.13
14.00
11.15
1324
11.12
6.98
10.35
1024
10.37
14.30
13.98
11.19
1323
11.23
7.01
10.50
10.29
10.36
1424
14.01
11.22
1326
11.14
7.03
10.40
1025
10.40
1427
14.07
1125
13.30
1122
7.04
10.47
10.30
'10.41
'14.34
'14.04
'11.25
'13.27
11.23
7.05
'10.55
'10.32
'10.40
'1422
14.03
'11.26
'13.25
'11.20
7.06
10.48
10.29
'10.44
'14.29
'13.94
'11.30
'13.33
'11.25
'7.10
'10.54
'10.35
18.61
24.37
15.60
18.78
24.54
15.57
18.85
24.64
15.66
18.98
24.84
15.70
19.03
24.93
16.06
19.07
25.00
'15.96
19.11
25.09
15.87
19.14
25.19
35021
255.07
349.52
253.83
353.98
256.32
358.80
259.25
35328
254.89
356.72
257.00
'359.15
'257.82
'356.72
"255.90
'359.14
'256.35
348.16
619.96
51820
443.51
350.20
619.87
528.82
445.51
472.99
410.80
506.50
421.45
197.53
368.82
329.14
352.60
624.63
53327
449.35
476.19
414.32
508.36
42329
199.34
367.78
329.78
357.76
640.80
537.16
457.67
488.04
41929
514.56
430.82
203.82
37720
33423
355.35
619.12
53924
453.29
480.67
417.75
515.43
424.43
204.51
368.82
330.24
357.76
630.12
542.96
456.85
484.92
422.01
515.81
425.55
20422
37021
331.91
362.96
'642.88
'551.85
'466.58
497.00
427.99
'520.81
431.62
203.62
'380.13
'336.76
'359.1
'631.16
'552.8;
'462.38
493.79
'425.08
'515.65
'427.08
'201.50
372.04
334.69
'358.78
'630.48
'524.52
'465.56
'494.62
'430.44
'514.92
'428.63
'202.92
'374.87
'336.64
1326
13.54
10.48
10.02
11.01
10.52
8.84
8.25
10.82
12.43
10.57
11.40
10.05
13.67
10.83
8.29
10.02
13.69
13.78
10.83
10.37
11.35
10.86
9.09
8.52
11.11
12.92
10.83
11.78
10.30
14.10
11.31
8.61
10.14
13.73
13.97
10.94
10.46
11.50
10.99
9.14
8.61
11.18
13.08
10.95
11.90
10.45
14.41
11.46
8.62
10.16
13.82
13.87
10.96
10.48
11.47
10.98
9.11
8.63
11.22
13.13
10.95
11.97
10.52
14.20
11.48
8.66
10.19
13.88
13.92
11.05
10.57
11.59
11.08
9.11
8.69
11.24
13.13
11.05
12.12
10.55
14.42
11.61
8.80
10.22
14.20
14.02
11.05
10.62
11.58
11.15
9.11
8.6t
1123
13.17
11.02
12.06
10.59
14.41
11.64
8.78
1023
14.10
13.93
11.02
10.61
11.55
11.14
9.10
8.65
11.19
13.02
11.02
12.06
10.58
14.34
11.65
8.70
10.24
14.09
13.93
11.06
10.64
11.60
11.17
9.10
8.67
1120
13.17
11.08
12.13
10.55
14.43
11.69
8.76
10.30
14.12
13.99
11.11
10.69
11.65
11.22
9.18
8.70
11.33
1321
11.11
12.10
10.63
14.55
11.66
8.78
10.31
14.10
13.96
11.15
10.72
11.70
1127
9.23
8.67
11.34
1322
11.15
12.11
10.66
14.74
11.67
8.85
10.31
1424
13.88
11.19
10.71
11.76
1126
9.36
8.75
11.40
13.32
11.20
12.16
10.74
14.82
11.68
8.88
9.75
9.33
9.38
15.31
7.67
6.35
11.96
10.88
13.09
15.41
9.46
6.59
12.60
10.39
6.53
9.53
9.38
10.12
9.69
9.61
16.29
8.02
6.57
12.30
11.25
13.55
16.23
9.77
6.90
12.96
10.79
6.76
9.97
9.83
10.20
9.74
9.54
15.81
8.12
6.65
12.43
11.36
13.74
16.40
9.87
6.96
13.08
10.86
6.83
10.08
9.96
1029
9.83
9.74
16.51
8.13
6.63
12.53
11.38
13.75
16.59
9.92
6.99
13.09
10.93
6.66
10.12
10.02
10.33
9.88
9.80
15.95
8.16
6.65
12.54
11.44
13.77
16.51
9.96
7.07
13.14
11.04
6.84
10.24
10.11
10.33
9.92
9.78
16.16
8.17
6.64
12.51
11.37
13.87
16.63
10.02
7.09
13.18
11.04
6.90
1024
10.12
10.31
9.92
9.74
16.12
8.13
6.61
12.51
11.37
13.83
17.01
9.99
7.09
13.17
11.08
6.89
10.30
10.14
10.35
9.95
9.80
17.35
8.16
6.63
12.56
11.36
13.85
17.06
10.01
7.11
13.15
11.06
6.91
10.33
10.16
10.40
9.99
9.84
17.56
820
6.72
12.56
11.43
13.96
17.01
10.02
7.18
13.19
11.12
6.98
10.36
10.19
10.41
10.00
9.93
18.01
8.22
6.73
12.63
11.39
14.01
16.89
10.08
7.15
13.17
11.11
6.97
10.36
1021
9.66
13.26
13.54
10.48
12.60
10.39
6.53
9.53
9.38
10.02
13.69
13.78
10.83
12.96
10.79
6.76
9.97
9.83
10.10
13.83
13.86
10.96
13.05
10.88
6.82
10.09
10.13
13.88
13.85
10.96
13.07
10.93
6.83
10.12
9.98
10.17
13.89
13.87
10.99
13.11
11.00
6.84
10.22
10.03
10.18
14.04
13.95
11.02
13.15
11.00
6.66
10.17
10.03
1020
13.99
13.97
11.03
13.13
11.05
6.87
1022
10.07
10.24
14.03
13.97
11.05
13.16
11.07
6.90
10.32
10.13
1028
14.05
14.05
11.12
13.19
11.08
6.97
1028
10.16
17.82
23.17
15.68
18.33
23.92
16.08
18.51
24.28
15.77
18.61
24.35
15.97
18.61
24.36
15.99
18.61
24.61
15.65
18.61
24.35
15.85
18.61
24.35
15.48
334.24
264.22
345.69
259.72
345.42
254.17
348.47
255.66
351.88
257.41
347.14
253.02
349.86
254.81
334.24
570.18
513.17
429.68
458.02
391.95
490.14
394.82
188.72
341.17
305.79
345.69
603.73
526.40
441.86
468.76
404.80
504.14
"411.10
194.69
356.93
320.46
347.80
612.36
530.86
447.45
476.10
410.04
506.20
413.77
193.97
357.84
322.70
348.49
621.90
529.83
447.17
473.71
413.66
507.89
415.34
194.82
360.27
324.65
353.59
631.54
533.14
456.37
485.62
418.37
513.77
423.94
199.73
370.69
330.60
344.41
630.48
507.52
44421
471.31
409.07
503.48
41621
190.44
365.57
324.85
346.80
626.04
515.41
439.70
466.62
406.21
504.41
417.72
192.92
368.74
327.52
[Dollars per hour]
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (ENR): §§
Common labor
Skilled labor
Ralroad wages (average, class I)
[Dollars)
Avg. weekly earnings per worker, private nonfarm: 0
Current dollars, seasonally adjusted
1982 dollars, seasonally adjusted t
Current dollars, not seasonally adjusted:
Private nonfarm, total
Mining
Construction
Manufacturing
Durable goods
,
Nondurable goods
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
409.86
503.65
419.17
194.17
367.75
328.17
EMPLOYMENT COST INDEX @
[June 1989=100)
Total compensation
Civilian workers t
Workers, by occupational group
White-collar workers
Blue^collar workers
Service workers
Workers, by industry division
Manufacturing
Nonmanufactunng
Services
Public administration
Wages and salanes '
Civilian workers t
Workers, by occupational group
White-collar workers
Blue^collar workers
Service workers
Workers, by industry division:
Manufacturing
Nonmanufactunng
Services
Public administration
HELP-WANTED ADVERTISING
Seasonally adjusted index, 1967=100
See footnotes at end of tables.
151
107.6
110.2
111.5
108.3
106.5
108.0
108.0
109.4
110.8
1092
110.4
112.1
110.3
112.3
1072
107.8
110.2
108.7
108.6
109.4
111.5
110.8
110.0
110.3
112.0
110.9
1112
111
113.8
112.
106.8
108.0
108.9
110.0
107.4
105.4
106.8
108.7
106.6
107.8
109.6
107.4
110.8
108.;
110.6
106.2
106.9
1092
107.3
107.4
108.1
110.2
108.4
109.0
110.7
109.5
109.3
1102
112.4
110.6
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1990
1989
S-13
1991
1990
Oct.
|
Nov.
Feb.
|
Mar.
|
May
Apr.
Aug.
July
Sept.
Oct.
|
No,
LABOR FORCE EMPLOYMENT, AND EARNINGS-Continued
WORK STOPPAGES
Work stoppages involving 1,000 or more workers:
Number of stoppages:
Beginning in month or year, number
Workers involved in stoppages:
Beginning in month or year, thousands
Days idle during month or year, thousands
51
44
2
3
2
0
2
1
7
7
5
0
4
3
6
452
185
16,996
5,926
3
451
11
484
4
436
0
354
3
240
2
257
298
823
19
533
37
462
0
280
6
283
4
272
12
306
17,126
2,154
1,786
2,763
10
362
UNEMPLOYMENT INSURANCE t
State programs:
Initial claims, thousands
Average weekly insured unemployment, thousands
Rate of insured unemployment, percent @
Total benefits paid, mil. $
Weeks of unemployment compensated, thousands
Average weekly benefit, dollars
20,184
2,514
1,755
2,230
2,039
2,452
2,483
2,976
3,065
3,940
2,065
4,020
1,952
3,996
1,868
3,805
1,642
3,213
1,497
3,127
2,028
3,214
1,518
2,938
1,357
2,724
2.2
2.4
2.1
2.3
2.7
4.1
3.5
3.7
3.6
3.0
2.9
3.0
2.8
2.6
2.6
14,260
97,937
151.68
18,058
115,957
161.64
1,402
8,859
163.69
1,482
9,416
163.56
1,737
10,903
165.25
2,529
15,818
166.83
2,382
14,514
169.51
2,526
15,321
170.45
2,486
15,142
170.01
2,242
13,629
170.47
1,867
11,336
170.49
2,135
13,030
169.16
1,910
11,630
169.01
1,676
10,159
170.75
1,874
11,242
172.80
Federal civilian employees unemployment insurance (UCFE):
Initial claims, thousands
Average weekly insured unemployment, thousands
Total benefits paid, mil. $
Weeks of unemployment compensated, thousands
Average weekly benefit, dollars
114.4
22.1
143.5
1,085.6
132.21
131.7
24.1
159.0
1,077.5
148,04
19.6
28.4
15.7
107.8
145.79
13.8
32.0
17.8
121.7
146.23
11.5
34.7
18.9
129.4
146.35
15.3
38.9
23.2
155.9
149.13
9.0
7.6
9.7
9.1
32.1
18.3
121.6
150.58
28.5
16.9
110.2
153.41
24.0
14.7
97.1
151.69
10.5
24.7
13.1
85.4
153.65
16.0
28.8
16.9
109.2
155.02
9.9
36.1
19.8
130.6
151.87
29.3
17.3
112.5
153.71
10.0
28.6
16.1
104.2
154.27
16.7
34.6
20.1
134.7
149.32
Veterans unemployment insurance (UCX):
Initial claims, thousands
Average weekly insured unemployment, thousands
Total benefits paid, mil. $
Weeks of unemployment compensated, thousands
Average weekly benefit, dollars
116.9
15.1
104.7
644.0
162.57
132.9
18.4
131.7
773.3
170.58
12.0
18.5
11.6
66.6
174.00
10.4
18.4
11.5
65.3
175.45
9.4
11.2
20.5
13.2
74.9
176.03
8.0
8.3
8.9
18.8
11.3
64.1
175.57
18.3
10.4
59.5
175.60
16.7
16.1
10.5
14.7
10.8
16.4
9.9
9.7
8.9
8.8
56.8
174.50
55.7
174.40
51.1
174.31
49.4
178.06
15.3
19.8
12.2
67.0
181.54
15.2
22.8
14.0
78.2
178.93
14.2
25.2
15.3
83.5
182.79
16.5
27.0
17.6
97.2
180.77
56,498
568,723
419,541
216,148
203,393
149,182
52,831
565,941
421,749
222,169
199,580
144,192
48,795
561,923
415,705
225,990
189,715
146,218
47,086
553,204
401,510
214,036
187,474
151,694
46,438
541,279
393,925
206,507
187,418
147,354
45,539
539,717
"44,756
541,130
396,818
205,443
191,375
144,312
44,228
532,817
396,218
206,702
189,516
136,599
531,076
399,261
213,516
185,745
131,815
FINANCE
BANKING
[Millions of dollars]
Open market paper outstanding, end of period:
Bankers' acceptances
Commercial and financial company paper, total ,
Financial companies
Dealer placed
Directly placed
Nonfinancial companies
52,093
558,375
404,718
199,092
205,626
153,657
53,968
555,994
408,578
205,203
203,375
147,416
54,771
557,811
420,398
221,362
199,036
137,413
209,876
123,403
54,771
557,811
420,398
221,362
119,036
137,413
50,707
30,245
10,020
10,442
51,172
29,416
10,673
11,083
Federal Reserve banks, condition, end of period:
Assets, total #
304,465
327,573
315,881
318,871
327,573
326,206
Reserve bank credit outstanding, total #
Loans
U.S. Government securities
Gold certificate account
236,991
481
228,367
11,059
262,002
190
252,103
11,058
245,851
591
237,763
11,060
252,279
131
244,985
11,059
262,002
190
252,103
11,058
258,471
180
249,194
11,058
506
251,404
11,058
304,465
327,573
315,881
318,871
327,573
326,206
46,430
38,327
241,739
48,228
38,658
267,657
44,226
34,546
255,860
43,331
37,359
260,243
48,228
267,657
48,165
19,902
263,751
59,150
57,456
1,665
326
1,362
61,052
60,206
847
410
455
62,045
61,099
947
230
741
59,150
57,456
1,665
326
1,362
50,992
48,824
2,168
534
1,661
48,551
46,743
922
2
265
2
677
248,307
197,212
7,248
1,865
24,251
278,721
218,263
9,315
4,831
28,334
224,787
179,672
6,844
2,249
20,545
217,211
173,925
6,427
1,038
19,915
278,721
218,263
9,315
4,831
28,334
79,238
704,060
666,397
91.138
797,701
762,580
79,367
755,210
718,955
78,354
753,989
717,988
91,138
797,701
762,580
62,972
521,659
398,456
Loans of the Farm Credit System: t
Total, end of period
Long-term real estate loans
Short-term and intermediate-term loans
Loans to cooperatives
Liabilities, total #
Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation
All member banks of Federal Reserve System, averages of daily
figures: 0
Reserves held, total
Required
Excess
Borrowings from Federal Reserve banks
Free reserves
Large commercial banks reporting to Federal Reserve System,
last Wed. of mo.:
Deposits:
Demand, total #
Individuals, partnerships, and corporations
States and political subdivisions
U.S. Government ...
Depository institutions in U.S
Transaction balances other than demand deposits
Nontransaction balances, total
Individuals, partnerships, and corporations
Loans and leases(adjusted).total §
Commercial and industrial
For purchasing and carrying securities
To nonbank depository and other financial
To States and political subdivisions
Other loans
Investments, total
U.S. Treasury and government agency securities, total
Investment account
Other securities
See footnotes at end of tables.
2
62,810
2
994,060
318,691
16,261
22,334
352,500
24,940
259,334
223,349
156,556
140,002
66,793
51,172
29,416
10,673
11,083
206,278
189,702
143,737
51,262
29,255
11,389
10,618
51,079
29,152
11,190
10,737
29,072
10,474
11,304
318,978
317,879
318,604
320,401
319,763
321,636
333,357
329,519
251,848
291
244,493
11,058
254,985
206
248,111
11,057
256,813
1,479
248,446
11,062
258,636
574
250,978
11,062
261,991
844
254,959
11,062
264,528
315
258,554
11,062
274,061
153
267,675
11,059
271,992
106
265,213
11,058
325,016
315,305
250,069
244
240,965
11,058
315,305
318,978
317,879
318,604
320,401
319,763
321,636
333,357
329,519
22,109
265,915
35,405
24,067
267,391
36,330
22,081
267,445
33,263
26,223
271,019
34,460
22,202
272,000
34,228
27,871
272,962
31,200
23,962
275,210
36,000
27,404
273,809
44,061
25,513
276,792
34,129
27,246
282,027
50,301
49,271
1,030,
231
49,063
48,033
1,029
303
814
50,407
49,399
1,008
340
676
50,660
49,754
906
607
345
50,607
49,521
1,086
764
622
51,127
50,198
929
645
586
'51,584
- 50,501
'1,083
261
'834
53,050
52,168
252
2,971
48,586
47,408
1,179
241
991
214,004
172,260
6,755
1,491
18,915
216,608
173,674
6,787
1,627
17,995
218,174
173,616
6,942
1,662
18,984
214,429
170,191
7,119
3,362
18,319
225,187
178,770
6,411
1,401
22,864
219,504
175,648
7,132
1,602
19,573
211,579
171,652
6,626
1,727
18,020
216,086
174,760
6,609
1,299
18,887
218,221
173,948
7,304
1,610
19,243
221,790
177,964
6,984
1,634
20,553
82,988
793,096
757,267
84,413
798,314
760,759
86,607
797,660
760,265
88,311
791,541
754,812
86,718
792,717
754,706
87,272
788,263
751,858
88,425
792,527
757,146
90,002
791,441
756,847
89,716
784,509
750,959
91,751
780,087
748,624
244,247
194,355
8,342
3,397
22,503
96,188
777,657
746,642
1,007,962
294,318
14,351
23,032
395,619
17,866
262,776
279,824
223,497
203,402
56,327
325,016
1,072,019 1,020,546 1,017,693 1,072,019 1,052,816 1,048,748 1,048,489 1,047,474 1,041,535 1,039,347 1,020,070 1,015,162 1,015,986 1,008,330
319,458 317,473 321,314
321,314
297,275 295,727
316,930 320,763 319,601 316,851 312,354 308,751 302,509
13,129
11,463
14,020
13,129
12,672
14,315
13,917
12,979
14,407
13,725
13,767
12,982
15,143
13,469
24,462
21,670
24,462
21,694
21,987
23,308
22,655
21,928
24,090
22,529
22,205
22,632
22,519
22,647
398,753
382,568 383,842 398,753
400,607 400,812 401,912 403,664 404,774 404,012 399,870 396,910 396,960 396,067
21,054
18,719
21,054
18,343
18,578
21,415
19,199
20,402
21,977
18,091
19,910
20,534
20,802
21,093
293,307
264,474 269,042 262,191
258,046 257,635 293,307
278,070 268,709 270,828 271,650 268,525 270,813
238,932
177,816
167,790
61,116
245,162
184,057
167,856
61,105
240,951
180,785
166,506
238,932
177,816
167,790
61,116
243,445
182,652
170,890
60,793
247,513
249,302
172,729
60,544
176,704
59,994
250,366
191,684
177,868
58,682
250,457
192,765
179,583
57,692
253,286
195,194
180,073
58,092
253,879
197,169
182,252
56,710
259,765
203,357
56,408
263,841
207,410
189,404
56,431
276,532
220,133
201,209
56,399
108
775
SURVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated in footnotes below, data through
1988 and methodological notes are as shown in BUSINESS
STATISTICS, i96i-ss
Annual
December 1991
1990
1990
1989
Oct.
|
Nov.
1991
|
Dec.
Jan.
|
Feb.
|
Mar.
{
Apr.
m | *.
July
Aug.
Sept.
Oct. I
Nov.
FINANCE-Continued
BANKING-Contlnued
[Billions of dollars]
Commercial bank credit, seas, adj §
Total loans and securities 0
U.S. Government securities
Other securities
Total loans and leases 0
2,582.6
394.5
180.3
2,007.9
2,723.6
454.2
175.6
2,093.8
2,713.6
453.1
177.8
2,082.7
2,716.6
454.0
175.9
2,086.7
2,723.6
454.2
175.6
2,093.8
2,7212
454.1
177.7
2,089.4
2,735.1
458.0
177.6
2,099.5
2,751.0
471.4
177.6
2,102.0
2,751.8
479.2
175.7
2,096.9
2,750.5
485.1
173.9
2,091.5
2,763.2
495.2
173.1
2,094.8
2,763.3
505.3
172.0
2,086.0
2,761.6
512.6
169.9
2,079.1
2,768.9
522.1
170.8
2,076.0
2,784.5
538.2
1722
2,074.1
10.87
10.01
10.00
10.00
10.00
9.52
9.05
9.00
9.00
8.50
8.50
8.50
8.50
8.20
8.00
7.58
6.93
6.98
7.00
7.00
6.79
6.50
6.00
6.00
5.98
5.50
5.50
5.50
5.50
5.20
5.00
4.58
9 68
9.73
9.68
9.67
9.61
9.69
9.45
9.58
9.36
9!54
9.28
9.16
9.24
9.26
949
956
924
923
9.18
9*12
9.T2
9!i2
9.19
9.10
9.00
8.93
8.78
8.78
[Percent]
Money and interest rates:
Prime rate charged by banks on short-term business loans
Discount rate (New York Federal Reserve Bank) @
Federal intermediate credit bank loans
Home mortgage rates (conventional 1st mortgages):
New home purchase (U S avg)
Existing home purchase (U.S. avg.)
2
2
2
977
9.81
2
Open market rates, New York City:
Bankers' acceptances, 3-month
Commercial paper, 6-month +
Finance co. paper placed directly 6-mo
8.87
8.80
8.16
7.93
7.95
7.53
7.85
7.81
7.50
7.82
7.74
7.42
7.60
7.49
6.95
6.96
7.02
6.59
6.36
6.41
6.14
6.24
6.36
6.20
5.92
6.07
5.91
5.75
5.94
5.72
5.94
6.16
5.75
5.89
6.14
5.81
5.54
5.76
5.50
5.38
5.59
5.34
5.21
5.33
5.12
4.85
4.93
4.76
Yield on U.S. Gov. securities (taxable):
3-month bills (rate on new issue)
8.120
7.510
7.190
7.070
6.810
6.300
5.950
5.910
5.670
5.510
5.600
5.580
5.390
5.250
5.030
4.600
730,901
748,300
736,091
738,626
748,300
736,399
729,264
725,462
727,907
727,717
728,023
727,754
731,531 '732,183
730,359
342,770
140,832
93,114
44,154
57,253
3,935
48,843
347,466
137,450
92,911
43,552
45,616
4,822
76,483
341,755
141,329
93,190
38,262
48,055
4,749
68,731
342,882
139,195
92,918
39,095
47,121
4,753
72,662
347,466
137,450
92,911
43,552
45,616
4,822
76,483
341,426
134,965
91,991
40,945
44,939
4,766
77,367
339,282
133,021
91,131
38,864
43,875
4,404
78,687
335,754
131,552
90,772
38,497
42,491
4,296
82,100
336,425
133,462
91,413
37,817
41,707
4,357
82,726
334,746
134,045
91,549
36,782
40,764
4,507
85,324
333,442
133,903
91,924
36,702
39,827
4,591
87,634
334273
134,120
92,017
36,392
39,012
4,712
87,228
335,662 ' 335,509
135,509 132,471
92,843 ' 93,305
37,281
37,296
37,893 '37,036
4,857
4,753
87,471 '91,828
335,403
131,778
93,388
37,359
35,774
4,529
92,128
290,705
210,310
22,240
207,646
284,813
232,370
20,666
210,451
287,304
218,337
20,773
209,677
285,379
222,643
20,472
210,132
284,813
232,370
20,666
210,451
282,214
223,606
20,614
209,965
279,913
220,714
20,362
208,275
277,798
221,400
20,030
206,234
277,508
222,627
20,052
207,720
275,582
224,301
19,721
208,113
275,018
225,596
19,875
207,534
274,222
226,145
19,639
207,748
274,190 '273,358
229,224 '231,281
19,468 '18,996
208,649 '208,548
272,130
231,615
18,847
207,767
735,433
736,411
735,102
732,962
732,762
732,442
733,621
732,289
730,591
729,962
729,108 '729,151
729,953
285,024
220031
20,680
209,698
284,412
221690
20,492
209,817
284,585
220110
20,918
209,487
283,746
219588
20,459
209,170
282,626
221 556
20,200
208,379
280,689
224 817
20,123
206,813
279,746
225994
20,098
207,782
276,494
227,301
19,796
208,697
274,496
227,737
19,907
208,451
273,565
228199
19,615
208,582
271,906 '270,223
229453 '232 070
19,495 '18,892
208,253 '207,966
270,051
233412
18,764
207,725
-114
978
-1,309
-2,140
-200
-320
1,179
-1,332
-1,698
-629
-854
'43
802
-603
173
-1,998
-931
-1,580
-77
436
111
-292
-330
-1,566
-25
969
-3252
1,307
-302
119
- 1 120
1,968
-259
-791
-943
1,177
-60
-839
-522
-460
-317
- 1 937
3,261
-393
-612
1,659
-188
915
-246
131
-1659
1,254
-120
-329
'-1683
'2,617
'-603
'-287
-172
1,342
-128
-241
76,986
108,270
-31,285
70,507
118,142
-47,635
101,900
82,160
-7,311
100,713
99,023
1,690
67,657
93,834
-26,177
64,805
105,876
-41,071
140,380
110.24S
30,131
63,560
116,906
-53,346
103,389
105,845
-2,460
78,593
119,384
-40,791
76,426
120,071
-43,645
108,917
115,746
-6,829
78,068
114,045
-35,976
31,285
32,265
47,635
46,776
-1,274
7,311
19,700
12,389
-1,690
31,764
33,524
26,177
34,611
8,531
41,071
-9,913
-50,758
-30,131
-9,399
20,732
53,346
41,742
-11,604
2,460
10,715
8,255
40,791
34,434
-6,357
43,645
32,574
-10,079
6,829
27,970
21,141
35,976
40,657
4,681
CONSUMER INSTALLMENT CREDIT f
[Millions of dollars]
kl
m
_ ^ _ _ -*»—
—,11,-
A J I H A I A J
Not seasonally adjusted:
Total outstanding (end of period) #
By majoi holder
Commercial banks
Finance companies
Credit unions
Retailers
Savings institutions
Gasoline companies *
Pools of secuntized assets t t
By major credit type
Automobile *
Revolving *
Mobile home *
Other*
Seasonally adjusted:
Total outstanding (end of period) #
Dy major creaii lyp©
Automobile
Revolving
Mobile home
Other*
Total net change (during penod) #
By major credit type
Automobile
Revolving
Mobile home
Other*
941
427
462
FEDERAL GOVERNMENT FINANCE
[Millions of dollars]
Federal receipts and outlays'.
Receipts (net)
Outlays (net)
Total surplus or deficit (-)
1
990,701
1,142,691
-151,989
.
7
7
7
.
..
Federal receipts by source and outlays by agency:
Receipts (net) total
Individual income taxes (net)
Corporation income taxes (net)
Social insurance taxes and contributions (net)
Other
Outlays (net), total
Agriculture Department
Defense Department, military ....
Health and Human Services Department
Treasury Department.
National Aeronautics and Space Administration
Veterans Affairs Department
1,031,308
1,251,766
-220,458
7
7
Federal financing, total
Borrowing from the public
Other
Gross amount of debt outstanding
Held by the public
7
7
7
220,458
298,824
7
10,796
151,989
140,369
7
11,620
7
7
7
7
7
2,881,112
2,204,270
3,266,073 3,307,748 3,363,205 3,397,325 3,443,129 3,488,624 3,491,694 3,470,530 3,522,261 3,562,942 3,597,294 3,636,298 3,598,919 3,651,127
2,470,166 2,502,431 2,549,207 2,568,907 2,600,015 2,634,626 2,624,714 2,615,217 2,656,959 2,667,674 2,702,107 2,734,682 2,687,168 2,727,824
7
990,701 71,031,308
7
474,235
445,690
1
96,945
103,291
7
7
359,416 . 388,944
7
7
82,392
96,369
76,986
40,691
1614
26,598
9,807
70,507
27,156
1,294
33,723
10,646
101,900
46471
22 523
25,480
7,792
100,713
50 882
3,829
39,604
7,487
67,657
27,929
2495
29,872
7,361
64,805
11,288
12,807
33,045
7,665
140,380
77,766
13,296
42,478
6,838
63,560
20,005
2,032
34,546
6,977
103,389
44,517
16,540
34,758
7,574
78,593
38,403
1,770
30,360
8,061
76,426
34,560
1,306
31,504
9,056
108,917
47,979
18,580
34,042
8,317
78,068
39,332
1,171
28,435
9,132
1,251,766
7
50,117
7
296,559
7
449,829
'261,117
7
13,164
7
30,575
108,270
4,818
24,094
36,734
15,561
1,351
2,886
118,142
6,474
29,021
39,360
19,345
1,155
4,018
82,160
5,353
25,168
38,133
46 544
1,396
2,428
99,023
4,553
20,868
38,931
17,165
851
948
93,834
3,145
24,940
39,162
18 754
1,063
2,576
105,876
5,051
14,852
39,555
19860
1,139
2,716
110,249
5,208
20,841
41,445
17714
1,220
3,184
116,906
5,061
24,091
43,040
22821
1,235
3,668
105,849
3,818
21,090
42,792
47297
1,030
1,164
119,384
4,029
23,066
41,897
16 646
1,089
2,654
120,071
3,085
27,065
43,271
19,136
1,201
3,659
115,746
3,525
21,006
39,616
16,044
1,148
1,313
114,045
6,376
22,765
42,710
17,457
1,251
3,048
11,059
381.28
11,061
384.08
11,060
380.74
11,059
381.72
11,058
378.16
11,058
383.64
11,058
363.83
11,058
363.3^
11,058
358.39
11,057
356.82
11,062
366.72
11,062
367.51
11,062
356.23
11,062
348.79
358^
5.499
4.819
4.366
4.169
4.068
4.028
3.723
3.960
4.390
4.300
3.940
4.030
7
7
:
803
7
1,142,691
7
48,414
7
294,876
;
399,774
7
230,573
7
11,036
7
30,041
7
GOLD AND SILVER:
Gold:
Monetary stock, U S (end of period) mil $
Price at New York dot per troy oz $+
Silver:
Price at New York dol per troy oz $$
See footnotes at end of tables.
3.970
4.040
4.100
35g'52
4.060
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
Annual
1989
1961-88
|
S-15
1990
1990
Oct.
1991
Nov.
Dec.
Jan.
|
Feb.
|
Mar.
|
Apr.
May
I*-!
July
Aug.
|
Sept.
|
Nov.
Oct.
FINANCE-Contlnued
MONETARY STATISTICS
{Billions of dollars]
Currency in circulation (end of period)
Money stock measures and components (averages of daily
fiQures)' t
Measures (not seasonally adiusted)
M1
M2
M3
L (M3 plus other liquid assets)
Components (not seasonally adjusted)
Currency
Demand deposits
Other checkable deposits U
Overnight RP's and Eurodollars 0
General purpose and broker/dealer money market funds
Money market deposit accounts
Savings deposits
Small time deposits @
Large time deposits @
291 5
2867
2870
260 4
2870
783.4
3,130.3
3,990.8
4,792.2
812.2
3,293.2
4,091.4
4,929.6
817.6
3,321.8
4,106.1
4,950.9
826.1
3,327.3
4,115.5
4,965.2
844.3
3,341.9
4,123.3
4,985.2
833.2
3,341.6
'4,130.2
4,999.2
823.4
3,345.4
4,147.8
'5,000.6
835.0
'3,374.6
'4,167.5
'5,008.5
852.8
'3,397.3
'4,179.6
'4,988.8
841.5
'3,375.7
'4,153.9
'4,941.0
857.6
'3,393.6
'4,159.6
'4,969.7
861.8
'3,392.5
'4,150.1
'4,976.2
864.0
'3,389.8
'4,149.3
'4,973.0
217.6
280.4
278.1
79.2
277.1
476.3
405.4
1.109.0
565.3
235.5
277.5
291.2
81.1
332.0
501.1
410.9
1,155.7
533.9
242.8
278.0
288.4
83.7
341.1
245.7
280.5
291.9
77.8
343.4
249.6
289.9
297.0
74.3
345.5
249.8
277.7
297.9
71.5
'354.3
252.7
268.0
294.9
70.5
'362.6
255.6
270.1
301.5
69.5
'370.4
256.0
277.6
311.7
70.1
'369.5
257.4
271.5
304.9
68.9
'361.9
259.1
279.6
310.8
68.5
'359.9
260.8
280.6
311.8
65,3
'356.6
262.0
278.7
314.8
67.9
'353.7
^918.2
1,161.2
518.3
is',,6
1,159.8
515.9
1,160.2
507.1
^917.9
1,164.7
509.8
'1,163.6
514.2
'1,157.2
510.9
'1,149.5
504.4
'1,138.4
503.3
'1,127.3
498.2
&u
5
990.0
'1,118.8
489.7
8212
3,324.5
4,109.0
4,955.1
8233
3,323.7
4,108.4
4,960.4
8254
3,327.8
4,111.2
4,966.6
8267
"3,331.4
'4,124.1
4,983.1
8364
'3,354.7
4,159.7
5,010.0
843 0
'3,375.4
M.168.2
'5,010.3
8421
'3,383.7
'4,170.4
'4,977.5
8516
'3,396.2
'4,172.7
'4,956.1
8584
'3,400.6
'4,165.1
'4,979.4
243.9
277.1
291.8
3
918.2
1,161.4
515.1
245.0
2772
292.8
*917.8
1,161.8
512.5
246.4
276.9
293.7
*916.7
1,164.2
507.1
251.6
272.9
293.9
* 917.1
'1,163.8
511.9
255.1
276.1
296.9
3
926.9
'1,162.5
516.0
256.7
277.1
301.0
*939.7
'1,158.0
511.5
256.6
275.8
301.9
3
953.8
'1,149.4
507.3
256.8
278.7
308.1
3
969.2
'1,138.9
503.9
257.6
281.0
311.9
*981.0
'1,126.5
498.7
Measures (seasonally adjusted)
M1
M2
M3
L (M3 plus other 'iquid assets)
Components (seasonally adjusted)
Currency
Demand deposits
Other checkable deposits $$
Savings deposits
Small time deposits @
Large time deposits @
&u
£M
£*5
& «
'875.0
'3,392.5
'4,137.5
4,974.1
893.2
3,412.2
4,157.6
266.3
291.C
328.3
71.4
350.6
J
995.5
'1,108.7
'485.9
263.2
283.6
'320.3
'69.4
'350.1
3
(
)
*1(,000.3 r31,013.0
'1,098.0 '1,085.1
'470.0
'478.9
'8595
'3,389.2
'4,147.3
'4,983.3
866.1
'3,389.0
'4,144.2
'4,974.5
870.0
'3,389.0
'4,137.2
'4,964.2
'879.1
'3,395.6
'4,141.0
4,978.9
8902
3,408.2
4,150.7
258.9
278.9
'314.1
J
990.0
'1,115.3
491.2
260.8
279.8
'317.9
3
996.2
'1,106.6
'484.7
'264.4
262.4
282.6
'279.3
'324.1
320.5
3
1,002.7 ' J 1,013.2
'1,098.3 '1,085.2
'476.7
'467.0
265.3
287.5
329.4
3
1,025.0
1,071.1
460.0
867.0
'3,384.0
'4,134.8
'4,962.3
261.8
278.5
318.4
67.1
'351.6
3
1,028.1
1,068.8
463.1
PROFITS AND DIVIDENDS (QTRLY.)
(Millions of dollars]
Manufacturing corps. (Bureau of the Census)
Net profits after taxes, all manufacturing
Food and kindred products
Textile mill products ...
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Stone, clay, and glass products
' Primary nonferrous metal
Primary iron and steel
Fabricated metal products
Machinery (except electrical)
Electrical and electronic equipment
Transportation equipment (except motor vehicles and
equipment)
Motor vehicles and equipment
All other manufacturing industries
Dividends paid (cash), all manufacturing
136490
16 545
1,416
7047
24,523
19,512
1,968
3,785
1,512
5,515
9,666
9,663
111 319
16,074
4,315
8349
22674
5,065
-552
19,756
65244
62,197
r
18524
5433
18 781
2 295
'18295
4 992
'22988
'5161
4,817
23,412
17,967
-916
2,516
-20
614
-10
868
202
792
225
882
' 5,322
4 843
-474
'5242
4889
-542
' 5 363
2591
'103
5,812
1 606
170
467
583
355
-521
-259
4,638
11,205
6,409
491
502
'-51
'1,507
' 3,346
'-1,238
1,873
90
79
2215
-1,278
429
309
r
264
274
15
1,117
870
940
-2,105
3,637
-1976
2545
'1498
-1294
4459
- 1 678
5,720
15 954
'14613
'14 872
14 681
53
SECURITIES ISSUED
[Millions of dollars]
Securities and Exchange Commission:
Estimated gross proceeds, total
By type of security:
Bonds and notes, corporate
Common stock
Preferred stock
By type of issuer:
Corporate total #
Manufacturing
Extractive
Public utility
Transportation
Communication
Financial and real estate
(i)
( i)
(
.
..
..
. . .
State and municipal issues (Bond Buyer):
Long-term
Short-term
j
••
)
)
125 047
29002
127971
34 332
8296
1 119
10 332
2 360
14 397
1977
7800
1 917
12118
2316
11 327
1 979
34 320
28210
28,650
27,820
28,210
27,390
28860
(2)
7 040
18505
8 050
19 285
7,245
15,820
7300
17,025
8 050
19285
7435
18,825
7190
19435
I2)
66.1
66.0
64.8
672
67.6
67.6
690
8,836.27
10,892.70
959.89
794.07
820.37
1,074.13
1,689.18
12061
2 026
15499
1 952
16 527
10785
13001
5931
17865
6766
14 081
3113
11 567
2369
67.3
671
680
669
681
69 0
695
714
71C
1,248.14
1,094.59
1,002.50
854.25
889.76
924.05
880.40
1,104.51
89900
SECURITY MARKETS
[Millions of dollars, unless otherwise indicated]
Stock Market Customer Financing
Margin credit at broker-dealers, end of year or month
Free credit balances at brokers, end of year or month:
Margin-account
Cash-account
Bonds
Prices:
Standard & Poor's Corporation, domestic municipal (15
bonds), dol per $100 bond
Sales:
New York Stock Exchange, exclusive of some stopped sales,
face value total
See footnotes at end of tables.
I2)
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated in footnotes below, data through
1988 and methodological notes are as shown in BUSINESS
STATISTICS, igsi-88
Annual
1989
December 1991
1990
1990
Oct.
Nov.
1991
Dec.
Feb.
Mar.
Apr.
May
|
June
July
Aug.
Sept.
00,.
|
Nov.
FINANCE-Continued
Bonds-Continued
[Percent]
Yields:
Domestic corporate (Moody's)
By rating
Aaa
Aa .
A ...
Baa
Industrials
9.32
9.45
9.42
9.16
9.12
9.29
9.94
9.15
9.41
9.01
9.28
9.55
9.96
9.00
925
9.51
8.75
8.99
926
9.65
9.47
9.39
9.35
9.30
9.34
9.29
9.46
9.44
9.42
9.40
7.01
6.90
7.14
7.07
7.01
7.05
6.97
6.95
7.13
7.09
8.33
8.12
8.38
8.29
8.33
916.30
2,610.92
210.55
908.43
922.30
2,587.60
205.27
3
962.42
1,022.63
2,863.04
213.69
1,110.26
1,034.12
2,920.11
213.15
1,11324
1,043.14
2,925.53
214.36
1,139.05
2,928.42
211.18
1,167.55
9.66
9.77
10.03
9.85
9.63
9.62
9.36
9.43
9.26
9.46
9.74
10.18
9.32
9.56
9.82
10.36
9.53
9.77
10.06
10.74
9.30
9.59
10.62
9.05
9.39
9.64
10.43
9.04
9.34
9.61
10.41
9.16
9.38
10.07
8.93
9.21
9.50
10.09
9.66
9.77
9.76
10.11
9.94
9.93
9.76
9.57
9.56
9.41
9.31
7.08
7.10
7.14
7.04
7.00
7.05
8.31
881.98
2,518.56
210.26
848.07
Public utilities
9.33
8.93
9.03
9.11
9.51
8.55
8.83
9.08
9.49
8.48
8.78
9.01
9.45
9.16
9.16
9.02
9.03
8.98
8.99
8.93
7.00
7.03
6.85
6.73
6.80
8.54
8.50
8.17
1,04929 1,062.35
2,968.13
204.62
1,205.08
1,060.65
2,978.18
199.64
1,204.56
1,069.71
3,006.08
204.42
1,204.66
Railroads
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poorps Corp. (15 bonds)
7.23
7.24
7.31
7.25
7.43
7.40
U.S. Treasury bonds, taxable $
8.58
8.74
8.93
2,508.91
205.72
1,194.30
965.24
2,678.94
211.53
1,040.24
2,460.54
207.18
850.77
322.84
370.28
278.70
398.17
132.16
271.78
197.31
334.59
390.88
282.47
433.92
140.16
254.32
202.85
307.12
361.00
241.70
408.36
137.91
216.47
315.29
369.35
249.94
424.91
141.58
218.87
183.63
328.75
384.75
266.73
450.62
144.46
232.89
195.87
325.49
382.78
267.72
443.65
138.38
241.37
197.92
362.26
427.94
309.18
504.43
143.19
270.36
218.40
37228
441.87
308.68
528.29
142.84
267.91
214.22
379.68
450.17
306.43
546.89
143.13
273.89
222.37
377.99
450.05
302.67
543.40
138.66
284.72
233.56
378.29
450.87
309.36
540.25
135.73
29623
246.13
380.23
453.38
306.25
547.98
137.75
294.32
247.47
30.24
116.14
122.18
326.34
26.12
85.50
95.53
342.56
20.07
58.25
63.41
282.56
21.52
65.88
74.90
322.57
23.53
75.38
83.51
343.99
23.20
70.42
79.10
341.84
27.75
82.99
99.77
391.74
81.17
102.97
394.93
3027
88.43
109.72
410.25
29.81
90.36
114.71
383.37
30.18
94.36
118.00
384.04
N.Y. Stock Exchange common stock indexes, 12/31/65=50:
Composite
Industrial
Transportation
Utility
Finance
180.02
216.23
17528
87.43
151.88
183.46
225.78
158.62
90.60
133.26
168.05
208.58
131.90
87.27
108.01
172.21
212.81
132.96
89.69
113.76
179.57
221.86
141.31
91.56
122.18
177.95
220.69
145.89
88.59
121.39
197.75
246.74
166.06
92.08
141.03
203.56
255.36
166.26
92.29
145.41
207.71
260.14
166.89
92.92
152.63
206.93
260.13
170.76
90.75
151.31
NASDAQ over-the-counter price indexes:
Composite, 2/5/71=100
Industrial
Insurance
Bank
NASDAQ/NMS composite, 7/10/84=100.
Industrial
437.80
428.38
504.75
457.08
191.02
167.51
409.21
430.57
471.43
319.03
179.36
170.17
338.01
360.41
391.5:
246.09
148.09
142.51
347.69
373.24
413.86
246.60
152.62
148.50
370.21
449.44
255.16
163.42
160.24
376.68
412.83
448.96
254.05
166.62
165.44
442.59
491.45
509.23
291.19
19623
197.17
469.10
527.06
532.17
303.59
207.51
210.74
496.32
558.44
562.43
325.16
219.21
222.97
3.45
3.01
6.39
2.14
3.73
9.04
3.61
3.16
5.91
2.56
4.82
8.96
4.01
3.51
6.02
2.95
6.27
8.96
3.91
3.45
5.89
3.1
5.54
8.88
3.74
3.31
5.73
2.87
4.96
8.72
3.82
3.36
6.0;
2.81
5.03
8.71
3.35
2.93
5.84
2.4
4.02
8.46
3.26
2.84
5.88
2.50
3.81
8.55
1,844,848
54,239
1,611,667
53,338
132,968
5,581
116,867
4,200
122,918
4,312
111,171
3,950
165,070
5,550
1,576,899
44,140
1,389,084
43,826
116,348
4,800
99,541
3,463
107,530
3,557
95,441
3,258
142,066
4,610
6.59
6.64
7.88
7.83
1,067.44
3,010.35
208.03
1,182.39
1,087.94
3,019.73
213.54
1,283.07
1,082.22
2,986.12
216.67
1,237.09
389.40
46326
30928
576.51
140.88
295.57
258.97
38720
459.11
303.57
567.52
142.84
295.12
264.41
457.39
300.65
564.88
144.54
314.42
290.59
385.92
454.97
294.10
568.32
146.66
315.86
293.12
116.79
387.98
31.48
98.94
129.37
369.58
31.43
97.57
125.96
360.16
31.27
99.10
126.29
361.93
31.22
96.41
125.65
376.83
207.31
261.16
177.04
89.00
152.31
208.29
262.48
177.15
90.05
151.59
213.33
26821
178.51
92.38
157.69
212.54
26621
177.99
93.71
157.68
213.09
265.68
195.74
9524
158.94
21325
264.88
188.52
96.77
159.77
490.93
545.97
554.37
329.81
216.55
217.43
490.38
545.84
546.64
329.37
216.34
217.40
489.34
544.01
541.50
324.18
215.87
216.61
513.25
570.78
542.98
339.54
226.77
227.68
520.56
582.35
538.78
342.02
229.72
231.95
528.92
593.5;
531.88
337.82
23323
236.18
536.58
604.36
556.99
328.83
236.64
240.47
3.19
2.77
5.88
2.42
3.57
8.43
323
2.79
6.09
2.33
3.71
821
323
2.79
623
2.24
3.68
826
3.20
2.76
6.11
2.26
3.70
8.15
3.10
2.6:
5.99
2.19
3.45
8.03
3.15
2.73
5.95
2.19
3.48
7.81
3.1
2.74
5.8]
2.0;
3.38
7.93
7.81
168,715
5,574
159,472
5.205
149,994
4,677
138,210
4,286
134,465
4,353
156,668
4,923
127,651
4,085
152,760
4,971
145,301
4,543
137,534
4,247
128,620
3,852
120,260
3,548
116,659
3,610
133,673
4,010
110,065
3,346
132,782
4,127
Stocks
Prices:
Dow Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation, 1941-43=10 unless
otherwise indicated. §
Combined index (500 Stocks)
Industrial, total (400 Stocks) #
Capital goods
Consumer goods
Utilities (40 Stocks)
Transportation (20 Stocks), 1982=100
Railroads
Financial (40 Stocks), 1970=10 (subcategories in
1941-43=10)
Money center banks
Major regional banks
Property-Casualty Insurance
Yields (Standard & Poor's Corp.), percent
Composite (500 stocks) 0
Industrials (400 stocks)
Utilities (40 stocks)
Transportation (20 stocks)
Financial (40 stocks) ..
Preferred stocks, 10 high-grade
Total on all registered exchanges (SEC):
Market value, mil. $
Shares sold millions
On New York Stock Exchange:
Market value, mil. $
Shares sold (cleared or settled), millions
New York Stock Exchange:
Exclusive of odd-lot stock sales (sales effected), millions
NASDAQ over-the-counter;
Market value, mil. $
Shares sold, millions
Shares listed, NYSE, end of period:
Market value, all listed shares, bil. $
Number of shares listed, millions
41,699
39,665
3,671
3,148
3,109
3,636
4273
3,900
4,01
3,742
3,259
3,458
3,773
3,247
• 4,085
3,727
431,381
33,530
377,468
27,894
33,380
2,695
28,252
2,378
30,127
2,495
45,375
2,925
56,767
3,313
55,754
3,585
66,434
4,11
55,906
3,378
46,976
2,854
50,781
3,098
57,699
3,346
55,614
3,233
72,688
4,078
64,967
3,708
3,029.65
82,797
2,819.78
90,732
2,591.25
90,079
2,747.59
90,345
2,819.78
90,732
2,927.78
90,772
3,137.60
91,096
3,209.91
91,851
3,229.47
93,579
3,360.1
94,204
3,216.19
94,821
3,381.44
96,174
3,455.05
96,221
3,400.30
96,519
3,470.09
97,412
3,352.40
33,583.6 r 34,508.3
34,380.0 '35,347.8
37,538.8
36,736.8
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
[Millions of dollars]
Exports (mdse.), incl. reexports, total @
Seasonally adjusted t
363,811.5
393,893.4
35,295.9
35,006.3
33,6892
34,194.3
32,922.8
33,305.1
33,150.1
34,144.0
32,682.8
33,599.4
36,797.0
34,030.7
36,110.4
35,632.1
36,135.6
35,271.2
35,573.1
34,974.6
33,506.7
35,227.1
Western Europe
European Economic Community
Belgium and Luxembourg
France
Federal Republic of Germany
Italy.
100,165.1
112,974.6
98,026.8
10,448.3
13,652.2
7,987.3
13,015.8
23,484.1
9,984.9
8,766.1
938.9
1,353.4
2
1,630.8
663.0
1,089.9
2,223.9
9,322.0
8,092.7
955.8
1,150.0
1,470.3
668.0
1,202.2
1,847.1
10,335.7
8,770.1
923.9
1,208.4
1,817.7
769.7
1,176.7
1,976.8
9,461.3
8,319.9
923.4
1,244.3
1,651.0
641.3
1,087.5
1,851.3
9,517.7
8,3072
970.1
1,320.7
1,653.0
664.4
1,668.2
11,837.0
10,134.9
1,110.2
1,567.5
1,919.2
842.0
1,212.9
2,226.3
10,882.8
9,383.3
979.3
1,391.4
2,293.4
720.7
1,124.7
1,914.9
10,087.8
8,753.7
9042
1,217.3
1,779.5
788.3
1,355.9
1,858.0
9,7862
8,620.7
863.7
1,180.5
1,788.5
787.5
982.8
1,997.7
8,984.9
7,956.2
792.7
1,238.1
1,940.9
580.3
929.9
1,579.1
8,626.4
7,514.3
918.0
1,115.2
1,511.6
570.9
888.4
1,727.2
9,201.0
7,927.5
832.7
1,302.1
1,625.6
624.0
861.3
1,628.6
10,1822
8,828.1
879.2
1,176.1
1,621.8
682.5
1,364.0
2,161.0
4,262.6
3,087.7
157.9
84.8
277.3
143.3
259.5
147.5
286.4
216.9
478.4
388.5
608.2
504.6
433.8
304.3
248.2
155.3
260.8
117.0
278.7
203.7
321.7
233.8
362.1
268.4
419.6
324.8
United Kingdom
Eastern Europe
,
Union of Soviet Socialist Republics .
See footnotes at end of tables.
8,522.4
11,579.1
16,862.3
7,215.0
11,364.1
20,837.0
5,306.9
4,283.5
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through
1988 and methodological notes are as shown in BUSINESS
STATISTICS, 1961-88
Annual
1989
S-17
1991
1990
1990
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
|
May
June
July
Aug.
7,679.1
495.4
2,843.8
401.7
7,451.4
465.7
2,866.4
424.5
6,473.6
537.8
2,922.9
416.4
6,763.6 '7,445.8
693.4
619.7
2,740.2
2,842.8
407.6
370.3
505.8
610.4
3,958.8
1,173.5
1,183.8
538.5
580.6
3,851.3
1,281.6
4972
666.1
1,171.3
788.7
4,020.8
1,163.0
4822
592.8
1,205.8
85.7
270.3
63.4
145.2
682
173.8
Sept.
|
Oct.
FOREIGN TRADE OF THE UNITED STATES-Continued
VALUE OF EXPORTS-Continued
[Millions of dollars]
Exports (mdse.), incl. reexports—Continued
Western Hemisphere:
Canada 0
Brazil
Mexico
Venezuela
78,808.9
4,803.9
24,982.0
3,025.2
83,865.5
5,061.9
28,375.3
3,1072
7,455.8
497.6
2,779.5
287.6
Asia:
China
Hong Kong
Japan
Republic of Korea
Saudi Arabia
Singapore
Taiwan
5,755.4
6,246.3
44,493.7
13,478.0
3,573.6
7,344.7
11,334.5
4,807.2
6,840.6
48,584.8
14,398.7
4,034.8
8,019.1
11,482.3
452.7
526.7
4,250.2
1,337.1
490.3
1,659.4
551.5
1,732.4
55.2
149.2
Africa:
Nigeria
Republic of South Africa
'..
.".,
!.!!
!...".!"
6,777.9
348.3
2,400.7
2962
329.9
372.8
542.1
4,370.8
1,181.3
411.0
715.8
3,819.5
1,461.7
509.5
527.8
4,350.5
1,270.4
436.2
639.2
962.4
477.1
671.9
9832
732
136.2
532
136.5
388.3
2,355.6
315.0
1,015.6
486.3
590.9
4,263.0
1,231.0
392.7
776.7
1,0202
55.7
258.8
51.1
134.3
794.0
7,085.4
421.3
2,346.8
358.9
7,604.0
460.6
472.9
630.9
645.8
4,255.9
847.1
1,037.0
437.5
748.0
3,907.9
1,2442
582.7
656.7
987.8
58.9
170.8
60.2
161.1
54.5
152.6
629.7
4,240.5
1,352.0
627.6
2,763.9
399.0
1,365.7
507.3
810.7
1,0692
4922
914.4
560.1
470.8
757.4
3,661.7
1,256.4
628.9
648.4
1,120.3
105.2
170.0
8,204.1
488.8
3,223.5
442.9
570.9
644.4
4,217.0
1,265.1
5662
6923
997.8
67.4
142.1
8,331.3
8,534.7
608.4
580.3
955.9
603.5
706.5
592.3
599.1
581.5
739.1
756.7
726.8
767.0
861.4
13,678.7
1,310.0
1,291.9
1,326.9
1,281.3
1,254.1
1,5942
1,594.1
1,572.8
1,5432
1,636.9
1,448.4
1,740.1
1,777.0
349,650.5
375,454.2
33,755.3
32249.6
31,461.3
31,526.2
31,138.8
34,782.4
34,433.1
34,398.6
33,869.6
31,887.0
31,9062
32,700.4
35,588.8
3,030.1
31,402.6
2,285.9
6192
2,237.3
1,066.5
77.1
3,913.6
3,146.8
3,644.9
16,066.9
2,696.9
2,586.4
31,159.8
2,104.7
461.1
1,980.8
924.8
2,866.5
29,035.9
2,788.0
28,910.1
2,803.0
3,330.1
2,462.4
2,476.8
451.8
1,861.8
498.3
1,817.7
956.0
67.8
126.8
3,4552
OPEC
By commodity groups and principal commodities:
Agricultural products, total
Nonagricultural products, total
Food and live animals #
Beverages and tobacco
Crude materials, inedible, exc. fuels #
Mineral fuels, lubricants, etc. #
Oils and fats, animal and vegetable
Chemicals
Manufactured goods classified chiefly by material ,
Miscellaneous manufactured articles
Machinery and transport equipment, total
Motor vehicles and parts
5,943.0
444.0
2,226.8
3262
13,195.9
Australia
Exports of U.S. merchandise, total @
489.9
704.8
971.2
7,359.4
461.8
2,503.7
303.0
3,031.7
30,488.9
2,456.3
766.4
2,121.8
1,299.5
85.5
3,615.7
2,921.8
3,495.5
15,410.8
2,523.8
3,116.7
28,496.1
2,083.9
776.7
2,238.8
1,2162
81.7
3,298.3
2,520.1
3,336.0
14,020.0
1,5332
3,164.7
28,543.8
2,126.5
765.0
2,289.2
1,205.7
87.5
3,5502
2,812.7
3,267.5
14,269.0
2,167.5
3,434.9
27,687.3
2,538.6
646.6
2,358.1
1,304.7
75.6
3,591.6
2,753.6
3,209.3
13,216.5
1,880.0
3,580.1
31,164.5
2,621.6
649.0
2,469.5
938.4
86.8
148,799.9
23,610.2
38,783.4
341,914.0
29,280.0
7,118.6
26,984.9
12,174.8
1,190.6
38,983.3
31,670.3
39,285.3
172,521.9
26,656.3
473,210.9
494,903.2
48,100.5 43,684.9 39,152.4
45,993.9 43,106.0 39,582.1
40,167.3
41,474.4
37,015.5
39,103.4
38,6702
38,400.4
101,763.6
85,1532
4,555.0
13,013.4
24,832.3
11,933.1
4,809.6
18,319.1
108,901.1
91,867.5
4,578.5
13,124.0
28,108.7
12,723.3
4,971.9
20,2882
10,617.1
9,002.4
468.9
8,734.7
7,483.5
342.0
1,037.7
2,312.9
8,360.0
6,9792
1,789.8
318.4
1,559.0
8,154.5
6,891.5
323.8
1,027.0
2,215.8
973.1
334.8
1,4272
8,657.2
1,173.1
447.5
2,183.2
9,735.9
8,141.7
389.1
1,149.8
2,387.4
1,144.5
433.6
1,971.4
155.3
66.7
141.3
66.2
40,003.9
314,551.0
29,723.8
5,509.8
26,946.7
9,865.3
1,349.7
36,485.1
27,242.8
1
32,637.5
2
3,456.2
28215.9
2,473.5
744.4
2,291.5
1,393.9
80.0
3,3202
2,774.0
3,326.6
13,877.6
2,210.8
3,923.4
2,914.0
3.659.8
16,176.6
2,310.5
3,084.5
31,271.6
2,303.3
549.9
2,197.8
732.4
107.1
3,848.4
3,108.9
3,625.0
16,419.4
2,571.6
3,439.7
3,059.7
3,683.3
16,732.9
2,569.4
970.6
2,960.6
99.3
3,469.5
3,065.0
3,519.4
14,702.8
1,993.8
3,498.3
14,302.7
1,988.9
29,972.6 32,258.7
2,435.5 2,693.4
451.7
1,711.9
892.8
110.6
3,320.3
601.6
1,978.2
979.4
87.4
3,754.1
2,975.0
3,657.3
4,009.0
15,8772
2,530.0
16,845.9
2,787.2
3,182.6
VALUE OF IMPORTS
[Millions of dollars]
General imports, total @
Seasonally adjusted t
Western Europe
European Economic Community
Belgium and Luxembourg
France
Federal Republic of Germany
Italy
Netherlands
United Kingdom
Eastern Europe
Union of Soviet Socialist Republics
3
1,461.0
2,522.9
955.7
370.2
349.5
1,066.3
2,073.4
961.7
39,529.0 40,1212 39,434.5 41,282.6 41,023.6 41,505.7 46,544.7
40,139.1 40,061.5 38,763.7 41,176.3 40,910.1 42,282.1 43,465.1
8,767.7
8,775.4
7,917.9 7,921.7 9,659.6
8,053.1
8,999.1
7,316.4 7,371.4 7,387.0 6,751.9 7,750.6 6,866.2 6,520.9 8,094.5
445.8
421.7
364.1
300.0
217.3
300.5
365.9
397.8
1,116.7
1,064.5 1,150.8 1,318.1 1,028.4 1,018.5 1,153.3
1,161.9
1,975.6
2,153.5
2,304.2
1,963.1 2,460.5
1,917.1
2,183.1
2,369.9
1,064.3
1,134.7
974.4
962.4
934.9
755.9 1,055.9
968.3
381.8
386.2
534.0
503.6
432.2
335.1
407.1
3782
1,567.4
1,475.4
1,701.1
1,687.0
1,602.6
1,523.6
1,476.0
1,510.0
95.7
207.7
160.3
115.3
159.8
1742
165.6
137.2
82.7
84.4
78.1
82.3
56.6
23.9
118.9
382
2,064.2
709.5
2,275.2
1,065.4
257.1
154.6
192.7
109.9
213.8
120.5
Western Hemisphere:
Canada
Brazil
Mexico
Venezuela
87,953.0
8,410.0
27,162.1
6,770.7
91,372.1
7,976.4
8,809.9
770.8
3,120.8
7,948.0
536.0
2,794.7
6,867.8
631.6
2243.4
1269.6
1,193.0
Asia:
China
Hong Kong
Japan
Republic of Korea
Saudi Arabia
Singapore
Taiwan
9,738.7
93,585.8
19,741.8
7,181.3
8,949.7
24,325.7
1,627.6
1,007.9
8,703.3
1,721.9
1,296.6
885.0
2,076.1
1,407.8
808.4
8,138.7
1,507.9
1,426.9
844.0
1,833.1
1,152.6
1,202.7
838.8
1,712.4
795.3
1,177.9
870.5
690.7
1,877.9
1,695.3
643.3
156.4
420.6
202.4
405.0
140.4
468.5
170.1
422.1
144.5
398.8
374.1
346.7
3,975.5
3,814.1
3,187.3
3,297.9
2,580.0
2,563.7
7,298.9
41,185.3
1,780.3
484.3
1,282.0
7,621.0
84.3
6,358.0
37,5462
1,757.3
490.4
1,197.8
6,616.0
57.4
1,951.4
5,054.7
6,882.2
18,398.1
6,368.5
5,209.7
34,081.5
1,791.8
383.1
1,034.3
5,513.8
63.1
1,778.2
4,432.8
5,743.2
17,117.4
5,560.3
1,883.8
385.4
1,113.4
5,696.0
63.8
1,962.8
4,970.6
6,345.3
16,256.6
5,359.9
1,7542
298.2
1,038.5
4,072.0
70.7
1,919.2
4,557.7
5,978.8
16,140.5
5,162.6
15.223.8
Africa:
Nigeria
.....
Republic of South Africa
5,226.4'
1,529.0
Australia
3,898.3
OPEC
30,601.0
By commodity groups and principal commodities:
Petroleum and products
Nonpetroleum products
Food and live animals #
Beverages and tobacco
Crude materials, inedible, exc. fuels #
Mineral fuels, lubricants, etc
Oils and fats, animal and vegetable
Chemicals
.'
Manufactured goods classified chiefly by material .
Miscellaneous manufactured articles
Machinery and transport equipment
Motor vehicles and parts
30,172.3
9,446.4
49,623.9
423,772.8
20,685.5
4,364.0
15,370.3
52,648.7
730.8
20,752.3
61,991.4
76,6392
205,761.0
69,340.5
2
89,655.1
18,493.3
9.974.3
9,839.4
22,666.8
5,977.2
1,700.6
4,441.7
38,017.0
61,356.8
433,902.6
21,932.5
4,633.1
14,524.0
64,561.5
802.3
22,468.2
59,914.2
81,477.6
208,095.7
69,382.1
2,063.6
5,467.3
8,304.9
19,964.9
1,127.8
678.3
7,809.5
1,345.9
7,227.1
6732
6,875.6
553.8
2,479.9
906.3
2,236.6
563.6
1,325.1
806.5
1,259.7
616.7
7,422.2
7,281.4
1,501.3
7,893.1
510.0
2,569.5
592.3
6,914.1
585.9
2,473.1
787.1
7,480.0
528.7
2,660.4
646.9
7,718.8
494.8
2,683.5
739.3
8,592.8
518.3
1,528.3
736.7
1,815.3
909.6
7,648.7
1,624.7
8322
797.3
2,0652
1,867.3
855.0
7,757.4
1,486.9
1,029.0
793.6
2,113.9
1,932.3
886.0
7,8442
1,443.2
939.8
918.3
2,149.0
2,222.2
1,038.8
8,855.3
1,571.1
885.0
937.6
2,211.9
501.7
153.1
504.5
137.0
380.0
116.4
456.4
152.5
340.5
337.4
380.6
2,718.3
2,858.1
2,781.9
2,901.6
1,724.6
394.5
1,132.6
4,289.6
76.4
2,075.0
5,140.3
7,933.5
17,185.5
4,980.5
1,678.4
415.8
1,077.1
4,890.4
62.4
1,918.4
4,590.0
7,525.5
17,489.0
5,622.0
1,743.7
393.7
1,080.3
4,631.5
71.3
1,937.5
4,638.2
7,716.8
17,852.8
5,718.5
1,764.0
553.0
1,095.7
4,524.1
81.9
2,250.0
5,357.3
8,962.1
20,455.4
6,981.7
7,498.0
438.6
2,412.3
633.1
7,892.8
696.7
2,682.4
5982
8,036.5
540.3
2,639.9
974.3
541.1
7,815.5
1,233.2
850.5
1,525.0
1,106.6
596.7
7,255.2
1,313.7
832.3
782.3
1,708.7
1,374.3
6802
6,687.7
1,424.4
1,082.7
736.3
1,820.7
507.7
149.0
460.2
161.9
482.9
174.8
336.8
2,573.8
343.0
2,945.7
476.1
149.5
397.5
2,572.6
1,885.5
336.0
1,040.1
4,057.2
75.4
2,011.0
4,579.1
5,756.9
17,484.3
5,628.5
1,9982
386.8
1,157.4
4,340.1
68.4
2,064.9
4,930.3
5,902.2
17,5032
5,510.4
1,952.8
4162
1,132.3
4,926.6
74.9
2,004.8
4,876.5
6,198.7
16,741.0
5,286.6
1,862.6
368.8
1,120.6
4,337.4
69.0
1,952.7
4,552.0
6,598.8
17,157.6
5,427.0
-3,985.6 -3,861.4 -7,775.9 -7,440.0 -6,997.4 -9,005.9
-4,790.3 -3,789.1 -5,949.2 -6,530.1 -6,934.3 -£,728.3
797.5
7,190.0
1,370.6
833.2
895.9
1,876.5
3,1612
670.6
MERCHANDISE TRADE BALANCE *
[Millions of dollars]
Trade balance:
Not seasonally adjusted
Seasonally adjusted
-109,399.3 -101,7182 -12,084.5 -10,528.9 -6,211.1
-9,896.8
-9,536.4
-6,324.6
-7,0172
-7,3762
-4,332.7
-5,504.0
-1,873.2
-4,069.7
-3,418.6
-4,507.0
-6.56
32.07
38.63
-6.28
31.03
37.32
-3.97
31.14
35.10
^-5.42
'31.42
'36.85
'-4.47
'31.07
'35.53
'-3.33
'31.55
'34.89
'-4.02
'33.04
'37.05
[Billions of 1987 dollars]
Seasonally adjusted:
Trade balance
Exports
Imports
See footnotes at end of tables.
-103.67
338.00
441.67
-85.24
366.80
452.04
'-4.37
'32.82
'3720
'-3.62
'32.60
'36.22
'-5.70
'33.00
'38.70
'-6.11
'32.32
'38.42
'-6.34
'33.17
'39.51
-5.78
34.47
40.25
Nov.
SURVEY OF CURRENT BUSINESS
S-18
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1989
December 1991
1990
1990
1991
Nov.
Oct.
Dec.
Jan.
Feb.
|
Mar.
|
Apr.
May
|
June
July
Aug.
Sept.
Oct. 1 Nov.
FOREIGN TRADE OF THE UNITED STATES-Continued
Export and Import Price Indexes *
[1985=100]
All exports
Agricultural exports
Nonagricultural exports
112.8
114.3
112.9
113.8
108.8
114.9
115.0
104.8
117.0
115.2
104.4
117.3
114.9
104.4
116.9
115.3
105.9
117.1
115.2
106.3
116.9
115.1
106.5
116.7
115.1
107.8
116.4
114.8
108.1
116.0
114.7
107.9
116.0
113.9
103.8
115.7
114.3
107.1
115.5
114.2
105.8
115.6
114.9
109.5
115.8
All imports
Petroleum imports
Nonpetroleum imports
119.4
70.9
128.0
123.2
87.4
129.5
130.1
126.3
130.8
129.4
119.5
131.1
128.8
110.9
132.0
127.1
99.1
132.1
124.6
80.6
132.5
124.5
77.2
132.9
123.5
76.2
132.0
123.3
75.7
131.7
122.4
73.2
131.1
121.6
71.9
130.5
122.0
74.8
130.4
122.4
75.9
130.7
123.1
77.2
131.3
Waterborne trade:
Exports (incl. reexports):
Shipping weight, thous. metric tons
Value, mil. $
381,099
143,184
372,052
150,737
30,134
13,383
32,540
13,275
29,766
13,119
29,565
13,124
33,395
13,474
32,963
14,232
28,757
13,861
33,299
14,061
12,657
32,275
13,163
General imports:
Shipping weight, thous. metric tons
Value, mil. $
493,864
270,633
495,239
283,392
43,776
28,009
37,951
24,901
33,830
22,318
36,184
23,751
31,002
20,615
32,371
20,668
37,168
21,545
41,880
21,876
38,454
21,875
41,033
23,556
3520
632
4,451
37.47
63.4
4,729
40.84
66.7
5,101
44.03
68.0
5,426
46.75
712
5,728
31.63
412
106
33.05
439
115
12.41
466
38
13.70
458
42
1922
192.6
Shipping Weight and Value
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers
Certificated route carriers:
Passenger-miles (revenue), billions
Passenger-load factor, percent,
Ton-miles (revenue), total, millions
432.71
632
55,458
Operating revenues (quarterly), mil $ §
Passenger revenues, mil $
Cargo revenues, mil. $
Mail revenues, mil. $
Operating expenses (quarterly), mil. $ §
Net income after taxes (quarterly), mil. $ §
457.92
62.4
58,395
67,413
39
75,967
58,426
5,435
970
77,881
-3,994
329.98
4,916
1,415
34022
5,076
1,490
54,314
52,460
304
57,991
59,004
-3,440
102.74
5,359
464
117.70
5,524
14,911
14,954
-265
17,976
18,878
-554
8,195
8,962
100
'19,750
100
21,810
'355
442
'175
172
168.5
174.9
53,796
6,893
955
Domestic operations:
Passenger-miles (revenue), billions
Cargo ton-miles, millions
Mail ton-miles, millions
Operating revenues (quarterly), mil. $ § .
Operating expenses (quarterly), mil. $ §
Net income after taxes (quarterly), mil. $ §
International operations:
Passenger-miles (revenue), billions
Cargo ton-miles, millions
Mail ton-miles, millions
Operating revenues (quarterly), mil. $ §
Operating expenses (quarterly), mil. $ §
Net income after taxes (quarterly), mil. $ §
514
37.80
60.2
4,943
34.79
58.9
4,608
36.18
59.6
4,710
33.50
56.9
4,242
28.52
56.2
3,700
19,116
14,293
17,518
12,873
1,505
1,277
229
282
21,488
-3,647
2825
468
128
26.64
440
128
25.21
369
129
27.10
403
178
27.37
387
110
27.16
399
112
23.25
349
95
27.80
419
115
828
358
37
9.08
445
67
14,069
166
7.13
423
5.27
372
32
4,659
5,456
-632
29.58
424
108
14,289
13,506
14,254
-747
14,456
8.15
508
53
19,019
14,458
1,311
224
18,921
356
18,903
-1,339
16,032
-3,015
9.55
523
45
34.28
59.8
4,402
7.83
397
37
9.67
410
11.26
446
4,729
4,853
191
4,012
4,649
Urban Transit Industry
Passengers carried, total, millions t t
Motor Carriers
Carriers of property, large, class I, qtrly.:
Number of reporting carriers, number
Operating revenues, total, mil. $
Net income, after extraordinary and prior period charges and
credits, mil. $
Tonnage hauled (revenue), common and contract carrier
service, mil. tons
Freight carried—volume indexes, class I and II intercity truck
tonnage (ATA):
Common carriers o! general freight, seas, adj., 1967=100 it
817
755
737
712
177.3
734
163.2
678
100
5,446
100
5,030
100
5,762
182.6
725
760
180.3
180.1
176.9
172.9
192.7
Class I Railroads +
Financial operations, quarterly (AAR), excluding Amtrak:
Operating revenues, total, mil. $ #
Freight, mil. $
Passenger, excl. Amtrak, mil. $
Operating expenses, mil. $
Net railway operating income, mil. $
Ordinary income, mil. $ t
'27,956
1
'27,059
'27,616
'94
91
'2,010
'24,736
'2,676
'1,953
1,013.8
106.4
1,034.9
107.5
'25,038
1,896
Traffic:
Revenue ton-miles, qtrly. (AAR), billions
Producer Price Index, line haul operations, 12/84=100
28,516
108.3
7,098
6,778
6,554
23
6,842
6,617
24
6,242
491
529
6,188
380
430
6,659
155
76
108.5
258.8
108.5
108.6
254
109.5
108.9
109.5
109.6
'266.0
109.5
251.7
109.5
2
85.7
2
100.1
109.4
Travel
Lodging industry:
Restaurant sales index, same month 1967=100
Hotels: Average room sale, dollars 0
Rooms occupied, % of total
Motor hotels: Average room sale, dollars 0
Rooms occupied, % of total
Economy hotels: Average room sale, dollars 0
Rooms occupied, % of total
245
87.77
68
46.97
66
38.57
66
Foreign travel:
U.S. citizens: Arrivals (quarterly), thousands
Departures (quarterly), thousands
Aliens: Arrivals (quarterly), thousands
Departures (quarterly), thousands
Passports issued, thousands
18,120
' 17,603
'15,099
M 3,550
3,691
'19,505
'19,022
'16,908
'15,024
3,689
228
196
4,128
4,335
4,091
3,726
174
National parks, recreation visits, thousands ## .
56,422
56,948
4,453
2,413
1,390
See footnotes at end of tables.
;
2
2
2
2
2
2
2
2
2
1,452
1,157
1,180
2
1,261
237
-1,457
978
959
876
2
790
198
'1,730
1,328
1286
1,230
2
966
268
'2,14
2
1,362
1,334
1,198
1,091
351
335
329
315
249
"3,192
'5,179
' 7,719
"11,028
'11,008
2
2
2
249
'6,944
293
5,29"
359
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1989
|
S-19
1991
1990
1990
Oct.
Nov.
|
Dec.
J a
,
|
Feb.
|
Mar.
Apr.
May
July
Aug.
Sept.
TRANSPORTATION AND COMMUNICATION-Continued
COMMUNICATION
Telephone carriers:
Operating revenues mil $#
Station revenues, mil. $
,
Tolls message mil $
Operating expenses (excluding taxes) mil $
Net operating income (after taxes), mil. $
Access lines millions
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
(Thousands of short tons, unless otherwise indicated]
Production:
Aluminum sulfate, commercial (17% AI2O3)
Chlorine gas (100% Cl2)
Hydrochloric acid (100% HCI) ...
Phosphorus, elemental
Sodium hydroxide (100% NaOH)
Sodium silicate, anhydrous
Sodium sulfate (100% Na;S04)
Sodium tripolyphosphate (100% NasPsOio)
Titanium dioxide (composite and pure)
1,244
11,413
3,177
353
10,492
873
755
580
1,110
1,208
10,943
2,341
356
11,688
879
733
532
1,079
107
926
195
31
987
79
63
44
81
903
191
31
971
78
63
46
79
Sulfur, native (Frasch) and recovered
Production, thous. metric tons ...
Stocks (producers') end of period, thous. metric tons
10,398
1,302
10,255
1,422
1,381
1,371
1,422
Production:
Ammonia, synthetic anhydrous $
Ammonium nitrate, original solution $
Ammonium sulfate $
Nitric acid (100% HNO,) $
Nitrogen solutions (100% N) $
Phosphoric acid (100% P2O5) $
Sulfuric acid (100% H2SO4) i
16,362
7,871
2,347
8,349
2,913
11,737
43,301
16,958
7,107
2,495
7,749
2,853
12,175
44,281
1,418
566
191
633
235
1,037
3,655
1,427
602
193
656
238
1,037
1,471
610
214
639
265
1.063
3,784
Superphosphate and other phosphatic fertilizers (gross weight):
Production
Stocks, end of period
Potash, sales (K26)
18,128
942
5,745
18,887
738
5,700
1,667
663
418
1,631
784
441
1,700
738
549
Imports:
Ammonium nitrate, thous. metric tons
Ammonium sulfate, thous. metric tons
Potassium chloride, thous. metric tons
Sodium nitrate, thous. metric tons
4
307
"5,498
4
150
5,445
145,544
744,068
460,684
5,207
147,840
749,525
462,293
527
12,424
63,972
39,622
12,670
62,187
295
12,970
64,144
39,378
' 10.2
1
132.3
'2,673.2
293.3
'3,704.5
'416.1
' 12.8
1
124.3
'2,908.5
286.5
'3,622.2
'426.7
93
958
196
28
1,027
74
74
43
299
2,715
642
80
2,946
211
171
118
*278
«2,795
tf
3,013
d
216
6
236
<*132
'272
86t
1,521
1,581
776
1,474
800
1,481
813
1,425
837
1,460
770
1,250
765
1,467
Inorganic Fertilizer Materials
[Thousands of short tons, unless otherwise indicated]
r
fi
602
4,813
tf
692
414
327
4,236
1,735
537
1,894
743
3,120
11,525
4,419
1,903
592
" 1,936
829
'•3,048
' 10,610
"4,245
6
1,902
tf
558
6
1,977
«807
'3,036
6
10,778
740
735
4,813
620
227
236
687
346
Industrial Gases
[Millions of cubic feat]
Production:
Acetylene
Hydrogen (high and low purity)
Nitrogen (high and low purity)
Oxygen (high and low purity)
'1,139
6
34,826
197,977
6
119,221
6
1,122
33,913
198,737
118,525
Organic Chemicals §
[Thousands of metric tons, unless otherwise indicated]
Production:
Acetylsalicylic acid (aspirin)
Ethyl acetate
Formaldehyde (37% HCHO)
Glycerin, refined, all grades, mil. Ib.
Methanol, synthetic
Phthalic anhydride
25.9
ALCOHOL
Ethyl alcohol and spirits:
Production, mil. tax gal.
Stocks, end of period, mil. tax gal.
960.1
54.3
93.1
29.5
Denatured alcohol:
Production, mil. wine gal.
Consumption (withdrawals), mil. wine gal.
For fuel use, mil. wine gal.
Stocks, end of period, mil. wine gal.
514.3
502.2
200.5
24.5
51.9
See footnotes at end of tables.
22.2
15.1
25.7
3.3
33.0
738.5
21.6
923.7
96.3
()
31.8
644.2
79.7
839.8
96.7
-704.8
-71.6
1,107.3
96.5
721.0
84.3
Oct.
[ Nov.
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated in footnotes below, data through
1988 and methodological notes are as shown in BUSINESS
STATISTICS, 1961-88
Annual
1989
|
December 1991
1990
1990
Oct.
Nov.
1991
Dec.
Jan.
|
Feb.
Mar.
Apr.
May
June
I
July
Aug.
1 Sept.
CHEMICALS AND ALLIED PRODUCTS-Continued
PLASTICS AND RESIN MATERIALS
[Thousands of metric tons]
Production:
Phenolic resins
Polyethylene and copolymers
Polypropylene
Polystyrene and copolymers
Polyvinyl chloride and copolymers
r
8336
7,318.8
3,039.3
2
3,591.4
1
4,002.6
1
1
1
8,550.5
' 3,524.7
2,277.8
874.6
2,0287
822 0
'4,112.9
1,003.1
9417
730.9
301.0
266.6
163.3
^2,498.4
r4
992.3
"960.0
"546.2
' i , 908.6
' 830.7
1,775.8
885.8
r
1,079.8
1,165.7
'3,158.7
'1,3895
'1,093.4
'676.1
3,122.9
1,336.4
1,093.4
693.1
PAINTS, VARNISH, AND LACQUER $
[Millions of dollars)
Total shipments
Architectural coatings
Product coatings (OEM)
Special Duroose coatinas
. . .
11,238.9
4,525.3
4,220.1
2,493.5
11,761.6
4,862.1
4,110.5
2,789.1
1,046.8
399.3
394.1
253.3
854.9
332.2
322.8
199.9
ELECTRIC POWER AND GAS
ELECTRIC POWER
(Millions of kilowatt-hours, unless otherwise indicated]
Production:
Electric utilities, total
By fuels
By waterpower
224,794
206,188
18,605
247,984
222,314
25,671
2,784,304
2,519,241
265,063
2,807,058
2,527,219
279,839
2,616,251
718,014
905,225
5,307
899,573
14,548
69,259
4,324
2,623,733
722,375
907,925
5,335
897,937
14,731
71,084
4,346
645,103
178,287
229,732
1,374
213,085
3,954
17,739
931
177,096
219,440
1,436
242,236
4,147
18,224
649,177
182,995
230,832
1,324
210,302
3,543
19,338
843
745,612
209,303
241,455
1,312
268,941
3,465
20,185
950
169,117
170,583
42,059
43,315
43,874
53,094
Customers, end of period, total, thousands @
Residential
Commercial
Industrial @
Other .
53,583
49,190
4,177
167
54,388
49,912
4,261
167
54,388
49,912
4,261
167
48
Sales to customers, total, tril. Btu
Residential
Commercial
Industrial
Electric generation
Other .
10,551
4,798
2,323
1,962
1,280
188
9,846
4,394
2,192
1,997
1,075
188
2,690
1,259
615
560
203
54
Revenue from sales to customers, total, mil. $
Residential
Commercial
Industrial
Electric generation
Other
47,493
26,172
11,077
6,211
3,449
584
44,672
24,658
10,462
6,064
12,230
6,901
2,901
1,709
554
165
Sales to ultimate customers, total (Edison Electric Institute)
Commercial §
Industrial §
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental
Revenue from sales to ultimate customers (Edison Electric
Institute), mil. $
213,596
193,603
237,257
213,305
23,952
210,496
188,579
21,918
221,117
195,297
25,820
208,936
183,249
25.687
233,991
205,535
28,457
248,165
222,332
25,832
271,492
247,242
24,250
271,492
245,954
21,744
GAS0
Total utility gas, quarterly (American Gas Association):
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production, mil. bbl.
Taxable withdrawals, mil. bbl.
Stocks, end of period, mil. bbl.
Distilled spirits (total):
Production, mil. tax gal.
Consumption, apparent, for beverage purposes, mil. wine
gai,
Stocks, end of period, mil. tax gal.
Imports, mil. proof liters
Whisky:
Production, mil. tax gal.
Stocks, end of period, mil. tax gal.
Imports, mil. proof liters
199.14
179.50
14.60
203.63
185.56
12.67
16.62
15.77
13.87
374.41
31.10
365.91
112.89
371.46
426.67
3
368.54
3
15.44
14.54
13.34
13.97
13.22
12.67
16.27
13.80
13.54
15.17
13.11
14.11
16.08
14.40
14.15
17.23
14.82
15.01
18.90
16.77
14.91
36.71
48.14
24.72
21.97
26.07
28.36
28.79
19.16
16.93
14.99
17.88
14.96
13.65
7.84
309.69
77.88
368.85
223.97
Wines and distilling materials:
Effervescent wines:
Production, mil. wine gal.
Taxable withdrawals, mil. wine gal.
Stocks, end of period, mil. wine gal.
Imports, mil. liters
29.76
26.95
222.62
3
54.96
26.35
25.50
231.72
2.88
4.54
19.77
2.85
4.25
18.30
1.79
2.29
17.59
2.96
.88
16.99
1.21
.92
17.60
1.12
1.08
20.48
1.10
1.43
18.56
.13
1.91
19.64
.74
1.69
17.48
2.59
1.10
18.81
2.87
1.63
20.24
2.59
2.88
20.46
Still wines:
Production, mil. wine gal.
Taxable withdrawals, mil. wine gal.
Stocks, end of period, mil. wine gal.
Imports, mil. liters
408.16
413.17
6,305.38
J
242.05
427.15
417.25
6,452.54
110.18
34.99
578.33
42.25
35.00
575.84
18.63
38.43
576.36
6.45
27.41
550.40
3.36
26.98
530.26
4.54
31.93
515.16
4.18
34.01
522.56
3.23
33.23
518.21
1.68
32.98
524.02
1.41
30.16
394.36
9.34
31.29
415.34
128.30
30.22
518.66
114.11
108.07
29.52
12.23
5.21
3.51
7.30
4.52
2.75
3.36
Distilling materials produced at wineries, mil. wine gal.
See footnotes at end of taoles.
3.39
32.35
Oct. 1 Nov.
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1989
S-21
1991
1990
1990
Oct.
Nov.
Dec.
Jan.
|
Feb.
|
Mar.
|
Apr.
M,y
June
July
Aug.
Sept.
Oct.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO-Continued
DAIRY PRODUCTS
Butter:
Production (factory), mil. Ib.
Stocks, cola storage, end of period, mil. Ib.
Producer Price Index, 1982=100
Cheese:
Production (factory), total, mil. Ib.
American whole milk mil Ib
Stocks, cold storage, end of period, mil. Ib.
American whole milk mil Ib
Imports thous metric tons
Price, wholesale, Cheddar, single daisies (Chicago), $per Ib..
1,295.4
256.2
88.0
1,302.2
416.1
71.3
106.7
413.6
70.5
110.1
407.6
70.6
121.2
416.1
70.6
142.1
470.8
67.0
126.3
524.8
67.0
131.6
555.9
67.1
133.7
619.8
67.3
126.0
647.5
67.3
98.3
665.6
68.1
88.9
664.9
r
70.4
85.0
633.2
70.4
84.7
590.3
70.0
105.2
561.6
73.3
5,615.4
2,674.1
328.0
234.8
8
126.6
6,061.2
2,890.8
457.8
347.2
505.9
232.7
445.4
338.4
495.5
233.6
437.3
334.4
522.1
248.2
457.8
347.2
501.7
247.1
473.8
360.8
458.0
222.4
450.0
342.6
521.4
250.0
486.4
380.2
500.7
236.9
509.3
402.4
516.0
247.5
509.3
405.6
505.4
235.2
518.9
411.1
489.9
225.0
511.5
402.9
493.7
224.5
494.1
392.2
476.5
205.8
477.9
374.0
5079
2216
4257
3341
525.1
26.6
*13.8
602.6
58.1
52.0
84.2
50.2
71.7
46.2
58.1
45.1
73.9
46.9
84.5
47.2
86.0
50.6
90.6
46.5
107.1
49.1
109.1
45.1
110.2
48.3
111.1
44.0
95.9
460
66 3
122,531
85,714
13.56
125,714
89,998
13.73
10,223
7,242
13.10
9,998
7,033
12.70
10,467
7,369
11.70
10,663
7,755
11.70
9,948
7,190
11.70
11,097
8,069
11.40
10,906
8,107
13.00
11,228
8,236
11.40
10,573
7,803
11.40
10,472
10,316
9,926
'9,905
11.80
12.30
12.80
r
175.8
874.7
175.1
876.6
12.5
54.9
11.8
68.7
8.9
81.2
8.6
82.6
8.3
77.9
8.3
87.6
9.3
95.1
7.1
101.4
8.8
78.6
9.9
69.8
11.6
56.8
11.0
44.5
12.5
48.9
13.0
49.4
157.1
11.2
114.6
11.6
115.1
11.3
114.8
11.2
114.6
11.2
114.6
9.5
95.5
9.8
88.9
10.4
84.4
10.8
74.4
7.0
67.5
6.3
69.8
6.1
68.7
5.6
48.7
6.u
39.6
.993
.948
.883
.863
.855
.855
.849
.846
.850
.854
.844
.884
.895
.893
.966
101.9
113.4
117.0
Condensed and evaporated milk:
Production, case goods, mil. Ib.
Stocks, manufacturers', case goods, end of period, mil Ib
Exports, thous. metric tons
Fluid milk:
Production on farms, mil. Ib. t
Utilization in manufactured dairy products, mil Ib
Price, wholesale, U.S. average, $ per 100 Ib
Dry milk:
Production:
Dry whole milk, mil. Ib.
Nonfat dry milk (human food), mil. Ib.
Stocks, manufacturers', end of period:
Dry whole milk mil Ib
Nonfat dry milk (human food) mil Ib
Exports, whole and nonfat (human food), thous. metric tons ..
Price, manufacturers' average selling, nonfat dry milk (human
food), $ per Ib
:
8
13.40
73S
"13.70
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye, wheat), mil. bu.
(5)
Barley:
Production (crop estimate), mil. metric tons
Stocks (domestic), end of period, total, mil. metric tons
On farms, mil. metric tons
Off farms, mil. metric tons
Exports, including malt, thous. metric tons §
Producer Price Index, No. 2 feed, Minneapolis, 1982=100
8.800
7.634
4.059
7
3.574
a
1,841.8
117.9
Corn:
Production (croo estimate drain onM mil metric tons
Stocks (domestic), end of period, total, mil. metric tons
On farms mil metric tons
Off farms mil metric tons
Exports, including meal and flour, mil. metric tons
Producer Price Index, No. 2, Chicago, 1982=100
2191 i s
7
179.89
7
119.36
7
60.54
a
56.66
102.4
Oats:
Production (crop estimate), mil. metric tons
Stocks (domestic), end of period, total, mil. metric tons
On farms, mil. metric tons
Off farms mil metric tons
Exports, including oatmeal, metric tons
Producer Price Index, No. 2, Minneapolis, 1982=100
Rice:
Production (crop estimate), mil. metric tons
Southern States mills:
Receipts, rough, from producers, mil. Ib.
Shipments from mills, milled rice, mil. Ib.
Stocks, domestic, rough and cleaned (cleaned basis), end
of period mil Ib
Exports thous metric tons
Producer Price Index, medium grain, milled, 1982=100
2
2
7
7
2
5.423
1.427
tf
.87O
«.557
*58,387
107.1
6
2
See footnotes at end of tables.
6.656
3.841
2.816
7
117.0
2
110.2
201 51
176i29
123.80
7
52.49
7
107.1
108.7
176.29
123.80
52.49
7
100.9
i if 3.9
90.8
89.9
112.8
4
112.8
110.7
93.7
95.3
101.9
76.1
98.4
102.0
•25.184
'2.278
'1.203
6
1.075
2
112.3
107.1
94.0
3
76 00
*44.58
'31.42
121.65
77.84
43.80
93.4
9.603
5.933
3.670
'2.948
1.067
'1.881
4.592
2.065
2.527
96.6
38.63
17.56
21.07
95.3
90.2
100.4
97.4
97.1
97.5
76.3
6
2.485
1.341
1.144
6
tf
68.4
67.6
68.2
63.9
63.4
68.7
69.7
71.6
68.2
65.5
74.0
71.1
74.5
289
451
712
514
2,871
518
1,457
605
7.027
12,918
8,061
10,351
6,942
2,150
785
828
557
677
586
641
725
935
595
574
554
629
512
340
519
373
525
2,741
3,024
107.9
2,106
2,276
2,271
2,106
1,857
1,870
1,660
1,618
1,334
1,041
729
719
2,027
2,277
102.4
94.0
94.2
94.2
96.1
105.8
110.3
113.4
116.2
117.1
114.5
108.9
109.5
109.6
2
2
63.0
65.2
65.9
74.7
718
71.8
68.9
61.5
70.3
73.3
835
8
Rye:
Production (crop estimate), mil. metric tons
Producer Price Index, No. 2. Minneapolis, 1982=100 ..
Wheat:
Production (crop estimate), total, mil. metric tons
Spring wheat mil metric tons
Winter wheat mil metric tons
Distribution, quarterly, mil. metric tons @
Stocks (domestic), end of period, total, mil. metric tons
On farms mil metric tons
Off farms mil metric tons
Exports, total, including flour, mil. metric tons
wheat only mil bu
7.007
9.119
6.656
3.841
2.816
7
7
.347
69.1
2
2
2
2
2
2
55.43
15.84
39.59
63.98
7
38.71
7
16.11
7
22.60
«37.87
(5)
.256
66.5
74.53
19.19
55.34
62.17
7
51.93
7
20.77
7
31.16
14 01
5193
2077
3116
14.16
37.99
14.50
23.49
1485
"2356
'929
'1428
5555
2253
3301
111.7
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1989
December 1991
1991
1990
1990
Oct.
Dec.
Nov.
Jan.
|
Feb.
Apr.
Mar.
|
June
May
|
Aug.
July
Sept.
|
Nov.
Oct.
FOOD AND KINDRED PRODUCTS; TOBACCO-Continued
GRAIN AND GRAIN PRODUCTS-Continued
Wheat-Continued
Producer Price Indexes:
Hard red winter, No. 1, ord. protein (K.C.), 1982=100
Hard red spring, No. 1, ord. protein (Minn.), 1982=100
109.1
108.7
86.3
91.1
71.9
75.3
70.4
73.8
70.1
73.8
65.6
71.5
682
73.7
74.3
77.7
732
79.1
76.4
80.5
752
79.0
69.1
73.0
77.5
79.5
80.5
84.1
Wheat flour:
Production:
Flour thous sacks (100 Ib)
Millfeed, thous. sh. tons
Grindings of wheat, thous. bu.
Stocks held by mills, end of period, thous. sacks (100 Ib.)
Exports, thous. metric tons
Producer Price Index 6/83=100
342,762
6,072
761,021
6,288
'1,195.53
110.5
359,639
6,255
797,589
8,051
33,678
584
74,938
33,640
579
73,933
29,100
501
64,326
8,051
28,443
520
66,059
29,085
490
64,502
27,362
486
60,428
8,264
29,956
535
66,522
30,625
561
68,686
25,849
469
58,336
8,429
27,673
498
62,378
'30,036
'543
'67,737
29,100
526
66,241
6,558
100.2
91.2
89.4
89.8
88.7
902
92.0
93.0
94.0
93.7
'91.3
94.0
22,144
469
236
.350
23,669
562
306
.310
'2,302
862
625
.270
2,054
582
338
.265
1,794
562
306
.270
2,108
551
301
.290
1,854
606
339
.280
1,895
633
366
295
2,120
688
406
.280
2,191
111
451
.300
2,006
797
503
.305
2,210
877
571
.315
186.8
188.4
16.1
15.9
16.3
16.1
14.7
16.3
15.5
13.1
15.6
12
14
.777
15
15
.760
11
17
.800
16
17
.800
15
15
.831
17
15
.860
9
14
.720
14
14
.858
12
13
.676
15
14
.609
2,100
33,010
1,742
32,391
158
2,877
149
2,622
136
2,380
151
2,808
121
2,407
120
2,443
106
2,673
'74.44
'86.66
248.62
78.89
92.15
80.19
92.14
81.66
93.56
81.28
95.67
79.58
94.21
79.86
95.53
81.41
95.38
86,328
82,901
7,546
7,334
7,140
7,461
6,469
43.91
54.72
58.02
50.17
48.96
51.32
52.31
17.3
22.5
25.9
23.2
21.2
22.0
22.5
5,295
5,469
490
465
449
495
449
546
436
443
388
431
438
456
501
66.06
54.04
52.50
50.42
48.08
47.56
45.81
49.67
54.00
54.45
52.88
55.42
54.31
53.25
51.20
39,418
535
1,301
'1,110
38,606
566
3,498
537
3,273
535
3,080
566
3,427
585
2,954
590
3,083
602
3,285
645
3,291
613
3,060
599
3,252
590
3,426
576
3.307
591
3,708
627
23,319
256
7
568
'682
22,950
306
2,075
273
1,870
283
1,708
306
1,999
308
1,720
277
1,746
283
1,895
272
1,971
241
1,894
254
2,018
279
2,099
265
1,963
282
2,142
302
342
8
357
8
32
8
30
8
30
8
33
c
30
10
36
8
29
30
8
25
28
27
6
29
32
6
15,757
256
'152
'358
15,299
234
1,392
232
1,373
221
1,342
234
1,396
248
1,204
281
1,301
289
1,361
341
1,291
333
1,140
312
1,207
278
1,299
282
1,315
281
89.0
92.7
90.5
932
95.8
100.3
102.6
2,233
929
626
.310
2,040
982
667
.310
2,362
960
646
.305
280
16.2
16.1
15.6
16.3
13
14
.634
13
18
.731
10
16
.713
13
16
.688
16
17
.679
103
2,785
90
2,650
108
2,784
108
2,783
115
2,634
127
2,855
8124
98.52
78.67
97.06
74.53
97.30
72.25
95.81
67.34
90.06
69.18
89.74
70.93
88.60
7,044
7,320
6,948
6,133
6,557
7,098
7,177
8,292
51.92
51.42
54.83
54.79
55.74
51.11
46.76
43.51
38.29
21.5
21.0
22.7
23.7
23.8
22.0
19.8
'19.0
16.7
POULTRY AND EGGS
Poultry:
Slaughter mil Ib.
Stocks, cold storage (frozen), end of period, total, mil. Ib.
Turkeys, mil. Ib.
Price, in Georgia producing area, live broilers, $ per Ib.
Eggs:
Production on farms mil cases §
Stocks, cold storage, end of period:
Shell thous cases §
Frozen mil Ib
Price, wholesale, large (delivered; Chicago), $ per doz
.687
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves thous animals ..
Cattle, thous animals
Prices, wholesale:
Beef steers $ per 100 Ib
Steers, stocker and feeder, $per 100 Ib.
Calves, vealers (So. St. Paul), dollars
Hogs:
Slaughter (federally inspected), thous. animals
Prices:
Wholesale, average, all weights (Sioux City), $per 100 Ib.
Hog-corn price ratio (bu. of corn equal in value to 100 Ib.
five hog)
Sheep and lambs:
Slaughter (federally inspected), thous. animals
Price, wholesale, lambs, avg. (San Angelo, TX),
$per 1001b*
MEATS
Total meats (excluding lard):
Production mil Ib
Stocks, cold storage, end of period, mil. Ib.
Exports (meats and meat preparations), thous. metric tons
Imports (meats and meat preparations), thous. metric tons
Beef and veal:
Production, total, mil. Ib.
Stocks, cold storage, end of period, mil Ib
Exports, thous. metric tons
Imports, tfw/s. metric tons
Price, wholesale, beef, fresh steer carcasses, choice (600-700
lbs.)(Central US.), $perlb
Lamb and mutton:
Production, total, mil. Ib.
Stocks, cold storage, end of penod, mil Ib
Pork (excluding lard):
Production, total, mil. Ib.
Stocks, cold storage, end of penod, mil Ib
Exports, thous. metric tons
Imports, thous. metric tons
Prices:
Producer Price Index, hams and picnics, except canned,
12/88=100*
Fresh loins, 8-14 Ib. average, wholesale (Omaha),
$perlb.*
7
•
1.078
i
1,534
299
99.7
118.6
130.4
131.9
129.5
114.4
117.7
116.7
111.8
110.7
113.2
'114.1
115.6
113.9
1162
1.0111
1.1752
1.1371
.9894
1.0350
1.0767
1.0913
1.1033
1.0481
12048
12349
12173
1.1754
1.0585
1.0087
356
350
314
290
275
308
343
349
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans, imports (including shells), thous. metric
tons
Coffee:
Imports, total, metric tons
Fiom Brazil, metric tons
U S Import Price Index 1985=100
Fish:
Stocks, cold storage, end of period, mil. Ib.
See footnotes at end of tables.
'266.1
'1,162,920
'249,295
69.2
59.3
430
343
577
57.1
342
267
53.2
54.9
312
378
383
114.5
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1989
S-23
1991
1990
1990
Oct.
Nov.
|
Dec.
Jan.
|
Feb.
Mar.
Apr.
May
July
Aug.
Sept.
Oct.
| Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO-Continued
MISCELLANEOUS FOOD PRODUCTS—Continued
Sugar:
Exports raw and refined m@tric tons
Imports, raw and refined, thous. metric tons
Producer Price Indexes:
Raw (cane), 1982=100 . .
Refined, 1982=100
''412,044
'1,542
119.2
122.7
115.5
118.2
119.8
123.0
119.5
122.7
117.9
122.4
113.1
123.2
115.6
123.1
113.3
122.9
113.1
122.0
112.8
121.3
113.5
121.3
'112.9
121.4
114.0
121.3
114.4
121.4
114.2
121.2
114.3
121.0
163.2
162.0
161.6
" 85,257
Tea, imports, metric tons ..
TOBACCO
Leaf:
Production (crop estimate), mil. Ib
Stocks, dealers' and manufacturers', end of period, mil. Ib. ....
Exports, incl. scrap and stems, metric tons
Imports, incl. scrap and stems, metis tons
Manufactured products:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt, millions
Taxable, millions
Cigars (large), taxable, millions
Exports, cigarettes, -millions
1
1
1,367
3,803
"224,382
"180,286
147,495
561,021
2,365
"41,755
1,607
3,674
178,742
523,094
2,233
3,674
19,419
44,009
191
18,791
45,562
210
17,672
34,134
158
3,458
21,007
34,514
152
16,652
39,407
145
3,075
14,689
47,061
163
12,793
40,106
175
14,242
49,266
169
13,328
45,849
219
13,686
44,037
170
16,549
42,337
204
172.6
172.1
172.7
171.7
'167.7
165.7
LEATHER AND PRODUCTS
LEATHER
Exports:
Upper and lining leather thous sq ft
Producer Price Index, leather, 1982=100
170.4
177.6
175.4
174.9
174.7
210,490
201,648
18,221
15,359
12,596
<M7,602
38,684
10,381
3,208
1,770
261
8,808
1,946
1,842
291
«28 436
<J
9,473
tf
4,047
«895
34 082
6177
4,071
602
137.3
121.9
110.9
138.0
121.9
110.7
174.3
173.7
LEATHER MANUFACTURES
Footwear:
Production, total, thcus pairs
Shoes, sandals, and play shoes, except athletic, thous.
pairs
Slippers thous pairs
Athletic, thous. pairs
Other footwear thous pairs
57,534
41,184
3,680
3,405
127.5
116.2
110.0
135.8
120.9
113.4
Exports, thous. pairs
Producer Price Indexes:
Men's leather upper, dress and casual, 1982=100
Women's leather upper, 1982=100
Women's plastic upper, 1982=100
R
137.3
121.7
113.9
138.3
121.3
110.7
•
••141.4
140.3
122.3
110.7
140.3
123.8
113.4
141.0
124.0
113.6
141.4
124.1
115.6
141.4
124.2
116.9
'124.6
'116.8
141.7
124.8
116.9
141.7
124.8
116.9
140.8
124.8
116.9
141.5
124.5
116.9
LUMBER AND PRODUCTS
LUMBER-ALL TYPES #
[Millions of board feet, unless otherwise indicated}
National Forest Products Association:
Production total
Hardwoods
Softwoods
2
2
2
2
Shipments, total
Hardwoods
Softwoods
2
2
Stocks (gross), mill, end of penod, total
Hardwoods
Softwoods
58,749
10,869
47,880
2
49,003
11,347
37,656
2
4,898
Exports, total sawmill products
Imports, total sawmill products, thous cubic meters
54,638
2
9,480
45,159
4,015
961
3,054
3,412
857
2,555
2,914
736
2,178
3,534
851
2,683
3,410
810
2,600
3,661
838
2,823
3.958
880
3,078
3,837
916
2,921
3,762
803
2,959
3,664
846
2,818
'3,808
863
'2,945
3,645
825
2,820
46,083
10,102
35,981
3,890
846
3,044
3,357
789
2,568
2,873
624
2,249
3,240
755
2,485
3,301
711
2,590
3,617
791
2,826
4,037
855
3,182
4,028
876
3,152
3,764
761
3,003
3,412
775
2,637
'3,926
890
'3,036
3,638
813
2,825
4,734
4,834
4,809
4,734
4,925
4,949
4,946
4,849
4,600
4,699
4,684
4,793
4,786
8,749
452
8,751
8,798
772
673
431
704
714
820
596
432
590
595
815
547
452
484
527
772
613
437
671
628
815
643
434
656
646
825
829
556
722
707
840
665
607
803
814
829
797
586
737
818
748
680
532
700
734
714
579
475
673
636
751
709
443
707
741
717
695
445
678
693
702
705
465
710
685
727
138.0
126.8
125.3
127.8
129.4
128.0
125.7
129.9
144.4
167.0
'161.6
130.7
131.1
140.6
2
2
2
"64,355
SOFTWOODS
[Millions of board feet, unless otherwise indicated]
Douglas fir:
Orders new
.
.
.
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of period
Exports, total sawmill products, thous. cubic meters
Sawed timber thous cubic meters
Boards, planks, scantlings, etc., thous. cubic meters
Producer Price Index, Douglas fir, dressed, 1982=100
See footnotes at end of tables.
....
9,552
501
9,620
9,687
809
"2,781
"335
"2,450
151.6
140.1
SURVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
Annual
1989
1961-88
|
December 1991
1991
1990
1990
Oct.
|
Nov.
Dec.
Jan.
|
Feb.
|
Mar.
|
Apr.
|
U ay
|
June
July
|
A jg.
|
Sept.
Oct.
[Nov.
LUMBER AND PRODUCTS-Contlnued
SOFFWOODS-Contlnued
[Millions of board feet, unless otherwise indicated}
Southern pine:
Orders, new
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill and concentration yards, end of period
Exports, total sawmill products, cubic meters
Producer Price Index, southern pine, dressed, 1982=100 ..
Western pine:
Orders, new
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of period
Producer Price Index, other softwood, dressed, 1982=100
'12,366
633
'12,544
' 12,567
2,049
!
1,206,526
108.0
'12,827
697
'12,911
'12,763
2,197
1,181
687
1,147
1,136
2,135
653
947
929
2,143
867
815
2,197
855
665
950
892
2,242
979
677
924
961
2,219
1,147
756
1,024
1,065
2,177
1,059
696
1,102
1,124
2,164
1,275
821
1,071
1,146
2,080
1,123
1,101
2,090
641
1,021
950
1,973
111.0
104.0
104.7
102.8
103.9
100.3
103.6
110.0
110.8
122.5
' 124.5
11,143
506
11,229
11,174
1,402
10,582
483
10,452
10,605
1,211
611
663
1,211
119.0
701
472
764
712
1,263
119.6
835
548
788
757
1,323
916
582
849
882
1,290
933
649
826
866
1,250
760
550
835
859
1,226
772
545
848
777
1,304
126.3
712
454
752
768
1,263
119.8
711
470
742
713
1,292
127.1
872
510
873
865
1,279
120.9
119.5
122.3
125.6
131.5
142.6
144.0
9.5
206.5
7.6
8.3
205.3
10.0
8.2
17.1
9.3
9.2
15.2
9.6
8.3
14.2
10.0
8.2
14.3
12.2
8.1
15.1
11.4
9.5
18.7
10.0
9.7
17.1
10.7
16.4
11.1
9.8
17.9
10.9
r
"1,091
2,122
1,034
678
1,004
1,023
2,102
112.2
109.5
108.9
529
914
915
1,303
133.2
873
544
876
858
1,321
130.0
554
840
878
1,283
129.3
11.0
13.8
10.1
11.5
17.3
9.9
13.1
18.0
8.9
13.1
18.6
8.4
•"1,113
666
HARDWOOD FLOORING
{Millions of board feet]
Oak:
Orders, unfitted, end of period
Shipments
Stocks (gross), mill, end of period
.....
METALS AND MANUFACTURES
IRON AND STEEL
[Thousands of short tons]
Exports:
Steel mill products
Scrap
Pig jron
,
„
Imports:
Steel mill products
732
1
851
1
863
1
862
1
1252
(3)
772
1,260
2
627
857
2
495
723
1
606
585
2
1.552
160
28
1,655
81
56
1,291
92
70
1,231
87
1,571
83
56
1,367
102
11
1,080
89
15
1,395
114
30
1,032
101
1,152
105
25
1,821
3,251
5,050
3,978
1,636
2,828
4,614
1,801
2,974
4,947
1,599
2,804
4,458
3,978
2,991
4,679
4,102
1,701
3,037
4,795
4,036
1,674
2,992
4,714
4,036
105.63
103.17
103.06
100.74
9723
9624
93.28
87.56
85.81
88.79
90.22
5,140
2,010
3,677
4,540
2,075
4,646
5,452
1,350
4,451
2,269
4,274
1,585
397
4,135
1,897
503
4,754
5,264
834
4,846
5,678
1,485
5,070
5,548
73,797
73,681
3,199
22,978
4,795
15,910
2,273
7,521
6,353
85
22,027
6,398
14,11.6
1,513
6,923
6,075
151
22,042
5,535
14,969
1,538
6,347
5,436
24
22,978
4,795
15,910
2,273
3,220
5.296
11
22,572
6,493
13,820
2,259
1,831
4,475
2,615
5,296
6,624
4,971
6,765
5,514
6,617
5,564
7,075
5,579
22,218
9,182
11,174
1,862
21,316
11,421
8,493
1,402
5,096
4,830
401
20,757
10,910
8,749
"23"i74
9,604
11,732
1,838
13,044
1,765
14,098
1,926
15,768
2284
54,925
50,019
130
4,673
4,305
176
4,523
4,120
165
4,264
3,807
130
4,077
3,808
149
3,470
3.354
125
4,047
3,867
129
3,830
4,179
4,121
4,175
4,303
12,765
16
425
1,232
1
17,321
1,120
17,162
1,424
383
1,513
170
31
23,014
41,671
65,507
4,213
23,083
39,624
63,705
1,940
3,454
5,340
3,789
105.61
105.46
59,032
58,299
19,596
55,468
55,266
18,054
71,156
73,059
5,365
22,476
4,575
15,730
2,171
55,873
51,106
275
Pig iron
494
412
826
1
4,578
13,305
12
iron and Steel Scrap
[Thousands of metric tons, unless otherwise indicated]
Production
Receipts, net
Consumption
Stocks, end of period
Composite price, No. 1 heavy melting scrap:
American Metal Market, $ per metric ton
Ore
[Thousands of metric tons]
Iron ore (operations in all U.S. districts):
Mine production
Shipments from mines
Imports
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
Consumption at iron and steel plants
Exports (domestic)
Stocks, total, end of period
At mines
At furnace yards
At U.S. docks
5,083
541
21,756
10,078
10,067
1,611
Manganese (manganese content), general imports
Pig Iron and Iron Products
[Thousands of short tons, unless otherwise indicated]
Pig iron:
Production (including production of ferroalloys)
Consumption, thous. metric tons
Stocks, end of period, thous. metric tons
Castings, gray and ductile iron:
Shipments, total
For sale
Castings, malleable iron:
Shipments, total
For sale
See footnotes at end of iaMes.
7,490
5,323
283
129
3,830
3,573
134
3,885
3,61"
152
4,251
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1989
S-25
1990
1990
Oct.
Nov.
1991
| Dec.
Jan.
|
Feb.
Mar
Apr.
May
Aug.
Sept.
Oct.
METALS AND MANUFACTURES-Continued
Steel, Raw and Semifinished
[Thousands of short tons, unless otherwise specified]
Steel (raw):
Production
Rate of capability utilization, percent
Steel castings:
Shipments, total
For sale, total
Steel Mill Products
[Thousands of short tons]
Steel products, net shipments:
Total (all grades)
By jxoduct:
Semifinished products
Structural shapes (heavy), steel piling
Plates
Rails and accessories
Bars and tool steel, total
Bars: Hot rolled (including light shapes)
Bars: Reinforcing
Bars: Cold finished
Pipe and tubing
Wire-drawn and/or rolled
Tin mill products ....
Sheets and strip (including electrical), total
Sheets: Hot rolled
Sheets: Cold rolled
By market (quarterly):
Service centers and distributors
Construction, incl. maintenance
Contractors' products
Automotive
Rail transportation
Machinery, industrial equipment, tools .........
Containers, packaging, ship, materials
Other
(Millions of short tons]
Producing steel mills, inventory, end of period:
Total
.
Steel in process
Finished steel
Steel service centers (warehouses), inventory, end of period
1
98,015
84.0
8,424
85.1
8,021
83.8
7,422
75.0
7,577
74.6
6,705
73.1
7,283
71.7
7,089
72.5
7,076
70.0
7,017
71.7
7,338
74.8
7,386
75.2
7,457
78.5
84,100
84,981
7,643
6,937
6,187
6,786
6,039
5,966
6,450
6,762
6,623
6,420
6,954
6,747
6,236
5,355
6,313
548
532
660
46
546
494
446
474
586
37
1,006
562
355
533
506
675
550
470
551
52
1,051
586
349
112
527
452
548
58
979
540
329
107
424
75
298
2,605
986
791
550
465
590
52
1,111
603
392
111
411
82
342
2,846
974
922
618
41
1,110
572
425
110
428
77
365
3,059
1,113
936
647
421
583
32
1,077
549
420
104
383
73
336
3,071
1,145
924
584
479
565
21
1,097
560
434
642
520
568
21
1,154
550
486
543
17
1,162
594
450
115
360
69
97,943
84.5
1,137
1,122
7,384
562
6,093
7,945
519
14,727
7,878
5,305
1,314
739
438
132
452
79
1,107
660
317
125
414
69
335
3,105
1,151
14,171
7,617
5,015
1,472
4,011
1,002
4,126
41,261
12,898
13,854
4,652
918
4,032
39,784
13,388
13,199
6,861
2,863
11,180
1,096
2,162
4,458
37,488
18,250
7,391
2,793
10,444
901
2,104
4,474
38,378
13.0
7.9
5.1
6.9
14.0
8.1
5.9
6.7
13.5
7.9
5.6
13.7
5.8
6.5
14.0
8.1
5.9
6.7
13.6
7.9
5.7
6.7
13.7
7.9
5.8
6.9
13.8
8.2
5.6
6.6
13.8
8.4
5.4
6.4
13.5
8.2
5.3
6.2
4,030
2,054
4,048
2,393
347
172
337
155
347
152
349
174
317
155
352
180
340
196
^923.0
3
340.4
340.3
30.9
58.7
30.6
23.1
79.5
23.9
79.4
23.3
84.3
23.2
* 593.1
•» 446.2
.8784
679.8
437.7
.7404
59.6
39.7
.8223
62.2
33.8
.7252
76.0
24.9
.6975
61.1
34.8
.6875
54.8
35.5
.6813
15,468
12,304
7,612
2,200
14,757
11,960
7,514
1,247
1,031
647
1,098
909
576
1,120
844
574
1,179
941
586
4,016
4,013
4,119
4,028
4,013
1,497.8
1,476.8
1,587.2
1,576.6
141.9
140.1
139.9
132.3
1,164.9
1,183.2
105.5
311.9
479.9
393.5
' 440.8
34.5
34.3
•* 457.7
300.1
"441.3
"261.7
360
3,653
1,197
1,218
682
398
114
386
62
315
3,212
1,068
368
51
406
2,813
1,018
952
67
292
2,608
917
112
402
79
359
3,208
1,162
982
332
75
350
2,918
1,074
906
2
2
366
3,064
1,534
2
614
2202
2
832
2
56
2
134
2
369
2
3,214
13.4
8.2
5.2
6.1
13.6
8.4
5.2
5.9
13.2
7.9
5.3
5.7
343
191
354
186
350
203
88.2
20.2
85.1
20.7
75.9
20.9
97.3
20.8
18.8
46.7
38.1
.6831
82.8
44.8
56.4
48.4
.5932
71.3
48.1
.5775
44.9
80.1
55.4
.5766
1,086
877
561
1,221
940
618
1,211
996
635
1595
1,030
1,271
995
1,376
1,029
673
1,357
1,035
665
4,068
4,169
4,256
4,212
4,135
4,046
3,988
3,942
136.1
134.8
132.1
131.0
126.6
123.9
'138.6
' 132.7
'129.6
' 127.2
152.9
139.6
141.9
121.8
100.5
101.6
101.8
94.2
-92.7
99.8
85.5
31.7
'31.9
33.2
32.0
29.2
'35.0
29.7
'28.8
'34.1
'38.0
'34.5
'39.4
39.8
38.2
36.4
35.7
31.6
18.4
'46.1
20.8
27.1
16.7
38.4
22.7
39.5
27.1
'28.0
21.7
'44.8
30.9
30.4
17.5
31.6
23.6
51.0
21.5
184
74
1.3018
'165
67.6
33.6
175
'104
1.1461
52.0
21.4
'146
'109
1.1501
75.3
37.4
'174
'105
1.1395
402
16.8
'165
'102
1.1313
31.5
197
107
1.0557
23.9
195
4,091
1,629
539
2,047
261
481
1,009
8,701
4,424
1,836
703
2,337
203
467
1,183
9,594
79
4,218
1,711
547
2,379
214
425
1,130
9,235
1,403
2
528
2206
2
113
2
2
336
3,222
1,141
1,003
2
1,476
2
563
2
193
2
892
2
45
2
134
2
353
2
3,090
NONFERROUS METALS AND PRODUCTS
[Thousands of metric tons, unless otherwise specified]
Aluminum:
Production, primary (dom. and foreign ores)
Recovery from scrap
.'
Imports:
Metal and alloys, crude
Plates, sheets, bars, etc
Exports:
Metal and alloys, crude
Plates, sheets, bars, etc
Price, U.S. market, 99.7% purity, monthly average, $ per Ib. .
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.), mil. Ib.
Mill products, total, mil. Ib.
Sheet and plate, mil. Ib.
Castings, mil. Ib
Inventories, total (ingot, mill product;;, and scrap), end of
period, mil. Ib
Copper:
Production:
Mine, recoverable coppar
Refined from primary materials
Electronically refined:
From domestic ores @
From foreign ores
Electrowon
Refined from scrap
Imports, unmanufactured:
Refined, unrefined, scrap (copper cont.)
Refined
Exports:
Refined and scrap
Refined
Consumption, refined (reported by mills, etc.)
Stocks, refined, end of period
Price, avg. U.S. producer cathode, delivered, $ per Ib. §
See footnotes at end of tables.
3
3
J
565.6
130.2
2,203
107
1.3094
'211.2
'2,150
101
1.2316
40.9
17.2
88
1.1976
19.8
'148
101
1.1561
1
336
190
.5575
7,711
78.0
Nov.
SURVEY OF CURRENT BUSINESS
S-26
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1989
|
December 1991
1990
1990
Oct.
|
Nov.
1991
|
Dec.
Jan.
|
Feb.
|
Mar.
|
Apr.
May
|
June
July
|
Aug.
Sept.
|
Oct.
|
Nov.
METALS AND MANUFACTURES-Continued
NONFERROUS METALS AND PRODUCTS-Continued
[Thousands of metric tons, unless otherwise specified]
Copper-base mill and foundry products, shipments (quarterly
total):
Brass mill products, mil. Ib.
Copper wire mill products (copper content), mil. Ib
Brass and bronze foundry products, mil. Ib
Lead:
Production:
Mine, recoverable lead
Recovered from scrap (lead content)
Imports, ore (lead content)
Consumption, total
Stocks, end of period:
Producers', ore, base bullion, and in process (lead
content), ABMS
Refiners' (primary), refined and antimonial (lead content) ..
Consumers' (lead content) 0
Scrap (lead-base, purchased), all smelters (gross weight) .
Price, common grade, delivered, $perlb. @@
:...
Tin:
Imports (for consumption):
Ore (tin content), metric tons
Metal, unwrought, unalloyed, metric tons
Recovery from scrap: total (tin content), metric tons
As metal, metric tons
Consumption, total, metric tons
Primary, metric tons
Exports (metal), metric tons
Stocks, pig (industrial), end of period, metric tons
Price, Straits quality (delivered), $ per Ib.
Zinc:
Mine prod., recoverable zinc
Imports:
Ores (zinc content)
Metal (slab, blocks)
Consumption (recoverable zinc content):
Ores
Scrap, all types
Slab zinc:
Production, total $
Consumption, fabricators
Exports
Stocks, end of period:
Producers', at smelter (ABMS)
Consumers'
Price, high grade, $perlb.
47.5
98.4
7.6
90.8
101.6
59.4
21.3
49.4
12.2
.3330
17.5
48.9
12.8
.3260
73.6
16.2
43.1
11.2
.3203
74.3
15.4
38.0
12.7
.3279
75.7
9.1
35.1
13.4
.3286
1,601
585
1,946
554
2,554
478
2,006
558
2,830
373
3,900
2,900
60
6,677
3.6488
4,100
3,100
11
6,688
3.6075
4,300
3,200
111
6,177
3.6204
4,100
3,100
129
5,993
3.6834
4,200
3,200
145
5,991
3,900
3,000
129
6,348
3.6707
3,173
'522
15
4,100
3,100
71
'6,739
3.6506
45.5
41.9
43.8
45.5
49.4
36.9
43.0
47.5
8.0
50.0
1.0
41.9
1.1
37.0
1.4
39.8
8.1
35.7
10.4
36.0
4.5
39.9
.2
21.1
.2
21.1
2
.2
21.1
2
21.1
21.1
21.1
.2
21.1
.2
21.1
.2
21.1
16.0
73.0
.5
17.2
67.1
2
17.3
80.0
15.0
69.0
.4
16.9
65.9
.4
15.8
67.8
.4
17.7
68.3
.7
15.6
68.8
16.4
73.6
13.6
78.0
4.7
41.7
.6294
4.6
41.6
.6209
3.9
41.5
'.5808
5.3
41
8.5
40.6
.5611
3.9
43.;
.5763
4.7
43.0
4.2
39.3
.4840
3.6
38.1
.4867
2.9
35.5
.4836
101.3
41.6
71.0
4.6
1012
37.8
72.0
7.7
101.3
53.9
25.5
62.8
20.1
.3852
60.3
24.2
62.0
15.8
.3452
63.7
24.3
53.5
13.5
.3323
61.0
27.0
529
11.3
.3334
2,786
594
2,280
439
2,403
560
2,934
4,100
3,100
22
4,762
3.9932
4,200
3,100
10
4,819
3.9440
3,900
2,900
52
4,829
3.7321
4,100
3,000
25
6,337
3.6822
515.4
42.7
40.4
43.6
46.7
631.7
4.8
47.2
4.0
46.5
1.6
40.9
2.1
'251.7
2.4
250.3
.2
21.1
.2
21.1
205.3
'1,060.0
*80
207.8
991.0
5.8
17.9
86.0
.6
4.7
60.
.8206
4.6
41.6
.7459
4.5
41.7
.6754
394.5
84.3
138.1
433.0
89.6
140.3
'474.0
'923.0
98.4
'1,275.2
109.0
104.3
97.3
73.5
15.6
82.7
17.4
.3935
53.9
25.5
62.8
20.1
.4602
52.3
23.7
62.6
24.9
.4616
55.7
22.8
60.4
22.3
.4275
33,988
'15,213
'569
46,371
39,000
'904
6,072
5.2018
33,810
17,275
186
44,363
36,900
658
4,829
3.8629
4,090
600
' 275.9
3
41.1
70.0
36.4
70.7
11.2
92.4
41.1
74.4
7.8
105.3
42.2
77.5
'410.9
'806.6
* 120.8
' 1,283.2
37.4
72.3
35.5
77.3
41.5
79.0
43.5
72.0
74.5
.3339
.3462
79
15
4,000
3,000
6"295
3.6076
3.5862
16.2
15.8
4.5
.4978
MACHINERY AND EQUIPMENT
[Millions of dollars, unless otherwise specified]
Industrial heating equipment, new orders (domestic), qtrly #
Electric processing heating equipment
Fuel-fired processing heating equipment
Materials handling equipment, dollar value bookings index,
1982=100*
Industrial supplies, machinery, and equipment:
New orders index, seas, adj., 1987=100 @
Industrial suppliers distribution:
Sales index, seas, adjusted, 1977=100
Inflation index, not seas. adj. (tools, material handling
equipment, valves, fittings, abrasives, fasteners, metal
products, etc.), 1977=100
Fluid power products shipments indexes:
Hydraulic products, 1985=100
Pneumatic products, 1985=100
Machine tools:
Metal cutting type tools:
Orders, new (net), total
Domestic
Shipments, total
Domestic
Order backlog, end of period
Metal forming type tools:
Orders, new (net), total
Domestic
Shipments, total
Domestic
Order backlog, end of period
See footnotes at end of tables.
88.5
22.3
16.4
129.6
82.4
47.1
28.4
83."
21.3
13.8
162.0
155.6
131.9
130.2
121.4
118.5
' 114.8
' 132.4
'122.3
'140.0
'114.7
132.6
141.4
117.4
121.1
118.8
114.0
112.9
104.9
107.0
107.4
107.0
104.1
108.3
109.8
107.6
109.7
183.6
200.5
205.7
203.2
185.
203.4
218.7
203.3
208.5
216.8
190.8
213.9
216.1
220.5
190.:
194.-
195/
182.0
144
133
'125.;
.3448
191.1
191.8
193.0
193.1
195.2
195.6
196.0
196.5
196.3
141
141
123
130
114
118
131
128
12<
129
130
140
132
138
123
137
120
127
112
120
116
128
121
127
196.3
1,976.35
1,722.80
2,358.60
2,059.20
1,423.3
2,070.30
1,771.95
2,329.60
2,004.45
1,164.0
182.40
166.05
188.80
164.90
1,297.9
136.65
113.10
182.20
160.60
1,252.4
178.10
151.10
266.45
209.95
1,164.0
130.05
107.20
110.80
93.25
1,183.2
186.25
113.80
133.15
109.45
1,236.
153.55
127.20
173.85
148.75
1,216.0
136.45
109.95
145.35
126.55
1,207.2
109.60
96.45
173.85
157.25
1,142.9
130.95
87.70
142.60
104.30
1,1312
145.60
123.25
149.40
137.35
126.40
117.30
137.35
121.85
1,116.5
174.05
150.25
166.80
140.90
1,123.8
156.55
134.60
168.80
146.85
1,111
831.60
719.05
837.00
704.15
380.3
894.40
760.55
970.30
851.10
304.4
85.70
68.10
64.95
57.20
289.9
66.10
48.15
85.25
63.40
270.8
117.70
102.25
84.05
77.20
304.4
69.80
59.80
71.75
61.00
302.-
58.90
51.30
69.00
58.80
292.4
51.90
31.45
103.00
86.05
241.2
57.25
37.30
61.70
47.05
236.8
43.40
35.05
58.00
44.60
222.2
41.95
25.05
69.55
47.15
194.6
47.65
26.90
63.40
35.00
178.8
109.35
87.05
46.00
30.75
242.2
70.75
56.30
49.90
36.05
263.0
68.80
51.35
58.45
48.35
273.<
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1989
|
S-27
1990
1990
Oc,
|
1991
Dec.
Nov.
Feb.
|
Mar.
|
Apr.
May
METALS AND MANUFACTURES-Continued
I *
July
Aug.
Sept.
Oct.
|
Nov.
MACHINERY AND EQUIPMENT-Continued
Tractors used in construction, shipments, qtrly:
Tracklaying (ex shovel loaders) units
Tracklaying (ex shovel loaders) mil $
Wheel (contractors' off-highway) units
Wheel (contractors' off-highway) mil $
Shovel loaders units
'..
Shovel loaders, mil. $
'10,000
'1,163.7
4,237
366.2
'80,277
'2,212.0
3
8,303
1,073.0
3
4,058
3
349.0
3
57,766
3
1,959.6
3
ELECTRICAL EQUIPMENT
[Thousands]
65,187
21,585
Batteries (auto.-type replacement), shipments
Radio sets, production, total market ti
Television sets (incl. combination models), production, total
market U
64,433
'25,254
24,859
21,779
1,772
1,658
1,753
1,318
1,454
Household major appliances, industry shipments #
Air conditioners (room)
Dishwashers
Disposers (food waste)
Microwave ovens'ranges
Ranges
Refrigerators
Freezers
Washers
Dryers, including gas
Vacuum cleaners (atriv)
'46,567
'5,091
'3,668
4,363
'10,598
'3,048
'7,099
'1,219
'6,252
'4,574
11,373
42,739
4,150
3,637
4,137
8,126
2,989
7,101
1,296
6,192
4,320
10,963
3,550
2
345
347
899
318
590
101
535
392
' 3,018
10
280
265
792
'286
494
97
446
339
2,837
82
276
262
688
228
451
100
417
319
2,513
3,362
159
322
362
666
268
483
95
555
418
2,984
185
255
309
565
236
434
75
486
344
2,162
2,167
4,130
1,950
2,167
3,906
216
230
378
192
'205
315
153
167
372
150
190
347
128
159
318
126
193
332
6,692
2,923
6,505
2,075
5,366
1,438
5,163
1,376
4,079
1,345
4,700
1,356
4,932
1,186
1,761
1,267
"1,235
1,397
3,524
496
278
362
511
277
533
100
507
344
2,850
3,605
532
305
282
471
278
606
114
519
344
3,720
613
288
306
509
264
664
109
490
319
3,944
447
304
360
543
275
787
142
546
351
2,405
120
194
346
110
188
319
162
203
315
4,063
1,298
5,265
1261
6,545
1,682
6,962
2,125
6,692
2,213
1,245
1,569
2,009
3,247
63
301
355
548
273
673
138
525
345
2,249
3,324
12
286
459
610
280
666
137
513
351
3,095
1,846
3,384
171
287
294
507
263
774
154
511
347
3,515
22
342
312
739
319
648
118
593
418
3251
31
306
280
854
295
513
106
485
373
157
178
301
196
189
295
238
211
302
239
245
378
226
238
5,541
1,542
GAS EQUIPMENT (RESIDENTIAL)
[Thousands]
Furnaces warm air shipments
Ranges total shipments
Water heaters (storage), automatic, shipments
PETROLEUM, COAL, AND PRODUCTS
COAL
[Thousands of short tons, unless ottserwise specified]
Anthracite:
Production
Exports, thous. metric tons
Producer Price Index, 1982=100
Bituminous and lignite:
Production
3,519
2
677
103.4
3,506
346
105.5
105.3
302
" " " i _
90,999
83,583
90,193
81,631
71,862
71,919
64,652
155,668
153,231
154,051
8,417
97.9
'97.5
97.0
96.6
95.8
96.8
3,527
5,706
3,404
3,537
3,575
3,410
1,646
1,674
2,003
1,720
283
1,742
1,680
1,638
1,622
58.8
425.6
87
562
423.7
90
59.3
432.1
89
60.4
433.7
89
416.
88
220
221
216
226
193
106.6
105.4
105.0
105.0
" 104.7
82,835
85,271
81,311
81,816
78,764
81,578
58,443
9,261
69,321
59,195
9,586
2,985
541
64,394
55,483
8,466
2,675
445
61,298
8,551
2,710
365
65,777
8,583
167,406
173,098
162,804
10,294
3,181
175,696
165,483
10214
3,232
6,275
97.2
9,088
97.1
3,303
1,025,569
93,078
86,461
75,487
86,058
890,559
894,556
771,678
116,154
71,729
60,916
10,189
3,351
624
79,247
68,335
9,852
3,139
1,059
81,734
71,190
9,682
3,031
Stocks, end of period, total
Electric power utilities
Industrial, total
Oven-coke plants
146,087
135,860
10,227
2,864
74,982
64,264
10,303
3,450
413
167,023
3,329
171,834
159,895
11,938
3,260
167,208
155,163
12,045
3,329
160,224
155,191
11,832
3,192
11,488
3,262
163,133
152,202
10,931
3,196
Exports excluding lignite, thous. metric tons
Producer Price Index, 1982=100
2
91,458
95.4
95,984
97.3
7,943
98.1
8,728
98.7
7,088
97.8
5,637
98.4
7,373
98.1
3,130
7,237
97.4
33,015
39,533
28,948
40,332
3,366
3,351
' 7,132
3,502
3,518
3,056
5,967
3,276
1,919
1,918
1,674
244
6,724
214
106.4
206
106.6
980,729
167,208
155,163
12,045
248
105.1
210
106.8
Consumption, total
Electric power utilities
Industrial, total
Coke plants (oven and beehive)
Residential and commercial
117,503
41,369
6,167
217
104.7
179
106.8
148,736
2,566
605
157,031
10,375
2,690
355
171,543
161,410
10,133
3,283
1
COKE
[Thousands of short tons, unless otherwise specified]
Production:
Beehive and oven (byproduct)
Petroleum coke §
Stocks, end of period
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke .,
Exports, thou. metric tons
1,703
216
1,720
1,674
244
1,436
1,430
1,509
1,436
1,426
70.9
4,981.3
87
118.0
405.4
84
97.3
395.6
84
79.3
401.8
83
87.9
400.8
83
6,304.7
6,208.7
496.5
484.7
479.1
2,778.8
586.1
2,684.7
233.8
54.5
221.6
53.0
227.5
52.1
2,283.7
656.2
-15.8
6,634.9
2,325.1
600.8
39.2
6,512.9
172.8
35.4
16.5
554.3
171.0
39.0
-9.3
533.3
51.7
259.5
39.7
272.4
3.2
26.1
4.1
28.4
2
2,093
1,831
263
1,791
1,918
1,043
PETROLEUM AND PRODUCTS
[Millions of barrels, unless otherwise specified]
Crude petroleum:
Producer Price Index, 1982=100
Gross input to crude oil distillation units
Refinery operating ratio, % of capacity
All oils, supply, demand, and stocks:
New supply, total 0
Production:
Crude petroleum
Natural gas plant liquids
Imports:
Crude and unfinished oils
Refined products
Change in stocks, all oils
Product demand, total
Exports:
Crude petroleum
Refined products
See footnotes at end of tables.
56.3
4,959.7
86
60.3
642
370.1
84
54.1
404.4
56.3
502.2
453.0
489.0
497.4
545.9
514.6
568.7
545.4
230.0
53.2
211.4
50.6
231.9
54.1
224.0
52.2
228.4
54.2
218.5
50.8
277.1
52.5
225.4
56."
220.0
50.8
155.7
43.8
39.2
548.1
180.1
38.9
-36.8
560.5
163.6
28.0
-12.3
496.3
169.2
33.9
-15.6
528.3
177.8
43.3
18.7
505.2
215.2
48.2
50.3
534.6
1S9.2
46.1
5.6
530.5
201.4
37.7
36.1
554.0
220.2
47.0
11.0
557.1
190.3
42.0
16.7
524.6
5.0
31.7
1.6
35.6
4.3
36.1
4.2
25.0
4.9
17.2
5.1
30.5
2.4
25.3
4.3
25.5
1.7
24.3
3.3
20.3
64.0
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1989
December 1991
1991
1990
1990
Oct.
|
Nov.
|
Dec.
M.
Jan.
| Mar.
*• I *
June
July
|
Aug.
Sept.
|
Oct.
Nov.
PETROLEUM/COAL, AND PRODUCTS-Continued
PETROLEUM AND PRODUCTS-Continued
[Millions of barrels, unless otherwise specified]
All oils, supply, demand, and stocks—Continued
Domestic product demand, total #
Gasoline
Kerosene
Distillate fuel oil
Residual fuel oil
jet fuel
Lubricants
Asphalt
!'.!!'.!!!!'.'.!'.!"!!!!'.".!!'.!'.!"!!!'.'."!!!!!."!!'.!!'.!!."!!'.."!
Liquefied petroleum gases
Stocks, end of period, total
Crude petroleum
Strategic petroleum reserve
Unfinished oils, natural gasoline, etc
Refined products
Refined petroleum products:
Gasoline (incl. aviation):
Production ....
Stocks, end of period
Prices, regular grade (excl. aviation):
Producer Price Index, 1982=100
Retail, U.S. city average (BLS):
Leaded, $ per gal
Unleaded, $ per gal
Aviation gasoline
Production ....
Stocks, end of period
Kerosene:
Production ...,
Stocks, end of period
Producer Price Index (light distillate), 1982=100
Distillate fuel oil:
Production ....
Imports
,
Stocks, end of period
Producer Price Index (middle distillate), 1982=100
Residual fuel oil:
Production ...
Imports
Stocks, end of period
Producer Price Index, 1982=100
Jet fuel:
Production ...
Stocks, end of period
Lubricants:
Production ...
Stocks, end of period
Asphalt:
Production ...
Stocks, end of period
Liquefied petroleum gases:
Production, total
At gas processing plants (L.P.G.)
At refineries (L.R.G.)
Stocks (at plants and refineries)
6,323.7
2,684.1
30.8
1.1522
500.1
543.6
58.1
165.2
608.9
6,200.8
2,649.6
15.5
1,102.5
448.5
555.6
59.7
176.3
568.0
525.0
224.7
.6
91.8
31.8
49.1
5.4
18.9
55.5
500.9
217.8
.7
92.8
28.9
47.3
4.3
12.6
51.0
511.3
216.9
2.6
87.3
40.2
47.8
3.7
6.8
54.6
523.3
206.4
3.1
104.0
35.1
48.0
4.8
5.3
66.3
455.9
191.1
1.6
84.0
34.7
42.6
3.3
5.1
68.8
219.1
1.4
92.0
37.4
44.4
4.2
7.4
482
483.1
214.8
1.1
86.1
33.8
40.5
4.5
11.3
42.7
499.0
2325
.8
84.8
31.3
40.7
4.8
15.0
422
502.9
224.8
.5
83.5
38.0
44.0
4.6
18.9
43.3
5242
235.1
.4
82.1
34.6
46.8
5.1
20.3
48.0
531.1
235.4
.6
86.1
37.4
47.3
4.7
21.6
48.5
501.1
213.5
1,581.4
921.1
579.9
152.0
508.3
1,620.6
908.4
585.7
145.4
566.8
1,674.4
935.7
589.4
152.4
586.3
1,653.9
924.7
586.0
157.6
571.6
1,620.6
908.4
585.7
145.4
566.8
1,586.7
905.8
585.7
149.2
531.7
1,574.5
912.8
581.6
153.3
508.4
1,558.9
905.3
568.5
153.6
500.0
1,577.6
907.2
568.5
157.5
512.9
1,628.0
927.0
568.5
163.9
537.0
1,633.6
916.1
568.5
161.0
556.5
1,633.9
911.0
568.5
1592
563.7
1,645.0
913.8
568.5
15.8
572.8
1,661.7
909.6
568.5
162.7
589.5
2,550.7
179.1
2,548.4
182.4
213.9
181.9
208.9
178.7
214.0
182.4
206.1
184.6
182.7
206.4
174.4
202.8
171.9
219.8
173.7
221.4
178.5
226.7
173.5
225.7
172.8
212.1
179.1
67.1
80.3
100.3
99.7
90.5
802
71.5
61.6
63.4
70.3
'66.6
69.2
71.4
.997
1.022
1.149
1.164
1.354
1.378
1.351
1.377
1.335
1.354
1246
1247
1.137
1.143
1.047
1.082
1.062
1.104
1.127
1.140
1.143
1.122
9.2
2.1
8.5
1.7
.6
1.7
.7
1.8
.5
1.7
1.9
5.4
1.9
.5
1.8
.8
1.7
26.9
5.1
57.8
16.3
5.6
75.4
1.5
6.4
108.7
1.6
6.4
107.4
1.6
5.6
942
2.4
5.5
822
1.7
5.0
75.9
.7
4.2
66.4
.8
42
60.7
.8
4.7
61.1
5.1
58.9
.4
4.9
62.1
.8
5.6
66.6
66.0
1,058.0
111.7
105.7
58.4
1,067.5
101.5
132.2
73.5
90.8
5.9
136.3
104.8
87.4
7.1
132.4
98.9
90.4
7.4
132.2
5.9
112.1
82.9
3.9
101,3
74.3
88.7
6.4
98.3
61.6
84/
7.7
1022
60.0
90.6
5.7
107.0
59.6
88.2
6.3
113.5
57.6
92.8
4.7
124.3
58.1
91.7
5.2
130.6
62.1
91.6
6.6
139.5
65.'
67.2
348.1
229.6
43.8
47.6
346.6
183.8
48.6
57.2
24.8
11.9
49.3
74.5
25.4
11.6
50.1
82.7
31.7
15.0
48.6
74.1
31.0
13.1
47.6
68.0
29.4
10.7
44.6
62.8
30.9
10.3
42.9
472
27.5
12.5
44.;
44.3
28.7
13.0
45.8
41
28.0
15.0
43.5
43.7
27.0
13.0
43.4
42.8
28.7
17.6
45.6
44.0
25.1
14.2
47.9
43.9
39.7
512.1
40.9
5432
52.1
50.5
51.1
48.2
50.5
48.7
52.1
46.7
50.5
43.3
48.0
40.3
44.6
38.6
43;
42.3
46.9
442
48.6
44.!
47.1
46.1
47.7
44.9
49.6
61.4
13.8
61.2
12.4
5.0
10.3
5.5
11.4
5.0
12.4
5.
12.5
4.5
13.3
5.0
13.'
4.6
13.4
4.9
132
5.0
13.2
4.8
12.6
4.7
12.7
4.9
12.;
154.9
20.6
164.0
18.7
15.5
15.5
12.1
15.6
9.2
18.7
7.7
21.5
9.4
26.4
11.3
30.9
12.1
32.1
14.7
32.3
15.9
30.4
17.0
28.1
17.6
24.9
16.8
22.0
653.5
451.
202.
638.4
456.2
182.;
97.9
55.0
41.7
13.2
118.3
51.9
41.4
10.6
109.4
52.5
40.3
12.1
97.9
532
41.2
12.0
76.3
512
38.5
12.7
68.8
58.5
42.0
16.5
72.6
56.4
40.0
16.4
83.1
59/
41.0
18.;
56.8
38.7
18.1
106.0
57.4
39.5
17.9
111.6
572
39.9
17.3
116.4
53.
38.6
14.8
115.5
1.160
852
32.0
44.6
4.5
20.8
492
70.3
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD
[Thousands of cords (128 cu. ft.)]
Receipts
Consumption
Inventories end of period
'99,279
'98,414
5,462
'99,304
'99,109
5,961
8,712
8,517
5,751
8,180
8,120
6,375
7,920
8,012
5,961
8,779
8,801
5,732
8,171
8,115
5,554
8,161
8,161
5,670
8,097
8,271
5,082
7,934
8,108
4,936
8,120
7,992
4,880
8,385
8,239
4,948
8,351
8,419
5,100
8,125
7,871
5,501
'19,490
1,082
'21,040
909
1,822
1,024
1,778
981
1,717
909
1,815
927
1,669
917
1,816
907
1,754
960
1,763
1,025
1,800
998
1,801
1,021
1,944
1,014
' 1,875
'999
1,935
1,015
'61,998
1,425
50,181
6,029
4,363
"63,062
1,293
51,192
'6,358
4,219
5,410
91
4,395
569
355
5,123
71
4,163
543
347
5,428
123
4,392
554
359
5,579
115
4,530
563
371
5,033
104
4,098
503
329
5,319
124
4,310
547
338
5,285
115
4270
555
346
5,188
92
4,232
528
335
5,197
124
4222
520
331
5,604
129
4,576
552
347
5,357
117
4,392
532
316
5,133
116
4,176
511
330
5,458
105
4,429
556
369
193
342
519
226
476
392
210
484
422
201
505
358
226
476
392
201
521
419
216
554
409
216
483
406
198
521
394
210
532
389
214
515
351
220
586
353
232
614
366
192
575
348
197
546
347
WASTE PAPER
[Thousands of short tons]
Inventories, end of period
WOODPULP
[Thousands of short tons]
Production:
Total
Dissolving pulp
Paper grades chemical pulp
Groundwood and thermo-mechamcal
Semi-chemical
Inventories, end of period
Producers' own use
Producers' market
Consumers' purchased
[Thousands of metric tons]
Exports, all grades, total
Dissolving and special alpha
All other
'5,653
759
'4,896
Imports, all grades, total
Dissolving and special alpha
All other
'4,673
162
'4,513
See footnotes at end of tables.
'7.134
.8
1.7
71.3
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
1961-88
Annual
1989
S-29
1990
Oct.
| 1990
|
Nov.
1991
| Dec.
Ja
,
|
Feb.
| Mar.
Apr.
May
July
Aug.
Sept. | Oct.
Nov.
PULP, PAPER, AND PAPER PRODUCTS-Continued
PAPER AND PAPER PRODUCTS
[Thousands of short tons, unless otherwise specified]
Paper and board:
Production (API):
Total
Paper
Paperboard
Producer Price Indexes:
Paperboard, 1982=100
Building paper and board, 1982=100
Selected types of paper (API):
Groundwood paper:
Orders, new
Orders, unfilled, end of period
Shipments
Coated papers:
Orders, new
Orders, unfilled, end of period
Shipments
Uncoated free sheet:
Orders, new
Shipments
Unbleached kraft papers:
Shipments
Tissue paper, production
[Thousands of metric tons, unless otherwise specified}
Newsprint:
Canada:t
Production
Shipments from mills
Inventory, end of period
United States:
Production
Shipments from mills
Inventory, end of period
Estimated consumption, all users 0
Publishers' stocks, end of period #
Imports
Producer Price Index, standard newsprint, 1982=100
Paper products:
Shipping containers, corrugated and solid fiber shipments,
$q. ft. surf, area
' 76,785
38,266
38,519
'78,782
39,359
39,423
6,828
3,484
3,344
6,528
3,294
3,234
6,520
3,181
3,339
6,818
3,338
3,480
6,135
3,009
3,126
6,569
3,243
6,338
3,172
3,167
6,486
3,206
3,280
6,462
3,176
3,285
"6,752
3,337
"3,415
"6,971
3,440
"3,531
"6,621
"3,260
"3,361
7,026
3,505
3,521
140.1
115.6
135.9
112.2
134.3
109.4
134.2
109.1
132.8
108.9
132.6
109.3
132.0
109.8
129.6
111.3
128.4
112.7
127.0
113.5
127.2
113.4
"127.1
"114.6
127.9
112.2
132.0
111.9
132.9
'1,741
193
'1,743
163
222
136
213
151
161
215
147
171
234
145
126
229
133
154
'227
'1,806
130
238
138
146
249
140
178
274
145
148
280
159
184
308
152
156
"295
155
138
283
163
'7,171
706
7,215
'7,430
"693
7,536
643
642
531
591
564
619
551
634
517
522
564
528
588
582
565
601
604
572
623
598
596
646
638
640
"645
661
"665
637
650
669
672
'11,097
'11,081
'11,479
'11,503
942
862
930
916
983
784
1,009
856
901
924
915
1,002
957
1,013
922
1,131
1,044
"1,078
1,057
"982
"974
1,092
1,081
'2,681
' 5,636
'2,377
'5,802
208
507
196
477
173
484
202
485
186
459
203
505
207
477
185
472
195
186
440
176
474
484
465
190
486
711
710
363
836
765
763
686
462
790
755
340
715
740
315
743
736
506
733
710
529
739
719
550
761
697
614
731
731
614
719
9,074
315
706
735
G06
512
511
45
1,030
780
519
517
46
1,011
802
523
527
42
922
853
473
465
50
854
919
523
511
61
519
502
79
929
907
521
520
80
954
905
508
497
91
917
532
515
107
879
914
526
512
121
"945
904
496
495
122
-12,127
802
511
506
44
1,045
810
530
513
139
1,040
759
122.5
119.5
122.5
122.3
122.7
126.8
127.2
127.1
121.7
121.4
"119.5
118.5
118.0
116.6
313,398
318,102
30,756
24,955
21,412
27,440
24,137
24,495
28,033
26,967
27,968
28,297
27,169
31,334
9,640
9,607
321
5,523
5,515
56
12,241
749
2
5,997
6,007
46
671
7,678
25,739
RUBBER AND RUBBER PRODUCTS
RUBBER
[Thousands of metric tons, unless otherwise specified]
Natural rubber: §
Consumption ...
Stocks, end of period
Imports, incl. latex and guayule
U.S. Import Price Index, 1985=100
Synthetic rubber: i
Production
Consumption ...
Stocks, end of penod
Exports (Bureau of Census)
866.87
91.98
*887.62
110.3
839.03
94.34
860.34
104.1
59.78
84.71
55.67
2,261.37
2,050.97
404.03
2
579.08
2,114.53
1,820.78
403.66
'212,870
261,659
59,347
186,328
15,985
39,308
2
19,118
'210,662
260,424
54,191
188,838
17,393
42,649
2
75.55
89.63
81.69
69.78
94.34
75.70
102.9
190.30
175.29
404.95
167.35
147.04
393.90
153.14
119.06
403.66
19,965
24,467
5,433
17,305
1,727
41,553
16,077
20,203
3,872
14,821
1,509
41,582
13,687
16,946
2,829
12,914
1,205
42,649
99.8
102.1
103.5
TIRES AND TUBES
[Thousands]
Pneumatic casings:
Production
Shipments, total
Original equipment ..
Replacement equipment
Exports
Stocks, end of period ..
Exports (Bureau of Census)
Inner tubes:
ExDorts (Bureau of Census)
See footnotes at end of tables.
132.9
110.6
2-1 813
17,713
18,357
3,738
13,039
1,578
46,333
17,375
17,632
3,393
12,689
1,550
50,051
16,208
19,798
3,713
14,595
1,491
51,096
17,017
21,237
4,351
15,377
1,511
51,151
17,360
22,215
4,691
15,959
1,566
50,725
16,419
23,884
4,279
18,008
1,596
47,204
14,354
21,628
3,178
16,926
1,523
44,069
17,784
24,036
4,254
18,041
1,743
41,610
17,045
25,930
4,519
19,607
1,803
36,773
116.4
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
Annual
1989
1961-88
|
December 1991
1990
1990
Ocl
|
Nov.
1991
|
Dec.
Jan.
|
Feb.
Mar.
|
«„ | *.
Apr.
July
Aug.
Sept.
|
Oct.
Nov.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
' 474,344
Shipments, finished cement, thous. bbi.
'467,211
46,272
37,888
25,425
538.3
416.0
21,273
23,949
27,239
35,379
39,878
40,037
42,577
43,363
4,029
M16.3
116.4
116.4
25,888
"26,614
22,540
23,465
2,497
5,661
7,731
2,143
2,199
4,913
6,811
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face), mil. standard brick
Structural tile, except facing, thous. sh. tons
Sewer pipe and fittings, vitrified, thous. sh. tons
Floor and wall tile and accessories, glazed and unglazed,
mil. sq. ft.
Producer Price Index, brick and structural clay tile, 12184=100 ..
6,777.6
7
1,118.7
1,444.5
210.2
16.0
15.3
13.0
545.3
477.6
42.8
36.3
36.1
112.2
115.1
115.4
115.4
115.4
1,543,242
1,471,447
287,511
285,586
289,704
284,986
25,937
24,125
21,882
21,451
18,254
19,668
22,465
20,974
22,420
19,828
24,351
22,611
24,586
24,736
25,569
26,436
24,724
25,701
25,486
25,820
22,010
63,813
88,556
26,059
23,008
61,999
88,551
26,297
1,866
5,077
7,234
2,129
1,388
4,315
6,962
2,009
1,215
3,998
6,159
2,214
1,429
4,219
6,849
1,735
1,707
3,933
6,218
1,670
2,082
4,802
6,930
2,078
2,082
5,527
6.950
2,373
2,379
6,073
7,633
2,393
2,268
5,876
7,697
2,241
2,297
5,849
8,133
2,130
67,973
70,767
6,862
5,633
5,030
5,983
5,532
5,833
6,671
6,616
6,005
6,182
6,934
6,192
13.826
1,318
42,053
13,190
1,174
40,449
876
81
42,628
1,045
99
42,860
977
75
40,449
676
83
42,417
70
44,646
782
104
46,088
1,013
120
45,733
1,217
125
44,233
1,458
156
43,293
1,038
191
42,745
1,422
226
'41,755
1,262
180
41,046
'15,500
'17,500
'15,658
'16,272
1,466
1,433
1,346
1,279
1,123
1,153
1,239
1,210
1,170
1,137
1,170
1,184
1,185
1,324
1,237
1,168
1,192
1,202
1,250
1,339
581
345
540
471
401
377
296
383
478
509
480
1,569
1
32
21
948
453
7
1,449
1
33
19
875
430
1,366
1
28
17
827
395
6
46
47
1,463
1
30
20
896
405
6
55
49
1,521
1,508
1
32
18
907
426
6
66
51
1,487
1
33
19
903
418
7
57
49
1,725
1
41
20
1,070
468
8
61
56
699
2,478
49.7
7
115.3
107.5
105.6
115.7
115.5
116.2
116.3
116.3
116.4
GLASS AND GLASS PRODUCTS
[Thousand gross, unless otherwise specified]
Flat glass, mfrs.1 shipments, thous. $
Glass containers:
Production
Shipments, total
Narrow-neck containers:
Food
Beverage . .
Beer ..:
'.
Liquor and wine
Wide-mouth containers:
Food and dairy products
Narrow-neck and wide-mouth containers:
Medicinal and toilet
Chemical, household, and industrial
Stocks, end of period
".
347,656
342,085
r
r
GYPSUM AND PRODUCTS
[Thousands of short tons]
Production:
Crude gypsum (exc. byproduct)
Calcined
Imports, crude gypsum
732
1
9,304
Sales of gypsum products:
Uncalcined
' 5,170
Calcined:
Industrial plasters
Building plasters, total (incl. Keene's cement)
'5,310
659
364
706
[Millions of square feet]
Board products total
Lath
!
!.!!."!!!!!."!!!."!."!!!."!!!."!!!!!!."."!."!!!.".'.!."."!."."."!
Veneer base
Gypsum sheathing
Regular gypsum board
Type X gypsum board
Predecorated wailboard
5
/ie mobile home board
Water/moisture resistant board
1
20,870
18
475
266
12,523
6,071
113
717
687
'20,445
15
442
268
12,268
5,978
98
713
1,745
1
35
23
1,044
509
8
67
58
1,395
1
28
17
828
420
6
45
49
33
19
910
434
64
53
TEXTILE PRODUCTS
FABRIC
[Millions of linear yards]
Woven fabric, finishing plants:
Production (finished fabric)
Cotton
Manmade fiber and silk fabrics
Inventories held at end of period
Cotton
Manmade fiber and silk fabrics
Backlog of finishing orders
Cotton
Manmade fiber and silk fabrics
COTTON AND MANUFACTURES
[Thousands of running bales, unless otherwise specified]
See footnotes at end of tables.
15,064
15,499
7,959
12,436
'8,383
11,978
11,978
1,522
9,875
581
671
13,855
13,855
7,210
6,126
519
610
13,173
13,173
3,729
8,930
514
7,444
12,803
12,803
1,457
10,762
584
14,519
3
601
11,978
11,978
1,522
9,875
581
7
2,068
6,929
6,929
7
585
7
5,681
7
663
7
7
•'••"'
137
2,212
3,174
3,174
0
2,452
722
| | || | |
11,884
12,196
tf
II M i M I
Cotton (excluding linters):
Production:
Ginnings 0 .
Crop estimate, thous net weight bales §
Consumption ..
Stocks in the United States, total, end of period #
Domestic cotton, total
On farms and in transit
Public stoiage and compresses
Consuming establishments
8,474
13,275
18,005
5
2,200
16,606
16,606
13,841
2,195
570
SURVEY OF CURRENT BUSINESS
December 1991
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
Annual
1989
1961-88
|
S-31
1990
1990
Oct.
|
1991
Nov.
|
Dec.
Jan.
|
Mar.
Feb.
June
July
Aug.
Oct.
Sep..
Nov.
TEXTILE PRODUCTS-Continued
COTTON AND MANUFACTURES—Continued
Cotton (excluding (inters)—Continued
Exports thous running bales
Imports, thous. net weioht bales
Price(farm), American upland, cents per Ib. 0
Price, Strict Low Middling, Grade 41, staple 34 ( W ) ,
average 10 markets, cents per Ib.
5
6,704
67.7
68.4
67.1
64.9
67.9
68.9
70.8
68.9
672
65.7
66.9
65.2
'62.5
62.4
^74.8
70.5
69.5
69.9
70.5
77.7
77.9
79.9
83.9
79.0
71.3
66.4
62.4
58.3
54.7
10.7
4.3
80.8
.294
27.8
9.7
3.8
65.8
254
25.8
9.8
3.8
5.2
.260
2.1
9.8
3.9
4.7
.240
1.8
9.7
3.8
<4.9
M96
"1.9
4,589
4,464
110.9
113.8
217.5
362.8
2062
299.1
53.5
76.9
48 0
674
55.4
68.7
4,225.4
4,290.3
4,193.7
3,990.8
1,043.4
9832
9940
911.0
1,066.3
962.7
9.9
22.4
9.4
17.3
9.4
17.3
100
9.4
26.0
24.9
364.2
340.8
3042
347.0
3042
347.0
344.2
371.1
321.1
3222
114.0
115.7
Wool consumption, mill (clean basis):
Apparel class
Carpet class
113.0
14.1
120.6
12.1
Wool imports clean yield t
Unimproved and other grades not finer than 46's
48's and finer'
106.9
29.9
77.0
71.7
21.4
50.3
6.9
1.4
5.5
7.5
1.3
62
4.2
.6
3.6
10.7
1.9
8.7
8.9
12
5.7
5.4
1.5
3.9
5.5
1.3
4.3
7.3
1.7
5,5
8.1
1.5
6.6
9.2
1.5
7.7
7.0
1.3
4.4
1.4
3.0
3.70
2.56
2.35
2.25
220
2.17
2.10
1.63
1.67
2.03
2.30
2.30
1.67
4.31
3.70
3.43
3.32
3.32
3.34
3.35
2.09
2.21
2.71
2.86
2.48
176.3
140.7
1,317.8
1,348.5
16,895
181,967
8,372
97,689
300,907
37,180
18,120
172,317
7,728
92,778
298,988
38,761
^63.6
Spindle activity (cotton system spindles):
Active spindles, last working day, total, millions
Consuming 100 percent cotton, millions
Spindle hours operated, all fibers, total, billions
Average per woiking day, billions
Consuming 100 percent cotton, billions
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly.), mil. sq. yd.
Orders, unfilled, end of period, compared with average
weekiy production no weeks' prod
Inventories, end of period, compared with avg. weekly
production no weeks'prod
Ratio of stocks to unfilled orders (at cotton mills), end of
period
Exports, raw cotton equivalent thous net weight bales §
Imports, raw cotton equivalent thous net weight bales §
Producer Price Index, gray cotton broadwovens, 1982=100 ....
1,048
112.5
116.1
116.4
7
9.8
7
3.8
14.9
7
233
7
5.9
9.6
3.9
157
241
6.3
1,073
1,142
7
113.3
113.6
114.1
114.5
114.9
1152
94
3.9
15.0
.227
6.2
''115.3
115.1
115.1
1152
115.7
r
117.0
116.4
116.6
116.7
1.56
1.48
1.48
2.29
2.15
2.74
MANMADE FIBERS AND MANUFACTURES
[Millions of pounds}
Fiber production, qtrly:
Cellulosic filament yarn
Rayon staple including tow
Noncellulosic, except textile glass:
Yarn and monofilaments
Staple incl tow
Textile glass fiber
Fiber stocks, producers', end of period:
Cellulosic filament yarn
Rayon staple including tow .
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
Staple, incl. tow
Textile glass fiber
....
<
[Millions of square yards, unless otherwise specified]
Manmade fiber and silk broadwoven fabrics:
Production (qtrly) total
Filament yarn (100%) fabrics
Chiefly rayon and/or acetate fabrics
Chiefly nylon fabrics
Spun yarn (100%) fabrics
Rayon and/or acetate fabrics, blends
Polyester blends with cotton
Acetate filament and spun yarn fabrics .
Producer Price Index, gray synthetic broadwovens, 1982=100
115.6
115.8
116.1
115.7
114.7
114.4
114.1
114.3
113.9
114.8
[Millions of pounds)
Manmade fiber textile trade
Exports, manmade fiber equivalent
Yarn, tops, thread, cloth
Cloth, woven
Manufactured prods,, apparel, furnishings
Imports, manmade fiber equivalent
Yarn, tops, thread, cloth
Cloth, woven
Manufactured products, apparel, furnishings
Apparel, total
Knit apparel...
WOOL AND MANUFACTURES
[Millions of pounds, unless otherwise specified}
Wool prices, raw, shorn, clean basis:
Domestic—Graded territory, 64's, staple 2%" and up,
delivered to U S mills $ per Ib.
Australian, 64's, Type 63, duty-paid, price at Australian Wool
Corp, Charleston, SC, $ per Ib.
Wool broadwoven goods, exc. felts:
Production (otrlv) mil so vd
FLOOR COVERINGS
31.4
Carpet, rugs, carpeting (woven, tufted, other), shipments,
Quarterly mil so vd
APPAREL
38.1
48.4
294.2
326.5
4.236
49,360
3,132
22,348
68,397
9,861
5,050
44,646
2,736
23,646
83,468
10,176
3472
314.8
[Thousands, unless otherwise indicated]
Women's, misses', juniors' apparel cuttings, qtrly:
Coats
Dresses
Suits (incl. pant suits, jumpsuits)
Skirts
Slacks, jeans, dungarees, and jean-cut casual slacks
Blouses, thou. doz.
See footnotes at end of tables.
36.0
46
38.7
3.1
33.3
31
30.5
2.1
3,770
35,501
1,992
22,078
67,232
8,744
SURVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated in footnotes below, data through 1988
and methodological notes are as shown in BUSINESS STATISTICS,
Annual
1989
1961-88
December 1991
|
1990
1990
Oct
|
1991
Nov.
Dec.
Jan.
|
Feb.
|
Mar.
|
Apr.
May
|
June
July
|
A jg.
|
Sept.
28,153
27,696
24,996
Oct.
|
Nov.
TEXTILE PRODUCTS-Continued
APPAREL-Contlnued
[Thousands, unless otherwise indicated}
Men's apparel cuttings, qtrly:
Suits
Coats (separate), dress and sport
Trousers, slacks, jeans, pants, etc
Shirts, dress and sport, thous. doz.
Hosiery, shipments, thous. doz. prs
11,302
13,945
458,476
103,239
328,622
13,896
18,012
470,820
113,085
353,692
30,537
27,741
2,587
3,194
111,409
20,966
24,586
24,863
25,170
2,764
3,967
105,700
23,108
25,623
28,351
27,099
2,475
3,235
124,792
24,991
28,551
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
(Millions of dollars]
Orders, new (net) total
U.S Government
Prime contract
Sales (net), receipts or billings total
U.S. Government .
3
3
3
3
173,635
*80,633
168,381
.
Backlog of orders, end of period #
U.S. Government
Aircraft (complete) and parts
Engines (aircraft) and parts
Missiles, space vehicle systems, engines, propulsion units,
and parts
Other related operations (conversions, modifications),
products services
Aircraft (complete):
Shipments
Exports, commercial
3
* 141,654
3
77,516
•'252,401
3
107,797
3
131,996
3
27,1 54
3
122,148
•? 72,184
.
J
33,771
3
.;
147,380
'56,788
142,685
22,092
264,204
^92,148
145,833
J
28,233
3
*32,600
3
19,819
17,467.3
"13,711
"18,444
1,311
1,212
1,693
1,291
1,097
1,862
2,164
1,668
2,465
1,841
1,633
2,023
6,807
6,181
6,050
5,502
625
585
438
402
369
332
435
391
411
373
436
384
460
417
518
465
485
434
360
324
417
385
473
424
9,903
7,078
2,825
9,499
6,898
2,601
805
598
207
'9.4
6.9
2.4
679
486
193
'8.8
'6.3
2.4
669
476
193
'8.8
'6.5
2.3
570
421
149
'7.8
'5.9
1.9
636
479
157
'8.4
6.1
'2.3
749
545
204
'8.8
6.2
2.5
707
510
197
'8.0
'5.6
2.4
790
581
209
'8.5
6.1
2.3
791
593
198
'8.8
'6.6
2.3
794
585
209
'8.9
'6.6
2.3
711
503
208
'8.4
'6.2
2.2
687
498
189
'8.5
'6.2
2.3
719
526
193
'8.3
'6.1
2.2
MOTOR VEHICLES (NEW)
[Thousands, unless otherwise specified]
Passenger cars:
Factory sales (from U.S. plants)
Total
Domestic
Retail sales, total, not seas adj
Domestics §
Imports §
Total, seas. adj. at annual rate, millions
Domestics, millions §
Imports, millions §
Retail inventories, domestics, end of period §
Not seasonally adjusted
Seasonally adjusted .
1,669
1,682
1.407
1,259
1,483
'1,413
1,510
'1,372
1,407
'1,248
1,360
'1,069
1,371
'1,074
1,357
'1,033
1,304
'971
1,130
'902
1,119
'956
1,156
'944
1,267
'950
2.4
2.5
2.7
2.3
1,467
'1,200
'2.4
1,431
'1,133
2.8
'2.2
2.1
2.3
2.0
'1.8
1.6
1.9
'1.8
'1.9
"769.75
569.23
"4,042.7
"1,151.1
'9,853
'3,481
"3,944.6
"1,220.2
399.6
127.6
375.1
110.6
354.4
94.5
325.1
81.1
294.6
67.7
328.7
100.1
297.6
108.8
283.3
117.4
296.7
119.6
270.5
77.9
312.7
1052
319.1
105.9
9,160
3,486
'787
'293
683
259
683
271
599
224
590
220
669
264
675
275
744
286
792
304
755
291
675
297
737
320
4,062
3,752
3,719
3,448
355
336
253
235
175
155
214
194
202
177
238
208
300
263
337
302
323
290
230
209
277
256
326
299
4,941.5
4,106.4
504.2
331.1
4,649.9
3,947.5
404.0
298.4
364.8
307.7
31.5
25.6
'369.1
'313.6
'32.0
'23.5
322.1
275.1
27.0
20.0
'359.3
'306.7
'29.9
'22.7
318.4
267.1
28.1
23.2
'341.1
'287.8
'30.0
23.3
270.2
229.1
22.5
18.6
'310.2
'264.0
'25.5
'20.7
292.7
250.7
23.6
18.4
'327.5
'278.3
28.2
'21.0
355.2
305.8
27.3
22.1
'337.1
'289.6
'26.4
'21.1
353.5
304.9
26.6
22.1
'331.4
'285.6
'25.6
'20.3
384.8
335.9
28.2
20.7
'342.5
'297.1
'26.0
'19.4
385.9
338.9
26.5
20.5
'361.7
'314.4
'27.6
'19.7
391.4
338.1
30.8
22.6
'349.4
'299.6
'28.2
'21.6
353.5
298.3
35.9
19.3
'345.1
'297.6
'28.0
'19.4
375.9
330.1
26.3
19.5
'389.7
'341.2
'28.3
'20.2
329.8
283.4
26.4
20.0
'335.0
'291.4
'25.4
'18.3
1,134.9
1,180.1
"211.28
"1,022.17
1,074.3
1,116.9
1,170.8
1,203.0
1,166.4
1,166.5
1,074.3
1,116.9
1,071.1
1,049.7
1,022.5
972.6
955.1
902.5
953.5
905.2
960.1
907.6
965.1
912.4
852.5
916.7
857.4
954.4
875.8
953.8
1,004.3
1,046.3
370
Inventory-retail sales ratio, domestics §
Exports (Bureau of Census), total
To Canada
Imports (ITC), complete units
From Canada, total ..
Registrations 0, total new vehicles
Imports, including domestically sponsored
Trucks and buses:
Factory sales (from U.S. plants):
Total
Domestic
Retail sales:
Total, not seasonally adjusted *
0-10,000 lbs GVW domestics
0-10,000 lbs. GVW, imports *
10 001 lbs GVW and over t
Total seasonally adjusted *
0-10 000 lbs GVW domestics
0-10 000 lbs GVW imports'
10,001 lbs. GVW and overt
Retail inventories, domestics, end of period:
Not seasonally adjusted
Seasonally adjusted @
Exports (BuCensus)
Imports (BuCensus), including separate chassis and bodies ...
Registrations 0, new vehicles, excluding buses not produced
on truck chassis
Truck trailers and chassis, complete (excludes detachables),
shipments, number
Van type, number
Trailer bodies (detachable), sold separately, number
Trailer chassis (detachable), sold separately, number
'5,100
4,805
'383
343
355
307
290
347
355
379
413
394
373
405
181,478
130,163
'149,117
-103.894
12,277
8,830
9,465
6,586
8,565
5,531
8,715
5,763
8,422
5,562
10,494
7,073
10,641
7,089
11,311
7,722
'10,339
7,304
'10,335
7,397
'12,036
'9,169
11,145
8,559
3,429
1,284
744
1,219
827
1,211
1,638
1,904
1,347
924
'1,097
1,782
5
24,779
RAILROAD EQUIPMENT
[Number, unless otherwise specified]
Freight cars (new), for domestic use; all railroads and private
car lines (excludes rebuilt cars and cars for export):
Shipments
Equipment manufacturers
.;
New orders
Equipment manufacturers
Unfilled orders, end of period
.....
Equipment manufacturers
Freight cars (revenue), class 1 railroads (AAR): +
Number owned, end of period, thousands
Capacity (carrying), total, end of month, mil. tons
Average per car, tons
See footnotes at end of tables.
....
29.617
29,617
31,002
31,002
16,691
16,691
688
59.73
86.87
32,063
32,063
27,197
27,197
11,328
11,328
7,541
7,541
6,655
6,655
11,328
11,328
6,397
6,397
5.873
5,873
10,683
10,683
6,003
6,003
5,126
5,126
9,806
9,806
692
283
'623
458
V626 5
6
'62A
1,316
tf
946
6
1.8
S-33
SURVEY OF CURRENT BUSINESS
December 1991
FOOTNOTES FOR PAGES S-1 THROUGH S-32
General Notes for all Pages:
r Revised,
p Preliminary,
e Estimated,
c Corrected.
Page S-1
t Revised series. See the article on the comprehensive revision of the national income and product
accounts that appears in this issue of the SURVEY.
X Includes inventory valuation and capital consumption adjustments.
§ Monthly estimates equal the centered three-month average of personal saving as a percentage of the
centered three-month moving average of disposable personal income.
0 See note "0"for p. S-2.
PageS-2
1. Based on data not seasonally adjusted.
0 Effective April 1990 SURVEY, the industrial production index has been revised back to 1977 and has
a new base year of 1987. A more detailed explanation of this revision is in the April 1990 Federal Reserve
Bulletin. Historical data are available from the Industrial Output Section, Mail Stop 82, Division of Research
and Statistics, Federal Reserve Board, Washington, DC 20551.
# Includes data not shown separately.
Page S-3
# Includes data for items not shown separately.
t Effective with the April 1991 SURVEY, M3 data have been revised to benchmark the data to the 1987
Census of Manufactures and 1988 Annual Survey of Manufactures, and to convert the series to the 1987
SIC codes. Revisions related to benchmarking affect all categories back to 1982. Revisions resulting from
the SIC conversion affect about half the categories back to 1958. The coverage for some of the series in
the market category has been changed.
PageS-4
1. Based on-data not seasonally adjusted.
# Includes data for items not shown separately.
X Includes textile mill products, leather and products, paper and allied products, and printing and
publishing industries; unfilled orders for other nondurable goods industries are zero.
0 For these industries (food and kindred products, tobacco, apparel and other textile products, petroleum
and coal, chemicals and allied products, and rubber and plastics products) sales are considered equal to
new orders.
f See note " f for p. S-3.
Page S-5
1. Based on data not seasonally adjusted.
@ Compiled by Dun & Bradstreet, Inc.
# Includes data for items not shown separately.
§ Ratio of prices received to prices paid (parity index).
1 See note UJ" for p. S-4.
j In the Feb. and July issues of the SURVEY each year, data for the most recent six to eight years are
subject to revise and are available upon request,
f t See note " f for p. S-3.
Page S-6
§ For producer price indexes of individual commodities, see respective commodities in the Industry
section beginning p. S-19. All indexes subject to revision four months after original publication.
# Includes data for items not shown separately.
X Effective with the Feb. 1991 SURVEY, data have been revised back to 1986 and are available upon
request.
Page S-7
1. Computed from cumulative valuation total.
2. Index as of Dec. 1,1991: building, 412.1; construction, 455.1.
3. Beginning Dec. 1988, series has been discontinued by the Bureau of the Census.
t Effective July 1991 SURVEY, data have been revised back to 1986. Effective July. 1990 SURVEY, data
were revised back to 1985. Revised data are available from the Construction Statistics Division at the Bureau
of the Census, Washington, DC 20233.
# Includes data for items not shown separately.
§ Data for Mar., Mayr Aug., and Nov. 1990, and Jan., May, Aug., and Oct. 1991 are for five weeks; other
months four weeks.
0 Effective Feb. 1990 SURVEY, data for seasonally adjusted housing starts have been revised back to
1987. These revisions are available upon request.
@ Effective Feb. 1990 SURVEY, data for seasonally adjusted manufacturers' shipments of mobile homes
have been revised back to 1987.
Address requests for data to:
Business Statistics Branch
Current Business Analysis Division (BE-53)
Bureau of Economic Analysis
U.S. Department of Commerce
Washington, D.C. 20230
t Effective May 1990 SURVEY, data for seasonally adjusted building permits have been revised back to
1988 and are available upon request.
# Series first shown in the July 1990 SURVEY. The fixed-weighted price index is a weighted average of
the individual price index series used to deflate the Value of New Construction Put in Place (VIP) series. In
calculating the index, the weights (the composition of current dollar VIP in 1987 by category of construction)
are held constant. Consequently, the index reflects only changes in prices. The implicit price deflator is a
derived ratio of total current to constant dollar VIP (multiplied by 100). It is the average of the individual price
indexes used in the deflation of VIP, but the prices are weighted by the composition of VIP each period. As
a result, the implicit price deflator reflects not only changes in prices, but also changes in the composition of
VIP, and its use as a measure of price change is discouraged. Effective July 1991 SURVEY, data have been
revised back to 1986.
t t Effective May 1991 SURVEY, the Boeckh indexes have a new base year of 1987.
XX Effective Sept. 1990 SURVEY, the construction cost index for the Federal Highway Administration has
been revised back to 1986 and has a new base year of 1987=100.
PageS-8
1. Advance estimate.
2. Beginning with Feb. 1989 data, associations in conservatorship are excluded.
0 Home mortgage rates (conventional first mortgages) are under money and interest rates on p. S-14.
§ Data include guaranteed direct loans sold.
# Includes data for items not shown separately.
@ Data are for closed mortgage loans of thrift institutions insured by the Savings Association Insurance
Fund (SAIF)—FSLIC-insured institutions prior to Sept. 1989.
t Effective April 1991 SURVEY, estimates of wholesale sales have been revised back to January 1988 and
wholesale inventories have been revised back to January 1989. Revised data and a summary of changes
appear in the report Revised Monthly Wholesale Trade, Sales and Inventories January 1984-December
1990, BW90-R, available from the Bureau of the Census, Washington, DC 20233.
X Effective March 1991 SURVEY, retail trade data have been revised. Estimates of retail sales have been
revised back to January 1988 and inventories have been revised back to January 1989. (In 1990 data were
revised back to 1982.) Revised data and a summary of changes will appear in the report Revised Monthly
Retail Sales and Inventories, January 1981-December 1990, BR90-R, available from the Bureau of the
Census, Washington, DC 20233.
Page S-9
1. Advance estimate.
# Includes data for items not shown separately.
0 Effective with the January 1991 SURVEY, the seasonally adjusted labor force series have been revised
back to January 1986. The January 1991 issue of Employment and Earnings contains the new seasonal
adjustment factors, a description of the current methodology, and revised data for the most recent 13 mdnths
or calendar quarters. Revised monthly data for the entire 1986-90 revision period appear in the February
1991 issue of Employment and Earnings.
f The participation rate is the percent of the civilian noninstitutional population in the civilian labor force.
The employment-population ratio is civilian employment as a percent of the civilian noninstitutional population,
16 years and over.
@ Data include resident armed forces.
X See note y for p. S-8.
PageS-10
0 See note " ^ for p. S-9.
§ Effective with the Sept. 1990 and June 1991 issues of the SURVEY, data have been revised, respectively
back to April 1988 and April 1989, unadjusted, and back to Jan. 1985 and Jan. 1986, seasonally adjusted,
to reflect new benchmarks and seasonal adjustment factors. In addition the Sept. 1990 revision included the
conversion of the industry series to 1987 SIC codes. Industry series affected by revisions in the SIC have
been revised back to the inception of the series, to the extent possible. In addition, all constant-dollar and
indexed series were recomputed on a 1982 base. The Sept. 1990 and June 1991 issues of Employment and
Earnings contain detailed descriptions of the effects of these revisions. All of the revised historical series
will be published in a special supplement to Employment and Earnings. This supplement, when combined
with the historical bulletin, Employment, Hours, and Earnings, United States, 1909-90 will comprise the full
historical series on national data obtained from the establishment survey.
Page S-11
sSeenote'yforp.S-10.
X This series is not seasonally adjusted because the seasonal component is small relative to the trendcycle and/or irregular components and consequently cannot be separated with sufficient precision.
0 Production and nonsupervisory workers.
S-34
SURVEY OF CURRENT BUSINESS
December 1991
PageS-12
PageS-16
§ See note y for p. S-10.
0 Production and nonsupervisory workers.
\ Earnings in 1982 dollars reflect changes in purchasing power since 1982 by dividing by Consumer
Price Index. Effective Feb. 1990 and 1991 issues of the SURVEY, this series has been revised, respectively,
back to 1985 and 1986 to reflect new seasonal factors for the CPI-W. Revised data are available upon
request.
oS Effective with the June 1991 SURVEY, data have been revised back to 1989 and are available upon
request. Wages as of Dec. 1,1991: Common, $19.14; Skilled, $25.19.
f Excludes farm, household, and Federal workers.
@ Effective with the April 1990 SURVEY, the employment cost index is based on June 1989=100, rather
than June 1981=100. Historical data for both June 1989 and June 1981 bases are available from the Bureau
of Labor Statistics, Division of Employment Cost Trends, 441 G Street, N.W., Washington, DC 20212.
XX These series were affected by an error in the Sept. 1990 SURVEY. The stub for "Transportation
equipment" was omitted. Hourly earnings for "Transportation equipment" were shown following the stub for
"Electronic and other electrical equipment". Hourly earnings for "Electronic and other electrical equipment"
were shown following the stub for "Industrial machinery and equipment". Hourly earnings for "Industrial
machinery and equipment" were shown following the stub for "Machinery, except electrical", which was the
former name for that industry (SIC 35).
# Series first shown in the July 1991 SURVEY. Wages and salaries are defined as the hourly straight-time
wage rate or, for workers not paid on an hourly basis, straight-time earnings divided by the corresponding
hours. Straight-time wage and salary rates are total earnings before payroll deductions, excluding premium or
supplemental pay for overtime and for work on weekends and holidays, shift differentials, and nonproduction
bonuses such as lump-sum payments provided in lieu of wage increases. Production bonuses, incentive
earnings, commission payments, and cost-of-living adjustments are included in straight-time wage and salary
rates.
1. The railroad average was discontinued by Moody's on July 13, 1989. Therefore, the July average
reflects only eight working days.
2. Effective Oct. 3, 1990, the German Democratic Republic (GDR; East Germany) ceased to exist as
a sovereign state and became a part of the Federal Republic of Germany. Accordingly, effective with the
statistics for Oct. 1990, all merchandise imported from or exported to the former GDR will be included as
trade with the Federal Republic of Germany.
3. Beginning Jan. 1991 data, Roadway Services, Inc. will be included in the Dow Jones Transportation
Average replacing Pan Am Corp. Roadway Services is listed on the NASDAQ National Market System.
Comparability with earlier averages is not affected by this change.
@ See note "4" for p. S-19 regarding the new commodity classification systems introduced Jan. 1989.
Data may not equal the sum of the geographic regions, or commodity groups and principal commodities,
because the revisions to the totals are not reflected in the component items.
§ Number of issues represents number currently used; the change in number does not affect the continuity
of the series.
X For bonds due or callable in 10 years or more.
# Includes data for items not shown separately.
0 The March through August 1991 issues of the SURVEY showed month-end yields for 1991 rather than
monthly averages.
t Effective with the Mar. 1990 SURVEY, seas. adj. exports and imports have been revised back to Jan.
1988, and are available upon request.
Page S-13
1. Effective Feb. 28, 1989, there was a break in the series due to the enlargement of the panel of
reporting dealers to 17 and of reporting direct issuers to 36. End of month figures on the old basis are as
follows: All issuers, 481,734; financial companies, 373,717; dealer placed, 172,330; directly placed, 201,387;
and nonfinancial companies, 108,017.
2. Average for Dec.
# Includes data for items not shown separately.
§ Excludes loans and federal funds transactions with domestic commercial banks and includes valuation
reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
X Covers 50 States and the District of Columbia. Only regular benefits are included.
@ Average weekly insured unemployment for 12-month period divided by average monthly covered
employment (lagging 4 full quarters for annual figure and 2 full quarters for monthly figure).
t Effective Oct. 1989 SURVEY, loans by loan type are provided by the Federal Farm Credit Banks Funding
Corporation.
0 Effective with the April 1990 SURVEY, the reserves of depository institutions have been revised back
to 1984 and are available upon request.
PageS-14
1. Data are for fiscal years ending Sept. 30 and may include revisions not distributed to the months.
2. Weighted by number of loans.
3. Beginning Feb. 1988, data suspended by the Farm Credit Administration, which is revising the
information it collects and amending the reports it distributes.
s Effective Mar. 1990 SURVEY, data have been revised to reflect new benchmark and seasonal adjustments and are available from the Banking and Money Market Statistics Section of the Division of Monetary
Affairs at the Federal Reserve Board, Washington, DC 20551.
# Includes data for items not shown separately.
0 Excludes loans to commercial banks in the U.S.
X Rates on the commercial paper placed for firms whose bond rating is Aa or the equivalent.
XX Courtesy of Metals Week.
@ Average effective rate
t Effective May 1990 SURVEY, the consumer installment credit series have been revised back to 1980 to
incorporate new information and updated seasonal adjustment factors. These revisions are available upon
request.
# Series first shown in the June 1990 SURVEY.
f t This series, first shown in the June 1990 SURVEY, represents the outstanding balances of loans that
the loan originator has sold and are no longer carried on the loan originator's books. The loans are pooled
and securities are issued on the pools.
PageS-15
1. Beginning Jan. 1989, the primary public offering statistics have been discontinued by the Securities
and Exchange Commission.
2. Effective April 1991 SURVEY, the Security Markets series have been discontinued.
3. Money market deposit accounts are included with savings deposits.
t Effective Feb. 1991 SURVEY, the money stock measures and components have been revised and are
available from the Banking Section of the Division of Research and Statistics at the Federal Reserve Board,
Washington, D.C. 20551.
XX Includes ATS and NOW balances at all depository institutions, credit union share draft balances, and
demand deposits at thrift institutions.
<> Overnight (and continuing contract) RP's are those issued by commercial banks to the nonbank
public, and overnight Eurodollars are those issued by Caribbean branches of member banks to U.S. nonbank
customers.
@ Small time deposits are those issued in amounts of less than $100,000. Large time deposits are those
issued in amounts of $100,000 or more and are net of the holdings of domestic banks, thrift institutions, the
U.S. Government, money market mutual funds, and foreign banks and official institutions.
# Includes data for items not shown separately.
Page S-17
1. Beginning with Jan. 1989 data, undocumented exports to Canada are now included, resulting in a
break with Dec. 1988 data.
2. Beginning Jan. 1989, buses are excluded from "Motor vehicles and parts" and included in "Other
manufactured goods," resulting in a break with Dec. 1988 data.
3. See note "2" for p. S-16.
@ See note"®" for p. S-16.
j See note "t" for p. S-16.
# Includes data not shown separately.
^ Data include undocumented exports to Canada, which are based on official Canadian import totals.
# Series first shown in the October 1991 SURVEY. The deflators for the constant dollar series are primarily
based upon the monthly price indexes published by the Bureau of Labor Statistics using techniques developed
for the National Income and Product Accounts by the Bureau of Economic Analysis.
Page 5-18
1. Reported annual total; quarterly or monthly revisions are not available.
2. For month shown.
3. Beginning Aug. 1989, the export and import indexes have been discontinued by the Census Bureau.
# Series first shown in the October 1991 SURVEY. Source: Bureau of Labor Statistics.
# Includes data for items not shown separately.
§ Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled service.
X The threshold for Class I railroad status is adjusted annually by the Interstate Commerce Commission
to compensate for inflation.
<0> Average daily rent per room occupied, not scheduled rates.
## Data represent entries to a national park for recreational use of the park, its services, conveniences,
and/or facilities.
t Before extraordinary and prior period items.
@ Changes in these unit value indexes may reflect changes in quality or product mix as well as price
changes.
t t Effective with the Dec. 1989 SURVEY, data for 1981-88 have been revised and are available upon
request.
XX Effective with the Mar. 1990 SURVEY, data for 1985-89 have been revised and are available upon
request.
Page S-19
1. Reported annual total; monthly or quarterly revisions are not available.
2. Less than 500 metric tons.
3. Figure suppressed because it did not meet Census publication standards.
4. Beginning with 1989 data, merchandise trade data are based upon two new commodity classification systems; the International Harmonized System and, Revision 3 of the Standard International Trade
Classification and, as a result, data may not be directly comparable to 1988 and earlier years.
5. Data are partially estimated for this quarter and are not available.
6. Beginning in 1991, data are available only on a quarterly basis.
# Includes data for items not shown separately.
§ Data are reported on the basis of 100 percent content of the specified material unless otherwise
indicated.
X Effective with the Jan. 1990 SURVEY, revisions for 1987-88 are available upon request.
PageS-20
1. Reported annual total; monthly or quarterly revisions are not available.
2. Quarterly data are no longer available.
3. See note 4 for p. S-19.
4. Beginning in 1991, data are available only on a quarterly basis.
§ Data are not wholly comparable from year to year because of changes from one classification to
another.
@ Includes less than 500 electric generation customers not shown separately.
X Effective with the Jan. 1990 SURVEY, revisions for 1987-88 are available upon request.
0 Effective with the Dec. 1989 SURVEY, revisions for 1987-88 are available upon request.
PageS-21
1. Previous year's crop. New crop is not reported until Sept. (crop year: Sept. 1-Aug. 31).
2. Crop estimate for the year.
3. Stocks as of June 1.
4. Stocks as of June 1 and represents previous year's crop; new crop not reported until June (beginning
of new crop year).
5. Series has been discontinued.
6. Stock estimates are available once a year as June 1 stocks and shown here in the May column and
(as previous year's crop) in the annual column.
7. Stocks as of Dec. 1. •
8. See note 4 for p. S-19.
§ Excludes pearl barley.
@ Quarterly data represent the 3-month periods Dec-Feb., Mar.-May, June-Aug.f and Sept.-Nov.
Annual data represent Dec-Nov.
t Coverage for 21 selected States, representing approximately 85 percent of U.S. production.
PageS-22
1. See note 4 for p. S-19.
§ Cases of 30 dozen.
# Series first shown in the Jan. 1991 SURVEY.
Page S-23
1. Crop estimate for the year.
2. Reported annual total; revisions not distributed to the months.
3. Data suppressed because they did not meet Census publication standards.
4. See note 4 for p. S-19.
5. Data withheld to avoid disclosing figures for individual companies.
6. Beginning in 1991, data are available only on a quarterly basis.
# Totals include data for items not shown separately.
It March, June, September and December are five-week months. All others consist of four weeks.
Page S-23
1. Reported annual totaf; revisions not allocated to the months.
2. See note 4 for p. S-19.
3. Beginning May 1991, the leaded gasoline price is not statistically valid for publication.
# Includes data for items not shown separately.
PageS-29
1. Reported annual total; revisions not allocated to the months.
2. See note 4 for p. S-19.
0 Source: American Paper Institute. Total U.S. estimated consumption by all newspaper users. See
also note "t" for this page.
§ Effective with the October 1990 SURVEY, data have been revised back to 1989 to reflect adjustments
made by the Rubber Manufacturers Association's Rubber Statistical Committee.
X Effective with the October 1990 SURVEY, synthetic data consisting of Butyl, polyisoprene, polychloroprene, silicone, and other elastomers have been revised in keeping with data provided by the Census
Bureau's MA30A report beginning in 1990. Also see note "§" on this page.
# Compiled by the American Newspaper Publishers Association.
f Effective with the March 1990 SURVEY, Canadian newsprint statistics have been revised back to
Jan. 1982 to exclude supercalendered and some soft-nip calendered paper that was originally classified
as newsprint and is now classified as uncoated groundwood papers. This revision also affects estimated
consumption. Revised data are available upon request.
Page 3-30
1. Reported annual total; revisions not allocated to the months.
2. Data are being withheld to avoid disclosing data from individual firms.
3. Data cover five weeks; other months, four weeks.
4. Beginning Jan. 1989, sales of industrial plasters are included with building plasters.
5. Nov. 1 estimate of the 1991 crop.
6. Total for crop year, Aug. 1-Jul. 31.
7. Beginning in 1991, data are available only on a quarterly basis.
# Includes data for items not shown separately.
0 Cumulative ginnings to the end of month indicated.
§ Bales of 480 lbs.
PageS-24
1.
2.
3.
4.
S-35
SURVEY OF CURRENT BUSINESS
December 1991
Reported annual total; monthly revisions are not available.
See note 4 for p. S-19.
Less than 500 tons.
Beginning in 1990, monthly data have been discontinued. Annual data will continue to be available.
PageS-25
Page S-31
1. Reported annual total; monthly revisions are not available.
2. For month shown.
3. Effective with Jan. 1989, import data are for consumption; earlier periods of data are general imports.
See also note 4 for p. S-19 regarding the introduction of new classification systems.
4. Beginning in 1990, monthly data have been discontinued. Annual data will continue to be available.
@ Includes foreign ores.
§ Source: Metals Week
1. Less than 500 bales.
2. Annual total includes revisions not distributed to the months.
3. Average for crop year; Aug. 1-Jul. 31.
4. For five weeks; other months four weeks.
5. See note 4 for p. S-19.
6. Beginning in 1990, data are available only on a quarterly basis.
7. Beginning in 1991, data are available only on a quarterly basis.
0 Based on 480-lb. bales, preliminary price reflects sales as of the 15th; revised price reflects total
quantity purchased and dollars paid for the entire month (revised price includes discounts and premiums).
§ Bales of 480 lbs.
f The total may include some miscellaneous wool imports.
# Series first shown in the July 1990 SURVEY.
PageS-26
1. Reported annual total; monthly revisions are not available.
2. Less than 50 tons.
3. See note 3 for p. S-25.
4. Break in comparability beginning Jan. 1,1991, because of a change in the Metals Week pricing series
for zinc.
0 Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
| Source for monthly data: American Bureau of Metal Statistics. Source for annual data: Bureau of
Mines.
# Includes data not shown separately.
t Effective April 1991 SURVEY, the materials handling index has been revised back to 1982 and now
includes lift trucks. The index also includes new orders for automatic guided vehicles, automated storage
and retrieval systems, below hook lifters, cranes, hoists, monorails, racks, shelving, casters and floor trucks,
and conveyors. Revised data are available upon request.
@@ Price represents North American Mean.
@ Effective with the Sept. 1990 SURVEY, the new orders index numbers have been converted to a new
base year of 1987=100. Data back to 1988 are available upon request.
PageS-27
1. Annual total includes revisions not distributed to the months or quarters.
2. See note 4 for p. S-19.
3. Beginning in 1990, quarterly data have been discontinued. Annual data will continue to be available.
4. Beginning with May 1991 data, monochrome production numbers are no longer included.
# Includes data for items not shown separately,
o includes nonmarketable catalyst coke.
0 Includes small amounts of "other hydrocarbons and alcohol new supply (field production)," not shown
separately.
Page S-32
1. Annual total includes revisions not distributed to the months. .
2. Production of new vehicles (thous. of units) for Nov. 1991: passenger cars, 467; trucks and buses,
255.
3. Data are reported on an annual basis only.
4. See note 4 for p. S-19.
5. Beginning Jan. 1989, shipments of trailer bodies are included with trailer chassis to avoid disclosure
of data from individual firms.
6. Effective with the Dec. 1991 SURVEY, data have been revised back to 1988 and are available upon
request.
7. Data withheld to avoid disclosing figures for individual companies.
# Total includes backlog for nonrelated products and services and basic research.
§ Domestics comprise all cars assembled in the U.S. and cars assembled in Canada and imported to
the U.S. under the provisions of the Automotive Products Trade Act of 1965. Imports comprise all other cars.
0 Courtesy of R.L. Polk & Co.; republication prohibited. Because data for some States m not available,
month-to-month comparisons are not strictly valid.
* Series first shown in the August 1990 SURVEY. Effective with the Dec. 1991 SURVEY, seasonally adjusted
retail sales for trucks and buses have been revised back to 1989, and are available upon request.
t Includes some imported trucks over 10,000 lbs. GVW.
t Excludes railroad-owned private refrigerator cars and private line cars.
@ Effective with the Mar. 1991 SURVEY, seasonally adjusted retail inventories for trucks and buses have
been revised back to 1989, and are available upon request.
S-36
SURVEY OF CURRENT BUSINESS
December 1991
Index to Current Business Statistics
Sections
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
Labor force, employment, and earnings...
Finance .
Foreign trade of the United States
Transportation and communication
1-5
5,6
7,8
8,9
9-13
13-16
16-18
18,19
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
19, 20
20
20-23
23
23,24
24-27
27, 28
28, 29
29
30
30-32
32
.
32-35
Footnotes.
Individual Series
Advertising
Aerospace vehicles..
Agricultural l o a n s . . .
Air carrier operations.
Air conditioners (room) .
Aircraft and parts
Alcohol, denatured and ethyl
Alcoholic beverages
Aluminum
Apparel
Asphalt
Automobiles, etc
Banking
Barley
Battery shipments
Beef and veal
Beverages
Blast furnaces, steel mills
Bonds, issued, prices, sales yields
Brass and bronze
Brick
Building and construction materials
Building costs
Building permits
Business incorporation (new), failures
Business sales and inventories
Butter
8,12
32
13
18
27
4, 5, 32
19
8,20
25
2, 4-6, 8-12, 31, 32
28
2-4, 6, 8, 9,14,15,17, 32
13,14
21
27
22
8,17, 20
3-5
15,16
26
30
2,4, 5
7
7
5
2,3
21
31
Carpets
22
Cattle and calves
30
Cement
9
Chain-store sales, firms with 11 or more stores
21
Cheese
Chemicals
2-4,10-12,15,17,19, 20
Cigarettes and cigars
23
Clay products
2-4,30
Clothing (see apparel)
Coal
2, 27
Cocoa
22
Coffee
.
22
Coke
.
27
Combustion, atmosphere, heating equipment
26
Communication
15,19
Construction:
Contracts
7
Costs
7
Employment, unemployment, hours, earnings
10-12
Housing starts
.
7
New construction put in place
7
Consumer credit
14
Consumer goods output, index
1,2
Consumer Price Index
5,6
Copper and copper products
25, 26
Corn
21
Cost of living (see Consumer Price Index)
5, 6
Cotton, raw and manufactures
5,30,31
Credit, commercial bank, consumer
14
Crops
5, 21-23, 30
Crude oil
3, 27
Currency in circulation
15
Dairy products
Debt, U.S. Government
Deflator, PCE
Department stores, sales, inventories
Deposits, bank
„
Dishwashers and disposers
5,21/
14
1
9
13,15
27
Disposition of personal income .
Distilled spirits
Dividend payments
Drugstores, sales
Earnings, weekly and hourly
Eating and drinking places
Eggs and poultry
Electric power
Electrical machinery and equipment
Employee-hours, aggregate, and indexes
Employment and employment cost
Exports (see also individual commodities)
1
20
1,15
8,9
12
8, 9
5, 22
2, 20
2-5,10-12,15, 27
11
10-12
16-18
Failures, industrial and commercial
5
Farm prices
5,6
Fats and oils.
17
Federal Government finance
14
Federal Reserve System
13
Federal Reserve member banks
13
Fertilizers
19
Fish
22
Flooring, hardwood
24
Flour, wheat
22
Fluid power products
26
Food products
2-6, 8,10-12,15,17, 20-23
Foreign trade (see also individual commod.)
16-18
Freight cars (equipment)
32
Fruits and vegetables
5
Fuel oil
6, 28
Fuels
;
2, 6,17, 27, 28
Furnaces
27
Furniture
2, 6, 8-12
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gypsum and products
Hardware stores
Heating equipment
Help-wanted advertising index
Hides and skins
Hogs
Home loan banks, outstanding advances
Home mortgages
Hotels, motor hotels, and economy hotels
Hours, average weekly
Housefurnishings
Household appliances, radios, and television sets
Housing starts and permits
Imports (see also individual commodities)
Income, personal
Income and employment tax receipts
Industrial production indexes:
By industry
By market grouping
Installment credit
Instruments and related products
Interest and money rates
Inventories, manufacturers' and trade
Inventory-sales ratios
Iron and steel
2,6, 20
28
30
19
14
5,21, 22
9
30
8
26
12
6
22
8
8
18
11
2,4-6,8, 9
27
7
17,18
1
14
1,2
1,2
14
2-4,10-12
14
3,4, 8,9
3
2,15, 24, 25
Labor force
9,10
Lamb and mutton
22
Lead
26
Leather and products
2, 6,10-12,23
Livestock
5, 22
Loans, real estate, agricultural, bank (see also Consumer credit)
8,13
Lubricants
28
Lumber and products
2,6,10-12,23,24
Machine tools
26
Machinery
2-6,10-12,15,17,26,27
Manufacturers' sales (or shipments), inventories, orders
3-5
Manufacturing employment, unemployment, production workers,
hours, earnings
10-12
Manufacturing production indexes
1,2
M8at animals and meats
5, 22
Medical care
6
Metals
2-6, 10-12,15, 24-26
Milk
21
Mining
2,10-12
Mobile homes, shipments, installment credit
7,14
Monetary statistics
,
15
Money and interest rates
14
Money supply
15
Mortgage applications, loans, rates
8,13,14
Motor carriers
18
Motor vehides
2-4, 6, 8, 9,15,17, 32
National parks, visits
Newsprint
New York Stock Exchange, selected data
Nonferrous metals
Oats
Oils and fats
Orders, new and unfilled, manufacturers'
Outlays, U.S. Government
18
29
16
2, 4, 5,15, 25,26
21
17
4,5
14
Paint and paint materials
20
Paper and products and pulp
2 ^ , 6,10-12,15, 28, 29
Parity ratio
5
Passenger cars
2-4. 6, 8, 9.15.17. 32
Passports issued
18
Personal consumption expenditures
1
Personal income
1
Personal outlays
1
Petroleum and products
2-4,10-12,15,17, 27, 28
Pig iron.
24
Plastics and resin materials
20
Population
s
Pork
22
Poultry and eggs
5, 22
Price deflator, implicit (PCE)
1
Prices (see also individual commodities)
5,6
Printing and publishing
2,10-12
Private sector employment, hours, earnings
10-12
Producer Price Indexes (see also individual commodities)
6
Profits, corporate
15
Public utilities
1, 2, 7,15,16, 20
Pulp and pulpwood
28
Purchasing power of the dollar
6
Radio and television
Railroads
Ranges and microwave ovens
Rayon and acetate
Real estate
Receipts, U.S. Government
Refrigerators
Registrations (new vehicles)
Rent (housing)
Retail trade
Rice
Rubber and products (ind. plastics)
Saving, personal
Savings deposits
Savings institutions
Securities issued
Security markets
Services
Sheep and lambs
Shoes and other footwear
Silver
Spindle activity, cotton
4
Steel and steel manufactures
Stock market customer financing
Stock prices, yields, sales, etc.
Stone, clay, glass products
Sugar
Sulfur
Sulfuric acid
Superphosphate
Synthetic textile products
Tea imports
Telephone carriers
Television and radio
Textiles and products
Tin
Tires and inner tubes
Tobacco and manufactures
Tractors
Trade (retail and wholesale)
Transit lines, urban
Transportation
Transportation equipment
Travel
Truck trailers
Trucks
8, 27
13,16,18, 32
27
31
8,13
14
27
32
6
2, 3, 5, 8-12,14, 32
21
2-4, 6,10-12, 29
1
13
,.
8,14
15
15,16
6,10-12
22
23
14
31
24,25
15
16
2-4,10-12,15, 30
23
19
19
19
31
23
19
27
2-4] 1CM2*, 15, 30-32
26
29
'2-4,10-12,23
27
2, 3, 5, 8-12, 32
18
' . . 6,10-12,' 15,16,18
2-6,10-12,15,17, 32
18
32
."
2,32
Unemploymt.ii and insurance
U.S. Government bonds
U.S. Government finance
Utilities
Vacuum cleaners
Variety stores
Vegetables and fruits
9,10,13
16
15
' . . 2, 6, 7, 15, 16, 20
27
9
5
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheatflour
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc
1,12
27
27
21,22
2,3, 5, 8,10-12
28
31
26
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Vol. 3. Plains Region. (IA, KS, MN, MO, NE, ND, SD) 240 pp. $12.00
(GPO Stock No. 003-010-00218-2).
Vol. 4. SoutheastRegion. (AL, AR, FL, GA, KY, LA,MS,NC, SC, TN, VA,
WV) 376 pp. $18.00 (GPO Stock No. 003-010-00219-1).
Vol. 5. Southwest, Rocky Mountain, and Far West Regions and Alaska
and Hawaii. (AK, AZ, CA, CO, HI, ID, MT, NV, NM, OK, OR, TX, UT,
WA, WY) 328 pp. $16.00 (GPO Stock No. 003-010-00220-4).
The Balance of Payments of the United States: Concepts, Data
Sources, and Estimating Procedures. (1990) Describes in detail the
methodology used in constructing the balance of payments estimates for
the United States. Explains underlying principles, and describes the
presentation of the estimates. Includes a comprehensive list of data
sources. 160 pp. $8.50 (GPO Stock No. 003-010-00204-2).
Foreign Direct Investment in the United States: Operations of
U.S. Affiliates of Foreign Companies. (1991) Contains information on
the financial structure and operations of nonbank U.S. affiliates offoreign
direct investors. Data are classified by industry ofU.S. affiliate, by country
and industry of ultimate beneficial owner, and, for selected data, by State.
92 pp. $5.00 each. Preliminary 1989 Estimates: GPO Stock No. 003010-00223-9; Revised 1988 Estimates: GPO StockNo. 003-010-00224-7.
Foreign Direct Investment in the United States: 1987 Benchmark Survey, Final Results. (1990) Contains information for 1987 on
the financial structure and operations of U.S. affiliates of foreign direct
investors, on the foreign direct investment position in the United States,
and on balance of payments transactions between U.S. affiliates and their
foreign parents. Data are classified by industry ofaffiliate, by country and
industry of ultimate beneficial owner or foreign parent, and, for selected
data, by State. Also contains a complete methodology and copies of survey
forms and instructions. 284 pp. $14.00 (GPO StockNo. 003-010-00210-7).
Foreign Direct Investment in the United States: Balance of
Payments and Direct Investment Position Estimates, 1980-86.
(1990) Contains final estimates of the foreign direct investment position
in the United States and ofbalance ofpayments transactions between U.S.
affiliates and their foreign parent groups for calendar years 1980-86.
Includes estimates by country of foreign parent and industry of U.S.
affiliate. Most of the estimates in this publication appeared earlier in
various issues of the SURVEY OF CURRENT BUSINESS. 56 pp. $3.00 (GPO Stock
No. 003-010-00215-8).
U.S. Direct Investment Abroad: 1989 Benchmark Survey, Preliminary Results. (1991) Presents preliminary results of the latest
benchmark survey of the worldwide operations of U.S. multinational
companies. Contains detailed 1989 data on the financial structure and
overall operations of U.S. parent companies and their foreign affiliates in
91 tables organized by country and by industry. 120 pp. $5.50 (GPO Stock
No. 003-010-00225-5).
U.S. Direct Investment Abroad: Operations of U.S. Parent Companies and Their Foreign Affiliates, Revised 1988 Estimates. (1991)
Presents results of BEA's annual survey of the worldwide operations of
U.S. multinational companies. Contains information on the financial
structure and operations of both U.S. parent companies and their foreign
affiliates. Data are classified by country and industry of foreign affiliate
and by industry of U.S. parent. 80 pp. $4.25. (GPO Stock No. 003-01000221-2).
@FedFRASER