Full text of Survey of Current Business : February 1994
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FEBRUARY 1994
VOLUME 74 NUMBER
2
SURVEY of CURRENT BUSINESS
IN THIS ISSUE . . .
• Gross Product of U.S. Multinational Companies,
1977-91
• New Estimates of Monthly U.S. International
Services Transactions
• User's Guide to BEA Information
U.S. DEPARTMENT OF COMMERCE < ^ ECONOMICS AND STATISTICS ADMINISTRATION
BUREAU OF ECONOMIC ANALYSIS
FEBRUARY 1 9 9 4
\
*
t i
VOLUME 7 4 NUMBER
2
!
SURVEY OF CURRENT BUSINESS. Pub-
lished monthly by the Bureau of Economic Analysis of the U.S. Department
of Commerce. Editorial correspondence should be addressed to the Editor-
SURVEY of
CURRENT BUSINESS
U.S. Department of Commerce
Ronald H. Brown, Secretary
Economics and Statistics Administration
in-Chief, SURVEY OF CURRENT BUSI-
NESS, Bureau of Economic Analysis, U.S.
Department of Commerce, Washington,
DC 20230.
Bureau of Economic Analysis
Carol S. Carson, Director
J. Steven Landefeld, Deputy Director
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Editor-in-Chief
Managing Editor
Douglas R. Fox
Leland L. Scott
Publication Staff: W. Ronnie Foster, M. Gretchen Gibson,
Ernestine T. Gladden, Eric B. Manning, Donald J. Parschalk
THIS ISSUE of the SURVEY went to the printer on March 10,1994.
It incorporates data from the following monthly BEA news releases:
Gross Domestic Product (Mar. 1),
Personal Income and Outlays (Mar. 2), and
Composite Indexes of Leading, Coincident, and Lagging Indicators (Mar. 4).
February 1994
SURVEY OF CURRENT BUSINESS
TABLE
OF
CONTENTS
iupecial in this issue
42
Gross Product of U.S. Multinational Companies, 1977-91
The share of production of U.S. multinational companies (MNC'S) that originates in the United States has increased modestly since 1977. Among MNC'S in
manufacturing, however, the foreign share of production has increased; this shift
toward foreign operations has been concentrated in countries with relatively
high wage rates, suggesting that wage rates are not the dominant factor in determining the location of manufacturing production.
64 New Estimates of Monthly U.S. International Services
Transactions
In March, BEA is introducing monthly estimates of U.S. international services
transactions. These estimates will be combined with existing Census Bureau
estimates of merchandise trade in a joint news release that will provide a more
complete and more timely picture of U.S. foreign trade.
l\egular features
1
Business Situation
Real GDP increased 7.3 percent in the fourth quarter of 1993, compared with a
2.9-percent increase in the third quarter. Fixed investment—both nonresidential and residential—picked up strongly, and inventory investment and exports
turned up sharply.
34 Federal Budget Estimates, Fiscal Year 1995
In BEA'S annual "translation" of the administration's budget, the Federal deficit
on a NIPA basis will shrink from $187.9 billion in fiscal year 1994 to $146.2 billion
in fiscal year 1995. Before translation, the budget shows the deficit shrinking
from $234.8 billion to $176.1 billion.
— Continued on next page —
U
SURVEY OF CURRENT BUSINESS
66
User's Guide to BEA Information
Contains updated information to help users locate the most recent and most
frequently requested BEA products. The guide also includes descriptions ofBEA's
programs, as well as order information and forms.
66
69
77
82
89
92
General
National Economics
Regional Economics
International Economics
Other Tools for Economic Analysis
Order Forms
l\eports and statistical presentations
National Income and Product Accounts
9
Selected NIPA Tables
28
NIPA Charts
30
31
Reconciliation and Other Special Tables
A Look at How BEA Presents the NIPA'S
Departments
C-1
Business Cycle Indicators
S-1
Current Business Statistics
(Seepage S-35 for contents and subject index)
Inside back cover: BEA Information
(A listing of recent BEA publications availablefromGPO)
LOOKING AHEAD
Current Business Statistics. As this issue of the SURVEY went to the printer, BEA received approval to reprogram selected resources into areas that are primary to its mission of preparing economic accounts. One result of this reprogramming is that BEA
will discontinue compiling and publishing the "Current Business Statistics" (S-pages)
section of the SURVEY. The March 1994 SURVEY will be the last issue containing this
section, BEA series that are presently published in the S-pages will be retained elsewhere in the SURVEY, BEA will provide a listing of sources for the S-page series, including addresses and telephone numbers, in the March and April issues.
February 1994
Feb
iruary 1994
SURVEY OF CURRENT BUSINESS
THE
This article was
prepared by Daniel
Larkins, Larry R.
Moran, Ralph W.
Morris, and
Christian
Khemann.
BUSINESS
(T\ EAL GROSS domestic product (GDP), a meas./yure of goods and services produced in the
United States, increased 7.5 percent in the fourth
quarter of 1993, according to the "preliminary"
estimate of the national income and product accounts (NIPA'S). The "advance" estimate of the
NIPA'S, reported in the January "Business Situation," showed a 5.9-percent increase.1 Real gross
domestic purchases, a measure of goods and services purchased by U.S. residents, increased 7.2
percent, 0.7 percentage point more than the advance estimate. The fixed-weighted price index
for gross domestic purchases increased 2.2 percent, about the same as the advance estimate.
(The sources of these revisions are discussed in
"Revisions" later in this article.)
The 7.5-percent increase in real GDP in the
fourth quarter followed a 2.9-percent increase
in the third and was the largest increase since
the first quarter of 1984 (chart 1). The acceleration was more than accounted for by a
very sharp step-up in the production of goods
and a smaller—but still sizable—step-up in the
production of structures (table 1). Half of the acceleration in goods production was accounted for
by an upturn in motor vehicle production; both
SITUATION
residential and nonresidential construction contributed to the step-up in structures production.
The production of services increased considerCHART 1
Real Product:
Change from Preceding Quarter
Billion 1987$
100
GROSS DOMESTIC PRODUCT
80
60
40
20
0
I. jN.llll.ll
-20
-40
60
M\
i
PERSONAL CONSUMPTION EXPENDITURES
40
20
0
l.i •. lill.lll
-20
40
FIXED INVESTMENT
•1.11
20
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 areannualized.
Real, or constant-dollar, estimates are expressed in 1987 dollars and are based
on 1987 weights. For a discussion of estimates based on alternative weights,
see "Alternative measures" at the end of this article.
i
0
-20
Vif-
•40
40
CHANGE IN BUSINESS INVENTORIES
20
0
Table 1.—Real Gross Domestic Product, by Major Type of Product
-20
[Seasonally adjusted at annual rates]
, ' . , ' • .
I
^tt>
Billions of 1987 dollars
Percent change from preceding
quarter
Level
1993
0
1993
1993:1V
I
II
III
IV
40
20
Change from preceding quarter
I
II
III
IV
NET EXPORTS
• _ _.l.tl M
•.,_
-20
If
-40
Gross domestic product ..
5,232.1
9.9
23.9
36.2
93.8
0.8
1.9
2.9
7.5
40
Goods
Motor vehicles
Other
2,139.1
212.9
1,926.2
2.5
6.6
-4.1
8.9
-2.6
11.5
5.8
-10.2
16.0
64.2
19.5
44.7
.5
13.9
-.9
1.7
-4.9
2.5
1.1
-18.6
3.5
13.0
46.9
9.8
20
Services
2,604.2
8.8
12.2
19.2
7.5
1.4
1.9
3.0
1.2
-20
488.8
-1.5
2.8
11.1
22.2
-1.3
2.5
10.1
20.4
Structures
NOTE.—Dollar levels of most series are found in table 1.4 of the "Selected NIPA Tables." Output of motor vehicles is the sum
of auto output and truck output (from tables 8.4 and 8.6).
0
GOVERNMENT PURCHASES
I
!,• - m ,
1990
1991
1992
1993
Based on Seasonally Adjusted Annual Rates
U.S. Departnent of Commerce, Bureau ol Economic Analysis
2 • February 1994
SURVEY OF CURRENT BUSINESS
ably less in the fourth quarter than in the third;
household operation was the biggest contributor
to the slowdown.
The 7.2-percent increase in real gross domestic purchases followed an increase of 3.7 percent
(table 2). Inventory investment added about as
much to the change in gross domestic purchases
in the fourth quarter as it had subtracted in the
third; the upswing was more than accounted for
by farm inventory investment, which rebounded
from a third-quarter decrease that largely re-
flected the effects of floods and drought.2 Final
sales to domestic purchasers increased 6.7 percent after increasing 4.2 percent. Most of the
step-up was accounted for by fixed investment,
which increased almost three times as much in
2. In allocating the annual loss caused by the floods and drought to the
quarterly estimates, the Bureau of Economic Analysis lowered farm inventories by $7.5 billion in the third quarter and by $2.5 billion in the fourth. See
"Impact of the 1993 Floods and Drought," SURVEY OF CURRENT BUSINESS 73
(September 1993): 2. These adjustments lowered third-quarter growth of real
GDP by 0.6 percentage point and raised fourth-quarter growth by 0.4 percentage point; growth in the first quarter of 1994 will be raised 0.2 percentage
point.
Table 2.—Real Gross Domestic Product, Real Gross Domestic Purchases, and Real Final Sales to Domestic
Purchasers
[Seasonally adjusted at annual rates]
Percent change from preceding quarter
Billions of 1987 dollars
1993
Change from preceding quarter
I ov/ol
1993
II
I
1993:1V
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 .
Personal consumption expenditures
Nonresidential fixed investment
Residential investment
Government purchases
IV
III
IV
III
II
I
5,232.1
9.9
23.9
36.2
93.8
0.8
1.9
2.9
7.5
620.1
704.2
-3.6
17.6
5.2
20.5
-1.3
9.8
28.2
26.0
-2.4
11.6
3.6
13.3
-.9
6.0
20.5
16.2
5,316.2
31.0
39.3
47.2
91.6
2.5
3.1
3.7
7.2
134
206
-16 3
-65
69
5,302.8
10.4
55.5
53.8
84.7
.8
4.4
4.2
6.7
3,508.6
625.2
226.9
942.0
6.6
18.6
.8
-15.6
28.9
22.0
-5.2
9.8
36.9
10.5
5.9
.6
39.0
30.4
14.8
.3
.8
14.4
1.5
-6.4
3.4
16.6
-9.5
4.3
4.4
7.4
11.9
.3
4.6
22.1
31.0
.1
NOTE.—Dollar levels are found in tables 1.2 and 1.6 of the "Selected NIPA Tables." Percent
changes are found in table 8.1.
Table 3.—Real Personal Consumption Expenditures
[Seasonally adjusted at annual rates]
Percent change from preceding quarter
Billions of 1987 dollars
1993
Change from preceding quarter
I PVPI
Level
1993
I
1993:1V
I
II
III
II
III
IV
IV
Personal consumption expenditures ...
3,508.6
6.6
28.9
36.9
39.0
0.8
3.4
4.4
4.6
Durable goods
Motor vehicles and parts
New autos
New trucks
Other
Furniture and household equipment
Other
511.1
199.8
84.3
47.5
68.0
227.8
83.4
-1.5
-2.9
-3.4
1.3
-.8
2.3
-.9
12.3
5.6
2.4
1.3
1.9
5.9
.9
8.9
-1.4
-.7
-2.4
1.7
7.0
3.1
18.0
9.9
6.1
6.6
-2.8
8.4
-.3
-1.3
-6.0
-16.0
13.4
-4.6
4.6
-4.4
10.8
12.6
13.2
13.0
11.8
11.9
4.6
7.6
-2.9
-3.5
-20.4
10.2
13.8
16.3
15.4
22.5
35.0
81.9
-14.9
16.2
-1.4
Nondurable goods
Food
Clothing and shoes
Energy l
Other
1,102.7
537.8
204.5
98.7
261.7
-5.8
-2.6
-5.2
.5
1.5
7.1
1.9
3.0
-.1
2.2
9.9
4.0
2.8
2.7
.5
9.7
5.2
3.9
-.7
1.3
-2.1
-2.0
-10.0
2.1
2.4
2.7
1.5
6.3
-.4
3.5
3.7
3.1
5.8
11.6
.8
3.6
4.0
8.0
-2.8
2.0
Services
Housing
Household operation
Energy2
Other household operation
Transportation
Medical care
Other
1,894.8
495.2
221.2
100.5
120.7
127.7
469.3
581.3
13.9
2.1
1.3
.6
.7
.8
4.8
5.1
9.5
1.9
-2.3
-2.9
.6
1.6
3.1
5.0
18.1
2.6
5.2
4.4
.8
.4
4.0
6.1
11.3
1.9
.4
-.1
.5
1.2
4.2
3.4
3.1
1.7
2.4
2.5
2.4
2.6
4.3
3.7
2.1
1.6
-4.2
-11.2
2.0
5.2
2.7
3.6
3.9
2.1
10.0
19.6
2.7
1,3
3.5
4.3
2.4
1.5
.7
-.4
1.7
3.8
3.7
2.4
1. Gasoline and oil, and fuel oil and coal.
2. Electricity and gas.
NOTE.-Dollar levels of most series are found in table 2.3 of the "Selected NIPA Tables." New
auto and truck purchases are found in tables 8.4 and 8.6. Percent changes in major aggregates
are found in table 8.1.
SURVEY OF CURRENT BUSINESS
the fourth quarter as in the third. An acceleration
in nonresidential fixed investment reflected stepups in both structures and producers' durable
equipment; an acceleration in residential investment was largely accounted for by single-family
construction.
Exports and imports are the link between the
goods and services produced in the United States
(or GDP) and the goods and services purchased
by U.S. residents (or gross domestic purchases).
Exports, which are produced in the United States
but not purchased by U.S. residents, posted a
strong increase in the fourth quarter after a small
decrease in the third. Imports, which are purchased by U.S. residents but not produced in the
United States, posted almost as strong an increase
as exports after a moderate increase in the third.
Personal consumption expenditures
Real personal consumption expenditures (PCE)
increased 4.6 percent in the fourth quarter after increasing 4.4 percent in the third (table 3).
Selected Factors
Affecting Consumer Spending
Percent change
15
REAL DISPOSABLE PERSONAL INCOME
10
5
0
1 -
•.•111
11.1
-5
10
1
Percent
Durable goods accelerated, nondurable goods increased at about the same rate as in the third
quarter, and services slowed.
Three factors that were favorable to consumption spending in the fourth quarter are shown in
chart 2. Real disposable personal income jumped
5.8 percent after increasing only 1.6 percent. The
unemployment rate fell to 6.5 percent, its lowest
level since the first quarter of 1991. The Index of
Consumer Sentiment (prepared by the University
of Michigan's Survey Research Center) jumped
to its highest level in three quarters.
Expenditures for durable goods increased 15.4
percent after increasing 7.6 percent. The stepup was accounted for by motor vehicles and
parts, which turned up sharply, and by furniture
and household equipment, which increased even
more than in the third quarter. The upturn in
motor vehicles and parts was nearly evenly split
between new autos and trucks. Most of the stepup in furniture and household equipment was
in consumer electronics. "Other" durable goods
decreased slightly after increasing sharply.
Expenditures for nondurable goods increased
3.6 percent after increasing 3.7 percent. Clothing and shoes, food, and "other" nondurable
goods increased more than in the third quarter. Energy—primarily gasoline and oil—turned
down.
Expenditures for services increased 2.4 percent
after increasing 3.9 percent. The deceleration
was accounted for by household operation (primarily electricity and gas), "other" services, and
housing. Electricity and gas expenditures for
cooling and heating edged down, as a slightly
colder-than-normal fourth quarter followed a
hotter-than-normal third quarter. A slowdown
in "other" services was mostly accounted for by
religious and welfare services and by recreation
services—primarily motion picture admissions,
which decreased after jumping sharply. Transportation services increased more in the fourth
quarter than in the third, primarily reflecting the
reaction of consumers to lower air fares. Medical
care services increased at about the same rate in
the fourth quarter as in the third.
Nonresidential fixed investment
60
1990
1991
1992
1993
1. Disposable personal income in 1987 dollars: seasonally adjusted annual rates.
2. All civilian workers, seasonal/ adjusted.
Data: U.S. Dapertnentol Labor, Bureau of Labor Staisfcs
3. Data: University of Mchigan's Survey Research Center.
U.S. Departnent of Commerce, Bureau of Economic Analysis
Real nonresidential fixed investment jumped 22.1
percent in the fourth quarter after increasing 7.4
percent in the third (table 4). Structures and
producers' durable equipment both contributed
to the acceleration.
Several factors that affect investment spending were favorable in the fourth quarter. The
February
SURVEY OF CURRENT BUSINESS
4 • February 1994
yield on new high-grade corporate bonds increased only slightly from the 25-year low it had
reached in the third quarter. The capacity utilization rate in manufacturing resumed its uptrend
with a substantial increase. Real final sales of
domestic product increased strongly after having increased moderately over the preceding four
quarters. (Fourth-quarter corporate profits and
cash flow are not yet available.)
quarter increase; communications equipment
accounted for the rest.
Residential investment
Real residential investment increased 31.0 percent in the fourth quarter after increasing 11.9
percent in the third. A jump in single-family
construction accounted for most of the step-up.
Structures increased 14.2 percent, the largest
increase in more than 6 years, after a very
small increase. Nonresidential buildings accelerated sharply; industrial structures jumped after
a moderate increase, and commercial structures
jumped after a moderate decrease. Utilities
turned up and oil well drilling turned down by
about equal amounts.
CHART 3
Housing Starts
Millions of units
2.0
Producers' durable equipment (PDE) increased
24.9 percent after increasing 10.0 percent. About
two-thirds of the acceleration was accounted for
by an upturn in transportation equipment; purchases of trucks turned up, and purchases of
civilian aircraft decreased less than in the third
quarter. Industrial equipment and "other" PDE
increased substantially after increasing moderately in the third quarter; in both categories, the
strength was widespread. Information processing equipment posted another 30-plus-percent
increase. Computers and peripheral equipment,
which accounted for most of the third-quarter
increase, accounted for about half of the fourth
Single Family
Multifamily
111111111111
1990
111111111111
1991
1992
1993
Seasonally Adjusted at Annual Rates
Data: Bureau of h e Census
US. Depertnent of Commerce, Bureau of Economic Analysis
Table 4.—Real Gross Private Domestic Fixed Investment
[Seasonally adjusted at annual rates]
Percent change from preceding quarter
Billions of 1987 ciollars
1993
Change from preceding quarter
L6V6I
1993
I
1993:IV
Gross private domestic fixed investment
I
II
III
IV
IV
852.2
19.4
16.9
16.3
45.3
10.7
9.0
8.5
24.4
625.2
18.6
22.0
10.5
30.4
14.4
16.6
7.4
22.1
Structures
Nonresidential buildings, including farm .
Utilities
Mining exploration, shafts, and wells
Other
156.3
106.7
31.1
11.0
.2
1.8
2.9
1.2
.7
1.0
.1
.1
1.0
-.1
.3
5.1
5.2
.6
-.7
0
.5
7.6
8.1
4.9
9.7
.3
4.0
14.2
22.1
-1.3
10.9
-44.8
-21.9
Producers' durable equipment
Information processing and related equipment.
Computers and peripheral equipment
Other
Industrial equipment
Transportation and related equipment
Motor vehicles
Other
Other
469.0
215.3
112.8
102.6
84.9
89.0
77.0
12.0
79.7
18.4
10.1
12.3
-2.3
1.0
3.6
2.7
.9
3.8
8.2
5.0
3.3
2.1
7.1
6.9
.2
1.7
226.9
119.7
.8
6.0
-5.2
-5.2
9.4
-1.3
-3.9
-.1
.2
Nonresidential
Residential
Single-family structures
Multifamily structures ....
Other
7.5
97.8
NOTE.—Dollar levels of most series are found in table 5.5 of the "Selected NIPA Tables." Motor
vehicles are found in tables 8.4 (autos) and 8.6 (trucks). Percent changes in major aggregates
are found in table 8.1.
III
II
-1.7
.1
0
19.1
-1.2
10.4
14.1
10.6
3.6
1.7
-7.1
-3.0
-4.1
1.6
5.9
1.3
.8
3.8
25.4
14.4
7.7
6.7
4.4
3.3
2.9
.4
3.2
-19.8
3.9
0
44.4
19.9
26.2
80.6
-9.7
19.8
19.7
24.3
15.7
11.4
37.5
45.5
5.4
18.7
17.0
27.0
23.8
14.8
1.5
9.7
-.4
5.5
24.2
-41.4
-15.9
4.7
5.3
9.6
-9.5
-17.0
^t.3
.9
10.0
33.8
53.0
16.5
8.9
-27.3
-14.7
-70.2
8.8
11.9
4.9
40.6
18.3
8.1
0
24.9
31.9
32.7
31.0
23.7
16.3
16.6
14.5
17.8
31.0
40.2
-15.4
26.1
SURVEY OF CURRENT BUSINESS
Single-family construction increased 40.2 percent after increasing 4.9 percent. Single-family
construction in a quarter is largely determined by
housing starts in that quarter and in the preceding quarter. Fourth-quarter construction, thus,
reflects housing starts in the third and fourth
quarters. Starts averaged 1.207 million units (annual rate) in the third and fourth quarters, up
from an average of 1.111 million in the second and
third quarters (chart 3).
Multifamily construction decreased 15.4 percent after increasing 40.6 percent; the thirdquarter increase was the first in more than a
year and only the third in 4 years. The rental
vacancy rate decreased slightly in the fourth quarter but remained high; at 6.9 percent, it was
February 1994
not significantly different from the third-quarter
rate or from the rate in the fourth quarter of
1992. The Low Income Housing Tax Credit program, which was reauthorized in mid-1993, is
expected to give a substantial boost to starts of
subsidized housing, which currently accounts for
about one-fourth of multifamily construction.
"Other" residential investment increased 26.1
percent after increasing 18.3 percent; the stepup was accounted for by brokers' commissions.3
Sales of existing houses increased 10.2 percent
(not an annual rate) after increasing 8.0 percent,
and sales of new houses increased 16.4 percent
after increasing 3.7 percent. Mortgage rates continued near their lowest levels in a generation
(chart 4).
Inventory investment
CHART 4
Real inventory investment—that is, the change
in business inventories—increased $6.9 billion in
the fourth quarter after decreasing $6.5 billion in
the third. The upturn was more than accounted
for by farm inventories (table 5).
Farm inventory investment increased $8.5 billion, as inventory decumulation slowed to $4.4
billion from $12.9 billion. Crop inventories were
reduced in both quarters as a result of the Midwest floods and Southeast drought; the reduction
was substantially larger in the third quarter than
in the fourth. Inventories of livestock increased
slightly after decreasing.
Nonfarm inventory investment decreased slightly,
as the pace of accumulation, though still substantial, slowed to $17.8 billion from $19.4 billion.
Retail trade other than auto dealers accounted
Selected Interest Rates
Percent
12
10
Mortgage Commitments
Prime Rate
3-Month Treasury Bills
Mill
1990
1991
1992
1993
3. The "other" component includes improvements {major replacements
and additions and alterations), sales of new mobile homes, brokers'
commissions on house sales, and residential equipment.
Data: Federal Reserve Board
US. Depertnenl ol Comnnree, Bureau of Economic Analysis
Table 5.—Change in Real Business Inventories
[Billions of 1987 dollars; seasonally adjusted at annual rates]
Change from preceding quarter
Level
1992
I
IV
Change In business inventories
Farm
Nonfarm
Manufacturing
Wholesale trade
Retail trade
Auto dealers
Other retail trade
Other
Addenda:
Motor vehicles
Nonfarm less motor vehicles
II
1993
III
IV
I
II
III
IV
8.7
29.3
13.0
6.5
13.4
20.6
16.3
-6.5
1.2
0
-4.1
-12.9
-4.4
-1.2
-4.1
-8.8
8.5
7.5
-12.5
10.7
9.7
-1.7
11.4
-.4
29.3
.8
.7
24.0
16.6
7.4
5.4
17.1
5.0
6.6
3.0
-.5
3.5
2.4
19.4
3.1
6.4
4.8
-7.1
11.9
5.0
17.8
-3.5
3.7
132
1 0
12.2
4.4
21.8
11.7
-10.0
143
18.3
-4.0
5.8
-12.2
5.8
5.9
-21.0
-17.1
-3.9
-3.0
2.3
-1.9
-.2
1.8
-6.6
8.4
2.6
-1.6
-6.6
-2.7
84
81
.3
.6
1.9
5.6
14.8
14.5
-1.9
19.0
-4.4
23.8
2.1
15.7
12.9
8.9
16.7
4.5
-2.5
4.8
6.5
-8.1
NOTE.—Dote levels for most series are found in table 5.11 of the "Selected NIPA Tables."
Motor vehicles are found in tables 8.4 (autos) and 8.6 (trucks).
1993
6.9
6 • February 1994
SURVEY OF CURRENT BUSINESS
for two-thirds of the accumulation in the fourth
quarter and for almost as much in the third; in
both quarters, more than half of the accumulation was accounted for by furniture and appliance
stores and by building materials and hardware
stores. Retail automotive inventories increased
modestly after a sharp drop.
Wholesale trade inventories increased less than
in the third quarter. Inventories of durable goods
increased about half as much as in the third
quarter, while inventories of nondurable goods
increased about the same amount as in the third
quarter.
Manufacturing inventories of both durable
goods and nondurable goods decreased in the
fourth quarter after increasing in the third.
The decrease in inventories of durable goods
was more than accounted for by transportation
equipment other than motor vehicles (mainly air-
craft). The decrease in inventories of nondurable
goods was accounted for by food and chemicals.
Reflecting a surge in sales in the fourth quarter,
the constant-dollar ratio of nonfarm inventories
to all final sales fell to 2.45 in the fourth quarter
from 2.49 in the third. A ratio in which final
sales are limited to goods and structures fell to
4.21 from 4.32. Both ratios were at the lowest
levels in 20 years.
Net exports of goods and services
Real exports increased 20.5 percent in the fourth
quarter after decreasing 0.9 percent in the
third. Real imports increased 16.2 percent after
increasing 6.0 percent (table 6).
Exports of goods jumped 29.5 percent after a
small decrease. Exports of agricultural products
turned up, and exports of nonagricultural products accelerated sharply. Most of the acceleration
Table 6—Real Net Exports of Goods and Services
[Seasonally adjusted at annual rates]
Percent change from preceding quarter
Billions of 1987 dollars
u1993:1V
1993
Change from preceding quarter
1993
II
I
-84.1
-21.1
-15.3
-11.1
2.2
Exports of goods and services
Merchandise
Agricultural products
Nonagricultural products ..
Services
620.1
463.1
39.1
424.0
157.0
-3.6
-7.1
-2.4
-4.6
-1.3
28.2
29.0
3.5
5.2
4.3
.1
4.2
.8
Imports of goods and services .
Merchandise
Petroleum and products...
Nonpetroleum products ....
Services
704.2
598.9
58.5
540.4
105.3
17.6
15.6
.6
14.9
2.0
Net exports of goods and services .
II
I
III
IV
III
3.6
4.1
1.0
4.4
2.0
-1.5
1.8
1.1
-.8
27.2
-2.4
-6.3
-21.4
-4.6
-.8
9.4
20.5
19.8
9.8
9.2
26.0
24.0
11.6
12.3
4.4
1.8
4.6
15.4
-1.1
10.3
22 2
13.1
13.3
15.3
37.3
13.1
.7
.6
2.0
8.2
2.8
-.4
-.9
-.4
-14.6
1.1
-2.0
6.0
6.7
-7.4
8.4
2.4
20.5
29.5
20.7
30.4
-2.0
16.2
17.8
13.5
18.3
8.0
NOTE.-Dollar levels of these series are found in tables 4.2 and 4.4 of the "Selected NIPA
Tables," and percent changes in major aggregates are found in table 8.1.
Table 7.—Real Government Purchases
[Seasonally adjusted at annual rates]
Percent change from preceding quarter
Billions of 1987 dollars
Change from preceding quarter
1993
I 0\/0l
LCVCI
1993
I
1993:1V
II
Ml
HI
II
IV
III
IV
IV
942.0
-15.6
9.8
0.6
0.3
-6.4
4.3
0.3
0.1
Federal
National defense
Compensation of employees ,
Other
Nondefense
Compensation of employees
Other
349.5
238.0
94.1
143.9
111.5
51.0
60.5
-16.1
-15.3
-1.3
-14.0
1.8
.4
-5.7
-6.3
-1.1
-5.2
-4.2
-2.1
-1.2
2.0
.7
-6.2
-9.8
-4.5
-13.2
.7
.2
.5
-2.2
-16.2
-21.4
-5.1
-30.3
-3.2
10.0
-12.8
-4.7
-3.5
-4.9
-2.5
-7.5
-4.6
-9.9
State and local
Structures
Other
Compensation of employees
Other
592.5
99.0
493.5
365.7
127.8
6.4
4.1
2.3
1.1
1.2
4.5
2.5
2.0
1.2
.8
Government purchases
NOTE.—Dollar levels of most series are found in table 3.8B of the "Selected NIPA Tables,"
and percent changes in major aggregates are found in table 8.1.
I
-.9
1.2
-2.1
.5
-1.7
2.2
1.0
1.2
-1.3
1.7
1.5
.4
1.1
7.9
5.5
2.4
1.4
1.0
-.9
-.6
-1.6
-5.2
4.7
5.5
3.2
7.5
2.5
1.6
3.3
.3
5.6
4.5
3.1
-7.5
27.8
19.0
10.8
1.8
1.1
3.9
2.0
1.6
3.2
1.9
1.2
3.9
1.6
1.3
2.5
February 1994
SURVEY OF CURRENT BUSINESS
in nonagricultural exports reflected upturns in
civilian aircraft and parts and in autos. Exports
of services decreased the same amount as in the
third quarter.
Imports of goods increased 17.8 percent after
increasing 6.7 percent. Imports of petroleum
and petroleum products turned up, and nonpetroleum imports accelerated. The acceleration
in nonpetroleum imports was more than accounted for by autos and by nonautomotive
capital goods. Imports of services increased
moderately after a smaller increase.
Government purchases
Real government purchases increased 0.1 percent
in the fourth quarter after increasing 0.3 percent in the third (table 7). Federal Government
purchases decreased somewhat less than in the
third quarter, and State and local government
purchases increased somewhat less.
Federal defense purchases decreased 3.5 percent
after decreasing 9.8 percent. The fourth-quarter
decrease was spread across all types of purchases,
but more than half of it was in compensation of employees, which decreased for the 11th
consecutive quarter.
Federal nondefense purchases decreased 7.5
percent after increasing 2.5 percent. The fourthquarter decrease was accounted for by purchases
of services.
State and local government purchases increased
3.1 percent after increasing 4.5 percent. Most
of the slight slowdown was accounted for by
structures.
Revisions
The preliminary fourth-quarter estimate of a 7.5percent increase in real GDP is 1.6 percentage
points higher than the advance estimate (table 8).
This revision, which is nearly three times as large
as the average revision from the advance to the
preliminary estimate, is the largest in more than
5 years. More than half of the revision reflected
revisions to exports and imports. Exports were
revised up $7.6 billion, and imports were revised
down $3.9 billion. (Imports are subtracted in
the calculation of GDP, SO a downward revision
in imports leads to a upward revision in GDP.)
The revision to exports primarily reflected the incorporation of newly available merchandise trade
data that showed an unexpectedly large jump
in merchandise exports in December; the jump
was almost as large as the increase over the first
11 months of the year. Similarly, the revision
to imports primarily reflected the incorporation
of newly available merchandise trade data that
showed an unexpected decrease in merchandise
imports in December.
Personal consumption expenditures was revised up $4.7 billion on the basis of revised source
data on retail sales for November and December; more than half of this revision was reflected
in expenditures for food, for clothing and shoes,
and for furniture and equipment. Farm inventory investment, State and local government
purchases, and nonresidential fixed investment
were revised up by smaller amounts. Small
downward revisions were made to nonfarm inTable 8.—Revisions in Real Gross Domestic Product
and Prices, Fourth Quarter 1993
[Seasonally adjusted at annual rates]
Billions of
1987 dollars
Preliminary
estimate
minus
advance
estimate
Percent change
from preceding
quarter
Advance
estimate
Preliminary
estimate
Gross domestic product
20.0
5.9
7.5
Less. Exports of goods and services
Plus-. Imports of goods and services
7.6
-3.9
14.7
20.5
16.2
Equals: Gross domestic purchases
8.5
6.5
7.2
Personal consumption expenditures
Durables
.
Nondurables
Services
4.7
1.2
2.6
.9
4.0
14.3
2.6
2.2
4.6
15.4
3.6
2.4
1.2
1.4
1.2
.3
-.3
23.7
21.0
10.7
24.6
31.7
24.4
22.1
14.2
24.9
31.0
-.7
-4.3
-3.1
-7.2
1.6
.1
-4.7
-3.5
-7.5
3.1
2.1
2.2
2.2
2.3
. .
Fixed investment ..
.
Nonresidential
Structures . . . .
Producers' durable equipment
Residential
..
Change in business inventories
Nonfarm . . .
Farm
Government purchases
Federal
National defense
Nondefense
State and local
Gross domestic purchases price index (fixed
weights)1
GDP price index (fixed weights)1
18.8
.7
-1.6
2.3
1.9
-.3
.2
-.1
2.1
1. Based on 1987 weights.
NOTE.—Preliminary estimates for the fourth quarter of 1993 incorporate the following revised
or additional major source data that were not available when the advance estimates were
prepared in January.
Personal consumption expenditures: Revised retail sales for November and December, and
consumers' share of new car purchases for November.
Nonresidential fixed investment: Construction put in place for October and November
(revised) and December, manufacturers' shipments of machinery and equipment for December
(revised), and business' share of new car purchases for November.
Residential investment: Construction put in place for October and November (revised) and
December.
Change in business inventories: Manufacturing and trade inventories for November (revised)
and December, and revised unit inventories of motor vehicles for December.
Net exports of goods and services: Merchandise exports and merchandise imports for
November (revised) and December.
Government purchases: Federal outlays for December, State and local construction put in
place for November (revised) and December, and Employment Cost Index for State and local
government wages and salaries for the quarter.
Wages and salaries: Revised employment, average hourly earnings, and average weekly
hours for November and December.
GDP prices: Detailed merchandise export and import price indexes for October through
December, values and quantities of petroleum imports for December, and new house prices
for the quarter.
•
7
8 • February 1994
SURVEY OF CURRENT BUSINESS
ventory investment, residential investment, and
Federal Government purchases.
For real gross domestic purchases, the preliminary estimate of a 7.2-percent increase is 0.7
percentage point higher than the advance estimate. (Revisions to gross domestic purchases are
not affected by revisions to exports and imports.)
The fourth-quarter increases in the fixedweighted price indexes for gross domestic purchases and for GDP were both revised up 0.1
percentage point.
Alternative measures
Alternative measures of output and prices for
GDP and other major aggregates are shown in
NIPA table 7.1; corresponding percentage changes
are shown in table 8.1. Beginning with the May
1993 SURVEY OF CURRENT BUSINESS, the alternative measures have been published as part of the
regular presentation of the preliminary and final quarterly NIPA estimates. Differences between
changes in the alternative measures and in BEA'S
featured—fixed-1987-weighted—measure of real
GDP for the third quarter of 1993 and for
the period since the most recent business-cycle
trough were briefly noted in the November 1993
"Business Situation."
As explained in the March 1993 SURVEY, both
of the alternative measures of output and prices
for the quarters of 1993 are currently calculated
using 1992 annual weights.4 Consequently, the
alternative measures provide an estimate of the
effect of shifting the price and quantity weights
used in BEA'S featured measures of output and
prices from 1987 to 1992.
Using the alternative measures, real GDP increased 6.7 percent in the fourth quarter of 1993,
compared with the 7.5-percent increase using the
featured measure. The 0.8-percentage-point difference in growth rates, while the largest in the
current expansion, is about the same as in the
third quarter of 1993, when the growth rate of
4. See Allan H. Young, "Alternative Measures of Change in Real Output
and Prices, Quarterly Estimates for 1959-92," SURVEY 73 (March 1993): 31-41.
As explained in table B of that article, estimates of the alternative measures
beginning with the third quarter of 1992 that are released after this summer's
annual NIPA revision will be produced using different weights.
the alternative measures was 0.7 percentage point
lower than that of the featured measure. Nevertheless, a historical comparison using any one of
the measures shows that the growth in real GDP
in the fourth quarter was the strongest since the
first quarter of 1984.
The slower growth in fourth-quarter GDP in the
alternative measures indicates that less weight is
being given to components that since 1987 have
above-average increases in output and belowaverage increases in prices. Computers and
peripheral equipment, the output of which grew
rapidly in the third and fourth quarters of 1993,
account for almost all of the difference between
the 1992- and 1987-weighted measures in the third
quarter and for about one-half of the difference
in the fourth. Between 1987 and 1992, prices
of computers and peripherals dropped sharply,
while prices of most other components increased.
Additional components for which price increases
since 1987 have been below average contributed
to the differences in both quarters, but they
were less important factors in the third quarter than in the fourth. The most significant
contributions came from other components of
personal consumption expenditures for durable
goods and of producers' durable equipment and
from residential structures.
GDP growth rates based on the alternative
measures were also lower in the full year 1993
than the 3.0-percent increase in the featured
measure. The benchmark-years-weighted measure increased 2.7 percent, and the chain-type
annual-weighted measure increased 2.8 percent.
Measures of price change have been only
slightly affected by changes in the composition of
output since 1987. In the fourth quarter, the alternative measures for gross domestic purchases
prices increased 2.3 percent, 0.1 percentage point
more than the featured measure. Larger increases
in the alternative measures for government purchases were offset by smaller increases for fixed
investment, primarily in computers. For the year
1993, the alternative measures for gross domestic
purchases increased 2.9 percent, 0.2 percentage
point less than the featured measure. E2
SURVEY OF CURRENT BUSINESS
February 1994
NATIONAL
INCOME
AND P R O D U C T
ACCOUNTS
Selected NIPA Tables
New estimates in this issue: "Preliminary" estimates for the fourth quarter of 1993.
The selected set of national income and product accounts (NIPA) tables shown in this section presents
quarterly estimates, which are updated monthly. (In most tables, the annual estimates are also shown.) These
tables are available on the day of the gross domestic product (GDP) news release on printouts and diskettes on a
subscription basis or from the Commerce Department's Economic Bulletin Board. For order information, write
to the National Income and Wealth Division (BE-54), Bureau of Economic Analysis, Washington, DC 20230 or
call (202) 606-5304.
Tables containing the estimates for 1929-87 are available in the two-volume set National Income and Product
Accounts of the United States; see inside back cover for order information. For 1988-92, the complete official
time series of NIPA estimates can be found as follows:
1988
NIPA'S, vol. 2
Most tables
Tables 1.15, 1.16, and 7.15
Tables 3.15-3.20 and 9.1-9.6...
Tables 7.1, 7.2, and 8.1
Sept. 1993 SURVEY
1989
1990-92
July 1992 SURVEY
Aug. 1993 SURVEY
Sept. 1993 SURVEY
Sept. 1992 SURVEY
Sept. 1993 SURVEY
Summary NIPA series back to 1929 are in the September 1993 SURVEY. Errata to published NIPA tables appear
in the September 1992, April 1993, and October 1993 issues, NIPA tables are also available, most beginning with
1929, on diskettes or magnetic tape. For more information on the presentation of the estimates, see "A Look at
How BE A Presents the NIPA'S" in this issue.
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 rates
1992
Gross domestic
product
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Nonfarm
Farm
Net exports of goods and
services
Exports
Imports
Government purchases
Federal
National defense
Nondefense
State and local
1993
1992
1993
1992
6,038.5 6,379.4 6,059.5 6,194.4 6,261.6 6,327.6 6,395.9 6,532.4
Gross domestic
product
1993
1993
1992
4,986.3 5,137.7 4,998.2 5,068.3 5,078.2 5,102.1 5,138.3 5,232.1
4,139.9 4,391.9 4,157.1 4,256.2 4,296.2 4,359.9 4,419.1 4,492.5
Personal consumption
expenditures
3,341.8 3,453.7 3,350.9 3,397.2 3,403.8 3,432.7 3,469.6 3,508.6
497.3 537.9 500.9 516.6 515.3 531.6 541.9 562.6
1,300.9 1,351.0 1,305.7 1,331.7 1,335.3 1,344.8 1,352.4 1,371.5
2,341.6 2,503.0 2,350.5 2,407.9 2,445.5 2,483.4 2,524.8 2,558.4
Durable goods
Nondurable goods
Services
456.6 490.1 459.0 473.4 471.9 484.2 493.1 511.1
1,062.9 1,088.7 1,062.9 1,081.8 1,076.0 1,083.1 1,093.0 1,102.7
1,822.3 1,874.9 1,829.0 1,842.0 1,855.9 1,865.4 1,883.5 1,894.8
796.5
892.8
802.2
833.3
874.1
874.1
884.0
939.0
789.1
565.5
172.6
875.8
623.4
178.9
792.5
569.2
170.8
821.3
579.5
171.1
839.5
594.7
172.4
861.0
619.1
177.6
876.3
624.9
179.1
926.4
655.0
186.5
392.9
223.6
444.5
252.4
398.4
223.3
408.3
241.8
422.2
244.9
441.6
241.9
445.8
251.3
468.5
271.4
7.3
2.3
5.0
17.0
22.5
-5.5
9.7
4.4
5.3
12.0
9.5
2.4
34.6
33.0
1.5
13.1
16.8
-3.7
7.7
22.6
-14.9
12.6
17.6
-5.1
-29.6
-63.2
-38.8
-38.8
-48.3
-65.1
-71.9
-67.6
640.5
670.1
661.7
724.9
641.1
679.9
654.7
693.5
651.3
699.6
660.0
725.0
653.2
725.1
682.2
749.7
1,131.8 1,157.9 1,139.1 1,143.8 1,139.7 1,158.6 1,164.8 1,168.5
448.8
313.8
135.0
683.0
443.6
303.6
140.0
714.3
452.8
316.7
136.1
686.2
452.4
315.7
136.7
691.4
442.7
304.8
137.9
697.0
447.5
307.6
140.0
711.1
443.6
301.9
141.7
721.2
NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Seasonally adjusted at annual rates
440.5
300.1
140.4
728.0
Gross private domestic
investment
732.9
821.4
739.6
763.0
803.0
803.6
813.4
865.5
726.4
529.2
150.6
805.8
591.7
151.7
730.0
533.8
148.8
754.3
543.7
148.0
773.7
562.3
148.2
790.6
584.3
151.1
806.9
594.8
151.2
852.2
625.2
156.3
378.6
197.1
440.0
214.2
385.1
196.2
395.7
210.6
414.1
211.4
433.2
206.2
443.6
212.1
469.0
226.9
6.5
2.7
3.8
15.5
20.9
-5.3
9.6
5.8
3.8
8.7
7.5
1.2
29.3
29.3
0
13.0
17.1
-4.1
6.5
19.4
-12.9
13.4
17.8
-4.4
-33.6
-76.4
-42.5
-38.8
-59.9
-75.2
-86.3
-84.1
578.0
611.6
598.3
674.7
579.3
621.8
591.6
630.3
588.0
647.9
593.2
668.4
591.9
678.2
620.1
704.2
Government purchases
945.2
939.0
950.2
946.9
931.3
941.1
941.7
942.0
Federal
National defense
Nondefense
State and local
373.0
261.2
111.8
572.2
355.1
242.6
112.4
583.9
377.0
264.4
112.5
573.2
373.7
261.3
112.4
573.2
357.6
246.0
111.5
573.7
359.4
246.4
113.0
581.6
353.7
240.1
113.7
588.0
349.5
238.0
111.5
592.5
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Nonfarm
Farm
Net exports of goods and
services
Exports ...
Imports ...
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
10 • February 1994
SURVEY OF CURRENT BUSINESS
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
1992
Gross domestic
product
Final sales of domestic
product
Change in business
inventories
Goods >
1993
1992
Seasonally adjusted at annual rates
1993
6,038.5 6,379.4 6,059.5 6,194.4 6,261.6 6,327.6 6,395.9 6,532.4
6,031.2 6,362.4 6,049.9 6,182.5 6,227.1 6,314.5 6,388.2 6,519.8
7.3
17.0
9.7
12.0
34.6
13.1
7.7
12.6
2,312.8 2,424.2 2,318.3 2,377.6 2,397.4 2,408.1 2,409.4 2,482.0
Final sales
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services1 .
2,305.5 2,407.2 2,308.6 2,365.6 2,362.9 2,395.0 2,401.7 2,469.4
7.3
17.0
977.9 1,048.7
975.8 1,036.8
9.7
34.6
13.1
7.7
12.6
984.1 1,007.1 1,018.6 1,040.5 1,047.7 1,088.0
978.4 1,008.3 1,003.5 1,037.8 1,032.9 1,073.1
5.7
2.0
12.0
-1.2
15.0
2.7
15.0
14.8
1,334.9 1,375.5 1,334.2 1,370.5 1,378.9 1,367.5 1,361.6 1,393.9
1,329.6 1,370.4 1,330.2 1,357.3 1,359.3 1,357.1 1,368.8 1,396.3
5.3
5.1
4.0
13.2
19.5
10.4
-2.4
-7.2
3,221.1 3,409.5 3,239.3 3,296.1 3,341.8 3,388.1 3,437.8 3,470.5
Structures .
504.6
545.6
501.9
520.8
522.4
531.5
1993
1992
548.7
579.9
Gross domestic
product
Final sales of domestic
product
Change in business
inventories
1993
1992
4,986.3 5,137.7 4,998.2 5,068.3 5,078.2 5,102.1 5,138.3 5,232.1
4,979.8 5,122.1 4,988.6 5,059.6 5,048.9 5,089.1 5,131.8 5,218.7
6.5
15.5
8.7
9.6
29.3
13.0
6.5
13.4
2,005.7 2,085.8 2,011.0 2,057.7 2,060.2 2,069.1 2,074.9 2,139.1
Goods'
Final sales
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services1 ....
Structures ....
1,999.2 2,070.3 2,001.4 2,049.0 2,030.9 2,056.1 2,068.5 2,125.7
6.5
15.5
9.6
8.7
29.3
13.0
914.0
911.7
982.2
970.7
921.5
915.2
941.8
942.6
951.2
938.2
968.9
2.4
11.4
6.3
13.0
3.9
6.5
13.4
982.5 1,026.1
968.7 1,011.2
13.9
15.0
1,091.7 1,103.7 1,089.5 1,116.0 1,109.0 1,100.2 1,092.4 1,113.0
1,087.6 1,099.6 1,086.2 1,106.4 1,092.7 1,091.1 1,099.8 1,114.6
4.1
4.1
3.3
9.6
16.3
9.1
-7.4
-1.6
2,534.7 2,585.9 2,544.8 2,556.5 2,565.3 2,577.5 2,596.7 2,604.2
445.8
465.9
442.3
454.2
452.7
455.5
466.6
488.8
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.
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.
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]
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 purchasers2
[Billions of 1987 dollars]
6,038.5 6,379.4 6,059.5 6,194.4 6,261.6 6,327.6 6,395.9 6,532.4
640.5
661.7
641.1
654.7
651.3
660.0
653.2
682.2
670.1
724.9
679.9
693.5
699.6
725.0
725.1
749.7
6,068.2 6,442.6 6,098.3 6,233.2 6,309.9 6,392.7 6,467.8 6,600.0
Gross domestic product ...
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchasesl
12.6
Less: Change in business
inventories
6,060.8 6,425.6 6,088.6 6,221.2 6,275.4 6,379.5 6,460.1 6,587.4
Equals: Final sales to
domestic purchasers2
7.3
17.0
9.7
12.0
34.6
13.1
7.7
4,986.3 5,137.7 4,998.2 5,068.3 5,078.2 5,102.1 5,138.3 5,232.1
578.0
598.3
579.3
591.6
588.0
593.2
591.9
620.1
611.6
674.7
621.8
630.3
647.9
668.4
678.2
704.2
5,019.9 5,214.1 5,040.7 5,107.1 5,138.1 5,177.4 5,224.6 5,316.2
6.5
15.5
8.7
9.6
29.3
13.0
13.4
6.5
5,013.4 5,198.5 5,031.1 5,098.4 5,108.8 5,164.3 5,218.1 5,302.8
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.
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
Business
6,038.5 6,379.4 6,059.5 6,194.4 6,261.6 6,327.6 6,395.9 6,532.4
5,114.4 5,406.0 5,130.2 5,254.4 5,303.0 5,359.0 5,416.6 5,545.4
Nonfarm
5,006.4 5,305.4 5,028.8 5,138.7 5,184.7 5,263.7 5,330.1 5,443.0
Nonfarm less housing .... 4,505.4 4,789.6 4,499.2 4,639.6 4,674.0 4,751.0 4,812.8 4,920.7
Housing
501.0 515.8 529.5 499.1 510.8 512.7 517.4 522.3
Farm
84.4
83.6
83.8
82.4
83.3
89.1
85.8
73.2
Statistical discrepancy
32.1
34.4
23.6
18.2
12.0
13.3
15.7
13.3
Households and institutions
267.0
286.3
269.6
275.7
280.3
284.7
288.1
292.3
Private households ...
Nonprofit institutions
10.1
256.9
11.1
275.2
10.3
259.2
10.6
265.2
10.8
269.5
11.0
273.7
11.3
276.8
11.5
280.8
General government ..
657.1
687.1
659.8
664.3
678.4
683.9
691.2
694.7
199.8
457.3
207.0
480.1
200.0
459.7
198.7
465.6
206.2
472.1
206.2
477.7
208.3
483.0
207.1
487.6
Federal
State and local
Addendum:
Gross domestic business
product less housing ...
4,608.9
Gross domestic
product
Business
4,986.3 5,137.7 4,998.2 5,068.3 5,078.2 5,102.1 5,138.3 5,232.1
4,267.6 4,409.6 4,277.9 4,346.2 4,353.9 4,374.1 4,408.4 4,501.9
Nonfarm
4,168.4 4,320.2 4,182.6 4,240.0 4,247.4 4,288.1 4,330.1 4,415.4
Nonfarm less housing .... 3,769.3 3,914.9 3,782.9 3,839.3 3,844.8 3,883.7 3,924.0 4,007.2
Housing
399.1 405.3 399.6 400.7 402.6 404.4 406.1 408.1
Farm
79.6
74.4
82.2
79.7
78.2
75.7
76.2
67.5
19.7
Statistical discrepancy
14.9
13.1
26.5
28.3
10.8
9.8
10.8
209.1
217.0
210.3
212.4
213.5
216.8
218.4
219.3
8.8
200.4
9.3
207.7
8.9
201.4
9.0
203.4
9.2
204.3
9.3
207.5
9.4
209.0
9.5
209.9
General government
509.5
511.1
510.0
509.8
510.8
511.3
511.5
510.9
Federal
State and local
150.5
359.0
147.2
363.9
150.1
360.0
148.8
361.0
148.8
362.0
147.8
363.4
146.9
364
145.2
365.7
Households and institutions
Private households
Nonprofit institutions
Addendum:
Gross domestic business
product less housing ....
3,864.9
SURVEY OF CURRENT BUSINESS
Table 1.9.—Relation of Gross Domestic Product, Gross National
Product, Net National Product, National Income, and Personal
Income
February 1994
[Billions of 1987 dollars]
<Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1993
Gross domestic product
Plus: Receipts of factor
income from the rest of the
world 1
Less: Payments of factor
income to the rest of the
world 2
Equals: Gross national
product
Less: Consumption of fixed
capital
Capital
consumption
allowances
Less: Capital
consumption
adjustment
Equals: Net national product
Less: Indirect business tax
and nontax liability
Business transfer
payments
Statistical discrepancy
Plus: Subsidies less current
surplus of government
enterprises
Equals: National income
Less: Corporate profits with
inventory valuation and
capital consumption
adjustments
Net interest
Contributions for
social insurance
Wage accruals less
disbursements
3
lus: Personal interest income
Personal dividend
income
Government transfer
payments to
Business transfer
payments to
persons
Equals: Personal income
Addenda:
Net domestic product
Domestic income
1992
1993
1992
111
IV
I
II
129.2
127.3
122.3
122.8
131.9
135.1
121 9
1195
124 8
122 4
132 3
128 7
657 9
Plus: Receipts of factor
income from the rest of the
world 1
Less: Payments of factor
income to the rest of the
world 2
Equals: Gross national
product
6,067.3 6,191.9 6 262.1 6,3271 6,402.3
671 1
605.7
630.0
-52.1
-41.2
5,387.9
7146
648 0
663 2
663 3
679 7
678 4
633.7
612.1
622.3
624.8
636.3
636.4
-80.9
-36.0
-40.9
-38.4
-43.4
-42.0
5,352.8 5,543.9 5,598.8 5,663.9 5,722.6
502.8
530.6
504.8
515.7
515.6
526.2
532.4
27.6
23.6
28.0
27.8
28.1
27.8
28.4
157
321
27.0
34 4
120
133
27
70
-3 7
77
171
61
-53
4,836.6
5482
28.8
102
367.5
440.1
439.5
447.7
432.1
450.1
458.1
443.2
468.5
444.6
556.6
564.6
568.9
585.9
590.5
80.0
695.4
585.3
-20.0
694.3
20.0
695.8
692.2
-80.0
694.5
693.1
695.7
0
699.2
140 4
1583
1449
152 3
157 0
157 8
159 0
159 4
Ron 1
QAA O
OCC A
070 n
QQO 7
fiQfi A
Qfi7 0
21 9
21 8
22 0
21 4
21 8
221
22 3
21 6
0
0
II
IV
III
4,986.3 5,137.7 4,998.2 5,068.3 5,078.2 5,102.1 5,138.3 5,232.1
105.5
103.7
98.9
98.3
105.0
107.1
97 7
95 5
988
95 8
103 0
99 6
5,006.4 5,068.4 5,080.7 5,104.1 5,145.8
4,994.0
595 0
Equals: Net national product
4,399.0
Less: Indirect business tax
and nontax liability plus
business transfer payments
less subsidies plus current
surplus of government
enterprises
Statistical discrepancy
402 0
19.7
598.6
6437
584 0
595.0
592.5
604.4
602.4
4,362.7 4,484.4 4,485.8 4,511.6 4,541.4
417.5
403 7
13.1
409 3
26.5
411.6
28.3
414.9
9.8
419.1
10.8
424.5
3,946.0 4,048.6 4,045.9 4,087.0 4,111.4
Equals: National income
3,977.3
Addenda:
Npt (lomp^tir nrnrlurt
Domestic income
Gross national income
4 391 2 4 539 1 4 354 5 4 484 4 4 483 3 4 509 6 4 533 8 4 629 7
3 937 7 4 048 5 4 043 4 40850 4103 9
39695
4,974.3
4,993.3 5,041.9 5,052.5 5,094.3 5,135.0
595.8
[Billions of 1987 dollars]
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 l .
4,994.0
5,006.4 5,068.4 5,080.7 5,104.1 5,145.8
683 5
683 0
690 4
686 4
6981
699 0
692.9
689.5
692.4
700.4
712.5
718.1
5,144.9 5,388.9 5,139.8 5,328.3 5,254.7 5,373.2 5,412.7 5,515.1
Equals: Command-basis
gross national product .... 5,003.4
5,380.7 5,708.2 5,344.9 5,546.4 5,598.4 5,664.3 5,716.2 5,854.0
4,829.4
4,793.0 4,978.3 5,038.4 5,104.5 5,136.8
ft noo 0
0,022.2
6,051.7 6,159.9 6,227.6 6,315.2 6,389.0
Addendum:
Terms of trade 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.
I
Table 1.11.—Command-Basis Gross National Product in Constant
Dollars
555.6
0
Less: Consumption of fixed
capital
IV
1. Consists largely of receipts b> 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.
4,800.8 4,975.8 5,038.9 5,104.0 5,143.2
407.2
442.0
III
Gross domestic product
1993
1992
1993
IV
III
6,038.5 6,379.4 6,059.5 6,194.4 6,261.6 6,327.6 6,395.9 6,532.4
6,045.8
11
Table 1.10.—Relation of Gross Domestic Product, Gross National
Product, Net National Product, and National Income in Constant
Dollars
[Billions of dollars]
1992
•
102.1
5,012.9 5,070.3 5,094.8 5,118.4 5,164.9
101.0
100.3
102.0
102.1
102.7
1. Exports of goods and services and receipts of factor income deflated by t he implic t 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.
12 • February 1994
SURVEY OF CURRENT BUSINESS
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
1992
1993
1992
Seasonally adjusted at annual rates
1993
1992
National income
Compensation of employees
Wages and salaries
Government
Other
1993
1992
4,800.8 4,975.8 5,038.9 5,104.0 5,143.2
4,836.6
3,582.0 3,772.0 3,603.6 3,658.6 3,705.1 3,750.6 3,793.9 3,838.4
2,953.1 3,100.3 2,970.7 3,015.8 3,054.3 3,082.7 3,115.4 3,148.8
567.5 589.7 569.7 574.2 584.1 586.3 592.8 595.5
2,385.6 2,510.6 2,401.0 2,441.6 2,470.2 2,496.3 2,522.6 2,553.4
Supplements to wages and
salaries
Employer contributions
for social insurance ...
Other labor income
Proprietors' income with
IVA and CCAdj
Farm
Proprietors' income with
IVA
CCAdj
Nonfarm
Proprietors' income
IVA
CCAdj
629.0
671.7
632.9
642.8
650.7
668.0
678.5
689.6
306.3
322.7
321.0
350.7
306.9
326.0
311.3
331.5
312.2
338.5
321.4
346.6
323.8
354.7
326.6
362.9
414.3
443.2
408.1
431.2
444.1
439.4
422.5
467.0
43.7
46.0
36.8
47.6
55.7
47.0
24.8
56.4
51.2
-7.5
53.1
-7.1
44.9
-8.2
54.8
-7.2
62.8
-7.1
54.1
-7.1
32.1
-7.3
63.5
-7.0
370.6
358.0
-.5
13.1
397.3
385.3
-1.0
371.3
359.4
-.8
383.6
362.2
7.8
388.4
376.4
-1.6
392.4
380.3
13.0
12.7
13.7
13.7
397.6
385.4
-.4
12.7
410.5
399.0
-.8
12.3
12.8
-18.5
-1.2
7.5
12.7
13.7
17.4
57.4
-66.3
75.3
-62.4
75.7
-94.2
57.4
-58.6
71.3
-63.8
73.2
-60.4
77.2
-63.5
79.5
-62.0
Rental income of persons
with CCAdj
Rental income of persons ..
CCAdj
Corporate profits with IVA
and CCAdj
Corporate profits with IVA ..
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
IVA
CCAdj
Net interest
Addenda:
Corporate profits after tax
with IVA and CCAdj
Net cash flow with IVA
and CAdj
Undistributed profits
with IVA and CCAdj
Consumption of fixed
capital
Less: IVA
Equals: Net cash flow ....
-1.2
13.3
407.2
367.5
439.5
432.1
458.1
468.5
390.1
395.4
146.3
249.1
150.5
98.6
-5.3
414.8
409.9
155.0
254.9
162.9
92.0
4.9
407.0
419.8
160.9
258.9
167.5
91.4
-7.2
350.1
357.9
130.1
227.8
155.2
72.7
-7.8
-12.7
433.4
445.6
173.3
272.3
168.5
103.9
-12.2
444.8
443.8
169.5
274.3
169.7
104.6
1.0
24.3
17.4
24.7
25.1
24.7
23.8
440.1
447.7
450.1
443.2
444.6
17.1
169.0
442.0
170.3
-4.8
23.9
Billions of dollars
Gross domestic
product of corporate
business
3,571.7
Consumption of fixed capital ..
396.6
Net domestic product
Indirect business tax and
nontax liability plus
business transfer
payments less subsidies
260.9
237.4
284.5
271.2
284.8
299.1
507.0
492.5
518.2
505.9
521.5
543.3
110.4
82.3
121.7
103.7
116.3
129.3
408.8
-7.2
410.3
-7.8
500.3
396.5
4.9
513.2
402.2
-12.7
518.7
405.2
-12.2
533.7
414.0
1.0
542.3
359.6
410.3
396.5
402.2
405.2
414.0
413.9
3,148.1 3,272.3 3,276.2 3,354.0 3,389.8
3,175.1
Gross domestic
product of financial
corporate business ..
328.3
Gross domestic
product of
nonfinancial
corporate business ..
3,243.4
Consumption of fixed capital ..
352.7
Indirect business tax and
nontax liability plus
business transfer
payments less subsidies
413.9
-4.8
3,558.4 3,668.8 3,678.4 3,759.2 3,803.8
408.8
378.7
361.0
368.3
365.1
377.2
380.4
392.1
2,787.2 2,904.0 2,911.1 2,976.8 3,009.4
2,815.5
Domestic income
Compensation of
2,337.4 2,460.1 2,351.8 2,390.3 2,408.2 2,448.7 2,475.7 2,507.6
employees
Wages and salaries ... 1,940.9 2,038.3 1,952.4 1,983.9 2,002.8 2,029.0 2,048.7 2,072.7
Supplements to wages
396.5 421.8 399.4 406.3 405.3 419.7 427.0 435.0
and salaries
Corporate profits with
344.9 406.4 306.0 384.8 373.0 400.0 405.8
IVA and CCAdj
333.2 389.2 296.4 355.2 360.7 387.5 381.1
Profits before tax .......
Profits tax liability ..
146.3 173.4 130.1 155.0 160.9 173.3 169.5
Profits after tax
186.9 215.8 166.3 200.2 199.8 214.3 211.6
127.3 153.8 128.4 147.4 156.7 152.9 152.5
Dividends
Undistributed
61.4
43.2
59.1
52.8
37.9
59.6
62.1
profits
-4.8
4.9 -12.7 -12.2
-7.8
-5.3
-7.2
IVA
1.0
23.9
24.7
24.7
25.1
17.4
17.1
23.8
24.3
CCAdj
129.4 128.9 129.9 128.1 127.9
133.2
Net interest
Net domestic product
396.6
-5.3
512.3
1993
294.2
346.7
371.6
3,264.2 3,331.6 3,331.7 3,395.9 3,432.2
362.2
366.1
351.7
356.8
359.0
367.0
366.1
2,898.2 2,979.9 2,975.0 3,036.8 3,065.1
2,890.7
327.7
337.2
345.4
329.1
336.0
333.0
344.0
347.0
357.8
2,569.0 2,643.9 2,642.0 2,692.8 2,718.1
2,563.1
Domestic income
Compensation of
2,149.5 2,255.4 2,162.7 2,195.9 2,215.0 2,244.7 2,267.1 2,294.9
employees
Wages and salaries ... 1,782.4 1,866.3 1,792.9 1,820.0 1,840.3 1,857.3 1,873.3 1,894.1
Supplements to wages
367.0 389.2 369.8 375.9 374.7 387.4 393.8 400.8
and salaries
Corporate profits with
278.3 318.0 272.7 314.1 292.1 315.0 318.2
IVA and CCAdj
255.1 289.3 251.8 273.2 268.4 291.2 281.8
Profits before tax
95.3 105.8 106.4 117.6 112.5
98.2 118.7
Profits tax liability ..
156.9 170.6 156.5 167.4 162.0 173.6 169.3
Profits after tax
105.2 125.3 105.9 120.7 127.4 125.4 124.0
Dividends
Undistributed
48.2
46.7
45.3
34.6
50.5
51.7
profits
45.3
-7.8
-5.3
-4.8
IVA
4.9 -12.7 -12.2
-7.2
1.0
28.8
28.5
35.9
36.0
36.4
35.4
36.0
35.9
CCAdj
133.6 133.9 134.9 133.1 132.8
135.3
Net interest
Billions of 1987 dollars
Gross domestic
product of
nonfinancial
corporate business ..
2,839.8 2,887.4 2,867.5 2,916.6 2,948.9
2,822.3
318.4
Consumption of fixed capital ..
2,503.9
Net domestic product
Indirect business tax and
nontax liability plus
business transfer
258.7
payments less subsidies
2,245.2
Domestic income
324.2
329.3 317.2 321.0 321.4 327.9
2,510.5 2,570.1 2,546.5 2,595.2 2,620.9
326.5
270.3
260.5 264.5 265.7 268.4 271.6
2,250.0 2,305.7 2,280.8 2,326.8 2,349.3
275.6
SURVEY OF CURRENT BUSINESS
February 1994
Table 2.2.—Personal Consumption Expenditures by Major Type of
Product
Table 2.1.—Personal Income and Its Disposition
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1992
1993
1992
Seasonally adjusted at annual rates
1993
1992
IV
1992
1993
5,144.9 5,388.9 5,139.8 5,328.3 5,254.7 5,373.2 5,412.7 5,515.1
Personal income
Wage and salary
disbursements
Commodity-producing
industries
Manufacturing
Distributive industries
Service industries
Government
1993
2,973.1 3,080.3 2,970.7 3,095.8 2,974.3 3,082.7 3,115.4 3,148.8
,
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Nonfarm
756.5 763.6
577.6 577.3
682.0 706.5
967.0 1,020.6
567.5 589.7
751.6 783.3
573.3 602.0
682.5 709.9
966.8 1,028.4
569.7 574.2
740.7 765.1 769.4 779.3
559.7 580.3 581.5 587.7
682.9 709.1 714.4 719.4
966.6 1,022.2 1,038.8 1,054.7
584.1 586.3 592.8 595.5
322.7
326.0
338.5
414.3
43.7
370.6
350.7
443.2
46.0
397.3
408.1
36.8
371.3
331.5
431.2
47.6
383.6
444.1
55.7
388.4
346.6
439.4
47.0
392.4
354.7
422.5
24.8
397.6
362.9
467.0
56.4
410.5
Rental income of persons
with capital
consumption
adjustment
-8.9
12.8
-18.5
-1.2
7.5
12.7
13.7
17.4
Personal dividend income
140.4
158.3
144.9
152.3
157.0
157.8
159.0
159.4
Personal interest income
694.3
695.8
692.2
694.5
695.4
693.1
695.7
699.2
858.4
912.0
866.1
877.4
894.4
905.5
918.5
929.5
413.9
438.4
416.6
420.8
433.1
435.0
439.4
446.1
39.2
19.3
33.9
20.0
39.7
18.8
37.8
19.0
34.5
20.0
34.4
20.2
35.1
20.1
31.8
19.7
108.3
277.7
115.5
304.1
108.4
282.7
110.2
289.7
112.8
294.0
114.6
301.3
116.4
307.5
118.3
313.5
23.3
254.4
23.9
280.2
23.5
259.2
23.5
266.2
23.6
270.4
24.1
277.2
24.0
283.5
24.0
289.5
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
249.3
644.8
264.3
681.6
249.8
642.8
253.3
670.7
256.6
657.1
264.5
266.8
269.1
699.1
681.0
4,500.2 4,707.4 4,497.0 4,657.6 4,597.5 4,692.2 4,723.7 4,816.0
4,261.5 4,517.0 4,277.3 4,377.9 4,419.7 4,483.6 4,544.0 4,620.6
Addenda:
Disposable personal
income:
Total, billions of 1987
dollars
Per capita:
Current dollars
1987 dollars
Population (mid-period,
millions)
Personal saving as
percentage of disposable
I income
4,139.9 4,391.9 4,157.1 4,256.2 4,296.2 4,359.9 4,419.1 4,492.5
114.0 110.5
111.1
112.7 114.1 116.8
111.3 112.5
10.4
11.0
9.7
10.5
11.0
11.0
10.8
11.4
238.7
190.4
219.6
279.7
177.9
208.7
179.7
195.4
3,632.5 3,701.7 3,624.8 3,717.6 3,642.6 3,694.4 3,708.7 3,761.3
17,615 18,228 17,577 18,153 17,876 18,196 18,265 18,571
14,219 14,334 14,169 14,490 14,163 14,326 14,341 14,504
255.5
258.3
255.8
256.6
257.2
257.9
258.6
259.3
5.3
4.0
4.9
6.0
3.9
4.4
3.8
4.1
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Motor vehicles and parts ...
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household
operation
Transportation
Medical care
4,139.9
497.3
204.3
194.5
98.5
1,300.9
633.7
228.2
103.4
13.8
321.8
2,341.6
4,391.9 4,157.1 4,256.2 4,296.2 4,359.9 4,419.1 4,492.5
537.9
500.9
516.6
515.3
531.6
541.9
562.6
222.3
203.4
213.7
211.7
220.8
221.7
235.2
211.8
103.7
196.5
101.0
202.7
100.2
203.3
100.3
208.6
102.2
214.0
106.2
221.3
106.1
1,351.0 1,305.7 1,331.7 1,335.3 1,344.8 1,352.4 1,371.5
658.6
237.3
103.7
15.1
336.3
631.7
230.7
105.8
13.9
323.6
647.6
236.1
105.2
13.9
328.9
648.2
233.1
106.0
15.1
332.9
654.1
235.2
103.6
14.9
337.2
660.0
238.2
102.4
15.4
336.4
672.2
242.9
102.7
15.1
338.6
2,503.0 2,350.5 2,407.9 2,445.5 2,483.4 2,524.8 2,558.4
600.0
234.4
105.8
627.8
251.1
113.4
602.5
230.3
106.0
609.2
245.0
111.0
617.6
245.7
111.1
625.1
246.7
109.8
631.1
255.2
116.4
637.2
256.9
116.1
128.7
155.4
628.4
723.5
137.8
170.0
680.9
773.3
124.3
153.0
634.9
729.7
134.0
162.4
646.9
744.3
134.5
166.3
662.2
753.8
136.9
169.1
675.4
767.1
138.7
170.9
140.9
173.6
699.0
791.7
780.7
Table 2.3.—Personal Consumption Expenditures by Major Type of
Product in Constant Dollars
[Billions of 1987 dollars]
Less: Personal outlays
Equals: Personal saving
Durable goods
Other
Equals: Disposable personal
income
Personal consumption
expenditures
Interest paid by persons ....
Personal transfer payments
to rest of the world (net)
Personal consumption
expenditures
Personal consumption
expenditures
Durable goods
Motor vehicles and parts ...
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household
operation
Transportation
Medical care
Other
3,341.8 3,453.7 3,350.9 3,397.2 3,403.8 3,432.7 3,469.6 3,508.6
456.6
490.1
459.0
473.4
471.9
484.2
493.1
182.3
191.7
180.6
188.6
185.7
191.3
189.9
199.8
194.8
79.5
216.5
81.9
197.1
81.3
204.2
80.6
206.5
79.7
212.4
80.6
219.4
83.7
227.8
83.4
511.1
1,062.9 1,088.7 1,062.9 1,081.8 1,076.0 1,083.1 1,093.0 1,102.7
520.5
193.7
83.9
11.9
252.9
531.4
199.4
84.9
13.0
259.9
518.2
195.4
84.7
11.7
252.7
529.3
200.0
84.4
11.9
256.2
526.7
194.8
83.9
12.9
257.7
528.6
197.8
84.1
12.6
259.9
532.6
200.6
86.2
13.2
260.4
537.8
204.5
85.5
13.2
261.7
1,822.3 1,874.9 1,829.0 1,842.0 1,855.9 1,865.4 1,883.5 1,894.8
484.2
211.7
95.3
492.0
218.9
99.1
485.1
213.6
95.3
486.7
216.6
98.5
488.8
217.9
99.1
490.7
215.6
96.2
493.3
220.8
100.6
495.2
221.2
100.5
116.4
122.7
449.2
554.4
119.8
126.2
463.4
574.5
118.3
125.0
450.4
554.9
118.1
123.7
453.2
561.7
118.8
124.5
458.0
566.8
119.4
126.1
461.1
571.8
120.2
126.5
465.1
577.9
120.7
127.7
469.3
581.3
SURVEY OF CURRENT BUSINESS
14 • February 1994
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
1992
Receipts
490.8
478.0
11.3
1.4
521.2
506.7
13.0
1.6
120.2
16.8
Corporate profits tax accruals
Federal Reserve banks
Other
103.5
Indirect business tax and
nontax accruals
Excise taxes
Customs duties
Nontaxes
Contributions for social
insurance
1992
Seasonally adjusted at annual rates
1993
1992
1,169.1 1,221.1 1,218.4 1,268.0 1,275.9
1,183.0
Personal tax and nontax
receipts
Income taxes
Estate and gift taxes
Nontaxes
Expenditures
1993
489.5
476.7
11.4
1.4
511.8
498.3
12.1
1.4
107.0
16.2
90.8
127.1
15.8
111.3
502.1
489.1
11.6
1.5
132.4
15.7
116.7
520.7
506.0
13.2
1.5
527.1
512.7
12.8
1.5
142.4
15.3
127.2
139.3
15.1
124.2
Receipts
535.0
519.0
14.4
1.7
Personal tax and nontax
receipts
Income taxes
Nontaxes
Other
Corporate profits tax accruals
81.3
46.8
18.3
16.2
87.3
50.3
19.8
17.2
81.1
46.8
18.7
15.7
83.5
46.5
19.1
18.0
81.5
47.4
18.8
15.3
86.2
48.5
20.4
17.3
86.7
48.8
20.0
17.8
95.0
56.6
20.1
18.3
490.7
517.8
491.4
498.7
502.3
518.7
522.8
527.4
1,459.3 1,495.3 1,459.8 1,485.3 1,481.9 1,490.6 1,488.5 1,520.2
Indirect business tax and
nontax accruals
Sales taxes
Property taxes
Other
Contributions for social
insurance
1993
1993
839.0
861.6
860.2
881.0
894.2
160.3
153.3
120.8
115.7
18.5
19.1
158.8
120.8
18.8
19.2
155.0
116.4
19.2
19.5
160.3
121.0
19.5
19.8
162.0
122.1
19.8
20.0
30.8
23.1
27.9
28.5
30.8
30.1
443.3
211.7
423.7
201.9
178.9
42.9
432.2
205.7
181.4
45.1
434.1
206.5
440.0
209.3
183.9
43.6
186.5
44.3
445.7
212.8
187.9
45.0
837.8
887.6
154.0
116.7
19.0
19.7
19.9
26.0
421.5
200.8
177.7
43.0
18.3
1992
186.9
44.6
164.1
123.5
20.2
20.3
453.2
218.2
189.3
45.6
64.9
67.4
65.2
65.9
66.5
67.2
67.7
68.3
171.4
185.8
173.7
176.7
176.1
182.8
188.6
195.6
Expenditures
830.6
885.9
837.8
848.0
859.4
895.9
908.4
683.0
714.3
686.2
691.4
697.0
711.1
721.2
728.0
457.3
225.7
480.1
234.2
459.7
226.5
465.6
225.7
472.1
224.9
477.7
233.4
483.0
238.3
487.6
240.4
Federal grants-in-aid
Purchases.
National defense .
Nondefense
448.8
313.8
135.0
443.6
303.6
140.0
452.8
316.7
136.1
452.4
315.7
136.7
442.7
304.8
137.9
447.5
307.6
140.0
443.6
301.9
141.7
440.5
300.1
140.4
Purchases
Compensation of
employees
Other
Transfer payments (net)
To persons
To rest of the world (net) ...
624.5
608.2
16.3
651.9
636.0
15.8
624.4
611.6
12.8
641.7
617.1
24.6
642.0
628.9
13.1
645.6
632.7
12.9
652.8
639.1
Transfer payments to persons
228.6
254.0
232.8
238.4
244.1
251.0
257.2
263.8
13.7
667.1
643.4
23.6
Grants-in-aid to State and
local governments
-46.0
66.1
-45.3
68.7
66.5
-45.7
67.1
-45.5
67.7
-45.3
68.4
-45.2
69.0
-45.0
69.6
171.4
185.8
173.7
176.7
176.1
182.8
188.6
195.6
Net interest paid
Interest paid
Less: Interest received by
government
112.3
180.6
217.5
187.4
181.3
178.3
182.5
114.2
114.6
178.7
41.2
174.9
42.6
179.8
41.4
216.4
175.0
41.4
214.1
172.4
41.6
219.0
176.9
42.1
179.4
217.2
173.5
43.6
113.2
221.1
182.2
219.9
176.7
43.2
112.8
113.7
187.1
219.9
112.1
113.9
10.2
10.7
10.3
10.5
10.5
10.7
10.8
10.9
32.8
36.9
33.7
35.1
35.7
36.5
37.7
37.8
-24.8
.4
-26.5
.5
-25.1
.4
-25.8
.4
-26.2
.5
-26.7
.5
-27.4
.5
27.5
31.7
33.5
36.2
21.4
25.5
33.2
36.1
42.9
43.7
32.3
35.9
21.4
24.8
37.7
40.5
25.2
27.0
25.6
26.2
26.6
27.1
27.9
0
0
0
0
0
2.7
4.1
2.9
3.6
3.4
2.8
0
4.1
0
0
0
0
0
0
0
1.1
-1.7
59.0
-58.2
58.9
-57.8
58.
-60.2
Net interest paid
Interest paid
To persons and business
To rest of the world (net)
Less: Interest 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
Social insurance funds
Other
32.2
-308.!
41.4
30.2
44.7
36.4
45.2
31.3
-322.0 -300.6 -293.7 -267.8 -257.4
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
Social insurance funds
Other
-290.7 -264.2 -263.5 -222.6 -212.7
-276.3
Less: Dividends received by
government
45.7
-25.
25.9
7.2
1.7
1.2
13.5
59.4
-52.
58.6
-56.8
59.5
-58.3
59.6
-46.0
57.9
SURVEY OF CURRENT BUSINESS
February 1994
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
Seasonally adjusted at annual rates
1992
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
Durable goods
Nondurable goods
Services
Compensation of
employees
Other services
Structures
1993
1992
1992
1993
1,131.8 1,157.9 1,139.1 1,143.8 1,139.7 1,158.6 1,164.8 1,168.5
448.8
443.6
452.8
452.4
442.7
447.5
443.6
440.5
313.8
303.6
70.9
9.4
218.1
316.7
80.1
315.7
79.0
78.9
9.8
304.8
74.4
9.0
307.6
75.3
301.9
67.4
300.1
66.4
9.3
9.0
221.0
216.4
10.2
217.0
219.4
219.6
137.9
90.7
47.2
81.5
5.8
136.4
90.5
45.9
83.1
5.2
10.3
218.9
11.2
220.2
135.7
90.7
45.0
83.2
5.6
137.0
91.0
46.0
81.1
5.3
135.6
90.7
44.9
84.6
5.3
133.7
89.2
44.5
87.3
6.0
137.2
91.5
45.7
79.1
5.0
136.4
91.2
45.2
80.6
5.0
135.0
7.1
8.6
140.0
7.4
7.4
136.1
6.6
9.2
136.7
7.4
9.3
137.9
7.3
7.8
140.0
7.9
7.6
141.7
7.3
7.3
140.4
7.1
7.0
-.7
9.2
109.0
-.1
7.5
114.3
-.4
9.5
110.2
0
9.3
109.7
-.4
8.1
112.2
-.3
7.9
114.3
-.2
7.5
116.1
.6
6.4
114.6
64.1
44.9
10.3
70.0
44.4
10.8
64.5
45.7
10.2
65.0
44.7
10.3
69.0
43.2
10.5
69.8
44.6
10.1
70.4
45.7
11.0
70.7
43.9
11.6
683.0
714.3
686.2
691.4
697.0
711.1
721.2
728.0
37.6
60.2
485.3
39.3
62.2
506.7
37.9
38.7
61.1
487.5
38.2
60.7
493.5
61.7
499.6
39.2
63.0
504.4
39.7
62.3
509.9
39.8
62.0
512.9
457.3
28.0
99.8
480.1
26.6
106.1
459.7
27.8
99.8
465.6
27.9
99.0
472.1
27.5
97.1
477.7
26.6
104.5
483.0
26.9
109.4
487.6
25.3
113.3
1993
1992
1993
950.2
946.9
931.3
941.1
941.7
942.0
373.0
355.1
377.0
373.7
357.6
359.4
353.7
349.5
National defense
Durable goods
Nondurable goods
Services
Compensation of
employees
Military
Civilian
Other services
Structures
261.2
73.2
242.6
63.9
8.7
264.4
74.6
174.6
246.4
67.4
9.2
165.5
238.0
60.1
8.4
165.5
8.3
166.1
240.1
60.9
8.7
173.6
261.3
72.6
8.6
174.7
246.0
67.2
9.4
165.4
165.1
100.9
66.4
34.5
72.7
5.0
95.9
63.5
32.4
69.6
4.5
100.2
65.9
34.3
74.4
4.8
99.0
65.4
33.7
75.7
5.3
97.7
64.4
33.3
68.4
4.4
96.4
63.8
32.7
69.0
4.4
95.3
63.1
32.2
70.1
5.0
94.1
62.5
31.6
71.0
4.4
Nondefense
Durable goods
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
employees
Other services
Structures
111.8
112.4
8.1
6.7
112.5
7.0
8.2
112.4
7.9
8.4
111.5
7.8
7.2
113.0
113.7
7.5
7.9
8.4
6.9
8.1
6.4
111.5
8.0
6.2
-.4
8.3
87.4
-.1
6.7
88.4
-.4
8.6
88.4
0
8.4
87.2
-.2
7.4
87.3
-.2
7.1
88.9
-.3
6.7
.4
5.7
87.5
49.6
37.8
9.0
51.3
37.1
9.3
49.8
38.5
8.9
49.8
37.4
8.9
51.0
36.3
9.1
51.4
37.4
8.7
51.6
38.2
9.4
51.0
36.5
9.8
572.2
583.9
573.2
573.2
573.7
581.6
588.0
592.5
33.3
52.1
395.8
34.1
53.5
402.6
33.4
52.4
396.7
33.6
52.7
398.2
33.8
53.0
400.1
34.0
53.4
401.9
34.3
53.8
403.4
34.5
54.0
405.0
359.0
36.7
91.1
363.9
38.7
93.7
360.0
36.7
90.8
361.0
37.3
88.6
362.0
38.1
86.9
363.4
38.4
92.4
364.5
38.9
96.5
365.7
39.2
99.0
Government purchases
Federal
State and local
Durable goods
Nondurable goods
Services
Compensation of
employees
Other services
Structures
945.2
10.4
Table 3.10.—National Defense Purchases
Table 3.11.—National Defense Purchases in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
National defense
purchases
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 supportl
Weapons support2
Personnel support3 ........
Transportation of
material
Travel of persons
Other
Structures .
Military facilities
Other
313.8
303.6
316.7
315.7
304.8
307.6
301.9
300.1
79.0
70.9
80.1
78.9
74.4
75.3
67.4
66.4
73.2
22.7
14.3
12.1
66.6
21.0
12.1
10.8
73.7
22.5
14.8
12.0
72.6
21.9
14.2
11.6
70.5
20.8
13.5
11.1
70.5
22.5
12.9
11.3
63.1
20.1
11,6
10.0
3.8
6.6
2.8
6.3
4.1
6.9
3.9
7.1
4.2
6.6
3.2
6.8
2.3
6.4
13.6
13.5
13.4
14.0
14.2
13.9
12.6
5.8
4.3
6.4
6.3
3.9
4.8
4.3
62.2
20.5
10.5
10.8
1.7
5.4
13.3
4.2
10.3
9.4
11.2
9.8
9.0
10.2
9.3
9.0
3.5
3.4
3.4
3.2
3.6
2.7
4.0
3.7
3.5
3.0
3.6
3.2
3.0
3.5
2.5
3.4
4.0
2.7
3.3
3.1
2.9
2.9
3.7
2.5
218.9
218.1
220.2
221.0
216.4
217.0
219.4
219.6
135.7
90.7
45.0
83.2
137.0
91.0
46.0
81.1
135.6
90.7
44.9
84.6
133.7
89.2
44.5
87.3
137.2
91.5
45.7
79.1
136.4
91.2
45.2
80.6
137.9
90.7
47.2
81.5
136.4
90.5
45.9
83.1
26.5
23.4
10.0
13.3
26.7
23.3
27.5
24.3
10.0
13.4
27.2
22.1
26.6
21.9
25.5
24.9
9.1
9.6
9.1
12.8
26.3
23.2
10.0
13.5
11.6
12.2
13.3
27.4
24.1
8.3
14.1
5.8
6.2
5.2
6.3
6.7
7.5
6.1
7.2
5.0
6.3
5.3
6.4
5.6
6.5
-2.0
-2.2
-2.5
-1.1
-2.2
-1.5
-3.3
5.0
6.0
-1.7
5.6
5.3
5.3
6.0
5.0
5.0
5.8
5.2
3.5
2.1
3.2
2.1
3.4
1.9
3.8
2.2
3.0
2.0
3.0
2.1
3.6
2.2
3.0
2.2
9.0
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.
National defense
purchases
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 supportl
Weapons support2
Personnel support3
Transportation of
material
Travel of persons
Other
Structures.
Military facilities
Other
261.2
242.6
264.4
261.3
246.0
246.4
240.1
73.2
63.9
74.6
72.6
67.2
67.4
60.9
60.1
67.1
20.2
15.3
10.3
59.0
17.5
12.8
67.9
20.1
16.0
10.2
66.3
19.0
15.7
62.9
17.7
14.1
62.1
18.8
13.2
55.9
16.6
12.4
3.7
6.3
9.8
3.4
6.5
9.3
3.6
6.0
9.5
2.6
6.2
8.3
2.0
5.9
10.8
238.0
3.4
6.1
9.0
2.4
5.8
11.8
11.5
11.6
11.9
12.1
11.8
6.1
4.9
6.8
6.4
4.4
5.3
5.0
55.1
17.0
11.4
9.0
1.4
5.0
11.3
5.0
9.4
8.7
10.4
8.6
8.3
9.2
8.7
8.4
2.9
3.5
3.0
2.8
3.5
2.4
3.1
4.2
3.2
2.4
3.3
2.9
2.7
3.4
2.2
2.9
3.9
2.4
2.9
3.1
2.7
2.6
3.7
2.2
173.6
165.5
174.6
174.7
166.1
165.5
165.4
165.1
100.9
66.4
34.5
72.7
95.9
63.5
32.4
69.6
100.2
65.9
34.3
74.4
99.0
65.4
33.7
75.7
97.7
64.4
33.3
68.4
96.4
63.8
32.7
69.0
95.3
63.1
32.2
70.1
94.1
62.5
31.6
71.0
23.6
20.6
23.4
20.1
23.3
20.2
24.1
21.2
23.8
19.4
23.4
19.1
22.4
21.4
8.4
7.3
9.6
8.3
10.0
10.1
8.2
9.9
7.4
8.7
7.8
9.1
10.0
24.1
20.5
6.6
10.6
6.1
5.6
5.4
5.4
7.5
6.9
5.3
5.4
5.4
5.5
5.8
5.6
-1.6
-1.6
-1.9
6.6
6.4
-.8
-1.6
-1.1
-2.5
5.3
5.1
-1.3
5.0
4.5
4.8
5.3
4.4
4.4
5.0
4.4
3.3
1.7
2.9
1.6
3.2
1.5
3.5
1.8
2.8
1.6
2.8
1.6
3.3
1.7
2.8
1.7
7.4
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.
l6
• February 1994
SURVEY OF CURRENT BUSINESS
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
Seasonally adjusted at annual rates
1992
Receipts from rest of the world
Exports of goods and services
Merchandise1
Durable
Nondurable
Services1
Receipts of factor income2
Capital grants received by the United
States (net)
Payments to rest of the world ...
769.7
640.5
448.7
300.8
147.9
191.7
129.2
670.1
544.5
346.3
198.2
125.6
Payments of factor income3
121.9
Transfer payments (net)
From persons (net)
From government (net) ..
From business
32.7
10.4
16.3
6.0
Net foreign investment
1992
1993
Exports of goods and services
768.4 777.0 774.1 791.8 788.3
661.7
461.5
314.6
146.9
200.2
641.1
447.5
298.5
149.0
193.6
654.7
462.0
311.1
150.9
192.8
651.3
453.2
306.9
146.3
198.0
660.0
458.6
314.0
144.6
201.3
653.2
452.2
307.4
144.8
200.9
682.2
481.7
329.9
151.9
200.5
127.3 122.3 122.8 131.9 135.1
0
769.7
Imports of goods and services .
Merchandise1
Durable
Nondurable
Services1
1992
1993
0
0
0
768.4 777.0 774.1 791.8 788.3
724.9
592.1
385.5
206.6
132.8
679.9
557.3
351.4
205.9
122.6
693.5
564.7
359.7
205.1
128.7
699.6
569.6
368.8
200.7
130.0
725.0
592.6
379.5
213.1
132.4
725.1
591.9
384.5
207.3
133.3
749.7
614.4
409.3
205.1
135.3
119.5 124.8 122.4 132.3 128.7
33.0
11.0
15.8
6.1
28.5
9.7
12.8
5.9
41.2
10.5
24.6
6.1
29.7
11.0
13.1
5.6
29.9
11.0
12.9
6.0
30.9
10.8
13.7
6.3
41.5
578.0
422.7
288.0
134.7
155.4
Merchandisel
Durable
Nondurable
Servicesl
Receipts of factor income2
105.5
Imports of goods and services
Merchandisel
Durable
Nondurable
Servicesl
611.6
511.9
332.5
179.4
99.7
Payments of factor income3
1993
1992
1993
III
IV
I
598.3
440.5
306.5
134.0
157.8
579.3
423.0
287.4
135.6
156.3
591.6
437.3
300.0
137.3
154.3
588.0
430.2
296.5
133.7
157.8
103.7
98.9
674.7
571.4
379.4
192.0
103.3
621.8
521.6
338.4
183.2
100.1
630.3
530.3
348.0
182.4
100.0
95.5
98.8
97.7
II
III
IV
593.2
434.5
302.4
132.1
158.6
591.9
434.1
302.2
131.9
157.8
620.1
463.1
325.0
138.1
157.0
98.3 105.0 107.1
668.4
565.7
372.1
193.6
102.7
678.2
574.9
381.0
193.9
103.3
95.8 103.0
99.6
647.9
545.9
360.5
185.5
102.0
704.2
598.9
404.0
194.9
105.3
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.
11.4
23.6
6.5
-59.4 -82.4 -77.6 -95.4 -96.4
-55.1
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.
Table 4.3.—Exports and Imports of Merchandise by End-Use Category
Table 4.4.—Exports and Imports of Merchandise by End-Use Category
in Constant Dollars
[Billions of dollars]
[Billions of 1987 dollars]
Exports of merchandise .
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
Imports of merchandise
448.7 461.5 447.5 462.0 453.2 458.6 452.2 481.7
40.3 40.5 40.9 41.9 40.8 39.6 38.9 42.7
105.2 103.2 106.4 104.9 103.0 103.0 102.4 104.4
36.9 37.6 37.9 37.2 37.2 37.6 38.1 37.6
68.4 65.6 68.5 67.7 65.8 65.4 64.2 66.8
176.9 183.4 173.3 182.0 177.8 183.3 178.5 193.9
37.7 32.8 33.4 37.1 33.1 36.4 27.1 34.5
28.8 28.0
28.8 29.3 28.8 30.0
29.6 30.7
110.4 121.3 111.1 114.9 115.9 118.8 121.9 128.7
47.1 51.6 47.8 50.9 51.2 51.3 48.4 55.6
50.4 53.5 51.0 53.3 51.5 52.2 54.2 56.1
25.6 27.3 25.4 26.5 26.3 27.2 27.5 28.3
24.8 26.2 25.5 26.8 25.2 25.1 26.7 27.8
28.9 29.3 28.1 28.9 28.8 29.3 29.9 29.1
14.5 14.6 14.1 14.5 14.4 14.6 14.9 14.6
14.5 14.6 14.1 14.5 14.4 14.6 14.9 14.6
544.5 592.1 557.3 564.7 569.6 592.6 591.9 614.4
27.9
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
82.3
39.5
42.8
51.6
134.2
12.6
31.8
89.8
91.8
123.0
63.9
59.1
33.8
16.9
16.9
Addenda:
Exports of agricultural productsl
Exports of nonagricultural products ...
Imports of nonpetroleum products
28.1
28.1
27.6
27.4
27.5
28.3
29.0
Computers, peripherals, and parts ....
Other
Automotive vehicles, engines, and parts
Consumer goods, except automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Imports of merchandise .
422.7 440.5 423.0 437.3 430.2 434.5 434.1 463.1
35.7 35.4 36.9 37.7 36.4 35.2 33.7 36.4
97.5 95.1 97.7 96.6 94.7 94.0 94.3 97.3
32.1 31.1 32.7 31.9 31.1 30.6 31.4 31.2
65.4 64.0 65.0 64.7 63.6 63.4 63.0 66.2
178.4 192.8 177.0 186.8 184.3 189.5 190.5 206.9
30.9 26.1 27.3 30.0 26.6 29.0 21.6 27.2
52.5 56.4 55.9 57.0 62.5 67.6
51.0 60.8
96.6 105.9 97.2 100.5 101.8 103.4 106.3 112.1
41.9 45.6 42.6 45.1 45.3 45.3 42.8 49.1
43.5 45.8 44.0 45.5 44.1 44.9 46.5 47.9
22.7 24.2 22.7 23.4 23.2 24.1 24.4 25.0
20.8 21.6 21.3 22.2 21.0 20.8 22.1 22.8
25.6 25.7 24.9 25.5 25.4 25.7 26.3 25.5
12.8 12.9 12.5 12.8 12.7 12.8 13.1 12.8
12.8 12.9 12.4 12.8 12.7 12.8 13.1 12.8
511.9 571.4 521.6 530.3 545.9 565.7 574.9 598.9
26.0
25.8
26.4
25.6
26.1
25.6
25.7
25.9
89.0 82.7 84.2 86.4 87.3 89.0 93.3
43.5 39.4 40.3 41.7 41.1 43.3 48.1
45.5 43.3 43.9 44.8 46.2 45.7 45.3
51.6 57.2 54.9 51.0 57.3 50.2 48.0
152.2 137.8 141.8 142.6 150.7 152.6 162.7
11.2 12.3 13.0 10.5 11.8 10.5 12.1
38.2 33.6 34.6 35.9 37.2 39.0 40.5
102.8 91.9 94.2 96.2 101.7 103.1 110.1
102.4 91.8 95.1 100.5 102.1 100.1 106.8
134.3 126.7 126.5 128.9 132.9 137.6 137.8
70.2 65.9 65.2 67.7 68.2 71.5 73.4
64.1 60.9 61.3 61.2 64.7 66.2 64.5
34.5 33.0 34.8 32.7 34.8 33.9 36.6
17.2 16.5 17.4 16.4 17.4 17.0 18.3
17.2 16.5 17.4 16.4 17.4 17.0 18.3
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
72.0 77.9 72.2 73.3 75.3 76.0 78.8 81.7
34.1 37.2 33.6 34.8 35.3 34.9 37.6 40.9
37.9 40.8 38.6 38.5 40.0 41.1 41.1 40.8
51.2 56.6 53.1 52.8 53.4 57.8 56.7 58.5
148.4 179.2 153.8 160.0 165.3 175.8 181.4 194.4
9.6
8.4
9.4
8.5
9.0 10.0 10.5
10.3
59.7 82.5 64.2 68.2 73.1 79.0 85.8 92.2
78.3 87.7 79.5 81.3 83.8 87.4 87.2 92.6
79.7 87.4 79.5 81.9 87.0 87.4 85.3 89.6
105.2 114.7 108.0 106.7 110.2 113.0 117.8 117.7
55.6 60.8 57.1 56.2 58.6 58.9 62.0 63.6
49.6 53.9 50.9 50.5 51.6 54.1 55.8 54.1
29.5 29.7 28.7 30.1 28.5 30.0 29.3 31.2
14.7 14.9 14.3 15.0 14.2 15.0 14.6 15.6
14.7 14.9 14.3 15.0 14.2 15.0 14.6 15.6
44.0 43.6 44.7 45.5 43.4 43.1 42.4 45.4
404.7 417.9 402.9 416.4 409.9 415.5 409.8 436.3
492.9 540.5 500.1 509.9 518.5 535.3 541.7 566.4
Addenda:
Exports of agricultural productsl
Exports of nonagricultural products ...
Imports of nonpetroleum products
39.7 38.5 40.8 41.1 38.7 38.8 37.3 39.1
382.9 402.0 382.2 396.1 391.5 395.7 396.8 424.0
460.8 514.8 468.5 477.6 492.5 507.9 518.2 540.4
1. Includes parts of: exports of foods, feeds, and beverages, of nondurable industrial supplies and materials,
and of nondurable consumer goods, except automotive.
Exports of merchandise .
Foods, feeds, and beverages
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except automotive
Civilian aircraft, engines, and parts ...
1. Includes parts of: exports of foods, feeds, and beverages, of nondurable industrial supplies and materials,
and of nondurable consumer goods, except automotive.
February 1994
SURVEY OF CURRENT BUSINESS
•
1J
Table 5.1.—Gross Saving and Investment
[Billions of dollars]
Seasonally adjusted at annual rates
1992
Gross saving
Government surplus or
deficit (-), national
income and product
accounts
Federal
State and local
717.8
727.0
986.9
238.7
1,016.5
190.4 219.6
110.4
986
82.3
72.7
762.0
766.7
774.3
969.4 1,024.8
279.7 177.9
988.3
208.7
988.7
179.7
121.7
92.0
103.7
91.4
116.3
103.9
129.3
104.6
718.8
195.4
-7.2
-7.8
4.9
-12.7
-12.2
1.0
-4.8
17.1
24.3
17.4
24.7
25.1
24.7
23.8
23.9
396.6
408.8
410.3
396.5
402.2
405.2
414.0
413.9
261.3
262.3
304.3
251.5
261.0
258.1
265.7
264.5
-20.0
20.0
-80.0
80.0
Capital grants received by
the United States (net)
0
0
796.5
-55.1
Statistical discrepancy
0
0
0
0
-289.5 -250.6 -262.8 -221.5 -214.4
-290.7 -264.2 -263.5 222.6 212.7
-1.7
1.1
.8
13.5
1.2
7414
Gross private domestic
investment
Net foreign investment
IV
III
-5.3
-269.1
-276.3
72
Gross investment
II
I
IV
III
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
1993
1992
1993
892.8
23.6
0
0
0
742.7
750.9
796.5
778.7
787.6
802.2
-59.4
833.3
-82.4
874.1
-77.6
874.1
-95.4
884.0
-96.4
15.7
32.1
34.4
12.0
13.3
0
0
0
939.0
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
Seasonally adjusted at annual rates
1992
1993
1992
Fixed investment.
Nonresidential
1992
1993
I
III
789.1 875.8 792.5 821.3 839.5 861.0 876.3 926.4
565.5 623.4 569.2 579.5 594.7 619.1 624.9 655.0
Structures
Nonresidential buildings, including
farm
Utilities
Mininq exploration, shafts, and
wells
Other structures
172.6 178.9 170.8 171.1 172.4 177.6 179.1 186.5
Producers' durable equipment
Information processing and related
equipment
Computers and peripheral
equipment1
Other
Industrial equipment
Transportation and related
equipment
Other
392.9 444.5 398.4 408.3 422.2 441.6 445.8 468.5
Residential
Structures
Single family
Multifamily
Other structures
Producers' durable equipment
114.6 119.6 111.6 111.9 114.8 117.1 119.6 126.8
35.8 36.5 36.1 36.9 35.1 36.6 36.6 37.6
12.4
9.8
13.7
9.2
12.6
9.7
12.8
9.7
14.0
9.8
14.4
8.6
13.5
8.6
135.5 152.1 139.2 139.7 142.7 147.0 154.6 164.0
39.8 48.1
95.7 104.0
87.2 97.8
40.7
98.5
88.1
40.7
98.9
91.2
90.7 104.8
79.5
91.1
80.1
96.1 101.3 110.1 101.9 105.8
81.3 85.8 88.5 90.6 94.5
45.8 46.1 49.5 51.1
96.9 100.9 105.1 112.9
92.4 95.9 98.7 104.2
223.6 252.4 223.3 241.8 244.9 241.9 251.3 271.4
216.3 244.6 215.9 234.3 237.3 234.2 243.4 263.3
116.5 133.8 115.9 124.3 132.4 127.5 131.1 144.3
13.1 10.8 12.7 11.7 10.3 10.3 11.4 11.1
86.7 100.0 87.3 98.3 94.6 96.4 100.9 108.0
7.3
7.8
1. Includes new computers and peripheral equipment only.
12.3
10.8
7.4
7.5
7.5
7.6
7.9
1993
1992
1993
I
IV
8.1
Fixed investment....
Nonresidential
726.4 805.8 730.0 754.3 773.7 790.6 806.9 852.2
529.2 591.7 533.8 543.7 562.3 584.3 594.8 625.2
Structures
Nonresidential buildings, including
farm
Utilities
Mining exploration, shafts, and
wells
Other structures
150.6 151.7 148.8 148.0 148.2 151.1 151.2 156.3
Producers' durable equipment
Information processing and related
equipment
Computers and peripheral
equipment'
Other
Industrial equipment
Transportation and related
equipment
Other
378.6 440.0 385.1 395.7 414.1 433.2 443.6 469.0
Residential
Structures
Single family
Multifamily
Other structures
Producers' durable equipment
100.8 102.0
30.9 30.5
10.0
8.9
11.1
8.1
97.9
31.1
97.5
31.6
99.3 100.5 101.5 106.7
29.9 30.6 30.5 31.1
10.0
9.8
10.3
10.4
8.6
11.4
8.7
11.7
7.5
11.0
7.5
159.9 195.4 166.0 168.5 178.6 186.8 200.9 215.3
71.2 100.5
88.7 94,9
72.7 80.2
74.9
91.1
72.8
77.2
91.3
75.7
89.5
89.0
76.7
94.5 105.1 112.8
92.3 95.9 102.6
78.8 80.5 84.9
77.7
68.3
77.8
68.5
82.1
69.4
85.7
73.2
92.8
74.9
88.3
76.1
85.7
76.5
89.0
79.7
197.1 214.2 196.2 210.6 211.4 206.2 212.1 226.9
190.1 206.7 189.1 203.3 204.1 198.9 204.6 219.3
102.7 113.1 101.7 107.9 113.9 108.7 110.0 119.7
11.4 10.4
9.3
9.0
9.8
9.4
11.8
9.1
75.6 84.3 76.0 85.0 81.1 81.2 84.8 90.2
7.0
7.4
1. Includes new computers and peripheral equipment only.
7.1
7.2
7.3
7.3
7.5
7.6
l8
• February 1994
SURVEY OF CURRENT BUSINESS
Table 5.11.—Change in Business Inventories by Industry in Constant
Dollars
Table 5.10.—Change in Business Inventories by Industry
[Billions of dollars]
[Billions of 1987 dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1992
Change in business inventories
Farm
Nonfarm
Change in book value
Inventory valuation adjustment
1992
1993
1992
1993
7.3
17.0
9.7
12.0
34.6
5.0
-5.5
5.3
2.4
1.5
2.3 22.5
8.8 32.7
-6.4 -10.2
4.4
10.8
-6.3
7.7
12.6
-3.7 -14.9
-5.1
Farm
Nonfarm
13.1
9.5 33.0 16.8
3.3 51.7 34.8
6.2 -18.7 -18.0
22.6
21.9
.7
17.6
22.5
-4.9
4.2
.4
3.9
2.9
2.6
-7.0
-3.9
-3.1
Manufacturing
Durable goods
Nondurable goods
-6.0
-10.6
4.6
-.4
-1.6
1.2
9.7
2.8
-1.8
-5.5
3.7
Wholesale trade
Durable goods
Nondurable goods
6.1
3.9
2.2
4.9
2.0
3.0
2.3
6.8
-4.5
13.5
3.8
9.7
.7
-3.2
3.9
6.8
.6
6.3
7.7
7.0
.7
4.4
3.4
.9
6.3
4.4
1.8
_2
4.5
1.1
1.5
5.7
-4.1
15.0
5.5
9.5
6.1
1.8
4.2
.8
-1.3
2.0
10.0
6.2
3.7
-2.2
.8
-3.0
2.2
2.1
.1
2.2
1.3
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
7.1 -14.2
-2.6 -17.0
1.1
-.4
-1.7
.2
-.3
-3.7
3.5
.9
.5
.4
4.8
.3
-6.3
6.7
10.5
6.5
-1.9
8.4
4.0
27.6
21.9
19.0
2.9
5.8
3.0
,4
-.6
1.0
2.6
5.3
-.4
-8.4
8.0
5.7
15.2
14.0
1.3
12.8
1.2
5.2 -9.8
2.6
1.1
2.7 -10.9
-.2
5.5
-5.8
1.9
4.6
2.8
1.4
1.4
6.7
5.6
1.1
5.0
1.4
3.6
2.9
.4
.4
-1.5
.1
Retail trade
Durable goods
Automotive
Other
Nondurable goods
6.5
4.8
-.7
5.5
1.6
Other
Durable goods
Nondurable goods
-4.3
3.8
-8.1
12.8
9.0
2.8
6.2
3.8
Change in business inventories
1992
1993
1993
6.5
15.5
9.6
8.7
3.8
-5.3
3.8
1.2
2.7
20.9
5.8
7.5
29.3
6.5
13.4
-4.1 -12.9
-4.4
13.0
29.3
17.1
19.4
17.8
-.4
1.4
7.4 -12.5
-1.2 -15.1
2.6
-4.6
3.8
5.0
1.4
3.6
3.1
2.8
.3
-3.5
-1.3
-2.2
4.4
1.1
2.6
3.3
6.3
-3.0
10.7
3.4
7.3
-2.8
3.6
6.6
.6
6.1
6.4
6.3
.1
3.7
3.2
.6
5.6
4.0
1.6
-.2
-.4
.3
3.9
1.4
2.5
.5
.4
.1
1.5
5.2
-3.7
1.8
1.1
.7
12.8
5.0
7.7
-2.1
-1.6
-.4
-.1
-3.3
3.2
.8
.4
.4
5.9
1.7
4.2
.7
-1.2
1.8
8.5
5.6
2.9
-2.1
.8
-2.8
1.4
1.6
-.3
2.4
1.5
.8
Retail trade
Durable goods
Automotive
Other
Nondurable goods
5.9
4.3
-.6
4.9
1.6
11.2
7.9
2.5
5.3
3.4
4.2
.2
-5.6
5.9
4.0
9.7
5.9
-1.7
7.6
3.8
24.0
18.9
16.6
2.3
5.1
3.0
.8
-.5
1.2
2.3
4.8
-.1
-7.1
7.0
4.9
13.2
12.0
1.0
10.9
1.2
Other
Durable goods
Nondurable goods
-3.9
3.4
-7.3
-9.0
4.
2.2
1.0
2.1 -10.0
-.4
4.9
-5.3
5.4
1.6
3.8
2.4
1.2
1.2
5.0
4.8
4.4
1.2
3.3
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
-4.7
-8.9
4.2
5.4
3.6
1.1
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 quarterly totals
Seasonally adjusted quarterly totals
Inventories1 ...
Farm
Nonfarm
Durable goods
Nondurable goods
983.1
985.3
992.6
995.9
87.8
88.1
88.1
87.1
83.9
82.8
Nonfarm
Durable goods
Nondurable goods
895.3
525.5
369.8
897.2
525.3
371.8
904.5
528.6
375.9
908.8
529.6
379.2
913.6
533.0
380.6
918.1
536.8
381.3
1,098.7 1,099.0 1,119.5 1,119.6 1,130.9 1,136.0
94.9
95.1
99.1
95.4
1993
1992
1993
1992
95.1
92.7
1,003.8 1,003.9 1,020.4 1,024.2 1,035.8 1,043.3
580.2 580.9 590.7 592.1 600.3 607.9
423.5 423.0 429.7 432.2 435.5 435.4
Inventories'
Farm
997.5 1,000.8
Manufacturing
Durable goods
Nondurable goods
406.8
256.5
150.3
400.9
251.0
149.9
402.0
250.8
151.2
402.4
250.7
151.7
407.0
254.2
152.8
405.2
253.3
151.9
Manufacturing
Durable goods
Nondurable goods
369.0
235.7
133.3
365.9
231.9
134.0
365.7
230.7
135.0
366.9
231.1
135.8
367.7
231.8
135.9
366.8
231.5
135.4
Wholesale trade
Durable goods
Nondurable goods
244.9
154.2
90.7
247.9
155.4
92.5
249.6
155.9
93.7
251.3
156.6
94.7
254.6
159.1
95.5
257.4
160.9
96.5
Wholesale trade
Durable goods
Nondurable goods
215.1
137.7
77.4
217.7
138.5
79.2
217.9
137.8
80.1
219.6
138.0
81.6
221.2
139.5
81.6
222.1
140.3
81.8
217.7
137.7
80.0
27.2
16.5
10.7
221.4
139.4
82.0
26.5
16.0
10.4
222.6
139.5
83.1
27.0
16.4
10.6
224.1
140.5
83.7
27.2
16.1
11.1
227.6
142.5
85.0
27.0
16.6
10.4
229.9
143.9
86.0
27.5
17.0
10.5
190.6
122.7
67.9
24.5
15.0
9.5
193.8
124.0
69.8
23.9
14.6
193.8
123.1
70.6
24.2
14.7
195.3
123.6
71.7
24.3
197.4
14.6
9.4
9.5
14.4
9.9
197.7
125.4
72.3
24.4
15.0
9.2
9.4
266.4
126.7
62.3
64.4
139.7
269.5
129.4
62.
67.0
140.1
280.1
137.0
68.2
68.7
143.1
281.2
138.0
69.3
68.7
143.3
282.7
138.2
66.9
71.3
144.5
287.2
143.3
68.1
75.2
143.9
234.0
113.7
56.9
56.8
120.2
236.4
115.2
56.5
58.7
121.2
242.4
119.9
60.6
59.3
122.5
243.2
120.1
60.5
59.6
123.0
244.4
120.1
58.7
61.4
124.2
247.6
123.1
59.0
64.1
124.6
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 business2
85.7
85.6
88.7
89.3
91.5
93.5
426.7
436.9
439.0
445.5
450.7
461.1
234.2
240.5
240.4
243.9
245.9
254.1
Ratio of inventories to final sales of domestic
business
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
Retail trade
Durable goods
Automotive
Other
Nondurable goods
Other
Final sales of domestic business2
Final sales of goods and structures of
domestic business2
125.0
72.4
23.8
77.2
77.1
78.5
79.1
80.3
81.5
355.7
361.5
360.4
363.4
366.8
374.0
203.6
208.6
207.0
209.3
211.3
217.9
2.76
2.52
2.73
2.48
2.75
2.51
2.74
2.50
2.72
2.49
2.68
2.45
4.40
4.30
4.37
4.34
4.32
4.21
Ratio of inventories to final sales of domestic
business
2.57
2.35
2.52
2.30
2.55
2.32
2.51
2.30
2.51
2.30
2.46
2.26
4.29
4.17
4.24
4.20
4.21
4.11
1. Inventories are as of the end of the quarter.
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.
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers .
Durable goods
Nondurable goods
Inventories to final sales
Nonfarm inventories to final sales
Nonfarm inventories to final sales of goods and
structures
1. Inventories are as of the end of the quarter. 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 producl
less gross product of households and institutions and general government and includes a small amount of fina
sales by farm.
February 1994
SURVEY OF CURRENT BUSINESS
Table 6.1 C—National Income Without Capital Consumption Adjustment
by Industry
• 19
Table 6.16C—Corporate Profits by Industry
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1992
1993
1992
III
National income
without capital
consumption
adjustment
IV
I
II
III
Domestic industries ....
4,873.1 5,003.2 5,071.1 5,133.6 5,177.6
4,873.0
4,865.3 5,005.7 5,070.7 5,134.1 5,171.2
Private industries
4,138.5
4,127.7 4,262.0 4,313.3 4,372.8 4,401.9
Agriculture, forestry, and
fisheries
Mining .
Construction
100 9
38.5
212.8
94.4
38.0
213.1
104.3
40.1
218.1
112.5
40.2
219.3
106.7
39.3
224.7
84.2
39.6
231.6
Manufacturing
Durable goods
Nondurable goods
895.3
501.7
393 6
900.5
503.1
397.4
919.0
518.8
400.2
909.6
507.6
401.9
925.8
518.0
407.7
922.5
520.8
401.8
356.1
151.0
103 7
355.3
151.7
103.8
361.4
154.4
106.4
369.0
157.4
105.4
370.7
158.9
108.2
378.4
164.4
108.5
Government
Rest of the world
101.5
99.9
100.6
106.2
103.6
105.6
283.6
416.7
286.4
412.5
297.8
428.7
288.2
432.2
299.8
441.1
297.4
449.1
748 9
1,085.8
1992
1993
IV
Corporate profits with inventory
valuation and capital
consumption adjustments
4,880.3
Wholesale trade
Retail trade
Finance, insurance, and
real estate
Services
1993
1993
Domestic industries
Transportation and public
utilities
Transportation
Communications
Electric, gas, and
sanitary services ....
1992
733.0 768.3 801.2 805.9 818.2
1,094.6 1,124.4 1,141.1 1,158.9 1,180.7
734.5
737.5
743.8
757.4
761.3
769.2
7.3
7.8
2.5
.4
-.5
6.4
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
367.5 439.5 432.1 458.1 468.5
407.2
344.9 406.4 306.0 384.8 373.0 400.0 405.8
66.7 88.4 33.2 70.7 81.0 85.0 87.6
278.3 318.0 272.7 314.1 292.1 315.0 318.2
61.5
65.4
54.7
60.5
59.0
66.7
58.1
65.2
71.4
62.7
74.0
3.0
3.8
5.8
7.7
13.3
11.3
62.3
350.1 414.8 407.0 433.4 444.8
390.1
327.8 382.1 288.6 360.1 348.0 375.3 382.1
78.1 100.0 44.6 82.0 92.3 96.4 99.3
17.8 16.2 17.1 16.7 16.6 16.2 16.0
60.3 83.7 27.5 65.3 75.7 80.2 83.3
249.8 282.1 244.0 278.1 255.7 278.9 282.8
115.5 129.5 119.3 128.0 118.9 132.5 126.7
48.3 58.8 49.9 58.0 48.0 58.4 59.9
1.1
2.5
1.2
-.5
0
.6
.3
6.6
8.0
6.3
6.9
6.4
5.5
7.4
7.8
6.5
8.8
6.2
8.0
5.7
6.6
12.2 17.6
14.9 12.1 14.4
12.1 14.6
3.1 10.0
8.1
2.4
3.5
7.6
4.9
18.1 21.1 20.5 21.0 19.4 20.7 21.3
67.2 70.7 69.4 70.0 70.9 74.2 66.8
17.0 15.6 18.5 15.2 18.0 14.8 14.6
15.7
6.1
28.5
52.0
46.3
36.0
62.3
16.3
11.3
27.6
57.3
54.4
40.8
15.0
6.7
29.2
48.7
41.3
34.6
61.5
17.7
5.0
32.1
50.4
57.7
42.0
54.7
18.4
7.2
27.3
53.3
46.0
37.5
59.0
16.3
13.5
29.5
53.9
55.4
37.2
58.1
14.6
12.0
25.6
59.0
55.1
42.1
62.7
20
February 1994
SURVEY OF CURRENT BUSINESS
Table 7.1.—Fixed-Weighted and Alternative Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1987=100]
Seasonally adjusted
Seasonally adjusted
1992
1993
1992
1992
1993
1993
1992
1993
III
Gross domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights ..
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts ..
Implicit price deflator
Personal consumption expenditures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator
Durable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights .
Benchmark-years weignts ..
Price indexes:
Fixed 1987 weights
Chain-type annual weights .
Benchmark-years weights ..
Implicit price deflator
Nondurable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights .
Benchmark-years weignts ..
Price indexes:
Fixed 1987 weights
Chain-type annual weights .
Benchmark-years weignts ..
Implicit price deflator
Services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator
Gross private domestic investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator
Fixed investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator
133.0
140.5 133.5
136.4 137.9 139.4 140.9 143.9
109.8 113.2 110.1 111.6 111.9 112.4 113.2 115.2
109.5 112.5 109.8 111.3 111.4 111.9 112.5 114.3
109.4 112.4 109.7 111.1 111.2 111.7 112.3 114.2
122.1
121.5
121.7
121.1
125.9
125.0
125.2
124.2
122.5
121.8
122.0
121.2
123.5
122.6
122.9
122.2
124.8
123.8
124.1
123.3
125.6
124.7
124.9
124.0
126.3
125.3
125.6
124.5
127.0
126.0
126.3
124.9
135.6 143.9 136.2 139.4 140.8 142.8 144.8 147.2
109.5 113.2 109.8 111.3 111.5 112.5 113.7 115.0
109.0 112.3 109.3 110.7 110.9 111.7 112.8 114.0
109.1 112.4 109.4 110.8 110.9 111.8 112.9 114.1
124.9
124.4
124.5
123.9
128.6
128.0
128.1
127.2
125.5
124.9
125.0
124.1
126.5
125.8
125.9
125.3
127.5
126.8
127.0
126.2
128.4
127.7
127.9
127.0
128.9
128.2
128.3
127.4
129.7
129.1
129.2
128.0
123.2 133.2 124.1 128.0 127.6 131.7 134.2 139.4
113.1 121.4 113.7 117.3 116.9 119.9 122.1 126.6
111.6 118.9 112.2 115.5 114.8 117.7 119.5 123.6
111.8 119.1 112.4 115.7 115.0 117.9 119.8 123.8
111.5
110.4
110.2
108.9
113.8
112.2
112.1
109.8
111.8
110.5
110.4
109.1
112.1
110.8
110.7
109.1
112.6
111.2
111.1
109.2
113.5
112.0
111.9
109.8
128.7 133.6 129.1 131.7 132.1 133.0
114.1
112.5
112.4
109.9
114.9
113.1
113.1
110.1
133.8 135.6
105.1 107.7 105.1 107.0 106.4 107.1 108.1 109.1
104.9 107.3 104.9 106.7 106.1 106.8 107.7 108.6
104.9 107.3 104.9 106.7 106.1 106.8 107.7 108.6
123.0
122.7
122.7
122.4
124.9
124.6
124.6
124.1
123.4
123.1
123.1
122.8
123.8
123.5
123.5
123.1
124.9
124.5
124.5
124.1
125.0
124.6
124.7
124.2
124.5
124.2
124.3
123.7
125.2
124.9
124.9
124.4
143.0 152.9 143.5 147.1 149.4 151.7 154.2 156.2
111.3 114.5 111.7 112.5 113.3 113.9 115.0 115.7
111.0 113.9 111.3 112.0 112.8 113.4 114.4 115.1
111.0 114.0 111.4 112.1 112.9 113.5 114.5 115.2
130.1
129.5
129.8
128.5
132.8
132.1
132.4
131.8
134.2
133.5
133.8
133.1
129.5
128.9
129.1
128.5
134.6
133.9
134.2
133.5
106.3
119.2 107.1 111.2 116.7 116.7
97.8 109.6
96.2 106.1
96.5 106.6
131.6
130.9
131.2
130.7
135.2
134.5
134.7
134.0
136.2
135.5
135.8
135.0
118.0 125.3
98.7 101.8 107.2 107.2 108.6 115.5
96.7 99.9 104.4 104.1 104.6 111.2
97.2 100.4 104.9 104.6 105.1 111.7
109.1 121.1 109.6 113.6 116.1 119.1 121.2 128.1
100.5 111.5 101.0 104.3 107.0 109.3 111.6 117.9
98.4 107.5 98.6 101.9 103.8 105.9 107.3 113.2
108.3 99.2 102.6 104.5 106.6 108.1 114.0
112.0
111.0
110.3
108.6
114.7
112.9
112.3
108.7
112.4
111.2
110.6
108.6
112.8
111.5
110.9
108.9
113.5
112.0
111.4
108.5
114.4
112.7
112.1
108.9
115.2
113.3
112.7
108.6
115.7
113.7
113.1
108.7
Nonresidential:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ...
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ...
Benchmark-years weights
Implicit price deflator
Structures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Producers' durable
equipment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
Residential:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ...
Benchmark-years weights .....
Price indexes:
Fixed 1987 weights
Chain-type annual weights ...
Benchmark-years weights
Implicit price deflator
Exports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
implicit price deflator
Imports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
113.6 125.2
114.4 116.4 119.5
IV
124.4 125.5 131.6
106.3 118.9 107.2 109.2 113.0 117.4 119.5 125.6
103.3 113.3 103.9 105.7 108.4 112.4 113.4 118.8
104.1 114.3 104.8 106.7 109.4 113.5 114.5 119.9
113.3
111.0
110.2
105.4
111.7
110.1
109.3
106.6
100.7 104.4
99.7
111.4
109.9
109.1
106.9
112.0
110.1
109.4
106.6
114.0
111.4
110.6
104.8
112.4
110.4
109.6
105.7
113.1
110.9
110.1
106.0
113.6
111.2
110.5
105.1
100.6
103.7
104.5 108.9
87.9
87.9
87.9
88.6
86.8
86.8
86.8
86.4
86.4
86.4
86.5
86.5
86.5
88.2
88.3
88.3
88.3
88.3
88.4
91.2
91.2
91.2
114.6
114.6
114.6
114.6
117.8
117.9
117.8
117.9
114.8
114.8
114.8
114.8
115.6
115.6
115.6
115.7
116.3
116.3
116.3
116.3
117.4
117.4
117.4
117.5
118.4
118.4
118.3
118.5
119.3
119.3
119.3
119.4
120.3
136.2 122.0 125.1
129.3 135.3 136.6 143.5
116.0 134.8 118.0 121.2 126.9 132.7 135.9 143.6
111.8 126.9 113.3 116.4 120.4 125.8 127.2 134.1
112.8 128.2 114.4 117.6 121.7 127.1 128.6 135.5
109.7
107.6
106.7
103.8
110.9
107.7
106.9
101.0
110.1
107.8
106.9
103.5
110.1
107.5
106.7
103.2
110.4
107.6
106.8
102.0
110.9
107.8
107.0
101.9
111.2 111.2
107.9 107.7
107.1 106.9
100.5 99.9
99.3 112.0
99.1 107.4 108.7 107.4 111.6 120.5
87.5
87.5
87.5
95.1
95.1
95.1
87.1
87.1
87.1
93.5
93.5
93.5
93.8
93.8
93.9
91.6
91.6
91.6
113.4
113.5
113.4
113.4
117.8
117.8
117.7
117.8
113.8
113.9
113.8
113.8
114.8
114.9
114.8
114.9
115.8
115.9
115.8
115.8
117.2
117.3
117.2
117.3
94.2 100.8
94.1 100.8
94.2 100.8
118.5
118.6
118.5
118.5
119.5
119.6
119.5
119.6
176.0 181.8 176.2 179.9 178.9 181.3 179.5 187.4
158.8 164.4 159.2 162.5 161.6 163.0 162.6 170.4
155.9 160.0 155.9 159.0 157.9 159.2 157.8 165.0
156.8 161.0 156.9 160.0 158.9 160.2 158.8 166.1
114.7
113.4
112.9
110.8
115.7
114.1
113.5
110.4
113.7
112.9
112.3
110.8
115.4
113.9
113.4
110.6
113.9
113.0
112.4
110.7
132.2
143.0
134.1 136.8 138.0 143.0 143.0 147.9
114.3
113.2
112.6
110.7
115.5
114.1
113.5
111.3
115.8
114.1
113.5
110.0
120.6 133.1 122.6 124.3 127.8 131.8 133.8 138.9
116.6 126.7 118.1 119.5 122.3 125.8 127.0 131.5
117.7 128.1 119.3 120.9 123.7 127.2 128.4 133.0
115.1
113.4
112.3
109.6
114.9
112.7
111.7
107.4
116.3
114.4
113.3
109.3
115.9
114.1
113.0
110.0
114.5
112.5
111.5
108.0
115.6
113.4
112.4
108.5
114.8
112.5
111.5
106.9
114.8
112.4
111.3
106.5
SURVEY OF CURRENT BUSINESS
February 1994
•
21
Table 7.1.—Fixed-Weighted and Alternative Quantity and Price Indexes
for Gross Domestic Product—Continued
Table 7.2.—Fixed-Weighted and Alternative Quantity and Price Indexes
for Gross Domestic Product, Final Sales, and Purchases
[index numbers, 1987=100]
[Index numbers, 1987=100]
Seasonally adjusted
Seasonally adjusted
1992
1993
1992
1992
1993
III
Government purchases:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights ..
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights ..
Implicit price deflator
Federal:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
National defense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights....
Benchmark-years weights
Implicit price deflator
Nondefense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights.
Benchmark-years weights ..
Price indexes:
Fixed 1987 weights
Chain-type annual weights .
Benchmark-years weights ..
Implicit price deflator
State and local:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Implicit price deflator
128.4 131.4 129.2 129.8 129.3 131.4 132.1 132.6
107.2 106.5 107.8 107.4 105.6 106.8 106.8 106.9
107.0 106.4 107.4 107.2 105.6 106.6 106.6 106.7
106.9 106.2 107.3 107.1 105.4 106.5 106.5 106.5
120.6
120.0
120.2
119.7
124.3
123.5
123.7
123.3
121.0
120.3
120.5
119.9
121.7
121.0
121.3
120.8
123.2
122.4
122.6
122.4
124.0
123.2
123.5
123.1
124.8
123.9
124.2
123.7
125.0
124.3
124.6
124.0
116.6 115.2 117.6 117.5 115.0 116.3 115.2 114.4
96.9
96.6
96.3
92.2
92.3
92.0
97.9
97.3
97.0
97.1
96.8
96.5
92.9
92.9
92.7
93.4
93.4
93.2
91.9
91.9
91.6
90.8
90.9
90.7
121.8
120.7
121.0
120.3
126.2
124.8
125.3
124.9
122.2
121.0
121.4
120.1
122.8
121.5
122.0
121.1
125.1
123.6
124.1
123.8
125.8
124.3
124.8
124.5
126.8
125.4
125.9
125.4
127.1
125.9
126.4
126.0
107.4 104.0 108.4 108.1 104.4 105.3 103.4 102.8
89.4
88.6
88.7
83.1
82.6
82.8
90.5
89.2
89.3
89.5
88.5
84.2
83.8
83.9
84.4
84.0
84.1
82.2
81.6
81.8
81.5
81.1
81.2
122.3
121.2
121.2
120.1
127.2
125.8
125.8
125.1
122.8
121.6
121.6
119.8
123.5
122.2
122.2
120.8
125.9
124.4
124.5
123.9
126.8
125.3
125.4
124.8
127.9
126.6
126.6
125.7
128.0
126.8
126.9
126.1
145.4 150.7 146.6 147.2 148.4 150.7 152.5 151.1
120.4 121.1 121.2 121.1 120.1 121.7 122.4 120.1
122.1 122.9 123.0 122.9 121.8 123.5 124.4 122.0
120.7 121.5 121.5 121.5 120.4 122.0 122.9 120.6
120.2
119.1
120.5
120.8
123.1
122.3
123.8
124.5
120.3
119.2
120.6
121.0
120.9
119.7
121.2
121.6
122.5
121.6
123.0
123.6
122.5
121.8
123.3
123.9
123.4
122.5
124.0
124.6
124.0
123.5
125.0
125.8
137.5 143.8 138.2 139.2 140.4 143.2 145.2 146.6
115.2 117.6 115.4 115.4 115.5 117.1 118.4 119.3
115.0 117.3 115.2 115.3 115.4 116.8 118.0 118.9
115.1 117.3 115.3 115.3 115.4 116.9 118.1 118.9
119.6
119.6
119.5
119.4
122.8
122.7
122.6
122.3
120.0
119.9
119.9
119.7
120.9
120.8
120.7
120.6
121.8
121.7
121.6
121.5
122.7
122.6
122.5
122.3
123.2
123.1
123.0
122.7
123.4
123.4
123.3
122.9
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. For the alternative indexes, the chain-type indexes with annual weights use
weights for the preceding and current years, and 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.
1993
1992
1993
IV
Gross domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights ..
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts ..
Implicit price deflator
Final sales of domestic product'
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Implicit price deflator
Gross domestic purchases2:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Implicit price deflator
Final sales to domestic purchasers3:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Implicit price deflator
133.0 140.5 133.5 136.4 137.9 139.4 140.9
143.9
109.8 113.2 110.1 111.6 111.9 112.4 113.2
109.5 112.5 109.8 111.3 111.4 111.9 112.5
109.4 112.4 109.7 111.1 111.2 111.7 112.3
115.2
114.3
114.2
122.1
121.5
121.7
121.1
125.9
125.0
125.2
124.2
122.5
121.8
122.0
121.2
123.5
122.6
122.9
122.2
124.8
123.8
124.1
123.3
125.6
124.7
124.9
124.0
126.3
125.3
125.6
124.5
127.0
126.0
126.3
124.9
133.6 141.0 134.0 137.0 138.0 139.9 141.5
144.4
110.3 113.5 110.5 112.1 111.9 112.7 113.7
109.9 112.8 110.1 111.6 111.3 112.2 112.9
109.9 112.7 110.0 111.5 111.2 112.1 112.8
115.6
124.9
123.9
124.2
123.3
125.7
124.7
125.0
124.1
114.6
114.5
126.4
125.4
125.6
124.5
127.1
126.1
126.4
124.9
129.6 137.6 130.2 133.1 134.7 136.5 138.1
140.9
107.2 111.3 107.6 109.1 109.7 110.6 111.6
106.7 110.2 107.0 108.4 108.9 109.6 110.4
106.7 110.3 107.1 108.5 108.9 109.7 110.5
113.5
112.1
112.2
122.2
121.6
121.7
121.1
126.0
125.0
125.3
124.2
125.5
124.9
124.9
123.6
122.6
121.9
122.1
121.3
122.5
121.9
121.9
121.0
123.6
122.7
122.9
122.2
123.4
122.8
122.8
122.1
124.4
123.8
123.8
122.8
125.9
125.2
125.2
123.8
126.6
125.9
125.9
124.1
130.2 138.0 130.7 133.6 134.8 137.0 138.7
141.5
107.7 111.6 108.0 109.5 109.7 110.9 112.1
107.1 110.5 107.4 108.7 108.8 109.9 110.8
107.2 110.6 107.5 108.9 108.9 110.0 111.0
113.9
112.4
112.6
123.4
122.8
122.8
122.0
126.7
125.9
125.9
124.2
122.0
121.5
121.5
120.9
122.1
121.6
121.5
120.9
125.6
124.9
124.9
123.6
122.6
122.0
122.0
121.0
124.5
123.8
123.8
122.8
125.3
124.6
124.6
123.5
125.4
124.7
124.7
123.5
126.0
125.2
125.2
123.8
1. Equals GDP less change in business inventories.
2. Equals GDP'less net exports of goods and services or equals the sum of personal consumption
expenditures, gross private domestic investment, and government purchases.
3. Equals gross domestic purchases less change in business inventories or equals 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.
22 • February 1994
SURVEY OF CURRENT BUSINESS
Table 7.3.—Fixed-Weighted and Alternative Quantity and Price Indexes
for Gross National Product and Command-Basis Gross National
Product
Table 7.6.—Price Indexes for Fixed Investment by Type, Fixed
1987 Weights
[Index numbers, 1987=100]
[Index numbers, 1987=100]
1992
1992
1993
1992
III
Plus: Command-basis exports of
goods and services and receipts
of factor income:
Current dollars
Quantity index, fixed 1987 weights ...
Equals: Command-basis gross
national product:
Current dollars
Quantity index, fixed 1987 weights ...
133.0
133.5 136.3 137.8 139.2 140.9
109.9
109.6
109.5
110.2 111.5 111.8 112.3 113.2
109.8 111.2 111.3 111.8 112.5
109.7 111.0 111.2 111.7 112.4
122.1
121.4
121.6
121.1
122.5
121.7
122.0
121.2
123.4
122.5
122.8
122.2
124.7
123.8
124.0
123.3
125.6
124.6
124.9
124.0
126.2
125.2
125.5
124.4
163.8 165.7 165.0 168.8 168.1
145.6 147.2 146.3 148.9 149.0
163.1
145.7
176.2 179.9 178.9 181.3 179.5
147.0 147.7 149.4 152.0 153.2
176.0
147.8
112.0 114.7 112.4 112.8 113.5 114.4 115.2 115.7
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Table 7.4.—Price Indexes for Personal Consumption Expenditures
by Major Type of Product, Fixed 1987 Weights
[Index numbers, 1987=100]
Personal consumption
expenditures
Durable goods .
Motor vehicles and parts
Furniture and household equipment .
Other
Nondurable goods ....
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal.
Other
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
Addenda:
Price indexes for personal
consumption expenditures:
Chain-type annual weiahts
Benchmark-years weights ..
124.9 128.6 125.5 126.5 127.5 128.4 128.9 129.7
111.5 113.8 111.8 112.1 112.6 113.5 114.1 114.9
112.2 115.8 112.7 113.3 113.9 115.3 116.6 117.5
104.0 104.3 103.8 104.2 103.9 104.2 104.3 105.0
124.2 126.8 124.7 124.3 126.1 127.2 126.8 127.1
123.0 124.9 123.4 123.8 124.9 125.0 124.5 125.2
122.0
117.9
123.3
116.5
128.8
124.4
119.2
122.1
115.9
131.6
122.2
118.2
124.8
118.5
129.6
122.7
118.2
124.7
117.3
130.3
123.5
119.8
126.3
116.2
131.4
124.2
119.0
123.1
117.4
132.2
124.3
118.9
118.8
116.5
131.5
125.5
119.0
120.2
113.7
131.5
129.5 134.6 130.1 131.6 132.8 134.2 135.2 136.2
124.1
112.5
111.0
113.8
128.3
140.9
132.2
127.8
115.5
114.5
116.4
135.5
148.5
137.1
124.4
112.9
111.4
114.2
127.8
142.0
133.2
114.6 117.8 114.8 115.6 116.3 117.4 118.4 119.3
Producers' durable equipment
Information processing and related
equipment
Computers and peripheral
equipment1
Other
Industrial equipment
Transportation and related
equipment
Other
109.7 110.9 110.1 110.1 110.4 110.9 111.2 111.2
113.7 117.2 114.0 114.8 115.6 116.5 117.8 118.8
115.6 119.3 115.8 116.4 117.3 119.4 119.8 120.8
123.5 123.3 122.9 123.1 122.9 123.6 123.3 123.2
110.7 113.6 110.8 112.6 112.3 113.7 113.6 114.7
93.1
92.3
92.9
125.4
113.9
112.7
114.9
131.9
144.0
134.4
126.5
113.5
112.2
114.6
134.4
145.9
135.4
127.6
115.3
114.2
116.2
134.9
147.9
136.6
128.1
116.4
115.8
116.9
136.0
149.3
137.6
128.9
116.9
115.6
118.1
136.8
150.7
138.8
124.4 128.0 124.9 125.8 126.8 127.7 128.2 129.1
124.5 128.1 125.0 125.9 127.0 127.9 128.3 129.2
92.8
92.7
92.3
92.1
91.9
59.6 53.0 58.3 57.0 55.7 53.6 52.2 50.6
107.9 109.6 108.2 108.5 109.0 109.5 109.7 110.3
120.2 122.5 121.4 120.9 121.1 122.3 123.2 123.3
116.8 119.2 117.1 117.3 118.4 119.1 119.6 119.5
117.1 119.1 117.7 118.0 118.2 119.1 119.4 119.6
113.4 117.8 113.8 114.8 115.8 117.2 118.5 119.5
118.1
118.3
115.6
118.6
114.0
113.9
111.5
114.9
115.0
115.2
112.5
115.7
116.1
116.2
113.5
116.7
117.5
117.3
114.6
118.7
118.8
119.2
116.4
119.1
119.9
120.5
117.7
119.7
Structures
Single family
Multifamily
Other structures
113.6
113.4
111.3
114.7
Producers' durable equipment ...
104.9 105.5 105.2 104.9 104.5 105.4 105.9 106.3
Addenda:
Price indexes for fixed investment:
Chain-type annual weights
Benchmark-years weights
111.0 112.9 111.2 111.5 112.0 112.7 113.3 113.7
110.3 112.3 110.6 110.9 111.4 112.1 112.7 113.1
1. Includes new computers and peripheral equipment only.
NOTE.—Percent changes from preceding period for selected items in t
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
111.4 113.3 111.7 112.0 112.4 113.1 113.6 114.0
Structures
Nonresidential buildings, including
farm
Utilities
Mining exploration, shafts, and
wells
Other structures
Residential
133.5 136.3 137.8 139.2 140.9
110.3 111.6 112.1 112.6 113.7
133.0
110.1
I
IV
Nonresidential
Less: Exports of goods and services
and receipts of factor income:
Current dollars
Quantity index, fixed 1987 weights ...
1993
1992
IV
Fixed investment
Gross national product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights ..
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights ..
Implicit price deflator
1993
1993
> table are shown in table 8.1.
Table 7.9.—Price Indexes for Exports and Imports of Goods
and Services and for Receipts and Payments of Factor Income,
Fixed 1987 Weights
[Index numbers, 1987=100]
Exports of goods and services
Merchandisel
Durable
Nondurable
Servicesl
113.7 115.4 113.9 114.3 114.7 115.5 115.7 115.8
109.6
109.3
110.2
123.7
110.4
110.7
109.8
127.6
109.7
109.4
110.1
124.0
109.7
109.8
109.5
125.5
110.0
110.3
109.4
126.2
110.5
111.1
109.3
127.7
110.5
110.8
110.0
128.2
110.6
110.7
110.4
128.4
Receipts of factor income2
122.5
Imports of goods and services
115.1 114.9 116.3 115.9 114.5 115.6 114.8 114.8
Merchandise'
Durable .
Nondurable .
Services1
Payments of factor income3
Addenda:
Price indexes for exports of goods
and services:
Chain-type annual weights
Benchmark-years weights
Price indexes for imports of goods
and services:
Chain-type annual weiahts
Benchmark-years weights
112.1
112.8
110.7
128.9
125.0
122.7 123.7 124.9 125.6 126.1
112.0
114.3
108.0
128.0
113.1
113.3
112.7
130.4
113.1
113.5
112.4
128.3
111.6
113.3
108.6
127.5
112.7
114.1
110.3
128.2
111.8
114.3
107.3
128.3
111.9
115.4
105.8
127.9
125.3 126.6 127.9 128.9 129.6
112.9 113.9 113.0 113.2 113.4 114.1 114.1 114.1
112.3 113.4 112.4 112.6 112.9 113.5 113.5 113.5
113.4 112.7 114.4 114.1 112.5 113.4 112.5 112.4
112.3 111.7 113.3 113.0 111.5 112.4 111.5 111.3
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.
NOTE.— Percent changes from preceding period for selected items in this table are shown in table 8.1.
SURVEY OF CURRENT BUSINESS
February 1994
•
Table 7.10.—Price Indexes for Exports and Imports of Merchandise
by End-Use Category, Fixed 1987 Weights
Table 7.11.—Price Indexes for Government Purchases by Type,
Fixed 1987 Weights
[Index numbers, 1987=100]
[Index numbers, 1987=100]
2$
Seasonally adjusted
1992
Exports of merchandise
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
Imports of merchandise .
1993
1992
1992
1993
109.6 110.4 109.7 109.7 110.0 110.5 110.5 110.6
114.5
108.3
116.5
104.6
105.8
122.1
58.9
116.5
112.3
118.0
114.5
120.9
113.0
113.0
113.0
116.2
109.2
125.2
101.9
105.9
125.6
52.1
117.9
113.2
119.8
114.9
124.0
113.8
113.9
113.9
112.6
109.4
118.2
105.4
105.7
122.4
57.4
116.7
112.3
117=8
113.8
121.4
113.0
113.0
113.0
111.7
108.8
118.7
104.4
105.8
123.5
56.3
117.0
113.0
118.8
115.0
122.1
113.4
113.4
113.4
113.1
109.1
122.3
103.1
105.8
124.6
54.9
117.1
113.3
119.6
115.4
123.3
113.4
113.4
113.4
113.1
110.4
127.5
102.6
106.0
125.4
52.7
117.9
113.3
119.7
114.9
123.9
114.1
114.1
114.1
118.2
109.1
126.2
101.3
105.7
125.1
51.2
118.1
113.1
119.7
114.8
124.1
113.8
113.8
113.8
120.1
108.3
124.9
100.8
105.9
126.8
49.7
118.4
113.3
120.1
114.8
124.7
114.0
114.0
114.0
112.1 112.0 113.1 113.1 111.6 112.7 111.8 111.9
108.1 107.9 106.3 107.2 105.7 106.6 108.8 110.7
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
114.2
115.3
113.1
100.8
107.3
122.2
61.4
116.5
114.8
118.3
116.9
120.1
114.7
114.7
114.7
Addenda:
Exports of agricultural products 1
Exports of nonagricultural products
Imports of nonpetroleum products ..
111.5 113.3 110.3 109.8 111.1 110.5 115.0 116.6
109.4 110.0 109.6 109.7 109.8 110.5 109.9 109.8
113.4 114.41 113.7 114.2 113.4 114.3 114.4 115.3
114.3
117.0
111.4
91.4
108.0
125.6
55.6
118.4
116.9
119.4
118.4
120.7
116.0
115.9
115.9
114.6
116.2
113.0
107.7
108.1
122.4
60.6
117.6
114.9
119.0
117.5
120.8
115.0
115.0
115.0
114.4
114.7
114.0
104.0
108.0
123.5
59.0
117.8
115.9
119.8
117.9
122.3
115.8
115.8
115.8
114.8
117.6
111.9
95.5
106.9
124.6
57.8
116.5
115.1
118.8
117.9
119.8
114.8
114.8
114.8
115.0
117.4
112.4
99.1
107.7
125.4
56.3
117.8
116.5
119.7
118.7
120.9
115.8
115.8
115.8
113.4
115.5
111.1
88.5
108.6
125.2
55.0
119.3
117.0
119.5
118.4
120.8
116.0
116.0
116.0
113.9
117.4
110.2
82.1
109.0
126.8
53.4
120.1
119.0
119.7
118.6
121.1
117.3
117.3
117.3
1. Includes parts of: exports of foods, feeds, and beverages, of nondurable industrial supplies and materials,
and of nondurable consumer goods, except automotive.
Government purchases .
Federal...
1993
1992
1993
120.6 124.3 121.0 121.7 123.2 124.0 124.8 125.0
121.8 126.2 122.2 122.8 125.1 125.8 126.8 127.1
127.2
117.6
113.1
132.9
143.0
143.6
141.8
118.6
117.7
125.9
117.1
113.0
131.2
140.6
142.3
137.1
117.8
117.2
126.8
117.9
115.9
132.1
141.7
143.3
138.3
118.5
117.4
127.9
117.9
112.6
134.0
144.7
143.9
146.5
118.8
117.3
128.0
117.6
110.8
134.4
145.1
145.0
145.2
119.2
118.8
National defense
Durable goods
Nondurable goods
Services
Compensation of employees .
Military
Civilian
Other services
Structures
122.3
113.7
115.6
127.1
134.6
136.6
130.6
116.4
114.0
Nondefense
Durable goods
Nondurable goods
Commodity Credit Corporation
inventory change
Other nondurables
Services
Compensation of employees ....
Other services
Structures
120.2 123.1 120.3 120.9 122.5 122.5 123.4 124.0
101.2 93.3 101.7 96.9 94.0 94.0 94.1 91.2
State and local
Durable goods
Nondurable goods
Services
Compensation of employees
Other services
Structures
Addenda:
Price indexes for government
purchases:
Chain-type annual weights
Benchmark-years weignts
Price indexes for Federal national
defense purchases:
Chain-type annual weights
Benchmark-years weights
Price indexes for Federal nondefense
purchases:
Chain-type annual weights
Benchmark-years weignts
Price indexes for State and local
purchases:
Chain-type annual weights
Benchmark-years weignts
122.8
113.6
118.5
127.8
135.4
137.6
130.8
117.1
113.2
123.5
115.3
117.8
128.0
135.1
136.6
132.0
117.8
116.2
107.9
124.5
129.3
117.9
113.7
105.8
129.1
136.5
118.8
116.5
108.4
124.5
129.4
117.8
113.9
106.0
125.5
130.6
118.4
114.8
106.0
128.0
135.2
118.1
115.1
106.3
128.3
135.7
118.1
116.2
106.0
129.3
136.4
119.3
116.8
104.9
130.7
138.5
119.7
117.7
119.6
113.2
115.4
122.6
127.5
69.3
109.5
122.8
115.4
116.1
126.0
132.1
59.5
113.1
120.0
113.5
116.6
122.9
127.9
68.5
109.9
120.9
113.6
114.9
124.0
129.2
67.0
111.6
121.8
114.5
116.2
125.0
130.6
63.9
111.5
122.7
115.4
117.9
125.7
131.6
60.3
113.0
123.2
115.8
115.6
126.6
132.7
60.1
113.3
123.4
115.6
114.4
126.8
133.5
53.7
114.5
120.0 123.5 120.3 121.0 122.4 123.2 123.9 124.3
120.2 123.7 120.5 121.3 122.6 123.5 124.2 124.6
121.2 125.8 121.6 122.2 124.4 125.3 126.6 126.8
121.2 125.8 121.6 122.2 124.5 125.4 126.6 126.9
119.1 122.3 119.2 119.7 121.6 121.8 122.5 123.5
120.5 123.8 120.6 121.2 123.0 123.3 124.0 125.0
119.6 122.7 119.9 120.8 121.7 122.6 123.1 123.4
119.5 122.6 119.9 120.7| 121.6 122.5 123.0 123.3
24 • February 1994
SURVEY OF CURRENT BUSINESS
Table 7.12.—Price Indexes for National Defense Purchases, Fixed
1987 Weights
Table 7.14.—Implicit Price Deflators for Gross Domestic Product
by Sector
[Index numbers, 1987=100]
[Index numbers, 1987=100]
Seasonally adjusted
Seasonally adjusted
1992
National defense purchases .
Durable goods
1993
1992
1992
1993
122.3 127.2 122.8 123.5 125.9 126.8 127.9 128.0
113.7 117.6 113.6 115.3 117.1 117.9 117.9 117.6
114.4
118.4
98.6
118.4
120.9
109.2
116.6
106.5
Military equipment
Aircraft
Missiles
Ships
Vehicles
Electronic equipment
Other
Other durable goods
Nondurable goods
118.8
125.7
98.3
121.7
128.0
109.7
118.1
106.1
114.4
118.5
98.4
118.3
121.0
109.5
116.5
106.3
116.2
121.8
97.4
119.2
124.1
109.6
117.9
106.3
118.2
124.8
99.1
120.7
126.0
109.7
118.2
106.3
119.1
125.3
99.9
121.4
130.8
109.6
118.2
106.2
119.0
127.0
96.8
122.7
126.9
109.6
117.9
105.8
118.7
125.7
97.6
122.1
128.2
110.0
118.1
106.0
115.6 113.1 118.5 117.8 113.0 115.9 112.6 110.8
119.7 112.5 130.1 124.2 111.1 119.7 110.8 108.3
108.5 111.2 106.7 111.5 111.3 111.1 112.6 109.6
117.9 115.4 117.0 116.8 116.7 116.2 114.3 114.5
Petroleum products
Ammunition
Other nondurable goods
127.1 132.9 127.8 128.0 131.2 132.1 134.0 134.4
Services
Compensation of employees .
Military
Civilian
Other services
Contractual research and
development
Installation supportl
Weapons support2
Personnel support3
Transportation of material .
Travel of persons
Other
134.6
136.6
130.6
116.4
143.0
143.6
141.8
118.6
135.4
137.6
130.8
117.1
135.1
136.6
132.0
117.8
140.6
142.3
137.1
117.8
141.7
143.3
138.3
118.5
144.7
143.9
146.5
118.8
145.1
145.0
145.2
119.2
111.9
113.5
120.5
134.7
104.6
110.6
113.4
115.7
124.3
135.9
105.1
116.4
112.3
114.5
121.1
136.6
104.1
108.5
113.5
114.5
122.1
136.8
104.5
111.3
113.8
113.8
123.1
134.9
104.9
115.6
113.6
115.4
124.0
136.4
104.8
115.6
113.2
116.8
124.4
136.0
105.8
116.2
113.2
116.9
125.7
136.4
104.7
118.1
114.0 117.7 113.2 116.2 117.2 117.4 117.3 118.8
Structures
106.1 108.3 104.4 107.5 108.1 108.0 107.7 109.4
128.6 135.0 129.4 132.2 133.9 134.8 135.0 136.0
Military facilities
Other
Addenda:
Price indexes for national defense
purchases:
Chain-type annual weights
Benchmark-years weights
121.2 125.8 121.6 122.2 124.4 125.3 126.6 126.8
121.2 125.8 121.6 122.2 124.5 125.4 126.6 126.9
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.
Gross domestic product
[Index numbers, 1987=100]
Gross domestic product
Plus: Receipts of factor income from
the rest of the world l
Less: Payments of factor income to the
rest of the world 2
Equals: Gross national product
121.1 124.2 121.2 122.2 123.3 124.0 124.5 124.9
122.5
122.7 123.7 124.9 125.6 126.1
124.8
125.1 126.3 127.7 128.4 129.2
121.1
121.2 122.2 123.3 124.0 124.4
Less: Consumption of fixed capital
110.6 112.1 111.0 111.0 111.5 111.9 112.5 112.6
Equals: Net national product
122.5
Less: Indirect business tax and nontax
liability plus business transfer
payments less subsidies plus current
surplus of government enterprises ....
Statistical discrepancy
131.3 132.1 132.9 131.0 127.7 132.1 135.1 133.5
119.8
119.9 120.9 121.8 122.5 122.9
Equals: National income
121.6
Addenda:
Net domestic product
Domestic income
122.5 125.8 122.7 123.7 124.9 125.6 126.1 126.4
121.
121.7 123.0 124.6 125.0 125.2
122.7 123.6 124.8 125.5 126.0
121.7 122.9 124.5 124.9 125.1
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.
1992
1993
121.1 124.2 121.2 122.2 123.3 124.0 124.5 124.9
119.8 122.6 119.9 120.9 121.8 122.5 122.9 123.2
Business
Nonfarm
Nonfarm less housing
Housing
Farm
Statistical discrepancy
Households and institutions
Private households
Nonprofit institutions
General government
Federal
State and local
Addendum:
Gross domestic business product
less housing
120.1
119.5
125.5
106.1
119.8
122.8
122.3
127.3
110.7
122.6
120.2
118.9
132.5
104.3
119.9
121.2
120.8
124.5
104.9
120.9
122.1
121.6
126.9
107.1
121.8
122.8
122.3
126.8
109.3
122.5
123.1
122.7
127.4
108.3
122.9
123.3
122.8
128.0
117.8
123.2
127.7 132.0 128.2 129.8 131.3 131.3 131.9 133.3
115.7 119.4 116.4 117.4 117.9 118.7 120.0 121.1
128.2 132.5 128.7 130.4 131.9 131.9 132.4 133.8
129.0 134.4 129.4 130.3 132.8 133.8 135.1 136.0
132.8 140.6 133.3 133.5 138.6 139.5 141.8 142.7
127.4 131.9 127.7 129.0 130.4 131.4 132.5 133.3
119.3
Table 7.15.—Current-Dollar Cost and Profit Per Unit of ConstantDollar Gross Domestic Product of Nonfinancial Corporate Business
[Dollars]
Current-dollar cost and profit
per unit of constant-dollar
gross domestic product' ...
Consumption of fixed capital
Net domestic product.
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
Compensation of employees
Corporate profits with inventory
valuation and capital
consumption adjustments
Profits tax liability
Profits after tax with inventory
valuation and capital
consumption adjustments
Table 7.13.—Implicit Price Deflators for the Relation of Gross
Domestic Product, Gross National Product, Net National Product,
and National Income
1993
Net interest
1.149
.125
1.024
1.149 1.154 1.162 1.164 1.164
.129
.122
.124
.123
.124
1.021 1.032 1.037 1.041 1.039
.116
.908
.762
.116
.905
.762
.116
.916
.761
.116
.921
.772
.118
.118
.923
.770
.922
.099
.035
.096
.109
.037
.102
.037
.108
.040
.108
.034
.064
.048
.062
.047
.072
.046
.065
.047
.046
.045
.038
.070
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point
shifted two places to the left.
February 1994
SURVEY OF CURRENT BUSINESS
•
25
Table 8.1.—Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
1992
1993
Seasonally adjusted at annual rates
1993
1992
1992
1993
1992
1993
III
Gross domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights .
Personal consumption expenditures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Gross private domestic investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Fixed investment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Nonresidential:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ..
Benchmark-years weights ....
Price indexes:
Fixed 1987 weights
Chain-type annual weights ..
Benchmark-years weights ....
4.6
2.6
23
2.4
3.0
2.8
2.7
3.4
3.0
3.1
5.7
5.
5.5
3.3
3.1
3.2
3.1
2.9
2.9
2.5
2.0
2.3
3.1
2.8
2.9
6.0
6.1
5.7
2.6
2.3
2.5
3.3
3.0
3.1
3.7
3.6
3.6
3.0
2.9
2.9
4.3
4.4
8.8
1.9
1.8
1.8
2.9
2.
2.2
7.5
6.7
6.7
4.3
4.1
4.1
2.8
2.7
2.7
2.1
2.1
2.1
2.3
2.3
2.3
9.9
3.8
6.1
5.5
6.8
4.:
3.8
4.0
5.6
5.1
5.
.8
.6
.6
3.4
3.2
3.2
4.4
4.0
4.0
4.6
4.1
4.1
3.4
3.2
3.3
3.1
2.9
3.0
3.4
3.3
3.3
2.9
2.9
2.9
1.4
1.5
1
2.7
2.7
2.7
13.1
-1.0
13.:
8.0
16.2
8.6
7.0
6.7
6.8
7.3
6.5
6.6
10.7
10.4
10.7
13.2
12.1
12.2
-1.3
-2.2
-2.
10.8
10.4
10.4
7.6
6.4
6.4
15.4
14.1
14.1
2.2
1.8
2.0
2.0
1.7
1.7
1.1
.7
.8
1.1
1.0
1.1
1.8
1.4
1.4
3.3
2.8
2.8
2.0
1.8
1.8
2.6
2.4
2.4
3.4
3.9
5.5
8.2
1.1
2.9
2.3
5.8
1.4
1.4
1.4
2.4
2.3
2,
3.0
3.0
3.1
7.3
7.0
7.0
-2.1
-2.2
-2.2
2.7
2.5
2.5
3.7
3.5
3.5
3.6
3.4
3.4
2.1
2.0
2.1
1.6
1.5
1.6
2.5
2.4
2.5
1.3
1.1
1.2
3.5
3.4
3.4
.5
.4
.4
CO
Nondurable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
5.6
CO CO
Durable goods:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
4.4
5.5
2.2
2.2
2.2
6.9
6.9
4.7
10.1
6.4
6.3
6.8
5.4
2.2
2.0
2.1
2.9
2.7
2.8
3.3
2.9
3.1
2.9
2.6
2.8
3.1
2.8
2.8
2.1
2.0
2.0
3.9
3.8
3.8
2.4
2.3
2.3
5.0
4.8
4.9
4.0
3.9
3.9
4.4
4.1
4.3
4.6
4.4
4.5
3.7
3.7
3.7
4.3
4.2
4.2
2.9
2.9
2.9
3.0
3.0
3.0
8.1
12.1
1.3
16.4
21.1
4.6
27.3
8.5
7.4
7.9
12.1
10.3
10.5
1.4
-1.4
-.1
13.3
13.8
13.8
22.7
19.3
19.3
5.0
2.0
2.0
28.2
27.6
27.6
-1.2
-1.2
5.8
11.0
2.9
15.3
9.2
10.6
7.3
24.9
6.2
5.1
5.6
10.9
9.3
9.4
3.1
1.2
1.7
14.0
14.1
14.3
10.7
7.7
7.7
9.0
8.2
8.2
8.5
5.7
5.7
24.4
23.5
23.5
1.1
2.4
1.8
1
2.5
1.7
2.0
1.7
1.1
1.2
2.2
1.7
1.7
3.3
2.7
2.7
2.7
2.1
2.1
1.9
1.4
1.4
1.7
10.2
2.1
7.4
10.9
17.4
3.8
20.7
2.9
1.2
2.0
11.8
9.6
3.8
1.2
1.9
7.6
7.4
7.6
14.4
10.3
10.3
16.6
16.0
16.0
7.4
3.4
3.4
22.1
20.6
20.6
2.0
.9
1.3
.8
.1
.2
1.6
1.0
1.0
2.5
1.8
1.8
1.9
1.2
1.2
1.2
Structures:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Producers' durable
equipment:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Residential:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ...
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
Exports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Imports of goods and services:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Government purchases:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Federal:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
National defense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights ......
Price indexes:
Fixed 1987 weights
Chain-type annual weights ....
Benchmark-years weights
-5.5
-6.0
-6.0
-6.0
3.7
-8.2
3.1
12.6
3.4
IV
17.6
-10.3
.8 -10.3
.8 -10.4
-2.1
-1.9
-1.9
.6
.6
8.1
8.4
8.4
2.7
2.8
2.8
2.5
2.4
2.4
3.8
3.9
3.9
3.4
3.3
3.3
3.2
3.3
3.3
10.:
14.3
19.7
3.9
22.0
11.5
11.6
11.9
19.9
14.5
14.5
19.8
19.1
19.1
10.0
4.7
4.7
24.9
23.3
23.3
1.2
1.8
.8
.8
1.0
.1
-.6
-.6
14.2
13.8
13.8
.6
.6
.6
2.8
2.8
2.8
23
2^3
2.3
5.3
13.1
7.0
6.9
4.7
5.7
16.:
13.4
13.7
10.2
6.7
7.7
1.3
1.1
.1
.2
1.8
17.9
12.9
5.0
37.5
5.2
-4.8
16.5
36.0
16.3
16.3
16.3
8.7
8.7
8.7
1.2
1.3
1.3
32.8
32.9
32.8
1.5
1.6
1.6
-9.5
-9.4
-9.4
11.9
11.8
11.8
31.0
31.3
31.3
1 3
14
1.4
3.8
3.8
3.8
3.6
3.6
3.6
3.7
3.6
3.6
3.5
3.4
3.4
5.0
5.1
5.1
4.6
4.3
4.;
3.5
3.4
3.4
6.5
3.3
5.6
8.8
-2.1
5.5
-4.1
19.0
6.4
5.6
6.0
3.5
2.6
2.7
6.5
5.4
5.6
8.8
8.1
8.2
-2.4
-2.7
-2.7
3.6
3.3
3.3
-.9
-3.4
-3.4
20.5
19.4
19.4
1.2
.8
1.0
1.5
.9
1.0
.7
.3
.4
1.4
1.5
2.8
2.4
2.4
.5
.1
.1
7.9
8.2
8.4
8.2
3.6
15.3
14.3
8.7
7.2
7.9
10.3
8.7
9.2
6.4
7.2
5.6
5.0
5.2
11.6
9.8
13.3
11.8
11.8
6.0
3.8
3.8
16.2
15.1
15.1
1.2
.6
-.2
-.6
-.6
6.3
5.4
5.5
-1.3
-1.0
-1.0
-4.7
-5.3
-5.3
3.8
3.2
3.2
-2.7
-3.1
-3.1
.2
-.5
-.5
3.0
2.3
4.8
1.7
-1.4
6.8
2.2
1.3
-.1
-.2
-.2
-.7
-.6
4.1
3.1
3.3
-1.4
-S.4
-5.9
-5.9
4.3
4.0
4.0
0
0
.1
.1
.1
2.1
1.8
1.9
2.6
2.5
2.5
5.0
4.6
4.6
2.6
2.7
2.7
2.5
2.4
2.4
.7
1.2
7.6
-.4
-8.3
4.4
-3.4
-2.8
-3.5 -16.2
-2.1 -15.0
-2.1 -15.0
2.0
2.2
2.2
-6.2
-6.5
-6.5
-4.7
-4.2
-4.2
7.5
7.2
7.2
2.3
2.3
2.3
3.3
3.5
3.5
.7
1.5
1.5
3.7
-7.2
-2.4
-9.8
-10.6
-10.6
-3.5
-2.7
-2.7
3.5
4.0
4.0
.3
.7
.7
3.4
3.1
3.2
-1.1
-.9
-3.5
-3.4
-3.5
-4.8
-4.5
-4.5
8.7
6.0
6.5
4.5
4.2
4.4
3.6
3.4
3.5
2.7
1.8
2.1
-2.7
-3.3J
8.4
-1.3 -13.1
-7.1
-7.1
-7.1
-7.1!
-6.8
-6.7
10.5
6.6
7.3
-4.6 -21.4
-3.0 -19.6
-2.9 -19.6
4.9
4.7
4.8
4.0
3.8
3.8
3.2
2.1
2.5
2.1
1.8
2.0
2.1
1.8
1.9
8.1
7.6
7.6
3.0
2.9
2.9
1.2
26 • February 1994
SURVEY OF CURRENT BUSINESS
Table 8.1.—Percent Change From Preceding Period in Selected
Series—Continued
Table 8.2.—Selected Per Capita Product and Income Series in
Current and Constant Dollars and Population of the United States
[Percent]
[Dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1992
1993
1992
1992
1993
1992
1993
III
Nondefense:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights .
Benchmark-years weights ..
Price indexes:
Fixed 1987 weights
Chain-type annual weights.
Benchmark-years weights ..
State and local:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Addenda:
Final sales of domestic product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Gross domestic purchases:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Final sales to domestic purchasers:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Gross national product:
Current dollars
Quantity indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weignts
Price indexes:
Fixed 1987 weights
Chain-type annual weights
Benchmark-years weights
IV
II
III
IV
Current dollars:
9.4
3.7
5.8
1.8
3.6
6.2
4.9
-3.6
6.2
6.2
6.2
.5
.7
.7
4.4
4.5
4.6
-.4
-.1
-.1
-3.2
-3.5
5.5
5.5
5.5
2.5
2.9
2.9
-7.5
-7.4
-7.4
3.1
3.1
3.1
2.5
2.7
2.8
1.2
.9
1.1
1.9
1.9
1.9
5.7
6.3
6.3
2.9
2.3
2.3
2.0
3.3
3.3
4.5
4.6
3.0
3.1
3.3
8.3
5.8
3.8
2.2
2.1
2.1
2.0
2.0
2.0
1.2
1.2
1.2
.1
.1
.3
.4
.4
5.6
5.2
5.2
4.5
4.2
4.2
3.1
2.8
2.8
2.5
2.4
2.4
2.6
2.6
2.6
1.7
1.1
1.8
2.9
2.9
2.9
3.0
2.9
2.9
2.9
3.0
3.0
1.8
1.6
1.6
.7
.9
.9
5.2
5.5
4.9
9.1
2.9
5.7
4.8
8.5
2.3
2.0
2.1
2.9
2.6
2.5
3.7
3.4
3.4
5.8
5.6
5.5
-1.1
-1.1
3.2
3.0
3.0
3.4
2.7
2.7
6.9
6.2
6.2
3.3
3.1
3.2
3.1
2.8
2.9
2.5
2.0
2.3
3.2
2.7
2.8
4.3
4.1
4.1
2.8
2.7
2.7
2.1
2.1
2.1
2.3
2.3
2.3
5.7
6.2
4.9
9.1
5.0
5.4
4.8
8.4
2.9
2.5
2.7
3.9
3.3
3.4
3.8
3.0
3.3
5.4
5.1
5.1
2.5
1.7
1.7
3.1
2.7
2.7
3.7
3.0
3.0
7.2
6.4
6.4
3.3
3.1
3.
2.9
2.8
2.8
3.0
2.7
2.8
2.8
2.7
2.7
3.
3.4
3.4
2.9
2.8
2.8
1.8
1.7
1.7
2.2
2.3
2.3
5.4
6.0
5.2
9.0
3.5
6.8
5.2
8.1
2.5
2.:
2.4
3.7
3.2
3.:
4.0
3.4
3.6
5.5
5.2
5.2
.8
4.4
4.0
4.0
4.2
3.5
3.
6.7
5.9
5.9
3.3
3.1
3.2
2.9
2.8
2.8
3.0
2.7
2.8
2.8
2.
2.7
3,
3.3
3.3
2.9
2.8
2.8
1.8
1."
1.7
2.2
2.2
2.2
4.8
5.4
4.8
4.6
4.2
2.5
3.6
5.0
1.0
1.9
3.2
3.3
4.9
4.8
.6
.6
1.7
1.7
2.5
2.0
2.2
3.
2.7
2.8
4.:
4.1
4.1
2.8
2.7
2.7
1.9
1.9
-5.
-7.8
5.8
Command-basis gross national
product:
Quantity index, fixed 1987 weights
2.7
Disposable personal Income:
Current dollars
1987 dollars
2.9
3.6
4.6
1.9
1.9
15.
10.6
2.7
1.6
8.0
5.8
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 fixedweighted measures use as weights the composition of output in 1987. For the alternative indexes, the chain-type
indexes with annual weights use weights for the preceding and current years, and the indexes with benchmarkyears weights use weights of 1959, 1963, 1967, 1972, 1977, 1982, and 1987 and the most recent year.
1993
I
Gross domestic
product
23,637
24,702
23,685
24,143
24,346
24,538
24,732
25,189
product
Personal income .
Disposable
personal
income
Personal
23,665
20,139
20,867
23,716
20,090
24,134
20,767
24,347
20,430
24,536
20,837
24,756
20,930
21,266
17,615
18,228
17,577
18,153
17,876
18,196
18,265
18,571
expenditures ...
Durable goods
16,205
1,947
17,006
2,083
16,249
1,958
16,589
2,013
16,704
2,004
16,907
2,062
17,088
2,095
17,323
2,170
5,092
9,166
5,231
9,692
5,104
9,187
5,190
9,385
5,192
9,508
5,215
9,631
5,229
9,763
5,289
9,865
19,518
19,894
19,537
19,754
19,744
19,786
19,869
20,175
19,569
19,755
19,754
19,793
19,898
goods
Services
Constant (1987)
dollars:
Gross domestic
product
product
Disposable
persona!
income
Personal
expenditures ...
Durable goods
goods
Services
Population (midperiod,
thousands)
19,548
14,219
14,334
14,169
14,490
14,163
14,326
14,341
14,504
13,081
1,787
13,373
1,898
13,098
1,794
13,241
1,845
13,234
1,835
13,312
1,878
13,416
1,907
13,529
1,971
4,161
7,133
4,216
7,260
4,154
7,149
4,216
7,179
4,184
7,216
4,200
7,234
4,226
7,283
4,252
7,307
255,472 258,254 255,836 256,569 257,197 257,872 258.612 259,334
February 1994
SURVEY OF CURRENT BUSINESS
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
1992
Auto output
1993
1992
Change in business inventories of
new and used autos
New
Used
Addenda:
Domestic output of new autos l
Sales of imported new autos 2
133.5
126.7
87.3
39.5
37.6
62.2
-24.6
-32.8
14.3
47.0
2.0
137.3
134.2
91.3
43.0
38.9
66.8
-27.9
-37.7
14.5
52.2
1.9
132.4
125.4
85.8
39.5
36.9
61.8
-24.9
-32.1
15.2
47.4
2.2
137.2
130.9
90.3
40.6
37.1
62.7
-25.6
-32.6
15.9
48.4
1.8
131.4
127.7
86.8
40.9
36.9
61.8
-24.9
-35.3
14.5
49.8
2.1
140.8
133.6
90.3
43.3
42.2
72.6
-30.4
-37.0
14.9
51.8
2.0
137.0
135.4
90.2
45.2
38.9
67.4
-28.5
-39.3
13.2
52.5
2.0
140.0
140.2
97.9
42.4
37.4
65.2
-27.8
-39.2
15.4
54.7
-.3
.3
4.5
3.0
1.5
.6
1.0
-.4
-.8
-.7
-.1
11.4
12.0
-.7
5.0
1.6
3.5
-2.4
-3.4
1.0
4.0
1.9
2.1
104.1 110.6 103.1 108.0 114.6 111.9
60.1 64.0 60.1 60.5 59.6 65.5
2J
Seasonally adjusted at annual rates
1992
1993
133.2 141.8 133.0 136.4 142.8 145,9 134.6 144.0
Finai 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
•
99.3 116.8
69.6 61.5
1993
1993
1992
117.4 120.5 116.8 120.1 122.5 123.4 113.5 122.7
Auto output
117.8
113.9
77.9
36.0
32.8
55.5
-22.7
-30.5
12.7
43.3
1.7
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
Change in business inventories of
new and used autos
New
Used
Addenda:
Domestic output of new autos i
Sales of imported new autos2
92.8
53.6
117.5
115.4
79.5
35.9
34.5
58.1
-23.7
-34.1
12.7
46.8
1.6
116.2
112.0
76.3
35.7
32.3
54.9
-22.6
-30.0
13.5
43.5
1.9
119.6
115.8
79.9
35.9
32.7
55.5
-22.8
-30.4
14.1
44.5
1.5
114.0
112.2
76.5
35.7
32.6
54.5
-21.9
-32.6
12.8
45.5
1.8
121.2
115.5
78.9
36.6
37.5
63.5
-26.0
-33.5
13.1
46.6
1.7
116.3
115.4
78.2
37.2
34.6
58.5
-23.9
-35.4
11.6
47.0
1.7
118.3
118.5
84.3
34.2
33.2
56.1
-22.9
-34.7
13.6
48.3
1.3
3.1
1.9
1.2
.6
1.0
-.4
.5
.6
1
8.5
9.1
-.6
2.2
-.7
3.0
-2.9
-3.7
4.4
2.7
1.7
96.2
55.8
91.8
53.5
96.8
53.6
99.9
52.5
96.5
57.3
85.8 102.5
60.4 52.9
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.
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]
Truck output1
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
Imports
Government purchases
Change in business inventories
1. Includes new trucks only.
83.3 101.4
81.4
93.7 100.0
82.2 101.9
43.3 52.5
37.1 48.9
-5.1 -5.4
82.3
44.2
37.8
-4.8
92.0
47.8
41.1
-4.6
97.0
98.0 110.5
92.4 102.0
49.7 52.0
45.3 48.2
-6.7 -6.4
99.9 113.3
50.0 58.4
48.6 53.5
-4.8 -3.6
6.9
5.4
10.2 10.5
4.9
6.0
5.6
5.8
5.4
6.0
5.2
5.7
10.7
11.2
10.2
10.7
11.9
12.1
6.9
5.8
5.1
7.7
4.1
8.2
1.2
-.5
-.9
1.7
7.7
-5.0
-1.9
-2.8
Truck output1
Final sales
Personal consumption expenditures ..
Producers' durable equipment
Net exports
Exports
Imports
Government purchases
Change in business inventories
1. Includes new trucks only.
71.4
83.5
69.3
79.5
83.7
80.2
79.9
90.2
70.4
37.1
31.8
-4.4
83.9
43.4
40.1
-4.5
70.1
37.6
32.2
-4.1
78.1
40.7
34.8
-3.9
77.3
42.0
37.6
-5.7
84.2
43.3
39.6
-5.4
81.4
40.9
39.5
-4.0
4.8
9.1
5.9
4.8
9.2
4.8
4.6
8.6
4.4
5.1
9.1
6.6
4.4
4.6
10.1
10.0
3.4
6.7
4.4
8.4
4.9
92.5
47.5
43.8
-2.9
5.7
8.5
4.0
1.0
-.4
-.8
1.4
6.3
-4.1
-1.5
-2.3
28 • February
SURVEY OF CURRENT BUSINESS
NIPA
Charts
REAL GDP AND ITS COMPONENTS: TRENDS AND CYCLES
Dec. Nov.
P T
Nov. Mar.
P
T
1966 67 68 69 70 71 72 73 74 75 76 77 78 79
Jan. July July Nov.
P T P
T
81
82 83 84 85 86 87
89
90 91 92 93 1994
February 1994
SURVEY OF CURRENT BUSINESS
SELECTED SERIES: RECENT QUARTERS
Percent change
Percent change
10
10
GROSS DOMESTIC PURCHASES PRICE INDEX
REAL GROSS DOMESTIC PRODUCT'
ll
1990
ll.llll.ll
1991
1992
1993
Percent change
1990
1991
1992
1993
Billion $
10
500
CORPORATE PROFITS WITH IVA AND CCAdj'
REAL GROSS DOMESTIC PURCHASES
400
I. .1 llllilll
300
200
100
1990
1991
1992
1993
1990
1991
1992
1993
1990
1991
1992
1993
Percent change
10
REAL DISPOSABLE PERSONAL INCOME
1iliilI.I
1990
1991
1992
1993
1. Percent change at annualratefrom preceding quarter: based on seasonally adjusted estimates.
2. Seasonally adjusted annual rate; IVA is inventory valuation adjustment, and CCAdj is capital consumption adjustment.
3. Personal saving as percentage of disposable personal income: based on seasonally adjusted estimates.
US. Department of Commerce, Bureau of Economic Analysis
•
29
3 0 • February 1994
SURVEY OF CURRENT BUSINESS
Reconciliation and Other Special Tables
Table 1.—Reconciliation of Changes in BEA-Derived Compensation Per Hour with BLS Average Hourly Earnings
[Percent change from preceding period]
Seasonally adjusted at annual
rates
91
BEA-derived compensation per hour of all persons in the nonfarm business sector (less housing)
Less: Contribution of supplements to wages and salaries per hour
Plus: Contribution of wages and salaries per hour of persons in housing and in nonprofit institutions
Less: Contribution of wages and salaries per hour of persons in government enterprises, unpaid family
workers, and self-employed
1992
1993
1993
I
II
III'-
IV P
5.1
5.1
3.6
3.0
1.7
3.7
2.8
.5
.4
.3
-.4
1.2
.6
.5
0
.1
-.1
0
0
-.1
0
-.2
0
.2
.1
0
.1
-.1
Equals: BEA-derived wages and salaries per hour of ait employees in the private nonfarm sector ....
4.3
4.8
3.3
3.7
.4
3.2
2.6
Less: Contribution of wages and salaries per hour of nonproduction workers in manufacturing
-.1
.1
-.1
-.2
-.1
-.2
-.2
Less: Other differences!
1.6
2.3
1.1
1.0
-1.4
1.7
-.5
Equals-. BLS average hourly earnings of production or nonsupervisory workers on private nonfarm
payrolls
2.8
2.4
2.4
2.9
1.9
1.7
3.2
Addendum:
BLS estimates of compensation per hour in the nonfarm business sector2 .
5.0
5.1
3.6
2.9
1.9
3.7
2.9
r
Revised.
" Preliminary.
. Includes BEA use of non-BLS data and differences in detailed weighting. Annual estimates
also include differences in BEA and BLS benchmarking procedures; quarterly estimates also include differences in seasonal adjustment procedures.
2. These estimates differ from the BEA-derived estimates (first line) because the BLS estimates
include compensation and hours of tenant-xcupied housing. BEA estimates for the fourth quarter
of 1993 also include statistical revisions not yet incorporated in the BLS estimates.
NOTE.—The table incorporates revised BLS estimates released in February 1994.
BLS Bureau of Labor Statistics
February 1994
SURVEY OF CURRENT BUSINESS
A Look at How BEA Presents the NlPA's
THIS GUIDE is designed to assist users in locating national in-
come and product accounts (NIPA) estimates and to explain some
of the conventions used in their presentation. The system of
presentation has evolved over a number of years and has been
shaped by many factors—for example, the frequency of the series (annual, quarterly, or monthly) and the extent of historical
coverage. The system is best explained by beginning with a brief
description of BEA'S release schedule for the estimates.
Release schedule
Quarterly estimates of gross domestic product (GDP) are released
on the following schedule: "Advance" estimates are released near
the end of the first month after the end of a quarter; as more
detailed and more comprehensive data become available, "preliminary" and "final" estimates are released near the end of the
second and third months, respectively. Quarterly estimates of
gross national product, national income, corporate profits, and
net interest lag the GDP estimates by 1 month: The first estimates
of these items are released with the preliminary GDP estimates,
and the revised estimates are released with the final GDP estimates. (The fourth-quarter estimates of these items lag by an
additional month.) Monthly estimates of personal income and
outlays are released near the end of the month following the
reference month; estimates for the most recent 2-4 months are
revised at that time.
Ordinarily, annual revisions are carried out each July and
cover the months and quarters of the most recent calendar
year and the 2 preceding years. (For example, the July 1994
revision will cover 1991, 1992, and 1993.) These revisions are
timed to incorporate newly available major annual source data.
Comprehensive revisions are carried out at about 5-year intervals. Definitional or classificational changes made to improve
the NIPA'S as a tool of economic analysis are usually introduced
at the time of comprehensive revisions, the most recent of which
was released in December 1991.
Presentation of NIPA estimates
Organization of the NIPA tables.—The NIPA tables are grouped
into nine categories:
1.
2.
3.
4.
5.
6.
7.
8.
9.
National Product and Income
Personal Income and Outlays
Government Receipts and Expenditures
Foreign Transactions
Saving and Investment
Income, Employment, and Product by Industry
Quantity and Price Indexes
Supplementary Tables
Seasonally Unadjusted Estimates
In the "Supplementary Tables" category, the first table shows
percentage changes in the major NIPA aggregates. Other tables
cover the following: Selected per capita series; auto, truck, farm
sector, and housing sector output; detail on several components
of gross national income (consumption of fixed capital, capital
consumption adjustment, business transfer payments, supplements to wages and salaries, rental income of persons, dividends,
and interest); imputations; and reconciliations of several NIPA
measures with the source data (for example, tax return tabulations) from which they are derived or to which they are closely
related.
The table numbers have two parts. The first part indicates the
category number, and the second part indicates the table number
within that category. A letter suffix is used to represent major discontinuities in coverage—for example, the edition of the
Standard Industrial Classification (sic) underlying the estimates.
From time to time, changes in the coverage or in the quality of the statistics result in discontinuities in NIPA time series.
For example, beginning with i960, the estimates cover the 50
States and the District of Columbia; before i960, Alaska and
Hawaii were partly omitted. While it is not possible to identify all discontinuities, major discontinuities are highlighted. In
addition to the use of letter suffixes to indicate major discontinuities in coverage, other types of discontinuities are referenced
in the footnotes; see, for example, those for tables 2.2 through
2.7 and tables 4.1 through 4.4.
The full set of NIPA tables, which consists of 132 tables and
about 5,100 line items, contains annual, quarterly, and monthly
estimates. Annual estimates are based on source data that are
typically not available on a quarterly or monthly basis. Many of
the tables with only annual estimates show detailed breakdowns
Alternative Media
Within minutes of their official release, BEA makes the NIPA estimates available electronically through the Economic Bulletin Board
maintained by the U.S. Department of Commerce's Office of Business Analysis (OBA). In addition, BEA provides annual and quarterly
NIPA estimates to the National Trade Data Bank and the National
Economic, Social, and Environmental Data Bank, which are published by OBA on CD-ROM. For information, call OBA at (202)
482-1986.
BEA also prepares recorded telephone messages summarizing key
estimates immediately after their release: For gross domestic product, call (202) 606-5306; for personal income and outlays, call (202)
606-5303.
NIPA estimates are available on computer tape and on diskettes.
For a list of NIPA information products, write the National Income
and Wealth Division, BE-54, Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230, or call (202)
606-9700.
32 • February 1994
SURVEY OF CURRENT BUSINESS
of components; for example, tables 5.6 and 5.7 show purchases of
structures by type (in current and constant dollars, respectively).
An index is available to help users locate NIPA series and topics
covered by the NIPA'S. For each series or topic, the index identifies the NIPA table (or tables) containing the item. Commonly
used terms that differ from the NIPA wording are cross-referenced
to the appropriate NIPA item. This index appeared most recently
in the August 1993 SURVEY.
Publication of the NIPA tables.—The "National Income and Product Accounts" section of the SURVEY is the primary vehicle for
the publication of the NIPA'S. Except for years in which comprehensive revisions are released, a full set of NIPA tables is published
in the SURVEY at the time of the annual revision, usually in July.
In other months, the SURVEY contains a set of "Selected NIPA
Tables," which presents the quarterly estimates that are released
each month (and the corresponding annual estimates). The selected set comprises 53 tables from the first eight NIPA categories.
(Seasonally unadjusted estimates are compiled only once a year
and thus are not included in the selected set of tables.) For
users' convenience in tracking specific estimates, the numbering
system established for the full set of tables is retained in the
selected set; as a result, gaps in table numbering occur in the
presentation of the selected tables. A note preceding the NIPA
tables indicates whether the estimates are advance, preliminary,
or final.
The SURVEY presents estimates only for the most recent 2-4
years. A separate volume or set of volumes containing historical
estimates is published after comprehensive revisions. The most
recently published set is The National Income and Product Accounts of the United States: Volume 1, 1929-58, and Volume 2,
1959-88. (These two volumes are available from the U.S. Government Printing Office; see inside back cover of this issue for
order information.) This set of historical volumes contains the
most up-to-date estimates for the years 1929-87. For 1988, the
second historical volume contains the most up-to-date estimates
for all tables except tables 7.1, 7.2, and 8.1; for these tables, the
latest estimates for 1988 are in the September 1993 SURVEY. For
1989, the latest estimates for most series are in the July 1992
SURVEY; the estimates for tables 3.15-3.20 and 9.1-9.6 are in the
September 1992 SURVEY, and those for tables 7.1, 7.2, and 8.1 are
in the September 1993 SURVEY. For 1990-92, the latest estimates
for most series are in the August 1993 SURVEY; the estimates for
tables 1.15, 1.16, 3.15-3.20, 7.1, 7.2, 7.15, 8.1, and 9.1-9.6 are in the
September 1993 SURVEY. (The complete official time series are
also available on alternative media; see box on preceding page.)
Some detailed tables in the historical volumes cover shorter
time spans than the volume title indicates. In addition, tables
with an "A" or a "B" suffix (for example, 6.4A) appear only in
the historical volumes. A letter suffix, as explained earlier, is
used to represent major discontinuities in coverage.
Historical summary NIPA series are presented each year in
the SURVEY, most recently in the September 1993 issue. In this
summary presentation, most of the components found in tables
1.1 and 1.2 and several other major components are shown back
to 1929 annually, to 1946 quarterly on a current-dollar basis,
and to 1947 quarterly on a constant-dollar basis. In addition,
Additional Information About the NIPA'S
NIPA methodology papers
• "Evaluation of the GDP Estimates," October 1993 SURVEY OF
No. 1: An Introduction to National Economic Accounting. (1985).
CURRENT BUSINESS.
19 pp. $12.50 (NTIS Accession No. PB 85-247567).
No. 2: Corporate Profits: Profits Before Tax, Profits Tax Liability,
and Dividends. (1985). 67 pp. $19.50 (NTIS Accession No. PB 85- Recent revisions of the NIPA'S
245397).
The following is a list of articles in the SURVEY OF CURRENT
No. 3: Foreign Transactions. (1987). 52 pp. $19.50 (NTIS Accession BUSINESS that cover the 1991 comprehensive revision and the 1992
No. PB 88-100649).
and 1993 annual revisions.
No. 4: GNP: An Overview of Source Data and Estimating Methods.
• "Gross Domestic Product as a Measure of U.S. Production,"
(1987). 36 pp. $17.50 (NTIS Accession NO. PB 88-134838). The source
August 1991.
data and estimating methods are updated in the August 1993 SURVEY
OF CURRENT BUSINESS (see below).
• "A Preview of the Comprehensive Revision of the National InNo. 5: Government Transactions. (1988). 120 pp. $27.00 (NTIS
come and Product Accounts: Definitional and Classificational
Accession No. PB 90-118480).
Changes," September 1991.
No. 6: Personal Consumption Expenditures. (1990). 92 pp. $19.50
• "A Preview of the Comprehensive Revision of the National
(NTIS Accession No. PB 90-254244).
Income and Product Accounts: New and Redesigned Tables,"
NIPA Methodology Papers 1 through 6 (photocopies) are available
October 1991.
from the National Technical Information Service (NTIS); to order,
write to U.S. Department of Commerce, National Technical Information Service, 5285 Port Royal Road, Springfield, VA 22161 or call
(703) 487-4650.
• "The Comprehensive Revision of the U.S. National Income
and Product Accounts: A Review of Revisions and Major
Statistical Changes," December 1991.
Reliability of the NIPA'S
• "Alternative Measures of Change in Real Output and Prices,"
April 1992.
• The Use of National Income and Product Accounts for Public
Policy: Our Successes and Failures (BEA Staff Paper No. 43).
(1985). 32 pp. $17.50 (NTIS Accession No. PB 86-191541).
• "Annual Revision of the U.S. National Income and Product
Accounts," July 1992 and August 1993.
February 1994
SURVEY OF CURRENT BUSINESS
the fixed-weighted price indexes for several major components
and the implicit price deflator are shown back to 1959 annually
and quarterly (some price indexes start in 1982), and most of
the major components of national income and personal income
found in tables 1.14 and 2.1 are shown back to 1929 annually and
to 1946 quarterly.
ure of personal income and the IRS measure of adjusted gross
income. This article and its tables expand on table 8.24 that
is regularly presented as part of the annual NIPA revision. The
most recent article, covering 1990 and 1991, is in the November
1993 SURVEY.
Statistical conventions used for
Additional presentations of NIPA estimates.—Certain NIPA estimates also appear in other parts of the SURVEY. These presentations show estimates or analyses that do not fit neatly into the
system or publication schedule for the standard presentation.
"Gross Product by Industry" shows current- and constantdollar estimates of gross product, or gross product originating
(GPO), by industry,
GPO by industry is the contribution of
each industry—including government—to GDP. The most recent
SURVEY article is in the November 1993 issue; it presents estimates for 1989-91 and newly revised current-dollar estimates for
1947-76. The article updates and extends the GPO estimates for
!977-9O that were published in the May and July 1993 issues of
the SURVEY.
"Reconciliation and Other Special Tables" regularly shows tables that reconcile NIPA estimates with related series and that
present analytically useful extensions of NIPA estimates. At
present, tables in this section show the reconciliation of relevant
NIPA series with those in the balance of payments accounts and
the reconciliation of BEA compensation with Bureau of Labor
Statistics earnings.
"Constant-Dollar Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade" (scheduled in March, June,
September, and December) shows quarterly and monthly estimates for the series indicated. Also shown are quarterly
fixed-weighted inventory-sales ratios (using sales as weights) and
quarterly and monthly inventories for manufacturing by stage of
fabrication. The current-dollar sales figures are from the Census Bureau and are deflated by BEA; the inventory estimates are
from the NIPA'S. Historical series, quarterly beginning with 1977
and monthly beginning with July 1991, are in the January 1993
SURVEY.
"Fixed Reproducible Tangible Wealth in the United States"
(usually in August) shows annual estimates of stocks for fixed
private capital, government-owned fixed capital, and durable
goods owned by consumers. Historical estimates and related
investment series are available in Fixed Reproducible Tangible
Wealth in the United States, 1925-89 (see inside back cover). A
summary of wealth estimates in current and constant dollars for
1925-92 is in the September 1993 SURVEY.
"Business Cycle Indicators" (the "yellow," or "C," pages)
shows monthly or quarterly estimates and historical charts for a
number of NIPA series.
"Relationship Between Personal Income and Adjusted Gross
Income" shows a detailed reconciliation between the BEA meas-
• 33
NIPA
estimates
Most of the estimates are presented in billions of dollars. The
major exceptions are certain current-dollar annual estimates,
which are presented in millions of dollars, and estimates presented as index numbers. Current-dollar estimates are valued in
the prices of the period in which the transaction takes place.
Constant-dollar estimates are valued in the prices of a period
designated the base period (at present, 1987), thus removing price
change from any period-to-period movement in the series. The
designation of 1987 as the base period also means that levels in
1987 are set equal to 100 in calculating quantity and price indexes
and implicit price deflators.1
For quarters and months, the estimates (except indexes) are
presented at annual rates. Annual rates show values for a quarter
or a month at their annual equivalent (that is, the value that
would be registered if the rate of activity measured for a month
or a quarter were maintained for a full year). Annual rates
make it easier to compare values for time periods of different
lengths—for example, quarters and years.
The percent changes shown in table 8.1 are also expressed at
annual rates and are calculated from the published quarterly
estimates, which are rounded to the nearest one-tenth of a billion dollars. The annual rates for quarterly percent changes are
calculated with a variant of the compound interest rate formula:
r= (
4
-l
x 100,
where r - the percent change at an annual rate and Qt and
Qt-i = the quarterly estimates for a quarter and the preceding
quarter, respectively.
Quarterly and monthly NIPA estimates are seasonally adjusted,
if necessary. Seasonal adjustment removes from the time series
the average impact of variations that normally occur at about
the same time and in about the same magnitude each year—
for example, weather, holidays, and tax payment dates. In most
cases, BEA uses source data that are seasonally adjusted by the
source agency; in others, the statistical procedures used by BEA—
for example, the x-11 variant of the Census Method 11 seasonal
adjustment program—are based on historical experience. After
seasonal adjustment, cyclical and other short-term changes in
the economy stand out more clearly. B !
1. BEA also prepares two alternative measures of real output and prices. These alternatives
use the Fisher Ideal index formula to provide a measure of change between two periods.
In one alternative, the weights change each year; in the other, the weights change each
benchmark year—that is, at about 5-year intervals.
SURVEY OF CURRENT BUSINESS
34
February 1994
Federal Budget Estimates, Fiscal Year 1995
By Karl Galbraith
j HE FISCAL 1995 budget transmitted by the
1 President to Congress shows a reduction
in the Federal deficit—to the lowest level in
6 years—as tax receipts increase more than
spending.1 The only major tax proposal is to raise
the excise tax on tobacco products (for cigarettes,
75 cents a pack). Spending increases are proposed for a variety of discretionary programs, but
these are partly offset by proposals to cut back
300 programs and to eliminate 115 others. Overall, these spending changes, together with other
policy changes, would pull discretionary outlays
below 1994 levels. (The budget contains few of
the costs of overhauling the nation's health-care
system, which will grow primarily after fiscal year
1995, and it does not reflect the recently enacted
$8.6 billion California earthquake aid package.)
Major changes that would hold down the
increase in outlays include the following
proposals:
• Reduce national defense spending ($9.1
billion).
• Reduce unemployment compensation ($3.7
billion).
• Sell assets of Resolution Trust Corporation
(RTC) Fund ($8.6 billion).
• Reduce outlays of the Commodity Credit
Corporation ($3.6 billion).
This article summarizes the administration's
budget estimates and the economic assumptions
underlying them, and it provides a translation
of the estimates into the national income and
product accounts (NIPA) framework.2
lengthened, and hiring increased; by December,
the unemployment rate had fallen to 6.4 percent. As the slack in labor and product markets
is taken up, the inflation rate is assumed to edge
up slightly. Short-term interest rates are projected to rise moderately from their exceptionally
low 1993 levels. Restraints on U.S. economic
growth, some of which will continue through
1995, include the scaling-back of the defense sector, weak economies in Europe and Japan, and
Table 1.—Economic Assumptions Underlying the Budget
Calendar year
1993
1994
1995
Billions of dollars
GDP:
Current dollars
1987 dollars
6,371
5,126
6,736
5,284
7,118
5,433
Incomes:
Personal income
Wages and salaries
Corporate profits before taxes
5,385
3,083
447
5,691
3,261
508
6,016
3,442
531
Percent change
preceding year
GDP in current dollars:
Annual average
Fourth quarter
5.5
5.0
5.7
5.8
5.7
5.6
GDP in 1987 dollars:
Annual average
Fourth quarter
2.8
2.3
3.1
3.0
2.8
2.7
GDP implicit price deflator:
Annual average
Fourth quarter
2.6
2.6
2.6
2.7
2.8
2.8
Consumer Price Index:l
Annual average
Fourth quarter
3.0
2.8
2.8
3.0
3.2
3.2
Percent
Economic assumptions
Throughout 1993, the growth of real gross domestic product (GDP) accelerated, the workweek
1. The Budget of the United States Government, Fiscal Year 1995, Office of
Management and Budget (Washington, DC: U.S. Government Printing Office,
February 1994).
2. A package of tables ("National Income and Product Accounts Translation of the Federal Budget") is available from BEA shortly after the release
of the Budget; this year's package is $11.00. For further information,
write to Government Division (BE-57), Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230, or call (202) 606-9775.
Unemployment rate (pre-1994 basis):2
Annual average
Fourth quarter
6.8
6.7
6.5
6.4
6.1
6.0
Interest rate (annual average):3
91-day Treasury bills
10-year Treasury notes
3.0
5.9
3.4
5.8
3.8
5.8
Source: The Budget of the United States Government, Fiscal Year 1995.
1. Consumer Price Index for urban wage earners and clerical workers.
2. Percent of labor force, including armed forces residing in the United States.
3. Average rate on new issues within a year.
Note.—The 1993 GDP estimates in the Budget were made before fourth-quarter estimates
were released by BEA, and the unemployment rates do not reflect revisions introduced by the
Bureau of Labor Statistics in February 1994.
February 1994
SURVEY OF CURRENT BUSINESS
worldwide competition that is pressuring companies to control costs, often by downsizing their
work forces.
The administration forecasts real GDP to increase 3.0 percent during 1994 and 2.7 percent
during 1995, compared with a 2.3-percent increase
during 1993 (table 1). (These changes are from
fourth quarter to fourth quarter.) Inflation as
measured by the Consumer Price Index is forecast to be 3.0 percent during 1994 and 3.2 percent
during 1995, compared with 2.8 percent during
1993. The unemployment rate is forecast to drop
to 6.4 percent during 1994 and to 6.0 percent
during 1995 from the 1993 level of 6.7 percent.
Current services estimates
Current services estimates show what receipts and
outlays would be without policy change. In concept, these estimates are neither recommended
amounts nor forecasts; they form a base with
which administration or congressional proposals
can be compared. The estimates are based on the
same economic assumptions as those underlying
the budget.
Table 2.—Relation of Current Services Estimates to
the Budget
•
35
Budget receipts in 1995 are $12.2 billion higher
than the current services estimate, primarily reflecting the proposed tax on tobacco products,
net of income offsets (table 2).3 Budget outlays in
1995 are $6.7 billion lower than the current services estimate, mainly reflecting declines in defense
programs, medicare, and international affairs.
The budget estimates
Under the administration's budget, receipts in
fiscal year 1995 increase $104.7 billion—or 8.4
percent—to $1,353.8 billion. Receipts in 1994 are
$1,249.1 billion, up 8.3 percent from 1993. Onehalf of the 1995 increase is due to growth in the
tax base, and the rest is due to tax changes under
the Omnibus Budget Reconciliation Act of 1993
(OBRA 93) ($45.3 billion) and the proposed tobacco tax ($12.0 billion). One-fourth of the 1994
increase is due to OBRA 93 ($24.3 billion), with
the remainder primarily due to growth in the tax
base.
Budget outlays in fiscal year 1995 increase $35.1
billion—or 2.4 percent—to $1,518.9 billion (table 3). Outlays in 1994 are $1,483.8 billion, up
5.4 percent from 1993. The 1995 increase is the
net result of increases of $62.0 billion and decreases of $26.9 billion. The decreases are much
3. The offsets occur because the higher tobacco tax is expected to reduce
incomes of individuals and corporations and to lower employment.
[Billions of dollars]
Fiscal year
1994
1995
Table 3.—Budget Outlays by Function
[Billions of dollars]
Receipts
Current services estimates
Fiscal year
1,249.1 1,341.6
Plus: Proposed legislation:
Deduction for health insurance costs of the self
employed
Tobacco tax (net of income offsets)
Security law fees
Other
Equals: The budget
-.1
.1
-.4
12.0
.4
.2
1,249.1 1,353.8
Outlays
Current services estimates
Plus: Proposed program changes:
National defense
Medicare
International affairs
Agriculture
,
Income security
Natural resources and environment
General science, space, and technology
Energy
Transportation
Commerce and housing credit
Veterans benefits and services
Administration of justice
Allowances:
Health Security Act administrative and startup
costs
Other
Other
Equals: The budget
1,483.6 1,525.6
-.1
.6
0
0
0
0
-.2
0
-1.9
-2.2
-1.1
-.8
-.8
-.7
-.5
-.9
0
0
-.5
-.1
1.0
.9
0
1.3
-1.1
.3
1,483.8 1,518.9
1992
1993
1995
Change from preceding
year
1993
Budget outlays
National defense
Social security
Net interest
Income security
Medicare
Health
Education, training, employment, and social
services
Veterans benefits and services
Commerce and housing credit
Natural resources and environment
Agriculture
General science, space, and technology
International affairs
Energy
Transportation
Administration of justice
General government
Community and regional development
Undistributed offsetting receipts and
allowances
Addenda:
Social security, net interest, health and
medicare
All other functions
1,380.9 1,408.2 1,483.8 1,518.9
1994
1995
27.3
75.6
35.1
298.4
287.6
199.4
197.0
119.0
89.5
291.1
304.6
198.8
207.3
130.6
99.4
279.9
320.5
203.4
214.6
143.7
112.3
270.7
337.2
212.8
221.4
156.2
123.1
-7.3
17.0
-.6
10.3
11.6
9.9
-11.2
15.9
4.6
7.3
13.1
12.9
-9.2
16.7
9.4
6.8
12.5
10.8
45.2
34.1
10.1
20.0
15.2
16.4
16.1
4.5
33.3
14.4
13.0
6.8
50.0
35.7
-22.7
20.2
20.4
17.0
16.8
4.3
35.0
15.0
13.0
9.1
50.8
38.1
.5
22.3
16.9
17.3
19.0
5.0
37.6
16.5
14.3
9.3
53.5
39.2
-5.5
21.8
12.8
16.9
17.8
4.6
38.4
17.3
13.8
9.2
4.8
1.6
-32.8
.2
5.2
.6
.7
-.2
1.7
.6
0
2.3
2.4
23.2
2.1
-3.5
.3
2.2
.7
2.6
1.5
1.3
.2
-39.3
-37.4
-37.9
-42.4
1.9
-.5
-4.5
695.5
685.4
733.4
674.8
779.9
703.9
829.3
689.6
37.9
-10.6
46.5
29.1
49.4
-14.3
Source: The Budget of the United States Government, Fiscal Year 1995.
1994
Source: The Budget of the United States Government, Fiscal Year 1995.
2.7
1.1
-6.0
-.5
-4.1
-.4
-1.2
-.4
_ 5
-.1
3 6 • February 1994
SURVEY OF CURRENT BUSINESS
more widespread in 1995 than in the preceding
years, affecting 10 of 19 Federal spending functions, compared with 3 in 1994 and 4 in 1993.
The total net increase in 1995 outlays is more
than accounted for by increases in social security, medicare, and health. The largest increase
in 1994 is for commerce and housing credits
($23.2 billion), primarily for the RTC Fund. The
largest decreases in 1995 are for national defense
($9.2 billion) and commerce and housing credits
($6.0 billion), again primarily for the RTC Fund.
Table 4.—Current Services, Budget, and NIPA Estimates
of Federal Government Receipts and Expenditures
The largest decrease in 1994 is also for national
defense ($11.2 billion).
The budget deficit for fiscal year 1994 is roughly
the same as the current services deficit (table 4).
The deficit for 1995 is smaller than the current
services deficit because of revenue gains, especially from the tobacco tax proposal. The 1995
budget deficit is $176.1 billion, down $58.7 billion from 1994; of this decrease, $50.6 billion
results from a decline in the current services
budget deficit, and $8.1 billion results from the
administration's proposals, primarily the tobacco
tax.
[Billions of dollars]
NIPA
estimates for the Federal sector
Fiscal year
Estimates
Actual
1994
1993
1995
Current services estimates
1,153.5 1,249.1 1,341.6
1,408.2 1,483.6 1,525.6
-254.7 -234.5 -183.9
Receipts
Outlays
Surplus or deficit (-) .
Budget
1,153.5 1,249.1 1,353.8
1,408.2 1,483.8 1,518.9
-254.7 -234.8 -176.1
Outlays
Surplus or deficit (-)
National income and product accounts
1,249.3 1,345.4 1,450.9
1,484.5 1,533.3 1,597.1
-235.2 -187.9 -146.2
Receipts
Outlays
Surplus or deficit (-)
Sources: The Budget of the United States Government, Fiscal Year 1995, and the Bureau
of Economic Analysis.
The Bureau of Economic Analysis has prepared
estimates of the Federal sector on the NIPA basis
that are consistent with the budget estimates. Estimates of the Federal sector, which are integrated
conceptually and statistically with the rest of the
NIPA'S, differ in several respects from the budget
estimates; unlike the budget estimates, these estimates exclude financial transactions, such as
loans, and they record categories of receipts and
expenditures on a timing basis different from that
Table 6.—Relation of Federal Government Expenditures
in the NIPA's to Outlays in the Budget
[Billions of dollars]
Fiscal year
Table 5.—Relation of Federal Government Receipts in
the NIPA's to Receipts in the Budget
Budget outlays .
1993
1994
1995
1,408.2
1,483.8
1,518.9
7.5
3.3
8.0
3.3
8.2
3.2
26.1
-26.0
-2.3
29.0
-.4
-1.2
17.1
-8.5
-1.0
0
0
[Billions of dollars]
Fiscal year
1993
Budget receipts
Less: Coverage differencesl
Plus: Netting and grossing differences:
Contributions to government employees
retirement funds
Taxes received from the rest of the
world 2
Other3
Timing differences:
Corporate income tax
Federal and State unemployment
insurance taxes
Withheld personal income tax and
social security contributions
Excise taxes
Other
Equals: Federal Government receipts, NIPA's ...
1994
1995
1,153.5 1,249.1 1,353.8
1.8
1.9
2.0
56.3
59.7
64.7
-1.8
28.3
-1.8
28.6
-1.8
29.0
9.4
8.7
0
-.2
4.3
1.4
-.3
3.9
-.3
-.4
5.2
1.7
.4
-.7
1,249.6 1,346.2 1,450.7
Sources: The Budget of the United States Government, Fiscal Year 1995, and the Bureau
of Economic Analysis.
1. Consists largely of contributions of social insurance by residents of U.S. territories and
Puerto Rico.
2. Taxes received from the rest of the world are included in the budget and netted against
expenditures (transfer payments) in the NIPA's.
3. Consists largely of proprietary receipts that are netted against outlays in the budget and
classified as receipts in the NIPA's.
Less: Coverage differences:
Geographic1
Other2
Financial transactions:
Net lending
Deposit insurance
Other
Net purchases of land:
Outer Continental Shelf .
Other
Auction of radio spectrum ,
Plus: Netting and grossing differences:
Contributions to government
employees retirement funds ..
Taxes received from rest of the
world 3
Other 4
Timing differences:
National defense purchases
Other
Miscellaneous
Equals: Federal Government expenditures,
NIPA's
.2
-.5
.2
-4.3
56.3
59.7
64.7
-1.8
28.3
-1.8
28.6
-1.8
29.0
2.0
.4
0
1.1
.3
0
1,484.5
1,533.3
0
1,597.1
Sources: The Budget of the United States Government, Fiscal Year 1995, and the Bureau
of Economic Analysis.
1. Consists largely of transfer payments, subsidies, and grants-in-aid to residents of U.S.
territories and Puerto Rico.
2. Consists of agencies not included in the budget, and includes net purchases of silver
and minor coins.
3. Taxes received from the rest of the world are included in the budget and netted against
expenditures (transfer payments) in the NIPA's.
4. Consists largely of proprietary receipts that are netted against outlays in the budget, and
classified as receipts in the NIPA's.
February 1994
SURVEY OF CURRENT BUSINESS
of the budget.4 Table 4 summarizes the differences between the current services estimates,
the administration's budget, and the budget estimates on the NIPA basis. Table 5 shows the
relation between budget receipts and NIPA receipts, and table 6 shows the relation between
budget outlays and NIPA expenditures.5
In table 6, the Federal Communication Commission auction of the radio spectrum is a new
reconciliation item—a $4.3 billion receipt in 1995.
This transaction is tentatively classified as an
exchange for a preexisting intangible asset; it
is subtracted from budget outlays in deriving
Federal expenditures on the NIPA basis.
Federal receipts on the NIPA basis increase
$105.5 billion in fiscal year 1995, to $1,450.9 billion, reflecting $66.0 billion from higher tax bases
and $39.6 billion from other tax changes (table 7). The increase is primarily due to enacted
legislation, OBRA 93, and proposed legislation
4. For a detailed discussion of the differences, see Government Transactions, NIPA Methodology Paper Series MP-5. (MP-5 is available from the
National Technical Information Service, Accession No. PB 90-118480.) In addition, footnote 4 in the SURVEY OF CURRENT BUSINESS article that described
the fiscal year 1993 budget (March 1992 issue, page 32) contains information
that updates the methodology paper.
5. The relation of budget receipts and outlays to NIPA receipts and expenditures is shown in NIPA table 3.18B, last published in the September 1993
SURVEY.
for the tobacco tax. The increases in corporate profits tax accruals and in contributions for
social insurance are down for the second consecutive year, reflecting tax law changes that target
high-income individuals and tobacco consumers.
Chart 1 shows the components of receipts on the
NIPA basis for 1985-95.
Federal expenditures on the NIPA basis increase
$63.8 billion in fiscal year 1995, to $1,597.1 billion
(table 8). Federal expenditure growth accelerates
in fiscal year 1995, primarily because of increased
growth in net interest and transfer payments
(chart 2). For fiscal year 1995, the largest increases
in expenditures are for transfer payments—$15.9
billion for social security (of which, $8.6 billion
in cost-of-living adjustments) and $14.9 billion
for medicare. Other large increases include
nondefense purchases ($11.6 billion), net interest payments ($10.0 billion), and grants-in-aid to
State and local governments for medicaid ($9.2
billion). National defense purchases fall $5.9
billion, and subsidies less the current surplus
of government enterprises decrease $0.9 billion.
Chart 3 shows the components of expenditures
on the NIPA basis for 1985-95.
Table 8.—Sources of Change in Federal Government
Expenditures, NIPA Basis
Table 7.—Sources of Change in Federal Government
Receipts, NIPA Basis
[Billions of dollars]
Change from preceding fiscal year
[Billions of dollars]
Change from preceding
fiscal year
1993
Total receipts
Due to tax bases
Due to tax changes
Social securityl
Omnibus Budget Reconciliation Act of 1993 .
Proposed legislation
Tobacco tax
Other
83.7
77.3
6.4
1.5
4.9
0
1994
96.1
74.4
21.6
4.8
16.9
-.1
1995
-1
105.5
66.0
39.6
3.5
19.9
16.2
16.5
-.3
Personal tax and nontax receipts
Due to tax bases
Due to tax changes
Omnibus Budget Reconciliation Act of 1993
Proposed legislation
27.6
28.2
-.6
-.6
46.8
35.3
11.5
11.6
-1
48.8
33.9
14.9
15.2
-.3
Corporate profits tax accruals
Due to tax bases
Due to tax changes
Omnibus Budget Reconciliation Act of 1993
Proposed legislation
19.5
17.6
1.9
1.9
13.3
10.7
2.6
2.6
0
6.9
4.7
2.2
2.2
0
Indirect business tax and nontax accruals
Due to tax bases
Due to tax changes
Omnibus Budget Reconciliation Act of 1993
Proposed legislation (Tobacco tax)
5.2
1.6
3.6
3.6
5.9
3.2
2.7
2.7
20.7
1.7
19.0
2.5
16.5
31.4
29.9
1.5
1.5
30.0
25.2
4.8
4.8
0
29.3
25.8
3.5
3.5
0
Contributions for social insurance
Due to tax bases
Due to tax changes
Social security
Proposed legislation
Sources: The Budget of the United States Government, Fiscal Year 1995, and the Bureau
of Economic Analysis.
1. Consists of changes in the social security rate and base since 1993.
1993
Total expenditures .
1994
1995
48.5
48.8
63.8
.1
-5.0
.5
4.5
-1.6
-13.2
1.6
-14.8
12.5
.9
-.2
11.8
6.6
-5.9
2.0
-7.9
11.6
1.5
-.1
10.2
Transfer payments
Social security
Medicare
Supplemental security income
Federal employee retirement
Earned income and child care credits ....
Veterans benefits
Unemployment benefits
Other
39.2
16.3
13.2
3.7
2.6
1.1
.9
-1.6
3.0
32.1
16.0
14.9
4.4
2.0
1.0
'.8
-8.5
1.5
36.7
15.9
14.9
1.7
2.2
5.4
.7
-3.8
Grants-in-aid to State and local governments
Medicaid
Education
Highways
Health care
Food and nutrition
Other
14.8
7.9
.9
1.0
.6
.9
3.5
21.8
11.4
2.1
1.4
.6
.9
5.4
11.4
9.2
-.5
2.8
1.8
.9
-2.8
Net interest paid
-8.5
2.0
10.0
2.9
1.7
0
.7
1.9
-5.5
-4.0
-.3
-.1
-1.3
-.9
-.2
.2
.9
0
Purchases
National defense
Pay raise and locality pay •
Other
Nondefense
Pay raise and locality pay l
Commodity Credit Corporation inventory change
Other
-5.0
5.0
Subsidies less current surplus of government
enterprises
Agriculture subsidies
Housing subsidies
Less: Postal Service surplus
Other
Source: Bureau of Economic Analysis.
1. Consists of pay raises and locality pay beginning in January 1993.
3 $ • February 1994
SURVEY OF CURRENT BUSINESS
National defense outlays in the budget differ
from national defense purchases in the NIPA'S (see
table 9) for three principal reasons. First, some
defense outlays, such as disbursements for foreign
military sales, are not treated as purchases in the
NIPA'S. Second, a timing difference exists because
the NIPA'S are on a delivery basis, and budget
outlays are on a cash basis, NIPA deliveries de-
CHART 1
Federal Government Receipts,
NIPA Basis
BBIIon $
700
celerate and exceed outlays in all 3 years. Third,
financing of the military retirement program is
treated differently in the two series. Defense outlays measure this item as a cash payment from
the military personnel appropriation account to
the military retirement trust fund; the NIPA'S use
total military retired pay as the measure of the retirement program's cost. At present, the budget
measure of the retirement program shows a decline because of a reduction in military payrolls,
but the NIPA series shows an increase because of
the rising number of retirees and higher benefits.
CHART 3
Federal Government Expenditures,
NIPA Basis
Billions
800
Transfer Payments.
700
Contributions for Social Insurance
600
500
200
Corporate Profits Tax Accruals
400
100
300
Indirect Business Tax and Nontax Accruals
I
I
1965 8 6
sbyBEA
I
I
87 88
I
I
•_^-
"
______
200
-rp-£l
Z~~- \
i
8 9 9 0 91 9 2 93 94* 95*
Fiscal Years
National Defense Purchases
-.--.--:""..""..""
MQther.
Net Interest Paid
100
Uia Department of Commerce, Bureau of Economic Analysis
° 1985 86
87 88
89
90 91
92 93 94* 95*
CHART 2
US. Deparfenent of Commerce, Bureau of Economic Analysis
Changes in Federal Government
Expenditures, NIPA Basis
-20
0
Bllliorv S
20
40
CHART 4
60
••••
TOTAL
80
Federal Fiscal Position,
Surplus or Deficit (-)
811811811111
National
Defense
Purchases
^ondeiense
Purchases
•
d
:
:
i
i
Transfer
Payments
m
Fiscal Years
•1995*
1994*
S.1993
Net Interest
Paid
AllOther
mm
-350 1985 86 8 7 8 8
89 9 0 91 92 9 3 94* 95*
Fiscal Years
• E s t a t e by BEA
•EsfmatesbyOMBandBEA
US. Department of Commerce, Bureau of Economic Analysis
U.S. Department of Commerce, Bureau of Economic Analysis
SURVEY OF CURRENT BUSINESS
Table 9.—Relation of National Defense Purchases in
the NIPA's to National Defense Outlays in the Budget
[Billions of dollars]
Fiscal year
1993
National defense outlays in the budget.
Department of Defense, military
Military personnel
Operation and maintenance
Procurement
Aircraft
Missiles
Ships
Weapons
Ammunition
Other
Research, development, test, and evaluation
Other
,
Atomic energy and other defense-related activities
Plus: Military assistance purchases
Less: Grants-in-aid and net interest paid
Timing difference
,
Military retired pay adjustment
Other differences
Equals: National defense purchases, NIPA's .
1994
1995
291.1 279.8 270.7
278.6 267.5 259.3
75.9 71.0 70.3
94.1 88.7 88.0
69.9 60.8 55.1
20.4 18.3 17.0
7.6
6.0
5.2
10.1
9.0
8.3
6.9
5.7
4.3
1.4
1.0
1.1
23.5 20.8 19.3
37.0 35.7 36.1
2.1
11.3
9.8
12.5
12.3 11.4
.2
.2
.2
2.6
2.8
3.0
-2.0
-12.4 • -1.1 -.8
-3.6 -13.7 -14.8
4.1
-1.7
306.8 293.6 287.7
Sources: The Budget of the United States Government, Fiscal Year 1995, and the Bureau
of Economic Analysis.
The $5.9 billion decline in defense purchases
in 1995 is primarily in procurement of military equipment. In contrast, the $13.2 billion
decline in 1994 reflects about-equal drops in compensation (military personnel, and civilians in
operation and maintenance) and in procurement
of military equipment.
The deficit for fiscal year 1995 on the NIPA
basis declines $41.7 billion. The NIPA deficit is
smaller than the budget deficit (chart 4) primarily because lending transactions and payments to
residents of U.S. territories and Puerto Rico are
removed from expenditures on the NIPA basis.
Quarterly pattern.—Quarterly estimates of NIPA
receipts and expenditures that are consistent with
the fiscal year receipts and outlays in the budget
are shown in table 10. Receipts reflect the quarterly pattern resulting from enacted and proposed
legislation that would increase personal, corporate, and excise taxes; they also reflect the
administration's projected quarterly pattern of
wages and profits. Expenditures reflect the quarterly pattern resulting from enacted and proposed
legislation that would reduce defense purchases,
adjust Federal pay, and provide for cost-of-living
increases in social security and in Federal employee retirement benefits. These NIPA estimates
do not reflect the recently enacted California
earthquake aid package.
The quarterly pattern of the NIPA deficit is
driven by sharp changes in receipts interacting
with relatively smooth changes in expenditures.
The deficit declines in the first quarter of 1994,
as contributions for social insurance rise because
of a social security base change in January 1994.
The deficit plummets in the second quarters of
both 1994 and 1995, reflecting surges in OBRA 93
personal tax collections for deferred 1993 tax payments. These personal tax liabilities, which were
retroactively imposed in 1993, can be spread without penalty over the 1993,1994, and 1995 tax years.
The deficit increases slightly in the third quarters
of 1994 and 1995, reflecting a return to normal
personal tax payment levels. It spikes downward
in the fourth quarter of 1994, reflecting the imposition of the tobacco tax, which has its peak
effect on receipts when it is levied on inventories and then has a smaller effect in subsequent
quarters as it applies only to new production.
The deficit declines in the first quarter of 1995,
as increased receipts for personal taxes and contributions for social insurance more than offset
the Federal pay increase (1.6-percent pay raise
and 1.2-percent locality differential) and social
security cost-of-living adjustments (3.0 percent).
Table 10 follows. B !
February 1994
•
39
40
• February 1994
SURVEY OF CURRENT BUSINESS
Table 10.—Federal Government Receipts and Expenditures, NIPA Basis
[Billions of dollars; calendar year and quarters at seasonally adjusted annual rates]
Receipts
Fiscal year estimatesl
Calendar year
1993
Published
1993
511.7
Corporate profits tax accruals3
Federal Reserve banks
Proposed legislation
Other
135.6
15.8
Contributions for social insurance
Social security
Tax on wages and salaries
Base increases:
January 1994
January 1995
Other
Tax on self-employment earnings
Base increases
Other
Supplementary medical insurance ....
Unemployment insurance
Other
Expenditures ...
II
1995
IV
575.8
-.1
8.4
567.5
593.2
-.4
20.1
573.5
626.1
-.4
43.0
583.5
614.5
-.4
20.7
594.2
128.6
146.6
15.6
0
131.0
150.9
15.9
0
135.0
154.2
16.2
0
138.0
155.3
16.3
0
139.0
155.5
16.5
0
139.0
155.5
16.5
0
139.0
156.7
16.7
0
140.0
86.7
95.0
93.0
93.0
93.1
86.2
87.0
5.0
90.0
5.0
88.0
5.0
88.0
5.0
88.1
114.2
20.7
5.9
87.6
110.8
15.1
6.2
89.7
111.3
15.1
6.2
90.0
111.6
15.1
6.2
90.3
518.7
416.8
393.5
522.8
420.5
397.2
527.4
424.6
401.1
546.6
437.4
411.4
550.6
440.4
414.1
555.4
444.6
417.9
561.3
449.8
422.6
571.8
458.3
429.3
579.6
465.0
435.8
588.7
472.6
443.2
7.6
7.6
7.6
7.6
7.6
393.5
23.4
.1
23.3
15.0
26.1
61.7
403.8
26.0
.6
25.4
16.9
28.1
64.2
406.5
26.3
.6
25.7
17.4
28.2
64.6
410.2
26.7
.6
26.1
18.0
28.4
64.4
415.0
27.2
.6
26.6
18.0
28.7
64.8
7.6
1.3
420.4
28.9
1.9
26.9
19.2
28.8
65.5
7.6
1.3
426.8
29.2
1.9
27.2
19.5
28.9
66.5
7.6
1.3
434.3
29.5
1.9
27.5
20.1
29.0
67.9
527.1
535.0
-1.0
503.1
-1.0
521.7
.1
527.0
1.2
533.8
151.8
16.0
0
135.8
132.4
15.7
142.4
15.3
139.3
15.1
143.9
15.3
116.7
127.1
124.2
98.3
5.2
5.2
88.0
81.5
86.2
1.2
86.1
81.5
517.9
415.9
392.6
553.5
443.1
416.5
502.3
401.7
378.4
155.8
16.5
0
139.3
141.1
15.2
119.8
148.9
15.7
0
133.2
86.0
91.9
5.1
86.8
112.6
16.5
6.2
89.9
87.3
-.1
86.1
516.0
411.5
386.8
546.0
437.7
411.2
575.3
461.4
432.1
5.7
7.6
.3
424.2
29.3
1.9
27.4
19.2
26.9
67.8
405.5
26.5
.6
25.9
16.8
27.7
63.8
565.1
—1
8.3
556.9
520.7
521.2
386.8
24.6
.1
24.5
14.7
27.6
62.2
577.5
-.1
28.6
549.0
502.1
607.3
-.4
26.2
581.5
-.5
512.2
549.1
-.1
8.1
541.1
566.9
-.1
13.4
553.6
558.5
-.1
11.0
547.6
-.2
521.4
125.9
7.6
392.6
23.3
.1
23.2
15.0
25.9
61.0
408.9
26.6
.6
26.0
17.6
28.4
64.5
378.4
23.2
.1
23.1
14.9
25.1
60.5
393.5
23.3
.1
23.2
15.0
26.1
60.8
397.2
23.3
.1
23.2
15.0
26.2
61.1
1,484.5 1,533.3 1,597.1 1,495.3 1,528.9 1,481.9 1,490.6 1,488.5 1,520.2 1,535.6 1,543.1 1,544.9 1,578.5 1,600.3 1,602.7 1,605.1
443.6
303.6
444.7
289.9
2.1
2.1
442.7
304.8
447.5
307.6
443.6
301.9
440.5
300.1
444.8
294.0
2.0
2.0
445.1
291.9
2.1
2.1
442.5
286.9
2.1
2.1
446.3
286.7
2.1
2.1
303.6
140.0
287.8
154.8
1.2
1.2
304.8
137.9
307.6
140.0
301.9
141.7
300.1
140.4
292.0
150.8
1.1
1.1
289.8
153.2
1.2
1.2
284.8
155.6
1.2
1.2
284.6
159.6
1.2
1.2
0
-.4
149.3
450.0
287.7
3.6
2.1
1.5
284.1
162.3
2.4
1.2
1.2
-.5
160.4
-.1
140.1
-.6
154.2
-.4
138.3
-.3
140.3
_2
.6
139.8
-.9
150.6
-.8
152.8
-.5
154.9
-.1
158.5
678.5
661.6
309.7
303.4
6.3
6.3
0
157.3
26.5
21.9
3.6
1.0
62.0
35.7
26.3
19.9
2.0
17.0
.9
8.0
3.2
22
13
25^2
10.4
15.6
16.9
715.2
700.0
325.6
310.7
14.9
8.4
6.5
172.2
22.7
21.8
0
.9
64.2
37.2
27.0
20.6
2.0
17.7
1.0
8.1
3.1
23.4
1.3
26.9
15.8
16.1
15.2
651.8
636.0
298.0
298.0
689.6
672.6
313.4
305.4
8.0
8.0
0
164.9
23.7
21.9
1.2
.6
62.6
36.1
26.5
19.7
2.0
17.0
.8
8.0
3.5
23.4
1.3
25.2
10.4
16.7
17.0
642.0
628.9
295.9
295.9
645.6
632.7
296.2
296.2
652.8
639.1
298.2
298.2
667.1
643.4
301.7
301.7
680.0
663.2
310.3
302.4
7.9
7.9
684.4
667.2
312.3
304.4
7.9
7.9
690.4
673.6
314.4
306.4
8.0
8.0
703.6
686.4
316.4
308.4
8.0
8.0
137.3
35.3
21.1
13.0
1.3
61.2
35.0
26.2
19.2
1.8
16.9
.4
7.8
3.4
21.6
1.4
20.
8.9
16.7
13.1
138.8
35.2
21.6
12.:
1.4
61.9
35.
26.4
19.
1.9
17.0
.4
7.9
3.5
21.9
1.4
21.0
8.9
16.7
12.9
141.2
35.9
22.2
12.4
1.3
62.4
36.1
26.3
19.3
1.9
16.9
144.4
32.4
21.8
9.5
1.2
63.0
36.6
26.4
19.1
1.9
16.7
7*.9
3.5
22.5
1
20.8
8.9
17.3
13.7
7^8
3.5
22.6
1.3
20.9
8.9
17.7
23.6
154.1
27.4
21.9
4.8
.7
61.9
35.7
26.2
19.5
2.0
16.9
.6
7.9
3.4
23.3
1.3
23.0
10.4
20.7
16.8
162.1
22.5
21.9
0
.6
63.0
36.3
26.7
19.7
2.0
16.9
.8
7.9
3.4
23.3
1.3
24.5
10.4
16.8
17.
169.1
22.5
21.9
0
.6
62.7
36.2
26.5
19.7
2.0
16.9
.8
8.0
3.5
23.3
1.3
26.1
10.4
12.6
16.8
174.1
22.5
21.9
0
.6
62.6
36.2
26.4
20.0
2.0
17.2
.8
8.0
3.6
23.8
1.3
27.1
10.4
16.6
17.2
Purchases
National defense
Pay raises and locality pay
January 1994
January 1995
Other
Nondefense
Pay raises and locality pay
January 1994
January 1995
Commodity Credit Corporation inventory change
Other
445.0
306.8
443.4
293.6
1.6
1.6
306.8
138.2
292.0
149.8
-.2
138.4
Transfer payments (net)
To oersons
Social security
Regular
Benefit increases
January 1994
January 1995
Medicare
Unemployment benefits
State programs
Emergency compensation
Federal and railroad employees
Federal employee retirement
Civilian
Military
Veterans benefits
Life insurance
Pensions and disability
Readjustment
Railroad retirement
Military medical insurance
Food stamps
Black lung benefits
Supplemental security income
Earned income and child care credits
All other
To rest of the world (net)
646.4
630.2
293.7
293.7
1995
1994
1993
1,249.3 1,345.3 1,450.9 1,265.9 1,370.4 1,218.4 1,268.0 1,275.9 1,301.3 1,335.3 1,372.0 1,367.8 1,406.6 1,431.5 1,472.5 1,471.5
Personal tax and nontax receipts2
Proposed legislation
Omnibus Budget Reconcilation Act of 1993
Other
Indirect business tax and nontax accruals
Proposed legislation
Omnibus Budget Reconcilation Act of 1993
Other
1994
Estimates
Published
Estimate
1994
142.4
35.0
21.0
12.8
1
60.0
34.4
25.5
19.1
1.8
16.7
.6
7.9
3.3
22.0
1.4
20.8
9.4
15.4
16.2
140.4
34.7
21.7
11.8
1.3
62.1
35.8
26.3
19.2
1.9
16.9
.5
7.8
3.5
22.1
1.4
20.8
8.9
17.1
15.8
449.3
288.5
4.0
2.1
1.9
284.5
160.8
2.7
1.2
1.5
-.8
158.9
451.9
288.7
4.1
2.1
2.0
284.6
163.2
2.8
1.2
1.6
_7
16U
451.5
286.3
4.1
2.1
2.0
282.2
165.2
2.8
1.2
1.6
-.4
162.8
713.6
699.2
328.1
310.4
17.7
8.1
9.6
178.1
22.4
21.8
0
.6
63.6
36.4
717.6
703.6
330.1
312.4
17.7
8.1
9.6
180.1
22.4
21.8
0
.6
64.9
37.7
27.2
20.2
2.0
17.2
1.0
8.1
3.8
24.0
1.4
28.7
15.8
4.1
14.0
725.6
710.8
332.3
314.4
17.9
8.2
9.7
181.1
23.5
21.8
0
1.7
65.1
37.9
27.2
20.2
2.0
17.2
1.0
8.1
3.8
24.1
1.4
28.9
15.8
6.5
14.8
27.5
20.1
2.0
17.2
.9
8.1
3.7
23.9
1.4
28.4
15.8
5.6
14.4
February 1994
SURVEY OF CURRENT BUSINESS
•
41
Table 10.—Federal Government Receipts and Expenditures, NIPA Basis—Continued
[Billions of dollars; calendar year and quarters at seasonally adjusted annual rates]
Fiscal year estimatesl
1994
1993
Grants-in-aid to State and local governments
Highways
Public assistance
Medicaid
Aid to families with dependent children .
Social services
Education
Community development
Mass transit
Environmental protection
Food and nutrition
Health care
Allother
182.1
15.8
Net interest paid
1995
215.3
20.0
116.3
15.6
3.2
2.9
2.1
10.7
6.4
31.6
181.3
29.7
208.5
17.4
12.5
8.2
31.6
183.3
193.3
24.2
7.4
19.2
.6
.4
Less: Wage accruals less disbursements
0
0
-235.2
Surplus or deficit (-)
Budget
PTN less Budget
511.7
0
1994
558.5
0
182.5
182.2
179.4
182.0
186.0
32.3
13.8
21.4
2.2
20.3
.6
.3
37.7
17.6
29.6
5.2
19.1
.6
.4
20.4
5.4
18.9
.6
.4
178.3
23.3
7.2
19.4
.8
.3
.7
33.5
13.8
20.3
.6
.3
21.6
5.1
18.9
.6
.4
42.9
21.7
20.0
1.1
-1.4
-4.0
-3.7
20.1
.6
.3
20.9
.6
.3
17.2
3.9
2.5
2.3
I
II
214.2
19.5
115.2
95.2
16.8
3.2
17.2
4.1
-3.4
0
-229.3
0
-180.1
1995
1995
I
II
III
IV
I
II
III
554.4
-5.3
568.1
9.4
573.2
-8.1
584.7
-8.9
597.4
-4.2
630.7
-4.6
616.7
-2.2
—4
-3.8
-3.7
0
0
-263.5
-222.6
-.4
-3.3
0
-212.7
-4.0
0
-218.9
4.1
0
-200.3
-4.9
0
-171.1
217.4
22.0
120.8
100.2
17.2
4.3
3.0
2.3
17.2
4.5
3.3
2.3
12.6
8.8
17.3
3.3
12.4
7.6
38.3
29.6
25.9
186.0
190.6
192.4
194.8
195.4
12.4
1.4
17.9
.6
.5
24.0
8.3
19.7
.7
.3
.7
30.8
7.9
19.4
.8
.3
.7
23.2
6.4
19.3
.8
.3
.7
15.2
6.2
19.2
.9
.3
1.1
1.3
2.8
-3.0
1.0
-1.5
215.2
20.5
117.4
97.2
17.0
3.2
2.8
2.3
12.5
8.0
32.6
.8
-3.2
3. Corporate profit tax accruals are not published in the fourth quarter 1993 (preliminary). The value shown is
taken from the Budget.
214.0
18.0
111.8
92.2
16.5
3.1
186.2
Calendar year
607.3
0
213.6
17.1
108.1
88.7
16.4
3.1
18.2
3.7
2.0
2.4
12.3
7.4
42.4
180.6
1994
1993
207.2
17.1
107.0
87.7
16.3
3.0
18.2
3.7
2.0
2.5
12.3
7.4
37.0
97.7
79.6
Sources: The Budget of the United States Government, Fiscal Year 1995, and the Bureau of Economic Analysis.
1. Fiscal year estimates are the sum of quarterly totals not seasonally adjusted, which were last published in
table 9.3 on page 38 of the September 1993 SURVEY OF CURRENT BUSINESS.
2. The Budget of the United States Government, Analytical Perspectives, Fiscal Year 1995, "National Income
and Product Accounts", page 260 contained incorrect quarterly estimates of personal tax and nontax receipts (PTN);
the PTN estimates also carried through to the Budget estimates for total receipts and the deficit. The following
tabulation shows the difference between the estimates of PTN shown in the Budget and those shown in table 10
(above):
Fiscal year
15.4
2.7
15.3
3.6
2.4
2.1
10.9
6.2
32.8
199.2
17.1
105.8
86.7
16.2
2.9
18.2
3.7
2.0
2.5
12.3
7.4
30.2
15.0
2.7
16.7
3.3
2.7
2.1
10.6
6.5
30.5
-146.2
IV
195.6
17.1
103.7
84.3
16.2
3.2
16.1
3.9
2.4
1.9
10.8
6.8
32.9
95.4
77.7
108.2
1995
I
IV
88.8
16.3
3.0
17.9
3.7
2.1
2.4
12.3
7.5
37.0
0
-187.9
I
188.6
17.6
2.9
2.3
-4.0
1994
1993
182.8
15.0
16.9
3.2
17.2
4.2
.3
-2.6
Estimates
Published
176.1
15.3
91.3
72.9
16.0
2.4
15.6
3.1
2.3
2.2
10.1
5.8
30.4
96.2
.8
Less: Postal Service surplus
Estimate
1994
185.8
16.3
97.0
78.6
15.7
2.8
15.9
3.5
2.4
2.1
10.6
6.3
31.7
11.4
19.5
.6
.3
Other subsidies less current surplus (net)
Published
1993
203.9
17.2
106.1
87.0
16.3
2.9
17.7
3.7
2.2
2.3
11.6
7.0
36.0
93.9
75.6
15.5
2.8
Subsidies less current surplus of government
enterprises
Agriculture
Housing subsidies
Railroad subsidies
Maritime subsidies
Urban mass transit subsidies
Calendar year
-7.8
0
-177.1
-4.9
0
-171.9
0
-168.8
12.5
8.4
0
-130.2
.7
1.2
-10.9
0
-133.6
SURVEY OF CURRENT BUSINESS
February 1994
Gross Product of
U.S. Multinational Companies, 1977-91
By Raymond J. Mataloni, Jr. and Lee Goldberg
j HIS ARTICLE presents estimates of gross
JL product of nonbank U.S. multinational
companies (MNC'S) based on data collected in Bureau of Economic Analysis (BEA) benchmark and
annual surveys of U.S. direct investment abroad.
These estimates, in combination with other estimates based on data from BEA surveys, provide
insights into production by U.S. MNC'S.1 They
can be used, for example, to determine the shares
of U.S. and foreign economies that are accounted
for by U.S.-MNC production or to determine the
foreign content of U.S.-MNC output.
Gross product is an economic accounting
measure of the production of goods and services. For a firm, gross product can be measured
as its gross output (sales or receipts and other
operating income, plus inventory change) less
its intermediate inputs (purchased goods and
services); as such, gross product measures value
added by the firm. Alternatively, gross product
can be measured as the sum of costs incurred
(other than for intermediate inputs), and profits
earned, in production. The costs fall into four
major categories: Employee compensation, net
interest paid, indirect business taxes, and capital
consumption allowance.2 The estimates presented here were prepared by summing costs and
profits.
The gross product estimates for U.S. MNC'S, for
their parent companies, and for their majority1. It should be noted that the estimates of the gross product of U.S. MNC'S
are in current dollars; they are not adjusted for price changes or for changes in
foreign exchange rates, both of which affect the relationship between changes
in current-dollar gross product and changes in the real value of the goods
and services produced by U.S MNC'S.
2. In the U.S. national income and product accounts (NIPA'S), two
measures of depreciation, or capital consumption, are used: (1) Capital
consumption allowance (CCA) and (2) consumption of fixed capital. Capital
consumption allowance consists of depreciation charges, based largely on tax
returns, and allowances for accidental damage to fixed capital. Consumption
of fixed capital adds adjustments to CCA in order to place depreciation on an
economic basis (that is, using economic service lives, straight-line depreciation, and replacement-cost valuation). For majority-owned foreign affiliates,
the only measure of consumption of fixed capital available from BEA'S survey
data is the book value of depreciation, reported on a basis consistent with
U.S. generally accepted accounting principles. Because it does not provide
for replacement-cost valuation, this measure is termed "capital consumption
allowance" in this article, although it reflects some of the adjustments that
determine the difference between the NIPA measures of CCA and consumption
of fixed capital. It should be noted that the basis for measuring depreciation
has no effect on the value of total gross product; any differences in the measures of depreciation, which is a cost of production, have equal and offsetting
effects on the profit-type-return component.
owned foreign affiliates (MOFA'S) are available for
the benchmark years 1977, 1982, and 1989; the
estimates for MOFA'S are also available for 1990
and 1991.3 4
The following are highlights of the estimates:
• Since 1977, there has been a modest shift
in U.S. multinational companies' production
away from foreign locations, with the foreign share of their total production declining
from 25 percent in 1977 to 23 percent in
1989. A decrease in the foreign share in
nonmanufacturing industries was partly offset by an increase in the foreign share in
manufacturing.
• The U.S-parent share of all-U.S.-business
gross domestic product (GDP) declined from
32 percent in 1977 to 26 percent in 1989.
Much of this decline reflected the concentration of U.S.-parent production in the slower
growing segments of the U.S. economy,
rather than a shift of U.S.-MNC production
from the United States to foreign countries.
3. The necessary data for calculating U.S.-parent, and thus total U.S.MNC, gross product are collected only in benchmark surveys. For MOFA'S,
most of the necessary data are also collected in the annual surveys conducted
in nonbenchmark years. Gross product estimates for minority-owned foreign
affiliates are not available because most of the data necessary to construct
them are not collected.
4. U.S.-MNC gross product estimates for 1977 were previously published in
"Gross Product of U.S. Multinational Companies, 1977," SURVEY OF CURRENT
BUSINESS 63 (February 1983): 24-29. Estimates for 1966 and 1970 appeared in
"Gross Product of Foreign Affiliates of U.S. Companies," SURVEY 57 (February
1977): 17-28.
Acknowledgments
Ray Mataloni wrote the sections on gross product of U.S. MNC'S and U.S. parents; Lee Goldberg
wrote the section on gross product of foreign affiliates.
Arnold Gilbert, with the assistance of Marie Colosimo
and Robert Price, developed and ran the computer
programs used to estimate the components of gross
product for which data were not reported, to prevent
disclosure of company-specific data, and to generate
the tables. Jeffrey Lowe prepared the estimates of net
interest paid by U.S. MNC'S.
February 1994
SURVEY OF CURRENT BUSINESS
• Overall, U.S. parent companies did not increase their use of merchandise imports as
inputs. In both 1977 and 1989, the U.S.,
or "local," content of U.S. parents' output
was 94 percent. In manufacturing, however, the local content of parents' output
decreased modestly, from 96 percent in 1977
to 93 percent in 1989.
• In
1989,
the
profitability
of
MOFA'S—
measured as the percentage of gross product
that is accounted for by profit-type return—
was 27 percent, compared with 16 percent
for U.S. parents. The higher profitability
of MOFA'S partly reflected the fact that U.S.
MNC'S tend to limit their overseas operations
to those that are expected to earn aboveaverage profits in order to compensate for
the added risks of operating abroad.
• U.S. multinationals do not appear to have
shifted manufacturing operations to lowwage countries to any significant degree between 1977 and 1991. In both years, about
85 percent of MOFA gross product in manufacturing was accounted for by relatively
high-wage countries.
• For most host countries, the share of the
country's GDP that was accounted for by
MOFA production was larger than the share
of U.S. GDP that was accounted for by that
country's U.S. affiliates. For example, MOFA
gross product accounted for 7 percent of
British GDP in 1991, whereas the U.S. affiliates of British companies accounted for only
1 percent of U.S. GDP.
This article has three parts and a technical
note. The first part examines the gross product of U.S. MNC'S as a whole, and the other two
Table 1.—Gross Product of Nonbank U.S. MNC's, U.S.
Parents, and MOFA's, Selected Years
U.S.
MNC'S
worldwide
Millions of dollars:
1977
1982
1989
1990
1991
Percent change at annual rates:
1977-89
1977-82
1982-89
Share of total MNC gross product (percent):
1977
1982
1989
n.a. Not available
MNC Multinational company
MOFA Majority-owned foreign affiliate
U.S.
parents
MOFA's
651,665
490,529
1,019,734
796,017
1,364,878 1,044,884
n.a.
n.a.
n.a.
n.a.
161,136
223,717
319,994
356,033
356,069
6
9
4
7
10
4
6
7
5
100
100
100
75
78
77
25
22
23
•
43
parts examine the gross product of U.S. parents
and of MOFA'S, respectively. Within these parts,
the structure of U.S.-MNC output, the share of
the U.S. economy accounted for by U.S. parents,
and the share of host economies accounted for
by MOFA'S are analyzed. The technical note discusses data sources, estimation procedures, and
definitional differences between the estimates of
U.S.-MNC gross product and the estimates of U.S.
GDP that appear in the national income and
product accounts (NIPA'S).
Tables 11 and 12, which follow the article,
present detailed gross product estimates for U.S.
MNC'S. Table 11 presents gross product of U.S.
MNC'S, by industry of U.S. parent, for 1977, 1982,
and 1989. Table 12 presents gross product of
MOFA'S, cross-classified by country and by major
industry of affiliate, for 1977, 1982, and 1989-91.
U.S. M N C ' S
In 1977-89, total gross product of U.S. MNC'S grew
at an average annual rate of 6 percent, from $652
billion to $1,365 billion. U.S.-parent and MOFA
gross product grew at similar rates, 7 percent and
Key Terms
The following key terms are used to describe the members of U.S.
multinational companies.
U.S. multinational company (MNC): The U.S. parent and all of its foreign
affiliates. In this article, however, a U.S. MNC consists only of the U.S.
parent and its majority-owned foreign affiliates (MOFA'S).
U.S. parent: A person, resident in the United States, that owns or controls
10 percent or more of the voting securities, or the equivalent, of a foreign
business enterprise. "Person" is broadly defined to include any individual, branch, partnership, associated group, association, estate, trust,
corporation or other organization (whether or not organized under the
laws of any State), or any government entity. If incorporated, the U.S.
parent is the fully consolidated U.S. enterprise consisting of (1) the U.S.
corporation whose voting securities are not owned more than 50 percent
by another U.S. corporation, and (2) proceeding down each ownership
chain from that U.S. corporation, any U.S. corporation (including Foreign Sales Corporations located within the United States) whose voting
securities are more than 50 percent owned by the U.S. corporation above
it. A U.S. parent comprises the domestic (U.S.) operations of a U.S.
MNC.
Foreign affiliate: A foreign business enterprise in which there is U.S. direct
investment, that is, in which a U.S. person owns or controls 10 percent
or more of the voting securities or the equivalent. Affiliates comprise
the foreign operations of a U.S. MNC.
Majority-owned foreign affiliate (MOFA): A foreign affiliate in which the
combined ownership of all U.S. parents exceeds 50 percent.
Nonbank: An entity (MNC, parent, or affiliate) whose primary activity is
not banking. Only nonbanks are covered by this article.
44
SURVEY OF CURRENT BUSINESS
• February 1994
6 percent, respectively (table 1). By comparison,
total private U.S. GDP in current dollars grew
at an average annual rate of 9 percent. As discussed later, some of this difference resulted from
differences between U.S. MNC'S and all U.S. businesses in the industry composition of their gross
product.
Between 1977 and 1989, there was a modest
shift in U.S.-MNC production away from foreign
locations, with the MOFA share of their total production declining from 25 percent in 1977 to 23
percent in 1989. The shift, however, was concentrated in nonmanufacturing industries—mainly
petroleum and transportation. In petroleum, the
MOFA share of U.S.-MNC production fell from
54 percent to 44 percent, partly reflecting the
gradual transfer of MOFA facilities in the Middle East to local investors. In transportation,
Table 2.—Structure of Output of Nonbank U.S. MNC's, by Major Industry of U.S. Parent, 1977,1982, and 1989
Percent
Millions of dollars
Share of total output accounted for by:
Gross product
Sales to
unaffiliated
persons
(D
Inventory
change
(2)
Total
output
(col.1 +
col.2 =
col.4 +
col.7)
(3)
Total
(4)
U.S.
parents
MOFA's
(5)
(6)
Purchases
from
outside the
MNC 1
(col.3 col.4)
Gross product
Total
((col.4 /
col.3) x
100)
U.S.
parents
((col.5 /
col.3) x
100)
MOFA's
((col.6 /
col.3) x
100)
(10)
(7)
Purchases
from
outside
the
MNC
((col.7 /
col.3) x
100)
(11)
1977
All Industries
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance, and real estate
Services
Other industries
1,717,181
312,491
891,512
103,778
124,868
104,896
105,274
71,815
196,982
183,898
95,959
135,375
27,347
254,497
19,881
3,841
11,737
890
1,984
518
2,200
1,292
2,210
2,642
768
350
91
3,094
1,737,062
316,332
903,249
104,668
126,852
105,414
107,474
73,107
199,192
186,540
96,727
135,725
27,438
257,591
651,665
114,051
382,280
27,871
51,547
40,209
60,402
32,105
88,513
81,633
6,536
29,230
11,674
107,895
490,529
52,052
301,286
21,782
39,133
35,380
42,356
26,683
71,302
64,649
5,058
22,825
9,950
99,358
161,136
61,999
80,994
6,088
12,413
4,829
18,046
5,422
17,211
16,983
1,478
6,404
1,724
8,537
1,085,397
202,281
520,969
76,797
75,305
65,205
47,072
41,002
110,679
104,907
90,191
106,495
15,764
149,696
38
36
42
27
41
38
56
44
44
44
7
22
43
42
28
16
33
21
31
34
39
36
36
35
5
17
36
39
9
20
9
6
10
5
17
7
9
9
2
5
6
3
62
64
58
73
59
62
44
56
56
56
93
78
57
58
223,717
77,841
121,639
10,265
26,820
6,377
23,449
9,936
19,914
24,878
3,823
9,022
3,365
8,027
1,775,505
500,983
691,029
105,648
131,635
71,237
64,802
70,236
123,543
123,926
140,319
187,357
24,316
231,503
36
30
44
30
41
38
56
50
42
48
11
15
55
45
28
19
34
24
29
32
41
43
33
38
9
10
48
43
8
11
10
7
12
6
16
7
9
10
2
4
6
2
64
70
56
70
59
62
44
50
58
52
89
85
45
55
319,994
72,552
207,203
19,162
43,887
8,219
45,259
12,376
39,151
39,150
6,179
12,180
9,909
11,971
2,430,928
288,555
1,165,601
158,593
181,906
76,903
136,530
103,292
273,554
234,822
227,214
369,555
59,107
320,897
36
36
41
33
44
37
46
40
37
44
11
15
53
43
28
21
30
25
30
31
28
33
28
34
9
12
45
41
8
16
11
8
14
7
18
7
9
9
2
3
8
2
64
64
59
67
56
63
54
60
63
56
89
85
47
57
1982
All industries
Petroleum
Manufacturing
Food and Kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance, and real estate
Services
Other industries
2,809,252
716,779
1,244,342
152,715
226,653
116,991
149,891
140,795
215,862
241,435
158,350
219,544
53,780
416,458
-14,013
-3,859
-10,624
-998
-1,964
-2,162
-1,043
-1,300
-1,149
-2,010
-604
-364
-102
1,541
2,795,239
712,920
1,233,718
151,717
224,689
114,829
148,848
139,495
214,713
239,425
157,746
219,180
53,678
417,999
1,019,734
211,937
542,689
46,069
93,054
43,592
84,046
69,259
91,170
115,499
17,427
31,823
29,362
186,496
796,017
134,096
421,050
35,804
66,234
37,215
60,597
59,323
71,256
90,621
13,604
22,801
25,997
178,469
1989
All industries
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance, and real estate
Services
Other industries
3,780,150
454,570
1,949,221
238,629
321,167
122,068
249,741
169,909
432,713
414,994
254,746
433,328
125,561
562,724
15,656
-335
10,151
-564
1,745
610
2,935
1,898
1,133
2,395
1,234
-1,058
545
5,119
3,795,806
454,235
1,959,372
238,065
322,912
122,678
252,676
171,807
433,846
417,389
255,980
432,270
126,106
567,843
1. Includes purchases from minority-owned foreign affiliates, which could not be excluded because the necessary
data are unavailable.
MNC Multinational company
MOFA Majority-owned foreign affiliate
1,364,878
165,680
793,771
79,472
141,006
45,775
116,146
68,515
160,292
182,567
28,766
62,715
66,999
246,946
1,044,884
93,128
586,568
60,310
97,119
37,556
70,887
56,139
121,141
143,417
22,587
50,535
57,090
234,975
SURVEY OF CURRENT BUSINESS
February 1994
the MOFA share decreased from 8 percent to 2
percent, partly reflecting the entrance into the
U.S.-MNC universe in the late 1980^ of a few
U.S. companies, mainly airlines, whose longestablished domestic operations were much larger
than their newly established foreign operations.
In manufacturing, by contrast, the MOFA share
of U.S.-MNC production increased from 21 to 26
percent, partly reflecting faster growth in foreign
sales than in domestic sales by these U.S. MNC'S.
percent, from 1977 to 1989. However, there were
a number of offsetting changes among major
industry groups. In manufacturing, the U.S. parents' share declined 3 percentage points, partly
reflecting faster growth in foreign sales than in
domestic sales. This decline was offset by increases in the U.S. parents' share in petroleum,
wholesale trade, services, and "other" industries.
Structure of output
Gross product of U.S. parents was $1,045 billion in 1989. It accounted for 26 percent of
all-U.S.-business GDP, down from 32 percent in
1977 (table 3).5 6 Much of this decline reflected
the relatively high concentration of U.S. parents
in slower growing segments of the economy, such
as "petroleum extraction and refining" and manufacturing. In 1989, "petroleum extraction and
refining" accounted for 8 percent of U.S.-parent
gross product, but for only 2 percent of all-U.S.business GDP; manufacturing accounted for 56
percent of U.S.-parent gross product, but for only
24 percent of all-U.S.-business GDP (chart 1).7 8
When compared with total U.S.-MNC output,
gross product provides insight into the production methods of U.S. MNC'S. U.S.-MNC output
is equal to sales to unaffiliated persons plus inventory change; alternatively, it can be defined as
the gross product of U.S. MNC'S plus their purchases from outsiders. Two ratios are particularly
useful for examining the structure of output of
U.S. MNC'S. The ratio of U.S.-MNC gross product to U.S.-MNC output measures the extent to
which output by U.S. MNC'S reflects their own
production rather than that of outside suppliers
(table 2, column 8). A second ratio, U.S.-parent
gross product as a share of total U.S.-MNC output,
measures the extent to which U.S. MNC'S produce
in the United States rather than purchasing from
outsiders or producing through MOFA'S (table 2,
column 9).
Overall, the structure of U.S.-MNC output
changed little from 1977 to 1989. The grossproduct share of U.S.-MNC output decreased 2
percentage points, to 36 percent, as U.S. parents, but not MOFA'S, increased their reliance
on outside suppliers for intermediate goods
and services.
Similar changes occurred in
manufacturing.
Overall, the U.S. parents' gross-product share
of total U.S. MNC output was unchanged, at 28
U.S. Parents
5. For this analysis, the estimates of all-U.S.-business GDP exclude the
segments of the U.S. economy in which nonbank parents do not (or cannot)
have a presence—including banks, government and government enterprises,
and private households. (See footnote 1 to table 3 for additional details.)
6. At the all-industries level, the estimates of U.S.-parent gross product
are generally consistent with the estimates of U.S. GDP in the NIPA'S (see the
technical note). For individual industries, however, inconsistencies may result
from differences in the basis for the industrial distribution of the estimates.
All-U.S.-business GDP is distributed among industries based on the principal
product or service of each establishment, or plant, whereas U.S.-parent gross
product is distributed on an enterprise, or company, basis, with each U.S.
parent classified on the basis of the principal industry of all its establishments
combined. Because establishments of a large company may be classified in
different industries, distributions of data by industry of establishment and by
industry of enterprise can differ significantly, particularly in the case of data
that are highly disaggregated. In this article, U.S.-parent gross product as a
share of all-U.S.-business GDP is computed only at the highly aggregated level
shown in table 3.
7. For these comparisons, petroleum and coal product manufacturing is
excluded from "manufacturing" and included in "petroleum extraction and
refining."
8. Changes in the industrial composition of current-dollar GDP may reflect changes in relative prices as well as changes in the composition of the
Table 3.—Gross Product of Nonbank U.S. Parents and GDP of All Nonbank U.S. Businesses, by Major
Industry, 1977,1982, and 1989
Percent
Millions of dollars
All Industries
Petroleum extraction and refining
Manufacturing2
Services
All other industries
490,529
46,784
301,286
9,950
132,509
GDP of all
U.S.
businessesl
Gross
product of
U.S.
parents
1,520,300
51,900
452,900
249,800
765,700
1. Excludes GDP of banks, government and government enterprises, and private households;
imputed rental income of owner-occupied farm and nonfarm housing; rental income of persons;
business transfer payments; subsidies; and the statistical discrepancy.
2. Excludes petroleum and coal product manufacturing, which is included in "petroleum extraction and refining."
1989
1982
1977
Gross
product of
U.S.
parents
796,017
116,157
421,050
25,997
232,813
GDP of all
U.S.
businessesl
2,412,000
148,100
622,000
463,500
1,178,400
Gross
product of
U.S.
parents
1,044,884
85,777
586,568
57,090
315,449
U.S.-parent share of allU.S.-business GDP
GDP of all
U.S.
businesses1
4,028,800
97,300
966,100
939,900
2,025,500
1977
1982
1989
26
88
61
6
16
NOTE.—The "petroleum extraction and refining" category in this table corresponds to the "petroleum" category in other tables in this article except that it excludes wholesale trade, tanker operations, pipelines, storage for hire, and gasoline service stations. The "manufacturing" and "services" categories in this table correspond to categories of the same name in the other tables in
this article.
•
45
46
•
SURVEY OF CURRENT BUSINESS
February 1994
The growth in gross product by U.S. parents was
further depressed by their relatively low concentration in services, a faster growing segment of
the economy. Services accounted for 5 percent
of U.S.-parent gross product in 1989, compared
with 23 percent of all-U.S.-business GDP.
Gross product by component
Table 4 shows U.S.-parent gross product in 1977,
1982, and 1989 by major industry, disaggregated
into the five components of costs and profits.
In 1989, in all industries combined, employee
compensation accounted for 64 percent of U.S.parent gross product, profit-type return for 16
percent, net interest paid for 3 percent, indirect business taxes for 6 percent, and capital
consumption allowances for 12 percent.
In manufacturing and wholesale trade, the
component shares of gross product closely mirrored the average component shares of gross
product for all industries. However, in petroleum, services, "finance (except banking), insurance, and real estate" (FIRE), and "other"
industries, component shares differed considerably from the all-industries averages. In petroleum, employee compensation accounted for a
lower-than-average share of U.S.-parent gross
product, and indirect business taxes and capital
goods and services produced. For details, see "Gross Product by Industry,
1977-90," SURVEY 73 (May 1993): 36-37.
Gross
consumption allowances accounted for higherthan-average shares. These differences reflect the
capital-intensive nature of petroleum extraction
and refining and the relatively high level of excise taxes on petroleum products. In services, the
employee-compensation share was higher than
average, reflecting the labor-intensive nature of
many types of services. In FIRE, the employeecompensation and profit-type-return shares were
higher than average, and in "other" industries,
the capital-consumption-allowances share was
higher than average.
Structure of output
This section examines changes in the structure of
U.S.-parent output from 1977 to 1989. Changes
in the gross-product share of U.S.-parent output
will be examined first, followed by an examination of changes in the local content of U.S.-parent
output. It should be noted that from the perspective of a U.S. parent, unlike that of the worldwide
U.S. MNC, total purchases (shown in table 5,
column 5) includes purchases from foreign affiliates as well as from unaffiliated U.S. and foreign
persons.
In all industries combined, the gross-product
share of U.S.-parent output edged down from 34
percent in 1977 to 33 percent in 1989. In manufacturing, the gross-product share declined from
40 percent to 38 percent, as the shares of output accounted for by both imports from foreign
U.S. Pfcwts, by Major
,
B •.
1977
1989
, Services
. ( 5 % ) / (2%)
FIRE1
Wholesale Trade
(1%)
SURVEY OF CURRENT BUSINESS
affiliates and purchases from outside the MNC
increased.
Among manufacturing industries, the largest
decreases in the gross-product share of U.S.parent output were in nonelectrical machinery
(mainly computers), down 11 percentage points;
transportation equipment (mainly automobiles),
down 10 percentage points; and electric and electronic equipment, down 4 percentage points.
In these industries, the movement by U.S. parents away from internal production and toward
greater reliance on outside suppliers may have
been in response to increased global competition; to improve their competitiveness, parents
may have sought to specialize in areas in which
they had an advantage and to allocate other
functions to foreign affiliates and to companies
February 1994
outside the MNC. The largest increase in the grossproduct share of U.S.-parent output was in food
manufacturing, up 6 percentage points.9
The local (U.S.) content of U.S.-parents'
output—the portion of their output accounted
for by their own production and by inputs
9. It should be noted that changes in the gross-product share of U.S.parent output in a particular manufacturing industry may reflect changes in
the U.S. parents' industry composition in addition to actual changes in the
structure of U.S.-parent output. As mentioned earlier, the U.S.-parent data
are on an enterprise basis; thus, the totals for a particular industry cover
both the parents' activities in their primary industry and in their secondary
industries. As a result, changes in the gross-product share of output in a
particular industry may reflect changes in the composition of the secondary
activities of the U.S. parents classified in that industry rather than a tendency
for U.S. parents to produce more or less of what they sell in a particular
industry. For example, if a U.S. parent classified in wholesale trade (where the
ratio of gross product to output is relatively low) ventures into a secondary
industry like pharmaceutical manufacturing (where the ratio of gross product
to output is relatively high), its gross-product share will rise, even if the
purchasing patterns in its primary industry do not change.
Table 4.—Gross Product of Nonbank U.S. Parents, Major Industry by Component, 1977,1982, and
[Millions of dollars]
Gross product
Employee
compensation
Profit-type
return
Net interest
Indirect
business taxes,
etc.
Capital
consumption
allowances
1977
All Industries
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
,
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance, and real estate
Services
Other industries
490,529
52,052
301,286
21,782
39,133
35,380
42,356
26,683
71,302
64,649
5,058
22,825
9,950
99,358
305,504
17,093
204,782
13,142
22,959
27,347
28,708
19,210
53,030
40,386
3,273
14,166
7,066
59,124
103,375
16,008
58,005
4,826
10,023
2,871
9,552
4,980
12,437
13,317
881
8,717
1,795
17,969
9,823
2,140
4,363
519
1,025
1,143
272
309
-650
1,745
330
-2,849
238
5,601
32,642
9,913
13,734
2,021
1,346
1,086
822
796
3,108
4,555
310
1,988
617
6,080
39,185
6,898
20,402
1,274
3,781
2,933
3,003
1,388
3,378
4,646
264
803
233
10,585
10,687
8,144
6,980
1,081
1,838
2,085
1,489
-236
-1,753
2,474
1,088
-18,319
1,183
11,611
63,026
34,134
15,586
2,484
2,683
1,194
1,211
962
1,604
5,449
566
3,263
600
8,878
18,601
37,254
2,565
7,540
3,637
5,579
4,399
5,043
8,491
1,058
1,595
2,329
20,024
26,344
9,086
25,258
4,886
4,423
908
2,397
-683
415
12,911
1,654
-22,821
3,096
10,071
66,639
22,092
21,943
6,372
3,044
986
2,606
1,084
2,551
5,299
1,656
6,667
1,767
12,513
120,795
19,003
59,658
5,844
12,258
2,765
7,436
6,121
12,037
13,196
2,120
3,454
4,864
31,697
1982
All industries
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance, and real estate
Services
Other industries
796,017
134,096
421,050
35,804
66,234
37,215
60,597
59,323
71,256
90,621
13,604
22,801
25,997
178,469
520,383
43,876
313,068
22,755
43,102
31,994
44,467
45,975
64,201
60,573
8,591
26,409
18,054
110,385
121,061
29,341
48,163
6,919
11,071
-1,696
7,851
8,223
2,162
13,634
2,301
9,853
3,832
27,571
1989
All Industries
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance, and real estate
Services
Other industries
1,044,884
93,128
586,568
60,310
97,119
37,556
70,887
56,139
121,141
143,417
22,587
50,535
57,090
234,975
666,196
27,140
393,495
28,633
54,004
26,562
56,649
40,398
94,585
92,664
13,982
46,830
41,414
143,335
164,910
15,807
86,214
14,574
23,389
6,335
1,799
9,218
11,552
19,347
3,176
16,406
5,949
37,358
47
48 • February 1994
SURVEY OF CURRENT BUSINESS
purchased from other U.S. companies—in all industries was 94 percent in both 1977 and 1989. Byindustry, there were offsetting changes over the
period; local content increased in petroleum and
decreased in manufacturing and wholesale trade
(table 5, column 14) .10
10. The precision of this measure of local content is limited by the following qualifications. First, the measure of domestic, or "other," purchases
Table 5.-Structure of Output of Nonbank U.S. Parents, by Major Industry, 1977,1982, and 1989
Percent
Millions of dollars
Share of total output accounted for
by:
Purchases
Merchandise imports
Sales
Inventory
change
Total
output
(col.1 +
col.2 =
col.4 +
col.5)
Gross
product
Total
(col.3 col.4)
Total
Shipped
Shipped
by
by foreign unaffiliated
l
affiliates
foreign
persons
Other2
(col.5 col.6)
Local
content of
output3
(col.4 +
col.9)
Merchandise
imports
from
Purchases
U.S.
from
parent
outside
gross
the
product
MNC
((col.4 / affili(((col.8
ates
col.3)
+ col.9)
x 100) ((col.7 /
/ col.3)
col.3)
x 100)
x100)
(D
(2)
(3)
(4)
(6)
(5)
(7)
(9)
(8)
(10)
(11)
(12)
(13)
Addendum:
Local
content
((col. 10
/ col.3)
x 100)
(14)
1977
All industries
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance, and real
estate
Services
Other industries
1,412,293
221,757
739,460
83,422
96,474
94,563
80,174
62,631
165,681
156,516
77,683
119,596
23,777
230,020
14,155 1,426,448
3,185 224,942
7,253 746,713
83,952
530
97,643
1,169
94,863
300
81,637
1.463
63,669
1,038
166,675
994
158,275
1,759
78,311
628
490,529
52,052
301,286
21,782
39,133
35,380
42,356
26,683
71,302
64,649
5,058
935,919
172,890
445,427
62,170
58,510
59,483
39,281
36,986
95,373
93,626
73,253
119,703
23,855
232,924
22,825
9,950
99,358
96,878
13,905
133,566
107
78
2,904
81,500
37,266
30,247
2,219
2,824
3,116
2,178
3,496
12,224
4,188
9,824
36,266
16,496
16,807
563
978
1,141
1,260
2,139
8,949
1,776
1,513
854,419 1,344,948
135,624 187,676
415,180 716,466
59,951
81,733
55,686
94,819
56,367
91,747
37,103
79,459
33,490
60,173
83,149 154,451
89,438 154,087
63,429
68,487
94
83
96
97
97
97
97
95
93
97
87
69,363 1,436,340 2,232,357
41,903
514,569
380,473
549,420
970,470
16,122
79,925
115,729
2,409
97,578
163,812
2,987
58,328
1,591
95,543
50,759
979
111,356
58,784
3,295
118,107
97,114
1,803
168,370
106,931
3,059
197,552
106,152
8,771
119,756
95
91
96
97
97
97
97
94
92
97
93
45,234
20,770
13,440
1,656
1,846
1,975
918
1,357
3,275
2,412
8,311
108
36
1,306
1982
All industries
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance, and real
estate
Services
,
Other industries
All industries
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
,
Finance (except banking), insurance, and real
estate
Services
Other industries
2,348,388
570,213
1,017,591
119,431
169,628
100,142
115,679
126,194
182,242
204,276
129,493
196,492
46,745
387,854
3,136,837
328,989
1,553,374
190,617
235,731
104,727
171,239
146,277
361,979
342,804
226,707
394,461
106,517
526,789
-7,380 2,341,008
-2,714 567,499
-6,040 1,011,551
-642
118,789
-981
168,647
-1,635
98,507
-558 115,121
-950
125,244
-31
182,211
-1,244 203,032
-138
129,355
-79
-69
1,661
796,017 1,544,991
134,096 433,403
421,050 590,501
82,985
35,804
66,234 102,413
61,292
37,215
54,524
60,597
65,921
59,323
71,256 110,955
112,411
90,621
13,604 115,751
22,801
25,997
178,469
39,288
11,027
24,959
651
1,848
1,373
2,786
3,842
12,038
2,421
173,612
20,679
211,046
4,772
105
23
2,345
13,474 3,150,311 1,044,884 2,105,427
^64
328,525
93,128 235,397
6,945 1,560,319 586,568 973,751
254
190,871
60,310 130,561
817 236,548
139,429
97,119
105,073
37,556
346
67,517
172,686
70,887 101,799
1,447
147,409
56,139
1,132
91,270
363,160 121,141
1,181
242,019
143,417 201,155
1,768 344,572
227,956
22,587 205,369
1,249
178,526
25,976
106,532
3,609
11,783
5,665
16,660
13,169
44,973
10,674
34,644
74,738
7,789
61,122
966
3,708
2,088
11,763
5,382
31,808
5,407
2,492
1,238
214
4,292
196,413
46,676
389,515
395,699
106,731
531,081
50,535
57,090
234,975
345,164
49,641
296,106
* Less than 0.5 percent.
Suppressed to avoid disclosure of data of individual companies.
1. As reported on parents' forms.
2. Includes purchases of goods and services from U.S. residents and purchases of services from foreign resi-
D
108,651
52,930
41,081
3,060
4,835
2,964
3,765
7,137
13,841
5,480
9,599
()
()
508
(
21
()
2,427
()
206,274
103,788 1,926,901 2,971,785
18,187 209,421
302,549
45,410 867,219 1,453,787
2,643 126,952 187,262
8,075 127,646 224,765
3,577
99,408
61,852
4,897
85,139 156,026
7,787
134,240
78,101
13,165
197,046 318,187
333,898
5,267 190,481
32,152 170,725 193,312
357
289
7,393
()
()
384,743
()
()
49,133
106,223
(D)
54
99
94
92
93
98
95
95
90
91
88
97
85
2
2
4
1
2
2
7
4
9
2
2
()
()
46
dents.
3. The local content of output is overstated to the extent that "other" purchases (column 9) include imported
services and that imported merchandise and services are embodied in purchases from domestic suppliers. (These
items were not reported separately and thus could not be identified and included in foreign content.)
February 1994
SURVEY OF CURRENT BUSINESS
In manufacturing, the local content of output
decreased modestly, from 96 percent in 1977 to
93 percent in 1989. This decrease reflected the
substitution of merchandise imports for products
that U.S. parents formerly produced themselves.
The gross-product share of U.S.-parent output
(table 5, column 11) fell 2 percentage points,
and the U.S.-import share of U.S.-parent output (table 5, column 6 divided by column 3)
increased by a like amount. This decrease in
local content appears to have occurred among
other U.S. manufacturing companies as well;
the share of U.S. gross domestic purchases of
goods accounted for by U.S. merchandise imports
shipped to companies other than U.S. parents increased from 8 percent in 1977 to 13 percent in
1989.
Judging from the patterns of trade between
U.S. parents and MOFA'S, this decrease in local content primarily reflected increased imports
from high-wage countries (such as Canada and
used (table 5, column 9) is overstated because merchandise imports (table 5,
column 6) includes only the direct merchandise imports of U.S. parents and
therefore excludes any imports embodied in purchases from domestic suppliers. Second, merchandise imports are reported on the basis of when, where,
and to whom the goods were shipped. Most U.S. parents account for sales on
the basis of when, where, and to whom the goods were charged. Thus, the
derived data on output (the denominator of the local content ratio) are on a
"charged" basis and are not completely comparable to the import data used
in deriving the numerator. Third, "other" purchases are overstated because
they include purchases of services from foreigners, which are not reported
separately and thus could not be subtracted from total purchases.
Wholesale Trade
F | R E i (1%)
Services (2%)
Japan).11 n It does not, therefore, appear to have
been primarily a reflection of U.S. parents shifting their production of goods for the U.S. market
to low-wage countries. Thirty-seven percent of
the increase in imports shipped by MOFA'S to U.S.
parents came from low-wage countries.
MOFA'S
Country and industry trends
In this section, trends in the gross product of
MOFA'S are examined using estimates from BEA'S
annual surveys for 1990 and 1991 and from its
benchmark surveys for 1977, 1982, and 1989.
Gross product by MOFA'S in all industries combined was $356 billion in 1991. MOFA'S in manufacturing accounted for $182 billion, or just over
one-half of the total (chart 2). MOFA'S in petroleum accounted for one-quarter of the total, and
MOFA'S in wholesale trade for about one-eighth.
From 1977 to 1991, the share of MOFA gross product in petroleum shrank from 38 percent to 25
11. Data on imports shipped by unaffiliated foreigners to U.S. parents are
not available for individual countries.
12. The distinction between "high-wage" and "low-wage" countries is
based on the 1989 estimates of average hourly wages of production workers of MOFA'S in the 26 countries that hosted at least 10,000 employees of
manufacturing MOFA'S in that year. A country was classified as "low wage"
if the average hourly compensation of production workers in manufacturing
MOFA'S was below the MOFA average or as "high wage" if the compensation
was above the MOFA average.
The estimates are derived from data collected in the 1989 benchmark
survey of U.S. direct investment abroad. For details, see "U.S. Multinational
Companies: Operations in 1991," SURVEY 73 (July 1993): 47-48.
49
50
•
SURVEY OF CURRENT BUSINESS
February 1994
percent, and the share in manufacturing rose
from 44 percent to 51 percent.
Most of MOFA gross product originated in the
major industrialized countries, MOFA'S in Europe accounted for $218 billion, or 61 percent,
of the worldwide total (table 6 and chart 3).
Among countries, the United Kingdom was the
biggest single host of affiliate production, with
$59 billion in gross product, or 17 percent of the
total, followed by MOFA'S in Germany (14 percent), Canada (13 percent), France (8 percent),
Italy (6 percent), and Japan (5 percent).
Outside the principal industrial economies,
MOFA'S in Brazil and Mexico accounted for the
largest shares of gross product—between 2 and 3
percent each. Despite the increasing importance
of the newly industrialized countries of the Asia
and Pacific region to the U.S. economy, MOFA'S
in the rapidly growing economies of this region
still accounted for a relatively small share of total
MOFA gross product, MOFA'S in Indonesia, Singapore, and Hong Kong had the largest shares, but
each country's share was only about 1 percent of
the worldwide total.
Trends in the geographic location of the foreign manufacturing operations of U.S. MNC'S
do not appear to have been related primarily
to differences in labor costs among countries.
Of countries with large MOFA employment, the
share of MOFA manufacturing gross product for
"low-wage" host countries rose slightly, from
15 percent in 1977 to 16 percent in 1991, while
the share for "high-wage" countries decreased
slightly, from 85 percent to 84 percent.
The most notable changes in the geographic
distribution of MOFA gross product since 1977
were an increase in the share of the total accounted for by MOFA'S in Europe and a decrease
in the share of MOFA'S in the Middle East.
Table 6.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, by Country, 1977,1982, and 1989-91
[Millions of dollars]
All countries
1977
1982
1989
1990
1991
161,136
223,717
319,994
356,033
356,069
Canada
27,783
34,017
52,114
50,820
47,126
Europe
69,360
112,577
179,758
213,419
217,515
844
4,244
672
247
9,688
981
5,127
12,196
2,021
8,540
1,243
1,065
22,625
24,756
497
1,893
8,481
235
5,392
35,683
677
4,473
16,487
587
13,214
1,655
178
2,019
1,103
4,440
341
2,571
4,164
1,889
2,229
2,015
266
16,861
70
3,198
152
38,465
54
5,106
463
52,703
83
2,380
10,081
1,476
1,203
27,410
46,969
925
5,416
18,967
730
13,724
5,120
1,269
8,428
2,128
6,072
812
60,123
188
2,365
9,831
1,894
1,125
27,306
49,524
1,169
5,318
20,308
672
13,444
4,939
1,507
8,308
2,432
6,756
848
59,494
275
Austria
Belgium
Denmark
Finland
France
Germany1
Greece
Ireland
Italy
Luxembourg
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
Latin America and Other Western
Hemisphere
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other
D
18,115
389
762
5,825
198
4,209
1,334
574
997
7,398
16,036
27,939
29,601
31,080
28,464
10,927
1,449
6,485
20,358
21,843
22,782
2,603
16,093
801
1,399
341
412
694
438
19,188
3,363
11,514
926
1,278
327
340
1,080
360
6,947
176
110
213
5,800
522
126
9,014
192
238
276
7,585
561
163
162
532
307
404
2,902
1,577
11,199
468
16,618
681
1,150
272
1,361
516
1,116
216
2,394
402
2,879
115
156
142
2,050
289
127
4,927
163
276
251
3,561
433
244
1,370
397
736
412
6,208
208
158
287
4,883
530
143
Suppressed to avoid disclosure of data of individual companies.
1. Prior to 1990, includes only the Federal Republic of Germany (FRG). Beginning with 1990, also includes the
former German Democratic Republic (GDR), which reunited with the FRG in October 1990. This change does not
affect the comparability of the 1990 data with the data for earlier years, because no affiliates of U.S. companies
were in the former GDR before 1990.
2. "International" affiliates are those that have operations in more than one country and that are engaged in
petroleum shipping, other water transportation, or operating movable oil- and gas-drilling equipment.
1977
1982
1989
1990
1991
2,230
157
25
398
226
370
89
(D)
24
2,654
209
59
82
122
403
189
(D)
23
1,549
425
203
-113
209
455
-244
497
-10
128
1,351
286
193
-210
263
338
-506
775
74
136
262
279
159
-727
270
334
-802
642
9
97
8,020
344
1,848
1,317
4,511
10,055
1,389
2,219
2,330
4,117
5,299
769
1,733
701
2,097
6,162
1,016
2,222
698
2,226
6,074
849
2,239
752
2,235
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
22,260
225
(D)
1,117
8,112
280
3,965
3,060
808
4,891
359
2,735
1,176
621
3,206
577
123
1,644
862
2,882
632
254
1,475
521
Asia and Pacific
Australia
China
Hong Kong
India
Indonesia
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
16,367
5,578
2
542
210
4,661
3,065
79
333
384
549
400
260
254
50
28,438
10,069
7
959
229
6,317
4,587
219
1,691
618
1,074
1,109
616
657
288
46,875
13,902
8
2,926
157
3,999
14,940
726
1,749
985
1,006
2,353
1,938
1,815
372
49,786
14,178
114
3,122
136
4,987
14,565
906
1,825
914
1,015
3,547
2,255
1,832
389
52,208
12,295
211
3,192
123
5,031
16,517
1,031
2,016
2,264
1,189
3,333
2,395
2,203
408
1,311
2,579
1,457
1,559
1,798
0
63,162
32,948
0
101,289
21,801
4
164,628
10,730
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
Africa
Egypt
Nigeria
South Africa
Other
International2
Addenda:
Eastern Europe3
European Communities (12)4
OPEC5
()
195,516
10,158
122
198,775
10,492
3. Comprises Albania, Bulgaria, Czechoslovakia, Hungary, Poland, Romania, and the Union of Soviet Socialist
Republics.
4. Comprises Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal,
Spain, and the United Kingdom.
5. OPEC is the Organization of Petroleum Exporting Countries. Through yearend 1992, its members were Algeria,
Ecuador, Gabon, Indonesia, Iran, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.
SURVEY OF CURRENT BUSINESS
European affiliates accounted for threequarters of the total increase in MOFA gross
product between 1977 and 1991; affiliates in the
Asia and Pacific region accounted for most of the
remainder. In Europe, MOFA gross product grew
at an average annual rate of 9 percent from 1977
to 1991; this high growth rate (compared with
6 percent in all countries combined) was about
in line with the growth in nominal demand in
Europe. European affiliates' share of total MOFA
gross product rose from 43 percent in 1977 to
61 percent in 1991. Among the factors that may
have contributed to this increase were the expansion of the European Communities (EC) and the
movement toward closer economic integration.
Economic integration stimulated overall growth
in demand; in addition, it offered potential foreign investors a means of accessing a large and
increasingly important market on the same terms
as local firms, without having to establish production facilities in each country. By locating
operations within the EC, a U.S. firm could avoid
actual or potential tariffs or other trade barriers
applied to nonmember countries.
Some of the rise in MOFA gross product in the
EC was due to the rapid growth of MOFA'S in
countries that have smaller economies, such as
Spain (which joined the EC in 1986); however,
the leading factor was the growth of MOFA'S in
countries in which U.S. affiliates had long been
established, particularly the United Kingdom and
Germany. In the United Kingdom, MOFA gross
February 1994
product more than tripled from 1977 to 1991,
growing at an average annual rate of 9 percent
and accounting for over one-fifth of the worldwide increase in gross product. In Germany,
MOFA gross product almost tripled, growing at an
average annual rate of 7 percent.
The share of worldwide MOFA gross product
accounted for by affiliates in the Middle East fell
from 14 percent in 1977 to 1 percent in 1991. This
sharp decline mainly reflected falling oil prices
in the 1980's and the measures taken by the
petroleum exporting countries in the Middle East
to increase their own involvement in extraction
and refining and to reduce that of foreign-owned
firms in the region. Faced with these unfavorable developments, oil companies in the 1980^
tended to shift their operations from the Middle
East to Europe (mainly the North Sea area) and
the Pacific (particularly Australia, Malaysia, and
Thailand).
Developments in the oil industry, including a
sharp fall in oil prices beginning in 1986 and the
sell-off of two large affiliates, also contributed to
the decline in Canadian affiliates' share of gross
product from 17 percent in 1977 to 13 percent
in 1991. However, the decline in Canada primarily reflected sluggish growth in production
in manufacturing industries. From 1977 to 1991,
the average annual rate of growth in the gross
product of Canadian manufacturing affiliates was
less than one-half that of manufacturing affiliates
in all countries combined—3 percent, compared
Gross Product of Nonbank Majority-Owned Foreign Affiliates,
by Area, 1977 and 1991
1977
1991
International
(1%)
International
(1%)
Middle East
(1%)
Africa
(2%)
Latin America and
'Other Western Hemisphere
Latin America and
Other Western Hemisphere
U.S. Department of Commerce, Bureau of Economic Analysis
§2 • February 1994
SURVEY OF CURRENT BUSINESS
with 7 percent; growth slowed for Canadian affiliates in each of the major industries within
manufacturing, as well as in all manufacturing
industries combined.
Share of host-country GDP
MOFA gross product accounted for only a small
share of the GDP of most host countries. Based
on World Bank estimates of foreign-country GDP,
in 1991, U.S.-MOFA gross product represented 5
percent or less of host-country GDP in all but
five countries: Ireland (14 percent), Canada (9
percent), Singapore (8 percent), United Kingdom
(7 percent), and Nigeria (7 percent) (table 7).13
By comparison, nonbank U.S. affiliates of foreign
companies for all countries combined accounted
for 6 percent of U.S. GDP in 1991; affiliates of
the country with the largest share, the United
Kingdom, accounted for 1 percent of U.S. GDP,
and affiliates of Japan and Canada each accounted
for 0.7 percent.
The six largest host economies—Japan, Germany, France, Italy, the United Kingdom, and
Canada—together accounted for 62 percent of
MOFA gross product in 1991. Among these countries, the MOFA share of host country GDP was
largest in Canada (9 percent) and smallest in
Japan (0.5 percent).
Canada's large share reflects several factors:
Canada's proximity to the United States; its
use of the English language; the integration of
its automotive, energy, and mineral industries
with their U.S. counterparts; and the similarity of U.S. and Canadian technology and tastes.
Likewise, the United Kingdom's large share reflects the traditionally close ties between U.S. and
British business, which are facilitated by a common language and similar tastes, technology, and
regulatory environments.
Among other major industrial countries, Japan,
Germany, and France had relatively small shares.
Japan's particularly small share (0.5 percent) may
reflect several factors: Past Japanese restrictions
on foreign investment, informal barriers associated with extensive interlocking stock ownership
13. World Bank, World Development Report 1993 (New York: Oxford University Press, 1993): 242-43. These estimates of GDP were obtained from
national sources and are expressed in U.S. dollars.
It should be noted that the MOFA gross product estimates are not strictly
comparable with the World Bank statistics because the latter cover banking,
government, and other segments of the economy in which nonbank MOFA'S
do not (or cannot) have operations. Comparability may also be affected by
coverage problems or by the use of statistical methods and definitions that
differ in some respects from those used in deriving the gross product estimates
for MOFA'S or that differ from one country to another. (The international
System of National Accounts provides guidelines that may alleviate these
comparability problems if more countries move into conformity with them.)
Thus, the computed MOFA shares of host-country GDP probably provide only
a rough indication of the MOFA shares of various host economies.
among major Japanese corporations (which tend
to inhibit foreign investment), close ties between
business and government, and a business culture that prizes long-term relationships and is
averse to buyouts and takeovers. Germany's
low share (3 percent) may reflect similar patterns of cross ownership among large German
manufacturing concerns and financial institutions. As in Japan's case, France's share (2
percent) may reflect historic restrictions on foreign investment and government ownership and
other intervention in significant areas of the
economy.
The high share for Ireland probably reflects the
relatively small size of its economy, its proximity
to the EC, and its considerable efforts to attract
foreign direct investment. Several of the other
countries with shares of at least 4 percent also
have relatively small economies and are situated
near a large market.
Table 7.—Gross Product of Nonbank Majority-Owned
Foreign Affiliates as a Percentage of GDP of Selected
Host Countries, 1991
Ireland
Canada
Singapore
United Kingdom
Nigeria
New Zealand
Belgium
Hong Kong
Norway
Netherlands
13.6
9.2
8.3
6.8
6.6
5.3
5.0
4.7
4.7
4.6
Indonesia ....
Malaysia
Australia
Germany ....
Colombia ....
Chile
Argentina ....
Switzerland .
Ecuador
Egypt
4.3
4.3
4.1
3.1
3.1
3.0
2.9
2.9
2.8
2.8
Brazil
Mexico
Philippines ..
Thailand
Portugal
France
Venezuela ..
Greece
Italy
Denmark
2.8
2.7
2.6
2.4
2.3
2.3
2.0
2.0
1.8
1.7
Uruguay
Spain
Austria
Sweden
Finland
Israel
Turkey
South Africa
Peru
Japan
1.6
1.6
1.4
1.2
1.0
1.0
.9
.8
.7
.5
Korea, Republic of ...
Saudi Arabia
India
China
.4
.2
.1
.1
NOTE.—Host country GDP data are from the 1993 World Development Report, published by
the World Bank.
GDP Gross domestic product
February 1994 •
SURVEY OF CURRENT BUSINESS
Gross product by component
Table 8 shows MOFA gross product in 1977, 1982,
1989, and 1991 by major area and industry, disaggregated into the five components. In 1989,
profit-type return accounted for a higher portion of gross product for MOFA'S than it did for
U.S. parents—27 percent, compared with 16 percent). The share of gross product accounted for
by indirect business taxes was also higher for
MOFA'S (25 percent, compared with 6 percent).
53
In contrast, the share accounted for by employee
compensation was lower for MOFA'S (41 percent,
compared with 64 percent). To some extent,
the higher profit-type-return share for MOFA'S
probably reflects the higher rate of return on
invested capital for foreign operations than for
U.S. operations; U.S. MNC'S tend to limit their
overseas operations to those that are expected to
earn above-average profits in order to compensate for the added risks of operating abroad, such
as those associated with currency fluctuations and
Table 8.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, Major Area and Industry of Affiliate by Component, 1977,
1982, 1989, and 1991
[Millions of dollars]
Gross
product
Employee
compensation
Profittype
return
Net
interest
Capital
Indirect
conbusiness
sumption
taxes,
allowetc.
ances
Gross
product
Employee
compensation
161,136
59,534
52,197
27,783
69,360
16,036
8,020
22,260
16,367
1,311
14,465
31,658
5,848
1,417
4,765
6,470
13,150
5,189
4,793
15,688
6,803
416
105
62,010
71,609
5,598
10,075
4,231
13,555
8,062
13,921
16,165
11,301
1,948
3,929
10,339
4,876
40,416
3,136
5,366
2,271
7,551
5,404
8,127
8,109
5,010
28,978
14,852
1,415
2,624
Net
interest
Capital
Indirect
conbusiness
sumption
taxes,
allowetc.
ances
1982
1977
All areas, all Industries
Profittype
return
2,778
35,409
11,218
223,717
89,445
54,851
-406
62,290
17,538
231
4,522
17,755
3,370
1,807
4,812
3,136
2,094
5,252
1,288
428
317
1,306
532
34,017
112,577
27,939
10,055
8,112
28,438
2,579
17,215
46,455
10,970
1,599
3,275
9,033
6,069
20,652
8,622
5,130
3,844
9,812
-281
1,180
-1,877
7,883
35,629
7,960
2,766
897
722
3,132
8,661
2,264
518
222
2,101
641
3,165
5,575
321
882
311
1,654
419
1,077
910
1,156
56
268
85,608
99,756
8,884
16,429
5,402
17,619
9,876
18,055
23,491
19,409
1,180
8,009
9,757
10,336
56,436
4,716
8,794
3,698
10,182
6,715
11,240
11,091
9,534
1,800
5,250
6,088
28,933
14,254
2,065
3,693
By major area
Canada
Europe
Latin America and Other Western Hemisphere
Africa
Middle East
Asia and Pacific
International
965
1,546
341
28
25
357
250
7
42
-59
284
306
829
7,208
14
By major industry
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance, and real estate
Services
Other industries
855
2,530
5,847
890
3,520
1,373
2,387
2,643
3,511
1,604
987
2,265
848
1,929
205
511
152
200
209
225
429
226
-657
5
427
24,143
8,837
521
693
158
630
657
2,105
4,074
1,399
90
140
800
1989
All areas, all Industries
319,994
132,565
86,524
52,114
179,758
29,601
5,299
4,891
46,875
1,457
26,495
75,722
10,038
2,781
16,332
11,496
40,701
12,624
2,806
1,390
17,039
514
77,195
173,298
13,643
32,059
7,623
31,720
12,646
33,764
41,843
36,760
3,439
14,509
14,793
9,277
81,732
6,147
13,615
4,135
16,663
7,651
16,598
16,923
18,324
4,928
10,046
8,258
558
3,907
1,330
-166
2,867
4,119
4,524
1,584
1,437
-87
409
291
453
814
4,607
9,210
581
1,527
491
2,251
683
2,383
1,293
1,663
240
809
1,008
-7,227
96,318
32,066
839
7,405
67,350
8,823
1,315
5,380
17,193
2,617
653
308
5,449
465
977
3,715
419
811
291
592
300
745
557
255
-5,676
40,754
16,141
1,102
1,604
364
688
848
3,853
7,683
3,837
1991
-4,986
78,902
26,989
356,069
160,385
74,528
647
8,883
50,394
8,174
1,147
4,593
15,172
2,170
543
339
3,806
366
47,126
217,515
28,464
6,074
2,882
52,208
1,798
28,127
98,800
14,468
19,944
5,375
38,400
9,477
3,184
1,387
15,976
495
730
6,038
15,164
988
3,928
592
2,570
1,369
3,193
2,525
2,299
728
1,219
1,541
88,835
182,085
17,922
32,690
7,113
29,923
13,389
33,944
47,104
41,060
4,739
18,097
21,253
8,183
98,168
8,315
16,734
4,582
19,306
9,076
19,755
20,398
22,170
5,913
13,126
12,825
16,413
35,598
5,981
9,593
1,056
5,698
2,072
4,208
6,990
10,311
5,932
2,703
3,571
By major area
Canada
Europe
Latin America and Other Western Hemisphere
Africa
Middle East
Asia and Pacific
International
683
-2,231
-3,406
119
-85
466
-128
9,827
467
99
11
15,176
48,877
4,269
11,716
2,161
10,374
2,839
8,068
9,450
10,493
6,046
2,593
3,339
1,935
1,273
44,769
26,251
1,948
2,583
783
767
-4,228
-3,921
139
-79
-81
103
498
10,921
5
By major industry
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance, and real estate
Services
Other industries
290
217
212
634
173
-556
305
-307
-6,767
141
738
523
1,480
615
6,461
12,641
5,951
504
510
918
1,060
115
-7
19
263
-202
-74
55
62
-639
-8,454
-134
824
55,891
30,937
2,319
2,958
513
1,833
521
6,380
16,413
6,696
574
685
1,535
7,287
17,267
1,313
3,386
699
3,287
1,794
3,546
3,242
2,522
774
1,718
2,498
•
SURVEY OF CURRENT BUSINESS
February 1994
Table 9.—Structure of Output for Nonbank Majority-Owned Foreign Affiliates, by Major Area and by Major Industry of Affiliate,
1977,1982,1989, and 1991
Percent
Millions of dollars
Purchases
Share of total output accounted for by:
U.S. content
U.S. exports to MOFA's
Sales
Inventory
change
Total
output
(col.1 +
col.2 «
col.4 +
Gross
product
col.5)
(1)
(2)
(3)
(4)
Total
(col.3 col.4)
(5)
Total
(6)
Shipped
Shipped by unafby U.S. filiated
parents
U.S.
persons
Foreign
content of
Other1
output
(col.5 (col.4 +
col.6)
col.9)
(7)
(10)
U.S. merchandise exports
shipped by:
Foreign content
Total
((col.6 /
MOFA
col.3)
Total gross Other x100)
(col.10 product ((col.9 /
/ col.3) ((col.4/ col.3)
x100) col.3) x 100)
x100)
(11)
(12)
(14)
(13)
U.S.
parents
((col.7/
col.3)
x100)
Unaffiliated
U.S.
persons
((col.8 /
col.3) x
100)
(15)
(16)
1977
All areas, all industries
507,019
5,726
512,745 161,136 351,609
35,813
29,275
6,539 315,796
476,932
93
31
62
7
6
84,659
220,213
248
3,712
84,907
223,925
27,783 57,124
69,360 154,565
16,201
10,866
12,566
9,468
3,636 40,923
1,398 143,699
68,706
213,059
81
95
33
31
48
64
19
5
15
4
4
1
58,208
19,023
62,922
47,572
14,422
909
64
198
632
-39
59,117
19,087
63,120
48,204
14,383
3,700
648
937
3,346
115
2,908
508
801
2,935
87
39,381
10,419
39,923
28,491
12,957
55,417
18,439
62,183
44,858
14,268
94
97
99
93
99
27
42
35
34
9
67
55
63
59
90
6
3
1
7
1
5
3
1
6
1
1
1
198,624
194,200
21,756
32,396
11,560
28,406
18,655
48,686
32,741
64,463
598
4,015
330
740
252
555
328
1,006
804
781
199,222
198,215
22,086
33,136
11,812
28,961
18,983
49,692
33,545
65,244
282 135,573
4,634 101,461
520 15,514
351 20,054
213 6,736
227 12,370
330 8,605
2,322 23,966
671 14,219
1,023 46,312
197,583
173,070
21,112
30,129
10,967
25,925
16,667
37,887
30,384
57,613
99
87
96
91
93
90
88
76
91
88
31
36
25
30
36
47
42
28
48
17
68
51
70
61
57
43
45
48
42
71
1
13
4
9
7
10
12
24
9
12
1
10
2
8
5
10
10
19
7
10
0
10,002
9,051
30,679
1
48
283
10,003
9,099
30,962
8,035
4,969
19,446
9,983
8,898
29,785
100
98
96
19
43
33
80
55
63
n2
n1
0
4
2
By major area
Canada
Europe
Latin America and Other Western
Hemisphere
Africa
Middle East
Asia and Pacific
International
16,036
8,020
22,260
16,367
1,311
43,081
11,067
40,860
31,837
13,072
791
139
136
411
28
O
By major industry
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance,
and real estate
Services
Other industries
62,010 137,212
71,609 126,606
5,598 16,488
10,075 23,061
4,231
7,581
13,555 15,406
8,062 10,921
13,921 35,771
16,165 17,380
11,301 53,943
1,948
3,929
10,339
8,055
5,170
20,623
1,639
1,358
25,145 20,510
974
454
3,007 2,655
845
632
3,036
2,810
2,316
1,986
11,805 9,483
3,161
2,490
7,631
6,607
20
201
1,177
13
121
666
8
80
512
2
2
1
2
1
2
5
2
2
1
2
1982
All areas, all industries
730,235 -6,633
723,602 223,717 499,885
52,753
44,320
8,432 447,132
670,849
93
31
62
7
6
108,038 -1,591
364,405 -3,092
106,447 34,017 72,430
361,313 112,577 248,736
19,413
17,211
15,474
15,167
3,939 53,017
2,044 231,525
87,034
344,102
82
95
32
31
50
64
18
5
15
4
103,857 -1,738
-37
23,596
16,699
-25
105,523 -107
-43
8,116
102,119
23,559
16,674
105,416
8,073
27,939
10,055
8,112
28,438
2,579
6,479
999
632
7,907
111
5,120
764
438
7,306
52
67,701
12,505
7,930
69,071
5,383
95,640
22,560
16,042
97,509
7,962
94
96
96
92
99
27
43
49
27
32
66
53
48
66
67
6
4
4
8
1
5
3
3
7
1
266,304 -1,046
271,099 -4,757
32,585 -314
54,840 -798
15,015 -462
40,470 -546
25,248 -678
57,183 -1,076
45,758 -882
113,622 -806
265,258
266,342
32,271
54,042
14,553
39,924
24,570
56,107
44,876
112,816
85,608 179,650
99,756 166,586
8,884 23,387
16,429 37,613
5,402
9,151
17,619 22,305
9,876 14,694
18,055 38,052
23,491 21,385
19,409 93,407
991 176,875
5,865 131,838
918 21,521
738 33,577
216 8,210
269 17,470
485 10,076
2,698 24,089
540 16,897
1,229 79,344
262,483
231,594
30,405
50,006
13,612
35,089
19,952
42,144
40,388
98,753
99
87
94
93
94
88
81
75
90
88
32
37
28
30
37
44
40
32
52
17
67
49
67
62
56
44
41
43
38
70
1
13
6
7
6
12
19
25
10
12
1
11
3
6
5
11
17
20
9
11
0
-38
38
-23
23,488
17,949
37,750
22,293
9,674
27,107
23,473
17,683
36,864
100
99
98
5
45
26
95
54
72
O
n1
n
2
2
By major area
Canada
Europe
Latin America and Other Western
Hemisphere
Africa
Middle East
Asia and Pacific
International
74,180
13,504
8,562
76,978
5,494
1,360
234
195
601
59
By major industry
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance,
and real estate
Services
Other industries
See footnotes at end of table.
23,526
17,911
37,773
1,180
8,009
9,757
22,308
9,940
27,993
2,775
1,784
34,748 28,882
1,866
948
4,036 3,298
941
724
4,835 4,566
4,618 4,133
13,963 11,265
4,488 3,948
14,063 12,834
15
266
886
11
139
669
3
127
216
2
3
1
1
1
2
5
1
1
1
1
February 1994
SURVEY OF CURRENT BUSINESS
•
55
Table 9.—Structure of Output for Nonbank Majority-Owned Foreign Affiliates, by Major Area and by Major Industry of Affiliate,
1977,1982,1989, and 1991-Continued
Percent
Millions of dollars
Share of total output accounted for by:
Purchases
U.S. content
U.S. exports to MOFA's
Sales
0)
Inventory
change
(2)
Total
output
(col.1 +
col.2«
col.4 +
col.5)
Gross
product
(3)
(4)
Total
(col.3 col.4)
(5)
Shipped
Shipped by unafby U.S. fifiated
parents
U.S.
persons
Total
(6)
(7)
Foreign
content of
Other1
output
(col.5 (col.4 +
col.6)
col.9)
(10)
(8)
U.S. merchandise exports
shipped by:
Foreign content
Total
((col.10
/ col.3)
x 100)
MOFA
gross
product
((col.4 /
col.3)
xlOO)
(11)
(12)
Total
Unaffili((col.6 /
ated
U.S.
col.3)
Other
U.S.
parents
x100)
((col.9 /
((col.7/: persons
((col.8 /
col.3)
col.3)
x 100)
x 100) col.3) x
100)
(13)
(15)
(14)
(16)
1989
All areas, all industries
1,019,966
2,182 1,022,148 319,994 702,154
97,488
86,050
11,437 604,666
924,660
90
31
59
10
8
32,050
27,585
5,792 84,603
2,303 362,811
136,717
542,569
78
95
30
31
48
63
22
5
18
5
1,741 46,707
76,308
(D)
(D)
(D)
7,611
78 2,720
1,355 98,718 145,593
(D)
(D)
(D)
87
(D)
95
89
(D)
34
47
61
29
28
53
(D)
34
61
(D)
13
(D)
5
11
(D)
11
(D)
4
10
D
()
593 100,365
8,786 273,816
613 34,825
842 55,672
348 11,602
845 57,990
837 19,568
4,032 53,753
1,269 40,404
1,550 140,843
177,560
447,114
48,468
87,731
19,225
89,710
32.214
87^517
82,247
177,603
99
87
96
92
92
88
80
76
92
87
43
34
27
34
36
31
31
29
47
18
56
53
69
59
55
57
49
47
45
69
1
13
4
8
8
12
20
24
8
13
1
11
3
7
7
11
18
21
7
12
n
47,933
32,220
42,234
100
99
97
7
44
34
93
54
63
n1
n1
3
2
n
n
13,096 775,221 1,131,290
91
29
63
9
8
By major area
Canada
Europe
Latin America and Other Western
Hemisphere
Africa
Middle East
Asia and Pacific
International
173,251
573,270
1,309
-813
174,560 52,114 122,446
572,457 179,758 392,699
37,843
29,888
87,014
11,576
8,021
161,640
5,196
530
-267
-43
1,444
22
87,544
11,309
7,978
163,084
5,218
11,236 9,495
(D)
(D)
367
288
17,491 16,136
179,420
509,308
50,791
94,652
21,032
100,319
39,678
114,391
88,444
204,295
602
4,299
-245
421
-51
1,073
658
1,000
1,442
105
180,022 77,195 102,827
513,607 173,298 340,309
50,546 13,643 36,903
95,073 32,059 63,014
20,981
7,623 13,358
101,392 31,720 69,672
40,336 12,646 27,690
115,391 33,764 81,627
89,886 41,843 48,043
204,400 36,760 167,640
29,601 57,943
6,010
5,299
3,087
4,891
46,875 116,209
3,761
1,457
P)
n
By major industry
Petroleum
Manufacturing
Food and Kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment.
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance,
and real estate
Services
Other industries
51,137 -3,203
32,466
202
43,342
178
47,934
32,668
43,520
3,439
14,509
14,793
44,495
18,159
28,727
2,462
66,493
2,078
7,342
1,756
11,682
8,122
27,874
7,639
26,797
1,869
57,707
1,465
6,500
1,409
10,837
7,286
23,841
6,370
25,247
1
448
1,286
388
838
n
n
60
448
44,494
17,711
27,441
3
0
2
1
1
2
1
2
3
1
1
1
1991
All areas, ail industries
1,240,880
-803 1,240,077 356,069 884,008 108,787
95,691
By major area
Canada
Europe
Latin America and Other Western
Hemisphere
Africa
Middle East
Asia and Pacific
International
176,996 -1,040
733,584 -880
175,956 47,126 128,830
732,704 217,515 515,189
102,090
13,513
7,849
200,461
6,387
130
62
53
825
47
102,220
13,575
7,902
201,286
6,434
238,336
595,686
67,968
113,182
22,053
112,724
47,504
127,545
104,710
227,485
17
-979
420
189
-384
-771
73
-214
-293
-173
65,896
45,651
67,825
-13
-13
360
39,522
34,318
32,831
31,229
6,690 89,308
3,089 480,871
136,434
698,386
78
95
27
30
51
66
22
5
19
4
n
28,464 73,756
7,501
6,074
5,020
2,882
52,208 149,078
4,636
1,798
14,380 12,781
336
485
190
309
19,739 18,293
30
34
1,600 59,376
149 7,016
118 4,711
1,445 129,339
4 4,602
87,840
13,090
7,593
181,547
6,400
86
96
96
90
99
28
45
36
26
28
58
52
60
64
72
14
4
4
10
1
13
2
2
9
2
1
1
1
n
n
238,353 88,835 149,518
594,707 182,085 412,622
68,388 17,922 50,466
113,371 32,690 80,681
7,113 14,556
21,669
111,953 29,923 82,030
47,577 13,389 34,188
127,331 33,944 93,387
104,417 47,104 57,313
227,312 41,060 186,252
2,963 2,311
72,681 62,664
1,329
1,846
8,260 7,028
1,329
1,729
12,775 11,862
8,470
9,172
29,271 24,586
9,628 8,060
31,152 29,289
652 146,555
10,017 339,941
517 48,620
1,232 72,421
400 12,827
913 69,255
702 25,016
4,685 64,116
1,568 47,685
1,863 155,100
235,390
522,026
66,542
105,111
19,940
99,178
38,405
98,060
94,789
196,160
99
88
97
93
92
89
81
77
91
86
37
31
26
29
33
27
28
27
45
18
61
57
71
64
59
62
53
50
46
68
1
12
3
7
8
11
19
23
9
14
1
11
2
6
6
11
18
19
8
13
0
61,106
26,963
45,557
65,845
45,060
66,810
100
99
98
7
40
31
93
59
67
n
n1
2
1
By major industry
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Other manufacturing
Wholesale trade
Finance (except banking), insurance,
and real estate
Services
Other industries
D
65,883
45,638
68,185
4,739
18,097
21,253
61,144
27,541
46,932
Suppressed to avoid disclosure of individual company data.
* Less than 0.5 percent.
1. Includes purchases of goods and services from foreign residents and purchases of services from U.S. resi-
38
578
1,375
dents.
MOFA
29
497
899
9
80
475
Majority-owned foreign affiliate
4
2
1
1
2
1
1
4
2
1
n
0
1
5 6 • February 1994
SURVEY OF CURRENT BUSINESS
the possibility of changes in the regulatory or
policy environment.14
The higher share of indirect business taxes for
MOFA'S may partly reflect the fact that the taxes
on petroleum products imposed by many foreign governments are higher than those imposed
by the U.S. Government. In 1989, the indirectbusiness-taxes share of gross product for MOFA'S
in petroleum was 58 percent, whereas it was only
24 percent for U.S. parents in this industry.
The factors underlying the differences in
the profit-type-return and indirect-business-taxes
shares between MOFA'S and U.S. parents may
also underlie the differences in the employeecompensation shares, because a higher (lower)
share for one component necessarily means a
lower (higher) share for other components. In
addition, the employee-compensation share may
be more directly affected by the tendency of
MOFA'S to be in less labor-intensive industries.
For example, 25 percent of MOFA gross product
was in petroleum, an industry with relatively low
labor intensity, whereas only 9 percent of U.S.
parent gross product was in this industry. The
employee-compensation share for MOFA'S may
also tend to be lower because average hourly wage
rates in many countries where MOFA'S operate are
lower than those in the United States.
Among the four major regions that accounted
for 97 percent of MOFA gross product in 1991—
Canada, Europe, Latin America and Other
Western Hemisphere, and Asia and Pacific—
the employee-compensation share of MOFA gross
product was highest in Canada (60 percent), followed by Europe (45 percent), Latin America
and Other Western Hemisphere (40 percent),
and Asia and Pacific (38 percent). In contrast,
the profit-type-return share of gross product
was lowest in Canada (11 percent) and Europe
(18 percent) and highest in Latin America and
Other Western Hemisphere (33 percent) and Asia
and Pacific (30 percent). Canada's employeecompensation share was unusually high in 1991,
and its profit-type-return share unusually low.
This unusual distribution may have reflected the
country's economic recession; in other years,
Canada's distribution was more in line with that
of other major areas.15
14. For additional discussion, see "Rates of Return on Direct Investment,"
SURVEY 72 (August 1992): 79-86.
15. Cyclical downturns tend to depress profits more than payroll because many firms tend to maintain their labor force and wage structure in
anticipation of an eventual upturn.
Structure of output
This section examines the changes in the grossproduct share of MOFA output and the changes
in the U.S. content of MOFA output from 1977
to 1991. In all industries combined, the grossproduct share of MOFA output decreased from
31 percent to 29 percent (table 9). By area, the
largest decreases were in Asia and Pacific and in
Canada.
In manufacturing, the gross-product share of
MOFA output decreased from 36 percent to 31
percent, as the portion of output accounted
for by purchases from other foreign persons
(table 9, column 13) increased. Among manufacturing industries, the largest decreases in the
gross-product share of MOFA output were in nonelectrical machinery (mainly computers) and in
electric and electronic equipment.
In all industries combined, the U.S. content
of MOFA output—that portion of MOFA output
represented by purchases from U.S. parents and
other U.S. sources—rose from 7 percent to 9 percent. By area, the largest increases in U.S. content
were in Latin America and in Asia and Pacific.
In Latin America (primarily Mexico), the U.S.
content more than doubled, from 6 percent to
14 percent. This increase largely reflected rising
U.S. merchandise exports to MOFA'S participating in the Mexican Government's maquiladora
program.16 Consequently, much of the increase
in U.S. content represented unfinished goods that
ultimately returned to the United States after further processing or assembly in Mexico.17 In Asia
and Pacific (primarily Japan), the U.S. content
rose from 7 percent in 1977 to 10 percent in 1991.
Much of this increase reflected U.S. parents' exports of finished goods to MOFA'S engaged in
wholesale trade.
In manufacturing, the U.S. content of MOFA
output edged down from 13 percent in 1977 to 12
percent in 1991. The changes in all of the major manufacturing industries except electric and
electronic equipment were equally modest. In
electric and electronic equipment, the U.S. content increased substantially, from 12 percent to
19 percent, partly reflecting an increase in ship16. Under this program, U.S. producers can export components free of
customs duties to Mexican affiliates for assembly if a certain percentage of
the finished goods are exported back to the United States. U.S. duties are
levied only on the value added in Mexico.
17. The increase in the U.S. content of Mexican affiliates' output may be
somewhat overstated because of differences between the valuation of MOFA
sales and the valuation of U.S. exports shipped to MOFA'S. U.S. exports
shipped to MOFA'S measure the goods' full market value; in contrast, sales by
some MOFA'S participating in the maquiladora program measure only the fees
paid to the affiliates for processing or assembling the goods (thus excluding
the value of inputs received from the U.S. parents).
February 1994
SURVEY OF CURRENT BUSINESS
of the years. For both U.S. parents and MOFA'S,
imputed interest received and paid had to be estimated for all years; these items do not represent
actual transactions, so data on them cannot be
collected. For MOFA'S, monetary interest received
and paid also had to be estimated for the two
nonbenchmark years, 1990 and 1991.
In constructing table 5 (structure of output for
U.S. parents), the "inventory change" component
had to be estimated for 1982 and 1989 because
opening balances for inventories for those years
were not collected. These estimates were derived
using data from the Census Bureau's Quarterly
Financial Report, which covers all U.S. businesses.
ments to MOFA'S of components for assembly and
reexport to the United States.
Technical Note
Data sources
The 1977, 1982, and 1989 gross product estimates
for U.S. parents and MOFA'S are based on universe
data from BEA'S benchmark surveys of U.S. direct investment abroad. The first three columns
of table 10 present the U.S. MNC, U.S. parent,
and MOFA estimates of gross product components
from the 1989 benchmark survey; the next two
columns indicate the location of the estimates in
U.S. Direct Investment Abroad: 1989 Benchmark
Survey, Final Results (U.S. Government Printing
Office, Washington, DC: October 1992). MOFA
gross product estimates for 1990 and 1991 are
mainly based on universe estimates derived from
sample data from BEA'S annual surveys of U.S.
direct investment abroad.
Definitional differences between U.S.-MNC and
NIPA gross product components
In general, the MNC gross product components
are conceptually consistent with the corresponding NIPA components. The last column of table 10
highlights definitional differences between MNC
and NIPA gross product components. The net effect of these differences is negligible because their
individual effects are largely offsetting and because each one is quite small in relation to total
Estimation
Most of the data required to estimate U.S.-MNC
gross product were collected in the BEA surveys,
but data for several items were not collected;
these items had to be estimated for some or all
GDP.
Tables 11 and 12 follow. HI
Table 10.—U.S.-MNC Gross Product Methodology and Its Relation to NIPA Methodology
Location of estimates in 1989
benchmark survey publication'
(table and column number)
1989 estimates (millions of dollars)
U.S.
MNC's
U.S.
parents
U.S. parents
1,364,878
1,044,884
319,994
798,761
645,986
152,775
666,196
538,857
127,339
132,565
107,129
25,436
Profit-type return (PTR)
Net income
Plus: Income taxes
Plus: Depletion
Less: Capital gains and losses
Less: Income from equity investments ,
251,434
242,805
93,737
7,436
24,185
68,358
164,910
170,663
60,446
5,234
22,056
49,377
Net interest paid
Monetary interest paid
Plus: Imputed interest paid
Less: Monetary interest received .
Less: Imputed interest received ...
21,358
182,381
22,542
171,278
12,288
26,344
155,147
21,299
141,578
8,525
Indirect business taxes, etc
Taxes other than income and payroll taxes
Plus: Production royalty payments to governments .
Less: Subsidies received
145,541
140,772
5,895
1,127
64,028
2,610
2
0
Capital consumption allowances (CCA)
Depreciation
147,784
147,784
120,795
Total gross product
Employee compensation
Wages and salaries
Plus: Employee benefit plans .
Same as NIPA's.
II.P 1 (4)
II.P 1 (5)
III.G 1 (5)
III.G 1 (6)
II.N 1 (10)
II.N 1 (8)
II.M 1 (5)
II.N 1 (4)
II.N 1 (3)
III.E 1 (11)
III.E 1 (9)
III.D 1 (5)
III.E 1 (5)
III.E 1 (3+4)
II.S 1 (2)
estimated
II.S 1 (1)
estimated
III.J 1 (2)
estimated
III.J 1 (1)
estimated
76,744
3,285
1,127
II.S 1 (7)
II.S 1 (4+5)
n.a.
III.J 1 (4)
III.J 1 (3)
III.J 1 (5)
26,989
26,989
II.M 1 (6)
III.D 1 (6)
86,524
72,142
33,291
2,202
2,129
18,981
-4,986
27,234
1,243
29,700
3,763
n.a. Not available.
1. U.S. Department of Commerce, Bureau of Economic Analysis, U.S. Direct Investment Abroad: 1989 Benchmark
Survey, Final Results (Washington, DC: U.S. Government Printing Office, 1992).
2. Data on subsidies received by U.S. parent companies were not collected in the 1989 benchmark survey. Subsidies are assumed to be zero because few U.S. parents were in industries that receive most of the subsidies in
the United States.
MOFA's
(1) Based on financial accounting practices; NIPA PTR is
based on tax accounting practices. (2) Excludes inventory
valuation and capital consumption adjustments, and certain
other adjustments.
Same as NIPA's.
Excludes business transfer payments.
78,902
120,795
How MNC definition compares with NIPA definition
MOFA's
(1) Based on financial accounting practices; NIPA CCA is
based on tax accounting practices. (2) Excludes
depreciation expenditures for mining exploration, shafts
and wells, and certain other adjustments.
NOTE—U.S. MNC gross product excludes the following because they are beyond the scope of direct investment:
Gross product of government and government enterprises and private households; imputed rental income of owneroccupied farm and nonfarm housing; and rental income of persons. The U.S. MNC estimates also exclude banks.
MOFA Majority-owned foreign affiliate
NIPA National income and product accounts
$8 • February 1994
SURVEY OF CURRENT BUSINESS
Table 11.—Gross Product of Nonbank U.S. MNC's, by Industry of U.S. Parent, 1977,1982, and 1989
MOFA share of MNC total
(percent)
Amount (millions of dollars)
U.S. parents
U.S. MNC's worldwide
1977
All industries
Petroleum
Oil and gas extraction
Crude petroleum extraction (no refining) and natural gas
Oil and gas field services
Petroleum and coal products
Integrated petroleum refining and extraction
Petroleum refining without extraction
Petroleum and coal products, nee
Petroleum wholesale trade
Other
1982
1989
651,665
1,019,734
1,364,878
114,051
4,384
3,052
1,332
101,137
100,837
211,937
14,767
5,034
9,733
175,425
174,483
165,680
4,371
3,211
1,160
151,174
147,690
(D)
P)
n
8
18,385
3,361
MOFA's
1977
1977
1977
1982
490,529
796,017
1,044,884
161,136
223,717
319,994
134,096
93,128
3,352
2,918
434
82,425
79,831
61,999
77,841
3,434
710
2,724
70,601
70,415
72,552
1,019
293
726
68,749
67,859
14,828
3,111
7,158
193
838
685
154
57,899
57,896
—5
-8
2,917
345
11,333
4,324
7,009
104,824
104,068
(D)
P)
P)
9,785
350
1982
P)
(D)
1989
P)
1982
P)
5,109
3,420
382,280
250
157
542,689
793,771
301,286
421,050
586,568
80,994
121,639
207,203
Food and kindred products
Grain mill and bakery products
Beverages
Other
27,871
4,976
5,016
17,879
46.069
6,183
7,661
32,225
79,472
11,957
20,941
46,574
21,782
4,088
3,905
13,789
35,804
5,023
6,268
24,513
60,310
9,990
16,477
33,843
887
1,111
4,090
10,265
1,160
1,393
7,712
19,162
1,967
4,464
12,731
Chemicals and allied products
Industrial chemicals and synthetics
Drugs
Soap, cleaners, and toilet goods
Agricultural chemicals
Chemical products, nee
51,547
28,970
11,259
7,486
93,054
47,841
21,828
14,287
4,070
5,029
141,006
64,665
43,656
20,174
2,812
39,133
23,320
7,697
4,911
66,234
34,419
14,589
9,712
3,272
4.242
97,119
43,889
30,448
13,123
2,156
7,503
12,413
5,650
3,562
2,575
26,820
13,422
7,239
4,575
798
787
43,887
20,776
13,208
Primary and fabricated metals
Primary metal industries
Ferrous
Nonferrous
Fabricated metal products
40,209
27,318
19,065
8,253
12,890
43,592
23,046
13,659
9,387
20,546
45,775
27,195
8,439
18,756
18,580
35,380
24,800
18,227
6,573
10,579
37,215
20,349
13,103
7,246
16,866
37,556
22,276
7,899
14,377
15,280
4,829
2,518
838
1,680
2,311
6,377
2,697
556
2,141
3,680
8,219
4,919
540
4,379
3,300
Machinery, except electrical
Farm and garden machinery
Construction, mining, and materials handling machinery
Computer and office equipment
Other
60,402
3,388
10,534
30,263
16,218
84,046
3,532
12,171
49,733
18,609
116,146
(D)
9,937
42,356
2,793
8,425
17,621
13,518
60,597
3,039
9,850
32,221
15,487
70,887
18,046
595
2,109
12,642
2,700
23,449
493
2,321
17,512
3,122
45,259
Electric and electronic equipment
Household appliances
Household audio and video, and communication equipment
Electronic components and accessories
Electrical machinery, nee
32,105
3,639
7,859
3,456
17,151
69,259
3,877
25,221
10,844
29.317
68,515
5,256
34,569
13,095
15,595
26,683
2,634
7,084
2,784
14,181
59,323
3,128
21,952
9,364
24,879
56,139
3,556
29,531
9.814
13,238
5,422
1,005
775
672
2,970
9,936
749
3,269
1,480
4,438
Transportation equipment
Motor vehicles and equipment
Other
88,513
62,507
26,006
91,170
53,350
37,820
160.292
97.948
62,343
71,302
47,979
23,323
71,256
36,260
34,996
121,141
65,303
55,837
17,211
14,528
2,683
19,914
17,090
2,824
Other manufacturing
Tobacco products
Textile products and apparel
Lumber, wood, furniture, and fixtures
Paper and allied products
Printing and publishing
Rubber products
Miscellaneous plastics products
Glass products
Stone, clay, and other nonmetallic mineral products
Instruments and related products
Other
81.633
9,841
9,198
7,322
12,034
5,916
9,902
1,576
2,792
4,872
13,940
4.240
115,499
19,527
10,450
7,279
13,454
10,732
11,488
1,249
4,631
6,187
25,456
5,045
182,567
20,832
11,549
12,723
36,414
22,271
9,838
6,119
5,649
6,692
46,061
4,422
64.649
6.023
8,079
6.597
9,708
5,260
7,328
1,285
2,191
3,806
10,656
3,717
90,621
143,417
11,782
10,098
11,738
29,197
20,184
6,127
4,396
4,793
4,991
36.455
3,657
16,983
3,818
1,119
725
2,325
656
2,574
292
601
1,066
3,284
523
24,878
7,882
1,018
555
1,612
920
3,121
159
735
1,037
7,143
6,536
17,427
10,431
6,996
28,766
5,058
13,604
13,668
15,098
1,939
3,119
7,609
5,995
22,587
10,520
12,067
1,478
644
834
3,823
2,822
1,001
6,179
3,148
3,031
23
25
21
31,823
4,991
23,539
62,715
16,948
41,233
2,808
1,057
399
22,801
4,730
17,954
120
-2
50,535
15,103
34,948
558
-75
6,404
524
4,968
13
709
190
9,022
261
135
3,005
154
22,825
2,488
19,866
72
12,180
1,845
6,285
110
2,883
1,057
22
17
20
15
64
100
5
24
11
100
100
9,950
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
25,997
57,090
2.693
8,501
1,947
646
2,135
3,773
(2)
825
5,234
2,422
(2)
6,322
5,780
18,756
2,349
175
5,353
10,878
4,212
2,663
8,559
2,998
1,180
12,943
1,724
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
3,365
145
1,525
9,909
896
5,311
1,611
18
1,008
2,673
786
802
406
500
522
686
15
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a,
n.a.
n.a.
n.a.
n.a.
11
5
15
26
1
8
15
n.a.
12
3
28
n.a.
7
99,358
(D)
1,974
680
1,294
178,469
234,975
332
2,551
8,537
8,027
241
80
48
32
1,599
2,023
1,297
2,788
Manufacturing
Wholesale trade
Durable goods
Nondurable goods
0
8
2,583
3,953
29,230
74,449
P)
Finance (except banking), Insurance, and real estate
Finance, except banking
Insurance
Real estate
Holding companies
Nonbusiness entities, except Government
3,012
24,835
85
1,108
190
Services
Hotels and other lodging places
Business services
Advertising
Equipment rental (ex. automotive and computers)
Computer and data processing services
Business services, nee
Automotive rental and leasing
Motion pictures, including television tape and film
Health services
Engineering, architectural, and surveying services
Management and public relations services
Other
11,674
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
29,362
66,999
2,838
10,026
2.627
652
2.313
4.434
6,676
24,067
3,960
193
6,361
13,551
4,998
3,465
8,965
3,498
1,702
13,629
107,895
(D)
186,496
1,044
956
(D)
Other Industries
Agriculture, forestry, and fishing
Mining
Metal mining
Nonmetallic minerals
Construction
Transportation
Communication and public utilities
Retail trade
D
2,415
853
1,562
47,798
28,740
(2)
941
5,420
3,350
6,787
P)
11,583
27,409
99,035
46,471
668
246,946
366
2,931
2,103
828
8,509
58,371
123,381
53,387
Suppressed to avoid disclosure of data of individual companies,
n.a. Not available.
1. No data are shown in this cell because U.S. nonbusiness entities, such as individuals, estates, or trusts, that
directly hold foreign investments are not required to report financial and operating data in BEA surveys of U.S.
8
46,536
26,251
11,645
9,432
6,724
11,842
9,812
8,367
1,090
3,896
5,150
18,313
4,351
803
876
9,984
25,386
97,738
43,683
P)
7,921
39.566
(D)
1,764
787
7,300
57,216
120,224
47,352
direct investment abroad.
2. Included in "other" services.
MNC Multinational company
MOFA Majority-owned foreign affiliate
8
P)
441
173
268
P)
1,483
1,262
2,490
5,585
15
3,007
154
178
6612
()
116
186
928
7,051
656
2,195
P)
2,016
34,883
P)
12,376
1,700
5,038
3,281
2.357
39,151
32.645
6,506
39,150
9,050
1,451
985
7,217
2,087
3,711
1,723
856
1,701
9.606
765
11,971
34
380
339
41
1,209
1,155
3,157
6,035
4
20
18
30
18
20
42
17
17
28
10
19
17
19
23
10
21
39
12
10
19
11
26
19
22
22
24
12
4
23
8
14
7
1
6
February 1994
SURVEY OF CURRENT BUSINESS
•
59
Table 12.1.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, Country by Industry, 1977
[Millions of dollars]
Manufacturing
All
industries
All countries
.
.
..
Canada
Europe
.
Austria
Belgium
Denmark
Finland
France
Norway
Portuaal
' v , a"
Spain
Sweden
10,075
4,231
13,555
8,062
13,921
16,165
11,301
1,948
3,929
10,339
1,364
1,623
1,346
1,682
1,276
3,815
4,044
875
910
621
4,114
69,360
16,944
40,441
2,455
5,412
2,091
9,540
4,935
7,705
8,303
7,628
276
2,102
1,969
844
SI
226
25
88
26
0
341
17
524
12
110
P)
P)
P)
P)
70
307
726
225
209
961
0
21
P)
0
P)
27
151
7
0
416
255
999
38
83
466
3
641
78
5
-2
23
4
19
250
306
3
82
0
266
5
80
0
162
219
51
368
234
-5
27
P)7
P)
28
2
108
2,605
(D)
123
p
(D)
M
6,203
18,115
4,424
12,058
389
762
235
188
100
485
5,825
2,430
' 23
2,744
4,209
887
2,235
1,655
1 207
'(D)
178
84
198
178
2,019
8
294
321
175
1,479
P
519
9
62
199
0
278
1,242
760
37
152
447
10
114
592
0
11
115
P)
7
3,072
9,533
1,156
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
10,927
1,449
6,485
1,668
7,534
788
73
450
6
39
9
14
168
28
Central America
Costa Rica
Guatemala
Honauras
Mexico
Panama
Other
2,879
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
2,230
162
532
307
404
1,370
216
115
156
142
2,050
289
127
157
25
398
226
370
89
(D)
24
(D)
8,020
344
233
1
45
(D)
21
89
(D)
1,170
39
P)
56
33
(D)
P)
P)
0
27
(D)
332
945
5,169
62
320
35
74
745
184
1,646
26
41
P)
P)
136
6
0
0
83
18
1
(D)
1
69
2
0
0
57
61
33
n
802
4
54
546
198
1,848
1,317
4,511
4,001
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
22,260
21,120
225
(D)
(D)
(D)
103
84
3
1,117
1,072
(D)
(D)
16
Asia and Pacific
Australia
China
Hong Kong
India
Indonesia
Japan
Korea, Republic of
Malaysia
New Zealand
PhilipDines
Singapore
Taiwan
Thailand
Other
16,367
5,578
(D)
5,579
2,458
Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.
1. See footnote 2 to table 6.
1,736
(D)
1,158
2
542
210
0
71
1
4,661
3,065
4,394
79
333
384
549
400
260
254
50
(D)
0
161
(D)
(D)
105
9
(D)
3
1,311
873
P)
299
16
15
23
232
1,863
n
2
199
205
106
1,468
59
122
158
278
210
224
58
30
P
P)
5
1
P)
0
1
P)
0
2
P)
P)
P)
P)
0
0
1
P)
256
0
2
1
2
P)
10
fl
79
(*)
16
8
3
341
1
0
2,122
1,045
1,064
3,080
1,262
3,290
1,904
267
0
76
909
32
589
9
32
449
5
123
P)
4
P)
P)
P)
5
38
19
P)
P
P)
622
46
5
655
P)
P)
0
0
0
8
178
0
P)
0
P)
P)
146
447
P)
P)
27
17
130
87
195
P)
198
P)
(*)
P!
438
P)0
117
282
42
0
1,145
529
1,905
2,292
P)
0
3,155
O
0
930
P)
14
P)
49
40
130
43
586
9
1,981
587
889
920
1,506
2,494
1,195
348
461
1,426
1,518
462
35
231
676
46
535
2,036
179
901
1,392
P)
P)
4
P)
36
P)
P)
P)
P)
0
P)
115
P)
P)
P)
6
P)
212
P)
755
143
220
30
72
16
36
228
9
45
3
26
0
6
0
309
21
88
4
6
2
4
185
616
32
246
21
91
10
14
165
1
809
145
657
0
1
0
1
5
0
1,245
1,003
n
P)
433
17
18
2
378
9
10
122
1
2
0
115
0
3
79
0
0
0
79
0
0
242
7
8
0
211
0
16
261
0
426
16
18
8
369
313
5
8
3
222
67
8
38
(*)
2
(*)
7
27
2
61
0
0
0
39
21
0
371
53
39
30
5
0
0
3
4
0
0
0
0
0
0
0
0
0
0
2
0
0
0
1
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
92
46
3
23
439
21
P)
127
41
0
49
4
4
4
4
20
1
266
5
0
268
2
1
-14
1
2
P)
4
0
0
0
4
0
0
0
0
0
119
4
24
80
11
95
0
1
39
55
P)
85
0
P)
P)
314
3
31
208
72
0
0
2
8
-10
43
5
2
18
18
41
22
3
0
16
0
0
0
0
0
103
P)
404
11
272
3
118
900
381
0
19
82
17
228
1
12
21
70
2
23
14
30
112
63
0
2
724
0
(D)
70
306
736
(D)
113
(D)
114
97
(D)
P)
250
49
49
4
16,036
P)
P)
812
10,679
U03
2,015
P)
0
165
3,793
D
Other
industries
5,598
16,861
Addenda:
Eastern Europe2
European Communities (12) 3
OPEC 4
Services
15,151
518
449
69
International1
Finance
(except
banking),
insurance,
and real
estate
71,609
(D)
Africa
Egypt
Nigeria
South Africa
Other
Other
manufacturing
Wholesale trade
6,110
266
Latin America and Other Western Hemisphere
Electric and
electronic
equipment
Transportation
equipment
62,010
9,688
Switzerland
Turkey
United Kingdom
Other
Machinery,
except
electrical
27,783
672
247
.
Food and
kindred
products
Total
Primary
and
fabricated
metals
161,136
4,244
Germany Federal Republic of
Greece
. .
Ireland
Italy
Luxembourg
Netherlands
Petroleum
Chemicals and
allied
products
0
213
fl
0
P)
0
n
11
0
P)
0
p)
20
0
1
0
0
0
104
P)
P)
P)
0
(*)
1,317
225
0
22
25
0
P)
P)2
P)
0
45
P)
0
0
P)
390
14
0
P)
P)
107
18
5
13
45
P)
P)
53
P)
n
0
261
0
0
0
0
p)
2
23
21
0
0
2
0
0
0
0
0
823
167
2
117
P)
P)
18
62
34
80
8
23
127
147
P)
0
703
0
0
0
0
1
0
2
P)
P
P)
P)
0
0
P)
254
P)
P)
32
O
0
0
8
0
P)
1
7
0
P)
114
P)
P)
P)
1,025
12
1,046
P)
8
0
P)
42
0
18
0
10
1
0
7
0
0
0
P)
n1
1,123
1,186
664
0
P)
P)
378
0
172
3
7
375
p)
P)
P)
P)
69
97
38
77
P)
P)
P)
_3
20
60
40
52
21
40
(\ D1)
P)
178
0
24
-1
1
94
0
1
6
P)
-1
P
n1
15
4
0
0
298
153
0
40
0
1
83
5
3
2
4
3
0
5
O
P)
48
P)
739
P)
P)
15
P)
177
105
P)
115
60
P)
P)
2
104
P)
P)
14
1
P)
P)
0
24
P)
232
P)
1
147
42
P)
P)
1,253
0
36
2
150
P)
P)
27
P)
P)
30
5
P)
(D
V 1
438
0
0
0
0
0
0
63 162
32^948
14 670
30]227
38969
'963
2 372
'181
5 282
2,021
' 41
234
0
p)
\ 1
7
2. See footnote 3 to table 6.
3. See footnote 4 to table 6.
4. See footnote 5 to table 6.
0
(D)
\ 1
83
0
0
0
7 676
'115
7,865
5 608
301
335
0
228
P)
0
0
1 827
1 861
583
>)
60 • February 1994
SURVEY OF CURRENT BUSINESS
Table 12.2.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, Country by Industry, 1982
[Millions of dollars]
Manufacturing
All
industries
Petroleum
Food and
kindred
products
Total
Primary
and
fabricated
metals
Chemicals and
allied
products
23,491
19,409
1,180
8,009
9,757
4,123
3,868
1,796
341
1,094
3,376
11,956
5,273
9,462
12,922
12,058
701
4,691
1,987
16
803
15
4
1,241
()
389
2
0
2,548
77
513
80
-20
18
15
0
584
122
477
40
4
1,676
297
1,445
294
317
1,972
1
-17
81
P)
n
50
49
787
638
10
128
312
0
499
1,541D
()
464
669D
()
467
3,239
0
247
1,431
12
494
1,641D
()
106
623
D
4,340
0
21
145
0
36
2,925
53
345
592
116
1,333
68
143
903
1
30
1
-11
23
-2
17
517
11
6
196
446
13
292
0
377
153
0
141
2
23
193
(D)
68
(D)
1,572
0
2,189
1,595
210
809
13
124
18
18
319
83
21
26
388
52
95
9
1,972
0
0
25
202
32
0
0
4,065
0
8
403
53
0
2,749
0
()
44
480
(D)
99
16
760
0
165
()
5,251D
()
345
94
309
391
1,284
(D)
2,010
D
2
6
67
0
552
-4
71
40
242
92
298
8
1,458
18
1,129
2,647
4,885
2,199
-159
766
1,629
2,418
71
2,031
7
(D)
3,937
768
2,410
37
253
10
27
418
15
1,557
190
665
88
102
22
86
384
20
32
22
11
447
66
144
16
33
7
102
332
107
72
12
163
147
()
23
16
12
808
12
526
Europe
112,577
54,727
4,267
7,892
246
2,394
231
(D)
7,423
15,292
140
1,336
3,928
196
2,553
257
191
1,854
626
721
49
17,254
(D)
17,531
()
98
71
0
586
24,756
497
1,893
8,481
235
5,392
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom .
Other
4,440
341
2,571
1,889
3,198
152
38,465
54
Latin America and Other Western Hemisphere
27,939
7,137
260
404
3,183
40
1,496
5,974
South America ....
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
20,358
2,902
11,199
468
1,361
516
1,116
2,394
402
14,093
1,859
9,572
122
720
72
108
1,401
238
Central America ..
Costa Rica
Guatemala
Honduras
Mexico
Panama
4,927
163
276
251
3,561
433
244
3,187
68
74
82
2,879
45
39
2,654
209
59
82
122
403
189
(D)
23
251
14
13
0
43
119
6
27
3
25
Other
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean ....
Other
Africa
Egypt
Nigeria
South Africa .
Other
Middle East
Israel
Saudi Arabia
United Arab Emirates .
Other
Asia and Pacific
Australia
China
Hong Kong
India
Indonesia
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
International'
Addenda:
Eastern Europe2
European Communities (12) 3
OPEC 4
D
Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.
1. See footnote 2 to table 6.
10,055
1,389
2,219
2,330
4,117
16,429
573
13
16
(D)
470
4
8,112
280
3,965
3,060
187
124
46
28,438
10,069
7
959
229
6,317
4.587
219
1,691
618
1,074
1,109
616
657
288
9,553
4,295
4
246
209
146
2,178
119
373
281
447
570
514
96
76
8
2,579
2,237
0
101,289
21,801
32,507
17,988
0
52,791
1,737
5,402
2,954
3,907
1,723
2,982
428
1,942
34
201
21
37
307
12
1,594
262
1,307
0
1
0
0
20
3
788
16
32
10
700
27
3
129
0
0
0
129
0
P)
442
58
538
9
(D)
13
9
40
417
14
()
378
0
137
(D)
0
0
10
95
0
0
222
7
0
5
0
2
P)
0
2
1,801
362
0
27
25
2,056
1,053
1 s
140
8
27
72
2
29
11
0
4,130
349
229
0
0
0
229
0
0
232
0
0
227
5
0
131
186
43
744
418
0
0
229
66
46
497
7
21
43
155
15
35
32
59
1D
()
2
1
215
8
71
8
0
0
1,646
195
4
140
216
78
283
15
81
221
287
37
0
0
0
0
0
1,589
1,209
0
0
0
0
1
0
8
108
(D)
0
4
421
64
D
0
0
0
0
0
0
0
0
0
0
8
229
65
1,011
255
Other
industries
18,055
2,303
Germany, Federal Republic of
Greece
Ireland
Italy
Luxembourg
Netherlands
Services
1,680
1,448
981
5,127
1,334
574
12,196
Finance
(except
banking),
insurance,
and real
estate
9,876
16,413
Austria
Belgium
Denmark ....
Finland
France
Other
manufacturing
Wholesale trade
2,002
99,756
34,017
38,413
Electric and
electronic
equipment
Transportation
equipment
17,619
223,717
Canada
All countries
Machinery,
except
electrical
115
P)
0
P)
P)
10
p)
P)
15
P)
()
515
(D)
204
8
377
8 P)
(D) 88
243
0
1,478
(D)
2,598
844
0
342
0
35
777
C)
1
n
0
-22
4
1
n
-5
-22
n
-168
7
0
-38
3
P)
P)
8
-19
P)
2
1
0
-2
3
-2
1
-4
0
1
297
62
0
75
0
97
1
4
2
P)
P)
P)
P)
31
0
76
9
25
P)
P)
774
P)
P)
128
2
4
2
84
31
5
454
191
86
5
34
9
10
13
7
25
3
188
147
24
3
83
37
P)
45
P)
P)
118
P)
P)
P)
8
P)
P)
-3
4
185
P)
P)
33
P)
660
46
536
477
651
349
0
71
1,761
1,168
0
129
-4
128
P)
P)
P)
P)
P)
P)
409
93
104
51
183
P)
27
23
19
n0
12
22
P)
P)
P)
P)
18
P)
18
P)
P)
36
342
0
7,695
414
0
2,892
127
21
2. See footnote 3 to table 6.
3. See footnote 4 to table 6.
4. See footnote 5 to table 6.
0
4,817
101
9,450
P)
0
9,380
592
0
627
O
4,073
787
0
1,910
697
6l
February 1994
SURVEY OF CURRENT BUSINESS
Table 12.3.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, Country by Industry, 1989
[Millions of dollars]
Manufacturing
All
industries
Petroleum
Total
Food and
kindred
products
Chemicals and
allied
products
Primary
and
fabricated
metals
Finance
Machinery,
except
electrical
Electric and
electronic
equipment
Transportation
equipment
Other
manufacturing
Wholesale trade
(except
banking),
insurance,
and real
estate
Services
Other
industries
319,994
77,195
172,008
13,643
32,059
7,623
30,430
12,646
33,764
41,843
37,947
3,439
14,612
Canada
52,114
9,509
28,885
1,759
4,298
1,902
2,676
1,921
8,662
7,667
3,291
1,165
1,998
7,266
Europe
179,758
41,596
99,389
6,738
19,241
3,619
19,923
5,853
18,417
25,597
24,463
1,137
9,969
3,204
73
263
163
3
745
53
24
614
-1
8
(D)
659
1,521
7
0
639
n
62
31
605
576
24
93
14
5
3,155
4,008
3
35
18
-1
160
58
567
114
21
3,519
82
224
61
5
577
8
2,776
6
152
20
4
384
916
42
406
578
0
687
3,271
1,312
5,054
1,442
7,056
6,753
2,473
95
979
0
77
172
(D)
369
0
842
0
41
809
4
74
110
298
1,361
1,881
8
892
8
277
387
3
545
55
881
2,810
34
98
15
6
870
649
140
0
2
76
250
23
132
9
0
(D)
4,473
1,748
6,468
8,344
4,703
0
2
0
-1
(D)
All countries
Austria
Belgium
Denmark
Finland
France
2,021
8,640
1,243
1,065
22,625
Germany, Federal Republic of
Greece
Ireland
Italy
Luxembourg
Netherlands
35,683
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
,
677
582
695
1,368
4,956
128
363
396
(D)
11,794
5,116
317
569
68
25,804
201
1,828
51
18
6,148
3,502
7,760
13,214
64
(D)
7,761
4,164
3,497
997
5,723
1,008
1,215
463
258
106
(D)
768
203
137
1
94
520
58
106
22
52,703
15,514
27,423
2,061
3,444
83
(D)
1
0
0
4,473
16,487
587
7,398
2,229
5,106
515
120
342
1,644
80
3,661
1,007
67
100
34
4
(D)
155
17
35
—7
885
0
2,092
8
12
D
( )
14,793
1,871
P)
1,318
1,010
3
5
211
4
(D)
0
-38
(*)
18
64
-7
1,533
2,421
-171
1,180
63
(D)
828
186
690
(D)
436
308
23
()
0
136
749
-2
(D)
89
316
77
423
(D)
3,264
1,050
1
1,120
(D)
2,407
76
n
-3
15
273
O
46
82
422
12
15
()
29,601
3,561
21,664
2,540
4,009
1,411
1,854
1,588
4,740
5,522
2,553
-208
687
1,344
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
21,843
1,577
16,618
2,332
16,886
1,682
3,036
1,228
1,638
1,104
3,618
4,581
1,737
87
4
62
19
4
340
37
236
14
21
0
5
22
4
460
35
30
48
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other
6,208
Latin America and Other Western Hemisphere
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
Africa
Egypt
Nigeria
South Africa
Other
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
Asia and Pacific
Australia
China
Hong Kong
India
Indonesia
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
International1
Addenda:
Eastern Europe2
European Communities (12) 3
OPEC 4
D
Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.
1. See footnote 2 to table 6.
454
849
135
489
219
(D)
64
(D)
(D)
10
14
(D)
75
974
193
25
11
6
19
2
1,413
1,062
3,382
3,826
1,273
(D)
0
0
0
14
0
5
19
2
3
3
0
56
(D)
0
0
(D)
0
(D)
(D)
2
33
(D)
23
101
101
11
21
129
27
—2
0
216
0
0
0
216
0
0
476
8
0
0
467
0
1
1,121
800
49
7
(D)
(D)
0
2
139
1
7
0
0
(D)
(D)
43
13
792
7
15
498
10
15
11
388
72
2
54
0
-3
(D)
68
(D)
(D)
17
0
1
0
2
0
3
5
0
6
76
8
0
(*)
12
41
4
9
1
0
(D)
0
0
0
0
(D)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8
0
0
0
0
0
0
0
0
0
0
0
(D)
0
2
1
14
(D)
0
2
3
5
318
62
101
54
10
53
4
0
24
10
-349
883
24
18
441
400
191
5
228
10
15
160
42
175
4
2
58
111
127
(D)
0
(D)
16
17
(D)
1
(D)
11
19
0
0
19
117
30
12
55
20
n
0
127
0
0
69
58
0
-17
43
(D)
1
11
D
( )
8
6
1
0
23
22
4
(*)
-3
0
0
0
0
0
8
8
0
0
0
119
119
0
0
0
0
0
0
0
0
37
36
1
0
0
163
82
31
27
23
-64
-16
-29
-24
5
226
102
103
13
9
516
250
-1
55
0
2
111
3
(D)
3
0
20
16
45
5,841
3,148
2,893
1,171
7,359
1,927
1,690
281
7
261
1,927
1,245
1,424
511
9
170
0
P)
fl
2
225
(D)
(D)
818
1T9
-6
910
3
42
203
0
302
1
-1
613
(D)
35
11
(D)
51
(D)
56
610
5
255
1
14
602
17
5
25
18
79
34
17
5
973
162
249
14,167
1,158
2,352
364
650
37
90
509
95
10
112
17
5
152
65
56
188
5
43
138
4
422
1
52
69
30
164
105
4,606
897
30
11
182
29
842
28
15
90
588
124
-1
807
61
67
49
11
58
-16
467
12
98
172
8
3
1
31
85
7
16
10
12
769
(D)
689
1,733
1,701
681
1,150
272
397
736
412
208
158
287
4,883
530
143
1,549
425
203
-113
209
455
-244
497
-10
128
5,299
701
P)
2,097
1,294
4,891
99
69
105
4,123
O
24
161
n
(D)
2,735
1,176
195
191
6
1,156
621
(D)
n
46,875
13,902
13,734
3,691
20,992
6,861
2,407
1,500
4,259
1,903
8
-28
240
-9
10
5
0
(D)
464
56
4
58
183
22
76
14
(D)
9
24
(D)
59
359
3,999
14,940
3,591
36
751
161
100
P)
7,668
726
-6
(D)
(D)
(D)
463
4
2,926
157
1,749
985
1,006
2,353
1,938
1,815
1,132
372
215
1,457
692
463
477
302
625
1,453
1,531
476
88
n
1,412
75
41
45
219
89
167
96
(D)
O
P)
7
3,954
11
12
8
3
656
224
(D)
6
O
0
2
0
0
0
6
0
863
195
313
10
124
588
455
46
(D)
0
0
0
1,121
11
0
0
47
5
0
(D)
0
34
D
( )
0
0
( }
D
96
44
(D)
(D)
1
3,249
234
80
173
69
293
239
(D)
(D)
n0
178
23
-231
n
(*)
-244
5
-80
n
-15
2
P)
132
3
2
O
105
19
3
-115
5
(D)
13
496
94
25
(D)
169
(D)
P)
215
84
10
12
(D)
387
33
0
2
(D)
3
7
21
1
1
3
7
P)
P)
()
0
p)
4
P)
1,675
611
(*)
468
O
254
P)
765
4
0
-1
0
0
0
0
0
0
-1
164,628
10,730
35,877
9,372
96,145
6,474
3,560
19,087
5,599
18,014
(*)
18,935
24,475
19,447
672
177
223
34
20
6
(D)
(D)
260
2. See footnote 3 to table 6.
3. See footnote 4 to table 6.
4. See footnote 5 to table 6.
0
825
-55
5
9,282
162
0
3,052
320
SURVEY OF CURRENT BUSINESS
62 • February 1994
Table 12.4.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, Country by Industry, 1990
[Millions of dollars]
Manufacturing
All
ndustries
Petroleum
Chemicals and
allied
products
Food and
kindred
products
Total
Primary
and
fabricated
metals
Finance
Machinery,
except
electrical
Electric and
electronic
equipment
Transportation
equipment
Other
manufacturing
(except
banking),
insurance,
and reai
estate
Wholesale trade
Services
356,033
86,987
187,573
16,348
32,572
7,665
33,433
13,382
37,078
47,096
40,233
5,637
Canada
50,820
9,003
27,391
2,005
3,375
1,407
2,505
1,833
8,595
7,672
3,444
1,752
2,051
Europe
213,419
48,665
116,180
8,926
20,606
4,372
22,779
6,539
22,780
30,179
27,436
2,205
12,148
48
33
670
-1
14
(D)
(D)
(D)
3,403
4,593
24
262
28
1
183
104
728
123
24
599
(D)
(D)
73
(D)
694
4,041
125
278
(D)
5
972
6,293
1,855
10,460
8,402
3,084
0
0
48
780
(D)
62
56
919
129
393
1,473
2,271
20
908
7
284
637
(D)
563
8
48
12
923
541
101
0
13
(D)
271
(D)
103
(D)
0
(D)
97
119
38
5
3
183
11
50
(D)
2,627
3,886
1,125
4,741
1,042
0
All countries
(D)
733
1,445
5.485
153
(D)
429
(D)
88
285
188
3
5,418
13,993
1,012
3,465
15
194
(D)
6
500
46,969
6,795
33,620
1,421
3,735
1,454
925
530
672
188
36
430
741
0
833
89
0
89
190
(D)
482
Austria
Belgium
Denmark
Finland
France
2,380
10,081
1,476
1,203
27,410
Germany1
Greece
Ireland
Italy
Luxembourg
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
Latin America and Other Western Hemisphere ..
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
5,416
18,967
6,250
730
79
632
13,724
2,392
6,931
5,120
1,269
8,428
2,128
6,072
4,314
177
420
6,353
1,049
1,728
812
357
146
(D)
984
422
60,123
17,322
30,545
D
5,999
21,621
3,043
22,782
2,603
16,093
4,603
15,934
1,397
12,938
2,046
445
287
2,602
1,258
2,423
(D)
581
286
(D)
76
359
588
40
60
439
113
16
121
15
7
109
75
100
201
6
16
116
4
5,458
980
27
10
74
739
130
-1
920
29
13
(*)
817
54
7
17
801
1,399
341
412
694
438
765
1.351
1,055
176
110
213
5,800
105
66
80
4,984
193
30
D
D
(D)
0
1,586
2,748
518
381
(D)
18
(D)
79
(D)
851
(D)
(D)
(D)
6,876
10,248
4,205
-3
38
5,873
4,780
2,509
()
0
()
0
4,179
1,249
1,774
1,368
4,135
3,153
1,063
1,546
3
0
0
0
17
0
781
20
719
8
18
2
3
11
0
0
2
120
2
7
220
0
0
0
220
0
0
579
8
0
0
569
0
1
105
8
(D)
0
7
0
0
0
0
0
0
15
794
190
27
11
4
20
4
18
1,508
8
733
583
2,565
17
595
2,399
3,837
0
(D)
0
0
42
(D)
6
31
(D)
30
1,570
(D)
j)
1,215
810
2,825
115
1,591
49
90
548
15
1,496
89
102
422
90
462
92
3,616
-15
17
1,883
-671
754
923
356
83
127
111
11
67
148
20
189
(D)
(D)
(D)
2
(D)
D
()
-5
1
385
28
281
16
21
0
5
28
5
-1
0
-4
157
4
2
-1
118
31
3
0
0
3
948
8
16
8
0
0
0
(D)
0
383
43
<J
0
0
1
1
105
134
2
0
0
0
6
0
0
0
0
0
0
0
15
(D)
11
57
9
0
21
4
1,570
-1
8
55
29
28
2,489
1.18
577
17
15
7
450
85
3
0
0
0
313
26
-16
169
-1
-31
0
32
8
212
120
286
39
193
-210
63
17
2
1
n
(*)
263
338
19
50
4
735
17
111
35
133
8
13
9
19
2
0
3
5
0
7
16
69
4
7
1
0
0
(D)
0
0
0
0
0
0
0
7
4,659
868
24
22
423
399
199
240
10
12
150
68
131
4
2
65
60
109
(D)
0
92
(D)
21
(D)
1
1
(D)
18
0
0
18
0
150
0
4
78
69
144
36
12
75
21
21
2
1
0
19
33
9
8
1
0
30
25
6
6
0
0
0
255
255
0
0
0
0
0
0
0
0
48
47
1
0
0
79
20
23
23
14
-A
7
-26
291
210
69
r;
1
0
1
0
0
10
8
504
217
6,261
3,366
1,550
1,778
247
{Dl
220
885
0
7,246
1,713
2,334
496
3,173
1,301
359
0
417
634
7
266
£
0
0
43
13
0
(D
0
3^
(D
-506
775
74
136
6,162
1.016
2,222
2.226
8
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
3,206
2,428
698
927
2,186
c
4
19
171
0
1,644
1,606
862
(D)
350
341
7
(*)
1
49,786
14,178
15,560
4,445
21,163
6,321
2,165
1.302
4,143
1,872
114
-50
294
_c
4l5
41
856
141
111
11
6
0
8
497
70
11
48
35
58
577
123
3.122
136
4,987
14,565
(
§
906
-4
1.825
1,006
914
P
1,015
3.547
2,255
1,832
1,045
389
253
1,559
673
(D
195,516
10,158
652
i
0
41,560
8,820
7,305
486
612
243
571
2,372
1,526
496
82
n
•;
8
137
18
77
16
c
o
0
(Dl
—t
233
(D
j
(D
12
15
(D
C
j
117
1.311
j
72
35
54
211
98
171
107
60
j
(
j
1,340
D
202
ii
(D
(D
0
0
8.272
20,248
4.279
22,040
621
137
198
37
24
(D
2.
3.
4.
5.
Q
See
See
See
See
footnote
footnote
footnote
footnote
18f
424
9
103
808
457
75
0
2
3
4
5
to
to
to
to
table
table
table
table
o
2
2
c
t
L
PD
(D
(
12
6.
6.
6.
6.
j
42
2,845
41
-383
n3
-544
19
3
1
t
fl
992
23
72
30
24
30
(D)
(D)
17
8
g
2
67
20
t
16
544
44
349
119
171
53
242
489
161
(D
22,399
28,755
21,852
2,139
11.27"
42
172
263
-25
132
3
0
6,10i
(D
933
-860
132
123
(D
(D
&
(D
(D
(
(
112,094
Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.
1. Beginning with 1990, includes the former German Democratic Republic (GDR), which reunited with the Federal
Republic of Germany in October 1990. This change does not affect the comparability of the 1990 data with the
data for earlier years, because no affiliates of U.S. companies were in the former GDR before 1990.
1,220
3,212
o
2,101
228
8
Africa
Egypt
Nigeria
South Africa
Other
D
1,031
31,080
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
Addenda:
Eastern Europe 3
European Communities (12) 4
OPEC 5
31
128
()
522
126
International2
70
2,496
()
340
1
27
59
38
130
86
India
D
1,281
2,193
0
6,947
Indonesia
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
185
2
113
586
75
52
25
188
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other
Asia and Pacific
Australia
China
Hong Kong
4,270
9,227
1,824
17,090
i
42
ID
_]
101
(D
(D
(D
162
45
18
0
(D
February 1994
SURVEY OF CURRENT BUSINESS
•
63
Table 12.5.—Gross Product of Nonbank Majority-Owned Foreign Affiliates, Country by Industry, 1991
[Millions of dollars]
Finance
Manufacturing
industries
Petroleum
Food and
kindred
products
Total
Chemicals and
allied
products
Primary
and
fabricated
metals
Machinery,
except
electrical
Electric and
electronic
equipment
Transportation
equipment
Other
manufacturing
Wholesale trade
banking),
insurance,
and real
estate
Services
Other
industries
356,069
88,835
182,085
17,922
32,690
7,113
29,923
13,389
47,104
41,060
4,739
18,097
Canada
47,126
7,725
23,753
2,075
3,303
1,447
2,140
1,709
6,155
3,633
2,370
2,155
7,491
Europe
217,515
53,114
115,359
10,171
21,094
4,043
20,571
6,496
31,579
27,663
981
12,953
7,445
759
1,607
532
90
332
204
4
13
225
38
436
161
257
P)
P)
6
498
18
3,582
5
972
90
37
3,399
594
1,749
709
1,163
47
1,983
77
30
3,528
38
218
27
2
153
103
764
130
25
2,468
P)
5,411
476
101
13,768
859
1,695
56
431
934
0
929
3,862
111
1,494
2,249
38
2,247
1,240
0
93
167
1,691
10
283
9,473
52
1,098
1,444
410
6,479
0
779
3,158
25
785
121
30
46
135
10
-481
1,811
49
80
661
16
1,407
1,758
0
17
643
3
240
2
148
609
22
175
1,075
149
127
5
4
162
8
52
23
1,080
0
821
516
127
0
3,753
0
3
11
73
37
456
91
127
399
138
549
57
4,058
23
18
0
267
46
-1
3,353
1
1,032
1,243
-1,472
586
1,563
74
364
38
235
25
22
0
5
33
6
744
170
4
2
-1
143
19
3
442
46
3
52
145
6
20
376
33
0
26
P)
P)
P)
P)
All countries
Austria
Belgium
Denmark
Finland
France
2,365
9,831
1,894
1,125
27,306
Germany1
Greece
Ireland
Italy
Luxembourg
Netherlands
49,524
1.169
5,318
20,308
672
13,444
7,512
705
660
7,077
90
34,850
230
4,224
9,286
2,608
6,708
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Other
4,939
1,507
8,308
2,432
6,756
848
59,494
275
4,290
461
149
725
372
19,048
43
127
465
6,190
1,075
2,217
303
28,432
184
s
2,621
3,795
28,464
4,681
21,004
3,403
3,977
5,556
551
28
635
P)
1,789
56
476
15
331
55
99
P)
775
277
P)
P)
1,233
10,314
-2
P)
4,501
3,471
154
290
2,506
2
2,963
411
443
1,230
P)
2,763
117
4,496
18
21,253
84
20
P)
P)
28
Latin America and Other Western Hemisphere
1,214
4,466
5,667
2,102
South America
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
Other
19,188
3,363
11,514
Central America
Costa Rica
Guatemala
Honduras
Mexico
Panama
Other
9,014
192
238
276
7,585
561
163
262
279
159
-727
270
334
-802
642
9
97
453
272
641
33
107
711
133
567
-7
163
84
52
153
122
7,056
135
69
119
6,521
182
32
1,276
38
13
103
992
131
-1
1,117
30
13
7
1,019
41
7
867
59
24
8
204
9
2
1
39
103
8
11
10
21
19
81
8
0
926
1,278
327
340
1,080
Other Western Hemisphere
Bahamas
Barbados
Bermuda
Dominican Republic
Jamaica
Netherlands Antilles
Trinidad and Tobago
United Kingdom Islands, Caribbean
Other
6,074
R
605
15
70
Africa
Egypt
Nigeria
South Africa
Other
849
2,239
752
2,235
Middle East
Israel
Saudi Arabia
United Arab Emirates
Other
2,882
632
254
1,475
521
1,882
52,208
12,295
211
3,192
123
5,031
16,517
1,031
16,041
4,124
23
380
-11
Asia and Pacific
Australia
China
Hong Kong
India
Indonesia
Japan
Korea, Republic of
Malaysia
New Zealand
Philippines
Singapore
Taiwan
Thailand
Other
!
International2
Addenda:
Eastern Europe 3
European Communities (12) 4
OPEC 5
D
Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.
1. See footnote 1 to table 12.4.
2. See footnote 2 to table 6.
4,574
2,187
8
8
8
4,590
-7
2,016
2,264
1,189
3,333
408
789
13
1,373
293
1,798
819
122
198,775
10,492
0
46,005
8,639
2,395
2,203
13,744
1,951
9,887
325
63
360
,
2,779
369
1,912
72
213
3
23
184
4
2,108
609
1,080
21
133
13
7
150
96
3,248
921
1,221
888
21
38
458
371
0
no
2
o
3
5
0
8
220
8
18
23
172
47
4
4
1
0
276
3
17
181
75
384
359
9
15
1
14
11
2
0
n
20,697
0
(*)
2,039
1,015
17
19
0
7
542
80
8
3
210
18
88
22
11
4,021
1,455
46
71
32
69
1,456
90
45
62
256
91
190
110
49
5,311
77
812
130
114
7,932
593
813
186
688
1,924
1,572
475
70
20
15
4
842
31
558
172
30
11
4
33
4
986
7
956
3
0
0
0
19
0
471
30
396
9
15
2
3
16
0
2,181
26
1,926
0
249
0
0
0
249
0
0
735
12
0
0
722
0
1
P)
P)
P)
2,285
0
0
0
2,285
0
0
1,014
370
79
151
99
12
69
213
21
736
14
7
3
600
109
1
8
0
0
0
0
0
0
0
0
8
0
0
0
0
0
0
0
0
0
0
352
42
162
76
5
62
10
0
-8
4
-1,590
-9
-34
-859
1
3
-681
18
-30
88
4
2
56
26
1
0
1
0
0
105
21
0
0
21
0
172
55
P)
37
2
1
0
35
292
286
0
5
0
0
0
0
0
0
83
26
10
27
20
39
11
14
5
8
501
188
-2
5,847
496
11
191
3,658
241
226
4
3,744
62
71
0
3
3
977
124
7,408
1,032
102
947
3
46
3,551
353
131
106
68
306
552
180
32
2,783
289
0
484
0
3
137
4
9
1,127
571
0
4
0
0
57
12
0
0
0
0
0
0
0
0
0
P)
181
528
13
99
717
479
126
6
P)
68
P)
2
36
P)
0
0
-2
P)
-6
6
44
0
-5
P)
72
P)
P)
-145
8
8
2
51
P)
P)
13
P)
.0
fl
1,325
38
P)
38
205
P)
P)
P)
P)
169
64
13
P)
23
P)
,9
8
2
0
15
(*)
352
P)
0
P)
P)
395
236
135
16
8
100
0
13
1,957
685
8
198
2
17
703
45
6
41
(*)
185
48
19
0
3,323
854
1
371
P)
P)
D
P)
P)
10
P)
P)
P)
19
4
')
8
980
122
110,593
921
9,123
190
0
20,633
279
0
3,936
50
0
19,843
33
3. See footnote 3 to table 6.
4. See footnote 4 to table 6.
5. See footnote 5 to table 6.
6,033
26
0
20,983
125
2
30,040
218
-2
22,516
321
-2
451
14
5
11,968
207
0
7,243
390
64
SURVEY OF CURRENT BUSINESS
February 1994
New Estimates of Monthly U.S. International Services Transactions
IN MARCH, the Bureau of Economic Analysis is introducing
monthly estimates of U.S. international services transactions in
a joint news release with the Bureau of the Census. (For the
schedule of this release for upcoming months, see the outside
back cover.) The combination of the new services estimates
and the existing merchandise estimates provides a more complete picture of U.S. international trade. The development of the
monthly measure of services responds to the increased emphasis
placed on services by economic analysts and policymakers and
the need to have more timely measures of service activity.
Data improvements
The introduction of services estimates on a monthly basis is another step in BEA'S continuing effort to improve its estimates
of services. Among the improvements BEA has made over the
last decade in its quarterly and annual estimates of U.S. international services transactions are the expansion of its quarterly
and annual surveys to include 26 categories of services not previously covered, the development of estimates of cross-border
trade in services and on sales of services through affiliates, and
the expansion of coverage of travel and tourism through the joint
efforts of BEA and the U.S. Travel and Tourism Administration
(USTTA).
Source data
Table 1 identifies the principal source data used to prepare the
annual, quarterly, and monthly services estimates. The level of
detail at which the monthly estimates will be released, shown
in the left-hand column, is identical to that shown in table 1 of
the U.S. international transactions accounts, which appear in the
March, June, September, and December issues of the SURVEY OF
CURRENT BUSINESS.1
BEA'S annual estimates are based mainly on annual and benchmark BEA surveys covering the following types of services: Sales
and purchases of services between U.S. companies and their
foreign affiliates; international air and water transportation;
construction, engineering, architectural, and mining services;
royalties, license fees, and other receipts and payments for intangible property rights; insurance and reinsurance; institutional
remittances; and business, professional, and technical services.
Other important data sources include the following: Census
Bureau surveys of merchandise trade, supplemented with detail by mode of transport; USTTA surveys; Immigration and
1. For detailed estimates of U.S. international cross-border transactions and sales by
affiliates—by type, area, and country—see "U.S. International Sales and Purchases of Private
Services," SURVEY 73 (September 1993): 120-156.
Naturalization Service data; U.S. Treasury Department international capital movements data; data supplied by other U.S.
Government agencies on their international transactions; and
an assortment of data from published commercial sources, foreign central statistical offices, foreign central banks, and trade
associations.
BEA'S quarterly estimates are based on a combination of quarterly BEA surveys, quarterly (and monthly) data from other U.S.
Government agencies, quarterly (and monthly) data from foreign central statistical offices and banks, and publicly available
data from secondary sources, BEA'S quarterly surveys provide
data on affiliated services, affiliated royalties and fees, and transportation. The source data from other U.S. Government agencies
include travel, passenger fares, other transportation, financial activity in securities, and U.S. Government services. The secondary
source data used include exchange rates, average commission
rates and fees, U.S. and foreign prices, and educational enrollment; in addition, partial data include areas such as reinsurance
and transportation.
BEA'S monthly estimates are based on a combination of
monthly indicator data, partial monthly data from U.S. Government agencies, partial monthly data from foreign central
statistical offices and banks, and other secondary source data.
For "other transportation," as an example, the monthly indicators used to prepare the estimates include monthly merchandise
exports and imports (provided by the Census Bureau), passenger
enplanements, and jet fuel prices. The monthly data from other
statistical agencies and banks include partial bilateral travel data
from Canada and Mexico. The other secondary source data include average commission rates and fees (which are applied to
monthly data on foreign securities transactions), exchange rates,
prices, and selected data for transportation and other services
industries.
Revision cycle
In each month's release, a preliminary services estimate will be
published for the current month, along with a revised estimate
for the preceding month. After the revised estimate for a month
is released, there will be no further changes for that month until the quarterly BEA estimates of international transactions are
released. The first monthly release following a quarterly international transactions release will contain revised estimates of
services for the previous 6 months, as the monthly estimates are
aligned with the quarterly estimates. Annual revisions for the
months and quarters will be made in June.
Table 1 follows. S3
SURVEY OF CURRENT BUSINESS
February 1994
•
6$
Table 1.—Principal Source Data Used To Prepare Estimates of U.S. International Services
Component (millions of dollars)1
Travel:
Receipts ($53,860)
Payments ($39,872)
Passenger fares:
Receipts ($17,353)
Payments ($10,943)
Other transportation:
Receipts ($22,773) .
Payments ($23,454)
Royalties and license fees:
Receipts ($20,238)
Payments ($4,986)
Other private services:
Receipts ($53,601)
Payments ($27,988)
Government services:
Transfers under U.S. military
agency sales contracts 2
($11,015).
U.S. Government
miscellaneous service
receipts2 ($869).
Direct defense expenditures2
($13,766).
U.S. Government
miscellaneous service
payments2 ($2,290).
Annual and quarterly estimates based on:
Monthly estimates based on:
Numbers of foreign visitors to the United States each month reported
by the INS, estimates of average expenditures derived from a
USTTA survey, and monthly estimates reported by Statistics
Canada and the Bank of Mexico.
Numbers of U.S. travelers abroad each month reported by the INS,
estimates of average expenditures derived from a USTTA survey,
and monthly estimates reported by Statistics Canada and the Bank
of Mexico.
Enplanements each month from the ATA, monthly seasonal patterns,
U.S. CPI, the number of Canadian visitors to the U.S. each month
reported by Statistics Canada, and monthly estimates reported by
the Bank of Mexico
ATA enplanements, international fare billings reported by ticket agents
each month, monthly seasonal patterns, CPI's by country,
exchange rates by country, the number of U.S. travelers to Canada
each month reported by Statistics Canada, and monthly estimates
reported by the Bank of Mexico
Numbers of foreign visitors to the United States each month reported
by the INS, and estimates of average passenger fares derived
from a USTTA survey.
Number of Canadian commercial air travelers to the United States
each month reported by Statistics Canada, and estimates of
overseas travel receipts based on monthly ATA enplanements and
other secondary source data
Number of U.S. commercial air travelers to Canada each month
reported by Statistics Canada, and estimates of overseas travel
payments based on monthly ATA enplanements and other
secondary source data
Numbers of U.S travelers abroad each month reported by the INS,
and estimate of average passenger fares derived from a USTTA
survey.
Annual and quarterly data on receipts from BEA surveys of ocean
and air carriers; monthly data from Census Bureau surveys of
waterbome and airborne exports; and various other sources,
including Statistics Canada and various publicly available source
data on the transportation industry.
Annual and quarterly data on payments from BEA surveys of ocean
and air carriers; monthly data from Census Bureau surveys of
waterbome and airborne imports; and various other sources,
including Statistics Canada and various publicly available source
data on the transportation industry.
U.S. merchandise trade each month reported by the Census Bureau,
monthly jet fuel prices, and estimates of foreign visitors based on
ATA enplanements, recent trends, and monthly seasonal patterns
Annual and quarterly data on receipts from BEA surveys of affiliated
and unaffiliated royalties and fees.
Annual and quarterly data on payments from BEA surveys of affiliated
and unaffiliated royalties and fees.
Recent quarterly trends and various secondary sources
For affiliated services, annual and quarterly data from BEA surveys of
affiliated services; for education services, annual and quarterly
estimates of numbers of students, tuition, room and board, and
other expenditures derived from various sources in the education
industry; for financial services, monthly data from the U.S. Treasury
Department's monthly surveys of international capital flows and
BEA estimates of average commission rates and fees; for
insurance, telecommunications, and business, professional, and
technical services, annual data from BEA surveys and various
publicly available data on these industries.
For affiliated services, annual and quarterly data from BEA surveys of
affiliated services; for education services, annual and quarterly
estimates of numbers of students, tuition, room and board, and
other expenditures derived from various sources in the education
industry; for financial services, monthly data from the U.S. Treasury
Department's monthly surveys of international capital flows and
BEA estimates of average commission rates and fees; for
insurance, telecommunications, and business, professional, and
technical services, annual data from BEA surveys and various
publicly available data on these industries.
For affiliated services and education, recent quarterly trends and
various secondary sources; for financial services, monthly data
from the U.S. Treasury Department's surveys of international
capital flows and BEA estimates of average commission rates and
fees; for insurance, telecommunications, and business,
professional, and technical services, trends supplemented with
various publicly available data on these industries
Annual and quarterly data from U.S. military agencies
Recent quarterly trends and various secondary sources
U.S. Government agencies
Recent quarterly trends
Annual and quarterly data from U.S. military agencies
Recent quarterly trends and various secondary sources
U.S. Government agencies
Recent quarterly trends
1. Figures are annual values for 1992. Total service receipts were $179,710, and payments were
$123,299.
2. These government transactions include both services and goods that cannot be separately
identified.
U.S. merchandise trade and air freight payments each month reported
by the Census Bureau, monthly ATA enplanements, jet fuel prices,
CPI's by country, exchange rates by country, and estimates based
on past trends and monthly seasonal patterns
Recent quarterly trends and various secondary sources
For affiliated services and education, recent quarterly trends and
various secondary sources; for financial services, monthly data
from the U.S. Treasury Department's surveys of international
capital flows and BEA estimates of average commission rates and
fees; for insurance, telecommunications, and business,
professional, and technical services, trends supplemented with
various publicly available data on these industries
ATA Air Transport Association
CPI Consumer Price Index
INS Immigration and Naturalization Service
USTTA U.S. Travel and Tourism Administration
66
SURVEY OF CURRENT BUSINESS
February 1994
User's Guide to BEA Information
The Bureau of Economic Analysis (BEA) provides basic information on such key issues as economic
growth, inflation, regional development, and the Nation's role in the world economy. This guide, which
lists the most recent and most frequently requested
BEA products, helps users locate and obtain that
information.
General
BEA
Products
The guide contains program descriptions and entries for specific products. The first section, entitled
"General," describes the products that cut across the
range of BEA'S work. The following sections describe
the products related to BEA ys four program areas: National economics, regional economics, international
economics, and other tools for economic analysis.
BEA'S current national, regional, and international estimates usually appear first in
news releases. (For upcoming release dates, see the outside back cover.) The information in news releases is available to the general public in four forms: On recorded
telephone messages, online through the Economic Bulletin Board (EBB), by fax through
EBB/FAX, and in printed BEA Reports. This section describes these products, as well as
the SURVEY OF CURRENT BUSINESS—BEA'S monthly journal of record. General information products produced by BEA are discussed first. This is followed by descriptions
of electronic products and services available through the Department of Commerce's
Office of Business Analysis, which also disseminates BEA'S economic data. For more
information on any of these programs and products, write to the Public Information
Office, BE-53, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call (202) 606-9900; for telecommunications device for the deaf
(TDD), call (202) 606-5335.
1.1 SURVEY OF CURRENT BUSINESS (publication). A monthly journal containing
estimates and analyses of U.S. economic activity. Most of BEA'S work is presented
in the SURVEY, either in full or in summary form. Includes the "Business Situation"—a review of current economic developments—and regular and special articles
pertaining to the national, regional, and international economic accounts and related
topics. Among the special articles that appeared in 1993 were "Evaluation of the GDP
Estimates," "Gross Product by Industry, 1988-91," "Gross State Product, 1977-90,"
and "Alternative Frameworks for U.S. International Transactions." Current quarterly
estimates of the national income and product accounts (see program description 2.0)
appear every month.
The SURVEY also contains two statistical sections that present an array of economic
data from public and private sources. The Business Cycle Indicators section consists
What's New?
Foreign Direct Investment in the United States: Establishment Data for Manufacturing (see entry no.
11.3);
Gross Product by Industry data products (see entries 2.8-2.11);
Discontinuance of Current Business Statistics (see the box on page 90).
SURVEY OF CURRENT BUSINESS
How To Use This Guide
Entries in this guide are arranged by program area. Each program
area includes descriptions and schedules of current estimates, a list of products available, and telephone numbers for users who have questions or need
assistance.
Each BEA product is available from one of three sales agents, abbreviated
as follows:
BEA—Bureau of Economic Analysis
GPO—U.S. Government Printing Office, Superintendent of
Documents
NTIS—National Technical Information Service
Each product's listing identifies the sales agent and includes a stock or
accession number to be used when ordering. An order form from each sales
agent, including specific ordering information, is provided at the end of this
guide. Each sales agent accepts credit cards.
BEA data are also available in several electronic products from the Office
of Business Analysis (see entries 1.4-1.7).
of tables for about 270 series and charts for about 130 series that are widely used
in analyzing current cyclical developments. The Current Business Statistics section
consists of tables for over 1,900 series covering general business activities and specific
industries. The SURVEY is available from GPO: List ID SCUB, price $43.00 per year
(domestic second-class mail), $53.75 (foreign second-class mail), or $89.00 (domestic
first-class mail); single copy price, $11.00 (domestic) and $13.75 (foreign). Foreign
airmail delivery rates are available upon request from GPO.
1.2 Recorded Telephone Messages. Brief (3-5 minutes) recorded telephone messages summarizing key estimates immediately after their release. The messages are
available 24 hours a day for several days following release. The usual time of release
(eastern standard or eastern daylight time) and the telephone numbers to call are as
follows:
Leading Indicators (8:30 AM)
(202) 606-5361
The message is updated weekly, usually on Monday, to include recently available component data that will be incorporated into the
next release.
Gross Domestic Product (8:30 AM)
-5306
Personal Income and Outlays (8:30 AM)
-5303
U.S. International Trade in Goods and Services (8:30 AM) or
U.S International Transactions (10:00 AM)
-5362
The message summarizes the more recently released of these two series.
1.3 BEA Reports (EBB, EBB/FAX, news release). Five sets of reports that present
the information contained in the BEA news releases for the following areas: Gross
domestic product; personal income and outlays; regional reports; international reports;
and composite indexes of leading, coincident, and lagging indicators. The reports
contain summary estimates. All reports are available online through the EBB (see
entry no. 1.4) and by fax through EBB/FAX (see entry no. 1.5). The printed reports are
mailed the day after estimates are released. Annual subscriptions to the printed reports
may be ordered for individual sets or for all five sets. Order information for the
five printed sets is given below. For information on individual sets, see the following
corresponding entries: Gross domestic product, entry no. 2.1; personal income and
outlays, entry no. 2.2; regional reports, entry no. 6.1; international reports, entry no.
February 1994 •
6j
68
• February 1994
SURVEY OF CURRENT BUSINESS
General-
9.1; and composite indexes of leading, coincident, and lagging indicators, entry no.
Continued
12.1.
Available through
the Office of
Business Analysis
All Five Sets. Usually a total of 55 printed reports. Available from BEA: Accession
No. 53-91-11-019, price $100.00 per year.
BEA'S economic statistics are also made available in a number of electronic formats
through the Commerce Department's Office of Business Analysis (OBA).
1.4 Economic Bulletin Board. Online computer access to news releases and other
information, BEA places an increasing range of its information on the Economic
Bulletin Board (EBB), BEA news releases are available on the EBB shortly after their
release. Selected estimates and articles such as the "Business Situation" and other
SURVEY OF CURRENT BUSINESS articles are also available. (Other items in this guide
that are available through the EBB are marked "EBB" after the title.) The EBB may be
accessed by personal computer equipped with a modem and communications software;
the information available on it—which includes information from several other Federal
agencies—may be either viewed on the user's screen or downloaded. The EBB is
available by subscription from OBA. A $45.00 registration fee includes $20.00 of connect
time on the system, which is charged at rates that range from 5 cents to 40 cents
per minute. Instant hookup is available. For more information, call OBA at (202)
482-1986.
2.5 EBB/FAX. Facsimile-based service that provides access to BEA news releases,
usually within 1 hour of the time of the release. Dial 1-900-786-2329 from a fax
machine's touch-tone telephone and follow the simple voice instructions. The EBB/FAX
handles the transmission of the selected file. The cost of EBB/FAX calls is $0.65 per
minute. Charges for this service will appear on your regular telephone bill. No
registration charge or other fees apply. This service is available 24 hours a day, 7 days
a week. For more information, call OBA at (202) 482-1986.
1.6 The National Trade Data Bank (CD-ROM). BEA places a significant number
of its information programs in the National Trade Data Bank (NTDB). These include
international transactions, foreign direct investment, balance of payments, annual and
quarterly national income and product accounts, and others. The NTDB contains
over 100 information programs from over 20 government agencies, including export
and import statistics, foreign marketing reports, "how-to" guides for exporters, and
names of companies overseas that want to do business with U.S. exporters. The
NTDB is produced monthly and may be ordered from OBA by calling (202) 482-1986;
an individual monthly issue (2 discs) costs $35.00, and an annual subscription (12
monthly issues) is $360.00. The NTDB is also available for public use at over 900
Federal Depository Libraries located throughout the Nation.
1.7 The National Economic, Social, and Environmental Data Bank (CD-ROM).
The National Economic, Social, and Environmental Data Bank (NESE-DB), the domestic counterpart to the National Trade Data Bank, contains many of the Federal
Government's most popular publications relating to the U.S. economy, its society,
and the environment and supports the business community by providing information
on Government resources available to businesses and rules and regulations that may
affect them, BEA statistics included on the CD-ROM include the national income and
product accounts, input-output tables, regional economic projections, business statistics, and business cycle indicators. The NESE-DB is produced quarterly in February,
May, August, and November. Single discs may be purchased for $95.00 and an annual
subscription (four quarterly discs) is $360.00. The NESE-DB is also available for public
use at over 900 Federal Depository Libraries. Call OBA at (202) 482-1986 for more
information or to place an order.
SURVEY OF CURRENT BUSINESS
February 1994 •
BEA'S national economics program encompasses the national income and product
accounts, government transactions on a national income and product accounting basis,
and the input-output accounts.
National
Economics
2.0 The national income and product accounts (NIPA'S) show the value and
composition of the Nation's output and the distribution of incomes generated in its
production. The accounts include estimates of gross domestic product (GDP)—the
market value of the Nation's output of goods and services—in current and constant
dollars, GDP price measures, the goods and services that make up GDP in current
and constant dollars, national income, personal income, and corporate profits. In
addition, BEA produces specialized measures such as estimates of auto and truck
output, gross domestic product of corporate business, housing output, and business
inventories and sales. Estimates of gross product originating (GPO) by industry are
prepared annually in current and constant dollars. Measures of the inventory and fixed
capital stocks consistent with the NIPA output measures are also provided. Further, the
accounts provide a consistent framework within which estimates of special interest—
such as expenditures to protect the environment—are prepared. (Information about
the environmental estimates is provided in program description 5.0.)
The estimates of GDP are prepared each quarter in the following sequence: Advance
estimates are released near the end of the first month after the end of the quarter;
as more detailed and comprehensive data become available, preliminary and final
estimates are released near the end of the second and third months, respectively.
Monthly estimates of personal income and outlays are released near the end of the
month following the reference month; estimates for the two to four most recent
months are revised at that time. Ordinarily, annual NIPA revisions are carried out
each summer and cover the months and quarters of the most recent calendar year and
the preceding 2 years. (For example, the August 1993 revision covered 1990, 1991, and
1992.) These revisions are timed to incorporate newly available major annual source
data. Comprehensive (benchmark) revisions are carried out at about 5-year intervals
(most recently in 1991). Current quarterly and monthly estimates are reported in
the SURVEY OF CURRENT BUSINESS; quarterly NIPA estimates appear in a set of 53
"selected" tables, and monthly personal income and outlays estimates are reported in
the Current Business Statistics (or S-pages). The full set of NIPA tables (132 tables)
usually is published at the time of annual revisions. Annual estimates of the fixed
capital stock are reported shortly thereafter.
National income
and product
accounts
In addition to the current and historical estimates described in the entries that
follow, a considerable amount of component detail (for example, purchases of private
structures by type) and industry detail (for example, change in business inventories
by industry) is available. For further information about this detail or about the
listed computer tapes, printouts, and diskettes, write to the National Income and
Wealth Division, BE-54, Bureau of Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230, or call (202) 606-5304. For specific questions, the following
telephone numbers may be used:
GDP
Personal income and outlays
Corporate profits
Personal consumption expenditures
Gross private domestic investment
GDP by industry
(202) 606-5304
-5301
-9738
-5302
-9711
-5307
A recorded telephone message summarizing the latest GDP estimates is available by
calling (202) 606-5306 (see entry no. 1.2). A recorded message summarizing the latest
personal income and outlays estimates is available at (202) 606-5303.
69
JO •
February 1994
Current estimates
SURVEY OF CURRENT BUSINESS
2.1 BEA Reports: Gross Domestic Product (EBB, EBB/FAX, news release).
Monthly reports with summary NIPA estimates that feature GDP and corporate profits.
Reports are available online through the EBB (see entry no. 1.4) and by fax through
EBB/FAX (see entry no. 1.5). Printed reports are mailed the day after estimates are
released. (This set of reports is included in the five sets of BEA Reports:, see entry
no. 1.3.) The gross domestic product printed reports are available from BEA on a
subscription basis: Accession No. 53-91-11-015, price $24.00 per year.
2.2 BEA Reports: Personal Income and Outlays (EBB, EBB/FAX, news release).
Monthly reports with summary NIPA estimates that feature personal income and outlays. Reports are available online through the EBB (see entry no. 1.4) and by fax
through EBB/FAX (see entry no. 1.5). Printed reports are mailed the day after estimates
are released. (This set of reports is included in the five sets of BEA Reports; see entry
no. 1.3.) The personal income and outlays printed reports are available from BEA on
a subscription basis: Accession No. 53-91-11-014, price $24.00 per year.
2.3 Monthly Advance National Income and Product Accounts Tables (EBB,
diskette, or printout), NIPA estimates as they appear in the current issue of the SURVEY
OF CURRENT BUSINESS. Updated monthly. Available online through the EBB (see entry
no. 1.4). Diskettes and printouts are available 1 day after the release of GDP and are
available from BEA on a subscription basis:
Diskette (5V4")—Accession No. 54-85-41-401, price $200.00 per year.
Printout—Accession No. 54-83-21-201, price $100.00 per year.
2.4 Key Source Data and Assumptions (EBB, printed table). Available source
data and assumptions for missing source data that are used to prepare the advance
estimates of GDP for each quarter. Available online through the EBB (see entry no.
1.4). Annual subscriptions for the printed table begin in January and are available
from BEA: Accession No. 54-84-21-209, price $25.00 per year.
Historical estimates
2.5 National Income and Product Accounts (diskette). The full set of NIPA tables,
most with estimates from 1929 to the present. Diskettes {$W HD) available from BEA:
Accession No. 54-89-41-401, price $40.00 (two diskettes). [Other types of diskettes are
available; for information, call (202) 606-5304.]
2.6 National Income and Product Accounts (computer tape). The full set of NIPA
tables, most with estimates from 1929 to the present. Available from BEA: Accession
No. 54-83-01-001, price $100.00.
2.7 National Income and Product Accounts of the United States (publication).
Two volumes. Presents the full set of NIPA tables for 1929-88. Includes statistical
conventions and the definitions and classifications underlying the NIPA'S. (1992-93)
Available from GPO:
Volume 1: 1929-58. Stock No. 003-010-00236-1, price $15.00.
Volume 2: 1959-88. Stock No. 003-010-00231-0, price $25.00.
GDP by industry
estimates
2.8 Gross Product by Industry. Annual estimates of gross product originating (GPO) by industry in current dollars (1947-91) and constant dollars (1977-91).
Constant-dollar estimates are calculated using benchmark-years andfixed-1987weights.
These estimates, published in the November 1993 SURVEY OF CURRENT BUSINESS, provide the industrial distribution of GDP as currently shown in the national income and
product accounts (NIPA'S). Estimates are based on the 1972 Standard Industrial Classification (sic) for 1947-86, on the 1987 sic for 1988-91, and on both the 1972 and 1987
sic's for 1987. The files also include tables showing the components of gross domestic
income that define current-dollar GPO.
Computer Tape—Accession No. 54-91-00-006, price $100.00
SURVEY OF CURRENT BUSINESS
February 1994 •
Diskette {$W HD)—Accession No. 54-91-40-406, price $20.00 [Other types of
diskettes are also available. For information, call (202) 606-5307.]
Printout—Accession No. 54-91-29-206, price $20.00
2.9 Gross Output by Detailed Industry. Annual estimates (1977-91) of gross
output in current and constant dollars for double-deflated industries that were used
to prepare the estimates of GPO published in the November 1993 SURVEY OF CURRENT
BUSINESS. Industry detail generally exceeds that available in the Gross Product by
Industry data products (see entry no. 2.8). Gross output for manufacturing industries
is available only at the two-digit GPO level of industry detail on these files. See entry
numbers 2.10 and 2.11 for more detailed data for manufacturing.
Computer Tape—Accession No. 54-91-00-010, price $100.00
Diskette (3V2" HD)—Accession No. 54-91-40-410, price $20.00 [Other types of
diskettes are also available. For information, call (202) 606-5307.]
Printout—Accession No. 54-91-20-210, price $20.00
2.10 Manufacturing Establishment Shipments. Annual estimates (1977-91) in
current and constant dollars of manufacturing establishments by four-digit sic industry. These estimates were used to prepare the estimates of gross output that underlie
the GPO estimates published in the November 1993 SURVEY OF CURRENT BUSINESS.
The shipment estimates are based on the 1972 (sic) for 1977-1986, on the 1987 sic for
1988-91, and on both the 1972 and 1987 sic's for 1987.
Computer Tape—Accession No. 54-91-00-007, price $100.00
Diskette(31/2// HD)—Accession No. 54-91-40-407, price $20.00 [Other types of
diskettes are also available. For information, call (202) 606-5307.]
Printout—Accession No. 54-91-20-207, price $35.00
2.11 Manufacturing Product Shipments. Annual estimates (1977-91) in current
and constant dollars of manufacturing shipments by 5-digit Census product class
defined on a wherever made basis. Estimates are based on the 1972 Census Bureau
product-class system for 1977-1986, on the 1987 system for 1988-91, and on both the
1972 and 1987 systems for 1987.
Computer Tape—Accession No. 54-91-00-008, price $100.00
Diskette (3V2" HD)—Accession No. 54-91-40-408, price $20.00 [Other types of
diskettes are also available. For information, call (202) 606-5307.]
Printout—Accession No. 54-91-20-208, price $35.00
Summary tables listing the principal source data and estimating methods used to
prepare the NIPA estimates are included in the articles in the SURVEY OF CURRENT
BUSINESS that describe annual revisions to the NIPA'S. These tables were last published
in the August 1993 issue. A number of papers that provide detailed descriptions of
NIPA concepts and methodologies have been published (see next entry).
NOTE.—The methodologies used to prepare the NIPA'S are periodically refined to
incorporate definitional changes, new source data, and/or new estimating procedures.
In most cases, changes in methodology are introduced as part of the annual revisions
that usually occur each summer or as part of the comprehensive revisions that occur
about every 5 years. The major methodological changes introduced in recent annual
revisions are described in articles about the revised estimates in the July 1992 and
August 1993 issues of the SURVEY. The major methodological changes introduced in
the most recent comprehensive revision are listed on pages 38-39 of the December
1991 SURVEY.
Methodology Papers (publications). A series of papers that documents the conceptual framework of the NIPA'S and the methodology used to prepare the estimates.
To date, six papers are available.
2.12 An Introduction to National Economic Accounting (NIPA Methodology Paper No. 1). An introduction to the concepts of the U.S. NIPA'S that places
NIPA methodology
Jl
J2 • February
SURVEY OF CURRENT BUSINESS
National
Economics—
these accounts within the larger framework of national economic accounting.
Shows the step-by-step derivation of a general national economic accounting system from the conventional accounting statements used by business
and government and inferred for other transactors. Also shows how the
income and product accounts, the capital finance accounts, and the inputoutput accounts—the major branches of national economic accounting in
the United States today—are derived from this general system. Also appeared in the March 1985 SURVEY OF CURRENT BUSINESS. (1985) Available
from NTIS: Accession No. PB 85-247567, price $12.50.
Continued
2.13
Corporate Profits: Profits Before Tax, Profits Tax Liability, and Dividends
(NIPA Methodology Paper No. 2). A description of the concepts, sources,
and methods of the corporate profits components of the NIPA'S. (1985)
Available from NTIS: Accession No. PB 85-245397, price $19.50.
2.14
Foreign Transactions (NIPA Methodology Paper No. 3). A description of
the preparation of estimates in the NIPA'S of net exports (both current- and
constant-dollar), transfer payments to foreigners, capital grants received by
the United States, interest paid by Government to foreigners, and net foreign
investment. Also describes the relationship between foreign transactions
estimates in the NIPA'S and those in the balance of payments accounts. (1987)
Available from NTIS: Accession No. PB 88-100649, price $19.50.
2.15
GNP: An Overview of Source Data and Estimating Methods (NIPA Method-
ology Paper No. 4). Basic information about GNP, including the conceptual
basis for the account that presents GNP, definitions of each of the components on the income and product sides of that account, and a summary,
presented in tabular form, of the source data and methods used in preparing
estimates of current- and constant-dollar GNP. Also provides an annotated
bibliography, with a directory, of the more than 50 items over the last decade
that provided methodological information about GNP. Appeared in the July
1987 SURVEY OF CURRENT BUSINESS. (1987) Available from NTIS: Accession
No. PB 88-134838, price $17.50. The summary of source data and methods
was updated in the August 1993 issue of the SURVEY (tables 7 and 8, pages
25 through 41).
2.16
Government Transactions (NIPA Methodology Paper No. 5). Presents the
conceptual basis and framework of government transactions in the national
income and product accounts, describes the presentation of the estimates,
and details the sources and methods used to prepare estimates of Federal
transactions and of State and local transactions. (1988) Available from NTIS:
Accession No. PB 90-118480, price $27.00.
2.17
Personal Consumption Expenditures ( N I P A Methodology Paper No. 6).
Presents the conceptual basis and framework for personal consumption expenditures (PCE) in the NIPA'S, describes the presentation of the estimates,
and details the sources and methods used to prepare annual, quarterly, and
monthly estimates of PCE. Includes a bibliography, definitions, and convenient tabular summaries of estimating procedures. (1990) Available from
NTIS: Accession No. PB 90-254244, price $19.50.
Other information
related to the NIPA'S
2,18 The Underground Economy: An Introduction (reprint). A discussion of
the coverage, measurement methods, and implications of the underground economy.
Part of the discussion features the relation between the NIPA'S and the underground
economy: Illegal activities in the context of the NIPA'S, three sets of NIPA estimates
sometimes misunderstood as being measures of the underground economy, and the
effect on NIPA estimates of possible misreporting in source data due to the underground
SURVEY OF CURRENT BUSINESS
February 1994
economy. Articles appeared in the May 1984 and July 1984 issues of the SURVEY
OF CURRENT BUSINESS. (1984) Available from BEA: Accession No. 53-84-10-001, price
$5.00.
2.19 Alternative Measures of Change in Real Output and Prices (reprint). Four
articles that appeared in the SURVEY OF CURRENT BUSINESS describing the two alternatively weighted measures of real output and of prices that BEA prepares to supplement
its featured fixed-weighted measures. These alternative measures are especially useful
for studies of long-term economic growth, for comparisons of business cycles, and for
gauging the effect of changes in the economy's relative price structure on the measurement of real gross domestic product. (1993) Available from BEA: Accession No.
53-93-10-002, price $5.00.
2.20 Evaluation of the GNP Estimates (reprint). An evaluation of the GNP estimates, covering the reliability of estimates, sources of error and types of statistical
improvement, status of source data, documentation of methodology, release schedules, and security before release. This article appeared in the August 1987 SURVEY
OF CURRENT BUSINESS. (1987) Available from BEA: Accession No. 53-88-10-001, price
$5.00. (For a more recent study, see Allan H. Young, "Reliability of the Quarterly
Estimates of GDP" SURVEY 73 (October 1993): 29-43.)
2.21 The Use of National Income and Product Accounts for Public Policy: Our
Successes and Failures (BEA Staff Paper No. 43). An evaluation using two indirect
approaches. The first reviews the "accuracy" of the estimates, using the size of revisions
to GNP estimates as an indicator. The second reviews users' recommendations drawn
from publications issued over the last 30 years. (1985) Available from NTIS: Accession
No. PB 86-191541, price $17.50.
2.22 The United Nations System of National Accounts: An Introduction
(reprint). Describes the United Nations System of National Accounts (SNA), which is
followed by most other countries, and contrasts it with the U.S. economic accounts.
The article also presents estimates prepared by BEA to approximate some of the major
SNA aggregates and describes the revision of the SNA that is underway. This article appeared in the June 1990 SURVEY OF CURRENT BUSINESS. (1990) Available upon request
from BEA'S Public Information Office.
2.23 Fixed Reproducible Tangible Wealth in the United States, 1925-89 (publication). Includes annual estimates of gross and net stocks, depreciation, discards, and
average ages of gross and net stocks in historical-cost, constant-cost, and current-cost
valuations, as follows: Fixed nonresidential private capital owned by each two-digit
Standard Industrial Classification (sic) establishment-based industry for 1947-89,
based on the 1987 sic; Fixed nonresidential private capital, by type of equipment
and structures and by legal form of organization, for 1925-89; Residential capital, by
type of equipment and structures, by legal form of organization, by industry, and by
tenure group, for 1925-89; Durable goods owned by consumers, by type of goods,
for 1925-89; Government-owned fixed capital, by type of equipment and structures,
separately for the Federal Government and for State and local government, for 192589. Also includes the investment series and service lives used to derive the wealth
estimates and a detailed statement of methodology. (1993) Available from GPO: Stock
No. 003-010-00235-2, price $25.00.
2.24 Wealth (diskette, computer tape). Annual estimates of gross and net stocks,
depreciation, and discards for fixed nonresidential private and residential capital,
durable goods owned by consumers, and fixed capital owned by governments. For
fixed private capital, contains estimates by each NIPA type of equipment and structures for 1925 to the present. For fixed private capital, also contains estimates of total
equipment, total structures, and the total of equipment and structures owned by each
Wealth and related
estimates
74
#
February 1994
National
Economics—
Continued
SURVEY OF CURRENT BUSINESS
two-digit sic establishment-based industry for 1947 to the present, based on the 1987
sic. For durable goods owned by consumers, contains estimates by each NIPA type
of goods for 1925 to the present. For fixed capital owned by governments, contains
estimates by each NIPA type of equipment and structures, separately for the Federal
Government and for State and local government, for 1925 to the present. The estimates are in historical-cost, constant-cost (1987 dollars), and current-cost valuations.
Also includes stock series similar to those used by the Bureau of Labor Statistics to
derive measures of capital input for multifactor productivity studies. The investment
series used to derive all of these estimates are also included, in the same detail as the
stock estimates, in historical-cost and constant-cost (1987 dollars) valuations. Updated
annually. Available from BEA:
Diskette (3V2" HD)—Accession No. 54-89-40-004, price $100.00 (five diskettes).
[Diskettes can be ordered individually and for other types of diskettes; for
information, call (202) 606-9740.]
Computer tape—Accession No. 54-89-00-001, price $100.00.
2.2s Detailed Investment by Industry (diskette, computer tape). Annual estimates for 1947 to the present of investment purchased by each two-digit sic
establishment-based industry, separately for each detailed NIPA type of equipment and
structures, based on the 1987 sic. (The Wealth tape and diskettes in item 2.19 also
include investment series for each industry, but only for total equipment, total structures, and the total of equipment and structures.) The estimates are in historical-cost
and constant-cost (1987 dollars) valuations. Updated annually. Available from BEA:
Diskette (3V2" HD)—Accession No. 54-89-40-005, price $20.00. [Other types of
diskettes may be ordered; for information, call (202) 606-9740.]
Computer tape—Accession No. 54-89-00-002, price $100.00.
2.26 Detailed Wealth by Industry (diskette, computer tape). Annual estimates
for 1947 to the present of gross and net stocks, depreciation, and discards for fixed
nonresidential private capital owned by each two-digit sic establishment-based industry, separately for each detailed NIPA type of equipment and structures, based on the
1987 sic. (The Wealth tape and diskettes in item 2.19 also include estimates of gross
and net stocks, depreciation, and discards for each industry, but only for total equipment, total structures, and the total of equipment and structures.) Also includes stock
series similar to those used by the Bureau of Labor Statistics to derive measures of
capital input for multifactor productivity studies. The estimates are in constant-cost
(1987 dollars) and current-cost valuations. Updated annually. Available from BEA:
Diskette (3V2" HD)—Accession No. 54-89-40-006, price $60.00 (three diskettes).
[Diskettes can be ordered individually and for other types of diskettes; for
information, call (202) 606-9740.]
Computer tape—Accession No. 54-89-00-003, price $100.00.
Government
transactions
3.0 BEA'S estimates of government receipts, expenditures, and surplus or deficit
are on a national income and product accounting basis. The estimates are prepared
separately for Federal and for State and local governments on the same schedule as
that described for the NIPA'S. Reconciliations of the Federal sector on a NIPA basis
and the unified budget prepared by the Office of Management and Budget are the
basis for an article in the SURVEY OF CURRENT BUSINESS, usually in February, about
Federal fiscal programs for the next fiscal year, and for detailed tables in the July
issue. These reconciliations, and more specialized work such as described in the
papers that follow, facilitate analysis of the effects of government fiscal policies on
the economy. An article on the fiscal position of State and local governments is
usually published in the February or March SURVEY. For further information, write
to the Government Division, BE-57, Bureau of Economic Analysis, U.S. Department
SURVEY OF CURRENT BUSINESS
February 1994 • 75
of Commerce, Washington, DC 20230, or call (202) 606-5590. For specific questions,
the following telephone numbers may be used:
Federal
State and local
National defense
(202) 606-5591
-5594
-5592
3.1 Government Transactions (NIPA Methodology Paper No. 5). Presents the
conceptual basis and framework of government transactions in the national income
and product accounts, describes the presentation of the estimates, and details the
sources and methods used to prepare estimates of Federal transactions and of State
and local transactions. (1988) Available from NTIS: Accession No. PB 90-118480, price
$27.00.
3.2 Cyclical Adjustment of the Federal Budget and Federal Debt: Updated Detailed Methodology and Estimates (BEA Staff Paper No. 45). Description of the
models that BEA used, prior to the latest comprehensive revision of the NIPA'S, to
estimate the cyclically adjusted Federal budget and inflation-induced changes in the
cyclically adjusted budget. The quarterly data for the variables in the models and the
regression equations underlying the coefficients are presented. The paper also discusses the cyclical adjustment of Federal debt and shows some results. NOTE.—The
procedures described in this staff paper have not been updated to reflect the 1991
comprehensive revision of the NIPA'S; publication of the estimates in the SURVEY OF
CURRENT BUSINESS has been suspended pending this update. (1986) Available from
NTIS: Accession No. PB 87-157376, price $27.00.
4.0 Input-output accounts for the United States show how industries interact—
providing input to, and taking output from, each other—to produce GNP. Benchmark
tables, based largely on the economic censuses, are prepared every 5 years; the latest
benchmark tables are for 1982. (Benchmark tables for 1987 will be forthcoming in
spring 1994.) Annual tables are prepared using basically the same procedures as used
for the benchmark tables, but with less comprehensive and less reliable source data.
Associated benchmark tables, showing capital flows from producing to using industries
and employment and employee compensation by industry are also prepared. The
computer tapes, diskettes, and printouts listed below are for the tables at the 85industry level; more detailed tables are also available. For further information, write
to the Interindustry Economics Division, BE-51, Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230, or call (202) 606-5585. For specific
questions, the following telephone numbers may be used:
Benchmark tables
Goods-producing industries
Services-producing industries
Annual tables
Computer tapes, diskettes, and printouts
(202) 606-5586
-5586
-5586
-5587
-5585
4.1 The 1982 Benchmark Input-Output Accounts of the United States (publication). This volume contains the use and make tables and total output multipliers
for BEA'S 1982 benchmark input-output (1-0) study at the 5411-0 industry/commodity
level of detail. Includes discussion of analytical and statistical uses of data, description of sources and methods, and overview of industry and commodity classification.
(1991) Available from GPO: Stock No. 003-010-00226-3, price $19.00.
Input-output
accounts
j6
• February 1994
National
Economics—
Continued
SURVEY OF CURRENT BUSINESS
4.2 1982 Benchmark 85-Industry Input-Output Tables (computer tape, diskette,
and printout). Five tables: (1) Use table, (2) make table, (3) commodity-by-industry
direct requirements table, (4) commodity-by-commodity total requirements table, and
(5) industry-by-commodity total requirements table. (1992) Available from BEA:
Computer tape—Accession No. 51-91-00-004, price $100.00.
Diskette (5V4")—Accession No. 51-91-40-008, price $20.00. [Other types of
diskettes available; for more information, call (202) 606-5585.]
Printout—Accession No. 51-91-20-002, price $55.00.
4.3 1987 Annual 85-Industry Input-Output Tables Based on the 1982 Benchmark Input-Output Study (diskette and printout). Four tables: (1) Use table,
(2) make table, [no (3) commodity-by-industry direct requirements table,] (4)
commodity-by-commodity total requirements table, and (5) industry-by-commodity
total requirements table. Data on ^/i" HD diskette are provided with software utility
to convert data to a spreadsheet format. (1992) Available from BEA:
Diskette {3V2" HD)—Accession No. 51-92-40-401, price $20.00. [Other types of
diskettes available; for more information, call (202) 606-5585.]
Printout—Accession No. 51-92-20-001, price $55.00.
NOTE.—Annual 85-industry input-output tables based on the 1977 benchmark
input-output study are also available; for information, call (202) 606-5585.
Environmental
estimates
5.0 BEA maintains a set of annual current- and constant-dollar estimates of capital expenditures and operating costs for pollution abatement and control. These
estimates, which are prepared within the framework of the national income and product accounts, are classified by sector (consumers, business, and government) and by
element of the environment affected (air, land, and water). The most recent SURVEY
OF CURRENT BUSINESS article reporting the total expenditures (including capital and
operating spending) appeared in May 1993. For further information, write to the
Environmental Economics Division, BE-62, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call (202) 606-5350. For specific
questions, the following telephone numbers may be used:
Total expenditures
Capital expenditures
(202) 606-9983
-9982
5.1 BEA Reports: Pollution Abatement and Control Expenditures (EBB, news
release). News release on annual pollution abatement and control expenditures. Available online through the EBB (see entry no. 1.4). Printed release available by calling or
writing the Environmental Economics Division.
5.2 Stocks and Underlying Data for Air and Water Pollution Abatement Plant
and Equipment (printout). Estimates of the gross and net capital stocks at historical,
constant, and current cost; estimates of capital expenditures in constant and current
dollars; price indexes by media (air and water) and for selected industry groups (manufacturing, electric utilities, and other nonmanufacturing); and estimates of lifetimes
by media for pollution abatement plant and equipment. Available from BEA: Accession
No. 62-82-20-001, price $35.00.
SURVEY OF CURRENT BUSINESS
BEA'S regional economics program provides estimates, analyses, and projections by
region, State, metropolitan area, and county.
February 1994
Regional
Economics
6.1 BEA Reports: Regional Reports (EBB, EBB/FAX, news release). Reports (usually six a year) with summary estimates of State personal income (quarterly and
annual) and of county and metropolitan area personal income (annual). Reports are
available online through the EBB (see entry no. 1.4). (The EBB carries, in addition to
the news release, estimates of personal income by State and by county and earnings
and wages by industry and by State; see entry 7.2.) The news releases are also available
by fax through EBB/FAX (see entry no. 1.5). The printed reports are mailed the day
after estimates are released. (This set of reports is included in the five sets of BEA
Reports; see entry no. 1.3.) These printed regional reports are available from BEA on a
subscription basis: Accession No. 53-91-11-017, price $12.00 per year.
7.0 Current quarterly State personal income estimates are reported in the January, April, July, and October issues of the SURVEY OF CURRENT BUSINESS. The annual
estimates of State and local area personal income for a given year are subject to successive refinement. Preliminary annual State estimates, based on the current quarterly
series, are released 4 months after the close of the reference year and published in
the April SURVEY. Revised annual estimates based on more reliable source data are
published in the August SURVEY. These estimates are subsequently revised to incorporate newly available information used to prepare the current local area estimates. The
revised State estimates, together with the current local area estimates, are published
in the following April SURVEY. The annual estimates emerging from this process are
subject to further revision for several succeeding years (the State estimates in April
and August and the local area estimates in April), as additional data become available.
The routine revisions of the State estimates for a given year are normally completed
with the fourth April release. After that, the estimates will be changed only to incorporate a comprehensive revision in the national income and product accounts, which
takes place approximately every 5 years, or to make important improvements to the
estimates through the use of additional or more current State and local area data.
Estimates of personal income and employment by State, metropolitan area, and
county are available through the Regional Economic Information System (REIS). The
system includes an information retrieval service that provides a variety of analytical
tabulations for counties and combinations of counties. All of the tabulations are
available in several media.
BEA also makes its regional estimates available through the BEA User Group,
members of which include State agencies, universities, and Census Bureau Primary
State Data Centers, BEA provides its estimates of income and employment for all
States and counties to these organizations with the understanding that they will make
the estimates readily available.
For further information, write to the Regional Economic Measurement Division,
BE-55, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC
20230, or call (202) 606-5360.
7.1 Regional Economic Information System (REIS) CD-ROM, 1969-92 (CD-ROM).
Estimates of annual personal income by major source, per capita personal income,
earnings by two-digit sic industry, full- and part-time employment by one-digit sic
industry, regional economic profiles, transfer payments by major program, and farm
income and expenses for States, metropolitan areas, and counties. The CD-ROM contains over 450 megabytes of data and documentation. All the estimates are stored as
ASCII files that can be accessed in either sequential or random mode. The CD-ROM
includes a REIS program that allows the user to display, print, or copy one or more
of the standard tables from the historical personal income series.
Regional estimates
February 1994
Regional
Economics—
Continued
Special-order regional
products . . .
. . . For regions and
States
SURVEY OF CURRENT BUSINESS
In addition, the CD-ROM includes BEA estimates of quarterly personal income by
State (i969:i-i993:iv); Census Bureau data on intercounty flows for i960, 1970, 1980,
and 1990; BEA'S latest gross state product estimates for 1977-90; its projections to 2040
of income and employment for States and metropolitan areas; and total commuters'
income flows, 1969-91. Updated annually. (May 1994) Available from BEA: Accession
No. 55"92.-3O-599> P r i c e $35-00.
7.2 Regional Income and Employment. The products listed in section 7.2 must
be special-ordered from BEA for the specific area(s) needed. Items 7.2.1 through 7.2.12
are for the United States, regions, and States. Items 7.2.13 through 7.2.24 are for the
United States, States, metropolitan areas, and counties and will be available in May
1994. All items are available on several media and can be purchased for a single area
(a county, a metropolitan area, a State), for groups of areas (several counties, several
metropolitan areas, all counties in a State, several States), or for all counties or all
States in the United States. Some items are available online through the EBB (see
entry no. 1.4). Before placing an order, write to the Regional Economic Measurement
Division, REIS, BE-55, Bureau of Economic Analysis, Washington DC 20230, or call
(202) 606-5360 for accession numbers, prices, and availability. Call the same number
to place charge orders using MasterCard or VISA.
7.2.1 Quarterly Personal Income, 1969-93 (EBB, printout).
income by quarter for the United States, regions, and States. (1994)
Total personal
7.2.2 Quarterly Personal Income by Major Source and Earnings by Industry,
1969-93 (EBB, computer tape, printout, diskette). Major sources of personal income
and earnings by one-digit sic industry by quarter for the United States, regions, and
States. (1994)
The items in section 7.2
must be special-ordered.
Refer to the text at the
beginning of section 7.2
for instructions.
7.2.3 Quarterly Wages and Salaries by Major Source and Major Industry, 196993 (EBB, computer tape, printout, diskette). Wage and salary disbursements by onedigit sic industry by quarter for the United States, regions, and States. (1994)
7.2.4 Personal Income, Per Capita Personal Income, and Total Population,
1929-93 (EBB, computer tape, printout, diskette). Total and per capita personal income
and population annually for the United States, regions, and States. (April 1994)
7.2.5 Personal Income by Major Source and Earnings by Industry, 1929-92 (EBB,
computer tape, printout, diskette). Major sources of personal income and earnings
by two-digit sic industry annually for 1958-92 and by one-digit industry for 1929-57
for the United States, regions, and States. (1993)
7.2.6 Wage and Salary Disbursements by Industry, 1958-92 (EBB, computer tape,
printout, diskette). Wages and salaries by two-digit sic industry annually for 1958-92
and by one-digit industry annually for 1929-57 for the United States, regions, and
States. (1993)
7.2.7 Full-Time and Part-Time Employment by Industry, 1969-92 (computer
tape, printout, diskette). Total employment by place of work by two-digit sic industry
annually for the United States, regions, and States. (1993)
7.2.8 Full-Time and Part-Time Wage and Salary Employment by Industry,
1969-92 (computer tape, printout, diskette). Wage and salary employment by place
of work by two-digit sic industry annually for the United States, regions, and States.
(1993)
7.2.9 Transfer Payments, 1948-92 (computer tape, printout, diskette). Transfer
payments by type annually for the United States, regions, and States. (1993)
7.2.10 Farm Income and Expenses, 1969-92 (computer tape, printout, diskette).
Major categories of farm income and expenses and gross and net farm income
aggregates annually for the United States, regions, and States. (1993)
SURVEY OF CURRENT BUSINESS
February 1994 •
7.2.11 Personal Tax and Nontax Payments, 1948-92 (computer tape, printout,
diskette). Personal tax and nontax payments by level of government and by type of
payment (includes total and per capita disposable personal income and population)
annually for the United States, regions, and States. (1993)
7.2.12 Disposable Personal Income, Per Capita Disposable Personal Income, and
Total Population, 1948-92 (EBB, printout, diskette). Total and per capita disposable
personal income and population annually for the United States, regions, and States.
(April 1994)
7.2.13 Personal Income, Per Capita Personal Income, and Total Population,
1969-92 (EBB,computer tape, printout, diskette). Total and per capita personal income
and population annually for the United States, States, metropolitan areas, and counties.
(May 1994)
7.2.14 Per Capita Personal Income Ranking, 1992 (printout). Ranking in the
United States and in regions (highest and lowest 250 counties). (May 1994) Available
from BEA:
Printout—Accession No. 55-92-20-541, price $20.00. Rankings among all counties.
Printout—Accession No. 55-92-20-542, price $20.00. Rankings among counties
with total personal incomes greater than $50 million.
7.2.15 Personal Income by Major Source and Earnings by Major Industry, 1969-
92 (computer tape, printout, diskette). Major sources of personal income and earnings
by one-digit sic industry annually for the United States, States, metropolitan areas,
and counties. (May 1994)
7.2.16 Personal Income by Major Source and Earnings by Industry, 1969-92
(computer tape, printout). Major sources of personal income and earnings by twodigit sic industry annually for the United States, States, metropolitan areas, and
counties. (May 1994)
7.2.17 Full-Time and Part-Time Employment by Major Industry, 1969-92 (com-
puter tape, printout, diskette). Total employment by one-digit sic industry annually
for the United States, States, metropolitan areas, and counties. (May 1994)
7.2.18 Regional Economic Profile, 1969-92 (computer tape, printout). Summary
of income and employment by place of work and residence annually for the United
States, States, metropolitan areas, and counties. (May 1994)
7.2.19 Total Wages and Salaries, Total Wage and Salary Employment, and Average Wage Per Job, 1969-92 (computer tape, printout, diskette). Annually for the
United States, States, metropolitan areas, and counties. (January 1994)
7.2.20 Transfer Payments, 1969-92 (computer tape, printout, diskette). Transfer
payments by type annually for the United States, States, metropolitan areas, and
counties. (May 1994)
7.2.21 Farm Income and Expenses, 1969-92 (computer tape, printout, diskette).
Major categories of farm income and expenses and gross and net farm aggregates
annually for the United States, States, and counties. (May 1994)
7.2.22 BEARFACTS, 1991-92 or 1982-92 (printout, diskette). One-page computergenerated narrative. Describes an area's personal income using current estimates,
growth rates, and a breakdown of the sources of personal income for that area for
States, metropolitan areas, and counties. (May 1994)
7.2.23 Journey-To-Work, i960, 1970, 1980, 1990 (computer tape, printout,
diskette). Data on commuting flows to and from counties from decennial census: By
place of work or by place of residence. (1990)
7.2.24 Total Commuters' Income Flows, 1969-92 (computer tape, printout,
diskette). Total gross commuters' income flows (inflows and outflows) annually for
all counties. (May 1994)
. . . For States,
metropolitan areas,
and counties
The items in section 7.2
must be special-ordered.
Refer to the text at the
beginning of section 7.2
for instructions.
79
80 • February 1994
Regional analyses
and projections
SURVEY OF CURRENT BUSINESS
8.0 BEA prepares analyses to identify and measure factors that determine area
differences in total and per capita personal income and in industry employment and
output. Long-term projections of personal income, employment, and earnings by
industry are prepared for all States and metropolitan areas every 5 years and for selected States and areas in other years, BEA maintains midterm regional econometric
models to forecast annual changes in economic activity and to analyze the impacts of
projects and programs. In conjunction with the projections work, BEA has developed
estimates of gross state product. These estimates, prepared by industry, supplement
the estimates of personal income described in program description 7.0. For further information, write to the Regional Economic Analysis Division,BE-6i, Bureau of
Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call
(202) 606-3700. For specific questions, the following telephone numbers may be used:
Long-term regional projections
Midterm regional projections
Regional input-output multipliers
Gross state product by industry
(202) 606-5341
-5342
-5343
-534°
8.1 Revised Gross State Product, Annual Estimates, 1977-90 (EBB, diskette,
These estimates are the State equivalent of GDP and provide the most comprehensive measure of State production now available. Gross state product is measured
in current dollars as the sum of four components for each industry: Compensation
of employees; proprietors' income with inventory valuation adjustment and capital
consumption allowances; indirect business tax and nontax liability; and other, mainly
capital-related, charges. The estimates are for the 50 States, eight BEA regions, and the
United States, and for 61 industries. Estimates are in current and constant (1987) dollars. Summary estimates were published in the December 1993 SURVEY OF CURRENT
BUSINESS. (1993) Available online through the EBB (see entry no. 1.4) and on CD-ROM
(see entry no. 7.1). Diskettes available from BEA:
CD-ROM).
Diskette {3V2" HD)—Accession No. 61-93-40-421, price $20.00. [Other types of
diskettes are also available. For information, call (202) 606-5340.]
8.2 Experimental Estimates of Gross State Product by Industry (BEA Staff Paper
No. 42). A description of the issues and methodology for preparing estimates of gross
state product—the State equivalent of GDP. The estimates are consistent with BEA'S
State personal income and with GNP by industry. (The estimates and parts of the
methodology published in this paper have been superseded; see entry no. 8.1.) (1985)
Available from NTIS: Accession No. PB 85-240885, price $27.00.
8.3 Regional Multipliers: A User Handbook for the Regional Input-Output
Modeling System (RIMS II), Second Edition (publication). Presents updated tables
of regional input-output (1-0) multipliers by industry, for output, earnings, and employment, for all States and the District of Columbia. Multipliers are shown on a
direct-effect and a final-demand basis. Explains how to obtain multipliers for over
500 industries for any geographic area composed of one or more U.S. counties or
Need Help? Try An Index!
SURVEY OF CURRENT BUSINESS:
•
•
•
•
Subject Index—in every June and December issue.
NIPA Index—just after the NIPA tables in the July 1992 issue.
S-Pages Index—at the back of the S-pages in every issue.
C-Pages Index—page C-50 of the November 1993 issue.
SURVEY OF CURRENT BUSINESS
county equivalents. Includes case studies. (1992) Available from GPO: Stock No.
003-010-00227-1, price $13.00.
8.4 BEA Regional Projections to 2040 (publication, diskette, CD-ROM). Estimates
for 1973,1979,1983, and 1988, and projections for 1995, 2000, 2005, 2010, 2020, and 2040
for total personal income, population, per capita personal income, and employment
and earnings by industry for the United States, BEA regions, States, metropolitan
statistical areas, and BEA economic areas. Available on CD-ROM (see entry no. 7.1).
(1990) Available in other media, as follows:
Volume 1. States.
Publication—Available from NTIS: Accession No. PB 90-264532, price $27.00.
Diskette (5W)—Available from BEA: Accession No. 61-90-40-201, price $40.00
(two diskettes). [Other types of diskettes available; for information, call
(202) 606-5341.]
Volume 2. Metropolitan Statistical Areas.
Publication—Available from GPO: Stock No. 003-010-00211-5, price $17.00.
Diskette (5V4")—Available from BEA: Accession No. 61-90-40-202, price $40.00
(two diskettes). [Other types of diskettes available; for information, call
(202) 606-5341.]
Volume 3. BEA Economic Areas.
Publication—Available from GPO: Stock No. 003-010-00212-3, price $10.00.
Diskette (slA")—Available from BEA: Accession No. 61-90-40-203, price $40.00
(two diskettes). [Other types of diskettes available; for information, call
(202) 606-5341.]
5.5 County Projections to 2040(diskette). Estimates for 1973, 1979, 1983, and
1988, and projections for 1995, 2000, 2005, 2010, 2020, and 2040 for total personal
income, population, per capita personal income, and employment and earnings by
industry for States and counties. Complete set of 13 diskettes {$W HD) available from
BEA: Accession No. 61-92-40-352, price $260.00. [Data also available for user-selected
States at $20.00 per diskette. Other types of diskettes also available. For information,
call (202) 606-5341.]
February 1994 •
8l
82 • February 1994
International
Economics
SURVEY OF CURRENT BUSINESS
BEA'S international economics program encompasses the international transactions
accounts (balance of payments) and the direct investment estimates. The international transactions accounts, which measure U.S. transactions with foreign countries,
include merchandise trade, trade in services, the current-account balance, and capital
transactions. The direct investment estimates cover estimates of U.S. direct investment
abroad and foreign direct investment in the United States, income and other flows
associated with these investments, and other aspects of the operations of multinational
enterprises.
9.1 BEA Reports: International Reports (EBB, EBB/FAX, news release). Reports
(usually 9 a year) with summary estimates of international transactions (quarterly);
international investment position (annual); capital spending by majority-owned foreign affiliates (semiannual); direct investment (annual); and related topics. Reports
are available online through the EBB (see entry no. 1.4) and by fax through EBB/FAX
(see entry no. 1.5). Printed reports are mailed the day after estimates are released.
(This set of reports is included in the five sets of BEA Reports; see entry no. 1.3.) The
printed international reports are available from BEA on a subscription basis: Accession
No. 53-91-11-018, price $18.00 per year.
U.S. international
transactions
10.0 The international transactions accounts provide a detailed and comprehensive view of economic transactions between the United States and foreign countries.
The accounts include estimates of merchandise exports and imports; travel, transportation, and other services; foreign aid; and private and official capital flows, including
direct investment. (Information about direct investment and international services
is provided in program description 11.0.) Current estimates, including estimates of
merchandise trade on a balance of payments basis, are reported in the March, June,
September, and December issues of the SURVEY OF CURRENT BUSINESS. Estimates include detail for the current and capital accounts, classified by type of transaction and
by area. Each June, estimates for the last 4 years are revised.
Estimates of the international investment position of the United States appear
in June. For further information, write to the Balance of Payments Division, BE-58,
Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230,
or call (202) 606-9545. For specific questions, the following telephone numbers may
be used:
Current-account estimates
Merchandise trade
Capital-account transactions
Government transactions
606-9577
-3384
-9579
-9574
A recorded telephone message summarizing key estimates of merchandise trade or
U.S. international transactions, whichever is the more recent release, is available at
(202) 606-5362 (see entry no. 1.2).
10.1 U.S. Merchandise Trade Data (printout, diskette). Seasonally adjusted and
unadjusted exports and imports for the end-use categories used by BEA to derive
trade totals on a Census basis. Series begin in 1978. Updated monthly or quarterly.
Available from BEA on a subscription basis:
U.S. Merchandise Trade Data, Monthly.
Printout—Accession No. 58-86-21-201, price $100.00 per year.
Diskette (5V4")—Accession No. 58-86-41-401, price $200.00 per year. [Other
types of diskettes available; for information, call (202) 606-3384.]
U.S. Merchandise Trade Data, Quarterly. Also includes, on a balance of payments basis, exports of agricultural products, nonagricultural products, and
nonmonetary gold, and imports of petroleum and products, nonpetroleum
products, and nonmonetary gold.
Printout—Accession No. 58-86-21-202, price $40.00 per year.
SURVEY OF CURRENT BUSINESS
February 1994 •
Diskette (s1/^)—Accession No. 58-86-41-402, price $80.00 per year. [Other types
of diskettes available; for information, call (202) 606-3384.]
10.2 U.S. Merchandise Trade: Exports and Imports by End-Use Category,
Monthly (computer tape). Monthly end-use detail (not seasonally adjusted) on a
Census basis for exports and imports for 70 countries and areas. Series begin in 1978.
Updated monthly. Available from BEA:
U.S. Merchandise Exports, Monthly. Accession No. 58-86-01-001, price $100.00.
U.S. Merchandise Imports, Monthly. Accession No. 58-86-01-002, price $100.00.
10.3 U.S. Merchandise Trade: Exports and Imports by End-Use Category, Quarterly (computer tape). Quarterly end-use detail (not seasonally adjusted) on a Census
basis for exports and imports for 70 countries and areas. Series begin in 1978. Updated
quarterly. Available from BEA:
U.S. Merchandise Exports, Quarterly. Accession No. 58-86-01-003, price $100.00.
U.S. Merchandise Imports, Quarterly. Accession No. 58-86-01-004, price $100.00.
10.4 U.S. Merchandise Trade: Exports and Imports by End-Use Category, Annually (computer tape, printout). Annual end-use detail on a Census basis for exports
and imports for 70 countries and areas. Series begin in 1978. Updated annually.
Available from BEA:
U.S. Merchandise Exports, Annually.
Computer tape—Accession No. 58-86-01-005, price $100.00.
Printout—Accession No. 58-86-21-103, price $55.00.
U.S. Merchandise Imports, Annually.
Computer tape—Accession No. 58-86-01-006, price $100.00.
Printout—Accession No. 58-86-21-104, price $55.00.
10.5 An Analysis of the Use of Time-Series Models to Improve Estimates of
International Transactions (BEA Working Paper No. 7). An investigation to see
whether the use of time-series models could improve the accuracy and decrease the
bias of the initial estimates of international transactions data in both the national
income and product accounts and the international transactions accounts. Currently,
these estimates require a considerable degree of judgment in lieu of complete source
data. (1993) Available from BEA: Accession No. 53-93-10-002, price $5.00.
10.6 The Balance of Payments of the United States: Concepts, Data Sources,
and Estimating Procedures (publication). 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. (1990) Available from NTIS: Accession No. PB
90-268715, price $27.00.
NOTE.—For a discussion of the relationship between foreign transactions estimates
in the balance of payments accounts and those in the national income and product
accounts, see entry no. 2.14.
11.0 BEA conducts quarterly, annual, and benchmark surveys of U.S. direct investment abroad and of foreign direct investment in the United States. The information
collected relates to the direct investment position and flows of capital, income, royalties and license fees, and other service charges between parent companies and affiliates;
capital expenditures by majority-owned foreign affiliates of U.S. companies; the financial structure and operations of U.S. parent companies and their foreign affiliates;
the financial structure and operations of U.S. affiliates of foreign companies; and U.S.
business enterprises acquired or established by foreign direct investors. Summary
information on the quarterly and annual surveys usually appears in the SURVEY OF
CURRENT BUSINESS on the following schedule:
Direct investment
and international
services
83
84 • February 1994
International
Economics—
Continued
SURVEY OF CURRENT BUSINESS
Foreign direct investment in the United States:
• The position and balance of payments flows, in June, with additional detail in
August. (In 1993, the additional detail was published in July.)
• Operations of U.S. affiliates of foreign companies, in May (or subsequent months).
• U.S. business enterprises acquired or established by foreign direct investors, in
May.
U.S. direct investment abroad:
• The position and balance of payments flows, in June, with additional detail in
August. (In 1993, the additional detail was published in July.)
• Operations of U.S. parent companies and their foreign affiliates, in June (or
subsequent months).
• Capital expenditures by majority-owned foreign affiliates of U.S. companies, in
March and September.
BEA'S data on direct investment are collected and published at the enterprise (company) level. In 1992, highly detailed establishment (plant) level data on foreign direct
investment in the United States, which complement BEA'S enterprise data, became
available for the first time as a result of a joint project between BEA and the Bureau
of the Census. A volume containing data on the number, employment, payroll, and
shipments or sales of foreign-owned U.S. establishments was published in June 1992
(see entry no. 11.3), and an article analyzing the data appeared in the October 1992
SURVEY OF CURRENT BUSINESS. Expanded information for 1989-90 for manufacturing
establishments, including most of the items covered by the Census Bureau's annual
survey of manufactures, was published in August and September 1993, followed by an
article in the January 1994 SURVEY analyzing the results.
The information BEA provides on U.S. international sales and purchases of services covers cross-border (balance of payments) services transactions, sales of services
abroad by nonbank majority-owned foreign affiliates of U.S. companies, and sales of
services in the United States by nonbank majority-owned U.S. affiliates of foreign
companies. The information on cross-border services transactions is derived from a
variety of sources, including BEA surveys, surveys of other Government agencies, and
non-Government sources. The information on sales of services by affiliates is obtained
from BEA'S benchmark and annual direct investment surveys. Since 1990, the data
on international services have been published in a detailed and unified format in the
September issue of the SURVEY.
For further information on direct investment and international services, write
to the International Investment Division, BE-50, Bureau of Economic Analysis, U.S.
Department of Commerce, Washington, DC 20230, or call (202) 606-9800. For specific
questions, the following telephone numbers may be used:
Foreign direct investment in the United States
Operations of U.S. affiliates of foreign companies
Establishment-level data on foreign
direct investment in the United States
U.S. direct investment abroad
Operations of U.S. parent companies and their
foreign affiliates
International services
Foreign direct
investment in the
United States
(202) 606-9804
-9893
-9898
-9867
-9867
-9804
11.1 Foreign Direct Investment in the United States: Operations of U.S. Affiliates of Foreign Companies (publication, diskette). The most detailed results of
BEA'S annual survey of foreign direct investment in the United States (only summary
information appears in articles in the SURVEY OF CURRENT BUSINESS). Contains information on the financial structure and operations of nonbank U.S. affiliates of foreign
SURVEY OF CURRENT BUSINESS
direct investors. Data are classified by industry of U.S. affiliate, by country and industry of ultimate beneficial owner, and, for selected data, by industry of sales and
by State. Preliminary estimates from annual surveys are released as soon as possible;
revised estimates are released one year later. Available as follows:
Foreign Direct Investment in the United States: Operations of U.S. Affiliates of
Foreign Companies, Preliminary 1991 Estimates. (1993)
Publication—Available from GPO: Stock No. 003-010-00238-7, price $6.00.
Diskette {3V2" HD)—Available from BEA: Accession No. 50-93-40-402, price
$20.00. [Other types of diskettes available; for information, call (202)
606-9879.]
Foreign Direct Investment in the United States: Operations of U.S. Affiliates of
Foreign Companies, Revised 1990 Estimates. (1993)
Publication—Available from GPO: Stock No. 003-010-00239-5, price $6.00.
Diskette (3V2" HD)—Available from BEA: Accession No. 50-93-40-401, price
$20.00. [Other types of diskettes available; for information, call (202)
606-9879.]
Foreign Direct Investment in the United States: Operations of U.S. Affiliates of
Foreign Companies, Revised 1989 Estimates. (1992)
Publication—Available from GPO: Stock No. 003-010-00232-8, price $5.50.
Diskette {3V2" HD)—Available from BEA: Accession No. 50-92-40-401,
price $20.00. [Other types of diskettes available; for information, call
(202) 606-9879.]
Foreign Direct Investment in the United States: Operations of U.S. Affiliates of
Foreign Companies, Revised 1988 Estimates. (1991)
Publication—Available from GPO: Stock No. 003-010-00224-7, price $5.00.
Diskette ($WHD)—Available from BEA: Accession No. 50-91-40-401, price
$20.00. [Other types of diskettes available; for information, call (202)
606-9879.]
NOTE.—The annual survey publication for 1987 has been replaced by the publication for the 1987 benchmark survey of foreign direct investment in the
United States. (See entry no. 11.2.)
11.2 Foreign Direct Investment in the United States, 1987 Benchmark Survey,
Final Results (publication, diskette). The final results of BEA'S 1987 benchmark survey
of foreign direct investment in the United States. Benchmark surveys are BEA'S most
comprehensive surveys, both in terms of companies covered and information gathered.
Contains information on the financial structure and operations of the U.S. affiliates
of foreign direct investors in 1987. Data are classified by industry of U.S. affiliate, by
country and industry of foreign parent or ultimate beneficial owner, and, for selected
data, by industry of sales and by State. (1990) Available as follows:
Publication—Available from GPO: Stock No. 003-010-00210-7, price $14.00.
Diskette ($WHD)—Available
from BEA: Accession No. 50-90-40-401, price
$20.00). [Other types of diskettes available; for information, call (202)
606-9836.]
NOTE.—Preliminary results of the benchmark survey covering 1992 will be
available in summer 1994.
11.3 Foreign Direct Investment in the United States: Establishment Data for
Manufacturing (publication, diskette). Presents detailed data from an annual series
on the manufacturing establishments of U.S. affiliates of foreign companies. The
data were obtained by linking BEA enterprise, or company, data on foreign direct
investment in the United States with Census Bureau establishment, or plant, data
for all U.S. companies. Data for the foreign owned manufacturing establishments
were extracted from the Census Bureau's annual survey of manufactures (ASM) and
February 1994 • 85
86 • February 1994
SURVEY OF CURRENT BUSINESS
International
Economics—
cover most of the ASM items, including value added, shipments, employment, total
employee compensation, employee benefits, hourly wage rates of production workers,
cost of materials and energy used, inventories by stage of fabrication, and expenditures
for new plant and equipment. The data are presented by detailed manufacturing
industry (they are classified into the 459 Standard Industrial Classification four-digit
industries), by country of the ultimate beneficial owner of the establishment, and by
State. Available as follows:
Foreign Direct Investment in the United States: Establishment Data for
Manufacturing, 1990. (1993)
Publication—AvailablefromGPO: Stock No. 003-010-00242-5, price $14.00.
Diskette {^VI'HD)—Available from BEA: Accession No. 50-93-40-790, price
$20.00. [Other types of diskettes available; for information, call (202)
606-9898.]
Continued
Foreign Direct Investment in the United States: Establishment Data for
Manufacturing, 1989. (1993)
Publication—Available from GPO: Stock No. 003-010-00243-3, price $13.00.
Diskette (3WHD)—Available from BEA: Accession No. 50-93-40-789, price
$20.00. [Other types of diskettes available; for information call (202)
606-9898.]
11.4 Foreign Direct Investment in the United States: Establishment Data for 1987
(publication, diskette). This is the first publication in an annual series that presents
detailed results from linking BEA'S data for foreign-owned U.S. business enterprises
to the Census Bureau's data for the establishments (or plants) of those enterprises.
Detailed estimates of the number, employment, payroll, and shipments or sales of
foreign-owned U.S. establishments and, for comparative purposes, of all U.S. establishments, are presented. Data are classified by detailed industry (four-digit sic), by
country of the ultimate beneficial owner of the investment, and by State. Available as
follows:
Publication—Available from GPO: Stock No. 003-010-00228-0, price $36.00.
Diskette ($WHD)—Available from BEA: Accession No. 50-92-40-777, price
$20.00. [Other types of diskettes available; for information, call (202)
606-9898.]
11.5 Foreign Direct Investment in the United States: Balance of Payments and
Direct Investment Position Estimates, 1980-86 (publication). Contains estimates of
the foreign direct investment position in the United States and balance of payments
transactions between foreign parent groups and their U.S. affiliates for 1980-86. Includes estimates by country of foreign parent and industry of U.S. affiliate. Note
that the data in this publication do not incorporate methodological changes made in
June 1992 to the data for 1982 forward. (1990) Available from BEA: Accession No.
50-90-10-109, price $5.00.
11.6 Foreign Direct Investment in the United States: Direct Investment Position
and Related Capital and Income Flows (diskette). Annual estimates of the foreign
direct investment position in the United States and selected capital and income flows
between U.S. affiliates and their foreign parent companies. In June 1992, a number of
methodological changes were made to the data on capital and income flows for 1982
forward. To the extent they could be carried to the detailed country and industry
level presented, these changes have been incorporated in this item. Diskettes {$W
HD) available from BEA [Other types of diskettes available; for information, call (202)
606-9868]:
1987-92: Accession No. 50-93-40-606, price $20.00.
1980-86: Accession No. 50-91-40-605, price $20.00.
11.7 U.S. Business Enterprises Acquired or Established by Foreign Direct Investors, Supplementary Tables (tables, diskette). The results of BEA'S survey of new
SURVEY OF CURRENT BUSINESS
February 1994 •
foreign direct investments in the United States. Summary tables appeared in the May
1993 SURVEY OF CURRENT BUSINESS article. This set of supplementary tables contains
additional detail for 1987-92 on the number of investments and investors, investment
outlays, and selected operating data of the U.S. business enterprises acquired or established. (1993) Comparable tables for 1980-86 are also available. Available from
BEA:
1987-92:
Tables—Accession No. 50-93-20-105, price $10.00.
Diskette feW HD)—Accession No. 50-93-40-405, price $20.00. [Other types of
diskettes available; for information, call (202) 606-9879.]
1980-86:
Tables—Accession No. 50-89-20-106, price $18.00.
Diskette fete" HD)—Accession No. 50-89-40-406, price $20.00. [Other types of
diskettes available; for information, call (202) 606-9879.]
11.8 Foreign Direct Investment in the United States: Gross Product of Nonbank
U.S. Affiliates, 1977-87 (tables). Presents, by industry of U.S. affiliate and by country
of ultimate beneficial owner, estimates of U.S. affiliates' gross product. Note that the
data for 1987 have since been revised (see "Gross Product of U.S. Affiliates of Foreign
Direct Investors, 1987-90" in the November 1992 SURVEY OF CURRENT BUSINESS).
(1989) Available from BEA: Accession No. 50-89-20-107, price $10.00.
11.9 A Guide to BEA Statistics on Foreign Direct Investment in the United States
(reprint). Explains the types of data on foreign direct investment in the United States
that are collected and published by BEA and clarifies the differences between those
data sets. This article appeared in the February 1990 SURVEY OF CURRENT BUSINESS.
(1990) Available upon request from the International Investment Division.
11.10 U.S. Direct Investment Abroad: 1989 Benchmark Survey, Final Results
(publication, diskette). Final results of BEA'S 1989 benchmark survey of U.S. direct investment abroad. Benchmark surveys are BEA'S most comprehensive surveys, both in
terms of companies covered and information gathered. Presents a detailed account of
U.S. direct investment abroad in 1989, including data on balance sheets; income statements; employment; employee compensation; U.S. merchandise trade; sales of goods
and services; research and development expenditures; property, plant, and equipment;
and taxes. Data are classified by country and industry of affiliate and industry of U.S.
parent. (1992) Available as follows:
Publication—Available from GPO: Stock No. 003-010-00234-4, price $25.00.
Diskette (3V2" HD)—Available from BEA: Accession No. 50-92-40-403, price $20.00.
[Other types of diskettes available; for information, call (202) 606-9836.]
11.11 U.S. Direct Investment Abroad: Operations of U.S. Parent Companies
and Their Foreign Affiliates (publication, diskette). The most detailed results of
BEA'S annual survey of the worldwide operations of U.S. multinational companies
(only summary information appears in the SURVEY OF CURRENT BUSINESS). 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. Preliminary estimates from annual surveys
are released as soon as possible; revised estimates are released 1 year later. Available
as follows:
U.S. Direct Investment Abroad: Operations of U.S. Parent Companies and Their
Foreign Affiliates, Preliminary 1991 Estimates. (1993)
Publication—Available from GPO: Stock No. 003-010-00240-9, price $6.50.
U.S. direct investment
abroad
8j
88 • February 1994
International
Economics—
Continued
SURVEY OF CURRENT BUSINESS
Diskette (3V2" HD)—Available from BEA: Accession No. 50-93-40-404, price
$20.00. [Other types of diskettes available; for information, call (202)
606-9820 .]
U.S. Direct Investment Abroad: Operations of U.S. Parent Companies and Their
Foreign Affiliates, Revised 1990 Estimates. (1993)
Publication—Available from GPO: Stock No. 003-010-00241-7, price $6.50.
Diskette {3V2" HD)—Available from BEA: Accession No. 50-93-40-403, price
$20.00. [Other types of diskettes available; for information, call (202)
606-9820 .]
NOTE.—The annual survey publication for 1989 has been replaced by the publication for the 1989 benchmark survey of U.S. direct investment abroad (see
entry no. 11.10).
U.S. Direct Investment Abroad: Operations of U.S. Parent Companies and Their
Foreign Affiliates, Revised 1988 Estimates. (1991)
Publication—Available from NTIS: Accession No. PB 92-101583, price $19.50.
Diskette fott" HD)—Available from BEA: Accession No. 50-91-40-403, price
$20.00. [Other types of diskettes available; for information, call (202)
606-9820 .]
U.S. Direct Investment Abroad: Operations of U.S. Parent Companies and Their
Foreign Affiliates, Revised 1987 Estimates. (1990)
Publication—Available from NTIS: Accession No. PB 90-258898, price $19.50.
Diskette {3V2" HD)—Available from BEA: Accession No. 50-90-40-403, price
$20.00. [Other types of diskettes available; for information, call (202)
606-9820 .]
11.12 U.S. Direct Investment Abroad, Country by Industry Estimates, 1950-92
(computer tape). Annual estimates of the U.S. direct investment position abroad and
of selected capital and income flows between U.S. parent companies and their foreign
affiliates. Estimates are for 56 countries by 7 industries for 1950-65, 56 countries by 14
industries for 1966-76, 76 countries by 15 industries for 1977-81, and 80 countries by 15
industries for 1982-92. In June 1992, a number of methodological changes were made
to the data on capital and income flows for 1982 forward. To the extent they could be
carried to the detailed country and industry level presented, these changes have been
incorporated in this item. (1993) Available from BEA: Accession No. 50-93-00-667,
price $100.00.
International services
11.13 U.S. International Sales and Purchases of Services (reprint). Presents
information on services in a more detailed and unified format than has been available previously. Includes data on cross-border transactions in services (for 1989-92)
and on sales of services by majority-owned foreign affiliates of U.S. companies and
by majority-owned U.S. affiliates of foreign companies (for 1990-91). This article
appeared in the September 1993 SURVEY OF CURRENT BUSINESS; data are updated
annually. (1993) Available upon request from the International Investment Division.
SURVEY OF CURRENT BUSINESS
February 1994
BE A also prepares compilations of public and private data for use in measuring, analyzing, and forecasting economic developments. These include a system of business
cycle indicators and a set of business statistics covering general economic activities
and specific industries.
Other Tools for
Economic
Analysis
12.0 BEA maintains a system of indicators to track business cycles. The system
features the composite indexes of leading, coincident, and lagging indicators. The
data base includes series classified as cyclical indicators (because they conform well to
broad fluctuations in economic activity), as well as other series useful in interpreting
the economic situation and outlook. Each month preliminary values of the three
composite indexes for the latest month and revised values for the 5 preceding months
are released. Once a year, in the fall, the composite indexes are recalculated for
recent years to incorporate historical revisions in component data. Information on
composite indexes appears each month in the Business Cycle Indicators section (Cpages) of the SURVEY OF CURRENT BUSINESS. For further information, write to the
Business Outlook Division, BE-52, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230, call (202) 606-5366, or send a facsimile to (202)
606-5313. A recorded telephone message at (202) 606-5361 provides current data for
the composite indexes (and the leading index components) immediately upon their
release. The message is updated weekly, usually on Monday, to include recently
available component data that will be incorporated into the next release (see entry no.
Business cycle
indicators
1.2).
12.1 BEA Reports: Composite Indexes of Leading, Coincident, and Lagging Indicators (EBB, EBB/FAX, news release). Monthly reports with summary estimates of
the composite indexes. Reports are available online through the EBB (see entry no.
1.4) and by fax through EBB/FAX (see entry no. 1.5). Printed reports are mailed the
day after estimates are released. (This set of reports is included in the five sets of BEA
Reports; see entry no. 1.3.) The printed composite index reports are available from
BEA on a subscription basis: Accession No. 53-91-11-016, price $24.00 per year.
12.2 Cyclical Indicators Methodology (reprint). Reprints of four articles that
appeared in the SURVEY OF CURRENT BUSINESS: "Business Cycle Indicators: Upcoming Revision of the Composite Indexes" (October 1993); "The Composite Index of
Coincident Indicators and Alternative Coincident Indexes" (June 1992); "Business Cycle Indicators: Revised Composite Indexes" (January 1989); and "Composite Indexes
of Leading, Coincident, and Lagging Indicators" (November 1987). The package also
includes historical data for the composite indexes and their components (as shown in
the November 1993 SURVEY plus the historical chronology of business cycle expansions
and contractions, the cyclical leads and lags for selected indicators, and the titles and
sources of all business cycle indicator series. (1993) Available from BEA: Accession No.
52-90-10-301, price $10.00.
12.3 Business Cycle Indicators Current Data (EBB, diskette, printout). Data for
the last 4 calendar years (plus data for earlier years if revised) for all series in the
Business Cycle Indicators section (C-pages) of the SURVEY OF CURRENT BUSINESS. Includes data for about 270 series; most are monthly series. Updated monthly. Available
online through the EBB (see entry no. 1.4). (An additional file, available only through
the EBB, contains Business Cycle Indicators data for the last 2 calendar years and is
updated weekly.) Diskettes and printouts are available from BEA on a subscription
basis:
Diskette (3V2" HD), 12-month subscription—Accession No. 52-86-41-401, price
$200.00 per year. [Other types of diskettes available; for information, call
(202) 606-5366.]
90
• February 1994
Other ToolsContinued
SURVEY OF CURRENT BUSINESS
Printout, 12-month subscription—Accession No. 52-88-21-201, price $200.00 per
year.
12.4 Business Cycle Indicators Historical Data (EBB, diskette). Historical data
from 1945 (if available) to the present for all series in the Business Cycle Indicators
section (C-pages) of the SURVEY OF CURRENT BUSINESS (about 270 series). Updated
monthly. Available online through the EBB (see entry no. 1.4). Diskettes are available
from BEA as a one-time order or on a subscription basis:
Diskette {3V2" HD), single copy—Accession No. 52-86-40-402, price $20.00. [Other
types of diskettes available; for information, call (202) 606-5366.]
Diskette (3V2" HD), 12-month subscription—Accession No. 52-92-41-403, price
$200.00 per year. [Other types of diskettes available; for information, call
(202) 606-5366.]
12.5 Business Cycle Indicators Historical Data for User-Selected Series (EBB, fax,
diskette, printout). Historical data for any series in the Business Cycle Indicators section (C-pages) of the SURVEY OF CURRENT BUSINESS. Data are from 1945 (if available)
through the most recent period available when the order is processed. User selects up
to 100 series and the media by which the data are to be delivered. Available by special
order from BEA; for more information, call (202) 606-5366.
Business statistics
13.0 BEA compiles data from both public and private sources for approximately
1,900 economic time series and publishes the data each month in the Current Business
Statistics section (S-pages) of the SURVEY OF CURRENT BUSINESS. The series cover general business activities, such as construction and real estate; consumer, producer and
farm prices; finance; foreign trade; industrial production; labor force, employment,
and earnings; and personal income and outlays. Series include specific industries, such
as chemicals, electric power and gas, food and tobacco, lumber, metals and machinery,
petroleum and coal, pulp and paper, and transportation equipment. For information
about Current Business Statistics, write Business Outlook Division, BE-52, Bureau of
Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, call (202)
606-5367, or send a facsimile to (202) 606-5313.
13.1 Business Statistics, 1963-91 (publication). Handy, one-volume reference
source on the U.S. economy containing historical data for over 1,900 data series.
Monthly or quarterly data for 1988-91 and annual data for 1963-91 for series that appear in the Current Business Statistics section (S-pages) of the SURVEY OF CURRENT
BUSINESS. These series include business sales, inventories, and orders; prices; employment and unemployment; construction; banking and finance; transportation; and
many other industries and commodities. An appendix provides data for principal BEA
series of the national income and product accounts and of U.S. international transactions. Also contains definitions of terms, sources of data, and methods of compilation.
Biennial. (1992) Available from GPO: Stock No. 003-010-00229-8, price $20.00.
As this issue of the SURVEY OF CURRENT BUSINESS went to press, decisions
on a reprogramming at BEA were finalized. As part of the reprogramming,
BEA plans to discontinue publication of the Current Business Statistics section
(S-pages) in the SURVEY and of the biennial publication Business Statistics. For
information on the future availability of the products listed in this section,
write to the Business Outlook Division, BE-52, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, DC 20230, call (202) 606-5367,
or send a facsimile to (202) 606-5313.
SURVEY OF CURRENT BUSINESS
13.2 Business Statistics Current Data (EBB, diskette). Data for the last 4 calendar
years (plus data for earlier years if revised) for all series in the Current Business
Statistics section (S-pages) of the SURVEY OF CURRENT BUSINESS. Updated monthly.
Available online through the EBB (see entry no. 1.4). Diskettes are available from BEA
as a one-time order or on a subscription basis:
Diskette (3V2" HD), single copy—Accession No. 52-92-40-412, price $20.00. [Other
types of diskettes available; for information, call (202) 606-5367.]
Diskette (3V2" HD), 12-month subscription—Accession No. 52-92-41-411, price
$200.00 per year. [Other types of diskettes available; for information, call
(202) 606-5367.]
13.3 Business Statistics Historical Data (diskette). Historical data from 1947 (if
available) to the present for all series in the Current Business Statistics section (Spages) of the SURVEY OF C U R R E N T BUSINESS. Updated monthly. Available from BEA
as a one-time order or on a subscription basis:
Diskette (3W HD), single copy—Accession No. 52-93-40-505, price $40.00 (2
diskettes). [Other types of diskettes available; for information, call (202)
606-5367.]
Diskette (3V2" HD), 12-month subscription—Accession No. 52-93-41-506, price
$400.00 per year (2 diskettes per month). [Other types of diskettes available;
for information, call (202) 606-5367.]
13.4 Business Statistics Historical Data for User-Selected Series (EBB, fax,
diskette, printout). Historical data for any series shown in the Current Business Statistics section (S-pages) of the SURVEY OF CURRENT BUSINESS. Data are from 1947 (if
available) through the most recent period available when the order is processed. User
selects up to 100 series and the media by which the data are to be delivered. Available
by special order from BEA; for more information, call (202) 606-5367.
Bj
February 1994 • 91
C-l
SURVEY OF CURRENT BUSINESS
February
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 diskettes, printouts, and the Commerce
Department's Economic Bulletin Board. For more information, contact the Business Cycle Indicators Branch, Business
Outlook Division (BE-52), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. (Telephone:
(202) 606-5366; fax: (202) 606-5313.)
NOTE.—This section of the SURVEY is prepared by the Business Cycle Indicators Branch.
Year
1992
1993
Dec.
1993
1994
Series title and timing classification
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Oct
Sept
Nov.
Jan.
Dec.
1. COMPOSITE INDEXES
The Leading Index
910 •
Composite index of leading indicators, 1987-100 (L.L.L) ...
Percent change from previous month
Percent change over 3-month span, AR
97.9
'98.4
98.6
99.1
'100.2
'100.5
-.2
'.5
2.1
'.2
5.0
.5
'.4
.7
'.3
'4.5
'6.7
'5.8
98.7
99.2
98.9
99.1
.1
1.4
1.0
3.7
-.3
3.7
.2
-.7
-3.2
-2.0
-4.0
-1.2
-2.0
'1.2
98.4
98.4
o
98.1
-.3
98.1
o
'99.5
Leading index components:
Average weekly hours mfg (L L L^ .
. . .
Average weekly initial claims for unemployment
41 4
41.4
'366
41.4
'349
41.2
'375
41.2
'383
399
41 4
'371
41.5
'370
41.6
'354
41.7
'336
41.7
'318
'41.7
374
41.4
'387
41.4
365
41 2
'340
41.5
5*
8*
insurance, inous. \L,U,U; + §.
Mfrs.' new orders, consumer goods and materials,
1,304.47
110.03
109.30
109.79
107.23
106.72
105.54
106.58
105.35
'106.55
'109.03
'111.40
'112.61
'114.37
'116.29
1 +
32 •
20 •
29 •
92 •
99 •
19 •
Vendor performance, slower deliveries diffusion index,
percent (L.L.L).
Contracts and orders for plant and equipment, bil.
1987$(L,L,L)§.
Index of new private housing units authorized by local
building permits, 1967-100 (L.L.L).
Change in mfrs.1 unfilled orders, durable goods, bii.
1987$, smoothed (L,L,L)f§.
Change in sensitive materials prices, percent, smoothed
(L,L,L)f§.
Index of stock prices, 500 common stocks, 1941-43-10,
MCA
106 •
83*
950
*
360
51.6
51.7
52.8
53.0
52.5
53.1
51.7
50.2
50.0
51.3
50.9
50.7
50.7
51.7
55.0
433.66
'36.63
'33.23
'35.92
'33.49
'34.15
'33.96
'37.86
'34.67
'36.38
'35.84
'37.73
'40.44
'39.99
'41.64
96.4
95.4
92.3
91.0
82.5
87.8
89.4
88.9
92.7
99.0
-2.87
'-3.50
'-2.82
'-2.08
'-2.18
'-2.42
'-2.97
'-3.35
'-3.30
'-3.15
101.4
104.0
'-3.23
'-3.10
109.6
'-2.92
117.7
'-2.90
108.3
'-2.36
-.25
'-.19
-.17
'-.15
'-.18
'-.30
'-.40
'-.43
'-.43
'-.48
'-.48
'-.25
'-.02
'.30
.51
451.41
435.64
435.23
441.70
450.16
443.08
445.25
448.06
447.29
454.13
459.24
463.90
462.89
465.95
472.99
2 774 8 ' 2 802 7
72.8
89.5
'2,791.1
83.4
'2,775.4
80.6
' 2 769.3
' 75.8
'27630
' 76.4
' 2 775.3
' 68.5
' 2 778.5
" 70.4
' 2 778.3
' 64.7
' 2 774.1
' 65.8
' 2 778.5
' 66.8
' 2 771.3
' 72.5
'2771.7
' 70.3
' 2 770.6
' 78.8
' 2 775.8
" 86.4
56.1
77 3
72.7
36.4
72.7
59.1
45.5
9.1
227
54.5
31.8
36.4
'36.4
54.5
'63.6
40.9
72.7
77.3
'81.8
'68.2
'90.9
81.8
'90.9
'72.7
'81.8
'77.3
109.1
107.9
108.1
108.6
108.8
108.9
108.8
109.4
109.6
110.0
'110.5
'111.1
-.1
2.2
.6
2.6
.2
4.5
.4
'4.1
.5
'5.6
M I I \«
NoH (L,L,L; .
Money supply M2 bil 1987$ (L L L) §
Index of consumer expectations, U. of Michigan,
1966:1-100, NSA (L.L.L)© 2 .
Diffusion index of 11 leading indicator components:
Percent rising over 1-month span
Percent rising over 6-month span
The Coincident Index
920 •
41 •
51 •
47*
57*
951
4
Composite index of coincident indicators, 1987-100
(C,C,C).
Percent change from previous month
Percent change over 3-month span, AR
Coincident index components:
Employees on nonagricultural payrolls, thous. (C.C.C) ...
Personal income less transfer payments, bil. 1987$, AR
(CC.C).
Index of industrial production, 1987-100 (C,C,C)§
Manufacturing and trade sales, mil. 1987$ (C.C.C)
Diffusion index of 4 coincident indicator components:
Percent rising over 1-month span
Percent rising over 6-month span
3
109.5
107.6
.1
2.5
2.0
1.9
-1.7
1.9
.3
-5.0
.2
3.8
.5
3.4
2
3.0
.1
.1
110,174
3,520.5
109,079
3,689.9
109,235
3,441.9
109,539
3,449.3
109,565
3,471.1
109,820
3,517.7
110,058
3,524.3
110,101
3,511.7
110.338
3,499.1
110,305
3,542.3
110,502
3.544.2
110,664
'3,561.4
'110,880 '111,070
'3,581.2 '3,602.3
'111,132
'3,583.0
110.9
'109.0
6,200,100 '509,473
'109.2
'509,057
109.9
510,542
'110.0
509,156
'110.5
507,532
'110.0
510,649
'110.4
514,996
' 110.9
511,070
'111.1
518,303
'111.9
'111.3
521,028 '523,574
'112.8
'113.9
'529,275 '534,918
'114.4
3
111.1
3
'.5
4.1
80.2
100.0
100.0
50.0
100.0
100.0
100.0
62.5
75.0
75.0
100.0
75.0
100.0
62.5
100.0
50.0
100.0
87.5
100.0
100.0
100.0
3 100.0
100.0
100.0
3
96.4
95.6
96.6
96.6
96.4
96.4
96.3
96.3
96.7
96.4
96.5
96.4
'96.1
'96.3
4
.4
.4
-.3
.8
.1
-.1
'.2
-1.2
'-1.2
'-.3
'-.8
ioo!o
0
66.7
The Lagging Index
930*
Composite index of lagging indicators, 1987-100
/I f, 1 ft 1 n\
(Lg.Lg.Lg;.
Percent change from previous month
Percent change over 3-month span, AR
91 •
77*
Lagging index components:
Average duration of unemployment, weeks
(Lg.Lg.Lg) 3 *.
Ratio, mfg. and trade inventories to sales in 1987$
109 •
(Lg,Lg,Lg).
Change in labor cost per unit of output, mfg., percent,
AR, smoothed (Lg.Lg.Lg) f 6 § .
Average prime rate charged by banks, percent, NSA
101 •
Commercial and industrial loans outstanding, mil. 1987$
62 •
95*
Ratio,'consumer installment credit outstanding to
,1
96.1
3.4
-1.2
-A
18.5
18.2
17.7
17.7
17.8
17.8
17.9
18.3
18.4
18.4
18.9
18.2
1.57
1.57
1.57
1.58
1.58
1.56
1.58
1.56
1.55
1.55
'1.53
'1.52
'-.3
'-2.3
'-3.6
'-3.9
'-4.0
'-3.3
'-2.9
'-2.5
-1.8
'-.8
'-.9
'-1.6
'-2.2
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
'368,770 '369,023
'362,802
364,190 '366,558
366.923
'373,672
'373,532
'372,155
'371,259
'370,102
'375,074
'375,402
18.1
19.0
1.56
1.56
-2.5
6.00
•*
o
0
1.3
.4
_
o
-.2
-.8
1.0
-.4
-1.1
369,505 '374,231
4
4
-.2
-1.2
14.12
13.46
14.23
14.24
14.18
14.02
13.94
14.00
14.12
14.04
14.13
'14.15
'14.19
'14.23
3.8
3.9
'3.9
'3.8
'3.9
'4.0
'4.1
'4.1
'4.0
'3.9
'3.7
'3.6
'3.5
'3.5
49.4
50.0
50.0
64.3
50.0
71.4
35.7
35.7
57.1
71.4
50.0
50.0
'50.0
57.1
35.7
64.3
50.0
'28.6
50.0
35.7
50.0
35.7
30.0
'21.4
'57.1
114.5
111.4
111.7
112.1
112.7
113.0
113.1
112.5
113.5
113.6
114.1
115.0
'115.4
18.3
'-2.6
AAMAHQI in/*/\rviA nAr/^Ant t\ n \ n \ n\
120*
952
940 •
personal income, percent iLg,Lg,Lgj.
Change in Consumer Price Index for services, percent,
AR, smoothed (Lg.Lg.Lg) t § .
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, 1987-100 (L.L.L)
NOTE.. - T h e
113.2
following current high values were reached before December 1992: May 1991-BCM06 (2,865.8);
August 1991—BCf-92 smoothed (-0.83); December 1991-BCI-62 smoothed (3.0) and BCI-77 (1.65); January
1992—BCI-120 smoothed (4.2); and June 1992—BCI-99 smoothed (0.77).
See page C-6 for other footnotes.
4
3.1
4
30.0
'115.6
C-2
Series
no.
• February 1994
SURVEY OF CURRENT BUSINESS
Year
1992
1993
Dec.
1993
1994
Series title and timing classification
Jan.
Feb.
|
Mar.
|
Apr.
May
June
|
July
Aug.
|
Sept
Oct
Nov.
|
Dec.
Jan.
2. LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT
441
442
451
452
453
1 •
21 •
5*
46 •
60
Labor force:
Civilian labor force, thous. l
Civilian employment, thous.'
Civilian labor force participation rates (percent):
Males 20 years and over 1
Females 20 years and over 1
Both sexes 16-19 years of age 1
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. (L.C.L) 2 1 §•
Job vacancies:
Index of help-wanted advertising, 1967-100 (L.Lg.U)
Ratio, help-wanted advertising to unemployed (ULg.U) 1
Employment:
Employee hours in nonagricultural establishments,
bil. hours, AR (U.C.C).
Persons engaged in nonagricultural activities, thous.
(U.C.C) 1 .
41 •
963
40 4
90 «
37
43*
45
91 •
44
Employees on nonagricultural payrolls, thous. (C.C.C) ...
Diffusion index of employees on private nonagricultural
payrolls, 356 industries:
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) • +
Civilian unemployment rate, percent (L.Lg.U) l $
Average weekly insured unemployment rate, percent
(L.Lg,U) 3 $.
Average duration of unemployment, weeks
(Lg.Lg.Lg)' t
Unemployment rate, 15 weeks and over, percent
(Lg.Lg.Lg)J $.
128.040
119.306
127.469
118.155
127.224
118,178
127,400
118,442
127,440
118.562
127,539
118,585
128,075
119,180
128.056
119,187
128.102
119,370
128.334
119.692
128.108
119.568
128,580
119,941
128,662
120,332
128,898
120,661
130,667
121,971
76.9
58.4
51.5
77.0
58.4
51.7
76.8
58.3
51.4
76.9
58.2
51.9
76.9
58.2
51.5
76.9
58.2
51.8
77.1
58.4
52.5
77.0
58.5
51.5
77.0
58.4
51.8
77.0
58.5
51.6
76.7
58.4
51.2
77.0
58.6
51.1
76.8
58.7
51.2
76.8
58.9
50.9
77.0
59.3
53.3
41.4
4.1
365
3.9
'340
41.4
4.0
'366
41.4
4.2
'349
41.2
4.0
'375
41.5
4.2
374
41.4
4.1
'387
41.2
4.0
'383
41.4
4.0
399
41.4
4.1
'371
41.5
4.1
'370
41.6
4.3
'354
41.7
'4.3
'336
41.7
4.4
'318
'41.7
'4.4
360
101
.344
95
.303
'93
'.306
97
.322
96
.322
96
.319
100
.334
97
.325
101
.344
103
.355
101
.352
106
.365
107
.382
110
.397
'106
'. 363
203.95
'207.29
41.2
201.86
201.98
202.47
202.33
202.78
205.28
203.57
204.05
204.76
204.06
205.26
'205.16
'205.75
116,232 114,933
114.996
115.326
115,463
115.514
116,106
116,156
116,327
116,687
116,475
116,920
117,218
117,565 '118,639
110,174 109.079
109,235
109.539
109,565
109,820
110.058
110,101
110,338
110,305
110,502
110,664 ' 110,880 '111,070 '111,132
58.1
59.7
23,001
59.7
23,069
61.3
61.4
51.0
58.3
23,016
61.4
53.8
57.7
22.980
61.4
56.9
49.7
23,006
61.7
46.5
51.1
22,941
61.6
57.9
52.9
22,948
61.6
44.4
'55.9
22,903
61.8
8,732
6.8
2.6
54.7
54.8
22,975
61.6
22,985
61.4
8.734
6.8
2.6
9.314
7.3
2.6
9.046
7.1
2.6
8,958
7.0
2.5
8,878
7.0
2.5
8,954
7.0
2.6
8,895
6.9
2.6
18.1
19.0
18.5
18.2
17.7
17.7
17.8
17.8
2.4
2.8
2.6
2.5
2.4
2.3
2.4
2.4
56.6
58.3
57.2
'57.4
22,886
61.6
53.9
'56.9
22,934
61.8
'61.0
''55.5
'55.6
'22,994
61.9
'23.006
62.0
'23,027
62.2
8,642
6.7
2.6
8.540
6.7
2.6
8,639
6.7
2.6
8,330
6.5
2.6
8,237
6.4
2.5
8,696
6.7
2.5
17.9
18.3
18.4
18.4
18.9
18.2
18.3
2.3
2.3
2.4
2.4
2.3
2.2
2.3
r
3. OUTPUT, PRODUCTION, AND CAPACITY UTILIZATION
50
49
Output:
Gross domestic product, bil. 1987$, 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)
5.137.7
3.0
5.102.1
1.9
5.104.1
2,069.1
5,078.2
5,080.7
2.060.2
2,085.8
'5,232.1
'7.5
5.138.3
2.9
5,145.8
2.074.9
'2,139.1
Industrial production indexes, 1987-100:
47 •
73*
74*
75 •
124
Total (C.C.C) §
Durable manufactures (C,C,C)§
Nondurable manufactures (C.L.L) §
Consumer goods (C,L,C)§
Capacity utilization rates (percent):
Total industry (L,C,U)§
Manufacturing (L.C.U) §
110.9
114.3
108.6
108.8
'109.0
'110.7
'107.6
'108.2
'109.2
'111.5
'107.9
'108.2
109.9
'112.1
'108.2
'108.9
'110.0
'112.5
'108.2
'108.9
'110.5
'113.5
'108.7
'108.6
'110.0
'113.2
'108.5
'107.8
'110.4
'113.0
'108.9
'108.1
'110.9
'113.7
'109.1
'108.9
'111.1
'113.9
'109.2
'108.6
'111.3
'115.0
'108.5
'108.5
'111.9
'116.2
'108.8
'109.2
'112.8
'118.1
'109.2
'109.9
'113.9
'120.0
'109.3
'110.1
'114.4
'120.7
'108.8
'110.4
81.5
80.6
'80.8
'79.7
'80.9
'80.0
'81.2
'80.2
'81.2
'80.1
'81.4
'80.6
'81.0
'80.2
'81.1
'80.1
'81.3
'80.3
'81.4
'80.3
'81.4
'80.4
'81.7
'80.8
'82.2
'81.5
'82.9
'82.2
'83.1
'82.1
4. SALES, ORDERS, AND DELIVERIES
57*
59*
92*
32*
Sales:
les:
Manufacturing and trade sales, mil. 1987$ (C.C.C)
Sales of retail stores, mil. 1987$ (U.L.U)
Orders and deliveries:
Mfrs.' new orders, durable goods, bil. 1987$ (L.L.L) § ..
Mfrs.1 new orders, consumer goods and materials,
bil. 1987$ (L.L.L).
Mfrs.1 unfilled orders, durable goods, mil. 1987$0§
Change from previous month, bil. 1987$ §
Change from previous month, bil. 1987$, smoothed
(L.L.D t §•
Vendor performance, slower deliveries diffusion index,
percent (L.L.L).
6,200,100 '509,473
1.761.185 '143,929
'509.057
'143,744
510.542
143,076
509,156
141,496
507,532
143.793
510,649
145,047
514,996
146,144
511,070
146.713
518,303
147,577
521,028
148,185
'523,574
'150.420
117.64
110.03
114.64
109.30
'117.19
109.79
112.96
107.23
'112.61
106.72
'109.77
105.54
114.50
106.58
111.08
105.35
113.68
'106.55
115.01
'109.03
'117.87
'111.40
362,588 '397.176
-2.88
'-.59
-2.87
'-3.50
'397,232
'.06
'-2.82
396,886
'-.35
'-2.08
390.926
-5.96
'-2.18
'387,356
'-3.57
'-2.42
381,879
'-5.48
'-2.97
'378,466
'-3.41
'-3.35
'377,172
'-1.29
'-3.30
374,775
'-2.40
'-3.15
370,372
-4.40
'-3.23
51.7
52.8
53.0
52.5
53.1
51.7
50.2
50.0
51.3
'117.6
51,765
'120.8
60422
'120.7
58 341
r
1.381.78
1,304.47
51.6
'529,275 '534,918
'151.436 '153,554
'152,583
'120.20
'112.61
'122.27
'114.37
'126.39
'116.29
368,404
-1.97
'-3.10
'366,140
'-2.26
'-2.92
'362,588
'-3.55
'-2.9C
'363,536
'.95
'-2.36
50.9
50.7
50.7
51.7
55.0
120.9
57 909
'122.2
'63,632
'122.9
'125.4
'128.0
'127.7
5. FIXED CAPITAL INVESTMENT
12*
13*
Formation of business enterprises:
Index of net business formation, 1967-100 (L.L.L) §
Number of new business incorporations (L L.L)
10
Business investment commitments:
Contracts and orders for plant and equipment, bil.$
20 •
27*
9*
61
100 •
69 •
(L.L.L) §.
Contracts and orders for plant and equipment, bil.
1987$ (L,L,L)§.
Mfrs.' new orders, nondefense capital goods, bil. 1987$
(L,L,L).
Construction contracts awarded for commercial and
industrial buildings, mil. sq.ft.(L,C,U)© 4 §.
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.$, AR (C.Lg.Lg).
121.8
119.0
61 695
119.3
55 689
425.96
'37.24
433.66
'36.63
394.43
535.60
'120.9
59 691
'122.0
61002
'121.0
59 648
'33.15
'35.97
'32.99
'33.89
'33.25
'38.15
'33.77
'35.63
'34.94
'36.56
'38.78
'38.88
'41.45
'33.23
'35.92
'33.49
'34.15
'33.96
'37.86
'34.67
'36.38
'35.84
'37.73
'40.44
'39.99
'41.64
32.26
29.26
33.09
30.13
31.18
31.08
34.11
31.47
33.24
32.44
34.52
'37.12
'36.79
'38.03
'40.59
'38.54
'40.20
'4322
'43.80
'42.80
'43.43
'47.58
'44.44
'45.34
'46.74
'47.15
'52.36
'52.76
'514.18
'495.55
584 64
56413
579.79
594.11
"600 53
554 84
533 70
546 97
565 28
a
464.42
459.12
442.82
447.24
NOTE.—The following current high values were reached before December 1992: July 1991—BCl-92 change (6.72)
and August 1991—BCl-92 smoothed (-0.83).
See page C-6 for other footnotes.
465.62
448.70
454.96
462.72
442.00
468.37
464.07
470.16
573 42
'492.15
February 1994 •
SURVEY OF CURRENT BUSINESS
Series
no.
Year
1992
1993
Dec.
1993
Series title and timing classification
Jan.
Mar.
Feb.
|
Apr. |
May | June
C-3
1994
July
Aufl.
'134.6
'134.8
| Sept
Oct
Nov.
Dec.
Jan.
'137.7
'139.8
'142.1
* 144.0
'1,571
117.7
'1.294
108.3
5. FIXED CAPITAL INVESTMENT-Continued
76*
29
89 •
Business investment expenditures—Continued:
Index of industrial production, business equipment,
1987-100 (C,Lg,U)§.
Gross private nonresidential fixed investment, bil.
1987$, 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$,
AR (L,L,L).
134.6
'128.4
'•130.0'
'129.6
591.7
151.7
440.0
1,285
96.4
' 133.1
'131.5
r
'1,170
92.3
214.2
' 133.9
584.3
151.1
433.2
562.3
1485
414.1
' 1,258
95.4
' 133.5
1,194
91.0
'1,232
87.8
"1,092
82.5
211.4
"1,241
'136.3
'625.2
'156.3
'469.0
594.8
151.2
443.6
-1,238
88.9
' 1,245
92.7
206.2
'1,319
99.0
'1,359
101.4
'1,409
104.0
212.1
'1,406
109.6
'226.9
6. INVENTORIES AND INVENTORY INVESTMENT
70
77 •
30 •
31 •
Inventories on hand:
Mfg. and trade inventories, bil. 1987$ (Lg,Lg,Lg)0
Ratio, mfg. and trade inventories to sales in 1987$
(Lg.LgXg).
Inventory investment:
Change in business inventories, bil. 1987$, AR (L.L.L) ..
Change in mfg. and trade inventories, bil.$, AR (L.L.L) .
812.21
1.56
796.10
1.56
796.82
1.57
799.49
1.57
801.86
1.57
803.31
1.58
804.68
1.58
805.35
1.56
806.10
1.58
806.64
1.56
809.45
1.55
'809.70
1.55
'812.39
'1.53
'812.21
'1.52
15.5
25.1
'30.9
'20.4
29.3
42.3
52.5
40.6
13.0
20.6
.3
-7.4
6.5
27.9
17.5
27.8
'13.4
'58.1
'1.0
7. PRICES
99*
23*
336
•
337
334
333
•
332
•
331
311
•
320
323
•
120 •
Sensitive commodity prices:
Index of sensitive materials prices, 1987-100 §
Percent change from previous month §
Percent change from previous month, smoothed
(U,L)t§.
Index of producer prices for sensitive crude and
intermediate materials, 1987.100 (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.c, NSA
Sand, gravel, and crushed stone §
Raw cotton §
Domestic apparel wool§
Index of spot market prices, raw industrial materials,
1967.100, NSA (U.L.L)© 1 *.
Copper scrap, $ per lb.©§
Lead scrap, $ per lb.©§
Steel scrap, $ per ton © §
Tin, $ per Ib.. NSA©
Zinc, $ per Ib., NSA©
Burlap, $ per yd., NSA©
Cotton, $ per lb.©§
Print cloth, $ per yd., NSA©
Wool tops, $ per Ib., NSA©
Hides, $ per Ib., NSA©
Rosin, $per 100 lb.©§
Rubber, $ per lb.©§
Tallow, $ per !b.©§
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§
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§
Services, 1982-84-100 §
Percent change from previous month, AR §
Percent change from previous month, AR, smoothed
(Lg.Lg.Lg) t §.
99.65
-.01
-.25
'100.89
'.53
'-.19
'101.37
'.48
-.17
'101.30
-.07
'-.15
'100.81
'-.48
'-.16
'99.87
'-.93
'-.30
'99.31
'-.56
'-.40
'99.15
'-.16
'-.43
'98.88
'-.27
'-.43
'98.03
'-.86
'-.48
'97.81
'-.22
'-.48
'1.20
'-.25
'99.49
'.52
'-.02
'100.77
'1.29
'.30
101.25
.48
.51
161.77
'149.40
'153.83
'157.91
'161.00
'161.06
'159.80
'159.63
'160.26
'159.54
'161.51
'165.17
'169.31
'172.97
173.90
180.4
174.1
100.6
92.1
141.9
172.9
135.7
129,2
114.1
134.0
92.9
56.5
260.4
'179.2
'158.0
'101.6
87.0
'146.6
'143.3
'154.0
'137.7
124.6
'131.9
'92.6
'73.4
266.4
'187.0
162.0
'103.7
84.5
'144.9
'151.3
'163.6
141.4
129.8
133.2
'95.4
'67.0
268.7
'175.9
'168.1
'109.1
86.5
'143.6
'160.5
'160.8
'135.4
128.6
'132.6
'93.5
'63.6
270.0
'177.0
'174.6
'110.1
97.5
'149.0
'157.8
'151.6
'129.7
125.0
'132.6
'94.7
'57.2
266.9
'173.0
'177.1
'112.5
101.5
'147.5
'154.6
'142.3
'123.5
118.4
133.1
'89.4
'53.5
261.5
'175.6
'175.1
'104.0
107.5
'143.3
'158.0
'131.5
'125.1
113.3
'132.8
88.3
'53.5
257.8
'176.8
'172.0
'104.0
107.4
'140.6
'170.4
'135.4
'126.6
113.3
'133.3
'84.7
'55.2
257.1
'181.1
'170.7
'97.2
102.8
'140.2
'179.1
'133.8
'130.6
115.0
133.7
'85.5
'53.4
257.2
'179.7
'172.1
'94.0
80.8
'139.4
'170.0
'130.2
'127.5
113.5
133.8
'85.7
'54.9
255.5
'185.9
'174.4
'93.5
'80.4
'138.9
'171.2
125.1
'125.6
'107.5
'134.8
'99.5
'51.7
253.1
'184.4
'176.8
'93.9
97.6
'138.6
'190.7
'117.2
'128.1
101.7
'136.1
'95.9
'53.1
255.6
'185.1
'181.0
'94.2
79.0
'138.9
'203.5
'115.8
'127.4
99.3
'135.9
'97.9
56.8
258.1
'182.7
'185.2
'91.5
79.2
'138.0
'207.7
'121.2
'129.9
103.7
136.3
'104.3
'58.1
263.7
181.7
186.6
87.8
73.8
136.4
202.7
128.5
131.3
106.6
136.5
114.8
56.7
268.8
.702
.139
115.553
3.494
.484
.247
.556
.677
3.339
.799
59.238
.450
.147
.834
.146
96.118
3.803
.530
.245
.552
.660
3.520
.812
59=880
.494
.149
'.890
'.153
'97.555
3.901
.524
.245
'.570
.650
3.400
.801
'59.880
'.484
'.148
'.644
'.737
'.702
'.693
'.672
'.654
'.611
'.572
'.578
'.124
'.146
'.143
'.144
'.134
'.123
.123
'.140
'.118
105.069 '104.412 '112.183 '119.654 '114.042 -110.402 -127.351 '138.940 '140.435
3.738
3.703
3.482
3.294
3.095
3.225
3.286
3.395
3.189
.504
.494
.467
.445
.466
.492
.470
.451
.459
.245
.245
.245
.241
.256
.265
.245
.240
.247
'.532
'.502
.547
'.607
'.644
'.513
'.571
.540
.509
.644
.750
.650
.655
.640
.688
.700
.750
.700
3.400
3.000
3.050
3.400
3.400
3.450
3.600
3.500
3.400
.774
.814
.805
.762
.792
.815
.808
.798
.805
'59.880 '60.000 '60.000 '60.000 '59.940 '59.940 '59.118 '56.112 '56.225
'.443
'.441
'.440
'.437
'.441
'.448
'.447
'.442
'.446
.152
'.148
'.157
'.148
'.146
'.142
'.138
'.143
.140
.696
.128
139.625
3.324
.496
.269
.703
.750
3.500
.756
55.944
.448
.152
124.7
0
'123.9
0
'2.3
135.0
.1
'2.2
'122.4
0
'2.1
129.7
'.1
'2.3
'115.1
'124.3
.3
'2.8
'135.5
.4
'2.8
'122.8
'.3
'2.8
130.4
.5
'3.0
'115.4
'124.8
.4
'2.9
135.9
'.3
'2.8
'123.3
.4
'3.0
130.8
.3
'2.6
115.9
125.1
'.2
'1.9
'136.1
'.1
'2.1
123.6
'.2
'1.8
'131.0
.2
2.3
116.3
'125.7
'.5
'1.3
'136.5
'.3
'1.6
'124.3
.6
'1.0
131.3
.2
'1.8
116.6
'125.7
0
'-1.1
136.8
'.2
'-1.2
'124.2
r
-A
'-1.9
'131.3
'0
'1.5
116.3
125.1
'-.5
'-1.3
'136.4
'-.3
-1.3
'123.5
-.6
'-2.1
131.2
'-.1
'1.4
'116.3
125.1
0
'-2.4
136.6
M
'-2.5
'123.4
-.1
-3.2
'131.6
'.3
'.3
'116.3
'124.1
'-.8
'-2.2
'135.1
'-1.1
'-2.3
'122.1
'-1.1
'-2.9
'131.8
.2
'.8
'116.3
'124.3
.2
'-1.4
'135.2
.1
-1.3
'122.3
.2
'-2.3
131.9
'.1
'1.5
'116.3
124.2
r
-A
-1.0
'134.8
'-.3
-.7
'122.3
'0
-1.8
'131.5
'-.3
2.1
'116.5
'124.3
M
'124.2
-.1
124.5
.2
'135.2
'.3
'135.5
.2
136.1
.4
'122.4
.1
'122.1
-.2
122.3
.2
'131.8
.2
'132.2
.3
133.0
.6
'116.4
'116.2
116.4
0
'1.7
'101.7
-1.1
'-2.1
.3
'2.6
'101.7
'0
'.4
'.4
'2.1
101.6
r
-.1
'4.7
.3
'2.1
101.8
.2
'3.8
.3
'1.6
'103.0
'1.2
'-.4
-.3
'.7
'105.2
'2.1
'-1.6
'0
'0
'103.6
'-1.5
'-.6
'0
'-.2
'101.5
'-2.0
'.2
'0
'-.2
'101.5
'.7
'-4.6
'.2
.2
'103.1
'1.6
2.0
'-.1
-.2
.2
'103.7
'.6
'101.2
'-2.4
102.5
1.3
145.8
'.3
145.8
.2
146.2
0
'154.1
'.4
'154.4
'.2
154.6
.1
'160.0
'3.8
'3.5
'160.5
'3.8
'3.5
160.6
.8
3.1
135.8
0
123.0
0
131.4
.2
116.2
.1
r
'.864
'.812
'.157
'.157
108.543 '108.044
3.835
3.779
.535
.496
.245
.245
'.569
'.562
.652
.640
3.160
3.312
.800
.816
'59.880 '59.880
'.473
'.461
'.150
'.153
124.6
123.5
124.4
0
.2
'100.8
'-.7
'-23
125.0
3.0
3.7
2.9
1.9
102.4
0
144.5
.2
152.2
.3
157.9
3.8
3.8
141.9
'.2
'3.3
'149.7
.2
'3.7
154.7
'2.4
3.9
142.6
'.2
'3.3
'150.2
'.3
'3.5
'155.2
'3.9
'3.9
143.1
'.4
'3.1
'150.8
'.4
'3.5
'155.6
'3.1
'3.8
NOTE.-The following current high values were reached before December 1992: July 1991—BCI-120 change (5.9);
December 1991-BCI-77 (1.65); January 1992—BCI-120 smoothed (4.2); March 1992—BCI-99 change (1.68); June
r
143.6
'.2
'2.8
'151.1
'.2
'3.5
156.2
'4.7
'3.9
144.0
'.3
'2.7
'151.6
'.3
'3.2
'156.8
'4.7
'4.0
144.2
'.2
'2.5
'152.0
'.3
'2.9
'157.3
3.9
'4.1
144.4
M
'2.2
152.3
'.2
'2.7
157.8
'3.9
'4.1
144.4
.1
'2.2
'152.6
'.2
'2.5
'158.2
'3.1
'4.0
144.8
.3
'2.4
'153.0
.3
'2.8
158.7
'3.9
'3.9
125.6
2.1
145.1
M
'2.6
'153.1
.1
'2.8
'159.1
'3.1
'3.7
145.7
'.3
2.4
'153.5
.3
2.6
'159.5
3.1
'3.6
1992—BCI-99 smoothed (0.77); July 1992—BCI-23 (285.7); and September 1992—BCI-99 index (102.97).
See page C-6 for other footnotes.
•
Series
no.
February 1994
SURVEY OF CURRENT BUSINESS
YMT
1992
1993
Dae
1994
1993
Series title and timing classification
Jan.
|
| Mar.
F•to.
Apr.
|
May
|
June
|
July
\m
Aug.
Oct
|
N<>v.
|
Dec.
Jan.
8. PROFITS AND CASH FLOW
Profits and profit margins:
Corporate profits after tax. bil.$, AR (L.L.L)
Corporate profits after tax. bil. 1987$. AR (L.L.L)
Ratio, corporate domestic profits after tax to corporate
domestic income, percent (L.L.L).
Ratio, corporate domestic profits after tax with IVA and
CCAdj 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).
16 •
18 •
22*
81*
26*
35
258.9
272.3
230.7
7.2
219.2
274.3
232.7
7.0
6.9
7.6
7.9
103.8
104.3
490.2
498.2
7.3
104.2
"104.8
103.9
Corporate net cash flow, bil. 1987$, AR (L.L.L)
477.8
9. WAGES LABOR COSTS, AND PRODUCTIVITY
345
346
53 •
Wages and compensation:
Index of average hourly compensation, all employees,
nonfarm business sector, 1982-100.
Percent change from previous quarter, AR
Index of real average hourly compensation, all
employees, nonfarm business sector, 1982-100.
Percent change from previous quarter, AR
Wages and salaries in mining, mfg., and construction,
bil 1987$ AR (CCC)S
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.,
63
158.7
157.2
157.9
159.4
'160 5
3.6
106.0
2.9
105.9
1 7
105.5
3.9
106.2
'1065
.6
592.4
'578.8
'596.3
-12
'596.0
'109.6
'109.6
'109.3
'-3.2
'-3.6
'0
'-3.9
'-3.2
'-4.0
'659.1
'580.5
-8
'581.7
109.1
'111.9
109.9
-3.4
-2.5
'13.8
'-.3
'-19.5
'-2.3
137 0
592.8
'594.7
'2.6
'595.2
'109.4
'109.1
109.0
'1.1
'-3.3
'-3.2
'-2.9
137.3
136.4
'29
'596.9
'596.9
'109.0
'109.3
'108.7
'0
-1.8
'3.4
'-.8
'-6.4
'-.9
137.4
'600.7
'601.7
'108.2
'107.9
'107.7
'-5.4
'-1.6
'-3.3
'-2.2
'-2.2
'-2.6
'598.8
'136.8
1QR7.1nn 1 &
Percent change from previous month, A R l §
Percent change from previous month, AR, smoothed
(Lg,Lg,lg) f t§.
62*
Productivity:
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.
370
358
r
-2.5
1174
1166
116.6
1176
1.7
-1 6
'1.3
114.8
0
'1.6
1147
'3.3
115.5
'1190
'48
'117 0
'115.8
10. PERSONAL INCOME AND CONSUMER ATTITUDES
52
51 •
Indexes of consumer attitudes:
Consumer sentiment, U. of Michigan, 1966:1-100, NSA
58
83 •
122
123
Personal income:
Personal income, bil. 1987$, AR (C.C.C)
Personal income less transfer payments, bil. 1987$, AR
(C.C.C).
•
(L.L.L)©''.
Consumer expectations, U. of Michigan, 1966:1-100,
Consumer confidence, The Conference Board,
1985-100 (L.l,L)\
Consumer expectations, The Conference Board,
1985-100 (L.L,L)\
4,217.8
3,499.1
4,264.0
3.542.3
4.267.1
3.544.2
'4,285.2
'3.561.4
'4.304.8
'3.581.2
'4,332.7
'3.602.3
81.5
77.0
77.3
77.9
82.7
81.2
88.2
94.3
64.7
65.8
66.8
72.5
70.3
78.8
86.4
595
59.3
63.8
60.5
71.9
79.8
82.6
72.8
66.7
80.3
91.8
92.6
'.54
'.20
'876.8
' 2 770 6
'.45
'.19
'880.8
' 2 775.8
4,237.7
3,520.5
4,391.8
3,689.9
4,150.7
3,441.9
4,156.1
3,449.3
4,181.2
3,471.1
4,228.2
3,517.7
4,236.5
3.524.3
4,227.9
3,511.7
82.8
91.0
89.3
86.6
85.9
85.6
80.3
72.8
89.5
83.4
80.6
75.8
76.4
68.5
70.4
65.9
78.1
76.7
68.5
63.2
67.6
61.9
58.6
98.0
84.7
81.1
73.1
77.4
103.9
77.3
69.6
66.8
66.8
'4.320.8
'3,583.0
11. SAVING
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
85*
102 •
105
106 •
Money:
Percent change in money supply M1 (L.L.L)' §
Percent change in money supply M2 (L.C.U) §
Money supply M1, bil. 1987$ (L.L.L) §
Money supply M2 bil. 1987$ (L 1L) §
766.7
779.6
208.7
-221.5
762.0
766.9
177.9
-262.8
3.9
190.4
4.0
774.3
809.0
179.7
-214.4
3.8
'195.4
12. MONEY, CREDIT, INTEREST RATES, AND STOCK PRICES
Velocity of money:
Ratio gross domestic product to money suppy M1
(C,'C,C)§.
Ratio, personal income to money supply M2 (C.Lg.C) §
107
108
Bank reserves:
Free reserves mil.$ N S A ( L U U ) t
Member bank borrowings from the Federal Reserve,
mil $ NSA (L La U)
93
94
112 •
113*
111
110
14
•
Credit flows:
Net change in business loans, bil.$, AR (L.L.L) §
Net change in consumer installment credit, bil.$, 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.$. AR (L.L.L).
Credit difficulties:
Current liabilities of business failures, mil.$, NSA
'.81
.81
-.04
.13
'818.5
848.9
2 774.8 ' 2 802 7
'.80
'-.18
'823.1
' 2 791.1
'.23
'-.25
'822.4
' 2 775.4
'.46
'.02
'824.2
' 2 769.3
'.66
'.09
'827.1
' 2 763.0
'1.97
'.68
'841.4
' 2 775.3
' 6 043
5913
'.83
.19
'847.7
' 2 778 5
'.78
'.95
'.08
'.15
'854.4 . '859.1
' 2 778.3 ' 2 7741
'.89
'.24
'866.1
' 2 778.5
'.75
'.05
'869.8
'2771 3
'.81
'.32
'874.1
' 2 771 7
'5837
'5948
' 5 825
1.528
'1.569
'1.492
'1.502
'1.513
'1.534
'1.528
'1.523
'1.518
'1.536
'1.535
'1.545
'1.550
'1.557
'1.549
901
180
1,032
124
1,096
165
1,059
45
1,122
91
1.023
73
875
121
730
181
845
244
600
352
662
428
804
285
1.012
89
'981
82
'1.375
'73
3.97
48.74
'-1.22
60.84
'-57.26
29.88
'21.19
43.74
'-72.94
34.84
'41.09
24.74
'50.56
-22.80
'-3.71
25.62
'80.66
60.44
'-19.88
60.47
'-19.08
72.84
'.95
'84.56
'-20.52
'83.28
'46.52
'87.31
'27.06
'2,222.1
'2.991.0
'2,552.3
'1,736.4
219,992
48,281.0
346,024
481,036
8,450.5
'5,541.7
'2,406.7
'4.343.0
'2,973.4
'6,634.4
'2,675.4
'5,496.4
'7,382.0
'3.062.6
2.43
2.44
2.39
2.31
2.01
2.16
2.06
2.08
2.03
1.95
t\ 1 1 \ +
39
(L.L.L} I.
Percent of consumer installment loans delinquent 30
days and over ( L . L , L ) © 3 0 t
NOTE.-The following current high values were reached before December 1992: May 1991—BCM06 (2.865.8);
July 1991-BCI-93 (345); August 1991—BCI-94 (764); October 1991—BCI-62 change (16.3); December 1991-BCI-
62 index (113.0) and BCI-62 smoothed (3.0); and October 1992-BCI-111 (3.0).
See page C-6 for other footnotes.
February 1994
SURVEY OF CURRENT BUSINESS
Series
no.
Year
1992
1993
Dec.
•
1994
1993
Series title and timing classification
Jan.
|
Feb.
|
Mar.
Apr.
May
l
Junt
l
l
July
l
Aug.
1 Sept
1 Oct
Nov.
|
Dec.
Jan.
12. MONEY, CREDIT, INTEREST RATES, AND STOCK PRICES-Contlnued
Outstanding debt:
Consumer installment credit outstanding, mil.$
66
743,583
747,228
750,131
757,465
762,503
'423,348
'425,114
'419,036
422,460 '426,673
426,364 '433,086
'431,429
'429,839
'429,918
'428,208
'432,085
'434,340
369,505 '374,231
'368,770
'369,023
'362,802
364,190 '366,558
366,923 '373,672
'373,532
'372,155
'371,259
'370,102
'375,074
'375,402
752,193
750,293
752,428
768,573 '775,620
'782,561 '789,836
741,093
427,297 '428,120
789,836
l\ n 1 n 1 n\ A
iLg.Ly.Lg; v.
Commercial and industrial loans outstanding, rni!.$,
72
101
•
95 •
119 •
114 •
116 •
115*
117
118
109 •
19 •
Commercial and industrial loans outstanding, mil. 1987$
(\ n 1 n 1 n\ R
ILg.Lg.Lgj §.
Ratio, consumer installment credit outstanding to
personal income, percent (Lg.Lg.Lg).
Interest rates (percent, NSA):
Federal funds rate (L Lg Lg)*
Discount rate on new 91-cay Treasury bills (C.Lg.Lg)* ..
Yield on new high-grade corporate bonds (Lg.Lg.Lgr ••••
Yield on long-term Treasury bonds (CLg.Lg)*
Yield on municipal bonds, 20-bond average (U.Lg.Lg)*..
Secondary market yields on FHA mortgages (Lg.Ig.lg)
Average prime rate charged by banks (Lg.Lg.Lg)*
Index of stock prices, 500 common stocks, 1941-43-10,
NSA (L,L,L)\
14.12
13.46
14.23
14.24
14.18
14.02
13.94
14.00
14.12
14.04
14.13
'14.15
'14.19
'14.23
3 02
3.02
7.35
6.46
5.60
7.46
6.00
2 92
3.25
8.12
7.30
6.22
8.12
6.00
3.02
3.06
7.91
7.17
6.16
8.04
6.00
3.03
2.95
7.73
6.89
5.87
7.55
6.00
3.07
2.97
7.39
6.65
5.64
7.57
6.00
2.96
2.89
7.48
6.64
5.76
7.56
6.00
300
3 04
3.10
7.48
6.55
5.63
7.52
6.00
306
3.05
7.35
6.34
5.57
7.51
6.00
3 03
3.05
7.04
6.18
5.45
7.02
6.00
3 09
2.96
6.88
5.94
5.29
7.03
6.00
299
2.96
7.52
6.68
5.73
7.59
6.00
3.04
6.88
5.90
5.25
7.08
6.00
3 02
3.12
7.22
6.25
5.47
7.51
6.00
2 96
3.08
7.28
6.27
5.35
7.52
6.00
3.05
3.02
7.16
6.24
5.31
7.05
6.00
451.41
435.64
435.23
441.70
450.16
443.08
445.25
448.06
447.29
454.13
459.24
463.90
462.89
465.95
472.99
76,792
74.8
7,592
'79.1
11,358
8,812
'78.1
9,579
6,361
'77.9
11,628
7,411
'76.8
10,231
6,853
'76.9
9,317
5,434
'75.6
10,169
5,788
'74.9
9,656
7,231
'74.6
11,785
6,598
'74.0
'11,359
6,446
'73.7
5,304
'72.7
'5,172
'72.5
'5,382
'71.9
'6,742
'70.9
950
303.6
1,010
998
992
304.8
'982
'975
'964
307.6
'954
'943
933
301.9
929
922
912
'300.1
'900
464,971
41,796
99,711
580,544
49,926
80,672
39,178
'3,515
8,438
46,143
'4,301
'6,504
37,504
'3,415
'7,924
45,176
'4,215
'5,999
37,639
'3,537
'8,094
37,109
'3,405
'8,169
47,534
'4,149
'6,090
38,050
'3,350
'8,513
38,885
'3,540
'8,322
49,506
'3,759
'6,861
40,092
'3,565
'8,288
50,990
'3,888
'6,966
'40,236
'3,458
'8,655
'49,914
'3,613
'6,880
42,225
3,777
8,935
13. NATIONAL DEFENSE
525
548
557
570
564*
Defense Department prime contract awards mil.$ . ..
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.$, AR
14. EXPORTS AND IMPORTS
602
604
606
612
614
616
618 •
620*
622
Exports, excluding military aid shipments, mil.$
Exports of domestic agricultural products, mil.$ §
Exports of nonelectrical machinery, mil.$ §
General imports, mi!.$
Imports of petroleum and petroleum products, mi!.$§ ..,
Imports of automobiles and parts, mil.$§
Merchandise exports, adjusted, excluding military, mil.$
Merchandise imports, adjusted, excluding military, mil.$
Balance on merchandise trade, mil.$*
456,766
589,244
-132,478
36,928
'3,424
8,090
44,832
'4,387
'6,811
'111,480
'140,805
38,894
'3,357
'8,371
49,347
"4,8131
'7,048
38,479
'3,498
'8,119
48,660
'4,958
'6,945
"-29,325
38,930
'3,470
'8,231
47,306
'4,342
'6,619
'113,067
'147,465
'-34,398
'4,651
6,819
48,097
'3,745
6,691
'111,935
'147,907
49,633
3,406
6,943
'120,284
'153,067
'-32,783
'-35,972
15. INTERNATIONAL COMPARISONS
47*
721 •
728 •
725 •
726 •
722 •
727*
723 •
320
•
738
735
736
732
737*
733
Industrial production indexes (1987-100):
United States §
OECD, European countries2
Japan
Federal Republic of Germany
France
United Kingdom
Italy
Canada
Consumer price indexes (1982-84-100):
United States, NSA
Percent change over 6-month span,
Japan, NSA
Percent change over 6-month span,
Federal Republic of Germany, NSA
Percent change over 6-month span,
France, NSA
Percent change over 6-month span,
United Kingdom, NSA
Percent change over 6-month span,
Italy, NSA
Percent change over 6-month span,
Canada, NSA
110.9
'109.0
'109.2
105
111.7
107
112.6
107
106
103
100.7
100.5
106
112.2
107
105
103
106.2
'100.8
103.3
144.5.
AR§ .
118.5
AR§ .
""i25"6
AR§ .
"'143.5
AR§ .
""165I
AR§ .
"V86.4
AR § .
147.9
'1.7
Percent change over 6-month span, AR § .
19 •
748*
745 •
746*
742 •
747 •
743*
750 •
758 •
755 4
756 •
752*
757 •
753 •
Stock price indexes (1967-100, NSA):
United States*
Japan*
Federal Republic of Germany*
France*
United Kingdom*
Italy
Canada*
Exchange rates:
Exchange value of U.S. dollar, index: March 1973-100,
Foreign currency per U.S. doliar (NSA):
Japan (yen)*
Federal Republic of Germany (d. mark)*
France (franc)*
United Kingdom (pound)*
Italy (lira)*
Canada (dollar)*
141.9
'3.3
117.4
'1.0
122.4
5.3
141.4
'3.4
163.6
1.1
182.3
'3.7
146.4
473.9
142.6
'3.3
117.3
1.9
123.8
5.2
141.9
3.1
162.0
'.4
182.9
'4.0
147.0
'2.1
473.4
1,157.0
109.9
107
113.5
106
107
104
106.8
'101.7
'110.0
143.1
144.0
'2.7
183.6
'3.8
147.4
'1.1
143.6
'2.8
117.7
1.0
124.7
4.6
143.1
'2.6
163.7
'.7
184.0
4.1
147.3
.3
480.5
1,171.5
291.9
908.6
1,324.5
528.2
489.7
1,233.8
296.8
945.8
1,351.0
534.4
482.0
1,409.7
390.0
407.1
293.6
'938.8
1,324.5
544.0
428.2
'3.1
117.4
1.0
124.3
4.5
142.4
'2.7
163.1
.9
107
116.5
108
107
104
105.2
103.1
491.0
1,368.4
312.2
969.7
1,373.9
575.2
441.1
1,197.7
269.1
866.9
1,281.8
453.4
378.6
93.18
90.50
92.36
93.82
93.65
111.08
1.6545
5.6669
.6662
1,573.41
1.2902
124.04
1.5822
5.3974
.6447
1,412.38
1.2725
124.99
1.6144
5.4751
.6525
1,491.07
1.2779
120.76
1.6414
5.5594
.6947
1,550.43
1.2602
117.02
1.6466
5.5944
.6841
1,591.35
1.2471
277.9
868.7
1,302.2
497.5
373.5
'110.5
105
113.4
106
106
104
100.7
102.2
118.5
'2.6
125.1
3.8
143.2
2.1
165.2
2.7
184.7
'4.6
147.3
'1.0
'110.0
107
110.6
107
106
106
105.1
101.9,
'110.4
106
112.5
107
106
105
102.7
'103.8
'110.9
107
111.9
106
'107
144.2
'2.5
118.6
'2.7
125.5
3.2
143.5
"1.5
165.8
2.3
185.4
'5.1
147.6
144.4
'2.2
118.5
'2.0
125.7
2.9
143.4
'1.3
165.7
'2.3
186.4
'5.0
147.6
144.4
'2.2
118.8
'1.0
126.0
'2.7
143.5
'1.5
165.3
'2.3
187.1
484.3
1,471.1
286.1
'111.1
'107
110.9
108
'107
106
103.3
'103.6
'111.3
107
113.3
108
106
106
103.1
'104.5
'111.9
107
107.4
107
105
107
105.3
'104.5
'112.8
'108
'109.8
106
'106
'107
'106.6
'105.2
' 105.1
144.8
'2.4
119.2
145.7
2.4
119.2
145.8
145.8
118.5
118.6
126.4
2.9
126.7
"" 126.9
143.5
'1.7
166.0
2.0
187.2
'4.5
148.1
'2.2
145.1
'2.6
119.3
',5
126.1
'2.7
144.0
1.8
166.7
'2.6
187.5
3.8
148.2
2.6
144.3
144.4
144.3
166.6
2.4
"i66.4
"i66.7
166.0
188.6
3.8
148.4
1.5
189.5
189.5
" 190.6
"149.1
"148.8
'"1*48.8
499.6
1,504.5
322.8
1,006.6
1,412.4
633.2
450.9
504.6
'1,466.1
503.5
'1,308.8
506.9
'1,257.5
337.9
345.9
362.9
514.5
'1,363.0
'362.8
'1,146.0
'1,589.0
579.9
448.3
494.0
1,509.9
325.3
1,021.0
1,404.6
634.6
467.5
94.59
94.32
92.07
105.57
1.6219
106
105.1
'102.8
'2.1
'4.7
148.0
'1.9
487.4
1,462.1
1,468.4
902.3
293.3
907.8
1,324.5
575.4
437.4
1,339.0
559.7
448.2
90.62
90.24
91.81
112.41
1.5964
5.3984
.6474
1,536.14
1.2621
110.34
1.6071
5.4180
.6461
1,475.66
1.2698
107.41
486.6
311.6
954.3
1,323.9
107.69
1.7157
1.6547
5.5700
.6630
5.8464
.6687
1,505.05
1.2789
1,586.02
1.2820
'1.0
126.0
2.9
103.77
1.6944|
5.9298
5.6724
.6705
.6558
1,603.75! 1,569.10
1.30801
1.3215
1,047.2
1,438.9
617.1
'113.9
'114.4
'108.2
'107
'1,023.6
1,111.7
1,429.9 r '1,511.5
146.2
128.0
575.1
472.3
488.3
'514.7
93.29
95.47
95.73
96.54
107.02
1.6405
5.7541
.6656
1,600.93
1.3263
107.88
1.7005
5.9069
.6753
1,666.31
1.3174
109.91
1.7105
5.8477
.6706
1,687.17
1.3308
111..44
1.7426
5.9207
.6701
1,699.45
1.3173
'261.2
'227.6
'263.4
'230.0
'266.2
'230.7
'266.9
'231.6
622.9
16. ALTERNATIVE COMPOSITE INDEXES
990 •
991
•
4
CIBCR long-leading composite index, 1967-100 ,
CIBCR short-leading composite index, 1967-100 4
See footnotes on page C-6.
'237.2
259.1
224.21 '221.6
'256.2
'220.5
'257.6
'223.1
'257.9
'222.4
'255.1
'221.9
'256.3
219.3
'257.9
223.1
258.8
'222.0
'258.9
223.6
'259.1
'226.2
C-6
• February 1994
SURVEY OF CURRENT BUSINESS
FOOTNOTES FOR PAGES O l THROUGH 0 5
a
AR
c
©
e
*
Anticipated.
Annual rate.
Corrected.
Copyrighted.
Estimated.
Later data listed in notes.
NSA
p
r
§
0
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.
X Cyclical indicator series denoted by X 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 t 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 "Business Cycle Indicators: Upcoming Revision of the Composite Indexes" in the October
1993 SURVEY OF CURRENT BUSINESS and 'The Composite Index of Coincident Indicators and Alternative Coincident Indexes" in the June 1992 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 in the expansion following the last reference cycle trough (March 1991) 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-50 and C-51 in the November 1993 SURVEY.
Page C-1
NOTE.—Major data revisions:
New seasonal adjustments for series BCI-5, -20, and -101—see note for page C-2.
Change in manufacturers' unfilled orders in 1987 dollars for durable goods (BCI-92)—see note for
page C-2.
Change in sensitive materials prices (BCI-99)—see note for page C-3.
Money supply M2 in 1987 dollars (BCI-106)—see note for page C-4.
Index of industrial production (BCI-47)—see note for page C-2.
Change in labor cost per unit of output, manufacturing (BCI-62)—see note for page C-4.
Change in Consumer Price Index for services (BCI-120)—see note for page C-3.
* Preliminary February 1994 values: BCI-32 = 58.8, BCI-19 = 471.58, and BCI-109 = 6.00.
1. Data include initial claims made under the July 1992 Emergency Unemployment Compensation
amendments. 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. Excludes BCI-57, for which data are not available.
4. Excludes BCI-77 and BCI-95, for which data are not available.
5. Data beginning January 1994 are based on the revised Current Population Survey and are not
directly comparable with data for earlier periods.
6. The wages and salaries portion of this series has been adjusted to smooth yearend 1992 bonus
payments that are in the revised national income and product accounts data. The bonus payments were
too large to be adequately dealt with by the autoregressive-moving-average filter used to smooth this
Page C-2
NOTE.—Major data revisions:
For the following series, new seasonal adjustment factors have been computed by the Bureau of
Economic Analysis and applied beginning with the month indicated: BCI-72, -101, and -112 (January
1989); BCI-5 (January 1991); BCI-9, -10, -20, -614, and-616 (January 1992); BCI-570, -604, -606, -732,
-733, -735, -736, -737, and -738 (January 1993). For further information, contact the U.S. Department
of Commerce, Bureau of Economic Analysis, Business Outlook Division, Washington, DC 20230.
Industrial production indexes (BCI-47, -73, -74, -75, -76, and -557) have been revised from 1991
forward and capacity utilization rates (BCI-82 and -124) have been revised from 1990 forward by the
source to incorporate new source data and revised seasonal adjustment factors. For further information,
contact the Board of Governors of the Federal Reserve System, Research and Statistics Division,
Industrial Output Office, Washington, DC 20212.
Manufacturers' new orders in 1987 dollars for durable goods (BCI-7) and the change in manufacturers' unfilled orders in 1987 dollars for durable goods dollars (BCI-92) have been revised from 1989
forward to incorporate revisions in the Producer Price Indexes used as deflators—see note for page
C-3. For further information, contact the U.S. Department of Commerce, Bureau of Economic Analysis,
Business Outlook Division, Washington, DC 20230.
Series on capital appropriations (BCI-11 and -97) have been discontinued.
* Preliminary February 1994 value: BCI-32 = 58.8; anticipated 1st quarter 1994 values: BCI-61 =
616.38 and BCI-100 = 590.64; anticipated 2d quarter 1994 values: BCI-61 = 624.33 and BCI-100 =
600.38.
1. See footnote 5 for page C-1.
2. Data include initial claims made under the July 1992 Emergency Unemployment Compensation
amendments. Data exclude Puerto Rico, which is included in figures published by the source agency.
3. Data exclude Puerto Rico, which is included in figures published by the source agency.
4. Copyrighted. This series may not be reproduced without written permission from McGraw-Hill
Information Systems Company, F.W. Dodge Division, Paramount Plaza, 13th Floor, 1633 Broadway,
New York, NY 10019.
Page C-3
NOTE.—Major data revisions:
Index of industrial production, business equipment (BCI-76)—see note for page C-2.
New private housing units started (BCI-28) has been revised by the source from 1991 forward to
reflect a new seasonal adjustment. For further information, contact the U.S. Department of Commerce,
Bureau of the Census, Construction Statistics Division, Washington, DC 20233.
Producer Price Indexes and related series (BCI-98, -99, -331, -332, -333, -334, -336, and -337)
have been revised by the source from 1989 forward to reflect new seasonal adjustments. For further
information, contact the U.S. Department of Labor, Bureau of Labor Statistics, Office of Prices and
Living Conditions, Division of Industrial Prices and Price Indexes, Washington, DC 20212 and the U.S.
Department of Commerce, Bureau of Economic Analysis, Business Outlook Division, Washington, DC
20230.
Seasonally adjusted Consumer Price Indexes (BCI-120, -323, and the percent change in BCI-320)
have been revised by the source from 1989 forward to reflect new seasonal adjustments. For further
information, contact the U.S. Department of Labor, Bureau of Labor Statistics, Office of Prices and Living
Conditions, Division of Consumer Prices, Washington, DC 20212.
* Preliminary February 1994 value: BCI-23 = 275.2.
1. Copyrighted. This series may not be reproduced without written permission from Knight-Ridder
Financial Publishing, 30 South Wacker Drive, Suite 1820, Chicago, IL 60606-5271.
Page C-4
NOTE.—Major data revisions:
Wages and salaries in 1987 dollars for mining, manufacturing, and construction (BCI-53) has been
revised from 1989 forward to incorporate revisions in its seasonally adjusted CPI deflator—see note
for page C-3. For further information, contact the U.S. Department of Commerce, Bureau of Economic
Analysis, Business Outlook Division, Washington, DC 20230.
Change in labor cost per unit of output, manufacturing (BGI-62) has been revised from 1991 forward
to incorporate revisions in the index of industrial production (BCI-47)—see note for page C-2. For further
information, contact the U.S. Department of Commerce, Bureau of Economic Analysis, Business Outlook
Division, Washington, DC 20230.
Money supply measures (BCI-85, -102, -105, -106, -107, and -108) have been revised by the source
from 1970 forward to incorporate benchmark revisions and updated seasonal adjustment factors. Series
BCI-105 and -106 have been revised from 1989 forward to incorporate revisions in their CPI deflatorsee note for page C-3. For further information, contact the Board of Governors of the Federal Reserve
System, Monetary Affairs Division, Money and Reserve Projections, Washington, DC 20551 and the
U.S. Department of Commerce, Bureau of Economic Analysis, Business Outlook Division, Washington,
DC 20230.
New seasonal adjustment for series BCI-112—see note for page C-2.
* Preliminary February 1994 values: BCI-122 = 80.8, BCI-123 = 84.2, and BCI-85 = 0.65.
1. See footnote 6 for page C-1.
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 the American
Bankers Association, 1120 Connecticut Avenue, NW, Washington, DC 20036.
Page C-5
NOTE.—Major data revisions:
New seasonal adjustments for series BCI-72, -101, -570, -604, -606, -614, -616, -732, -733, -735,
-736, -737, and -738)-see note for page C-2.
Index of industrial production, total (BCI-47) and defense and space equipment (BCI-557)—see note
for page C-2.
Consumer Price Index (percent change in BCI-320)—see note for page C-3.
* Preliminary February 1994 values: BCI-119 = 3.22, BCI-114 = 3.21, BCI-116 = 7.26, BCI-115 =
6.42, BCI-117 = 5.40, BCI-109 = 6.00, BCI-19 (1941-43=10) = 471.58, BCI-19 (1967=100) = 513.0, BCI748 = 1,434.0, BCI-745 = 355.1, BCI-746 = 1,142.5, BCI-742 = 1,587.9, BCI-743 = 508.7, BCI-750 =
95.86, BCI-758 = 106.42, BCI-755 = 1.7373, BCI-756 = 5.9014, BCI-752 = 0.6763, BCI-757 = 1,686.19,
and BCI-753 = 1.3419.
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).
4. This index is compiled by the Center for International Business Cycle Research (CIBCR), Graduate
School of Business, Columbia University, New York, NY 10027.
SURVEY OF CURRENT BUSINESS
February 1994 •
CYCLICAL INDICATORS
Composite Indexes
Aug. Apr.
P T
Apr. Feb.
P T
Dec. Nov.
P T
Composite index
(series 41,47,
1957 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 91 92 931994
NOTE.—The numbers and arrows indicate length of leads (-) and lags (+) in months from business
cycle turning dates. Current data lor these series are shown on page C-1.
C-7
C-8
•
February 1994
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Composite Indexes: Rates of Change
Aug. Apr.
PT
Apr Feb.
p
nge over 3-month span Jlnniial rate
Composite Indexes: Diffusion
1957 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 91 92 931994
NOTE.—Current data for these series are shown on page C-1.
SURVEY OF CURRENT BUSINESS
February 1994 •
C-9
CYCLICAL INDICATORS
Composite Indexes: Leading Index Components
Aug. Apr.
P T
Apr. Feb.
P T
42
41
40
39
38
200-
300-
400
500
600
700
140120100-
8060-
40"
100-
755025-
5040-
30-
20-
10
311 n i l
11
11
1957 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 91 92 931994
NOTE.—Current data for these series are shown on page C-1.
J
C-10
•
February 1994
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Composite Indexes: Leading Index Components—Continued
Aug. Apr.
P T
Apr. Feb.
P T
Dec. Nov.
P T
Nov. Mar.
P
T
Jan. July July Nov.
PT
P
T
29. h ew pit rate he LisiKMinits a
92. Cl ange i n man
urersWIIed
pplyft2 iOf « 6 7 dol
I I I > 111 111 l ' l i 11 111 n
I I I I M I
IIIIIII
11 1111 • u i t i i l
1 1 1 I 1 1 1 11 l i t u l i 11 1 1 1 1 1 1 1 1 1 111 M 1 ! l 11 11 i i t * l l
iiili
I 1 1 1 11 i l 11 11 11 111 i . t l n i
1957 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 91 92 931994
1. This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
2. This is a copyrighted series used by permission; it may not be reproduced without written permission
from the University of Michigan, Survey Research Center.
NOTE.—Current data for these series are shown on page C-1.
SURVEY OF CURRENT BUSINESS
February 1994 •
C-ll
CYCLICAL INDICATORS
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
July Mar.
P T
"ra
1957 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 91 92 931994
NOTE.—Current data for these series are shown on page C-1.
C-12
•
February 1994
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Composite Indexes: Lagging Index Components
Aug. Apr.
PT
Apr. Feb.
PT
1957 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 91 92 931994
1. This series is smoothed by an autoregressive-moving-average filter developed by Statistics Canada.
NOTE.—Current data for these series are shown on page C-1.
SURVEY OF CURRENT BUSINESS
February 1004 •
CYCLICAL INDICATORS
Employment and Unemployment
Dec. Nov.
P
T
Nov.
P
Mar.
T
Jan. July
P T
July
P
Nov.
T
jory worl cers, mai lufacturii ig
^•Help-wanted advertisi
L,Lg,U
ds-producing industries (millic nsf
civiltew ployment t< populat Hi of
..Li
vil an unenr ploymer t p t e (
1966 6 7 6 8 6 9 7 0 7 1 7 2 7 3
74 75 7 6 7 7 7 8 7 9 8 0
NOTE.—Current data for these series are shown on page C-2.
i verted scale
8 1 8 2 8 3 8 4 8 5 8 6 8 7 8 8
90
91 92
93 1994
C-13
C-14
• February
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Output, Production, and Capacity Utilization
Dec. Nov.
P
T
Jan. July
P T
s-4 55. Gross
July
P
Nov.
T
1987dolWs,QBHrate,
rat le manul actures RUex: m « 1 0 0 )
n, durable manufactures (index
c,c,c
,,,l
I,,,
.i,l,,,
,,,!,,, » ,
1966 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 92 93 1994
NoTi.—Current data for these series are shown on page C-2.
SURVEY OF CURRENT BUSINESS
February 1994
CYCLICAL INDICATORS
Sales and Orders
w crders in 1987 dollars, d
oocs industries (bil. dol-)
'ages and Consumer Attitudes
salaries in 1987
idn (ann. r ite, bil.
m mufactuiing
1966 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 pages C-2 and C-4.
90
91 92
93 1994
•
C-15
C-16
•
February 1994
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Fixed Capital Investment
Dec. Nov.
P T
formatitn(index W 7 = 1 CO)
160140120100-
r of new business
706050403020 J
ufacturers' new offers ifflS? dollars,
s i n d i e s (bil.dol.)
504030-
20-
10 J
ctn >n contra cts aw
and industrial
mbving avtj.)
100-
8060-
40-
1966 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81
1. This Is a copyrighted series used by permission; it may not be reproduced without written
permission from McGraw-Hill Information Systems Company, F.W. Dodge Division.
8 2 8 3 8 4 8 5 8 6
87 8 8 8 9 9 0
91 92
NOTE—Current data for these series are shown on page C-2.
93 1994
SURVEY OF CURRENT BUSINESS
February 1994 •
CYCLICAL INDICATORS
Fixed Capital Investment—Continued
Dec. Nov.
P T
fccec investment in 19 Udol
1966 6 7 6 8 6 9 7 0
7 1 7 2 7 3
74 75 7 6 7 7 7 8 7 9 8 0
1. Dotted i r e represents anticipated expenditures.
NOTE—Current data for these series are shown on pages C-2 and C-3.
8 1 8 2 8 3 8 4 8 5 8 6 8 7 8 8 8 9 9 0
9 1 9 2 9 3
1994
C-17
C-18
•
February 1994
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Fixed Capital Investment—Continued
Nov.
P
Mar.
T
Jan. July
P T
July
P
Nov.
T
JulyMar.
P T
Inventories and Inventory Investment
dol.;6-tittnrn<nVavg.)
1966 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 92 93 1994
NOTE.—Current data for these series are shown on page C-3.
February 1994 •
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
• Prices and Profits
Dec. Nov.
P
T
Jan. July
P T
July
P
Nov.
July Mar.
T
P
T
profits after t|ax to corporate d<>m«ttc
L,L,L
ftertaxUhlVttliCCAiito
11 1 I
1966 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 92 93 1994
IVA Inventory valuation adjustment. CCAdj Capital consumption adjustment.
NOTE.—Current data for these series are shown on pages C-3 and C-4.
1. From June 1981 forward, this is a copyrighted series used by permission: it may not be
reproduced without written permission from Commodity Research Bureau, Inc.
C-19
C-20
• February
SURVEY OF CURRENT BUSINESS
CYCLICAL INDICATORS
Money, Credit, and Interest Rates
Dec. Nov.
P
T
Nov.
P
Mar.
T
Jan. July
P T
July
P
Nov.
T
2.01.61.20.80.40.0-
-0.4-0.8-
>-term moving avj.)
120-
8040-
0-40-
-60-120-
h ^ailment credit
,bil.dol.;6-term jsoving avg.) i
111). Funds rai
aised by private
tocredit markets,Q(anr.rate,badol.)
8006004002000-
1966 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-4.
90
91
92
93 1994
SURVEY OF CURRENT BUSINESS
February 1994 •
CYCLICAL INDICATORS
Money, Credit, and Interest Rates—Continued
Dec. Nov.
P
T
Ion j-term T easury t onds
Alternative Composite Indexes
ding composite ind<*{1967
1966 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).
NOTE.—Current data for these series are shown on page C-5.
90 91 92 93 1994
C-21
C-22 •
February 1994
SURVEY OF CURRENT BUSINESS
OTHER IMPORTANT ECONOMIC MEASURES
Prices
Other Measures
JulyMar.
P T
642-
11
1982 83
84
85
1 1 1 I 11 1
1 1 1 1 1 11
86
88
87
89
1 1 i F > 11
90
91
1 111
92
1 11
NOTE.—Current data for these series are shown on pages C-3, C-4. and C-5.
1 1 1
93 1994
1982 83 84 85 86 87 88
90 91 92 93 1994
<
ale
108-
February 1994 •
SURVEY OF CURRENT BUSINESS
C-23
OTHER IMPORTANT ECONOMIC MEASURES
International Consumer Prices
International Industrial Production
July Mar.
P T
I Percent change over 6-monthJan, annual rate
fidus trial pro< luction—
nsimerpriojs—
320c. United St; 1
Ei ropean countries
100-
-102010-
03020-
732c. United Kingdon
100-
111
111I1 11
11 1 I11 1
i 1 1 11 11
1982 83 84 85 86 87 88 89 90 91 92 93 1994
NOTE.—Current data for these series are shown on page C-5.
1982 83 84 85 86 87 88 89 90 91 92 93 1994
C-24
•
February 1994
SURVEY OF CURRENT BUSINESS
OTHER IMPORTANT ECONOMIC MEASURES
International Exchange Rates
International Stock Prices
July Mar.
P T
Weighted-j verage e KChange
2000-
1800160014001200-
I
I
I
I , ,. .
1982 8 3 8 4 8 5 8 6 8 7 8 8 8 9 9 0
91 9 2 9 3 1994
NOTE.—Current data for these series are shown on page C-5.
1982 8 3 8 4 8 5 8 6 8 7 8 8 8 9 9 0
91 9 2 9 3 1994
S-l
SURVEY OF CURRENT BUSINESS
February 1994
CURRENT
BUSINESS
STATISTICS
NOTE TO USERS: AS a result of a reprogramming of resources at BEA, this section of the SURVEY OF CURRENT
BUSINESS
will be discontinued after the March 1994 issue; see "Looking Ahead" on page ii of this issue. A listing of sources, including
addresses and telephone numbers, for series in this section will appear in the March and April issues.
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 S-pages are available on diskettes, printouts, and the Commerce
Department's Economic Bulletin Board. Historical data, data sources, and methodological notes for each series are published
in BUSINESS STATISTICS, 1963-91. For more information, contact the Business Statistics Branch, Business Outlook Division
(BE-52), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230. (Telephone: (202) 606-5367;
fax: (202) 606-5313.)
NOTE.—This section of the SURVEY is prepared by the Business Statistics Branch.
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown in
BUSINESS
STATISTICS. 1963-91
1992
Annual
1992
1993
Dec.
1994
1993
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept. |
Oct.
Nov.
Dec.
Jan.
1. GENERAL BUSINESS INDICATORS
PERSONAL INCOME BY SOURCE
[Billions of dollars}
Seasonally adjusted, at annual rates:
Total personal income
Waae and salary disbursements, total
Commodity-producing industries, total
Manufacturing
Distributive industries
Service industries
Government
Other labor income
Proprietors' income: X
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
,
5,144.9
" 5,388.9
5,507.3
5,225.7
5,249.1
5,289.2
5,365.6
5,380.4
5,373.6
5,365.1
5,432.3
5,440.6
"5,480.8
"5,514.4
"5,550.2
5,534.9
2,973.1
756.5
577.6
682.0
967.0
567.5
322.7
" 3,080.3
763.6
"577.3
"706.5
"1,020.6
589.7
350.7
3,263.9
835.4
651.6
746.2
1,107.1
575.2
333.1
2,970.9
738.7
558.6
681.5
963.8
587.0
335.8
2,976.3
742.7
561.0
684.3
967.0
582.3
338.5
2.975.8
740.8
559.6
683.0
969.0
583.0
341.2
3,068.3
765.2
582.1
704.9
1,013.6
584.5
343.9
3,093.8
7667
580.3
713.1
1,027.5
586.4
346.6
3,086.0
763.3
578.4
709.2
1,025.4
588.1
349.3
3,101.6
766.8
579.5
713.2
1,031.3
590.3
352.0
3,124.3
769.4
581.2
717.3
1,045.1
592.6
354.7
3,120.4
772.1
583.7
712.8
1,040.0
595.5
357.4
3,137.7
774.6
584.0
719.0
1,049.7
594.4
360.1
"3,147.1
"779.4
"587.5
"718.4
"1,054.1
"595.1
362.9
"3,161.7
"783.8
"591.7
"720.9
"1,060.2
"596.9
365.8
3,194.3
785.1
591.8
731.8
1,076.1
601.2
368.8
43.7
370.6
"46.0
"397.3
46.2
387.8
36.9
388.4
48.2
388.7
82.0
388.2
59.7
389.7
45.2
392.7
36.0
394.8
10.6
393.1
31.1
399.4
32.7
400.4
"43.9
406.1
"60.1
410.4
"65.3
"415.1
51.7
415.4
-8.9
140.4
694.3
858.4
249.3
5,080.1
"12.8
158.3
695.8
"912.0
264.3
"5,320.6
-.4
155.3
696.6
880.2
255.4
5,440.2
4.9
156.7
695.7
892.4
256.1
5,167.4
9.5
157.1
695.3
892.6
256.9
5,179.0
8.1
157.2
695.2
898.3
256.9
5,185.1
14.3
157.5
694.1
901.7
263.5
5,283.7
12.0
157.8
693.1
904.5
265.3
5,312.8
11.9
158.2
692.0
910.2
264.9
5,315.0
7.1
158.6
693.6
914.3
265.9
5,332.2
16.1
159.0
695.7
919.4
267.4
5,378.7
17.9
159.3
697.8
921.8
267.0
5,385.4
"17.5
159.4
698.6
"925.8
268.3
"5,414.2
"17.4
159.4
699.2
"926.9
"269.1
"5,431.5
"17.4
159.5
699.8
"935.7
"270.1
"5,461.9
-22.4
159.7
700.8
945.1
278.5
5,460.0
5,144.9
644.8
4,500.2
4,261.5
4,139.9
497.3
1,300.9
2,341.6
111.1
"5,388.9
681.6
"4,707.4
"4,517.0
"4,391.9
"537.9
"1,351.0
"2,503.0
114.0
5,507.3
705.1
4,802.2
4,406.0
4,283.3
525.5
1,337.9
2,419.9
112.3
5,225.7
655.1
4,570.6
4,414.2
4,290.8
531.0
1,333.7
2,426.1
112.4
5,249.1
657.3
4,591.9
4,435.1
4,311.6
508.2
1,345.0
2,458.4
112.4
5,289.2
659.0
4,630.1
4,409.8
4,286.1
506.7
1,327.2
2,452.2
112.7
5,365.6
677.8
4,687.8
4,459.4
4,335.8
526.6
1,342.3
2,466.9
112.7
5,380.4
683.1
4,697.3
4,481.9
4,358.7
532.7
1,344.1
2,481.8
112.2
5,373.6
682.0
4,691.6
4,509.4
4,385.3
535.6
1,348.1
2,501.6
113.1
5,365.1
685.5
4,679.6
4,527.6
4,403.3
540.0
1,349.6
2,513.7
113.5
5,432.3
690.7
4,741.6
4,544.0
4,419.2
544.1
1,350.5
2,524.6
114.0
5,440.6
690.9
4,749.7
4,560.4
4,434.8
541.6
1,357.1
2,536.1
114.8
"5,480.8
"694.8
"4,785.9
"4,604.7
"4,477.7
"558.1
1,368.2
"2,551.5
"115.6
"5,514.4
"698.7
"4,815.7
"4,615.6
"4,487.6
"560.7
"1,369.4
"2,557.6
"116.6
"5,550.2
"703.7
"4,846.4
"4,641.7
"4,512.1
"569.2
"1,376.9
"2,566.1
"118.2
DISPOSITION OF PERSONAL. INCOME
[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 t
,
Disposable personal income in constant (1987)
dollars
Personal consumption expenditures in constant
(1987) dollars
Durable goods
Nondurable goods
Services
,
Implicit price deflator for persona! consumption
expenditures, 1987=100
,
5,534.9
712.5
4,822.4
4,664.9
4,534.1
573.0
1,377.5
2,583.7
119.4
10.4
11.0
10.5
11.0
11.0
11.0
11.0
11.0
11.0
10.8
10.8
10.8
11.4
11.4
11.4
11.4
238.7
"190.4
396.2
156.4
156.8
220.4
228.4
215.4
182.3
152.0
197.7
189.3
"181.3
"200.1
"204.7
157.5
4.1
3.9
5.3
4.0
5.5
5.1
3.9
4.4
4.7
4.4
3.9
3.8
3.8
4.0
4.0
3,632.5
"3,701.7
3,829.1
3,630.7
3,636.5
3,660.4
3,694.2
3,697.7
3,691.2
3,678.5
3,721.3
3,726.3
"3,742.1
"3,759.5
"3,782.4
3,765.4
3,341.8
456.6
1,062.9
1,822.3
"3,453.7
"490.1
"1,088.7
"1,874.9
3,415.4
482.9
1,086.2
1,846.3
3,408.4
485.7
1,078.4
1,844.3
3,414.5
465.5
1,082.2
1,866.9
3,388.4
464.4
1,067.4
1,856.6
3,416.7
479.5
1,079.0
1,858.3
3,431.2
485.2
1,081.7
1,864.3
3,450.2
487.9
1,088.8
1,873.6
3,461.2
491.8
1,089.8
1,879.6
3,468.2
494.9
1,090.0
1,883.3
3,479.2
492.5
1,099.1
1,887.7
"3,501.1
"505.8
1,100.9
"1,894.3
"3,503.4
"509.1
"1,099.9
"1,894.4
"3,521.5
"518.4
"1,107.3
"1,895.8
3,540.3
520.0
1,108.1
1,912.2
123.9
127.2
125.4
125.9
126.3
126.5
126.9
127.0
127.1
127.2
127.4
127.5
127.9
128.1
"128.1
128.1
INDUSTRIAL PRODUCTION §
[1987=100]
Not seasonally adjusted:
Total index
106.5
"110.9
107.1
"107.7
109.4
109.4
"108.4
"108.7
"112.3
"109.8
"113.9
"113.8
"113.8
"112.2
111.6
112.8
By industry groups:
Mining
Utilities
Manufacturing
Durable
Nondurable
"98.2
112.0
" 106.8
"107.1
" 106.5
"97.2
"116.3
"111.7
"114.3
"108.6
"99.2
"128.6
"105-9
"107.8
"103.5
"98.7
"133.9
"106.2
"107.9
"104.0
"97.6
"129.4
"108.7
"111.4
"105.4
"96.6
"121.3
"109.5
"112.8
"105.5
"96.5
"107.7
109.6
r
112.0
"106.7
"95.7
101.3
"110.6
"113.5
"107.0
"96.9
"108.8
"114,1
"116.1
"111.6
"94.3
r
119.8
r
110.4
"110.9
"109.8
"96.5
119.5
"115.1
"116.1
"113.8
"97.5
109.8
"115.7
"117.3
"113.6
"99.5
103.7
"116.1
"119.2
"112.3
"98.8
"111.2
"113.6
"117.6
"108.7
"97.7
"129.1
"111.3
"116.3
"105.1
98.0
144.1
111.3
116.6
104.8
Seasonally adjusted:
Total index
" 106.5
"110.9
"109.0
"109.2
109.9
"110.0
"110.5
"110.0
"110.4
"110.9
"111.1
"111.3
"111.9
"112.8
"113.9
" 105.8
-108.1
" 105.9
110.3
"112.8
"108.8
"108.6
"111.1
"108.2
"108.7
"111.4
"108.2
"109.3
"111.8
"108.9
"109.4
"112.0
"108.9
"109.8
"112.3
"108.6
109.3
"111.8
"107.8
"109.6
"112.1
"108.1
r
"110.4
"112.7
"108.6
"110.6
"113.1
"108.5
"111.2
"113.8
"109.2
"112.2
"114.8
"109.9
113.0
"115.5
"110.1
By market groups:
Products, total
Final products
Consumer goods
See footnotes at end of tabies.
110.4
r
112.8
•'108.9
113.5
116.2
110.4
S-2
SURVEY OF CURRENT BUSINESS
• February 1994
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as
shown in BUSINESS STATISTICS, 196341
1992
Annual
1993
1992
Dec.
1994
1993
Jan.
Feb.
Mar.
Apr.
May
June
July
'108.2
'104.3
100.3
'111.6
Nov. I
Sept.
Oct.
'107.3
'103.9
99.2
'110.2
'108.7
104.1
"110.4
'112.7
'113.8
114.9
'111.8
'115.9
'120.2
124.9
'112.1
Aug.
Dec.
Jan.
1. GENERAL BUSINESS INDICATORS-Continued
INDUSTRIAL PRODUCTION-Continued §
[1987-100]
Seasonally adjusted—Continued
By market groups—Continued
Final products—Continued
Consumer goods—Continued
Durable
Automotive products
Autos and trucks
Other durable goods
' 102.2
' 100.3
-97.1
"103.9
"110.7
"111.8
112.4
"109.7
Nondurable
Foods and tobacco
Clothing
Chemical products
Paper products
Energy products
"106.9
' 106.5
'95.9
' 118.2
' 102.1
' 108.2
"108.3
"106.3
"94.9
"122.5
"103.4
"113.2
"111.3
"122.2
"133.7
"168.2
"106.8
' 137.0
118.1
"118.7
"134.7
"155.9
"223.2
"112.4
"136.9
134.7
"83.2
"77.9
"98.7
"75.0
82.2
"119.1
"99.1
"93.4
"102.8
'102.6
"96.8
"106.5
"107.7
' 108.4
"110.9
"103.9
"112.0
"115.6
"113.7
"103.7
"98.2
"161.2
"108.1
"93.0
"97.2
"166.3
"103.7
"92.2
"81.7
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
Energy
By industry groups:
Mining
Metal mining
Coal
Oil and gas extraction
Crude oil
Natural gas
Stone and earth minerals
"85.9
"107.5
Utilities
Electric
Gas
"93.7
"93.7
"112.0
"111.8
112.9
"115.9
"115.8
' 116.4
106.9
'111.8
Durable
Lumber and products
Furniture and fixtures
Clay, glass, and stone products
Primary metals
Iron and steel
Nonferrous
Fabricated metal products
Machinery and computer equipment
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments
"107.2
"96.8
"97.2
"95.1
101.2
104.8
"96.3
"95.7
"123.4
"115.9
"102.9
"106.5
'105.1
' 114.4
"100.9
"103.2
"98.6
"106.6
'111.7
"99.6
"99.6
' 144.2
"127.7
"104.4
"120.8
"104.2
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
"106.6
' 107.7
"99.8
"105.7
"93.9
"108.8
"99.1
"114.3
"102.7
"111.0
"87.0
"108.7
"108.7
"92.3
"107.6
"93.2
'112.4
"101.4
'117.7
-104.9
"116.1
"85.1
Manufacturing
"108.4
"109.9
"111.8
"107.1
"108.2
"106.4
"96.2
"121.1
"102.7
"113.4
"115.4
"128.4
"143.7
"188.7
"109.9
"140.0
"131.5
"79.1
"88.7
"121.8
'100.9
"94.6
'105.2
"109.6
"111.2
"111.2
"105.2
"110.2
'113.5
116.8
'107.3
'110.1
'112.7
114.6
'107.9
'110.3
'112.2
113.4
'108.6
'110.9
'107.6
'106.7
95.7
"121.0
'102.3
'109.3
'108.6
'107.6
'95.8
"119.9
"103.1
"114.6
'108.6
'106.2
'95.6
'122.9
'103.8
'114.1
'115.9
'129.6
'144.7
'191.9
"110.3
"142.4
136.7
"115.8
"130.0
"146.0
"196.0
"109.8
"142.6
136.8
'116.4
"131.5
"148.5
"201.9
"111.2
"141.4
'135.8
'78.1
'87.5
'121.6
"77.9
"79.1
"119.2
'100.4
'94.1
'104.7
98.2
"159.5
"108.3
"93.1
"84.0
"107.2
"92.8
116.8
"116.7
"117.5
"109.3
"110.7
"100.5
'100.4
"97.9
"102.3
"107.8
"94.6
"96.7
"131.9
"120.7
"105.7
"117.7
"105.7
"107.6
"107.8
'97.5
"106.5
'94.4
'108.9
'101.2
'115.9
'104.3
'113.1
'87.0
'112.7
"109.0
"110.4
114.3
110.1
'109.3
"107.8
'107.2
'106.5
105.0
'107.7
'108.0
"105.9
"95.9
'122.7
'103.8
'110.8
"107.4
"105.9
"95.8
"122.2
"103.7
'107.6
'108.3
'106.2
'96.0
123.0
'104.7
'111.1
'109.1
'107.0
'95.2
"123.9
'103.7
'114.8
'109.0
'107.0
'94.3
'123.7
'103.1
'115.8
"108.4
"105.9
'93.3
'124.1
'103.2
'115.3
'108.2
'105.9
'93.3
'122.6
'104.1
114.6
'108.2
'106.0
'93.8
"122.3
'103.3
'115.0
'117.7
'133.1
'151.0
'209.2
'112.3
'141.2
136.2
'117.7
'133.5
153.5
'215.6
'111.8
'138.2
133.1
'118.0
'133.9
'155.6
'221.4
'112.4
'133.0
127.2
'118.5
'134.6
'158.1
226.5
'113.6
'127.5
118.9
'118.6
'134.8
'158.2
'230.6
'113.3
'126.2
119.6
'119.8
'136.3
'160.6
'234.8
'113.2
'129.8
126.5
'120.4
'137.7
'162.0
241.8
'112.5
'136.1
139.6
'121.9
'139.8
'164.6
'249.1
'113.4
'140.9
150.5
'76.8
'73.1
"113.6
'76.9
'75.2
'112.6
'75.6
'78.2
'110.7
'74.9
"81.2
"111.6
'74.6
"83.5
"115.8
'74.0
'87.0
'115.5
'73.7
'89.7
'120.7
'72.7
'86.5
'123.4
'72.5
'82.9
'130.4
"101.8
"96.0
"105.6
"101.4
"95.1
"105.7
'102.2
'94.8
'107.2
'101.7
"95.9
"105.5
"101.8
"95.3
"106.1
"102.9
"96.4
"107.3
'103.3
'97.3
'107.2
'103.0
'97.8
'106.4
'103.5
'98.6
'106.7
'104.1
'99.1
'107.5
'110.0
'112.5
'112.2
'103.5
"110.7
"113.4
112.1
"104.3
"110.8
"113.3
"112.7
"104.6
' 111.4
'114.3
'113.5
'104.1
"111.1
"114.4
'113.7
'102.9
"111.7
"114.5
"114.3
"104.4
"111.7
"115.1
'113.7
'103.6
'112.1
'115.6
"114.6
"103.7
'112.2
'116.5
'113.6
'103.1
'112.8
'117.5
'114.1
'103.0
'113.7
'119.1
'114.4
'103.1
"98.2
"169.6
"107.1
"92.6
"83.1
"107.7
'94.5
"97.1
"167.6
"105.1
"91.6
"82.4
"108.3
"95.0
"96.9
"163.2
"104.2
"92.0
"83.0
"110.0
93.4
'97.5
'165.7
'104.6
'97.1
'171.2
'102.9
'92.7
'82.0
'113.1
'91.6
96.4
'170.4
'100.9
91.6
'79.7
"111.4
'92.7
"96.6
'152.9
'98.5
'93.3
'81.2
'113.0
'94.1
'97.4
'159.4
'104.4
'92.6
'80.3
'111.6
'94.5
'98.0
"175.8
"104.4
'92.6
'81.8
'111.3
'93.4
"97.9
"169.7
"106.9
'92.6
'81.6
'112.2
'91.3
'94.2
'96.3
'162.2
'101.1
'91.6
'82.1
'109.1
'94.8
'113.3
"113.2
"113.8
'117.4
116.5
"120.7
"117.3
'115.9
'122.5
"114.5
"114.7
113.9
'112.4
'114.2
'105.7
'115.4
'115.5
'115.1
'118.0
'118.8
'115.0
'118.4
'119.5
'114.4
'116.2
'115.8
'118.0
'114.9
'113.8
'119.1
'116.0
'115.2
'118.9
'92.1
'106.7
80.9
'111.8
109.9
"110.4
'110.5
"111.3
'111.1
' 111.2
111.6
'111.8
'112.1
'112.9
'114.1
"111.5
"99.6
"100.8
"95.5
'104.0
'108.4
'97.9
'97.8
"133.2
"121.4
"107.5
"122.7
'105.7
'112.1
'101.3
'100.7
"96.9
"107.1
"111.4
'101.3
'98.1
'134.1
'122.9
"107.0
'121.8
'104.9
'112.5
"98.4
"102.1
"96.6
"104.3
"108.2
'98.9
'98.8
'136.9
'124.3
'105.8
'120.6
"105.2
"113.5
"98.3
"102.4
"97.9
"105.0
"108.9
"99.5
"99.2
"140.1
"125.6
"105.9
'121.0
'105.3
'113.2
'98.2
'101.5
'97.9
'105.0
'109.1
'99.2
'98.5
'141.6
"125.7
"104.2
'118.5
'104.6
'113.0
"97.6
'102.7
'98.2
'105.6
'111.1
'98.1
'98.3
'143.3
"126.4
"101.2
'114.7
'104.4
'113.7
'99.6
"113.9
"100.9
"105.2
"98.4
"107.2
"112.8
'115.0
'101.8
'105.2
'99.9
'107.3
'112.4
'100.3
'99.6
'148.4
'130.9
'100.4
'115.1
'104.0
'116.2
'104.6
'104.8
'99.7
'106.1
'113.3
'96.2
'100.7
'150.3
'131.4
'104.2
124.1
'102.7
'118.1
'104.4
'104.2
'100.8
'109.8
'114.3
'103.5
'102.1
'152.5
'132.3
'108.2
'132.4
'102.4
"107.9
"107.9
"101.6
"107.1
'94.2
'109.6
'100.9
'116.0
'103.5
'114.5
'87.2
'108.2
"109.2
'99.2
'107.2
'94.2
'110.5
'101.3
'115.4
'104.1
'114.5
'87.4
'108.2
'108.4
'94.5
"107.2
"108.7
'108.2
'92.6
'107.3
'93.3
'113.4
'102.6
'117.3
'104.1
'115.0
'85.8
'108.5
'107.9
'94.1
"108.7
'93.5
112.1
'101.1
'117.6
'103.7
'115.4
'85.6
'108.9
'108.8
'89.4
'109.3
'93.6
'114.1
'101.3
'118.3
'104.2
'115.1
"84.7
"109.1
"108.8
'97.3
'108.5
'93.6
'111.7
'101.6
'118.6
'103.2
'116.9
'83.8
'93.2
'112.1
'100.9
'118.8
'103.5
'117.5
'83.6
'108.5
'109.0
'85.4
'106.6
'92.1
r
111.4
'101.1
'118.3
'105.3
'116.7
'83.5
'108.8
'109.0
'86.4
'107.7
'92.1
'112.7
"101.6
'117.8
'108.2
'116.5
'83.9
'109.2
'108.7
'88.4
'106.5
'92.6
'114.1
'101.7
'118.4
'107.8
'117.8
'83.5
'93.4
'111.4
"101.1
'117.1
'104.1
'114.0
'103.5
'98.8
'105.6
111.9
'97.0
'99.6
'146.1
"128.6
"98.9
"110.2
"104.8
"99.4
"99.6
"147.1
'129.5
"98.5
'110.6
"103.2
'109.2
'109.6
'90.3
'108.8
'117.8
'124.5
131.5
'112.0
"107.9
'105.7
"93.6
'122.0
"101.7
'•15.9
"23.4
"42.1
"67.6
'257.0
'115.0
'142.9
'54.9
'71.9
'82.3
'134.3
'105.2
'101.0
'107.9
'115.2
'121.2
'115.5
'103.6
118.5
126.1
134.0
111.9
'96.8
'167.9
'104.7
'91.3
'81.7
97.6
169.2
106.4
91.9
81.9
"*"94"9
'117.1
'116.3
'119.7
'115.2
'120.0
'1C5.9
'105.1
'102.3
'112.5
'118.5
'104.3
'102.6
'156.4
'133.8
'110.7
'138.4
'102.6
'109.3
'108.5
'88.9
'106.4
'92.4
'115.4
'101.4
'118.3
'107.6
'119.6
'85.0
108.1
105.2
92.1
122.2
101.0
120.8
124.5
144.0
171.1
265.5
115.3
145.1
160.5
70.9
82.4
135.3
105.4
101.4
108.1
115.7
121.6
114.8
105.4
95.6
121.2
119.8
126.3
115.4
120.7
106.0
104.5
102.3
108.8
111.8
104.6
103.1
159.4
135.8
111.3
140.8
102.2
108.8
107.9
89.8
104.5
91.5
114.3
100.5
118.8
106.0
119.3
84.8
BUSINESS SALES
[Millions of dollars]
6,724,590
Manufacturing and trade sales (unadj.), total
Manufacturing and trade sales (seas, adj.), total...
1
6,724,590
7,109,672
1
7,109,672
Manufacturing, total
Durable goods industries
Nondurable goods industries .
1
Retail trade, total
Durable goods stores
Nondurable goods stores
"1,955,326 "2,083,832
"781,722
"702,223
"1,253,103
"1,302,110
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
1
1
2,934,126
1,505,806
1,426,140
1,828,041
"902,330
"920,874
•3,101,366
"1,630,364
1,472,145
1,921,937
981,322
941,957
609,797
'580,897
256,609
134,228
122,381
"168,829
"61,500
"107,329
"155,459
"78,393
"77,066
520,956
541,140
600,305
583,175
592,420
618,816
567,707
599,331
614,295
616,188
'610,618
'581,539
584,903
583,575
587,095
587,930
589,990
585,626
592,598
595,804
600,304
'607,326
252,845
130,805
122,040
256,800
134,133
122,667
258,979
135,537
123,442
257,266
134,104
123,162
254,007
132,307
121,700
258,299
135,042
123,257
251,680
129,257
122,423
256,556
134,521
122,035
260,471
138,153
122,318
r
137,521
122,567
'169,187
'62,418
'106,769
169,116
60,978
108,138
167,390
60,723
106,667
170,538
62,804
107,734
171,736
63,771
107,965
172,596
64,527
173,415
65,232
108,183
174,583
66,277
108,306
175,006
65,798
109,208
178,549
68,507
110,042
'179,755
'69,641
r
110,114
644,143
612,213
269,944
'146,319
123,625
'181,961
"71,046
'110,915
159,507
80,850
78,657
158,987
80,692
78,295
157,206
78,923
78,283
159,291
80,159
79,132
162,187
81,106
81,081
159,095
80,451
78,644
160,531
82,596
77,935
161,459
83,336
78,123
160,710
82,298
78,412
161,284
83,189
78,095
'161,997
'83,712
'78,285
161,025
84,010
77,015
514.4
227.6
149.1
137.7
515.8
230.8
148.3
136.6
514.3
232.7
146.7
135.0
512.9
228.1
149.
135.7
516.1
227.2
150.5
138.4
520.4
231.4
151.6
137.5
516.6
226.1
152.3
138.3
523.9
231.1
153.2
139.7
526.7
234.2
153.8
138.6
529.3
234.4
'156.2
'535.0
'239.0
'157.2
'138.9
540.8
243.1
159.4
138.2
265,574
'142,665
'122,909
[Billions of constant 1987 dollars]
Manufacturing and trade sales in constant (1987)
dollars (seas, adj.), total
Manufacturing
Retail trade
Merchant wholesalers
See footnotes at end of tables.
515.0
231.1
149.5
134.4
138.8
145,681
180,964
69,931
111,033
February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as
shown in BUSINESS STATISTICS, 1963-91
Annual
1992
1992
1993
Dec.
•
1994
1993
Jan.
Feb.
Mar.
Apr.
May
June
July
854,972
856,323
Aug. |
Sept.
Oct.
Nov.
Dec.
Jan.
1. GENERAL BUSINESS INDICATORS-Continued
BUSINESS INVENTORIES
[Millions 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
840,048
864,629
'•849,486
379,238
237,717
141,521
-261.234
' 132,122
'129,112
'209,014
'133,738
'75,276
874,637
377,414
236,108
141,306
279,697
145,624
134,073
216,999
138,406
78,593
840,048
846,904
'849,486 '851,190
379,238 '378,624
237,717 '236,332
141,521 142,292
'261,234 262,427
'132,122 132,861
'129,112 129,566
'209,014 210,139
'133,738 133,648
'75,276
76,491
859,728
865,116
862,540
855,216
861,251
379,733
237,535
142,198
379,080
235,120
143,960
211,860
134,953
76,907
864,198
381,591
237,734
143,857
270,417
138,097
132,320
212,190
135,607
76,583
801.9
365.7
242.4
193.8
803.3
365.8
242.7
194.8
804.7
366.8
242.8
195.1
1.47
1.75
.50
.78
.46
1.47
1.75
.49
.81
.45
1.50
1.80
.52
.80
.48
1.16
.42
.19
.54
1.17
.42
.19
.55
1.18
.44
.19
.56
1.61
2.27
1.23
1.59
2.21
1.22
1.57
2.17
1.23
1.34
1.70
.97
1.33
1.68
.97
1.31
1.67
.94
1.56
1.57
1.65
1.44
1.57
1.60
1.63
1.44
1.56
1.61
1.61
1.41
252,299 269,793
132,542 144,499
5,261
5,414
11,700 12,053
5,204
5,495
13,773 14,841
22,063 27,204
18,137 19,793
36,668 38,785
24,832 25,347
10,228 11,291
119,757 125,294
32,882 34,686
3,659
2,124
5,890
5,733
10,765 11,007
26,052 27,591
11,980 12,125
9,021
8,860
256,800 258,979
252,026
256,332
131,807
4,986
11,381
5,036
13,741
22,021
18,362
36,567
24,826
9,900
134,897
5,837
11,409
5,287
14,445
23,026
18,435
36,797
25,065
10,480
120,219
32,848
2,097
5,956
121,435
34,023
2,842
5,812
10,293
25,669
12,270
9,162
10,728
25,920
13,139
8,765
257,266
134,133
5,775
11,633
5,183
13,920
22,832
18,431
35,987
23,719
10,638
122,667
33,610
2,849
5,924
10,775
26,086
13,313
8,770
134,104
5,432
11,418
5,061
13,933
23,036
18,660
36,218
23,936
10,283
123,162
33,473
2,760
6,165
10,285
25,713
13,655
9,159
854,163
859,094
379,539
236,849
142,690
265,718
269,052
135,599
137,803
130,119
131,249
209,765 210,503
133,705 134,457
76,060
76,046
270,311
138,784
131,527
887,598
857,828
"896,646
864,629
864,227
863,612
865,939
867,395
869,709 '874,553
381,326
237,514
143,812
381,561
237,937
143,624
381,392
237,688
143,704
380,689
237,571
143,118
380,301
237,632
142,669
270,843
138,483
132,360
268,807
136,559
132,248
269,348
136,774
132,574
271,603
137,978
133,625
274,417
140,584
133,833
212,058
135,325
76,733
213,244
136,238
77,006
215,199
137,287
77,912
215,103
137,321
77,782
214,991
137,792
77,199
' 380,181
'
237,886
r
142,295
r
278,262
'143,608
' 134,654
"216,110
r
138,028
'78,082
805.4
366.9
243.2
195.3
806.1
367.8
242.1
196.3
806.6
368.1
240.8
197.8
809.5
367.7
244.4
197.4
'809.7
'367.8
'245.0
196.9
'812.4
'368.2
'246.7
'197.4
812.
366.8
247.6
197.7
1.46
1.48
1.76
.50
.79
.47
1.17
.43
.19
.55
1.57
2.15
1.22
1.33
1.68
1.47
1.46
1.46
1.45
1.52
1.84
.53
1.49
1.77
.51
.79
.46
1.46
1.73
.50
.78
.45
1.46
1.72
.50
.77
.45
1.17
.43
.19
.55
1.18
.43
.19
.56
1.17
.43
.19
.55
1.17
.43
.19
.55
1.55
2.09
1.22
1.54
2.06
1.22
1.55
2.10
1.22
1.54
2.05
1.22
1.33
1.65
.99
1.33
1.65
1.00
1.34
1.67
1.33
1.66
.99
1.43
1.67
.48
'.74
.44
1.16
.43
.19
.54
1.55
'2.06
'1.22
1.33
1.65
'1.00
1.43
1.40
1.61
.47
.72
.43
1.14
.42
.19
.53
1.54
2.05
1.21
1.35
1.65
1.02
1.55
1.59
1.60
1.42
1.56
1.63
1.59
1.42
1.54
1.59
1.57
1.42
1.54
1.57
1.59
1.42
1.53
1.57
1.57
1.42
1.52
'1.54
'1.57
'1.42
1.50
1.51
1.55
1.43
230,372
256,056
277,395
272,140
"266,399
112,784
5,622
10,261
4,805
12,521
20,412
17,219
23,603
13,993
9,603
131,934
6,247
11,452
5,357
14,195
22,040
19,426
32,645
21,192
10,467
147,012
6,908
12,004
5,431
15,164
26,590
22,111
36,268
23,985
11,821
144,241
6,687
11,861
5,499
15,312
23,723
20,346
39,473
27,876
10,684
142,73:
6,247
11,639
5,283
14,513
24,970
21,213
37,118
26,016
11,319
117,588
33,096
2,565
5,187
124,122
35,577
1,871
6,288
130,383
37,158
3,150
6,367
10,561
24,821
12,599
7,885
10,865
25,560
12,452
8,747
11,273
27,218
12,333
9,054
127,899 '123,666
36,095 '35,276
2,205
'2,517
6,252
6,007
10,885
10,642
25,650
'25,589
254,007
278,186
148,762
6,378
12,286
5,553
15,409
26,974
20,958
39,396
25,490
11,826
129,424
35,711
3,437
6,448
11,216
28,460
13,306
9,387
258,299
251,6dO
256,556
132,307
5,726
11,181
5,158
14,102
23,275
18,832
34,261
22,325
10,565
135,042
5,766
11,628
5,245
14,249
23,190
19,517
35,443
22,894
10,837
129,257
5,700
11,127
5,215
13,811
23,482
19,228
30,865
20,070
10,647
121,700
33,440
2,584
5,866
10,903
25,683
13,021
123,257
34,342
2,777
5,844
10,757
26,691
12,707
8,626
122,423
34,443
3,270
5,887
10,724
26,008
12,288
8,215
134,521
5,798
11,318
5,320
14,131
23,886
19,654
34,127
21,949
10,859
122,035
35,419
2,064
5,896
10,664
25,733
11,888
8,624
874,637
377,414
236,108
141,306
279,697
145,624
134,073
216,999
138,406
78,593
[Billions of constant 1987 dollars]
Manufacturing and trade inventories in constant
(1987) dollars, end of period (seas, adj.), total .
Manufacturing
Retail trade
Merchant wholesalers
796.1
365.9
236.4
193.8
796.8
365.5
237.1
194.3
799.5
365.8
240.1
193.6
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total
1.46
1.46
Manufacturing, total
Durable goods industries
Materials and supplies
Work in process
Finished goods
1.48
1.77
.51
.80
.46
1.50
1.81
.52
.81
.48
1.16
.43
.19
.54
1.17
.43
.19
.55
Retail trade, total
Durable goods stores
Nondurable goods stores
'1.55
'2.15
1.20
1.55
'2.13
1.21
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
'1.34
'1.71
1.32
1.65
.97
1.46
1.48
1.77
.51
.79
.47
1.16
.42
.19
.55
1.57
2.22
1.20
1.32
1.66
.97
1.55
1.58
1.58
1.44
1.55
1.61
1.59
1.41
1.55
1.59
1.62
1.42
249,356
226,781
131,841
4,761
10,144
4,353
13,287
24,452
19,693
35,043
18,834
11,677
114,272
4,589
10,809
4,893
12,313
19,184
15,422
30,227
20,722
9,315
117,515
32,853
3,902
5,359
112,509
30,999
2,004
5,238
10,751
24,724
12,549
7,660
10,548
24,563
11,766
256,609
252,845
134,228
5,668
11,309
4,894
14,103
22,612
18,998
36,385
23,151
10,781
130,805
5,450
11,425
5,022
13,878
22,582
17,614
35,264
23,049
10,503
122,381
33,445
3,121
5,924
11,162
26,054
12,804
8,683
122,040
33,664
3,015
6,043
10,870
25,676
12,735
8,680
Nondurable goods industries ....
Materials and supplies
Work in process
Finished goods
Manufacturing and trade in constant (1987) dollars,
total
Manufacturing
Retail trade
Merchant wholesalers
MANUFACTURERS' SHIPMENTS, INVENTORIES,
AND ORDERS
[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
2,934,126 3,101,366
1,506,632 '1,630,599
66,623
'69,623
135,945 '137,842
'62,815
58,106
160,490 '170,149
253,445 '287,255
209,422 '233,514
391,292 '424,501
235,716 '282,041
127,289 '128,922
1,427,494 1,470,767
395,028
413,459
31,527
33,054
70,487
69,850
131,307
129,174
301,522
312,723
154,673
147,112
103,329
104,520
135,537
5,587
11,680
5,251
14,122
23,819
18,756
36,264
23,760
10,646
123,442
34,006
2,946
5,750
10,844
26,415
13,331
8,705
260,471 '265,574
263,587
'145,116
'5,447
'10,987
'4,972
'13,922
'29,048
'22,092
'36,954
'22,697
'11,988
118,471
35,108
3,056
5,309
10,391
25,630
10,613
7,992
269,944
137,521
6,174
11,527
5,294
14,310
24,393
20,042
35,164
23,662
10,902
138,153
6,034
11,354
5,312
14,330
24,345
19,882
36,321
24,431
10,695
'142,665
'6,222
'11,851
5,429
' 14,615
'25,685
'20,474
'36,785
'25,466
'11,052
"146,319
'6,414
'12,019
'5,437
'14,713
'26,333
'21,047
'38,432
'26,627
'11,118
122,567
34,909
2,640
5,763
10,889
25,943
11,669
8,690
122,318
34,771
2,391
5,807
10,691
25,921
11,745
8,700
122,909
'35,081
'2,312
'5,831
'10,814
'26,657
' 11,245
'8,944
123,625
35,651
2,393
5,861
10,767
26,873
10,992
9,008
12,797
9,070
11,732
8,517
128,662
5,240
11,122
5,132
13,370
21,984
18,389
34,806
25,128
9,528
145,681
6,234
11,718
5,285
14,956
25,574
20,954
39,499
27,386
10,754
o-4
•
SURVEY OF CURRENT BUSINESS
February 1994
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as
shown in BUSINESS STATISTICS, 1953-91
Annual
1992
1992
1993
Dec.
1994
1993
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov. |
Dec.
Jan.
1. GENERAL BUSINESS INDICATORS-Continued
MANUFACTURERS' SHIPMENTS, INVENTORIES,
AND ORDERS-Continued
[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
Inventories, end of year or month:
Book value (non-LIFO basis), (unadjusted), total
Durable goods industries, total
Nondurable goods industries, total
,
Book value (non-LIFO basts), (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 suppiies
Work in process
Finished goods
189,473
663,826
480,196
120,625
183,875
212,833
683,570
528,517
143,605
199,089
17,112
57,142
43,566
11,829
16,068
17,288
56,668
42,373
11,755
15,785
17,260
56,689
42,538
12,142
16,584
17,291
57,617
43,981
12,019
16,376
18,448
56,172
42,935
12,013
16,668
17,476
55,941
42,981
11,470
16,399
17,588
57,318
43.926
11,653
16,382
17,352
57,667
41,355
10,421
15,892
17,862
56,820
44,137
11,210
16,378
18,023
57,294
44,157
12,005
16,730
18,097
56,906
44,675
12,485
16,819
"18,139
' 56,733
'46,678
' 12,911
'17,424
18,009
57,745
48,781
13,521
17,652
966,997
1,008,488
83,298
81,941
84,057
84,068
83,525
82,650
83,926
81,709
83,467
84,551
84,109
' 86,808
87,577
7,544
41,304
33,704
7,600
'7,711
' 42,350
"35,327
"7,023
7,785
'43,666
'37,004
'6,662
381.337 "380,579
238,113 "238,373
143,224 "142,206
370,588
230,826
139,762
83,063
469,611
373,470
96,141
89,544
" 490,855
" 401,414
" 89,441
7,337
41,109
33,296
7,813
7,224
39,409
31,817
7,592
7,303
39,793
32,037
7,756
7,260
41,264
33,512
7,752
7,574
40,857
32,997
7,860
7,211
40,091
32,703
7,388
7,404
40,984
33,390
7,594
7,435
39,317
31,723
7,594
7,489
40,931
33,825
7,106
7,604
40,889
33,375
7,514
372,987
232,600
140,387
370,588
230,826
139,762
372,987
232,600
140,387
378,183
235,117
143,066
381,753
238,849
142,904
379,471
236,973
142,498
381,601
236,736
144,865
383,932
239,823
144,109
379,758
236,961
142,797
381,635
238,501
143,134
383,681
239,697
143,984
380,226
237,395
142,831
379,238
377,414
379,238
378,898
379,733
379,539
379,080
381,591
381,326
381,561
381,392
380,689
380,301
"380,181
377,414
237,717
7,768
19,397
9,752
23,348
45,587
236,108
7,493
19,433
9,456
23,048
46,071
237,717
7,768
19,397
9,752
23,348
45,587
236,606
7,773
19,366
9,738
23,155
45,346
237,535
7,757
19,404
9,755
23,171
45,431
236,849
7,783
19,343
9,591
23,302
44,480
235,120
7,838
19,361
9,616
22,385
44,157
237,734
7,724
19,206
9,444
23,128
44,805
237,514
7,687
19,151
9,431
23,026
45,103
237,937
7,692
19,305
9,553
23,130
45,282
237,688
7,621
19,384
9,443
23,283
45,470
237,571
7,601
19,241
9,369
23,266
45,484
237,632 "237,886
7,594
"7,518
"19,277
19,328
'9,473
9,470
'23,045
23,139
45,826
'46,005
236,108
7,493
19,433
9,456
23,048
46,071
31,342
66,728
11,249
23,178
33,623
61,502
11,459
22,164
31,342
66,728
11,249
23,178
31,631
66,009
11,133
22,932
31,771
66,195
11,258
23,040
31,900
65,885
11,362
22,979
31,146
66,625
11,397
23,252
32,621
65,642
11,478
22,776
32.611
65,267
11 511
22,750
33,013
64,998
11,397
22,602
33,148
64,045
11,480
22,508
33,186
63,864
11,411
22,525
"33,823
"63,178
"11,343
"22,317
33,623
61,502
11,459
22164
68,165
107,140
62,412
68,454
105,261
62,393
68,165
107,140
62,412
67,707
106,446
62,453
67,825
106,574
63,136
67,863
106,068
62,918
65,486
108,789
60,845
68,401
106,042
63,291
68,163
106,306
63,045
68,357
106,545
63,035
68,678
106,463
62,547
68,441
106,704
62,426
68,522
'68,670
106,943 '106,119
'63,097
62,167
68,454
105,261
62,393
141,521
29,571
6,694
9,113
13,387
34,953
11,359
11,814
141,306
30,041
6,429
9,422
13,525
34,306
9,892
12,205
141,521
29,571
6,694
9,113
13,387
34,953
11,359
11,814
142,292
29,889
6,607
9,150
13,429
35,073
11,491
11,781
142,198
29,858
6,627
9,143
13,455
34,879
11,610
11,788
142,690
29,910
6,700
9,192
13,467
34,894
11,684
11,834
143,960
30,668
6,707
9,162
13,473
35,213
11,421
11,559
143,857
30,177
6,732
9,308
13,513
35,053
11,619
12,087
143,812
30,277
6,810
9,239
13,504
34,913
11,389
12,130
143,624
30,162
6,714
9,200
13,596
34,853
11,247
12,181
143,704
29,938
6,712
9.172
13,714
35,085
11,024
12,199
143,118
29,834
6,702
9,204
13,600
35,019
10,677
12,199
142,669 '142,295
'29,937
29,919
6,588
'6,611
'9,400
9,262
'13,520
13,579
'34,513
34,691
10,649
'10,406
12,209
'12,231
141,306
30,041
6,429
9,422
13,525
34,306
9,892
12,205
52,194
22,887
66,440
51,972
23,364
65,970
52,194
22,887
66,440
52,286
22,962
67,044
52,121
23,161
66,916
52,329
23,128
67,233
52,311
23,341
68,308
52,965
22,990
67,902
53,055
23,097
67,660
52,647
23,202
67,775
52,594
23,280
67,830
52,489
23,329
67,300
52,259
23,437
66,973
"52,363
"23,477
'66,455
51,972
23,364
65,970
28,568
58,526
87,836
5,998
22,634
30,389
57,653
87,665
6,034
23,921
28,568
58,526
87,836
5,998
22,634
28,765
58,845
87,612
5,970
22,668
28,971
58,891
88,380
6,072
22,866
29,393
59,136
87,899
6,166
23,225
29,830
59,551
87,166
6,215
22,865
29,985
59,598
88,354
6,204
23,300
30,176
59,557
88,398
6,206
23,415
30,408
59,197
88,579
6,120
23,431
30,611
58,953
88,126
6,185
23,610
30,506
58,673
88,251
6,161
23,692
30,580
58,333
88,611
6,095
23,709
'30,542
"58,200
"88,657
"6,058
"23,925
30,389
57.653
87,665
6,034
23,921
125,743
125,315
125,743
125,386
125,355
125,211
123,522
125,282
125,168
125,773
125,862
125,478
125,644 '125,435
125,315
12,677
113,418
83,199
30,219
13,451
108,940
82,222
26,718
12,677
113,418
83,199
30,219
12,733
112,715
82,998
29,717
12,761
112,911
83,514
29,397
12,965
111,376
82,611
28,765
12,717
111,932
81,773
30,159
13,358
111,822
83,152
28,670
13,384
111,662
83,217
28,445
13,499
111,820
83,700
28,120
13,557
110,929
82,820
28,109
13,419
111,000
82,927
28,073
13,503
'13,483
110,735 "110,741
'83,134
83,207
'27,607
27,528
13,^51
108,940
82,222
26,718
New orders, net (unadj.), total
Durable goods industries, total
Nondurable goods industries, total
2,898,545
1,471,367
1,427,178
3,068,821
' 1,599,435
1,469,386
250,087
132,707
117,380
231,208
118,218
112,990
254,237
134,067
120,170
264,583
139,127
125,456
251,370
130,821
120,549
250,090
128,752
121,338
272,580
143,151
129,429
230,096
112,603
117,493
252,422
128,446
123,976
270,017
140,258
129,759
268,794 "262,656
139,437
142,295
126,499 "123,219
260,768
'142,260
118,508
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
2,896,128
3,066,720
256,727
253,626
257,250
253,007
252,369
248,335
255,462
250,566
253,461
255,309
256,270
"262,773
266,292
1,470,297
134,807
57,781
64,965
159,255
250,275
209,798
363,195
103,543
'1,596,880
' 1 39,288
' 64,573
' 61,966
"167,308
"289,418
' 234,399
' 392,203
' 80,662
134,348
12,224
5,775
5,359
14,262
22,415
19,118
35,003
8,963
131,266
12,629
5,927
5,583
13,845
22,690
18,712
32,636
6,334
134,533
12,405
5,957
5,417
13,982
23,197
17,886
35,552
9,471
129,903
12,015
5,625
5,385
13,761
23,475
17,881
32,225
6,340
129,838
11,212
5,078
5,085
13,648
22,999
18,862
31,798
6,852
126,783
10,962
5,140
4,852
13,913
23,200
18,197
30,482
6,294
132,252
11,095
5,097
5,071
13,774
22,932
19,865
34,903
9,599
128,520
10,859
4,889
4,872
13,629
23,733
20,448
29,203
6,093
131,752
11,044
5,199
4,923
14,045
24,103
19,839
31,366
7,130
133,176
11,517
5,394
4,970
14,164
24,528
20,581
31,012
4,475
136,613 "139,675 '142,569
" 11,844
"12,021
11,685
5,511
5,461
'5,295
'5,229
4,999
"5,580
13,876
'14,090
14,531
25,023
26,673
"26,855
21,504
'19.919
"20,705
32,768
'34,449
•'35,809
5,602
'5,547
'6,925
1,425,831
348,452
1,077,379
1,469,840
353,674
1,116,166
122,379
29,775
92,604
122,360
29,843
92,517
122,717
29,489
93,228
123,104
29,037
94,067
122,531
29,550
92,981
121,552
29,410
92,142
123,210
29,268
93,942
122,046
29,318
92,728
121,709
29,083
92,626
122,133
29,394
92,739
121,657 "123,098
29,157
"30,012
92,500
"93,086
123,723
30,113
93,610
189,653
663,928
463,245
120,540
183,951
211,507
684,387
510,852
143,602
198,310
17,035
57,152
42,660
11,805
16,074
17,603
56,652
39,546
11,785
15,975
17,444
56,725
43,408
12,149
17,039
17,245
57,619
39,772
11,986
16,172
17,113
56,942
40,796
11,685
16,242
17,355
56,014
40,618
11,529
16,457
17,709
57,294
44,534
11,677
16,014
17,425
57,639
40,228
10,475
15,919
17,746
56,812
42,644
11,207
16,376
17,837
57,311
42,271
11,991
16,515
17,793
56,874
44,230
12,546
16,647
"18,204
"56,739
'46,283
'12,971
'17,473
18,033
57.766
46,522
13,599
17,481
962,073
1,004,378
84,471
83,828
84,246
82,879
82,969
81,219
82,566
82,124
82,408
83,295
84,890
'86,273
87,681
82,874
435,274
354,838
80,436
89,516
r
458,759
' 380,635
' 76,792
7,184
39,867
32,275
7,592
7,313
38,123
28,645
8,812
7,365
39,775
32,748
6,361
7,105
36,533
29,122
7,411
7,215
37,306
30,453
6,853
7,606
37,438
30,992
6,446
7,594
38,129
32,825
5,304
"7,756
'40,050
'34,878
"5,172
7,874
'40,488
'35,106
'5,382
,.
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
Nondurable goods industries, total
Industries with unfilled orders t
Industries without unfilled orders t
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
See footnotes at end of tables.
7,148
35,365
29,931
5,434
7,386
39,638
33,850
5,788
7,554
37,324
30,093
7,231
7,600
38,590
31,992
6,598
33,520
63,002
11,391
22,604
42,969
35,601
7,368
135,106
147,871
11,996
5,324
5,468
14,716
26,169
22,061
40,803
11,184
43,912
37,170
6,742
February 1994
SURVEY OF CURRENT BUSINESS
Annual
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
^
in BUSINESS
1992
STATISTICS, i963~9i
1992
1993
Dec.
•
Jan.
Feb.
|
Mar.
Apr.
May
June |
b-5
1994
1993
July
Aug.
Nov.
Dec.
Sept.
Oct.
448,056
425,698
22,358
444,710
423,752
20,958
'440,967 438,148
420,456 '417,600
'20,511
20,548
Jan.
1. GENERAL BUSINESS INDICATORS-Continued
MANUFACTURERS' SHIPMENTS, INVENTORIES,
AND ORDERS—Continued!
[Millions of dollars]
Unfilled orders, end of period (unadjusted), total
Durable goods industries, total
Nondurable goods industries with unfilled orders $
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
Fabricated metal products
Industrial machinery and equipment
Electronic and other electrical equipment
Transportation equipment
Aircraft, missiles, and parts
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
Capitai goods industries
,
Nondefense
Defense
476,613
454,071
22,542
471,192
447,877
23,315
478,551
455,596
22,955
473,341
450,224
23,117
476,085
476,535
470,563
467,818
462,146
459,309
458,195
455,100
450,321
448,120
'445,319
452,844
22,451
9,632
9,865
22,876
50,586
43,950
242,639
212,866
453,244
23,223
10,406
9,902
447,610
23,558
10,780
9,929
444,685
23,378
10,678
9,840
439,161
23,159
10,660
9,630
436,371
22,626
10,512
9,325
435,634
22,358
10,186
9,183
432,865
22,084
10,065
9,137
428,520
22,074
10,165
8,926
22,938
50,951
43,405
242,204
212,652
22,577
50,607
42,530
238,165
208,990
22,302
50,695
42,796
234,783
206,156
22,113
50,620
42,161
231,004
202,833
21,638
50,362
42,509
230,464
202,282
21,456
50,613
43,729
228,802
199,914
21,370
50,830
43,914
226,041
197,134
21,224
50,965
44,453
221,889
192,709
426,980
22,405
10,364
8,974
20,770
51,643
46,075
218,336
188,965
'423,990 r 420,239
'22,398 '22,400
10,396 '10,254
'8,905 '9,049
'20,245 '20,113
'52,631 '53,163
'45,520 '45,178
'216,000 '213,376
'187,424 r 183,833
23,241
23,291
22,953
23,133
22,985
22,938
22,561
22,235
21,801
21,140
9,983
1,398
198,157
1,624
14,552
10,298
1,382
195,330
1,653
14,742
10,482
1,418
196,200
1,661
15,196
10,436
1,420
191,992
1,629
14,992
10.385
1,407
190,077
1,612
14,971
10,265
1,479
187714
1,672
15,029
10,385
1,456
188,322
1,695
14,661
10,458
1,427
187,195
1,748
14,688
10,342
1,418
185,702
1,746
14,685
10,156
1,435
183,815
1,731
14,471
9,852
1,403
183,371
1,792
14,298
118,097
121,806
123,694
123,882
122,695
122,536
121,104
119,745
120,162
119,104
117,748
118,529
5,727
'313,994
' 197,565
'116,429
5,343
346,310
217,583
128,727
5,432
344,358
214,411
129,947
5,494
343,674
215,122
128,552
5,339
338,943
210,732
128,211
5,392
336,50!
208,950
127,755
5,329
331,779
206,178
125,601
5,311
330,433
206,638
123,795
5,430
328,440
205.008
123,432
5,541
326,099
203,175
122,924
5,543
322,648
200,792
121,856
5,727
5,593 '5,638
319,473 "317,173 '313,994
199,913 '199,464 "197,565
119,560 '117,709 '116,429
314,937
199,134
115,803
60,214
61,695
60,200
55,689
57,124
59,691
68,749
61,002
62,034
59,648
55,854
51,765
61,933
60,422
56,707
58,341
57,562
57,909
57,205
63,6321
'6,879
'7,702
'1,924
'2,129
'808
'924
'526
'587
'1,311
'1,509
'438
'575
'8,450.5
'5,541.7
r
920.7 '800.1
'126.5
'144.3
'1,251.2
'677.4
'927.2 '1,850.9
'79.2
'541.6
7,062
2,067
870
513
1,301
8,422
2,218
1,064
7,827
2,214
7,530
2,142
907
553
6,766
2,002
833
1,495
587
1,343
1,358
475
1,206
470
7,109
2,023
887
508
1,258
495
7,510
2,160
894
610
1,478
529
7,131
2,093
860
514
1,253
527
4,343.0
852.4
807.6i
701.7
2,973.4
624.1
141.7
538.5
193,5
235.0
6,634.4
1,079.9
129.2
255.2
1,692.2
95.9
2,675.4
583.2
112.1
280.8
136.3
521.6
5,496.4
557.0
97.3
231.9
3,557.3
107.4
7,382.0
734.4
101.6
381.5
417.8
161.0
3,062.6
466.2
130.8
260.5
710.3
85.2
5,784
1,585
664
384
998
376
2,552.3
607.5
97.1
327.0
238.8
142.5
5,768
1,548
689
426
1,008
384
1,736.4
424.7
113.0
241.4
174.1
131.6
'472,186
450,125
22,061
438,148
'417,600
20,548
472,186
450,125
22,061
475,304
441,666
475,304
452,383
21,247
8,727
9,624
'420,239
'22,400
'10,254
'9,049
22,909
50,478
42.852
245,267
216,462
'20,113
'53,163
'45,178
'213,376
'183,833
452,383
21,247
8,727
9,624
22,909
50,478
42,852
245,267
216,462
22,921
21,427
22,921
9,983
1,398
198,157
1,624
14,552
9,940
1,430
180,716
1,930
14,177
121,806
5,343
346,310
217,583
128,727
464,950
441,732
23,218
459,344
436,121
23,223
459,068
435,940
23,128
455,434
432,452
22,982
r
r
424,044
441,666
'21,329
21,427
'9,916
'1,409
182,976
'1,852
'14,347
9,940
1,430
180,716
1,930
14,177
117,994
118,097
422,429
22,676
10,293
9,234
19,873
53,758
46,285
214,680
185,469
BUSINESS INCORPORATIONS
[Number]
New incorporations (50 States and DC):
Unadjusted
Seasonally adjusted
666,800
INDUSTRIAL AND COMMERCIAL. FAILURES
[For failures, number; for liabilities, millions of dollars]
Failures, total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
'"97,069
-26.871
' 12,452
' 7,550
' 19,084
' 6,744
86,030
24,318
10,519
6,448
15,622
Liabilities (current), total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
'94,316.8
' 12,352.4
' 4,964.8
'9,512.1
' 9,337.4
r
8,4i5.5
46,281.0
8,244.0
2,140.5
4,931.3
9,912.5
3,040.2
5,976
492
2,406.7
825.4
158.4
175.9
202.5
296.2
205.2,
561.3.
978
592
496
563
6,570
1,854
803
533
1,184
443
2,222.1
509.1
106.5
334.2
213.9
214.8
6,200
1,800
727
440
1,099
398
2,991.0
631.7
113.9
766.7
225.0
77.7
Failure annual rate, number per 10,000 concerns
2. COMMODITY PRICES
PRICES RECEIVED AND PAID BY FARMERS
[1910-14-100]
Prices received, all farm products
Crops
Commercial vegetables
Cotton
Feed grains and hay
Food grains
Fruit
Tobacco
'625
'632
'641
'646
'668
'659
'641
'646
'656
'531
'790
'456
'505
'806
'504
'812
'447
'511
'887
'454
502
'762
'475
'541
'1,190
'465
'489
'623
'453
335
368
347
363
341
'577
1,587
'510
' 1,574
•489
'1,739
'523
'717
'454
'359
'313
'635
1,374
'539
'726
337
374
'518
'884
'459
'357
'326
'781
1,387
751
783
984
282
766
764
'646
1,501
754
801
993
Prices paid:
Production items
,
All commodities and services, interest, taxes, and
wage rates (parity index)
,
'653
450
365
382
Livestock and products
Dairy products
Meat animals
Poultry and eggs
Parity ratio t
'636
'523
'779
,
362
'355
r
644
'1,497
779
'785
'1,033
459
327
368
358
347
448
364
661
555
662
656
'662
674
563
'733
'438
'358
'341
'617
'446
'555
'692
'455
594
902
525
956
'1,056
1,521
'394
'679
1,574
'577
'836
'482
'421
'412
'616
1,578
764
801
996
292
762
832
977
295
'448
'1,605
'358
'477
1,369
'522
1,369
'313
'558
1,369
778
752
799
746
802
771
807
795
799
801
774
783
778
764
1,022
1,053
1,083
1,079
1,081
1,063
1,029
1,035
1,023
279
275
297
298
296
295
283
296
287
1,505
771
111
371
357
394
751
'832
'960
441
411
577
1,570
757
832
975
283
'267
290
1,006
'1,035
'1,021
1,038
1,033
'1,049
1,052
1,317
'1,346
'1,323
1,357
1 356
' 1 347
1,357
48
48
47
'48
49
47
'49
138.2
142.1
139.8
140.3
140.7
141.1
141.6
141.9
142.0
142.1
142.4
142.6
143.3
143.4
143.3
140.3
144.5
141.9
142.6
143.1
143.6
144.0
144.2
144.4
144.4
144.8
145.1
145.7
145.8
145.8
146.2
137.3
140.8
137.5
141.4
145.1
141.2
139.1
142.5
138.9
139.5
143.1
139.5
140.0
143.7
140.0
140.5
144.2
140.4
140.9
144.6
140.8
141.3
144.8
141.0
141.2
145.1
141.1
141.1
145.2
141.1
141.5
145.6
141.6
142.0
145.9
141.8
142.6
146.4
142.3
142.9
146.6
142.5
142.7
146.4
142.5
142.9
146.6
142.8
290
CONSUMER PRICES
[1982-84*100]
Not seasonally adjusted:
All items, wage earners and clerical workers (CPIW)
All items, ail urban consumers (GPI-U)
Special group indexes:
All items less shelter
All items less food
All items less medical care
See footnotes at end of tables.
,
143.6
o-6
• February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
STATISTICS, 1953-91
Annual
1992
Dec.
1994
1993
1992
1993
Jan.
|
Feb.
Mar.
Apr.
May
June
July
Aug. |
Sept.
Oct
Nov.
Dec.
Jan.
2. COMMODITY PRICES-Continued
CONSUMER PRICES-Continued
[1982-84-100, unless otherwise indicated]
Not seasonally adjusted-Continued
All items (CPI-U)—Continued
Commodities
Nondurables
Nondurables less food
Durables
Commodities less food
Services
129.1
132.8
127.6
118.6
124.2
152.0
131.5
135.1
129.3
121.3
126.3
157.9
130.1
133.6
128.5
120.1
125.3
154.2
130.4
133.9
128.1
120.0
125.1
155.2
130.9
134.7
129.4
120.0
125.8
155.8
131.4
135.3
130.3
120.2
126.4
156.2
131.9
135.8
130.9
120.6
127.0
156.5
132.0
135.9
130.6
120.8
126.9
156.9
131.4
135.0
129.5
121.0
126.3
157.8
130.9
134.2
128.2
121.1
125.5
158.4
131.1
134.5
128.4
121.3
125.7
159.0
131.3
134.7
128.6
121.5
125.9
159.3
132.3
135.8
129.9
122.3
127.1
159.5
132.5
135.8
129.8
123.1
127.3
159.6
132.0
135.1
127.8
123.3
126.1
160.0
132.0
135.0
126.9
123.4
125.6
160.7
Food
Food at home
137.9
136.8
140.9
140.1
138.7
137.5
139.8
139.1
139.9
139.1
140.1
139.4
140.6
140.0
141.1
140.7
140.4
139.3
140.3
139.1
140.8
139.7
141.1
140.0
141.6
140.8
141.9
141.2
142.7
142.3
143.7
143.8
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 and operation ...
137.5
151.2
146.9
155.3
117.8
141.2
155.7
150.3
160.2
121.3
138.5
152.5
148.6
157.5
118.7
139.3
153.7
148.9
158.2
119.2
139.7
154.4
149.1
158.5
118.4
140.2
154.8
149.1
158.7
119.5
140.4
155.0
149.7
159.2
119.6
140.5
154.9
149.9
159.4
120.5
141.5
155.7
150.3
160.1
122.9
141.9
156.3
150.4
160.3
123.2
142.3
156.8
150.8
160.8
123.3
142.3
156.6
151.0
161.4
123.9
142.2
156.8
151.4
161.6
122.4
142.0
156.7
151.6
162.0
121.2
142.3
157.1
151.9
162.5
121.7
142.9
158.1
152.2
162.9
121.6
90.7
114.8
118.0
90.3
118.5
119.3
91.8
115.6
118.2
92.3
115.9
118.2
92.5
113.8
118.6
92.8
115.1
118.7
92.6
115.3
119.2
91.3
117.3
119.1
90.4
122.0
119.1
89.1
122.2
118.8
87.8
122.2
119.2
87.9
123.1
119.6
89.1
119.7
120.0
89.4
117.3
120.3
88.3
118.1
120.3
88.9
118.0
120.5
Apparel and upkeep
Transportation
Private
New cars
Used cars
Public
Medical care
131.9
126.5
124.6
128.4
123.2
151.4
190.1
133.7
130.4
127.5
131.5
133.9
167.0
201.4
131.4
129.0
126.7
130.5
129.0
158.2
194.7
129.7
129.1
126.6
130.9
127.4
161.6
196.4
133.4
129.2
126.5
130.9
126.0
164.1
198.0
136.2
129.0
126.3
130.9
126.6
163.5
198?:
136.9
129.4
126.8
131.
128.7
162.8
199.4
135.0
130.2
127.5
131.3
131.5
165.5
200.5
131.9
130.3
127.6
131.0
134.3
164.5
201.1
129.4
130.3
127.4
130.9
136.1
167.7
202.2
131.9
130.2
127.3
130.8
137.5
168.1
202.9
134.6
130.1
127.1
130.6
138.7
168.4
203.3
136.1
131.8
129.0
131.9
139.8
168.2
204.4
136.2
132.6
129.5
133.4
140.7
173.0
204.9
132.6
132.1
128.6
134.2
139.3
176.5
205.2
130.4
131.6
128.2
134.7
136.8
175.3
206.4
»3.0
.1
" 130.5
"125.7
139.2
138.1
.5
"130.7
126.0
"139.2
"137.9
.3
"131.1
"126.4
"139.6
"138.4
.1
"131.3
"126.6
"139.9
"138.7
.4
"131.5
"126.8
"140.2
"139.0
.1
0
"131.4
126.3
.3
131.5
"140.4
"139.6
.1
"131.4
126.3
"140.7
"139.6
".1
131.7
126.6
"141.1
"141.2
"140.2
"131.4
"125.9
"141.6
"140.7
".3
"132.1
"126.7
"142.3
"141.6
".3
"132.3
"126.7
"142.6
"141.9
.2
"132.4
"126.6
"143.3
142.9
0
132.3
126.5
143.1
142.5
Seasonally adjusted §
All items, percent change from previous month or
year
Commodities
Commodities less food
Food
Food at home
1
3.0
"140.7
126.3
Apparel and upkeep .
r
132.6
"133.1
"134.3
"134.2
"134.0
133.6
"133.1
"133.0
"133.9
"133.4
"133.2
"134.1
"133.9
133.8
Transportation
Private
New cars
"128.6
"126.6
129.5
"129.0
126.9
"129.7
"129.5
"127.1
129.8
"129.7
"127.4
130.1
"130.0
"127.6
130.7
130.1
127.5
131.0
"130.0
127.3
131.2
"130.5
"127.6
131.6
"130.6
127.5
"132.2
"130.6
"127.5
132.5
"131.9
"128.9
"132.9
"131.9
128.7
"133.1
"13'.7
"128.5
"133.2
131.4
128.4
133.3
154.7
"155.2
"155.6
156.2
"156.8
"157.3
157.8
"158.2
158.7
"159.1
"159.
"160.0
"160.5
160.6
Services .
PRODUCER PRICES t
[1982*100 unless otherwise indicated]
Not seasonally adjusted:
All commodities
By stage of processing:
Crude materials for 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
117.2
118.9
117.6
118.0
118.4
118.7
119.3
119.7
119.5
119.:
118.7
118.7
119.1
118.9
118.4
119.0
100.4
102.4
100.9
101.4
101.4
102.6
103.9
106.5
104.2
101.!
100.6
101.0
102.,
102.5
10C.4
102.2
114.7
123.2
121.7
129.1
116.2
124.7
123.0
131.4
114.8
123.8
122.:
130.2
115.2
124.
122.
130.8
115.6
124.5
122.8
131.1
116.0
124.7
123.1
131.:
116.3
125.5
124.0
131.2
116.2
125.8
124.5
131.2
116.7
125.5
124.1
131.0
116.6
125.3
123.8
131.3
116.6
124.2
122.4
131
116.8
"123.8
122.
130.3
116.6
124.7
122.6
132.4
116.2
124.4
122.3
132.
115.9
124.1
121.8
132.7
116.1
124.4
122.1
133.3
124.4
111.9
120.1
124.3
115.8
126.8
113.2
121.8
126.7
117.0
125.1
125.7
112.5
121.1
125.6
116.5
126.
116.9
126.1
113.1
121.9
126,
117,
126.7
114.0
122.4
126.7
118.1
126.6
114.6
122.5
126/
118.3
126.6
114.3
122.1
126.5
117.7
126.8
113.6
122.0
126.7
117.3
126.8
112.9
121.4
126.7
116.2
126.4
120!5
125.1
116.0
"113.1
"121.3
126.3
116.4
127.4
113.2
122.1
127.3
117.0
127.5
112.7
122.0
127.4
116.6
127 9
111,7
121,6
127.7
115.5
128.5
112.2
122.0
128.3
115.8
Farm products, processed foods and feeds .
Farm products
Foods and feeds, processed
115.9
103.6
122.1
118.4
107.0
124.0
116.2
103.7
122.4
116.6
104.3
122.7
116.6
104.4
122.:
117.5
106.4
122.9
119.8
111.0
124.;
117.5
104.3
124.0
118.0
105.4
124.3
118.4
106.6
124.3
124.3
117.8
104.1
124.6
119.8
109.3
125.0
121.2
112.4
125.5
121.2
111.3
126.1
Industrial commodities
117.4
119.0
117.9
118.3
118.;
119.0
119.1
109.7
123/
119.4
119.7
119.9
119.4
118.8
118.8
119,
118.8
117.9
118.5
125.9
80.-
128.2
80.0
123.6
143.6
174.0
124.0
119.2
120.1
147.3
116.0
118.1
133.7
128.0
127.0
79.7
122.6
142.0
154.4
123.5
118.5
117.8
145.9
115/
118.0
132.1
126.9
127.6
79.4
122.6
143.6
160.2
123.9
118.9
118.4
147.0
115.:
118.0
132/
127.1
128.1
79.2
122.9
142.5
169.3
123.9
119.2
118.6
147.1
115.7
117.9
133.1
127.8
127.8
128.2
81.9
123,
143.8
179.8
123.9
118.119.:
147.7
115.8
118.0
133.3
127.6
128.5
83.2
123.6
143.:
174.1
124.0
118.9
120.0
147.1
115.9
118.0
133.3
127.7
128.2
81.0
123.8
143.
171.7
124.0
119.
120.2
147.
115.9
118.2
133.6
127.8
128.3
80.2
124.0
143.9
171.1
124.0
119.5
120.5
147.1
116.0
118.3
133.5
127."
"128.1
123.0
142.9
176.9
123.9
119.0
118.9
147.3
115.6
117.9
133.3
127.8
128.6
80.;
123.:
143.6
181.2
124.0
118."
119.6
147.
116.0
118.1
133.'
127.7
128.3
81.2
124.2
143.7
173.1
124:
119.'
121.3
147.'
116.5
118.2
135.3
129/
128.5
78.3
124.4
143.9
177.0
124.1
119.5
121.'
147.'
116.'
118.1
135.3
129.9
128.3
74.4
124.5
144.3
180.9
124.2
120.2
121.3
147.6
116.5
117.8
135.5
130.0
128.1
75.0
124.7
145.3
184.7
124.6
120.6
121.6
148.6
116.4
117.7
136.2
130.6
"101.7
"101.7
101.6
101.8
"103.0
"105.2
"103.6
"101.5
"100.8
"101.
"103.1
"103.
"101.2
102.5
"115.1
"123.9
"122."124/
"121.:
"1265
" 117.7
129.7
"115,
"124.:
"122.8
"124.5
"121.8
126.7
"118,
130.4
115.9
"124.8
"123.3
"124.1
"122.1
"127:
"119:
130.8
116.3
125:
123.6
"124.7
122.9
"127.3
"119.7
"131.0
116.6
"125.7
"124.3
126.3
"123.3
"128.0
"119.9
131.3
116.3
"125.7
"124.2
"125.8
"123.3
128.0
"119.9
"131.3
"116.3
125.
"123.5
"116.3
125.1
"123.'
"125.0
"122.5
128.5
"118.5
"131.6
"116.3
"124.1
"122.1
"125.4
"120.6
"128.9
"115.6
"131.8
"116.3
"124.3
"122.3
"126:
"120.5
"128.6
"115.7
131.9
"116.5
124.2
"122.3
"125.9
"120.6
"127.6
"116.2
"131.5
"116.4
"124.3
"122.4
"127.0
120.2
"128.6
115.3
"131.8
"116.:
"124.2
"122.1
"127.7
"119.6
"129.0
"114:
"132.2
116.4
124.5
122.3
127.3
120.1
129.7
114.6
133.0
.808
.705
.805
.70
.805
.699
.802
.798
.692
.805
.690
".808
.689
.802
.686
.804
.686
.806
.686
.684
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
122.:
140.146.6
123.3
119.2
117.3
145.2
115.1
117.8
130.
124.9
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
112.6
121.5
126.1
79.:
118.3
"106.3
80.9
124.0
144.1
"173.
124.1
119.5
"120.8
"147.
"116."118.1
"131.:
"124.9
-.6
125.1
"122.6
"128.2
"118.9
131.2
PURCHASING POWER OF THE DOLLAR
As measured by:
Producer prices, 1982*$1.00
Consumer prices, 1982-64*$1.00
See footnotes at end of tables.
.812
.713
.802
.692
.79:
.795
.693
February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
STATISTICS, 1963-91
Annual
1992
1992
1993
•
1994
1993
Jan.
Dec.
Feb.
Mar.
Apr.
May
S-7
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
3. CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE
[Millions of dollars]
436,043
470,295
34,772
29,623
29,062
32,694
35,350
38,743
42,413
43,397
-45,316
-43,514
38,982
317,258
187,819
129,600
342,716
207,900
144,494
25,946
15,023
10,236
22,466
13,219
9,363
21,736
12,421
8,844
24,662
14,551
10,295
26,126
15,594
10,760
28,428
17,237
11,686
30,388
18,779
12,676
31,060
19,729
13,368
45,535
32,283
20,299
13,762
45,665
Private, total
Residential
New housing units
Nonresidential buildings, except farm and public
utilities, total .
Industrial
Commercial
Public utilities:
Telecommunications .
32,036
19,789
13,895
-32,749
-20,162
-13,951
-32,046
-19,359
-13,871
28,735
16,762
12,024
87,241
20,719
41,523
91,490
20,725
42,992
1,762
3,148
6,222
1,454
2,944
6,546
1,543
3,101
7,033
1,781
3,171
7,123
1,562
3,393
7,584
1,694
3,557
7,886
1,685
3,708
7,656
1,642
3,634
8,303
1,717
3,959
8,422
1,882
3,936
8,444
1,881
3,988
-8,247
-1,887
-3,919
8,026
1,997
3,682
766
748
853
823
852
834
840
945
Public, total
Buildings (excl. military)
Housing and redevelopment
Industrial
Military facilities
Highways and streets
118,785
51,875
4,151
1,793
2,502
34.931
8,033
9,224
4,210
374
163
216
2,248
10,315
4,276
398
155
204
3,026
12,025
4,816
484
143
195
4,082
12,337
5,387
458
13,252
5,565
432
139
219
4,311
13,629
5,326
501
180
241
4,756
-12,567
-11,468
-4,801
-507
119
-203
-3,607
New construction (unadjusted), total
9,272
127,580
55,158
5,118
1,773
2,498
37,331
952
703
694
8,825
3,883
325
166
205
2,122
7,157
7,326
3,658
352
135
189
1,351
3,569
304
147
197
1,277
3,893
336
167
228
1,665
138
212
3,962
-4,962
-495
116
-187
4,430
10,247
4,693
476
172
209
2,616
(Billions of dollars]
New construction (seasonally adjusted at: annual
rates), total
455.2
451.3
453.8
454.5
449.1
453.3
460.7
466.6
-489.7
-500.0
513.1
335.4
206.4
138.9
335.5
207.2
141.8
334.8
205.7
142.9
337.0
205.5
141.8
328.2
197.3
137.7
332.2
198.4
138.3
335.0
200.5
139.3
337.9
204.6
141.1
468.5
341.4
206.6
143.0
477.1
Private, total
Residential
,
New housing units ,
Nonresidential "buildings, except farm and public
utilities, total
Industrial
Commercial
Public utilities:
Telecommunications
345.6
209.5
145.7
-354.1
-215.2
149.9
-364.5
-222.3
-156.4
371.9
228.6
161.8
84.5
20.0
39.6
85.5
19.6
41.4
87.9
20.5
42.3
88.9
22.2
41.3
88.2
19.5
42.4
90.7
20.1
42.4
91.0
19.3
42.7
89.4
19.8
41.5
92.0
20.1
42.3
92.8
21.3
42.2
-95.2
-21.3
44.4
-97.1
-22.3
-46.2
99.3
22.8
47.2
10.7
10.9
10.0
9.8
9.4
9.2
9.5
9.7
-9.7
10.0
119.9
50.0
3.5
2.1
2.4
33.4
115.8
50.4
4.2
1.9
2.6
30.6
119.0
50.9
4.6
1.9
2.7
33.0
117.5
51.3
4.2
2.1
2.6
33.4
120.9
51.7
4.6
1.7
2.5
34.5
121.0
51.6
5.0
1.9
2.4
34.3
125.7
53.6
5.5
1.6
2.2
37.6
128.7
57.4
5.3
1.5
2.5
37.4
9.5
127.2
56.6
5.3
1.7
2.6
35.1
9.4
Public, total
Buildings (excl. military)
Housing and redevelopment
Industrial
Military facilities
Highways and streets
131.6
57.0
5.6
1.7
2.5
39.1
-135.6
-59.0
-5.7
1.6
-2.6
-40.6
135.6
-58.4
-5.7
1.5
2.3
-41.5
141.2
61.5
5.6
2.2
25
417
18,314
100
-17,274
104
16,312
21,521
-100
22,098
100
21,140
95
27,183
106
23,003
104
22,676
-104
23,063
-105
22,819
-109
19,594
-107
18,072
-104
17,174
103
4,989
12,184
CONSTRUCTION CONTRACTS
[Millions of dollars, unless otherwise indicated]
Construction contracts (F.W. Dodge Division,
McGraw-Hill):
Valuation, total
Index (mo. data seas, adj.), 1987*100
Public ownership
Private ownership
By type of building:
Nonresidential
Residential
Non-building construction
New construction planning (Engineering NewsRecord)
250,703
*97
'•254,755
M02
77,703
174,521
- 82,321
-172,434
13,506
- 5,571
-11,703
5,780
10,532
6,943
14,579
7,299
14,798
6,791
14,350
9,551
17,632
7,623
15,379
7,188
15,488
7,461
15,602
7,089
15,730
5,791
13,803
5,234
12,838
86,999
110,670,
54,560!
- 81,379
-118,329
- 55,044
5,610
8,375
4,330
'5,700
-7,233
-4,340
5,056
7,413
3,842
6,486
10,080
4,956
6,479
10,815
4,803
6,097
10,070
4,973
8,839
11,747
6,598
7,653
10,613
4,736
7,394
10,687
4,595
7,081
10,787
5,194
8,162
10,412
4,245
6,412
9,694
6,020
8,778
3,274
6,239
7,879
3,056
1,199.7
1,029.9
-1,285.4
-1,123.8
78.6
67.9
70.5
62.8
74.6
65.5
95.5
84.9
117.8
104.4
120.9
109.2
128.5
110.1
115.3
100.4
121.8
108.3
118.5
100.6
123.2
105.5
-102.3
-90.6
-96.5
-81.5
77.1
68.0
-1,258
-1,112
-1,170
-1,049
-1,194
-1,048
-1,092
-957
-1,232
-1,082
-1,241
-1,100
-1,238
-1,067
-1,245
-1,076
-1,319
-1,178
-1,359
-1,160
-1,409
-1,231
-1,406
-1,248
-1,571
-1,349
1,294
1,147
1,196
1,037
1,157
972
1,141
957
1,034
871
1,101
925
1,121
919
1,115
925
1,162
977
1,242
1,015
1,271
1,047
1,304
1,097
1,374
1,145
-1,476
-1,198
1,360
1,119
17.5
266
17.2
267
18.2
262
21.0
247
21.4
241
20.3
230
22.6
237
19.9
241
23.8
245
23.4
251
23.6
261
22.3
285
113.8
114.7
113.8
114.6
114.2
114.8
114.9
115.6
115.6
116.3
115.4
116.1
115.4
116.2
116.0
116.8
116.4
117.4
116.4
117.6
-117.2
118.2
117.9
-118.8
HOUSING STARTS AND PERMITS
[Thousands]
New housing units started:
Unadjusted:
Total (private and public)
Privately owned
One-family structures
Seasonally adjusted at annual rates: §
Total privately owned
One-family structures
New private housing units authorized by building
permits (17,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
Total
One-family structures
Manufacturers' shipments of mobile homes:
Unadjusted
Seasonally adjusted at annual rates
1,099
916
1,208
1,004
210.3
CONSTRUCTION COST INDEXES
Bureau of the Census, 1987*100:
Composite fixed-weighted price index t
Implicit price deflator t
112.2
112.6
116.0
116.8
Boeckh indexes, 1987*100 *
Average, 20 cities:
Apartments, hotels, office buildings © ...
Commercial and factory buildings ©
Residences ©
115.4
117.3
116.5
118.1
120.5
121.3
Engineering News-Record, 1967*100. t
Building
Construction
419.4
464.1
445.1
485.1
Federal Highway Adm.—Highway construction,
1987*100.
Composite (avg. for year or qtr.)
105.0
See footnotes at end of tables.
116.6
118.4
118.9
425.5
471.0
107.0
427.2
472.1
117.0
119.0
119.8
427.1
472.0
431.5
475.4
109.7
118.1
120.8
121.6
440.5
481.0
454.6
489.9
118.7
121.4
122.1
453.9
489.7
449.6
488.9
119.2
121.7
122.9
118.9
121.5
122.3
446.1
445.4
489.3
118.4
119.3
466.4
490.0
448.3
491.4
450.8
494.4
454.6
496.7
S-8
• February 1994
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
STATISTICS, 1963-91
SURVEY OF CURRENT BUSINESS
Annual
1992
1992
1993
Dec.
1993
Jan.
Feb.
Mar.
Apr.
May
June
1994
July
Aug.
Sept.
Oct.
Nov. Dec.
Jan.
3. CONSTRUCTION AND REAL ESTATE-Continued
REAL ESTATE f
[Thousands of units]
Mortgage applications for new home construction:
FHA applications
.
. .
Seasonally adjusted annual rates
94.1
94.1
6.5
95
5.7
84
7.0
90
7.7
73
8.2
83
7.7
83
8.4
90
8.3
101
8.6
106
7.4
94
8.8
121
9.2
134
7.1
104
48,315.15
79,131.26
4,730.80
4,937.40
5,160.00
6,492.00
5,076.00
5,148.00
6,594.00
6,985.00
8,652.00
8,157.00
6,120.00
7,529.00
8,283.00
79,881
103,131
79,881
79,327
82,260
84,970
88,602
90,549
92,076
92,736
94,350
98,923
100,296
102,428
103,131
Requests for VA appraisals
Seasonally adjusted annual rates
[Millions of dollars)
Home mortgages insured or guaranteed by:
Fed. Hous. Adm.: Face amount
Vet. Adm.: Face amount
Federal Home Loan Banks, outstanding advances to
member institutions, end of period
New mortgage loans of SAIF-insured institutions,
estimated total 0
By purpose of loan:
Home construction
Home purchase
All other purposes
4. 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
Allother
Newspaper advertising expenditures (Newspaper
Advertising Bureau, Inc.):
Total
Classified
National
Retail
30,667
10,759
3,835
16,073
6,963
7,922
2,387
962
3,614
2,662
1,042
4,218
7,681
2,775
861
4,045
WHOLESALE TRADE
[Millions of dollars]
Merchant wholesalers sales (unadj.), total
Durable goods establishments
Nondurable goods establishments
Merchant wholesalers inventories, book value (nonUFO basis), end of period (unadj.), total
Durable goods establishments
Nondurable goods establishments
1,828,041
904,522
923,519
1,921,937
980,362
941,575
156,341
77,587
78,754
145,650
71,901
73,749
143,500
72,246
71,254
165,910
84,121
81,789
160,999
81,453
79,546
160,082
79,559
80,523
164,679
84,464
80,215
159,180
81,936
77,244
165,626
85,855
79,771
165,294
85,911
79,383
167,014
87,005
80,009
r
162,557
-83,336
-79,221
161,446
82,575
78,871
210,419
132,650
77,769
218,685
137,392
81,293
210,419
132,650
77,769
214,152
134,061
80,091
212,595
134,533
78,062
212,399
135,285
77,114
213,634
136,702
76,932
210,731
136,263
74,468
209,550
135,073
74,477
210,839
136,787
74,052
209,994
136,790
73,204
211,249
136,162
75,087
215,795
136,926
78,869
-217,559
-136,788
-80,771
216,685
137,392
81,293
1,962,423 2,086,369
705,096 -783,066
204,100
148,525
145,341
164,602
177,034
M81.662
-219,688
157,829
61,539
67,011
178,155
69,167
171,606
52,415
175,951
69,667
177,649
52,647
170,150
64,964
176,006
67,850
68,439
66,056
66,460
-66,811
-77,890
58,545
8,282
31,120
12,654
6,841
30,168
8,611
6,962
30,757
8,029
8,339
37,143
8,973
9,641
38,772
8,94!
10,803
39,136
9,080
10,766
40,897
9,444
10,328
40,774
9,721
10,256
39,568
9,713
10,088
38,219
9,634
10,288
38,328
9,908
-9,560
-37,143
-11,025
-9,723
-37,187
-14,254
7,788
34,444
9,393
136,250
37,290
34,958
11,237
14,876
17,251
8,066
2,893
95,878
16,098
31,404
10,402
6,687
15,947
6,152
92,926
16,345
29,498
10,003
6,489
15,381
6,202
1,770
103,063
19,060
31,838
10,863
7,797
17,185
6,654
1,877
105,186
20,144
32,224
11,061
8,788
17,606
6,668
1,900
108,995
21,504
33,340
11,695
8,776
18,418
6,597
1,983
106,284
20,503
33,090
11,668
8,272
18,287
6,532
1,995
108,988
20,561
34,776
11,974
8,430
18,795
6,551
2,147
109,210
21,725
33,005
11,742
9,246
19,065
6,431
1,951
105,550
20,544
32,426
11,021
8,726
17,872
6,331
1,869
110,574
22,531
33,127
11,532
9,023
18,522
6,504
1,920
r
114,851 -141,798
-39,745
-26,742
-36,591
-32,634
-11,168
-11,110
-14,749
-10,055
-18.370
-17,289
-8 734
-6,560
2,634
-1,943
99,284
16,872
32,268
10,520
6,490
16,551
6,638
-168,829
169,116
167,390
170,538
171,736
172,596
173,415
174,583
175,006
178,549
r
-169,187
-61,500
-62,418
60,978
60,723
62,804
63,771
64,527
65,232
66,277
65,798
68,507
179,755
-69,641
-8,998
-6,452
-1,069
-8,924
6,471
-1,071
8,974
6,590
1,058
6,525
1,075
9,027
6,639
1,064
9,330
6,751
1,129
9,233
6,633
1,115
9,24!
6,674
1,097
9,466
6,711
1,107
9,645
6,824
1,114
10,012
7,034
1,120
-34,822
-35,412
34,731
34,733
35,896
36,522
36,696
37,339
37,948
37,470
-31,879
-2,943
-32,481
-2,931
31,682
3,049
31,787
2,946
32,926
2,970
33,574
2,948
33,722
2,974
34,342
2,997
34,894
3,054
34,452
3,018
-9,359
-4,815
-3,588
-9,407
-4,774
-3,661
9,182
4,628
3,621
9,170
4,630
3,601
9,420
4,759
3,628
9,453
4,824
3,631
9,559
4,841
3,710
9,698
4,944
3,884
9,825
4,946
9,948
4,973
4,069
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.
103,031 -113,595
398,067 - 448,092
105,844 - 117,337
1,257,327 '1,303,303
247,354 -265,502
384,013 -393,953
133,000 -134,239
104,994 -107,038
201,866 -212,737
77,285 -79,916
25,619
23,862
1,873
3,97;
r
181,961
180,964
-71,046
69,931
-10,165
-7,343
-1,122
-10,565
7,590
1,129
10,315
39,632
-40,461
-41,239
40,694
36,604
3,028
-37,449
-3,012
-38,282
2,957
37,704
10,113
5,036
4,118
-10,381
-5,153
-4,228
-10,471
5.186
4,267
10,368
February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
1992
Annual
1992
STATISTICS, 1963-91
|
1993
•
Jan.
Dec.
Feb.
Mar.
Apr
5-y
1994
1993
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
4. DOMESTIC TRADE-Continued
RETAIL TRADE—Continued
[Millions of dollars—Continued]
All retail stores—Continued
Estimated sales (seas, adj.)—Continued
r
Nondurable goods stores
General merch. group stores
Department stores exdud'ng leased
departments
Variety stores
Food stores
Grocery stores
Gasoline service stat'ons
Apparel and accessory stores
Men's and boys' clothing and furnishings
stores
Women's clothing, specialty stores, and
furriers
Shoe stores
Eating and drinking places
Drug and proprietary stores
Liquor stores
Estimated inventories, end of period:
Book value (non-UFO basis), (unadjusted), total
Durable goods stores
Bldg. materials, hardware, garden supply,
and mobile home dealers
Automotive dealers
Furniture, home furnishings, and
equipment
r
106,769
-21,543
108,138
21,638
106,667
21,179
107,734
21,632
107,965
21,829
108,069
22,070
108,183
22,317
108,306
22,349
109,208
22,557
110,042
22,733
-16,068
-552
-16,400
-536
16,296
534
16,285
531
16,508
540
16,742
537
16,917
543
16,964
543
17,176
533
-32,590
-30,450
-11,159
-32,438
-30,410
-11,221
32,887
30,864
11,537
15,843
529
32,248
30,342
11,423
32,468
30,448
11,522
32,347
30,383
11,388
32,667
30,693
11,263
32,679
30,702
11,212
32,874
30,900
10,933
-9,109
-9,087
8,900
8,443
8,770
8,871
8,872
8,877
-751
-754
768
732
719
726
-3,350
1,413
-3,419
-1,397
-17,240
-6,469
-2,090
3,072
1.361
17,271
6,641
2,042
3,220
1,400
-17,408
-6,331
-2,129
3,275
1,396
17,205
6,662
2,080
17,518
6,628
2,023
711
3,266
1,463
17,642
6,644
1,987
17,516
6,706
2,005
768
3,233
1,470
17,533
6,719
1,981
107,329
-21,112
111,033
22,664
17,312
494
-17,133
-489
'17.198
448
17,392
32,805
30,801
10,869
31,186
11,035
'33,362
-31,264
-11,000
'33,624
'31,373
-11,101
33,580
31,504
11,336
8,825
9,035
9,065
-9,073
'9,003
752
759
763
-755
746
3,191
1,474
3,252
1,484
3,237
1,451
-3,187
-1,450
3,191
1,473
17,851
6,623
1,930
18,126
6,664
1,943
18,123
6,678
1,945
-18,123
'6,721
-1,931
'18,297
'6,829
1,917
290,466 -298,508
143,731 -149,727
274,842
146,248
-20,487
-70,795
20,587
73,347
256,6421
132.710!
254,569
131,189
259,815
134,725
267,858
138,748
269,881
139,714
267,877
139,058
265,664
138,138
263,849
133,753
264,153
131,738
273,406
135,259
18,088
67,551
20,587
73,347
18,088
67,551
18,717
66,595
19,774
69,143
20,675
71,212
20,730
70,785
20,834
70,148
20,510
69,391
19,953
62,075
19,932
62,880
20,075
125,090
46,621
20,897
21,419
129,110
130,167
50,233
21,297
128,819
49,480
127,526
48,273
20,228
64,413
22,129
130,096
49,362
39,044
26,818
21,690
39,435
26,828
22,179
269,052
137,803
270,311
138,784
21,330
24,860
21,330
20,608
128,594
47,901
123,932!
44,604
123,380
45,185
35,045
27,298
20,066
37,525
27,924
20,810
35,045
27,298
20,066
35,589
26,864
19,923
Book value (non-UFO basis), (seas, adj.), total
Durable goods stores
Bldg. materials, hardware, garden supply,
and mobile home dealers
Automotive dealers
Furniture, home furn., and equipment
-261.234
132 I 122
279,697
145,624
261,234
132,122
262,427
132,861
- 18,842
-65,119
'21,459
21,445
70,715
24,985
-18,842
-65,119
-21,459
19,316
65,617
21,245
Nondurable goods stores
Genera! merch. group stores
Department stores excluding leased
departments
Food stores
Apparel and accessory stores
'129,112
'48,633
134,073
52,229
" 129,112
-48,633
'38,175
-26,816
-22,002
40,877
27,414
22,793
Firms with 11 or more stores:
Estimated sales (unadj.), total
-110,915
-22,550
274,842
146,248
123,932
44,604
r
110,114
'22,516
132,710
256,642
Nondurable goods stores
General merch. group stores
Department stores excluding leased
departments ,
Food stores
Apparel and accessory stores
3,282
1,435
r
r
36,861
26,542
20,919
265,718
135,599
39,107
26,671
22,003
270,417
138,097
38,029
26,776
21,712
270,843
138,483
38,862
26,592
22,951
268 807
136,559
r
20,434
66,638
22,671
24,021
25,774
-27,106
132,415
50,872
138,147
54,495
146,735
59,618
-148,781
'61,026
128,594
47,901
40,073
26,420
23,662
42,811
26,946
24,527
46,594
27,943
25,660
-47,724
-28.389
-25,731
37,525
27,924
20,810
269,348
136,774
271,603
137,978
274,417
140,584
-278,262
r
143,608
279,697
145,624
24,8601
20,195
66,665
23,063
20,380
66,820
23,550
20,979
67,759
23,843
-21,252
-69,557
-24,642
21,445
70,715
24,985
132,360
51,111
20,147
66,625
22,696
132,248
50,796
132,574
51,199
133,625
51,580
133,833
51,799
-134,654
-52,618
134,073
52,229
40,483
26,768
22,590
40,328
26,850
22,688
40,147
26,872
22,746
40,601
27,018
22,665
40,811
27,272
22,987
40,658
27,221
23,096
-41,071
-27,260
-23,077
40,877
27,414
22,793
68,271
71,012
68,658
68,694
71,856
-78,192
104,077
10,263
1,112
10,246
1,141
70,195
10,497
1,179
70,616
9,704
1,079
10,386
1,145
10,207
1,112
10,136
1,127
-11,526
1,119
16,692
1,041
56,945
18,193
19,190
18,902
4,922
4,121
4,037
58,567
19,182
19,294
18,980
5,591
4,154
4,088
60,749
20,507
19,833
19,550
5,576
4,299
4,099
58,412
19,536
19,348
19,050
5,275
4,204
4,028
60,230
20,773
19,120
18,831
5,933
4,407
3,936
58,487
19,582
18,949
18,668
5,607
4,241
3,877
61,720
21,507
19,408
19,116
5,784
4,376
4,002
-66,666
'25,590
'19,288
18,970
'6,774
-4,078
'4,055
87,385
38,199
21,638
21,097
10,180
4,248
5,840
69,525
1,060
70,497
1,065
70,943
1,067
70,987
1,051
19,579
20,309
20,006
5,278
4,422
4,016
71,283
1,069
71,361
1,078
72,218
1,085
72,502
1,074
-72,663
-1,117
72,660
1,077
16,715
368
17,140
336
19,154
5,870
-16,896
'328
16,962
303
19,259
'5,913
19,267
5,617
16,996
362
18,972
5,854
19,918
69,317
21,237
19,952
69,602
21,679
129,566
48383
19,715
67,696
21,043
130,119
49,498
131,249
50,403
-38,175
-26,816
-22,002
38,350
26,909
22,285
38,924
26,963
22,020
131,527
50,651
19,899
69,124
21,665
132,320
51,402
39,558
27,076
22,201
39,633
27,050
22,380
66,053
9,108
1,032
19,874
69,231
22,206
813,203
856,312
98,124
60,222
Durable goods stores
Auto and home supply stores
112,352
11,881
124,823
12,850
14,801
995
8,210
877
Nondurable goods stores
General merchandise group stores
Food stores
Grocery stores
Apparel and accessory stores
Eating places
Drug stores and proprietary stores
700,851
234,973
228.424
224,559
66,291
48,056
47,794
731,489
253,528
233,039
229,284
68,859
50,158
49,588
83,323
35,693
20,885
20,335
9,910
4,050
5,408
52,012
15,290
18,939
18,676
4,009
3,909
3,804
-68,983
-1,021
70,063
1,040
58,466
7,848
886
50,618
15,590
17,723
17,438
3,930
3,699
3,806
70,517
1,092
-15.823
-382
18,846
-5,752
16,308
367
18,922
5,750
16,078
374
19,269
5,557
15,654
363
18,978
5,407
16,037
373
19,114
5,552
16,256
377
19,110
5,680
16,510
371
19,146
5,710
16,686
377
19,035
5,683
-2,057
'991
2,102
995
1,962
1,996
-3,927
3,996
2,013
995
4,101
953
4,090
959
4,096
2,031
1,013
4,136
2,030
1,026
4,165
1,991
1,016
4,201
1,969
1,002
4,104
2,019
1,024
4,133
1,997
1,003
4,151
'2,036
'1,000
'4,163
2,071
1,032
4,217
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
,
19,196
18,069
6,958
5,907
5. 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 0
Civilian noninstitutional population
Civilian labor force, total
Employed
Unemployed
Seasonally adjusted:
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.
193,142
128,548
1,566
191,576
126,982
117,598
9,384
195,034
129,525
1,485
193,550
128,040
119,306
8,734
194,026
128,419
1,517
192,509
126,902
118,073
8,829
194,159
127,549
1,515
192,644
126,034
116,123
9,911
194,298
128,017
1,512
192,786
126,505
116,735
9,770
194,456
128,179
1,497
192,959
126,682
117,406
9,276
194,618
127,983
1,492
193,126
126,491
117,856
8,635
194,767
129,291
1,484
193,283
127,807
119,201
8,606
194,933
131,316
1,477
193,456
129,839
120,586
9,252
195,104
131,795
1,471
193,633
130,324
121,323
195,275
130,954
1,482
193,793
129,472
121,002
8,470
195,453
129,340
1,482
193,971
127,858
119,730
8,128
195,626
130,022
1,475
194,151
128,547
120,446
8,101
195,791
129,991
1,470
194,321
128,521
120.632
7,890
195,933
129,862
1,461
194,472
128,401
120,636
7,764
197,389
130,829
1,436
195,953
129,393
119,901
9,492
66.3
66.1
127,469
66.2
118,155
127,224
66.0
118,178
127,400
66.1
118,442
127,440
66.0
118,562
127,539
66.0
118,585
128,075
66.3
119.180
128,056
66.2
119,187
128,102
66.2
119,370
128,334
66.2
119,692
128,108
66.0
119,568
128,580
66.2
119,941
128,662
66.2
120,332
66.3
120,661
130,667
66.7
121,971
61.4
3,206
114,390
61.6
3,079
116,229
3,366
3,046
61.4
3,222
114,933
9,314
3,542
61.3
3,182
114,996
9,046
3,293
61.4
3,116
115,326
8,958
3,174
61.4
3,099
115,463
8,878
3,110
61.4
3,071
115,514
8,954
2,986
61.7
3,074
116,106
8,895
3,046
61.6
3,031
116,156
8,869
3,025
61.6
3,043
116,327
8,732
3,007
61.8
61.6
61.9
3,021
3,005
3,093
3,114
116,687 116,475 116,920 117,218
8,642
8,330
8,540
8,639
2,971
3,030
3,000
3,047
62.0
3,096
117,565
8,237
2,864
62.2
3,331
118,639
8,696
3,027
o-lu
• February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
STATISTICS, 1963-91
Annual
1992
|
1992
1993
Dec.
1994
1993
Jan. |
Feb. |
Mar.
Apr. |
May
June
July
Aug.
Sept.
Oct. |
Nov.
Dec.
Jan.
5. LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
LABOR FORCE-Continued §
Seasonally adjusted-Continued
Civilian labor force—Continued
Unemployed—Continued
Rates f:
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, sales, and administrative
support
Service occupations
Precision production, craft, and repair ...
Operators, fabricators, and laborers
Farming, forestry, and fishing
7.4
7.1
6.3
6.8
6.4
5.9
7.3
6.8
6.4
20.0
19.0
19.5
7.1
6.5
6.3
7.0
6.6
6.0
19.6
19.6
7.0
6.7
5.7
7.0
6.5
6.0
19.5
20.3
6.9
6.5
5.9
19.8
6.9
6.5
5.9
19.5
6.8
6.5
5.8
18.4
6.7
6.4
5.7
18.4
6.7
6.3
5.8
17.9
6.7
6.2
5.8
6.5
5.9
5.7
6.4
5.8
5.7
18.9
18.3
17.8
6.5
6.0
6.4
6.2
6.1
6.1
6.1
6.1
6.1
6.0
5.9
5.8
6.1
5.6
5.6
14.1
11.5
12.9
10.6
14.2
11.3
14.1
11.4
13.3
11.3
13.5
11.2
13.7
10.5
12.9
10.0
13.3
10.3
12.8
10.8
12.5
12.5
10.0
11.9
11.4
12.5
10.4
11.5
10.5
5.0
5.0
9.9
4.4
4.6
9.6
4.8
4.9
4.5
4.9
4.6
4.4
10.2
10.4
10.1
4.7
4.4
9.0
4.5
4.8
9.6
4.5
4.5
9.8
4.4
4.7
9.7
4.5
4.7
9.6
4.2
4.6
9.0
4.4
4.8
9.3
4.0
4.4
9.0
10.2
9.9
4.4
4.5
9.0
3.9
4.3
6.7
5.9
6.0
18.4
5.8
13.1
10.6
4.1
4.4
9.4
7.7
7.0
7.6
7.4
7.2
7.2
7.2
7.2
7.1
7.0
7.0
6.9
6.9
6.7
6.6
16.6
14.4
15.9
14.7
14.3
15.3
14.7
15.2
15.1
15.7
14.7
14.1
13.7
12.2
12.7
7.8
8.0
7.1
7.1
7.4
7.6
7.4
7.4
7.3
7.1
7.3
7.2
7.3
7.3
7.2
7.1
7.3
7.4
7.3
7.0
7.3
7.2
7.2
7.3
6.9
6.9
6.7
6.5
6.5
6.3
12.4
11.5
12.1
11.7
13.0
11.8
11.8
10.8
11.8
11.5
12.1
10.4
11.8
10.3
11.3
7.0
13.9
6.1
5.3
13.6
3.1
3.0
3.0
3.3
3.4
3.0
2.8
3.0
2.9
2.9
3.1
3.0
2.7
2.7
2.6
3.0
5.8
8.1
8.8
5.4
7.6
8.7
9.9
6.0
8.7
9.9
5.5
8.0
5.2
7.3
9.1
11.9
12.1
11.8
10.3
10.1
7.7
5.2
7.8
7.6
9.4
5.8
5.7
7.7
7.7
9.6
6.1
5.4
7.6
7.6
9.6
6.4
5.5
7.3
6.3
9.5
6.1
5.4
7.1
6.5
9.0
6.8
5.3
7.6
6.7
8.6
7.1
5.0
7.7
6.1
8.5
9.0
4.7
6.6
7.4
8.9
10.4
10.2
12.1
12.6
5.2
7.7
9.9
8.1
5.3
7.6
7.9
9.9
8.4
10.7
5.7
9.3
8.7
11.7
12.2
108,519
89,866
'110,174
-91,332
109,856
90,783
107,678
88,971
108,241
89,177
108,672
89,502
109,582
90,421
110,521
91,325
111,048
92,146
110,098
92,242
110,101
92,430
110,975
92,332
111,531
92,374
'111,818
'92,510
'111,826
'92,556
109,521
90,615
108,519
89,866
71,826
23,142
'110,174
' 91,332
' 73,530
r
22,975
109,079
90,313
72,400
22,985
109,235
90,480
72,544
23,001
109,539
90,762
72,808
23,069
109,565
90,777
72,842
23,016
109,820
91,020
73,157
22,980
110,058
91,239
73,412
23,006
110,101
91,278
73,507
22,941
110,338
91,497
73,737
22,948
110,305
91,478
73,760
22,903
110,502
91,580
73,882
22,886
110,664
91,761
74,052
22,934
599
613
611
600
600
600
602
596
595
592
596
'111,070
'92,112
'74,375
'23,006
'606
'4,663
111,132
631
'110,880
'91,976
'74,241
'22,994
596
'595
'4,664
4,629
17,737
'10,025
'698
11.0
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
'4,574
4,459
4,454
4,515
4,481
4,517
4,577
4,574
4,593
4,593
4,592
' 17,802
10,047
17,913
10,136
17,936
10,152
17,954
10,163
17,935
10,144
17,863
10,090
17,827
10,047
17,771
10,011
17,760
9,996
17,718
9,974
17,698
9,974
17,709
9,988
17,735
10,013
685
683
477
510
684
690
480
515
683
690
480
513
682
683
480
511
678
678
482
512
678
677
481
511
673
678
482
511
672
680
479
511
670
683
479
512
671
690
480
513
672
694
482
512
676
683
477
511
683
1,311
1,899
1,310
1,909
1,318
1,908
1,320
1,907
1,320
1,904
1,316
1,904
1,310
1,902
1,306
1,900
1,304
1,898
1,303
1,891
1,304
1,893
1,513
1,727
1,514
1,784
1,517
1,792
1,520
1,786
1,525
1,771
1,519
1,743
1,513
1,723
1,508
1,712
1,506
1.706
1,506
1,700
881
362
903
362
902
361
900
362
896
363
892
364
886
363
880
363
876
363
874
360
7,804
1.655
7,755
1,650
7,777
1,650
7,784
1,656
7,791
1,659
7,791
1,658
7,773
1,651
7,780
1,650
7,760
1,646
7,764
1,645
49
671
47
666
48
669
993
685
48
670
993
684
48
669
992
684
48
670
987
682
48
670
988
682
48
667
983
681
47
668
979
680
4,471
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
18,040
10,237
925
363
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.
r
674
476
512
693
"480
1,322
1,922
1,526
1,822
r
92,184
74,421
23,027
604
4,660
485
17,763
10,052
703
487
1,307
1,892
'513
'676
'1,313
1,897
'514
'675
'1,314
'1,895
1,324
1,895
1,507
1,696
1,509
1,697
1,515
'1,698
868
360
865
360
'1,518
'1,704
'361
'361
1,514
869
360
7,744
1,651
7,724
1,640
7,721
1,652
7,722
'1,649
'7,712
'1,643
7,711
45
663
973
678
45
662
969
678
45
663
962
676
47
46
'662
'662
'953
'677
'1,504
'1,065
517
677
1,712
860
363
1,640
44
663
952
687
680
48
670
992
686
1,504
1,083
1,504
'1,074
1,501
1,080
1,499
1.080
1,502
1,078
1,503
1,078
1,503
1,074
1,506
1,077
1,503
1,075
1,506
1,076
1,507
1,072
1.507
1,072
1,503
1,068
1,505
1,066
159
872
119
155
886
116
156
876
118
157
880
117
157
883
117
156
886
117
156
886
116
156
887
116
155
887
115
155
891
117
154
886
115
154
883
114
154
883
115
155
889
115
'892
85,377
5,709
6,045
19,346
6,571
29,053
18,653
2,969
4,403
11,281
'87,199
'5,709
'6,113
'19,740
'6,604
'30,192
18,842
'2,915
'4,467
'11,459
86,094
5,707
6,062
19,460
6,575
29,524
18,766
2,968
4,431
11,367
86,234
5,719
6,086
19,523
6,578
29,573
18,755
2,945
4,435
11,375
86,470
5,725
6,097
19,629
6,577
29,665
18,777
2,944
4,439
11,394
86,549
5,724
6,103
19,604
6,574
29,756
18,788
2,938
4,443
11,407
86,840
5,720
6,110
19,648
6,585
29,977
18,800
2,923
4,458
11,419
87,052
5,719
6,125
19,702
6,588
30,099
18,819
2,912
4,462
11,445
87,160
5,711
6,110
19,751
6,590
30,175
18,823
2,901
4,451
11,471
87,390
5,709
6,126
19,790
6,604
30,320
18,841
2,896
4,477
11,468
87,402
5,690
6,107
19,795
6,602
30,381
18,827
2,906
4,471
11,450
87,616
5,692
6,117
19,836
6,616
30,433
18,922
2,901
4,507
11,514
87,730
5,693
6,122
19,846
6,632
30,534
18,903
2,901
4,488
11,514
'87,886
'5,700
'6,129
'19.853
'6,651
'30,649
'18,904
'2,896
'4,486
'11,522
'88,064
'5,701
'6,130
'19,908
'6,661
'30,706
'18,958
'2,921
'4,500
'11,537
88,105
5,716
6,140
72,866
12,241
'74,349
'12,143
73,833
12,188
72,113
12,077
72,324
12,086
72,634
12,092
73,481
12,088
74,356
12,123
75,111
12,196
75,193
12,079
75,375
12,198
75,286
12,242
75,348
12,207
'75,478
'12,185
'75,433
'12,142
73,608
12,043
72,866
16,103
'74,349
'16,090
73,380
16,031
73,543
16,041
73,831
16,121
73,827
16,088
74,014
16,068
74,291
16,115
74,296
16,064
74,503
16,074
74,493
16,032
74,577
16,039
74,779
16,089
'74,956
'16,156
445
423
434
432
424
424
423
426
421
420
417
421
419
418
3,417
12,241
6,793
'3,524
12,143
6,726
3,414
12,183
6,757
3,399
12,210
6,775
3,463
12,234
6,790
3,433
12,231
6,783
3,467
12,178
6,745
3,534
12,155
6,718
3,528
12,115
6,696
3,548
12,106
6,684
3,544
12,071
6,668
3,544
12,074
6,682
3,579
12,091
6,702
3,611
'12,127
'6,725
75,076
16,168
425
3,571
553
375
395
524
970
564
380
395
515
968
562
376
395
519
962
562
377
394
520
969
569
379
398
520
972
569
379
397
520
973
561
379
393
516
969
557
381
394
516
966
556
380
393
513
964
557
380
394
511
961
559
377
393
510
962
562
379
394
511
963
569
379
396
512
966
572
382
'75,030
'16,165
'430
3,599
'12,136
'6,747
'575
1,148
1,150
1,148
1,149
1,149
1,147
1,148
1,148
1,150
1,150
1,144
1.148
1,152
1,005
'977
959
675
^54
'16
384
678
1,506
1,062
152
898
116
19,928
6,667
30,706
18,948
2,901
4,497
11,550
12,172
6,780
581
386
'396
'516
'397
516
401
519
972
'974
1,159
982
1,161
1,156
969
967
967
964
970
973
970
967
963
962
959
962
966
1,141
969
1,099
1,126
1,140
1,132
1,125
1.109
1,096
1,087
1,082
1,081
1,081
1,081
'1,084
455
262
430
259
443
259
442
258
441
260
439
261
438
262
432
261
430
260
427
260
426
257
424
258
423
258
421
257
'976
'1,087
420
'259
972
1,101
418
259
February 1994 •
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
STATISTICS, 1963-91
Annual
1992
Dec.
1994
1993
1992
1993
H H
Mar.
AP,|
May |
June
S-ll
July
Aug.
Sept. |
0 * |
Nov.
Dec.
Jan.
5. LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
EMPLOYMENT—Continued
[Thousands]
Seasonally adjusted—Continued
Production or nonsupervisory workers-Continued
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
5 448
1,206
5417
" 1,205
5 426
1,205
5,435
1,210
5 444
1,212
5448
1,212
5 433
1,206
5,437
1,203
5,419
1,199
5,422
1,199
5,403
1,206
5,392
1,195
5,389
1,206
"5,402
1,207
"5,389
"1,201
5,392
1,200
37
575
842
518
831
567
104
673
97
35
567
819
513
830
568
102
685
93
36
572
832
516
830
562
102
676
95
36
571
833
516
829
563
103
680
94
36
571
832
517
831
563
104
684
94
36
569
834
517
832
565
103
686
94
36
571
828
514
832
565
103
685
93
36
571
829
515
833
568
103
686
93
36
568
823
515
832
566
102
685
93
35
568
819
514
833
570
102
688
94
33
563
813
512
832
567
101
684
92
34
563
812
511
831
571
101
683
91
34
564
805
510
828
571
100
679
92
36
562
805
510
34
"828
"99
690
92
33
566
797
513
826
573
96
696
92
56,763
4,769
4 856
17,036
4,750
25,352
"58,259
"4,781
4 930
"17,382
4 798
"26,368
57,349
4,779
4,880
17,146
4 762
25,782
57,502
4,793
4 904
17,211
4 769
25,825
57,710
4,801
4915
17,314
4 769
25,911
57,739
4,794
4,923
17,274
4 769
25,979
57,946
4,792
4,924
17,302
4,767
26,161
58,176
4,790
4,935
17,371
4,775
26,305
58,232
4,783
4,922
17,396
4,781
26,350
58,429
4,784
4,938
17,420
4,797
26,490
58,461
4,763
4,927
17,430
4,800
26,541
58,538
4,761
4,932
17,446
4,814
26,585
58,690
4,771
4,939
17,462
4,828
26,690
"58,800
"4,776
"4,944
"17,474
"4,841
26,765
"58,865
"4,764
"4,945
"17,488
"4,855
"26,813
58,908
4,778
4,955
17,519
4,858
26,798
34.5
34.3
43.7
37.2
34.0
34.5
44.0
36.1
34.1
34.4
43.6
36.7
34.0
34.2
43.4
37.4
34.2
34.4
44.3
37.8
34.6
34.7
44.6
39.2
34.6
34.4
44.1
39.3
34.8
34.5
44.9
39.5
35.1
34.7
44.6
39.7
34.5
34.3
44.1
38.3
34.6
34.5
45.1
39.3
34.5
"34.5
"44.2
38.6
34.7
"34.5
"44.2
38.3
34.3
34.8
44.0
37.0
41.5
41.7
574
101
687
92
"563
"799
"511
"826
r
574
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
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
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 products
Leather and leather products
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate X
Services
34.4
34.5
43.9
38.0
44.3
38.4
41.0
41.4
41.9
41.2
41.1
41 4
41.1
41.4
40.9
41.2
40.9
41.5
41.3
41.4
41.4
41.2
41.0
41.4
41.5
41.4
41.5
41.5
41.8
41.6
"4.1
3.9
4.0
4.2
4.0
4.2
4.1
4.0
4.0
4.1
4.1
4.3
42.0
41.7
"4.3
42.4
41.7
3.8
4.4
4.4
41.5
"42.1
41.8
42.0
42.1
42.0
42.2
42.0
41.9
42.0
42.2
42.3
42.4
42.5
42.7
37
4.3
3.9
4.0
4.3
42
4.4
4.3
4.2
4.1
4.2
4.2
4.5
4.7
40.6
"40.0
42 2
43.0
41.6
42.2
41.2
41.8
41.1
39.9
40.8
40.0
42 7
43.7
40.6
40.2
42.5
43.6
42 0
42.7
41.7
42.5
41.2
39.9
40.8
40.3
42.5
43.8
42.9
41.7
42.8
41.0
39.9
40.6
40.1
42 2
43.9
41 9
42.8
41.6
42.7
41.1
39.9
40.5
40.0
42 5
44.2
"42.9
"41.7
"43.0
"41.1
39.8
40.5
40.0
42 2
43.3
41 8
42.6
41.4
42.4
41.1
39.8
43.1
41.8
42.9
41.3
40.3
40.6
39.7
42.8
43.6
41.9
42.9
41.8
42.7
41.3
39.8
40.4
39.5
42.6
43.4
41.9
42.9
41.4
42.5
41.2
39.5
40.7
39.9
42.7
43.6
41.9
43.1
41.8
42.3
41.4
39.5
40.8
40.5
42.9
43.5
42.1
43.0
42.0
43.1
41.0
39.7
41.1
39.9
42.8
43.4
42.0
42.8
42.1
43.8
41.1
39.9
41.2
40.5
42.7
43.6
42.3
43.2
42.1
43.5
41.1
39.6
41.5
40.7
43.3
"44.1
42.5
43.2
41.9
43.8
"40.9
39.9
"42.6
"4.6
"41.4
40.1
"43.0
"44.3
"42.6
"43.3
41.8
44.1
"41.1
"40.0
40.4
40.6
40.5
40.6
40.7
40.3
40.6
40.5
40.5
40.6
40.5
40.5
40.7
421
421
421
4.8
41.4
40.1
43.5
43.9
42.6
43.7
42.4
43.9
41.4
40.1
4.0
3.9
3.9
4.1
3.8
4.0
3.9
3.9
3.9
3.9
4.0
4.1
40 7
"37.3
"41.4
37.2
43.6
38.3
43.1
44.2
"41.8
38.6
40.6
39.5
41.4
37 4
43.5
38.1
42.8
43.9
41.9
38.7
40.6
38.6
41.6
37 6
43.5
38.2
43.0
44.1
42.0
39.3
40.7
37.3
41.8
37 5
43.8
38.1
42.9
43.9
42.1
39.4
40.4
36.0
40.1
37 2
43.5
38.1
42.8
43.3
41.8
39.0
40.7
35.5
41.9
37 1
43.7
38.4
42.9
44.9
41.8
38.9
40.4
36.7
41.7
37.3
43.7
38.2
43.3
44.7
41.8
38.6
40.6
38.5
41.3
37.1
43.6
38.4
43.1
44.1
41.7
37.7
40.8
36.0
41.3
37.3
43.4
38.5
43.4
44.1
41.7
38.0
40.6
37.3
41.4
37.3
43.5
38.1
43.2
44.1
41.8
38.3
40.6
38.0
41.5
36.8
43.8
38.2
43.1
44.1
41.6
38.8
41.0
38.5
41.3
36.9
43.8
38.5
43.4
45.8
41.8
38.7
40.7
"4.0
40.8
37.6
41.9
37.3
43.7
38.4
43.0
"43.9
42.1
38.6
"40.6
"4.0
40.6
"37.5
41.9
"37.2
43.7
38.3
"43.2
"43.6
"42.1
"38.5
40.4
3.8
40.6
38.6
41.1
37 2
43.6
38.0
43.1
43.8
41.7
38.0
38.9
38.2
28 8
35.8
32.5
"39.7
"38.2
28 8
"35.7
32.5
39.1
38.0
28 8
35.6
32.3
39.6
38.1
28 8
35.7
32.5
39.4
38.1
28 7
35.7
32.4
39.6
38.0
28 2
35.5
32.4
39.4
38.0
28 8
35.7
32.4
39.8
38.4
29.0
36.2
32.8
39.4
38.2
28.8
35.6
32.5
39.6
38.2
28.8
35.6
32.5
40.1
38.3
28.9
36.4
32.7
39.6
37.9
28.8
35.6
32.2
39.9
38.2
28.9
35.7
32.5
"39.7
38.2
28.8
"35.6
32.5
"39.8
38.1
28.8
"35.7
"32.5
40.6
38.5
29.0
36.2
32.8
200.21
163.22
1.44
8.83
38.42
11.55
12.01
28.97
12.27
49.73
36.99
"204.09
"166.20
1.38
9.14
38.17
11.78
12.13
"29.58
12.30
"51.72
37.89
201.86
164.18
1.40
8.74
38.27
11.64
12.06
29.50
12.20
50.38
37.68
201.98
164.32
1.41
8.73
38.42
11.76
12.06
29.24
12.23
50.47
37.67
202.47
164.68
1.37
8.90
38.51
11.76
12.08
29.29
12.17
50.59
37.79
202.33
164.52
1.36
8.88
38.37
11.80
12.11
29.18
12.15
50.67
37.81
202.78
165.21
1.37
8.90
38.33
11.75
12.07
29.42
12.19
51.18
37.57
205.28
167.18
1.39
9.24
38.18
11.86
12.23
29.71
12.49
52.08
38.10
203.57
165.75
1.35
9.16
37.98
11.73
12.14
29.58
12.22
51.59
37.82
204.05
166.32
1.38
9.29
38.04
11.78
12.17
29.64
12.23
51.79
37.73
204.76
167.12
1.38
9.27
38.00
11.85
12.16
29.75
12.53
52.19
37.64
204.06
165.98
1.36
9.14
37.96
11.72
12.06
29.71
12.24
51.78
38.08
205.26
167.16
1.40
9.22
38.09
11.84
12.16
29.82
12.39
52.24
38.10
"205.16
"167.54
1.36
9.46
38.20
" 11.78
"12.18
"29.73
"12.38
"52.44
37.63
"205.75
"167.54
"1.40
9.43
"38.21
"11.80
"12.14
"29.81
"12.30
"52.45
"38.20
207.29
169.13
1.39
9.38
38.26
12.06
12.29
30.05
12.60
53.10
38.17
121.0
101.7
"123.8
102.5
53.4
122.9
"101.4
"98.2
"106.0
"133.4
116.0
"115.3
123.1
"118.4
"155.5
121.7
101.4
54.1
116.9
101.2
98.5
105.0
130.8
114.3
113.7
121.5
116.7
151.3
122.5
101.7
54.2
116.4
101.8
99.2
105.5
131.8
116.1
114.5
122.0
117.9
152.5
122.7
102.5
52.7
119.2
102.3
99.7
105.8
131.8
115.7
114.8
122.3
117.2
152.5
122.2
101.9
52.5
118.8
101.6
99.3
104.8
131.3
116.1
114.7
119.9
116.9
152.9
123.1
102.2
53.5
119.3
101.8
99.2
105.4
132.4
115.5
114.7
122.6
117.2
154.0
124.6
102.8
54.2
124.5
101.4
98.5
105.3
134.5
116.6
116.1
124.0
120.0
156.7
123.6
102.0
53.0
123.4
100.8
97.8
104.8
133.4
115.3
115.2
123.3
117.9
155.6
124.1
102.6
53.8
125.3
101.0
97.9
105.2
133.8
115.9
115.6
123.5
117.3
156.4
124.8
102.4
53.1
124.9
100.9
98.2
104.6
134.9
116.8
115.7
124.0
120.7
157.7
123.7
102.1
53.0
123.3
100.9
98.5
104.2
133.4
115.3
114.6
123.6
118.4
155.5
124.9
102.8
53.9
124.5
101.5
99.1
104.7
134.7
116.5
115.6
124.2
119.7
157.6
125.1
"103.8
"52.7
127.9
102.0
"99.8
105.0
"134.7
"116.0
115.8
"123.8
"119.3
158.0
"125.2
"103.8
"54.2
127.1
"102.1
"100.2
"104.7
"134.8
"116.0
"115.5
"123.9
"119.4
"158.3
126.3
103.7
53.3
125.5
102.4
101.0
104.2
136.4
118.7
116.9
125.0
121.8
159.7
4.0
40.4
37.5
41.4
36.8
43.5
38.0
43.4
43.6
41.8
38.8
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 trade
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.
558
117.9
101.3
97.8
106.2
129.7
113.3
113.7
120 6
117.5
149.4
S-12
SURVEY OF CURRENT BUSINESS
• February 1994
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
1992
STATISTICS, 1963-91
1992
Annual
1993
Dec.
1994
1993
Jan.
Feb.
Mar.
Apr. |
May |
June |
July )
Aug. |
Sept. j
Oct.
Nov.
Dec.
10.78
14.43
14.43
11.71
11.14
12.31
11.70
9.33
11.89
14.01
11.67
12.74
11.25
15.71
12.26
9.31
10.97
10.43
10.40
17.46
10.91
14.53
14.51
11.86
11.25
12.46
11.82
9.73
9.40
12.03
14.22
11.82
12.83
11.30
16.03
12.35
9.41
11.11
10.53
10.49
16.38
10.94
14.46
14.53
11.81
11.21
'12.42
11.76
9.71
9.40
11.92
14.02
11.74
12.82
11.27
'16.05
12.34
9.40
11.04
10.49
10.36
16.10
10.96
14.43
'14.44
11.88
11.27
'12.50
11.82
'9.67
'9.44
'11.99
14.10
11.83
'12.87
"11.;
'16.23
'12.38
10.97
'14.67
14.44
'12.01
'11.37
'12.53
'11.92
-9.71
9.44
'11.95
'14.26
"11.91
'13.01
'11.50
'16.46
'12.50
Jan.
5. LABOR FORCE, EMPLOYMENT, AND EARNINGS-Continued
HOURLY AND WEEKLY EARNINGS
[Dollars]
Average hourly earnings per worker, not seas,
adj.: 0
Private nonfarm payrolls
Mining
Construction
Manufacturing
Excluding overtime
Durable goods
Excluding overtime
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
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, seas, adj.: 0
Private nonfarm payrolls
,
Mining
Construction
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
10.58
14.54
14.15
11.46
10.95
12.02
11.51
9.44
9.01
11.60
13.66
11.43
12.41
10.99
15.22
11.90
9.15
10.74
10.25
10.19
16.99
10.83
14.60
' 14.35
'11.76
'11.20
12.34
'11.75
'9.61
9.27
"11.85
14.00
11.69
12.73
r
11.24
"15.84
"12.25
9.37
7.13
10.82
10.55
11.00
10.49
10.43
' 17.05
8.89
7.10
13.42
11.94
14.84
"18.55
10.60
"7.61
' 13.65
11.71
7.29
11.32
10.81
10.58
14.54
14.15
11.46
13.46
11.39
7.13
10.8:
10.55
10.70
14.58
14.27
11.64
11.09
12.22
11.63
9.51
9.19
11.64
13.81
11.60
12.63
11.13
15.57
12.12
9.32
10.90
10.38
10.36
16.35
10.77
14.72
14.20
11.62
11.11
12.19
11.66
9.46
9.16
11.63
13.75
11.55
12.59
11.13
15.50
12.09
9.34
10.82
14.72
14.31
11.72
11.18
12.31
11.73
9.56
10.76
14.59
14.23
11.73
11.17
12.32
11.72
9.11
11.70
13.82
11.56
12.59
11.11
15.63
12.15
9.28
10.90
10.44
10.32
17.14
10.79
14.88
14.25
11.71
11.19
12.27
11.72
9.51
9.14
11.80
13.96
11.62
12.65
11.14
15.69
12.21
9.34
10.99
10.51
10.45
17.67
9.17
11.82
13.94
11.69
12.65
11.17
15.83
12.22
9.32
10.96
10.48
10.46
18.10
9.23
11.83
14.03
11.69
12.68
11.24
15.82
12.20
9.35
10.96
10.46
10.45
18.19
10.75
14.48
14.35
11.73
11.19
12.29
11.73
9.64
9.28
11.90
14.07
11.65
12.76
11.25
15.57
12.26
9.37
11.02
10.51
10.47
18.62
8.81
7.05
13.18
11.83
14.77
18.42
10.54
7.49
13.60
11.61
7.26
11.19
10.83
8.75
7.05
13.22
11.87
14.73
18.67
10.49
7.50
13.63
11.59
7.28
11.17
10.81
8.88
7.07
13.40
11.87
14.81
18.59
10.62
7.59
13.61
11.70
7.27
11.21
10.77
8.86
7.06
13.36
11.83
14.77
18.57
10.57
7.59
13.57
11.73
7.28
11.34
10.78
8.87
7.07
13.39
11.84
14.75
18.48
10.57
7.56
13.58
11.64
7.26
11.20
10.68
8.88
7.02
13.50
11.91
14.82
18.43
10.61
7.55
13.65
11.71
7.24
11.24
10.64
8.91
7.07
13.41
11.97
14.76
18.37
10.55
7.63
13.65
11.73
7.24
11.35
10.68
8.96
7.1
13.67
12.09
14.97
18.71
10.69
7.68
13.70
11.78
7.32
11.38
10.85
8.96
'8.98
7.14
13.55
12.04
14.89
18.59
10.63
7.67
13.68
11.80
7.36
11.48
10.89
'7.18
'13.54
12.02
14.95
'18.68
'10.64
'7.80
13.71
10.77
14.60
14.11
11.62
11.11
12.20
11.66
9.51
9.12
11.67
13.82
11.56
12.61
11.10
15.54
12.11
9.32
10.87
10.40
10.29
16.48
10.79
14.71
14.27
11.64
11.14
12.21
11.67
9.50
9.56
9.67
9.45
'9.55
11.09
'10.54
'10.53
16.47
'11.18
'10.64
10.64
'16.91
9.01
7.25
'13.60
'12.12
'15.05
11.07
14.99
14.39
11.97
11.40
12.57
11.94
9.74
9.39
11.98
14.10
11.85
12.95
11.46
16.26
12.52
9.57
11.17
10.67
10.60
17.19
7.20
11.03
10.76
10.88
10.40
10.31
15.90
8.80
7.05
13.17
11.84
14.76
18.40
10.55
7.49
13.58
11.59
7.27
11.13
10.83
10.83
"14.60
r
14,35
"11.76
"13.65
11.71
7.29
11.32
10.81
10.68
14.57
14.21
11.58
13.55
11.46
7.21
10.99
10.67
10.73
14.58
14.19
11.61
13.57
11.57
7.23
11.09
10.75
10.74
14.55
14.22
11.64
13.58
11.57
7.25
11.09
10.75
10.78
14.64
14.28
11.66
13.64
11.59
7.27
11.11
10.76
10.77
14.84
14.28
11.71
13.61
11.67
7.25
11.15
10.73
10.82
14.76
14.34
11.71
13.62
11.74
7.29
11.34
10.80
10.81
14.59
14.32
11.72
13.65
11.68
7.28
11.26
10.78
10.81
14.51
14.39
11.72
13.66
11.73
7.28
11.30
10.77
10.86
14.53
14.39
11.77
13.65
11.80
7.30
11.48
10.83
10.86
14.50
14.39
11.84
13.63
11.76
7.29
11.38
10.84
10.92
14.61
14.41
11.83
13.67
11.84
7.35
11.51
10.89
10.93
14.49
'14.44
11.88
13.68
11.78
7.34
'11.53
10.91
10.91
'14.67
14.38
'11.95
'13.75
'11.77
'7.37
11.55
'10.90
11.03
14.86
14.39
11.96
13.83
11.90
7.43
11.74
11.01
19.46
25.47
16.66
20.00
26.10
16.95
19.75
25.83
16.68
19.75
25.83
16.96
19.75
25.83
17.23
19.81
25.89
16.73
19.81
25.89
16,90
19.81
25.89
16.86
19.82
25.88
16.84
20.03
26.20
17.01
20.04
26.20
16.94
20.24
26.36
16.88
20.27
26.40
17.01
20.28
26.43
'17.03
20.37
26.45
15.98
20.37
26.45
363.95
' 255.07
'373.64
'254.63
366.32
'253.33
370.19
'255.43
369.46
'254.27
368.68
'253.21
370.49
'253.76
375.45
'256.45
371.86
253.83
372.95
'254.23
376.84
'256.35
372.50
'253.23
376.74
'255.07
'377.09
'254.79
"377.78
'254.91
383.84
258.83
363.95
638.31
537.70
'373.64
'646.78
'551.04
498.83
433.90
523.59
435.10
205.34
387.36
342.88
'519.51
'446.60
'541.91
'447.32
369.1
647.35
530.84
487.72
520.57
447.99
532.34
440.06
366.18
649.15
512.62
477.58
508.32
439.55
529.62
438.10
203.56
397.34
348.73
367.26
635.10
517.84
477.58
508.74
438.06
531.76
440.02
204.73
399.48
349.81
366.86
631.06
533.70
476.08
509.16
434.91
534.30
438.10
202.38
396.54
349.16
369.02
650.26
538.65
478.94
510.43
440.70
533.51
444.60
207.20
400.20
347.87
374.3;
652.10
560.95
484.04
517.02
442.78
540.09
450.43
210.39
410.5'
352.51
372.30
643.42
559.24
485.62
518.67
444.98
539.13
445.81
211.27
398.72
348.17
374.10
638.5;
566.83
480.93
511.26
444.11
546.00
448.49
214.30
400.14
348.99
378.38
647.91
572.87
485.97
518.25
446.48
551.46
450.43
215.03
413.14
353.51
376.40
646.59
555.73
492.19
524.57
454.40
545.26
448.82
211.55
405.13
350.46
378.52
657.93
571.03
493.66
'527.85
451.54
545.83
451.94
211.97
409.84
352.84
378.12
'645.02
'557.38
498.96
'535.00
455.80
'545.66
450.38
210.50
'410.11
355.88
380.66
'658.68
553.05
'509.22
'548.14
'460.62
'549.82
'453.09
'214.91
'414.12
'356.40
379.70
658.06
532.43
496.76
532.97
450.15
554.98
455.34
210.65
426.80
360.75
8.60
6.95
13.07
11.74
14.51
17.91
10.37
7.42
13.46
11.39
8.76
7.04
13.27
11.88
14.78
18.11
10.54
7.50
13.58
11.52
9.04
'11.52
10.95
'7.84
'•3.78
'•1.83
'7.36
•1.60
'11.00
7.22
13.53
12.05
15.03
18.56
10.75
7.89
13.84
11.92
7.47
11.79
11.10
11.79
7.36
'18.72
'10.69
[Dollars per hour)
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (ENR): @
Common labor
Skilled labor
Railroad 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
'209.95
'404.1
'351.33
210.24
392.67
347.55
EMPLOYMENT COST INDEX
[June 1989*100)
Total compensation:
Civilian workers t
Workers, by occupational group:
White-coilar workers
Blueycollar workers
Service workers
Workers, by industry division:
Manufacturing
Nonmanufacturing
Services
Public administration
,
116.1
117,
118.3
119.
120.2
116.6
117.9
116.
118.6
117.8
118.;
119.9
118.8
119.9
20.6
119.4
120.
118.6
117.1
120.1
117.6
119.;
117.9
120.6
118.0
120.6
119.2
122.2
119,
121
119.8
122.
120.0
115,
116.4
117.1
116.0
113.
115.2
117.4
114,
116.1
118.1
115.0
116.6
115.:
115.
117.8
114.9
116.3
116.'
119.:
115.9
117.3
117.0
120.0
116.6
115.;
116.7
116.5
116.0
119.2
116.3
Wages and salaries:
Civilian workers t
Workers, by occupational group:
White-collar workers
Blue-collar workers
Service workers
Workers, by industry division:
Manufacturing
Nonmanufacturing
Services
Public administration
113.6
114.5
111.9
113.8
113.7
113.6
116:
113.6
115..
112:
114.
117.
114.
HELP-WANTED ADVERTISING
Seasonally adjusted index, 1967*100
See footnotes at end of tables.
'101
10C
101
103
101
106
106
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
STATISTICS, 1963-91
1992
Annual
1992
|
1993
February 1994
S-13
•
1994
1993
Jan.
Dec.
Feb.
Mar. |
Apr. j
May
June
July
Sept.
Aug.
Nov.
Oct.
Jan.
Dec.
5. LABOR FORCE, EMPLOYMENT, AND EARNING.S-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
35
35
0
2
1
4
2
5
3
3
5
4
4
3
0
1
364
3,989
182
3,998
0
48
22
56
5
139
12
113
13
112
35
393
4
409
7
465
8
560
15
545
15
505
35
506
0
240
2
8
UNEMPLOYMENT INSURANCE! i
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
20,986
3,167
3.0
24,967
147,936
175.16
17,426
'2,684
2.6
r
21,547
'123,236
'181.46
2,020
2,906
2.8
2,019
11,865
176.88
2,048
3,234
3.1
2,060
12,010
178.71
1,408
3,187
3.1
2,010
11,518
180.83
1,505
3,238
3.1
2,344
13,349
182.10
1,358
2,790
2.7
1,942
11,090
182.01
1,146
2,462
2.4
1,614
9,196
182.41
1,355
2,662
2.6
1,792
10,226
181.77
1,567
2,522
2.4
1,667
9,582
180.07
1,224
2,576
2.5
1,726
9,798
181.79
1,123
2,278
2.2
1,531
8,706
182.06
1,283
2,188
2.1
1,385
7,861
182.72
1,505
2,427
2.3
1,592
9,087
181.97
'1,904
'2,650
2.5
'1,884
'10,813
'181.11
2,178
3,335
3.2
2,140
12,129
183.48
-ederal 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
146.2
31.7
243.1
1,484.2
163 74
134.8
31.6
'262.4
'1,464.2
'179 36
12.4
35,6
24.8
147.8
167 52
13.0
33.9
21.7
127.5
170 62
9.5
33.5
21.4
121.1
176.93
9.2
32.9
24.9
136.4
182 79
10.2
28.2
20.1
111.1
181 02
9.1
26.2
17.7
96.3
183 54
12.0
29.9
20.7
114.0
181.54
12.6
28.9
20.6
112.1
183.60
10.3
31.3
21,8
120.6
180.84
11.2
30.1
20.9
117.5
177.73
13.2
32.0
20.9
117.3
178 07
12.6
35.7
24.6
139.0
176.81
11.9
'36.3
'27.1
'151.4
'178.78
12.4
39.2
25.9
144.0
179.51
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
260.5
60.1
541.9
2,853.3
189.50
204.1
'53.9
'495.8
'2,526.4
'196.20
20.7
70.1
58.8
3017
194.72
21.9
68.2
52.4
267.1
196.23
17.2
68.5
50.5
255.0
197.85
19.1
65.9
54.6
277.0
197.22
17.0
56.9
45.0
230.5
195.08
14.8
51.8
38.5
196.9
195.57
16.8
54.0
41.3
210.6
196.17
17.7
46.6
37.0
188.9
195.77
17.3
50.2
37.5
191.5
195.85
16.2
47.0
35.2
180.6
195.08
16.2
45.3
32.7
167.6
195.38
14.2
46.4
35.1
177.6
197.44
15.7
'44.0
'36.0
'183.2
'196.70
15.3
47.4
34.9
177.5
196.34
33,120
535,947
377,214
207,702
169,512
158,733
32,572
539,278
383,503
212,786
170,717
155,775
33,041
540,675
385,936
217,013
168,923
154,739
33,069
544,127
386,670
214,508
172,162
157,457
548,299
392,461
214,806
177,655
155,838
r
6. 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
Loans of the Farm Credit System:
Total, end of period
Long-term real estate loans
Short-term and intermediate-term loans
Loans to cooperatives
38,200
545,136
408,199
236,250
171,949
136,937
38,200
545,136
408,199
236,250
171,949
136,937
52,407
28,664
11,108
12,635
52,407
28,664
11,108
12,635
Federal Reserve banks, condition, end of period:
Assets, total
367,901
409,971
Reserve bank credit outstanding, total
Loans
U.S. Government securities
Gold certificate account
312,234
675
302.474
11,056
350,832
94
344,202
11,053
367,901
40,148
32,079
314,208
Liabilities, total
Deposits, total
,
Member-bank reserve bounces
Federal Reserve notes in circulation
36,001
543,725
398,643
215,022
183,621
145,082
35,221
535,218
388,139
208,108
180,031
147,079
34,939
534,935
392,417
220,458
171,959
142,518
409,971
50,543
34,951
343,925
368,587
312,037
753
305,217
11,055
368,587
41,917
34,533
312,263
368,742
311,133
84
305,381
11,055
368,742
38,365
30,579
315,270
371,520
315,024
129
309,841
11,053
371,520
37,279
31,000
320,112
394,328
335,869
1,534
328,199
11,057
394,328
56,693
27,724
323,253
376,476
320,380
234
314,614
11,057
376,476
37,062
30,725
325,149
386,112
327,629
236
321,775
11,057
386,112
40,368
31,931
328,125
392,935
336,422
2,918
325,653
11,057
392,935
48,030
29,935
330.421
56,004
54,744
1,260
165
1,096
53,882
52,778
1,104
45
1.059
54,296
53,083
1,213
91
1,122
56,541
55,445
1,096
73
1,023
56,101
55,104
996
121
375
57,238
56,328
911
181
732
57,750
56.661
1,089
244
845
57,767
56,815
952
352
600
59,136
58,046
1,090
428
662
253,220 253,165
203,509 204,865
9,487
8,917
2,077
2,388
22,108 21,429
268,799
221,791
8,899
2,345
20,470
272,060
220,655
9,217
2,736
23,057
269,154 290,922 269,668
218,244 240,744 219,922
8,924
8,363
9,023
1,620
2,162
2,461
22,580
22,006 21,471
301,829
243,168
9,974
3,434
25,795
322,251
265,805
10,412
3,003
22,983
301,829
243,168
9,974
3,434
25,795
Transaction balances other than demand
deposits
Nontransaction balances, total
Individuals, partnerships, and corporations
120,816
728,182
703,912
130,366
709,778
1,060,310
278,617
19,157
22,473
421,201
12,620
306,242
324,790
359,719
120,816
728,182
703,912
1,007,149
279,851
15,636
21,630
404,188
14,823
271,021
324,790
114,177
724,254
699,468
990,412
276,984
14,479
19,899
398,451
14,402
266,197
324,481
114,443
723,700
697,876
988,383
276,776
17,157
18,141
394,593
14,260
267,456
331,550
119,190
714,834
692,331
986,435
277,472
15,633
19,112
395,060
14,035
265,123
340,413
302,439
282,007
57,280
269,839
251,345
54,951
268,574
247,999
55,907
275,642
255,136
55,908
283,361
264,341
57,052
53,268
28,810
11,425
13,032
362,126
307,615
57
301,490
11,055
362,126
39,034
33,085
309,080
56,540
55,385
1,155
124
1,032
See footnotes at end of tables.
52,711
28,592
11,087
13,033
357,552
302,531
35
296,977
11,055
357,552
37,632
27,533
306,111
'62,858
'61,795
'1,063
82
'981
1,007,149
279,851
15,636
21,630
404,188
14,823
271,021
269,839
251,345
54,95-
34,149j
543,3041
390,248|
221,169
169,079!
153,056
367,901
312,234
675
302,474
11,056
367,901
40,148
32,079
314,208
56,540
55,385
1,155
124
1,032
Investments, total
U.S. Treasury and government agency
securities, total
Investment account
Other securities
34,927
542,978
385,295
210,911
174,384
157,683
52,344
28,536
10,415
13,393
All member banks of Federal Reserve System,
averages of daily figures:
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
Depositor,' institutions in U.S
Loans and leases(adjusted).total t
Commercial and industrial
For purchasing and carrying securities
To nonbank depository and other financial ...
Real estate loans
,
To States and political subdivisions
Other loans
35,3171
544,923 j
386,000,
211,492,
174,508;
158,923
384,766 399,192
327,296 341,407
56
145
321,553 334,817
11,056 11,054
384,766 399,192
39,169 43,277
32,423 36,051
331,672 338,456
409,971
350,832
94
344,202
11,053
409,971
50,543
34,951
343,925
61,296
60,195
1,101
89
'1,012
'62,858
'61,795
'1,063
82
269,929 290,549 283,703 300,169
222,216 237,117 232,496 247,524
8,402
8,674
8,842
9,708
1,806
2,149
1,898
3,279
22,673 22,402 22,850 23,703
322,251
265,805
10,412
3,003
22,983
114,974
714,458
689,962
989,290
275,683
15,632
19,619
395,675
13,794
268,887
344,398
116,411 118,539 116,749 117,886 117,098 117,964 121,062
716,874 705,178 708,966 706,865 695,893 696,635 695,721
690,535 684,514 684,965 682,964 673,884 674,917 674,145
993,984 1,007,754 1,006,300 1,002,981 1,017,044 1,016,784 1,029,960
275,882 276,629 270,447 268,329 271,266 270,747 272,396
16,556 19,250
17,241
17,419
19,294 18,428 19,675
20,791
19,524 19,679 21.170 21,921 21,514
20.361
396,338 401,276 400,257 400,285 403,095 402,791 405,714
13,695 13,878
13,675 13,393 12,944 12,629
14,053
289,953 298,032
270,794 276,113 284,953 283,594
340,363 343,437 348.239 353,726 358,131 354,359 354,011
130,366
709,778
688,966
120,897
714,867
1,060,310
278,617
19,157
22,473
421,201
12,620
306,242
1,049,070
278,819
359,719
357,113
288,366
264,465
56,032
284,785
266,728
55,578
302,439
282,007
57,280
298,563
274,558
58,550
287,113
270,092
56,324
292,483
267,443
55,756
296,757
271,106
56,969
301,854
274,948
56,277
60,036
58,947
1,089
285
804
297,777
273,690
56,582
297,308
273,138
56,703
62,072
60,624
1,448
73
1,375
289,942
238,273
9,686
2,717
22,715
692,533
17,632
19,276
417,407
12,218
303,718
S-14
• February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as
shown in BUSINESS STATISTICS, 1963-91
Annual
1992
1992
|
1993
Dec.
1994
1993
H
Feb.
Mar.
Apr.
June
May |
July
Aug.
|
Oct
Nov.
-3,056.6
-718.4
-180.7
-2,157.5
-3,072.6
-720.0
-180.9
-2,171.7
Sept |
|
Dec.
Jan.
6. FINANCE-Continued
BANKING-Continued
(Billions of dollars]
Commercial bank credit, seas, adj.:
Total loans and securities t
U.S. Government securities
Other securities
-2,892.1
"613.9
- 178.0
2,100.2
Total loans and leases t
2,935.3
656.5
174.5
2,104.4
2,943.9
666.2
176.4
2,134.2
2,937.6
657.1
176.0
2,104.6
6.00
6.00
3.00
3,014.4
700.1
180.1
r
3,014.1 " 3,037.4 -3,046.6 -3,057.2
-704.3
708.2 -714.8 -720.6
"179.6 -181.5 -182.4 -182.6
-2,130.3 -2,147.8 -2,149.4 -2,153.9
3,087.2
727.2
181.9
2,178.2
2,970.9
691.0
181.0
2,101.3
2,960.2
680.2
179.0
2,101.0
2,098.9
2,991.2
693.5
181.2
2,116.5
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
3.00
7.65
7.53
7.57
7.49
7.52
7.28
7.22
7.17
7.26
7.06
7.14
7.08
7.02
7.02
6.99
6.95
6.86
6.87
6.76
6.75
6.61
6.59
6.61
6.60
6.74
6.65
[Percent]
Money and interest rates:
Prime rate charged by banks on short-term
business loans
6.25
Discount rate (New York Federal Reserve
Bank)
3.25
Federal intermediate credit bank loans
Home mortgage rates (conventional 1st
mortgages):
New home purchase (U.S. avg.)
Existing home purchase (U.S. avg.)
»7.98
»7.84
'6.96
Open market rates, New York City:
Bankers' acceptances, 3-month
Commercial paper, 6-month @
Finance co. paper placed directly, 6-mo .,
3.62
3.80
3.63
3.13
3.30
3.15
3.44
3.70
3.52
3.14
3.35
3.29
3.06
3.27
3.21
3.07
3.24
3.14
3.05
3.19
3.07
3.06
3.20
3.07
3.16
3.38
3.16
3.12
3.35
3.15
3.10
3.33
3.16
3.07
3.25
3.11
3.19
3.27
3.13
3.29
3.43
3.19
3.23
3.40
3.18
3.10
3.30
3.15
Yield on U.S. Gov. securities (taxable):
3-month bills (rate on new issue)
3.450
3.020
3.250
3.060
2.950
2.970
2.890
2.960
3.100
3.050
3.050
2.960
3.040
3.120
3.080
3.020
756,944
807,060
756,944
748,529
745,374
743,133
746,447
744,778
748,830
753,645
763,268
770,384
r
776,101
-784,148
807,060
331,869
117,127
97,641
42,079
43,461
4,365
120,402
367,085
117,030
114,452
47,382
33,000
4,462
123,649
331,869
117,127
97,641
42,079
43,461
4,365
120,402
330,355
116,009
98,262
40,057
42,804
4,366
116,676
330,060
112,686
98,785
38,462
41,975
4,148
119,258
329,764
111,854
99,778
38,030
41,695
4,080
117,932
332,266
112,523
101,534
38,218
40,275
4,280
117,351
333,415
109,311
103,019
38,681
39,210
4,486
116,656
335,592
111,330
104,781
38,813
37,250
4,567
116,497
339,948
113,076
106,027
39,043
36,485
4,668
114,398
345,449
111,864
108,095
39,688
35,919
4,728
117,525
349,699
112,645
109,687
39,842
34,985
4,574
118,952
352,559
' 112,602
110,830
40,310
358,429
120,950
-114,800
112,342
42,047
33,500
4,507
-118,523
367,085
117,030
114,452
47,382
33,000
4,462
123,649
259,964
267,949
278,693
296,678
259,964
267,949
258,017
260,758
259,830
257,440
259,945
256,233
260,857
257,783
262,860
259,566
265,345
260,993
267,646
264,100
270,495
269,663
273,291
272,579
'275,882
275,109
-277,060
280,080
278,693
296,678
229,031
231,688
229,031
229,754
228,105
226,955
227,807
222,352
222,491
221,899
223,109
224,514
r
-227,008
231,688
741,093
743,583
747,228
750,131
752,193
750,293
752,428
757,465
762,503
768,573
'775,620
-782,561
789,836
259,627
254,299
258,737
255,984
261,434
258,384
262,313
259,661
262,463
261,450
264,007
262,690
265,388
263,338
267,468
266,938
268,784
270,753
270,650
273,703
r
273,822
277,125
-276,853
279,273
278,323
281,695
227,167
5,070
228,862
2,490
227,410
228,157
228,280
223,596
224,220
6,070
229,818
-1,900
222,967
5,038
-226,435
2,062
223,058
5,037
224,673
2,903
223,701
2,135
r
3,645
-7,047
-6,941
7,275
767
2,213
-890
1,685
2,697
2,400
879
1,277
150
1,789
1,544
1,240
1,381
2,080
3,600
1,316
3,815
1,866
2,950
-3,172
3,422
-3,031
2,148
1,470
2,422
123
4,684
105
-643
-91
1,253
-1,76J
3,383
83,284
127,258
-43,974
132,01!
123,921
8,091
125,416
133,667
-8,252
122,968
107,355
15,613
-8,091
5,464
13,552
128,566
117,467
11,099
-11,099
24,757
35,853
4,288,539
3,201,165
83,107
121,488
-38,381
43,974
37,727
-6,850
70,638
107,601
-36,963
36,963
30,832
-6,12!
38,381
71,028
32,647
8,252
13,995
5,743
-15,613
4,436,376 4,483,235
3,322,400 3,336,395
4,474,366
3,329,462
CONSUMER INSTALLMENT CREDIT
[Millions of dollars]
Not seasonally adjusted:
Total outstanding (end of period) .
By major holder:
Commercial banks
,
Finance companies
Credit unions
Retailers
Savings institutions
Gasoline companies
Pools of securitized assets .
By major credit type:
Automobile
Revolving
Mobile home
Other*
Seasonally adjusted:
Total outstanding (end of period) .
By major credit type:
Automobile
Revolving
Mobile home
Other*
Total net change (during period) .
By major credit type:
Automobile
Revolving
Mobile home
Other*
2,090
-1,452
34,251
4,599
225,110
FEDERAL GOVERNMENT FINANCE
(Millions of dollars]
Federal receipts and outlays:
Receipts (net)
Outlays (net)
Total surplus or deficit (-)
2
1,090,453
2
1,427,629
2
-290,188
2
Federal financing, total
Borrowing from the public
Other
Gross amount of debt outstanding
Held by the public
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
2
2
2
2
2
1,153,147
1,407,831
-254,684
2
2
290,188
311,082
2
20,730
4,002,815
2,998,776
1,090,453
2
482,112
2
102,240
2
2
2
2
413,670
101,650
1,427,629
2
56,585
2
286,631
2
539,761
2
292,990
2
2
13,962
33,734
2
254,684
248,619
-6,540
2
2
4,351,149
3,247,211
2
2
1,153,147
2
510,250
2
117,520
113,683 112,712 65,975
152,629
82,896 114,17:
-38,947
29,817 -48,197
38,947 -29,817 48,197
-8,355 30,689
21,078
21,457 -16,905
-17,867
4,115,794 4,106,390 4,136,520
3,080,271 3,071,916 3,102,385
4,170,654 4,188,979 4,232,389
3,140,112 3,145,575 3,176,408
80,626 86,734 127,469 78,668
120,204 109,812 118,904 124,090
-39,577 -23,078
8,565 -45,422
39,577 23,078 -8,565 45,422
54,301 -9,346
4,255
1,055
-38,502 31,071 -1,046 -41,088
4,288,830 4,343,439 4,351,149 4,362,666
3,202,220 3,256,520 3,247,211 3,251,371
-6,933
8,680
113,683
51,172
22,950
112,71
73,704
3,212
65,975
23,947
792
83,284
27,935
12,724
132,021
56,137
17,795
70,640
17,919
2,376
128,568
56,463
24,949
80,633
37,489
2,695
86,741
39,444
1,943
127,469
55,653
24,510
78,669
37,680
2,158
83,107
37,634
2,208
125,416
54,183
28,239
122,968
74,167
3,916
31,918
7,718
29,416
5,505
34,251
7,206
33,652
9,140
49,176
9,014
42,277
8,187
32,284
8,171
30,828
8,003
34,683
8,582
33,954
9,040
36,983
7,902
82,896
4,516
18,94'
20,629
18,636
114,172
4,389
22,003
47,245
20,965
127,258
8,163
24,391
49,520
20,235
123,930
6,172
26,036
51,313
19,358
107,603
5,077
19,703
45,661
23,932
120,211
3,531
24,902
51,438
18,025
36,657
8,702
109,819
3,421
20,352
47,218
18,441
37,768
9,536
152,629
6,645
28,946
73,835
52,21
38,405
8,775
117,469
4,429
23,695
53,422
51,653
119,168
4,125
23,707
49,575
16,106
124,013
4,893
23,147
49,994
17,536
121,488
7,149
21,796
50,240
22,336
133,667
6,408
25,752
55,19!
53,695
107,355
4,789
17,752
46,301
18,489
35,489
1,266
4,125
1,092
1,61
1,008
2,626
1,344
4,067
1,249
4,307
1,080
782
1,154
2,860
1,247
4,275
1,222
2,055
1,230
2,997
1,079
2,806
1,21
3,169
1,191
4,438
1,015
2,132
2
428,298
96,965
1,407,831
2
63,143
2
278,858
2
581,338
2
299,287
2
2
2
14,307
2
GOLD AND SILVER:
Gold:
Monetary stock, U.S. (end of period), mil.
Price at New York, dol. per troy oz. 0
11,056
344.50
359.67
11,056
334.66
11,055
329.01
11,055
329.39
11,054
329.01
11,054
341.91
11,053
366.7;
11,05;
371.89
11,057
392.40
11,057
378.46
11,057
354.85
11,056
364.18
11,054
373.49
383.69
387.02
Silver:
Price at New York, dol. per troy oz. 0
3.938
4.300
3.720
3.680
3.650
3.690
3.960
4.470
4.380
5.040
4.810
4.170
4.330
4.500
4.970
5.130
See footnotes at end of tables.
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
STATISTICS, 1963-91
1992
Annual
1992
1993
Dec.
February 1994 •
1994
1993
Jan.
Feb.
Mar.
AP,|
May |
June
S-15
July
Aug. |
Sept. |
Oct.
Nov. |
Dec.
Jan.
6. FINANCE-Continued
MONETARY STATISTICS §
[Billions of dollars]
Currency in circulation (end of period)
Money stock measures and components (averages
of daily figures):
Measures (not seasonally adjusted):
M1
M2
.
...
M3
L (M3 plus other liquid assets)
Components (not seasonally adjusted):
Currency
Demand deposits
Other checkable deposits t
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 @
. .
334.7
" 966.9
'-3,489.3
"4,193.1
'5,035.0
279.6
319.3
" 360.2
•76.8
334.7
r
351.5
344.1
332.8
1,079.5
-3,527.6
"4,186.2
5,079.8
"1,046.7
-3,527.6
"4,198.2
"5,087.6
"1,041.0
"3,508.3
"4,162.9
"5,054.6
"1,023.0
"3,484.2
"4,149.4
"5,032.2
"1,031.6
"3,495.8
"4,157.3
"5,044.8
"1,058.7
"3,515.2
"4,177.3
"5,065.3
"1,058.1
"3,507.3
"4,178.7
"5,066.6
"1,073.2
"3,524.4
"4,184.3
"5,078.7
"1,084.6
"3,530.3
"4,180.6
"5,070.9
"1,088.8
-3,529.9
"4,184.7
"5,085.1
-1,099.1
-3,535.0
"4,186.4
"5,076.1
"1,111.8
"3,545.3
"4,197.7
"5,088.4
"1,129.6
-3,567.5
-4,227.7
"5,128.7
"1,153.9
-3,588.4
"4,247.5
5.165.6
1,142.9
3,579.1
4,232.6
308.4
-363.4
-399.7
"81.8
295.0
"355.1
"388.9
"80.6
"293.5
"345.9
"393.8
"77.8
295.3
"334.3
"385.7
"77.7
297.9
"336.5
"389.5
"78.8
"301.3
"350.5
"399.2
"77.2
304.4
"352.0
"393.8
"75.2
307.4
"359.6
"398.0
"78.5
311.0
"365.9
"399.3
"81.2
312.8
"367.9
"399.7
"82.1
314.8
373.1
"403.0
"85.3
"317.3
"381.2
"405.3
"88.0
"319.8
"391.2
"410.9
"89.1
324.9
"402.7
"418.6
"90.1
324.0
393.3
417.9
93.1
-354.9
"346.9
"350.2
"350.6
"351.2
"354.8
"351.4
"347.7
"345.2
"343.0
"343.0
"340.8
"341.1
"345.8
"348.3
349.3
^ 1,130.9
"950.2
r
388.6
"1,198.7
-820.9
"344.7
"1,181.1
"869.0
"358.9
"1,177.7
"861.3
"349.6
"1,178.7
"853.6
"348.2
"1,184.5
"846.1
"344.8
"1,189.3
"838.5
"347.8
"1,195.8
"830.5
"351.1
"1,204.5
"823.0
"347.8
-1,205.0
"816.4
"341.8
"1,206.9
"809.2
"344.0
"1,206.4
"803.4
"341.8
"1,207.7
"796.7
"341.6
"1,214.4
"788.6
"340.1
"1,213.2
"783.0
"337.8
1,214,1
779.7
337.8
M3
L (M3 plus other liquid assets)
"1,024.8
-3,509.0
"4,183.0
"5,057.1
"1,033.0
"3,502.8
"4,162.4
"5,040.9
"1,035.4
"3,494.2
"4,156.0
"5,037.6
"1,040.2
"3,494.8
"4,154.6
"5,038.6
"1,047.1
-3,498.0
"4,162.0
"5,055.9
"1,067.7
"3,521.9
"4,187.7
"5,088.7
"1,076.6
"3,528.7
"4,188.0
"5,089.3
"1,086.8
"3,534.0
"4,187.5
"5,085.5
"1,095.3
"3,537.0
"4,188.0
"5,095.3
"1,105.1
"3,545.4
"4,197.3
"5,088.2
"1,113.4
"3,547.3
"4,203.2
"5,095.9
"1,122.4
"3,558.8
"4,216.1
"5107.5
"1,128.5
"3,565.8
"4,228.1
5,130.6
1,133.6
3,572.4
4,231.8
Components (seasonally adjusted):
Currency
Demand deposits
Other checkable deposits t
Savings deposits $
Small time deposits @
Large time deposits @
"292.2
"339.6
"384.9
"1,183.6
"870.5
"360.3
"294.5
341.9
388.6
"1,183.8
"860.8
"353.2
"297.0
"342.7
"387.7
"1,183.7
"853.8
"350.1
"299.3
"344.3
"388.5
"1,182.4
"846.8
"344.8
"301.8
"349.0
"388.2
"1,185.5
"839.4
"348.9
"304.4
"358.8
"396.4
"1,195.1
"832.4
"348.3
"307.2
"362.2
"399.2
"1,200.4
"823.9
"345.5
"309.7
"366.4
"402.8
"1,202.1
"814.8
"342.1
"312.4
370.9
-404.2
"1,205.9
"807.5
"341.9
"315.4
"375.4
"406.6
"1,208.4
"801.2
"340.6
-317.6
"378.4
"409.5
"1,208.8
"795.2
"341.9
"319.5
"383.2
"411.8
"1,211.9
"789.8
"339.7
"321.4
"384.9
"414.3
"1,215.5
"784.6
"339.2
325.3
388.5
412.0
1,220.3
779.6
341.5
Measures (seasonally adjusted):
M1
M2
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
Electrical and electronic equipment
Transportation equipment (except motor
vehicles and equipment)
Motor vehicles and equipment
All other manufacturing industries
Dividends paid (cash), all manufacturing
93,372
20,318
2,103
2,492
22,874
9,577
199
1,013
1,161
4,305
-3,665
9,559
10,585
4,307
669
121
3 758
2 578
-315
-306
-652
112
- 6 011
2,076
13,774
3,500
25,563
5,030
686
4 465
814
3,202
-737
-729
-680
800
-108
2 090
1,502
263
687
1 612
-7,039
4 048
6,850
-1,710
1 363
-939
5 050
- 3 293
6,859
2 626
63,094
17 242
16,111
16,938
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
TransDortation
Communication
Financial and real estate
State and municipal issues (Bond Buyer):
Long-term
Short-term
235,026
39,913
289,864
45,723
22,669
1,027
18,412
1,662
19,005
1,798
29,876
1,464
22,027
5,227
28,650
1,726
30,941
13,250
24,714
5,621
25,477
4,409
24,006
4,515
23,108
2,089
18,665
1,039
24,984
2,922
73.7
80.9
74.6
75.2
78.2
80.4
79.1
78.7
79.6
81.0
82.0
86.0
84.2
82.3
83.6
"11,621.07
"9,732.62
836.16
947.76
890.82
1,022.47
1,002.59
827.90
766.80
731.38
706.66
765.00
675.45
706.03
689.76
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.
724.84
b-lb
• February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as
shown in BUSINESS STATISTICS, 1953-91
Annual
1992
1992
1993
Dec.
1994
1993
Jan.
Feb.
Mar. |
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov. I Dec.
Jan.
6. FINANCE-Continued
Bonds—Continued
[Percent]
Yields:
Domestic corporate (Moody's)
By rating:
Aaa
Aa
A
8.55
7.54
8.35
8.24
8.01
7.83
7.76
7.78
7.66
7.50
7.19
6.98
6.97
7.25
7.26
7.25
8.14
8.46
8.62
8.98
7.22
7.40
7.58
7.93
7.98
8.24
8.37
8.81
7.91
8.11
8.26
8.67
7.71
7.90
8.03
8.39
7.58
7.72
7.86
8.15
7.46
7.62
7.80
8.14
7.43
7.61
7.80
8.21
7.33
7.51
7.74
8.07
7.17
7.35
7.53
7.93
6.85
7.06
7,25
7.60
6.66
6.85
7.05
7.34
6.67
6.87
7.04
7.31
6.93
7.12
7.29
7.66
6.93
7.12
7.31
7.69
6.92
7.12
7.30
7.65
8.52
8.57
7.51
7.56
8.34
8.36
8.24
8.23
8.01
8.00
7.80
7.85
7.74
7.76
7.77
7.78
7.64
7.68
7.47
7.53
7.16
7.21
6.93
7.01
6.95
6.99
7.20
7.30
7.20
7.33
7.19
7.31
6.45
6.41
7.52
5.58
5.63
6.45
6.17
6.24
7.30
6.10
6.18
7.17
5.60
5.87
6.89
5.78
5.65
6.65
5.75
5.78
6.64
5.73
5.81
6.68
5.57
5.73
6.55
5.65
5.60
6.34
5.35
5.50
6.18
5.30
5.31
5.94
5.31
5.29
5.90
5.49
5.47
6.25
5.28
5.35
6.27
5.30
1,169.86
3,284.29
214.41
1,349.63
1,303.10
3,522.01
238.84
1,605.45
1,199.25
3,303.15
220.17
1,430.12
1,210.92
3,277.71
221.97
1,488.05
1,250.36
3,367.26
234.23
1,533.16
1,271.64
3,440.73
239.97
1,541.53
1,290.45
3,423.62
242.05
1,619.79
1,287.87
3,478.17
237.81
1,583.39
1,285.19
3,513.81
241.47
1,533.86
1,297.58
3,529.43
246.47
1,553.71
1,335.52
3,597.01
252.03
1,631.62
1,333.40
3,592.28
252.96
1,623.94
1,341.12
3,625.80
243.06
1,660.51
1,355.93
3,674.69
227.08
1,732.57
1,377.26
3,743.62
226.97
1,763.23
1,410.37
3,868.36
222.27
1,812.14
415.74
490.57
312.12
625.18
149.21
341.74
315.51
451.41
517.17
325.11
615.38
173.73
392.15
380.32
435.64
509.50
311.24
655.71
157.18
363.35
343.65
435.23
504.96
312.36
636.16
159.79
374.27
354.77
441.70
508.91
318.04
628.27
166.41
379.57
366.03
450.16
517.24
323.03
630.61
170.48
376.22
365.41
443.08
505.00
321.79
595.41
172.27
390.85
376.47
445.25
513.68
327.22
608.31
167.52
386.40
372.27
448.06
515.73
330.12
602.13
171.65
374.77
367.92
447.29
508.10
322.03
590.98
176.50
379.98
372.49
454.13
514.17
324.77
590.27
180.06
400.98
393.10
459.24
517.37
323.08
597.84
186.76
397.25
389.21
463.90
527.13
324.32
618.83
183.50
402.75
389.12
462.89
534.92
331.59
641.07
175.43
417.83
404.05
465.95
538.87
342.97
644.65
174.43
424.88
413.00
472.99
550.53
357.31
646.52
168.70
441.47
432.24
35.69
113.31
150.41
419.61
44.49
147.63
179.75
499.38
39.98
123.84
165.85
482.75
41.34
130.73
172.06
481.40
42.88
136.32
178.34
504.67
44.51
144.73
188.41
503.89
44.55
144.11
188.45
504.83
42.82
137.97
176.61
490.10
43.22
138.76
177.57
482.50
45.52
149.53
186.36
513.06
46.65
154.82
183.12
537.93
47.55
162.55
183.47
530.05
46.88
164.14
181.80
500.27
43.54
151.99
167.21
475.06
44.37
155.95
173.57
468.84
44.84
159.35
175.75
464.19
N.Y. Stock Exchange common stock indexes,
12/31/65*50:
Composite
Industrial
Transportation
Utility
Finance
229.00
284.61
201.09
99.45
179.24
250.60
301.21
243.48
211.98
217.29
239.47
294.86
212.34
103.84
196.86
239.67
292.07
221.00
105.51
203.38
243.41
294.40
226.96
109.44
209.92
248.11
298.75
229.41
225.06
217.01
244.72
292.16
237.97
227.58
216.02
246.01
297.83
237.79
222.41
209.40
247.16
298.78
234.30
226.53
209.74
247.85
295.34
238.30
232.53
218.89
251.93
298.82
250.82
237.44
224.95
254.86
300.92
247.72
244.63
229.34
257.52
306.61
254.04
240.97
228.17
268.30
325.70
275.49
241.68
224.67
257.66
313.12
257.99
229.94
215.95
262.10
320.92
278.29
225.58
218.70
NASDAQ over-the-counter price indexes:
Composite, 2/5/71*100
Industrial
Insurance
Bank
NASDAQ/NMS composite, 7/10/84*100
Industrial
599.49
655.04
659.78
438.22
265.46
263.85
714.84
739.48
872.80
637.01
316.23
295.94
661.28
710.38
771.93
518.84
293.59
285.56
691.13
740.27
806.19
556.01
306.61
297.27
681.71
716.02
840.17
596.89
302.11
287.11
685.30
709.22
851.63
618.87
303.66
284.30
665.33
681.19
845.66
624.55
294.34
272.48
686.45
715.73
836.89
600.22
303.62
286.31
695.38
725.04
835.49
594.22
307.35
289.80
703.40
720.61
875.19
630.72
311.00
288.14
725.15
740.05
904.33
658.57
320.65
295.97
745.94
757.94
927.25
682.01
329.85
303.15
771.31
786.93
943.40
709.88
340.91
314.62
764.04
789.72
902.67
689.57
337.33
315.47
762.94
791.00
904.68
682.56
337.29
316.61
787.77
824.22
918.20
694.09
348.68
330.48
2.99
2.63
5.72
1.99
2.89
7.46
2.78
2.49
4.97
1.74
2.59
6.91
2.90
2.57
5.44
1.91
2.69
7.45
2.88
2.57
5.37
1.86
2.68
7.35
2.81
2.50
5.15
1.75
2.58
7.37
2.76
2.48
4.99
1.76
2.51
6.70
2.82
2.54
4.98
1.69
2.54
6.69
2.80
2.50
5.10
1.71
2.66
6.78
2.81
2.51
5.02
1.76
2.67
6.97
2.81
2.54
4.90
1.76
2.53
6.89
2.76
2.50
4.83
1.74
2.47
6.83
2.73
2.48
4.65
1.75
2.43
6.70
2.72
2.45
4.74
1.75
2.51
6.71
2.72
2.40
4.92
1.71
2.74
6.87
2.72
2.40
4.96
1.67
2.74
7.01
' 2,030,386
' 65,096
2,613,872
82,982
187,494
6,258
187,356
6,027
211,249
6,628
224,039
6,972
229,938
7,177
201,835
6,526
198.161
6,607
202,955
6,758
213,463
6,902
214,979
6,745
244,787
' 7,668
247,417
7,469
237,693
7,503
r
2,276,283
68,734
160,620
5,070
162,394
4,964
183,872
5,474
197,791
5,863
201,928
6,046
175,154
5,381
173,266
5,454
177,008
5,562
185,755
5,767
183,928
5,390
213,769
6,391
214,874
6,226
206.544
6,216
Baa
By group:
Industrials
Public utilities
Railroads
,
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
U.S. Treasury bonds, taxable $
6.24
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)
Industrials (400 stocks)
Utilities (40 stocks)
Transportation (20 stocks)
Financial (40 stocks)
Preferred stocks, 10 high-grade
Sales:
Total on al! 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, 5/7. $
Number of shares listed, millions
1,755,242
'"53,299
51,376
66,923
4,889
5,311
5,466
5,772
5,839
5,102
5,531
5,303
5,496
5,522
5,936
5,867
5,778
6,623
891,785
48,453
1,350,101
66,540
89,349
4,951
107,993
5,188
107,865
4,976
104,714
5,155
101,843
4,889
103,225
5,108
105,820
5,374
101,803
5,224
117,601
5,810
117,641
5,777
139,365
6,702
127,346
6,175
114,885
6,162
137,551
6,683
4,035.00
115,839
4,535.00
131,004
4,035.00
115,839
4,091.01
117,605
4,137.00
119,524
4,249.00
120,679
4,151.06
121,275
4,246.01
122,645
4,291.00
124,759
4,284.00
125,658
4,343.01
123,666
4,410.00
127,005
4,497.00
128,004
4,440.01
129,009
4,535.00
131,004
4,689.04
132,009
41,229.5 r 40,311.7
40,092.2 '40,235.6
41,459.6
42,225.1
7. FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
[Millions of dollars]
Exports (mdse.), incl. reexports, total t
Seasonally adjusted
Western Europe
European Community
Belgium and Luxembourg
France
Federal Republic of Germany ...
Italy
Netherlands
United Kingdom
Eastern Europe
Former Soviet Republics
See footnotes at end of tables.
448,163.6
464,767.2
38,536.8
39,177.9
35,921.9
37,504.5
36,004.1
36,928.1
41,894.6
38,894.5
39,373.6
38,478.7
39,751.2
38,929.7
38,616.0
37,639.2
35,529.3
37,109.0
36,624.2
38 050 0
38,051.5
38 885 0
' 116,972.4
' 102,832.8
10,050.4
'14,558.1
' 21,244.5
"8,699.1
'13,746.2
' 22,787.8
113,654.4
96,956.6
9,437.2
13,266.6
18,956.9
6,458.3
12,839.4
26,375.8
'9,760.0
'8,393.8
859.2
'1,192.7
'1,756.3
'644.1
'1,240.4
'1,910.7
9,756.2
8,640.5
758.5
1,266.0
1,704.9
569.8
1,150.0
2,296.3
9,655.5
8,436.8
750.2
1,324.2
1,615.9
594.7
1,189.4
2,086.0
10,839.7
9,594.7
842.9
1,350.6
1,980.8
573.0
1,260.6
2,695.2
9,915.3
8,017.6
673.8
1,039.2
1,633.1
679.9
1,130.1
2,044.6
9,624.4
7,816.1
726.1
1,232.2
1,643.5
557.5
1,051.6
1,865.1
8,518.4
7,370.3
723.3
1,055.6
1,457.8
575.6
971.3
1,780.9
8,180.7
6,781.5
670.8
967.8
1,337.9
429.8
908.0
1,805.9
8,271.3
6,983.9
735.3
924.7
1,370.6
368.0
870.3
1,917.6
8,968.6
7,580.4
767.9
968.6
1,414.0
435.8
1,018.6
2,274.4
10,100.9
8,575.9
846.7
1,011.4
1,708.8
536.4
1,142.5
2,510.1
9,584.6
8,355.8
1,014.4
1,001.1
1,471.0
535.6
948.7
2,589.5
10,238.8
8,803.1
927.3
1,125.2
1,618.6
602.2
1,198.3
2,510.2
'5,498.7
'3,687.7
6,103.8
3,980.2
'519.0
'234.0
346.3
209.7
363.4
193.7
443.6
256.6
726.9
382.0
572.5
399.6
453.0
252.8
496.0
346.9
411.2
272.1
395.9
256.6
654.3
452.9
627.5
490.2
613.2
467.1
February 1994 •
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as
shown in BUSINESS STATISTICS, 1963-91
1992
Annual
1992
|
1993
Dec.
1994
1993
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct
Nov.
Dec.
8,181.7
484.1
3,267.0
352.5
8,667.6
491.2
3,395.3
390.0
8,914.7
557.4
3,347.8
381.4
'8,924.8
7,963.2
794.0
3,455.4
305.2
'. FOREIGN TRADE OF THE UNITED STATES-Continued
VALUE OF EXPORTS-Contlnued
[Millions of dollars}
Exports (mdse.), incl. reexports—Continued
Western Hemisphere:
Canada +
Brazil
Mexico
' 90,630.2
' 5,734.5
Venezuela
Asia:
China
Hong Kong
Japan
Republic of Korea
Saudi Arabia
Singapore
Taiwan
Africa:
Nigeria
' 40,592.8
'5,428.4
100,176.7
6,045.4
41,635.4
4,599.1
'7,400.8
'9,074.4
'47,816.5
'14,638.4
'7,163.1
'9,625.7
'15,255.4
8,767.1
9,872.9
47,949.5
14,776.2
6,665.7
11,675.6
16,249.8
'998.5
891.0
2,196.7
Australia
OPEC
Exports of U.S. merchandise, total t
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 class, chiefly by
material
,
Miscellaneous manufactured articles
Machinery and transport equipment, total .
Motor vehicles and parts
6,822.0
435.3
3,189.0
413.6
'881.7
613.1
747.1
3,713.1
'890.9
'3,982.9
'1,219.9
'623.4
'977.5
'1,417,6
7,638.5
411.9
3,304.8
405.4
9,392.3
471.5
3,758.2
410.9
696.2
622.5
879.4
4,404.5
1,132.3
681.0
8,773.8
562.7
3,619.0
453.3
731.1
8.702.4
481.5
3,507.3
395.6
9,077.9
436.0
3,653.0
338.6
7,117.8
478.7
3,176.5
372.3
576.2
1,018.6
710.1
717.2
4,119.0
1,337.3
452.3
934.8
1,426.0
1,256.2
632.2
823.7
1,325.1
1,476.7
763.5
777.8
4,305.4
1,278.1
493.6
1,019.1
1,491.6
75.8
81.7
107.7
59.0
69.7
47.8
67.8
172.6
579.4
203.4
170.8
177.5
159.4
165.3
161.5
1,203.7
551.6
714.5
3,892.1
1,119.0
506.5
941.8
1,301.9
889.7
1,071.1
906.3
869.8
3,685.2
4,058.9
1,170.0
579.2
933.5
1,276.5
755.6
878.6
849.3
441.1
3,962.1
380.3
803.9
776.9
744.0
1,052.7
932.8
3,996.1
1,221.7
636.5
1,115.7
1,491.1
3,757.1
1,211.3
558.8
879.7
1.414.5
4,262.8
619.9
3,729.6
789.2
4,025.7
1,194.4
450.3
1,120.4
1,097.1
1,238.4
485.3
970.9
1,387.5
95.5
85.5
69.4
63.3
153.0
313.6
131.8
165.8
1,413.8
638.4
1,140.0
1,490.7
'8,877.7
8,271.6
'93.0
'204.6
'982.7
637.6
738.1
649.3
724.7
698.1
694.2
67.8
222.0
682.1
718.8
743.8
664.4
741.1
'21,920.6
19,479.1
'1,805.2
1,607.1
1,507.0
1,838.4
1,660.2
1,683.0
1,419.1
1,331.2
1,376.6
1,456.6
1,957.6
1,729.9
1,912.4
'425,603.3
439,190.8
36,508.8
34,113.3
34,131.0
39,663.3
37,342.7
37.580.2
36,459.4
33,437.9
34,400.5
35,919.7
38,887.6
'38,036.4
39,218.8
'42,132.6
'382,882.2
'32,921.7
'7,073.3
'25,446.7
'11,131.5
' 1,452.4
'43,947.5
41,820.7
397,642.2
'3,718.6
32,790.2
'2,780.7
'647.6
'2,193.7
'1,092.8
'111.1
'3,371.7
3,614.0 3,752.6
30,387.2 30,587.7
2,565.4 2,760.2
500.0
535.2
3,796.9
35,973.5
3,834.7
'34,201.7
2,952.1
647.0
2,333.3
768.0
138.5
4,013.4
817.5
99.9
3,161.0
32,758.7
2,748.3
550.0
1,745.1
723.4
100.7
3,682.3
2,953.4
549.6
2,219.1
789.1
134.6
3,550.5
3,009.6
30,407.3
2,644.1
500.5
1,882.5
2,884.2
31,673.8
2,454.1
538.3
2,180.0
935.8
112.3
3,690.0
3,568.3 3,296.3
33,678.3 34,302.2
2,797.1
2,653.6
520.3
519.3
2,047.7
1,967.9
944.4
834.9
3,807.1
35,080.5
32,894.7
6,502.9
24,341.3
9,735.8
1,461.0
45,065.9
2,084.0
759.4
153.0
3,884.2
2,035.8
715.5
112.2
3,713.3
4,019.1
35,199.7
2,924.7
580.2
2,216.8
918.2
176.4
3,689.8
'36,312.3
'48,017.7
'200,922.4
'32,294.5
36,608.7
50,630.2
208,985.8
35,801.5
'2,801.0
'3,872.5
18,015.3
'3,066.4
2,892.4
3,833.5
15,447.1
2,365.3
2,913.5
3,840.8
16,205.9
2,945.2
3,108.7
4,377.5
16,654.5
2,781.4
3,152.8
4,449.9
18,508.0
3,249.2
3,089.0
4,282.8
18,047.7
3,600.7
2,934.3
4,358.2
19,203.0
3,045.9
532,664.8
580,544.2
50,567.1
53,867.1
50,989.6
'51,432.1
'49,914.5
48,781.2
49,632.8
10,268.3
10,774.7
9,200.2
519.1
1,399.9
2,610.4
1,530.4
'20,137.0
115,606.5
98,007.3
5,430.3
15,243.9
28,605.1
13,222.8
5,451.0
21,736.3
45,812.8
46,143.1
'9,964.3
'8,506.6
414.3
'1,357.3
'2,722.1
'1,035.8
'457.8
'1,758.7
42,035.0
45,176.2
'110,668.4
'93,983.4
4,705.8
'14,812.5
'28,818.0
'12,269.9
'5,287.5
1,987.0
10,518.9
9,020.1
480.2
1,566.7
2,634.1
1,130.6
486.0
1,997.0
'1,981.4
'826.7
3,530.7
2,099.2
'206.3
'85.7
'98,686.2
'7,604.8
'35,200.8
'8,169.2
110,921.2
7,465.8
39,929.6
8,140.2
'25,671.8
'9,790.3
'96,512.5
'16,687.8
10,366.9
'11,316.4
'24,599.3
31,534.8
9,558.1
107,267.7
17,122.5
7,709.5
12,796.6
25,104.7
'5,079.7
'1,719.2
'3,673.9
32,952.8
5,301.1
1,846.9
3,293.8
31,725.3
'22,697.4
'5,366.1
'2,432.8
Republic of South Africa
'7,060.9
'721.8
'3,369.0
'356.1
104.8
3,751.5
115.7
3,983.8
3,076.9
33,391.6
2,486.2
550.1
1,900.4
826.2
101.5
3,750.6
3,790.7
703.4
111.4
3,565.8
3,334.5
4,517.2
19,449.5
3,489.8
3,054.9
4,253.1
18,021.6
3,396.6
3,105.6
4,342.7
17,968.7
3,364.6
3,126.6
4,184.6
18,029.7
3,111.0
2,829.4
4,076.6
14,977.7
2,065.2
3,067.0
4,113.3
16,472.4
2,386.6
41,909.3 50,780,9
44,832.2 49,347.3
8,240.2 10,402.5
47,801.6
48,660.2
46,293.2
47,306.0
50,365.1
49,697.5
9,292.4
10,215.2
8,643.3
499.6
1,359.8
48,138.1
47,533.9
9,958.8
8,385.1
513.0
1,209.4
2,425.0
1,238.7
486.6
1,778.9
301.3
169.1
48,573.3
48,097.0
9,084.2
7,836.3
324.5
1,196.8
2,242.6
1,146.6
490.3
1,730.4
273.3
153.7
7,766.8
704.8
3,068.4
736.3
8,765.4
688.6
2,955.5
512.4
1,728.7
VALUE OF IMPORTS
[Millions of dollars!
General imports, total t
Seasonally adjusted
Western Europe
European Community
Belgium and Luxembourg
France
Federal Republic of Germany
Italy
Netherlands
,
United Kingdom
Eastern Europe
Former Soviet Republics
Western Hemisphere:
Canada
Brazil
Mexico
Venezuela
Asia:
China
Hong Kong
Japan
Republic of Korea
Saudi Arabia
Singapore
Taiwan
,
,
,
Africa:
Nigeria .,
Republic of South Africa
Australia
OPEC
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 class, chiefly by
material
Miscellaneous manufactured articles
Machinery and transport equipment
Motor vehicles and parts
,
7,019.6
387.2
1,121.5
2,203.0
863.
383.6
8,735.1
448.3
1,357.3
2,588.6
1,179.7
1,492.5
1,937.1
9,465.8
7,970.3
424.0
1,268.9
2,331.2
975.5
440.0
1,874.9
166.2
63.7
178.2
248.9
138.8
277.3
156.4
263.6
344.2
152.3
221.2
'8,236.4
'573.3
'2,832.1
'758.8
7,862.4
548.2
2,811.4
679.2
8,544.3
366.7
2,989.0
604.1
10,053.7
638.0
3,459.1
9,642.0
613.7
3,355.2
715.8
9,605.4
589.8
3,257.4
692.3
10,066.9
'2,027.0
'789.0
2,189.5
790.4
2,223.5
662.4
9,181.0
1,354.5
832.7
923.2
2,005.5
2,374.6
733.0
7,810.9
1,412.1
755.2
985.3
1,984.7
2,754.5
810.9
8,640.3
1,549.4
678.5
1,159.0
2,160.8
2,975.4
7,616.3
1,365.7
880,7
851.1
1,972.0
1,867.2
560.4
8,020.6
1,160.1
705.3
822.9
2,083.7
678.0
'9,084.2
'1,296.1
'875.8
'1,051.3
•'2,030.5
'352.3
455.5
140.2
412.5
119.6
537.9
461.9
156.9
538.1
165,1
677.6
166.4
536.3
'155.7
151.2
'280.9
337.1
212.3
246.8
250.6
255.1
'2,836.1
2,722.3
2,465.
2,876.8
3,073.0
2,720.9
22,983.6
5,512.3
15,374.1
55,582.1
999.9
29,166.3
'1,991.9
'436.9
'1,118.0
'4,620.6
1,777.1
374.7
1,174.0
2,112.2
502.5
1,452.8
1,890.8
4,069.6
4,909.5
'95.4
'2,572.3
1,929.4
317.0
1,218.3
4,642.1
80.6
2,253.0
75.1
2,130.2
87.3
2,619.2
1,317.9
5,191.4
81.4
2,557.6
1,890.8
478.6
1,208.4
4,968.5
81.8
2,398.9
'60,347.0
'94,959.2
'231,234.2
'71,318.2
66,168.0
104,484.8
259,975.3
'4,840.4
'7,638.1
•20,838.4
'6,612.9
5,016.9
7,309.6
17,814.6
5,443.3
4,621.3
7,189.9
19,062.4
6,384.1
5,759.1
8,403.1
23,048.5
7,425.4
5,410.0
7,662.9
21,746.3
7,202.1
5,309.0
7,611.1
20,401.6
6.463.7
'-84,501.0
-115,776.9
-7,275.9
-6,965.2
-6,113.1
-7,671.7
-5,905.2 -8,886.3 -8,428.0
-7,904.1 -10,452.8 -10,181.
-80.45
423.31
'503.78
-118.18
446.72
564.89
-6.85
37.41
44.26
-7.86
35.98
43.84
'13,957.6
'54,658.1
'1,073.2
'27,710.8
79,470.8
8,022.3
6,892.7
422.2
1,033.9
1,959.8
918.2
420.3
1,498.2
93.6
1,663.0
496.7
688.3
9,667.3
1,403.1
775.4
1,115.8
2,114.3
493.0
7,857.9
434.9
1,198.1
2,341.1
956.9
432.0
1,854.6
49,505.6
9,363.2
7,848.1
467.9
1,218.6
8,598.6
509.4
432.1
1,786.1
1,313.0
2,543.0
1,131.9
485.3
1,889.4
311.5
192.3
413.8
287.5
357.3
223.3
395.1
247.3
3,157.0
686.9
9,697.3
722.0
3,496.4
707.0
10,193.7
686.7
3,737.6
668.1
9,930.4
627.8
3,773.2
635.5
8,792.9
626.4
3,299.8
533.3
3,188.9
842.7
3,355.3
948.6
9,350.9
1,470.6
532.5
1,118.8
2,321.8
1,544.3
562.1
1,224.0
2,265.1
3,275.5
959.9
10,086.4
1,481.6
512.6
1,200.6
2,234.4
2,898.5
889.1
9,481.4
1,458.8
483.5
1,078.;
2,148.5
2,348.2
781.4
8,992.5
362.7
150.2
324.9
184.8
153.9
330.5
145.0
344.7
141;
318.5
172.1
258.3
297.0
297.5
304.2
304.7
276.!
253.7
2,798.8
2,638.7
2,583.8
2,548.9
2,690.3
2,454.9
2,151.4
1,889.8
493.9
1,252.6
1,747.6
1,829.9
1,884.2
521.6
1,269.0
2,083.0
547.9
5,023.1
82.0
2,475.1
4,679.4
85.3
2,416.6
1,951.4
480.4
1,362.4
4,417.9
110.9
2,471.3
1,997.4
384.2
1,361.7
3,874.6
74.4
2,482.5
5,706.2
9,101.9
22,562.2
6,701.5
5,708.6
9,717.8
20,292.3
5.211.3
7,814.0
5,896.6
9,251.6
24,007.7
7,261.1
5,517.5
8,008.3
23,272.5
6,843.5
-6,542.0 -11,749.1 -12,608.8 -11,949.1 -12,515.7 -12,637.6
-8,376.3 -12,058.3 -10,424.9 -10,047.0 -10,620.5 -10,897.4
-11,120.4
'-9,678.9
-7,321.6
-7,407.7
-10.05
'38.95
'49.00
-8.27
40.83
49.10
2,429.3
1,208.5
499.5
1,910.2
653.1
3,525.1
793.4
901.3
8,855.4
1,559.1
510.0
1,138.1
2,108.2
459.3
1.237J
459.2
1,213.;
4,403.5
78.4
2,441.5
5,498.7
9,890.9
21,064.0
6,009.8
2,297.0
942.3
4,548.9
88.7
2,434.7
1,306.2
4,853.6
74.0
2,485.7
5,727.9 5,996.2
10,119.0 10,218.7
22,568.4 24,134.8
6,711.0
398.6
9,564.7
1,363.2
481.0
1,179.5
2,126.4
MERCHANDISE TRADE BALANCE
[Millions of dollars]
Trade balance:
Not seasonally adjusted
Seasonally adjusted
[Billions of 1987 dollars]
Seasonally adjusted:
Trade balance
Exports
Imports
See footnotes at end of tables.
-8.36
35.1
43.50
-10.47
37.12
47.59
-10.16
36.69
46.85
-8.19
37.19
45.38
-12.23
35.77
48.00
S-17
-10.73
'35.82
'46.55
-10.32
'36.62
'46.94
-10.58
37.69
'48.27
-10.96
38.92
49.87
Jan.
S-18
• February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
1992
STATISTICS, 1953-91
1992
Annual
1993
Dec.
1994
1993
Jan.
Feb. |
Mar. |
Apr. |
May |
June |
July |
Aug. |
Sept. |
Oct. |
Nov.
Dec.
101.6
101.3
101.7
99.9
72.8
103.4
101.5
100.7
101.7
99.9
71.9
103.6
101.3
100.4
101.5
100.5
73.1
104.1
"101.6
102.8
101.5
'99.9
"69.7
"103.9
101.9
105.9
101.5
99.0
62.3
104.0
Jan.
7. FOREIGN TRADE OF THE UNITED STATES-Continued
Export and Import Price Indexes
[1990*100]
All exports
Agricultural exports
Nonagricultural exports
100.9
98.1
101.2
All imports
Petroleum imports
Nonpetroleum imports
"100.4
82.4
102.6
101.4
99.9
101.8
100.1
75.8
103.2
100.8
97.8
101.4
101.0
98.5
101.4
100.1
80.7
102.5
100.1
80.8
102.6
101.1
97.5
101.7
101.4
97.9
102.0
101.7
98.9
102.2
101.4
96.1
102.3
100.2
81.2
102.5
100.7
82.9
102.8
101.0
82.7
103.2
100.5
79.1
102.3
103.1
101.6
101.1
101.8
100.0
74.4
103.3
101.2
97.9
101.8
99.7
78.6
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight, thous. metric tons
Value, mil. $
387,525
170,311
34,729
14,865
31,578
13,657
31,436
13,632
30,126
15,210
30,612
14,103
29,427
14,225
28,669
13,182
28,159
13,443
25,978
12,746
27,577
13,133
31,048
14,321
28,963
13,840
General imports:
Shipping weight, thous. metric tons
Value, mil. $
473,722
291,726
39,940
24,822
41,918
23,570
35,343
21,636
43,837
26,468
45,443
25,865
43,105
24,464
46,223
26,706
44,667
26,660
44,563
26,822
47,307
27,335
48,139
28,874
46,876
26,687
8. TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers
Certificated route carriers:
Passenger-miles (revenue), billions
Passenger-load factor, percent
Ton-miles (revenue), total, millions
Operating revenues (quarterly), mil. $ t
Passenger revenues, mil. $
Cargo revenues, mil. $
Mail revenues mil $
Operating expenses (quarterly), mil. $f
Net income after taxes (quarterly) mil $ t
478.08
63.6
60,862
78,119
59,811
5,919
1,174
80,492
- 3 041
37.82
59.9
4,976
19,135
14,433
1,578
333
20,404
- 1 646
36.19
57.4
4,609
33.38
58.4
4,353
40.10
63.5
5,171
19 764
15,036
1,476
324
20,065
-971
39.17
62.9
5,019
40.46
63.1
5,158
43.07
66.5
5,405
21 063
16,206
1,540
288
20,351
-77
46.60
67.7
5,794
48.09
69.6
5,967
40.46
63.2
5,276
22,199
17,242
1,607
280
20,903
445
41.57
64.6
5,485
37.46
61.8
5,030
. . . .
347.50
5,191
1 568
25.62
395
135
24.51
398
123
29.49
439
132
31.20
434
126
15,874
14,994
148
33.03
438
129
33.76
457
124
28.24
470
131
16,102
15,160
279
29.79
493
145
27.93
460
139
57,629
58,725
- 2 003
29.43
457
138
15,095
14,854
-424
28.99
437
140
Operating revenues (quarterly), mil. $ t
Operating expenses (quarterly), mil. $-\
Net income after taxes (quarterly) mil. $ t . ..
27.64
448
195
14,342
15,026
- 1 144
130.58
5,798
496
20,490
21,767
- 1 038
10.18
490
62
4,793
5,378
-502
10.57
423
36
8.87
460
34
10.67
526
40
4,668
5,211
-548
10.18
485
40
10.98
504
37
11.88
503
36
5,189
5,357
-225
13.57
527
40
14.33
538
39
12.23
589
38
6,097
5,743
166
11.78
647
43
9.53
639
46
8 519
700
664
642
746
708
699
693
657
667
690
100
24,180
100
6,333
213.4
220.8
111.3
111.1
Domestic operations:
Passenger-miles (revenue), billions
Cargo ton-miles millions
Mail ton-miles millions
International operations:
Passenger-miles (revenue), billions
Cargo ton-miles millions
Mail ton-miles millions
Operating revenues (quarterly) mil. S t
Operating expenses (quarterly), mil. $f
Net income after taxes (Quarterly) mil $ t
Urban Transit Industry
Passengers carried total millions
Motor Carriers
Carriers of property, large, class 1, qtrly.:
Number of reporting carriers, number
Operating revenues, total, mil. $
Ordinary income before extraordinary and prior
period charges and credits, mil. $
Tonnage hauled (revenue), common and contract
carrier service mil tons
Freight carried—volume indexes, class 1 and II
intercity truck tonnage (ATA):
Common carriers of general freight, seas, adj.,
1967*100
.. .
100
6,011
100
6,479
100
6,748
446
13
71
163
218
207
54
50
53
53
201.4
214.6
215.7
209.0
212.3
209.4
208.9
215.3
216.7
214.1
213.1
213.6
r
221.3
Class 1 Railroads X
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 5 0
Traffic:
Revenue ton-miles, qtrly. (AAR), billions
Producer Price Index, line haul operations, 12/
84*100
28,349
27,508
90
25,316
1,960
2,060
7,027
6,825
21
6,123
558
618
7,240
7,025
21
6,156
601
892
1,064.0
1,102.4
274.2
110.0
110.8
110.3
7,249
7 040
21
6,091
776
709
264.0
7,091
6,882
20
6,195
265
121
275.3
110.7
276.9
'286.2
110.5
110.5
1,764
1,449
1,530
1
1,516
258
1,563
342
460
424
402
457
382
352
296
262
1,660
2,223
3,249
4,968
7,723
10,778
10,903
7,016
4,984
110.6
110.6
110.8
110.9
110.9
110.9
111.1
111.2
281
289
318
2,046
1,429
Travel
Lodging industry:
Restaurant sales index, same month 1967*100 ....
Hotels' Average room sale dollars
Rooms occupied % of total
Motor hotels' Average room sale, dollars
Rooms occupied % of total
Economy hotels' Average room sale, dollars . ...
Rooms occupied, % of total
Foreign travel:
U.S. citizens: Arrivals (quarterly), thousands
Departures (quarterly), thousands ....
Aliens: Arrivals (quarterly), thousands
Departures (quarterly), thousands
Passports issued thousands
National parks, recreation visits, thousands @
See footnotes at end of tables.
19,539
19,009
19,389
17,202
3,282
57,886
4,205
58,542
4,426
4,648
4,778
4,244
214
1,564
1
1
1
February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
1992
Annual
1992
STATISTICS, 1963-91
1993
•
1994
1993
Jan.
Dec.
|
Feb.
Mar. |
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
8. 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 .
9. CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
[Thousands of short tons, unless otherwise indicated]
Production:
Aluminum sulfate, commercial (17% AI2O3)
Chlorine gas (100% Cla)
Hydrochloric acid (100% HCI)
Phosphorus elemental
Sodium hydroxide (100% NaOH)
Sodium silicate anhydrous
Sodium sulfate (100% Na2SO<)
Sodium tripolyphosphate (100% Na3P3Oio)
Titanium dioxide (composite and pure)
Sulfur, native (Frasch) and recovered:
Production thous metric tons
Stocks (producers1) end of period, thous. metric
tons
1,047
11,757
3.566
271
12,249
"832
761
1,113
12,028
3,224
267
12,854
982
718
239
3,027
904
71
3,134
228
186
1,253
1,280
321
277
3,001
787
73
3,203
260
146
266
2,905
826
67
3,127
224
249
334
269
3,060
821
63
3,261
254
163
'300
'3,062
'790
64
3,263
244
'161
317
312
318
9,370
792
767
693
772
745
721
736
831
851
828
851
809
809
824
861
946
885
870
935
1,015
1,150
1,197
1,231
Inorganic Fertilizer Materials
[Thousands of short tons, unless otherwise indicated]
Production:
Ammonia synthetic anhydrous
Ammonium nitrate original solution
Ammonium sulfate
Nitric acid (100% HNO3)
Nitrogen solutions (100% N)
Phosphoric acid (100% P A )
Su Ifuric acid (100% HjSO,,)
' 18,295
^7 832
-2.391
'8,043
3,452
' 12,792
' 44,860
17,252
8 394
2,398
8,537
3,660
11,521
40,153
' 4,586
1 954
'596
'2,014
857
'3,243
'11,503
Superphosphate and other phosphatic fertilizers
(gross weight):
Production
..
. . .
Stocks, end of period
Potash sales (K2O)
20,039
849
5 902
17,834
673
5,076
849
439
5,276
161 728
835,217
524,994
4,987
177 611
901,092
561,666
4 282
2133
578
2116
882
2 873
9 658
r
504
544
4 433
929
511
4,242
1 862
599
1 950
845
2,689
9,635
4,096
2 084
614
2183
917
3,016
10,339
788
926
4 874
598
280
193
444
4,051
612
503
4 632
2315
607
2,288
1 016
2,943
10,521
4 476
673
420
432
Imports:
Ammonium nitrate thous metric tons
Ammonium sulfate thous metric tons
Potassium chloride thous metric tons
Sodium nitrate, thous. metric tons
Industrial Gases
[Millions of cubic feet]
Production:
Acetylene
Hydrogen (high and low purity)
Nitrogen (high and low purity)
Oxygen (high and low purity)
..
. . . .
1,356
42 550
213,431
135,993
1,195
41 793
224,351
134,710
1,229
40 518
223,683
136,104
'1,255
' 4 5 311
'226,169
'144 959
134.5
3,164.8
333.1
3,958.9
407.4
34.1
787.5
24.3
1 043 1
97.8
27.8
36.7
>2.9
31.9
807.5
27.5
895.0
95.2
•2.9
32 2
876.0
30.0
958.5
1006
'3.1
33 7
863.7
30.3
1,079.6
99.2
1 213.1
36.5
115.5
36.5
113.9
38.8
106.8
42.6
693.1
700.6
339.4
16.8
80.4
70.8
36.6
16.8
63.3
58.7
31.2
17.8
57.4
50.4
25.9
20.8
1,308
49 989
226,889
145,893
Organic Chemicals t
[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
30.8
30.4
117.8
50.6
112.3
44.7
111.1
45.3
107.2
44.5
105.3
44.6
63.7
60.8
33.9
24.2
66.7
61.6
34.1
27.6
65.6
65.5
43.3
24.0
71.5
63.5
34.5
26.3
59.5
56.6
29.6
29.6
23.9
ALCOHOL
Ethyl alcohol and spirits:
Production mil. tax gal
Stocks end of period mil tax gal.
.
.
Denatured alcohol:
Production mil wine gal
. . .
Consumption (withdrawals), mil. wine gal.
For fuel use mil. wine gal
Stocks, end of period, mil. wine gal
See footnotes at end of tables.
..
S-19
32.3
29.4
Jan.
b-ZU
•
February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as
shown in BUSINESS STATISTICS, 1953-01
1992
Annual
1992
1993
Dec.
1994
1993
Jan.
Feb.
Mar.
May
Apr.
June
July
Aug.
|
Sept.
Oct.
Nov.
Dec.
9. 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
,.
7.445.2
3,562.3
1,816.5
881.9
1.865.0
787.0
2,231.2
814.6
2,211.4
812.9
5.187.7
1,144.6
1.221.9
1.399.6
1,261.2
2.775.1
1,058.6
1,044.5
672.0
2,871.6
3.577.6
1,598.2
1,154.8
824.6
3,428.6
PAINTS, VARNISH, AND LACQUER
[Millions of dollars]
Total shipments
Architectural coatings
Product coatings (OEM)
Special purpose coatings
..,
12,249.4
5.164.3
4,283.1
2,802.1
12,856.0
5,436.1
4,430.7
2,988.7
1.166.6
1.091.5
613.5
1,524.7
1,092.5
811.4
10. ELECTRIC POWER AND GAS
ELECTRIC POWER
[Millions of kilowatt-hours, unless otherwise
indicated]
Production:
Electric utilities, total
By fuels
By waterpower
2,797,219
2,557,659
239,559
244.126
220,317
23.808
Sales to ultimate customers, total (Edison Electric
Institute)
Commercial t
Industrial t
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental
2,742,097
757,700
934,636
5,245
948,840
15.361
77,690
2.625
671,401
185,446
233,667
1,300
226,291
4139
19,982
575
689,495
184,066
225,159
1,390
254 603
4 057
19,734
485
651,928
185,212
235,367
1,262
206.806
3 721
18,970
589
774.522
219,530
249.214
1,232
280 705
3,818
19,271
752
185,782
44,896
45,511
44 960
57,184
56,233
51,634
4,379
169
51
56,233
51,634
4,379
169
51
9,757
4,678
2,215
1,721
917
226
2.831
1 405
648
503
220
56
46,178
26,697
10,903
5,540
2,187
684
14,408
8.072
3.311
1 759
643
187
Revenue from sales to ultimate customers (Edison
Electric Institute) mil $
245,797
221,323
24,474
224.663
204,920
19,743
234,630
211,047
23,583
211,292
186,122
25.171
222,396
193,072
29.323
249.625
223.019
26,606
282,270
258,695
23,575
279,147
259,462
19,685
236,516
219,428
17,089
GAS
Total utility gas, quarterly (American Gas
Association):
Customers, end of period, total, thousands t ••••
Residential
Commercial
Industrial $
Other
Sales to customers, total, tril. Btu
Residential
Commercial
Industrial
Electric generation
Other
Revenue from sales to customers, total, mil. $ ..
Residential
Commercial
Industrial
Electric oeneration
Other
11. 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 gal
Stocks, end of period, mil. tax gal
Imports mil proof liters
202.12
180.36
12.50
14.32
13.19
12.50
15.36
12.97
13.66
15.78
13.10
14.45
17.41
15.37
14.94
17.44
15.32
15.14
18.87
16.47
16.67
18.96
17.63
14.80
18.51
16.84
14.07
18.50
16.71
14.31
16.14
15.11
13.71
128.46
6.47
6.10
8.52
11.24
8.39
7.51
6.04
3.92
351.68
419.63
40.46
419.63
23.08
424.83
24.13
426.16
28.05
422.20
28.06
427.14
26.13
429.29
28.73
409.58
27.03
422.07
59.63
367.09
4.96
367.09
4.90
366.84
6.05
368.39
8.00
370.41
6.52
371.93
5.37
372.95
3.83
352.65
1.74
367.21
Wines and distilling materials:
Effervescent wines:
Production, mil. wine gal
Taxable withdrawals, mil. wine gal.
Stocks, end of period, mil. wine gal
24.69
23.94
15.83
1.73
2.42
15.83
2.77
1.01
14.88
2.34
.91
17.55
2.40
1.64
19.26
1.29
1.29
19.49
1.36
1.32
18.33
1.55
1.32
17.42
1.72
1.12
18.40
2.53
1.47
19.20
2.77
2.17
19.30
Stiil wines:
Production, mil. wine gal
Taxable withdrawals, mil. wine gal.
Stocks, end of period, mil. wine gal.
343.59
415.39
558.43
15.97
30.60
558.43
4.72
25.51
542.08
5.23
25.99
527.91
7.31
34.56
501.27
5.50
29.82
474.68
5.09
27.89
449.59
4.00
29.51
419.27
5 00
26.07
386.46
39 89
27.81
394.38
176 67
27.12
514.22
Distilling materials produced at wineries, mil.
wine gal
112.23
4.83
3.52
3.86
3.64
6.28
5.27
4.92
1.71
17.00
24.74
Whisky:
Production mil tax gal.
Stocks, end of period, mil. tax gal.
See footnotes at end of tables.
2,977.7
1,146.6
1.C92.0
739.2
Jan.
February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
1992
Annual
1992
STATISTICS, 1963-91
•
1993
S-21
1994
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
I
Sept. I
Oct.
Nov.
Dec.
Jan.
11. FOOD AND KINDRED PRODUCTS; TOBACCO-Continued
DAIRY PRODUCTS
Butter:
Production (factory), mil. Ib
Stocks, cold storage, end of period, mil. ib
Producer Price Index, 1982-100
1,365.0
447.7
59.2
1,398.9
234.7
54.4
119.8
447.7
58.0
144.4
'489.1
53.8
6,488.2
2,936.5
462.0
341.1
6,464.9
2,925.1
465.2
358.1
571.6
259.6
462.0
341.1
583.0
539.1
41.5
33.9
128,300
93,781
13.10
127,383
"12.83
10,659
7,564
12.80
168.4
872.1
150.9
926.6
9.1
77.4
1.030
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
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 'b
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
138.9
492.5
53.8
139.1
'515.6
53.9
124.2
'552.7
55.0
115.1
' 559.0
55.1
103.9
'569.0
56.3
87.2
'516.4
55.1
79.3
'473.3
54.0
80.4
'395.4
54.0
92.1
'341.1
54.1
95.7
'276.3
54.1
118.2
234.7
54.0
248.7
47.4
509.1
247.8
476.1
346.8
488.9
222.9
' 454.4
'329.6
543.9
236.1
460.0
326.7
552.6
254.8
' 453.6
' 322.0
571.7
277.7
480.5
348.7
554.8
266.2
541.2
409.8
540.7
259.5
533.3
407.3
530.0
237.8
517.7
395.5
516.5
213.5
500.1
388.8
556.0
239.0
'471.9
'367.9
539.3
223.7
'462.4
'361.9
561.4
246.1
465.2
358.1
475.1
360.1
42.9
45.4
37.4
49,8
46.4
45.9
43.1
43.8
43.5
43.9
51.8
41.6
46.5
41.5
53.0
64.6
69.4
72.8
81.1
85.7
87.4
93.8
78.1
60.3
37.2
33.9
10,728
7,802
' 12.50
' 9,908
7,661
12.30
"11,060
8,357
12.20
' 10,927
8,250
12.60
11,410
8,449
13.00
' 1 0,940
8,277
13.10
'10,913
7,835
12.80
'10,573
'10,138
'10,331
'9,994
10,461
10,606
12.50
12.70
13.10
13.60
'13.60
^13.60
21.1
79.2
13.0
76.5
13.0
83.6
14.7
69.1
11.7
90.7
14.3
103.6
12.2
95.2
12.9
88.4
12.1
64.9
11.8
51.1
14.1
56.3
11.4
56.0
9.7
91.2
6.5
79.9
9.1
77.4
6.3
70.3
7.2
70.4
8.5
77.1
8.2
86.1
5.3
112.6
7.1
143.2
7.8
130.2
7.0
132.9
5.4
94.9
5.0
66.6
5.0
55.3
6.5
79.9
1.074
1.029
1.053
1.087
1.091
1.079
1.092
1.084
1.073
1.062
1.052
1.058
1.079
1.081
r
r
r
GRAIN AND GRAIN PRODUCTS
Exports (barley corn oats rye wheat) mil. bu
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
Corn:
Production (crop estimate, grain only), mil. metric
tons
Stocks (domestic), end of period, total, mil. metric
tons
On farms, mil. metric tons
Off farms, m/7. metric tons
Exports, including meal and flour, mil, metric tons
Producer Price Index, No. 2, Chicago, 1982*100 ..
Oats:
Production (crop estimate), ml metric tons
Stocks (domestic), end of period, teal, mil. metric
tons
On farms, mil. metric tons
,
Off farms m/7 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
9.970
1
8.714
7.546
2
4.319
2
3.227
2
7.266
4.227
3.039
1
2
See footnotes at end of tables.
2
112.9
106.6
240.85
1
200.83
2
145.72
2
55.11
2
1
2
6
92.9
4.278
1.854
6
.885
6
.968
6
105.7
107.9
109.3
3
110.2
3.292
1 485
1.806
110.7
107.8
5
144.23
92.21
52.03
85.6
85.7
84.1
5
86.7
92.7
90.8
6
66.92
23.20
43.72
64.63
85.9
1
102.3
100.4
109.4
112.6
112.0
4
4
4
53.67
27.20
26.47
150.77
96.60
5417
84.5
92.0
93.8
91.4
94.7
103.2
115.3
119.3
90.7
91.3
88.9
85.7
89.8
88.4
80.3
86.2
88.0
88.1
82.6
80.6
80.5
87.2
98.7
93.5
92.5
89.6
87.3
86.8
87.0
89.5
90.9
'91.0
113.1
149.6
164.3
152.9
95.2
109.9
126.0
126.0
7.081
'102.9
1
1
1
1
1
2
2
43.29
2
18.29
2
25.00
100.7
102.8
1.643
6
.960
6
683
.263
87.9
1
104.9
7.266
4 227
3.039
2.994
'.304
1
8.768
6.044
2.724
94.22
56.30
37 92
5
1.643
6
.960
6
.683
86.4
8.149
107.6
3
161.15
1
1
3
5.311
2 675
2.636
150.77
2
96.60
2
54.17
96.0
1
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, m/7. metric tons
Wheat only, mil. bu
2
82.0
65.37
17.22
48.15
15.34
43.17
2
17.86
2
25.31
28.40
10.23
18.16
3
14 46
22 03
14.40
3
5.00
3
9.40
57.87
26.73
31.14
43.17
17 86
25.31
S-22
• February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
STATISTICS, 1963-91
Annual
1992
1992
1993
Dec.
1993
Jan.
Feb.
Mar.
Apr. |
May |
June |
July |
Aug. |
Sept. |
Oct.
Nov.
Dec.
11. FOOD AND KINDRED PRODUCTS>; TOBACCO—ContinuecI
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
..
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
97.3
92.1
96.1
97.5
94.2
91.8
92.2
87.2
85.2
85.4
84.9
86.9
92.9
99.0
108.3
104.6
107.3
116.9
102.7
108.0
103.0
104.1
104.9
102.9
102.0
111.9
128.3
123.5
134.0
140.0
139.9
136.6
29,189
528
65,495
29,838
636
66,919
30,751
553
69,013
33,719
605
75,410
103.7
107.2
'102.1
107.5
109.7
114.6
111.0
370,829
6,707
833,339
5,487
4 762
5 487
107.4
107.3
103.5
107.5
108.1
107.2
108.4
105.2
104.7
' 26,490
27,628
' 2,261
2,207
2,029
2,328
2,311
2,214
2,484
2,272
2,382
2,404
2,377
'2,319
2,298
651
272
619
249
651
272
'693
315
736
360
734
359
825
424
866
474
966
556
'1,018
'624
1,044
679
'1,068
714
' 1,045
684
'656
291
619
249
679
291
.305
.339
.305
.300
.305
.310
.330
.355
.350
.355
.370
.365
.350
.350
.330
.315
' 196.0
198.7
'17.0
'16.8
15.1
16.8
16.3
16.7
'16.2
16.6
16.7
16.3
17.1
16.8
17.3
15
17
10
14
15
17
12
17
12
17
15
15
6
14
6
15
7
15
6
18
6
18
15
14
13
14
'6
13
10
14
.680
.657
.636
.775
.709
.619
.676
.628
.676
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 t
Stocks, cold storage, end of period:
Shell, thous. cases t
Frozen mil Ib
Price, wholesale, large (delivered; Chicago), $ per
doz
589
10
15
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves thous. animals
Cattle thous animals
Prices, wholesale:
Beef steers $ per 100 Ib
Steers stacker 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 live hog)
Sheep and lambs:
Slaughter (federally inspected), thous. animals
Price, wholesale, lambs, avg. (San Angelo, TX),
$ per 1001b
1,336
32,094
1,160
32,595
121
2,632
101
2,601
97
2,411
116
2,712
96
2,623
82
2,720
91
2,957
90
2,811
95
2,883
94
2,810
94
2,729
101
2,632
103
2 706
92,613
90,993
8,142
7,649
6,921
7,958
7,840
6,988
7,338
7,010
7,473
7,763
7,857
7,952
8,184
18.4
'20.6
19.6
'20.4
22.1
22.3
21.1
22.1
23.1
20.7
21.1
21.6
20.5
17.5
'15.2
5,290
5,003
460
381
384
476
461
396
462
394
413
410
391
405
430
40,795
615
40,506
727
3,435
615
3,306
649
3,013
'655
3,397
'653
3,299
'692
3,212
'671
3,480
661
3,342
664
3,440
'651
3,516
'672
3,500
'702
3,448
'720
3,553
727
815
23,267
278
23,139
405
1.881
278
1,845
292
1,698
285
1,884
299
1,804
'281
1,877
'266
2,073
275
2,005
289
2,054
311
2,013
330
2,002
349
1,913
'381
1,971
405
441
343
8
29
8
25
6
25
32
30
11
27
11
31
26
26
27
25
8
13
13
'12
13
12
26
10
8
9
17,184
315
299
1,524
315
1,435
329
1,290
'344
1,481
'330
1,465
378
1,309
'372
1,377
351
1,311
342
1,360
'309
1,440
"311
1,473
'325
1,508
'313
299
349
108.3
110.5
116.9
109.7
109.6
110.7
109.7
108.4
108.3
107.2
106.9
'111.1
114.2
115.0
115.2
109.0
318
324
359
375
387
393
381
15.1
MEATS
Total meats (excluding lard):
Production mil Ib
Stocks, cold storage, end of period, mil. tb
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 thous metric tons
Price, wholesale, beef, fresh steer carcasses,
choice (600-700 lbs.)(Central U.S.), $ per Ib
Lamb and mutton:
Production, total, mil. Ib.
Stocks, cold storage, end of period, mil. Ib
Pork (excluding lard):
Production, total, mil. Ib.
Stocks, cold storage, end of period, 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
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans, imports (including shells),
thous. metric tons
Coffee:
Imports, total, metric tons
From Brazil, metric tons
U.S. Import Price Index, 1990*100
82.2
Fish:
Stocks, cold storage, end of period, mil. Ib
380
See footnotes at end of tables.
89.4
381
.
380
81.0
361
320
316
323
31
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
STATISTICS, 1963-91
Annual
1992
1992
1993
Dec.
February 1994
•
Jan.
Feb.
|
Mar.
Apr.
May
June
S-23
1994
1993
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
11. FOOD AND KINDRED PRODUCTS; TOBACCO-Continued
MISCELLANEOUS FOOD PRODUCTS-Continued
Sugar:
Exports, raw and refined, metric tons
Imports, raw and refined, thous. metric tons ...
Producer Price Indexes:
Raw (cane), 1982*100
Refined, 1982*100
Tea,
112.1
119.8
113.3
118.4
1,722
1.615
111.1
119.0
109.6
118.0
109.7
117.6
112.2
118.3
113.8
118.4
111.4
118.2
112.4
117.5
114.1
117.7
115.9
118.4
167.2
168.7
r
115.3
118.4
114.6
119.0
114.6
118.8
115.4
118.9
115.2
118.4
169.0
169.1
168.6
169.1
171.3
147.1
130.1
124.2
147.1
130.1
124.2
148.5
130.1
124.3
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, metric tons ...
Manufactured products:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt, millions
Taxable, millions
Cigars (large), taxable, millions
Exports, cigarettes, millions
3,740
3.740
199,238
19,195
38.419
510,494
2,107
3,689
3,463
12. LEATHER AND PRODUCTS
LEATHER
Exports:
Upper and lining leather thous sq ft.
Producer Price index, leather, 1982*100
163.7
168.6
165.1
166.6
169.0
169.0
168.3
169.7
168.7
LEATHER MANUFACTURES
Footwear:
Production, total, thous. pairs
Shoes, sandals, and play shoes, except
athletic, thous. pairs
Slippers, thous. pairs
Athletic thous pairs
Other footwear thous pairs
167,803
40,221
41,624
42 457
40,932
116,314
43,329
8,160
1 889
28,173
9,691
2,357
361
30,531
9,268
1,825
454
31 793
10,664
1 629
30,677
10,255
453
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
145.0
126.4
121.2
147.8
129.2
123.7
147.2
127.0
123.5
147.5
127.4
123.5
146.9
127.8
123.9
148.2
127.8
123.9
148.2
129.5
124.0
148.2
128.8
122.3
148.2
128.9
122.3
147.9
129.9
123.9
147.9
129.9
124.2
r
148.1
130.0
124.2
13. LUMBER AND PRODUCTS
LUMBER-ALL TYPES
[Millions of board feet, unless otherwise indicated]
National Forest Products Association:
Production total
Hardwoods
Softwoods
Shipments total
Hardwoods
Softwoods
Stocks (gross), mill end of period, total
Hardwoods
Softwoods
45,444
11.210
34,234
3,425
905
2,520
3,486
820
2,666
3,608
869
2,739
3,904
1,057
2,847
3,791
968
2,823
3.530
956
2,574
3,720
994
2,726
3,689
882
2,807
3,930
1.053
2,877
3,813
1,071
2,742
r
4,077
1,105
-2,972
3,765
1,106
2,659
45,703
11 005
34 698
3,491
917
2,574
3,511
847
2,664
3,602
841
2,762
3,785
993
2,792
3.520
939
2,581
3,340
900
2,440
3,643
917
2,726
3,698
818
2,880
3,965
980
2,985
3,680
967
2,713
r
4,143
1.015
'3,128
3,647
1,004
2,643
4 206
4.206
4,211
4,187
4.240
4,407
4,593
4,673
4.599
4,488
4,516
4,364
4,303
Exports, total sawmill products
Imports, total sawmill products, thous. cubic meters ..
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
7.921
579
7,810
7,850
690
7,427
448
7,670
7,554
774
677
579
563
604
690
541
525
601
594
696
601
499
637
627
706
754
560
737
693
750
622
517
684
665
769
475
416
623
576
816
662
445
623
628
780
633
470
576
609
747
607
418
641
660
728
575
410
608
583
754
718
488
675
640
788
623
442
679
669
798
616
448
586
610
774
169.5
-237.3
186.3
201.6
230.3
259.1
263.6
247.4
230.4
222.4
228.7
-237.1
227.1
241.2
258.8
270.0
S-24
• February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
STATISTICS, 1963-91
1992
Annual
1992
1993
Dec.
1994
1993
Jan.
Feb. I
Mar.
May
Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
13. LUMBER AND PRODUCTS-Continued
SOFTWOODS-Continued
[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
14,370
957
13,812
14,041
1,076
957
1,076
1,055
1,025
852
1,115
1,137
1,345
1,023
1,169
1,158
979
908
1,151
1,128
962
906
1,125
941
1,056
916
1,088
1,044
1,206
854
1,244
1,269
1,352
928
1,264
1,276
1,335
997
1,237
1,262
1,285
1,035
1,260
1,248
'1,361
932
'1,322
' 1,472
892
817
1,014
1,004
1,931
1,931
1,911
1,920
1,941
2,050
2,175
2,226
2,213
2,187
2,198
2,052
1,989
130.6
168.9
141.4
155.1
165.5
184.4
184.1
172,2
156.4
151.9
156.0
' 159.5
171.0
181.7
188.7
Western pine:
Orders, new
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of period
9,385
504
9,244
9,374
1,064
8,281
463
8,267
8,321
967
675
504
653
672
1,064
766
562
707
708
1,063
699
532
694
729
1,028
629
451
706
710
1,024
687
422
747
715
1,056
576
412
619
586
1,090
632
454
631
590
1,103
809
529
709
733
1,062
789
522
731
797
997
591
484
631
630
999
733
461
727
755
970
734
469
724
726
968
636
463
641
642
967
Producer Price Index, other softwood, dressed,
1982*100
157.3
'202.8
168.0
181.4
209.4
230.6
226.9
209.6
189.6
176.3
186.5
'193.1
194.3
209.4
226.5
236.9
'22.4
' 222.6
'5.5
16.3
229.5
4.7
22.4
18.9
5.5
22.9
16.2
5.3
21.2
17.7
4.1
21.7
21.2
4.1
21.7
18.2
3.4
21.3
18.1
4.1
17.2
21.1
4.2
4.1
16.8
5.0
17.0
20.4
5.5
16.4
22.4
4.6
17.3
19.6
5.7
19.3
18.0
5.1
16.3
19.7
4.7
16.8
16.2
5.0
320
773
336
1,202
325
1,294
2
298
900
2
356
1
803
2
290
1,096
2
291
675
3
288
1,009
3
1,342
171
171
196.8
HARDWOOD FLOORING
[Millions of board feet]
Oak:
Orders, unfilled, end of period
Shipments
Stocks (gross), mill, end of period
14. METALS AND MANUFACTURES
IRON AND STEEL
[Thousands of short tons]
Exports:
Steel mill products.
Scrap
Pig iron
4,289
10,142
36
10,879
30
348
909
2
354
716
4
335
851
3
359
818
7
416
742
Imports:
Steel mill products.
Scrap
Pig iron
16,974
1,408
545
19,501
1,703
913
1,364
120
40
1,535
103
94
130
26
1,380
133
120
1,186
107
127
1,467
109
24
1,781
152
65
1,694
171
50
1,599
160
5
1,875
132
95
2,143
157
74
2,162
179
63
1,667
3,424
3,872
3,910
1,351
2,649
4,145
2,622
1,249
2,822
4,195
2,832
1,587
3,005
4,506
2,911
1,525
2,808
4,350
2,830
1,523
2,890
4,518
2,727
1,541
2,855
4,418
2,693
1,469
2,875
4,368
2,647
1,484
3,068
4,490
2,723
1,499
3,007
4,530
2,635
'1,571
'3,196
'4,722
'2,628
1,467
3,101
4,427
2,732
111.66
113.32
126.22
130.11
133 26
3,968
1
Iron and Steel Scrap
[Thousands of metric tons, unless otherwise
indicated]
21,167
40,219
62,350
3,910
Production
Receipts, net
Consumption
Stocks, end of period
Composite price, No. 1 heavy melting scrap:
American Metal Market, $ per metric ton ...
84.67
112.44
85.49
96.91
104.80
104.98
101.76
102.49
109.54
114.19
r
55,593
'55,569
54,949
56,176
4,276
4,890
717
4,391
2,170
4,171
1,222
4,559
2,618
446
5,289
6,556
1,114
5,342
6,021
1,595
5,618
6,242
1,502
2,790
5,449
1,428
3,968
4,117
1,758
4,703
5,381
1,125
4,544
5,041
1,340
4,901
5,766
684
4,673
5,593
782
1
639
5,820
5,685
440
22,556
2,966
5,857
240
21,296
6,718
5,783
430
19,013
8,632
7,911
2,470
5,870
5,629
244
22,344
4,565
15,277
2,502
5,984
600
6,316
5,443
6,036
5,787
834
21,814
7,958
11,645
2,211
6,915
5,870
616
21,309
4,706
13,987
2,616
6,919
2,934
5,991
5,687
420
18,852
9,896
6,969
1,987
7,163
5,884
514
6,075
12,947
2,274
2,89:
5,820
22
19,104
10,927
6,664
1,513
9,275
5,563
3,783
15,839
2,089
5,482
2
20,620
9,030
9,554
2,036
4,306
4,466
217
4,503
4,629
135
4,503
4,301
148
4,454
4,477
153
4,328
3,913
4,555
4,071
172
4,351
3,925
174
4,504
4,066
4,367
3,934
141
155
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
12,503
65,758
67,474
5,056
22,556
3,783
15,839
2,934
69,150
68,788
21,043
2,504
16,287
2,252
22,659
7,34!
12,941
2,375
52!
3,86!
15,162
2,054
21,327
3,369
15,999
1,959
21,043
2,504
16,287
2,25:
4,652
4,114
235
4,218
3,881
152
4,514
21,079
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 tables.
52,224
51,103
217
7,831
5,934
258
128
53,103
143
4,522
4,124
150
February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
1992
Annual
1992
STATISTICS, 1963-91
1993
Dec.
•
1994
1993
Jan.
|
Feb. |
Mar.
Apr.
May
June
S-25
July I
Aug. I
Sept |
Oct. |
Nov. |
Dec.
Jan.
14. METALS AND MANUFACTURES-Continued
Steel, Raw and Semifinished
[Thousands of short tons, unless otherwise specified]
Steel (raw):
Production
Rate of capability utilization, percent
96,077
87.4
7,438
77.7
7,942
81.6
7,942
84.8
8,148
87.0
7,926
87.4
8,278
88.3
7,937
87.5
8,066
86.9
8,001
86.2
7,878
8,409
90.2
7,786
86.3
8,007
85.9
76,625
88,401
6,572
6,976
6,867
7,686
7,344
7,301
7,790
6,929
7,445
7,470
7,490
7,274
7,382
6,305
5,518
6,579
563
7,357
5,809
7,539
646
12,219
5,229
4,781
1,147
14,305
7,724
4,963
1,551
Pipe and tubing
Wire-drawn and/or rolled
Tin mill products
,
Sheets and strip (including electrical), total
Sheets: Hot rolled
Sheets: Cold rolled
3,645
815
3,927
39,521
13,211
12,760
4,445
792
4,123
43,385
13,927
12,871
570
467
591
56
1,144
628
388
123
370
65
326
3,387
1,081
1,078
552
468
581
58
1,170
619
426
120
365
71
312
3,290
1,094
965
636
496
694
65
1,203
658
398
142
398
82
374
3,928
1,306
1,168
618
445
663
57
1,152
654
364
127
391
82
617
468
616
67
Bars and tool steel, total
Bars: Hot rolled (including light shapes)
Bars: Reinforcing
Bars: Cold finished
548
470
541
42
1,070
554
407
105
352
50
328
3,171
1,125
634
467
681
65
1,257
656
457
138
380
68
377
3,860
1,194
1,093
546
465
617
56
1,149
630
397
116
347
69
369
3,312
1,100
961
605
502
605
49
1,220
652
431
131
378
63
362
3,661
1,187
1,073
628
500
629
42
1,217
674
407
129
359
61
342
3,691
1,664
1,131
632
534
624
42
1,192
641
417
129
371
63
303
3,728
1,176
1,109
621
507
598
48
1,142
622
388
126
342
50
333
3,634
1,155
1,063
600
491
258
42
1,125
617
386
117
367
47
16,669
7,172
2,466
1,646
3,968
35,130
21,118
7,986
2,679
12,219
1,024
1,837
4,272
45,510
4,918
1,780
613
2,608
200
386
889
8,559
12.6
7.3
5.3
12.9
7.5
5.4
12.6
7.3
5.3
12.7
7.4
5.3
12.8
7.5
5.3
12.2
7.1
5.1
12.2
7.0
5.2
12.1
6.9
5.2
11.8
6.7
5.1
12.3
7.0
5.3
12.4
7.1
5.3
12.4
7.1
5.3
12.6
7.2
5.4
5.9
6.2
5.9
5.9
5.9
5.8
5.8
6.0
6.2
6.2
6.4
6.2
6.0
4,043
2,261
347
170
335
228
292
220
323
242
313
251
325
251
315
249
316
237
302
242
291
242
303
241
1,155.4
305.8
96.8
25.9
120.8
30.6
123.9
24.7
165.8
33.2
172.0
32.7
152.1
33.2
152.6
31.0
125.1
31.3
162.7
37.0
173.5
34.4
149.4
34.3
603.1
553.8
73.5
28.4
54.8
46.4
38.6
43.2
41.7
53.8
26.3
53.2
38.6
51.5
30.7
48.3
33.9
24.5
51.9
27.9
53.1
31.7
51.3
.5613
.5550
.5353
.5184
.5225
.5378
.5607
.5500
1,308
1,105
1,280
1.072
660
1,324
1,122
1,167
1,060
- 1,390
-1,131
713
-1,237
1,109
92,949
82.2
Steel castings:
Shipments, total
For sale, total
988
894
Steel Mill Products
(Thousands of short tons]
Steel products, net shipments:
Total (all grades)
By product:
Semifinished products
Structural shapes (heavy), steel piling
Plates
Rails and accessories
By market (quarterly):
Service centers and distributors
Construction, ind. maintenance
Contractors' products
Automotive ..'.
Rail transportation
Machinery, industrial equipment, tools
Containers, packaging, ship, materials
Other
,
,
10,697
890
340
3,596
1,160
1,062
1,184
628
424
126
365
70
337
3,576
1,102
1,057
5,301
1,786
578
3,047
262
454
1,026
9,070
5,343
2,081
726
2,804
241
443
1,108
8,921
5,500
2,095
654
3,185
294
481
1,096
12,638
346
3,723
1.211
1,094
5,140
2,028
720
3,191
233
465
1,046
14,881
[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
12.7
7.3
5.4
12.9
7.5
5.4
6.2
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,
5 per Ib. 0
.'
"....
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 products, and scrap),
end of period, mil. Ib
Copper:
Production:
Mine, recoverable copper
Refined from primary materials
Eiectrolytically refined $
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. 0
See footnotes at end of tables.
r
.5752
.5333
.5553
16,06!
12,547
8,007
2,023
15,523
12,892
7,982
1,360
944
614
4,133
4,516
4,133
4,360
4,265
4,371
4,458
4,493
4,550
4,641
4,683
1,760.
1,720.6
1,197.6
523.0
433.2
154.2
155.4
108.9
46.5
35.6
134.5
140.2
103.0
37.2
38.1
132.4
128.1
87.1
41.0
45.9
147.3
157.2
110.3
46.0
38.9
149.4
153.4
107.8
46.0
37.8
156.2
149.7
104.7
45.1
36.4
151.5
147,4
103.7
43.6
41.1
150.1
146.5
100.5
46.0
35.0
509.6
289.1
44.2
20.8
31.7
21.8
40.5
25.6
44.0
28.2
51.2
35.9
37.0
29.5
49.0
26.9
556.8
176.9
2,183
204
64.4
16.1
158
204
38.3
14.0
192
203
45.9
24.9
184
195
59.4
23.6
208
190
51.5
16.3
190
36.4
15.4
195
211
1.0742
1.0354
1.0540
1.0365
1.0050
.9342
.8763
r
r
1,308
-976
587
r
1,308
981
601
r
1,491
1,128
690
r
287
238
.4995
.5221
1,177
"1,067
635
1,307
'1,053
-649
1,226
1,088
705
4,666
4,674
-4,512
4,516
148.1
145.5
99.4
46.1
37.6
151.6
148.9
102.5
46.4
37.4
156.6
143.4
95.9
47.5
43.8
51.8
30.6
41.9
28.3
42.0
22.5
32.2
13.1
217
199
43.7
10.7
184
203
38.3
10.1
198
186
98.0
39.8
212
167
214
161
.8860
.9102
.9079
.8861
.8708
.5600
b-Zb
• February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS STATISTICS, 1963-91
Annual
1992
1992
1993
Dec.
1994
1993
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug. |
Sept.
Oct. |
Nov.
Dec.
Jan.
14. METALS AND MANUFACTURES-Continued
NONFERROUS METALS AND PRODUCTSContinued
[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) $
Scrap (lead-base, purchased), all smelters
(gross weight)
Price, common grade, delivered, $ per Ib. 0 @
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. 0
Zinc:
Mine prod., recoverable zinc
Imports:
Ores (zinc content)
Metal (slab, blxks)
Consumption (recoverable zinc content):
Ores
Scrap, all types
Slab zinc:
Production, total (ABMS)
Consumption, fabricators
Exports
Stocks, end of period:
Producers', at smelter (ABMS)
Consumers'
Price, high grade, $ per Ib. 0
-397.9
-916.0
1
196.0
-1,236.6
31.7
74.3
17.1
92.9
64.1
33.3
71.1
14.8
108.9
30.5
76.8
11.2
107.5
34.2
71.7
18.7
112.3
30.6
80.2
14.0
104.6
28.5
78.9
13.0
109.2
29.5
72.5
19.2
113.8
25.8
70.3
11.6
106.8
27.5
76.6
20.6
112.6
28.4
76.3
21.5
115.7
27.3
77.0
18.5
113.2
109.0
29.5
77.9
64.2
61.8
60.9
61.0
66.7
66.9
68.3
72.2
70.0
63.1
66.2
63.4
20.5
65.0
28.1
66.7
33.3
58.2
34.1
57.9
34.3
62.1
35.8
57.1
32.2
52.3
22.8
49.6
14.8
55.4
15.1
51.0
14.4
50.3
13.5
47.7
17.0
.3247
13.6
.3215
14.4
.3152
14.2
.3141
15.6
.3156
15.3
.3143
15.9
.3136
18.7
.3130
16.9
.3141
16.3
.3144
14.6
.3158
14.3
.3194
27,314
1,977
2,089
1,850
2,913
3,152
2,939
3,137
3,026
6,099
208
43,900
33,400
472
17
3,300
2,600
110
3,221
3.8087
524
545
425
474
371
424
3,400
2,700
252
3,368
3.8991
3,500
2,700
164
3,429
3.8447
3,600
2,900
234
3,607
3.7836
3,600
2,900
145
3,704
3.7412
3,500
2,800
134
3,423
3.6983
523.4
42.2
48.0
42.5
46.4
39.5
44.5
644.5
1.6
48.5
4.6
49.3
3.7
51.9
1.5
71.1
3.6
48.4
2.4
253.2
.2
21.1
.2
21.1
.2
21.1
201.0
17.4
80.0
.5
17.4
84.0
16.8
88.0
.5
.2
21.1
18.5
105.0
5.3
7.3
38.5
.5012
7.1
37.7
.5052
5.4
41.8
.5090
4.5
36.4
.4726
64.2
20.5
-82.1
15.9
.3510
37,603
4.0240
209.2
1,035.0
5.9
7.3
38.5
.5838
.3174
3.4998
""4622
2,703
2,525
2,803
319
M88
M21
-U96
M48
3,600
2,900
201
4,003
3.4755
3,500
2,800
252
4,464
3.3979
3,600
2,900
297
4,349
3.3093
3,600
2,800
207
3,500
3.1135
-3,600
2,800
314
-3,103
3.2248
3,400
2,800
3,354
3.2200
43.0
40.7
33.5
32.1
35.9
-41.8
41.8
2.7
56.9
2.4
67.6
2.5
65.8
2.7
58.9
7.2
61.4
.9
66.7
.2
21.1
.2
21.1
21."
.2
21.1
.2
21.1
.2
21.1
.2
21.1
.2
21.1
17.2
81.0
.5
16.1
85.0
.9
15.4
109.0
1.0
15.2
92.0
.5
15.9
92.3
.8
17.5
92.0
.7
17.6
-96.5
16.1
99.0
4.7
39.1
.4811
5.3
41.1
.4722
5.7
37.3
.4481
5.8
40.2
.4508
5.3
49.8
.4287
4.7
50.0
.4242
5.7
48.8
.4388
6.6
55.0
.4430
l
64.1
64.2
.3372
3.2893
16.8
16.4
5.3
5.1
'".4722
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, not seas, adj., 1990*1.00
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, 1990*100
Pneumatic products, 1990*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.
319.6
59.1
79.5
84.3
21.0
22.6
86.5
15.8
26.7
91.1
19.9
27.4
108.5
22.2
45.6
197.4
152.9
142.2
160.1
135.0
179.3
184.8
169.3
115.8
117.8
116.7
115.9
119.0
117.8
120.8
121.5
117.2
120,
126.
125.6
.9852
.9929
.9751
.9980
1.1370
1.0747
1.0167
1.0797
.9645
1.0496
1.0454
1.0686
1.0109
199.8
200.5
201.0
201.4
201.7
202.6
202.1
202.6
202.9
203.1
203.2
203.2
91.9
101.3
103.1
115.6
88.9
103.5
92.7
103.8
96.4
109.1
112.8
127.!
102.3
112.3
99.1
107.0
109.0
120.3
95.8
125.1
106.3
112.7
111.1
120.2
105.9
116.6
101.4
114.
104.1
117.6
109.8
118.8
1,756.35
1,531.75
1,917.80
1,605.05
1,024.7
2,322.40
2,177.20
2,160.3!
1,955.25
1,204.3
240.85
123.2!
269.50
208.60
1,024.7
127.10
106.40
166.90
146.65
984.9
211.90
198.55
181.45
150.30
1,015.4
242.80
223.00
223.10
199.40
1,035.1
251.60
246.00
190.40
169.50
1,096.3
263.85
259.00
155.55
137.15
1,204.6
235.50
224.60
216.80
203.50
1,223.3
134.95
122.55
148.00
139.30
1,210.2
107.95
99.50
137.10
124.45
1,181.1
205J 5
191
180.45
162.40
1,205.8
136.20
129.30
155.25
143.30
1,186.7
' 1 65.05
' 155.05
-146.35
"136.70
-1,205.4
229.00
205.10
230.10
213.80
1,204.3
266.10
259.35
143.25
132.10
1,309.6
725.90
608.80
678.15
547.10
298.7
971.10
825.40
1,044.30
880.80
225.5
56.35
48.65
52.00
43.75
298.7
48.45
34.65
82.00
72.85
265.1
70.75
47.80
64.50
46.65
271.4
89.30
80.80
94.75
84.05
265.9
96.70
64.35
63.25
51.10
299.4
51.90
40.65
79.85
59.00
271.4
78.20
76.55
77.30
64.45
272.3
112.75
108.25
90.65
86.65
294.4
73.45
65.85
84.85
71.60
283.0
77.40
63.90
90.40
80.90
270.0
114.95
102.20
73.90
69.20
311.1
'67.25
'63.00
'97.50
'80.05
'280.8
90.10
77.40
146.10
114.80
225.5
89.95
85.80
78.95
68.90
236.5
199.1
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
Annual
1992
STATISTICS, 1953-91
|
1992
1993
Dec.
February 1994 •
Jan.
Feb.
Mar.
Apr.
May
S-27
1994
1993
June
July
Aug. |
4,973
1,353
5,658
1,490
5,729
1,437
6,874
1,610
Oct.
Nov.
Dec.
7,771
2,429
6,991
2,494
6,681
1,693
6,136
1,340
Sept.
Jan.
14. METALS AND MANUFACTURES-Continued
MACHINERY AND EQUIPMENT-Contlnued
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. $
5,846
775.6
3,440
323.8
56 508
1,758.4
ELECTRICAL EQUIPMENT
[Thousands]
3atteries (auto.-type replacement), shipments
Radio sets, factory sales, domestic market
Television sets (incl. combination models)
production, total market
Household major appliances, industry shipments
Air conditioners (room)
Dishwashers
Disposers (food waste)
Microwave ovens/ranges
Ranges
Refrigerators
Freezers
Washers ...
Dryers, including gas
Vacuum cleaners (qtrly)
r
65,345
21,552
71,426
18,355
5,677
1,624
1,932
44,306
2,839
3,820
4,196
8,390
3,576
7,760
1,677
6,514
4,719
12,406
51,277
3,076
4,099
4,436
7,703
3,848
8,109
1,606
6,793
5,074
12,853
3,618
104
370
401
627
343
643
136
540
425
3,369
2,107
2,617
4,241
2,585
2,755
4,470
162
267
418
165
180
383
21,304
r
r
4,773
1,384
6,224
1,632
1,673
1,632
2,109
1,537
1,599
2,119
1,649
2,190
2,790
2,298
3,021
134
285
342
499
259
449
78
516
413
3,392
236
307
333
559
276
529
121
534
406
4,873
478
378
428
709
338
636
130
675
494
3,365
3,648
453
317
320
495
305
615
119
506
379
3,561
440
304
273
473
278
643
112
527
362
4,306
536
335
424
553
322
830
158
608
415
2,956
3,933
512
310
309
563
289
828
167
486
327
3,660
68
353
327
580
331
806
156
558
422
4,390
36
361
613
950
342
768
137
642
475
3,395
3,854
43
385
302
838
357
731
139
571
451
3,825
55
379
276
855
378
634
132
605
482
3,728
85
387
439
630
374
640
137
564
448
3137
158
198
375
158
247
418
149
214
367
173
195
328
188
226
361
181
200
323
235
237
345
292
255
347
300
262
399
297
279
382
289
263
441
4,451
1,440
5,165
1,393
3,106
183
291
370
532
288
439
110
480
381
GAS EQUIPMENT (RESIDENTIAL)
[Thousands]
Furnaces warm air shipments
Ranges total shipments
Water heaters (storage), automatic, shipments
198
15. PETROLEUM, COAL, AND PRODUCTS
COAL
[Thousands of short tons, unless otherwise specified]
Anthracite:
Production
Exports, thous. metric tons
Producer Price Index, 1982*100
3ituminous and lignite:
Production
3,483
3,624
301
272
266
290
175
305
358
222
277
275
600
314
270
105.8
105.9
105.8
105.8
105.8
105.8
105.8
105.4
105.4
105.4
106.0
106.0
106.0
106.0
106.8
994,062
942,985
82,799
80,508
76,341
84,782
79,329
73,759
80,949
70,771
76,209
79,962
80,925
79,599
79,850
96.4
95.5
94.8
94.8
94.5
94.0
94.0
94.3
95.4
'97.7
97.8
100.9
97.5
99.1
5,831
3,877
3,708
3,445
5,711
3,826
3,643
3,687
5,885
3,730
4,029
3,875
3,700
3,731
3,782
2,106
2,166
1,683
1,401
282
1,999
2,175
2,061
2,026
1,875
1,800
57.7
413.2
91
57.9
432.7
92
52.9
433.7
95
50.2
449.5
95
48.3
435.1
93
M6.5
421.5
93
51.9
431.0
92
46.1
417.9
92
39.1
39.3
106.8
Consumption, total
Electric power utilities
Industrial, total
Coke plants (oven and beehive)
Residential and commercial
Stocks, end of period, total
Electric power utilities
Industrial, total
Oven-coke plants
Exports excluding lignite, thous metric tons
Producer Price Index, 1982*100
94.9
r
95.9
COKE
[Thousands of short tons, unless otherwise specified]
Production:
Beehive and oven (byproduct)
Petroleum coke t
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke
23,410
43 599
1,883
1,616
267
1,925
1,883
1 616
267
1,925
2,099
2,119
1,678
1,415
263
2,142
53.8
415.4
88
52.0
408.5
87
56.1
368.5
87
58.1
419.6
89
6179.1
522.6
533.8
472.3
537.4
521.6
530.7
523.2
549.7
528.5
514.2
557.2
526.1
2,624.7
668.0
220.2
59.4
217.2
69.7
194.8
55.7
216.3
63.0
206.9
60.2
211.8
60.2
202.7
58.2
206.3
60.3
208.7
60.7
201.3
58.8
211.3
63.0
206.7
58.0
2,406.8
479.8
-24 9
6,581.3
199.4
43.6
-43.8
594.1
211.3
35.6
19.6
541.1
187.3
34.4
-16.2
515.7
218.6
39.5
-11.6
577.8
214.1
40.3
27.7
532.1
219.6
40.0
31.9
539.9
228.5
33.8
17.1
537.8
244.3
38.8
18.1
564.5
219.8
39.3
4.3
557.9
213.2
40.9
-17.2
558.2
238.3
44.7
23.3
561.0
221.9
39.5
-1.1
559.3
32.5
314.8
3.4
35.0
4.0
25.5
4.6
18.9
4.3
23.2
2.2
26.0
3.5
24.9
4.5
22.4
1.9
29.1
1.7
23.7
3.2
23.7
1.9
25.0
2.0
26.6
Exports thou metric tons
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 t
Production:
Crude Detroleum
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.
58.0
4,978.0
88
51.4
S-28
• February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
STATISTICS. i 9 6 M i
1992
Annual
1992
1993
Dec.
1994
1993
Jan.
|
Feb. |
Mar.
Apr.
May
June
July
Aug. I
Sept.
Oct.
Nov.
Dec.
Jan.
15. 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
Retaif, 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 (LP.G.)
At refineries (LR.G.)
Stocks (at plants and refineries)
6,234.0
2,667.9
16.0
555.8
229.9
1.2
102.8
40.7
48.1
3.6
7.1
67.7
1,090.3
400.6
532.1
54.5
166.1
642.3
1,592.0
892.9
574.7
150.3
549.1
2,591.0
179.1
511.6
209.4
2.0
492.2
199,9
2.6
5.1
8.6
59.2
510.9
231.5
-.4
85.3
25.7
46.1
5.1
21.3
43.9
533.4
242.0
.7
82.7
33.3
45.4
4.3
21.1
49.1
532.4
245.4
1.0
86.7
29.0
46.7
5.2
23.1
45.3
531.3
229.2
41.8
4.7
12.2
44.8
511.6
234.3
.3
86.4
31.4
43.5
4.4
15.0
43.2
550.3
230.1
503.9
222.6
1.6
106.7
33.0
46.3
1.0
92.1
5.0
21.8
49.0
92.0
30.9
45.2
4.4
19.4
56.4
59.4
102.4
31.6
41.7
4.0
6.5
540
1,592.0
892.9
574.7
150.3
549.1
1,611.4
901.0
575.3
162.9
547.5
1,595.1
907.1
575.8
162.8
525.2
1,583.6
914.7
577.6
166.7
502.1
1,611.3
930.8
581.7
166.5
514.0
1,643.3
935.0
582.1
168.6
539.7
1,660.4
934.5
582.8
166.6
559.3
1,678.5
935.8
583.3
170.6
572.1
1,674.2
919.5
584.1
177.0
577.7
1,661.2
906.4
585.7
172.8
582.1
1,684.6
916.7
586.2
168.6
599.3
1,683.5
924.2
586.8
164.0
595.3
230.3
179.1
222.7
197.0
199.4
201.7
211.0
188.8
211.1
184.7
226.5
187.1
220.6
185.0
225.0
177.5
223.1
166.9
221.7
171.4
228.4
175.5
227.7
182.6
68.4
69.6
72.7
71.4
68.7
'70.4
72.7
70.2
61.0
1.129
1.130
1.109
1.097
1.085
1.127
1.113
1.070
1.043
1.8
.9
1.8
1.6
.7
1.5
.6
1.7
.6
1.7
1.1
5.5
55.0
1.6
5.9
56.4
1.7
7.0
60.3
53.7
49.3
96.2
4,1
130.4
106.5
7.5
144.8
51.5
50.7
103.0
31.6
45.4
4.6
4.5
71.1
68.7
69.8
66.7
66.3
66.7
1.127
1.108
32.1
1.136
1.117
1.108
1.098
7.9
1.6
.6
1.6
.5
1.7
.5
1.9
.7
1.8
.6
1.8
14.8
5.7
61.2
1.6
5.7
60.1
2.3
5.3
59.0
1.8
4.5
59.7
1.5
4.6
60.6
.7
3.9
59.1
4,
60.6
5.4
59.6
.8
5.5
57.1
98.6
90.5
7.3
97.1
90.3
6.3
98.3
90.8
4.7
101.6
92.8
5.0
98.7
4.0
109.4
120.2
95.6
4.9
127.9
58.5
534.1
230.2
.5
530.6
227.9
3.8
96.2
32.3
43.3
4.6
13.0
61.3
1.2
90.0
36.1
44.8
7.1
90.2
5.6
140.6
130.2
78.8
6.3
109.4
59.9
59.4
59.0
60.4
63.2
62.4
62.6
60.8
57.0
54.4
'59.3
66.3
"49.7
26.7
14.9
42.6
56.2
25.4
11.9
44.:
49.6
23.5
9.1
42.1
51.6
25.4
10.9
40.7
48.3
26.6
11.3
41.4
53.1
27.8
9.
43.0
53.1
23.9
9.0
45.8
51.4
23.6
10.4
42.7
51.6
23.1
11.5
44.6
48.9
24.7
12.6
42.4
'46.
26.0
12.1
46.7
50.6
27.0
10.4
49.3
46.7
45.3
43.1
44.!
41.0
40.4
42.3
45.3
41.4
41.7
41.3
44,
42.5
46.5
44.8
46.1
46.1
42.1
43.3
40.2
40.9
41
40.2
41.5
40.4
4.9
13.3
4.8
13.5
4.!
13.7
5.1
13.4
4.6
13.0
4.8
12.5
4.9
12.0
4.9
12.4
4.7
11.6
5.1
11.2
5.1
11.3
4.8
11.2
153.0
17.7
9.2
17.7
8.8
22.1
8.6
25.3
11.6
29.1
12.4
30.9
14.2
30.7
15.9
25.9
17.6
23.6
19.0
20.4
17.5
17.0
17.4
15.7
13.0
16.2
738.1
499.1
222.2
57.3
44.0
13.4
88.7
57.0
43.7
13.3
75.0
53.6
40.3
13.3
66.3
40.7
45.6
19.7
66.6
43.6
43.6
21.0
80.6
64.8
43.0
21.8
97.3
63.7
41.8
21.9
111.3
65.4
42.9
22.5
123.1
64.4
42.8
21.7
137.8
58.6
41.3
17.3
143.5
58.5
44.
14.3
139.5
53.4
40.7
12.8
122.7
8,633
8,672
4,993
8,964
8,863
5,103
8,926
8,616
5,457
8,889
8,547
5,683
8.999
8.646
5,951
8,741
8,678
5,833
1,088.4
79.2
140.6
61.6
326.7
137.2
42.6
45.9
512.0
43.1
104.3
6.4
149.5
42.2
16. PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD
[Thousands of cords (128 cu. ft.)]
Receipts
Consumption
nventories end of period
103,891
'104,598
5,314
106,082
105.275
5,989
8,980
9,280
5,314
'25,440
'1,147
27,994
1,053
2,139
1,147
'6,936
'1,098
'6,987
'1,103
'7,027
'1,093
7 044
1 053
63,960
1.383
53,358
6,501
4,101
62,893
5.458
102
4.468
548
340
15,723
361
'13,149
1,576
1,005
'15,654
'15,495
16.015
'13,090
1,555
1,008
'12,975
1,515
1,005
13,509
1 511
995
'194
'882
'407
182
756
194
882
407
202
872
450
205
769
400
252
839
377
182
756
8.697
9.076
4,993
8,865
8,850
5,372
8,761
8,790
5,181
8,847
8,882
5,069
8,547
8,651
4,846
WASTE PAPER
[Thousands of short tons]
Consumption
Inventories end of the period
WOODPULP
[Thousands of short tons]
Production:
Total
Dissolving pulp
Paper grades chemical pulp
Groundwood and thermo-mechanical
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
........
Imports, all grades, total
Dissolving and special alpha
All other
52,723
6,157
4,012
9,032
3.004
5,989
February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
STATISTICS, 1953-91
1992
Annual
1992
1993
82,941
40,973
41,968
•
1994
1993
E*I
16. PULP, PAPER, AND PAPER PRODUCTS-Continued
S-29
Jan.
July |
Aug. |
Sept. |
Oct.
Nov.
7,159
3,553
3,606
6,989
3,432
3,556
7,110
3,533
3,567
6,958
3,411
3,547
'7,172
'3,540
3,632
'7,041
'3,442
3,598
7,043
3,387
3,657
129.9
133.8
128.9
132.0
128.6
131.2
128.0
131.6
'128.0
'134.7
129.6
134.3
130.5
135.1
130.5
138.1
181
140
168
196
153
145
196
147
135
171
133
139
177
137
164
'222
148
169
'229
161
'123
'201
147
149
206
148
680
857
697
744
922
674
716
930
709
629
840
743
661
841
670
676
894
706
666
'746
677
'657
'725
674
613
'657
666
742
747
662
977
977
1,070
1,045
1,124
1,081
986
995
1,048
1,060
1,052
1,050
1,040
1,044
1,017
1,008
'1.022
1,037
'982
1,011
974
977
192
495
185
467
207
531
190
482
173
508
193
505
188
485
186
523
186
481
187
518
'187
498
180
514
960
844
351
817
'765
404
'751
'737
418
838
848
407
819
'768
458
'812
831
440
760
762
438
'797
'775
461
'780
'769
472
722
'732
462
'796
'760
498
'771
'801
468
760
795
434
6,419
6,396
82
11,702
974
530
537
59
'991
938
558
548
68
'943
1,015
501
509
60
'918
1,080
538
539
60
'938
1,074
541
528
72
'1,010
1,134
535
513
94
'968
1,139
518
526
87
'945
1,162
545
540
91
'961
1,168
550
530
110
'925
1,146
519
538
91
'965
1,114
553
542
101
'1,096
1,016
539
448
93
'1,010
'972
523
534
82
1,023
974
109.9
112.0
109.6
110.4
111.2
113.9
113.0
113.1
112.7
112.6
'111.3
110.6
110.7
110.7
109.7
'335,004
350,614
25,536
'28,325
26,333
30,372
27,950
29,302
29,622
30,448
29,672
32,267
28,713
28,109
29,565
Dec.
Jan.
Apr.
May
84,382
41,581
42,801
6,905
3,318
3,587
7,141
3,501
3,640
6,587
3,253
3,335
7,217
3,569
3,649
6,960
3,502
3,458
7,029
3,453
3,575
134.3
119.6
130.0
132.9
133.6
121.7
133.0
124.9
131.6
129.0
131.3
133.9
130.6
135.4
1,655
167
1,609
1,825
206
1,741
128
167
139
164
170
147
122
159
131
144
150
150
8,151
881
8,119
8,181
747
8,183
665
881
662
837
677
647
879
628
12,293
12,170
12,481
12,336
1,036
969
1,112
1,050
2,380
5,784
2,254
6,008
178
482
8,931
9,143
351
9,424
9,341
434
6,424
6,464
59
'1 1,635
938
June
Dec.
PAPER AND PAPER PRODUCTS
[Thousands of short tons, unless otherwise specified]
Paper and board:
Production (API):
Total
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
130.3
139.2
[Thousands of metric tons, unless otherwise
specified]
Newsprint:
Canada:
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 t
Imports
Producer Price Index, standard newsprint,
1982*100
Paper products:
Shipping containers, corrugated and solid fiber
shipments, mil. sq. ft. surf, area
29,913
17. 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
106.0
108.3
Synthetic rubber:
Production
Consumption
Stocks, end of period
Exports (Bureau of Census)
TIRES AND TUBES
[Thousands]
Pneumatic casings:
Production
Shipments, total
Original equipment
Replacement equipment
Exports
Stocks, end of period
Exports (Bureau of Census)
Inner tubes:
Exports (Bureau of Census)
See footnotes at end of tables.
....
230,250
273,539
53,436
199,543
20,543
237,448
282,391
60,004
199,835
21,145
17,501
21,162
4,154
15,459
1,549
20,037
20,009
4,716
13,618
1,675
19,872
21,235
5,014
14,457
1,854
21,900
25,547
5,924
17,825
1,799
20,464
23,232
5,229
16,149
1,854
20,348
23,213
5,315
16,188
1,710
19,942
25,256
5,378
17,990
1,888
17,455
22,062
3,144
17,133
1,785
20,987
24,912
4,566
18,317
2,029
20,086
25,560
5,064
18,635
1,861
20,915
25,750
5,884
18.0C5
1,861
18,413
24,077
5,665
16,643
1,170
17,029
21,538
5,005
14,875
1,659
40,392
47,678
40,392
43,859
45,993
46,795
48,337
49,414
48,908
49,120
49,969
48,522
49,374
47,883
47,678
b-JU
• February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
STATISTICS, 1963-91
1992
Annual
1992
|
1993
Dec.
1994
1993
Jan.
Feb. |
Mar.
Apr.
May |
June
July |
Aug.
Sept. |
48,299
46,528
Oct.
Nov. I Dec.
Jan.
18. STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement, thous. bbl
21,474
22,882
30,587
36,520
41,911
46,482
45,766
440,666
28,216
6,167.0
1,507.9
1,274.8
1,796.9
157.4
38.1
29.0
40.1
41.0
495.7
123.3
125.2
135.8
136.1
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,
12/84*100
122.0
118.0
119.0
120.1
120.8
120.9
121.9
122.1
GLASS AND GLASS PRODUCTS
1 882 6
122.6
122.6
122.7
122.8
1,566
1,559
122.8
122.8
123.1
122.4
[Thousand gross, unless otherwise specified]
Flat glass, mfrs.' 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
1,462,943
352,377
287 737
284,274
20,343
20 979
26,939
54 414
88,805
26,054
1,604
3,598
7 304
1,845
73,346
5,491
13 144
1,572
45,914
1,035
102
45,914
15,853
15981
1,230
1,181
1,147
1,298
1,513
1,335
1,319
1,308
1,277
1,300
1,298
1,314
1,396
1,396
1,383
1,458
1,378
1,464
1,691
1,430
592
659
496
557
594
816
712
765
740
749
490
344
332
338
357
429
586
470
490
543
1,550
1
35
19
979
400
7
61
50
1,600
1
37
18
1,027
390
6
71
52
1,773
1
42
19
1,139
436
6
71
58
1,647
1
36
20
1,021
420
8
86
56
1,623
1
33
22
1,013
409
7
84
54
1,630
1
33
22
1,022
413
6
81
52
1,849
1
38
25
1,160
473
7
85
60
1,927
1
43
26
1,208
500
8
81
61
1,817
1
40
26
1,114
469
8
102
58
1,895
0
41
28
1,185
475
7
101
57
1,891
0
41
27
1,186
470
8
98
60
9
435
1,839
8,029
13,225
15,303
694
4,607
4,607
326
3,587
694
801
21,585
21,585
17,920
3,036
629
965
19,661
19,661
15,881
3,147
633
792
17,023
17,023
9,240
7,204
579
731
15,894
15,894
4,272
11,047
575
'790
' 14,442
'14,442
'1,934
'11,888
'620
385,105
427,780
GYPSUM AND PRODUCTS
[Thousands of short tons]
Production:
Crude gypsum (exc. byproduct)
Calcined
Imports crude gypsum
7,917
Sales of gypsum products:
Uncalcined
5469
489
Calcined:
Industrial plasters
. . .
Building plasters, total (incl. Keene's cement) ...
[Millions of square feet]
Board products total
Lath
Veneer base
Gypsum sheathing
Rsoular ovDSum board
Type X gypsum board
Predecorated wall board
5
/i6 mobile home board
Water/moisture resistant board
. .
20,177
11
452
247
12,730
5186
85
829
637
19. 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]
Cotton (excluding linters):
Production:
Ginnings $
Crop estimate, thous. net weight bales t
Consumption
Stocks in the United States, total, end of period ...
Domestic cotton total
. .
On farms and in transit
Public storage and compresses
Consuming establishments
See footnotes at end of tables.
15,786
16,218
15,303
16,176
14,945
15,546
1
r
792
13,875
13,875
2,032
11,252
591
788
12,623
12,623
1,892
10,114
617
9,613
13,875
13,875
2,032
11,252
591
9,854
'14,442
' 14,442
•'1,934
'11,888
'620
796
11,360
11,360
1,622
9,108
630
976
9,762
9,762
1,365
7,725
672
778
8,512
8,512
1,248
6,575
689
792
7,320
7,320
1,049
5,570
701
951
5,996
5,996
838
4,466
692
742
13,178
13,178
1,691
10,836
651
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
Annual
1992
STATISTICS, 1963-91
1992
1993
Dec.
February 1994
•
1994
1993
Jan.
Mar.
Feb.
Apr.
May
June
S-31
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
19. TEXTILE PRODUCTS-Continued
COTTON AND MANUFACTURES-Continued
Cotton (excluding linters)—Continued
Exports, thous. running bales
Imports, thous. net weight bales
Price(farm), American upland, cents per Ib. t
Price, Strict Low Middling, Grade 41, staple 34
(17ie"), average 10 markets, cents per Ib
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 working 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 weekly 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
X
3
53.7
2
54.1
4
8.2
3.5
'59.4
'.226
24.8
53.3
54.3
53.0
53.8
56.3
55.1
54.4
53.6
53.7
53.1
51.9
52.8
53.9
57.1
63.7
57.3
51.8
53.7
55.4
56.4
56.2
56.4
54.4
54.4
53.0
54.0
54.6
55.6
60.3
66.5
7.5
3.2
52.9
.205
22.0
8.2
3.5
4.5
M82
1.9
8.2
3.4
4.3
.216
1.8
8.2
3.4
4.4
.222
1.8
8.1
3.4
5.4
.217
2.3
8.1
3.4
4.2
.213
1.8
8.0
3.3
4.4
.219
1.8
8.0
3.3
5.1
.205
2.1
8.0
3.3
3.7
.187
1.6
7.9
3.3
4.2
.210
1.7
7.8
3.2
4.9
.197
2.0
7.7
3.2
4.1
.207
1.7
7.7
3.2
3.9
.194
1.6
7.5
3.2
4.3
M70
1.8
7.5
3.2
3.8
.191
1.6
4,600
Producer Price Index, gray cotton broadwovens,
1982-100
117.0
1,144
'115.3
117.2
1,143
1,149
117.0
116.8
115.9
116.3
115.7
115.7
1,070
115.2
115.2
'112.5
113.9
114.9
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
219.8
275.1
52.0
52.9
67.9
57.6
74.6
59.0
73.7
4,448.8
4,123.9
1,129.7
1,043.1
1,110.9
1,018.4
1,181.0
1,059.5
1,204.2
1,041.2
12.2
34.5
12.2
34.5
12.5
23.0
11.6
22.1
12.1
29.1
309.3
333.3
309.3
333.3
293.9
353.8
282.3
344.8
316.0
341
Manmade fiber and silk broadwoven fabrics:
Producer Price Index, gray synthetic broadwovens,
1982-100
119.1
119.2
117.1
118.4
120.9
117.7
119.9
136.1
14.7
139.9
15.7
31.1
3.4
89.3
23.8
65.5
100.3
21.9
76.0
7.8
2.5
5.2
1.81
1.24
1.55
1.45
1.35
1.20
1.14
1.19
1.24
1.18
1.25
2.42
1.80
2.03
1.96
1.86
1.80
1.68
1.89
1.79
1.77
1.64
119.6
119.1
118.0
118.0
115.1
' 116.9
114.5
113.4
WOOL AND MANUFACTURES
[Millions of pounds, unless otherwise specified]
Wool consumption, mill (clean basis):
Apparel class
Carpet class
Wool imports, clean yield t
Unimproved and other grades not finer than 46's .
48's and finer
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 (qtrly.), mil. sq. yd.
176.3
39.5
1,356.6
334.9
19,316
157,898
9,432
91,701
34,440
2,172
20,309
349,542
37,944
82,073
8,752
35.5
4.5
35.5
4.3
11.0
2.5
7.9
'35.0
2.6
34.0
4.2
5.9
1.7
4.1
8.4
.9
7.3
1.63
48.4
48.9
43.9
44,406
39,307
35,943
22,698
22,608
21,220
73,461
10,066
89,195
9,939
100,432
10,704
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other),
shipments, quarterly, mil. sq. yd.
APPAREL
[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.
5
6
1.15
1.20
1.20
1.24
1.81
1.85
1.86
2.14
S-32
• February 1994
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1991 and methodological notes are as shown
in BUSINESS
STATISTICS, 1963-91
1992
Annual
1992
1993
Dec.
1994
1993
Jan.
|
Feb. |
Mar |
Apr. |
May |
June |
July |
Aug. |
Sept. |
Oct. |
Nov.
Dec.
Jan.
19. TEXTILE PRODUCTS-Continued
APPAREL-Continued
[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
10,032
13,422
524.090
108.557
320.494
3337171
2.382
3,517
112.338
26,615
77,879
2 506
3.074
131,496
26.615
78.989
2 063
2,165
133 071
22,726
80,063
130,965
26,276
90,441
2
87,408
20. TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
[Millions of dollars]
Orders, new (net) total
U.S. Government
Prime contract
103,547
56,764
101 704
Sales (net) receipts or billings total
U S Government
121 852
62,888
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
225,719
81,241
130,868
22,276
Aircraft (complete):
Shipments
ExDorts commercial
35,401
14,606
24,451
2,375
1,462
1,623
2,021
2,044
1,670
2,196
893
1,601
464
417
677
502
176
8.7
6.7
2.0
440
410
575
436
139
8.7
6.7
2.0
479
455
606
466
140
8.0
6.0
2.0
596
538
749
582
168
8.4
6.4
1.9
539
492
783
607
176
9.0
6.9
2.1
545
493
827
640
188
9.1
6.9
2.1
562
520
852
671
180
8.8
6.9
1.9
305
287
780
599
181
8.6
6.6
2.0
426
399
714
537
176
8.6
6.7
2.0
459
419
720
554
166
8.5
6.6
1.9
547
503
733
582
151
9.0
7.1
1.9
543
498
686
538
148
9.0
7.1
1.9
678
522
157
8.8
7.0
1.8
'622
489
'134
'9.2
7.3
'1.9
1,276
1,306
2.4
1,300
1,320
2.4
1,396
1,422
2.8
1,481
1,487
2.8
1,483
1,513
2.6
1,465
1,508
2.6
1,453
1,490
2.6
1,206
1,509
2.7
1,169
1,478
2.7
1,221
1,457
2.6
1.253
1,413
2.4
1,355
1,433
2.4
1,365
'1,488
2.6
1,434
1,536
2.5
326.7
103.2
268.6
86.9
308.5
110.6
355.8
139.7
356.1
140.7
300.9
121.4
314.3
144.5
250.4
84.8
286.5
109.3
329.3
143.4
374.0
146.9
340.0
135.9
639
237
618
233
548
197
654
225
700
238
710
248
859
298
757
274
698
287
761
318
713
276
626
222
364
323
342
321
381
350
467
428
416
375
413
374
432
393
240
220
375
349
419
384
457
416
436
390
MOTOR VEHICLES (NEW)
(Thousands, unless otherwise specified]
Passenger cars:
Factory sales (from U.S. plants):
Total
Domestic
Retail sales, total, not seas, adj
Domestics f . . .
Imports t
Total seas adi at annual rate millions
Domestics millions f
Imports millions f
Retail inventories, domestics, end of period:
Not seasonally adjusted
Seasonally adjusted
Inventory-retail sales ratio, domestics
5,684
5,164
8,384
6,277
2,109
8,703
6,734
1,970
'1,275
'1,306
2.6
'1,365
'1,488
2.6
Exports (Bureau of Census) total
To Canada
Imports (ITC) complete units
From Canada total
3 574.7
1 200 4
Registrations 0, total new vehicles
Imports, including domestically sponsored
'8,057
3,107
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 !bs. GVW and over @
Total seasonally adjusted
0-10,000 lbs. GVW, domestics
0-10 000 lbs GVW imports
10 001 lbs GVW and over @
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
8,406
3,103
4,042
3,683
686
249
4,737.5
4,232.7
229.9
274.7
5,498.1
4,981.0
182.1
334.7
394.7
351.4
18.1
25.2
412.2
370.6
17.7
23.9
341.8
306.9
14.8
20.1
443.6
400.9
18.4
24.3
371.6
333.2
16.5
21.9
434.4
389.1
20.0
25.2
481.5
433.1
18.9
29.5
435.7
391.7
17.5
26.6
492.1
444.8
16.7
30.6
465.3
421.1
16.6
27.6
516.4
471.7
16.4
28.2
460.9
416.9
15.9
28.1
533.2
486.5
15.0
31.7
455.7
411.0
15.0
29.6
487.6
441.7
17.7
28.2
451.4
409.0
15.9
26.5
446.7
400.9
18.0
27.8
441.4
398.9
14.0
28.5
446.5
400.2
17.1
29.1
430.1
384.0
17.5
28.7
450.9
410.3
11.3
29.3
485.6
445.9
11.8
28.0
455.9
415.8
10.0
30.1
505.0
458.8
10.8
35.4
'474.5
'435.6
9.7
'29.2
'499.7
'462.3
9.9
'27.5
1,086.5
1,111.3
1,068.3
1,092.4
1,086.5
1,111.3
1,154.9
1,138.1
1,237.9
1,210.0
1,304.3
1,253.9
1,276.6
1,253.7
1,236.7
1,191.3
1,207.6
1,155.4
986.4
1,057.7
978.3
1,049.7
1,032.6
1,096.0
1,093.2
1,091.3
1,121.9
1,085.3
1,068.3
1,092.4
4,810
5,534
407
385
353
434
467
459
556
495
474
489
466
427
477
165,268
127,205
188,154
144,332
13,825
10,677
14,457
11,226
14,190
10,795
17,506
13,653
15,989
11,818
15,678
11,886
16,046
12,245
14,131
10,563
15,751
12,250
16,835
13,188
'16,251
'12,521
14,761
11,247
16,559
12,940
23,407
44,246
2,546
1,895
2,865
3,504
3,008
3,610
3,663
3,754
4,406
4,435
'4,335
4,416
4,355
25,761
25,761
31,181
31,181
14,635
14,635
35,239
35,239
49,800
49,800
29,197
29,197
7,630
7,630
9,786
9,786
14,635
14,635
RAILROAD EQUIPMENT
[Number, unless otherwise specified]
Freight cars (new), for domestic use; all railroads
and private car lines (excludes rebuilt and export
cars):
Shipments
Equipment manufacturers
New orders
Equipment manufacturers
Unfilled orders, end of period
Equipment manufacturers
Freight cars (revenue), class I 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.
' 8 423
'8,423
'11,565
' 11 565
17,696
17,696
' 8 623
' 8 623
'11,287
'11,287
20.278
20,278
8,285
8,285
5,277
5,277
17 427
17 427
9,908
9,908
21,671
21,671
29,197
29,197
424.5
389.1
10.3
25.1
536.0
492.9
13.0
30.1
February 1994
SURVEY OF CURRENT BUSINESS
•
S-33
FOOTNOTES FOR PAGES S-l THROUGH S-32
General notes for all pages:
r Revised,
p Preliminary,
e Estimated,
c Corrected.
© Copyrighted.
Page S-1
+ Includes inventory valuation and capital consumption adjustments.
t 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.
§ The industrial production series have been revised from 1991 forward to reflect the incorporation
of more comprehensive source data, review of the production factor coefficients, and updated seasonal
factors. For further information, contact the Board of Governors of the Federal Reserve System,
Division of Research and Statistics, Industrial Output Section, Washington, DC 20551.
Page S-2
4
. Based on data not seasonally adjusted.
§ See note "§" for page S-1.
Page S-4
t 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.
t 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.
Page S-5
+ See note"+" for page S-4.
t Ratio of prices received to prices paid (parity index).
Address requests for data to:
Business Statistics Branch
Business Outlook Division (BE-52)
Bureau of Economic Analysis
U.S. Department of Commerce
Washington, DC 20230
202-606-5367
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.
Page S-10
§ See note "§" for page S-9.
t The unemployment rates are the number of unemployed in each group as a percent of the civilian
labor force in that group.
Page S-11
O Production and nonsupervisory workers.
$ This series is not seasonally adjusted because the seasonal component is small relative to the
trend-cycle and/or irregular components and consequently cannot be separated with sufficient precision.
Page S-12
O Production and nonsupervisory workers.
@ Wages as of February 1,1994: Common, $20.37; Skilled, $26.44.
t Earnings in 1982 dollars reflect changes in purchasing power since 1982 by dividing by Consumer
Price Index.
§ Seasonally adjusted average weekly earnings per worker in 1982 dollars has been revised to
reflect the revision in the Consumer Price Index used as a deflator.
t Excludes farm, household, and Federal workers.
Page S-13
Page S-6
1. Based on data not seasonally adjusted.
§ Seasonally adjusted Consumer Price Indexes have been revised from 1989 forward to reflect a
new seasonal adjustment. For further information, contact the U.S. Department of Labor, Bureau of
Labor Statistics, Office of Consumer Prices and Price Indexes, Washington, DC 20212.
§ Seasonally adjusted Producer Price Indexes have been revised from 1989 forward to reflect a
new seasonal adjustment. For further information, contact the U.S. Department of Labor, Bureau of
Labor Statistics, Division of industrial Prices and Price indexes, Washington, DC 20212.
t For Producer Price Indexes of individual commodities, see respective commodities in the Industry section beginning on page S-19. All indexes are subject to revision four months after original
publication.
Page S-7
1. Computed from cumulative valuation total.
§ Seasonally adjusted new housing units started have been revised from 1991 forward to reflect a
new seasonal adjustment. For further information, contact the U.S. Department of Commerce, Bureau
of the Census, Construction Statistics Division, Housing Starts Branch, Washington, DC 20233.
t 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.
* Written permission was granted by the owner of the copyright, Thomson Publishing Corporation,
Stamford, CT 06902 prior to its reproduction, in its' entirety, in this publication.
* Index as of February 1, 1994: building, 459.7; construction, 500.0.
Page S-8
t Home mortgage rates are under money and interest rates on page S-14.
O Data are for closed mortgage loans of thrift institutions insured by the Savings Association Insurance Fund (SAIF)—FSLIC-insured institutions prior to September 1989. Associations in
conservatorship are excluded.
Page S-9
§ Estimates from the Current Population Survey (CPS) reflect the results of a major redesign of
the survey. Because of the extensive nature of the redesign and the impact of the revised population estimates, the January 1994 data is not directly comparable with earlier months. For further
information, contact the U.S. Department of Labor, Bureau of Labor Statistics, Office of Employment
and Unemployment Statistics, Division of Employment and Unemployment Analysis, Washington, DC
20212.
t Data include resident armed forces.
O Projected number from the Census Bureau.
$ Covers the 50 States and the District of Columbia. Puerto Rico and the Virgin Islands are
excluded. Only regular benefits are included.
@ Average weekiy 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 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).
Page S-14
1. Weighted by number of loans.
2. Data are for fiscal years ending September 30 and may include revisions not distributed to the
months.
t Excludes loans to commercial banks in the U.S.
@ Rates on the commercial paper placed for firms whose bond rating is Aa or the equivalent.
£ Comprises mobile home loans and all other installment credit loans not included in automobile or
revolving credit, such as loans for education, boats, trailers, or vacations. These loans may be secured
or unsecured.
0 Courtesy of Metals Week.
Page S-15
§ The monetary statistics series have been revised from 1959 forward to incorporate benchmark
revisions and updated seasonal adjustment factors. For further information, contact the Board of
Governors of the Federal Reserve System, Money and Reserves Projection Section, Washington, DC
20551.
t Includes ATS and NOW balances at all depository institutions, credit union share draft balances,
and demand deposits at thrift institutions.
O 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.
+ Includes money market deposit accounts.
@ 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.
Page S-16
t For bonds due or callable in 10 years or more.
t 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.
Page S-17
t Data include undocumented exports to Canada, which are based on official Canadian import
totals.
t See note"f" for page S-16.
S-34
SURVEY OF CURRENT BUSINESS
• February 1994
Page S-18
Page S-26
1. For month shown.
t Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled service,
i The threshold for Class I railroad status is adjusted annually by the Interstate Commerce
Commission to compensate for inflation.
0 Before extraordinary and prior period items.
@ Data represent entries to a national park for recreational use of the park, its services,
conveniences, and/or facilities.
1. Data are only from companies reporting monthly and reflects an estimated 50 percent of total
tin recovered from scrap.
t Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
0 Source: Metals Week.
@ Price represents North American Mean.
Page S-19
1 Includes nonmarketable catalyst coke.
f Includes small amounts of "other hydrocarbons and alcohol new supply (field production)," not
shown separately.
1. Data are partially estimated for first three quarters of 1991 and are not available. Value for 4th
quarter 1991 and the 1st and 2nd quarter for 1993 are based on partially estimated production data.
Data for 1992 were not published because they would have disclosed individual company operations.
t Data are reported on the basis of 100 percent content of the specified material unless otherwise
indicated.
Page S-20
t Data are not wholly comparable from year to year because of changes in classification.
k Includes less than 500 electric generation customers not shown separately.
Page S-21
1. Crop estimate for the year.
2. Stocks as of December 1.
3. Stocks as of June 1 and represents previous year's crop; new crop not reported until June
(beginning of new crop year).
4. Previous year's crop. New crop is not reported until September. (Crop year: September
1-August31.)
5. Stocks as of June 1.
6. Stock estimates are available once a year as June 1 stocks and shown in the May column and
(as previous year's crop) in the annual column.
t Coverage for 21 selected States, representing approximately 85 percent of U.S. production.
1 Excludes pearl barley.
@ Quarterly data represent the 3-month periods December-February, March-May, June-August,
and September-November. Annual data represent December-November.
Page S-22
t Cases of 30 dozen.
Page S-24
1. Production was low as the result of a idled iron ore production operation.
Page S-25
1. For month shown.
O Source: Metals Week.
£ Includes domestic and foreign ores.
Page S-27
Page S-29
O Source: American Paper Institute. Total U.S. estimated consumption by all newspaper users,
t Compiled by the American Newspaper Publishers Association.
Page S-30
+ Cumulative ginnings to the end of month indicated,
t Bales of 480 lbs.
Page S-31
1. Weighted average for crop year, August 1-\July 31.
2. Weighted average for crop year, August 1-November 30.
3. Average for crop year, August 1-July 31.
4. Average for crop year, August 1-January 31.
5. Quarterly data withheld to avoid disclosing figures for individual companies.
6. Excludes "sweatpants".
t 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).
$ The total may include some miscellaneous wool imports.
Page S-32
1. Data withheld to avoid disclosing figures for individual companies.
2. Excludes "woven dress and business shirts".
3. Production of new vehicles (thousand of units) for November and December 1993: passenger
cars, 551 and 494; trucks and buses, 450 and 398.
$ Total includes backlog for nonrelated products and services and basic research.
t 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.
O Courtesy of R.L. Polk & Company; republication prohibited. Because data for some States are
not available, month-to-month comparisons are not strictly valid.
<§> Includes some imported trucks over 10,000 lbs. GVW.
NOTE TO USERS: AS a result of a reprogramming of resources at BEA, this section of the SURVEY OF
CURRENT BUSINESS will be discontinued after the March 1994 issue; see "Looking Ahead" on page
ii of this issue. A listing of sources, including addresses and telephone numbers, for series in this
section will appear in the March and April issues.
SURVEY OF CURRENT BUSINESS
February 1994
•
S-35
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
Footnotes
33-35
Individual Series
Advertising
Aerospace vehicles
Agricultural loans
Air carrier operations
Air conditioners (room)
Aircraft and parts
Alcohol, denatured and ethyl
Alcoholic beverages
Aluminum
Apparel
Asphalt
Automobiles, etc
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
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
13, 14
21
27
22
8,17, 20
3-5
15, 16
26
30
2, 4, 5
7
7
5
2,3
21
Carpets
31
Cattle and calves
22
Cement
30
Chain-store sales, firms with 11 or more stores
9
Cheese
21
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
Coffee
Coke
Combustion, atmosphere, heating equipment
Communication
Construction:
Contracts
Costs
Employment, unemployment, hours, earnings
Housing starts
New construction put in place
Consumer credit
Consumer goods output, index
Consumer Price Index
Copper and copper products
Com
Cost of living (see Consumer Price Index)
Cotton, raw and manufactures
Credit, commercial bank, consumer
Crops
Crude oil
Currency in circulation
Dairy products
Debt, U.S. Government
Deflator, PCE
Department stores, sales, inventories
Deposits, bank
Dishwashers and disposers
22
22
27
26
15,19
7
7
10-12
7
7
14
1,2
5, 6
25, 26
21
5,6
5, 30, 31
14
5, 21-23, 30
3, 27
15
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 commodities)
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
Housefumishings
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
Meat 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 vehicles
2-4, 6, 8, 9,15, 17, 32
National parks, visits
18
Newsprint
New York Stock Exchange, selected data
Nonferrous metals
Oats
Oils and fats
Orders, new and unfilled, manufacturers'
Outlays, U.S. Government
29
16
2, 4,5,15, 25,26
21
17
4, 5
14
Paint and paint materials
20
Paper and products and pulp
2-4, 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-A, 10-12,15,17,27,28
Pig iron
24
Plastics and resin materials
20
Population
9
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 (incl. plastics)
Saving, personal
Savings deposits
Savings institutions
Securities issued
Security markets
Services
Sheep and lambs
Shoes and other footwear
Silver
Spindle activity, cotton
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
12,16,18, 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 ^ , 10-12,15, 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
Unemployment and insurance
U.S. Government bonds
U.S. Government finance
Utilities
Vacuum cleaners
Variety stores
Vegetables and fruits
9,10,13
16
14
2, 6, 7,15,16, 20
27
9
5
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat flour
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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Schedule of Upcoming BE A News Releases
Subject
Release
Date
U.S. International Trade in Goods and Services, January 1994
Gross Domestic Product, 4th quarter 1993 (final)
Corporate Profits, 4th quarter 1993 (preliminary)
* Mar. 22
Mar. 31
Mar. 31
Personal Income and Outlays, February 1994
Composite Indexes of Leading, Coincident, and Lagging Indicators, February 1994
U.S. International Trade in Goods and Services, February 1994
State Personal Income, 4th quarter 1993 and Per Capita Personal Income, 1993 (preliminary)
Gross Domestic Product, 1st quarter 1994 (advance)
Corporate Profits, 4th quarter 1993 (revised)
Personal Income and Outlays, March 1994
Apr.
1
Apr.
5
* Apr. 19
Apr. 27
Apr. 28
Apr. 28
Apr. 29
Composite Indexes of Leading, Coincident, and Lagging Indicators, March 1994
Metropolitan Area Personal Income, 1992
U.S. International Trade in Goods and Services, March 1994
Gross Domestic Product, 1st quarter 1994 (preliminary)
Corporate Profits, 1st quarter 1994 (preliminary)
Personal Income and Outlays, April 1994
May
3
May
5
* May 19
May 27
May 27
May 31
Composite Indexes of Leading, Coincident, and Lagging Indicators, April 1994
Summary of International Transactions, 1st quarter 1994
U.S. International Trade in Goods and Services, April 1994
Gross Domestic Product, 1st quarter 1994 (final)
Corporate Profits, 1st quarter 1994 (revised)
June 2
June 15
* June 21
June 29
June 29
Personal Income and Outlays, May 1994
June
* Joint release by the Bureau of the Census and BEA.
For information, call (202) 606-9900, Bureau of Economic Analysis, U.S. Department of Commerce.
30
@FedFRASER