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JANUARY I999 <^> VOLUME 79 NUMBER
U.S. DEPARTMENT OF COMMERCE <^> ECONOMICS AND STATISTICS ADMINISTRATION
BUREAU OF ECONOMIC ANALYSIS
1
JANUARY 1999
VOLUME 79 NUMBER
SURVEY of
CURRENT BUSINESS
SURVEY OF CURRENT BUSINESS (ISSN
0039-6222). Published monthly by the
Bureau of Economic Analysis of the U.S.
Department of Commerce.
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correspondence should be addressed to the
Editor-in-Chief, SURVEY OF CURRENT
BUSINESS, Bureau of Economic Analysis,
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• #• •
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ADMINISTRATION
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THIS JSSITEofthe SURVEY went to the printer on January \% 1999.
It incorporates data from the followingmonthly BEA news releases:
tJA International Trade in Goods and Services (December 17),
Gross Domestic Product (December 23), and
Personal Income and Outlays (December 24) •
January 1999
SURVEY OF CURRENT BUSINESS
TABLE
OF
CONTENTS
l\egular features
1 Business Situation
Real GDP increased 3.7 percent in the third quarter 0/1998, according to the
"final" NIPA estimate; the "preliminary" estimate issued last month had shown
a 3.9-percent increase. A downward revision to net exports more than offset
an upward revision to business fixed investment. Corporate profits increased
$6.4 billion (0.8 percent at a quarterly rate) in the third quarter, as an increase
in profits of domestic nonfinancial corporations more than offset a decrease in
profits from the rest of the world.
12 U.S. International Transactions, Third Quarter 1998
The U.S. current-account deficit increased $4.6 billion, to $61.3 billion, in the
third quarter of 1998. The increase was accounted for by an increase in the
deficit on investment income, a decrease in the surplus on services, and an
increase in net unilateral transfers. In the capital account, capital outflows
decreased more than capital inflows. U.S. assets abroad increased $48.1 billion
after increasing $109.8 billion, and foreign assets in the United States increased
$112.9 billion after increasing $164.9 billion.
l\eports and statistical presentations
6
Real Inventories, Sales, and Inventory-Sales Ratios
for Manufacturing and Trade
8
Robert Eisner's Contributions to Economic Measurement
11 Announcement of Availability of Local Area Estimates
42 1999 Release Dates for BEA Estimates
D-l
BEA Current and Historical Data
National Data:
D-2 Selected NIPA Tables
D-27 Other NIPA and NiPA-Related Tables
D-36 Historical Tables
D-41 Domestic Perspectives
D-43 Charts
— Continued on next page —
ii
SURVEY OF CURRENT BUSINESS
International Data:
D-51 Transactions Tables
D-57 Investment Tables
D-62 International Perspectives
D-64
Charts
Regional Data:
D-65 State and Regional Tables
D-69 Local Area Table
D-71 Charts
Appendixes:
D-73 Appendix A: Additional Information About BEA'S NIPA Estimates
D-75 Appendix B: Suggested Reading
Inside back cover: BEA Information
(A listing of recent BEA publications available from GPO)
Back cover: Schedule of Upcoming BEA News Releases
January 1999
SURVEY OF CURRENT BUSINESS
January 1999
BUSINESS
Ralph W. Morris
prepared the first
section of this
article, and Daniel
Larkins prepared
the section on
corporate profits.
SITUATION
EAL GROSS domestic product (GDP) in\^ creased 3.7 percent in the third quarter of
1998, according to the "final" estimates of the
national income and product accounts (NIPA'S),
after increasing 1.8 percent in the second quarter
(table 1 and chart 1).1 The acceleration was more
than accounted for by an upturn in inventory
investment.
The largest contributors to the third-quarter
increase in real GDP were personal consumption
1. Quarterly estimates in the NIPA'S are expressed at seasonally adjusted
annual rates. Quarter-to-quarter dollar changes are the differences between
the published estimates. Quarter-to-quarter percent changes are annualized
and are calculated from unrounded data unless otherwise specified.
Real estimates are calculated using a chain-type Fisher formula with annual weights for all years and quarters except those in the most recent year,
which are calculated using quarterly weights; real estimates are expressed both
as index numbers (1992=100) and as chained (1992) dollars. Price indexes
(1992=100) are also calculated using a chain-type Fisher formula.
Table 1.—Real Gross Domestic Product, Real Gross Domestic Purchases, and Real
Final Sales to Domestic Purchasers
Selected Product Measures:
Change From |
io
REAL GROSS DOMESTIC PRODUCT
• lill.llllll.l
10
REAL GROSS NATIONAL PRODUCT
On a Command-Basis,
• .nl.iiii.L 1
1995
;=•
1996
US.Department(rfCo^
v : t ;,;,:
; -1'V; ;; ,'/
[Seasonally adjusted at annual rates]
Billions of chained (1992) dollars
Level
1998
Change from preceding
quarter
[Seasonally adjusted at annual rate]
1997
1997
1998
1997
Gross domestic product
7,566.5
53.4 100.1
Less: Exports of goods and services ..
Plus?. Imports of goods and services ...
965.3
1,224.3
10.7
17.3
Equals: Gross domestic purchases ,
7,798.8
59.0 142.8
Less: Change in business inventories .
Nonfarm
Farm
55.7
47.0
9.1
15.5
18.7
-3.6
Table 2.—Contributions to Percent Change in Real Gross
Domestic Product
Percent change from
preceding quarter
33.9
67.9
3.0
5.5
1.8
3.7
-6.9 -19.8
42.6 26.9
-6.8
7.0
4.4
6.3
-2.8
15.7
-7.7
9.3
-2.8
2.3
73.7
80.2
3.2
7.8
3.9
4.2
24.9 -53.2
23.2 -56.0
3.4
1.6
17.5
17.1
Equals: Final sales to domestic purchasers
7,739.8
44.1 120.1 124.2
63.4
2.4
6.6
6.7
3.3
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Gross private domestic fixed investment
Nonresidential fixed investment
Structures
Producers' durable equipment
Residential investment
Government consumption expenditures and
gross investment
Federal
National defense
Nondefense
State and local
5,181.8
733.7
1,549.1
2,904.8
1,270.9
958.7
202.0
769.3
316.5
34.0
5.2
-1.4
29.4
10.2
4.0
.5
3.8
5.6
74.1
25.5
26.9
24.5
55.4
45.7
-2.6
52.4
10.6
75.1
19.1
19.7
37.5
39.2
28.5
-1.2
32.5
10.6
51.6
4.3
8.2
38.0
6.8
-1.7
.1
-2.0
7.4
2.8
3.1
-.4
4.3
3.6
1.8
.9
2.2
8.2
6.1
15.8
7.4
3.5
20.4
22.2
-4.9
34.3
15.6
6.1
11.2
5.3
5.4
13.4
12.8
-2.3
18.8
15.0
4.1
2.4
2.1
5.4
2.2
-.7
.2
-1.0
9.9
1,299.6
452.5
303.5
148.4
847.3
.3 -6.2
-2.4 -10.4
-1.5 -15.4
-.9
4.6
2.8
4.2
11.8
8.0
7.0
1.0
3.8
4.8
-1.6
3.2
-4.5
6.4
7,507.6
38.5
83.9
51.2
Addendum: Final sales of domestic product
77.7
.1 -1.9
-2.1 -8.8
-2.0 -18.5
-2.3 13.1
1.3
2.1
2.1
4.3
3.7
1.5
7.3 -1.4
9.9
4.3
2.6 -11.5
3.1
4.6
2.8
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 current-dollar
value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more
than one period, the corresponding chained-dollar estimates usually are not additive. Chained (1992) dollar levels and residuals,
which measure the extent of nonadditivity in each table1, are in NIPA tables 1.2, 1.4, and 1.6. Percent changes are calculated from
unrounded data. Percent changes in major aggregates are in NIPA table 8.1.
Percent change at annual rate:
Gross domestic product
3.0
5.5
1.8
3.7
Percentage points at annual rates:
Personal consumption expenditures
Durable goods
Nondurable goods
Services
1.88
.26
-.08
1.70
4.09
1.23
1.41
1.40
4.09
.91
1.01
2.14
2.78
.20
.42
2.15
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable equipment .
Residential
Change in business inventories
1.34
.48
.16
.03
.13
.32
.85
4.07
2.82
2.21
-.15
2.36
.60
1.22
-.75
1.95
1.35
-.07
1.42
.60
-2.66
1.22
.33
-.08
.01
-.09
.41
Net exports of goods and services
Exports
Goods
Services
Imports
Goods
Services
-.30
.53
.67
-.14
-.83
-.71
-.12
-2.24
-.33
-.29
-.04
-1.94
-1.75
-.19
-2.08
-.92
-.98
.06
-1.18
-1.19
.01
-.62
-.32
.04
-.36
-.30
-.32
.01
.02
-.14
-.09
-.05
.15
-.34
-.57
-.84
.26
.24
.44
.38
.06
.20
.27
-.09
.17
-.26
.35
Government consumption expenditures and
gross investment
Federal
National defense
Nondefense
State and local
NOTE.—Contributions to percent change in major aggregates are in NIPA table 8.2.
SURVEY OF CURRENT BUSINESS
2 • January 1999
expenditures for services and inventory investment (table 2). The increase in GDP was moderated by decreases in exports of services and in
Federal nondefense spending and by an increase
in imports of goods.2
The "final" estimate of the change in real GDP
is 0.2 percentage point less than the 3.9-percent
increase indicated by the "preliminary" estimate
reported in the December "Business Situation"
(table 3). The revision is close to the average
revision—0.3 percentage point, without regard to
sign—from the preliminary estimate to the final
estimate for 1978-97.
Revisions to the components of GDP were
small. A downward revision to net exports more
than offset an upward revision to business fixed
investment. In net exports, a downward revision
to exports and an upward revision to imports
reflected the incorporation of revised Census Bureau and Bureau of Economic Analysis (BEA)
data on international trade in goods and services. In business fixed investment, the upward
revision was primarily to residential and nonresidential structures and reflected the incorporation
of revised Census Bureau data on the value of
residential and nonresidential construction put in
place for August and September.
2. Imports are subtracted from final expenditures in the calculation of
Real gross domestic purchases increased 4.2
percent, the same as the preliminary estimate;
in the second quarter, it increased 3.9 percent.3
Real final sales of domestic product increased 2.8
percent, 0.1 percentage point less than the preliminary estimate; in the second quarter, it increased
4.6 percent.4
Table 3.—Revisions to Change in Real Gross Domestic Product and Prices,
Third Quarter 1998
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter
Final estimate minus
preliminary estimate
Change in real
GDP
Preliminary
estimate
Gross domestic product
Less: Exports of goods and services ...
Plus: Imports of goods and services ....
Equals: Gross domestic purchases
Final
estimate
3.9
3.7
-1.9
1.3
-2.8
2.3
4.2
4.2
Percentage
points
-0.2
—9
-3.5
-0.20
-2.1
3.0
-.10
-.13
-1.4
.4
3.3
1.6
4.1
2.4
2.1
5.4
4.1
2.4
2.1
5.4
-.1
.1
.2
-.2
0
0
.01
-.02
1.4
-1.2
-1.5
-1.1
2.2
-7
.2
-1.0
9.9
2.2
1.3
.8
.2
1.0
.11
.06
.05
0
.05
-.4
.3
-1
.4
-.7
-.02
.01
3.3
Equals: Final sales to domestic purchasers .
Personal consumption expenditures
Durable goods
..
Nondurable goods
Services
Gross private domestic fixed investment.
Nonresidential
Structures
Producers' durable equipment
Residential
Government consumption expenditures and gross
investment
Addenda:
Final sales of domestic product
Gross domestic purchases price index'
GDP price index'
Percentage
points
-.05
Less: Change in business inventories
Nonfarm
Farm
Federal
National defense
Nondefense
State and local
Billions
of
chained
(1992)
dollars
Contribution to
percent
change in
real GDP
1.6
.,
-1.6
4.3
-12.2
3.4
,2.9
.5
0
0
0
0
.8
.5
1.7
.1
1.3
1.5
-1.4
-1
.2
4.3
-11.5
3.1
0
.7
-.3
2.8
.7
1.0
-.1
.2
.2
0
.01
-.04
-2.6
The price index for gross domestic purchases
increased 0.7 percent, 0.2 percentage point more
than the preliminary estimate; in the second
quarter, the index increased 0.4 percent. The
price index for GDP increased 1.0 percent, 0.2
percentage point more than the preliminary estimate; in the second quarter, the index increased
0.9 percent. The larger third-quarter increase
in GDP prices than in gross domestic purchases
prices was due to a larger decrease in the prices
of imports than in the prices of exports.5 The
upward revisions to third-quarter prices mainly
reflected the incorporation of newly available Department of Transportation price data on airline
transportation services purchased by consumers
and of newly available Census Bureau price data
on single-family structures.
Real disposable personal income (DPI) increased 3.2 percent in the third quarter, 0.1
percentage point more than the preliminary estimate. The upward revision was accounted for
by an upward revision to personal income. The
personal saving rate—personal saving as a percentage of current-dollar DPI—was 0.2 percent,
the same as the preliminary estimate.
1. Based on chained-type annual (1992) weights.
NOTE.—The final estimates for the third quarter of 1998 incorporate the following revised or additional major source data that
were not available when the preliminary estimates were prepared.
Personal consumption expenditures: Revised retail sales for September, hospital expenses for August, and residential gas usage
for July.
Nonresidential fixed investment: Revised construction put in place for August and September and revised manufacturers' shipments
of machinery and equipment for September.
Residential fixed investment: Revised construction put in place for August and September.
Change in business inventories: Revised manufacturing and trade inventories for September.
Exports and imports of goods and services: Revised data on exports and imports of goods for September and revised balanceof-payments data on exports and imports of goods and services for the third quarter.
Government consumption expenditures and gross investment: Revised State and local construction put in place for August and
September.
Wages and salaries: Revised employment, average hourly earnings, and average weekly hours for September.
GDP prices: Revised export and import prices for July through September, revised values and quantities of petroleum imports
for September, revised prices of single-family homes under construction for the third quarter, and airline transportation prices paid
by consumers for the third quarter.
3. Gross domestic purchases—a measure of purchases by U.S. residents
regardless of where the purchased goods and services were produced—is
calculated as GDP less exports of goods and services plus imports of goods
and services.
4. Final sales of domestic product equals GDP less change in business
inventories.
5. Import prices are included in gross domestic purchases prices but not
in GDP prices, and export prices are included in GDP prices but not in gross
domestic purchases prices.
January 1999
SURVEY OF CURRENT BUSINESS
Corporate Profits
Gross national product (GNp).-ln the third quarter, real GNP—goods and services produced bylabor and property supplied by U.S. residents—
increased 3.3 percent, 0.4 percentage point less
than real GDP (chart 1 and table 4).6 Receipts
of factor income from the rest of the world
decreased, and payments of factor income increased; corporate profits accounted for most of
the decrease in receipts and more than accounted
for the increase in payments. The revised estimate of the growth in GNP is the same as the
preliminary estimate; in the second quarter, GNP
had increased 1.7 percent.
Real GNP on a command basis, which measures the goods and services produced by the
U.S. economy in terms of their purchasing
power, increased more than real GNP—3.5 percent, compared with 3.3 percent—reflecting an
improvement in the terms of trade.7 In the
second quarter, real GNP on a command-basis
also increased more than real GNP—2.0 percent,
compared with 1.7 percent.
Profits from current production increased $6.4
billion (0.8 percent at a quarterly rate) in the
third quarter after decreasing $8.6 billion in the
second (table 5).8 An increase in profits of
domestic nonfinancial corporations more than
offset a decrease in profits from the rest of the
world. Profits of domestic nonfinancial corporations increased $14.3 billion (2.4 percent) after
decreasing $6.1 billion, as unit profits and real
product increased; the increase in unit profits, in
turn, reflected a small increase in unit prices and
a small decrease in unit costs. Profits of domestic financial corporations decreased $0.6 billion
(0.4 percent) after decreasing $1.2 billion. Profits
from the rest of the world decreased $7.4 billion (j.6 percent) after decreasing $1.3 billion; the
third-quarter decrease mainly reflected a drop in
receipts of earnings from foreign affiliates.9
Cash flow from current production, a profitsrelated measure of internally generated funds
available for investment, increased $9.2 billion after decreasing $5.8 billion. The ratio of cash flow
to nonresidential fixed investment, an indicator
of the share of the current level of investment that
6. GNP equals GDP plus receipts of factor income from the rest of the
world less payments of factor income to the rest of the world.
7. In the estimation of command-basis GNP, the current-dollar value of
the sum of exports of goods and services and of receipts of factor income is
deflated by the implicit price deflator (IPD) for the sum of imports of goods
and services and of payments of factor income.
The terms of trade is a measure of the relationship between the prices
that are received by U.S. producers for exports of goods and services and the
prices that are paid by U.S. purchasers for imports of goods and services.
It is measured by the following ratio, with the decimal point shifted two
places to the right: In the numerator, the IPD for the sum of exports of
goods and services and of receipts of factor income; in the denominator,
the IPD for the sum of imports of goods and services and of payments of
factor income. Changes in the terms of trade reflect the interaction of several
factors, including movements in exchange rates, changes in the composition
of the traded goods and services, and changes in producers' profit margins.
For example, if the U.S. dollar depreciates against a foreign currency, a foreign
manufacturer may choose to absorb this cost by reducing the profit margin
on the product it sells to the United States, or it may choose to raise the
price of the product and risk a loss in market share.
8. Profits from current production is estimated as the sum of profits
before tax, the inventory valuation adjustment, and the capital consumption
adjustment; it is shown in NIPA tables 1.9,1.14,1.16, and 6.16c (which are part
of the "Selected NIPA Tables"; see page D-2 of this issue) as corporate profits
with inventory valuation and capital consumption adjustments.
Percent changes in profits are shown at quarterly, not annual, rates.
9. Profits from the rest of the world is calculated as (1) receipts by U.S.
residents of earnings from their foreign affiliates plus dividends received by
U.S. residents from unaffiliated foreign corporations minus (2) payments by
U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S.
corporations to unaffiliated foreign residents. These estimates include capital
consumption adjustments (but not inventory valuation adjustments) and are
derived from BEA'S international transactions accounts.
Table 4.—Relation of Real Gross Domestic Product, Real Gross National Product, and Real Command-Basis Gross National
Product
[Seasonally adjusted at annual rates]
Billions of chained (1992) dollars
Level
Percent change from preceding
quarter
Change from preceding quarter
1997
1997
Gross domestic product
.-.
Plus: Receipts of factor income from the rest of the world
Less: Payments of factor income to the rest of the world
Equals: Gross national product
1998
1998
7,566.5
53.4
100.1
33.9
67.9
3.0
5.5
1.8
3.7
235.7
254.6
-8.0
1.6
3.4
-.9
0
3.2
-5.3
1.8
-12.4
2.6
5.9
-1.4
0
5.2
-8.5
2.9
7,5467
43.7
104.5
30.7
60.8
2.4
5.8
1.7
3.3
1,201.1
1.6
-3.0
-19.1
-12.6
.5
-1.0
-6.1
-4.1
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
1,275.1
3.0
16.3
-13.1
-8.3
.9
5.2
-4.0
-2.5
Equals: Command-basis gross national product.
7,620.7
45.0
123.8
36.7
65.1
2.5
6.9
2.0
3.5
106.2
.1
1.6
.5
.5
6.3
1.9
1.9
Addendum:
Terms of trade l
:
1. Calculated as the ratio of the implicit price deflator for the sum of exports of goods and
services and of receipts of factor income to the corresponding implicit price deflator for imports
with the decimal point shifted two places to the right,
NOTE.—Levels of these series are in NIPA tables 1.10 and 1.11.
4 • January 1999
SURVEY OF CURRENT BUSINESS
could be financed by internally generated funds,
increased to 86.7 percent from 84.8 percent;
the increase followed four consecutive decreases.
The average quarterly ratio for 1991-97 was 91.9
percent.
Domestic industry profits and related measures.—
Domestic industry profits increased $8.3 billion
after decreasing $11.9 billion.10 Profits of domestic
nonfinancial corporations increased $9.5 billion
after decreasing $9.9 billion, mainly reflecting upturns in the transportation and public utilities
group (which includes communications) and in
"other" nonmanufacturing. In manufacturing,
profits increased slightly after a decrease; profits of durable goods manufacturers increased a
little more than in the second quarter, and profits of nondurable goods manufacturers decreased
somewhat less than in the second quarter.
10. Domestic industry profits are estimated as the sum of corporate profits
before tax and the inventory valuation adjustment; they are shown in NIPA
table 6.16c (on page D-16 of this issue). Estimates of the capital consumption
adjustment do not exist at a detailed industry level; they are available only
for total financial and total nonfinancial industries.
Profits of domestic financial corporations
decreased $1.2 billion after decreasing $1.9 billion.
Profits before tax (PBT) decreased $3.0 billion
after increasing $4.4 billion. More than half of the
difference between this decrease and the $6.4 billion increase in profits from current production
was accounted for by a $5.4 billion increase in the
capital consumption adjustment.11 The rest of the
difference was accounted for by larger inventory
losses, as reflected in a $3.9 billion increase in the
inventory valuation adjustment.12 £ 3
11. The capital consumption adjustment converts depreciation valued at
historical cost and based on service lives and depreciation patterns specified
in the tax code to depreciation valued at replacement cost and based on
empirical evidence on the prices of used equipment and structures in resale
markets. For information on depreciation in the NIPA'S, see Arnold J. Katz
and Shelby W. Herman, "Improved Estimates of Fixed Reproducible Tangible
Wealth, 1929-95," SURVEY OF CURRENT BUSINESS 77 (May 1997).
12. As prices change, companies that value inventory withdrawals at original acquisition (historical) costs may realize inventory profits or losses.
Inventory profits—a capital-gains-like element in profits—result from an increase in inventory prices, and inventory losses—a capital-loss-like element
in profits—result from a decrease in inventory prices. In the NIPA'S, inventory profits or losses are reflected in business incomes (profits before tax and
nonfarm proprietors' income) and are removed by the inventory valuation
adjustment (IVA); a negative IVA removes inventory profits, and a positive IVA
removes inventory losses.
Table 5.—Corporate Profits
[Seasonally adjusted]
Percent change (quarterly rate)
Billions of dollars (annual rate)
Level
Change from preceding quarter
1997
1997
IV
Profits from current production
Domestic industries
Financial
Nonfinancial
Rest of the world
Receipts (inflows)
Payments (outflows)
IVA
CCAdj
Profits before tax
Profits tax liability
Profits after tax
Cash flow from current production
Domestic industry profits:
Corporate profits of domestic industries with IVA
Financial
Nonfinancial
Manufacturing
Transportation and public utilities
Wholesale trade
Retail trade
Other
827.0
737.0
129.5
607.5
-20.1
-9.8
6.2
-15.9
89.9
140.5
50.5
-10.3
11.7
94.8
720.5
243.2
477.3
-.5
2.9
-22.5
-4.9
-17.6
807.9
-9.7
642.2
133.2
-12.7
6.1
509.0
-18.8
195.0
92.7
-16.6
.3
-5.1
-.5
3.3
53.9
67.1
100.2
-14.7
-4.2
I
8.4
1.8
1.8
0
6.6
3.6
-3.1
-8.6
-7.3
-1.3
-.1
1.2
6.4
13.7
-.6
14.3
-7.4
-5.5
1.8
21.0
4.8
-7.9
-17.5
4.5
4.4
1.7
2.6
21.9
-2.9
1.6
-4.6
-15.2
-17.3
-9.4
3.1
3.9
5.2
-1.6
1.062
.699
.225
.138
0
.007
-.001
-.006
NOTE—Levels of these and other profits series are in NIPA tables 1.14,1.16, 6.16C, and 7.15.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
-0.002
.002
-.001
-.002
-.1
2.4
-2.4
-3.8
-1.6
.6
.7
.6
-.4
.6
-1.0
-1.2
2.8
-.7
1.2
-1.9
4.7
-3.5
-7.3
.4
-9.7
-.8
3.3
-.5
1.2
-.9
-7.2
3.5
8.3
8.4
-1.8
-1.4
-1.9
-1.2
-4.6
3.8
1.3
-.9
1.9
.2
6.0
-9.3
-7.8
.2
1.4
0
7.2
2.5
-6.1
-3.0
1.6
-4.5
-3.0
-1.9
-3.5
-5.8
9.2
-11.9
-1.9
-9.9
-2.5
-4.2
2.0
0
-5.3
8.3
-1.2
9.5
.4
5.2
.4
-.3
3.7
-1.2
-6.1
0
.002
0
-.003
-1.0
-1.0
-1.0
-1.0
-1.3
3.9
5.4
Dollars
Unit price, costs, and profits of nonfinancial
corporations:
Unit price
Unit labor cost
Unit nonlabor cost
Unit profits from current production
1.0
0.8
1.9
-.4
2.4
-7.6
-3.8
3.9
-2.4
-1.3
5.0
-2.6
-10.1
0.001
0
-.001
.002
-1.5
.1
-5.2
.7
-.4
3.9
Now available!
Updated data on the structure of the U.S. Economy
BENCHMARK INPUT-OUTPUT ACCOUNTS
OF THE UNITED STATES, 1992
Presents the detailed 1992 benchmark input-output accounts, including estimates for 97
industry groups and for 498 industries.
Trace the flows of industry production
& The production, or make, of goods and
services, or commodities, by industry
& The consumption, or use, of commodities by
industry and by the final consumer
Estimate the effects of demand on industries and
commodities
& The output of each industry or commodity that
is directly and indirectly required to deliver a
dollar of a commodity to final users
Get a microperspective of the national income and
product accounts
& The commodity composition of gross domestic
product
& The commodity composition of personal
consumption expenditures by type
& The commodity composition of the private
purchases of producers' durable equipment by
type
& The industry distribution of value added
BENCHI /IARK INPUT-OUTPUT ACCOUNTS
OF THE JNITED STATES, 1992
U.S. DEPARTMENT OF COMMERCE
Economics and Statistics Administration
Bureau of Economic Analysis
This publication also includes
& The concepts underlying the accounts
& The methods used to prepare the accounts
& The input-output industry classification system used in the accounts
To order this publication for $40 (stock number 003-010-00275-1), call the
Superintendent of Documents of the U.S. Government Printing Office at 202-512-1800,
fax your order to 202-512-2250, send Email to orders@gpo.gov, or go to
<www.access.gpo.gov/su_docs/sale/prf/prf.html>.
6
SURVEY OF CURRENT BUSINESS
January 1999
Real Inventories, Sales, and Inventory-Sales Ratios
for Manufacturing and Trade
1, 2, and 3 show quarterly and monthly estimates of real inventories, sales, and inventory-sales
ratios, respectively. Table 4 shows real manufacturing
inventories by stage of fabrication. Real estimates are
in chained (1992) dollars.
TABLES
Data availability
Quarterly estimates for i994:iv-i998:n of real manufacturing and trade inventories, sales, and inventorysales ratios and of real manufacturing inventories by
stage of fabrication were published in the October 1998
SURVEY OF CURRENT BUSINESS.
The estimates for 1959-98:1 are available as downloadablefileson BEA'S Web site at <www.bea.doc.gov>;
click on Catalog of Products, look under National, National Income and Product Accounts,
1998 Underlying NIPA Historical, and click "Free
download."
The estimates for 1959-98:1 are also available
on diskette from BEA: Product number NDN-0211,
price $60.00. To order using Visa or MasterCard, call the BEA Order Desk at 1-800-704-0415
(outside the United States, 202-606-9666). To order by mail, send a check made payable to "Bureau of Economic Analysis, BE-53" to BEA Order Desk (BE-53), Bureau of Economic Analysis, U.S. Department of Commerce, Washington,
DC 20230.
Table 1 — Real Manufacturing and Trade Inventories, Seasonally
Adjusted, End of Period
Table 2.—Real Manufacturing and Trade Sales, Seasonally Adjusted at
Monthly Rate
[Billions of chained (1992) dollars]
[Billions of chained (1992) dollars]
1998
1998
II
May
June
July
Sept
Ocf
1,021.5
1,032.0
448.7
453.5
447.2
448.7
452.0
453.2
453.5
456.9
Durable goods
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment ...
Transportation equipment
Motor vehicles and equipment
Other transportation equipment
Other durable goods»
285.9
23.0
28.8
64.2
42.6
69.3
15.2
54.1
58.7
288.9
23.6
29.2
64.7
42.2
70.5
14.9
55.6
59.3
284.8
22.8
28.5
64.2
43.0
68.2
14.8
53.3
58.9
285.9
23.0
28.8
64.2
42.6
69.3
15.2
54.1
58.7
287.0
23.2
29.0
64.4
42.2
69.8
15.0
54.8
59.0
288.7
23.4
29.0
64.5
42.5
70.6
14.7
55.8
59.1
288.9
23.6
29.2
64.7
42.2
70.5
14.9
55.6
59.3
291.4
23.6
29.3
64.7
42.6
72.0
14.9
57.0
59.7
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic products
Other nondurable goods 2
163.0
35.0
15.0
164.8
34.9
15.1
43.5
162.6
34.9
14.9
42.0
12.9
15.2
42.6
163.0
35.0
15.0
42.2
12.7
15.4
42.6
165.2
35.0
15.1
43.8
12.8
15.4
42.8
164.7
34.8
15.1
43.8
12.6
15.5
42.6
164.8
34.9
15.1
43.5
12.4
15.5
43.1
165.6
35.2
15.1
43.6
12.6
15.6
43.3
Manufacturing and trade .
Manufacturing
Merchant wholesalers .
Durable goods
Nondurable goods
Groceries and farm products .
Other nondurable goods
Retail trade ....
Durable goods
Motor vehicle dealers 3
Other durable goods 3
Nondurable goods
Food stores
Other nondurable goods...
15.4
42.6
43.1
268.7
1,022.1 1,021.5 1,021.0 1,027.3 1,032.0 1,035.4
268.2
268.7
268.6
272.1
275.7
275.3
173.6
95.3
28.5
67.2
177.0
99.0
31.3
68.1
174.1
94.4
27.9
66.9
173.6
95.3
28.5
67.2
173.3
95.6
28.7
67.3
175.3
97.0
29.7
67.7
177.0
99.0
31.3
68.1
177.6
97.9
30.6
67.7
304.3
302.9
306.7
304.3
300.5
302.2
302.9
303.4
157.5
75.3
82.3
155.6
73.0
82.8
147.2
29.2
118.1
161.1
79.5
81.6
157.5
75.3
82.3
146.6
29.4
117.2
153.9
71.3
82.8
155.4
72.4
83.2
146.6
29.3
117.4
155.6
73.0
82.8
147.2
29.2
157.0
74.1
83.1
146.2
29.1
118.1
117.1
146.6
29.4
117.2
145.3
29.2
116.1
146.5
29.4
117.1
1998
1998
Aug.
May
Aug.
Sept
Oct'
751.3
757.3
750.1
754.3
753.4
755.6
762.7
764.9
319.8
323.8
318.7
320.5
321.0
323.4
327.0
327.4
Durable goods
Primary metal industries
......
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Motor vehicles and equipment
Other transportation equipment
Other durable goods'
184.9
13.9
17.9
48.1
31.2
40.0
26.8
13.1
36.8
189.2
13.9
18.4
49.5
32.8
40.9
27.5
13.4
37.1
184.4
13.8
18.0
47.4
30.8
40.9
27.7
13.1
36.5
185.4
13.8
18.0
49.4
31.9
38.2
25.0
13.1
37.6
186.1
13.8
18.5
49.6
32.3
37.9
25.3
12.5
37.4
188.9
13.9
18.3
49.3
32.4
41.6
28.2
13.4
36.6
192.7
13.9
18.4
49.6
33.6
43.3
28.8
14.4
37.2
193.8
13.7
18.4
50.2
33.3
44.5
29.3
15.1
37.1
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic products
Other nondurable goods 2
135.6
37.3
12.2
27.9
14.7
12.1
31.6
135.4
37.5
12.1
27.6
14.7
12.3
31.4
134.9
37.0
12.2
27.9
14.3
12.1
31.5
135.7
37.3
12.2
28.2
14.6
12.1
31.5
135.6
37.2
12.2
27.6
14.5
12.2
32.1
135.3
37.6
12.1
27.4
14.8
12.3
31.4
135.3
37.7
12.0
27.8
14.7
12.4
30.9
134.7
38.2
11.9
27.4
14.3
12.3
30.7
208.0
209.8
207.4
209.1
209.3
209.0
211.2
210.1
111.4
96.7
34.4
62.4
111.8
98.0
35.3
62.9
110.5
96.9
34.4
62.7
112.2
97.0
34.9
62.3
112.5
96.8
34.7
62.4
111.7
97.3
35.3
62.3
111.3
99.8
36.1
64.0
110.7
99.4
35.7
63.8
224.0
224.3
224.7
225.3
223.7
223.9
225.3
228.0
92.9
47.7
45.8
130.9
34.0
96.9
92.0
45.9
47.0
132.0
34.1
97.9
93.4
48.1
45.9
131.0
34.0
97.0
93.8
48.1
46.2
131.3
34.0
97.3
91.6
45.7
46.7
131.9
34.0
97.9
91.8
45.7
46.9
131.9
34.2
97.7
92.8
46.3
47.3
132J
34.2
98.1
94.7
47.5
48.0
133.0
34.2
Manufacturing and trade .
Manufacturing
Merchant wholesalers .
Durable goods
Nondurable goods
Groceries and farm products .
Other nondurable goods
Retail trade .
Durable goods
Motor vehicle dealers 3 ...
Other durable goods 3 ....
Nondurable goods
Food stores
Other nondurable goods .
June
July
p Preliminary.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and
related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather
and leather products.
- 3. Prior to 1981, inventories and sales of auto and home supply stores are included in motor vehicle dealers.
Beginning with 1981, these inventories are included in "other durable goods."
p Preliminary.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and
related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather
and leather products.
3. Prior to 1981, inventories and sales of auto and home supply stores are included in motor vehicle dealers.
Beginning with 1981, these inventories are included in "other durable goods."
NOTES.—Manufacturing inventories are classified by the type of product produced by the establishment holding
the inventory. Trade inventories are classified by the type of product sold by the establishment holding the inventory.
Chained (1992) dollar inventory series are calculated as the product of the chain-type quantity index and the
average of the end-of-year fixed-weighted inventories for 1991 and 1992, divided by 100. Because the formula for
the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates
are usually not additive.
NOTES.—Manufacturing inventories are classified by the type of product produced by the establishment holding
the inventory. Trade inventories are classified by the type of product sold by the establishment holding the inventory.
Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes
uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
SURVEY OF CURRENT BUSINESS
January 1999
Table 3.—Real Inventory-Sales Ratios for Manufacturing and Trade,
Seasonally Adjusted
Table 4.—Real Manufacturing Inventories by Stage of Fabrication,
Seasonally Adjusted, End of Period
[Ratio, based on chained (1992) dollars]
[Billions of chained (1992) dollars]
1998
1998
May
Manufacturing and trade
Manufacturing
Durable goods
,
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Motor vehicles and equipment
Other transportation equipment
Other durable goods l
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic products
Other nondurable goods 2
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Motor vehicle dealers 3
Other durable goods 3
Nondurable goods
Food stores
Other nondurable goods
.
June
1.36
1.40
1.55
1.66
1.61
1.34
1.36
1.73
.57
4.12
1.59
1.36
1.40
1.53
1.70
1.59
1.31
1.29
1.72
.54
4.14
1.60
1.36
1.40
1.54
1.65
1.59
1.36
1.40
1.67
.54
4.06
1.62
1.35
1.40
1.54
1.67
1.60
1.30
1.33
1.81
.61
4.13
1.56
1.20
.94
1.23
1.51
.86
1.27
1.35
1.29
1.56
.99
.83
1.08
136
1.70
1.58
1.80
1.12
.87
1.21
1.22
.93
1.24
1.58
.85
1.26
1.37
1.21
.94
1.22
1.51
.90
1.26
1.35
1.31
4.58
1.01
.89
1.08
1.35
1.29
1.58
.98
.81
1.07
1.37
1.72
1.65
1.78
1.11
.86
1.20
1.59
1.76
1.12
.86
1.21
July
May
1.54
1.68
1.57
1.30
1.31
1.84
.59
4.37
1.58
1.36
1.40
1.53
1.68
1.59
1.31
1.31
1.70
.52
4.18
1.62
1.35
1.39
1.50
1.70
1.59
1.31
1.26
1.63
.52
3.87
1.60
1.35
1.40
1.50
1.73
1.60
1.29
1.28
1.62
.51
3.78
1.61
1.20
.94
1.23
1.50
.87
1.28
1.35
1.22
.94
1.23
1.59
.88
1.26
1.34
1.22
.93
1.25
1.60
.85
1.26
1.36
1.22
.92
1.26
1.57
.84
1.25
1.40
1.23
.92
1.27
1.59
.88
1.27
1.41
1.29
1.55
.98
.82
1.08
1.35
1.68
1.56
1.78
1.12
.86
1.20
1.28
1.30
1.57
1.00
.84
1.09
1.35
1.69
1.59
1.77
1.11
.86
1.20
1.31
1.59
.99
.87
1.06
1.35
1.68
1.58
1.75
1.11
.85
1.20
1.31
1.61
.99
.86
1.06
1.33
1.66
1.56
1.73
1.10
.85
1.19
1.36
1.41
1.54
.99
.83
1.08
1.34
1.68
1.56
1.77
1.11
.86
1.20
p
Preliminary.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and
related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather
and leather products.
3. Prior to 1981, inventories and sales of auto and home supply stores are included in motor vehicle dealers.
Beginning with 1981, these inventories are included in "other durable goods."
NOTE.—Manufacturing inventories are classified by the type of product produced by the establishment holding
the inventory. Trade inventories are classified by the type of product sold by the establishment holding the inventory.
1998
Aug. Sept
June
July
Aug.
Sept
OcP'
Materials and supplies
Manufacturing
149.5
Durable goods
....
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Motor vehicles and equipment
Other transportation equipment
Other durable goods l
89.5
8.0
10.1
19.2
15.9
7.5
7.0
21.9
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic products
Other nondurable goods 2
60.1
10.9
7.4
150.6
8.1
10.3
19.2
15.9
7.2
7.3
22.1
148.5
149.5
150.3
150.0
150.6
150.9
89.0
7.8
9.9
19.4
16.0
7.0
7.2
89.5
8.0
10.1
19.2
15.9
7.5
7.0
21.9
8.0
10.2
19.4
16.0
7.1
7.4
21.9
8.0
10.1
19.1
16.1
6.9
7.5
22.0
8.1
10.3
19.2
15.9
7.2
7.3
22.1
90.2
8.1
10.2
19.1
16.3
7.2
7.3
22.2
60.5
11.1
7.5
60.5
13.5
3.9
6.1
60.1
10.9
7.4
13.7
3.7
6.2
11.1
7.4
14.0
3.8
6.3
18.0
60.8
11.1
7.4
14.0
3.7
6.3
18.1
21.9
59.6
13.7
3.7
6.2
18.0
60.8
11.1
7.4
14.0
3.8
6.3
18.0
18.0
18.0
17.9
11.0
7.5
13.9
3.9
6.3
17.8
146.8
147.4
146.3
146.8
146.9
148.2
147.4
149.5
118.2
7.6
8.6
24.6
15.5
4.2
43.1
14.8
119.3
7.8
8.5
24.8
15.2
4.2
44.2
14.8
117.7
7.7
8.5
24.6
15.7
4.5
42.2
14.9
118.2
7.6
8.6
24.6
15.5
4.2
43.1
14.8
118.3
7.7
8.6
24.4
15.1
4.3
43.2
14.9
120.0
7.8
8.5
25.1
15.3
4.2
44.4
14.9
119.3
7.8
8.5
24.8
15.2
4.2
44.2
14.8
121.1
7.8
8.7
24.9
15.1
4.1
45.6
14.9
28.5
5.3
1.5
8.0
3.1
2.1
8.5
28.0
5.0
1.5
8.0
3.1
2.1
8.4
28.4
5.3
1.5
8.0
3.1
2.1
28.5
5.3
1.5
8.0
3.1
2.1
8.5
28.5
5.2
1.5
8.1
3.1
2.1
8.5
28.1
5.1
1.5
8.0
2.9
2.1
8.4
28.0
5.0
1.5
8.0
3.1
2.1
8.4
28.3
5.1
1.4
8.1
3.1
2.1
8.3
156.5
10.7
7.3
13.8
3.9
6.2
Work-in-process
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Motor vehicles and equipment
Other transportation equipment
Other durable goods'
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic products
Other nondurable goods 2
Finished goods
Manufacturing
152.5
155.4
152.5
152.5
154.8
155.0
155.4
Durable goods
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Motor vehicles and equipment
Other transportation equipment
Other durable goods •
,78.1
7.4
10.1
20.5
11.1
3.5
4.0
21.8
79.5
7.6
10.4
20.8
11.1
3.5
4.1
22.3
78.0
7.3
10.1
20.2
11.3
3.4
4.0
22.0
78.1
7.4
10.1
20.5
11.1
3.5
4.0
21.8
78.7
7.5
10.3
20.5
11.1
3.5
4.1
22.1
79.0
7.6
10.4
20.4
11.1
3.6
4.0
22.1
79.5
7.6
10.4
20.8
11.1
3.5
4.1
22.3
80.0
7.7
10.4
20.8
11.1 .
3.6
4.1
22.4
Nondurable goods
Food and kindred products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastic products
Other nondurable goods 2
74.5
18.8
6.1
20.4
5.9
7.1
16.1
76.0
18.8
6.2
21.6
5.5
7.0
16.7
74.6
74.5
18.8
6.1
20.4
5.9
7.1
16.1
76.2
18.8
6.1
22.0
5.7
7.1
76.1
18.7
6.2
21.9
5.7
7.1
16.4
16.4
76.0
18.8
6.2
21.6
5.5
7.0
16.7
76.6
19.0
6.2
21.5
5.7
7.1
16.9
19.0
6.1
20.4
5.9
7.0
16.2
p Preliminary.
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and
related products; and miscellaneous manufacturing industries..
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and publishing; and leather
and leather products.
NOTES.—Manufacturing inventories are classified by the type of product produced by the establishment holding
the inventory.
Chained (1992) dollar inventory series are calculated as the product of the chain-type quantity index and the
average of the end-of-year fixed-weighted inventories for 1991 and 1992, divided by 100. Because the formula for
the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates
are usually not additive.
8
SURVEY OF CURRENT BUSINESS
January 1999
Robert Eisner, 1922-98
Robert Eisner's Contributions to Economic Measurement
ROBERT EISNER, WILLIAM R. Kenan Emeritus Professor of Northwestern University, died late last year. He
will be remembered for his many contributions to the
understanding of investment and consumption behavior, macroeconomic theory, and fiscal and monetary
policy. At the Bureau of Economic Analysis (BEA)
and at economic statistics agencies around the world,
he will also be remembered for his work on extensions of the national economic accounts, which, in
some sense, may be his most fundamental contribution. Indeed, his approach to economics is illustrated
by his choice of topic for his 1988 presidential address
to the American Economic Association—"Divergences
of Measurement and Theory and Some Implications
for Economic Policy."1 A decade earlier, he reminded
other economists that while we may "know the pitfalls
of measurement without theory..we may occasionally
forget the strength and life that theory must draw from
measurement."2 His empirical work continuously influenced his approach to theory, and his theoretical
work led to his passionate calls for improvements in
economic statistics.
In the last two decades, many of Eisner's policy
prescriptions for the budget deficit, trade, and social
security were based on adjustments to related measures that he had advocated and that he had made to
correct for the effects of inflation and other distortions. But his interest in measurement issues dates
to much earlier in his career (see the selected bibliography). While he was working as an economist
and statistician for the U.S. Government and earning his master's degree in economics from Columbia
University and then his doctorate from Johns Hopkins University, he participated in discussions about
the importance of measurement to theory. In 1951,
he commented that survey data "should prove of increasing value in giving empirical content to economic
theory," and by the early 1970's, he was an active participant in the long-standing (and continuing) debate
about expanding the conventional measures of income
and output.3
Eisner's later work on expanding the national accounts was motivated by the effects of measurement
on theory and policy. In his 1988 presidential address, he stated his belief that many of the Nation's
economic concerns were at least partly the result of
1. See "Divergences of Measurement and Theory and Some Implications
for Economic Policy" in the selected bibliography.
2. See "New Twists to Income and Product" in the selected bibliography.
3. See the Comment on "The Contribution of Consumer Anticipations
in Forecasting Consumer Demand" in the selected bibliography.
problems in the measures of income and output and of
investment, savings, and deficits. He pointed out that
conventional income and output measures excluded
household production, capital gains, the services of
consumer durables and government capital, and the
effects of inflation on asset values and that these exclusions affected our view of trends in income, output,
and productivity. For example, the entry of women
into the labor force may result in a decline in measured labor productivity if they disproportionately fill
lower paying or lower productivity jobs. However, it
may result in an increase in actual productivity if these
jobs are more productive than the unpaid jobs that
they performed in the home.
In addition, Eisner pointed out that assessing the
adequacy of either public or private investment and
saving requires that investment measures consistently
include all purchases of goods and services that produce a stream of benefits over time. For instance,
the purchase of a building by the government should
be counted as investment, just as the purchase of
a building by a business is counted as investment.
He also argued that investments in natural resources
and in intangibles such as human capital (education)
and technology (research and development) should be
treated as investment. Additionally, he stressed the
importance of adjustments for inflation and of measuring both flows and changes in the value of stocks
in assessing the adequacy of saving and investment.
The effects of implementing Eisner's proposed
changes can be significant. For instance, as he pointed
out, establishing a capital account for government and
adjusting the Federal debt for the effects of inflation
would produce a significantly different picture of the
Federal budget deficit and would significantly reduce
the gap between the U.S. saving rate and foreign national saving rates. Establishing measures of private
saving and investment that treat purchases of automobiles and other consumer durables as investment
would significantly raise the measures of private saving. Moreover, presenting changes in the stock of
wealth as part of a framework that also shows measures of saving from current income would help make
those measures particularly useful for understanding
savings behavior today, as the recent drop in personal
savings from current income is undoubtedly related
to the unprecedented stock-market-related gains in
household wealth. Finally, adjusting the value of foreign direct investments for the effects of inflation
would significantly reduce the size of the U.S. position
SURVEY OF CURRENT BUSINESS
as a net debtor nation and would thus mitigate concerns about the adverse effects of the mounting trade
deficits.
Eisner's calls for improvements did not fall on deaf
ears. His research has left its imprint on the economic
accounts of the United States and of other countries
around the world. His work on household production, the capitalization of expenditures on research
and development, investment in human capital, and
environmental accounting inspired a large volume of
work at BEA and internationally.4 In addition, his
work significantly affected a number of BEA'S key economic aggregates. In 1992, BEA revalued its estimates
of the international investment position along the lines
he suggested. As part of the 1995 comprehensive revision of the national income and product accounts,
BEA moved toward a symmetric treatment of government investment with private investment. And in the
upcoming comprehensive revision, BEA plans to better
integrate its income and wealth estimates and to move
toward the capitalization of computer software.
Eisner's influence on accounting conventions is also
reflected in the improvements in the most recent international guidelines for national accounting, which
were published in the System of National Accounts
1993-5 These guidelines emphasize the importance
of integrating income and wealth accounts, the need
to distinguish between nominal and real changes in
wealth (and in debt), the need to capitalize computer
software and other intangible investments, and the
importance of satellite or supplementary accounts in
developing expanded sets of accounts.
Eisner's lasting influence reflects not only his research but also his willingness to roll up his sleeves
and work with statistical agencies. Over the years,
he served as a trusted consultant, adviser, critic, and
friend to BEA. In 1998, he provided comments to BEA
on its satellite accounts, offered advice on long-term
plans, and served «as a distinguished member of the
National Academy of Sciences blue-ribbon panel on
4. Eisner was not alone in his advocacy of extended income and product
accounts. Richard and Nancy Ruggles, William Nordhaus and James Tobin,
and John Kendrick, among others, all proposed extensions of the accounts.
Like Eisner, they also constructed new frameworks of accounts that illustrated
the effects of their proposed modifications. Their alternative frameworks provided the underpinnings for further research at BEA. For example, see Arnold
J. Katz, "Valuing the Services of Consumer Durables," Review of Income and
Wealth 29, no. 4 (December 1983): 405-27; J. Steven Landefeld, Frank Martin,
and Janice Peskin, "Estimates of the Service Values and Opportunity Costs
of Government Capital, 1948-78," Review of Income and Wealth 30, no. 3
(September 1984): 331-49; Martin Murphy, "The Value of Nonmarket Household Production: Opportunity Cost Versus Market Cost Estimates," Review
of Income and Wealth 24, no. 3 (September 1978): 243-255; J. Steven Landefeld and James R. Hines, "Valuing Non-Renewable Natural Resources in
the Mining Industries," Review of Income and Wealth 31, no. 1 (March 1985):
1-20; J. Steven Landefeld and Carol S. Carson, "Integrated Economic and
Environmental Satellite Accounts," SURVEY OF CURRENT BUSINESS 74 (April
1994): 33-49; and Carol S. Carson, Bruce T. Grimm, and Carol E. Moylan,
"A Satellite Account for Research and Development," SURVEY 74 (November
1994): 37-71.
5. System of National Accounts 1993. Brussels: Commission of the
European Communities, International Monetary Fund, Organisation for Economic Co-operation and Development, United Nations, and World Bank,
1993-
January 1999
BEA'S Integrated Economic and Environmental Satellite Accounts, BEA is both indebted and grateful to
him for his encouragement, support, and advice over
the years.
Selected Bibliography of Robert Eisner
"Capital and Labor in Production: Some Direct Estimates." In The Theory and Empirical Analysis of
Production. Studies in Income and Wealth, vol.
31, edited by Murray Brown, 431-462. New York:
Columbia University Press, 1967.
"Capital Gains and Income: Real Changes in the
Value of Capital in the United States, 1946-77." In
The Measurement of Capital. Studies in Income and
Wealth, vol. 45, edited by Dan Usher, 175-342.
Chicago: University of Chicago Press, 1980.
Comment on "The Contribution of Consumer Anticipations in Forecasting Consumer Demand," by
Irving Schweiger. In Short-Term Economic Forecasting. Studies in Income and Wealth, vol. 17, 484-488.
Princeton: Princeton University Press, 1955.
Comment on "A Framework for the Measurement
of Economic and Social Performance," by F. Thomas
Juster. In The Measurement of Economic and Social
Performance. Studies in Income and Wealth, vol. 38,
edited by Milton Moss, 99-102. New York: Columbia
University Press, 1973.
"Divergences of Measurement and Theory and
Some Implications for Economic Policy." Presidential
address to the American Economic Association, New
York (December 29,1988). American Economic Review
79 (March 1989): 1-13.
How Real is the Federal Deficit? New York: The
Free Press, 1986.
"Interview and Other Survey Techniques and the
Study of Investment." In Problems of Capital Formation. Studies in Income and Wealth, vol. 19, 513-584.
Princeton: Princeton University Press, 1957.
The Misunderstood Economy: What Counts and How
to Count It Boston: Harvard Business School Press,
1994.
"New Twists to Income and Product." In The Economic Accounts of the United States: Retrospect and
Prospect. SURVEY OF CURRENT BUSINESS 51, part 11,
50th anniversary issue (July 1971): 67-68.
Social Security: More Not Less. New York: Century
Foundation Press, 1998.
"State of the Union: Black Holes in the Statistics."
Challenge (January-February 1997): 6-15.
"Total Incomes in the United States, 1959 and 1969."
Review of Income and Wealthy series 24, no. 1 (March
1978): 41-70.
"The Total Incomes System of Accounts." SURVEY
OF CURRENT BUSINESS 65 (January 1985): 24-48.
The Total Incomes System of Accounts. Chicago:
University of Chicago Press, 1989.
•
10 • January 1999
SURVEY OF CURRENT BUSINESS
"Transfers in a Total Incomes System of Accounts."
In Economic Transfers in the United States. Studies in
Income and Wealth, vol. 49, edited by Marilyn Moon,
9-36. Chicago: University of Chicago Press, 1984.
With David H. Nebhut. "An Extended Measure
of Government Product: Preliminary Results for the
United States, 1946-76 " Review of Income and Wealth,
series 27, no. 1 (March 1981): 33-64.
With Emily R. Simons, Paul J. Pieper, and Steven
Bender. "Total Incomes in the United States, 1946-76:
A Summary Report." Review of Income and Wealth,
series 28, no. 2 (June 1982): 133-174. H
SURVEY OF CURRENT BUSINESS
January 1999
Announcement of Availability of Local Area Estimates
1997 and revised estimates for
1995-96 are now available on BEA'S Web site for the
following local area series: Wage and salary disbursements, which accounts for approximately 57 percent
of personal income at the national level; wage and
salary employment, and average wages per job. All
three series are presented on a place-of-work basis for
counties and metropolitan areas. The newly available
estimates reflect the incorporation of the results of the
1998 annual revision of State personal income and the
underlying county source data.1
BEA'S local area estimates are based on data from
the Bureau of Labor Statistics (BLS) on employment
and wages for workers covered by State unemployment
insurance (ui) and unemployment compensation for
NEW ESTIMATES FOR
1. For more information about revisions to the State estimates, see Wallace K. Bailey, "State Personal Income, Revised Estimates for 1982-97," SURVEY
78 (October 1998): 20-41. For more information about the source data
used to produce local area wages and salaries, see Bureau of Economic Analysis, U.S. Department of Commerce, Local Area Personal Income, 1969-92
(Washington, DC, U.S. Government Printing Office, September 1994).
Federal employees (UCFE). In order to provide complete coverage for all wages and salaries earned in
the United States, the ui and UCFE data are adjusted
for workers not covered by ui and UCFE programs
and for underreporting and misreporting under these
programs.2
To access the newly available estimates on BEA'S
Web site, go to <www.bea.doc.gov>, and select "Data"
under the "Regional" heading. The release of the full
set of estimates of personal income for local areas is
scheduled for May 6, 1999. Q
2. For more information about the differences between the ui and UCFE
wage and salary data and the BEA estimates of wages and salaries, see (1)
NIPA table 8.25, "Relation of Wages and Salaries in the National Income and
Product Accounts (NIPA'S) to Wages and Salaries as Published by the Bureau
of Labor Statistics (BLS)," SURVEY 78 (August 1998): 117; and (2) Bureau of
Economic Analysis, U.S. Department of Commerce, State Personal Income,
1929-93 (Washington, DC, U.S. Government Printing Office, 1995): M-8—
M-13. The SURVEY and the text of State Personal Income are available on
BEA'S Internet site. For the most recent BLS release of county data from the
ui and UCFE programs, go to <www.bls.gov/news.release/eaapc.toc.htm>.
11
SURVEY OF CURRENT BUSINESS
12
January 1999
U.S. International Transactions,
Third Quarter 1998
By Harlan W. King
HE u.s. current-account deficit—the combined balances on trade in goods and
T
services, investment income, and net unilateral
down from $109.8 billion (revised) in the second,
mostly as a result of a large shift to net U.S. sales
of foreign securities and a slowdown in outflows
for U.S. direct investment abroad. Capital inflows for foreign assets in the United States were
$112.9 billion, down from $164.9 billion; a shift to
net private foreign sales of U.S. Treasury securities, a sharp decrease in net foreign purchases of
U.S. securities other than U.S. Treasury securities, and accelerated sales of foreign official assets
were partly offset by a sizable step-up in liabilities reported by U.S. banks. Net recorded inflows
were $64.8 billion, up from $55.1 billion.2
The statistical discrepancy—errors and omissions in recorded transactions—was a negative
transfers—increased to $61.3 billion in the third
quarter of 1998 from $56.7 billion (revised) in
the second quarter (table A, chart 1).1 The increase was accounted for by an increase in the
deficit on investment income, a decrease in the
surplus on services, and an increase in net unilateral transfers. The deficit on goods was virtually
unchanged.
In the capital account, outflows for U.S. assets abroad were $48.1 billion in the third quarter,
1. Quarterly estimates of U.S. current- and capital-account components
are seasonally adjusted when statistically significant seasonal patterns are
present. The accompanying tables present both adjusted and unadjusted
estimates.
2. Detail for capital account transactions are presented in tables 4-9,
which follow the text.
Table A.—Summary of U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
1997
Line
Lines in tables 1 and 10 in which transactions are included are indicated in ( )
1998
Change:
1998
1997
I
IV
295,287
169,240
64,776
61,271
300,481
172,302
65,628
62,551
299,843
174,284
65,175
60,384
I
299,061
171,469
65,070
62,522
Exports of goods, services, and income (1)
Goods, adjusted, excluding military (2)
Services (3)
Income receipts on U.S. assets abroad (11)
1,179,380
679,325
258,268
241,787
Imports of goods, services, and income (15)
Goods, adjusted, excluding military (16)
Services (17)
Income payments on foreign assets in the United
States (25)
-1,294,904 -311,881 -321,342 -329,130 -332,549 -336,316 -339,731 -338,966
-877,279 -213,222 -218,336 -221,598 -224,123 -227,167 -229,264 -227,920
-170,520 -41,092 -42,195 -43,437 -43,795 -44,379
Unilateral transfers, net (29)
U.S. assets abroad, net (increase/capital outflow (-)) (33)
U.S. official reserve assets, net (34)
U.S. Government assets, other than official reserve
assets, net (39)
U.S. private assets, net (43)
-247,105
-39,691
283,765
163,499
62,685
57,581
-57,567
-8,874
-60,811
-9,035
-64,095
-9,445
-64,631
-12,337
-64,770
-9,480
292,483
164,821
65,762
61,900
-45,190
-45,152
-65,277
-65,894
-10,084
^8,052
-2,026
194
-46,220
^78,502 -145,139
4,480
-1,010
-86,606 -123,317 -123,441
^,524
-236
-730
-45,648
-444
-22
174
-477,666 -149,597
29
-269
436
-86,101 -123,023 -118,946
-388
-44,816
-9,442
-109,787
-1,945
-433
-107,409
Foreign assets in the United States.net (increase/ capital
inflow (+)) (48)
Foreign official assets in the United States, net (49) ....
Other foreign assets in the United States, net (56)
733,441
15,817
717,624
181,735
26,949
154,786
149,773
-5,411
155,184
181,438
21,258
160,180
220,491
-26,979
247,470
95,529
11,324
84,205
164,859
-10,274
175,133
Allocations of special drawing rights (63)
Statistical discrepancy (64)
-99,724
394
-28,077
-20,027
-52,007
-3,146
1,618
-197,954
-110,206
-5,318
-155,215
254,939
^9,723
-28,130
14
-36,990
36,596
-49,096
-26,515
460
-49,296
-27,105
-1,544
-38,094
58,121
-49,839
-28,459
-4,247
-45,043
97,050
-55,698
-35,007
-64,443
^3,871
-3,377
-56,690
55,072
Memoranda:
Balance on goods (65)
Balance on goods and services (67)
Balance on investment income (68)
Balance on current account (71)
Net capital flows (33 and 48)
r
Revised.
p Preliminary.
-35,090
63,167
-2,248
-46,735
287,751
163,560
63,757
60,434
January-September
Change:
1997-98
1997
1998
879,533
505,041
193,089
181,403
879,295
499,850
194,589
184,856
-238
-5,191
1,500
3,453
765 -962,353 -1,015,013
1,344 -653,156 -684,351
-126,724 -134,721
38
-182,473 -195,941
-617
-27,354
-29,006
-642
-203,487
61,735 -355,062
3,514
-4,415
-81
-52,660
-31,195
-7,997
-627
-198,445
-772
160,276
-4,732
-1,261
-2,005
-1,466
627
145
61,189 -358,721
-13,468
-1,652
151,575
-7,929
112,862 -51,997
-46,370 -36,096
159,232 -15,901
512,946
42,796
470,150
373,250
-45,320
418,570
-139,696
-88,116
-51,580
-3,511
-5,129
-47,710
-5,039
42,671
-64,360
-45,755
83
-1,884
-2,083
-148,115
-184,501
-124,633
-11,085
-164,724
169,763
-36,386
-42,883
-10,015
-54,550
11,879
-5,460
-61,299
64,810
-81,750
-1,070
-4,609 -110,174
9,738 157,884
January
SURVEY OF CURRENT BUSINESS
$3.5 billion in the third quarter, compared with a
positive $1.6 billion in the second.
The following are highlights for the third
quarter of 1998:
CHART 1
U.S. Current-Account Balance and
Its Components
Billion $
30
• The deficit on goods was virtually unchanged, as both exports and imports
declined.
• The surplus on services continued to
decrease.
• The deficit on investment income continued
to rise.
• U.S. transactions in foreign securities shifted
to substantial net sales from large net purchases, reflecting heightened uncertainty in
global financial markets.
• Net foreign purchases of U.S. Treasury and
other U.S. securities slowed sharply in response to the rising uncertainty in the U.S.
bond and stock markets.
• U.S. banks' liabilities increased substantially,
partly in response to investors' intensified
aversion to risk in securities markets and to
their increased desire for liquidity.
20
10
-10
y-\
Balance on
^ ~ current account
-20
A
-30
-40
-50
-60
-70
U.S. dollar in exchange markets
1991
92
93
94
95
96
Seasonally adjusted
97
The developments described above both influenced, and in turn were influenced by, movements of the U.S. dollar in foreign exchange markets. Economic fundamentals—relative rates of
economic growth, inflation, and interest—were
important in the markets' valuation of currencies, but other factors also played a significant
role. These factors included market participants'
changing perceptions of the seriousness of the
financial difficulties in Russia and in Asian countries and the course of Europe's movement to
monetary union and a single currency.
98
U.S. Department of Commerce, Bureau of Economic Analysis
Table B—Indexes of Foreign Currency Price of the U.S. Dollar
[March 1973=100]
1998
1997
1997
I
Trade-weighted average against 10 currencies'
Selected currencies:2
Canada
European currencies:
Belgium
France
Germany
Italy
Netherlands
Switzerland
United Kingdom ....
Japan
Nov.
98.3
97.1
96.4
98.8
100.5
141.7
143.2
90.7
128.4
62.5
61.6
302.9 298.7
69.0
68.0
45.1
43.7
151.4 146.4
46.2
47.9
93.3
131.9
63.2
306.9
69.8
44.7
149.0
49.5
49.5
97.4
100.3
100.3
100/
139.0
141.3
143.5
145.2
152.0
139.2
139.1
94.7
134.7
64.2
310.1
70.9
92.0
130.3
62.4
302.8
68.9
44.5
148.9
95.3
135.0
93.9
133.2
63.8
311.4
70.4
46.4
149.5
92.2
130.8
62.6
305.9
69.2
45.6
149.6
51.8 53.4
93.6
132.9
63.5
306.8
70.1
45.7
154.4
92.0
130.6
46.3
152.2
45.1
47.9
71.4
45.9
150.2
48.9
1. Currencies of Belgium, Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, and Unit*
Kingdom. Data: Federal Reserve Board. Monthly and quarterly average rates. Index rebased by BEA.
2. Data: Federal Reserve Board. Monthly and quarterly average rates. Indexes prepared by BEA.
Oct.
98.6
64.7
315.3
1998
Sept.
46.2
Dec.
Jan.
Mar.
Apr.
99.9
100.5
100.3
144.6
143.8
142.1
95.3
134.7
64.6
314.7
94.9
134.5
64.4
314.7
71.2
95.7
135.7
71.3
45.8
151.2
Feb.
45.5
150.7
48.0
65.0
316.6
71.7
46.3
148.8
49.3
May
Sept.
June
July
Aug.
99.6
100.9
101.4
101.8
97.2
143.5
145.0
147.0
149.2
154.0
152.7
95.0
134.6
64.5
315.3
71.1
46.8
147.8
50.3
92.9
131.8
63.1
308.1
93.8
133.1
94.1
93.5
89.0
133.5 132.7 126.2
60.4
63.9
63.5
311.9 310.3 295.5
70.2
70.6
66.8
46.4
47.0
43.5
150.4 151.3 147.0
53.8
55.2
51.3
69.8
46.0
150.9
51.5
63.7
310.9
70.4
46.5
149.8
53.6
14 • January 1999
SURVEY OF CURRENT BUSINESS
In the third quarter, the value of the U.S. dollar
was unchanged on a trade-weighted quarterly average basis against the currencies of 10 industrial
countries (table B, chart 2). However, during the
quarter, the dollar was buffeted by considerable
turmoil in world financial markets—including
sharp declines in stock prices worldwide and an
acceleration in the decline in interest yields in
the first half of the quarter and instability of
exchange rates in the developing countries in
the second half. In this environment, investors
sought liquidity and high-quality assets in order
to counter the increased volatility and uncertainty
in the markets. These events contributed to a
sharp depreciation of the dollar against the European currencies, particularly late in the quarter,
that was nearly offset by appreciation against the
Japanese yen.
Against the German mark, the dollar depreciated 2 percent on a quarterly average basis. The
depreciation reflected rising expectations that the
economic slowdown in Asia and the turmoil in
global financial markets might lead to an easing of U.S. monetary policy and that Germany
might raise interest rates before the beginning of
the European Economic and Monetary Union in
January 1999. Prospects appeared promising that
preparations for the European Monetary Union
would proceed on schedule amid signs of further
convergence in interest rates. The sharp decline
in U.S. stock prices may also have contributed to
sales of U.S. dollars against the German mark.
The U.S. dollar appreciated 3 percent against
the Japanese yen, but it fluctuated sharply within
the quarter. Early in the quarter, the dollar
rose to an 8-year high against the yen, reflecting pessimism over the political situation and the
difficulties in the financial sector in Japan. The
dollar declined later in the quarter, as the financial turmoil appeared to affect markets in the
United States as well as in Japan.
Against the currencies of the emerging-market
countries in Asia, the U.S. dollar appreciated 18
percent against the Indonesian rupiah, 10 percent against the Philippine peso, 5 percent against
the Singapore dollar, 3 percent against the Taiwan dollar, and 2 percent against the Thai baht.
These appreciations occurred mostly following
Russia's declaration of a debt moratorium and
the devaluation of the ruble in mid-August. In
other markets, measures were taken to control
the instability of the currencies: In Malaysia,
currency controls were imposed and floating exchange rates were replaced by fixed rates; in
Hong Kong, intervention in its equity markets
CHART 2
Indexes of Foreign Currency
Price of the U.S. Dollar
December 31,1996=100
160
140
German mark
120
100
80
660
600
540
480
420
360
260:
240
220
200
180
160
140
'Xy//
-ji
^Malaysian ringgit
120
•South Korean won
100
80
180
Philippine peso ^ A
160
\
140
Taiwan dollar.
1
-,<>''
120
100
^^XX_7
Singapore dollar
•
80
I
I
^
~
' Hong Kong dollar
I
1997:11 1997:111 1997:1 V 1998:1
1998:11 1998:111
Indexes prepared by BEA from weekly data.
Data: rtderalResetwBoanl and The Wan Street Journal
US. Department ot Commerce, Bureau of Economic Analysis
January 1999
SURVEY OF CURRENT BUSINESS
was undertaken to stem capital outflows. Large
capital outflows from Brazil and currency devaluations in Colombia and Ecuador evidenced
strains in Latin America as well as in Asia.
• 1$
products, metals and nonmetallic products, paper and paper base stocks, and textile supplies
and related materials. Nearly one-half of the decrease was to Canada; exports to Japan and other
Asian countries continued to decline. Partly offsetting these decreases was a $2.7 billion increase
in capital goods. This increase was more than
accounted for by a $3.3 billion surge in civilian
aircraft, engines, and parts that reflected record
deliveries of completed aircraft to Japan and
other Asian countries and stronger sales of engines and parts to Western Europe. Among other
capital goods, semiconductors increased substantially; computers, peripherals, and parts increased
slightly; and "other industrial, agricultural, and
service industry machinery" fell for the fourth
consecutive quarter.
Current Account
Goods and services
The deficit on goods and services increased to
$45.8 billion in the third quarter from $43.9 billion in the second. The deficit on goods was
virtually unchanged at $64.4 billion, and the surplus on services decreased to $18.6 billion from
$20.6 billion.
Goods.—The deficit on goods was virtually unchanged at $64.4 billion. Both exports and
imports decreased nearly equally.
Agricultural exports decreased $0.8 billion, or
6 percent, to $12.3 billion. Quantities decreased
4 percent, and prices decreased 2 percent. In
current dollars, meat products and poultry decreased $0.2 billion, mainly to Russia and Japan.
Wheat declined $0.1 billion, also to Japan, as
wheat prices were depressed by large supplies and
weak demand. Rice declined $0.1 billion, mainly
to Latin America, and other feed grains also declined $0.1 billion, mainly to Mexico, China, and
the Netherlands. Vegetables, fruits, nuts, and
preparations also decreased.
Exports.—Exports decreased $1.3 billion, or
nearly 1 percent, to $163.6 billion in the third
quarter. Quantities increased less than 1 percent,
and prices decreased 1 percent (table C).3
Nonagricultural exports decreased $0.5 billion,
or less than 1 percent, to $151.3 billion. Quantities increased 1 percent, and prices decreased
1 percent. In current dollars, automotive vehicles, engines, and parts decreased $1.7 billion and
more than accounted for the decrease in nonagricultural exports. A strike in the automotive
industry in North America, which ended on July
29, slowed shipments of automotive engines and
parts to Canada, where U.S. manufactured parts
are generally assembled and then reexported to
the United States. Nonagricultural industrial
supplies and materials decreased $1.2 billion; the
widespread decrease included chemicals, energy
Imports.—Imports decreased $1.3 billion, or less
than 1 percent, to $227.9 billion in the third quarter. Quantities increased 1 percent, and prices
decreased nearly 2 percent (table C). In current
dollars, all of the decrease was accounted for by
petroleum and products.
Imports of petroleum and products decreased
$1.3 billion, or 10 percent, to $12.2 billion, the
lowest level since the first quarter of 1994. Prices
dropped to $11.60 per barrel—the lowest level
since the third quarter of 1986—from $12.51 per
barrel. The drop was attributable to a large
3. Quantity (real) estimates are calculated using a chain-type Fisher formula with annual weights for all years and quarters except for the most recent
year, which is calculated using quarterly weights. Real estimates are expressed
as chained (1992) dollars. Price indexes (1992=100) are also calculated using
a chain-type Fisher formula.
Table C—U.S. Trade in Goods, Current and Chained (1992) Dollars
[Balance of payments basis, millions of dollars, quarterly estimates seasonally adjusted]
Chained (1992) dollars1
Current dollars
1997
1996
1998
1997
1996
1997
I
II
III
IV
I
II'-
III''
1998
1997
I
II
III
IV
I
If
III*
Exports
Agricultural products
Nonagricultural products .....
611,983 679,325 163,499 169,240 172,302 174,284 171,469 164,821 163,560 622,868 716,928 170,845 178,147 182,330 185,606 184,773 178,959 179,342
61,487 58,425 14,669 14,319 14,317 15,120 14,094 13,005 12,253 48,482 49,256 12,153 11,903 12,154 13,046 12,720 11,898 11,451
550,496 620,900 148,830 154,921 157,985 159,164 157,375 151,816 151,307 575,806 671,365 159,518 167,301 171,165 173,381 172,940 168,124 169,058
Imports
Petroleum and products
Nonpetroleum products
803,320 877,279 213,222 218,336 221,598 224,123 227,167 229,264 227,920 818,700 933,847 222,570 232,768 237,257 241,252 251,848 258,180 260,480
72,743 71,771 19,357 17,681 17,577 17,156 13,728 13,486 12,173 63,815 66,729 15,725 17,017 17,266 16,721 17,075 18,627 18,142
730,577 805,508 193,865 200,655 204,021 206,967 213,439 215,778 215,747 753,586 866,288 206,679 215,526 219,850 224,233 234,806 239,487 242,140
r
p
Revised.
Preliminary.
1. Because chain indexes use weights of more than one period, the corresponding chained dollar estimates are
usually not additive.
l6
• January 1999
SURVEY OF CURRENT BUSINESS
global inventory that was mostly due to output
above OPEC quotas and to reduced demand in
Asia. The average number of barrels imported
daily decreased to 11.5 million from 11.8 million.
Both production and inventories decreased, and
consumption increased.
Nonpetroleum imports were virtually unchanged at $215.7 billion. Quantities increased
1 percent, and prices decreased 1 percent. In
current dollars, capital goods, except automotive,
decreased $0.9 billion—the first decrease since
the third quarter of 1996. Semiconductors accounted for $0.5 billion of the decrease; imports,
mostly from Asia, were restrained by low import
prices and weak demand. Among other hightechnology commodities, computers, peripherals,
and parts from Japan and Canada and telecommunications equipment, mostly from Canada,
also declined. Automotive vehicles, engines, and
parts decreased $0.7 billion. Most of the decrease was in imports of passenger vehicles from
Canada (reflecting limited production as a result
of a North American auto strike), Germany, Mexico, and the Republic of Korea. Foods, feeds, and
beverages and consumer goods each decreased
slightly. Partly offsetting these decreases was a
$0.5 billion increase in nonpetroleum industrial
supplies and materials that was attributable to an
increase in nonmonetary gold.
Balances by area.—The deficit on goods remained
unchanged at $64.4 billion in the third quarter.4
Increases in the deficits with developing countries were offset by decreases in the deficits with
industrial countries.
Among the developing countries, the deficit
with Asia increased $6.5 billion, $2.9 billion of
which was accounted for by China, $0.7 billion
by Hong Kong, and $0.6 billion by Taiwan. The
deficit with Latin America decreased $1.7 billion,
all of which was accounted for by Mexico. The
deficit with Africa decreased $0.9 billion, $0.6 billion of which was accounted for by the African
members of OPEC.
Among the industrial countries, the deficit
with Japan decreased $1.8 billion, the deficit with
Western Europe decreased $1.0 billion, and the
deficit with Canada, $1.0 billion.
4. Seasonally adjusted estimates for areas and countries are derived by
applying seasonal factors for total U.S. agricultural and nonagricultural exports to the unadjusted agricultural and nonagricultural exports for areas and
-countries and by applying seasonal factors for total U.S. petroleum and nonpetroleum imports to the unadjusted petroleum and nonpetroleum imports
for areas and countries. (The seasonal factors are derived from the seasonal
adjustment of U.S. exports and U.S. imports by five-digit end-use commodity
category.) The components are then summed to derive seasonally adjusted
exports and imports for areas and countries.
Services.—The surplus on services decreased to
$18.6 billion in the third quarter from $20.6 billion in the second, as exports (receipts) decreased
while imports (payments) remained virtually unchanged. A drop in travel receipts accounted for
most of the decrease in services exports.
Foreign visitors to the United States spent $16.7
billion, down from $18.1 billion; receipts from
overseas visitors (excluding visitors from Canada
and Mexico) decreased $1.0 billion as a result
of weakness in spending by visitors from Asia
and from Western Europe. U.S. residents spent
$13.0 billion abroad, down from $13.5 billion;
reduced expenditures by travelers overseas (excluding Canada and Mexico) accounted for most
of the drop.
Passenger fare receipts decreased substantially
to $4.7 billion, and passenger fare payments
decreased slightly to $4.6 billion.
"Other" transportation receipts increased slightly to $6.4 billion, as an increase in port expenditure receipts more than offset a decrease in freight
receipts. "Other" transportation payments increased to $7.6 billion, reflecting increased freight
payments and reduced port expenditures.
"Other" private service receipts increased to
$23.1 billion; affiliated services (U.S. cross-border
transactions between affiliated companies) were
virtually unchanged, and nearly all categories of
unaffiliated services.increased by small amounts.
"Other" private service payments increased to
$13.5 billion, mostly as a result of an increase in
affiliated services.
Transfers under U.S. military sales contracts
were slightly higher at $4.2 billion. Direct defense expenditures were virtually unchanged at
$3.1 billion.
Investment income
The deficit on investment income increased to
$5.5 billion in the third quarter from $3.4 billion
in the second.
Direct investment income.—Receipts of income on
U.S. direct investment abroad decreased to $24.7
billion in the third quarter from $25.8 billion in
the second. Decreases in earnings were largest in
Western Europe, the Caribbean, and Canada. A
strike in the automotive industry in North America decreased earnings of affiliates in Canada, and
falling oil prices contributed to the decline in
petroleum earnings. Earnings of Asian affiliates
remained depressed.
Payments of income on foreign direct investment in the United States increased to $11.1 billion
January 1999 •
SURVEY OF CURRENT BUSINESS
from $10.7 billion. Earnings of affiliates of Western European and Japanese parents increased the
most. Much of the increase was in "other" industries (mainly depository institutions) and in
petroleum.
Other investment income.—"Other" private income receipts decreased to $34.8 billion in the
third quarter from $35.1 billion in the second.
The decrease was more than accounted for by reduced interest and dividend receipts on securities
holdings, as both holdings and yields declined.
Interest receipts on bank claims increased.
"Other" private income payments increased to
$32.1 billion from $31.6 billion. The increase was
accounted for by increased interest payments on
bank liabilities, mostly as a result of increased
liabilities. In contrast, interest and dividend payments on U.S. securities decreased, as holdings
of stocks declined and bond yields fell.
Unilateral transfers
Net unilateral transfers were $10.1 billion in the
third quarter, up from $9.4 billion in the second.
The increase largely resulted from an increase in
U.S. Government grants.
Capital Account
Net recorded capital inflows were $64.8 billion in
the third quarter, up from $55.1 billion in the second (revised). Capital inflows for foreign assets
in the United States decreased less rapidly than
capital outflows for U.S. assets abroad.
U.S. assets abroad
U.S. assets abroad increased $48.1 billion in the
third quarter, following a $109.8 billion increase
1J
in the second. Transactions in foreign securities
shifted to net U.S. sales, and the increase in U.S.
direct investment abroad slowed.
U.S. official reserve assets.—U.S. official reserve
assets increased $2.0 billion in the third quarter, following a $1.9 billion increase in the second
(table D). The increase in the third quarter was
mostly accounted for by an increase in the U.S.
reserve position in the International Monetary
Fund.
Claims reported by banks.—U.S. claims on foreigners reported by U.S. banks increased $28.3
billion in the third quarter, following an increase
of $24.6 billion in the second. Most of the thirdquarter increase was accounted for by an increase
in banks' own claims; banks' customers' claims
also rose.
Banks' own claims payable in dollars increased
$26.5 billion, following an increase of $40.3 billion. The third-quarter increase consisted of large
and partly offsetting movements. Foreign-owned
banks in the United States sharply accelerated
their lending, mostly to home offices, in August and September, when demand for bank
credit abroad accelerated. After the Russian debt
moratorium and devaluation of the ruble in midAugust and after other developments in several
emerging-market countries, investors' increased
aversion to risk led them to shift substantial
amounts of borrowing from the securities markets to banks. The increase in claims was partly
offset by a reduction in U.S.-owned banks' claims
on their offices in the United Kingdom and by a
cutback in U.S. securities dealers' loans to international bond mutual funds in the Caribbean late
in the quarter, mainly in response to problems
Table D.—Selected Transactions with Official Agencies
[Millions of dollars]
1997
1998
II'-
III''
Change:
1998
ll-lll
1997
I
Changes in foreign official assets in the United States, net (decrease -) (table 1,
line 49)
Industrial countries'
Members of OPEC2
Other countries
15,817
11,888
10,822
-6,893
26,949
17,872
7,103
1,974
Foreign drawings or repayments (-) net
Drawings
.
Renavments
r
-1,010
4,480
-3,500
-3,500
Revised.
f Preliminary.
1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes
-5,411
6,642
1,970
-14,023
-236
Changes in U.S. official reserve assets, net (increase -) (table 1, line 34)
Activity under U.S. official reciprocal currency arrangements with foreign
monetary authorities:3
II
III
IV
I
21,258 -26,979
4,751 -17,377
-1,282
3,031
-8,320
13,476
11,324
-254
-968
12,546
-10,274
-9,666
-494
-114
^6,370
-6,257
-12,013
-28,100
-36,096
3,409
-11,519
-27,986
-4,524
^44
-1,945
-2,026
-81
-730
January-September
1997
42,796
29,265
12,104
1,427
1998
Change:
1997-98
-45,320
-16,177
-13,475
-15,668
-88,116
-45,442
-25,579
-17,095
^,415
3,514
-7,929
-3,500
3,500
Ecuador beginning January 1993 and Gabon beginning in January 1995.
3. Consists of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange
Stabilization Fund.
l8
• January 1999
SURVEY OF CURRENT BUSINESS
associated with a large U.S.-based leveraged-bond
mutual fund.
Banks' domestic customers' claims payable in
dollars increased $3.2 billion, following a decrease
of $1.3 billion. Turbulence in overseas financial
markets heightened these investors' desire for liquidity and quality in the third quarter, prompting
increased dollar-denominated deposits, mostly in
the United Kingdom and Canada, and continued
avoidance of investments in foreign commercial
paper.
Net U.S. sales of foreign bonds resulted from
a sharp reduction in new issues placed in the
United States, following near-record secondquarter placements, and from a shift to net sales
of outstanding foreign bonds. Most new issues
were placed early in the quarter before the Russian debt moratorium and devaluation of the
ruble were announced and before risk premiums in emerging-country debt markets moved
sharply higher; thereafter, new issue placements
from Latin American and Asian issuers declined
substantially. In contrast, new issues from highForeign securities.—Transactions in foreign secu- quality borrowers from Western Europe and
rities shifted to net U.S. sales of $17.0 billion in
Canada remained strong. When the risk prethe third quarter from net U.S. purchases of $27.9
miums on foreign bonds rose substantially, U.S.
billion in the second (chart 3). U.S. transactions
investors shifted to large net sales of outstanding
in foreign bonds shifted to net sales of $8.7 bilbonds for all areas of the world except the United
lion from net purchases of $26.9 billion, and U.S.
Kingdom (chart 4).
transactions in foreign stocks shifted to net sales
of $8.3 billion from net purchases of $1.0 billion.
Transactions in foreign stocks shifted to net
U.S. sales, as stock prices abroad declined in
response to the financial difficulties in Russia
CHART 3
and in several emerging-country markets in Asia.
The decline abroad coincided with the decline in
Securities Transactions
U.S. stock prices, but it was considerably sharper
Billion $
(chart 5). The slowdown in economic growth
120
U.S. SECURITIES'
abroad adversely affected potential earnings, and
U.S. Treasury bonds and notes
financial uncertainty further reduced the demand
100
for foreign stocks. Net sales to Western Europe
were $11.7 billion, as European financial markets,
already reacting to developments in Asia, were
especially hard hit by developments in Russia.
CHART 4
Long-Term Government Bond Yields
Percent
10
-120
FOREIGN SECURITIES
•Stocks
-100
-80
-60
-40
Total
Net U.S. Purchases
-Japan
-20
1. Exctudng transactions offoreignofficial agencies.
il
1994
1995
1996
1997
1. Ten-year government bond yields. Monthly averages. Data: Federal Reserve Board
US. Department of Commerce, Bureau of Economic Anatyais
US. Department of Commerce, Bureau of Economic Analysis
j
20
1995
1996
j
1997
0 In
I
1998
SURVEY OF CURRENT BUSINESS
Net sales to most European countries increased,
particularly to the United Kingdom, Switzerland,
the Netherlands, Germany, Spain, and Sweden.
Net sales to Japan slowed: The Japanese economy remained depressed; the financial sector
remained weak; and stock prices hit a 12-year
low. Net sales of emerging-market stocks continued, except for net purchases from Singapore
and from Caribbean finance centers.
Direct investment.—Net capital outflows for U.S.
direct investment abroad were $21.2 billion in
the third quarter, down from $40.6 billion in
the second. Net equity outflows dropped substantially, partly reflecting fewer large acquisitions
than in the second quarter. Despite the decline
in equity flows, major acquisitions occurred in
Canada and Latin America. Net intercompany
debt shifted to net inflows, largely from Australia, Europe, and Latin America and mostly
in the form of repayments of loans to overseas
affiliates. Reinvested earnings decreased, partly
reflecting reduced earnings of affiliates in Europe,
the Caribbean, and Canada.
Foreign assets in the United States
Foreign assets in the United States increased
$112.9 billion in the third quarter, following a
$164.9 billion increase in the second. Capital
inflows for net foreign purchases of U.S. securities other than U.S. Treasury securities slowed
CHART 5
Selected World Stock Price Indexes
in Local Currencies
December 1992=100
300
250
1994
1995
1996
1997. 1998
Source: Morgan Stanley CapW International.
Indexes rebased by BEA.
U.S. Department of Commerce, Bureau of Economic Analysis
January 1999
sharply, transactions in U.S. Treasury securities
shifted to small net outflows, and capital outflows of foreign official assets accelerated. Partly
offsetting were larger inflows for foreign direct investment in the United States and sharply higher
inflows into U.S. banks.
Foreign official assets.—Foreign official assets in
the United States decreased $46.4 billion in the
third quarter, following a $10.3 billion decrease
in the second (table D). Most of the thirdquarter decrease was accounted for by a few
nonindustrial countries.
Liabilities reported by banks.—U.S. liabilities reported by U.S. banks, excluding U.S. Treasury
securities, increased $82.7 billion in the third
quarter, following an increase of $37.7 billion
in the second. Banks' own liabilities increased
as a result of receiving large amounts of funds
through own foreign offices, as foreigners faced
escalating uncertainty in financial markets and
U.S. banks borrowed heavily from abroad to finance large-scale overseas lending. In addition,
banks reported an exceptionally large increase in
banks' custody liabilities.
Banks' own liabilities payable in dollars increased $47.6 billion, following a $42.6 billion
increase. Foreign-owned banks in the United
States funded their large overseas lending by
borrowing from overseas offices, mostly in the
Caribbean and Japan. U.S.-owned banks borrowed from their overseas offices, mostly in the
United Kingdom and the Caribbean.
Banks' custody liabilities payable in dollars increased $34.2 billion, following an increase of $5.1
billion; the pickup was mostly due to uncertainty
in financial markets abroad. The large buildup of
custody liabilities reflected inflows from overseas
placements of short-term paper by U.S. nonbanks
as long-term debt became riskier during a period
of financial market uncertainty.
U.S. Treasury securities.—Foreign private transactions in U.S. Treasury securities shifted to net
sales of $0.3 billion in the third quarter from net
purchases of $26.9 billion in the second (chart 3).
Even though gross trading volume increased substantially, net foreign purchases of U.S. Treasury
bonds dropped to $2.2 billion from $30.3 billion. The drop reflected the following factors:
A narrowing of the yield differential favoring
U.S. Treasury bonds, as interest rates on these
bonds fell faster than the rates on most government bonds in industrialized countries (chart 4);
a flattening of the yield curve on U.S. Treasury
securities and a widening of the spread favoring
•
19
20 • January 1999
SURVEY OF CURRENT BUSINESS
U.S. nongovernment bonds; sales by overseas
hedge funds, primarily in the Caribbean, of U.S.
Treasury bonds to meet their margin calls; and
late in the quarter, a weakening in the U.S. dollar's exchange value against the yen and most
European currencies. These negative factors were
partly offset by a steep rise in U.S. Treasury bond
prices and the resulting opportunity to secure
large capital gains, especially late in the quarter,
and by a surge to higher quality debt instruments
in reaction to uncertainty in world financial markets. Small net purchases from Western Europe,
Japan, and other Asian countries were offset by
large net sales from the Caribbean.
Other U.S. securities.—Net foreign purchases of
U.S. securities other than U.S. Treasury securities
were $22.9 billion in the third quarter, down from
$71.0 billion in the second (chart 3).
Net foreign purchases of U.S. corporate and
other bonds were $28.3 billion, about half the
second-quarter record of $56.9 billion. The U.S.
corporate bond market faltered as the interestrate spread over U.S. Treasury issues widened to
the largest differential in a decade; risk premiums rose significantly as international investors
became more averse to corporate risk, especially
after the Russian debt moratorium in August.
Additionally, large losses from highly leveraged
bond hedge funds had increased the intensity of
concern about U.S. corporate risk. Consequently,
the U.S. bond market became more segmented,
as higher graded and more liquid issues per-
Data Availability
The current and historical estimates of the U.S. international transactions accounts are available as downloadable files on BEA'S Web site
at <www.bea.doc.gov>; click on Catalog of Products, and look under
International Accounts Products, Balance of Payments.
The estimates are also available on diskette from BE A as follows:
• U.S. International Transactions. The most recently released annual and
quarterly estimates are available as an annual subscription (four installments)
that also includes a diskette of the historical estimates (see below)—product
number IDS-OOOI, price $80.00.
• U.S. International Transactions, Third Quarter 1998. The annual estimates for 1997 and the quarterly estimates for 1997:1-1998:111 are available on
a single diskette—product number iDN-0212, price $20.00.
• U.S. International Transactions, Historical Series. The historical annual
and quarterly estimates are available on a single diskette—product number
iDN-0204, price $20.00.
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formed better than riskier and less liquid issues.
New issues abroad by U.S. corporations, including federally sponsored agencies, declined to $18.2
billion from $21.6 billion. The riskier segment
of the market declined 24 percent because lower
quality borrowers postponed borrowing. Net foreign purchases of outstanding bonds dropped to
$12.2 billion from $24.3 billion.
Foreign transactions in U.S. stocks shifted to
net sales of $5.4 billion from net purchases of
$14.1 billion. Fears that the broadening economic
slowdown in Asia, in Russia, and perhaps in the
United States would weaken corporate profits and
heightened international aversion to risky assets
contributed to a 10-percent decline in U.S. stock
prices and to the shift to net foreign sales. Net
sales of $18.6 billion were mostly from international mutual funds based in the Caribbean. In
contrast, European countries continued as net
purchasers, though their net purchases of $13.7
billion were down substantially from the second
quarter.
U.S. currency.—Net U.S. currency shipments
were $7.3 billion in the third quarter, up from $2.3
billion in the second.
Direct investment.—Net capital inflows for foreign direct investment in the United States were
$27.1 billion in the third quarter, compared with
$19.1 billion in the second. The step-up was more
than accounted for by a doubling of net equity
inflows, including especially large acquisitions by
Canadian parents. The largest increases were
from Canada and continental Europe. Reinvested
earnings increased, largely from continental Europe. Net intercompany debt inflows decreased
sharply.
Revisions
The second-quarter current-account balance and
its components were revised to reflect the incorporation of newly available and revised source
data. The current-account deficit was revised up
to $56.7 billion from $56.5 billion. The goods
deficit was revised down to $64.4 billion from
$64.8 billion; the services surplus was revised
down to $20.6 billion from $20.9 billion; the
deficit on investment income was revised up to
$3.4 billion from $3.2 billion; and net unilateral
transfers were revised up to $9.4 billion from $9.3
billion.
The second-quarter net capital inflows and
their components were revised down to $55.1
billion from $65.9 billion.
Tables 1 through 10 follow. Q]
January 1999
SURVEY OF CURRENT BUSINESS
• 21
Table 1.—U.S. International Transactions
[Millions of dollars]
Not seasonally adjusted
(Credits +; debits - ) >
Line
1997
Seasonally adjusted
1998
1997
1997
III*
Exports of goods, services, and income
1,179,380
298,106
302,613
296,986
294,063
284,967
295,287
300,481
299,843
299,061
292,483
287,751
Goods, adjusted, excluding military2
679,325
172,420
166,214
177,996
170,589
168,303
157,196
169,240
172,302
174,284
171,469
164,821
163,560
Services3
Transfers under U.S. military agency sales contracts4 .
258,268
18,269
62,807
4,890
63,344
4,672
63,677
4,883
64,468
4,158
67,790
4,151
64,776
4,890
4,883
65,175
4,158
65,070
4,672
65,762
4,088
63,757
4,151
Travel
Passenger fares
Other transportation
73,268
20,895
26,911
18,157
5,027
6,719
21,890
5,988
6,721
17,149
5,072
6,897
15,817
4,877
6,290
17,741
5,053
6,279
20,055
5,322
6,470
18,542
5,189
6,724
18,325
5,212
6,678
18,204
5,364
17,967
5,198
6,460
18,141
5,223
6,292
16,728
4,672
6,404
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
33,676
84,465
784
8,158
19,665
191
8,483
21,819
200
8,949
22,053
190
8,443
23,050
195
8,615
21,704
197
8,457
23,138
197
8,407
20,833
191
8,580
21,750
200
8,381
22,069
190
8,675
21,903
195
8,908
22,913
197
8,543
23,062
197
241,787
109,407
128,845
3,535
61,462
28,671
32,041
61,908
28,157
32,717
1,034
60,149
25,286
34,069
794
63,053
26,828
35,302
923
62,083
26,212
35,105
766
59,981
24,181
34,810
990
61,271
28,286
32,041
944
62,551
28,935
32,717
60,384
25,470
34,069
845
62 522
26,391
35,302
829
61,900
25,848
35,105
947
60,434
24,738
34,810
-336,982
-335,517
-324,587
-339,452
-347,273
-321,342
-329,130
-332,549
-336,316
-339,731
-338,966
-225,472
-229,229
-218,744
-227,804
-232,110
-218,336
-221,598
-224,123
-227,167
-229,264
-227,920
Income receipts on U.S. assets abroad .
Direct investment receipts
Other private receipts
U.S. Government receipts
Imports of goods, services, and income .
-1,294,904
750
-321,456
Goods, adjusted, excluding military2
-877,279
Services3
Direct defense expenditures
-170,520
-11,488
-43,026
-46,952
-2,938
-42,170
-3,055
-41,417
-3,145
-45,985
-3,045
-48,803
-3,050
^2,195
-2,699
-43,437
-2,938
-43,795
-3,055
-44,379
-3,145
-45,190
-3,045
-45,152
-3,050
Travel
Passenger fares
Other transportation
-51,220
-18,235
-28,949
-13,601
-4,975
-7,288
-15,667
-5,304
-7,330
-11,084
-4,003
-7,437
-11,290
-4,260
-7,066
-14,318
-5,079
-7,390
-15,917
-5,126
-7,771
-12,764
-4,663
-7,317
-12,897
-4,704
-7,200
-12,823
-4,557
-7,397
-13,309
-4,650
-7,250
-13,465
-4,757
-7,430
-13,008
-4,568
-7,623
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
-9,411
-48,421
-2,796
-2,045
-11,739
-679
-2,573
-12,410
-730
-2,707
-13,183
-701
-2,835
-12,117
-704
-2,590
-12,857
-706
-2,695
-13,534
-710
-2,168
-11,905
-679
-2,559
-12,409
-730
-2,578
-12,684
-701
-2,850
-12,471
-704
-2,759
-13,028
-706
-2,670
-13,523
-710
-247,105
-45,674
-113,959
-87,472
-61,203
-11,279
-28,023
-21,901
-64,558
-13,011
-28,849
-64,118
-11,061
-30,382
-22,675
-64,426
-10,458
-31,285
-22,683
-65,663
-11,059
-31,644
-22,960
-66,360
-11,517
-32,066
-22,777
-60,811
-10,887
-28,023
-21,901
-64,095
-12,548
-28,849
-22,698
-64,631
-11,574
-30,382
-22,675
-64,770
-10,802
-31,285
-22,683
-65,277
-10,673
-31,644
-22,960
-65,894
-11,051
-32,066
-22,777
-39,691
-8,626
-9,346
-12,568
-9,617
-9,034
-9,822
-9,035
-9,445
-12,337
-9,480
-9,442
-10,084
-12,090
-4,193
-23,408
-2,274
-836
-5,516
-2,362
-931
-6,053
-5,213
-1,359
-5,996
-2,266
-1,019
-6,332
-2,063
-898
-6,073
-2,582
-838
-6,402
-2,274
-1,055
-5,706
-2,362
-1,056
-6,027
-5513
-1,069
-6,055
-2,266
-1,126
-6,088
-2,063
-1,126
-6,253
-2,582
-1,132
-6,370
U.S. assets abroad, net (increase/capital outflow (-)) ...
-478,502
-88,005
-124,276
-118,465
-48,591
-111,123
-49,126
-86,606
-123,317
-123,441
-45,648
-109,787
-48,052
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund .
Foreign currencies
-1,010
-236
-730
-4,524
-444
-1,945
-2,026
-236
-730
-4,524
-444
-1,945
-2,026
-350
-3,575
2,915
-2,078
-136
-133
54
-157
-139
-463
-128
-150
-4,221
-153
-182
-85
-177
72
-1,031
-986
-2,078
-136
174
-5,302
5,504
-28
-182
-85
-177
-388
-1,189
1,177
-376
-47,759
-37,264
-6,973
72
-1,031
-986
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 8
U.S. foreign currency holdings and U.S. short-term assets, net
-133
-150
-139
54
-4,221
-463
-157
-153
-128
436
-269
29
-1,421
-1,097
-1,616
1,097
1,878
1,358
-21
-11
29
-87,500 -123,982 -113,970
-27,787 -28,447 -30,494
-23,263 -41,167
-8,030
-433
-1,159
722
4
194
-1,266
1,344
116
-269
-1,616
1.358
-11
436
-1,421
1,878
-21
29
-1,097
1,097
29
-388
-1,189
1,177
-376
-433
-1,159
722
4
194
-1,266
1,344
116
-108,745
-41,925
-27,878
-47,294
-22,317
16,970
-86,101
-26,388
-23,263
-123,023
-27,488
-41,167
-118,946
-35,470
-8,030
-44,816
-34,321
-6,973
-107,409
-40,589
-27,878
-46,220
-21,243
16,970
-6,596
3,074
95,172
11,324
13,946
11,336
2,610
-1,059
-607
-13,612
-28,335
-9,825
-26,625
-24,791
-29,577
-47,907
-27,539
-6,596
3,074
-14,327
-24,615
-13,612
-28,335
717,624
93,449
146,710
24,782
196,845
-47,907
-27,539
219,472
-26,979
-24,492
-24,578
86
-244
-3,250
1,007
246,451
27,434
35,301
9,900
36,783
-14,327
-24,615
827
-523
5,043
931
155,571
20,536
42,614
4,822
54,258
-24,791
-29,577
182,507
21,258
9,353
6,686
2,667
-1,167
12,439
633
161,249
20,033
35,432
6,576
60,327
107,779
148,059
5,274
28,067
26,275
12,606
-99,724
-28,762
-197,954
87,748
-110,206
-5,318
-115,524
-39,691
-155,215
Income payments on foreign assets in the United States ...
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers 6
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. claims reported by U.S. banks, not included elsewhere
Foreign assets in the United States, net (increase/capital inflow (+)) .
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other 10
Other U.S. Government liabilities "
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. currency
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
-477,666
-121,843
-87,981
-120,403
-147,439
733,441
15,817
-2,936
-7,270
4,334
-2,521
21,928
-654
-217,227
-9,825
-26,625
150,160
-5,411
-10,862
165,402
114,005
149,773
181,438
220,491
95,529
164,859
112,862
-10,274
-20,064
-20,318
254
-422
9,380
832
-46,370
-30,905
-32,811
1,906
-414
-12,607
-2,444
-5,411
-10,862
827
-523
5,043
931
21,258
9,353
6,686
2,667
-1,167
12,439
633
-26,979
-24,492
-24,578
86
-244
-3,250
1,007
11,324
13,946
11,336
2,610
-1,059
-607
-956
-10,274
-20,064
-20,318
254
-422
9,380
832
-46,370
-30,905
-32,811
1,906
-414
-12,607
-2,444
83,848
25,574
-1,701
746
77,019
175,676
19,684
26,916
2,349
71,017
160,375
28,208
-257
7,277
22,938
155,184
20,149
42,614
4,822
54,258
160,180
18,964
35,432
6,576
60,327
247,470
28,453
35,301
9,900
36,783
84,205
25,931
-1,701
746
77,019
175,133
19,141
26,916
2,349
71,017
159,232
27,065
-257
7,277
22,938
47,390
89,643
32,707
-50,497
18,040
37,670
19,529
82,680
5,274
28,067
26,275
12,606
47,390
89,643
32,707
-50,497
18,040
37,670
19,529
82,680
-10,009
-55,535
-9,363
144
7,249
-28,077
685
-20,027
-10,018
-52,007
3,528
-3,146
6,217
1,618
1,474
-3,511
-10,760
-44,807
19,781
-25,026
259
-59,258
23,032
-36,226
-2,650
-51,233
22,298
-28,935
-3,969
-48,155
21,927
-26,228
-1,373
-59,501
17,692
-41,809
-3,580
-74,914
18,987
-55,927
-6,379
-49,096
22,581
-26,515
460
-49,296
22,191
-27,105
-1,544
-49,839
21,380
-28,459
-4,247
-55,698
20,691
-35,007
-2,248
-64,443
20,572
^3,871
-3,377
-64,360
18,605
-45,755
-5,460
-24,767
-8,626
-33,393
-38,876
-9,346
-48,222
-32,904
-12,568
-45,472
-27,601
-9,617
-37,218
-45,389
-9,034
-54,423
-62,306
-9,822
-72,128
-26,055
-9,035
-35,090
-28,649
-9,445
-38,094
-32,706
-12,337
-45,043
-37,255
-9,480
-46,735
-47,248
-9,442
-56,690
-51,215
-10,084
-61,299
Allocations of special drawing rights
64
64a
Statistical discrepancy (sum of above items with sign reversed).
Of which seasonal adjustment discrepancy
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 65 and 66)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 67 and
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 69 and 70) l
See footnotes on page 33.
22 • January 1999
SURVEY OF CURRENT BUSINESS
Table 2.-U.S. Trade in Goods
[Millions of dollars]
Not seasonally adjusted
Line
Seasonally adjusted
1997
1997
1997
1998
Balance of payments adjustments to Census trade data:
EXPORTS
Exports of goods, Census basis 1 including reexports and including military
orsnt snipmonts
*.
.•••..<>
»..<•»
.*
689,182 164,945 174,967 169,041 180,229 172,915 170,611 160,417 165,748 171,787 175,129 176,518 173,794 167,129 166,781
Adjustments:
Private gift parcel remittances
681
Gold exports, nonmonetary
185
Inland U.S. freight to C a n a d a 2
U.S.-Canadian reconciliation adjustments, n.e.c, net 3
Exports transferred under U.S. military agency sales contracts identified in Census
documents 4
Other adjustments, net 5
Equals: Exports of c
"military" (table f, line 2 ) .
-9,116
-1,444
174
169
153
158
157
140
185
22
22
-1,932
-503
-2,177
174
169
153
158
157
140
-2,754
-242
-2,253
-133
-2,338
-146
-2,095
-370
-2,843
-518
22
-2,754
-242
-2,253
-133
-2,338
-146
-2,095
-370
-2,843
-518
-1,932
-503
-2,177
—566
679,325 162,695 172,420 166,214 177,996 170,589 168,303 157,196 163,499 169,240 172,302 174,284 171,469 164,821 163,560
IMPORTS
Imports of goods, Census basis ] (general imports)....
870,671 203,211 214,417 224,733 228,310 217,432 226,839 230,519 211,082 215,526 220,859 223,204 225,855 228,299 226,329
Adjustments:
Electric energy
Gold imports, nonmonetary
Inland freight in Canada 2
U.S.-Canadian reconciliation adjustment, n.e.c, net 3
Imports of U.S. military agencies identified in Census documents 4
Other adjustments, n e t 6 '
Equals: Imports of goods, adjusted to balance of payments basis, excluding
"military" (table 1, line 16)
!!
3,536
3,704
1,352
917
1,980
982
914
204
-634
2
-118
-11
-144
-8
-178
-194
18
686
926
332
938
-301
-306
1
1,093
835
1,352
917
1,980
982
914
204
891
686
926
332
938
-318
-20
-118
-11
-144
-8
-178
3
-194
18
-301
-306
1
1,093
835
-318
-20
877,279 205,351 217,227 225,472 229,229 218,744 227,804 232,110 213,222 218,336 221,598 224,123 227,167 229,264 227,920
Trade in goods, by area and country, adjusted to balance of payments basis,
excluding military: 8
EXPORTS
Total, all countries ( A - 8 ) .
679,325 162,695 172,420 166,214 177,996 170,589 168,303 157,196
169,240 172,302 174,284 171,469 164,821 163,560
Western Europe
European Union
Belgium and Luxembourg
France
Germany 9
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EU ,
152,962
138,851
13,894
15,804
24,202
8,927
19,671
35,912
20,441
14,111
38,600
35,044
3,432
3,827
6,132
2,228
4,752
9,535
5,138
3,556
39,862
35,143
3,383
3,964
6,271
2,329
4,820
9,331
5,045
4,719
35,340
32,381
3,399
3,724
5,741
2,006
4,776
8,158
4,577
2,959
39,160
36,283
3,680
4,289
6,058
2,364
5,323
8,888
5,681
2,877
41,590
38,711
3,905
4,686
6,389
2,374
5,119
10,070
6,168
2,879
39,537
36,424
3,557
4,395
6,563
2,157
4,477
9,761
5,514
3,113
37,213
34,151
3,385
3,864
6,298
1,988
4,294
9,294
5,028
3,062
38,797
35,257
3,459
3,858
6,171
2,241
4,780
9,581
5,167
3,540
39,081
34,434
3,307
3,875
6,141
2,286
4,732
9,131
4,962
4,647
36,645
33,547
3,513
3,852
5,942
2,083
4,950
8,449
4,758
3,098
38,439
35,613
3,615
4,219
5,948
2,317
5,209
8,751
5,554
2,826
41,810
38,924
3,929
4,715
6,426
2,388
5,148
10,110
6,208
2,886
38,639
35,589
3,474
4,290
6,413
2,110
4,380
9,527
5,395
3,050
38,677
35,487
3,523
4,009
6,539
2,065
4,465
9,649
5,237
3,190
Canada 3
japan
Australia, New Zealand, and South Africa 10 .
Australia
152,047
64,600
36,81:
16,401
38,779
16,604
36,813
15,736
39,643
15,859
39,575
14,782
40,877
14,086
35,671
14,083
37,132
16,403
37,979
16,404
38,033
16,364
38,903
15,429
39,791
14,826
40,009
13,873
37,015
14,711
11,913
2,823
3,100
3,091
2,899
3,109
2,858
2,931
2,840
3,030
3,193
2,850
3,132
2,791
3,044
7,750
1,807
2,111
1,742
2,090
2,008
2,319
1,669
1,797
2,09;
1,826
2,030
1,981
2,290
1,752
Latin America and Other Western Hemisphere .
Brazil
Mexico
Venezuela
Other
,
134,272
15,806
71,152
6,583
40,731
29,474
3,374
15,639
1,296
9,165
32,485
3,831
17,001
1,663
9,990
34,813
4,106
18,498
1,827
10,382
37,500
4,495
20,014
1,797
11,194
35,281
3,453
19,526
1,840
10,462
35,699
3,807
19,333
1,771
10,788
34,351
3,694
19,158
1,428
10,071
29,656
3,396
15,753
1,300
9,207
31,874
3,746
16,672
1,635
9,821
36,022
4,245
19,130
1,890
10,757
36,720
4,419
19,597
1,758
10,946
35,472
3,476
19,652
1,851
10,493
34,973
3,715
18,941
1,732
10,585
35,750
3,834
19,924
1,490
10,502
Other countries in Asia and Africa 8 1 0
Asia810
Membersof OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa 8 1 0
155,781
144,777
16,045
12,723
15,065
24,602
17,550
19,159
10,615
1,528
36,778
34,417
3,270
2,867
3,486
6,345
4,343
4,548
2,277
296
39,479
36,828
3,948
2,926
3,938
6,986
4,290
4,551
2,554
365
38,679
35,399
3,699
2,971
3,809
5,850
4,72^
4,594
3,159
496
40,845
38,133
5,128
3,959
3,832
5,421
4,190
5,466
2,625
371
34,244
31,675
4,111
3,155
3,199
3,366
3,915
4,698
2,475
421
32,927
30,317
3,486
3,143
3,394
3,738
3,803
4,099
2,494
309
31,278
28,51
3,020
3,205
3,086
3,541
3,94^
3,730
2,629
35"
36,874
34,526
3,271
2,884
3,494
6,350
4,371
4,555
2,264
292
38,775
36,163
3,878
2,884
3,876,869
4,181
4,48'
2,517
363
40,219
36,792
3,860
3,092
3,954
6,091
4,877
4,791
3,301
51
39,913
37,296
5,036
3,863
3,743
5,292
4,121
5,332
2,533
356
34,45"
31,891
4,138
3,184
3,213,373,952
4,735
2,473
417
32,246
29,681
3,408
3,073
3,333
3,678
3,708
4,016
2,451
307
32,611
29,717
3,158
3,331
3,212
3,700
4,096
3,890
2,759
376
386,458
24,156
268,711
95,752
4,862
62,081
99,622
5,976
66,822
92,231
6,022
67,961
98,853 100,272
7,296
6,372
71,847 63,945
98,677
5,566
64,060
91,153
4,805
61,238
96,296
4,863
62,340
97,746
5,876
65,618
95,530
6,267
70,505
96,886 100,78'
7,150
6,406
70,248 64,282
96,601
5,447
62,773
94,752
5,024
63,784
Eastern Europe
Members of OPEC
International organizations and unallocated ,
Memoranda:
Industrial countries 8
Members of OPEC 8
Other countries 8
See footnotes on page 33.
January 1999
SURVEY OF CURRENT BUSINESS
•
2$
Table 2—U.S. Trade in Goods—Continued
[Millions of dollars]
Not seasonally adjusted
1997
Line
1997
I
II
Seasonally adjusted
1998
I
IV
III
II'
1997
III''
I
1998
III
II
IV
I
II'
III'
B Trade in goods, by area and country, adjusted to balance of payments basis,
excluding military8—Continued:
IMPORTS
36 Total, all countries (A-16)
877,279 205,351 217,227 225,472 229,229 218,744 227,804 232,110 213,222 218,336 221,598 224,123 227,167 229,264 227,920
37
38
39
40
41
42
43
44
45
46
Western Europe
European Union
Belgium and Luxembourg
France
Germany9
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EU
175,770
160,145
10,849
20,607
43,018
19,382
7,601
32,496
26,192
15,625
40,937
37,295
2,708
4,578
10,062
4,499
1,815
7,593
6,040
3,642
45,147
41,252
3,959
5,024
11,015
4,784
1,869
7,953
6,648
3,895
43,076
39,294
2,065
5,490
10,299
4,911
1,949
8,112
6,468
3,782
46,610
42,304
2,117
5,515
11,642
5,188
1,968
8,838
7,036
4,306
44,938
40,618
2,152
5,389
11,446
5,009
1,675
8,111
6,836
4,320
48,104
43,946
2,140
6,116
12,348
5,153
1,894
8,674
7,621
4,158
48,330
43,841
2,169
6,014
12,003
5,224
1,889
8,495
8,047
4,489
42,507
38,737
2,783
4,768
10,462
4,680
1,880
7,885
6,279
3,770
45,387
41,474
3,972
5,057
11,068
4,809
1,881
8,003
6,684
3,913
42,306
38,590
2,024
5,394
10,108
4,827
1,916
7,974
6,347
3,716
45,570
41,344
2,070
5,388
11,380
5,066
1,924
8,634
6,882
4,226
46,638
42,184
2,238
5,599
11,870
5,205
1,742
8,425
7,105
4,454
48,403
44,217
2,153
6,151
12,436
5,183
1,905
8,728
7,661
4,186
47,436
43,019
2,123
5,897
11,783
5,132
1,853
8,335
7,896
4,417
47
48
49
50
Canada 3
japan
Australia, New Zealand, and South Africa 10
Australia
171,024
121,658
42,172
30,102
43,313
29,398
41,329
30,730
44,210
31,428
43,891
30,353
44,917
29,972
42,043
29,774
43,752
31,316
43,489
29,532
40,576
30,158
43,207
30,652
45,592
31,591
45,237
30,173
41,274
29,220
4,881
1,201
1,125
1,294
1,261
1,262
1,434
1,313
1,239
1,133
1,275
1,234
1,312
1,443
1,291
51
Eastern Europe
8,481
1,854
2,030
2,350
2,247
2,418
2,847
2,869
1,926
2,044
2,312
2,199
2,516
2,861
2,815
52
53
54
55
56
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela
Other
140,378
9,625
86,661
13,476
30,616
32,846
2,327
19,878
3,320
7,321
34,956
2,506
21,506
3,289
7,655
36,096
2 545
22,171
3,400
7,980
36,480
2 247
23106
3,467
7,660
34,847
2 284
22,549
2,531
7,483
36,728
2 646
23 977
2,367
7,738
36,405
2 678
23 798
2,194
7,735
34,014
2 421
20 643
3,359
7,591
35,121
2 516
21 623
3,295
7,687
35,518
2,497
21,804
3,373
7,844
35,725
2,191
22,591
3,449
7,494
36,094
2 378
23 387
2,576
7,753
36,963
2,662
24139
2,378
7,784
35,786
2,631
23 374
2,177
7,604
57
58
59
60
61
62
63
64
65
66
Other countries in Asia and Africa 8 1 0
Asia810
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
....
Africa 8 1 0
Members of OPEC
255,087
234,887
21,753
62,555
10,285
23,145
20,077
32,631
19,924
8,789
56,239
51,061
4,864
12,558
2,130
5,090
4,569
7,261
5,125
2,276
61,258
56,083
5,449
14,452
2,242
5,802
5,129
7,929
5,095
2,430
70,597
65,499
5,853
18,412
3,080
6,247
5,399
8,660
5,012
2,180
66,993
62,244
5,587
17,133
2,833
6,006
4,980
8,781
4,692
1,903
61,035
56,658
4,727
14,806
2,321
5,590
4,546
7,779
4,314
1,614
63,802
59,380
4,601
16,819
2,485
5,939
4,670
8,007
4,345
1,803
71,376
67,467
4,959
20,452
3,135
6,082
4,628
8,676
3,791
1,293
58,468
53,203
4,996
13,154
2,230
5,301
4,751
7,570
5,211
2,294
61,630
56 441
5,467
14,568
2,260
5,838
5,159
7,974
5,108
2,435
69,453
64,409
5,779
18,117
3,029
6,136
5,304
8,508
4,960
2,168
65,536
60,834
5,511
16,716
2,766
5,870
4,863
8,579
4,645
1,892
63,424
58,943
4,845
15,446
2,423
5,822
4,723
8,102
4,413
1,631
64,184
59,737
4,630
16,923
2,497
5,973
4,700
8,057
4,369
1,813
70,098
66,231
4,894
20,065
3,077
5,968
4,541
8,513
3,750
1,286
67
International organizations and unallocated
Memoranda:
68
69
70
Industrial countries 8 .
Members of OPEC 8
Other countries8
477,425 115,287 120,115 117,516 124,507 121,550 125,660 122,674 119,725 120,679 115,381 121,640 126,284 126,495 120,414
44,018 10,460 11,168 11,433 10,957
8,872
8,771
8,446 10,649 11,197 11,320 10,852
9,052
8,821
8,357
355,836 79,604 85,944 96,523 93,765 88,322 93,373 100,990 82,848 86,460 94,897 91,631 91,831 93,948 99,149
BALANCE (EXCESS OF EXPORTS +)
71 Total all countries
-197,954 -42,656 -44,807 -59,258 -51,233 -48,155 -59,501 -74,914 -49,723 -49,096 -49,296 -49,839 -55,698 -64,443 -64,360
72
73
74
75
76
77
78
79
80
81
Western Europe
European Union
Belgium and Luxembourg
France
Germany 9
Italy
Netherlands
United Kingdom
Other
Western Europe, excluding EU
82
83
84
85
Canada 3
.
.
Japan
Australia New Zealand and South Africa 10
Australia
86
Eastern Europe
87
88
89
90
91
-22,808
-21,294
3,045
-4,803
-18,816
-10,455
12,070
3,416
-5,751
-1,514
-2,337
-2,251
-751
-3,930
-2,271
2,937
1,942
-902
-5,285
-6,109
-576
-1,060
-4,744
-2,455
2,951
1,378
-1,603
-86
824
724
-7,736
-6,913
1,334
-1,766
-4,558
-2,905
2,827
-7,450
-6,021
1,563
-1,226
-5,584
-2,824
3,355
46
50
-1,891
-823
-1,355
-1,429
-3,348
-1,907
1,753
-703
-5,057
-2,635
3,444
1,959
-668
-1,441
-8,567 -11,117
-7,522 -9,690
1,417
1,216
-1,721 -2,150
-5,785 -5,705
-2,996 -3,236
2,583
2,405
1,087
799
-2,107 -3,019
-1,045 -1,427
-3,710
-3,480
676
-910
-4,291
-2,439
2,900
1,696
-1,112
-230
-6,306
-7,040
-665
-1,182
-4,927
-2,523
2,851
1,128
-1,722
734
-5,661
-5,043
1,489
-1,542
-4,166
-2,744
3,034
-7,131
-5,731
1,545
-1,169
-5,432
-2,749
3,285
475
117
-1,589
-618
-1,328
-1,400
^,828
-3,260
1,691
-884
-5,444
-2,817
3,406
1,685
-897
-1,568
-9,764
-8,628
1,321
-1,861
-6,023
-3,073
2,475
799
-2,266
-1,136
-8,759
-7,532
1,400
-1,888
-5,244
-3,067
2,612
1,314
-2,659
-1,227
-18,977 -5,360 -4,534 -4,516 -4,567 -4,316 -4,040 -6,372 -6,620 -5,510 -2,543 -4,304 -5,801 -5,228 -4,259
-57,058 -13,701 -12,794 -14,994 -15,569 -15,571 -15,886 -15,691 -14,913 -13,128 -13,794 -15,223 -16,765 -16,300 -14,509
.
7,032
1,622
1,975
1,797
1,638
1,847
1,424
1,618
1,601
1,897
1,918
1,616
1,820
1,348
1,753
-731
-47
81
-608
-157
-410
-528
-1,200
-129
53
-486
-169
-535
-571
-1,063
Latin America and Other Western Hemisphere
Brazil
Mexico
Venezuela ....
Other
-6,106
6,181
-15,509
-6,893
10,115
-3,372
1,047
^,239
-2,024
1,844
-2,471
1,325
-4,505
-1,626
2,335
-1,283
1,561
-3,673
-1,573
2,402
1,020
2,248
-3,092
-1,670
3,534
434
-1,029
1,161
-4,644
-596
3,050
-2,054
1,016
-4,640
-766
2,336
-4,358
995
-4,890
-2,059
1,616
-3,247
1,230
-4,951
-1,660
2,134
504
1,169
-3,023
-691
2,979
1,748
-2,674
-1,483
2,913
2,228
-2,994
-1,691
3,452
-622
1,098
-3,735
-725
2,740
-1,990
1,053
-5,198
-646
2,801
1,203
-3,450
-687
2,898
92
93
94
95
96
97
98
99
100
101
Other countries in Asia and Africa 8 1 0
Asia810
Members of OPEC
China
Hong Kong
Korea, Republic of
Singapore
Taiwan
Africa 8 1 0
Members of OPEC
-99,306 -19,461 -21,779 -31,918 -26,148 -26,791 -30,875 -40,098 -21,594 -22,855 -29,234 -25,623 -28,967 -31,938 -37,487
-90,110 -16,644 -19,255 -30,100 -24,111 -24,983 -29,063 -38,950 -18,677 -20,278 -27,617 -23,538 -27,052 -30,056 -36,514
-5,708 -1,594 -1,501 -2,154
-616 -1,115 -1,939 -1,725 -1,589 -1,919
-707 -1,222 -1,736
-459
-475
-49,832 -9,691 -11,526 -15,441 -13,174 -11,651 -13,676 -17,247 -10,270 -11,684 -15,025 -12,853 -12,262 -13,850 -16,734
4,780
1,356
1,696
1,264
1,614
729
999
878
909
-49
925
977
791
836
135
1,457
1,184
1,255
-397
-585 -2,224 -2,201 -2,541
-578 -2,448 -2,295 -2,268
1,049
1,031
-45
-2,527
-226
-839
-672
-631
-867
-427
-742
-771
-790
-681
-992
-380
-978
-445
-13,472 -2,713 -3,378 -4,066 -3,315 -3,081 -3,908 ^ , 9 4 6 -3,015 -3,493 -3,717 -3,247 -3,367 -4,041 ^ , 6 2 3
-9,309 -2,848 -2,541 -1,853 -2,067 -1,839 -1,851 -1,162 -2,947 -2,591 -1,659 -2,112 -1,940 -1,918
-991
-7,261 -1,980 -2,065 -1,684 -1,532 -1,193 -1,494
-936 -2,002 -2,072 -1,651 -1,536 -1,214 -1,506
-910
102
International organizations and unallocated
975
-36
Memoranda:
103
104
105
Industrial countries8
Members of OPEC 8
Other countries8
See footnotes on page 33.
.
-90,967 -19,535 -20,493 -25,285 -25,654 -21,278 -26,983 -31,521 -23 429 -22 933 -19,851 -24,754 -25,503 -29 894 -25 662
-19,862 -5,598 -5,192 -5,411 -3,661 -2,500 -3,205 -3,641 -5,786 -5,321 -5,053 -3,702 -2,646 -3,374 -3,333
-67,125 -17,523 -19,122 -28,562 -21,918 -24,377 -29,313 -39,752 -20,508 -20,842 -24,392 -21,383 -27,549 -31,175 -35,365
24 • January 1999
SURVEY OF CURRENT BUSINESS
Table 2.—U.S. Trade in Goods—Continued
[Millions of dollars]
Not seasonally adjusted
Line
1997
1997
Seasonally adjusted
1997
1998
1998
\\\P
Trade in goods, by principal end-use category, adjusted to balance of payments
basis, excluding military:
Exports of goods, balance of payments basis, excluding military (A-8)
Agricultural products
Nonagricultural products
679,325 162,695 172,420 166,214 177,996 170,589 168,303 157,196 163,499 169,240 172,302 174,284 171,469 164,821 163,560
58,425 15,177 13,496 13,177 16,575 14,633 12,516 11,283 14,669 14,319 14,317 15,120 14,094 13,005 12,253
620,900 147,518 158,924 153,037 161,421 155,956 155,787 145,913 148,830 154,921 157,985 159,164 157,375 151,816 151,307
10,224
13,131
12,519
12,346
13,511
12,454 11,215
10,606
11,754
4,150
983
1,228
1,786
1,702
1,899
2,217
10,020
3,246
818
1,087
633
1,823
2,127
2,191
9,273
3,133
979
1,097
542
1,625
1,867
2,106
12,077
4,332
936
1,774
1,880
1,741
2,055
2,069
11,490
3,903
1,064
1,373
1,784
1,797
2,029
1,977
11,410
3,773
1,206
1,253
1,494
1,884
2,149
2,110
12,564
4,129
1,123
1,282
2,348
1,822
2,037
2,228
11,593
4,026
1,042
1,228
1,466
1,791
1,983
2,327
10,437
3,455
972
1,087
877
1,816
2,114
2,175
9,750
3,112
825
1,097
917
1,627
2,011
2,083
887
609
721
442
951
619
1,054
776
1,029
723
624
947
668
861
616
778
499
856
600
41,378 39,221 39,102
13,227
11,643
12,168
4,429
873
1,774
2,195
1,643
1,949
1,952
10,695 10,809
3,655 3,867
886 1,441
1,373 1,253
1,189
851
1,802 1,897
2,055 2,048
1,994 2,146
3,966
2,791
1,059
780
158,274
38,573
10,603
2,718
1,554
1,665
4,666
2,931
862
452
468
1,149
2,728
722
505
445
1,056
2,314
472
226
396
147,671
16,530
16,291
4,122
10,419
35,642
3,834
3,806
988
2,513
38,650
4,051
4,013
1,025
2,475
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
12,785
10,700
46,864
9,482
16,654
3,121
2,524
11,360
2,379
4,070
Metals and nonmetallic products
Steelmaking materials
Iron and steel products
Nonferrous metals
Nonmonetary gold
Other precious metals
Other nonferrous metals
Other metals and nonmetallic products .
34,656
2,257
5,920
15,027
5,725
1,809
7,493
11,452
8,354
496
1,427
3,723
1,686
270
1,767
2,708
1,865
2,889
295,288
68,872
251,623
27,977
58,502
6,510
51,992
3,285
3,13:
Agricultural
Grains and preparations
Wheat
Corn
Soybeans
Meat products and poultry
Vegetables, fruits, nuts, and preparations
Other agricultural foods, feeds, and beverages .
Nonagricultural (fish, distilled beverages, etc.)
Fish and shellfish
Industrial supplies and materials
Agricultural
Raw cotton
Tobacco, unmanufactured .
Hides and skins, including furskins
Other agricultural industrial supplies
Nonagricultural
Energy products
Fuels and lubricants11 ..
Coal and related fuels
Petroleum and products
14,756 12,617 10,741
13,869
4,186
1,129
1,282
3,271
1,902
2,218
2,292
51,507
47,541
16,137
4,329
5,682
7,506
7,244
8,270
8,384
Foods, feeds, and beverages
948
642
11,881
1,072
760
38,555
37,720
35,300
38,527
40,649
39,639
39,459
38,462
37,095
35,824
2,793
858
381
375
1,179
2,413
592
455
347
2,762
685
475
428
1,174
2,836
792
325
407
1,312
2,479
656
345
387
1,091
2,428
610
350
355
1,113
2,492
587
417
333
1,155
2,432
734
318
294
1,019
1,957
430
234
288
1,005
2,526
585
409
443
1,220
2,630
662
371
356
1,241
36,907
4,244
4,203
1,089
2,714
36,472
4,401
4,269
1,020
2,717
35,762
3,470
3,422
951
2,175
35,307
3,395
3,354
974
2,012
33,343
3,136
3,089
914
1,869
36,001
3,886
3,859
1,042
2,513
37,887
4,052
4,014
1,023
2,477
36,803
4,210
4,168
1,052
2,716
36,980
4,382
4,250
1,005
2,713
36,034
3,526
3,478
1,002
2,181
34,603
3,397
3,356
977
'2,011
33,392
3,098
3,050
882
1,862
3,167
2,741
12,182
2,514
4,266
3,235
2,700
11,825
2,364
4,088
3,262
2,735
11,497
2,225
4,230
3,210
2,299
11,524
2,033
4,566
3,150
2,384
11,641
2,026
4,553
2,938
2,107
10,840
1,942
4,403
3,148
2,571
11,415
2,463
4,011
3,148
2,651
11,807
2,432
4,161
3,201
2,741
11,870
2,339
4,162
3,288
2,737
11,772
2,248
4,320
3,221
2,341
11,518
2,114
4,494
3,139
2,300
11,300
1,961
4,438
2,929
2,143
10,954
1,916
4,514
9,729
605
1,479
4,756
2,322
8,451
636
8,122
520
8,158
8,507
537
1,427
9,636
578
1,465
4,797
2,322
574
1,836
2,751
1,901
2,796
1,51;
3,195
855
495
1,845
2,97-
8,820
438
1,581
3,838
1,32719
1,795
2,963
7,838
332
1,312
3,792
1,686
270
8,280
595
1,511
3,243
862
470
1,911
2,931
8,068
1,504
7,977
357
1,315
8,233
547
1,510
3,359
429
1,508
3,240
1,056
545
2,946
3,189
855
500
1,834
2,909
406
1,582
3,746
1,324
714
1,708
2,926
1,639
2,981
3,431
1,303
368
1,760
2,874
74,243
73,494
78,679
74,466
73,883
71,316
69,643
72,604
76,412
76,629
64,019
7,065
56,954
4,225
61,777
6,943
54,834
4,211
2,793
1,697
3,336
11,019
60,346
6,760
53,586
4,132
3,033
1,573
3,154
11,184
58,531
6,590
51,941
3,926
2,763
1,468
2,865
10,177
64,976
7,269
52,576
3,330
3,222
1,441
2,640
62,305
7,047
55,258
3,589
3,266
1,577
2,880
65,180
7,075
1,721
2,925
11,641
66,769
7,310
59,459
4,409
3,188
1,786
3,213
11,864
59,162
6,586
1,404
2,692
10,544
62,333
7,092
55,241
3,680
3,292
1,591
2,943
11,491
10,764
11,197
58,105
4,237
3,047
1,753
3,022
11,842
49,360
38,861
23,995
3,288
16,114
11,90;
9,475
4,90;
716
3,925
12,027
9,578
5,868
816
3,955
12,402
9,961
6,319
838
3,925
13,024
9,847
6,901
918
4,309
11,485
9,392
6,007
864
4,030
10,870
8,802
6,008
854
3,976
10,729,325
6,112
838
3,743
11,735
9,476
5,346
732
3,890
12,395
9,643
5,923
813
3,975
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types .
Other transportation equipment
41,359
23,584
2,306
9,902
5,710
468
11,36:
6,850
543
8,934
4,600
54"
11,156
6,4275-
12,015
7,136
674
12,898
7,651
639
12,116
6,465
669
10,013
5,840
468
Automotive vehicles, engines, and parts .
Capital goods, except automotive
Machinery, except consumer-type
Electric generating machinery, electric apparatus, and parts
Nonelectric, including parts and attachments
Oil drilling, mining, and construction machinery
Industrial engines, pumps, and compressors
Machine tools and metalworking machinery
Measuring, testing, and control instruments
Other industrial, agricultural, and service industry machinery
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and parts
223,646
15,599
12,614
6,502
11,773
45,540
569
862
470
2,027
2,99;
412
1,495
3,273
3,313
1,056
548
1,669
1,303
2,888
2,881
75,497
72,098
74,822
60,268
6,716
57,707
4,443
3,079
1,731
3,231
11,73;
62,611
7,016
55,595
4,238
2,860
1,737
3,320
11,253
53,552
4,056
3,006
1,559
3,083
59,645
6,617
53,028
3,970
2,812
1,496
2,934
10,903
10,377
12,963
10,055
6,275
859
4,052
12,267
9,687
6,451
884
4,197
11,371
9,444
6,475
884
4,013
11,193
8,864
6,048
850
3,990
11,267
9,351
6,104
856
3,861
9,756
5,263
543
10,691
6,205
541
10,899
6,276
754
12,212
7,361
67-
11,191 14,508
5,980 8,640
639
18,052 16,356
366
1,644
74,029
18,182
19,696 16,722
19,429
19,902
19,269
14,836
17,793
18,372
18,703
19,16'
19,426
To Canada
Passenger cars, new and used
Trucks, buses, and special purpose vehicles .
Engines and engine parts
Other parts and accessories
39,764
9,282
6,016
3,899
20,56-
10,009
2,294
1,368
1,017
5,330
10,802
2,812
1,475
1,023
5,492
8,669
1,804
1,372
875
4,618
10,284
2,372
1,801
984
5.1Z
10,53'
2,352
1,659
1,068
5,452
10,783
2,526
1,994
1,067
5,196
7,556
1,368
1,179
889
4,120
9,786
2,21
1,398
979
5,192
9,728
2,369
1,339
945
5,075
9,91
2,309
1,538
996
5,07-
10,333
2,387
1,74
979
5,226
10,196
2,268
1,663
1,025
5,240
9,757
2,131
1,800
998
4,828
8,457
1,652
1,332
977
4,496
To other areas
Passenger cars, new and used
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
34,265
7,507
4,861
2,911
18,986
8,173
1,96'
1,119
768
4,325
8,053
1,508
1,110
673
4,762
9,145
2,083
1,168
725
4,918
9,371
2,009
1,43'
686
5,245
8,486
1,925
1,207
639
4,715
7,280
1,546
755
608
4,37
8,007
1,842
1,071
767
4,327
8,644
2,003
1,154
705
4,782
8,786
1,869
1,297
697
4,923
8,828
1,793
1,339
742
4,954
9,230
1,916
1,380
685
5,249
8,295
1,870
1,212
621
4,592
7,899
1,905
887
626
4,481
18,83^
Consumer goods (nonfood), except automotive
Consumer nondurable goods, manufactured
Medical, dental, and pharmaceutical preparations, including vitamins ...
Consumer durable goods, manufactured
Household and kitchen appliances and other household goods
Unmanufactured consumer goods (gem stones, nursery stock)
Exports, n.e.c
See footnotes on page 33.
1,955
1,464
745
19,764
19,165
20,125
20,189
19,709
19,55"
19,368
19,689
19,584
20,016
20,046
37,284
9,261
37,136
15,513
3,025
8,935
2,210
8,768
3,647
688
9,343
2,367
9,568
3,999
853
9,398
2,189
9,044
3,868
723
9,608
2,495
9,756
3,999
761
9,188
2,409
9,166
3,834
777
9,788
2,746
9,583
3,995
818
9,783
2,687
9,133
3,734
793
9,210
2,203
8,950
3,690
677
9,359
2,370
9,346
3,89"
846
9,229
2,204
9,399
3,965
740
2,484
9,443,967
762
9,462
2,420
9,357
3,890
765
9,820
2,752
9,385
3,880
81
9,634
2,675
9,602
3,832
810
22,782
5,450
5,696
5,73"
5,905
5,918
6,501
5,81
5,568
5,545
5,834
5,835
6,046
6,345
5,906
77,445 18,39
19,13"
January 2999 •
SURVEY OF CURRENT BUSINESS
2$
Table 2.—U.S. Trade in Goods—Continued
[Millions of dollars]
Not seasonally adjusted
1997
Line
Seasonally adjusted
1997
1997
Trade in goods, by principal end-use category, adjusted to balance of payments
basis, excluding military—Continued:
Imports of goods, balance of payments basis, excluding military (A-16)
Petroleum and products7
Nonpetroleum products
Foods, feeds, and beverages
Agricultural
Coffee, cocoa, and sugar,
Green coffee
Meat products and poultry
Vegetables, fruits, nuts, and preparations
Wine and related products
Other agricultural foods, feeds, and beverages
Nonagricultural (fish, distilled beverages, etc)
Fish and shellfish
Whiskey and other alcoholic beverages
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
877,279 205,351 217,227 225,472 229,229 218,744 227,804 232,110 213,222 218,336 221,598 224,123 227,167 229,264 227,920
71,771 19,168 17,664 17,700 17,239 13,575 13,425 12,239 19,357 17,681 17,577 17,156 13,728 13,486 12,173
805,508 186,183 199,563 207,772 211,990 205,169 214,379 219,871 193,865 200,655 204,021 206,967 213,439 215,778 215,747
39,694
9,371
9,977
9,947
10,399
10,241
10,420
9,950
9,534
9,965
10,133
10,062
10,432
10,443
10,146
29,282
5,039
3,575
4,162
7,632
3,254
9,195
10,412
7,702
2,189
7,207
1,244
815
7,083
1,369
928
1,022
1,475
861
2,356
2,864
2,144
7,403
1,044
7,839
1,449
1,043
1,080
2,410
729
2,171
2,402
1,816
461
7,710
1,154
797
1,078
2,196
926
2,355
2,710
2,029
551
7,117
1,003
605
1,059
1,628
941
2,486
2,833
2,112
591
7,105
1,244
776
2,206
2,429
1,762
543
7,408
1,382
1,040
1,080
1,853
810
2,283
2,557
1,864
558
7,437
1,369
928
1,051
1,882
831
2,304
2,696
2,028
536
7,332
1,044
622
2,062
2,164
1,577
465
7,589
1,382
1,040
1,113
2,015
835
2,245
2,388
1,734
518
837
2,402
2,730
2,048
552
7,744
1,449
1,043
1,071
1,989
907
2,328
2,688
2,031
533
7,546
1,154
797
1,047
2,049
894
2,402
2,897
2,174
593
7,483
1,003
605
1,079
2,080
898
2,424
2,663
1,984
979
2,299
792
1,048
1,843
815
962
1,917
792
1,069
1,980
586
936
2,532
2,996
2,247
620
Industrial supplies and materials
217,304
54,782
55,560
53,740
53,222
51,153
52,445
50,723
55,215
54,798
53,608
53,683
51,525
51,686
50,853
Agricultural
,
Nonagricultural products
Energy products
Fuels and lubricants7 u
6,251
211,053
1,686
53,874
19,374
19,155
1,518
52,222
19,701
19,412
1,433
51,789
19,572
19,302
1,544
15,860
15,659
1,631
50,814
15,236
14,984
1,393
49,330
14,492
14,141
1,593
53,622
21,494
21,252
1,659
53,139
19,544
19,308
1,558
52,050
19,775
19,528
1,441
52,242
19,376
19,106
1,511
50,014
15,775
15,547
1,590
50,096
15,456
15,181
1,443
49,410
14,645
14,349
549
79,194
1,614
53,168
21,542
21,325
Paper and paper base stocks
Textile supplies and related materials
Chemicals, excluding medicinals
Building materials, except metals
Other nonmetals
10,676
10,108
29,164
16,822
14,147
2,542
2,375
7,432
3,722
3,303
2,625
2,609
7,401
4,459
3,604
2,713
2,595
7,270
4,469
3,647
2,796
2,529
7,061
4,172
3,593
2,830
2,561
7,831
4,087
3,474
2,857
2,746
7,565
4,598
3,706
2,771
2,587
6,871
4,746
3,753
2,574
2,466
7,141
4,022
3,472
2,615
2,507
7,195
4,241
3,532
2,703
2,547
7,445
4,249
3,544
2,784
2,588
7,383
4,310
3,599
2,864
2,650
7,522
4,411
3,654
2,845
2,641
7,380
4,369
3,624
2,770
2,547
7,119
4,515
3,648
Metals and nonmetallic products
Steelmaking materials ..
Iron and steel products
Nonferrous metals
Nonmonetary gold ...,
Other precious metals
Bauxite and aluminum
Other nonferrous metals
Other metallic and nonmetallic products
49,947
2,998
18,165
22,035
6,608
2,643
5,829
6,955
6,749
12,252
606
4,385
5,633
2,176
13,802
745
4,711
6,653
11,827
784
12,066
863
4,474
5,006
952
882
1,534
12,966
811
4,644
5,737
1,673
14,110
881
5,743
5,733
1,830
12,453
691
13,505
12,202
849
4,523
5,088
952
1,673
887
1,602
1,647
1,705
1,723
1,753
1,651
1,648
1,458
1,863
1,708
789
1,646
1,600
1,774
1,589
1,794
13,781
912
5,437
5,621
1,364
1,157
1,529
1,571
1,811
14,166
840
4,616
6,528
11,787
745
4,567
4,767
741
705
13,138
4,459
5,652
2,176
495
1,638
14,106
959
5,551
5,738
1,364
1,161
1,645
1,568
254,175
57,493
62,562
66,015
68,105
64,760
67,315
67,379
59,840
62,918
65,229
235,594
27,920
207,674
6,649
6,541
8,250
6,723
41,265
53,615
6,330
47,285
1,545
1,551
2,054
1,517
9,507
58,180
6,884
51,296
1,854
1,708
2,105
1,627
63,046
7,518
55,528
1,657
1,697
2,175
1,857
10,847
59,623
7,060
52,563
2,038
1,801
2,060
1,840
10,910
60,979
7,197
53,782
2,145
1,803
2,252
1,856
11,564
61,250
7,325
53,925
1,966
1,812
2,242
1,806
10,697
55,964
6,652
49,312
1,531
1,571
2,093
1,566
9,656
58,534
6,841
51,693
1,722
1,640
2,011
1,634
10,265
59,962
7,082
10,628
60,753
7,188
53,565
1,593
1,585
1,916
1,722
10,283
70,175
36,881
15,687
7,350
8,153
15,614
8,523
3,502
1,712
1,760
16,938
9,025
3,653
1,836
1,922
18,735
9,721
4,008
1,849
2,153
9,612
4,524
1,953
2,318
16,945
8,861
4,173
1,886
2,049
17,261
8,277
4,437
1,876
2,311
18,378
8,122
4,595
1,838
16,665
8,859
3,718
1,750
1,903
18,581
16,598
4,547
3,878
3,433
754
4,382
3,892
1,067
5,262
4,744
1,472
5,059
4.529
1,254
5,137
4,464
1,211
6,336
5,609
1,855
6,129
5,450
1,792
Capital goods, except automotive
Machinery, except consumer-type
Electric generating machinery, electric apparatus and parts
Nonelectric, including parts and attachments
Oil drilling, mining, and construction machinery
Industrial engines, pumps, and compressors
Machine tools and metalworking machinery
Measuring, testing, and control instruments
Other industrial, agricultural, and service industry machinery
Computers, peripherals, and parts
Semiconductors
Telecommunications equipment
Other office and business machines
Scientific, hospital, and medical equipment and parts
Transportation equipment, except automotive
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
490
1,318
1,649
1,628
2,739
556
1,575
1,783
1,693
4,595
4,743
741
715
1,402
1,885
794
1,670
956
1,471
1,476
1,315
1,666
713
2,739
556
1,454
1,779
1,742
928
4,719
5,697
5,729
5,833
1,830
959
1,558
1,486
1,764
67,224
67,617
66,679
62,082
7,393
54,689
2,011
1,817
2,079
1,898
61,281
7,150
52,880
1,640
1,596
1,981
1,715
10,393
61,134
7,345
53,789
1,756
1,734
2,165
1,808
10,951
11,028
54,131
1,990
1,731
2,170
1,864
11,161
60,558
7,239
53,319
2,027
1,842
2,324
1,791
10,867
17,601
9,143
3,844
1,883
1,950
18,197
9,444
3,972
1,834
2,108
17,712
9,435
4,153
1,883
2,192
18,089
9,218
4,413
1,933
2,203
17,912
8,383
4,656
1,925
2,339
17,784
7,893
4,556
1,824
2,411
3,876
3,430
754
4,384
3,894
1,067
5,267
4,749
1,472
5,054
4,525
1,254
5,142
4,469
1,211
6,336
5,609
1,855
6,121
5,442
1,792
140,778
35,187
35,890
32,987
36,714
36,883
37,544
33,616
35,347
34,745
35,427
35,259
36,996
36,499
35,823
125
126
127
128
129
From Canada
Passenger cars, new and used ...
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
50,284
26,045
10,272
2,824
11,143
12,755
6,847
2,453
695
2,760
13,266
7,009
2,683
766
2,808
11,472
5,694
2,506
675
2,597
12,791
6,495
2,630
688
2,978
13,249
7,029
2,547
741
2,932
13,164
7,362
2,034
833
2,935
10,961
5,712
1,996
724
2,529
12,917
7,017
2,493
661
2,746
12,295
6,374
2,539
719
2,663
12,592
6,325
2,713
733
2,821
12,480
6,329
2,527
711
2,913
13,263
7,061
2,589
710
2,903
12,254
6,724
1,959
785
2,786
11,859
6,233
2,143
770
2,713
130
131
132
133
134
From other areas
Passenger cars, new and used ...
Trucks, buses, and special purpose vehicles
Engines and engine parts
Other parts and accessories
90,494
47,097
5,541
8,904
28,952
22,432
11,383
1,429
2,368
7,252
22,624
11,857
1,303
2,211
7,253
21,515
11,236
1,418
2,021
6,840
23,923
12,621
1,391
2,304
7,607
23,634
12,459
1,319
2,337
7,519
24,380
13,010
1,466
2,305
7,599
22,655
11,697
1,516
2,140
7,302
22,430
11,456
1,464
2,337
7,173
22,450
11,891
1,315
2,162
7,082
22,835
12,156
1,428
2,116
7,135
22,779
11,594
1,334
2,289
7,562
23,733
12,560
1,351
2,326
7,496
24,245
13,093
1,486
2,253
7,413
23,964
12,715
1,514
2,213
7,522
193,042
93,493
46,812
10,576
45,144
2,192
54,677
27,169
14,539
2,917
24,765
9,587
5,179
3,117
2,531
2,743
52,115
24,025
11,833
2,455
25,556
9,241
5,675
2,978
2,566
2,534
47,367
23,645
11,655
2,640
20,901
8,528
3,766
2,376
1,968
2,821
51,328
24,856
12,090
2,662
23,855
9,695
4,173
3,088
2,346
2,617
60,380
29,963
16,268
3,017
27,537
10,617
5,338
4,000
2,745
2,880
45,561
21,886
10,894
2,665
21,377
8,262
4,170
2,546
2,025
2,298
47,926
, 23,205
34,706
18,102
10,546
8,686
9,880
41,106
20,380
9,950
2,560
18,315
7,439
3,214
2,058
1,624
2,411
11,607
2,743
22,327
8,585
4,626
2,631
2,141
2,394
23,828
11,987
2,597
22,597
8,711
4,518
2,719
2,210
2,563
50,567
24,574
12,324
2,571
23,368
9,148
4,788
2,650
2,310
2,625
52,322
25,302
12,733
2,736
24,335
9,390
4,884
2,938
2,444
2,685
54,374
26,191
13,251
2,766
25,308
9,868
4,762
3,369
2,546
2,875
54,221
26,351
13,429
2,719
25,135
9,686
4,638
3,467
2,390
2,735
32,286
20,582
7,412
4,599
8,094
5,129
8,106
5,238
8,674
5,616
8,340
5,495
8,752
5,905
10,062
6,242
7,725
4,850
7,984
5,049
8,213
5,331
8,364
5,352
8,668
5,762
8,645
5,820
10,198
6,371
11,704
2,813
2,965
2,868
3,058
2,845
2,847
3,820
2,875
2,935
2,882
3,012
2,906
2,825
3,827
124
Automotive vehicles, engines, and parts
135
136
137
138
139
140
141
142
143
144
Consumer goods (nonfood), except automotive
Consumer nondurable goods, manufactured
Textile apparel and household goods, except rugs
Footwear of leather, rubber, and other materials
Consumer durable goods, manufactured
Household and kitchen appliances and other household goods
Toys, shooting, and sporting goods, including bicycles
Television and video receivers
Radio and stereo equipment, including records, tapes, and disks
Unmanufactured consumer goods (gemstones, nursery stock)
145
146
147
Imports, n.e.c, and U.S. goods returned
U.S. goods returned
Other products, including balance of payments adjustments not included above
(minimum value shipments and miscellaneous imports)
See footnotes on page 33.
21,919
10,490
2,644
21,033
8,439
4,034
2,393
1,965
26 • January 1999
SURVEY OF CURRENT BUSINESS
Table 3.—Private Service Transactions
[Millions of dollars]
Not seasonally adjusted
1997
Line
1997
II
I
1 Exports of private services
Seasonally adjusted
1997
1998
III
\\r
I
IV
II
I
II|P
1998
III
1
IV
IIr
\\\P
239,215
56,468
57,726
64,901
60,120
58,477
59,392
63,442
58,144
59,695
60,545
60,827
60,203
61,477
59,409
Travel (table 1, line 5)
Passenger fares (table 1, line 6)
Other transportation (table 1, line 7)
Freight
Port services
73,268
20,895
26,911
11,773
15,137
16,072
4,808
6,574
2,895
3,679
18,157
5,027
6,719
2 943
3,775
21,890
5,988
6,721
2,899
3,822
17,149
5,072
6,897
3,036
3,861
15,817
4,877
6,290
2,864
3,426
17,741
5,053
6,279
2,747
3,532
20,055
5,322
6,470
2,645
3,825
18,197
5,130
6,698
2,913
3,785
18,542
5,189
6,724
2,910
3,814
18,325
5,212
6,678
2,919
3,759
18,204
5,364
6,809
3,031
3,778
17,967
5,198
6,460
2,901
3,559
18,141
5,223
6,292
2,715
3,577
16,728
4,672
6,404
2,656
3,748
7
8
9
10
11
12
13
Royalties and license fees (table 1, line 8)
Affiliated
U.S. parents' receipts
U.S. affiliates' receipts
Unaffiliated
Industrial processes l
Other 2
33,676
25,515
23,457
2,058
8,161
3,272
4,889
8,086
6,047
8,158
6,124
5,757
8,483
6,446
5,808
8,949
6,898
6,156
8,443
6,368
5,740
8,615
6,510
6,021
8,457
6,319
5,896
8,306
6,267
5,905
8,407
6,373
5,897
8,580
6,543
5,929
8,381
6,330
5,724
8,675
6,600
5,905
8,908
6,803
6,182
8,543
6,405
6,009
14
15
16
17
18
19
20
21
22
23
24
25
26
Other private services (table 1, line 9)
Affiliated services ...
U.S. parents' receipts
U.S. affiliates1 receipts
Unaffiliated services
Education
Financial services
Insurance, net ....
Premiums received
Losses paid ...
Telecommunications
Business, professional, and technical services
Other unaffiliated services3
2
3
4
5
6
27
Imports of private services
28
29
30
31
32
Travel (table 1, line 19)
Passenger fares (table 1, line 20)
Other transportation (table 1, line 21)
Freight
Port services
33
34
35
36
37
38
39
Royalties and license fees (table 1, line 22)
Affiliated
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated
Industrial processes'
Other2
40
41
42
43
44
45
46
47
48
49
50
51
52
Other private services (table 1, line 23)
Affiliated services ...
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated services
Education
Financial services
Insurance, net ....
Premiums paid
Losses recoveied
Telecommunications
Business, professional, and technical services
Other unaffiliated services ^
53
54
55
Memoranda:
Balance on goods (table 1 line 65)
Balance on private services (line 1 minus line 27)
Balance on goods and private services (lines 53 and 54)
See footnotes on page 33.
5J36
311
367
638
742
628
489
423
362
476
614
606
695
621
396
2,039
2,034
2,037
2,051
2,075
2,105
2,138
2,039
2,034
2,037
2,051
2,075
2,105
2,138
832
819
812
809
811
815
820
832
819
812
809
811
815
820
1,207
1,215
1,225
1,242
1,264
1,290
1,318
1,207
1,215
1,225
1,242
1,264
1,290
1,318
84,465
26,336
16,164
10,172
58,128
8,278
11,064
2,391
5,952
3,561
3,771
21,304
11,321
20,928
6,113
3,736
2,377
14,815
3,340
2,395
19,665
6,431
3,998
2,433
13,234
1,053
2,598
21,819
6,708
4,031
2,677
15,111
2,200
2,914
22,053
7,085
4,400
2,685
14,968
1,685
3,157
23,050
6,503
4,039
2,464
16,547
3,471
2,891
21,704
6,715
4,155
2,560
14,989
1,071
3,617
23,138
6,849
4,147
2,702
16,289
2,240
3,580
19,813
6,250
3,794
2,456
13,563
2,013
2,395
20,833
6,579
4,045
2,534
14,254
2,052
2,598
21,750
6,791
4,128
2,663
14,959
2,108
2,914
22,069
6,717
4,198
2,519
15,352
2,105
3,157
21,903
6,644
4,101
2,543
15,259
2,100
2,891
22,913
6,876
4,201
2,675
16,037
2,096
3,617
23,062
6,923
4,245
2,678
16,139
2,155
3,580
578
592
605
616
629
642
656
578
592
605
616
629
642
656
1,494
1,485
1,483
1,491
1,508
1,531
1,557
1,494
1,485
1,483
1,491
1,508
1,531
1,557
916
889
892
938
879
956
875
987
880
969
890
940
902
914
916
889
892
938
879
956
875
987
880
969
890
940
902
914
4,946
2,666
5,293
2,759
5,500
2,936
5,564
2,959
5,669
2,918
5,755
2,964
5,790
3,110
4,946
2,742
5,293
2,780
5,500
2,876
5,564
2,923
5,669
3,001
5,755
2,987
5,790
3,044
156,236
34,890
39,648
43,284
38,414
37,568
42,234
45,043
37,610
38,817
39,769
40,039
40,530
41,439
41,392
51,220
18,235
28,949
17,644
11,305
10,868
3,953
6,894
4,150
2,744
13,601
4,975
7,288
4,555
2,733
15,667
5,304
7,330
4,418
2,912
11,084
4,003
7,437
4,521
2,916
11,290
4,260
7,066
4,399
2,667
14,318
5,079
7,390
4,702
2,688
15,917
5,126
7,771
4,996
2,776
12,736
4,311
7,034
4,201
2,833
12,764
4,663
7,317
4,581
2,736
12,897
4,704
7,200
4,408
2,792
12,823
4,557
7,397
4,454
2,943
13,309
4,650
7,250
4,461
2,789
13,465
4,757
7,430
4,730
2,700
13,008
4,568
7,623
4,978
2,645
9,411
7 087
2,086
1 546
2,045
1477
2,573
1,955
2,707
2109
2,835
1862
2,590
1,985
2,695
2 057
2,106
1566
2,168
1600
2,559
1 941
2,578
1980
2,850
1 877
2,759
2154
2,670
2,032
955
217
220
235
284
247
182
196
217
220
235
284
247
182
196
6,132
2,324
1,265
1,060
1,329
1,257
1,720
1,825
1,615
1,803
1,861
1,349
1,380
1,706
1,696
1,630
1,972
1,836
540
320
221
568
315
253
618
313
305
598
317
282
973
324
649
605
335
270
638
347
292
540
320
221
568
315
253
618
313
305
598
317
282
973
324
649
605
335
270
638
347
292
48,421
18,324
9,407
8,917
30,098
1,347
3,906
5,208
15,036
9,828
8,113
6,571
4,952
11,089
4,225
1,991
2,234
6,864
11,739
4,375
2,314
2,061
7,364
12,410
4,511
2,368
2,143
7,899
13,183
5,212
2,733
2,479
7,971
12,117
4,226
2,129
2,097
7,891
12,857
4,727
2,454
2,273
8,130
13,534
5,125
2,587
2,538
8,409
11,423
4,414
2,179
2,235
7,009
11,905
4,473
2,355
2,118
7,432
12,409
4,635
2,427
2,208
7,774
12,684
4,801
2,445
2,356
7,883
12,471
4,419
2,324
2,095
8,052
13,028
4,825
2,494
2,331
8,203
13,523
5,254
2,640
2,614
8,269
332
417
457
333
346
377
1,477
3,869
2,392
2,121
1,832
1,168
1,051
1,451
3,928
2,477
2,088
1,973
1,390
1,115
3,683
2,568
2,006
1,543
1,181
1,002
1,261
3,735
2,474
1,999
1,615
1,221
1,093
1,381
3,787
2,406
2,028
1,676
1,251
348
999
1,452
3,832
2,380
2,080
1,737
1,407
1,069
1,471
3,900
2,429
2,103
1,905
1,219
349
965
364
1,093
1,381
3,787
2,406
2,028
1,676
1,305
294
999
363
1,002
1,261
3,735
2,474
1,999
1,615
1,155
330
965
1,115
3,683
2,568
2,006
1,543
1,085
1,452
3,832
2,380
2,080
1,737
1,299
1,477
3,869
2,392
2,121
1,832
1,275
1,069
1,471
3,900
2,429
2,103
1,905
1,291
1,051
1,451
3,928
2,477
2,088
1,973
1,329
-197,954
82,979
-114,975
-42 656
21,578
-21,078
-44 807
18,078
-26,729
-59,258
21,617
-37,641
-51,233
21,706
-29,527
-48,155
20,909
-27,246
-59,501
17,158
-42,343
-74,914
18,399
-56,515
-49,723
20,534
-29,189
^9,096
20,878
-28,218
-49,296
20,776
-28,520
-49,839
20,788
-29,051
-55,698
19,673
-36,025
-64,443
20,038
-44,405
-€4,360
18,017
-46,343
269
846
318
846
SURVEY OF CURRENT BUSINESS
January 1999
•
2J
Table 4.—Selected U.S. Government Transactions
[Millions of dollars]
Not seasonally adjusted
1997
1997
Line
1998
\\\p
U.S. Government grants and transactions increasing Government assets, total
3,831
3,218
3,731
5,213
2,308
2,905
2,266
626
1,640
2,063
360
1,702
2,582
612
1,970
1,421
415
839
1,097
336
589
1,189
385
644
1,266
413
610
1
166
178
n
1,159
444
613
-7
109
21
26
-29
11
159
376
5
-4
-5
-116
17,419
3,433
3,901
3,804
12,090
3,822
2,241
2,362
514
1,848
1,033
173
By category
Grants,, net (table
(
1,, line 30,, with sign reversed)
Financing military purchases l
Other grants
Cash contributions received from coalition partners for Persian Gulf operations
Credits and other long-term assets (table 1, line 40, with sign reversed)
Capital subscriptions and contributions to international financial institutions, excluding IMF
Credits repayable in U.S. dollars
Credits repayable in other than U.S. dollars
Other long-term assets
Foreign currency holdings and short-term assets, net (table 1, line 42 with sign reversed)
Foreign currency holdings (excluding administrative cash holdings), net
Receipts from:
Sales of agricultural commodities
Interest
Repayments of principal
Reverse grants
Other sources
Less currencies disbursed for:
Grants and credits in the recipient's currency
Other grants and credits
Other U.S. Government expenditures
Assets acquired in performance of U.S. Government guarantee and insurance obligations, net
Other assets held under Commodity Credit Corporation Charter Act, net
Assets financing military sales contracts, net 2
Other short-term assets (including changes in administrative cash holdings), net
606
2,274
394
1,635
1,880
1,168
427
586
1
154
1,616
28
71
25
12
11
21
0
n
5,302
1,588
3,047
-4
670
18
27
411
243
1
10
-17
-18
-15
-7
C)
n
5
10
399
0
n
-25
-34
-28
336
214
4,792
122
2,053
n
-10
-117
By program
Capital subscriptions and contributions to international financial institutions, excluding IMF
Under Agricultural Trade Development and Assistance Act and related programs
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Under Commodity Credit Corporation Charter Act
Under other grant and credit programs
Other foreign currency assets acquired (lines A13, A14, and A16)
Less foreign currencies used by U.S. Government other than for grants or credits (line A19) .
Other (including changes in administrative cash holdings), net
1,588
905
11,004
1,620
505
1,080
53
427
195
2,032
396
411
444
105
1,851
516
6
202
7
12
-17
646
172
-15
169
415
279
2,040
418
118
347
20
-6
161
11,012
5,157
2,617
2,172
259
2,174
784
635
660
77
2,557
765
752
476
102
2,495
979
661
536
65
3,786
2,630
570
501
1,913
1,005
60
583
97
4
375
523
34
472
309
5
17
1
5
-15
1,344
1
-6
1,309
2,494
1,878
1,715
181
578
730
113
113
163
1,097
913
182
306
271
24
130
184
1,177
n
1,358
1,191
96
340
421
331
3
167
173
-587
-562
-523
-511
-1,167
-1,172
-244
-205
-1,059
-1,117
-422
-367
-414
2,803
333
-648
3,645
83
-341
476
102
3,085
342
-432
536
65
2,340
111
-1,222
501
16
3,038
342
-195
3,129
105
-327
2,454
274
-922
653
68
583
4,338
375
4,890
472
4,883
485
4,158
599
4,672
"332
29
171
17
5
217
2,140
405
346
192
6
400
13
371
10
-1
144
385
540
209
16
10
131
413
122
2,336
244
147
343
6
5
125
By disposition3
Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U.S. goods
Expenditures on U.S. services 4
Financing of military sales contracts by U.S. Government5 (line C6)
By long-term credits
By short-term credits •
By grants l
U.S. Government grants and credits to repay prior U.S. Government credits' 4
U.S. Government long- and short-term credits to repay prior U.S. private credits 6 and other assets
Increase in liabilities associated with U.S. Government grants and transactions increasing Government assets (including changes in
retained accounts)7 (line C11)
Less receipts on short-term U.S. Government assets (a) financing military sales contracts' (b) financing repayment of private credits
and other assets, and (c) financing expenditures on U.S. goods
Less foreign currencies used by U.S. Government other than for grants or credits (line A19)
Estimated dollar payments to foreign countries and international financial institutions
Repayments on U.S. Government long-term assets, total (table 1, line 41)
Receipts of principal on U.S. Government credits
Under Agricultural Trade Development and Assistance Act and related programs
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Under Commodity Credit Corporation Charter Act
Under other credit programs
Receipts on other long-term assets
U.S. Government liabilities other than securities, total, net increase (+) (table 1, line 53)
Associated with military sales contracts2
U.S. Government cash receipts from foreign governments (including principal repayments on credits financing military sales contracts),
net of refunds.'
Less U.S. Government receipts from principal repayments
Less U.S. Treasury securities issued in connection with prepayments for military purchases in the United States
Plus financing of military sales contracts by U.S. Government5 (line A36)
By long-term credits
By short-term credits'
By grants'
Less transfers of goods and services (including transfers financed by grants for military purchases, and by credits)' 2 (table 1, line 4)
Associated with U.S. Government grants and transactions increasing Government assets (including changes in retained accounts)7 (line
A42) .
Associated with other liabilities
Sales of nuclear material by Department of Energy/U.S Enrichment Corporation8
Sales of space launch and other services by National Aeronautics and Space Administration ,
Other sales and miscellaneous operations
See footnotes on page 33.
-17
6,406
5,504
4,817
499
1,753
1,819
501
246
687
-2,521
-2,450
11,872
868
-2,643
2,173
1,259
1,171
998
39
529
398
33
259
1,913
18,269
n
n
-72
-61
-26
-34
3
5
-18
7
0
-13
-3
-3
-7
n
18
-19
1,932
884
640
16
2,600
750
588
666
66
485
76
17
599
205
404
332
36
25
0
H
H
7
-1
2
10
1,231
12
1,285
992
32
534
267
159
18
9
722
602
30
276
261
32
3
121
37
n
n
-39
58
62
-4
-41
369
37
n
n
-55
-53
-1
-1
2,391
833
739
653
585
172
3
2
5
1,340
1,344
1,098
105
483
243
153
113
246
-396
585
4,151
H
-18
-20
2
n
SURVEY OF CURRENT BUSINESS
28 • January 1999
Table 5.—Direct Investment: Income, Capital, Royalties and License Fees, and Other Private Services
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; debits - )
Seasonally adjusted
1997
1997
1997
1998
Ilk
III''
U.S. direct investment abroad:
Income with current-cost adjustment, before deduction of withholding taxes (table 1,
line 12) ..
Earnings
Distributed earnings
Reinvested earnings
Interest1
U.S. parents' receipts
U.S. parents' payments
Less: Current-cost adjustment
Less: Withholding taxes
Equals: Income without current-cost adjustment, after deduction of withholding
taxes 2 ...
Petroleum
Manufacturing
Other
Capital with current-cost adjustment (table 1, line 44)
Equity capital
Increases in equity capital 3
Decreases in equity capital 4
Reinvested earnings
Intercompany debt
U.S. parents' receivables
U.S. parents' payables
Less: Current-cost adjustment (line 8 with sign reversed)
Equals: Capital without current-cost adjustment2
Equity capital (line 15)
Petroleum
Manufacturing
'.
Other
Reinvested earnings without current-cost adjustment (line 18 less line 22)
Petroleum
Manufacturing
Other
Intercompany debt (line 19)
Petroleum
Manufacturing
Other
Z
'.
109,407
107,036
42,726
64,310
2,371
4,456
-2,085
27,293
26,744
7,307
1,397
1,723
290
100,703
12,114
37,532
51,057
25,280
3,695
9,381
7,488
19,256
550
1,033
-483
12,204
-121,843 -35,115
-45,705 -12,039
-62,201 -14,843
16,495
2,805
-64,310 -19,256
-11,828 -3,821
-14,188
-560
2,360
-3,261
-7,307
-1,723
28,671
28,094
11,068
28,157
27,580
9,942
17,026
577
26,828
26,165
7,987
18,178
663
1,289
-501
17,638
577
1,121
-544
25,286
24,619
14,228
10,391
667
1,225
-558
1,791
354
1,861
319
1,932
434
2,004
26,526
2,981
10,031
13,514
25,977
3,143
9,382
13,452
22,920
2,295
8,739
24,593
2,388
9,073
13,132
1,077
-625
231
28,286
27,710
28,935
28,358
12,084
15,626
576
1,077
-501
11,678
16,680
577
1,121
-544
1,723
322
1,791
374
1,861
365
24,670
3,320
9,146
26,122
3,156
9,452
13,514
26,709
3,422
9,835
26,212
25,430
7,358
18,072
782
1,381
-599
24,181
26,716
23,289
-653
26,166
9,528
16,638
550
1,033
-483
2,078
258
2,153
328
23,876
2,127
8,809
21,700
1,734
7,358
8,751
14,539
892
1,545
25,470
24,803
9,437
15,366
667
1,225
-558
1,932
336
23,203
2,216
9,100
11,887
26,391
25,727
10,491
15,236
664
1,289
-625
25,848
25,066
-599
24,738
23,846
10,382
13,464
892
1,545
-653
2,004
254
2,078
271
2,153
374
24,132
2,150
8,850
13,132
23,500
2,254
8,306
12,940
22,211
1,894
7,709
12,608
8,329
16,737
782
1,381
11,887
13,452
12,940 12,608 12,204
-27,787 -28,447 -30,494 -37,264 -41,925 -22,317 -32,498 -26,388 -27,488 -35,470 -34,321 -40,589
-6,259 -6,247 -17,161 -13,136 -19,414 -10,971 -12,039 -8,259 -8,247 -17,161 -13,136 -19,414
-14,429 -11,768 -21,160 -17,362 -23,987 -16,200 -14,843 -14,429 -11,768 -21,160 -17,362 -23,987
3,521
4,000
6,170
4,226
5,229
4,573
2,805
6,170
3,521
4,226
4,573
4,000
-17,026 -17,638 -10,391 -18,178 -18,072 -14,539 -16,638 -15,626 -16,680 -15,366 -15,236 -16,737
-2,503 -2,561 -2,943 -5,949 -4,438
3,192 -3,821 -2,503 -2,561 -2,943 -5,949 -4,438
-3,550 -4,128 -5,950 -7,218 -6,639
-908
-560 -3,550 -4,128 -5,950 -7,218 -6,639
1,047
1,567
3,008
1,269
4,100 -3,261
1,047
1,567
2,200
1,269
2,200
3,008
-1,791 -1,861 -1,932 -2,004 -2,078 -2,153 -1,723 -1,791 -1,861 -1,932 -2,004 -2,078
-25,996 -26,586 -28,562 -35,260 -39,847 -20,164 -30,775 -24,597 -25,627 -33,538 -32,317 -38,511
-114,537 -33,392
-45,705 -12,039 -8,259 -8,247 -17,161 -13,136 -19,414 -10,971 -12,039
-4,421
-616
-839 -1,112 -1,855 -1,801 -1,430 -1,310
-616
-8,499 -3,528 -1,169 -1,928 -1,873 -6,046 -1,879 -3,936 -3,528
-32,786 -7,894 -6,250 -5,208 -13,433 -5,289 -16,105 -5,725 -7,894
-57,003 -17,533 -15,235 -15,777 -8,459 -16,174 -15,994 -12,386 -14,915
-5,411 -2,563
-952 -1,096
-230
-750 -1,868
-620 -1,824
-20,807 -6,201 -5,915 -5,598 -3,095 -6,004 -5,881 -3,287 -5,692
-30,785 -8,769 -8,570 -8,312 -5,134 -9,218 -9,018 -8,478 -7,399
-11,828 -3,821 -2,503 -2,561 -2,943 -5,949 -4,438
3,192 -3,821
-1,622
652
-832 -1,952
560
-161 -1,281
-615
-161
-2,973 -3,038
-987
2,894 -2,231
-599
1,266 -3,038
-117
-7,233
-623 -6,107
120 -3,010 -3,706
1,367
-622
-622
-8,259
-839
-1,169
-6,250
-13,835
-1,253
-4,392
-8,190
-2,503
-1,281
-599
-623
-8,247 -17,161 -13,136 -19,414
-1,112 -1,855 -1,801 -1,430
-1,928 -1,873 -6,046 -1,879
-5,208 -13,433 -5,289 -16,105
-14,819 -13,434 -13,232
-224 -1,379
-1,817
-518
-5,800 -4,922 -5,526 -4,719
-7,202 -7,994 -7,482 -8,561
-2,561 -2,943 -5,949 -4,438
652
-832 -1,952
-615
-987
2,894 -2,231
-117
-6,107
120 -3,010 -3,706
-21,243
-10,971
-16,200
5,229
-13,464
3,192
-908
4,100
-2,153
-19,090
-10,971
-1,310
-3,936
-5,725
-11,311
-525
-3,361
-7,425
3,192
560
1,266
1,367
Royalties and license fees, before deduction of withholding taxes, net
U.S. parents' receipts (table 1, part of line 8)
U.S. parents' payments (table 1, part of line 22)
22,502
23,457
-955
5,519
5,736
-217
5,536
5,757
-220
5,573
5,808
-235
5,873
6,156
-284
5,492
5,740
-247
5,839
6,021
-182
5,699
5,896
-196
5,688
5,905
-217
5,677
5,897
-220
5,694
5,929
-235
5,440
5,724
-284
5,658
5,905
-247
6,000
6,182
-182
5,813
6,009
-196
Other private services, before deduction of withholding taxes, net
U.S. parents' receipts (table 1, part of line 9)
U.S. parents' payments (table 1, part of line 23)
6,758
16,164
-9,407
1,744
3,736
-1,991
1,684
3,998
-2,314
1,663
4,031
-2,368
1,667
4,400
-2,733
1,910
4,039
-2,129
1,701
4,155
-2,454
1,560
4,147
-2,587
1,61
3,794
-2,179
1,690
4,045
-2,355
1,701
4,128
-2,427
1,753
4,198
-2,445
1,777
4,101
-2,324
1,707
4,201
-2,494
1,605
4,245
-2,640
-45,674
-36,129
-13,606
-22,524
-9,545
-11,378
1,833
-10,323
-8,234
-2,306
-5,928
-2,090
-2,441
351
-11,061 -10,458
-8,426 -7,811
-4,630 -3,275
-3,796 ^ , 5 3 6
-2,634 -2,648
-3,227 -3,007
593
359
-11,059
-7,977
-4,098
-3,880
-3,081
-3,566
485
-11,517 -10,664 -10,887
-8,349 -8,574 -8,557
-2,778 -2,213 -3,936
-5,571 -6,361 -4,621
-3,168 -2,090 -2,330
-3,595 -2,441 -2,721
427
351
391
-12,548 -11,574
-10,057 -8,940
-3,334 -4,124
-6,723 -4,816
-2,491 -2,634
-2,989 -3,227
593
498
-10,802
-8,154
-3,260
-2,648
-3,007
359
-10,673
-7,592
-4,255
-3,337
-3,081
-3,566
485
-11,051
-7,883
-3,455
-4,428
-3,168
-3,595
427
-2,701
-471
-566
-88
-771
-136
-811
-76
-838
-184
-851
-159
-42,502
-9,669
-1,271
-3,845
-4,553
-11,709 -10,668
-1,358 -1,044
-5,158 -4,617
-5,193 -5,007
-9,914
-567
-4,702
-4,645
-9,652 -10,041
25,931
12,51
14,732
-2,220
4,894
8,525
8,453
73
19,141
9,693
11,568
-1,875
3,337
6,111
7,863
-1,751
Foreign direct investment in the United States:
Income with current-cost adjustment, before deduction of withholding taxes (table 1,
line 26))
Earnings
Ei
Distributed earnings
Reinvested earnings
Interest1
U.S. affiliates' payments
U.S. affiliates' receipts
Less: Current-cost adjustment
Less: Withholding taxes
-11,279 -13,011
-8,949 -10,520
-3,942 -2,728
-5,007 -7,792
-2,330 -2,491
-2,721 -2,989
391
498
-716
-118
-771
-156
-811
-91
-838
-138
-10,522 -12,177
-1,049 -1,358
-5,617 -5,626
-3,856 -5,193
-10,134
-1,044
-4,083
-5,007
-9,556
-567
-4,344
-4,645
-10,083
27,434
15,882
18,478
-2,596
3,796
7,755
5,906
1,849
25,574
12,51!
14,732
-2,220
4,536
8,525
8,453
73
19,684
9,693
11,568
-1,875
3,880
6,111
7,863
-648
-109
-566
-71
-648
-141
-10,521 -10,027
-847 -1,271
-5,017 -4,203
-4,657 ^ , 5 5 3
-1,049
-5,193
-3,856
-851
-145
-716
-123
Equals: Income without current-cost adjustment, after deduction of withholding
Petroleum
Manufacturing
Other
Capital with current-cost adjustment (table 1, line 57)
Equity capital
Increases in equity capital 3
Decreases in equity capital 4
Reinvested earnings
Intercompany debt
U.S. affiliates'payables
U.S. affiliates'receivables
Less: Current-cost adjustment (line 49 with sign reversed)
Equals: Capital without current-cost adjustment2
Equity capital (line 56)
Petroleum
Manufacturing
Other
Reinvested earnings without current-cost adjustment (line 59 less line 63) ,
Petroleum
Manufacturing
Other
Intercompany debt (line 60)
Petroleum
.
Manufactured
other
LZZIZZ::Z:I:IZII:ZIIIZZZ
Royalties and license fees, before deduction of withholding taxes, net ,
U.S. affiliates' payments (table 1, part of line 22)
U.S. affiliates' receipts (table 1, part of line 8)
Other private services, before deduction of withholding taxes, net
U.S. affiliates' payments (table 1, part of line 23)
U.S. affiliates' receipts (table 1, part of line 9)
See footnotes on page 33.
-4,721
-19,172
-18,610
93,449
46,481
53,801
-7,321
22,524
24,444
27,345
-2,901
25,446
10,291
11,087
-796
5,928
9,227
8,590
637
20,536
9,814
11,160
-1,346
5,007
5,714
4,679
1,036
20,033
10,493
13,075
-2,583
7,792
1,748
8,170
-6,422
-697
-5,052
-4,334
-1,751
28,208
21,981
27,325
-5,345
5,571
656
214
442
25,879
10,291
11,087
-796
6,361
9,227
8,590
637
20,149
9,814
11,160
-1,346
4,621
5,714
4,679
1,036
18,964
10,493
13,075
-2,583
6,723
1,748
8,170
-6,422
28,453
15,882
18,478
-2,596
4,816
7,755
5,906
1,849
-697
-4,621
-4,334
-647
-4,537
-4,657
27,065
21,981
27,325
-5,345
4,428
656
214
442
2,701
566
648
716
771
811
838
851
566
648
716
771
811
838
851
90,748
46,481
1,560
17,850
27,070
19,823
2,090
10,445
7,287
24,444
24,880
10,291
19,317
10,493
505
2,704
7,284
7,076
26,663
15,882
24,763
12,512
18,846
9,693
419
3,746
5,527
3,042
27,357
21,981
879
25,313
10,291
225
27,682
15,882
25,120
12,512
5,059
5,008
18,303
9,693
419
3,746
5,527
26,214
13,959
879
1,528
6,820
19,501
9,814
190
2,151
7,474
3,973
508
2,665
800
5,714
1,183
1,442
3,089
18,248
10,493
505
2,704
7,284
6,007
812
19,888
9,814
190
2,151
7,474
4,359
508
3,271
580
5,714
1,183
1,442
3,089
-891
-1,257
-1,082
-1,720
-904
-1,090
-1,696
606
-935
-1,630
695
-1,972
62
163
-2,356
448
-2,095
2,543
344
-2,33"
2,675
7,933
15,700
225
5,059
5,008
5,362
974
2,165
2,223
9,22^
-4,074
-6,132
2,058
-1,018
1,255
143
-2,234
2,377
-8,9r
10,172
-1,329
311
372
-2,061
2,433
977
3,456
2,643
1,748
196
1,490
62
641
7,936
7,305
3,025
-369
1,553
1,841
7,755
-1,447
3,473
5,729
638
-1,083
-1,825
742
534
-2,143
2,677
206
-2,479
2,685
-675
2,109
11,079
3,725
234
1,874
1,617
8,525
3,277
5,103
145
368
1,937
737
6,111
-1,230
3,969
3,373
7,142
4,720
432
2,611
1,676
656
188
655
-187
5,795
974
2,491
2,330
9,227
879
1,528
6,820
977
2,769
2,261
1,748
196
1,490
62
-1,31
-1,43;
-98:
-1,615
628
-1,803
489
-1,861
423
-1,349
362
-1,380
476
-1,092
-1,706
614
367
-2,097
2,464
28:
-2,273
2,560
164
-2,538
2,702
221
-2,235
2,456
416
-2,118
2,534
455
-2,208
2,663
-987
641
7,936
7,305
4,045
-369
2,519
1,895
7,755
-1,447
3,473
5,729
2,519
-675
2,109
11,079
4,083
234
2,116
1,733
8,525
3,277
5,103
145
2,499
368
1,185
946
6,11
-1,230
3,969
3,373
-1,35
21,981
879
13,959
7,142
3,577
432
1,846
1,299
656
188
655
-187
-1,440
-1,836
396
64
-2,614
2,678
SURVEY OF CURRENT BUSINESS
January 1999
•
29
Table 6.—Securities Transactions
[Millions of dollars]
Not seasonally adjusted
(Credits +; debits -)
Line
1997
1998
1997
I
II
III
-87,981
-15,521
-23,263
-41,167
-8,030
-6,973
-27,878
16,970
-41,258
-11,653
-13,595
-16,086
76
-3,392
-996
8,270
New issues in the United States
Of which Western Europe
Canada
Latin America ..
-15,239
-4,888
-2,255
-709
-2,724
-1,104
-56
-917
-3,366
-831
-182
-1,555
-6,894
-2,244
-1,172
-138
-1,091
-90
-2,917
-1,963
-968
-339
Transactions in outstanding stocks, net
Western Europe
Of which United Kingdom
Canada
japan
Other
-26,019
-10,092
-15,979
257
-9,445
-6,739
-10,871
688
-2,500
-806
-8,684
-12,720
-7,136
-8,063
-1,580
-3,057
-947
6,970
1,030
1,163
4,226
551
-2,301
2,045
2,164
-29
-2,515
-1,802
1,921
8,508
8,055
378
2,740
-9,705
9,238
12,077
4,061
2,665
370
-5,874
Foreign securities, net U.S. purchases (-), (table 1, line 45 or lines 2 + 13 below) .
Stocks, net U.S. purchases ..
D
Bonds, net U.S. purchases
New issues in the United States
By issuer:
Central governments and their agencies and corporations
Other governments and their agencies and corporationsl
Private corporations
International financial institutions2
By area:
Western Europe
Canada
japan
Latin America
Other countries
International financial institutions2
-4,674
-3,025
1,480
-1,930
-4,274
-2,069
I
-2,391
B
-46,723
-3,868
-25,081
-8,106
-3,581
-26,882
8,700
-70,948
-16,257
-15,956
-24,389
-14,346
-9,513
-22,850
-10,296
-9,988
-5,232
-3,990
-1,100
-11,167
-2,861
-111
-12,984
-300
-17,666
-5,931
-1,971
-14,948
-984
-250
-9,062
-55,141
-587
-20,353
-6,323
-135
-19,962
-23,588
-587
-2,237
-3,899
-900
-122
-13,324
-9J1T
-587
-4,857
-1,220
-2,614
-1,668
-5,860
-2,157
-5,925
-4,255
-5,625
-6,049
-6,876
-8,909
-587
-7,022
-1,278
-135
-1,536
-4,375
-3,185
-775
-2,271
-1,865
-1,417
-4,834
-2,335
-3,751
-3,141
-7,127
-8,554
-2,466
-938
6.766
2,704
806
2,062
1,193
3,102
5,580
886
1,018
3,676
4,607
1,057
14,389
-37
-2,508
3,915
3,015
7,496
Redemptions of U.S.-held foreign bonds 3
Western Europe
Canada
Other countries
:
International financial institutions2
15,912
4,852
3,019
4,684
3,357
3,633
888
678
517
1,550
1,566
273
493
701
99
3,947
Other transactions in outstanding bonds, net 3
Western Europe
....
Of which United Kingdom
Canada
japan
Other
8,313
2,875
-1,769
812
-1,171
5,797
8,756
5,023
2,705
1,501
-1,492
3,724
4,722
7,258
5,738
-398
-1,590
-548
-4,639
-7,464
-8,959
-1,629
513
3,941
-526
-1,942
2,830
-984
-1,253
1,338
1,398
-1,320
-1,641
3
814
2,997
-9,612
-13,011
-10,461
-543
-2,824
6,766
196,845
45,477
54,258
60,327
36,783
77,019
71,017
22,938
11,815
21,077
23,198
9,876
29,302
14,085
-5,409
57,345
9,008
7,683
21,649
-1,165
4,689
5,097
11,066
2,778
1,334
3,423
1,155
-2,333
1,927
14,504
2,045
2,003
6,141
148
4,156
2,269
15,080
2,021
1,030
6,610
16,695
2,164
3,317
5,475
-1,284
1,403
7,999
-1,184
1,463
-7,098
26,278
1,888
3,712
10,609
-174
-3,247
6,445
22,066
4,224
4,623
4,050
-2,037
-253
-5,691
13,722
4,083
469
3,338
-892
323
-18,562
Corporate and other bonds, net foreign purchases .
130,879
33,662
33,181
37,129
26,907
47,717
56,932
28,347
By type:
New issues sold abroad by U.S. corporations .
U.S. federally sponsored agency bonds, net ...
Other outstanding bonds, net
84,778
45,228
873
18,400
12,557
2,705
25,579
10,188
-2,586
28.953
12,471
-4,295
11,846
10,012
5,049
15,120
20,752
11,845
15,664
16,988
24,280
11,948
4,215
12,184
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom
Canada
japan
Other countries
International financial institutions2
73,528
2,587
-29
58,310
6,292
9,324
41,667
^ 64
20,274
486
-339
17,835
1,803
3,160
8,426
-1
19,563
23,617
2,123
-1,193
10,074
25,398
956
364
20,337
34,810
1,819
1,802
27,501
1,498
3,889
16,483
252
27,181
1,127
1,292
19,928
1,518
-1,262
1,015
-105
43,379
4,334
1,121
24,897
754
365
-3,590
37,461
20,953
827
16
915
34,627
-1,426
254
802
30
30,251
-26,755
1,906
-608
-1,836
2,192
U.S. securities, excluding Treasury securities and transactions of foreign official agencies, net
foreign purchases (+), (table 1, line 60 or lines 2 + 10 below)
Stocks, net foreign purchases
By area:
Western Europe
Of which Germany
Switzerland
United Kingdom .
Canada
japan
Other
......
192
369
15,922
879
3,366
9,370
3
988
1,042
1,403
515
18,428
1,513
4,243
7,756
-4
-213
1,134
6,125
2,097
-1,445
16,115
66
1,065
890
1,147
1,878
664
19,752
26
591
2,959
Memoranda:
Other foreign transactions in marketable, long-term U.S. securities included elsewhere in international
transactions accounts:
Foreign official assets in the United States (lines in table 9):
U.S. Treasury marketable bonds (line A4)
Other U.S. Government securities (line A6)
U.S. corporate and other bonds (part of line A14)
U.S. stocks (part of line A14)
Other foreign transactions in U.S. Treasury bonds and notes (table 9, line B4)
See footnotes on page 33.
-1,775
139,639
8,913
2,667
642
-11,384
6,186
-9
32,938
909
34,613
2,610
97
-1,053
5,001
$0
SURVEY OF CURRENT BUSINESS
• January 1999
Table 7.—Claims on and Liabilities to Unaffiliated Foreigners Reported by U.S. Nonbanking Concerns
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; increase in U.S. liabilities or decrease in U.S. assets.
Debits - ; decrease in U.S. liabilities or increase in U.S. assets.)
1997
1997
I
Claims, total (table 1, line 46)
Financial claims
Denominated in U.S. dollars
Denominated in foreign currencies
By type: Deposits2
Financial intermediaries' accounts
Other claims 2 3
By area: Industrial countries4
Of which United Kingdom
Canada
Caribbean banking centers 5
Other
-120,403
Amounts
outstanding Sept.
30,1998
1998
IV
-37,880
-6,596
-14,327
-13,612
600,354
-45,523
-48,682
3,159
-6,417
-1,798
-4,619
-14,194
-12,927
-1,267
-13,612
-13,612
569,475
475,736
93,739
-45,585
246
-184
18,264
-23.491
-1,190
-18,995
4,664
-15,000
1,388
453,532
109,670
6,273
-12,003
-1,624
-24,672
-15,498
-2,252
-21,661
810
-6,444
-2,496
-288
2,123
-2,096
-13,437
-1,807
-1,696
-2,552
1,795
-1,150
-842
-308
-2,384
-2,266
-118
-179
-565
386
-133
-427
294
30,879
-9,825
-24,791
-117,698
-104,542
-13,156
-38,701
-33,907
-4,794
-9,833
-2,182
-7,651
-23,641
-19,771
-3,870
-101,026
-16,360
-312
-30,350
-8,837
-5,012
-4,571
-250
-20,079
-65,352
-43,292
256
-51,178
-1,168
-23,898
-16,704
-6,768
-6,867
2,757
-3,269
204
-10,014
-4,223
-1,143
894
-14,245
-558
-3,198
-364
-47,907
137
300,484
178,064
-15,000
1,388
12,782
254,807
14,184
-2,705
-3,287
582
821
-314
1,135
135
-127
By type: Trade receivables
Advance payments and other claims
-1,703
-1,002
950
-129
-57
65
-252
-2,344
-40
1
-180
134
-267
26,754
4,125
By area: Industrial countries 4
Members of OPEC 6
Other
-2,004
-355
-346
455
78
288
144
-87
-49
-1,001
-122
-27
-1,602
-224
-558
-792
282
331
105
-236
-2
18,177
2,136
10.566
Liabilities, total (table 1, line 61)
107,779
28,840
5,274
26,275
47,390
32,707
18,040
19,529
529,146
102,493
97,454
5,039
27,549
25,699
1,850
5,029
9,557
-4,552
24,900
24,805
45,015
37,369
7,646
33,126
33,348
-222
17,046
9,383
7,663
19.529
19,529
493,424
440,951
52,473
By type: Financial intermediaries' accounts
Other liabilities
45,865
56,628
13,682
13,867
8,512
-3,483
948
23,952
22,723
22,292
14,713
18,413
4,907
12,139
3,029
16,500
143,173
350,251
By area: Industrial countries 4
Of which United Kingdom
Caribbean banking centers 5
Other
78,823
36,831
22,875
795
27,831
21,553
-787
505
4,242
-4,411
783
4
12,066
11,605
11,326
1,508
34,684
8,084
11,553
-1,222
21,903
24,802
15,615
19,221
756
675
16,500
3,029
267,027
179,709
202,181
24,216
245
236
1,375
1,233
142
2,375
1,954
421
-419
-131
-288
994
1,221
-227
35,722
34,649
1,073
Commercial claims
Denominated in U.S. dollars
Denominated in foreign currencies
Financial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies
Commercial liabilities
Denominated in U.S. dollars
Denominated in foreign currencies
By type: Trade payables
Advance receipts and other liabilities
By area: Industrial countries4
Members of OPEC 6
Other
See footnotes on page 33.
5,286
4,798
1,291
1,375
-84
9,554
1,669
29,694
1,185
-1,822
7,108
-1,200
2,491
-393
638
-168
1,543
-61
2,436
-700
281
-280
1,274
9,842
25,880
3,792
848
646
604
308
379
120
-111
236
847
661
-133
2,221
-10
164
-624
-74
279
1,011
46
-63
21,766
3,916
10,040
SURVEY OF CURRENT BUSINESS
January 1999
•
31
Table 8.—Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; decrease in U.S. assets. Debits - ; increase in U.S. assets.)
1997
I
Total (table 1, line 4 7 ) .
By type:
Banks' own claims
Payable in dollars
By borrower:
Claims on:
own foreign offices
unaffitiated foreign banks
foreign public borrowersl
other private foreigners
By bank ownership:2
U.S.-owned banks' claims on:
own foreign offices
unaffiliated foreign banks
other foreigners ..
Foreign-owned banks' claims on:
own foreign offices
unaffiliated foreign banks
other foreigners ..
Payable in foreign currencies
Amounts
outstanding Sept.
30, 1998
1998
1997
IV
-147,439
-63,698
-26,625
-29,577
-27,539
3,074
-24,615
-28,335
1,034,090
-129,080
-44,859
-26,678
-11,313
^6,230
20,472
-26,534
-24,050
822,261
-108,308
-36,639
-14,904
-3,951
-52,814
20,583
-40,294
-26,525
754,467
-90,111
4,458
1,556
-24,211
-18,767
-4,766
-6,622
-6,484
-19,085
-1,097
-562
5,840
4,974
-57,233
-4,480
8,215
684
29,298
1,422
-7,566
-2,571
-32,814
269
452
-8,201
-36,881
14,801
525
-1,319
1,383
10,292
472,082
108,844
26,397
147,144
-27,616
11,771
6,127
1,716
3,428
586
-1,494
3,059
2,424
7,681
-12,691
-39,595
1,788
-15,236
-4,110
23,216
-6,583
-9,038
-8,977
-1,731
-5,466
14,575
2,946
12,473
142,162
53,086
131,039
-62,495
-7,313
-7,419
-24,894
-6,482
-11,612
-22,513
-1,683
2,219
2,550
7,120
-11,035
-17,638
-6,268
13,009
6,082
8,005
-1,099
-23,837
2,000
-2,283
-51,456
-798
329,920
55,758
42,502
-20,772
-6,220
-11,774
-7,362
6,584
-111
13,760
2,475
67,794
-18,264
-18,319
1,734
-17.398
-17,663
-12,296
-10,451
5,347
-263
265
1,919
1.347
-1,002
-4,285
-3,186
-3,194
1,317
-1,069
-240
-1,099
211,829
203,376
89,602
80,610
18,227
14,937
8,453
548,467
402,616
167,288
72,337
60,009
13,505
-24,251
-4,265
Banks' domestic customers' claims
,
Payable in dollars
Deposits
3
Foreign commercial paper
Other negotiable and readily transferable instruments4
Outstanding collections and other
Payable in foreign currencies
-18,360
-20,861
-18,839
-7,923
-6,933
-17,490
-1,107
53
122
556
1,131
1,521
-7,527
2,502
1,153
-1.508
-2,177
782
-58
Industrial countries5
Western Europe
Of which United Kingdom .
Canada
japan
Other
-63.400
-65,715
-62,299
-25,136
-21,116
-<3.688
-12,763
1,451
386
-192
14,387
7,829
1,402
-1,701
3,809
-7,462
-2,825
-2,284
-401
6,880
-14,075
6,428
-609
20,938
626
-6,947
-25,662
-23,428
952
5,806
197
-3,019
1,848
3,634
-2,487
-1,190
-1,190
-1,527
-36,112
-14,032
11,631
-14,744
-7,024
-312
Caribbean banking centers 6 .
-65,721
9,355
-15.666
-33,352
-26,058
-8,664
-22,181
4,350
314,892
Other areas
,
a which Members of OPEC, included below 7
Latin America
,
Asia
Africa
Other 8
-18,319
-2,645
-16,700
-1,550
-519
450
-10,754
-7,940
155
4,513
-155
220
-3,827
-8,159
3,427
-4,533
3,358
1,900
-588
-1,243
170,731
18,812
-37,068
-23,167
-3,893
15
Memoranda:
International banking facilities' (IBF's) own claims, payable in dollars (lines 1-13 above) ,
By borrowerClaims on:
own foreign offices
unaffiliated foreign banks
foreign public borrowers
all other foreigners
,
By bank ownership:2
U.S.-owned IBF's
Foreign-owned IBF's
Banks' dollar acceptances payable by foreigners
,
See footnotes on page 33.
-19,621
-51,373
-69
-8.717
-3,079
-654
55
3.619
18,691
16,957
1,760
4,955
-4,638
1,460
-2,227
3,116
572
19,290
-571
1,217
-2,639
4,087
82
2.478
-1,375
1,587
4,858
2,539
-5,740
13,865
-220
-3,047
-10,361
-2.405
2,724
-27,026
24,545
-7,618
7,933
231,808
1,574
^,704
670
55
-634
5,534
-86
-2,090
-19,919
-870
-908
-5,329
17,636
7,644
-9,559
2,707
-589
-177
11,197
-3,146
-10,023
-4,188
-3,853
339
-2,659
-1,086
134,832
52,387
6,263
38,326
-10,084
-1,963
-26,984
765
-6,398
2,497
-4,902
-235
1,513
1,211
556
-12,131
-14,895
107
24,438
2,128
-2,368
-5,250
-3,422
11,355
536
73,706
158,102
6,068
120
-1,798
-6,655
-61
-2,240
-814
-4,104
-5,743
6,761
31
1,258
-78
-657
2,128
13
2,901
1,511
968
60,917
2,540
SURVEY OF CURRENT BUSINESS
3-2 • January 1999
Table 9.—Foreign Official Assets and Other Foreign Assets in the United States Reported by U.S. Banks
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; increase in foreign assets. Debits - ; decrease in foreign assets.)
Foreign official assets in the United States, net (table 1, line 49)
U.S. Treasury securities (table 1, line 51)
Bills and certificates
;
Bonds and notes, marketable
Bonds and notes, nonmarketable
Other U.S. Government securities (table 1, line 52)
Other U.S. Government liabilities (table 1, line 53)
U.S. liabilities reported by U.S. banks, not included elsewhere (table 1, line 54) .
Banks' liabilities for own account, payable in dollars'
Demand deposits
Time deposits'
Other liabilities2
Banks' custody liabilities, payables in dollars» 3
Other foreign official assets (table 1, line 55)
1997
1997
Amounts
outstanding Sept.
30,1998
1998
15,817
26,949
-5,411
21,258
-26,979
11,324
-10,274
-46,370
763,864
-7,270
-50,620
43,379
-29
4,334
-2,521
21,928
22,204
803
7,784
13,617
-276
-654
22,311
-2,702
24,897
116
754
-587
7,696
11,473
857
-645
11,261
-3,777
-3,225
-11,689
-32,269
20.953
-373
827
-523
5,043
6,853
-886
7,210
529
-1,810
931
-2,340
8,913
113
2,667
-1,167
12,439
7,722
263
83
7,376
4,717
633
-24,578
-13,309
-11,384
115
86
-244
-3,250
-3,844
569
1,136
-5,549
594
1,007
11,336
5,034
6,186
116
2,610
-1.059
-607
2,096
-263
-1,155
3,514
-2,703
-956
-20,318
-19,011
-1,426
119
254
-422
9,380
-1,750
531
-4,197
1,916
11,130
832
-32,811
-6,178
-26,755
122
1,906
^14
-12,607
-17,005
1,025
-5,001
-10,029
4,398
-2,444
538,119
128,156
403,667
6,296
39,361
19,703
132,410
85,251
3,607
28,067
53,577
47,159
34,271
294,769
51,106
70,681
48,038
124,944
-52,198
64,586
82,423
1,717,970
146,710
33,363
42,614
35,432
35,301
-1,701
26,916
-257
7,071
-4,098
37,461
7,987
34,627
2,494
32,938
688
34,613
-6,702
5,001
-3,335
30,251
-2,449
2,192
32,452
654,230
148,059
121,690
102,036
17,743
22,205
12,362
28,067
11,368
12,298
12,606
1,448
-10,435
89,643
86,669
87,811
-50,497
-57,832
-41,428
37,670
32,565
42,578
82,680
48,465
47,583
1,031,288
923,876
830,061
83,407
11,996
5,144
-6,723
72,990
-45,167
38,567
64,058
542,409
4,267
3,813
10,549
-216
2,514
-1,932
2,756
-9,083
13,481
-1,476
851
-3,087
3,203
9,531
2,087
747
-14,206
17,198
3,127
7,774
-6,890
-3,715
-7,947
-4,813
29,949
142,671
115,032
83,407
-3,782
24,580
-2,169
11,996
-7,393
9,306
-1,547
5,144
3,167
2,299
-6,723
-5,205
3,465
-1,972
72,990
5,649
9,510
-338
-45,167
-11,973
11,973
3,739
38,567
9,382
-3,887
-1,484
64,058
-11,108
-5,772
405
542,409
143,573
130,233
13,846
42,722
-4,197
18,226
3,252
-2,568
332
-2,555
7,327
4,147
2,001
-380
40,024
-8,576
11,879
-8,755
3,015
10,354
7,435
2,461
-3,966
11,884
-1,352
-4,420
222,526
55,740
107,717
40,685
415
4,185
8,744
-4,825
7,427
7,699
-4,160
-160
-8,724
-4,825
-375
32,966
14,225
-2,707
-36,412
-14,988
5,358
31,132
6,921
-1,405
52,174
-9,756
-947
319,883
87,833
36,362
By area: (see text table D).
Other foreign assets in the United States, net (table 1, lines 58 and 6 2 ) .
U.S. Treasury securities (line 58)
By security:
Bills and certificates
Marketable bonds and notes .
U.S. liabilities reported by U.S. banks (line 62) .
Banks' own liabilitiesl
Payable in dollars
By account:
Liabilities to own foreign offices
Liabilities to unaffiliated foreigners:
demand deposits
time deposits l
other liabilities2
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners
...,
international financial institutions 4
By bank ownership:5
U.S.-owned banks' liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners and international financial institutions4
Foreign-owned banks' liabilities to:
own foreign offices
unaffiliated foreign banks
other private foreigners and international financial institutions4
Payable in foreign currencies
Banks' custody liabilities, payable in dollars/1,3/
Of which negotiable and readily transferable instruments
Industrial countries 6
Western Europe
Canada
Other
Caribbean banking centers7
Other areas
Of which Members of OPEC, included below 8 .
Latin America
Asia
Africa
.
Other 9
Memoranda:
International banking facilities' (IBF's) own liabilities, payable in dollars (in lines A9, and B7 above)
19,654
9,843
11,883
-1,142
-16,404
-10,013
882,
93,815
26,369
21,648
-4,462
-5,175
13,989
11,158
10,812
2,974
2,022
7,335
5,788
5,105
5,237
34,215
25,067
107,412
96,485
228,592
194,886
-6,069
39,775
36,148
30,029
921
3,580
23,089
997
2,363
40,950
28,167
-349
13,132
832
9,324
1,050
-579
10,969
117
-1,183
48,155
34,786
5,078
8,291
15,181
7,345
-90
-500
1,768
877
5,200
45,437
59,412
-9,635
-4,340
-349
2,950
205
210
5,215
-245
-2,230
94,050
72,521
-1,163
22,692
20,484
10,410
-244
4,449
5,137
248
576
-40,131
-13,847
-3,534
-22,750
-30,901
18,834
3,231
7,995
4,912
166
5,761
14,149
3,570
-8,311
54,497
-4,060
-4,752
723
727
-899
-4,611
66,692
44,679
609
21,404
-2,304
18,035
2,219
6,514
7,764
3
3,754
1,067,509
784,577
35,202
247,730
393,749
256,712
33,861
90,805
133,908
4,844
27,155
54,455
-2,114
8,248
644
47,677
-33,860
-10,712
32,687
395,451
By holder:
Liabilities to:
own foreign offices
unaffiliated foreign banks
foreign official agencies
other private foreigners and international financial institutions4
47,615
-6,394
16,104
-2,870
5,660
-5,613
-1,038
-1,123
-5,316
12,249
1,217
2,990
-2,576
2,465
-2,235
38,867
7,111
2,428
-729
-19,741
-16,698
-1,295
3,874
-12,205
8,816
-6,822
-501
51,993
-12,044
-6,926
-336
229,222
93,660
41,669
30,900
By bank ownership:5
U.S.-owned IBF's
Foreign-owned IBF's
-664
55,119
-3,543
1,429
-4,925
13,173
-2,265
2,909
10,069
37,608
-4,672
-29,188
2,695
-13,407
2,496
30,191
69,496
325,955
1,473
-646
1,844
101
174
6,370
-1,187
6,162
27,391
Negotiable certificates of deposit held for foreigners' (in lines A13 and B23 above)
See footnotes on page 33.
SURVEY OF CURRENT BUSINESS
January 1999
•
33
FOOTNOTES TO U.S. INTERNATIONAL TRANSACTIONS TABLES 1-10
General notes for all tables: P Preliminary.
^
r
Revised.
*Less than $500,000 ( ± )
Suppressed to avoid disclosure of data of individual companies.
Table 1:
1. Credits, +: Exports of goods, services, and income; unilateral transfers to United States; capital inflows (increase
in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. official reserve assets; increase in foreign
official assets in the United States.
Debits, —: Imports of goods, services, and income; unilateral transfers to foreigners; capital outflows (decrease
in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official reserve assets; decrease in foreign
offical assets in the United States.
2. Excludes exports of goods under U.S. military agency sales contracts identified in Census export documents,
excludes imports of goods under direct defense expenditures identified in Census import documents, and reflects various
other adjustments (for valuation, coverage, and timing) of Census statistics to balance of payments basis; see table 2.
3. Includes some goods: Mainly military equipment in line 4; major equipment, other materials, supplies, and petroleum
products purchased abroad by U.S. military agencies in line 18; and fuels purchased by airline and steamship operators in
lines 7 and 21.
4. Includes transfers of goods and services under U.S. military grant programs.
5. Beginning in 1982, these lines are presented on a gross basis. The definition of exports is revised to exclude U.S.
parents' payments to foreign affiliates and to include U.S. affiliates' receipts from foreign parents. The definition of imports
is revised to include U.S. parents' payments to foreign affiliates and to exclude U.S. affiliates' receipts from foreign parents.
6. Beginning in 1982, the "other transfers" component includes taxes paid by U.S. private residents to foreign
governments and taxes paid by private nonresidents to the U.S. Government.
7. For all areas, amounts outstanding September 30,1998, were as follows in millions of dollars: Line 34,75,675; line
35,11,044; line 36,10,106; line 37,21,644; line 38,32,882. Data are preliminary.
8. Includes sales of foreign obligations to foreigners.
9. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible bonds
and notes.
10. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and of debt securities of
U.S. Government corporations and agencies.
11. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other
transactions arranged with or through foreign official agencies; see table 4.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State and local
governments.
13. Conceptually, the sum of lines 71 and 63 is equal to "net foreign investment" in the national income and product
accounts (NIPA's). However, the foreign transactions account in the NIPA's (a) includes adjustments to the international
transactions accounts for the treatment of gold, (b) includes adjustments for the different geographical treatment of transactions with U.S. territories and Puerto Rico, and (c) includes services furnished without payment by financial pension
plans except life insurance carriers and private noninsured pension plans. A reconciliation of the balance on goods and
services from the international accounts and the NIPAnet exports appears in the "Reconciliation and Other Special Tables"
section in this issue of the SURVEY OF CURRENT BUSINESS. A reconciliation of the other foreign transactions in the two sets of
accounts appears in table 4.5 of the full set of NIPA tables (published annually in the August issue of the SURVEY).
Additional footnotes for historical data in July issues of the SURVEY:
.
14. For 1974, includes extraordinary U.S. Government transactions with india. See "Special U.S. Government
Transactions," June 1974 SURVEY, p. 27.
15. For 1978-83, includes foreign currency-denominated notes sold to private residents abroad.
16. Break in series. See Technical Notes in the June 1989, June 1990, June 1992, June 1993, June 1995, and July
1996-98 issues of the SURVEY.
Table 2:
1. Exports, Census basis, represent transactions values, f.a.s. U.S. port of exportation, for all years; imports, Census
basis, represent Customs values (see Technical Notes in the June 1982 SURVEY), except for 1974-61, when they represent
transactions values, f.a.s. foreign port of exportation (see June issues of the SURVEY for historical data).
From 1983 forward, both unadjusted and seasonally adjusted data have been prepared by BEA from "actual" and
"revised statistical" month data supplied by the Census Bureau (see Technical Notes in the December 1985 SURVEY).
Seasonally adjusted data reflect the application of seasonal factors developed jointly by Census and BEA. The seasonally adjusted data are the sum of seasonally adjusted five-digit end-use categories (see Technical Notes in the June
1980 SURVEY, in the June 1988 SURVEY, and in the June 1991 SURVEY). Prior to 1983, annual data are as published by
the Census Bureau, except that for 1975-80 published Census data are adjusted to include trade between the U.S. Virgin
Islands and foreign countries.
2. Beginning in 1990, the Census Bureau replaced its compiled export statistics with counterpart Canadian import
statistics. Similarly, Statistics Canada replaced its compiled export statistics with counterpart U.S. import statistics. This
exchange of data has eliminated the need for the inland freight adjustment on U.S. exports, but not on U.S. imports.
3. Adjustments in lines A5 and A13, B12, B47, and B82 reflect the Census Bureau's reconciliation of discrepancies
between the goods statistics published by the United States and the counterpart statistics published in Canada. These
adjustments are distributed to the affected end-use categories in section C. Beginning in 1986, estimates for undocumented
exports to Canada, the largest item in the U.S.-Canadian reconciliation, are included in Census basis data shown in line
A1.
4. Exports of military equipment under U.S. military agency sales contracts with foreign governments (line A6), and
direct imports by the Department of Defense and the Coast Guard (line A14), to the extent such trade is identifiable from
Customs declarations. The exports are included in tables 1 and 10, line 4 (transfers under U.S. military agency sales
contracts); the imports are included in tables 1 and 10, line 18 (direct defense expenditures).
5. Addition of electrical energy; deduction of exposed motion picture film for rental rather than sale; net change in stock
of U.S.-owned grains in storage in Canada; coverage adjustments for special situations in which shipments were omitted
from Census data; deduction of the value of repairs and alterations to foreign-owned equipment shipped to the United
States for repair; and the inclusion of fish exported outside of U.S. customs area. Also includes deduction of exports to the
Panama Canal Zone before October 1,1979, and for 1975-82, net timing adjustments for goods recorded in Census data
in one period but found to. have been shipped in another (see June issues of the SURVEY for historical data).
6. Coverage adjustments for special situations in which shipments were omitted from Census data; the deduction of
the value of repairs and alterations to U.S.-owned equipment shipped abroad for repair; and the adjustment of software
imports to market value. Also includes addition of understatement of inland freight in f.a.s values of U.S. imports of goods
from Canada in 1974-81; deduction of imports from the Panama Canal Zone before October 1,1979; and for 1975-82,
net timing adjustments for goods recorded in Census data in one period but found to have been shipped in another (see
June issues of the SURVEY for historical data).
7. For 1988-89, correction for the understatement of crude petroleum imports from Canada.
8. Annual and unadjusted quarterly data shown in this table correspond to country and area data in table 10, lines 2
and 16. Trade with international organizations includes purchases of nonmonetary gold from the International Monetary
Fund, transfers of tin to the International Tin Council (ITC), and sales of satellites to Intelsat. The memoranda are defined
as follows: Industrial countries: Western Europe, Canada, Japan, Australia, New Zealand, and South Africa; Members
of OPEC. Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates, Indonesia, Algeria, Libya,
Nigeria, and Gabon (Excludes Ecuador beginning in January 1993 and Gabon beginning in January 1995.); Other countries:
Eastern Europe, Latin America and Other Western Hemisphere, and other countries in Asia and Africa, less OPEC. Before
1984, complete geographic area detail was not available for some balance of payments adjustments. Therefore, the detail
shown does not always sum to the values shown for the area aggregates. For all years, "Asia" and "Africa" exclude certain
Pacific Islands and unidentified countries included in "Other countries in Asia and Africa."
9. Includes the former German Democratic Republic (East Germany) beginning in fourth quarter of 1990. In earlier
periods, the German Democratic Republic was included in Eastern Europe.
10. Beginning in 1986, New Zealand and South Africa are included in "Other countries in Asia and Africa," with New
Zealand included as part of "Asia" and South Africa as part of "Africa."
11. Includes nuclear fuel materials and fuels.
Table 3:
1. Patented techniques, processes, and formulas and other intangible property rights that are used in goods production.
2. Copyrights, trademarks, franchises, rights to broadcast live events, and other intangible property rights.
3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign governments and international
organizations in the United States. Payments (imports) include mainly wages of foreign residents temporarily employed in
the United States and Canadian and Mexican commuters in U.S. border areas.
Table 4:
1. Expenditures to release foreign governments from their contractual liabilities to pay for military goods and services
purchased through military sales contracts—first authorized (for Israel) under Public Law 93-199, section 4, and subsequently authorized (for many recipients) under similar legislation—are included in line A3. Deliveries against these military
sales contracts are included in line C10; see footnote 2. Of the line A3 items, part of these military expenditures is applied
in lines A40 and A43 to reduce short-term assets previously recorded in lines A38 and C8; this application of funds is
excluded from lines C3 and C4. A second part of line A3 expenditures finances future deliveries under military sales
contracts for the recipient countries and is applied directly to lines A39 and C9. A third part of line A3, disbursed directly to
finance purchases by recipient countries from commercial suppliers in the United States, is included in line A34. A fourth
part of line A3, representing dollars paid to the recipient countries to finance purchases from countries other than the United
States, is included in line A45.
2. Transactions under military sales contracts are those in which the Department of Defense sells and transfers
military goods and services to a foreign purchaser, on a cash or credit basis. Purchases by foreigners directly from
commercial suppliers are not included as transactions under military sales contracts. The entries for the several categories
of transactions related to military sales contracts in this and other tables are partly estimated from incomplete data.
3. The identification of transactions involving direct dollar outflows from the United States is made in reports by each
operating agency.
4. Line A35 includes foreign currency collected as interest and line A40 includes foreign currency collected as principal,
as recorded in lines A13 and A14, respectively.
5. Includes (a) advance payments to the Department of Defense (on military sales contracts) financed by loans
extended to foreigners by U.S. Government agencies and (b) the contraentry for the part of line C10 that was delivered
without prepayment by the foreign purchaser. Also includes expenditures of appropriations available to release foreign
purchasers from liability to make repayment.
6. Includes purchases of loans from U.S. banks and exporters and payments by the U.S. Government under commercial
export credit and investment guarantee programs.
7. Excludes liabilities associated with military sales contracts financed by U.S. Government grants and credits and
included in line C2.
..
8. Excludes transactions of the U.S. Enrichment Corporation, which became a non-Government entity in July 1998.
Table 5:
1. Beginning with 1991, payments and receipts of interest related to interest rate and foreign currency swaps between
affiliates and parents are netted and are shown as either net payments or net receipts. Receipts and payments of other
types of interest are shown on a gross basis.
2. Petroleum includes, and manufacturing and "other industries exclude, the exploration, development, and production
of crude oii and gas, and the transportation, refining, and marketing of petroleum products, exclusive of petrochemicals.
"Other" industries includes wholesale trade; banking; finance (except banking), insurance, and real estate; services; and
other industries—agriculture, forestry, and fishing; mining; construction; transportation, communication, and public utilities;
and retail trade.
3. Acquisition of equity holdings in existing and newly established companies, capital contributions, capitalization of
intercompany debt, and other equity contributions.
4. Sales (total and partial), liquidations, returns of capital contributions, and other dispositions of equity holdings.
Table 6:
1. Primarily provincial, regional, and municipal.
2. Largely transactions by International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), and Inter-American
Development Bank (IDB).
3. Estimate for scheduled redemptions and identifiable early retirements. Includes estimates based on Canadian
statistics for redemptions of Canadian issues held in the United States. Unidentified and nonscheduled retirements appear
in line A30.
Table 7:
1. Estimates of transactions other than those with U.S. banks' Caribbean branches and with financial intermediaries
(F.l.s) are not available. Preliminary estimates of transactions with F.l.s, by area, are commingled in "other" to avoid
disclosure of individual companies' area data.
2. Deposits (line A5) include other financial claims (line A7) for some countries due to the commingling of these
categories in foreign source data.
3. Primarily mortgages, loans, and bills and notes drawn on foreigners.
4. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
5. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
6. Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes Ecuador beginning
in January 1993.
Table 8:
1. Includes central governments and their agencies and corporations; state, provincial, and local governments and
their agencies and corporations; and international and regional organizations.
2. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers' and dealers' accounts
may be commingled in some categories. Foreign-owned banks include U.S. branches and agencies of foreign banks and
majority-owned bank subsidiaries in the United States.
3. Commercial paper issued in the U.S. market by foreign incorporated entities; excludes commercial paper issued
through foreign direct investment affiliates in the United States.
4. Negotiable and readily transferable instruments other than commercial paper, payable in dollars; consists largely of
negotiable certificates of deposit.
5. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
6. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
7. Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes Ecuador beginning
in January 1993.
8. Includes Eastern Europe and international and regional organizations.
Table 9:
1. Negotiable certificates of deposit issued by banks in the United States are included in banks' custody liabilities and
are separately identified in memorandum line 8. Nonnegotiable certificates of deposit are included in time deposits.
2. Includes borrowing under Federal funds or repurchase arrangements, deferred credits, and liabilities other than
deposits.
3. Mainly negotiable and readily transferable instruments, excluding U.S. Treasury securities.
4. Mainly International Bank for Reconstruction and Development (IBRD), International Development Association
(IDA), International Finance Corporation (IFC), Asian Development Bank (ADB), Inter-American Development Bank (IDB),
and the Trust Fund of the International Monetary Fund.
5. U.S.-owned banks are mainly U.S.-chartered banks and Edge Act subsidiaries. U.S. brokers' and dealers' liabilities
may be commingled in some categories. Foreign-owned banks are U.S. branches and agencies of foreign banks and
majority-owned bank subsidiaries in the United States.
6. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
7. Bahamas, British West Indies (Cayman Islands), Netherlands Antilles, and Panama.
8. Ecuador, Venezuela, Indonesia, and other Asian and African oil-exporting countries. Excludes Ecuador beginning
in January 1993.
9. Includes Eastern Europe and international and regional organizations.
Table 10: For footnotes 1-13, see table 1.
14. The "European Union" includes the "European Union (6)," United Kingdom, Denmark, Ireland, Greece, Spain, and
Portugal. Beginning with the first quarter of 1995, the "European Union" also includes Austria, Finland, and Sweden.
15. The "European Union (6)" includes Belgium, France, Germany (includes the former German Democratic Republic
(East Germany) beginning in the fourth quarter of 1990), Italy, Luxembourg, Netherlands, European Atomic Energy
Community, European Coal and Steel Community, and European Investment Bank.
16. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged in
international shipping, in operating oil and gas drilling equipment internationally, and in petroleum trading. Also includes
taxes withheld; current-cost adjustments associated with U.S. and foreign direct investment; before 1996, small transactions
in business services that are not reported by country; and net U.S. currency flows, for which geographic source data are
not available.
17. Details not shown separately; see totals in lines 49 and 56.
18. Details not shown separately are included in line 62.
34
SURVEY OF CURRENT BUSINESS
• January 1999
Table 10.—U.S. International
[Millions
European Union 1 4
Western Europe
Line
1997
(Credits +; debits - ) »
1997
1998
1997
1997
IV
III
341,590
85,930
84,373
88,202
91,028
90,139
88,333
307,694
76,559
76,293
152,962
39,862
35,340
39,160
41,590
39,537
37,213
138,851
35,143
32,381
87,517
4,877
21,043
1,206
23,702
1,320
22,695
1,108
21,582
1,066
23,053
1,100
24,622
1,107
77,816
2,917
18,710
745
21,186
808
Travel
Passenc
Other transportation .
22,038
6,663
7,704
5,247
1,622
1,922
6,819
2,018
1,948
5,491
1,616
1,966
4,883
1,541
1,873
5,570
1,758
1,849
6,872
1,940
1,933
20,246
6,416
6,409
4,769
1,569
1,569
6,306
1,936
1,650
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
16,320
29,755
3,933
7,078
35
3,925
7,629
43
4,388
8,086
40
4,252
7,927
40
4,480
8,256
40
4,401
8,329
40
15,465
26,224
139
3,727
6,301
30
3,730
6,719
37
101,111
47,180
53,010
921
25,025
11,801
13,054
170
25,331
11,616
13,439
276
26,347
11,945
14,209
193
27,856
12,970
14,606
280
27,549
13,236
14,135
178
26,498
12,053
14,162
283
91,027
41,024
49,214
789
22,706
10,418
12,143
145
22,726
10,013
12,481
232
-364,089
-93,019
-93,549
-94,544
-93,117
•-329,621
-84,131
-84,753
-175,770
-45,147
-43,076
-46,610
-44,938
-48,104
-48,330
-160,145
-41,252
-39,294
-67,745
-6,909
-18,078
-1,598
-18,957
-1,774
-16,047
-1,731
-15,721
-1,734
-19,017
-1,601
-19,869
-1,595
-59,526
-5,410
-15,747
-1,266
-16,775
-1,351
Exports of goods, services, and income .
Goods, adjusted, excluding military2
Services3
Transfers under U.S. military agency sales contracts 4
Income receipts on U.S. assets abroad ..
Direct investment receipts
Other private receipts
U.S. Government receipts
Imports of goods, services, and income .
Goods, adjusted, excluding military2
17
18
III
Services3
Direct defense expenditures
19
20
21
Travel
Passenj,
Other transportation .
-16,906
-8,859
-10,284
-5,164
-2,620
-2,666
-5,517
-2,792
-2,565
-3,199
-1,721
-2,620
-3,267
-1,904
-2,517
-5,335
-2,657
-2,660
-5,499
-2,694
-2,920
-15,104
-8,051
-8,141
-4,482
-2,379
-2,047
-4,953
-2,551
-2,063
22
23
24
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
-5,903
-17,716
-1,168
-1,382
-4,360
-288
-1,501
-4,515
-293
-1,661
-4,821
-294
-1,572
-4,433
-294
-1,582
-4,886
-296
-1,662
-5,199
-300
-5,035
-16,781
-1,004
-1,161
-4,165
-247
-1,308
-4,296
-253
-120,574
-31,233
-55,253
-34,088
-29,794
-8,037
-13,538
-8,219
-31,516
-8,743
-13,862
-8,911
-31,887
-7,394
-14,990
-9,503
-32,458
-7,606
-15,120
-9,732
-32,708
-7,182
-15,634
-9,892
-32,890
-7,393
-15,614
-9,883
-109,950
-28,184
-50,758
-31,008
-27,132
-7,266
-12,445
-7,421
-28,684
-7,807
-12,727
-8,150
-231
21
-49
-83
-41
-52
800
246
215
-560
-1.300
1,629
-137
-308
-151
-310
412
-58
-387
362
-70
-333
362
-153
-327
428
-170
-323
425
-29
-1,116
1,945
-11
-282
539
-282
497
-50,942
25
26
27
28
29
30
31
32
Income payments on foreign assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net .
4
U.S. Government grants
U.S. Government pensions and other transfers ....
Private remittances and other transfers6
-217,475
-15,000
-63,422
-43,492
-42,410
-73,296
-14,403
-193,597
-12,245
34
35
36
37
38
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund .
Foreign currencies
-611
-139
-142
-134
-151
-148
-50
-1,377
-227
-611
-139
-134
-151
-148
-50
-1,377
-227
189
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 8
U.S. foreign currency holdings and U.S. short-term assets, net
531
-332
904
-41
-16
-112
109
-13
185
-71
281
-25
205
-63
259
187
-93
273
7
5
-59
126
-62
212
-76
277
11
356
-166
564
-42
-61
-51
4
-14
157
-35
212
-20
43
44
45
46
47
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere
-217,395
-59,037
-27,606
-65,039
-65,713
-14,845
-13,503
4,502
-7,698
1,854
-63,465
-12,734
-20,303
-10,509
-19,919
-43,563
-17,346
-7,475
-22,553
3,811
-42,446
-22,106
-1,060
-5,201
-14,079
-73,153
-25,519
-10,414
-11,559
-25,661
-14,565
-9,532
9,005
-14,038
-192,576
-52,898
-26,893
-62,796
-49,989
-11,957
-11,292
4,122
-7,138
2,351
-51,288
-10,782
-20,301
-10,222
-9,983
472,494
80,892
127,671
146,863
78,157
112,503
96,763
434,595
80,058
117,181
7,604
1,434
668
-5,517
-3,511
5,245
(l7)
-3,505
33
48
U.S. assets abroad, net (increase/capital outflow (-)) .
Foreign assets in the United States, net (increase/capital inflow (+))
49
50
51
52
53
54
55
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other 10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
56
57
58
59
60
61
62
Other foreign assets in the United States, net
Direct investment
,
U.S. Treasury securities
U.S. currency
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
63
,
P.
-£3
h
464,890
59,975
C"
130,871
79,246
7
43
C)
-113
e
c
79,458
12,171
7
127,003
13,254
152,380
18,819
34,066
-1,474
38,696
15,574
26,768
34,465
C)
r
(17)
()
-97
(17)
(.7)
(17)
(l7)
(17)
81,668
20,441
(I7)
107,258
14,642
("
100,268
14,519
51,675
23,367
56,874
16,866
(17)
40,903
25
(18)
(18)
(18)
(.8)
(18)
lad
129
(.7)
(18)
(18)
(18)
(.8)
(18)
(.8)
12,902
(-.
50,263
121,5964,421
198,185
31,538
-3,798
39,502
7,736
38,440
10,591
60,356
17
n
-232,289
-58,824
-55,024
-96,946
-33,617
-29,465
-69,536
-219,871
-60,487
-57,994
-22,808
19,772
-3,036
-19,463
-22,499
-231
-22,730
-5,285
2,965
-2,320
-4,769
-7,089
21
-7,068
-7,736
4,745
-2,991
-6,185
-9,176
-49
-9,225
-7,450
6,648
-802
-5,540
-6,342
-83
-6,425
-3,348
5,861
2,513
-4,602
-2,089
-41
-2,130
-8,567
4,036
-4,531
-5,159
-9,690
-52
-9,742
-11,117
4,753
-6,364
-6,392
-12,756
-68
-12,82.
-21,294
18,290
-3,004
-18,923
-21,927
800
-21,127
-6,109
2,963
-3,146
-4,426
-7,572
246
-7,326
-6,913
4,411
-2,502
-5,958
-8,460
215
-8,245
17
18
18
8
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with
sign reversed)
Memoranda:
Balance on goods (lines 2 and 16)
o servicess (lines
( e s 3 and 17)
) ,
Balancee on
Balance on goods and services (lines 65 and 66)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 67 and 68) l
Unilateral transfers, net (line 29)
Balance on current account (lines 1, 15, and 29 or lines 69 and 70) 1 3
See footnotes on page 33.
SURVEY OF CURRENT BUSINESS
January 1999
•
35
Transactions, by Area
of dollars]
European Union 14
1997
European Union (6) 1 5
United Kingdom
1997
1998
1998
1997
1997
I
IV
II"
III''
III
IV
I
II"
III*
II
III
Line
1998
1997
II
I
IV
IIr
III*
79,996
83,138
81,685
79,508
97,947
24,540
24,189
25,152
26,341
26,418
25,995
161,149
39,994
40,265
42,105
43,343
42,361
41,074
1
36,283
38,711
36,424
34,151
35,912
9,331
8,158
8,888
10,070
9,761
9,294
82,498
20,767
19,646
21,714
22,473
21,149
19,829
2
20,251
699
19,257
675
20,636
696
22,048
701
24,191
516
5,807
111
6,479
105
6,508
88
6,129
89
6,792
91
7,104
92
39,202
670
9,329
160
10,918
188
9,940
165
9,325
160
9,843
165
10,904
166
5,051
1,555
1,652
4,502
1,489
1,619
5,082
1,705
1,569
6,367
1,868
1,595
7,090
2,191
1,715
1,754
551
414
2,134
631
416
1,858
532
431
1,655
585
405
2,060
668
405
2,396
686
385
9,760
3,390
2,993
2,202
808
722
3,240
1,061
790
2,298
814
785
1,999
713
784
2,125
812
761
2,979
948
781
3
4
5
6
7
4,134
7,125
35
4,002
6,935
35
4,264
7,285
35
4,174
7,308
35
3,175
9,460
44
730
2,236
11
815
2,370
8
933
2,653
13
809
2,573
13
866
2,689
13
874
2,658
13
9,356
12,964
69
2,239
3,184
14
2,259
3,357
23
2,455
3,406
17
2,315
3,337
17
2,430
3,533
17
2,450
3,563
17
8
9
10
23,462
10,141
13,151
170
25,170
11,385
13,549
236
24,625
11,458
13,009
158
23,309
10,255
12,815
239
37,844
12,898
24,920
26
9,402
3,242
6,160
9,552
3,216
6,336
9,756
3,033
6,697
26
10,142
3,234
6,908
9,865
3,032
6,833
9,597
2,839
6,758
39,449
21,534
17,377
538
9,898
5,497
4,269
132
9,701
5,184
4,381
136
10,451
5,677
4,645
129
11,545
6,669
4,731
145
11,369
6,845
4,382
142
10,341
5,909
4,277
155
11
12
13
14
-85,848
-84,530
-90,721
-92,165
-119,457
-29,589
-30,902
-31,562
-30,897
-31,995
-32,014
-166,013
-43,031
-42,295
-42,798
-42,504
-45,754
-46,474
15
-42,304
-40,618
-43,946
-43,841
-32,496
-7,953
-8,112
-8,838
-8,111
-8,674
-8,495
-101,457
-26,651
-24,714
-26,430
-25,671
-27,651
-27,299
16
-14,113
-1,355
-14,067
-1,436
-16,758
-1,384
-17,622
-1,380
-21,914
-578
-5,682
-135
-6,132
-166
-5,412
-135
-5,348
-131
-5,994
-119
-6,213
-110
-29,128
-4,429
-7,734
-1,044
-8,038
-1,100
-6,760
-1,106
-6,850
-1,218
-8,383
-1,173
-8,663
-1,180
17
18
-2,912
-1,568
-2,121
-3,002
-1,728
-2,090
-4,630
-2,413
-2,135
-4,937
-2,462
-2,242
-4,703
-3,209
-2,205
-1,360
-949
-507
-1,406
-1,040
-568
-1,055
-602
-575
-1,006
-736
-564
-1,405
-964
-557
-1,401
-1,003
-597
-7,749
-3,366
-4,063
-2,315
-1,017
—999
-2,507
-1,010
-1,019
-1,444
-673
-1,089
-1,496
-689
-1,063
-2,392
-1,031
-1,077
-2,499
-974
-1,110
19
20
21
-1,397
-4,508
-252
-1,364
-4,195
-252
-1,334
^,608
-254
-1,435
-4,908
-258
-2,116
-9,013
-90
-506
-2,202
-23
-566
-2,366
-20
-514
-2,507
-24
-541
-2,346
-24
-429
-2,494
-26
-493
-2,583
-26
-2,379
-6,386
-756
-562
-1,613
-184
-607
-1,596
-199
-660
-1,601
-187
-690
-1,507
-187
-755
-1,768
-187
-763
-1,946
-191
22
23
24
-29,431
-6,836
-13,813
-8,782
-29,845
-6,868
-13,938
-9,039
-30,017
-6,462
-14,436
-9,119
-30,702
-7,182
-14,372
-9,148
-65,047
-11,700
-36,188
-17,159
-15,954
-2,890
-8,894
-4,170
-16,658
-3,018
-9,129
-4,511
-17,312
-2,786
-9,585
-4,941
-17,438
-2,322
-9,882
-5,234
-17,327
-1,999
-10,174
-5,154
-17,306
-1,895
-10,247
-5,164
-35,428
-14,072
-12,170
-9,186
-8,646
-3,557
-2,983
-2,106
-9,543
-4,133
-3,001
-2,409
-9,608
-3,489
-3,501
-2,618
-9,983
-3,979
-3,405
-2,599
-9,720
-3,422
-3,570
-2,728
-10,512
-4,295
-3,459
-2,758
25
26
27
28
133
171
208
222
1,323
350
365
279
346
369
388
272
93
50
59
30
37
48
29
-1
-299
433
-289
460
-291
499
-293
515
-189
1,512
-48
398
^8
413
-49
328
-50
396
-50
419
-48
436
-631
903
-157
250
-157
207
-172
231
-159
189
-161
198
-166
214
?n
31
32
-42,199
-38,517
-67,368
4,145
-119,436
-7,669
-26,997
-40,838
-7,058
-45,432
7,021
-54,496
-918
-20,189
-597
-14,637
-12,137
-4,399
33
-1,351
-420
-135
-3
-1,377
-227
189
-1,351
-420
-135
-3
-1 351
-420
-135
-3
-1 377
-227
189
-1 351
-420
135
3
34
35
36
37
38
119
-45
160
4
136
-77
204
9
-10
-38
30
-2
179
-31
203
7
129
-42
-17
-15
-2
9
-8
5
127
2
-40,967
-16,742
-7,656
-21,132
4,563
-38,233
-20,009
-948
-4,128
-13,148
-67,223
-23,990
-12,346
-10,651
-20,236
3,969
-8,040
5,915
6,094
-119,565
-22,436
-27,995
-43,998
-25,136
128,072
75,869
103,234
93,214
257,531
(18)
(18)
(18)
(18)
(18)
(18)
(18)
R
R
(18)
(18)
(.8)
(18)
R
Q
168
(18)
(.8)
(18)
(18)
18
(18)
(18)
(.8)
(.8)
(18)
(18)
14,513
16,661
15,036
14,413
(18)
(18)
(18)
21,649
28,359
63,396
18
47,178
28,307
-16,287
18
50,245
15,837
21,948
(18)
(18)
(18)
38,763
18
39,907
-4
134
4
-4
127
7
2
-1
-42
-17
-15
-2
9
-8
5
-7,673
-5,799
1,569
-7,077
3,634
-26,993
-2,645
-19,865
-4,291
-192
-40,972
-9,667
-7,597
-16,246
-7,462
-7,058
-9,247
-569
-3,670
6,428
-45,434
-14,583
-5,801
-1,622
-23,428
7,022
-3,116
-1,493
-674
-4,181
926
1,762
819
-20,363
-6,767
-884
-3 516
-9,196
756
-5,593
1,171
-3 828
9,006
-14,226
-7,151
296
4 272
-11,643
-11,994
-7,139
-1,725
-7 859
4,729
-4,401
-4,522
3,405
11,631
-53,077
-24,311
1,839
-12,619
-17,986
-3,284
43
44
45
4fi
47
36,780
65,092
71,247
61,970
62,719
52,277
143,229
38,775
41,018
47,541
10,785
34,309
32,068
48
(.8)
(18)
(18)
(18)
(18)
(.8)
(.8)
(18)
(18)
(18)
(18)
(18)
(18)
R
R
(18)
(18)
(.8)
(18)
R
R
(18)
(.8)
(18)
(18)
(.8)
(18)
(18)
(18)
(18)
(18)
(18)
R
(18)
(18)
R
R
R
(.8)
(,8)
(18)
(.8)
139
113
6,525
8,882
10,015
(.8)
(.8)
a
-58
131
(18)
(18)
4
2
45
R
(.8)
(18)
(.8)
(.8)
(.8)
8,582
3,715
-3,585
734
8,302
(.8)
(18)
(18)
(18)
79,957
37,822
131,228
18
18
22,063
-4,166
15,200
I8
25,037
11,589
32,046
18
11,599
9,167
49,702
1
(18)
(.8)
R
(18)
18
30,946
25,486
-2,777
-1
(18)
R
R
(18)
88
311
(18)
(18)
(18)
(.8)
5,613
-793
32,736
(18)
(18)
(18)
31,551
23,266
19,387
6,122 •"i«g;716
18
34,370
25,413
50,399
18
7,899
235
24,051
18
11,771
-1,334
21,623
l8
7,930
18,303
11,199
R
(18)
(18)
(18)
(.8)
(.8)
(18)
(18)
(18)
«3
94
(.8)
(18)
(18)
(18)
18
76
65
6,404
(18)
18
13,261
1,718
-10,635
(.8)
(.8)
7,932
13,021
(18)
18
(18)
(18)
16,230
-3,984
13,992
(18)
14,374
'84,566
39
40
41
42
49
50
51
52
53
54
55
56
57
58
60
61
62
F>1
-80,154
-36,131
-27,038
-84,924
-117,908
-24,412
-31,747
-24,278
-50,702
-12,079
-53,667
-84,141
-34,913
-18,849
-46,310
2,983
-18,816
-22,317
64
-6,021
6,138
117
-5,969
-5,852
133
-5,719
-1,907
5,190
3,283
-4,675
-1,392
171
-1,221
-7,522
3,878
-3,644
-5,392
-9,036
208
-8,828
-9,690
4,426
-5,264
-7,393
-12,657
222
-12,435
3,416
2,277
5,693
-27,203
-21,510
1,323
-20,187
1,378
125
1,503
-6,552
-5,049
350
^,699
46
347
393
-7,106
-6,713
365
-6,348
50
1,096
1,146
-7,556
-6,410
279
-6,131
1,959
781
2,740
-7,296
-4,556
346
-4,210
1,087
798
1,885
-7,462
-5,577
369
-5,208
799
891
1,690
-7,709
-6,019
388
-5,631
-18,959
10,074
-8,885
4,021
-4,864
272
-4,592
-5,884
1,595
-4,289
1,252
-3,037
93
-2,944
-5,068
2,880
-2,188
158
-2,030
50
-1,980
-4,716
3,180
-1,536
843
-693
59
-634
-3,198
2,475
-723
1,562
839
30
869
-6,502
1,460
-5,042
1,649
-3,393
37
-3,356
-7,470
2,241
-5,229
-171
-5,400
48
-5,352
65
66
67
68
69
70
71
36
• January 1999
SURVEY OF CURRENT BUSINESS
Table 10.—U.S. International
[Millions
Eastern Europe
Line
Canada
1997
(Credits +; debits - ) »
1997
1998
1997
1997
IV
I
II'
13,294
3,521
3,297
3,344
3,448
3,582
3,067
193,232
49,474
47,279
Goods, adjusted, excluding military2
7,750
2,111
1,742
2,090
2,008
2,319
1,669
152,047
38,779
36,813
Services3
Transfers under U.S. military agency sales contracts 4
3,884
339
950
75
1,065
969
112
950
968
60
1,071
96
20,645
93
5,367
22
5,067
22
Travel
Passenger fares
Other transportation ....
1,249
144
442
354
36
385
42
131
282
36
112
254
39
79
374
44
72
393
46
6,824
1,409
2,384
1,929
358
611
1,641
324
604
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
221
1,445
44
52
325
10
63
394
1,561
8,323
51
404
2,027
711
261
255
169
36
490
169
198
123
Exports of goods, services, and income .
Income receipts on U.S. assets abroad .
Direct investment receipts
Other private receipts
U.S. Government receipts
57
61
61
ODD
356
10
418
10
339
10
285
53
490
231
173
295
68
179
48
327
74
182
71
20,540
10,692
9,848
5,328
2,773
2,555
15
199
33
10
2,069
14
5,399
2,967
2,432
-12,679
-3,102
-3,625
-3,138
-3,273
-3,914
-4,075
-193,637
-49,131
-47,877
Goods, adjusted, excluding military2
-8,481
-2,030
-2,350
-2,247
-2,418
-2,847
-2,869
-171,024
-43,313
-41,329
Services3
Direct defense expenditures .
-2,519
-276
-£53
-51
-801
-62
-487
-84
-493
-41
-650
-30
-771
-30
-14,260
-57
-3,565
-14
-4,590
-13
Travel
Passenger fares
Other transportation
-946
-317
-272
-256
-98
-71
-369
-113
-75
-106
-63
-44
-137
-51
-67
-265
-99
-57
-368
-108
-64
-4,901
-470
-3,037
-1,283
-122
-784
-2,169
-157
-763
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
-15
-631
-62
-4
-158
-15
-4
-160
-18
-4
-171
-15
-5
-177
-15
-3
-181
-15
-3
-183
-15
-317
-5,338
-140
-70
-1,259
-33
-83
-1,366
-39
-1,679
-419
-4
-106
-474
-12
-479
-1,188
-309
-126
-348
-404
-3
-142
-259
-362
-1
-120
-241
-417
-2
-130
-285
-435
-2
-147
-286
-8,353
-3,215
-4,083
-1,055
-2,253
-938
-1,076
-239
-1,958
-708
-989
-261
-2,780
-677
-804
-641
-671
-823
-944
-366
-81
-97
-1,394
-39
-1,347
-342
-10
-325
-474
-10
-320
-292
-10
-339
-296
-10
-365
-459
-10
-354
-598
-9
-337
-407
41
-102
21
-103
6
-4,060
854
-3,101
2,202
1,173
-18,432
-3,718
5,373
-16
-331
315
20
-235
226
29
-7
-56
47
2
-27
-174
147
35
-10
10
35
71
-267
273
65
23
-1,960
-250
-338
870
-549
-873
2
2,290
-3,121
-591
-802
-54
-1,674
2,209
382
-107
-114
2,048
-138
-703
4
136
425
-1,121
-659
-392
-241
171
1,102
-302
427
-18,455
-10,733
-3,827
-207
-3,688
-3,720
-1,474
-2,435
2,676
-2,487
5,363
-3,191
-4,507
-1,326
14,387
-581
3,624
1,934
-7,451
-1,303
-991
-2,010
7,235
7,866
-8,688
-2,527
-1,377
642
imports of goods, services, and income .
Income payments on foreign assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net .
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers 6
U.S. assets abroad, net (increase/capital outflow (-))
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 8 ...
U.S. foreign currency holdings and U.S. short-term assets, net
-650
615
43
^,068
-1,520
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. claims reported by U.S. banks, not included elsewhere
Foreign assets in the United States, net (increase/capital inflow (+))
P
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other 10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
(18)
(18)
u P>
(18)
(18)
-14
(18)
(18)
(18)
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. currency
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewheie
46
(18)
(18)
(18)
-4
(18)
(18)
68
(18)
PI R
35
(18)
(18)
(18)
(18)
(18)
-44
3!
(.8)
(18)
(18)
(18)
(18)
14
(.8)
(.8)
(18)
4
(18)
(.8)
10
S"!(17)
S3
(17)
(17)
9,762
9,412
n
5,127
1,292
(17)
9,243
1,330
-9,330
1,063
1,027
1,808
229
-987
7
C7)
189
330
8
1,315
41
-63
18
-7,439
64
38
18
-1,509
199
11
-1,161
251
259
-1,143
73
-14
8
3,568
6,806
-4,220
2,299
5,684
1,964
3,232
2,789
11,968
-4,410
4,010
-731
1,365
634
-19
615
-2,780
-2,165
81
297
378
41
419
-677
-258
264
-344
16
-328
-804
-1,132
-157
482
325
-119
206
-641
-435
-410
457
47
128
175
-671
-496
-528
318
-210
-122
-332
-823
-1,155
-1,200
300
-900
-108
-1,008
-944
-1,952
-18,977
6,385
-12,592
12,18"
-405
-366
-771
-4,534
1,802
-2,732
3,075
343
-81
262
-4,516
477
-4,039
3,441
-598
-97
-695
271
18
32
(18)
(.8)
(.8)
(18)
(18)
977
23
7
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with
sign reversed)
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 65 and 66)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 67 and 6 8 ) l 3
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 69 and 70) 1 3
See footnotes on page 33.
,
January 1999 •
SURVEY OF CURRENT BUSINESS
37
Transactions, by Area—Continued
of dollars]
Latin America and Other Western Hemisphere
Canada
1997
1997
1998
Japan
1998
1997
1997
I
IV
II'
III'
Line
1998
1997
II
III
IV
I
II'
III*
II
III
IV
1
II'
III*
49,326
49,825
50,815
44,759
235,434
56,935
62,078
63,967
61,402
62,180
61,648
109,000
27,908
27,722
26,059
25,947
23,879
23,774
1
39,643
39,575
40,877
35,671
134,272
32,485
34,813
37,500
35.281
35,699
34,351
64,600
16,604
15.736
15.859
14,782
14,086
14.083
2
4,840
24
5,258
23
5,198
24
4,759
24
42,724
420
9,845
75
11,646
89
11,415
156
10.583
158
10,729
154
11,932
166
34,619
559
8,448
99
9,669
197
8,266
112
8,456
638
7,802
109
8,015
109
3
4
1,282
345
605
1,823
444
580
1,857
379
594
1,336
320
582
18,113
4,713
3,692
3,964
1.115
913
5,226
1,278
924
4,779
1,262
1,022
4,309
1,200
836
4,238
1,298
823
5,122
1,315
868
11,068
5,442
3,231
2,941
1,313
818
3,288
1,518
829
2,467
1,233
790
2,085
1,159
717
2,541
1,060
740
2,674
1,072
717
5
6
7
390
2,190
4
343
2,041
4
367
1,973
4
363
2,130
4
2,116
13,520
150
541
3.200
37
529
3,564
36
584
3,574
38
535
3,507
38
569
3,609
38
569
3,854
38
6.643
7,618
58
1,546
1,721
10
1,787
2,027
23
1,766
1,887
11
1,614
2,232
11
1,485
1,856
11
1,396
2,036
11
8
9
10
4,843
2,417
2,426
4,992
2,493
2,499
4,740
2,251
2.489
4,329
1,782
2,547
58,438.
19,992
37,998
448
14,605
5,301
9,233
71
15,619
5.670
9,820
129
15,052
4,628
10,317
107
15.538
4,651
10.818
69
15,752
4,322
11,330
100
15,365
3,840
11,425
100
9,781
3,197
6,532
52
2,856
1,119
1.715
22
2,317
738
1,580
-1
1,934
344
1,566
24
2,709
740
1,940
29
1,991
377
1,603
11
1,676
422
1,244
10
11
12
13
14
-49,298
-48,896
-51,129
-48,822
-220,175
-54,854
-56,639
-57,019
-55,814
-57,944
-58,114
-172,956
-41,708
-44,783
-45,014
-42,280
-42,135
-42,857
15
-44,210
-43,891
-44.917
-42,043
-140.378
-34,956
-36,096
-36,480
-34.847
-36,728
-36,405
-121,658
-29.398
-30.730
-31,428
-30,353
-29.972
-29,774
16
-3,375
-12
-3,127
-12
-4,030
-16
-5,019
-15
-33,320
-363
-8,159
-84
-8,573
-101
-8.525
-93
-8.357
-93
-8,545
-78
-8,706
-78
-15.540
-1,170
-5,537
-303
-4,341
-299
-4,252
-295
-3,764
-362
-3,871
-308
-4,057
-300
17
18
-833
-109
-800
-772
-99
-726
-1.501
-165
-754
-2,439
-178
-762
-14,956
-2.781
-2,464
-3,651
-644
-675
-3,749
-741
-598
-3,777
-648
-599
-3,802
-772
-571
-3,861
-641
-613
-3,762
-697
-607
-2,939
-757
-4.182
-697
-205
-989
-975
-187
-1,145
-707
-198
-1,097
-625
-181
-990
-720
-208
-1.023
-972
-180
-934
19
20
21
-91
-1,494
-36
-105
-1,377
-36
-86
-1,472
-36
-89
-1,500
-36
-187
-12,121
-448
-45
-2,949
-111
-59
-3,209
-116
-50
-3,247
-111
-51
-2.957
-111
-51
-3,190
-111
-55
-3,396
-111
-2.082
-4,293
-117
-343
-976
-24
-657
-1,043
-35
-666
-1,255
-34
-502
-1,070
-34
-634
-944
-34
-645
-992
-34
22
23
24
-1.713
-467
-1,006
-240
-1,878
-618
-997
-263
-2,182
-963
-996
-223
-1,760
-519
-1.040
-201
-46,477
-2,003
-32,913
-11,561
-11,739
-613
-8,135
-2,991
-11,970
-601
-8,498
-2,871
-12,014
-474
-8,720
-2,820
-12.610
-684
-9,080
-2,846
-12,671
-413
-9,323
-2,935
-13,003
-576
-9,467
-2,960
-35,758
-6,361
-7,993
-21,404
-8,773
-1.393
-2,006
-5,374
-9,712
-2,022
-2.065
-5.625
-9,334
-1,702
-2.158
-5,474
-8,163
-639
-2,354
-5,170
-8.292
-1,325
-1,994
-4,973
-9,026
-1,828
-2,294
-4,904
25
26
27
28
-84
-132
-104
-129
-11,236
-2,722
-2,885
-2,932
-2,953
-2,911
-3,128
-137
-27
-19
-19
-75
-26
-51
29
-324
-166
-2,232
-225
-165
-2,495
-357
-174
-2,401
-315
-160
-2,478
-229
-151
-2,531
-290
-146
-2,692
-91
-46
-23
-4
-23
4
-23
4
-24
-51
-25
-1
-22
-29
30
31
32
-41,332
-57,889
-65,653
-16,386
-38,943
-15,488
-6,887
-13,459
5,446
3,375
14,884
16,876
-4,099
33
26
-18
14
-19
-26
-838
-86
34
35
36
37
14
-19
-26
-838
-86
2
10
2
1
-102
18
-120
-12
-119
15
-125
-4
-1,186
-£68
-9,382
-6,103
-4,664
-4,186
-14,072
-179,308
3,500
26
-18
477
-1,083
1,562
-2
228
-219
437
10
49
-344
385
8
94
-250
354
-10
102
-245
347
(•)
166
-138
311
-7
34
-427
429
32
13
3
13
3
2
10
2
1
-41,560
-6,097
-11,976
-3.605
-19.882
-57,938
-6,303
-3.163
-12.578
-35.894
-65,747
-6,770
-3,200
-21,400
-34,377
-16.488
-5,300
1,927
1,247
-14,362
-39,109
-3,880
-10,071
-3.052
-22,106
-15,522
-4,619
-3,747
-15,000
7,844
-6,926
-783
-9,959
-1,990
5,806
-13,444
-512
-10,191
-1,551
-1,190
5.432
-257
-2,444
304
7,829
3,392
458
5,964
-746
-2,284
14,900
-494
-3,972
-1,572
20,938
17.712
-1.877
569
-270
19,290
-4,014
-523
3,533
-7,024
43
44
45
46
47
34,828
30,601
49,519
10,925
70,496
-10,810
70,182
25,004
6,644
16,769
-20,119
-21,938
27,525
48
(.8)
(.8)
3 500
12
1
-1
"i9
1
-i'
-6,115
-1,910
857
-2.237
-2,825
-4.665
-3.440
46
-662
-609
-4,185
-1,966
-1,591
-1,580
952
-14,072
-2,983
3,655
-14,744
-183,285
-23,784
-25,516
-51,569
-82,416
-114
458
4,240
7,629
122,200
-2, 176
1,531
-879
-3,232
\
17
H
( 7)
2, 362
2, 329
-1,073
791
7
5,119
1,695
7
10,861
9,626
1,703
-33
-539
393
626
C)
313
583
R
(.8)
(.8)
R
R
R
R
•3
R
11
12
(18)
R
(18)
18
9,739
881
22,685
12,658
11,134
5,397
(18)
R
571
8,805
11,665
27,152
(.8)
18
22,842
9,729
-22,153
(18)
R
13
(.8)
R
13 -13
(18)
(18)
429
(18)
(18)
(18)
(18)
-303
18
-10,450
16,500
-16,490
(18)
9,431
(18)
10,301
1,276
57.976
(.8)
(18)
1,014
18
(18)
(18)
(18)
(18)
(18)
18
r>
(.8)
(18)
1,951
(18)
18
a
(18)
1.434
(18)
(18)
a
(.8)
(18)
1,512
5.920
37,849
23,047
55,391
(18)
(18)
(.8)
18
(18)
(18)
R
C)
(.8)
(18)
•3
R
R
C)
B
(18)
1,460
(18)
18
14,013
2,038
44,431
7.522
4,137
11,456
(18)
(18)
(18)
(.8)
(18)
(18)
(18)
5,646
-1,719
-548
18
(
i(
8
)
8
)
25
8
)
8
)
(18)
2,537
(.8)
3,135
(18)
18
(18)
18
18
1,912
12,438
(18)
-2,583
-1,855
-18,625
(18)
(18)
(18)
(18)
(18)
(.8)
(.8)
489
144
(18)
(18)
(.8)
(18)
(18)
3,569
18
(18)
18
(18)
298
(.8)
3,200
3,637
-2,261
-24,101
-939
(18)
39
40
41
49
50
51
52
53
54
55
56
57
58
60
61
62
63
6,273
3,409
364
10,635
53,085
7,145
24,734
12,118
2,826
-32,878
25,892
798
2,282
4,990
-1,170
21,643
23,344
-4,292
64
-4,567
1,465
-3,102
3,130
28
-84
-56
-4,316
2,131
-2,185
3,114
929
-132
797
^,040
1,168
-2,872
2,558
-314
-104
-418
-6,372
-260
-6,632
2,569
-4,063
-129
-4,192
-6,106
9,404
3,298
11,961
15,259
-11,236
4,023
-2,471
1.686
-785
2.866
2,081
-2,722
-641
-1,283
3,073
1.790
3,649
5,439
-2,885
2,554
1,020
2,890
3,910
3,038
6,948
-2,932
4.016
434
2,226
2.660
2,928
5,688
-2,953
2,635
-1,029
2,184
1,155
3.081
4,236
-2,911
1,325
-2,054
3,226
1,172
2,362
3.534
-3,128
406
-57,058
19,079
-37,979
-25,977
-63,956
-137
-64,093
-12,794
4,911
-7,883
-5,917
-13,800
-27
-13,827
-14.994
5,328
-9,666
-7,395
-17,061
-19
-17,080
-15,569
4,014
-11,555
-7,400
-18.955
-19
-18.974
-15.571
4,692
-10,879
-5,454
-16,333
-75
-16,408
-15,886
3,931
-11,955
-6,301
-18,256
-26
-18,282
-15,691
3,958
-11,733
-7,350
-19,083
-51
-19,134
65
66
67
68
69
70
71
SURVEY OF CURRENT BUSINESS
January 1999
Table 10.-U.S. International
[Millions
Australia
(Credits +; debits - ) x
Line
1997
1998
1997
II
23,320
6,138
6,073
5,734
5,698
5,618
11,913
3.100
3.091
2,899
3,109
2.858
2.931
5.390
377
1.248
45
1,469
76
1,523
221
1.306
212
1,358
219
1,470
220
Travel
Passenger fares
Other transportation
1,839
621
324
433
144
79
567
179
85
443
161
87
337
117
76
356
120
77
448
132
82
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .,
1,520
12
173
371
3
179
381
2
182
425
4
158
402
4
180
400
6
175
407
6,017
3,287
2,730
1,790
1,117
673
1.513
811
702
1,312
604
708
1.283
508
775
1,402
631
771
1,280
530
750
Exports of goods, services, and income .
Goods, adjusted, excluding military2
Services3
Transfers under U.S. military agency sales contracts 4
Income receipts on U.S. assets abroad .
Direct investment receipts
Other private receipts
U.S. Government receipts
-8,624
-1,609
-2,493
-2,455
-2,441
-2,438
-2,500
Goods, adjusted, excluding military2
-4,881
-1,125
-1,294
-1,261
-1,262
-1.434
-1.313
Services3
.....
Direct defense expenditures .
-2,762
-73
-571
-15
-782
-25
-719
-12
-722
-11
-555
-731
-9
Travel .
Passenc,
Other transportation ,
-546
-229
-154
-110
-57
-295
-136
-52
-251
-148
-63
-260
-150
-67
-159
-112
-40
-294
-131
-51
Royalties and license fees 5
Other private services5
»
U.S. Government miscellaneous services
-85
-810
-54
-10
-214
-11
-56
-204
-14
-9
-224
-12
-17
-205
-12
-9
-214
-12
-9
-225
-12
87
-417
-181
-148
-88
-475
-215
-148
-112
-457
-190
-172
-95
-449
-213
-160
-76
-456
-237
-158
-61
Imports of goods, services, and income .
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
-981
-62
-546
-373
Unilateral transfers, net..
U.S. Government grants 4
U.S. Government pensions and other transfers .
Private remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))....
310
-135
-117
-27
-31
-24
-40
-39
-36
-36
-81
-18
-9
-22
-9
-15
-9
-31
-9
-30
-9
-27
-3,819
-1,577
139
-1,966
-1,431
-7,496
-1,003
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 8
U.S. foreign currency holdings and U.S. short-term assets, net .
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns .
U.S. claims reported by U.S. banks, not included elsewhere
Foreign assets in the United States, net (increase/capital inflow (+))
1
-1
1
-1
-1
-3,820
-1,100
-3.032
137
259
-1,245
563
560
-1.967
-542
-566
-687
-172
-1,430
128
-227
-7,495
-4,743
-1,348
129
-1,533
-1.003
-244
-401
-10
322
-1,576
-128
-185
-46
-1,217
3,881
3,008
1,299
1,275
-674
2,738
-3,025
C8)
(18)
(18)
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. currency
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
R
•3
(18)
1,778
8
C)
,
681
-93
8
325
-161
2,174
-15
(18)
R
R
R
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities 9
Other 10
Other U.S. Government liabilitiesi' 1 "
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
-1,316
n
(18)
I18)
!3
(.8)
18
249
7
-719
-173
5
-178
-160
(18)
(18)
(18)
(.8)
1,475
(18)
487
(18)
175
I8
-159
-1,987
-358
18
-325
1,623
1,132
(18)
-179
(18)
(18)
(18)
182
(18)
8
-3.034
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of above items with sign reversed) ....
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17) .
Balance on goods and services (lines 65 and 66)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 67 and 68) I ;
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 69 and 7 0 ) l 3
See footnotes on page 33.
-14,641
-5,933
-4,987
-2,564
7,032
2,628
9,660
5,036
14,696
-117
1,975
677
2,652
1,877
1.797
687
2,484
1,096
3,580
1,638
804
2,442
837
14,579
4,529
-27
4,502
-31
3,549
3.279
-24
3,255
-1,112
1,617
883
1,847
584
1,424
803
2,227
953
3,180
-39
3,141
1,618
739
2,357
824
3,181
-36
2,431
826
3,257
-40
3.217
3,145
January 1999
SURVEY OF CURRENT BUSINESS
•
39
Transactions, by Area—Continued
of dollars]
International organizations and unallocated 16
Other countries in Asia and Africa
1997
1997
1998
1998
Line
1997
1997
II
IV
III
IK
I
II
III*
IV
III
I
II'
111'
1
240,817
61,208
61,539
60,062
53,789
51,851
51,506
155 781
39 479
38679
40,845
34244
32,927
31278
57,617
11.598
14,496
3,362
15,880
3,110
13,304
2,425
13,706
2,486
13,097
2,422
14,389
2,429
5,872
6
1,410
6
1,486
1,456
1,503
1,472
1,532
12.137
1,903
8,602
3,289
439
2,169
3,964
629
2,088
2,405
419
2,191
2,126
377
1,999
2,805
394
1.990
3,210
497
2,049
532
109
112
124
130
134
170
4,377
18,691
309
1,086
4,071
80
1,177
4,845
67
1.119
4,662
83
1,046
5,584
88
1,021
4.377
88
1,051
5,065
88
1,741
3,593
423
872
436
938
459
873
434
939
444
894
439
923
27,419
15,290
10.841
1,288
7,233
4,063
2,853
317
6,980
3,892
2,720
368
5,913
2,840
2,786
287
5,839
2,916
2,646
277
5,827
2,862
2,731
234
5,839
2,829
2,694
316
16,821
9,081
7,175
565
4,165
2,242
1,789
134
4,259
2,294
1,826
139
4,463
2,455
1,858
150
4,346
2,319
1,845
182
4,527
2,465
1,867
195
4,667
2,651
1,806
210
11
12
13
14
-314,046
-75,974
-85,832
-81,694
-76,018
-79,516
-87,264
-8,698
-2,059
-2,184
-2,355
-2,748
-2,547
-2,552
15
-255 087
-61258
-70 597
-66993
-61 035
-63 802
-71 376
-31,800
- 2 640
-7,873
-634
-8,293
-664
-8,096
-828
-8,179
-892
-8,597
- 1 003
-8,864
- 1 023
-2,574
-590
-615
-669
-1,054
-720
-786
-9,607
-4,505
-7,388
-2,396
-1,176
-1,811
-2,593
-1,178
-1,903
-2.211
-1,116
-1.942
-2,427
-1,103
-1.796
-2,477
-1,197
-1,885
-2,583
-1,138
-2,019
-1,093
-235
-229
-272
-332
-358
-414
-183
-6,670
-807
-50
-1,609
-197
-38-1,702
-215
-42
-1,758
-199
-38
-1,721
-202
-38
-1,795
-202
-35
-1,864
-202
-639
-842
-141
-214
-175
-211
-184
-213
-545
-177
-187
-175
-197
-175
22
23
24
-27,159
384
-9,746
-17,797
-6,843
153
-2,316
-4,680
-6,942
78
-2,427
-4,593
-6.605
121
-2,460
-4,266
-6,804
182
-2,653
-4,333
-7,117
15
-2,569
-4,563
-7,024
34
-2,579
-4,479
-6,124
-3,172
-2,946
-6
-1,469
-757
-711
-1
-1,569
-834
-734
-1
-1,686
-927
-758
-1
-1,694
-902
-789
-3
-1,827
-976
-838
-13
-1,766
-996
-767
-3
25
26
27
28
-15,422
-2,854
-3,269
-6,173
-3,433
-2,940
-3,509
-9,402
-2,259
-2,192
-2,612
-2,272
-2,139
-1,957
29
-8.132
-502
-6,788
-1.213
-129
-1,512
-1.338
-126
-1.805
-4,369
-122
-1,682
-1,338
-122
-1.973
-999
-120
-1,821
-1,410
-122
-1,977
-818
-1,150
-7,434
-258
-89
-1,912
-174
-185
-1,833
-137
-532
-1,943
-247
-241
-1,784
-223
-137
-1,779
-114
-82
-1,761
30
31
32
-38,600
-11,155
-8,339
-375
4,618
489
3,797
-9,921
-2,618
-2,483
-6,453
-3,037
-3,481
-5,031
33
-3,925
-79
-602
-4,371
-267
-959
-1,890
34
-350
-3,575
-133
54
-139
^63
-150
-4,221
-182
-85
72
-1,031
188
-2,078
35
36
37
22,693
5,575
5,745
5,919
5,849
5,999
6,199
2
3
4
5
6
7
8
9
m
16
17
18
19
20
21
on
341
-2.017
2,423
-65
-129
-614
497
-12
463
-478
986
-45
-24
-474
437
13
-374
-391
410
-393
-322
-£35
275
38
167
-205
365
7
-1,220
-1,220
-340
-340
-293
-293
-254
-254
-286
-286
-317
-317
-291
-291
39
40
41
42
-38,941
-16,834
-19,132
-1,380
-1,595
-11,026
-3,612
-2,238
400
-5,576
-8,802
-3,678
-9,172
-1,193
5,241
-351
-2,375
-4,439
-155
6,618
4,992
-2,178
-3,778
-690
11,638
811
-979
-4,789
2,261
4,318
3,630
-2,087
4,379
1.338
-4,776
-8,052
3,051
42
183
-2,199
-1,912
133
-3
-417
-1,588
-1,952
469
2
-107
-1,828
-2,391
936
-15
-358
-2,484
-1,727
-125
18
-650
-2,205
-2,302
158
-15
-46
-2,850
-2,027
119
1,388
-2,330
43
44
45
46
47
32,051
-13,531
17,569
2,565
19,974
-1,760
-12,581
25,979
8,469
5,477
10,046
7,754
114
10,514
48
(18)
1
(18)
(18)
(18)
(18)
M
M
-2,416
-854
P)
3,S
(18)
8
2,75 J
(.8)
18}
.8)
(18)
(18)
(18)
18)
18\
(.8)
(18
- 1 , 69
(18)
(18)
-647
-270
-167
(,8)
(18)
(18)
(18)
(18)
(18)
(18)
(.8)
(.8)
988
(18)
(18)
-2,116
(18)
49
50
51
52
53
54
55
1.
n
17
(18)
.8)
R
18
M
(18)
-1,415
(18)
(18)
(18)
706
138
(18)
(18)
1
-5.193
24,782
-43
157
18
-1,619
57
18
2,964
5,477
716
(.8)
6,576
-68
57
18
-1,804
31,876
48,051
-20,651
-7,108
-4,363
-30,875
4,500
-26,375
-1,290
-27,665
-2,940
-30,605
-40,098
5,525
-34,573
-1,185
-35,758
-3,509
-39,267
3,298
3,298
10,697
13,995
-9,402
4,593
820
820
2,696
3,516
-2,259
1,257
871
871
2,690
3,561
-2,192
1,369
8,076
1,833
18
21,151
1,528
40
18
-16,996
2,728
1,879
18
15,546
373
-1,103
18
2,290
3,217
1,563
18
17,477
655
59
18
-2,533
95,200
42,306
18,332
25,615
1,070
-99,306
25.817
-73,489
260
-73,229
-15,422
-88,651
-21,779
6,623
-15,156
390
-14,766
-2,854
-17,620
-31,918
7,587
-24,331
38
-24,293
-3,269
-27,562
-26,148
5,208
-20,940
-692
-21,632
-6,173
-27,805
-26,791
5,527
-21,264
-965
-22,229
-3,433
-25,662
-7.256
18
25,978
2,701
(18)
8,469
648
40
-22
7,754
811
10,046
771
(18)
9,900
38
19
-682
(18)
114
838
10,514
851
(18)
56
57
58
59
60
61
62
746
-74
57
6,214
2,349
215
73
18
-3,361
-4,545
-5,546
2,054
-7,173
64
787
787
2,777
3,564
-2,612
952
449
449
2,652
3,101
-2,272
829
752
752
2,700
3,452
-2,139
1,313
746
746
2,901
3,647
-1,957
1,690
65
66
67
68
69
70
71
18
18
7#
-203
3,029
-440
18
R?
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SURVEY OF CURRENT BUSINESS
January 1999
1999 Release Dates for BEA Estimates
Subject
U.S. International Trade in Goods and Services,
November 1998
State Personal Income, 3rd quarter 1998
Gross Domestic Product, 4th quarter 1998 (advance)
Release
Date*
Jan. 21 t
Jan. 26
Jan. 29
Personal Income and Outlays, December 1998
Feb. 1
U.S. International Trade in Goods and Services,
December 1998
Feb. 19 t
Gross Domestic Product, 4th quarter 1998 (preliminary) Feb. 26
Personal Income and Outlays, January 1999
U.S. International Transactions, 4th quarter 1998
U.S. International Trade in Goods and Services,
January 1999
Gross Domestic Product, 4th quarter 1998 (final) and
Corporate Profits, 4th quarter 1998
Mar. 1
Mar. 11
Personal Income and Outlays, February 1999
U.S. International Trade in Goods and Services,
February 1999
State Personal Income, 4th quarter 1998
and Per Capita Personal Income, 1998 (preliminary).
Gross Domestic Product, 1st quarter 1999 (advance)
Apr.
Personal Income and Outlays, March 1999
Metropolitan Area Personal Income, 1997
U.S. International Trade in Goods and Services,
March 1999
Gross Domestic Product, 1st quarter 1999 (preliminary)
and Corporate Profits, 1st quarter 1999 (preliminary)
Personal Income and Outlays, April 1999
May
May
Gross State Product, 1995-97
Foreign Investors' Spending to Acquire or Establish
U.S. Businesses, 1998
U.S. International Trade in Goods and Services,
April 1999
U.S. International Transactions, 1st quarter 1999
Gross Domestic Product, 1st quarter 1999 (final) and
Corporate Profits, 1st quarter 1999 (revised)
June
7
June
9
* These are target dates and are subject to revision.
f Joint release by Bureau of the Census and BEA.
Mar. 18 t
Mar. 31
1
Apr. 20 t
Apr. 27
Apr. 30
3
6
May 20 t
May 27
May 28
June 17 t
June 17
June 25
Subject
Personal Income and Outlays, May 1999
International Investment Position of the United States,
1998
U.S. International Trade in Goods and Services,
May 1999
State Personal Income, 1st quarter 1999
Gross Domestic Product, 2nd quarter 1999 (advance)...
Personal Income and Outlays, June 1999
Release
Date*
June 28
June 30
July
July
July
July
20 t
27
29
30
U.S. International Trade in Goods and Services,
June 1999
Aug. 19 t
Gross Domestic Product, 2nd quarter 1999 (preliminary)
and Corporate Profits, 2nd quarter 1999 (preliminary) Aug. 26
Personal Income and Outlays, July 1999
Aug. 27
U.S. International Transactions, 2nd quarter 1999
U.S. International Trade in Goods and Services,
July 1999
Gross Domestic Product, 2nd quarter 1999 (final) and
Corporate Profits, 2nd quarter 1999 (revised)
Sept. 14
Personal Income and Outlays, August 1999
U.S. International Trade in Goods and Services,
August 1999
State Personal Income, 2nd quarter 1999
Gross Domestic Product, 3rd quarter 1999 (advance)
Oct.
Personal Income and Outlays, September 1999
U.S. International Trade in Goods and Services,
September 1999
Gross Domestic Product, 3rd quarter 1999 (preliminary)
and Corporate Profits, 3rd quarter 1999 (preliminary)
Personal Income and Outlays, October 1999
Nov.
U.S. International Transactions, 3rd quarter 1999
U.S. International Trade in Goods and Services,
October 1999
Gross Domestic Product, 3rd quarter 1999 (final) and
Corporate Profits, 3rd quarter 1999 (revised)
Personal Income and Outlays, November 1999
Dec. 14
Sept. 21 f
Sept. 30
1
Oct. 20 t
Oct. 26
Oct. 28
2
Nov. 18 t
Nov. 24
Nov. 26
Dec. 16 t
Dec. 22
Dec. 23
For further information, call (202) 606-9900, or write to Public Information
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SURVEY OF CURRENT BUSINESS
January 1999
Contents
D-l
BEA CURRENT AND HISTORICAL DATA
National, International, and Regional Estimates
This section presents an extensive selection of economic statistics prepared by the Bureau of Economic Analysis and a much
briefer selection of collateral statistics prepared by other Government agencies and private organizations. Series originating
in Government agencies are not copyrighted and may be reprinted freely. Series from private sources are provided through
the courtesy of the compilers and are subject to their copyrights.
BEA makes its economic information available on three World Wide Web sites. The BEA Web site <www.bea.doc.gov>
contains data, articles, and news releases from BEA'S national, international, and regional programs. The Federal Statistical
Briefing Room (FSBR) on the White House Web site <www.whitehouse.gov/fsbr> provides summary statistics for GDP and
a handful of other NIPA aggregates. The Commerce Department's STAT-USA Web site <www.stat-usa.gov> provides detailed
databases and news releases from BEA and from other Federal Government agencies by subscription; information about
STAT-USA'S Economic Bulletin Board (EBB) and Internet services may be obtained at the Web site or by calling (202) 482-1986.
The tables listed below present annual, quarterly, and monthly estimates, indicated as follows: [A] Annual estimates only;
[Q] quarterly estimates only; [QA] quarterly and annual estimates; [MA] monthly and annual estimates.
National Data
International Data
A. Selected NIPA Tables: [QA]
1. National product and income
D-2
2. Personal income and outlays
D-6
3. Government receipts, current expenditures,
and gross investment
D-7
4. Foreign transactions
D-11
5. Saving and investment
D-13
6. Income and employment by industry
D-16
7. Quantity and price indexes
D-17
8. Supplementary tables
D-24
B. Other NIPA and NiPA-related tables:
Monthly estimates: [MA]
B.i. Personal income
B.2. Disposition of personal income
D-27
D-27
Annual estimates: [A]
B.3. GDP by industry
D-28
B.4. Personal consumption expenditures by type of
expenditure
D-29
B.5. Private purchases of structures by type
D-30
B.6. Private purchases of producers' durable
equipment by type ..
D-30
B.7. Compensation and wage and salary accruals
by industry
D-31
B.8. Employment by industry
D-32
B.9. Wage and salary accruals and employment
by industry per full-time equivalent
D-33
B.10. Farm sector output, gross product,
and national income
D-34
B.11. Housing sector output, gross product,
and national income
D-34
B.12. Net stock of fixed private capital, by type... D-35
C. Historical tables: [A]
C.i. Historical estimates for major NIPA
aggregates
D-36
C.2.-C.7. Growth rates of selected components
of real GDP
D-39
D. Domestic perspectives [MA, QA]
D-41
E. Charts:
Selected NIPA series
Other indicators of the domestic economy
D-43
D-49
F. Transactions tables:
F.i. U.S. international transactions in goods
and services [MA]
F.2. U.S. international transactions [QA]
F.3. Selected U.S. international transactions,
by area [Q]
F.4. Private service transactions [A]
D-51
D-52
D-53
D-56
G. Investment tables:
G.i. International investment position of the United
States [A]
D-57
G.2. USDIA: Selected items [A]
D-58
G.3. Selected financial and operating data for nonbank
foreign affiliates of U.S. companies [A]
D-59
G.4. FDIUS: Selected items [A]
D-60
G.5. Selected financial and operating data of nonbank
U.S. affiliates of foreign companies [A]
D-61
H. International perspectives [MA, QA]
D-62
I. Charts
D-64
Regional Data
J. State and regional tables:
J.i. Total and nonfarm personal income [QA] D-65
J.2. Percent of personal income for selected
components [A]
D-66
J.3. Per capita personal income and
disposable personal income [A]
D-67
J.4. Gross state product [A]
D-68
K. Local area table
D-69
L. Charts
D-71
Appendixes
Appendix A: Additional information about
BEA'S NIPA estimates:
Statistical conventions
Reconciliation tables [QA]
D-73
D-74
Appendix B: Suggested reading
D-75
D-2 • National Data
SURVEY OF CURRENT BUSINESS
January 1999
National Data
A. Selected NIPA Tables
The tables in this section include the most recent estimates of gross domestic product and its components;
these estimates were released on December 23, 1998 and include the "final" estimates for the third quarter of
1998.
The selected set of NIPA tables shown in this section presents quarterly estimates, which are updated monthly.
In most tables, the annual estimates are also shown. Most of the "annual only" NIPA tables were presented in
the August 1998 SURVEY OF CURRENT BUSINESS; table 8.26 was presented in the September 1998 SURVEY; and
the remaining "annual only" tables—tables 3.15-3.20 and 9.1-9.6—were presented in the October 1998 SURVEY.
The news release on gross domestic product (GDP) is available at the time of release, and the "Selected
NIPA Tables" are available later that day, on STAT-USA'S Economic Bulletin Board and Internet services; for
information, call STAT-USA on 202-482-1986. In addition, the GDP news release is available the afternoon of the
day of the release, and the "Selected NIPA Tables" a day or two later, on BEA'S Web site <www.bea.doc.gov>.
The "Selected NIPA Tables" are also available on printouts or diskettes from BEA. TO order NIPA subscription products using Visa or MasterCard, call the BEA Order Desk at 1-800-704-0415 (outside the United States,
202-606-9666).
1. National Product and IncomeTable 1.1.—Gross Domestic Product
Table 1.2.—Real Gross Domestic Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1997
1997
1996
1998
1997
1997
III
Gross domestic product
Personal consumption
expenditures
Durable goods
Nondurable goi
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Net exports of goods and
services
Exports
Goods
Services
Imports
Goods
Services
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense
State and local
7,661.6 8,110.9 8,063.4 8,170.8 8,254.5 8,384.2 8,440.6 8,537.9
IV
I
II
6,994.8 7,269.8 7,236.5 7,311.2 7,364.6 7,464.7 7,498.6 7,566.5
5,215.7 5,493.7 5,438.8 5,540.3 5,593.2 5,676.5 5,773.7 5,846.7
Personal consumption
expenditures
4,752.4 4,913.5 4,872.7 4,947.0 4,981.0 5,055.1 5,130.2 5,181.8
643.3 673.0 659.9 681.2 682.2 705.1 720.1 718.9
1,539.2 1,600.6 1,588.2 1,611.3 1,613.2 1,633.1 1,655.2 1,670.0
3,033.2 3,220.1 3,190.7 3,247.9 3,297.8 3,338.2 3,398.4 3,457.7
Durable goods
Nondurable goods
Services
626.1 668.6 653.8 679.6 684.8 710.3 729.4 733.7
1,450.9 1,486.3 1,477.1 1,495.7 1,494.3 1,521.2 1,540.9 1,549.1
2,676.7 2,761.5 2,743.6 2,775.4 2,804.8 2,829.3 2,866.8 2,904.8
1,131.9 1,256.0 1,259.9 1,265.7 1,292.0 1,366.6 1,345.0 1,364.4
Gross private domestic
investment
1,084.1 1,206.4 1,211.3 1,215.8 1,241.9 1,321.8 1,306.5 1,331.6
1,099.8 1,188.6 1,176.4 1,211.1 1,220.1 1,271.1 1,305.8 1,307.5
787.9 860.7 850.5 882.3 882.8 921.3 941.9 931.6
216.9 240.2 234.3 243.8 246.4 245.0 245.4 246.2
571.0
311.8
620.5
327.9
616.2
325.9
638.5
328.8
636.4
337.4
676.3
349.8
696.6
363.8
685.4
375.8
32.1
67.4
83.5
54.6
71.9
95.5
39.2
57.0
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
1,050.6 1,138.0 1,127.0 1,159.3 1,169.5 1,224.9 1,264.1 1,270.9
776.6 859.4 848.2 882.2 886.2 931.9 960.4 958.7
189.7 203.2 199.3 205.2 205.7 203.1 201.9 202.0
589.8
275.9
660.9
282.8
653.8
282.5
682.6
282.3
686.4
287.9
738.8
298.5
771.3
309.1
769.3
316.5
30.0
63.2
79.0
51.0
66.5
91.4
38.2
55.7
Net exports of goods and
-91.2
-93.4
-86.8
-94.7
-98.8 -123.7 -159.3 -165.5
973.3 949.6 936.2
965.4 961.1 981.7
688.3 682.9 700.2 708.9 694.5 668.8 663.3
281.5
279.7 278.8 280.8 272.9
277.1 278.2
1,058.8 1,047.9 1,076.4 1,087.4 1,097.1 1,108.9 1,101.7
809.0 888.3 879.2 902.7 912.4 920.9 931.8 924.7
156.0 170.4 168.7 173.6 174.9 176.2 177.1 177.0
873.8
618.3
255.5
1,405.2 1,454.6 1,451.5 1,459.5 1,468.1 1,464.9 1,481.2 1,492.3
518.4
351.0
167.4
520.2
346.0
174.3
934.4
522.9
349.1
173.8
928.6
521.0
347.1
173.9
938.5
520.1
346.5
173.6
947.9
511.6
331.6
180.0
953.3
520.7
339.8
180.9
960.4
NOTE—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Gross domestic product
1998
519.4
343.7
175.7
972.9
-111.2 -136.1 -131.6 -142.4 -149.0 -198.5 -245.2 -259.0
Exports
Goods
Services
Imports
Goods
Services
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense
State and local
Residual.
860.0 970.0 963.6 988.1 998.8 991.9 972.1 965.3
629.4 726.5 719.1 740.6 754.9 748.5 726.3 727.3
231.8 247.0 247.5 251.1 248.6 247.8 248.8 242.1
971.2 1,106.1 1,095.2 1,130.5 1,147.8 1,190.4 1,217.3 1,224.3
824.7 945.7 937.4 966.7 981.8 1,021.0 1,048.8 1,056.3
147.3 161.8 159.2 165.2 167.5 171.3 171.0 170.8
1,268.2 1,285.0 1,284.4 1,288.9 1,289.2 1,283.0 1,294.8 1,299.6
465.6
319.1
146.2
802.7
458.0
308.9
148.6
827.1
460.4
311.7
-1.5
-7.3
148.2
824.2
458.9
310.2
148.
830.1
456.
308.7
147.3
832.9
446.1
293.3
151.9
837.1
454.1
300.
152.9
840.9
452.5
303.5
148.4
847.3
-6.7
-8.9
-8.9
-14.2
-8.4
-6.1
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
Percent changes from preceding period for selected items in this table are shown in table 8.1; contributions to
the percent change in real gross domestic product are shown in table 8.2.
Chain-type quantity indexes for the series in this table appear in table 7.1.
D-3
National Data
SURVEY OF CURRENT BUSINESS
January 1999
Table 1.3.—Gross Domestic Product by Major Type of Product
Table 1.4.—Real Gross Domestic Product by Major Type of Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1997
1997
1996
I
Gross domestic product
Final sales of domestic
product
Change in business
inventories
Goods
Final sales
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
1996
1998
IV
II
7,661.6 8,110.9 8,063.4 8,170.8 8,254.5 8,384.2 8,440.6 8,537.9
7,629.5 8,043.5 7,979.9 8,116.2 8,182.6 8,288.7 8,401.3 8,480.9
67.4
39.2
57.0
71.9
54.6
83.5
95.5
32.1
178.5 2,967.0 2,998.9 3,020.5 3,101.3 3,064.5 3,085.9
2,812.4 2,978.5
2,780.3 2,911.1 2,883.6 2,944.3 2,948.7 3,005.8 3,025.3 3,029.0
39.2
57.0
71.9
83.5
67.4
95.5
54.6
32.1
1,249.5 1,343.8 1,342.5 1,357.0 1,368.2 1,426.9 1,385.4 1,392.5
1,228.7 1,310.1 1,293.6 1,337.1 1,334.3 1,376.9 1,380.8 1,373.0
19.5
48.8
4.5
49.9
34.0
19.9
33.6
20.8
1,562.9 1,634.8 1,624.5 1,641.8 1,652.3 1,674.4 1,679.1 1,693.4
, 1,551.6 1,601.0 1,589.9 1,607.2 1,614.4 1,628.8 1,644.4 1,655.9
Services
Structures
37.5
34.7
34.7
34.6
37.9
33.8
45.6
11.4
4,179.5 4,414.1 4,386.9 4,448.0 4,501.2 4,538.4 4,619.5 4,678.5
669.7 718.3 709.4 723.9 732.7 744.6 756.6 773.5
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output
7,384.4 7,817.2 7,782.7 7,871.0 7,948.1 8,083.9 8,150.9 8,253.1
277.1
293.7
280.7
299.7
306.4
300.3
289.7
1998
1997
1997
284.8
III
I
6,994.8 7,269.8 7,236.5 7,311.2 7,364.6 7,464.7 7,498.6 7,566.5
Gross domestic product
Final sales of domestic
product
Change in business
inventories
Residual
Goods
Final sales
Change in business
inventories
Durable goods
Final sales
Change in business
inventories
Nondurable goods
Final sales
Change in business
inventories
Services
Structures
Residual
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output
6,961.6 7,203.7 7,155.5 7,256.3 7,294.8 7,372.5 7,456.4 7,507.6
55.7
38.2
91.4
66.5
63.2
79.0
51.0
30.0
3.2
4.0
.8
3.3
3.9
2.9
2.0
3.2
2,708.8 2,867.9 2,852.6 2,890.2 2,917.0 3,000.8 2,969.7 2,995.0
2,675.6 2,799.7 2,768.7 2,834.0 2,844.8 2,904.3 2,927.7 2,934.8
91.4
55.7
38.2
66.5
79.0
63.2
51.0
30.0
1,247.7 1,364.8 1,359.4 1,384.8 1,404.8 1,470.3 1,437.1 1,457.1
1,227.7 1,331.9 1,311.2 1,365.8 1,371.4 1,420.4 1,434.1 1,438.2
4.2
47.3
32.2
18.5
18.7
45.8
31.6
19.5
1,464.2 1,509.6 1,499.7 1,512.7 1,520.4 1,541.6 1,541.6 1,547.8
1,451.5 1,475.1 1,463.9 1,477.1 1,482.4 1,495.2 1,505.4 1,508.3
34.1
44.1
37.4
34.2
33.2
31.5
10.5
32.3
3,701.7 3,798.7 3,784.9 3,816.4 3,841.1 3,854.8 3,907.3 3,940.1
588.5 612.5 607.9 614.6 617.2 625.2 632.1 641.7
-17.7
-10.4 -13.7 -13.9 -22.3
-4.6
-18.6
-11.5
246.3
6,748.4
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
260.8
7,008.8
249.6
265.1
274.7
268.5
6,986.8 7,046.0 7,089.7 7,195.9
260.7
7,237.6
253.0
7,313.0
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line following change in business inventories is the difference between gross domestic product and
the sum of final sales of domestic product and of change in business inventories; the residual line following structures is the difference between gross domestic product and the sum of the detailed lines of goods, of services,
and of structures.
Percent changes from preceding period for selected items in this table are shown in table 8.1
Chain-type quantity indexes for the series in this table appear in table 7.17.
Table 1.5.—Relation of Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers
Table 1.6.—Relation of Real Gross Domestic Product, Real Gross
Domestic Purchases, and Real Final Sales to Domestic Purchasers
[Billions of dollars]
[Billions of chained (1992) dollars]
Gross domestic product ...
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases
Less: Change in business
inventories
Equals: Final sales to
domestic purchasers
7,661.6 8,110.9 8,063.4 8,170.8 8,254.5 8,384.2 8,440.6 8,537.9
873.8
965.4
961.1
981.7
973.3
949.6
936.2
965.0 1,058.8 1,047.9 1,076.4 1,087.4 1,097.1 1,108.9 1,101.7
7,752.8 8,204.3 8,150.2 8,265.5 8,353.3 8,508.0 8,599.9 8,703.4
32.1
67.4
83.5
54.6
71.9
95.5
39.2
57.0
7,720.7 8,136.9 8,066.7 8,210.9 8,281.4 8,412.5 8,560.6 8,646.4
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
6,994.8 7,269.8 7,236.5 7,311.2 7,364.6 7,464.7 7,498.6 7,566.5
Gross domestic product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases
Less: Change in business
inventories
Equals: Final sales to
domestic purchasers
860.0
970.0
963.6 988.1
998.8
972.1
991.9
7,101.1 7,396.5 7,359.4 7,443.1 7,502.1 7,644.9 7,718^6 7,798.8
30.0
63.2
79.0
51.0
66.5
91.4
38.2
7,068.0 7,330.2 7,278.3 7,388.0 7,432.1 7,552.2 7,676.4 7,739.8
Table 1.8.—Real Gross Domestic Product by Sector
[Billions of dollars]
[Billions of chained (1992) dollars]
Gross domestic product
7,661.6 8,110.9 8,063.4 8,170.8 8,254.5 8,384.2 8,440.6 8,537.9
6,432.9 6,836.5 6,792.9 6,890.9 6,967.0 7,083.1 7,126.3 7,209.5
6,341.3 6,746.3 6,700.6 6,799.7 6,880.0 6,999.3 7,041.4 7,126.3
Nonfarm'
5,679.2 6,047.2 6,004.4 6,096.8 6,170.6 6,285.4 6,315.0 6,387.1
Nonfarm less housing
702.9 709.4 713.9 726.4 739.2
662.1 699.1
Housing
91.2
92.2
87.0
83.8
Farm
83.2
84.9
91.6
90.2
Households and institutions ...
345.0 361.4 359.8 363.5 366.9 371.1 377.9 383.9
12.0
12.0
12.0
Private households
11.8
12.2
11.9
12.0
12.0
359.2
Nonprofit institutions
333.1 349.4 347.8 351.5 355.0
365.9 371.7
2
910.7
916.3
930.1
920.5
General government
883.6 912.9
936.3 944.5
282.4 281.0 278.8 282.1
Federal
279.2 281.3
281.2 281.8
628.3
635.3 641.7 648.0
State and local
655.2 662.6
604.4 631.7
1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Gross nonfarm product equals gross domestic business product less gross farm
product.
2. Equals compensation of general government employees plus general government consumption of fixed capital
as shown in table 3.7.
55.7
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
Percent changes from preceding period for selected items in this table are shown in table 8.1.
Chain-type quantity indexes for the series in this table appear in table 7.2.
Table 1.7.—Gross Domestic Product by Sector
Business'
965.3
971.2 1,106.1 1,095.2 1,130.5 1,147.8 1,190.4 1,217.3 1,224.3
Gross domestic product
Business'
Nonfarm'
Nonfarm less housing
Housing
Farm
Households and institutions ...
Private households
Nonprofit institutions
General government2
Federal
State and local
Residual
6,994.8
5,903.5
5,824.3
5,236.0
588.7
78.6
311.8
10.5
301.3
781.2
240.7
540.8
-1.8
7,269.8
6,164.9
6,074.3
5,470.5
604.5
90.3
321.5
10.2
311.3
786.2
235.4
551.3
-3.7
7,236.5
6,133.3
6,042.3
5,438.9
604.0
90.7
320.2
10.3
310.0
785.7
236.3
549.9
-3.6
7,311.2
6,203.0
6,109.2
5,504.4
605.6
93.7
323.1
10.2
313.0
788.1
235.5
553.2
-4.4
7,364.6
6,255.6
6,165.8
5,559.6
607.3
88.8
325.1
10.0
315.1
787.3
232.5
555.5
-4.2
7,464.7
6.352.3
6.260.4
5,655.9
606.2
91.1
326.7
9.8
316.9
789.6
232.4
557.9
-5.5
7,498.6
6,382.6
6,290.5
5,680.5
611.5
91.4
327.7
9.9
317.9
792.2
231.9
561.1
-5.6
7,566.5
6,445.9
6,351.8
5,736.1
617.3
93.6
329.4
10.0
319.5
795.4
232.0
564.2
-6.2
1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Gross nonfarm product equals gross domestic business product less gross farm
product.
2. Equals compensation of general government employees plus general government consumption of fixed capital
as shown in table 3.8.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
Chain-type quantity indexes for the series in this table appear in table 7.14.
D-4 • National Data
SURVEY OF CURRENT BUSINESS
January 1999
Table 1.9.—Relation of Gross Domestic Product, Gross National Product,
Net National Product, National Income, and Personal Income
Table 1.10.—Relation of Real Gross Domestic Product, Real Gross
National Product, and Real Net National Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
1996
1997
1997
II
Gross domestic product
Plus: Receipts of factor income
from the rest of the world
Less: Payments of factor income
to the rest of the world ,
Equals: Gross national
product
Less: Consumption of fixed
capital
Private
Capital
consumption
allowances
Less: Capital
consumption
adjustment
Government
General
government
Government
enterprises
Equals: Net national product
Less: Indirect business tax and
nontax liability
Business transfer
payments
Statistical discrepancy ...
Plus: Subsidies less current
surplus of government
enterprises
Equals: National income
III
Seasonally adjusted at annual rates
1996
1998
IV
I
II
7,661.6 8,110.9 8,063.4 8,170.8 8,254.5 8,384.2 8,440.6 8,537.9
235.5
265.5
268.3
274.3
266.3
270.3
270.6
265.0
223.1
273.5
269.4
283.0
285.9
285.1
289.3
292.1
7,674.0 8,102.9 8,062.3 8,162.0 8,234.9 8,369.4 8,421.8 8,510.9
payments to persons
832 0
684.3
8718
720.2
8665
714.9
877 0
725.2
887.6
734.7
894.5
741.1
902.3
748.5
912.3
757.3
719.7
760.5
754.3
765.8
778.2
790.5
803.2
816.8
35.4
147.7
40.4
151.6
39.4
151.6
40.6
151.8
43.5
152.9
49.4
153.4
54.7
153.7
59.5
155.0
125.3
128.3
128.3
128.3
129.1
129.4
129.6
130.6
22.4
23.4
23.3
23.5
23.7
24.0
24.2
24.4
6,842.0 7,231.1 7,195.8 7,285.1 7,347.3 7,474.9 7,519.6 7,598.5
606.4
627.2
625.0
632.0
634.5
641.9
647.7
33.8
-32.2
35.1
-55.8
35.0
^7.7
35.4
-65.1
35.6
-67.3
35.6
-54.1
36.0
36.3
-85.7 -102.0
22.0
21.9
21.0
22.0
23.4
23.5
23.9
656.5
1998
IV
Gross domestic product
Plus: Receipts of factor income
from the rest of the world
Less: Payments of factor income
to the rest of the world
Equals: Gross national
product
24.6
Private
:
Government
General
government
Government
enterprises
I
6,994.8 7,269.8 7,236.5 7,311.2 7,364.6 7,464.7 7,498.6 7,566.5
214.8
238.0
241.0
245.6
237.6
241.0
241.0
235.7
200.9
240.7
237.5
248.9
250.5
249.6
252.8
254.6
7,008.4 7,266.2 7,239.3 7,307.0 7,350.7 7,455.2 7,485.9 7,546.7
26.4
27.2
27.1
27.3
27.5
27.8
28.1
28.3
Equals: Personal income
6,425.2 6,784.0 6,743.6 6,820.9 6,904.9 7,003.9 7,081.9 7,160.8
7,693.8 8,166.7 8,111.1 8,235.9 8,321.8 8,438.4 8,526.3 8,639.9
7,706.2 8,158.7 8,110.0 8,227.1 8,302.2 8,423.6 8,507.6 8,612.8
6,829.6 7,239.1 7,196.9 7,293.8 7,366.9 7,489.8 7,538.3 7,625.6
777.2
642.4
135.5
808.8
672.2
137.4
799.2
668.7
137.2
814.0
676.0
137.7
829.3 841.1
683.1 694.4
138.1 138.6
854.4
707.2
139.0
867.8
719.8
139.8
114.8
116.1
116.0
116.3
116.6
116.9
117.2
117.8
20.1
20.6
20.6
20.7
20.9
21.0
21.1
21.3
Equals: Net national product
6,230.9 6,457.3 6,437.3 6,493.3 6,525.1 6,617.8 6,635.8 6,683.8
Addenda:
Gross domestic income •
Gross national income2
Net domestic product
7,024.1 7,319.7 7,279.3 7,369.5 7,424.7 7,512.9 7,574.8 7,656.8
7,037.7 7,316.2 7,282.1 7,365.2 7,410.8 7,503.4 7,562.1 7,637.0
6,217.4 6,460.8 6,434.3 6,497.6 6,539.4 6,627.8 6,649.0 6,704.0
1. Gross domestic income deflated by the implicit price deflator for gross domestic product.
2. Gross national income deflated by the implicit price deflator for gross national product.
NOTE.—Except as noted in footnotes 1 and 2, chained (1992) dollar series are calculated as the product of
the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100. Because
the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chaineddollar estimates are usually not additive.
Chain-type quantity indexes for the series in this table appear in table 7.3.
Table 1.11.—Command-Basis Real Gross National Product
[Billions of chained (1992) dollars]
6,256.0 6,646.5 6,604.5 6,704.8 6,767.9 6,875.0 6,945.5 7,032.3
Addenda:
Gross domestic income
Gross national income
Net domestic product
1997
Less: Consumption of fixed
Less: Corporate profits with
inventory valuation and capital
750.4 817.9 815.5 840.9 820.8 829.2 820.6 827.0
consumption adjustments
Net interest
418.6 432.0 431.8 433.3 432.4 440.5 447.1 454.0
Contributions for social
688.0 727.0 722.1 730.8 740.9 755.0 762.9 771.6
insurance
Wage accruals less
disbursements
9.3
3.7
3.7
3.7
3.7
4.0
4.0
4.0
719.4 747.3 745.7 750.5 753.0 757.0 763.0 769.2
Plus: Personal interest income ...
Personal dividend
248.2 260.3 259.9 260.4 261.3 261.6 262.1 263.0
income
Government transfer
1,041.5 1,083.3 1,079.7 1,086.7 1,093.1 1,111.2 1,117.7 1,124.6
payments to persons
Ri icinaoo tronofor
DUolllcoo Uallolci
1997
III
Gross national product
7,008.4 7,266.2 7,239.3 7,307.0 7,350.7 7,455.2 7,485.9 7,546.7
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'
1,075.2 1,208.2 1,205.2 1,234.2 1,235.8 1,232.8 1,213.7 1,201.1
Equals: Command-basis gross
national product
Addendum:
Terms of trade 2
1,095.2 1,246.7 1,246.0 1,277.2 1,280.2 1,296.5 1,283.4 1,275.1
7,028.3 7,304.7 7,280.1 7,350.1 7,395.1 7,518.9 7,555.6 7,620.7
101.9
103.2
103.4
103.5
103.6
105.2
105.7
106.2
1. Exports of goods and services and receipts of factor income deflated by the implicit price deflator for imports
of goods and services and payments of factor income.
2. Ratio of the implicit price deflator for exports of goods and services and receipts of factor income to the
corresponding implicit price deflator for imports with the decimal point shifted two places to the right.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
Percent changes from preceding period for selected items in this table are shown in table 8.1.
Chain-type quantity indexes for the series in this table appear in table 7.3.
National Data
SURVEY OF CURRENT BUSINESS
January 1999
D-5
Table 1.16.—Gross Domestic Product of Corporate Business in Current
Dollars and Gross Domestic Product of Nonfinancial Corporate Business in Current and Chained Dollars
Table 1.14.—National Income by Type of Income
[Billions of dollars]
Seasonally adjusted at annual rates
1996
Seasonally adjusted at annual rates
1997
1997
1996
I
National income
Rental income of persons with
capital consumption
adjustment
Rental income of persons
Capital consumption
adjustment
Corporate profits with
inventory valuation and
capital consumption
adjustments
Corporate profits with
inventory valuation
adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits ...
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest
Addenda:
Corporate profits after tax with
inventory valuation and
capital consumption
adjustments
Net cash flow with inventory
valuation and capital
consumption adjustments ...
Undistributed profits with
inventory valuation and
capital consumption
adjustments
Consumption of fixed
capital
Less: Inventory valuation
adjustment
Equals: Net cash flow
1997
6,256.0 6,646.5 6,604.5 6,704.8 6,767.9 6,875.0 6,945.5 7,032.3
Compensation of employees ... 4,409.0 4,687.2 4,649.2 4,715.5 4,798.0 4,882.8 4,945.2 5,011.6
3,640.4 3,893.6 3,859.2 3,919.3 3,993.6 4,065.9 4,121.6 4,181.1
Wage and salary accruals
640.9 664.2 661.6 666.7 671.4 679.5 685.8 692.7
Government
1,386.4 3,435.8 3,488.4
Other
2,999.5 3,229.4 3,197.6 3,252.6 3,322.2 3,386.4
Supplements to wages and
768.6 793.7 790.0 796.2 804.4 816.8 823.5 830.5
salaries
Employer contributions for
381.7 400.7 398.4 402.7 407.4 414.1 417.9 422.1
social insurance
387.0 392.9 391.5 393.6 397.0 402.8 405.7 408.4
Other labor income
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Proprietors' income with
inventory valuation
adjustment
Capital consumption
adjustment
Nonfarm
Proprietors' income
Inventory valuation
adjustment
Capital consumption
adjustment
1997
527.7
38.9
46.7
-7.8
488.8
461.6
551.2 549.9
35.5 37.8
556.5
36.3
558.0
31.4
564.2
27.4
571.7
27.7
576.1
25.2
45.4
43.8
38.8
34.7
35.0
32.3
-7.5 -7.6
515.8 512.1
485.3 481.5
-7.5
520.2
-7.4
526.6
495.5
-7.3
536.8
502.9
-7.2
544.0
511.6
-7.2
550.9
516.9
43.0
.6
1.0
.4
.5
2.4
-.1
.7
27.8
29.9
29.6
30.0
30.6
31.5
32.4
33.3
150.2
198.4
158.2
208.6
158.0
208.0
158.6
209.4
158.8
210.2
158.3
209.5
161.0
212.2
215.7
-48.1
-50.4
-50.0
-50.8
-51.4
-51.2
-51.3
-52.0
750.4
679.0
680.2
226.1
454.1
261.9
192.3
817.9
741.2
734.4
246.1
488.3
275.1
213.2
815.5
740.1
729.8
241.9
487.8
274.7
213.2
840.9
763.7
758.9
254.2
504.7
275.1
229.5
820.8
740.7
736.4
249.3
487.1
276.4
210.6
829.2
820.6
744.3
719.1
239.9
479.2
277.3
201.8
731.3
723.5
241.6
481.8
278.1
203.7
7.8
-1.2
6.9
10.3
4.8
4.3
25.3
71.4
76.6
75.5
77.2
80.1
84.9
418.6
432.0
431.8
433.3
432.4
440.5
163.6
827.0
732.1
720.5
243.2
477.3
279.Q
198.3
11.7
94.8
447.1
454.0
524.3
571.8
573.6
586.7
571.4
589.3
579.0
583.7
714.4
774.1
772.6
792.3
782.6
804.5
798.7
807.9
262.4
296.7
299.0
311.5
295.0
312.0
300.9
304.8
452.0
477.3
473.7
480.8
487.7
492.5
497.8
503.1
-1.2
715.7
6.9
767.2
10.3
762.3
4.8
787.5
4.3
778.4
25.3
779.2
7.8
790.9
11.7
796.2
Billions of dollars
Gross domestic product
of corporate business
Consumption of fixed capital ......
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies
Domestic income
Compensation of
employees
Wage and salary
accruals
Supplements to wages
and salaries
Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest
Gross domestic product
of financial corporate
business
Gross domestic product
of nonfinancial
corporate business
Consumption of fixed capital
Net domestic product
Indirect business tax and
nontax liability plus
business transfer payments
less subsidies
Domestic income
Compensation of
employees
Wage and salary
accruals
Supplements to wages
and salaries
Corporate profits with
inventory valuation and
capital consumption
adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation
adjustment
Capital consumption
adjustment
Net interest
4,607.8 4,960.9 4,911.3 5,015.5 5,090.8 5,160.6 5,210.0 5,286.0
452.0
477.3
473.7
480.8
487.7
492.;
497.8
503.1
4,155.8 4,483.5 4,437.6 4,534.7 4,603.2 4,668.0 4,712.2 4,782.8
450.1 477.8 474.5 484.7 489.1 495.0 499.2 506.5
,005.7 3,963.1
3,705.7 4,005.7
,963.1 4,049.9 4,114.0 4,173.0 4,213.0 4,276.3
2,926.5 3,139.8 3,109.1 3,160.8 3,228.8 3,283.2 3,327.8 3,375.1
2,449.1 2,644.4 2,615.0 2,664.1 2,728.3 2,773.3 2,813.7 2,856.7
477.4
495.5 494.1
496.7
500.5
509.9
514.1
518.4
654.0
583.8
226.1
357.7
224.8
132.9
718.9
635.4
246.1
389.3
234.7
154.5
710.2
624.4
241.9
382.4
230.0
152.4
738.6
656.6
254.2
402.3
229.7
172.7
728.8
644.5
249.3
395.1
244.0
151.2
730.6
620.5
239.9
380.6
240.6
140.0
723.3
626.2
241.6
384.5
259.9
124.6
737.0
630.5
243.2
387.3
251.0
136.3
-1.2
6.9
10.3
4.8
4.3
25.3
7.8
11.7
71.4
125.2
76.6
147.1
75.5
143.9
77.2
150.5
80.1
156.4
84.9
159.2
161.9
94.8
164.1
473.4
546.4
535.6
553.6
577.7
586.4
591.2
597.1
4,134.4 4,414.5 4,375.7 4,461.9 4,513.2 4S574.2 4,618.8 4,688.9
393.4
415.4
412.2
418.4
424.4
428.5
433.1
437.4
3,741.0 3,999.1 3,963.5 4,043.4 4,088.8 4,145.7 4,185.7 4,251.4
411.6 436.8 434.5 442.1 445.0 450.
454.2 461.1
3,329.4 3,562.3 3,529.0 3,601.4 3,643.8 3,695.2 3,731.4 3,790.3
2,679.7 2,871.2 2,843.4 2,889.8 2,952.6 3,002.3 3,043.1 3,086.3
2,240.7 2,416.6 2,389.7 2,434.3 2,494.2 2,534.5 2,571.4 2,610.7
439.0
454.6
453.7
455.5
458.4
467.8
471.7
475.6
548.5
473.1
151.5
321.5
217.1
104.4
594.2
505.4
169.8
335.6
229.3
106.3
586.7
495.6
166.4
329.2
224.6
104.6
615.2
528.0
178.1
349.9
226.1
123.8
599.3
509.8
170.1
339.6
239.6
100.1
599.3
484.2
159.7
324.5
237.3
87.2
593.2
491.8
162.1
329.6
254.3
75.3
607.5
497.3
163.8
333.5
247.3
86.2
-1.2
6.9
10.3
4.8
4.3
25.3
7.8
11.7
76.7
101.2
81.9
96.9
80.7
99.0
82.5
96.3
85.3
91.9
89.8
93.6
93.7
95.2
98.5
96.5
Billions of chained (1992) dollars ~
Gross domestic product
of nonfinancial
corporate business' ..
3,914.8 4,154.4 4,117.0 4,198.5 4,247.5 4,309.2 4,352.0 4,417.2
Consumption of fixed capital 2 ...
Net domestic product3
374.3 394.6 392.2 397.2 402.1 409.3 417.7 426.6
3,540.5 3,759.8 3,724.9 3,801.3 3,845.5 3,899.9 3,934.3 3,990.6
1. Chained-dollar gross domestic product of nonfinancial corporate business equals the current-dollar product deflated by the implicit price deflator for goods and structures in gross domestic product.
2. Chained-dollar consumption of fixed capital of nonfinancial corporate business is calculated as the product
of the chain-type quantity index and the 1992 current-dollar value of the corresponding series, divided by 100.
3. Chained-dollar net domestic product of nonfinancial corporate business is the difference between the gross
product and the consumption of fixed capital.
D-6
• National Data
January 1999
SURVEY OF CURRENT BUSINESS
2. Personal Income and Outlays.
Table 2.2.—Personal Consumption Expenditures by Major Type of
Product
Table 2.1 .—Personal Income and Its Disposition
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1997
1997
Seasonally adjusted at annual rates
1998
1996
IV
Personal income
Wage and salary
disbursements
Private industries
Goods-producing
industries
Manufacturing
Distributive industries
Service industries
Government
Other labor income ..............
Proprietors' income with
inventory valuation and
capital consumption
adjustments
Farm
Nonfarm
6,425.2 6,784.0
6,743.6 6,820.9 6,904.9 7,003.9 ',081.9
3,889.8 3,855.5 3,915.5 3,989.9 4,061.9 4,117.6 4,177.1
3,225.7 3,193.9 3,248.9 3,318.4 3,382.4 3,431.8 3,484.4
909.0
674.6
823.3
1,257.9
640.9
387.0
975.0 965.4 979.4 ,003.7 1,019.0 1,023.2 1,028.0
719.5 712.0 722.3 741.3 750.4 750.8 750.9
879.8 870.2 886.3 904.5 918.9 932.2 945.8
1,370.8 1,358.3 1,383.2 1,410.2 1,444.5 1,476.4 1,510.6
§64.2 661.6 666.7 671.4 679.5 685.8 692.7
391.5
393.6
397.0
402.8
405.7
408.4
527.7 551.2 549.9
38.9 35,5 37.8
556.5
36.3
520.2
558.0
31.4
526.6
564.2
27.4
536.8
571.7
27.7
544.0
576.1
515.8
512.1
25.2
550.9
Rental income of persons
with capital consumption
adjustment
150.2
158.2
158.0
158.6
158.8
158.3
161.0
163.6
Personal dividend income ...
248.2
260.3
259.9
260.4
261.3
261.6
262.1
263.0
Personal interest income
719.4
747.3
745.7
750.5
753.0
757.0
763.0
769.2
Transfer payments to
1,068.0 1,110.4 1,106.8 1,114.0 1,120.5 1,139.0 1,145.8 1,152.9
persons
Old-age, survivors,
disability, and health
insurance benefits
538.0 565.9 563.9 568.3 572.2 581.6 585.0 589.0
Government unemployment
19.5
insurance benefits
19.9
19.3
19.5
19.9
19.6
19.6
21.9
22.4
22.4
22
23.2
23.3
22.6
23.3
21.6
Veterans benefits
Government employees
retirement benefits .........
141.3 151.4 150.7 152.2 153.8 156.8 158.4 160.3
345.0 350.8 349.9 351.3 352.9 357.6 359.6 360.9
Other transfer payments ....
17.1
19.9
19.5
19.1
18.7
18.0
21.6
19.7
Family assistance'
323.5 331.1 330.0 331.8 333.8 338.9 341.6 343.8
Other
Less: Personal
contributions for social
insurance
Less: Personal tax and nontax
payments
306.3
890.5
326.2
989.0
323.7
975.8
328.2
333.6
340.9
345.1
349.5
999.0 1,025.5 1,066.8 1,092.9 1,108.4
Equals: Disposable personal
income
5,534.7 5,795.1 5,767.9 5,821.8 5,879.4 5,937.1 5,988.9 6,052.4
Less: Personal outlays
5,376.2 5,674.1 5,616.0 5,723.3 5,781.2 5,864.0 5,963.3 6,039.8
Personal consumption
5,215.7 5,493.7 5,438.8 5,540.3 5,593.: 5,676.! 5,773.7 5,846.7
expenditures
169.8 173.2
168.;
143.6 161.5 159.0 163.5 168.:
Interest paid by persons ........
Personal transfer payments to
20.0
18.2
19.8
19.2
19.9
19.5
the rest of the world (net)
16.9
18.9
Equals: Personal saving
Addenda:
Disposable personal income:
Total, billions of chained
(1992) dollars2
Per capita:
Current dollars
Chained (1992) dollars
Population (mid-period,
millions)
Personal saving as a
percentage of disposable
personal income
158.5
121.0
151.9
98.5
98.2
73.0
25.6
12.6
20,840 21,633 21,558 21,709 21,871 22,046 22,192 22,373
18,989 19,349 19,31 19,385 19,478 19,632 19,719 19,829
265.6
2.9
267.9
2.1
267.5
2.6
269.9
268.2
268.8
269.3
270.5
1.7
1.2
.2
1.7
1. Consists of aid to families with dependent children and, beginning with 1996, assistance programs operating
under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996.
2. Equals disposable personal income deflated by the implicit price deflator for personal consumption expenditures.
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
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 ....:
I
5,215.7 5,493.7 5,438.8 5,540.3 5,593.2 5,676.5 5,773.7 5,846.7
643.3
673.0
659.9
681.2
682.2
705.1
720.1
718.9
264.8
269.5
260.7
274.5
271.6
277.0
288.8
282.6
256.0
122.5
271.4
132.1
269.2
130.0
273.8
132.8
276.0
134.6
288.5
139.6
288.9
142.3
294.1
142.2
1,539.2 1,600.6 1,538.2 1,611.3 1,613.2 1,633.1 1,655.2 1,670.0
755.0
265.7
124.5
12.2
381.8
780.9
278.0
126.5
11.2
403.9
775.8
275.6
123.7
11.5
401.5
785.3
280.9
125.7
11.2
408.1
787.1
280.7
125.9
10.7
408.8
796.9
291.0
116.2
9.5
419.4
810.2
295.3
111.6
9.8
428.3
818.7
293.7
111.7
9.8
436.2
3,033.2 3,220.1 3,190.7 3,247.9 3,297.8 3,338.2 3,398.4 3,457.7
787.4
314.5
125.5
189.0
222.3
902.3
829.8
327.3
126.2
201.1
240.3
843.4
979.3
824.0
323.6
125.4
198.1
238.4
837.7
967.1
835.4 847.0 859.1 871.9 883.8
330.4 337.0 327.6 339.2 348.4
127.0 129.2 116.8 124.1 129.8
203.4 207.8 210.9 215.1 218.5
242.2 246.3 249.5 253.2 253.4
848.7 857.9 871.5 884.2 893.0
991.3 1,009.5 1,030.5 1,049.8 1,079.1
Table 2.3.—Real Personal Consumption Expenditures by Major Type of
Product
[Billions of chained (1992) dollars]
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
Residual .
5,043.0 5,183.1 5,167.5 5,198.4 5,235,8 5,287.1 5,321.5 5,364.1
1998
IV
,160.8
3,631.1
2,990.2
392.9
1997
1997
4,752.4 4,913.5 4,872.7 4,947.0 4,981.0 5,055.1 5,130.2 5,181.8
626.1
668.6
653.8
679.6
684.8
710.3
729.4
733.7
235.0
239.3
230.8
244.4
242.7
247.8
258.9
252.6
277.5
117.1
307.7
127.7
303.7
125.9
312.7
128.5
318.1
130.8
335.8
135.1
339.3
138.6
352.0
139.1
1,450.9 1,486.3 1,477.1 1,495.7 1,494.3 1,521.2 1,540.9 1,549.1
692.6
276.1
116.0
11.2
356.7
699.3
288.4
117.9
10.3
373.0
697.3
283.3
118.3
10.4
369.9
700.6
291.9
118.4
10.7
377.0
292.3
118.1
10.1
376.8
706.8
307.4
118.5
9.2
383.5
716.3
311.4
118.4
9.7
389.2
718.9
309.8
121.1
9.9
393.4
2,676.7 2,761.5 2,743.6 2,775.4 2,804.8 2,829.3 2,866.8 2,904.8
700.9
291.4
118.0
173.3
200.5
717.4
301.3
116.0
185.1
212.2
701.7
830.5
715.1
297.8
116.0
181.6
210.7
-7.7
-13.0
823.0
719.5
305.0
117.2
187.7
213.7
704.2
834.8
723.9
311.1
118.4
192.5
215.9
709.4
846.6
728.7
306.:
110.!
195.6
217.9
714.9
862.9
732.7
316.5
117.4
198.9
221.4
721.6
876.7
737.1
326.3
123.8
202.4
220.5
725.3
898.2
-11.9
-14.3
-14.5
-19.!
-20.3
-22.3
NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
Chain-type quantity indexes for the series in this table appear in table 7.4.
National Data •
SURVEY OF CURRENT BUSINESS
January 1999
3. Government Receipts, Current Expenditures, and Gross InvestmentTable 3.1.—Government Receipts and Current Expenditures
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1997
1997
III
Receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax accruals .
Contributions for social insurance
Current expenditures
IV
I
II
2,411.0 2,589.2 2,564.9 2,616.0 2,650.3 2,703.6 2,745.2 2,779.7
226.1
606.4
688.0
246.1
627.2
727.0
975.8
241.9
625.0
722.1
999.0 1,025.5 1,066.8 1,092.9 1,108.4
254.2 249.3 239.9 241.6 243.2
632.0 634.5 641.9 647.7 656.5
730.8 740.9 755.0 762.9 771.6
2,398.7 2,476.1 2,469.6 2,479.8 2,506.7 2,504.6 2,529.5 2,538.9
Consumption expenditures
1,175.5 1,219.2 1,218.8 1,222.3 1,231.6 1,227.5 1,248.7 1,252.6
Transfer payments (net)
To persons
To the rest of the world (net)
1,057.7 1,096.0 1,089.6 1,096.6 1,114.6 1,121.1 1,126.7 1,135.8
1,041.5 1,083.3 1,079.7 1,086.7 1,093.1 1,111.2 1,117.7 1,124.6
12.7
16.2
9.9
11.2
21.5
9.9
9.0
9.9
Net interest paid
Interest paid
To persons and business
To the rest of the world
Less: Interest received by government
157.1
315.7
248.3
67.4
158.6
153.8
316.9
229.4
87.5
163.1
154.9
317.7
230.1
87.6
162.8
153.7
317,7
226.9
90.8
164.0
152.3
317.2
226.5
90.7
164.9
148.2
314.3
224.4
89.9
166.1
146.2
314.5
223.4
91.0
168.3
141.9
312.0
221.7
90.3
170.1
Less: Dividends received by government
13.7
14.8
14.7
14.8
15.2
15.7
16.0
16.0
Subsidies less current surplus of government enterprises
Subsidies
Less: Current surplus of government enterprises
22.0
34.0
12.0
21.9
33.4
11.5
21.0
33.6
12.6
22.0
33.3
11.3
23.4
32.7
9.3
23.5
31.8
23.9
24.6
31.0
6.4
Less: Wage accruals less disbursements
Current surplus or deficit (-), national income and product accounts
Social insurance funds
Other
0
0
0
0
12.3
113.1
95.3
136.2
125.0
-112,7
138.5
-25.4
135.2
-39.9
140.8
-4.6
0
143.6
148.5
-4.9
8.4
0
199.0
152.0
47.0
31.4
7.5
0
215.7
158.3
57.4
0
240.7
163.8
76,9
D-7
D-8
• National Data
January 1999
SURVEY OF CURRENT BUSINESS
Table 3.2.—Federal Government Receipts and Current Expenditures
Table 3.3.—State and Local Government Receipts and Current
Expenditures
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1997
1997
Seasonally adjusted at annual rates
1998
1996
Receipts
17.5
2.6
769.1
745.8
20.6
2.7
759.1
735.8
20.6
2.6
776.9
753.7
20.5
2.7
798.6
774.2
21.6
193.0
20.1
172.9
210.0
20.6
189.5
206.5
20.2
186.3
217.0
20.8
196.2
687.0
Corporate profits tax accruals ....
Federal Reserve banks
Other
666.9
2.8
836.5
810.0
23.5
3.0
855.7
826.3
26.2
3.2
863.8
836.5
23.8
3.5
212.8
21.2
191.6
204.8
21.6
183.2
206.2
21.5
184.7
207.5
21.8
185.7
Indirect business tax and nontax
accruals
Excise taxes
Customs duties
Nontaxes
94.5
55.9
19.2
19.4
93.8
59.5
19.6
14.6
95.5
60.5
20.4
14.6
95.1
59.7
20.5
14.9
93.8
60.8
18.9
14.2
93.9
60.7
19.1
14.1
95.2
61.9
19.3
13.9
98.3
63.8
20.7
13.7
Contributions for social insurance
610.2
647.0
642.4
650.6
660.3
673.9
681.2
689.2
Consumption expenditures
Transfer payments (net)
To persons
To the rest of the world (net)
Grants-in-aid to State and local
governments
Net interest paid
Interest paid
To persons and business
To the rest of the world
Less: Interest received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Current surplus or deficit
(-), national income
and product accounts
Social insurance funds
Other
1998
1997
I
1,584.7 1,719.9 1,703.6 1,739.6 1,765.5 1,809.1 1,838.3 1,858.8
Personal tax and nontax receipts
Income taxes
Estate and gift taxes
Nontaxes
Current expenditures
1997
1,695.0 1,741.0 1,738.4 1,739.9 1,763.4 1,750.3 1,763.9 1,766.7
450.9
764.2
748.0
460.4
791.9
464.8
460.0
460.1
450.9
798.6
9.9
817.0
805.8
11.2
805.9
784.4
21.5
808.5
779.2
12.7
791.2
781.2
9.9
218.9
225.0
223.2
224.4
231.8
228.4
252.4
185.0
67.4
231.2
253.6
166.1
87.5
231.6
254.5
166.9
87.6
231.9
254.4
163.6
90.8
231.8
253.8
163.1
24.0
22.4
22.8
22.5
32.7
33.7
32.5
33.0
31.6
33.3
32.5
32.9
1.7
1.0
228.7
226.9
231.4
228.8
250.7
160.7
90.7 89.9
228.3
250.6
159.6
91.0
225.7
248.0
157.7
90.3
22.0
21.8
22.3
22.3
33.7
32.4
33.4
31.5
33.5
31.0
34.0
30.6
-1.4
-1.9
-2.5
-3.4
0
0
458.7
811.1
802.1
9.0
787.1
777.3
9.9
16.2
464.0
0
0
0
-110,3
-21.1
-04.8
2.2
58.8
74.4
92.0
54.6
-164.9
66.7
70.
-91.4 -101.5
72.9 80.9
-73.3 -78.7
84.5
-25.7
90.6
-16.2
96.4
-4.4
Receipts
1,045.2 1,094.3 1,084.5 1,100.8 1,116.5 1,123.3 1,133.8 1,152.3
230.4 237.2
172.3 178.3
33.6 34.2
24.5 24.7
244.6
184.5
34.9
25.3
35.1
35.4
35.7
209.9
540.7
265.7
211.5
548.0
268.4
213.9
552.5
270.4
216.3
558.2
271.1
218.5
65.1
63.5
65.7
65.9
68.6
80.2
80.6
81.1
81.7
82.4
223.2
224.4
231.8
228.7
226.9
231.4
Personal tax and nontax receipts
Income taxes
Nontaxes
Other
203.5
151.9
29.5
22.1
219.9
164.3
32.0
23.6
216.7
161.6
31.7
23.4
222.1
166.1
32.3
23.8
226.9
169.9
32.9
24.1
Corporate profits tax accruals ....
33.1
36.0
35.4
37.3
36.5
Indirect business tax and nontax
accruals
Sales taxes
Property taxes
Other
511.9
252.0
202.7
533.4
261.5
209.1
529.5
536.9
259.1
208.3
261.9
57.2
62.8
62.1
77.8
79.9
79.7
218.9
225.0
Contributions for social insurance
Federal grants-in-aid
Current expenditures
922.6
960.1
954.4
964.3
975.1
983.0
992.5 1,003.6
Consumption expenditures
724.7
758.8
754.0
762.2
771.5
776.7
784.7
793.9
Transfer payments to persons ...
293.5
-71.3
63.3
304.1
-77.4
63.3
302.5
305.5
-76.7
63.2
-78.2
63.3
308.6
-79.5
63.4
312.6
-80.7
63.6
315.6
-82.2
63.8
318.8
-83.7
64.0
134.5
140.6
140.0
141.5
142.9
144.3
146.0
147.7
13.7
14.8
14.7
14.8
15.2
15.7
16.0
16.0
-10.7
.4
-10.6
.4
-10.6
.4
-10.5
.4
-10.3
.4
-9.9
.4
-9.6
.4
-9.4
.4
11.0
10.9
11.0
10.9
10.7
10.3
10.0
9.8
0
0
0
Net interest paid
Interest paid
Less: Interest received by
government
Less: Dividends received by
government
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of
government enterprises
Less: Wage accruals less
disbursements
Current surplus or deficit
(-), national income
and product accounts
Social insurance funds
Other
0
122.6
134.1
130.1
136.6
141.4
140.2
141.3
148.7
70.4
52.2
68.1
66.0
68.5
61.6
67.9
68.7
67.6
73.8
67.5
72.7
67.7
73.6
67.4
81.3
National Data • D-9
SURVEY OF CURRENT BUSINESS
January 1999
Table 3.7.—Government Consumption Expenditures and Gross
Investment by Type
Table 3.8.—Real Government Consumption Expenditures and Real Gross
Investment by Type
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1998
1997
1997
1996
1997
1997
II
Government consumption
expenditures and
gross investment;
Federal
1,405.2 1,454.6 1,451.5 1,459.5 1,468.1 1,464.9 1,481.2 1,492.3
518.4
520.2
522.9
521.0
520.1
National defense
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment
351.0 346.0 349.1 347.1 346.5
304.1 306.3 310.4 306.0 304.8
19.6
20.8
21.7
21.1
20.7
7.4
7.2
7.2
7.6
7.4
275.3 278.2 281.4 279.1 276.7
Nondefense
Consumption expenditures
Durable goods2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
.....
Equipment
State and local
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of general
government
employees, except
force-account
construction3
Consumption of general
government fixed
capital4
Other services
Gross investment
Structures
Equipment
Addenda:
Compensation of general
government employees 3 ....
Federal
State and local
511.6
520.7
519.4
331.6 339.8 343.7
293.3 303.0 302.9
20.4 20.8 21.8
6.5
7.3
6.4
266.4 275.8 273.8
133.8
133.3
133.5
133.1
131.9
133.4
132.2
132.3
56.8
84.7
46.9
6.7
40.2
56.3
88.6
39.7
5.7
34.0
56.7
91.2
38.7
5.6
33.2
56.0
90.0
41.1
5.7
35.4
55.7
89.1
41.7
5.7
36.1
55.3
77.7
38.3
5.4
32.9
54.8
88.9
36.8
4.9
31.9
54.5
87.0
40.9
5.5
35.4
167.4
146.8
1.0
5.8
174.3
173.8
154.4
1.3
6.7
173.9
154.0
.9
6.7
173.6
155.3
180.0
157.6
1.2
7.3
180.9
175.7
155.8
.9
7.4
-.4
6.2
140.0
-.1
6.9
146.3
-.2
6.8
146.5
-.2
6.9
146.4
.1
7.3
147.0
0
7.3
149.1
.2
7.4
152.0
7.3
152.5
77.5
80.2
80.7
80.3
79.5
81.5
82.3
82.7
11.1
51.5
20.6
10.9
11.5
54.7
20.1
10.0
10.0
11.5
54.4
19.3
10.0
9.4
11.5
54.6
19.8
10.8
9.1
11.7
55.8
18.3
8.7
9.6
11.8
55.8
22.4
10.6
11.8
11.9
57.9
20.0
10.4
9.6
12.2
57.5
19.9
11.3
8.6
934.4
928.6
754.0
16.1
79.1
658.8
938.5 947.9
762.2 771.5
16.3 16.4
79.2 80.1
666.8 675.0
953.3
776.7
16.6
78.0
682.1
960.4
784.7
16.7
78.4
972.9
724.7
15.6
77.7
631.4
154.2
1.0
6.8
758.8
16.2
79.7
662.9
160.9
1.3
7.6
-4.8
8.1
793.9
16.9
78.4
698.5
IV
I
II
III
1,268.2 1,285.0 1,284.4 1,288.9 1,289.2 1,283.0 1,294.8 1,299,6
465.6
458.0
460.4
458.9
456.5
446.1
454.1
452.5
National defense
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
EauiDment
319.1
276.6
20.8
308.9
272.4
20.4
311.7
276.2
21.4
310.2
272.3
19.2
308.7
270.0
20.6
293.3
257.9
20.1
300.3
266.1
20.7
303.5
265.1
21.7
5.5
4.5
4.4
4.5
4.5
4.3
3.8
4.3
37.0
31.9
30.9
33.3
34.2
31.0
30.3
34.2
Nondefense
Consumption expenditures
Durable goods 2 ...
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment
146.2
126.1
148.6
128.7
148.2
129.0
148.2
128.5
147.3
129.0
151.9
130.0
152.9
132.9
1.2
5.2
1.4
6.1
1.6
5.9
1.3
6.0
1.3
6.6
1.5
6.6
1.7
6.9
148.4
128.4
-3.3
-.2
5.5
-.1
6.2
-.2
6.1
-.2
6.2
.2
6.5
0
6.5
.3
6.6
1.0
6.6
119.6
121.4
121.6
121.3
121.2
122.0
124.5
124.5
61.2
60.8
61.3
61.0
59.9
60.7
61.4
61.5
10.6
48.3
20.2
11.0
50.3
19.8
11.0
50.0
19.1
11.1
50.0
19.6
11.2
51.1
18.1
11.3
51.0
22.2
11.4
52.8
19.9
11.7
52.2
19.9
9.6
8.6
8.5
9.2
7.3
8.8
8.6
9.3
10.7
11.6
10.8
10.6
11.3
14.1
11.7
10.7
State and local
Consumption expenditures
Durable goods 2
Nondurable goods
Services
Compensation of general
802.7
656.8
14 6
71.1
571.3
827.1
672.3
824.2
670.1
830.1
674.7
832.9
678.5
837.1
682.8
151
151
152
153
154
73.4
583.9
73.2
582.0
73.7
586.0
74.3
589.1
74.9
592.7
840.9
687.3
15.6
75.4
596.5
847.3
691.6
15.7
76.0
600.1
484.5
492.8
491.7
494.4
496.2
498.1
500.9
503.4
52.7
35.0
145.8
114.9
31.1
54.8
37.7
154.8
121.0
34.3
54.5
37.1
154.0
120.6
33.9
55.0
38.0
155.3
121.0
34.8
55.6
38.9
154.3
119.5
35.5
56.1
40.2
154.2
118.5
36.7
56.7
153.5
117.0
37.7
57.2
41^5
155^6
118.2
38.8
-1.7
-2.9
-2.7
-2.6
-4.0
-3.9
-4.3
-5.1
666.5
178.7
488.1
670.2
174.2
496.7
669.8
174.9
495.5
671.9
174.3
498.3
670.8
171.7
500.0
Federal
7.0
7.0
6.8
7.1
6.9
6.7
6.7
7.8
248.6
244.9
247.8
245.7
242.4
231.1
238.7
235.9
117.2
112.9
113.2
112.9
111.4
110.6
109.5
109.4
51.5
80.1
42.6
50.5
81.8
36.5
50.6
84.6
35.4
50.3
82.9
37.9
50.0
81.5
38.7
49.6
70.8
35.4
49.3
80.3
34.1
49.0
77.8
38.5
7.6
government
542.9
566.7
563.7
570.1
575.4
581.1
587.8
594.2
57.4
31.1
162.1
130.9
31.2
60.5
35.7
175.6
142.4
33.2
60.1
35.0
174.6
141.6
32.9
60.8
36.0
176.3
142.8
33.4
61.8
37.8
176.4
142.6
33.9
62.4
38.6
176.6
142.0
34.6
62.9
38.9
175.7
140.6
35.2
63.9
40.4
179.0
143.2
35.8
employees, except
force-account
construction3
Consumption of general
government fixed
caDital4
Other services
Gross investment
Structures
Equipment
Residual
758.3
211.3
547.0
784.7
213.5
571.2
782.5
214.3
568.2
788.0
213.4
574.6
791.4
211.5
579.9
800.6
215.0
585.6
806.8
214.6
592.2
813.9
215.2
598.8
1. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods
transferred to foreign countries by the Federal Government.
3. Compensation of government employees engaged in new force-account construction and related expenditures
for goods and services are classified as investment in structures. The compensation of all general government employees is shown in the addenda.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial
measure of the value of the services of general government fixed assets; use of depreciation assumes a zero
net return on these assets.
Government consumption
expenditures and
gross investment'
III
1998
Addenda:
Compensation of general
government employees 3 ....
Federal
State and local
40J
672.8 675.1 677.7
171 8 171 5 171 6
501.9 504.6 507.1
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines, excluding the
lines in the addenda.
Chain-type quantity indexes for the series in this table appear in table 7.11.
See footnotes to table 3.7.
D-10 • National Data
SURVEY OF CURRENT BUSINESS
January 1999
Table 3.10.—National Defense Consumption Expenditures and Gross
Investment
Table 3.11.—Real National Defense Consumption Expenditures and Real
Gross Investment
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1997
1997
1998
351.0
346.0
349.1
347.1
346.5
331.6
339.8
343.7
National defense
consumption
expenditures and
gross investment' ...
Consumption expenditures
304.1
306.3
310.4
306.0
304.8
293.3
303.0
302.9
Consumption expenditures.
Durable goods 2
Aircraft
Missiles
Ships
Vehicles
Electronics
Other durable goods
21.1
21.7
.8
2.5
4.9
20.7
9.6
2.6
.7
.9
2.6
I 4.3
10.3
2.6
.7
.9
2.7
4.5
19.6
8.7
2.5
.7
.9
2.7
4.1
20.8
9.7
2.7
.7
1.0
2.4
4.4
20.4
9.3
2.4
.7
1.0
2.6
4.4
20.8
10.1
2.2
.6
.9
2.5
4.6
21.8
9.9
2.7
.6
1.0
2.5
5.1
7.6
7.4
7.2
7.4
7.2
6.5
6.4
7.3
3.4
1.3
2.9
2.9
1.5
3.0
3.1
1.5
2.7
3.1
1.2
3.2
2.5
1.7
3.1
2.0
1.4
3.1
2.0
1.2
3.1
2.0
2.3
3.0
275.3
278.2
281.4
279.1
276.7
266.4
275.8
273.8
National defense
consumption
expenditures and
gross investment'
.....
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods ...,
Services
Compensation of general
government employees,
except force-account
construction3
Military
Civilian
Consumption of general
government fixed
capital4
Other services
Research and
development
Installation support
Weapons support
Personnel support
Transportation of
material
Travel of persons
Other
Gross investment
Structures
Equipment
Aircraft
Missiles
Ships
Vehicles
Electronics
Other equipment.
Addendum:
Compensation of general
government employees 3 .
9.0
3.0
.9
133.8
84.3
49.5
133.3
84.2
49.1
133.5
84.1
49.4
133.1
84.1
48.9
131.9
83.7
48.2
133.4
85.0
48.4
132.2
84.4
47.8
132.3
84.5
47.8
56.8
84.7
56.3
88.6
56.7
91.:
56.0
90.0
55.7
89.1
55.
77.7
54.8
88.9
54.5
87.0
25.9
27.2
5.7
18.8
28.9
26.3
6.4
20.1
31.3
26.8
6.3
19.7
29.3
26.9
6.9
20.4
28.6
25.7
7.0
21.0
22.0
25.1
5.6
18.6
27.5
25.8
6.4
21.5
28.4
25.2
5.8
20.3
4.9
4.0
45
3^6
-1.0
4.5
3.6
-1.5
4.7
3.6
-1.4
4.6
3.5
-1.8
4.7
3.5
-.6
4.7
3.5
-1.9
4.6
3.6
-1.3
46.9
397
38.7
41.1
41.7
38.3
36.8
40.9
4.9
5.5
13^6
31.9
4.
2.7
6.0
1.8
3.6
13.5
35.4
6.1
2.9
6.5
1.5
3.3
15.1
133.5
132.2
132.3
6.7
5.7
5.6
40.2
9.2
4.:
34.0
6.0
3.0
6.1
1.5
3.6
13.9
33.2
3.7
2.9
6.7
1.5
3.8
14.7
133.3
133.5
6.8
1.1
3.5
15.3
133.8
5.7
35.4
7.1
3.1
6.4
1 5
3^6
13.6
5.7
36.1
8.3
3.1
5.8
1.4
3.2
14.3
5.4
32.9
5.1
3.
6.3
1 3
Nondurable goods
Petroleum products
Ammunition
Other nondurable goods .
Services
Compensation of general
government employees,
except force-account
construction3
Military
Civilian
Consumption of general
government fixed
capital 4
Other services
Research and
development
Installation support
Weapons support
Personnel support
Transportation of
material
Travel of persons
Other
Gross investment
Structures
Equipment
Aircraft
Missiles
Ships
Vehicles
Electronics
Other equipment.
1997
319.1
308.9
311.7
310.2
308.7
293.3
300.3
303.5
276.6
272.4
276.2
272.3
270.0
257.9
266.1
265.1
20.8
8.7
3.2
.8
.7
2.6
4.7
20.4
9.4
2.7
.7
19.2
8.5
2.6
.7
.8
2.9
3.8
20.1
9.1
2.5
.7
.8
2.8
4.2
20.7
9.9
2.3
.6
.7
2.7
4.4
7.0
7.0
6.8
7.1
20.6
9.6
2.8
.6
.8
2.6
4.2
6.9
21.7
4.1
21.4
10.0
2.8
.7
.8
2.9
4.2
6.7
6.7
7.8
3.1
1.2
2.8
2.8
1.4
2.8
3.0
1.4
2.6
3.2
1.1
3.0
2.5
1.6
2.9
2.5
1.3
2.9
2.7
1.2
2.9
2.8
2.2
2.8
248.6
244.9
247.8
245.7
242.4
231.1
238.7
235.9
117.2
76.9
40.4
112.9
74.8
38.3
113.2
74.7
38.6
112.9
74.9
38.2
111.4
74.3
37.3
110.6
73.8
37.0
109.5
73.1
36.7
109.4
73.2
36.5
51
80.1
50.5
81.8
50.6
84.6
50.3
82.9
50.0.
81.5
49.6
70.8
49.3
80.3
49.0
77.8
26.
24.9
5.
28.5
23.8
5.6
31.0
24.4
5.5
4.9
26.6
23.1
5.6
17.5
17.2
27.9
23.1
6.1
18.0
21.4
22.6
17.0
28.7
24.3
6.1
17.8
15.8
18.1
27.4
222
5.0
16.8
4.9
3.8
-1.7
4.5
3.4
4.4
3.4
4.6
3.3
-1.1
4.3
3.
-1.3
-1.2
4.5
3.1
-1.5
4.5
3.1
-5
4.5
3.1
-.7
42.6
36.5
37.9
38.7
35.4
34.1
38.5
5.5
37.0
6.9
4.6
6.1
1.0
4.4
14.4
Residual
133.1
131.9
1. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods
transferred to foreign countries.
3. Compensation of government employees engaged in new force-account construction and related expenditures
for goods and services are classified as investment in structures. The compensation of all general government employees is shown in the addendum.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial
measure of the value of the services of general government fixed assets; use of depreciation assumes a zero
net return on these assets.
Durable goods 2
Aircraft
Missiles
Ships
.
Vehicles
Electronics
Other durable goods
1996
Addendum:
Compensation of general
government employees 3 .
117.
.8
2.8
4.5
31.9
4.9
3.1
5.4
1
4.9
13.0
1997
35.4
4.4
1998
9.7
2.9
.6
.8
2.8
4.8
3.8
4.3
34.2
5.4
2.9
5.8
1.4
5.3
14.1
2.9
2.9
5.9
1.4
5.2
13.7
33.3
5.9
3.3
5.6
1.4
5.1
12.7
4.5
34.2
7.0
3.2
5.1
1.3
4.6
13.4
4.3
31.0
4.
3.2
5.6
1
5.0
12.7
30.3
3.5
2.8
5.4
1.6
5.4
12.6
-1.5
-2.0
-1.5
-1.4
-.9
-1.8
-2.1
112.9
113.2
112.9
111.4
110.6
109.5
109.5
30.9
4.5
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines, excluding the
line in the addendum.
Chain-type indexes for the series in the table appear in table 7.12.
See footnotes to table 3.10.
D-ll
National Data
SURVEY OF CURRENT BUSINESS
January 1999
4. Foreign Transactions.
Table 4.1.—Foreign Transactions in the National Income and Product
Accounts
Table 4.2.—Real Exports and Imports of Goods and Services and
Receipts and Payments of Factor Income
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996
1998
1997
1997
1996
1997
1997
II
Receipts from the rest of
the world
Exports of goods and services .
Goods l
Durable
Nondurable
Services1
Receipts of factor income
1,109.3 1,230.9
873.8 965.4
618.3 688.3
421.6 483.0
196.7 205.3
255.5 277.1
235.5 265.5
1,229.4 1,256.0 1,254.9
961.1
682.9
478.7
204.2
278.2
981.7
700.2
495.3
204.9
281.5
988.6
708.9
498.7
210.2
279.7
268.3
274.3
266.3
1,243.6 1,220.2
973.3 949.6
694.5
495.4 474.3
199.2 194.5
278.8 280.8
270.3
270.6
1,201.2
936.2
663.3
476.6
186.6
272.9
265.0
Capital grants received by the
United States (net)
Payments to the rest of
the world
1,109.3
1,230.9 1,229.4 1,256.0 1,254.9 1,243.6 1,220.2 1,201.2
Imports of goods and services .
Goods l ..
Durable
Nondurable
Servicesl
965.0 1,058.8 1,047.9 1,076.4 1,087.4 1,097.1 1,108.9 1,101.7
809.0 888.3 879.2 902.7 912.4 920.9 931.8 924.7
533.6 589.5 583.7 600.5 608.7 625.6 634.1 630.1
275.4 298.8 295.5 302.3 303.7 295.2 297.7
156.0 170.4 168.7 173.6 174.9 176.2 177.1 177.0
Payments of factor income
223.1
273.5
269.4
40.4
16.9
16.2
7.3
39.5
18.9
12.7
8.0
36.0
18.2
Transfer payments (net)
From persons (net)
From government (net)
From business
Net foreign investment
,
,
9.9
8.0
-119.2 -140.9 -123.9
285.9
49.4
19.8
21.5
8.1
-141.0 -167.8
283.0
285.1
37.6
19.5
9.9
8.1
37.0
19.2
9.9
7.9
289.3 292.1
36.8
19.9
9.0
7.9
39.1
20.0
11.2
8.0
-175.6 -214.8 -231.6
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
III
1998
IV
I
II
III
Exports of goods and services
Goods1
Durable
Nondurable
Services'
860.0
629.4
464.1
169.3
231.8
970.0
726.5
554.5
180.8
247.0
963.6
719.1
548.6
179.2
247.5
988.1
740.6
570.4
180.4
251.1
998.8
754.9
578.1
186.3
248.6
991.9
748.5
577.9
181.1
247.8
972.1
726.3
556.2
179.3
248.8
965.3
727.3
562.9
174.9
242.1
238.0
241.0
245.6
237.6
241.0
241.0
235.7
Receipts of factor income
214.8
Imports of goods and services
Goods' !.
Durable
Nondurable
Services1
971.2 1,106.1 1,095.2 1,130.5 1,147.8 1,190.4 1,217.3 1,224.3
824,7 945.7 937.4 966.7 981.8 1,021.0 1,048.8 1,056.3
571.7 667.7 659.2 681.2 696.6 726.9 745.5 749.8
253.4 280.3 280.0 287.7 288.1 297.6 306.7 309.9
147.3 161.8 159.2 165.2 167.5 171.3 171.0 170.8
Payments of factor income
200.9
240.7
237.5
248.9
250.5
249.6
252.8
254.6
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
Chain-type quantity indexes for the series in this table appear in table 7.9.
D-12
• National Data
SURVEY OF CURRENT BUSINESS
January 1999
Table 4.3.—Exports and Imports of Goods and Services by Type of
Product
Table 4.4.—Real Exports and Imports of Goods and Services by Type of
Product
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Exports of goods and
services
Exports of goods
!
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals,
and parts
Other
Automotive vehicles, engines,
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Exports of services'
Transfers under U.S. military
agency sales contracts
Travel
Other transportation
Royalties and license fees
Other private services
Other
Imports of goods and
services
Imports of goods'
Foods, feeds, and beverages
Industrial supplies and
materials, except petroleum
and products
,.
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals,
and parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Imports of services'
Direct defense expenditures...
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Addenda:
Exports of agricultural goods2
Exports of nonagricultural
goods
Imports of nonpetroleum
goods
1996
1997
873.8
965.4
618.3
55.5
51.5
1998
1997
961.1
981.7
682.9
700.2
708.9
50.1
49.4
54.0
973.3
694.5
49.8
949.6
668.8
44.9
936.2
663.3
42.4
141.0
51.0
90.1
152.5
55.1
97.5
153.3
55.6
97.7
155.1
55.7
99.4
154.4
55.8
98.6
148.6
56.4
92.1
144.2
53.6
90.5
138.1
51.8
86.3
253.1
295.3 290.4
305.7
306.5
302.0
288.4
299.2
30.8
41.4
39.0
42.8
43.6
48.9
44.8
58.0
43.7
178.6
49.4
204.6
49.6
201.8
51.9
211.0
49.1
213.9
45.5
207.7
44.8
198.9
45.1
196.1
65.0
74.0
73.5
74.8
76.6
77.7
72.2
65.3
70.1
35.8
34.3
33.4
16.7
16.7
255.5
77.4
39.9
37.6
37.5
18.8
18.8
277.1
78.2
40.5
37.7
37.4
18.7
18.7
278.2
77.5
40.3
37.2
37.7
18.9
18.9
281.5
78.8
40.5
38.3
38.5
19.2
19.2
279.7
78.3
40.2
38.1
38.1
19.1
19.1
278.8
80.1
40.5
39.6
39.1
19.6
19.6
80.3
41.4
39.0
37.9
19.0
19.0
272.9
14.6
69.8
20.4
27.0
32.8
70.8
20.0
17.5
73.3
20.9
27.9
33.7
82.2
21.6
19.0
74.2
20.8
27.9
33.6
81.0
21.7
18.9
73.3
20.8
27.7
34.3
84.7
21.7
15.8
72.8
21.5
28.3
33.5
86.0
21.8
17.9
72.8
21.4
27.2
33.1
84.4
21.9
15.6
73.9
21.8
26.9
33.9
86.4
22.2
15.7
68.2
19.6
27.4
32.5
87.0
22.5
965.0 1,058.8 1,047.9 1,076.4 1,087.4 1,097.1 1,108.9 1,101.7
809.0 888.3 879.2 902.7 912.4 920.9 931.8 924.7
35.7 39.7
40.5
40.5 40.3 41.7 41.8
125.
63.1
62.1
72.7
135.4
69.
66.
71.8
133.7
68.9
64.8
70.7
137.8
70.4
67.4
70.3
139.0
71.8
67.:
68.6
141.3
73.4
67.9
54.9
144.4
77,
67.2
53.9
144.8
77.7
67.0
49.2
229.1
254.2
251.7
260.9
264.8
268.9
270.5
267.0
12.7
16.6
15.6
19.0
18.1
17.9
22.4
21.9
61.5
154.9
70.;
167.4
70.4
165.7
72.8
169.1
70.9
175.8
72.4
178.7
71.7
176.4
71.1
173.9
128.9
140.8
139.0
141.7
141.0
148.0
146.0
143.5
171.1
89.4
81.7
46.3
23.1
23.1
193.0
98.5
94.5
53.4
26.7
26.7
191.7
97.9
93.8
52.5
26.2
26.2
196.0
99.6
96.3
55.
27.8
27.8
202.3
102.9
209.3
217.
107.0
111.6
217.2
110.6
99.4
56,
105.9
57.7
28.9
28.9
106.6
62.6
28.2
28.2
102.3
56.7
28.4
28.4
156.0
11.1
48.0
15.8
27;
7.9
38.8
6.7
170.4
168.7
174.9
176.2
177.0
11.5
51.2
18.2
29.3
9.4
43.8
7.0
10.8
51.1
12.2
18.'
29.6
8.7
43.0
6.9
173.6
11.8
51.6
18.8
29.1
10.2
45.0
7,
12.6
52.7
18.3
61.5
58.4
57.3
49.0
556.8
629.9
736.
816.6
625.6
29.9
10.3
29.1
45.9
7.1
44.9
7.2
177.1
12.2
53.2
18.
29.6
10.0
46.7.:
57.3
60.5
56.4
52.0
642.9
648.4
832.4
51
18.2
843.8
11.5
638.1
865.9
616.8
877.8
31.3
31.3
12.2
51.3
17.7
30.4
9.7
48.4
7.3
614.3
875.5
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods
to services.
2. Includes parts of foods, feeds, and beverages; of nondurable industrial supplies and materials; and of nondurable nonautomotive consumer goods.
Exports of goods and
services
Exports of goods»
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals,
and parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Exports of servicesl
Transfers under U.S. military
agency sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Residual
Imports of goods and
services
Imports of goods'
Foods, feeds, and beverages
Industrial supplies and
materials, except petroleum
and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals,
and parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Imports of services'
Direct defense expenditures ...
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Residual
Addenda:
Exports of agricultural goods 2
Exports of nonagricultural
goods
Imports of nonpetroleum
goods
1998
1997
1996
1997
860.0
629.4
963.6
719.1
41.9
988.1
740.6
42.3
998.8
754.9
47.4
991.9
748.5
45.6
972.1
726.3
41.7
965.3
727.3
43.9
970.0
726.5
43.9
121.9
44.8
77.1
132.4
48.8
83.6
133.0
49.1
83.9
134.2
49.1
85.1
134.7
50.2
84.6
132.8
51.4
81.5
130.7
49.2
81.6
127.9
48.2
79.8
310.8
388.6
381.5
404.7
408.7
405.5
389.7
407.6
27.0
35.0
33.2
36.1
36.7
41.0
37.4
48.6
98.1
203.3
143.9
242.8
143.1
239.0
156.2
250.7
152.4
254.9
146.2
248.4
149.2
238.3
156.4
235.6
62.4
70.4
69.9
71.1
72.9
73.9
68.7
62.1
67.3
34.9
32.4
32.3
16.1
16.1
231.8
73.7
38.5
35.3
37.2
18.6
18.6
247.0
74.6
39.0
35.5
37.0
18.5
18.5
247.5
73.7
38.8
34.9
37.5
18.7
18.7
251.1
74.8
39.0
35.8
38.3
19.2
19.2
248.6
74.4
38.7
35.6
38.3
19.2
19.2
247.8
76.3
39.2
37.0
39.5
19.8
19.8
248.8
76.6
40.1
36.5
38.7
19.4
19.4
242.1
13.2
62.9
18.6
25.5
29.9
65.7
16.2
-28.1
16.1
64.0
19.7
26.3
30.2
75.0
16.1
-56.8
17.2
64.9
19.1
26.3
30.2
74.1
16.1
-55.9
17.7
64.1
19.3
26.3
30.7
77.3
16.1
-€5.1
14.9
62.8
20.4
26.6
29.9
78.2
16.1
-62.4
16.7
62.5
20.3
26.4
29.5
76.7
16.2
-57.1
14.6
62.7
21.2
26.2
30.2
78.3
16.2
-59.2
15.4
57.7
19.2
26.6
28.9
78.8
16.2
-63.5
971.2 1,106.1 1,095.2 1,130.5 1,147.8 1,190.4 1,217.3 1,224.3
824.7 945.7 937.4 966.7 981.8 1,021.0 1,048.8 1,056.3
38.
38.2
35.3
35.5
32.3
37.8
36.3
36.3
114.
57.
56.8
63.8
123.7
61.8
61.8
66.7
123.0
61.2
61.7
68.1
125.9
62.4
63.5
69.1
127.3
64.5
62.7
66.9
132.8
67.2
65.6
68.3
137.3
71.4
65.6
74.5
140.3
73.3
66.7
73.4
296.6
373.3
367.0
385.0
396.7
413.6
424.7
426.2
11.2
14.1
13.3
16.1
15.2
15.0
121.8
177.5
163.5
217.6
160.8
214.8
171.9
220.2
173.1
231.1
187.9
238.5
118.8
129.4
128.2
130.2
129.1
135.5
133.9
132.2
165.4
86.7
78.7
43.0
21
21
147.3
10,3
43.9
15.0
26.1
7.
39.0
6.0
-24.
188.8
97.7
91.1
49.9
24.9
24.9
161.8
11.6
47
16.3
28.1
8.4
44.1
191.9
99.0
92.8
51.9
25.9
25.9
165.
12.2
47.6
16.6
28.1
9.2
45.4
6.5
^8.4
198.6
102.9
215.5
216.1
113.3
102.8
58.8
29.4
46.1
206.3
107.8
98.5
53.4
26.7
26.7
171.3
13.7
50.6
16.3
28.9
10.3
45.3
-44.9
187.
96.9
90.3
49.0
24.5
24.5
159.2
10.8
46.5
16.6
28.3
7.8
43.
6.
-43.8
6.4
-50.4
6.5
-57.1
48.5
49.3
582,
681.
759.4
878.
95.7
52.8
26.4
26.4
167.5
12.6
48.4
16.2
29.0
9.2
18.8
197/
237.:
113.4
102.2
53.9
27.0
27.0
171.0
13.
50.7
16,
29.1
46;
6.!
-61.
18.3
202.3
237.0
29.4
170.8
12.7
49.4
15.5
29.6
8.6
48.9
6.6
-62.9
47.6
48.6
52.2
675.6
696.3
706.4
701
682.
686.1
896.9
914.5
952.2
974.6
982.8
50.9
47.6
45.8
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line following the detail for exports is the difference between the aggregate "exports of goods and
services" and the sum of the detailed lines for exports of goods and export of services. The residual line following
the detail for imports is the difference between the aggregate "imports of goods and services" and the detailed
lines for imports of goods and imports of services.
Chain-type quantity indexes for the series in this table appear in table 7.10.
See footnotes to table 4.3.
National Data • D-13
SURVEY OF CURRENT BUSINESS
January 1999
5. Saving and InvestmentTable 5.1.—Gross Saving and Investment
[Billions of dollars]
Seasonally adjusted at annual rates
1996
1997
1997
1998
IV
Gross saving
I
II
1,274.5 1,406.3 1,416.3 1,427.0 1,428.0 1,482.5 1,448.5 1,474.5
1,114.5 1,141.6 1,169.5 1,139.0 1,131.6 1,130.1 1,079.0 1,078.7
98.5
98.2
158.5 121.0 151.9
73.0
25.6
12.6
262.4 296.7 299.0 311.5 295.0 312.0 300.9 304.8
192.3 213.2 213.2 229.5 210.6 201.8 203.7 198.3
-1.2
4.8
4.3
6.9
10.3
25.3
7.8
11.7
71.4
76.6
75.5 77.2 80.1
84.9 89.4
94.8
452.0 477.3 473.7 480.8 487.7 492.5 497.8 503.1
232.3 242.8 241.3 244.4 247.0 248.6 250.7 254.2
3.7
9.3
3.7
3.7
4.0
3.7
4.0
4.0
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
Gross government saving
Federal
Consumption of fixed capital
Current surplus or deficit (-), national income and product accounts
State and local
Consumption of fixed capital
Current surplus or deficit (-), national income and product accounts
160.0
-39.6
70.6
-110.3
199.6
77.1
122.6
264.7 246.9
49.5 36.1
70.6 70.9
-21.1 -34.8
215.2 210.7
81.1
80.6
134.1
130.1
0
Capital grants received by the United States (net)
0
0
288.0
70.0
70.3
-.3
218.0
81.4
136.6
0
296.4
72.3
70.2
2.2
224.1
82.7
141.4
0
352.4
128.7
69.9
58.8
223.7
83.5
140.2
0
143.9
69.5
74.4
225.6
84.3
141.3
395.7
161.6
69.6
92.0
234.2
85.4
148.7
0
0
1,242.3 1,350.5 1,368.6 1,361.9 1,360.7 1,428.4 1,362.7 1,372.5
Gross investment
Gross private domestic investment
Gross government investment
,
1,265.7 1,292.0 1,366.6 1,345.0 1,364.4
1,256.0 1,259.9
237.3 236.5 237.4 232.5 239.7
235.4 232.6
-119.2 -140.9 -123.9 -141.0 -167.8 -175.6 -214.8 -231.6
-32.2 -55.8 -47.7 -65.1 -67.3 -54.1 -85.7 -102.0
1,131.9
229.7
Net foreign investment
.
Statistical discrepancy
Addendum:
Gross saving as a percentage of gross national product
16.6
17.4
17.6
17.5
17.3
17.7
17.2
17.3
Table 5.4.—Private Fixed Investment by Type
Table 5.5.—Real Private Fixed Investment by Type
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
1996
1997
1997
III
Private ftxed investment
Nonresidential.
Structures
Nonresidential buildings,
including farm
Utilities
Mining exploration, shafts,
and wells
Other structures
Producers' durable
equipment
Information processing and
related equipment
Computers and
peripheral equipment'
Other
Industrial equipment
Transportation and related
equipment
Other
Residential
Structures
Single family
Multifamily
Other structures ....
Producers' durable
equipment
I
1996
860.7
850.5
882.3
882.8
921.3
941.9
931.6
216.9
240.2
234.3
243.8
246.4
245.0
245.4
246.2
160.9
31.7
177.3
33.5
172.9
33.4
180.0
34.1
178.9
34.1
180.6
34.2
181.8
34.7
183.7
35.0
18.1
6.2
22.7
6.7
22.2
5.8
23.8
6.1
24.3
9.2
23.5
6.6
22.4
6.5
20.7
6.8
571.0
620.5
616.2
638.5
636.4
676.3
696.6
685.4
189.4
206.6
202.6
213.0
213.6
226.5
231.6
235.2
74.4
114.9
131.7
81.1
125.5
138.6
79.9
122.7
138.9
84.0
129.0
140.7
83.7
129.9
142.1
91.8
134.7
145.4
94.8
136.8
146.8
95.6
139.5
147.4
137.2
112.7
152.0
123.3
151.9
122.8
158.8
126.0
155.9
124.8
172.4
132.0
181.2
137.0
164.0
138.8
311.8
327.9
325.9
328.8
337.4
349.8
363.8
375.8
304.3
159.1
20.3
124.8
319.9 317.9
164.4 163.5
22.6 22.7
132.8 131.8
320.8
164.0
22.0
134.7
329.4
168.7
23.8
136.8
341.5
175.8
25.1
140.6
355.4
183.8
23.5
148.1
367.3
190.9
23.9
152.6
8.0
8.0
8.0
8.3
8.5
8.5
8.0
1998
IV
787.9
7.6
1997
1997
II
1,099.8 1,188.6 1,176.4 1,211.1 1,220.1 1,271.1 1,305.8 1,307.5
1. Includes new computers and peripheral equipment only.
1998
IV
Private fixed investment
Nonresidential
Structures
Nonresidential buildings,
including farm
Utilities
Mining exploration, shafts,
and wells
'..
Other structures
Producers' durable
equipment.
Information r.processing and
related equipment
Computers and
peripheral equipment'
Other
Industrial equipment
Transportation and related
equipment
Other
Residential
Structures
Single family
Multifamily
Other structures....
Producers' durable
equipment
Residual
I
II
III
1,050.6 1,138.0 1,127.0 1,159.3 1,169.5 1,224.9 1,264.1 1,270.9
776.6
859.4
848.2
882.2
886.2
931.9
960.4
958.7
189.7
203.2
199.3
205.2
205.7
203.1
201.9
202.0
141.0
27.8
150.5
28.7
147.8
28.6
152.0
29.1
149.5
29.2
150.1
29.2
149.8
29.5
150.1
29.7
15.3
5.5
17.9
5.8
17.6
5.1
18.6
5.2
18.9
7.8
17.9
5.6
17.0
5.5
16.4
5.8
589.8
660.9
653.8
682.6
738.8
771.3
769.3
245.4
298.0
288.1
311.5
320.7
353.4
376.8
399.6
151.3
115.4
120.5
214.8
126.6
125.9
203.9
123.7
126.4
229.9
130.0
127.7
242.9
131.5
128.6
292.2
136.7
131.5
331.5
139.7
132.5
370.5
142.8
133.1
127.6
104.2
140.3
113.0
140.5
112.4
145.9
115.6
143.8
114.1
159.6
120.2
167.9
124.6
151.7
125.8
275.9
282.8
282.5
282.3
287.9
298.5
309.1
316.5
268.6
136.6
18.7
113.8
275.1
137.2
20.2
118.5
274.9
274.5
136.1
280.1
139.0
21.0
120.9
290.5
300.9
145.2
22.1
123.8
151.3
20.7
129.6
308.3
155.6
20.8
132.6
7.8
8.0
8.2
8.2
137.2
20.3
118.0
19.5
119.7
7.3
7.7
7.6
7.8
-34.4
-69.1
-62.1
-77.8
-85.5 -117.2 -143.7 -172.2
1. Includes new computers and peripheral equipment only.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
Chain-type quantity indexes for the series in this table appear in table 7.6.
D-14 • National Data
January 2999
SURVEY OF CURRENT BUSINESS
Table 5.10.—Change in Business Inventories by Industry Group
Table 5.11—Real Change in Business Inventories by Industry Group
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
1996
1997
1997
IV
71.9
67.4
83.5
54.6
4.3
6.2
7.3
63.1
77.2
47.3
28.7
-4.2
52.1
63.2
41.8
11.0
14.0
5.5
12.8
21.4
28.4
16.9
Durable goods
9.9
12.5
19.2
8.8
Nondurable goods
2.9
8.9
3.7
23.3
29.9
25.7
4.1
Nonfarm
Change in book value •
Inventory valuation adjustment2
Manufacturing
Wholesale trade
Durable goods
Nondurable goods
,
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers
3
Other3
Nondurable goods
Other
9.2
4.3
13.8
-.6
9.5
2.7
3.4
19.6
11.4
23.0
20.7
-.7
8.2
2.3
1.1
3.8
6.9
1.0
.1
2.4
1.4
5.1
1.8
6.3
7.3
4.4
2.2
2.2
1.9
1.6
1996
1998
III
32.1
7.6
24.5
Change in business inventories .
Farm
Seasonally adjusted at annual rates
8.0
17.5
4.6
95.5
5.0
90.5
61.1
56.3
5.9 34.3
18.7 31.8
8.4 21.9
10.4
9.9
21.5 28.1
4.9
66.9
8.9
25.8
57.0
7.7
31.5
49.3
21.2 32.0
10.3
17.3
25.1
20.1
19.9 12.3
5.3 7.7
7.9 30.5
1.6
15.5
39.2
7.7
Nonfarm
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
12.9
12.6
2.3
6.2
15.0
Durable goods
15.6
3.7
19.0
7.3
11.7
26.0
4.8
29.2
Nondurable goods •.
23.3
2.7
-.1
13.8
Nonmerchant wholesalers
5.0
15.4
1.9
2.5
.9
1.0
1.6
.9
2.0
2.4
-.4
6.5
5.5
17.8
18.3
5.1
1.6
3.7
15.3
1.3
3.9
2.2
-3.8
5.5
2.9
3.5
-4.1 -15.3
5.9 -2.5
4.9
1.7
2.5
16.5
5.1
12.4
2.2
10.2
7.4
8.9
12.3
11.2
2.7
4.7
1.4
7.5
.4
11.9
.8
10.4
Durable goods
2.1
11.0
2.2
Nondurable goods
-.5
8.8
11.9
.8
11.7
3.0
1.8
1.2
-12.7
1.8 -17.8
1.3
1.7
-.4
-5.5
-8.2
-10.0
Durable goods
Nondurable goods
Retail trade
19.1
4.9
12.0
7.2
79,0
6.8
51.0
4.3
23.2
58.8
72.1
44.0
12.0
9.5
2.6
20.1
26.7
15.8
12.0
8.1
18.4
8.4
8.4
7.4
4.1
4.2
.1
22.0
28.3
16.7
13.3
8.7
24.9
4.5
3.9
11.8
9.5
20.2 27.0
8.6 25.1
11.4
2.3
3.1
3.2
0
18.5
21.8
14.9
17.8
24.8
11.0
7.5
20.0
2.2
10.9
1.0
.9
.1
3.6
6.6
2.3
5.9
1.2
7.3
66.5
3.7
62.7
17.7
8.1
91.4
5.3
85.9
7.6
1.6
9.1
47.0
19.2
29.6
15.2
14.3
28.3
7.0
22.6
10.5
2.6
1.8
2.4
2.1
5.9
4.7
-.2
4.7
3.0
4.9
1.7
.9
1.5
2.4
1.8
1.3
1.7
.9
.9
-.3
1.2
-.4
5.0
3.4
.7
16.9
14.1
17.3 -11.9
-5.3
-7.7
3.6
6.8
4.7
6.0
1.4
1.9
1.1
-3.5
2.1
5.1
4.7
2.7
1.8
3.6
2.1
1.3
9.9
11.1
Durable goods
1.8
1.9
1.9
6.5
2.3
Nondurable goods
-.6
8.1
9.3
4.2
-.4
0
Residual
21.0
9.2
63.2
7.1
4.0
4.3
-1
4.4
55.7
30.2
38.2
8.7
29.9
23.9
30.0
Motor vehicle dealers
Other
Nondurable goods
Other
1998
1997
Durable goods
1.8
2.7
1. Beginning with 1982, this series is derived from the Census Bureau series "current cost inventories." For
earlier periods, it is derived from the Census Bureau "book value inventories" series. The series differ in the treatment of inventories reported on a last-in, first-out (UFO) basis: The series prior to 1982 is a mix of LIFO and
non-LIFO inventories; the series beginning with 1982 is entirely on a non-UFO basis.
2. Beginning with 1973, the inventory valuation adjustment (IVA) shown in this table differs from the IVA that
adjusts business incomes. The IVA in this table reflects the mix of methods (first-in, first-out; last-in, first-out; etc.)
underlying inventories derived primarily from Census Bureau statistics (see footnote 1). This mix differs from that
underlying business income derived primarily from Internal Revenue Service statistics. Prior to 1973, the two IVA's
are the same because information required for separate estimates is not available.
3. Prior to 1981, inventories of auto and home supply stores are included in motor vehicle dealers. Beginning
with 1981, these inventories are included in "other durable goods."
Change in business inventories
Farm .;
1997
1.6
.1
10.5
3.3
2.5
8.1
1.6 -16.3
-3.7 -13.8
13.5
14.5
-9.1
1.7
5.5
16.1
-2.3
4.9
2.6
11.5
10.4
.7
4.0
-1
-1.2
-1.5
1.2
6.9
10.0
4.3
-1.3
NOTE.—Chained (1992) dollar series for real change in business inventories are calculated as the period-to-period
change in chained-dollar end-of-period inventories. Quarterly changes in end-of-period inventories are stated at annual rates. Because the formula for the chain-type quantity indexes uses weights of more than one period, the
corresponding chained-dollar estimates are usually not additive. The residual line is the difference between the first
line and the sum of the most detailed lines.
National Data • D-15
SURVEY OF CURRENT BUSINESS
January 1999
Table 5.12.—Inventories and Domestic Final Sales of Business by
Industry Group
Table 5.13.—Real Inventories and Real Domestic Final Sales of Business
by Industry Group
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted quarterly totals
1997
Seasonally adjusted quarterly totals
1997
1998
1998
IV
Inventories
l
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing ......i...
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers
Other
Nondurable goods
Other
Durable goods
Nondurable goods
Final sales of domestic business2
Final sales of goods and structures of
domestic business2
1,323.3 1,339.9 1,348.4 1,363.6 1,366.5 1,369.1
109.2 110.5 109.1 110.8 108.9 103.9
1,214.1 1,229.4 1,239.3 1,252.8 1,257.6 1,265.2
700.6 704.1 711.0 721.5 720.0 721.8
513.5 525.2 528.3 531.3 537.6 543.4
454.1 458.6 462.0 466.1 469.1 471.1
284.2 286.0 287.9 292.1 295.4 296.1
169.9 172.7 174.1 174.0 173.7 175.0
311.9 317.8 321.0 324.8 326.0 332.0
198.3 199.1 200.5 206.2 205.6 208.4
113.6 118.8 120.5 118.6 120.4 123.6
267.7 272.9 276.0 280.2 280.7 286.7
171.8 172.4 173.6 178.7 177.9 180.4
95.8 100.4 102.5 101.4 102.8 106.3
44.9
45.0
45.4
44.2
44.6
45.2
26.9
26.6
27.4
28.0
26.4
27.7
18.4 18.0
17.2
17.3
17.8
17.5
316.3 318.1 321.4 325.3 323.6 323.0
171.5 172.1 175.3 175.8 171.3 169.8
83.2
81.2
85.4
88.0
85.6
87.4
86.0
88.1
88.6
86.5
144.9 146.0 146.0 149.5 152.3 153.2
131.9 134.8 135.0 136.6 138.9 139.1
46.7
47.3
47.1
47.4
47.6
47.5
85.2
87.7
87.8
89.2 91.3
91.6
559.1 569.7 574.6 582.3 590.6 596.0
299.4
305.7
306.8
312.5
315.2
316.9
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
2.37
2.17
2.35
2.16
2.35
2.16
2.34
2.15
2.31
2.13
2.30
2.12
4.05
4.02
4.04
4.01
3.99
3.99
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories calculated from current-dollar inventories in this table is not the current-dollar change in business inventories (CBI) component of GDP.
The former is the difference between two inventory stocks, each valued at their respective end-of-quarter prices.
The latter is the change in the physical volume of inventories valued at average prices of the quarter. In addition,
changes calculated from this table are at quarterly rates; whereas, CBI is stated at annual rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less
gross product of households and institutions and of general government and includes a small amount of final sales
by farm.
Inventories1
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers
Other
Nondurable goods
Other
Durable goods
Nondurable goods
Residual
Final sales of domestic business2
Final sales of goods and structures of
domestic business2
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
I
1,248.1 1,260.8 1,277.5 1,300.3 1,309.9 1,323.8
106.8 108.6 109.6 110.9 113.1 115.3
1,140.7 1,151.7 1,167.4 1,188.9 1,196.4 1,208.1
659.7 664.4 672.4 684.2 685.3 689.9
481.0 487.3 494.9 504.6 511.0 518.1
426.8 430.8 435.2 442.8 448.7 453.5
271.7 273.8 275.8 281.1 285.9 288.9
155.3 157.1 159.5 161.8 163.0 164.8
295.6 299.8 304.9 311.6 313.5 320.9
191.2 192.4 194.5 200.8 201.2 205.0
104.8 107.7 110.6 111.2 112.6 116.2
253.1 256.8 261.3 267.5 268.7 275.7
165.3 166.2 168.0 173.6 173.6 177.0
88.2 90.9
93.5 94.1
95.3
99.0
42.5 43.0 43.6 44.1
44.8
45.2
25.9 26.2 26.5 27.1
27.6
28.0
17.1
16.9
17.0
16.6
17.3
17.2
297.5 298.7 302.9 307.3 304.3 302.9
156.8 157.6 161.2 161.6 157.5 155.6
77.0
79.6
78.7
75.3 73.0
76.8
80.7
80.0
81.5
82.9
82.3 82.8
140.3 140.7 141.3 145.3 146.6 147.2
120.8 122.4 124.4 127.3 129.9 130.9
40.7
40.1
41.0
41.0
41.2
41.2
80.7 81.8 83.5
86.4 88.9
90.0
.4
.2
.4
-.2
.6
-.6
504.3 512.3 515.5 521.6 528.4 532.2
281.3
287.3
288.4
294.0
296.5
298.0
2.47
2.26
2.46
2.25
2.48
2.26
2.49
2.28
2.48
2.26
2.49
2.27
4.05
4.01
4.05
4.04
4.03
4.05
1. Inventories are as of the end of the quarter. Quarter-to-quarter changes calculated from this table are at quarterly rates, whereas, the change in the business inventories component of GDP is stated at annual rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less
gross product of households and institutions and of general government and includes a small amount of final sales
by farm.
NOTE.—Chained (1992) dollar inventory series are calculated as the product of the chain-type quantity index and
the average of the end-of-year fixed-weighted inventories for 1991 and 1992, divided by 100. Chained (1992) dollar
final sales series are calculated as the product of the chain-type index and the 1992 current-dollar value of the
corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more
than one period, the corresponding chained-doliar estimates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines for inventories.
D-16
• National Data
January 1999
SURVEY OF CURRENT BUSINESS
6. Income and Employment by Industry.
Table 6.16C—Corporate Profits by Industry Group
Table 6.1 C—National Income Without Capital Consumption Adjustment
by Industry Group
[Billions of dollars]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1997
National income without
capital consumption
adjustment
1996
Corporate profits with inventory
valuation and capital
consumption adjustments
6,212.7 6,598.0 6,557.0 6,655.8 6,716.0 6,817.1 6,882.3 6,963.3
Domestic industries
Domestic industries
6,200.3 6,606.0 6,558.1 6,664.5 6,735.4 6,832.2 6,901.3 6,990.6
Financial
Private industries
5,351.8 5,728.5 5,683.5 5,783.9 5,849.7 5,937.2 5,999.1 6,080.4
Nonfinancial
Agriculture, forestry, and
fishing
Mining
Construction
Manufacturing
Durable goods
Nondurable goods
Transportation and public
utilities
Transportation
Communications
Electric, gas, and
sanitary services
Wholesale trade
Retail trade
Finance, insurance, and
real estate
Services
Government
Rest of the world
Rest of the world
106.4
47.9
289.2
106.0
52.5
305.1
108.0
52.3
302.4
107.5
52.8
306.0
103.0
53.8
312.5
102.0
54.9
320.1
480.9
208.0
139.3
476.3
205.3
136.5
484.4
210.6
141.4
489.4
213.6
142.0
497.3
213.7
1485
495.1
214.9
147.3
503.9
217.2
150.8
132.7
133.6
134.4
132.4
133.8
135.0
132.9
136.0
350.9
509.6
384.2
543.2
382.4
537.5
389.4
546.6
390.3
552.8
400.9
567.0
408.5
576.5
414.0
584.4
1,089.2 1,192.0 1,181.3 1,201.9 1,223.0 1,245.4 1,264.4 1,281.8
1,407.9 1,513.6 1,500.6 1,526.5 1,549.8 1,580.6 1,605.4 1,641.6
848.5
877.5
874.6
880.6
885.7
895.0
902.2
910.2
12.4
-8.0
-1.1
-8.7
-19.6
-14.8
-18.8
-27.0
NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
51.2
326.7
100.9
49.0
334.3
1,085.9 1,151.0 1,142.8 1,168.8 1,175.1 1,170.9 1,169.3 1,170.3
617.9 659.4 650.7 674.1 680.0 678.8 680.2 682.7
468,0 491.6 492.2 494.6 495.1 492.1 489.1 487.6
464.7
195.0
137.0
1997
1997
1998
1997
Receipts from the rest of the world
Less: Payments to the rest of the world
Corporate profits with inventory
valuation adjustment
Domestic industries
Financial
Federal Reserve banks
Other
Nonfinancial
Manufacturing
Durable goods
Primary metal industries
Fabricated metal products
Industrial machinery and
equipment
Electronic and other electric
equipment
Motor vehicles and equipment
Other
Nondurable goods
Food and kindred products
Chemicals and allied products
Petroleum and coal products ....
Other
Transportation and public utilities
Transportation
Communications
Electric, gas, and sanitary services
Wholesale trade
Retail trade
Other
Rest of the world
750.4 817.9 815.5 840.9 820.8 829.2 820.6 827.0
654.0 718.9 710.2 738.6 728.8 730.6 723.3 737.0
105.5 124.7 123.5 123.3 129.5 131.3 130.1 129.5
548.5 594.2 586.7 615.2 599.3 599.3 593.2 607.5
96.4
99.0 105.4 102.3
92.0
98.6
97.3
89.9
134.5 149.5 153.3 157.2 142.5 146.1 146.0 140.5
38.1 50.4 47.9 54.8 50.6 47.5 48.7 50.5
679.0 741.2 740.1 763.7 740.7 744.3 731.3 732.1
582.6 642.2 634.7
110.7 130.0 128.7
21.8 23.3 23.0
88.9 106.6 105.8
471.8 512.3 506.0
195.6 214.4 215.5
97.2 107.3 105.7
5.5
5.4
5.6
14.2 15.5 14.9
661.4
128.6
23.6
105.0
532.8
26.6
31.5
26.1
27.6
228.9
120.0
6.6
17.3
648.7 645.8 633.9 642.2
134.7 136.3 134.4 133.2
24.1 24.5 24.4 24.7
110.6 111.8 110.0 108.5
514.0 509.4 499.5 509.0
212.3 197.1 194.6 195.0
107.5 100.8 104.5 109.4
5.7
4.9
6.3
5.8
15.7 12.6 15.5 17.5
30.1
23.2
28.5
30.4
20.1 24.8 24.4 27.6 24.0 21.9
2.6
3.8
6.2
2.1
6.0
2.4
29.0 30.0 31.7 31.0 29.8 30.7
98.5 107.1 109.8 109.0 104.8 96.2
22.0 22.7 21.4 22.2 25.9 20.6
28.8 28.1 27.2 28.9 28.4 27.0
10.9 18.0 20.7 18.2 14.9 10.9
36.7 38.3 40.5 39.7 35.7 37.8
92.7 88.4 87.0 88.3 88.6 91.7
14.8 17.6 18.3 18.0 17.0 17.
35.8 31.2 28.9 32.3 31.3 34.1
42.1 39.7 39.8 38.0 40.3 40.3
37.9 49.8 50.5 52.7 47.6 51.5
51.8 61.2 59.1 62.7 62.2 67.4
93.8 100.1 103.4 101.8
93.8
19.8 20.5
4.6
4.9
30.1 31.5
90.2 85.6
21.4 22.0
18.9 18.4
7.2
10.0
39.8 38.0
87.5 92.7
17.5 18.5
32.5 34.8
37.5 39.5
53.5 53.9
67.4 67.1
96.5 100.2
96.4
97.3
99.0 105.4 102.3
92.0
NOTE.— Estimates in this table are based on the 1987 Standard Industrial Classification.
98.6
89.9
National Data •
SURVEY OF CURRENT BUSINESS
January 1999
D-17
7. Quantity and Price IndexesTable 7.1.—Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1992=100]
Seasonally adjusted
1997
1996
1997
122.69
112.02
109.54
109.53
129.89
116.42
111.57
111.57
129.13
115.89
111.45
111.43
130.85
117.08
111.77
111.76
132.19
117.94
112.09
112.08
134.27
119.54
112.33
112.32
135.17
120.09
112.57
112.56
136.73
121.17
112.85
112.84
123.60
112.62
109.75
109.75
130.19
116.44
111.81
111.81
128.89
115.47
111.63
111.62
131.29
117.23
112.00
111.99
132.55
118.04
112.30
112.29
134.52
119.79
112.30
112.29
136.82
121.58
112.55
112.54
138.55
122.80
112.84
112.83
Exports of goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
137.81 153.42 152.20 156.05 157.99 154.79 149.06 147.83
140.28 161.92 160.28 165.07 168.25 166.82 161.87 162.10
98.23 94.75 94.98 94.54 93.89 92.78 92.07 91.18
98.23 94.75 94.96 94.54 93.90 92.79 92.09 91.20
Durable goods:
Current dollars
.....
Chain-type quantity index .
Chain-type price index
Implicit price deflator
131.68
128.16
102.75
102.75
137.77
136.86
100.66
100.66
135.08
133.82
100.96
100.94
139.43 139.64
139.12 140.17
100.23 99.62
100.23 99.63
144.34
145.39
99.27
99.28
147.39 147.15
149.30 150.18
98.72 97.98
98.73 97.99
Exports of services:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
133.95
121.50
110.24
110.24
Nondurable goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
116.44
109.77
106.08
106.08
121.09
112.44
107.69
107.69
120.15
111.75
107.52
107.52
121.90
113.16
107.72
107.72
122.04
113.05
107.95
107.96
123.55
115.09
107.35
107.36
125.22
116.57
107.41
107.42
126.34
117.19
107.80
107.81
Services:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
Imports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
144.25 158.27 156.65 160.90 162.55 164.00 165.76 164.69
145.19 165.35 163.72 169.00 171.59 177.95 181.97 183.02
99.36 95.72 95.66 95.16 94.62 92.05 90.98 89.87
99.36 95.72 95.68 95.21 94.73 92.16 91.09
125.89
111.09
113.32
113.32
133.64
114.61
116.61
116.61
132.43
113.87
116.30
116.29
134.80
115.19
117.04
117.03
136.87
116.41
117.59
117.58
138.55
117.42
118.00
117.99
141.04
118.98
118.55
118.54
143.51
120.56
119.05
119.04
Imports of goods:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
148.48 163.04 161.35 165.68 167.46 169.01 171.02 169.71
151.36 173.56 172.05 177.43 180.19 187.38 192.49 193.87
98.10 93.94 93.76 93.32 92.81 90.07 88.72 87.42
98.10 93.94 93.79 93.38 92.94 90.19 88.84 87.54
143.20
137.15
104.46
104.41
158.90
152.62
104.10
104.11
159.39
153.24
104.08
104.02
160.13
153.82
104.12
104.10
163.46
157.12
103.99
104.03
172.90
167.22
103.39
103.39
170.16
165.29
102.92
102.95
172.62
168.46
102.43
102.47
Imports of services:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
125.69
118.65
105.93
105.93
137.34
130.39
105.33
105.33
135.97
128.32
105.95
105.97
139.92
133.11
105.10
105.12
140.97
135.01
104.40
104.42
141.98
138.03
102.85
102.87
142.70
137.82
103.52
103.54
142.61
137.60
103.63
103.65
Fixed investment:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
140.38
134.10
104.68
104.68
151.72
145.25
104.45
104.45
150.16
143.85
104.40
104.39
154.59
147.98
104.50
104.47
155.74
149.28
104.37
104.33
162.25
156.36
103.81
103.77
166.67
161.36
103.33
103.29
166.89
162.23
102.91
102.87
Nonresidential:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
141.24
139.21
101.46
101.46
154.28
154.04
100.15
100.15
152.46
152.04
100.28
100.28
158.16 158.24
158.13 158.86
100.04 99.64
100.02 99.61
165.14
167.04
168.85 166.99
172.15 171.84
98.12 97.21
98.08 97.18
111.19
100.35
110.80
110.80
115.10
101.68
113.20
113.20
114.85
101.63
113.01
113.01
115.49
101.99
113.24
113.24
116.17
102.01
113.87
113.87
115.91
101.53
114.17
114.17
117.20
102.45
114.39
114.40
118.09
102.84
114.82
114.83
128.23 141.97 138.51 144.13 145.64
144.79
Gross domestic product:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
Personal consumption
expenditures:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross private domestic
investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Structures:
Current dollars
Chain-type quantity
index
Chain-type price index
Implicit price deflator
Producers' durable
equipment:
Current dollars
Chain-type quantity
index
Chain-type price index
Implicit price deflator
Residential:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
1997
Seasonally adjusted
1998
1996
145.02 145.55
Government consumption
expenditures and gross
investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
1998
136.65 150.98 150.31 153.52 154.61 152.22 148.51 146.41
134.50 151.70 150.70 154.53 156.21 155.12 152.03 150.96
101.60 99.53 99.76 99.36 98.97 98.13 97.68 96.98
101.60 99.53 99.74 99.35 98.97 98.13 97.68 96.98
145.25
129.48
112.18
112.18
145.86
129.77
112.41
112.40
147.58
131.64
112.11
112.11
146.64
130.32
112.53
112.53
146.17
129.91
112.52
112.52
147.21
130.46
112.84
112.84
143.08
126.93
112.73
112.72
Federal:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
98.19 98.53 99.03 98.68 98.51 96.90 98.63 98.38
88.19 86.75 87.20 86.92 86.46 84.50 86.00 85.71
111.35 113.58 113.57 113.52 113.91 114.66 114.66 114.77
111.34 113.58 113.57 113.52 113.93 114.67 114.68 114.79
112.16 120.09 117.81 121.29 121.56 120.06 119.36
114.33 118.22 117.59 118.83 119.79 120.58 121.49
114.33 118.22 117.57 118.83 119.81 120.60 121.51
119.42
121.85
121.87
National defense:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
93.41 92.07 92.90 92.38 92.21 88.24 90.43 91.47
84.93 82.20 82.94 82.56 82.15 78.06 79.93 80.78
109.98 112.00 112.01 111.90 112.23 113.04 113.12 113.22
109.98 112.00 112.02 111.90 112.25 113.05 113.14 113.24
146.90 159.64 158.53 164.27 163.72 174.00 179.21
176.33
Nondefenss:
Current dollars
Chain-type quantity index
Chain-type price index ...
Implicit price deflator
110.01 114.50 114.16 114.22 114.07 118.26 118.87 115.43
96.03 97.64 97.39 97.36 96.79 99.83 100.48 97.47
114.57 117.27 117.21 117.32 117.83 118.46 118.30 118.44
114.57 117.27 117.22 117.32 117.85 118.46 118.31 118.43
151.75 170.04 168.20 175.62
96.80 93.88 94.23 93.54
96.80 93.88 94.25 93.53
138.25
122.32
113.03
113.02
145.37
125.36
115.96
115.96
144.48
125.26
115.35
115.34
145.77
125.14
116.50
116.49
176.58
92.75
92.72
190.08 198.43 197.91
91.57 90.35 89.13
91.54 90.32 89.10
149.58
127.64
117.20
117.19
155.10
132.34
117.21
117.20
161.30
137.05
117.71
117.69
166.63
140.31
118.77
118.76
NOTE — Chain-type quantity and price indexes are calculated from weighted averages of the detailed output and
prices used to prepare each aggregate and component. Implicit price deflators are weighted averages of the detailed
price indexes used to prepare each aggregate and component and are calculated as the ratio of current- to chained-
Exports of goods and
services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
:
1997
State and local:
Current dollars
Chain-type quantity index ...
Chain-type price index
Implicit price deflator
120.52
109.09
110.48
110.48
126.99
112.42
112.96
112.96
126.21
112.01
112.68
112.67
127.55
112.82
113.07
113.06
128.83
113.19
113.83
113.82
129.56
113.77
113.89
113.88
130.54
114.28
114.23
114.22
132.23
115.16
114.83
114.82
dollar output multiplied by 100.
Percent changes from preceding period for items in this table are shown in table 8.1. (Contributions to the percent
change in real gross domestic product are shown in table 8.2).
D-18 • National Data
SURVEY OF CURRENT BUSINESS
January 1999
Table 7.2.—Quantity and Price Indexes for Gross Domestic Product,
Final Sales, and Purchases
Table 7.4.—Chain-Type Quantity and Price Indexes for Personal
Consumption Expenditures by Major Type of Product
[Index numbers, 1992=100]
[index numbers, 1992=100]
Seasonally adjusted
Gross domestic product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Final sales of domestic
product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross domestic purchases:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Final sales to domestic
purchasers:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Addenda:
Chain-type price indexes for
gross domestic purchases:
Food
Energy
Gross domestic purchases
less food and energy
1996
1997
122.69
112.02
109.54
109.53
129.89
116.42
111.57
111.57
1997
1998
122.32
111.61
109.59
109.59
123.57
113.18
109.18
109.18
128.95
115.49
111.66
111.66
130.77
117.89
110.92
110.92
127.94
114.72
111.53
111.52
129.90
117.30
110.76
110.74
130.85
117.08
111.77
111.76
130.12
116.33
111.87
111.85
131.74
118.63
111.06
111.05
132.19
117.94
112.09
112.08
131.19
116.95
112.19
112.17
133.14
119.57
111.34
111.35
134.27
119.54
112.33
112.32
132.89
118.20
112.45
112.43
135.61
121.85
111.29
111.29
135.17
120.09
112.57
112.56
134.69
119.54
112.69
112.67
137.07
123.03
111.42
111.42
136.73
121.17
112.85
112.84
135.97
120.36
112.99
112.97
138.72
124.30
111.60
111.60
Personal consumption
expenditures
112.62
116.44
136.86
115.66
115.47
162.50
138.41
112.44
105.96
127.87
110.59
93.96
116.99
114.61
110.92
121.36
108.85
130.63
134.28
108.52
117.02
160.39
136.37
128.16
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
113.58
146.55
126.88
109.77
Nondurable goods
104.94
122.43
108.80
102.90
111.88
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
111.09
Services
123.20
112.78
109.24
109.23
129.84
116.97
111.00
111.00
128.72
116.14
110.84
110.83
131.02
117.89
111.15
111.14
132.14
118.59
111.44
111.43
134.23
120.51
111.40
111.39
136.60
122.49
111.53
111.52
137.97
123.50
111.72
111.71
108.82 111.24
106.94 107.69
110.87 111.62 111.95 112.18 112.50
106.24 106.54 107.09 100.84
109.35 111.05
110.98 111.23 111.49 111.69 111.88 112.09
113.16
97.22
Table 7.3.—Quantity and Price Indexes for Gross National Product and
Command-Basis Gross National Product
[Index numbers, 1992=100]
122.68
112.04
109.51
109.50
129.53
116.16
111.51
111.52
128.88
115.73
111.39
111.37
130.48
116.81
111.72
111.70
131.64
117.51
112.04
112.03
133.79
119.18
112.28
112.26
134.63
119.67
112.51
112.50
136.05
120.64
112.79
112.78
Less: Exports of goods and
services and receipts of
factor income:
Chain-type quantity index
138.32 155.43
155.05
Plus: Command-basis exports
of goods and services and
receipts of factor income:
Chain-type quantity index
140.87 160.36
160.28 164.29 164.67 166.77 165.08 164.02
Equals: Command-basis gross
national product:
Chain-type quantity index
112.35 116.77 116.38 117.50 118.22 120.19 120.78
158.77 158.99 158.60 156.14 154.52
NOTE.—Percent changesfrompreceding period for selected items in this table are shown in table 8.1.
1997
1998
1997
Chain-type quantity indexes
129.13
115.89
111.45
111.43
NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.
Gross national product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
1996
121.82
108.36
117.40
110.73
122.35
126.86
106.17
112.52
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
133.82
111.56
111.75
105.66
125.62
110.97
95.72
116.01
113.87
110.56
119.96
108.89
128.16
133.30
108.03
115.97
119.79
145.39
119.77
121.58 122.80
177.34
146.43
115.09
107.10
136.29
111.18
84.48
120.30
117.42
112.67
123.38
103.67
138.04
137.85
110.55
121.58
179.20 185.88
150.12 150.74
112.00 112.30 112.30
100.23 99.62 99.27
112.31 111.88 111.79
112.55 112.84
85.92
103.29
107.35
112.74
94.68
98.05
103.44
109.36
118.00
85.14 83.55
102.74 102.21
117.23
139.12
118.15
118.04
165.15
139.26
113.16
106.15
129.44
111.08
97.69
118.25
115.19
111.24
122.87
109.94
132.46
135.22
108.90
117.63
168.01
141.74
140.17
117.33
113.05
106.06
129.62
110.79
92.27
118.17
116.41
111.93
125.31
111.09
135.87
136.61
109.70
119.29
149.30 150.18
125.13 122.10
116.57 117.19
108.54
138.07
111.10
89.08
122.06
108.93
137.36
113.60
91.10
123.39
118.98 120.56
113.28
127.48
110.13
140.42
140.09
111.60
123.53
113.95
131.47
116.21
142.87
139.49
112.17
126.57
Chain-type price indexes
Personal consumption
expenditures
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
,
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other household operation
Transportation
Medical care
Other
Addenda:
Price indexes for personal
consumption expenditures:
Food
Energy •
Personal consumption
expenditures less food
and energy
109.75 111.81
102.75 100.66
112.72 112.65
111.63
92.25
104.60
106.08
109.02
96.21
107.34
108.61
107.04
113.32
112.34
107.91
106.34
109.04
110.85
117.51
112.99
88.20
103.41
107.69
111.67
96.39
107.33
109.60
108.30
116.61
88.66
103.24
116.30
87.57
103.34
107.72
112.10
96.20
106.11
105.38
108.26
117.04
115.66
108.65
108.79
108.68
113.23
120.18
117.91
115.23
108.65
108.10
109.11
113.16
119.91
117.52
116.11
108.31
108.38
108.38
113.32
120.52
118.77
86.75
102.92
107.95
112.45
96.00
106.60
106.02
108.52
117.59
117.00
108.33
109.12
107.95
114.06
120.95
119.28
109.02
106.92
111.67
108.13
111.25
106.50
112.10
107.1
112.45
107.79
112.74 113.10 113.88
101.89 99.93 98.44
110.09
112.10
112.05
112.32
112.59
112.89 113.25 113.57
100.96
112.96
107.52
111.25
97.28
104.61
109.61
108.57
1. Consists of prices for gasoline and oil, fuel oil and coal, and electricity and gas.
117.90
106.96
105.69
107.80
114.51
121.92
119.45
98.72
97.98
111.55 111.89
107.41 107.80
113.10 113.88
94.84 94.79
94.17 92.19
101.20 98.30
110.06 110.90
118.55 119.05
119.00
107.19
105.76
108.12
114.35
122.54
119.78
119.92
106.73
104.86
107.93
114.92
123.13
120.17
Table 7.6.—Chain-Type Quantity and Price Indexes for Private Fixed
Investment by Type
[Index numbers, 1992=100]
D-19
National Data
SURVEY OF CURRENT BUSINESS
January
Table 7.9.—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services and for Receipts and Payments of Factor Income
[Index numbers, 1992=100]
Seasonally adjusted
1996
1997
Seasonally adjusted
1998
1997
1996
1997
134.50
140.28
154.24
114.58
121.50
155.75
145.19
151.36
165.01
127.72
118.65
158.39
151.70
161.92
184.30
122.31
129.48
172.59
165.35
1997
1998
Chain-type quantity indexes
Private fixed
investment
Nonresidential
Structures
Nonresidential buildings,
including farm
Utilities
Mining exploration, shafts,
and wells
Other structures
Producers' durable
equipment
Information processing and
related equipment
Computers and
peripheral equipment'
Other
Industrial equipment
Transportation and related
equipment
Other.....
Chain-type quantity indexes
134.10
139.21
112.16
145.25
120.09
143.85
152.04
117.81
124.58
80.67
132.99
83.31
130.56 134.27 132.12 132.62 132.32 132.58
82.91 84.35 84.59 84.77 85.64
154.04
158.13
121.29
149.28
158.86
121.56
156.36 161.36 162.23
167.04 172.15 171.84
120.06 119.36 119.42
114.88
67.12
134.77
70.12
132:50
61.85
139.96
63.73
141.90
95.34
134.72 127.70 123.57
68.64 67.01 70.27
151.75
170.04
168.20
175.62
176.58
190.08 198.43 197.91
182.88
222.13
214.73 232.17 239.04
263.41 280.84 297.80
344.37
127.94
134.93
140.28
140.93
463.97
137.09
141.48
523.22
144.09
143.00
552.78
145.72
144.03
664.79 754.21 843.02
151.52 15479 158.26
147.28 148.36 148.98
169.27
146.25.
185.27 194.89 176.07
152.09 157.63 159.20
132.34 137.05 140 31
125.07
116.78
149.30
133.12
166.94
144.39
127.64
127.62
119.34
160.01
134.47
128.14
128.56
132.40 135.23 135 42
Structures
Single family
:
Multifamily
Other structures .
125.33
117.72
154.04
131.79
163.01
142.26
125.26
125.24
117.77
155.40
131.29
Producers' durable
equipment
120.47
126.88
126.48
162.83
142.95
125.36
125.14
132.34
124.67
169.09
137.71
137.10
129.88
158.07
144.15
140.43
133.54
158.70
147.42
Chain-type price indexes
Private fixed
investment
Nonresidential .
Structures
Nonresidential buildings,
including farm
Utilities
..
Mining exploration, shafts,
and wells
Other structures
Producers' durable
equipment
Information processing and
related equipment ..........
Computers and
peripheral equipment'
Other
Industrial equipment
Transportation and related
equipment
Other
Residential
104.68 104.45 104.40 104.50 104.37 103.81 103.33 102.91
101.46 100.15 100,28 100.04
99.64
98.90
98.12
97.21
114.33 118.22 117,59 118.83 119.79 120.58 121.49 121.85
114.14 117.79 117.02 118.41 119.57 120.29 121.38 122.38
114.03 116.62 116.72 117.05 116.73 117.13 117.36 117.91
118.62 126.85 126.26 127.82 128.91 131.00 131.83 126.05
111.73 115.51 115.11 115.87 117.39 117.66 117.60 118.43
96.80
93.88
94.23 93.54
92.75
91.57
90.35
77.17
69.31
70.19
66.63 64.12
61.49
68.31
89.13
49.18 37.75 38.86 36.25 34.25 31.23 28.40 25.65
99.56 99.14 99.19 99.24 98.84 98.58 98.04 9779
109.26 110.12 109.95 110.17 110.46 110.52 11077 110.30
107.53 108.35 108.15 108.87 108.37 107.99 107.91 108.06
108.17 109.15 109.19 109.01 109.34 109.84 109.97 110.33
113.03 115.96 115.35 116.50 117.20 117.21 117.71 118.77
119.17
122.68
11478
115.14
Structures
Single family
Multifamily
Other structures ....
113.27
116.50
108.70
109.64
Producers' durable
equipment
103.97 104.03 104.12 103.54 103.18 103.92 103.41 103.92
116.29
119:90
112.20
112.11
1. Includes new computers and peripheral equipment only.
Exports of goods and services
Goods*
Durable
Nondurable
Servicesl
Receipts of factor income
Imports of goods and services
Goods•
Durable
Nondurable
Services' .,
Payments of factor income
173.56
19273
141.26
130.39
189.82
150.70 154.53
160.28 165.07
182.32 189.57
121.24 122.04
129.77 131.64
174.78
163.72
172.05
190.29
141.14
1'28.32
187.25
178.10
169.00
177.43
196.63
144.99
133.11
156.21 155.12
168.25 166.82
192.15 192.06
126.07 122.56
130.32 129.91
172.29 174,77
171.59 177.95
180.19
201.07
145.23
135.01
187.38
209.81
149.97
138.03
152.03
161.87,
184.87
121.32
130.46
174.79
181.97
192.49
215.18
154.59
137.82
196.25 197.50 196.82 199.34
150.96
162.10
187.09
118.34
126.93
170.96
183.02
193.87
216.42
156.18
137.60
200.76
Chain-type price indexes
148.11
131.86
122.32
122.37
117.24
142.79
126.61
Residential
147.98
115.66
119.14
111.53
111.63
116.85
120.52
112.79
112.59
117.58
121.36
113.49
113.19
117.58
121.04
113.25
113.59
118.10
121.45
113.62
114.27
Exports of goods and services
Goods'
Durable
Nondurable
Services1
:
Receipts of factor income
Imports of goods and services
Goods l
Durable
Nondurable
Services1
Payments of factor income
101.60
99.76 99.36 98.97 98.13 97.68 96.98
94.98 94.54 93.89 92.78 92.07 91.18
85.23 84.64
87.30 86.84 86.23
113.90 113.58 112.85 109.99 108.54 10675
112.41 112.11 112.53 112.52 112.84 112.73
109.65 111.56 111.34 111.70 112.09 112.16 112.27 112.42
99.36 95.72 95.66 95.16 94.62 92.05 90.98 89.87
98.10 93.94 93.76 93.32 92.81 90.07 88.72 87.42
93.34 88.29 88.55 88.14 87.33 86.02 85.01 83.98
108.67 106.63 105.41 104.91 105.15 98.99 96.82 94.86
105.93 105.33 105.95 105:10 104.40 102.85 103.52 103.63
111.06. 113.61 113.47 113.74 114.15 114.23 114.46 114.71
99.53
98.23 9475
90.86 87.10
116.14 113.58
110.24 112.18
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beginning with ,1986, repairs and alterations of equipment are reclassified from goods
to services.
D-20 • National Data
January 1999
SURVEY OF CURRENT BUSINESS
Table 7.10.-—Chain-Type Quantity and Price Indexes for Exports and Imports of Goods and Services by Type of Product
[Index numbers, 1992=100]
Seasonally adjusted
1996
1997
1997
Seasonally adjusted
1997
1998
Exports of goods !
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals, and
parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Exports of services»
Transfers under U.S. military
agency sales contracts
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
imports of goods and
services
Imports of goods
l
Foods, feeds, and beverages
Industrial supplies and
materials, except petroleum
and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals, and
parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Imports of services!
Direct defense expenditures ...
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Addenda:
Exports of agricultural
goods2
Exports of nonagricultural
goods
Imports of nonpetroleum
goods
NOTE—See footnotes to table 4.3.
1998
Chain-type price indexes
Chain-type quantity indexes
Exports of goods and
services
1997
134.50 151.70 150.70 154.53 156.21 155.12 152.03 150.96
140.28 161.92 160.28 165.07 168.25 166.82 161.87 162.10
108.86 108.86 103.88 104.84 117.42 112.93 103.30
99.03
116.03 126.02 126.59 127.73 128.26 126.37 124.42 121.74
121.61 132.60 133.30 133.37 136.26 139.53 133.62 130.85
113.08 122.56 123.05 124.76 124.05 119.48 119.62 116.99
176.54 220.70 216.65 229.84 232.10 230.31 221.33 231.50
71.57
92.90
88.08
95.72
97.25 108.63
99.20 128.77
341.06 500.14 497.43 542.94 529.93 508.13 518.86 543.70
185.56 221.55 218.13 228.74 232.61 226.64 217.43 214.98
132.62 149.78 148.64 151.26 154.96 157.10 146.00 131.96
130.80
131.20
130.37
112.14
112.15
112.14
143.37
144.74
141.93
129.34
129.34
129.33
145.02
146.94
143.01
128.64
128.64
128.64
143.24
146.08
140.26
130.34
130.34
130.33
145.41
146.71
144.04
133.18
133.18
133.18
144.58
145.75
143.35
133.29
133.29
133.29
148.30
147.63
148.97
137.45
137.45
137.45
148.97
150.92
146.94
134.70
134.70
134.70
121.50 129.48 129.77 131.64 130.32 129.91 130.46 126.93
120.86
114.83
111.77
107.65
149.47
131.69
108.25
148.15
116.82
118.43
111.02
150.73
150.52
107.75
158.28
118.57
114.82
111.08
150.81
148.60
107.60
162.54
117.01
116.43
111.13
153.42
155.06
108.04
137.13
114.80
122.84
112.39
149.34
156.81
108.17
153.02
114.23
122.28
111.43
147.50
153.83
108.35
133.79
114.53
127.59
110.38
150.86
157.10
108.42
141.39
105.36
115.50
112.31
144.17
158.11
108.47
145.19 165.35 163.72 169.00 171.59 177.95 181.97 183.02
151.36 173.56 172.05 177.43 180.19 187.38 192.49 193.87
116.82 128.72 127.80 131.31 131.58 138.43 138.70 136.81
138.73
146.44
131.61
123.73
150.31
157.94
143.27
129.39
149.41
156.40
142.97
131.97
152.87
159.28
147.00
133.93
154.60
164.62
145.31
129.65
161.33
171.48
151.91
132.43
166.75
182.43
152.05
144.40
170.39
187.31
154.51
142.28
220.93 278.05 273.38 286.75 295.47 308.05 316.31 317.47
88.71 111.94 105.50 127.70 121.20 119.07 149.04 145.70
384.26 515.96 507.51 542.54 546.41 593.05 623.78 638.48
197.28 241.80 238.66 244.71 256.88 265.09 263.60 263.33
129.38 140.97 139.63 141.80 140.64 147.58 145.91 144.00
134.86
135.69
133.96
124.04
124.04
124.04
153.94
152.86
155.06
143.99
143.99
143.99
152.68
151.63
153.78
141.54
141.54
141.54
156.43
154.92
158.01
149.71
149.71
149.71
161.90
160.95
162.89
152.39
152.39
152.39
168.17
168.64
167.69
154.04
154.04
154.04
175.70
177.35
173.98
155.65
155.65
155.65
176.17
177.18
175.11
169.68
169.68
169.68
118.65 130.39 128.32 133.11 135.01 138.03 137.82 137.60
74.40
113.8;
141.93
102.33
141.07
155.65
107.70
84.16
122.50
154.42
110.19
166.13
176.15
112.7!
78.23
120.58
157.15
111.30
153.43
172.65
110.81
88.0
123.34
157.21
110.41
180.51
181.45
115.18
91.30
125.49
153.25
113.78
181.22
184.40
114.22
98.95
131.26
154.12
113.68
202.68
180.90
116.08
94.55
131.60
155.69
114.09
175.60
186.59
116.05
92.10
128.23
146.85
116.20
169.12
195.46
117.26
110.09 111.85 108.13 110.41 118.52 115.46 108.01 103.87
143.96 168.32 166.9'
172.10 174.59 173.38 168.77 169.57
153.95 178.06 176.0"
181.83 185.39 193.04 .197.5:
199.24
Exports of goods and
services
Exports of goods l
Foods, feeds, and beverages
Industrial supplies and
materials
Durable goods
Nondurable goods
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals, and
parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Exports of services'
Transfers under U.S. military
agency sales contracts
Travel
Other transportation
Royalties and license fees
Other private services
Other
Imports of goods and
services
Imports of goods'
Foods, feeds, and beverages
Industrial supplies and
materials, except petroleum
and products
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except
automotive
Civilian aircraft, engines,
and parts
Computers, peripherals, and
parts
Other
Automotive vehicles, engines,
and parts
Consumer goods, except
automotive
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
Imports of services'
Direct defense expenditures ...
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Other
Addenda:
Exports of agricultural
goods 2
Exports of nonagricultural
goods
Imports of nonpetroleum
goods
101.60
99.53
98.23
94.75
99.76
99.36
98.97
94.54
98.13
97.68
96.98
92.78
92.07
91.18
126.48 117.30 119.30 116.76 114.31 109.56 107.87 106.26
115.71 115.23 115.29 115.59 114.60 11.1.90 110.29 107.99
113.74 112.74 113.28 113.34 111.17 109.79 109.01 107.47
116.78 116.60 116.38 116.82 116.52 113.02 110.89 108.13
81.44
75.99
76.16
75.52
74.93
74.40
73.93
73.33
114.05 118.02 117.49 118.43 118.73 119.11 119.52 119.38
44.57
87.85
34.31
84.26
34.50
84.44
33.04
84.19
32.01
83.85
30.94
83.57
29.83
83.41
28.66
83.20
104.25 105.10 105.14 105.18 105.17 105.17 105.16 105.23
104.27
102.72
105.94
103.62
103.62
103.62
105.05
103.71
106.48
100.84
100.84
100.84
104.87
103.76
106.07
101.03
101.04
101.04
105.18
103.77
106.70
100.65
100.65
100.65
105.32 105.35 104.98 104.87
103.91 103.79 103.22 103.16
106.84 107.04 106.88 106.71
100.50 99.46 99.01 97.89
100.48 99.43 98.99 97.87
100.48 99.43 98.99 97.87
110.24 112.18 112.41 112.11 112.53 112.52 112.84 112.73
111.11
110.96
109.90
105.87
109.70
107.89
124.01
108.28
114.57
106.17
106.20
111.61
109.51
134.50
109.92
114.27
108.78
106.10
111.40
109.39
135.32
107.00
114.43
107.75
105.34
111.76
109.58
134.33
105.95
115.87
105.11
106.11
112.15
110.05
135.34
107.77
116.46
105.51
102.90
112.22
110.12
135.46
107.67
117.86
102.80
102.85
112.33
110.35
137.30
102.47
118.32
102.08
102.76
112.48
110.41
139.13
99.36 95.72 95.66 95.16 94.62 92.05 90.98 89.87
98.10 93.94 93.76 93.32 92.81 90.07 88.72 87.42
110.73 111.70 112.96 111.82 110.85 109.24 109.13 107.21
109.59
110.05
109.23
113.98
109.45
112.02
106.97
107.54
108.64
112.49
104.88
103.90
109.39
112.91
105.95
101.78
77.2;
68.09
68.54
67.72
109.1 106.32 105.09 103.14
111.40 109.30 108.11 106.02
106.99 103.40 102.12 100.32
102.62 80.40 72.43 67.07
66.63
64.90
63.58
62.53
113.54 117.86 117.43 118.31 118.78 119.41 119.7; 119.56
50.52
87.24
42.92
76.94
43.71
77.14
42.24
76.79
40.78
75.96
38.37
74.81
36.12
74.27
35.04
73.31
108.57 108.80 108.44 108.87 109.25 109.24 109.01 108.55
•103.44
103.06
103.8^
107.71
107.71
107.71
102.24
100.86
103.76
107.14
107.14
107.14
102.36
101.00
103.85
107.01
107.01
107.01
102.12
100.59
103.80
107.05
107.05
107.05
101.85
99.99
103.88
106.90
106.90
106.90
101.45
99.22
103.89
106.26
106.26
106.26
100.92
98.38
103.68
107.03
107.03
107.03
100.50
97.59
103.68
106.40
106.40
106.40
105.93 105.33 105.95 105.10 104.40 102.85 103.52 103.63
99.65 96.36 96.66 91.97 93.35 96.00
107.65 98.6
109.45 108.45 109.83 108.49 106.03 104.17 104.80 103.85
105.59 111.88 112.4' 113.43 112.7- 112.26 112.56 114.46
106.46 104.30 104.39 103.4 103.10 100.30 101.87 102.62
109.71 111.64 111.40 111.76 112.15 112.22 112.33 112.48
99.56 99.33 99.60 99.03 99.48 99.1
99.33 98.86
110.59 111.4" 111.92 111.32 110.86 109.98 110.8; 110.70
126.79 118.59 120.0; 117.75 116.08 111.07 109.55 107.22
95.59
92.49
92.63
92.34
91.77
90.94
90.30
89.51
96.9!
92.97
93.08
92.79
92.21
90.88
90.02
89.02
National Data •
SURVEY OF CURRENT BUSINESS
January 1999
D-21
Table 7.11.—Chain-Type Quantity and Price Indexes for Government Consumption Expenditures and Gross Investment by Type
[Index numbers, 1992=100]
Seasonally adjusted
Seasonally adjusted
1996
1997
1997
1998
Chain-type quantity indexes
Government consumption
expenditures and gross
investmentl
Federal
National defense
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
..
Other services
Gross investment
Structures
Equipment
Nondefense
Consumption expenditures
Durable goods2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment
State and local
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of general
government
employees, except
force-account
construction3
Consumption of general
government fixed
Other services
Gross investment ....
Structures
Equipment
Addenda:
Compensation of general
government employees3
State and local
1997
110.80
1997
1998
Chain-type price indexes
100.35 101.68 101.63 101.99 102.01 101.53 102.45 102.84
88.19
86.75
87.20
86.92
86.46
84.50
86.00
84.93
82.20
85.20
67.69
73.78
87.41
82.94 82.56
79.93 80.78
86.40
71.11
72.30
88.48
85.20
63.92
75.60
87.72
82.15
84.48
68.51
73.04
86.55
78.06
86.52
69.11
74.08
88.76
70.67
82.50
83.25
68.76
70.54
85.21
82.94
71.98
82.71
84.23
81.87
78.91
79.08 78.87
77.81
77.29
76.52
76.48
95.00
96.76
75.98
105.23
72.72
93.02
93.31 92.78
102.16 100.20
65.05 63.11 67.53
86.49 84.72 86.11
62.69 60.72 65.51
92.18
98.45
68.89
85.60
67.11
91.52
85.52
63.03
81.96
60.95
90.92
96.98
60.76
73.21
59.47
90.26
94.05
96.03
95.94
97.64 97.39
97.99 98.21
96.79
98.17
99.83 100.48
98.96 101.14
97.47
97.74
76.41
86.09
97.40
92.77
92.11
85.19
97.61
97.36
97.82
86.27 90.44
97.38 97.28
90.60 90.11
90.45
91.27
97.95
88.53
114.30 118.62 118.13 119.13 120.19 121.32
101.32 105.56 105.02 105.02 107.23 106.99
96.78 95.18 91.52 94.22 86.82 106.68
93.56 83.49 83.11 89.17 71.25 85.90
101.09 110.14 102.23 100.36 107.12 133.92
109.09 112.42
108.82 111.38
117.92 122.03
116.69 120.55
107.72 110.11
112.01 112.82 113.19 113.77
111.01 111.78 112.41 113.12
121.62 122.60 123.36 124.47
120.13 120.95 122.00 122.94
109.74 110.50 111.08 111.76
85.71
81.62
67.26
Government consumption
expenditures and gross
investment'
Federal
90.69
90.87
122.27
110.76
95.76
83.93
110.55
114.28
113.86
125.59
123.88
112.48
126.31
109.65
95.72
90.07
101.53
115.16
114.58
126.71
124.83
113.16
110.22
National defense
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment
Nondefense
Consumption expenditures
Durable goods 2
Nondurable goods
Commodity Credit
Corporation
inventory change ...
Other nondurables
Compensation of
general government
employees, except
force-account
construction3
Consumption of
general government
fixed capital 4
Other services
Gross investment
Structures
Equipment
106.09
107.91 107.66
108.26 108.65 109.07 109.68
113.04
129.70
110.31
106.31
129.43
117.41
139.74
117.11
111.88
142.55
117.97
140.80
117.49
111.95
144.55
119.13
144.16
116.72
110.52
147.45
120.31
149.08
116.71
109.60
152.56
121.50
151.07
116.15
108.20
156.83
122.70
153.72
117.74
109.31
161.21
State and local
Consumption expenditures
Durable goods2
Nondurable goods
Services
Compensation of general
government
employees, except
force-account
construction3
Consumption of general
government fixed
capital4
Other services
Gross investment
Structures
Equipment
99.35 99.90 99.85 100.16
84.75 82.61 82.97 82.68
106.12 107.98 107.73 108.33
100.00
81.42
108.71
100.29 100.64
81.48 81.33
109.11 109.70
101.03
81.38
110.25
Addenda:
Compensation of general
government employees3 ....
Federal
State and local
116.83
137.55
116.55
111.52
140.85
113.01
113.57
112.01
112.38
101.41
105.60
113.55
113.24 113.87 114.17
109.95
101.43
108.83
110.76
113.20
113.58
112.00
112.45
101.39
106.50
113.61
114.17
118.01 117.99
117.88 118.43 120.65
110.37
105.81
110.08
121.69
108.74
114.57
116.47
111.51
108.31
108.78
126.09
106.61
117.27
119.76
111.36
108.55
108.41
126.85
106.07
111.35
Services
1. Gross government investment consists of general government and government enterprise expenditures for fixed
assets; inventory investment is included in government consumption expenditures.
2. Consumption expenditures for durable goods excludes expenditures classified as investment, except for goods
transferred to foreign countries by the Federal Government.
3. Compensation of government employees engaged in new force-account construction and related expenditures
1996
111.94
107.92
109.39
125.93
107.31
113.52 113.91 114.66
111.90
112.38
101.64
103.41
113.59
112.23
112.86
101.05
104.81
114.13
111.36
109.41
107.72
126.60
105.33
117.21 117.32 117.83
119.68 119.84 120.42
112.67 112.06 112.47 112.55 112.30
117.06 120.57 120.47 120.63 121.24
113.04
113.74
101.27
97.81
115.30
111.45
109.72
108.04
126.74
105.67
118.46
121.20
114.39
114.66
113.12
113.88
100.78
95.53
115.57
114.82
114.77
113.22
114.23
100.47
93.70
116.04
120.72 120.87
111.06
110.72
107.59
127.27
105.08
118.30
121.12
111.22
111.83
105.96
128.23
103.13
118.44
121.38
111.36 110.86
122.14 122.09
111.02
122.50
126.58 131.80 131.59 131.65 132.70 134.30 134.06 134.53
104.48
109.44
100.98
120.10
83.67
113.89
113.76
107.40
104.14
115.10
104.27 104.08
109.65 110.13
100.29 99.61
120.56 121.31
82.23 80.40
114.23 114.83
112.05 114.99 114.66 115.30 115.97 116.68
117.36 118.06
104.13
109.08
101.18
117.46
85.82
104.62
109.16
101.29
118.82
110.48 112.96 112.68 113.07
113.83
113.71
107.29
107.73
114.60
104.30
106.59
102.45
113.01
91.73
110.33
106.40
109.37
110.53
104.37
108.69
101.35
116.95
86.56
112.86
106.77
108.52
113.53
104.49
108.69
101.45
116.40
87.16
112.54
106.49
108.18
113.21
112.98
106.91
107.49
113.80
114.18
107.43
103.87
115.63
114.80
107.83
103.18
116.41
108.86 110.45 110.34 110.47
88.84 94.83 94.30 94.78
111.18 113.46 113.35 113.53
113.90 117.75 117.47 117.99
100.17 96.79 97.29 96.23
111.19
97.37
114.37
119.27
95.57
111.13
96.11
114.51
119.82
94.35
111.08
95.48
114.49
120.13
93.28
111.63
97.54
115.01
121.14
92.28
113.78 117.09 116.82 117.28
118.25 122.57 122.48 122.43
112.06 115.00 114.67 115.31
117.97 119.00
123.15 125.15
115.99 116.69
119.50
125.10
117.37
120.09
125.37
118.08
for goods and services are classified as investment in structures. The compensation of all general government employees is shown in the addenda.
4. Consumption of fixed capital, or depreciation, is included in government consumption expenditures as a partial
measure of the value of the services of general government fixed assets; use of depreciation assumes a zero net
return on these assets.
D-22
• National Data
SURVEY OF CURRENT BUSINESS
January 1999
Table 7.14.—Chain-Type Quantity and Price Indexes for Gross Domestic
Product by Sector
Table 7.16.—Implicit Price Deflators for Inventories of Business by
Industry Group
[Index numbers, 1992=100]
[Index numbers, 1992=100]
Seasonally adjusted
1996
1997
1997
Seasonally adjusted
1998
1997
Inventories'
Chain-type quantity indexes
Gross domestic
product
BusinessJ
Nonfarm'
Nonfarm less housing
Housing
Farm
Households and institutions
Private households
Nonprofit institutions
General government2
Federal ..
State and local
Chain-type price indexes
Gross domestic
product
Business'
112.02 116.42 115.89 117.08 117.94 119.54 120.09 121.17
113.87 118.91 118.30 119.65 120.66 122.53 123.11 124.33
114.12
114.81
108.38
97.50
119.02
119.95
111.29
112.04
118.39
119.26
111.20
112.60
119.70
120.70
111.50
116.25
120.81
121.90
111.81
110.25
122.66
124.02
111.60
113.12
123.25
124.56
112.58
113.40
124.45
125.77
113.64
116.17
111.72 115.20 114.74 115.79 116.49 117.06 117.43 118.04
104.40 101.12 101.81 100.63 99.38 97.46 98.19 98.78
112.00 115.74 115.23 116.38 117.15 117.82 118.17 118.78
100.02 100.66 100.60 100.91 100.81 101.10 101.44 101.84
87.71 85.80 86.11 85.82 84.75 84.71 84.51 84.55
106.75 108.83 108.55 109.20 109.64 110.12 110.76 111.37
109.54 111.57 111.45 111.77 112.09 112.33 112.57 112.85
108.98 110.89 110.78 111.11 111.38 111.52 111.66 111.86
Nonfarm'
Nonfarm less housing
Housing
,
Farm
108.89 111.06 110.91 111.32 111.60 111.83 111.96 112.21
108.48 110.54 110.42 110.78 111.01 111.16 111.19 111.37
112.46 115.66 115.26 116.07 116.81 117.76 118.79 119.75
116.63 99.93 102.08 97.13 96.93 91.17 92.03
Households and institutions ...
110.67 112.42 112.37 112.50 112.88 113.59 115.33 116.54
Private households
Nonprofit institutions
113.41 117.56 116.77 118.17 119.63 120.13 121.10 122.21
110.57 112.24 112.22 112.30 112.64 113.36 115.13 116.34
Genera! government2
113.12 116.12 115.92 116.28 116.92 117.80 118.19 118.75
Federal
State and local
116.04 119.48 119.51 119.33 119.89 121.38 121.25 121.47
111.76 114.57 114.26 114.85 115.53 116.16 116.77 117.46
1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Gross nonfarm product equals gross domestic business product less gross farm
product.
2. Equals compensation of general government employees plus general government consumption of fixed capital.
Table 7.15.—Current-Dollar Cost and Profit Per Unit of Real Gross
Domestic Product of Nonfinancial Corporate Business
[Dollars]
Current-dollar cost and
profit per unit of real
gross domestic
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
Net interest
1.056 1.063
.100 .100
•956 .963
1.063
.100
.963
1.063
.100
.963
1.063
.100
.963
1.061
.099
.962
1.061
.100
.962
1.062
.105
.850
.105
.857
.106
.857
.105
.858
.105
.858
.105
.858
.104
.857
.104
.685
.691
.691
.688
.695
.697
.699
.699
.140
.039
.143
.041
.143
.040
.147
.042
.141
.040
.139
.037
.136
.037
.138
.037
.101
.026
.102
.023
.102
.024
.104
.023
.101
.022
.102
.022
.099
.022
.100
.022
.099
.962
1. Equals the deflator for gross domestic product of nonfinancial corporate business with the decimal point shifted
two places to the left.
104.33 103.42
96.34 90.08
106.43 106.74 106.16 105.37 105.12 104.72
106.20 105.99 105.74 105.45 105.06 104.63
106.75 107.78 106.74 105.29 105.21 104.87
106.37 106.46 106.15 105.28 104.54 103.88
104.57 104.43 104.38 103.93 103.34 102.51
109.40 109.89 109.13 107.53 106.53 106.17
105.49 106.02 105.29 104.23 103.98 103.46
103.68 103.48 103.07 102.68 102.21 101.68
108.41 110.25 108.97 106.70 106.85 106.37
105.74 106.24 105.65 104.74 104.49 103.97
103.94 103.74 103.33 102.94 102.47 101.93
108.69 110.49 109.57 107.74 107.88 107.39
103.99 104.68 103.15 101.12 100.89 100.44
101.97 101.77 101.37 101.00 100.52 100.04
106.93 109.03 105.72 101.08 101.26 100.86
106.34 106.49 106.08 105.87 106.36 106.61
109.36 109.15 108.80 108.79 108.78 109.14
111.20 111.11 110.44 110.42 110.62 111.32
107.50 107.18 107.16 107.14 106.95 107.00
103.25 103.79 103.32 102.88 103.90 104.05
109.19 110.15 108.48 107.33 106.97 106.26
116.50 115.75 115.40 115.55 115.50 115.25
105.50 107.30 105.00 103.23 102.72 101.80
106.02 106.27 105.55 104.86
102.21 101.73
Farm
Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods
Wholesale
Durable goods
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade
Durable goods
Motor vehicle dealers .
Other
Nondurable goods
Other
Durable goods
Nondurable goods
1998
99.58
99.90
1. Implicit price deflators are as of the end of the quarter and are consistent with the inventory stocks shown
in tables 5.12 and 5.13.
National Data •
SURVEY OF CURRENT BUSINESS
January 1999
Table 7.18.—Chain-Type Quantity Indexes for Auto Output
Table 7.17.—Chain-Type Quantity Indexes for Gross Domestic Product
by Major Type of Product
[Index numbers, 1992=100]
[Index numbers, 1992=100]
Seasonajly adjusted
Seasonally adjusted
1996
1997
1997
II
Gross domestic product
Final sales of domestic
product
Change in business
inventories
Goods
III
IV
I
II
1997
98.56
98.92
95.56 101.19 100.64
95.91
87.97
91.64
101.86
98.12
95.09 100.34
95.55
97.46
93.58
II
III
112.02 116.42 115.89 117.08 117.94 119.54 120.09 121.17
111.61 115.49 114.72 116.33 116.95 118.20 119.54 120.36
116.71 123.56 122.90 124.52 125.68 129.29 127.95 129.04
115.63 120.99 119.65 122.47 122.94 125.51 126.52 126.83
Durable goods
Final sales
Change in business
inventories
130.65 142.91 142.35 145.00 147.10 153.95 150.48 152.58
127.09 137.89 135.75 141.40 141.97 147.05 148.46 148.90
Nondurable goods
Final sales
Change in business
inventories
107.19 110.51 109.79 110.74 111.30 112.85 112.86 113.31
107.67 109.42 108.60 109.57 109.97 110.92 111.67 111.89
Auto output
Final sales
Personal consumption
expenditures
New autos
Net purchases of used
autos.
Producers' durable equipment
New autos
Net purchases of used
autos
Net exports
Exports..
Imports..
Gross government investment
III
1998
IV
96.83
I
II
III
103.35 105.24 102.08 107.51 104.46 106.90 108.92 107.68
95.26 95.62 90.28 98.73 96.21 97.93 104.40 96.43
119.60 124.47 125.55 125.06 120.99 124.86 118.13 130.15
126.64 125.32 124.93 126.61 118.10 123.90 127.06 113.54
125.81 127.54 127.34 128.25 121.98 126.51 129.83 115.24
122.93 128.69 128.68 128.55 125.58 128.18 131.70 115.82
112.16 110.27 114.88 109.64 109.57 109.74 104.74 92.99
126.62 139.33 139.77 140.27 135.54 148.67 150.41 144.57
103.21 89.31 80.80 92.71 91.78 79.51 96.67 100.29
Change in business
inventories of new and used
autos
New
Used
Services
108.52 111.36 110.96 111.88 112.61 113.01 114.55 115.51
Structures
114.88 119.55 118.65 119.96 120.47 122.03 123.37 125.25
1997
1996
1998
Final sales
Change in business
inventories
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output
D-23
Addenda:
Domestic output of new
autos1
Sales of imported new autos 2
110.84 110.36 108.04 113.34 110.46 105.39 97.38 105.25
98.05 106.63 103.37 108.62 106.69 115.47 121.68 108.48
120.00 127.05 121.62 129.15 133.81 130.82 126.99 123.27
111.74 116.06 115.69 116.67 117.40 119.15 119.85 121.09
1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and gross government investment.
Table 7.19.—Chain-Type Quantity Indexes for Truck Output
[Index numbers, 1992=100]
Truck output'
Final sales
Personal consumption
expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
Change in business
inventories
1. Includes new trucks only.
150.72 167.41 158.99 169.26 181.39 180.93 183.04 168.66
153.94 166.62 159.20 171.77 176.79 180.63 198.82 178.98
127.21 130.57 122.66 134.74 138.92 140.51 155.09 145.52
187.13 209.96 203.84 213.92 220.36 229.67 243.87 225.78
156.23 184.82 170.05 192.25 207.30 203.99 201.28 148.59
116.46 134.35 131.35 140.97 130.51 132.89 115.33 122.43
102.20 122.69 124.99 141.46 112.14 106.46 130.04 98.50
D-24
• National Data
January 1999
SURVEY OF CURRENT BUSINESS
8. Supplementary Tables.
Table 8.1.—Percent Change From Preceding Period in Selected Series
[Percent]
Seasonally adjusted at annual rates
1996
Gross domestic product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
1997
Durable goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Fixed investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
4.2
3.0
1.1
1.2
5.9
3.9
1.9
1.9
5.6
4.0
1.7
1.6
5.3
3.4
1.9
1.9
2.7
1.6
1.1
1.1
7.7
6.2
1.3
1.4
4.6
6.8
-2.0
-2.0
-5.2
-1.5
-3.4
-3.8
13.5
16.8
-2.8
-2.8
Nondurable goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Gross private domestic investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
1996
1998
-.4
-.2
-2
-.2
5.7
3.0
2.7
2.7
8.5
8.8
-.3
-.3
8.6
8.8
-.1
-1
Nonresidential:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
6.2
3.2
2.9
2.9
11.0
11.3
-.3
-.3
8.1
8.3
-.2
-.2
6.1
3.2
2.8
2.8
19.0
20.3
-.5
-1.1
10.8
11.8
-.5
4.7
3.7
1.0
1.0
6.1
6.1
0
0
7.0
6.1
.9
.9
5.2
4.1
1.0
1.0
.6 14.1
3.1 15.8
-2.4 -1.4
-2.4 -1.4
8.7
11.2
-2.2
-2.2
2.4
-3.0
-3.0
.5 5.0
-.4
7.4
.9 -2.2
5.5
5.3
.2
.2
3.6
2.1
1.5
1.5
3.9
2.8
1.1
1.1
-2.2
7.4
4.7
2.5
2.5
1.9
1.5
.2
.3
12.3
12.0
6.3
4.3
1.9
1.9
8.6
8.9
-.5
-3
3.0
3.6
-.5
-.5
5.0
3.5
1.4
1.4
25.2
28.3
-2.3
-2.4
17.8
20.4
-2.1
-2.1
7.4
5.4
1.9
1.9
-6.2
-4.
-1.8
-1.7
11.4
13.4
-1.8
-1.8
7.2
5.4
1.7
1.7
5.9
7.9
-1.9
-1.9
2.2
-1.6
-1.6
9.2
10.7
-1.3
-1.3
11.8
14.0
-1 5
Structures:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
10.7
7.1
3.4
3.4
-3.1
-6.2
3.3
3.4
17.2
12.4
4.3
4.3
Producers' durable equipment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
8.7
12.1
-3.0
-3.0
18.2
22.8
-3.
-3.8
15.
18.8
-2.9
-3.0
-1.3
2.2
-3.3
10.9
8.2
2.4
2.4
15.6
15.6
0
0
17.0
15.0
1.7
1.7
13.9
9.9
3.7
3.7
2.9
4.4
-6.0
-2.8
-3.4
-3.4
-9.4
-i;
-1.8
-1.8
-5.5
-2.8
-2.8
-2.8
-7.9 -14.0
-3.4 -11.3
-4.7 -3.0
-4.7 -3.0
-3.3
.6
-3.8
-3.8
Residential:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Exports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Exports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Exports of services:
Current dollars
Chain-type quantity index
Chain-type price index
10.9
-2.
-2.2
15.8
17.0
-1.0
-1.0
9.5
7.4
1.9
1.9
2.5
2.6
2.6
6.1
1.9
1.9
3.6
-.4
4.0
4.0
6.6
8.5
-1.7
-1.7
10.5
12.8
-2.0
-2.0
13.9
15.5
-1.0
-1.4
8.8
10.6
-1.6
-1.6
5.9
11.3
15.4
-3.5
-3.5
13.6
17.1
-2.5
-2.9
6.6
1.8
14.7
11.8
2.
9.7
-3.5
-3.5
18.6
22.2
-3.0
-3.0
12.8
-3.1
-3.1
-4.3
-.7
-3.6
-3.6
4.3 -2,
.9 -4.9
3.3 2.7
3.3 2.7
.7
-2.3
3.1
3.1
1.4
.2
1.2
1.2
18.8
-5.
-5.3
-6.3
-1.0
-5.3
-5.3
1.8
-1.6
-1.6
-1.6
-1.5
5.1
12.5
-1.8
-1.8
7.9
-2.7
-2.7
4.8
5.9
-2.
-4.0
1.5
-1.0
27.6
34.
-5.0
-5.0
-1.3
NOTE.— Contributions to the percent change in real gross domestic product are shown in table 8.2.
2.9 -10.8
1.7 -10.4
-.4
1.1
1997
1997
1998
2.7
1.8
2.6
-1.0
1.5
6.8
9.2
-2.2
-2.2
9.7
13.9
-3.7
-3.7
9.9
17.9
-7.1
-6.8
11.3
13.5
-2.1
-1.9
4.1
6.3
-2.3
-2.0
Imports of goods:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
6.8
10.0
-2.9
-2.9
9.8
14.7
-4.2
-4.2
9.7
19.4
-8.5
-8.1
Imports of services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
7.1
5.4
1.1
1.8
9.3
9.9
-.6
-.6
10.9
10.6
3.6
1.1
2.5
2.5
3.5
1.3
2.2
2.2
3.4
2.1
1.2
1.2
Implicit price deflator
Personal consumption expenditures:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
1997
Seasonally adjusted at annual rates
Imports of goods and services:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Government consumption expenditures
and gross investment:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
Federal:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
National defense:
Current dollars
,
Chain-type quantity index ,
Chain-type price index
Implicit price deflator
Nondefense:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
1.8
-1.1
2.9
2.9
-1.3
3.3
3.3
-1.6
2.0
2.0
-1.4
-3.2
1.8
1.1
-.4
3.6
15.7
•10.4
•10.4
4.4
9.3
-4.5
-4.5
-2.6
2.3
-4.8
-4.8
11.2
13.1
-1.9
-1.7
4.4
3.8
6.4 17.0
-2.2 -11.3
-1.9 -11.3
4.8
11.4
-5.9
-5.9
-3.0
2.9
-5.8
-5.8
12.1
15.8
-3.2
-3.2
3.0
5.8
-2.6
-2.6
4.6 -1.4
3.6 -1.2
.9 -.2
1.0
-.2
9.7
9.1
.5
-2.2
-1.8
-.4
-.4
1.8
2.9
-.2
-.6
.4
.4
9.3
-5.8
-5.8
-1.9
1.1
1.1
4.5
3.7
.8
.8
3.0
1.5
1.5
1.5
-6.4
-8.8
2.7
2.6
7.3
7.3
0
0
-1.0
-1.4
.4
.4
-.7 -16.1
-2.0 -18.5
1.2
2.9
2.9
1.3
10.3
9.9
.3
.3
4.7
4.3
.4
.4
-.7
-2.1
1.4
1.5
1.7
—5
2!:
2.:
4.1
1.7
2.4
2.4
-4.7
-6.4
1.7
4.7
2.4
2.2
2.:
5.4
3.1
2.
2.
2.7
1 3
Addenda:
Final sales of domestic product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
5.4
3.4
1.9
1.9
5.4
3.5
1.9
1.9
4.4
2.7
1.8
1.6
7.0
5.8
1.:
1.2
3.3
2.1
1
1.1
Gross domestic purchases:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
5.4
3.6
1.8
1.8
5.8
4.
1.6
1.6
5.2
4.4
.9
.8
5.8
4.6
1.1
1.1
4.
3.2
1.0
1.1
Final sales to domestic purchasers:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
5.4
3.6
1.8
1.8
5.4
3.
1.6
1.6
4.0
3.1
7.3
6.2
1.1
1.1
3.5
2.'
1.0
1.0
Gross national product:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
5.3
3.4
1.9
1.9
5.6
3.
1.8
1.8
5.6
4.1
1.7
1.5
5.0
3.8
1
1
3.6
2,
1.
1.2
Command-basis gross national product:
Chain-type quantity index
3.5
3.9
4.9
3.9
2.5
2.C
3.5
Disposable personal income:
Current dollars
Chained (1992) dollars
4.9
2.8
.4.0
3.8
4.C
2.8
3.5
2.6
4.3
3.2
State and local:
Current dollars
Chain-type quantity index
Chain-type price index
Implicit price deflator
-2,
1.8
1.8
1.8
1.4
15.
13.1
2.
2.1
2.3
2.1
4.3
2.9
1.4
1.4
2.1 -11.1
2.6 -11.5
-.6
.5
_c
.4
3.0
1.8
1.:
1.:
5.3
3.1
2.1
2.1
3.8
2.8
1.0
1.0
7.6
7.8
4.4
3.9
4.9
4.2
.7
.7
4.1
3.3
.7
.7
6.6
4.3
3.3
1.0
1.0
6.7
5.8
Table 8.2.—Contributions to Percent Change in Real Gross Domestic
Product
Table 8.3.—Selected Per Capita Product and Income Series in Current
and Chained Dollars
[uonarsJ
Seasonally adjusted at annual rates
1996
1997
1997
II
Seasonally adjusted at annual rates
1998
IV
I
II
1996
III
1997
3.4
3.9
4.0
4.2
3.0
5.5
1.8
3.7
2.17
2.31
1.08
4.19
1.88
4.09
4.09
2.78
52
56
-13
49 -.04
26
-.08
1.70
1 23
1 41
1.40
91
1 01
2.14
20
.48
42
215
Percentage points at annual rates:
Personal consumption expenditures
Durable aoods
Nondurable goods
Services
1.18
1.26
1.26
1 30
1.00
1.85
Gross private domestic investment...
1.26
1.65
2.92
.23
1.34
4.07
-.75
1.22
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Change in business inventories
1 21
1 18 163 1 66
1 08 1 39 1 67
.20 -.19
.35
.88 1.58 1.32
24 - 0 2
10
.47 1.27 -1.41
48
2 82
1 95
33
Net exports of goods and services ...
-.19
Exports
Goods
Services
Imports
Goods
Services
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense
State and local
1997
II
Percent change at annual rate:
Gross domestic product
92
.14
.78
29
.04
-.27
-.45
16 2 21 1 35 -08
.03 -15 -.07
01
.13
32
.85
2.36 1.42
60
60
1.22 -2.66
-.47
-.30 -2.24 -2.08
95 143 176 1 22
.76 1.21 1.37 1.02
.18
.22
.38
.20
-1.13 -1.71 -2.21 -1.69
-1 02 - 1 51 -1 99 -1 38
-.11 -.20 -.21 -.31
53 - 3 3 - 9 2
.67 -.29 -.98
-.14 - 0 4
.06
-.83 -1.94 -1.18
- 7 1 - 1 75 -1 19
-.12 -19
01
D-25
National Data
SURVEY OF CURRENT BUSINESS
January 1999
-.09
41
.89
III
1998
IV
I
II
III
Current dollars:
Gross domestic
product
Gross national
product
Personal income
Disposable personal
income
Personal
consumption
expenditures
Durable goods ....
Nondurable
goods
Services
28,849
30,278
30,138
30,468
30,707
31,132
31,277
31,561
28,895
24,193
30,248
25,325
30,134
25,206
30,436
25,435
30,634
25,686
31,077
26,007
31,207
26,242
31,461
26,470
20,840
21,633
21,558
21,709
21,871
22,046
22,192
22,373
19,639
2,422
20,508
2,512
20,329
2,467
20,660
2,540
20,807
2,538
21,078
2,618
21,394
2,668
21,612
2,657
5,795
11,421
5,975
12,021
5,936
11,926
6,008
12,111
6,001
12,268
6,064
12,396
6,134
12,593
6,173
12,782
26,338
27,138
27,048
27,263
27,397
27,718
27,786
27,970
26,389
27,125
27,058
27,248
27,345
27,683
27,739
27,897
18,989
19,349
19,315
19,385
19,478
19,632
19,719
19,829
17,894
2,358
18,342
2,496
18,213
2,444
18,447
2,534
18,529
2,547
18,770
2,637
19,010
2,703
19,155
2,712
5,463
10,079
5,548
10,309
5,521
10,255
5,578
10,349
5,559
10,434
5,649
10,506
5,710
10,623
5,726
10,738
Chained (1992)
dollars:
-32
.04
-.36
-.30
-32
01
.20
.24
.38
.25
.02
-.34
.64
.27
-08
-.06
-.01
28
-11
-.15
.04
35
23
.38
-.15
15
-08
-.08
.00
33
-14
-.00
-.05
15
-57
-.84
.26
24
44
.38
.06
20
.17
-.26
Gross domestic
product
Gross national
product
Disposable personal
income
Personal
consumption
expenditures
Durable goods ....
Nondurable
goods
Services
Population (mid-period,
thousands)
265,579 267,880 267,545 268,171 268,815 269,309 269,867 270,523
D-26
• National Data
SURVEY OF CURRENT BUSINESS
January 1999
Table 8.4.—Auto Output
Table 8.5.—Real Auto Output
[Billions of dollars]
[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1996 1997
1998
1997
III
1996
139.8 134.8 131.4 137.5 131.8 130.1 132.5
141.6 143.5 139.9 145.7 141.0 144.2 146.9
85.8 86.2 81.5 89.0 86.3 87.7 93.3
55.8 57.3 58.4 56.6 54.7 56.5 53.6
44.8 45.7 45.2 46.9 43.7 45.8 46.7
78.8 79.9 79.9 80.4 76.1 78.8 80.7
-34.0 -34.2 -34.7 -33.5 -32.4 -33.0 -34.0
^8.9 -56.4 -55.6 -57.2 -55.0 -61.7 -63.3
17.0 16.8 17.5 16.7 16.7 16.7 16.0
65.9 73.1 73.1 73.9 71.7 78.5 79.3
1.8 2.1
2.1
1.8
2.2
2.3 2.0
Final sales
Personal consumption expenditures
New autos
Net purchases of used autos
Producers' durable equipment
New autos
Net purchases of used autos
Net exports
Exports
Imports
Gross government investment
Change in business inventories of new
and used autos
New
Used
Addenda:
Domestic output of new autos'
Sales of imported new autos 2
-5.2
-5.5
.2
-1.8
1.3
1.4
-.1
3.4
3.0
.4
-14.4
1.8 -17.4
-1.4
3.0
Final sales
Personal consumption expenditures
59.0
41.7
Net purchases of used autos
Producers' durable equipment
New autos
Net purchases of used autos
Net exports
Exports
Imports
Gross government investment
71.9
-30.2
-61.7
14.2
75.9
2.3
-1.7
6.1
-7.8
Change in business inventories of new
and used autos
New
Used
-4.7
-5.1
.2
.4
.7
-.2
-.8
.5
.6
-.1
Addenda:
Domestic output of new autos'
Sales of imported new autos 2
3.3
2.3
7.0
3.0 -11.7
-6.9
1.3 -15.8
2.6
-1.2
110.8 110.3 108.0 113.3 110.4 105.3
52.9 57.5 55.7 58.6 57.5 62.3
-3.0
4.5
-6.5
97.3 105.2
65.6 58.5
1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and gross government investment.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines, excluding the
lines in the addenda.
Chain-type quantity indexes for the series in this table appear in table 7.18.
[Billions of chained (1992) dollars]
143.3 155.6 148.8 160.6 164.3 166.9 183.3 165.6
66.5 69.2 65.0 71.4 73.5 74.0 81.4 76.6
73.8 82.3 80.0 83.9 85.7 88.8 94.2 87.5
-4.7 -4.9 -5.4 -5.2 -3.1 -3.6 -1.7 -5.8
9.0 10.9 10.0 11.3 12.3 12.2 12.0 8.9
13.7 15.8 15.4 16.6 15.5 15.8 13.8 14.7
9.4
7.7
8.2
9.2 10.4
9.0
7.2
7.6
-.1 -12.3
1.0
Table 8.7.—Real Truck Output
142.6 158.9 151.1 161.0 171.3 169.9 171.5 158.6
4.2
4.0
.3
.7
Residual
120.6 120.0 116.4 124.5 119.3 114.8 104.8 115.6
58.0 63.1 61.3 64.3 62.9 67.9 71.4 63.9
121.5 123.7 120.0 126.4 122.8 125.7 128.1 126.6
78.2 78.5 74.1 81.1 79.0 80.4 85.7 79.2
42.4 44.1 44.5 44.3 42.9 44.3 41.9 46.1
44.7 44.2 44.0 44.6 41.6 43.7 44.8 40.0
71.8 72.8 72.7 73.2 69.7 72.2 74.1 65.8
-26.9 -28.1 -28.1 -28.1 -27.4 -28.0 -28.8 -25.3
-43.6 -49.8 -49.3 -50.3 -48.1 -54.3 -55.8 -54.7
16.0 15.7 16.4 15.6 15.6 15.7 14.9 13.3
59.6 65.5 65.7 66.0 63.8 69.9 70.7 68.0
1.9
2.1
U
2.0
2.0
1.8
1.6
1.9
[Billions of dollars]
Change in business inventories
New autos
124.3 119.8 116.1 122.5 118.2 116.6 119.0 114.2
Table 8.6.—Truck Output
Truck output'
1. Includes new trucks only.
119.8 120.2 116.1 123.0 122.3 116.6 106.9 111.4
Auto output
127.8
145.5
86.5
1. Consists of final sales and change in business inventories of new autos assembled in the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and gross government investment.
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
1998
1997
IV
134.5 134.7 129.6 138.8 135.2 130.4 118.1 126.2
Auto output.
1997
Truck output'
Final sales
Personal consumption expenditures
Producers' durable equipment
Net exports
Exports
Imports
Gross government investment
126.2 140.2 133.1 141.7 151.9 151.5 153.3 141.2
126.9 137.3 131.2 141.6 145.7 148.9 163.9 147.5
58.3 59.8 56.2 61.7 63.6 64.4 71.1 66.7
65.7 73.7 71.5 75.1 77.4 80.6 85.6 79.2
-3.7 -4.0 -4.5 -4.3 -2.4 -2.8 -1.1 -4.8
8.7 10.3
8.3
9.5 10.7 11.5 11.3 11.2
12.4 14.3 14.0 15.0 13.9 14.2 12.3 13.0
7.4
7.0
6.7 8.1 8.2 9.3
6.5
Change in business inventories
Residual
-.2
2.8
1.9
.4
-.2
-.2
-.5
5.9
2.5 -10.2
-6.0
0
-.1
-.7
-.5
1. Includes new trucks only.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
Chain-type quantity indexes for the series in this table appear in table 7.19.
January 1999
B. Other
National Data •
SURVEY OF CURRENT BUSINESS
NIPA
D-27
and NiPA-Related Tables.
Monthly Estimates:
Tables B.i and B.2 include the most recent estimates of personal income and its components; these estimates were
released on December 24, 1998 and include "preliminary" estimates for November 1998 and "revised" estimates
for July-October 1998.
Table B.1.—Personal Income
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
1997
1997
Personal income
Wage and salary disbursements
Private industries
Goods-producing industries
Manufacturing
Distributive industries
Service industries
Government
Other labor income
Proprietors' income with IVA and CCAdj
Farm
,
Nonfarm
Rental income of persons with CCAdj
Personal dividend income
Personal interest income
.....
Transfer payments to persons
Old-age, survivors, disability, and health insurance benefits
Government unemployment insurance benefits
Other
.....1...
Less: Personal contributions for social insurance
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.'
Sept."
Oct.'
Nov.'
6,970.5
7,007.3
4,066.4
3,386.5
1,020.2
750.8
920.8
1,445.5
680.0
7,033.9
7,055.3
7,085.9
7,104.4
7,133.7
7,164.1
7,184.6
7,249.4
4,079.3
3,397.9
1,020.1
751.8
920.5
1,457.3
681.4
4,097.6
3,414.0
1,022.8
750.8
926.4
1,464.7
683.6
4,124.3
3,438.6
1,025.5
753.2
935.6
1,477.5
685.7
4,131.0
3,442.8
1,021.3
748.3
934.4
1,487.1
688.1
4,153.6
3,463.4
1,020.9
743.8
941.5
1,501.0
690.2
4,183.4
3,490.6
1,030.6
752.4
946.3
1,513.8
692.8
4,194.3
3,499.2
1,032.7
756.4
949.6
1,516.9
695.1
7,216.6
4,216.7
3,518.7
1,034.1
754.4
951.4
1,533.1
403.8
404.7
570.2
27.2
543.0
406.6
574.8
28.2
546.6
407.5
577.2
26.8
550.5
408.3
574.7
25.2
549.5
159.4
262.0
761.2
162.6
262.3
765.0
163.5
262.8
769.4
1,133.8
579.3
19.6
534.9
339.3
1,138.4
581.2
19.5
537.7
341.2
1,144.7
584.4
19.7
540.6
342.2
1,143.8
583.7
19.6
540.5
343.6
1,145.3
585.1
19.4
540.8
1,148.3
586.2
19.6
542.5
346.2
163.0
262.4
767.3
1,150.4
588.0
19.5
542.9
347.7
576.4
23.5
552.9
164.4
263.7
770.7
410.1
585.4
26.6
558.8
165.8
264.7
771.0
411.0
158.3
261.8
759.3
405.7
570.2
27.7
542.5
160.9
262.1
762.8
409.2
568.8
26.6
542.2
158.3
261.5
754.7
402.8
563.9
27.3
536.6
158.4
261.6
757.0
1,156.6
590.4
19.6
546.6
350.8
1,155.5
588.7
19.4
547.4
352.5
6,425.2
6,784.0
6,875.5
6,910.9
3,631.1
2,990.2
909,0
674.6
823.3
1,257.9
640.9
3,889.8
3,225.7
975.0
719.5
879.8
1,370.8
6642
3,964.0
3,294.0
995.2
735.1
898.7
1,400.2
670.0
3,998.0
3,326.3
1,004.0
741.8
908.7
1,413.7
671.6
4,007.7
3,335.0
1,012.1
746.8
906.3
1,416.7
672.7
4,040.0
3,362.9
1,016.7
748.7
915.3
1,430.8
677.2
387.0
527.7
38.9
488.8
150.2
248.2
719.4
392.9
551.2
35.5
515.8
158.2
260.3
747.3
1,110.4
565.9
19.9
524.6
326.2
394.4
396.9
557.7
31.5
526.2
399.7
401.7
557.5
29.1
528.4
559.8
28.2
531.6
158.8
261.3
753.0
1,119.3
570.7
19.8
528.9
334.1
158.9
261.4
753.3
1,124.7
575.1
19.9
529.7
1,068.0
538.0
21.9
508.0
306.3
558.9
33.5
525.4
158.7
261.0
752.5
1,117.5
570.8
18.3
528.4
331.7
334.9
345.5
1,151.8
588.5
19.4
544.0
349.9
4,239.9
3,540.5
1,037.9
754.4
956.1
1,546.5
699.4
590.9
29.5
561.4
167.2
265.7
770.8
1,158.1
590.9
19.4
547.8
354.2
IVA Inventory valuation adjustment
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
p Preliminary.
r
Revised.
CCAdj Capital consumption adjustment
Table B.2.—The Disposition of Personal Income
[Monthly estimates seasonally adjusted at annual rates]
1997
1996
1998
1997
Oct.
Nov.
Dec.
Jan.
6,875.5
1,015.5
5,860.0
5,752.7
6,928.3
1,034.1
5,894.2
5,807.4
6,970.5
1,058.7
5,911.8
5,617.4
690.1
1,610.2
3,317.1
170.2
19.8
5,649.3
709.6
1,623.8
3,315.9
168.8
19.2
Feb.
Mar.
Apr.
| May
July
| Aug.'- | S e p f
Oct.'
Billions of dollars, unless otherwise indicated
Personal income
Less: Personal tax and nontax payments
Equals: Disposable personal income
Less: Personal outlays
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Interest paid by persons
Personal transfer payments to the rest of the world (nel
Equals: Personal saving
Addenda:
Disposable personal income:
Billions of chained (1992) dollars 1
:
Per capita:
Current dollars
Chained (1992) dollars
Population (thousands)
Personal consumption expenditures:
Billions of chained (1992) dollars ..
Durable goods
Nondurable goods
Services
Implicit price deflator, 1992=100 ....
Personal saving as percentage of disposable personal income2
890.5
5,534.7
5,376.2
5,215.7
643.3
1,539.2
3,033.2
143.6
16.9
158.5
6,784.0
989.0
5,795.1
5,674.1
5,493.7
673.0
1,600.6
3,220.1
161.5
18.9
121.0
5,565.8
671.7
1,614.6
3,279.5
167.2
19.8
107.2
6,910.9
1,026.9
5,884.0
5,783.4
5,596.4
684.8
1,614.8
3,296.7
167.2
19.8
100.6
5,043.0
5,183.1
5,221.4
5,239.7
5,246.5
20,840
18,989
265,579
21,633
19,349
267,880
21,814
19,437
268,633
21,888
19,491
268,823
21,912 21,965
19,504
19,562
268,989 269,143
4,752.4
626.1
1,450.9
2,676.7
109.75
4,913.5
668.6
1,486.3
2,761.5
111.81
4,959.3
673.0
1,494.4
2,794.0
112.23
4,983.6
687.9
1,495.7
2,803.3
112.30
5,000.1
693.3
1,492.6
2,817.3
112.35
5,031.1
713.8
1,508.6
2,814.9
112.29
5,059.7
713.1
1,523.7
2,829.0
112.31
5,074.3
703.8
1,531.4
2,843.8
112.28
5,091.1
704.2
1,536.8
2,854.3
112.43
2.9
2.1
1.8
1.7
1.5
1.3
1.1
1.3
1.0
6,425.2
7,033.9
1,072.4
5,961.5
5,884.7
7,055.3
1,083.3
5,972.0
5,914.4
5,697.5
697.6
1,638.8
3,361.0
168.0
19.2
74.5
7,007.3
1,069.4
5,937.9
5,870.0
5,682.7
708.2
1,636.7
3,337.8
168.1
19.2
67.9
5,264.9
5,287.0
5,837.3
7,164.1
1,102.0
6,031.7
6,009.5
5,817.7
707.4
1,669.9
3,440.4
171.9
20.0
22.2
1,110.8
6,053.3
6,036.4
76.8
7,104.4
1,100.5
6,004.0
6,005.2
5,815.0
737.3
1,661.0
3,416.7
170.4
19.9
-1.2
7,133.7
5,723.9
698.6
1,646.8
3,378.5
170.6
19.9
57.6
7,085.9
1,094.9
5,990.9
5,970.4
5,782.1
724.3
1,657.9
3,399.9
168.4
19.9
20.5
5,843.1
715.4
1,669.4
3,4582
173.3
20.0
16.9
5,309.5
5,311.7
5,318.8
5,334.0
5,347.1
22,049 22,122
22,145
19,632
19,703 19,697
269,302 269,482 269,669
22,200
19,709
269,862
22,231 22,316
19,751
19,783
270,069 270,289
5,133.4
734.0
1,540.7
2,866.1
112.64
5,166.1
749.8
1,545.2
2,880.0
112.56
5,157.4
719.3
1,551.2
2,891.5
112.80
7,184.6
1,112.4
6,072.2
7,249.4
6,073.7
5,879.2
733.8
1,670.8
3,474.7
174.5
20.0
-1.4
7,216.6
1,116.8
6,099.9
6,114.7
5,918.9
751.6
1,685.9
3,481.4
175.8
20.0
-14.8
5,924.3
745.0
1,690.9
3,488.5
176.9
20.0
4.6
5,363.0
5,382.3
5,395.3
5,414.3
22,376
19,825
270,522
22,427
19,879
270,757
22,511 22,592
19,911
19,968
270,973 271,153
5,176.8
729.8
1,546.6
2,905.4
112.87
5,211.2
751.8
1,549.3
2,917.5
112.82
5,235.2
770.3
1,558.3
2,916.8
113.06
5,236.3
764.5
1,564.4
2,917.1
113.14
-.2
.1
0.4
0.5
1,123.6
6,125.8
6,121.2
Percent change from preceding period, monthly changes at monthly rates
Personal income, current dollars .,
5.8
5.6
0.4
0.5
0.3
0.6
0.5
0.4
0.3
0.4
0.3
0.4
0.4
0.3
Disposable personal income:
Current dollars
Chained (1992) dollars
Personal consumption expenditures:
Current dollars
Chained (1992) dollars
p Preliminary.
' Revised.
1. Disposable personal income in chained (1992) dollars equals the current-dollar estimate divided by the implicit
price deflator for personal consumption expenditures.
2. Monthly estimates equal personal saving for the month as a percentage of disposable personal income for
that month.
Source: U.S. Department of Commerce, Bureau of Economic Analysis,
D-28
• National Data
January 1999
SURVEY OF CURRENT BUSINESS
Annual Estimates:
Except as noted, these tables are derived from the NIPA tables published in the August 1998 SURVEY OF
BUSINESS; they are consistent with the most recent comprehensive and annual revisions.
CURRENT
Table B.3.—Gross Domestic Product by Industry, Current-Dollar and Real Estimates for 1995-97
Billions of dollars
1995
Gross domestic product
Private industries
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing ....
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
Construction
1996
1997
1995
1996
7,269.6 7,661.6 8,110.9 6,761.7 6,994.8 7,269.8
6,306.9 6,667.9 7,083.3 5,896.5 6,119.9 6,395.3
109.5
72.3
37.2
130.4
131.7
90.2
41.5
106.2
72.0
34.7
114.2
78.6
36.2
127.6
91.6
38.8
98.7
6.7
12.0
70.5
9.4
113.8
6.1
12.9
84.3
10.4
120.5
5.8
13.2
90.1
11.4
107.4
5.5
15.4
77.4
9.3
103.0
109.9
5.7
17.2
70.6
10.2
6.2
18.1
75.4
10.8
286.4
311.9
328.8
254.2 268.5
274.4
90.3
38.0
616.4 649.3
226.1 237.0
22.9 23.4
12.2
13.0
98.0
92.9
10.9
11.7
53.9
65.2
4.9
5.2
676.3 592.2 626.4
255.5 216.1 229.7
28.2
26.1
24.1
11.3
11.4
13.8
97.9 89.1 86.5
10.7
11.0
12.8
63.5
74.4 50.6
4.9
5.6
644.3
241.5
28.2
11.3
87.3
11.0
72.6
6.8
1. The current-dollar statistical discrepancy equals gross domestic product (GDP) measured as the sum of expenditures less gross domestic income—that is, GDP measured as the costs incurred and profits earned in domestic
production. The chained (1992) dollar statistical discrepancy equals the current-dollar discrepancy deflated by the
implicit price deflator for gross domestic business product.
Billions of dollars
1995
1997
1,282.2 1,309.1 1,378.9 1,271.6 1,293.8 1,369.9
Manufacturing
711.6 737.3 784.0 727.0 769.0 838.6
Durable goods
42.8 31.7 31.4 33.1
39.1
40.9
Lumber and wood products
19.7
18.6
19.4 20.5 22.1
18.7
Furniture and fixtures
30.2 31.3 33.7 27.2 27.6 29.3
Stone, clay, and glass products
51.7
51.5 53.2 44.1 46.9 48.0
Primary metal industries
88.6 93.0
87.8
99.3
93.1
87.6
Fabricated metal products
141.5 148.8 158.9 162.9 183.2 215.2
Industrial machinery and equipment
136.7 141.6 157.3 178.7 213.2 261.2
Electronic and other electric equipment ...
85.2
77.7 73.2 77.8
82.4 85.4
Motor vehicles and equipment
46.1
Other transportation equipment
49.0 50.7 43.3 43.9 44.1
36.3
42.0 40.2
49.1
55.5 55.9
Instruments and related products
23.3 24.6 24.8 22.8 23.3 23.1
Miscellaneous manufacturing industries ...
570.5 571.8 594.9 545.1 527.8 537.6
Nondurable goods
123.2 116.0 118.5 125.8 105.7 106.7
Food and kindred products
22.5 21.3
18.4
23.8
17.0
17.3
Tobacco products
25.6 25.7
26.4
25.5
24.5 24.7
Textile mill products
27.0 28.2
28.6
27.4 26.7 28.4
Apparel and other textile products
46.4 48.9
44.4
55.0
58.9 56.6
Paper and allied products
76.7
76.1
77.1
84.7 92.4 98.4
Printing and publishing
156.1 155.8 158.8 139.6 140.3 141.2
Chemicals and allied products
32.4
30.4 32.
35.2
28.3
29.6
Petroleum and coal products
53.7
49.
47.1
52.0
44.9 48.6
Rubber and miscellaenous plastics
4.3
4.1
4.7
5.2
4.8
4.4
Leather and leather products
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit ....
Trucking and warehousing
Water transportation
Transportation by air
Pipelines, except natural gas
T
Billions of chained
(1992) dollars
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
Wholesale trade ...
Retail trade
1996
1997
Billions of chained
(1992) dollars
1995
1996
1997
25.5
23.2
193.3 207.5
145.2 157.0
50.4
48.1
197.0 204.9
26.8
211.6
158.6
53.1
209.2
23.2
180.7
138.6
41.8
195.5
24.0
191.5
152.4
39.5
205.3
25.1
196.4
160.6
37.3
206.3
491.4
519.8
562.8
455.8 486.6
532.0
641.0
673.0
712.9
626.4
713.5
665.9
Finance, insurance, and real estate
Depository instituions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and services
Real estate
Nonfarm housing services
Other real estate
Holding and other investment offices
1,362.3 1,448.6 1,570.3 1,206.2 1,246.0 1,286.0
229.1 240.6 266.4 193.4 192.0 191.9
32.6 35.4
39.3
56.3
39.7 44.3
78.4 104.1 120.5
96.5 106.6
73.4
91.2
87.6
93.5
118.5 122.0 146.0
43.1
50.7 42.1 41.7
48.0
46.7
776.6
799.5
814.8
843.8 892.2 935.0
643.1 675.8 712.7 588.4 600.0 616.1
200.7 216.4 222.4 188.2 199.7 198.7
12.6
12.5
12.2
9.4
5.1
11.0
Services
Hotels and other lodging places
Personal services
Business services
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services
Social services
Membership organizations
Other services
Private households
1,445.4 1,544.2 1,656.8 1,305.3 1,349.1 1,398.6
56.8
56.:
57.5
69.0
61.3 65.6
43.2 42.4 44.1
51.5
47.4 47.8
284.9 322.1 364.7 271.; 295.7 323.1
60.2
73.3
64.4
68.3
56.!
63.6
15.2
23.2
14.7
20.5 21.7
16.9
25.2
30,
26.6
28.4
26.3
24.4
52.7
66.7
56.2
61.3
56.6
50.5
379.0
428.9 445.5 460.1 373.3 377,
87.0
86.0
85.7
96.6 100.7 106.6
50.4
49.4
55.3 58.1
49.0
61.5
46.3
44.6
46.4 49.0
43.4
52.2
44.1
43.
49.2
47.0
50.8
42.6
198.8 214.6 234.6 183.7 192.8 201.3
10.5
12.0
10.2
11.9
11.8
10.8
-27.1 -45.4
-26.5 -32.2 -55.8
-23.1
877.8 884.0
962.7 993.7 1,027.6
876.5
290.2 286.9
327.7 334.8 338.1
281.3 296.8 240.7 235.4
275.4 279.
56.8 248.2
49.8 51.9
52.3
55.
48.8
635.0 658.9 689.6 579.7 587.6 597.4
582.2 604.4 631.7 532.1 540.8 551.3
54.
57.9
52.8
47.5 46.8 46.2
Statistical discrepancy'
Government
Federal
General government
Government enterprises .
State and local
General government
Government enterprises .
Not allocated by industry 2 ..
-53.7
-68.8 -114.3
2. Equals GDP in chained (1992) dollars less the statistical discrepancy and the sum of GPO of the detailed
industries.
NOTE.—Estimates are based on the 1987 Standard Industrial Classification. The table is derived from tables 10
and 13 in "Gross Product by Industry, 1995-97" in the November 1998 SURVEY.
January 1999
National Data •
SURVEY OF CURRENT BUSINESS
D-29
Table B.4.—Personal Consumption Expenditures by Type of Expenditure
Billions of dollars
1995
4,953.9 5,215.7
Personal consumption expenditures
Food and tobacco
Food purchased for off-premise consumption (n.d.)
,
Purchased meals and beverages l (n.d.)
Food furnished to employees (including military) (n.d.)..
Food produced and consumed on farms (n.d.)
Tobacco products (n.d.)
..,
Addenda: Food excluding alcoholic beverages (n.d.)
Alcoholic beverages purchased for off-premise
consumption (n.d.)
Other alcoholic beverages (n.d.)
780.4
461.9
Clothing, accessories, and jewelry
Shoes (n.d.)
Clothing and accessories except shoes 2
Women's and children's (n.d.)
Men's and boys' (n.d.)
Standard clothing issued to military personnel (n.d)
,
Cleaning, storage, and repair of clothing and shoes (s.)
Jewelry and watches (d.)
Other1' (s.)
Personal care
Toilet articles and preparations (n.d.)
<
Barbershops, beauty parlors, and health clubs (s.)
Housing
,
Owner-occupied nonfarm. dwellingsspace rent 4 (s.)
Tenant-occupied nonfarm dwellingsrent5 (s.)
Rental value of farm dwellings (s.)
Other 6 (s.)
1996
,
,
Billions of chained
(1992) dollars
1997
1995
5,493.7 4,605.6
736.8
434.9
4,752.4 4,913.5
261.0
8.5
.5
48.6
649.1
50.2
669.0
832.3
494.2
277.2
9.1
.4
51.4
692.4
54.8
27.9
57.1
28.9
58.6
30.0
54.4
25.7
55.4
25.8
56.1
25.9
321.8
338.0
38.5
226.9
146.5
80.4
.3
12.7
41.4
18.2
353.3
39.8
237.9
152.9
85.0
.3
13.1
43.1
19.2
324.2
37.2
222.7
145.4
77.2
.3
11.4
37.7
15.0
345.7
39.0
236.9
155.7
81.2
.3
11.7
41.2
16.7
361.8
36.9
216.8
140.5
76.4
.3
12.2
39.4
16.1
71.8
47.2
24.6
75.0
49.7
25.3
79.4
52.6
26.8
68.1
45.3
22.8
70.1
47.4
22.7
73.0
49.8
23.3
750.4
532.4
184.8
787.4
829.8
590.3
203.2
6.3
30.0
688.6
700.9
717.4
487.4
496.0
174.7
5.1
25.2
508.9
620.7
533.0
44.3
26.7
25.2
53.7
26.8
555.6
578.4
50.4
29.3
29.1
60.4
30.6
5.9
27.3
559.1
193.2
6.1
29.1
592.8
50.6
28.5
27.0
57.9
30.7
47.4
609.4
740.0
436.6
247.4
8.1
.4
47.5
611.4
745.7
442.3
248.4
8.2
.4
46.4
617.5
171.4
5.2
24.7
40.4
247.7
162.5
85.3
.3
11.7
44.5
17.2
178.7
5.0
559.4
47.7
27.2
25.2
54.6
28.7
52.3
15.8
168.0
87.9
31.3
37.9
10.9
87.7
12.8
39.3
54.6
16.8
176.6
90.3
35.2
38.9
12.2
97.1
12.5
40.4
56.5
18.0
178.5
90.2
36.0
41.1
11.2
104.2
13.2
42.7
50.3
14.4
159.0
84.3
30.5
33.1
11.2
85.5
11.7
35.8
51.2
14.7
161.9
85.1
32.9
32.8
11.2
94.7
11.0
35.5
52.5
15.0
160.1
84.6
31.5
33.8
10.3
Medical care
Drug preparations and sundries 11 (n.d.)
Ophthalmic products and orthopedic appliances (d.)
Physicians (s.)
Dentists (s.)
Other professional services 12 (s.)
Hospitals and nursing homes 13
Hospitals
Nonprofit (s.)
Proprietary (s.)
,
Government (s.)
Nursing homes (s.)
Health insurance
Medical care and hospitalization14 (s.)
Income loss JS (s.)
Workers' compensation 1 6 (s.)
875.0
85.5
13.3
191.5
912.4
91.1
957.3
98.1
15.7
205.2
52.6
766.9
79.6
12.3
782.6
803.6
88.2
,
,
,
,
47.6
104.9
374.3
310.8
206.4
34.7
69.8
63.5
57.9
45.6
2.3
10.0
14.6
198.2
49.5
111.9
389.8
321.7
212.9
36.6
72.2
68.1
57.4
45.0
2.6
9.8
119.4
408.1
334.3
220.0
40.7
73.5
73.9
58.0
46.1
2.8
9.2
46.4
27.9
27.3
56.8
28.7
166.2
41.1
95.9
83.0
13.3
170.8
40.8
100.5
336.9
341.1
280.4
188.5
30.5
283.3
189.7
61.4
56.4
37.1
34.8
2.5
1.8
31.4
62.0
57.9
36.2
34.0
2.7
1.7
105.0
11.2
36.4
14.1
174.5
41.5
103.3
350.2
289.6
192.2
34.6
62.6
60.5
35.8
33.6
1996
1997
39.1
459.1
54.4
354.3
42.1
364.6
51.1
377.2
61.2
33.9
37.3
41.5
27.9
29.0
30.8
159.1
75.7
49.4
12.2
19.4
167.5
77.4
53.0
13.3
21.1
190.9
80.2
55.9
13.8
22.4
144.2
68.8
44.4
10.5
17.3
145.3
66.2
46.1
10.9
18.3
148.1
65.2
46.7
10.7
18.9
Trdnsportdtion ......*•«
*
«
User-operated transportation
New autos (d.)
...
Net purchases of used autos (d.)
Other motor vehicles (d.)
Tires, tubes, accessories, and other parts (d.)
Repair, greasing, washing, parking, storage, rental, and
leasing (s.)
Gasoline and oil (n.d.)
Bridge, tunnel, ferry, and road tolls (s.)
Insurance19 (s.)
Purchased local transportation
Mass transit systems (s.)
Taxicab (s.)
,
Purchased intercity transportation
Railway (s.)
Bus (s.)
;
Airline (s.)
Other 20 (s.)
574.1
531.9
86.6
53.0
79.7
36.2
611.6
567.3
85.8
55.8
84.7
38.5
636.4
588.3
86.2
57.3
87.2
569.7
525.3
78.5
44.1
76.5
39.7
128.7
143.6
124.5
2.8
31.5
10.0
6.5
3.5
34.3
.8
1.1
28.5
154.9
126.5
3.0
34.4
10.4
6.8
3.6
37.7
.8
1.2
31.5
4.1
Recreation
Books and maps (d.)
Magazines, newspapers, and sheet music (n.d.)
Nondurable toys and sport supplies (n.d.)
Wheel goods, sports and photographic equipment, boats,
and pleasure aircraft (d.)
Video and audio products, computing equipment, and
musical instruments (d.)
Radio and television repair (s.)
Flowers, seeds, and potted plants (n.d.)
Admissions to specified spectator amusements
Motion picture theaters (s.)
Legitimate theaters and opera, and entertainments of
nonprofit institutions (except athletics) (s.)
Spectator sports 21 (s.)
Clubs and fraternal organizations22 (s.)
Commercial participant amusements23 (s.)
Pari-mutuel net receipts (s.)
Other 24 (s)
404.2
22.4
25.7
42.3
432.3
24.2
27.6
45.1
462.9
39.3
42.3
48.1
38.0
40.9
46.8
13.8
20.1
5.8
92.0
5.0
14.8
21.9
6.2
96.5
5.4
15.9
23.3
6.6
103.6
4.4
13.3
18.2
5.3
123.8
4.4
14.8
18.9
5.3
146.8
4.6
16.5
19.6
5.6
8.7
5.5
12.7
41.3
3.3
92.1
9.3
6.4
13.0
44.7
3.4
98.3
10.0
6.7
13.8
49.1
3.5
105.1
7.9
5.0
11.5
37.9
3.0
85.9
8.0
5.6
11.6
40.0
2.9
8.4
5.6
12.1
42.9
2.9
91.4
Education and research
Higher education 25 (s.)
Nursery, elementary, and secondary schools 26 (s.)
Other 27 (s.)
112.0
119.7
65.7
23.5
30.4
129.4
69.6
25.7
34.1
98.7
53.7
20.7
24.4
102.0
106.8
54.0
20.9
27.3
54.8
22.4
30.0
Other 18 (s.)
115.6
2.8
29.4
9.1
6.0
3.2
33.0
.8
1.1
27.9
3.3
3.9
531.5
551.7
491.1
80.2
41.4
72.0
36.7
509.0
78.2
42.4
75.0
39.1
117.5
114.3
2.5
128.6
116.0
2.5
26.7
8.4
5.5
3.0
34.4
.7
26.0
8.5
5.5
3.0
31.9
.7
1.2
27.2
2.8
29.2
3.3
137.0
117.9
2.5
28.3
8.6
5.7
3.0
35.9
.7
1.2
30.4
3.4
429.9
21.8
23.9
44.5
466.9
22.5
25.0
47.6
1.2
62.4
22.9
26.7
25.2
29.1
47.8
21.0
23.1
41.9
Religious and welfare activities 28 (s.)
138.6
151.1
157.6
137.0
140.4
Foreign travel and other, net
Foreign travel by U.S. residents 29 (s.)
Expenditures abroad by U.S. residents (n.d.)
Less: Expenditures in the United States by
nonresidents30 (s.)
Less: Personal remittances in kind to nonresidents (n.d.)
-22.7
51.2
2.7
-26.1
54.7
2.5
-24.4
59.9
3.0
-20.1
48.3
2.4
-21.4
50.5
2.3
54.5
3.1
75.2
1.4
82.0
1.3
86.0
1.3
1.3
73.0
1.2
74.1
1.2
-11.1
-20.7
-33.5
2.9
1.6
1. Consists of purchases (including tips) of meals and beverages from retail, service, and amusement establishments, hotels, dining and buffet cars, schools, school fraternities, institutions, clubs, and industrial lunchrooms. Includes meals and beverages consumed both on- and off-premise.
2. Includes luggage.
3. Consists of watch, clock, and jewelry repairs, costume and dress suit rental, and miscellaneous personal services.
4. Consists of rent for space and for heating and plumbing facilities, water heaters, lighting fixtures, kitchen cabinets, linoleum, storm windows and doors, window screens, and screen doors, but excludes rent for appliances and
furniture and purchases of fuel and electricity.
5. Consists of space rent (see footnote 4) and rent for appliances, furnishings, and furniture.
6. Consists of transient hotels, motels, clubs, schools, and other group housing.
7. Consists of refrigerators and freezers, cooking ranges, dishwashers, laundry equipment, stoves, room air conditioners, sewing machines, vacuum cleaners, and other appliances.
8. Includes such house furnishings as floor coverings, comforters, quilts, blankets, pillows, picture frames, mirrors,
art products,j3oriable lamps, and clocks. Also includes writing equipment and hand, power, and garden tools.
9. Consists largely of textile house furnishings, including piece goods allocated to house furnishing use. Also
includes lamp shades, brooms, and brushes.
10. Consists of maintenance services for appliances and house furnishings, moving and warehouse expenses,
postage and express charges, premiums for fire and theft insurance on personal property less benefits and dividends, and miscellaneous household operation services.
11. Excludes drug preparations and related products dispensed by physicians, hospitals, and other medical services.
12. Consists of osteopathic physicians, chiropractors, private duty nurses, chiropodists, podiatrists, and others providing health and allied services, not elsewhere classified.
13. Consists of (1) current expenditures (including consumption of fixed capital) of nonprofit hospitals and nursing
homes, and (2) payments by patients to proprietary and government hospitals and nursing homes.
14. Consists of (1) premiums, less benefits and dividends, for health, hospitalization, and accidental death and
dismemberment insurance provided by commercial insurance carriers, and (2) administrative expenses (including consumption of fixed capital) of nonprofit and self-insured health plans.
15. Consists of premiums, less benefits and dividends, for income loss insurance.
16. Consists of premiums, less benefits and dividends, for privately administered workers' compensation.
17. Consists of (1) operating expenses of life insurance carriers and private noninsured pension plans, and (2)
premiums, less benefits and dividends, of fraternal benefit societies. Excludes expenses allocated by commercial
carriers to accident and health insurance.
18. Consists of current expenditures (including consumption of fixed capital) of trade unions and professional associations, employment agency fees, money order fees, spending for classified advertisements, tax return preparation
services, and other personal business services.
1995
416.2
46.6
Personal business
Brokerage charges and investment counseling (s.)
Bank service charges, trust services, and safe deposit
box rental (s.)
Services furnished without payment by financial
intermediaries except life insurance carriers and private
noninsured pension plans (s.)
Expense of handling life insurance 17 (s.)
Legal services (s.)
Funeral and burial expenses (s.)
24.9
Household operation
Furniture, including mattresses and bedsprings (d.)
Kitchen and other household appliances7 (d.)
China, glassware, tableware, and utensils (d.)
Other durable house furnishings8 (d.)
Semidurable house furnishings9 (n.d.)
Cleaning and polishing preparations, and miscellaneous
household supplies and paper products (n.d)
Stationery and writing supplies (n.d.)
Household utilities
,
Electricity (s.)
Gas (s.)
Water and other sanitary services (s.)
.
Fuel oil and coal (n.d.) '.
Telephone and telegraph (s.)
Domestic service (s.)
,
Other 10 (s.)
54.8
29.7
28.6
61.8
32.8
1997
1995
1996
805.2
477.0
268.8
8.8
.4
246.1
8.0
.4
Billions of chained
(1992) dollars
Billions of dollars
Residual
19. Consists of premiums, less benefits and dividends, for motor vehicle insurance.
20. Consists of baggage charges, coastal and inland waterway fares, travel agents' fees, and airport bus fares.
21. Consists of admissions to professional and amateur athletic events and to racetracks.
22. Consists of dues and fees excluding insurance premiums.
23. Consists of billiard parlors; bowling alleys; dancing, riding, shooting, skating, and swimming places; amusement
devices and parks; golf courses; sightseeing buses and guides; private flying operations; casino gambling; and other
commercial participant amusements.
24. Consists of net receipts of lotteries and expenditures for purchases of pets and pet care services, cable
TV, film processing, photographic studios, sporting and recreation camps, video cassette rentals, and recreational
services, not elsewhere classified,
25. For private institutions, equals current expenditures (including consumption of fixed capital) less receiptssuch as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures, and
less expenditures for research and development financed under contracts or grants. For government institutions,
equals student payments of tuition.
26. For private institutions, equals current expenditures (including consumption of fixed capital) less receiptssuch as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures. For government institutions, equals student payments of tuition. Excludes child day care services, which are included in
religious and welfare activities.
27. Consists of (1) fees paid to commercial, business, trade, and correspondence schools and for educational
services, not elsewhere classified, and (2) current expenditures (including consumption of fixed capital) by research
organizations and foundations for education and research.
28. For nonprofit institutions, equals current expenditures (including consumption of fixed capital) of religious, social welfare, foreign relief, and political organizations, museums, libraries, and foundations. The expenditures are
net of receipts—such as those from meals, rooms, and entertainments—accounted for separately in consumer expenditures, and excludes relief payments within the United States and expenditures by foundations for education
and research. For proprietary and government institutions, equals receipts from users.
29. Beginning with 1981, includes U.S. students' expenditures abroad; these expenditures were $0.3 billion in
1981.
30. Beginning with 1981, includes nonresidents' student and medical care expenditures in the United States; student expenditures were $2.2 billion and medical expenditures were $0.4 billion in 1981.
NOTE.—Consumer durable goods are designated (d.), nondurable goods (n.d.), and services (s.).
Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes
uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The
residual line is the difference between the first line and the sum of the most detailed lines.
D-30 • National Data
Table B.5.—Private Purchases of Structures by Type
Private purchases of structures
New
1995
1996
478.8
521.2
201.3
216.9
200.9
Nonresidentiai buildings, excluding farm
Industrial
Commercial
Office buildingsJ
Other2
Religious
Educational
Hospital and institutional
Other3
Utilities
Railroads
Telecommunications
Electric light and power .....
Gas
Brokers' commissions on sale of
structures
Net purchases of used structures .
Residential
New
New housing units
Permanent site
,
Single-family structures .....
Multifamily structures
Mobile homes
Improvements
Other5
Brokers' commissions on sale of
structures
.....
Net purchases of used structures .
Residual .
1997
1995
1996
560.1
430.5
458.4
478.4
240.2
180.7
189.7
203.2
238.9
180.3
1997
126.1
13.1
20.5
29.1
63.4
26.7
36.7
3.8
5.6
11.2
31.7
4.4
33.5
5.1
11.7
9.8
4.8
1.0
11.5
4.0
22.7
20.8
1.9
5.4
2.7
14.4
13.1
1.3
6.3
3.3
15.3
3.4
17.9
14.8
1.5
6.9
3.8
18.1
16.5
1.6
5.8
13.8
1.4
5.1
16.3
1.6
1.8
2.0
1.5
1.7
29.8
41.0
4.2
6.2
12.5
14.5
33.9
3.5
11.0
12.3
6.2
3.0
16.3
11.1
4.8
1.0
137.7
28.6
69.0
28.4
40.5
147.2
26.7
73.8
32.4
41.4
3.9
6.7
4.9
8.1
13.0
11.5
18.0
13.0
20.7
30.6
3.1
10.1
11.0
5.6
27.8
3.7
10.2
8.7
4.3
28.7
4.1
9.9
9.7
4.2
-1.3
-1.5
-.7
-1.1
-1.3
277.5
304.3
319.9
249.8
268.6
1.6
4.6
275.1
246.7
269.7
282.7
220.6
236.0
240.4
174.2
162.9
145.0
192.1
179.4
152.9
165.3
167.7
143.4
126.8
16.9
12.6
77.0
.6
13.3
81.5
.8
9.5
67.3
.4
154.9
136.6
18.7
10.3
70.2
.5
156.9
159.1
20.3
200.4
187.1
164.4
22.6
17.9
11.3
72.0
.5
32.1
-1.3
36.4
-1.8
39.7
-2.5
137.2
20.2
10.7
72.0
.7
30.3
-1.1
34.2
-1.5
37.1
-2.0
-.1
0
-.5
1. Consists of office buildings, except those constructed at industrial sites and those constructed by utilities for
their own use.
2. Consists of stores, restaurants, garages, service stations, warehouses, mobile structures, and other buildings
used for commercial purposes.
3. Consists of hotels and motels, buildings used primarily for social and recreational activities, and buildings not
elsewhere classified, such as passenger terminals, greenhouses, and animal hospitals.
4. Consists primarily of streets, dams and reservoirs, sewer and water facilities, parks, and airfields.
5. Consists primarily of dormitories and fraternity and sorority houses.
NOTE.—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually nol additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
1995
1996
533.7
578.6
526.4
1997
1995
1996
1997
628.5
538.7
597.1
668.5
571.0
620.5
531.7
589.8
660.9
173.0
189.4
206.6
201.5
245.4
298.0
73.4
83.0
90.3
107.1
154.1
212.7
64.9
8.5
59.1
22.8
17.7
74.4
8.6
64.1
24.5
17.7
81.1
9.2
71.1
26.1
19.1
100.8
8.2
.61.9
21.6
16.8
151.3
8.4
68.5
22.8
16.4
214.8
123.8
11.8
4.2
28.3
131.7
12.9
4.7
29.7
33.5
138.6
115.4
11.1
4.0
26.0
30.2
120.5
11.8
4.3
26.8
125.9
12.0
3.4
30.5
30.7
26.2
27.4
20.9
23.0
140.3
202.0
31.4
87.0
38.2
48.8
5.7
9.5
15.3
24.4
157.1
32.7
78.8
32.4
46.3
4.4
7.7
Private purchases of producers'
durable equipment
Nonresidentiai equipment
189.4
Billions of chained
(1992) dollars
Billions of dollars
173.3
140.8
32.5
70.8
Petroleum pipelines
Farm
Mining exploration, shafts, and wells .
Petroleum and natural gas
Other
Other4
216.6
Table B.6.—Private Purchases of Producers' Durable Equipment by Type
Billions of chained
(1992) dollars
Billions of dollars
Nonresidentiai
January 1999
SURVEY OF CURRENT BUSINESS
Information processing and related
equipment
Office, computing, and accounting
machinery
Computers and peripheral
equipmentl
Other
Communication equipment
Instruments
Photocopy and related equipment
Industrial equipment
Fabricated metal products
Engines and turbines
Metalworking machinery
Special industry machinery, n.e.c
General industrial, including materials
handling, equipment
Electrical transmission, distribution, and
industrial apparatus
32.5
26.0
28.6
22.2
13.4
3.8
32.7
34.0
30.3
24.4
Transportation and related equipment
Trucks, buses, and truck trailers ....
Autos
Aircraft
Ships and boats
Railroad equipment
20.9
126.2
63.6
41.6
13.4
1.8
5.8
137.2
71.3
44.8
13.0
2.3
5.8
Other equipment
Furniture and fixtures
Tractors
Agricultural machinery, except tractors
Construction machinery, except tractors
Mining and oilfield machinery
Service industry machinery
Electrical equipment, n.e.c
Other
.
108.2
28.2
10.4
10.8
13.4
1.9
14.0
11.7
17.7
117.1
29.7
10.8
11.5
15.8
1.9
14.9
12.9
19.6
17.9
2.4
6.1
128.3
33.7
11.7
12.3
17.6
2.3
15.1
14.0
21.7
Less: Sale of equipment scrap, excluding
autos
4.7
4.4
7.3
7.6
Residential equipment .
152.0
79.9
45.7
19.9
119.4
56.9
42.7
12.2
1.7
5.2
127.6
63.4
44.7
11.5
2.1
5.1
17.6
29.3
71.5
44.2
15.6
2.2
5.4
13.1
11.3
16.7
107.8
27.0
10.1
10.4
14.2
1.8
13.7
12.5
18.1
116.9
30.1
10.8
11.0
15.6
2.0
13.7
13.8
19.9
5.0
3.5
3.6
4.0
8.0
7.0
7.3
7.7
-9.4
-29.1
-59.0
Residual
Addenda:
Private purchases of producers' durable
equipment
Less: Dealers' margin on used equipment
Net purchases of used equipment
from government
Plus: Net sales of used equipment
Net exports of used equipment
Sale of equipment scrap
Equals: Private purchases of new
equipment
24.2
9.0
76.5
24.3
533.7
6.1
578.6
6.6
628.5
6.8
1.0
37.8
.5
4.8
1.2
39.5
.4
1.2
39.9
4.5
5.1
569.8
615.2
101.4
26.2
9.8
10.0
12.4
1.7
1. Includes new computers and peripheral equipment only.
NOTE—Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
n.e.c. Not elsewhere classified.
National Data •
SURVEY OF CURRENT BUSINESS
January 1999
D-31
Table B.7.—Compensation and Wage and Salary Accruals by Industry
[Millions of dollars]
Compensation
1995
1996
Compensation
Wage and salary accruals
1997
1995
4,687,227
3,441,903
3,640,421 3,893,552
3,444,605
3,643,153 3,896,634
3,002,276 3,232,458
1996
Total
4,208,870 4,409,048
Domestic industries
4,211,572 4,411,780
Private industries
3,387,953 3,563,288
3,812,807
2,821,887
15,627
39,623
16,457
31,941
13,336
34,535
14,203
36,611
14,408
21,361
23,166
42,006
16,849
25,157
18,605
20,332
22,203
32,857
3,148
6,138
18,932
4,639
33,639
3,352
5,965
19,544
4,778
36,046
3,321
5,939
21,742
5,044
26,809
2,515
4,847
15,635
3,812
27,658
2,705
4,739
16,257
3,957
Construction
193,550
208,925
227,550
157,729
172,253
Manufacturing
Durable goods
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric
equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products ...
Miscellaneous manufacturing
industries
Nondurable goods
Food and kindred products
Tobacco products
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
813,922
502,834
23,790
15,441
22,040
37,102
58,501
100,778
105,029
877,630
545,567
26,227
16,788
23,959
38,722
63,405
114,334
651,191
397,941
19,399
12,583
17,650
27,962
46,796
82,178
676,711
511,897
24,811
15,756
22,871
37,598
417,035
20,458
12,986
18,560
28,845
48,517
86,683
720,554
447,678
21,756
13,921
19,575
29,866
51,797
95,263
77,006
63,604
46,080
45,513
80,699
57,115
46,843
47,940
87,277
59,791
50,630
50,404
62,580
44,871
36,125
36,963
66,392
46,678
37,255
39,428
72,555
48,708
40,635
41,746
12,979
311,088
60,983
2,932
18,924
20,960
32,886
60,325
65,201
10,744
13,352
317,693
62,316
2,993
18,787
20,350
33,561
62,415
67,460
10,669
14,030
332,063
64,563
3,030
19,457
. 20,308
34,808
65,957
71,577
11,026
10,834
253,250
49,508
2,209
15,691
17,290
27,039
50,084
52,485
7,804
11,233
259,676
50,745
2,281
15,629
16,800
27,649
51,995
54,617
7,861
11,856
272,876
52,843
2,316
16,196
16,817
28,797
55,218
58,427
8,165
35,262
2,871
36,423
2,719
38,620
2,717
28,771
29,852
2,247
31,845
2,252
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger
transit
Trucking and warehousing
Water transportation ....
Transportation by air ...
Pipelines, except natural gas
Transportation services
276,425
150,390
15,335
287,024
157,500
15,677
304,209
222,041
119,055
11,286
232,331
125,919
11,568
247,490
166,582
15,974
9,303
66,708
10,002
59,865
7,961
48,000
1,000
14,995
10,559
63,109
8,541
51,066
1,012
16,321
7,662
52,526
6,324
28,408
868
11,981
8,287
47,032
6,485
39,214
828
8,794
50,493
6,939
Mining
Metal mining
Coal mining
Oil and gas extraction
!
Nonmetallic minerals, except fuels
7,831
35,720
1,050
14,443
12,505
29,935
2,684
4,750
18,292
4,209
133,889
11,815
41,309
847
13,692
1. Consists of museums, botanical and zoological gardens; engineering and management services; and services,
not elsewhere classified.
2. Includes Coast buard.
<, .
.
.
. t
t.
t
A
J
4 . u
3. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory
1996
1997
1995
1996
1997
71,435
53,990
17,445
54,600
74,923
55,989
18.934
54,601
81,661
59,282
44,650
14,632
43,704
62,430
46,500
15,930
43,982
68,416
51,605
16,811
45,185
276,103
289,402
310,690
234,475
246,964
266,289
399,459
421,469
329,863
346,009
324,678
353,791
80,121
21,684
59,440
72,682
25,075
72,090
75,941
384,579
88,915
29,586
81,931
79,931
273,048
65,613
18,319
51,922
60,182
300,194
69,512
21,307
63,625
63,383
327,555
73,794
25,387
72,330
66,907
30,988
42,175
17,588
32,787
44,988
18,812
35,180
48,891
20,145
26,363
35,423
15,226
28,025
37,990
16,352
30,184
41,486
17,467
1,050,535 1,121,835 1,208,628
37,432
39,606
35,640
24,872
26,058
23,836
193,807 221,435 256,237
32,184
30,242
27,784
12,493
12,059
11,239
20,060
18,613
16,864
40,646
37,277
34,578
344,286 357,093 372,635
60,101
63,231
58,219
54,476
57,683
51,938
894,790
78,026
37,970
40,056
128,396
11,563
42,298
139,425
11,685
87,633
43,581
44,052
153,175
11,731
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services ...
Wholesale trade
Agriculture, forestry, and fishing
Farms
Agricultural services forestry, and
fishing
Retail trade
Finance, insurance, and real estate ...
Depository institutions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and
service
Real estate
Holding and other investment offices
Services
Hotels and other lodging places
Personal services
Business services
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services .
Health services
Legal services
,
Educational services
Social services and membership
organizations
Social services
Membership organizations
Other services'
Private households
Government
Federal
General government
Civilian
Military2
Government enterprises
State and local
General government
Education
Other
Government enterprises
,
,
,
19,963
55,966
30,319
20,757
165,266
23,798
9,646
14,412
29,223
289,645
49,738
44,001
965,621 1,048,260
34,275
32,135
23,021
21,831
190,945
26,180
10,445
16,030
31,843
303,770
51,862
46,704
223,291
28,054
10,875
17,444
34,980
319,192
54,852
49,737
91,106
45,464
45,642
149,417
11,821
95,523
47,864
47,659
11,943
100,368
51,087
49,281
175,437
11,990
823,619
258,024
207,395
124,063
83,332
50,629
565,595
527,777
278,320
249,457
37,818
848,492
263,137
211,310
125,217
86,093
51,827
585,355
546,998
290,385
256,613
38,357
877,502
266,971
213,508
127,483
86,024
53,464
610,531
571,175
304,733
266,442
39,356
622,718
174,778
140,441
84,825
55,616
34,337
447,940
417,438
218,026
199,412
30,502
640,877
175,633
140,449
85,622
54,827
35,184
465,244
434,225
228,386
205,839
31,019
664,176
177,508
141,405
86,375
55,030
36,103
486,668
454,783
240,476
214,307
31,885
-2,702
1,284
3,986
-2,732
1,298
4,030
-3,082
1,252
4,334
-2,702
1,284
3,986
-2,732
1,298
4,030
-3,082
1,252
4,334
Rest of the world
Receipts from the rest of the world
Less: Payments to the rest of the world 3
Addenda:
Households and institutions
Nonfarm business
Wage and salary accruals
1995
1997
82,766
331,370 345,034 361,412
3,129,403 3,291,981 3,527,365
workers employed temporarily in the United States.
NOTE.-Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
Compensation equals wage and salary accruals plus supplements to wages and salaries. "Supplements" are listed
j n ^Q g 15 of the August 1998 SURVEY OF CURRENT BUSINESS
D-32
• National Data
January 1999
SURVEY OF CURRENT BUSINESS
Table B.8.—Employment by Industry
[Thousands]
Full-time and part-time
employment
Persons engaged in
production i
1995
1996
1997
1995
1996
1997
Total.
124,576
127,015
129,980
121,660
123,917
126,751
Domestic industries.
125,146
127,567
130,567
122,148
124,390
127,254
Private industries
103,188
105,606
108,498
103,795
106,057
108,851
2,004
2,079
2,133
3,403
868
1,136
870
1,209
876
1,257
2,000
1,403
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing .
1995
Pipelines, except natural gas
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
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 electric equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
Nondurable goods
Food and kindred products
Tobacco products
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing .,
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
1,846
1,499
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit.
Trucking and warehousing
Water transportation
Transportation by air
587
52
106
321
108
583
54
99
321
109
600
53
97
340
110
590
52
103
327
108
586
54
97
327
108
603
53
95
346
109
5,386
5,671
5,951
6,657
6,956
7,247
18,591
10,722
790
18,575
143
801
506
546
709
1,452
2,116
1,659
967
821
855
403
7,740
1,697
41
630
874
682
1,565
1,032
139
978
109
6,176
3,961
232
420
1,912
178
781
512
541
707
1,444
2,070
1,625
970
817
842
404
7,869
1,688
41
664
945
692
1,570
1,039
18,758
11,054
819
513
555
710
1,485
2,173
1,690
983
858
864
404
7,704
1,694
41
616
829
685
1,577
1,036
18,636
10,822
866
525
549
700
1,442
2,084
1,615
963
816
835
427
7,814
1,659
41
137
661
951
686
1,560
1,036
142
981
99
997
92
967
111
6,294
4,063
224
440
1,658
177
1,119
6,462
4,170
220
457
1,704
183
1,139
6,178
4,048
220
431
2,051
178
734
18,583
10,915
859
521
564
707
1,446
2,095
1,654
960
820
850
439
7,668
1,664
40
632
881
677
1,536
1,027
138
18,773
11,134
865
530
565
706
1,481
2,171
1,680
976
855
859
446
7,639
1,676
40
618
831
677
1,560
1,026
135
971
102
987
6,320
4,182
6,469
4,279
212
444
208
480
1,854
1,877
174
179
1,050
1,066
1. Equals the number of full-time equivalent employees plus the number of self-employed persons. Unpaid family
workers are not included.
2. Consists of museums, botanical and zoological gardens; engineering and management services; and services,
not elsewhere classified.
1996
14
431
1,349
937
412
882
1997
14
453
1,422
1,004
418
1995
15
419
1,221
852
.369
909
1996
14
434
1,260
874
386
878
1997
14
455
1,325
939
386
865
870
Wholesale trade
Retail trade
Mining
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels .
15
423
1,309
916
393
906
3,345
1,859
1,501
Persons engaged in
production !
Full-time and part-time
employment
Finance, insurance, and real estate
Depository institutions
Nondepository institutions
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and service
Real estate
Holding and other investment offices ..
Services
Hotels and other lodging places
Personal services
Business services
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services ....
Health services
Legal services
Educational services
Social services and membership
organizations
Social services
Membership organizations
Other services 2
Private households
Government
Federal
General government
Civilian
Military3
Government enterprises
State and local
General government
Education
Other
Government enterprises
Rest of the world 4
6,563
6,595
6,735
19,487
19,877
20,272
7,218
1,937
466
621
1,442
247
7,243
2,028
573
630
1,522
767
1,481
242
1,648
239
7,316
1,923
506
647
1,449
873
1,681
237
7,420
1,922
562
680
1,459
877
1,689
231
35,172
1,757
1,300
6,935
1,132
374
507
1,517
9,572
1,056
2,073
36,536
37,991
35,063
36,464
1,794
1,317
7,484
1,205
389
539
1,591
9,813
1,063
2,134
1,828
1,323
8,161
1,245
389
563
1,668
10,033
1,083
2,196
1,594
1,783
7,116
1,362
593
544
1,327
8,909
1,173
1,913
1,631
1,812
7,671
1,480
575
572
1,422
9,174
1,147
1,980
37,987
1,673
1,802
8,293
1,507
588
594
1,513
9,404
1,203
2,017
4,618
2,435
2,183
3,050
1,281
4,759
2,515
2,244
3,202
1,246
4,925
2,622
2,303
3,344
1,233
4,490
2,675
1,815
3,440
819
4,624
2,758
1,866
3,580
796
4,802
2,887
1,915
3,803
788
21,958
5,552
4,570
2,026
2,544
982
16,406
15,482
8,383
7,099
924
21,961
5,386
4,398
1,952
2,446
988
16,575
15,662
8,536
7,126
913
22,069
18,353
4,564
3,764
2,026
1,738
800
13,789
12,903
6,765
6,138
18,333
4,415
3,614
1,952
1,662
801
13,918
13,042
6,880
6,162
876
18,403
4,307
3,513
1,899
1,614
794
14,096
13,230
7,044
6,186
-570
-552
-587
-473
-503
6,476
6,561
21,867
22,255
6,929
2,023
463
553
1,500
732
7,052
2,018
513
581
1,410
248
1,505
746
6,740
22,620
5,263
4,282
1,899
2,383
981
16,806
15,905
8,751
7,154
901
1,451
856
3. Includes Coast Guard.
4. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory
workers employed temporarily in the United States.
NOTE—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
January 1999
National Data •
SURVEY OF CURRENT BUSINESS
D-33
Table B.9.—Wage and Salary Accruals Per Full-Time Equivalent Employee and Full-Time Equivalent Employees by Industry
Wages and salaries per
full-time equivalent
Full-time equivalent
employees
Dollars
Thousands
1995
1996
1997
Total'
31,014
32,143
Domestic industries
30,902
Private industries
Agriculture, forestry, and fishing
Farms
Agricultural services, forestry, and fishing
Wages and salaries per
full-time equivalent
1996
1997
33,557
110,980
113,256
116,029
32,034
33,438
111,468
113,729
116,532
30,305
31,472
32,941
93,115
95,396
98,129
18,200
19,017
19,039
19,002
19,951
19,185
20,482
1,755
1,816
744
1,011
746
1,070
1,835
751
1,084
48,365
47,058
49,635
36,305
48,353
50,093
48,856
51,610
37,330
50,910
50,642
50,000
54,931
39,336
Construction
30,444
31,641
32,944
5,181
5,444
5,739
Manufacturing
Durable goods
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Industrial machinery and equipment
Electronic and other electric equipment
Motor vehicles and equipment
Other transportation equipment
Instruments and related products
Miscellaneous manufacturing industries
Nondurable goods
Food and kindred products
Tobacco products
Textile mil! products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and miscellaneous plastics
products
Leather and leather products
35,803
37,684
25,128
25,066
33,302
40,118
32,932
40,067
39,291
41,170
27,470
27,786
35,983
42,363
35,453
44,536
43,420
50,008
47,806
49,113
30,636
36,554
32,007
57,900
26,551
20,943
42,726
37,743
57,338
60,481
18,188
10,560
772
502
530
697
1,421
2,051
1,606
961
809
827
384
7,628
1,642
18,164
10,661
782
497
532
704
18,339
10,874
46,692
44,654
44,695
28,214
33,200
30,151
53,878
23,992
18,814
39,531
34,541
51,105
54,958
37,256
39,118
26,161
26,129
34,887
40,973
34,047
41,815
40,384
48,724
45,712
46,771
28,951
34,610
30,680
57,025
25,046
19,858
40,901
35,983
53,546
56.964
29,907
22,140
30,935
23,653
32,462
25,303
962
107
Transportation and public utilities
Transportation
Railroad transportation
Local and interurban passenger transit
Trucking and warehousing
Water transportation
Transportation by air
38,402
39,479
33,285
54,566
20,614
30,343
39,066
37,597
41,030
34,507
56,803
21,038
31,717
40,579
38,934
5,782
3,690
220
384
1,788
167
728
46,624
Metal mining
Coal mining
Oil and gas extraction
Nonmetallic minerals, except fuels
32,264
51,300
19,953
29,377
37,868
39,022
575
52
103
315
105
41
654
919
684
1,450
1,027
142
572
54
97
315
106
1,425
2,073
1,644
958
815
843
388
7,503
1,654
40
624
846
676
1,445
1,020
588
53
95
333
107
792
501
544
705
1,461
2,139
1,671
974
850
850
387
7,465
1,651
40
610
803
674
1,463
138
1,019
135
965
95
981
89
5,885
3,783
212
402
1,550
166
1,043
6,032
3,880
208
418
1,592
171
1,061
1. Full-time equivalent employees equals the number of employees on full-time schedules plus the number of
employees on part-time schedules converted to a full-time basis. The number of full-time equivalent employees in
each industry is the product of the total number of employees and the ratio of average weekly hours per employee
for all employees to average weekly hours per employee on full-time schedules.
2. Consists of museums, botanical and zoological gardens; engineering and management services; and services,
Thousands
Dollars
1995
17,925
18,403
Full-time equivalent
employees
Pipelines, except natural gas
Transportation services
Communications
Telephone and telegraph
Radio and television
Electric, gas, and sanitary services
1995
1996
1997
57,867
30,879
49,525
53,282
40,758
48,831
59,143
31,578
50,756
54,386
42,480
50,438
60,500
32,913
52,872
56,461
44,239
52,663
1995
15
388
1,197
838
359
895
1996
14
396
1,230
855
375
872
1997
14
416
1,294
914
380
Wholesale trade .
37,812
41,272
6,201
6,281
6,452
Retail trade
18,296
18,823
19,562
18,029
18,382
18,745
Finance, insurance, and real estate
Depository institutions
Nondepository institutions ..
Security and commodity brokers
Insurance carriers
Insurance agents, brokers, and services
Real estate
Holding and other investment offices
41,674
33,909
41,074
97,598
41,476
37,824
28,293
63,707
45,237
36,185
43,395
114,228
43,743
39,639
29,819
48,283
38,414
46,496
120,349
45,858
41,691
31,863
75,615
6,552
1,935
446
532
1,451
697
1,252
239
1,921
491
557
1,449
707
1,274
237
6,784
1,921
546
601
1,459
724
1,302
231
Services
Hotels and other lodging places
Personal services
Business services
Auto repair, services, and parking
Miscellaneous repair services
Motion pictures
Amusement and recreation services
Health services
Legal services
Educational services
Social services and membership
organizations
Social services
Membership organizations
Other services2
Private households
29,003
19,920
18,224
25,936
22,430
28,122
36,579
23,778
34,092
53,082
24,459
29,973
20,586
18,787
27,774
23,046
29,176
38,076
24,589
34,606
54,939
25,083
31,184
21,435
19,863
29,622
23,795
30,208
30,852
1,522
1,139
6,372
1,061
343
25,664
35,529
57,019
26,013
8,496
937
17,927
22,069
45,725
14,118
20,361
18,403
22,668
47,055
14,680
Government
Federal
General government
Civilian
Military3
Government enterprises .
State and local
General government
.
Education
Other
Government enterprises .
Rest of the world 4
33,930
38,295
37,312
32,000
42,921
32,485
32,352
32,229
32,488
34,427
34,958
39,781
38,862
43,864
43,925
33,428
33,294
33,196
33,405
35,410
33,615
1,599
1,159
7,538
1,179
360
442
1,363
8,984
1,799
32,216
1,561
1,162
6,875
1,136
358
421
1,295
8,778
944
1,862
20,771
18,915
23,004
49,252
14,887
3,933
2,118
1,815
2,808
819
4,065
2,199
1,866
2,963
796
4,219
2,304
1,915
3,110
788
36,091
18,353
4,564
3,764
2,026
1,738
800
13,789
12,903
6,765
6,138
18,333
4,415
3,614
1,952
1,662
801
13,918
13,042
6,880
6,162
876
18,403
4,307
3,513
1,899
1,614
794
14,096
13,230
7,044
6,186
-488
-473
-503
394
41,214
40,252
45,484
34,095
45,470
34,525
34,375
34,139
34,644
36,819
1,229
962
1,912
not elsewhere classified,
3. Includes Coast Guard,
4. Beginning with 1993, includes estimates of foreign professional workers and undocumented Mexican migratory
workers employed temporarily in the United States.
NOTE.—Estimates in this table are based on the 1987 Standard Industrial Classification (SIC).
D-34
• National Data
Table B.10.—Farm Sector Output, Gross Product, and National Income
Billions of dollars
Farm output
Cash receipts from farm marketings
Crops
Livestock
Farm housing
Farm products consumed on farms
Other farm income
Change in farm inventories
Crops
Livestock
1995
1996
1997
196.7
222.1
225.3
194.1
107.2
87.0
201.7
108.7
-9.3
-9.6
.2
93.0
6.1
.4
6.3
7.6
8.8
-1.1
124.4
207.2
110.6
96.5
6.3
.5
1995
1996
1997
190.7
195.7
208.3
188.8
177.3
191.0
97.1
87.1
90.6
5.1
.4
5.3
7.1
6.5
-1.3
96.0
95.1
5.0
.4
6.2
4.3
4.2
-.8
7.1
4.3
5.1
-.7
130.5
135.1
118.5
116.9
118.2
109.9
14.5
113.5
17.0
119.6
15.5
104.0
14.5
100.7
16.4
103.6
14.6
Equals: Gross farm product
72.3
91.6
90.2
72.0
78.6
90.3
Less: Consumption of fixed capital
24.8
25.8
26.6
22.8
23.2
23.7
Equals: Net farm product
47.5
65.9
63.6
49.0
55.2
66.6
Less: Indirect business tax and nontax
liability
Plus: Subsidies to operators
Equals: Farm national income
Compensation of employees
,
Wage and salary accruals
Supplements to wages and salaries ....'..
Proprietors' income and corporate profits
with IVA and CCAdj
Proprietors' income
Corporate profits
,.
Net interest
5.9
.5
5.5
5.1
6.1
5.1
6.1
5.5
6.2
48.4
15.7
13.3
2.4
66.9
64.4
16.9
14.4
2.5
23.3
22.4
.8
9.5
40.6
38.9
1.7
16.5
14.2
2.3
9.8
37.3
35.5
1.8
10.2
NOTE.—Chained (1992) dollar series are calculated as the p
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
Table B. 11.—Housing Sector Output, Gross Product, and National
Income
Billions of chained
(1992) dollars
91.3
5.2
.5
5.0
-11.0
-9.2
.3
Less: Intermediate goods and services
purchased
Intermediate goods and services, other
than rent
Rent paid to nonoperator landlords
January 1999
SURVEY OF CURRENT BUSINESS
Billions of dollars
Billions of chained
(1992) dollars
1995
1996
1997
723.1
758.4
717.2
532.4
184.8
5.9
752.3
559.1
193.2
1995
1996
1997
799.8
663.9
675.8
692.6
793.5
658.7
487.4
171.4
5.2
670.7
496.0
174.7
6.1
590.3
203.2
6.3
5.1
687.6
508.9
178.7
5.0
88.5
91.1
95.3
82.1
82.7
83.8
Equals: Gross housing product.
Nonfarm housing
Owner-occupied
Tenant-occupied
Farm housing
634.6
667.2
662.1
486.4
175.6
5.2
704.5
699.1
513.4
185.8
5.3
581.8
577.4
423.3
154.2
4.4
593.0
588.7
430.5
608.7
604.5
158.3
4.4
162.6
4.2
Less: Consumption of fixed capital
Capital consumption allowances
Less: CCAdj
115.9
119.6
63.0
-56.5
126.2
67.1
-59.1
103.7
104.6
107.2
59.7
-56.2
Equals: Net housing product
518.7
547.7
578.3
478.3
488.7
501.7
Less: Indirect business tax and nontax
liability plus business transfer payments
116.0
119.9
123.5
Housing output'
Nonfarm housing ....
Owner-occupied .
Tenant-occupied
Farm housing
Less: Intermediate goods and services
consumed
Plus: Subsidies less current surplus of
government enterprises
Equals: Housing national income
Compensation of employees
Proprietors' income with IVA and CCAdj.
Rental income of persons with CCAdj
Corporate profits with IVA and CCAdj
Net interest
629.6
463.0
166.5
5.0
20.8
21.9
22.3
423.5
449.6
477.1
8.1
25.0
105.2
5.0
280.1
8.5
26.5
119.7
5.2
289.7
9.1
27.9
441.9
127.7
5.5
306.9
1. Equals personal consumption expenditures for housing less expenditures for other housing as shown in table
B.4.
NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
CCAdj Capital consumption adjustment
IVA Inventory valuation adjustment
D-35
National Data
SURVEY OF CURRENT BUSINESS
January 1999
Table B.12.—Net Stock of Fixed Private Capital, by Type
[Yearend estimates]
Current-cost valuation (billions of dollars)
1992
1993
1994
1995
1996
Chain-type quantity indexes (1992=100)
1997
13,484.1
14,198.8
15,064.5
15,736.1
16,496.7
17,316.3
2,642.7
2,742.1
2,881.7
3,040.9
3,180.1
3,322.9
2,590.0
2,686.7
2,823.1
2,980.2
3,116.5
3,257.8
650.4
128.3
107.9
20.4
333.0
117.9
71.2
673.8
138.5
118.0
20.6
335.3
124.1
75.8
691.7
149.3
128.4
20.9
332.2
130.5
79.7
724.0
159.1
138.2
20.9
346.8
135.8
82.4
768.3
170.9
149.4
....
629.0
120.7
101.0
19.7
330.8
109.9
67.5
Industrial equipment
Fabricated metal products
Engines and turbines
Steam engines
Internal combustion engines
Metalworking machinery
Special industry machinery, n.e.c
General industrial, including materials handling, equipment.
Electrical transmission, distribution, and industrial apparatus
916.8
86.7
51.8
47.1
4.7
168.8
199.4
189.0
221.0
945.7
87.0
53.2
48.2
5.0
174.4
207.5
991.4
1,052.5
96.1
58.3
52.5
5.7
196.9
232.9
211.8
256.5
1,090.1
99.1
59.7
53.7
6.0
205.6
243.2
220.5
262.1
1,127.0
Transportation and related equipment
Trucks, buses, and truck trailers
Autos
Aircraft
Ships and boats
Railroad equipment
510.0
169.1
107.6
121.2
45.1
67.1
538.9
185.5
111.7
127.1
45.6
69.0
581.2
210.1
129.2
44.7
72.7
136.3
44.8
78.7
661.8
260.6
137.0
140.1
45.3
78.7
692.3
282.3
124.6
626.6
236.2
130.5
Other equipment
Furniture and fixtures
Household furniture
Other furniture
Tractors
"...
Farm tractors
Construction tractors
Agricultural machinery, except tractors
Construction machinery, except tractors
Mining and oilfield machinery
Service industry machinery
Electrical equipment, n.e.c
Household appliances
Other
Other nonresidential equipment
534.2
146.1
9.1
551.8
153.8
9.4
144.4
55.1
43.2
11.9
6.5.6
66.8
14.6
576.6
163.0
9.7
609.4
175.7
10.2
165.5
640.6
186.5
10.6
175.9
60.7
48.4
12.4
72.7
77.3
13.5
73.5
52.6
5.4
47.2
103.8
670.2
196.7
11.0
185.7
62.6
49.8
12.8
74.9
82.2
13.5
77.0
55.0
5.6
49.5
108.2
Fixed private capital
Private producers' durable equipment
Nonresidential equipment
Information processing and related equipment
Office, computing, and accounting machinery
Computers and peripheral equipment
Other office equipment
Communication equipment
Instruments
Photocopy and related equipment ...,.'.
Residential equipment
Private structures
Nonresidential structures
Nonresidential buildings, excluding farm
Industrial buildings
Office buildings'
Commercial buildings
Mobile structures
Other commercial2
Religious buildings
Educational buildings
Hospital and institutional buildings
Other
Hotels and motels
Amusement and recreational buildings
Other nonfarm buildings3
Utilities
Railroad
Telecommunications
Electric light and power
Gas
Petroleum pipelines
Farm related buildings and structures
Mining exploration, shafts, and wells
Petroleum and natural gas
Other mining
Other nonfarm structures4
Residential structures
Housing units
Permanent site
1-to-4-unit
5-or-more-unit
Mobile homes
Improvements
Other residential5
137.0
54.1
42.4
11.7
64.9
66.0
15.3
60.3
44.6
4.6
90.3
56.8
51.5
5.4
183.0
218.2
202.5
240.5
194.9
228.7
40.1
83.0
61.0
47.2
4.7
42.5
87.7
52.6
55.4
153.3
57.2
45.1
12.1
67.1
48.9
4.9
44.0
12.0
70.4
73.0
13.8
69.1
50.8
5.2
45.6
92.4
97.5
58.6
60.6
69.6
14.0
64.5
10,841.4
11,456.7
12,182.8
12,695.2
4,302.7
4,528.9
4,775.6
4,976.9
2,686.1
613.0
625.4
678.7
6.6
672.1
123.5
108.0
259.8
277.6
139.2
70.2
68.2
1,062.0
272.4
185.3
423.8
143.1
37.5
2,834.9
636.2
670.1
3,011.3
673.6
707.8
765.0
7.9
757.1
3,145.6
700.9
735.3
803.6
8.3
183.5
259.0
229.3
29.7
112.1
717.2
7.2
710.1
129.4
114.7
276.7
290.6
145.9
73.7
71.0
1,120.2
290.1
194.0
443.4
153.0
39.6
795.3
63.6
13,316.6
102.9
60.3
54.1
6.2
214.6
251.2
228.6
269.4
138.8
146.2
45.5
79.4
65.1
13,993.3
5,194.7
5,467.5
3,306.1
730.0
3,512.9
763.0
768.9
851.2
8.7
842.5
816.0
909.1
9.1
900.1
155.3
150.9
351.8
366.8
161.0
83.2
75.3
1,204.1
300.3
221.6
476.8
163.8
41.6
147.0
138.9
330.5
339.7
173.4
89.3
77.0
1,235.7
312.4
233.1
482.3
166.1
41.9
1,269.3
315.5
239.2
496.5
174.2
43.8
201.6
274.5
241.6
32.9
128.4
204.6
284.2
250.6
33.7
138.4
209.2
299.0
264.4
34.6
144.7
215.8
316.3
280.1
36.2
153.3
6,927.8
7,407.2
7,718.3
8,121.9
5,667.3
5,557.9
4,796.1
6,078.4
5,956.2
6,320.3
6,187.9
5,395.1
6,641.2
8,525.9
6,965.1
6,815.5
5,960.2
855.3
149.6
1,529.9
30.8
136.6
123.5
297.9
307.0
153.7
78.6
74.7
1,159.7
294.0
204.8
459.6
160.0
41.2
194.3
260.1
229.2
31.0
119.4
6,538.7
5,327.0
5,226.1
4,465.3
760.7
100.9
1,185.1
26.6
761.9
109.4
1,232.6
27.8
1. Consists of office buildings, except those occupied by electric and gas utility companies.
2. Consists primarily of stores, restaurants, garages, service stations, warehouses, and other buildings used for
commercial purposes.
3. Consists of buildings not elsewhere classified, such as passenger terminals, greenhouses, and animal hospitals.
4. Consists primarily of streets, dams, reservoirs, sewer and water facilities, parks, and airfields.
5. Consists primarily of dormitories and fraternity and sorority houses.
59.2
47.2
21.5
372.7
140.8
83.9
5,182.3
773.8
122.2
1,299.8
29.0
141.4
130.2
314.6
319.5
792.8
132.4
1,368.8
29.3
6,499.9
5,673.3
826.6
141.3
1,450.8
29.9
189.5
97.7
79.6
1992
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
1993
1994
1995
1996
1997
109.50
112.54
117.49
124.22
117.55
124.32
139.04
253.74
295.81
104.23
120.48
116.24
114.89
155.94
345.30
419.64
107.17
129.70
120.90
118.15
109.17
103.43
105.88
104.99
114.51
109.57
110.85
107.17
112.09
112.33
104.89
105.19
103.91
117.60
113.95
113.94
110.34
115.96
117.10
140.35
116.34
102.22
91.48
103.55
123.22
154.34
118.77
106.08
90.14
105.16
110.23
115.22
107.37
115.73
105.24
108.05
95.31
102.46
106.75
80.12
112.34
116.00
113.47
116.28
114.50
114.82
120.87
110.86
121.53
108.10
111.31
96.82
104.81
111.41
79.64
116.49
122.92
118.62
123.41
120.05
101.94
104.15
102.74
106.62
102.72
106.61
106.40
120.18
124.20
101.27
102.41
105.34
104.27
113.96
144.51
154.49
101.08
106.50
109.32
109.02
101.38
100.07
102.12
102.13
102.06
100.48
101.85
100.70
102.57
103.55
100.95
104.56
104.33
106.76
102.74
104.03
102.25
105.65
102.30
105.33
100.93
102.25
98.25
99.65
106.91
115.39
109.20
100.57
95.33
100.79
101.19
103.04
100.43
103.21
99.71
100.28
97.68
98.79
99.09
93.67
99.38
104.87
101.98
105.20
103.18
103.29
105.84
101.74
106.12
101.34
102.61
96.85
99.07
100.51
87.79
103.02
107.43
104.43
107.77
106.40
103.36
107.18
101.75
103.57
101.16
102.20
101.38
100.17
101.51
101.96
101.54
101.97
101.10
102.47
102.72
100.79
101.03
101.25
99.84
102.97
101.44
102.54
103.93
103.27
103.94
102.06
105.40
105.71
101.88
101.79
103.20
100.73
100.59
99.08
101.66
100.86
101.42
100.18
100.76
98.22
103.71
100.77
101.99
100.25
102.10
99.14
98.97
100.48
104.32
101.29
98.31
97.82
101.99
107.95
102.14
104.47
102.00
102.00
102.37
99.78
102.02
102.83
104.20
104.17
105.01
99.05
105.56
105.87
106.66
111.65
111.67
124.85
187.01
208.02
103.44
112.65
112.62
112.48
106.41
102.07
105.22
104.65
110.74
106.22
107.82
104.43
108.97
111.71
126.93
112.47
101.75
92.92
102.33
106.40
110.44
104.11
110.86
103.29
105.77
94.52
100.63
102.97
83.98
107.23
110.80
108.68
111.04
109.67
111.08
105.50
103.64
105.07
103.06
104.07
106.60
105.22
106.62
103.23
108.63
109.12
103.73
104.22
106.80
99.59
101.39
97.40
105.97
101.42
103.47
100.10
100.41
97.06
96.42
101.90
111.12
106.72
106.34
106.27
107.35
99.61
110.08
108.67
99.67
98.53
97.93
115.01
119.30
107.67
109.92
105.29
107.09
107.51
104.48
105.99
109.91
107.71
109.94
104.46
112.85
111.58
107.33
109.23
111.56
99.09
110.20
105.37
108.47
113.27
110.77
113.30
106.47
118.26
114.56
111.81
115.14
117.76
101.98
96.83
108.19
102.12
104.02
100.13
102.25
96.42
110.18
102.14
104.18
100.00
99.99
96.20
95.44
102.08
113.15
99.50
96.38
95.55
102.87
115.61
109.25
111.79
108.79
108.66
110.00
100.39
115.22
111.64
97.58
111.29
111.10
112.69
101.31
120.49
114.46
97.88
NOTE.—The data in this table are from "Fixed Reproducible Tangible Wealth in the United States: Revised Estimates for 1995-97 and Summary Estimates for 1925-97" in the September 1998 SURVEY OF CURRENT BUSINESS.
n.e.c. Not elsewhere classified.
D-36
• National Data
January 1999
SURVEY OF CURRENT BUSINESS
C. Historical Tables.
The tables in this section are derived from the "Summary National Income and Product Series" tables that were
published in the August 1998 issue of the SURVEY OF CURRENT BUSINESS and from the "Selected NIPA Tables"
that are published in this issue. (Changes in prices are calculated from indexes expressed to three decimal
places.)
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from preceding
period
Billions of chained (1992) dollars
Year and
quarter
Gross domestic
product
Chain-type price indexes
Implicit price deflators
Percent change from preceding period
Chain-type price index
Final sales of
domestic
product
Gross national
product
Gross domestic
product
Final sales of
domestic
product
Gross domestic Gross domestic Gross domestic
product
product
purchases
Gross national
product
Implicit price deflators
Gross domestic
product
Gross domestic
purchases
Gross domestic Gross national
product
product
1959
2,210.2
2,206.9
2,222.0
7.4
6.5
22.95
22.44
22.95
22.96
1.0
1.0
1.0
1.0
1960
1961
1962
1963
1964
2,262.9
2,314.3
2,454.8
2,559.4
2,708.4
2,264.2
2,318.0
2,445.4
2,552.4
2,705.1
2,276.0
2,329.1
2,471.5
2,577.3
2,727.8
2.4
2.3
6.1
4.3
5.8
2.6
2.4
5.5
4.4
6.0
23.27
23.54
23.84
24.12
24.48
22.75
23.00
23.28
23.58
23.94
23.27
23.54
23.84
24.12
24.48
23.28
23.55
23.85
24.13
24.49
1.4
1.2
1.3
1.2
1.5
1.4
1.1
1.2
1.3
1.6
1.4
1.2
1.3
1.2
1.5
1.4
1.2
1.3
1.2
1.5
1965
1966
1967
1968
1969
2,881.1
3,069.2
3,147.2
3,293.9
3,393.6
2,860.4
3,033.5
3,125.1
3,278.0
3,377.2
2,901.4
3,087.8
3,166.4
3,314.5
3,413.3
6.4
6.5
2.5
4.7
3.0
5.7
6.1
3.0
4.9
3.0
24.95
25.66
26.48
27.64
28.94
24.39
25.07
25.83
26.95
28.21
24.96
25.67
26.49
27.64
28.94
24.97
25.68
26.50
27.66
28.96
1.9
2.8
3.2
4.4
4.7
1.9
2.8
3.0
4.3
4.7
2.0
2.8
3.2
4.4
4.7
2.0
2.8
3.2
4.4
4.7
1970
1971
1972
1973
1974
3,397.6
3,510.0
3,702.3
3,916.3
3,891.2
3,406.5
3,499.8
3,689.5
3,883.9
3,873.4
3,417.1
3,532.1
3,726.3
3,950.1
3,930.2
.1
3.3
5.5
5.8
-.6
.9
2.7
5.4
5.3
-.3
30.48
32.05
33.42
35.30
38.46
29.73
31.32
32.71
34.64
38.17
30.48
32.06
33.42
35.30
38.47
30.50
32.08
33.44
35.32
38.49
5.3
5.2
4.2
5.6
8.9
5.4
5.3
4.5
5.9
10.2
5.3
5.2
4.2
5.6
9.0
5.3
5.2
4.2
5.6
8.9
3,873.9
4,082.9
4,273.6
4,503.0
4,630.6
3,906.4
4,061.7
4,240.8
4,464.4
4,614.4
3,903.3
4,118.8
4,314.5
4,543.7
4,687.4
-4
5.4
4.7
5.4
2.8
.9
4.0
4.4
5.3
3.4
42.09
44.55
47.42
50.88
55.22
41.72
44.15
47.18
50.65
55.22
42.09
44.55
47.43
50.89
55.23
42.11
44.58
47.46
50.92
55.26
9.4
5.8
6.5
7.3
8.5
9.3
5.8
6.9
7.4
9.0
9.4
5.8
6.5
7.3
8.5
9.4
5.9
6.5
7.3
8.5
1980
1981
1982
1983
1984
4,615.0
4,720.7
4,620.3
4,803.7
5,140.1
4,641.9
4,691.6
4,651.2
4,821.2
5,061.6
4,670.8
4,769.9
4,662.0
4,844.8
5,178.0
-.3
2.3
-2.1
4.0
7.0
.6
1.1
-.9
3.7
5.0
60.34
66.01
70.18
73.16
75.92
61.10
66.72
70.64
73.31
75.90
60.33
66.01
70.17
73.16
75.92
60.36
66.05
70.21
73.20
75.97
9.3
9.4
6.3
4.3
3.8
10.7
9.2
5.9
3.8
3.5
9.2
9.4
6.3
4.3
3.8
9.2
9.4
6.3
4.3
3.8
1985
1986
1987
1988
1989
5,323.5
5,487.7
5,649.5
5,865.2
6,062.0
5,296.9
5,480.9
5,626.0
5,855.1
6,028.7
5,346.7
5,501.2
5,658.2
5,878.5
6,075.7
3.6
3.1
2.9
3.8
3.4
4.6
3.5
2.6
4.1
3.0
78.53
80.58
83.06
86.10
89.72
78.34
80.40
83.11
86.13
89.78
78.53
80.58
83.06
86.09
89.72
78.57
80.62
83.09
86.12
89.75
3.4
2.6
3.1
3.7
4.2
3.2
2.6
3.4
3.6
4.2
3.4
2.6
3.1
3.7
4.2
3.4
2.6
3.1
3.7
4.2
1990
1991
1992
1993
1994
6,136.3
6,079.4
6,244.4
6,389.6
6,610.7
6,126.7
6,082.6
6,237.4
6,368.9
6,551.2
6,157.0
6,094.9
6,255.5
6,408.0
6,619.1
1.2
-.9
2.7
2.3
3.5
1.6
-.7
2.5
2.1
2.9
93.64
97.32
100.00
102.64
105.09
93.83
97.30
100.00
102.48
104.85
93.60
97.32
100.00
102.64
105.09
93.63
97.33
100.00
102.63
105.08
4.4
3.9
2.8
2.6
2.4
4.5
3.7
2.8
2.5
2.3
4.3
4.0
2.8
2.6
2.4
4.3
4.0
2.7
2.6
2.4
1995
1996
1997
6,761.7
6,994.8
7,269.8
6,731.7
6,961.6
7,203.7
6,779.5
7,008.4
7,266.2
2.3
3.4
3.9
2.8
3.4
3.5
107.51
109.54
111.57
107.28
109.18
110.92
107.51
109.53
111.57
107.49
109.50
111.52
2.3
1.9
1.9
2.3
1.8
1.6
2.3
1.9
1.9
2.3
1.9
1.8
I
||
Ill
IV
2,165.0
2,223.3
2,221.4
2,231.0
2,165.5
2,204.2
2,232.6
2,225.3
2,176.2
2,234.5
2,233.5
2,243.9
8.6
11.2
-.3
1.7
9.2
7.3
5.3
-1.3
22.86
22.92
22.96
23.05
22.35
22.41
22.45
22.53
22.92
22.91
22.94
23.03
22.93
22.91
22.95
23.04
.8
1.1
.7
1.5
1.1
1.1
.7
1.5
.8
-.3
.6
1.6
.8
-.3
.6
1.6
1960:1
II
Ill
IV
2,279.2
2 265.5
2,268.3
2,238.6
2,248.5
2 268.4
2,265.1
2,274.7
2,291.6
2,278.2
2,281.6
2,252.7
8.9
-2.4
.5
-5.1
4.2
3.6
-.6
1.7
23.10
23.21
23.32
23.44
22.57
22.69
22.80
22.92
23.13
23.22
23.32
23.40
23.14
23.23
23.33
23.41
.9
2.0
2.0
2.1
.8
2.1
2.0
2.1
1.8
1.5
1.7
1.4
1.9
1.5
1.7
1.4
1961-I
II
Ill
IV
2,251.7
2,292.0
2,332.6
2,381.0
2,277.7
2,301.1
2,320.4
2,372.8
2,266.8
2,306.3
2,347.1
2,395.9
2.4
7.4
7.3
8.6
.5
4.2
3.4
9.3
23.48
23.51
23.55
23.61
22.96
22.97
23.01
23.06
23.45
23.51
23.56
23.63
23.46
23.52
23.57
23.64
.7
.5
.7
1.1
.6
.2
.7
.9
,9
1.0
.8
1.2
.9
1.0
.8
1.2
1962:I
||
Ill
IV
2,422.6
2,448.0
2,471.9
2,476.7
2,400.3
2,440.7
2,462.0
2,478.7
2,437.4
2,464.4
2,488.4
2,495.9
7.2
4.3
4.0
.8
4.7
6.9
3.5
2.7
23.73
23.80
23.86
23.96
23.17
23.24
23.31
23.41
23.75
23.81
23.87
23.94
23.76
23.81
23.87
23.95
2.0
1.1
1.1
1.7
1.9
1.4
1.1
1.8
2.0
1.0
1.0
1.2
2.0
1.0
1.0
1.2
1963:1
HI
IV
2,508.7
2,538.1
2,586.3
2,604.6
2,492.4
2,533.8
2,578.0
2,605.3
2,526.9
2,555.5
2,604.0
2,622.9
5.3
4.8
7.8
2.9
2.2
6.8
7.2
4.3
24.03
24.07
24.11
24.26
23.48
23.53
23.58
23.72
24.00
24.07
24.12
24.29
24.01
24.08
24.13
24.30
1.2
.6
.7
2.4
1.3
.8
.9
2.5
1.1
1.1
.8
3.0
1.1
1.1
.8
3.0
1964:1
II
Ill
IV
2,666.7
2,697.5
2,729.6
2,739.7
2,663.1
2,695.0
2,727.6
2,734.5
2,686.8
2,716.8
2,749.5
2,758.1
9.9
4.7
4.8
1.5
9.2
4.9
4.9
1.0
24.33
24.41
24.53
24.64
23.80
23.89
23.99
24.09
24.35
24.41
24.52
24.64
24.36
24.42
24.53
24.65
1.2
1.3
1.9
1.8
1.3
1.5
1.8
1.6
.9
.9
1.8
2.1
.9
1.8
2.1
1965:I
||
Ill
IV
2,808.9
2,846.3
2,898.8
2,970.5
2,777.2
2,826.7
2,879.8
2,957.8
2,830.0
2,868.2
2,918.9
2,988.6
10.5
5.4
7.6
10.3
6.4
7.3
7.7
11.3
24.76
24.88
25.01
25.16
24.19
24.31
24.44
24.61
24.77
24.88
25.01
25.17
24.78
24.89
25.02
25.18
2.0
2.0
2.1
2.5
1.6
2.0
2.2
2.8
2.0
1.9
2.1
2.6
2.0
1.9
2.1
2.6
1966:1
II
III
IV
3,042.4
3,055.5
3,076.5
3,102.4
3,008.8
3,023.1
3,047.2
3,054.8
3,061.1
3,074.2
3,094.7
3,121.4
10.0
1.7
2.8
3.4
7.1
1.9
3.2
1.0
25.30
25.50
25.82
26.03
24.73
24.93
25.22
25.41
25.32
25.53
25.79
26.02
25.34
25.54
25.81
26.03
2.2
3.2
5.1
3.4
1.9
3.2
4.8
3.1
2.5
3.2
4.2
3.5
2.5
3.3
4.2
3.5
1967:1
II
Ill
IV
3,127.2
3,129.5
3,154.2
3,178.0
3,085.6
3,119.0
3,134.2
3,161.5
3,145.9
3,147.7
3,174.4
3,197.5
3.2
.3
3.2
3.1
4.1
4.4
2.0
3.5
26.16
26.32
26.57
26.87
25.52
25.67
25.92
26.21
26.14
26.31
26.60
26.90
26.15
26.32
26.61
26.91
2.0
2.5
3.9
4.6
1.6
2.5
3.9
4.5
1.9
2.5
4.5
4.6
2.0
2.5
4.5
4.6
1975
1976
1977
1978
1979
1959:
„
.9
National Data •
SURVEY OF CURRENT BUSINESS
January 1999
D-37
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from preceding
Billions of chained (1992) dollars
Year and
quarter
Chain-type price indexes
Implicit price deflators
Percent change from preceding periocj
Implicit pricea deflators
Chain-type price index
Gross domestic
product
Final sales of
domestic
product
1968:1
II ... .
Ill
IV
3,236.2
3,292.1
3,316.1
3,331.2
3,225.3
3,258.0
3,303.9
3,325.1
3,256.2
3.312.5
3.337.3
3,352.2
7.5
7.1
3.0
1.8
8.3
4.1
5.8
2.6
27.19
27.50
27.75
28.12
1969:1
II
Ill
IV
3,381.9
3,390.2
3,409.7
3,392.6
3,357.5
3,373.0
3,389.6
3,388.9
3,402.8
3,410.3
3,428.5
3,411.4
6.2
1.0
2.3
-2.0
4.0
1.9
2.0
-.1
1970:1
II
Ill
IV
3,386.5
3,391.6
3,423.0
3,389.4
3,397.6
3,391.9
3,421.9
3,414.8
3,406.0
3,411.9
3,442.9
3,407.4
-.7
.6
3.7
-3.9
1971:I
IV
3,481.4
3,500.9
3,523.8
3,533.8
3,458.9
3,481.2
3,509.4
3,549.5
3,503.3
3,524.3
3,544.7
3,556.0
1972:1
II
Ill
IV
3,604.7
3,687.9
3,726.2
3,790.4
3,608.0
3,665.7
3,700.0
3,784.3
1973:1
3,892.2
3,919.0
3,907.1
3,947.1
Gross domestic Gross domestic
product
purchases
Gross domestic
product
Gross national
product
26.52
26.80
27.06
27.43
27.21
27.49
27.75
28.12
27.22
27.50
27.76
28.13
4.8
4.5
3.7
5.5
4.9
4.2
4.0
5.5
4.7
4.1
3.8
5.5
4.8
4.1
3.8
5.5
28.38
28.74
29.14
29.51
27.66
28.02
28.40
28.77
28.39
28.73
29.14
29.51
28.40
28.75
29.16
29.52
3.7
5.2
5.7
5.2
3.5
5.3
5.6
5.2
3.8
5.0
5.8
5.1
3.9
5.0
5.8
5.1
1.0
-.7
3.6
-.8
29.92
30.36
30.60
31.02
29.18
29.59
29.87
30.29
29.94
30.36
30.61
31.02
29.95
30.37
30.63
31.03
5.7
6.0
3.2
5.6
5.9
5.8
3.8
5.7
6.0
5.7
3.4
5.4
6.0
5.7
3.4
5.4
11.3
2.3
2.6
1.1
5.3
2.6
3.3
4.7
31.50
31.93
32.25
32.53
30.75
31.18
31.52
31.81
31.50
31.93
32.27
32.54
31.52
31.94
32.29
32.55
6.3
5.7
4.1
3.5
6.2
5.7
4.5
3.7
6.4
5.5
4.4
3.3
6.4
5.5
4.4
3.3
3,627.9
3,710.7
3,751.2
3,815.3
8.3
9.6
4.2
7.1
6.8
6.5
3.8
9.4
33.01
33.23
33.50
33.93
32.28
32.53
32.82
33.23
33.02
33.20
33.49
33.95
33.03
33.22
33.51
33.97
6.0
2.6
3.3
5.2
6.0
3.1
3.6
5.1
6.0
2.2
3.5
5.6
6.1
2.2
3.5
5.6
3,867.0
3,884.5
3,890.9
3,893.1
3,921.5
3,950.4
3,944.1
3,984.4
11.2
2.8
-1.2
4.2
9.0
1.8
.7
.2
34.38
34.96
35.63
36.24
33.69
34.33
34.95
35.60
34.36
34.94
35.61
36.29
34.38
34.96
35.63
36.31
5.5
6.9
7.8
7.0
5.6
7.8
7.5
7.6
5.0
6.9
7.9
7.8
5.0
6.9
7.9
7.8
3,908.1
3,922.6
3,880.0
3,854.1
3,889.1
3i882!5
3,822.2
3,952.4
3,964.3
3,917.6
3,886.1
-3,9
1.5
•4.3
-2.6
-.4
1.1
-1.8
-6.1
36.98
37.79
38.93
40.14
36.55
37.59
38.71
39.84
37.01
37.79
38.96
40.13
37.03
37.81
38.98
40.15
8.4
9.0
12.7
13.0
11.1
11.9
12.5
12.2
8.2
8.7
12.9
12.6
8.2
8.7
12.9
12.5
3,800.9
3,835.2
3,907.0
3,952.5
3,848.3
3,887.9
3,922.7
3,966.7
3,827.3
3,861.8
3,936.1
3,987.9
-5.4
3.7
7.7
4.7
2.8
4.2
3.6
4.6
41.04
41.67
42.44
43.21
40.69
41.34
42.05
42.79
41.05
41.66
42.41
43.19
41.07
41.68
42.44
43.22
9.2
6.3
7,6
7.4
8.8
6.5
7.0
7.2
9.5
6.1
7.4
7.6
9.5
6.1
7.4
7.6
4,044.6
4,072.2
4,088.5
4,126.4
4,027.0
4,039.1
4,061.7
4,119.0
4,078.8
4,107.9
4,124.8
4,163.7
9.7
2.8
1.6
3.8
6.2
1.2
2.3
5.8
43.68
44.17
44.78
45.56
43.26
43.76
44.42
45.16
43.69
44.15
44.77
45.57
43.72
44.18
44.80
45.60
4.4
4.6
5.7
7.2
4.5
4.7
6.1
6.9
4.7
4.2
5.7
7.3
4.7
4.2
5.7
7.3
4,176.3
4,260.1
4,329,5
4,328.3
4,161.4
4,228.4
4,270.0
4,303.3
4,219.4
4,302.2
4,371.2
4,365.0
4.9
8.3
6.7
-1
4.2
6.6
4.0
3.2
46.31
47.08
47.74
48.55
45.99
46.81
47.55
48.36
46.32
47.07
47.66
48.63
46.34
47.10
47.69
48.66
6.7
6.8
5.7
7.0
7.6
7.3
6.4
7.1
6.8
6.6
5.1
8.4
6.7
6.7
5.1
8.4
1978:1
II
Ill
IV
4.345.5
4.510.7
4,552.1
4,603.7
4,306.0
4,474.6
4,511.6
4,565.4
4,388.6
4,546.1
4,591.1
4,649.0
1.6
16.1
3.7
4.6
.3
16.6
3.4
4.9
49.39
50.43
51.32
52.37
49.19
50.22
51.11
52.08
49.42
50.41
51.27
52.35
49.45
50.44
51.30
52.39
7.1
8.6
7.3
8.4
7.0
8.6
7.3
7.9
6.7
8.2
7.0
8.7
6.7
8.2
7.1
8.7
1979-I
4,605.7
4,615.6
4,644.9
4,656.2
4,579.0
4,577.0
4,639.2
4,662.5
4,652.6
4,668.7
4,708.8
4,719.5
.2
.9
2.6
1.0
1.2
-.2
5.5
2.0
53.46
54.70
55.82
56.92
53.21
54.52
55.89
57.25
53.51
54.65
55.82
56.92
53.54
54.68
55.85
56.95
8.6
9.6
8.5
8.1
9.0
10.2
10.4
10.2
9.1
8.8
8.9
8.1
9.1
8.8
8.9
8.1
4,679.0
4,566.6
4,562.3
4,651.9
4,675.3
4,579.0
4,637.1
4,676.1
4,743.0
4,625.6
4,617.8
4,696.6
2.0
-9.3
-.4
8.1
1.1
-8.0
5.2
3.4
58.25
59.59
60.93
62.57
58.89
60.41
61.77
63.33
58.18
59.55
61.01
62.59
58.22
59.58
61.05
62.64
9.7
9.6
9.3
11.2
12.0
10.7
9.3
10.5
9.2
9.7
10.2
10.8
9.2
9.7
10.2
10.8
1981:1
II
Ill
IV
4,739.2
4,696.8
4,753.0
4,693.8
4,692.9
4,699.0
4,702.5
4,672.0
4,787.7
4,742.6
4,801.4
4,747.9
7.7
-3.5
4.9
-4.9
1.4
.5
.3
-2.6
64.19
65.35
66.65
67.85
64.96
66.15
67.27
68.48
64.15
65.37
66.65
67.87
64.20
65.42
66.69
67.91
10.7
7.4
8.2
7.4
10.7
7.5
7.0
7.3
10.3
7.8
8.0
7.5
10.4
7.8
8.0
7.5
1982:1
4,615.9
4,634.9
4,612.1
4,618.3
4,655.4
4,651.2
4,616.9
4,681.3
4,658.5
4,682.9
4,651.1
4,655.6
-6.5
1.7
-2.0
.5
-1.4
-.4
-2.9
5.7
68.85
69.71
70.69
71.46
69.42
70.17
71.10
71.85
68.86
69.72
70.66
71.44
68.91
69.77
70.70
71.47
6.0
5.1
5.7
4.5
5.6
4.4
5.4
4.3
6.0
5.1
5.5
4.4
6.0
5.1
5.5
4.4
1983:1
II
III
IV
4,663.0
4,763.6
4,849.0
4,939.2
4,719.4
4,785.3
4,860.7
4,919.5
4,700.1
4,804.4
4,891.3
4,983.5
3.9
8.9
7.4
7.7
3.3
5.7
6.4
4.9
72.12
72.84
73.50
74.19
72.33
73.03
73.65
74.24
72.08
72.83
73.48
74.19
72.12
72.87
73.52
74.24
3.7
4.1
3.7
3.8
2.7
3.9
3.4
3.2
3.7
4.2
3.7
3.9
3.7
4.2
3.7
3.9
1984:1
Ill
IV
5,053.6
5,132.9
5,170.3
5,203.7
4,961.0
5.050.0
5.085.6
5,149.9
5,092.6
5,172.4
5,209.5
5,237.5
9.6
6.4
3.0
2.6
3.4
7.4
2.9
5.2
75.00
75.62
76.25
76.82
75.04
75.65
76.19
76.71
75.02
75.58
76.25
76.81
75.06
75.63
76.29
76.85
4.4
3.3
3.4
3.0
4.4
3.3
2.9
2.7
4.5
3.1
3.5
3.0
4.5
3.1
3.6
2.9
1985:1
II
III
IV
5557.3
5,283.7
5,359.6
5,393.6
5,231.7
5,261.0
5,336.9
5,358.0
5,280.3
5,310.8
5,378.4
5,417.5
4.2
2.0
5.9
2.6
6.5
2.3
5.9
1.6
77.64
78.25
78.80
79.44
77.38
78.02
78.58
79.37
77.63
78.25
78.76
79.45
77.67
78.29
78.80
79.49
4.3
3.2
2.8
3.3
3.6
3.3
2.9
4.1
4.4
3.3
2.6
3.5
4.3
3.2
2.6
3.5
1986:1
II
HI
IV
5,460.8
5,466.9
5,496.3
5.526.8
5,410.5
5,448.4
5,518.2
5,546.6
5,481.1
5,480.1
5,510.4
5,533.1
5.1
.4
2.2
2.2
4.0
2.8
5.2
2.1
79.81
80.26
80.81
81.44
79.77
79.97
80.60
81.25
79.81
80.22
80.84
81.45
79.85
80.26
80.88
81.49
1.9
2.2
2.8
3.2
2.0
1.0
3.2
3.3
1.8
2.1
3.1
3.1
1.8
2.1
3.1
3.0
1987:1
5,561.8
5,618.0
5,667.4
5,750.6
5,535.8
5,608.4
5,671.5
5,688.3
5.568.7
5,628.7
5.676.0
5,759.6
2.6
4.1
3.6
6.0
-.8
5.4
4.6
1.2
82.11
82.68
83.35
84.08
82.07
82.74
83.44
84.19
82.09
82.68
83.33
84.09
82.12
82.71
83.36
84.12
3.3
2.8
3.3
3.6
4.1
3.3
3.4
3.6
3.2
2.9
3.2
3.7
3.2
2.9
3.2
3.7
5,785.3
5,844.0
5,878.7
5,952.8
5,774.2
5,840.1
5,869.2
5,937.0
5,802.3
5,857.5
5,889.4
5,964.9
2.4
4.1
2.4
5.1
6.2
4.6
2.0
4.7
84.69
85.56
86.67
87.46
84.81
85.68
86.58
87.44
84.67
85.56
86.66
87.44
84.69
85.59
86.69
87.47
2.9
4.2
5.3
3.7
3.0
4.2
4.3
4.0
2.7
4.3
5.2
3.7
2.8
4.3
5.2
3.7
m'!!!!!!!!!!!!
m'!!!!!!!!!!!!
iv
.
ill!
<== -
1974-1
II
HI
IV
1976:1
II
111!!.!!!..!..!
IV
1977: |
111.!!.!.!!...!
IV
III !..!!!!!!!!!
iv
1980:1
III!!!!!!!!!!!!
IV ...........
in!!!!!!!!!!!
IV
111..!!.!!..!!!
IV
1988:1
II
Ill
IV
Gross national
Gross domestic
product
product
Final sales of
domestic
product
Gross domestic Gross domestic Gross domestic Gross national
product
product
product
purchases
D-38 • National Data
January 1999
SURVEY OF CURRENT BUSINESS
Table C.1.—Historical Measures of Real Gross Domestic Product, Real Gross National Product, and Real Gross Domestic Purchases—Continued
[Quarterly estimates are seasonally adjusted at annual rates]
Percent change from preceding
period
Billions of chained (1992) dollars
Year and
quarter
Chain-type price indexes
Implicit price deflators
Percent change from preceding period
Implicit price deflators
Chain-type price index
Gross domestic
product
Final sales of
domestic
product
1989:1
II
HI
IV
6,011.0
6,055.6
6,088.0
6.093.5
5.970.0
6.010.9
6.063.1
6.070.8
6,023.1
6,065.5
6,101.8
6,112.3
4.0
3.0
2.2
.4
2.2
2.8
3.5
.5
88.44
89.40
90.13
90.91
88.47
89.52
90.14
90.98
88.45
89.39
90.13
90.88
88.48
89.42
90.16
90.91
4.5
4.4
3.3
3.5
4.8
4.8
2.8
3.8
4.7
4.3
3.3
3.4
4.7
4.3
3.3
3.4
1990:1
||
Ill
IV
6,152.6
6,171.6
6,142.1
6,079.0
6.144.6
6.127.5
6.126.6
6,108.1
6,172.8
6,188.0
6,155.7
6,111.3
3.9
1.2
-1.9
-4.0
5.0
-1.1
-.1
-1.2
92.01
93.20
94.19
95.14
92.17
93.14
94.32
95.68
92.00
93.18
94.14
95.11
92.04
93.21
94.17
95.13
4.9
5.2
4.3
4.1
5.4
4.2
5.2
5.9
5.0
5.2
4.2
4.2
5.1
5.2
4.2
4.2
1991:1
II
Ill
IV
6,047.5
6,074.7
6,090.1
6,105.3
6.065.4
6,095.9
6.085.4
6,083.8
6.074.3
6,086.4
6,099.2
6,119.5
-2.1
1.8
1.0
1.0
-2.8
2.0
-.7
-.1
96.26
97.02
97.70
98.30
96.42
96.95
97.58
98.27
96.27
97.00
97.70
98.31
96.29
97.01
97.71
98.32
4.8
3.2
2.8
2.5
3.1
2.2
2.6
2.9
5.0
3.1
2.9
2.5
4.9
3.1
2.9
2.5
1992:1
II
Ill
IV
6,175.7
6,214.2
6,260.7
6,327.1
6,175.8
6,203.8
6,249.5
6,320.7
6,192.0
6,225.2
6.270.3
6,334.6
4.7
2.5
3.0
4.3
6.2
1.8
3.0
4.6
99.14
99.81
100.17
100.88
99.04
99.76
100.28
100.92
99.13
99.79
100.17
100.88
99.13
99.79
100.17
100.88
3.4
2.8
1.4
2.8
3.2
2.9
2.1
2.6
3.4
2.7
1.5
2.9
3.4
2.7
1.5
2.9
1993:1
II
HI
IV
6,327.9
6,359.9
6,393.5
6,476.9
6,297.3
6,344.9
6,379.3
6,453.8
6,351.3
6,375.9
6,415.3
6,489.7
.1
2.0
2.1
5.3
-1.5
3.1
2.2
4.8
101.85
102.38
102.83
103.52
101.71
102.28
102.64
103.28
101.84
102.35
102.83
103.51
101.84
102.34
102.83
103.50
3.9
2.1
1.8
2.7
3.2
2.3
1.4
2.5
3.9
2.0
1.9
2.7
3.8
2.0
1.9
2.6
1994:
1
||
Ill
IV
6,524.5
6,600.3
6.629.5
6,688.6
6,473.0
6,526.7
6,580.4
6,624.8
6,540.5
6,609.3
6,635.6
6,691.2
3.0
4.7
1.8
3.6
1.2
3.4
3.3
2.7
104.16
104.74
105.39
106.07
103.80
104.46
105.24
105.88
104.13
104.71
105.39
106.09
104.14
104.71
105.38
106.06
2.5
2.2
2.5
2.6
2.0
2.6
3.0
2.5
2.4
2.2
2.6
2.7
2.5
2.2
2.6
2.6
1995:1
II
III
IV
6,717.5
6,724.2
6,779.5
6,825.8
6,661.8
6,700.0
6,761.7
6,803.3
6,735.9
6,746.3
6,788.9
6,846.8
1.7
.4
3.3
2.8
2.2
2.3
3.7
2.5
106.74
107.26
107.76
108.30
106.47
107.11
107.52
107.99
106.75
107.24
107.75
108.29
106.73
107.22
107.72
108.26
2.5
2.0
1.9
2.0
2.2
2.4
1.6
1.8
2.5
1.8
1.9
2.0
2.6
1.8
1.9
2.0
1996:1
II
Ill
IV
6,882.0
6,983.9
7,020.0
7,093.1
6,863.6
6,954.7
6,970.3
7,057.9
6,902.1
6,999.0
7,027.1
7,105.3
3.3
6.1
2.1
4.2
3.6
5.4
.9
5.1
108.90
109.28
109.77
110.21
108.56
108.94
109.34
109.90
108.91
109.24
109.74
110.23
108.88
109.21
109.70
110.19
2:2.
1.4
1.8
1.6
2.1
1.4
1.5
2.1
2.3
1.2
1.8
1.8
2.3
1.2
1.8
1.8
1997:1
II
Ill
IV
7,166.7
7,236.5
7,311.2
7,364.6
7.108.1
7,155.5
7,256.3
7,294.8
7,167.8
7,239.3
7,307.0
7,350.7
4.2
4.0
4.2
3.0
2.9
2.7
5.8
2.1
110.97
111.45
111.77
112.09
110.51
110.76
111.06
111.34
111.00
111.43
111.76
112.08
110.95
111.37
111.70
112.03
2.8
1.7
1.2
1.1
2.2
.9
1.1
1.0
2.8
1.6
1.2
1.2
2.8
1.5
1.2
1.2
1998:
7,464.7
7,498.6
7,566.5
7.372.5
7,456.4
7,507.6
7,455.2
7,485.9
7.546.7
5.5
1.8
3.7
4.3
4.6
2.8
112.33
112.57
112.85
111.29
111.42
111.60
112.32
112.56
112.84
112.26
112.50
112.78
.9
.9
1.0
-.2
.4
.7
.8
.9
1.0
.8
.9
1.0
I
||
Ill
Gross national
Gross domestic
product
product
Final sales of
domestic
product
Gross domestic Gross domestic Gross domestic Gross national
product
purchases
product
product
Gross domestic Gross domestic Gross domestic
product
purchases
product
Gross national
product
January 1999
National Data • D-39
SURVEY OF CURRENT BUSINESS
Table C.2.—Real Gross Domestic Product
[Average annual percent change, based on chain-type quantity indexes (1992=100)]
Initial year
Terminal year
1971
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
„
. .
2.8
2.8
2.8
2.8
2.8
2.8
2.8
3.0
3.1
3.1
3.0
3.0
3.0
3.0
2.6
2.5
3.0
3.1
3.5
3.6
3.3
3.1
2.5
3.5
5.6
5.5
1972
2.7
2.7
2.7
2.7
2.6
2.6
2.6
2.8
2.9
2.9
2.9
2.9
2.8
2.8
2.4
2.2
2.7
2.8
32
3.3
2.9
2.5
1.5
2.5
5.8
1973
2.6
2.6
2.5
2.5
2.5
2.5
2.5
2.7
2.8
2.7
2.7
2.6
2.6
2.5
2.1
1.9
2.4
2.4
28
2.8
2.2
1.4
-5
-.6
1974
1975
1976
2.8
2.7
2.7
2.7
2.7
2.7
2.7
3.0
3.1
3.1
3.0
3.0
3.0
2.9
2.3
2.1
2.9
3.1
43
5.0
4.7
2.9
2.9
2.8
2.9
2.8
2.8
2.9
3.1
3.3
3.2
3.2
3.2
3.2
3.2
2.7
2.5
3.3
3.6
4.6
5.1
5.0
5.4
2.8
2.7
2.7
2.7
2.6
2.7
2.7
2.9
3.0
3.0
2.9
2.9
2.9
2.8
2.4
2.2
2.8
2.9
3.5
3.7
3.2
2.4
-.4
1977
2.7
2.6
2.6
2.6
2.5
2.6
2.5
2.8
3.0
2.9
2.8
2.8
2.8
2.7
2.0
1.6
2.5
2.6
4.1
5.4
1978
2.6
2.5
2.4
2.4
2.4
2.4
2.3
2.6
2.7
2.7
2.6
2.5
2.4
2.2
1.3
.6
1.6
1.2
2.8
1979
2.5
2.5
2.4
2.4
2.3
2.3
2.3
2.6
2.7
2.7
2.5
2.5
2.4
2.1
.9
-.1
1.0
-.3
1980
2.7
2.6
2.6
2.6
2.5
2.6
2.5
2.9
3.1
3.0
2.9
2.9
2.9
2.7
1.3
.1
2.3
1981
2.7
2.7
2.6
2.6
2.6
2.6
2.6
3.0
3.2
3.1
3.0
3.1
3.1
2.9
.9
-2.1
1982
3.1
3.0
3.0
3.0
3.0
3.1
3.1
3.6
4.0
4.1
4.1
4.4
4.8
5.5
4.0
1983
3.0
2.9
2.9
2.9
2.9
3.0
3.0
3.6
4.0
4.1
4.1
4.5
5.3
7.0
1984
2.7
2.6
2.5
2.5
2.4
2.5
2.4
3.0
3.4
3.4
3.2
3.3
3.6
1985
2.6
2.5
2.4
2.4
2.3
2.3
2.2
2.9
3.3
3.3
3.0
3.1
1986
2.6
2.5
2.3
2.4
2.2
2.2
2.1
2.8
3.4
3.4
2.9
1987
1988
1989
2.4
2.2
2.1
2.0
1.7 '
1.6
1.2
2.3
3.4
2.6
2.4
2.3
2.3
2.1
2.0
1.9
2.8
3.6
3.8
2.3
2.1
1.8
1.7
1.3
1.0
.1
1.2
1990
2.5
2.2
2.0
1.9
1.4
.9
-.9
1991
3.0
2.8
2.7
2.8
2.5
2.7
1992
3.1
2.9
2.7
2.9
2.3
1993
3.3
3.1
2.9
3.5
1994
3.2
2.9
2.3
1995
3.7
3.4
1996
3.9
Table C.3.—Price Index for Gross Domestic Product
[Average annual percent change, based on chain-type price indexes (1992=100)]
Initial year
Terminal year
1971
1997
1996
1995
1994
1993
1992
1991
1990
1989 ...
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975 „
1974
1973
1972
4.9
5.0
5.2
5.3
5.4
5.6
5.7
5.8
5.9
6.0
6.1
6.3
6.6
6.9
7.1
7.4
7.5
7.3
7.0
6.8
6.7
6.8
7.0
6.3
4.9
4.2
1972
4.9
5.1
5.2
5.3
5.5
5.6
5.8
5.9
6.0
6.1
6.3
6.5
6.8
7.1
7.4
7.7
7.9
7.7
7.4
7.3
7.3
7.5
8.0
7.3
5.6
1973
4.9
5.0
5.2
5.3
5.5
5.6
5.8
5.9
6.0
6.1
6.3
6.6
6.9
7.2
7.6
7.9
8.1
8.0
7.7
7.6
7.7
8.1
9.2
8.9
1974
1975
4.7: ".
4.9 '
5.0
5.2
5.3
5.5
5.6
5.7
5.8
5.9
6.1
6.4
6.7
7.0
7.4
7.8
8.0
7.8
7.5
7.2
7.2
7.6
9.4
1976
4.5
4.7
4.8
4.9
5.1
5.2
5.4
5.5
5.6
5.7
5.8
6.1
6.4
6.8
7.2
7.6
7.8
7.5
7.0
6.5
6.1
5.8
4.5
4.6
4.7
4.9
5.0
5.2
5.3
5.4
5.5
5.6
5.8
6.1
6.5
6.9
7.3
7.9
8.2
7.9
7.4
6.9
6.5
1977
4.4
4.5
4.7
4.8
4.9
5.1
5.3
5.4
5.5
5.6
5.8
6.1
6.5
7.0
7.5
8.2
8.6
8.4
7.9
7.3
1978
4.2
4.4
4.5
4.6
4.8
4.9
5.1
5.2
5.3
5.4
5.6
5.9
6.4
6.9
7.5
8.4
9.1
8.9
8.5
1979
4.0
4.1
4.3
4.4
4.5
4.7
4.8
4.9
5.0
5.1
5.2
5.5
6.0
6.6
7.3
8.3
9.3
9.3
1980
3.7
3.8
3.9
4.0
4.2
4.3
4.4
4.5
4.5
4.5
4.7
4.9
5.4
5.9
6.6
7.8
9.4
1981
3.3
3.4
3.5
3.6
3.7
3.8
4.0
4.0
3.9
3.9
3.9
4.1
4.4
4.8
5.3
6.3
1982
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.7
3.6
3.5
3.4
3.5
3.8
4.0
4.3
1983
3.1
3.2
3.3
3.3
3.4
3.5
3.6
3.6
3.5
3.3
3.2
3.3
3.6
3.8
1984
3.0
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.2
3.0
3.0
3.4
1985
3.0
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.1
2.8
2.6
1986
3.0
3.1
3.3
3.4
3.5
3.7
3.8
3.8
3.6
3.4
3.1
1987
3.0
3.1
3.3
3.4
3.6
3.8
4.0
4.1
3.9
3.7
1988
2.9
3.1
3.2
3.4
3.6
3.8
4.2
4.3
4.2
1989
2.8
2.9
3.1
3.2
3.4
3.7
4.1
4.4
1990
2.5
2.6
2.8
2.9
3.1
3.3
3.9
1991
2.3
2.4
2.5
2.6
2.7
2.8
1992
2.2
2.3
2.4
2.5
2.6
1993
2.1
2.2
2.3
2.4
1994
2.0
2.1
2.3
1995
1.9
1.9
1996
1.9
Table C.4.—Real Gross Domestic Purchases
[Average annual percent change, based on chain-type quantity indexes (1992=100)]
Initial year
Terminal year
1971
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
2.8
2.8
2.7
2.7
2.7
2.7
2.7
2.9
3.0
3.0
3.0
3.1
3.0
3.0
2.5
2.3
2.7
2.7
3.3
3.5
3.2
2.7
1.8
2.9
5.2
5.7
1972
2.7
2.6
2.6
2.6
2.6
2.5
2.5
2.7
2.9
2.9
2.9
2.9
2.8
2.8
2.3
2.0
2.4
2.3
3.0
3.1
2.7
2.0
.6
1.6
4.8
1973
2.6
2.5
2.5
2.5
2.4
2.4
2.4
2.6
2.7
2.7
2.7
2.7
2.7
2.6
2.0
1.6
2.1
2.0
2.7
2.8
2.2
1.1
-1.4
-1.5
1974
2.8
2.7
2.7
2.7
2.7
2.6
2.6
2.9
3.0
3.1
3.1
3.1
3.1
3.0
2.4
2.0
2.6
2.6
3.5
3.9
3.4
2.5
-1.3
1975
3.0
2.9
2.9
2.9
2.9
2.9
2.9
3.2
3.4
3.4
3.4
3.5
3.5
3.5
2.9
2.5
3.2
3.4
4.8
5.7
5.9
6.4
1976
2.8
2.8
2.7
2.7
2.7
2.7
2.6
3.0
3.1
3.2
3.2
3.2
3.2
3.1
2.4
1.9
2.6
2.7
4.3
5.3
5.4
1977
2.7
2.6
2.6
2.6
2.5
2.5
2.5
2.8
2.9
3.0
3.0
3.0
2.9
2.8
1.9
1.2
1.9
1.8
3.7
5.3
1978
2.6
2.5
2.4
2.4
2.3
2.3
2.2
2.6
2.7
2.7
2.7
2.7
2.6
2.4
1.2
.2
.9
.1
2.2
1979
2.6
2.5
2.4
2.4
2.3
2.3
2.2
2.6
2.8
2.8
2.8
2.8
2.7
2.5
1.0
-.4
.2
-2.0
1980
2.9
2.8
2.7
2.8
2.7
2.7
2.6
3.1
3.3
3.4
3.5
3.6
3.7
3.6
2.0
.4
2.4
1981
2.9
2.8
2.7
2.8
2.7
2.7
2.7
3.1
3.4
3.5
3.6
3.8
4.0
4.0
1.8
-1.6
1982
3.2
3.1
3.1
3.2
3.1
3.1
3.1
3.7
4.2
4.4
4.7
5.2
5.9
6.9
5.3
1983
3.0
3.0
2.9
3.0
2.9
2.9
2.9
3.5
4.0
4.2
4.6
5.2
6.2
8.5
1984
2.6
2.5
2.4
2.4
2.3
2.2
2.1
2.7
3.1
3.2
3.3
3.6
3.9
1985
2.5
2.4
2.3
2.3
2.1
1.9
1.8
2.5
2.9
3.0
3.0
3.3
1986
2.5
2.3
2.1
2.1
1.9
1.7
1.5
2.3
2.8
2.8
2.7
1987
2.4
2.2
2.1
2.1
1.8
1.5
1.2
2.1
2.8
2.9
1988
2.4
2.2
2.0
1.9
1.5
1.2
.6
1.8
2.7
1989
2.3
2.1
1.8
1.8
1.2
.7
-.4
.8
1990
2.6
2.3
2.0
2.0
1.4
.6
-1.6
1991
3.3
3.1
3.0
3.2
2.9
2.8
1992
3.3
3.1
3.0
3.4
2.9
1993
3.4
3.2
3.0
3.9
1994
3.3
2.9
2.1
1995
3.9
3.6
1996
4.2
D-40
• National Data
January 1999
SURVEY OF CURRENT BUSINESS
Table C.5.—Price Index for Gross Domestic Purchases
[Average annual percent change, based on chain-type price indexes (1992=100)]
Initial year
Terminal year
1971
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
5.0
5.1
5.3
5.4
5.5
5.7
5.8
5.9
6.0
6.1
6.3
6.5
6.8
7.0
7.3
7.7
7.9
7.7
7.3
7.1
7.1
7.1
7.4
6.8
5.2
4.5
1972
5.0
5.2
5.3
5.4
5.6
5.7
5.9
6.0
6.1
6.2
6.4
6.6
6.9
7.3
7.6
8.0
8.2
8.1
7.8
7.6
7.6
7.8
8.4
8.0
5.9
1973
1974
1975
4.7
4.9
5.0
5.2
5.3
5.5
5.7
5.8
5.9
6.0
6.2
6.4
6.8
7.1
7.5
8.0
8.3
8.2
7.7
7.3
7.3
7.5
9.3
5.0
5.1
5.3
5.4
5.6
5.7
5.9
6.0
6.1
6.3
6.5
6.7
7.0
7.4
7.8
8.2
8.5
8.4
8.1
7.9
8.0
8.4
9.7
10.2
1976
4.5
4.7
4.8
5.0
5.1
5.3
5.4
5.6
5.6
5.7
5.9
6.1
6.5
6.9
7.3
7.8
8.1
7.9 •-'
7.3
6.7
6.3
5.8
4.5
4.6
4.8
4.9
5.1
5.2
5.4
5.5
5.6
5.7
5.9
6.2
6.6
7.0
7.5
8.1
8.6
8.5
7.7
7.1
6.9
1977
1978
4.4
4.5
4.7
4.8
5.0
5.1
5.3
5.4
5,5
5.6
5.8
6.1
6.5
7.0
7.6
8.4
9.0
9.0
8.2
7.4
1979
4.2
4.4
4.5
4.7
4.8
5.0
5.2
5.3
5.3
5.5
5.7
5.9
6.4
7.0
7.7
8.7
9.6
9.8
9.0
4.0
4.1
4.2
4.4
4.5
4.7
4.8
4.9
5.0
5.1
5.2
5.5
6.0
6.6
7.3
8.6
9.9
10.7
1980
3.6
3.7
3.8
3.9
4.1
4.2
4.3
4.4
4.4
4.4
4.5
4.7
5.1
5.6
6.3
7.5
9.2
1981
3.2
3.3
3.5
3.5
3.6
3.7
3.8
3.9
3.8
3.7
3.7
3.8
4.1
4.4
4.8
5.9
1982
3.1
3.2
3.3
3.3
3.4
3.5
3.6
3.6
3.5
3.4
3.3
3.3
3.5
3.7
3.8
1983
3.0
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.3
3.2
3.1
3.4
3.5
1984
3.0
3.1
3.2
3.3
3.4
3.5
3.6
3.6
3.4
3.2
3.1
2.9
3.2
1985
2.9
3.1
3.2
3.3
3.4
3.5
3.7
3.7
3.5
3.2
3.0
2.6
1986
1987
3.0
3.1
3.3
3.4
3.5
3.7
3.9
3.9
3.7
3.5
3.4
1988
2.9
3.1
3.2
3.4
3.6
3.8
4.0
4.1
3.9
3.6
2.9
3.0
3.2
3.3
3.5
3.8
4.1
4.4
4.2
1989
27
2.8
3.0
3.2
3.4
3.7
4.1
4.5
1990
2.4
2.6
2.7
2.8
3.0
3.2
3.7
1991
1992
1993
2.2
2.3
2.5
2.5
2.6
2.8
2.1
2.2
2.4
2.4
2.5
2.0
2.1
2.3
2.3
1991
1992
1993
2.9
2.7
2.6
2.5
2.3
2.5
2.9
2.8
2.6
2.5
2.1
1991
1992
1994
1.9
2.0
2.3
1995
17
1.8
1996
1.6
Table C.6.—Real Final Sales of Domestic Product
[Average annual percent change, based on chain-type quantity indexes (1992=100)]
Initial year
Terminal year
1971
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981
1980
1979
1978
1977
1976
1975
1974
1973
1972
2.8
2.8
2.8
2.8
2.8
2.8
2.8
3.0
3.1
3.1
3.0
3.0
3.0
2.9
2.7
2.6
3.0
3.2
3.5
3.5
3.3
3.0
2.8
3.4
5.3
5.4
1972
2.7
2.7
2.6
2.6
2.6
2.7
2.7
2.9
2.9
2.9
2.9
2.9
2.8
2.7
2.5
2.3
2.7
2.9
3.2
3.2
2.8
2.4
1.9
2.5
5.3
1973
1974
2.6
2.6
2.5
2.5
2.5
2.5
2.5
2.7
2.8
2.8
2.7
2.7
2.6
2.4
2.2 '
2.0
2.4
2.6
2.9
2.8
2.2
1.5
.3
-.3
1975
2.7
2.7
2.7
2.7
2.7
2.7
2.7
2.9
3.0
3.0
2.9
2.9
2.9
2.7
2.5
2.3
2.8
3.1
3.6
3.6
3.1
2.4
.9
2.8
2.8
2.8
2.8
2.8
2.8
2.8
3.0
3.1
3.2
3.1
3.1
3.1
2.9
2.7
2.5
3.1
3.5
4.3
4.6
4.2
4.0
1976
2.8
2.7
2.7
2.7
2.7
2.7
2.7
3.0
3.1
3.1
3.0
3.0
3.0
2.8
2.5
2.3
2.9
3.4
4.3
4.8
4.4
1977
1978
2.7
2.6
2.6
2.6
2.6
2.6
2.6
2.9
3.0
3.0
2.9
2.9
2.8
2.6
2.2
1.9
2.6
3.1
4.3
5.3
1979
2.6
2.5
2.4
2.4
2.4
2.4
2.4
2.7
2.8
2.7
2.6
2.6
2.5
2.1
1.5
1.0
1.7
2,0
3.4
2.5
2.4
2.4
2.4
2.3
2.3
2.3
2.6
2.7
2.7
2.5
2.5
2.3
1.9
1.1
.3
.8
.6
1980
2.6
2.6
2.5
2.5
2.5
2.5
2.5
2.8
2,9
2.9
2.8
2.8
2.7
2.2
1.3
.1
1.1
1981
2.7
2.7
2.6
2.6
2.6
2.6
2.6
3.0
3.2
3.2
3.1
3.2
3.1
2.6
1.4
-.9
1982
3.0
2.9
2.9
2.9
2.9
3.0
3.0
3.5
3.8
3.9
3.9
4.2
4.4
4.3
3.7
1983
2.9
2.9
2.8
2.8
2.8
2.9
2.9
3.5
3.8
4,0
3.9
4.4
4.8
5,0
1984
2.8
2.7
2.6
2.6
2.6
2.6
2.7
3.2
3.6
3.7
3.6
4.1
4.6
1985
2.6
2.5
2.4
2.4
2.3
2.4
2.3
3.0
3.3
3.4
3.1
3.5
1986
1987
2.5
2.4
2.3
2.3
2.2
2.2
2.1
2.8
3.2
3.4
2.6
2.5
2.4
2.3
2.2
2.1
2.1
2.0
2.9
3.5
4.1
1988
2.3
2.2
2.0
1.9
1.7
1.6
1.3
2.3
3.0
1989
2.3
2.1
1.9
1.7
1.4
1.1
.4
1.6
1990
2.3
2.2
1.9
1.7
1.3
.9
-.7
3.1
3.0
2.8
2.9
1994
3.2
3.1
2.8
1995
3.4
3.4
1996
3.5
Table C.7.—Real Disposable Personal Income
[Average annual percent change, based on chained (1992) dollar estimates]
Initial year
Terminal year
1971
1997
1996
1995
1994
1993
1992
1991
1990
1989
1988
1987
1986
1985
1984
1983
1982
1981 . ...
1980
1979
1978
1977
1976
1975
1974
1973
1972
2.7
2.7
2.7
2.7
2.8
2.8
2.8
3.0
3.1
3.1
3.1
3.1
3.1
3.2
2.8
2.8
3.0
3.1
3.4
3.5
3.3
3.3
3.1
3.6
5.8
4.6
1972
2.7
2.7
2.7
2.6
2.7
2.7
2.7
2.9
3.0
3.0
3.0
3.0
3.0
3.0
2.7
2.7
2.9
2.9
3.3
3.4
3.0
3.0
2.6
3.1
7.1
1973
2.5
2.5
2.5
2.4
2.5
2.5
2.5
2.7
2.7
2.8
2.7
2.7
2.7
2.7
2.2
2.2
2.4
2.4
2.7
2.6
2.0
1.6
.5
-.7
1974
2.6
2.6
2.6
2.6
2.6
2.7
2.7
2.9
2.9
3.0
2.9
3.0
3.0
3.0
2.6
2.5
2.8
2.9
3.4
3.5
3.0
2.8
1.7
1975
2.7
2.7
2.7
2.7
2.7
2.8
2.8
2.9
3.0
3.1
3.0
3.1
3.2
3.2
2.7
2.7
3.0
3.1
3.8
4.1
3.6
3.9
1976
2.6
2.6
2.6
2.6
2.6
2.7
2.7
2.9
3.0
3.0
2.9
3.1
3.1
3.1
2.5
2.5
2.8
2.9
3.7
4.2
3.2
1977
2.6
2.6
2.6
2.5
2.6
2.6
2.6
2.9
2.9
3.0
2.9
3.0
3.0
3.1
2.4
2.3
2.7
2.8
3.9
5.2
1978
2.4
2.4
2.4
2.4
2.4
2.5
2.4
2.7
2.7
2.8
2.7
2.8
2.7
2.7
1.8
1.6
1.9
1.7
2.7
1979
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.7
2.7
2.8
2.7
2.8
2.7
2.7
1.6
1.2
1.5
.6
1980
2.5
2.5
2.5
2.5
2.5
2.6
2.6
2.9
3.0
3.1
3.0
3.1
3.2
3.3
1.9
1.5
2.3
1981
2.5
2.5
2.5
2.5
2.5
2.6
2.6
2.9
3.1
3.2
3.1
3.3
3.4
3.6
1.7
.8
1982
2.7
2.7
2.7
2.6
2.7
2.8
2.8
3.2
3.4
3.6
3.5
4.0
4.3
5.0
2.7
1983
2.7
2.7
2.7
2.6
2.7
2.8
2.8
3.3
3.5
3.8
3.8
4.4
5.1
7.4
1984
2.3
2.3
2.2
2.2
2.2
2.3
2.2
2.6
2.8
3.0
2.6
2.9
2.9
1985
2.3
2.2
2.2
2.1
2.1
2.2
2.1
2.5
2.7
3.0
2.4
2.9
1986
2.2
2.1
2.1
2.0
1.9
2.1
1.9
2.4
2.7
3.0
1.9
1987
2.2
2.2
2.1
2.0
2.0
2.1
1.9
2.6
3.0
4.1
1988
2.0
1.9
1.8
1.7
1.5
1.6
1.2
1.9
2.0
1989
2.0
1.9
1.8
1.6
1.4
1.4
.8
1.8
1990
2.1
2.0
1.8
1.5
1.3
1.3
-1
2.4
2.4
2.3
2.1
2.0
2.7
2.4
2.3
2.1
1.8
1.3
1993
1994
1995
1996
2.7
2.6
2.5
2.3
2.8
2.8
2.8
2.8
2.8
2.8
SURVEY OF CURRENT BUSINESS
January 1999
D-41
National Data
D. Domestic Perspectives.
This table presents data collected from other government agencies and private organizations, as noted. Quarterly
data are shown in the middle month of the quarter.
Table D.1.—Domestic Perspectives
1997
1996
1998
1997
Oct.
| Nov. I Dec.
Jan. |
Feb. | Mar.
|
Apr.
|
May
| June |
July
| Aug. | Sept. |
Oct.
| Nov.
Consumer and producer prices, (monthly data seasonally adjusted)'
Consumer price index for all urban consumers,
1982-84=100:
All items
Less food and energy
Services
156.9
165.6
174.1
160.5
169.5
179.4
161.6
170,8
181.0
161.8
171.0
181.4
161.9
171.4
181.7
161.9
171.7
181.9
162.0
172.2
182.3
162.0
172.4
182.7
162.4
172.9
183.4
162.9
173.3
183.9
163.0
173.5
184.1
163.3
173.8
184.4
163.6
174.2
184.8
163.6
174.5
185.2
164.0
174.8
185.5
164.3
175.1
186.0
Producer price index, 1982=100:
Finished goods
Less food and energy
Finished consumer goods
Capital equipment
Intermediate materials
Crude materials
131.3
142.0
129.5
138.3
125.7
113.8
131.8
142.4
130.2
138.2
125.6
111.1
131.8
142.6
130.3
138.0
125.4
113.2
131.6
142.5
130.0
137.9
125.6
115.0
131.4
142.4
129.8
137.7
125.3
108.6
130.6
142.4
128.8
137.6
124.5
102.3
130.5
142.5
128.6
137.6
124.1
100.4
130.4
143.2
128.5
137.7
123.6
99.2
130.6
143.4
128.9
137.6
123.7
100.5
130.7
143.4
129.0
137.4
123.6
100.1
130.5
143.3
128.8
137.3
123.2
97.5
130.7
143.6
129.1
137.4
123.2
97.6
130.2
143.5
128.4
137.1
122.7
94.0
130.6
144.1
128.9
137.6
122.5
92.5
130.9
144.2
129.3
137.6
122.3
94.1
130.7
144.4
128.9
137.7
122.0
92.8
-0.30
.43
-0.25
.40
-0.26
.71
0.29
1.23
0.60
1.06
0.83
.90
Money, interest rates, and stock prices
Money stock (monthly and quarterly data
seasonally adjusted):2
Percent change:
M1
M2
„
Ratio:
Gross domestic product to M1
Personal income to M2
Interest rates (percent, not seasonally adjusted):2
Federal funds rate
Discount rate on new 91-day Treasury bills
Yield on new high-grade corporate bonds
10-Year U.S. Treasury bonds
Yield on municipal bonds, 20-bond average
Mortgage commitment rate
Average prime rate charged by banks
Index of stock prices (not seasonally adjusted):3
500 common stocks, 1941-43=10
-0.15
.50
0.69
.61
0.64
.57
-0.21
.62
0.26
.81
0.43
.70
-0.04
.80
-0.28
.24
1.715
7.580
1.725
1.719
7.722
1.718
1.712
1.696
1.707
1.702
1.694
1.697
1.694
1.694
7.972
1.689
1.674
1.663
1.656
5.30
5.02
7.62
6.44
5.76
7.80
8.27
5.46
5.07
7.40
6.35
5.52
7.60
8.44
5.50
4.95
6.90
6.03
5.38
7.29
8.50
5.52
5.15
6.79
5.88
5.33
7.21
8.50
5.50
5.16
6.68
5.81
5.19
7.10
8.50
5.56
5.09
6.62
5.54
5.06
6.99
8.50
5.51
5.11
6.66
5.57
5.10
7.04
8.50
5.49
5.03
6.63
5.65
5.21
7.13
8.50
5.45
5.00
6.59
5.64
5.23
7.14
8.50
5.49
5.03
6.63
5.65
5.20
7.14
8.50
5.56
4.99
6.43
5.50
5.12
7.00
8.50
5.54
4.96
6.35
5.46
5.14
6.95
8.50
5.55
4.94
6.34
5.34
5.10
6.92
8.50
5.51
4.74
6.27
4.81
4.99
6.72
8.49
5.07
4.08
6.21
4.53
4.93
6.71
8.12
4.83
4.44
6.42
4.83
5.03
6.87
670.83
872.72
951.16
938.92
962.37
7.833
7.784
963.36 1,023.74 1,076.83 1,112.20 1,108.42 1,108.39 1,156.58 1,074.62 1,020.64 1,032.47 1144.43
Labor markets (thousands, monthly and quarterly data seasonally adjusted, unless otherwise noted) *
Civilian labor force
Labor force participation rates (percent):
Males 20 and over
Females 20 and over
16-19 years of age
Civilian employment
Ratio, civilian employment to working-age
population (percent)
Persons engaged in nonagricultural activities ....
Employees on nonagricultural payrolls
Goods-producing industries
Services-producing industries
Average weekly hours, manufacturing (hours) ...
Average weekly overtime hours, manufacturing
(hours)
Number of persons unemployed
Unemployment rates (percent):
Total
15 weeks and over
Average duration of unemployment (weeks)
Nonfarm business sector, 1992=100:
Output per hour of all persons
Unit labor costs
Hourly compensation
See footnotes at the end of the table.
133,943 136,297 136,406 136,864 137,169 137,493 137,557 137,523 137,242 137,364 137,447 137,296 137,415 138,075 137,976 138,253
76.9
77.1
77.0
77.0
76.8
77.0
76.8
60.4
60.6
60.7
60.5
60.5
59.9
60.6
53.3
51.8
50.9
51.6
52.3
53.1
51.6
126,708 129,558 129,910 130,575 130,777 131,083 131,163
76.7
60J
53.5
130,994
76.9
60.3
51.8
131,383
76.7
76.8
76.9
60.4
60.4
60.1
53.0
52.3
51.9
131,453 131,209 131,067
63.2
123,264
119,608
24,493
95,115
41.6
63.8
126,159
122,690
24,934
97,756
42.0
63.8
126,583
123,568
25,032
98,536
42.0
64.0
127,191
123,944
25,099
98,845
42.1
64.1
127,392
124,289
25,193
99,096
42.2
64.2
127,764
124,640
25,297
99,343
42.1
64.2
127,829
124,832
25,314
99,518
42.0
64.0
127,862
124,914
25,276
99,638
41.8
64.2
128,033
125,234
25,339
4.5
4.8
4.8
4.9
4.9
4.9
4.8
4.8
4.5
4.6
7,236
6,739
6,496
6,392
6,409
6,393
6,529
5,859
5.4
1.7
16.7
4.9
4.7
1.4
16.3
4.7
1.3
15.6
4.6
1.3
15.6
4.7
1.3
14.3
4.3
1.0
15.8
4.8
1.5
16.3
103.7
106.5
110.4
105.1
109.0
114.5
1.5
4.6
1.4
15.6
105.9
109.9
116.3
106.8
110.2
117.6
76.7
76.5
76.8
76.6
60.4
60.4.
60.4
60.4
52.4
52.4
53.8
52.9
131,168 131,765 131,677 132,154
64.1
128,247
126,363
25,241
101,122
41.6
63.9
128,075
126,508
25,208
101,300
41.7
64.1
128,810
126,775
25,205
101,570
41.6
64.2
63.9
64.0
128,118 127,867 127,626
125,562 125,751 125,869
25,301 25,304 25,135
100,261 100,447 100,734
41.7
41.8
41.8
41.4
63.8
127,640
126,191
25,253
100,938
41.7
4.6
4.6
4.6
4.5
4.5
4.5
5,910
6,237
6,230
6,247
6,310
6,299
6,099
4.3
1.1
14.6
4.5
1.2
13.8
4.5
1.2
14.3
4.5
1.2
13.5
4.6
1.2
14.3
4.6
1.2
14.3
4.4
1.2
14.6
14.3
106.8
111.2
118.8
107.6
111.5
120.0
D-42
• National Data
January 1999
SURVEY OF CURRENT BUSINESS
Table D.1.—Domestic Perspectives—Continued
1997
1996
1998
1997
Oct.
Nov.
Jan.
Dec.
Feb.
|
Mar.
|
Apr.
|
May
|
June
|
July
|
Aug.
|
Sept.
|
Oct.
| Nov.
Construction (monthly data seasonally adjusted at annual rates)A
Total new private construction put in
place (billions of dollars)
Residential
Nonresidential
446.3
256.5
150.4
471.2
265.6
165.1
477.5
268.6
166.4
475.3
268.9
164.8
478.4
273.0
164.9
487.8
279.0
167.6
490.9
282.5
167.0
494.3
286.0
165.4
500.1
289.7
169.4
496.5
288.0
166.3
503.6
291.9
169.6
511.5
299.3
169.4
516.6
300.6
172.2
521.0
305.0
172.3
527.1 529.6
307.5 311.2
174.7 174.6
Housing starts (thousands of units):
Total
1-unit structures
1,477
1,161
1,474
1,134
1,529
1,124
1,523
1,167
1,540
1,130
1,545
1,225
1,616
1,263
1,585
1,239
1,546
1,237
1,538
1,224
1,620
1,269
1,704
1,300
1,621
1,261
1,569
1,250
1,694 1,649
1,289 1,353
757
804
805
875
805
853
878
836
892
892
919
877
837
844
New 1-family houses sold
(thousands of units)
851
Manufacturing and trade, inventories and sales (millions of dollars, monthly data seasonally adjusted)A
Inventories:
Total manufacturing and trade ...
Manufacturing
,
Merchant wholesalers
,
Retail trade
Sales:
Total manufacturing and trade .
Manufacturing
Merchant wholesalers
Retail trade
1,009,647 1,053,078 1,046,591
436,729 456,133 455,553
256,442 273,298 268,745
316,476 323,647 322,293
8,578,039 8,995,737
3,715,460 3,929,419
2,401,383 2,500,109
2,461,196 2,566,209
757,573
332,321
210,137
215,115
1,050,183 1,053,078 1,055,034 1,062,460 1,068,754 1,070,555 1,070,022 1,070,515 1,070,875 1,074,870 1,080,866 1,083,764
457,766 456,133 458,197 461,178 461,948 464,668 465,729 466,701 467,636 468,445 468,552 471,472
270,955 273,298 272,130 275,750 277,624 275,933 277,699 277,518 277,466 280,591 284,128 283,432
321,462 323,647 324,707 325,532 329,182 329,954 326,594 326,296 325,773 325,834 328,186 328,860
755,731
331,404
208,413
215,914
763,107
336,424
209,816
216,867
761,165
331,937
210,224
219,004
768,061
335,883
211,312
220,866
773,877
338,991
213,781
221,105
772,160
335,553
213,900
222,707
772,405
333,622
213,413
225,370
774,639
335,110
213,904
225,625
773,762
335,380
214,229
224,153
772,454
336,445
211,713
224,296
779,478
340,481
213,856
225,141
781,006
340,092
213,014
227,900
Industrial production indexes and capacity utilization rates (monthly data seasonally adjusted)2
Industrial production indexes,
1992=100:
Total
By industry:
Durable manufactures
Nondurable manufactures..
By market category:
Consumer goods
Capacity utilization rates (percent):
Total industry
,
Manufacturing
119.5
126.8
129.3
129.9
130.3
130.3
130.2
130.7
131.3
131.9
130.6
130.5
132.4
131.9
132.2 131.8
134.1
107.9
147.1
111.3
151.8
112.0
153.3
112.6
154.0
112.7
153.9
113.1
154.0
112.8
155.2
112.4
156.2
113.0
157.2
113.0
154.8
112.0
154.4
112.1
159.8
111.3
159.5
110.6
160.7 160.4
111.0 111.2
111.3
114.1
114.9
115.9
115.4
116.0
115.2
115.8
116.4
116.8
115.1
114.0
116.1
114.8
115.3 115.4
82.4
81.4
82.9
82.0
83.4
82.3
83.4
82.6
83.4
82.5
83.0
82.2
82.6
81.8
82.6
81.6
82.6
81.7
82.6
81.6
81.5
80.2
81.1
79.8
82.0
80.7
81.3
80.1
Credit market borrowing (billions of dollars, quarterly data seasonally adjusted at annual rates)2
All sectors, by instrument:
Total
Open market paper
U.S. government securities ..
Municipal securities
Corporate and foreign bonds
Bank loans, n.e.c
Other loans and advances ..
Mortgages
Consumer credit
Sources:
1. Bureau of Labor Statistics.
2. Federal Reserve Board.
1,359.8
102.6
376.5
2.6
308.0
92.1
62.5
326.8
88.8
1,470.7
184.1
235.9
71.4
345.4
129.3
102.2
349.9
52.5
1,985.3
257.7
338.9
103.2
452.7
185.1
196.8
413.1
37.8
1,830.3
347.3
197.3
116.7
487.0
79.9
108.9
436.1
57.3
3. Standard and Poor's, Inc.
4. Bureau of the Census,
n.e.c. Not elsewhere classified.
2,037.6
116.6
342.5
100.1
641.8
172.9
109.4
489.2
65.1
1,896.3
236.2
425.1
84.1
212.0
187.2
157.6
505.8
88.2
81.2
80.2
80.6
79.8
National Data • D-43
SURVEY OF CURRENT BUSINESS
January 1999
E. ChartSPercent changes shown in this section are based on quarter-to-quarter changes and are expressed at seasonally
adjusted annual rates; likewise, levels of series are expressed at seasonally adjusted annual rates as appropriate.
SELECTED NIPA SERIES
Chained (1992) dollars
Apr Feb
Dec Nw
30000
R E K R O S S DOMESTIC PRODUCT PER CAPS* :
•
I
*
26000-
I
•*
[
;
22000-
I
20000-
Nw
Jly Mar
30000
"1
-28000
'-':,-
-
-26000
24000
el
-22000
if
-
1
18000-
JanJIyJIy
»\
28000-
24000-
Nw Mar
f
-20000
-18000
B
*•>*'>
16000"
-16000
14000"
-14000
12000
12000
ROSS DOMESTIC PRODUCT (PERCEN^fiHANGE)
591
61
163
67
1691
71
U.a Departmant of Commerce, Bureau of Economic Analysis
73
75
77
79
81
83
85
87
91
93
95
97
D-44 • National Data
SURVEY OF CURRENT BUSINESS
January 1999
SELECTED NIPA SERIES
Percent
Apr Feb
Dec Nov
Nov
JanJIy Jry
Mar
Nov
Jty Mar
SHAjgp OF FEDEFIAL GOVERNMENT RECEI
Personal tax and nontax
Contributions for socWinsu
Percent
59
61
63
65
73|
167
Nov
75|
|77|
|79|
M a r J a n J I y
1811
Jty
1831
85
187
Nov
91 I
|93|
195
|97
Jly Mar
SHARK OF FEDERAL GOVERNMENT CURRE
10 "
Percent
59
61
63
65
67
169
Dec Nov
Apr Feb
73|
|75|
1771
|70|
1811
JanJIy Jly
Nov Mar
|83|
18S|
I Ml
|87|
Nov
I95| |97|
Jly Mar
RATift GOVERNMENT SURPLUS/DEFICIT ( N I P / H > GROSS
- 4
4 -
59|
|61|
|aa|
|65|
|67|
691
U.S. Department of Commerce, Bureau of Economic Analysis
73|
[751
|77|
|79|
81
) S31
18S|
|87|
91
93
95
97
National Data • D-45
SURVEY OF CURRENT BUSINESS
January 1999
SELECTED NIPA SERIES
Percent
25
Dec Nov
Apr Feb
Jan Jlv Jty
Nov Mar
Nov
RATteAVING TO GROSS NATIONAL PRODUCT?
20\
/
-^
Gross saving
Corporate and other private saving
Gross government saving
591
61
163
165!
71
67
Percent
73
Dec Nov
75
77
79
81
83
85
1871
77|
|79|
81
83
85
87
189!
911
1931
1951
197
|93|
|95|
|97|
Nov Mar
RAIKINVESTMENTTO GROSS NATIONAL PRODUCT
Gross investment
,;J,/
Gross private domestic investment
_**
Gross government investment
Net foreign investment
71
Percent
60
tor Feb
73
Dec Nov
75
JanJIy
Nov Mar
|91|
Jry Mar
Nov
60
SHA§p£ OF GROSS PRIVATE DOMESTIC FIXED-INVESTMENT
-50
50-
40-
Producers' durable equipment, no
s
iidentia
-40
Residential investme
-30
30<'
V—,
i
20is.".
^~^
Structures, nonresidf
il^S.
—N
^
S
-20
;
"10
10'
J
59
"'
61
63
65
67
69
U.S. Department of Commerce, Bureau of Economic Analysis
"**
71
73
761
77
79
81
83
85
87
89
93
95
97
D-46 • National Data
January 1999
SURVEY OF CURRENT BUSINESS
SELECTED NIPA SERIES
SHARES OF NATIONAL INCOME
Wage and salary
accruals, 62.8%
Net interest, 6.5%
Corporate profits
with IVA and CCAdj, 12.8%
Corporate profits
with IVA and CCAdj, 12.3%
wth IVA, 4.3%
'Proprietors' income
with IVA and CCAdj, 12.5%
Supplements to
wages and salaries, 5.2%
Rental income of persons
Proprietors' income
wth IVA, 2.4%
with IVA and CCAdj, 8.3%
SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR
/ ^ ~
~~^\
Business, 86.1% /
1959
y^^
\
Business, 84.3
I \/
General
government, 11,4%
N.
^ \ ^ ^ ^
^/
^ ^ ^
Households and
institutions, 2.4%
^ ^ \
%/
1997
\
\ ^y
\ ^ ^
^
^ ^ ^
""^
General
government, 11.3%
Households and
institutions, 4.5%
SHARES OF GROSS DOMESTIC PURCHASES
1959
Personal
consumption
expenditures, 62.5%
Personal
consumption
expenditures, 67.0%
Government consumption
expenditures and gross
investment, 17.7%
Government consumption
expenditures and gross
investment, 22.0%
Non residential
investment, 10.0%
Residential investment, 5.5%
U.S. Department of Commerce, Bureau of Economic Analysis
1997
Nonresidential
investment, 11.3%
Residential investment, 4.0%
National Data • D-47
SURVEY OF CURRENT BUSINESS
January 1999
SELECTED NIPA SERIES
Percent
Apr Feb
60
Dec Nov
Nov
JanJIyJIy
Mar
Nov
Jly Mar
60
SHARES OF GROSS DOMESTIC PRODUCT BYfYPE OF PRODUCfr
50 -
-50
40 -
-40
30 -
-30
20 -
-20
Output of structures
10 -
-10
591
Percent
14
161
|63|
651
73|
|67
Dec Nov
Apr Feb
Nov
|75|
177
|79
83|
|85|
|87
Mar
14
EXPORTS AS SHARE OF GROSS DOMESTIC PRODUCT
IMPORTS AS SHARE OF GROSS DOMESTIC PURCHASES
12 -
-12
10 -
-10
- 8
Exports
- 6
4
_
59|
161
63
65
67
69
71
73
75
77
Percent
Feb
60
Dec Nov
Nov
Mar
SHARES OF PERSONAL CONSUMPTION EXPENDITURES BY T Y f t ' Q f PRODUCT
79
81
83
Jan Jly Jly
Nov
85
87
I
|91|
1831
|8Bt
|97|
Jly Mar
60
50-
-50
40-
-40
30"
-30
20
10'
10
59|
161
|63|
|65|
|67|
169
U.S. Department of Commerce, Bureau of Eoonomic Analysis
D-48
• National Data
SURVEY OF CURRENT BUSINESS
January 1999
SELECTED NIPA SERIES
Percent
20
Apr Feb
Dec Nov
JanJIyJIy
Nov Mar
Nov
Jly Mar
20
PRCflf MARGIN, DOMESTIC NONFINANCIAL OMPORATIONS' •!' "
16-
-16
12-
-12
1
59
Ratio
61
\Vt\
63
leaf
f71 |
Dec Nov
Apr Fab
I N V q » R Y / S A L E S RATIOS, CURRENT-DOLLARPr
'73I
I75I
\T?\ |T» |
Nov Mar
| SI |
JanJIyJIy
Ratio of corporate proffe per unit to cost and profit per unit
j 85]
Ji
|89| |9t| J93f
I87J
Nov
i«8t |97|
Jy Mar
Nonfarm inventories to
final sales of goods and structures
Inventories to
final sales of domestic business
3-
Nonfarm inventories to
final sales of domestic business
'Based on current-dollar, estimates of inventories and sales
59|
Ratio
5
leg]
61
.
_.
Aor_Feb
(7i|
Dec Nov
|73| |75| |77|
Nov Mar
|v91 181 f
leaf
JanJIyJIy
Nov
|85| 1871 |89| l91-|Tfw}- l ^ j
Jly Mar
|97|
'
E
INVWORY/SALES RATIOS, REAL*
Nonfarm inventories to
final sales of goods and structures
_ ty
Inventories to
final sales ol domestic business
Nonfarm inveqtories to
final sales of domestic business
'Based on chained (1992) dollar estimates of inventories and sales
*. 1
1
59|
|S1|
|831
|66|
|87|
|0B|
US, Deparltnent o) Coiinieice, Bureau ol Economic Analysis
-2
|
|73|
|75|
|77|
|79|
1811
| S31
86
|87 ,
«
M
8S
|95|
97
January 1999
National Data •
SURVEY OF CURRENT BUSINESS
OTHER INDICATORS OF THE DOMESTIC ECONOMY
NovMar
18
JanJyJyNov
Percent
NovMar
JlyMar
cflgHuMER PRICE WDE3((PERCENT CHANGE)
JanJtvJIvNov
JyMar
DUCER PRICE SDBt(PERCENT CHANGE)
*•
1614
-
12
-
/Jill
10- gi
All items less food and engrgy
I Finished goods lesstoadand energy
I/ttr
fit
:ilb
::
/ T*-
2 -
V
0.9
I I All Items /
•
-4 -
731 w w w Li1 y u
I I 1 111 I 1 I I I I • I I I I I I I I I I I I I
73 75 Tl n
M 83 85 87 89 91 93 95 97
iter
JanJIyJlYNw
GAiffclTY UTILIZATION I V * E
90-
85-
80-
75-
70Manufacturing
65
I I I I I I I I I I II I I I I
73 75
77 79 81
83 85 87
I I I I I I
91 93 95 97
E WEEKLY (fyEMTME HOURS, MANUFACTURING
3938-
37
I II I I I I I I I Ml
73 75
US. Dec«rmieric«Ce*nmert». Bureau of Economic Analysis
77 79 81
I II I II I II I . .
83 85 87
89
91 93 95 97
D-49
D-50
• National Data
January 1999
SURVEY OF CURRENT BUSINESS
OTHER INDICATORS OF THE DOMESTIC ECONOMY
Percent
NwMar
JtyMar
12
UNEMPLOYMENT RATS "*
10-
°
i i in i
81
i i i ij i
S3
73 75
77
3 85
Percent
JanJIyJIyNw
25 NwMar
MONEY SUPPLY (PERCBJT CHANGE)
87 *
r ii
95 97
73' W W - W 8i' '831
UW
871
Ratio
NwMar
JavHyJyNw
JyMar
20-
15 "
10-
S/MjB OF NEW ONE-FAMILY HOUSES
1.5 1.0 200-
0.5 -
I IIIIIIIIrnjTTTTT
1I I I I
73 75 77 79 81 83 85 87%89 91 93 95 97
US. Department of Commerce, Bureau 01 Economic Anriysb
I I I I I I I I I I I I I I I I I I I I I I I II
73 75 77 79 81 83 85 87 89 91 93 95 97
D-51
International Data
SURVEY OF CURRENT BUSINESS
January 1999
International Data
F. Transactions Tables.
Table F.i includes the most recent estimates of U.S. international trade in goods and services; the estimates were
released on December 17,1998 and include "preliminary" estimates for October 1998 and "revised" estimates for
April-September. The sources for the other tables in this section are as noted.
Table F.1.—U.S. International Transactions in Goods and Services
[Millions of dollars; monthly estimates seasonally adjusted]
1998
1997
1996
1997
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.'
May
June'
July
Aug.'
Sept.
Oct./'
850,775
937,593
79,705
80,589
79,088
79,784
79,668
77,813
79,058
77,707
76,650
76,225
74,994
74,988
77,467
79,618
Goods
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles, engines, and parts
Consumer goods (nonfood), except automotive
Other goods .
Adjustmentsl
611,983
55,534
147,652
252,895
65,021
70,138
33,836
-13,092
679,325
51,507
158,226
294,470
74,029
77,446
33,505
-9,858
57,747
4,275
13,136
25,409
6,180
6,437
3,049
-739
58,467
4,503
13,304
25,614
6,448
6,752
2,896
-1,050
57,482
4,533
13,064
24,883
6,576
6,521
2,575
-670
58,336
4,476
13,087
25,755
6,138
6,416
2,978
-513
57,902
4,238
13,040
25,459
6,497
6,609
2,695
-636
56,350
4,220
12,553
24,807
6,350
6,425
2,802
-807
57,217
3,995
12,861
24,881
6.578
6,550
3,233
-882
55,335
3,758
12,471
23,790
6,468
6,590
2,913
-655
54,719
3,664
12,562
23,799
5,983
6,562
2,905
-756
54,767
3,794
12,052
24,369
5,601
6,864
2,985
53,825
3,716
11.864
24,843
4,732
6.658
2,977
-965
53,862
3,601
12,037
23,863
5,601
6,692
3.382
-1,314
56,005
3,276
11,915
26,099
5,993
6,735
2,928
-940
57,921
3,996
12,477
26,747
5,991
6,843
3,041
-1,175
Services
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Transfers under U.S. military agency sales contracts2
U.S. Government miscellaneous services
238,792
69,751
20,413
26,074
32,823
73,073
15,765
893
73,268
20,895
26,911
33,676
84,465
18,269
784
21,958
6,320
1,797
2,216
2,855
7,246
1,458
66
22,122
6,162
1,812
2,337
2,812
7,420
1,513
66
21,606
6,083
1,799
2,226
2,793
7,348
1,294
63
21,448
5,959
1,753
2,246
2,776
7,302
1,351
61
21,766
6,253
1,803
2,237
2,863
7,217
1,328
65
21,463
5,994
1,737
2,120
2,893
7,263
1,391
65
21,841
5,720
1,658
2,103
2,919
7,423
1,953
65
22,372
6,427
1,824
2,149
2,973
7,597
1,337
65
21,931
6,032
1,744
2,120
2,977
7,578
1,414
21,458
5,682
1,655
2,022
2,958
7,738
1,337
21,169
5,490
1,527
2,089
2,862
7,711
1,425
65
21,126
5,557
1,555
2,137
2,842
7,647
1,322
21,462
5,681
1,590
2,178
2,839
7,704
1,404
21,697
5,829
1,631
2,244
2,870
7,706
1,353
64
Exports of goods and services
Imports of goods and services
1,047,799
88,940
89,240
89,565
89,427
92,555
91,725
92,291
90,438
89,911
91,662
Goods
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods, except automotive
Automotive vehicles, engines, and parts
Consumer goods (nonfood), except automotive
Other goods
Adjustments1
803,320
35,710
204,482
229,050
128,938
171,007
26,102
8,031
877,279
39,694
213,767
254,175
140,779
192,918
29,338
6,609
74,271
3,357
17,990
21,812
11,769
16,566
2,511
74,738
3,306
18,191
22,207
11,594
16,472
2,713
255
74,087
3,263
18,088
21,543
11,738
16,778
2,435
242
75,298
3,493
17,198
22,438
11,929
17,269
2,548
423
74,977
3,375
17,277
21,898
11,834
17,200
2,815
578
74,470
3,511
16,829
22,236
12,188
16,871
2,609
226
77,720
3,546
16,733
23,090
12,974
18,213
2,657
508
76,670
3,398
17,294
22,307
12,183
18,274
2,892
322
77,297
3,455
17,448
23,132
12,542
17,893
2,539
288
75,297
3,590
16,610
22,179
11,774
18,174
2,615
355
74,854
3,436
76,597
3.353
16,807
22 223
12,236
17,981
3,302
76,806
3,330
16,495
22,236
12,960
18,014
3,226
546
78,550
3,343
16,944
22,984
13,309
18,162
3,246
563
Services
Travel
Passenger fares
Other transportation
Royalties and license fees
Other private services
Direct defense expenditures2
U.S. Government miscellaneous services .
156,029
48,048
15,818
27,403
7,854
43,138
11,081
2,687
170,520
51,220
18,235
14,502
4,173
1,482
2,499
861
4,230
1,020
237
14,601
4,337
1,541
2,369
860
4,250
1,011
233
14,691
4,313
1,534
2,530
857
4,202
1,024
231
14,588
4,452
1,545
2,355
832
4,123
1,047
234
14,957
4,449
1,563
2,346
1,199
4,114
1,051
235
14,835
4,408
1,542
2,550
819
4,234
1,047
235
15,055
4,567
1,613
2,417
905
4,297
1,021
235
14,994
4,420
1,564
2,497
921
4,343
1,014
235
15,141
4,478
1,580
2,516
933
4,388
1,010
15,057
4,288
1,548
2,565
923
4,481
1,016
236
15,065
15,030
4,372
1,500
2,476
874
4,554
1,017
237
15,262
4,470
1,521
2,570
879
4,567
1,021
234
Memoranda:
Balance on goods
Balance on services
Balance on goods and services
9,411
48,421
11,488
2,796
-191,337 -197,955
82,763
87,748
-108,574 -110,207
4,339
1,587
2,480
863
4,160
997
243
4,348
1,520
2,582
873
4,488
1,017
237
-16,524 -16,270 -16,605 -16,962 -17,076 -18,120 -20,504 -21,335 -22,578 -20,530 -21,029 -22,735 -20,802 -20,629
7,289
7,620
7,178
7,005
6,757
6,506
7,006
7,317
6,112
6,937
6,317
6,061
6,432
6,435
-9,235 -8,650 -9,600 -10,205 -9,898 -11,614 -13,498 -14,018 -15,641 -14,213 -14,917 -16,674 -14,370 -14,194
p Preliminary.
r
Revised.
1. Reflects adjustments necessary to bring the Census Bureau's component data in line with the concepts and
22,284
10,677
18,267
3,204
358
93,812
definitions used to prepare BEA's international and national accounts.
2. Contains goods that cannot be separately identified.
Source: U.S. Department of Commerce, Bureau of Economic Analysis and Bureau of the Census
D-52
• International Data
SURVEY OF CURRENT BUSINESS
January 1999
Table F.2.—U.S. International Transactions
[Millions of dollars]
Not seasonally adjusted
(Credits +; debits - ) >
Line
Exports of goods, services, and income
1997
1997
1998
1997
1998
1,179,380
296,689
298,106
302,613
296,986
294,063
284,967
295,287
300,481
299,843
299,061
292,483
287,751
Goods, adjusted, excluding military2
679,325
172,420
166,214
177,996
170,589
168,303
157,196
169,240
172,302
174,284
171,469
164,821
163,560
Services3
Transfers under U.S. military agency sales contracts 4
258,268
.18,269
62,807
4,890
4,883
64,468
4,158
63,344
4,672
63,677
4,088
67,790
4,151
64,776
4,890
65,628
4,883
65,175
4,158
65,070
4,672
65,762
4,088
63,757
4,151
73,268
20,895
26,911
18,157
5,027
6,719
21,890
5,988
6,721
17,149
5,072
15,817
4,877
6,290
17,741
5,053
6,279
20,055
5,322
6,470
18,542
5,189
6,724
18,325
5,212
6,678
18,204
5,364
Other transportation .
17,967
5,198
6,460
18,141
5,223
6,292
16,728
4,672
6,404
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services ...
33,676
84,465
784
8,158
19,665
191
8,483
21,819
200
8,949
22,053
190
8,443
23,050
195
8,615
21,704
197
8,457
23,138
197
8,407
20,833
191
8,580
21,750
200
8,381
22,069
190
8,675
21,903
195
8,908
22,913
197
8,543
23,062
197
241,787
109,407
128,845
3,535
61,462
28,671
32,041
750
61,908
28,157
32,717
1,034
60,149
25,286
34,069
794
63,053
62,083
26,212
35,105
766
59,981
24,181
34,810
990
61,271
28,286
32,041
944
62,551
28,935
32,717
899
60,384
25,470
34,069
845
62 522
26,391
35,302
829
61,900
25,848
35,105
947
60,434
24,738
34,810
Travel
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
35,302
923
-1,294,904
-321,456
-336,982
-335,517
-324,587
-339,452
-347,273
-321,342
-329,130
-332,549
-336,316
-339,731
-338,966
Goods, adjusted, excluding military2
-877,279
-217,227
-225,472
-229,229
-218,744
-227,804
-232,110
-218,336
-221,598
-224,123
-227,167
-229,264
-227,920
Services3
Direct defense expenditures....
-170,520
-11,488
-43,026
-2,699
-46,952
-2,938
-42,170
-3,055
-41,417
-3,145
-45,985
-3,045
-48,803
-3,050
-42,195
-2,699
-43,437
-2,938
-43,795
-3,055
-44,379
-3,145
-45,190
-3,045
-45,152
-3,050
Other transportation
-51,220
-18,235
-28,949
-13,601
-4,975
-7,288
-15,667
-5,304
-7,330
-11,084
-4,003
-7,437
-11,290
^,260
-7,066
-14,318
-5,079
-7,390
-15,917
-5,126
-7,771
-12,764
-4,663
-7,317
-12,897
-4,704
-7,200
-12,823
^,557
-7,397
-13,309
-4,650
-7,250
-13,465
-4,757
-7,430
-13.008
-4,568
-7,623
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
-9,411
-48,421
-2,796
-2,045
-11,739
-679
-2,573
-12,410
-730
-2,707
-13,183
-701
-2,835
-12,117
-704
-2,590
-12,857
-706
-2,695
-13,534
-710
-2,168
-11,905
-679
-2,559
-12,409
-730
-2,578
-12,684
-701
-2,850
-12,471
-704
-2,759
-13,028
-706
-2,670
-13,523
-710
-247,105
-45,674
-113,959
-87,472
-61,203
-11,279
-28,023
-21,901
-64,558
-13,011
-28,849
-22,698
-64,118
-11,061
-30,382
-22,675
-64,426
-10,458
-31,285
-22,683
-65,663
-11,059
-31,644
-22,960
-66,360
-11,517
-32,066
-22,777
-60,811
-10,887
-28,023
-21,901
-64,095
-12,548
-28,849
-64,631
-11,574
-30,382
-22,675
-64,770
-10,802
-31,285
-22,683
-65,277
-10,673
-31,644
-22,960
-65,894
-11,051
-32,066
-22,777
Imports of goods, services, and income
Travel
Income payments on foreign assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers6
-39,691
-8,626
-9,346
-12,568
-9,617
-9,034
-9,822
-9,035
-9,445
-12,337
-9,480
-9,442
-10,084
-12,090
-4,193
-23,408
-2,274
-836
-5,516
-2,362
-931
-6,053
-5,213
-1,359
-5,996
-2,266
-1,019
-6,332
-2,063
-898
-6,073
-2,582
-838
-6,402
-2,274
-1,055
-5,706
-2,362
-1,056
-6,027
-5,213
-1,069
-6,055
-2,266
-1,126
-6,088
-2,063
-1,126
-6,253
-2,582
-1,132
-6,370
-478,502
-48,591
-111,123
-49,126
-86,606
-123,317
-123,441
-45,648
-109,787
-48,052
-1,945
-2,026
-236
-730
-4,524
^44
-1,945
-2,026
-88,005
-124,276
-118,465
U.S. official reserve assets net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund ....
Foreign currencies
,
-1,010
-236
-730
-4,524
-350
-3,575
2,915
-133
54
-157
-139
-463
-128
-150
-4,221
-153
-182
-85
-177
72
-1,031
-986
188
-2,078
-136
-133
54
-157
-139
-463
-128
-150
-4,221
-153
-182
-85
-177
72
-1,031
-986
-2,078
-136
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 8
U.S. foreign currency holdings and U.S. short-term assets, net
174
-5,302
5,504
-28
-269
-1,616
1,358
-11
436
-1,421
1,878
-21
29
-1,097
1,097
29
-388
-1,189
1,177
-376
-433
-1,159
722
4
194
-1,266
1,344
116
-269
-1,616
1,358
-11
436
-1,421
1,878
-21
29
-1,097
1,097
29
-388
-1,189
1,177
-376
-433
-1,159
722
4
194
-1,266
1,344
116
-477,666
-121,843
-87,981
-87,500
-27,787
-23,263
-123,982
-28,447
-41,167
-113,970
-30,494
-8,030
-47,759
-37,264
-6,973
-108,745
-41,925
-27,878
-47,294
-22,317
16,970
-86,101
-26,388
-23,263
-123,023
-27,488
-41,167
-118,946
-35,470
-8,030
-44,816
-34,321
-6,973
-107,409
-40,589
-27,878
-46,220
-21,243
16,970
-120,403
-147,439
-9,825
-26,625
-24,791
-29,577
-47,907
-27,539
-6,596
3,074
-14,327
-24,615
-13,612
-28,335
-9,825
-26,625
-24,791
-29,577
-47,907
-27,539
-6,596
3,074
-14,327
-24,615
-13,612
-28,335
733,441
150,160
182,507
219,472
95,172
165,402
114,005
149,773
181,438
220,491
95,529
15,817
-2,936
-7,270
4,334
-2,521
21,928
-654
-5,411
-10,862
-11,689
827
-523
5,043
931
21,258
9,353
6,686
2,667
-1,167
12,439
633
-26,979
-24,492
-24,578
86
-244
-3,250
1,007
11,324
13,946
11,336
2,610
-1,059
-607
-956
-10,274
-20,064
-20,318
254
-422
9,380
832
-46,370
-30,905
-32,811
1,906
-414
-12,607
-2,444
-5,411
-10,862
-11,689
827
-523
5,043
931
21,258
9,353
6,686
2,667
-1,167
12,439
633
-26,979
-24,492
-24,578
86
-244
-3,250
1,007
11,324
13,946
11,336
2,610
-1,059
-607
-956
-10,274
-20,064
-20,318
254
-422
9,380
832
-46,370
-30,905
-32,811
1,906
-414
-12,607
-2,444
717,624
93,449
146,710
24,782
196,845
155,571
20,536
42,614
4,822
54,258
161,249
20,033
35,432
6,576
60,327
246,451
27,434
35,301
9,900
36,783
83,848
25,574
-1,701
746
77,019
175,676
19,684
26,916
2,349
71,017
160,375
28,208
-257
7,277
22,938
155,184
20,149
42,614
4,822
54,258
160,180
18,964
35,432
6,576
60,327
247,470
28,453
35,301
9,900
36,783
84,205
25,931
-1,701
746
77,019
175,133
19,141
26,916
2,349
71,017
159,232
27,065
-257
7,277
22,938
107,779
148,059
5,274
28,067
26,275
12,606
47,390
89,643
32,707
-50,497
18,040
37,670
19,529
82,680
5,274
28,067
26,275
12,606
47,390
89,643
32,707
-50,497
18,040
37,670
19,529
82,680
-99,724
-28,762
-10,009
-55,535
-9,363
144
7,249
-28,077
685
-20,027
-10,018
-52,007
3,528
-3,146
6,217
1,618
1,474
-3,511
-10,760
-197,954
87,748
-110,206
-5,318
-44,807
19,781
-25,026
259
-59,258
23,032
-36,226
-2,650
-51,233
22,298
-28,935
-3,969
-48,155
21,927
-26,228
-1,373
-59,501
17,692
-41,809
-3,580
-74,914
18,987
-55,927
-6,379
-49,096
22,581
-26,515
460
-49.296
22,191
-27,105
-1,544
-49,839
21,380
-28,459
-4,247
-55,698
20,691
-35,007
-2,248
-64,443
20,572
-43,871
-3,377
-64,360
18,605
^5,755
-5.460
-115,524
-39,691
-155,215
-24,767
-8,626
-33,393
-38,876
-9,346
-48,222
-32,904
-12,568
-45,472
-27,601
-9,617
-37,218
-45,389
-9,034
-54,423
-62,306
-9,822
-72,128
-26,055
-9,035
-35,090
-28,649
-9,445
-38,094
-32,706
-12,337
-45,043
-37,255
-9,480
-46,735
^7,248
-9,442
-56,690
-51,215
-10,084
-61,299
U.S. assets abroad, net (increase/capital outflow (-))
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns
,
U.S. claims reported by U.S. banks, not included elsewhere
Foreign assets in the United States, net (increase/capital inflow (+)) ...
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other 10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. currency
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
,
U.S. liabilities reported by U.S. banks, not included elsewhere
112,862
Allocations of special drawing rights
64
64a
Statistical discrepancy (sum of above items with sign reversed)
Of which seasonal adjustment discrepancy
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17) .
Balance on goods and services (lines 65 and 66)
r.
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 67 and
68) 13
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 69 and 70) 1 3
See footnotes to table F.3.
D-53
International Data
SURVEY OF CURRENT BUSINESS
January 1999
Table F.3.—U.S. International Transactions, by Area
[Millions of dollars]
European Union l
Western Europe
(Credits +; debits -) •
Line
European Union (6) 1 5
United Kingdom
1998
1998
91,028
90,139
88,333
83,138
81,685
79,508
26,341
26,418
25,995
43,343
42,361
41,074
Goods, adjusted, excluding military2
41,590
39,537
37,213
38,711
36,424
34,151
10,070
9,761
9,294
22,473
21,149
19,829
Services3
,
Transfers under U.S. military agency sales contracts4 ,
21,582
1,066
23,053
1,100
24,622
1,107
19,257
675
20,636
696
22,048
701
6,129
89
6,792
91
7,104
92
9,325
160
9,843
165
10,904
166
Other transportation
4,883
1,541
1,873
5,570
1,758
1,849
6,872
1,940
1,933
4,502
1,489
1,619
5,082
1,705
1,569
6,367
1,868
1,595
1,655
585
405
2,060
668
405
2,396
686
385
1,999
713
784
2,125
812
761
2,979
948
781
Royalties and license fees 5
Other private services 5
U.S. Government miscellaneous services .
4,252
7,927
40
4,480
8,256
40
4,401
8,329
40
4,002
6,935
35
4,264
7,285
35
4,174
809
2,573
866
2,689
13
874
2,658
13
2,315
3,337
13
2,430
3,533
17
2,450
3,563
17
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
27,856
27,549
13,236
14,135
178
26,498
12,053
14,162
283
25,170
11,385
13,549
236
24,625
11,458
13,009
23,309
12,970
14,606
280
10,142
3,234
6,908
9,865
3,032
6,833
9,597
2,839
6,758
11,545
6,669
11,369
6,845
4,382
10,341
5,909
4,277
158
12,815
239
145
142
Imports of goods, services, and income .
-93,117
-99,829
-101,089
-84,530
-90,721
-92,165
-30,897
-31,995
-32,014
-42,504
-45,754
Goods, adjusted, excluding military2
^4,938
-48,104
-48,330
-40,618
-43,946
-43,841
-8,111
-8,674
-6,495
-25,671
-27,651
Services3
Direct defense expenditures
-15,721
-1,734
-19,017
-1,601
-19,869
-1,595
-14,067
-1,436
-16,758
-1,384
-17,622
-1,380
-5,348
-131
-5,994
-119
-6,213
-110
-6,850
-1,218
-8,383
-1,173
-3,267
-1,904
-2,517
-5,335
-2,657
-2,660
-5,499
-2,694
-2,920
-3,002
-1,728
-2,090
-4,630
-2,413
-2,135
-4,937
-2,462
-2,242
-1,006
-736
-564
-1,405
-964
-557
-1,401
-1,003
-597
-1,496
-689
-1,063
-2,392
-1,031
-1,077
-1,572
-4,433
-294
-1,582
-1,662
-5,199
-300
-1,364
-4,195
-252
-1,334
-4,886
-296
-1,435
-4,908
-541
-2,346
-24
^29
-2,494
-26
-493
-2,583
-26
-690
-1,507
-187
-755
-1,768
-258
-187
-763
-1,946
-191
-32,458
-7,606
-15,120
-9,732
•^2,708
-7,182
-15,634
-32,890
-7,393
-15,614
-9,883
-29,845
-6,868
-13,938
-9,039
-30,017
-6,462
-14,436
-9,119
-30,702
-7,182
-14,372
-9,148
-17,438
-2,322
-9,882
-5,234
-17,327
-1,999
-10,174
-5,154
-17,306
-1,895
-10,247
-5,164
-9,983
-3,979
-3,405
-2,599
-9,720
-3,422
-3,570
-2,728
-10,512
-4,295
-3,459
-2,758
-52
-68
171
208
222
346
388
30
37
48
-70
-333
362
-153
-327
428
-170
-323
425
-289
460
-291
499
-293
515
-50
396
-50
419
-48
436
-159
189
-161
198
-166
214
-42,410
-73,296
-14,403
-38,517
-67,368
4,145
-7,058
-45,432
7,021
-14,637
-12,137
-4,399
-151
-148
-50
-420
-135
-3
-420
-135
-3
-151
-148
-50
-420
-135
-420
-135
-3
187
-93
273
7
5
-59
126
-62
212
-76
277
11
136
-77
204
-10
-38
30
-2
179
-31
203
7
-8
5
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. claims reported by U.S. banks, not included elsewhere
^2,446
-22,106
-1,060
-73,153
-25,519
-10,414
-14,565
-9,532
9,005
-38,233
-20,009
-948
-67,223
-23.990
-12,346
3,969
-8,040
5,915
-7,058
-9,247
-569
-45,434
-14,583
-5,801
7,022
-3,116
-1,493
296
-11,994
-7,139
-1,725
-4,401
-4,522
3,405
-5,201
-14,079
-11,559
-25,661
-14,038
-4,128
-13,148
-10,651
-20,236
6,094
-3,670
6,428
-1,622
-23,428
11,631
4,272
-11,643
-7,859
4,729
-3,284
Foreign assets in the United States, net (increase/capital inflow (+)) .
78,157
112,503
96,763
75,869
103,234
93,214
61,970
62,719
52,277
10,785
34,309
32,068
-3,511
5,245
-3,505
(.8)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
18
(.8)
(18)
(18)
(.8)
(18)
(18)
(.8)
(18)
(18)
(18)
(18)
(18)
139
(18)
37
(18)
(18)
R
R
Exports of goods, services, and income
Travel
Travel
Passenger fares '
Other transportation
5
Royalties and license fees
Other private services5
U.S. Government miscellaneous services .
Income payments on foreign assets in the United States ,
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers6
,
U.S. assets abroad, net (increase/capital outflow (-))
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 8
U.S. foreign currency holdings and U.S. short-term assets, net
Foreign official assets in the United States, net
U.S. Government securities
U S Treasury securities 9 ...
....
Other 10
Other U.S. Government liabilities ll
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. currency
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
(r-
R
(17)
R
/]
-97
25
R
10,255
-4,608
-254
(18)
10
168
131
13
<;:>
(18)
(18)
(18)
(18)
(18)
(.8)
46
(.8)
(.8)
81,668
20,441
(17)
107,258
14,642
(17)
-50
100,268
14,519
(17)
51,675
56,874
40,903
47,178
50,245
23,367
16,866
(l7
i'7)
28,307
18
-16,287
15,837
18
21,948
17
7,308
35
(18
88
(.8)
17
4,731
-14,226
-7,151
(18)
(18)
(18)
(18)
(18)
(18)
(18)
16,661
(18)
15,036
(18)
14,413
8,302
(.8)
5,613
-793
(18)
(18)
6,404
(18)
7,932
(18)
38,763
30,946
31,551
23,266
39,907
25,486
18
-2,777
19,387
18
6,122
29,716
18
-27,299
-8.663
-1,180
-2,499
-974
-1,110
(18)
(18)
(IS)
18
155
-46,474
113
(.8)
(.8)
(18)
(18)
13,021
(18)
13,261
16,230
14,374
1,718
18
-10,635
-3,984
8
13,992
8
4,560
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas,
net (sum of above items with sign reversed)
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 65 and 66)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 67 and
-33,617
-29,465
-69,536
-36,131
-27,038
-84,924
-50,702
-12,079
-53,667
2,983
-18,816
-22,317
-3,348
5,861
2,513
-4,602
-8,567
4,036
-1,531
-5,159
-11,117
4,753
-6,364
-6,392
-1,907
5,190
3,283
-4,675
-7,522
3,878
-3,644
-5,392
-9,690
4,426
-5,264
-7,393
1,959
781
2,740
1,087
799
891
1,690
-7,296
798
1,885
-7,462
-7,709
-3,198
2,475
-723
1,562
-6.502
1,460
-5,042
1,649
-7,470
2,241
-5,229
-171
-12,756
-68
-1,392
171
-9,036
-41
-2,130
-9,690
-52
-9,742
-12,657
222
-1,221
-5,577
369
-5,208
-6,019
388
-5,631
30
-12,824
-4,556
346
-4,210
-3,393
37
-3,356
-5,400
48
-5,352
68) 13
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 69 and 70) 1 3
p Preliminary.
r
Revised.
1. Credits, +: Exports of goods, services, and income; unilateral transfers to United States; capital inflows (increase in foreign assets (U.S. liabilities) or decrease in U.S. assets); decrease in U.S. official reserve assets; increase in foreign official assets in the United States.
Debits, - : Imports of goods, services, and income; unilateral transfers to foreigners; capital outflows (decrease
in foreign assets (U.S. liabilities) or increase in U.S. assets); increase in U.S. official reserve assets; decrease in
foreign offical assets in the United States.
2. Excludes exports of goods under U.S. military agency sales contracts identified in Census export documents,
excludes imports of goods under direct defense expenditures identified in Census import documents, and reflects
various other adjustments (for valuation, coverage, and timing) of Census statistics to balance of payments basis;
see table 2 in "U.S. International Transactions, Third Quarter 1998" in this issue of the SURVEY.
208
-8,828
-12,435
. 3. Includes some goods: Mainly military equipment in line 4; major equipment, other materials, supplies, and petroleum products purchased abroad by U.S. military agencies in line 18; and fuels purchased by airline and steamship
operators in lines 7 and 21.
4. Includes transfers of goods and services under U.S. military grant programs.
5. Beginning in 1982, these lines are presented on a gross basis. The definition of exports is revised to exclude
U.S. parents' payments to foreign affiliates and to include U.S. affiliates' receipts from foreign parents. The definition
of imports is revised to include U.S. parents' payments to foreign affiliates and to exclude U.S. affiliates' receipts
from foreign parents.
6. Beginning in 1982, the "other transfers" component includes taxes paid by U.S. private residents to foreign
governments and taxes paid by private nonresidents to the U.S. Government.
7. For all areas, amounts outstanding September 30, 1998, were as follows in millions of dollars: Line 34, 75,675;
line 35,11,044; line 36, 10,106; line 37, 21,644; line 38, 32,882. Data are preliminary.
D-54
• International Data
SURVEY OF CURRENT BUSINESS
January 2999
Table F.3.—U.S. International Transactions, by Area
[Millions of dollars]
Eastern Europe
1998
49,825
50,815
44,759
61,402
62,180
61,648
25,947
23,879
23,774
39,575
40,877
35,671
35,281
35,699
34,351
14,782
14,086
14,083
1,071
96
5,258
23
5,198
24
4,759
24
10,583
158
10,729
154
11,932
166
8,456
638
7,802
109
8,015
109
374
44
72
393
46
1,823
444
580
1,857
379
594
1,336
320
582
4,309
4,238
1,298
823
5,122
1,315
2,085
1,159
717
2,541
1,060
740
2,674
1,200
836
61
418
10
"69
339
10
63
394
10
343
2,041
4
367
1,973
4
363
2,130
4
535
3,507
38
569
3,609
38
569
3,854
1,614
2,232
11
1,485
1,856
11
1,396
2,036
490
231
173
86
295
68
4,992
2,493
2,499
4,740
2,251
2,489
4,329
1,782
2,547
15,538
4,651
15,365
3,840
11,425
100
1,991
377
10,818
69
15,752
4,322
11,330
100
2,709
740
179
48
327
74
182
71
1,940
1,603
1,676
422
1,244
-3,273
-3,914
-4,075
-48,896
-51,129
-48,822
-55,814
-57,944
-58,114
-42,280
-2,418
-2,847
-43,891
-44,917
-42,043
-34,847
-36,728
-36,405
-30,353
^93
-41
-137
-51
-67
-650
-30
-771
-30
-3,127
-12
-4,030
-16
-5,019
-15
-8,357
-93
-8,545
-78
-8,706
-78
-3,764
-362
-3,871
-308
-4,057
-300
-265
-99
-57
-368
-108
-64
-772
-99
-726
-1,501
-165
-754
-2,439
-178
-762
-3,802
-111
-571
-3,861
-641
-613
-3,762
-697
-607
-625
-181
-990
-720
-208
-1,023
-972
-180
-934
-5
-177
-15
-3
-181
-15
-3
-183
-15
-105
-86
-1,472
-36
-89
-1,500
-36
-51
-2,957
-111
-51
-1,377
-36
-3,190
-111
-55
-3,396
-111
-502
-1,070
-34
-634
-944
-34
-645
-992
-34
-362
-1
-120
-241
-417
-2
-130
-285
-435
-2
-147
-286
-1,878
-618
-997
-263
-2,182
-963
-996
-223
-1,760
-519
-12,610
-684
-9,080
-2,846
-12,671
-413
-13,003
-576
-1,040
-201
-9,323
-2,935
-9,467
-2,960
-8,163
-639
-2,354
-5,170
-8,292
-1,325
-1,994
-4,973
-9,026
-1,828
-2,294
-4,904
-671
-823
-944
-132
-104
-129
-2,953
-2,911
-3,128
-75
-26
-51
-296
-10
-365
-459
-10
-354
-598
-9
-337
-315
-290
-120
-12
-119
15
-125
-4
-229
-151
-2,531
-24
-51
-25
-2,692
-22
-29
-165
-1,086
1,173
-4,664
-4,186
-14,072
-38,943
-15,488
14,884
Exports of goods, services, and income
3,448
3,582
Goods, adjusted, excluding military2
2,008
2,319
950
89
968
60
254
39
79
Services3
Transfers under U.S. military agency sales contracts 4
Travel
Other transportation
5
Royalties and license fees
Other private services5
U.S. Government miscellaneous services
Income receipts on U.S. assets abroad
Direct investment receipts
Other private receipts
U.S. Government receipts
Imports of goods, services, and income .
Goods, adjusted, excluding military2
Services3
Direct defense expenditures
Travel
Other transportation
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services
1998
1998
(Credits +; debits - ) l
Line
Japan
Latin America and Other Western
Hemisphere
Canada
,
Income payments on foreign assets in the United States
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))....
3,067
-160
-2,478
38
-146
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund ..
Foreign currencies
-26
102
-245
347
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 8
U.S. foreign currency holdings and U.S. short-term assets, net
-27
-174
147
35
-10
10
35
71
-267
273
65
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns
-.
U.S. claims reported by U.S. banks, not included elsewhere
-138
-703
4
-1,121
-659
-392
1,102
-302
427
-4,665
-3,440
46
-4,185
-1,966
-1,591
-14,072
-2,983
3,655
136
425
-241
171
977
-662
-609
-1,580
952
-14,744
-16,488
-5,300
1,927
1,247
-14,362
-1,303
-991
-2,010
458
4,240
7,629
10,925
1,531
(17)
-879
-3,232
Foreign assets in the United States, net (increase/capital inflow (+))...
(18)
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9
Other 10
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. currency
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. liabilities reported by U.S. banks, not includedelsewhere
29
(17)
(18)
l7
( )
-44
(18)
(18)
(18)
(18)
c
14
(18)
P
n
1,072
717
11
10
11
-42,135
-29,972
-42,857
-29,774
-1
-4,099
16,876
-86
-838
-26
-838
-86
166
-138
311
-7
34
-427
429
32
10
•2
1
-39,109
-3,880
-10,071
-15,522
-4,619
-3,747
14,900
-494
-3,972
17,712
-1,877
569
-4,014
-523
3,533
-3,052
-22,106
-15,000
7,844
-1,572
20,938
-270
19,290
-7,024
70,496
-10,810
-20,119
-21,938
27,525
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(.8)
(.8)
(18)
(18)
(18)
(18)
(18)
(.8)
(18)
n
-71
-67
-625
489
(18)
(.8)
(.8)
(.8)
(18)
144
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(.8)
571
1,014
-303
3,569
298
(18)
(18)
(.8)
(.8)
(18)
3,200
(18)
(18)
-1,073
791
5,119
1,695
(.8)
(18)
(18)
n
(17)
64
199
251
1,703
-539
626
22,842
10,301
-10,450
-2,583
3,637
38
18
-1,509
11
-33
393
.......
9,729
18
-22,153
1,276
18
57,976
16,500
18
-16,490
-1,855
18
-18,625
-2,261
8
-24,101
1,964
3,232
2,789
3,409
364
10,635
2,826
-32,878
25,892
21,643
23,344
-4,292
-410
457
47
128
-528
318
-210
-122
-1,200
300
-900
-108
-4,316
2,131
-4,040
1,168
434
2,226
2,660
2,928
-1,029
2,184
1,155
3,081
-2,054
3,226
1,172
2,362
-15,886
-15,691
4,692
3,931
-2,872
2,558
-6,372
-260
-6,632
2,569
-15,571
-2,185
3,114
-10,879
-5,454
-11,955
-6,301
3,958
-11,733
-7,350
175
-671
-496
-332
-523
-1,155
-1,008
-944
929
-132
797
-314
-104
-418
-4,063
-129
-4,192
5,588
-2,953
2,635
4,236
-2,911
3,534
-3,128
406
-16,333
-75
-16,408
-18,256
-26
4
-5
8
-2,270
7
10,861
9,626
(17)
7
-939
18
25,120
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas,
net (sum of above items with sign reversed)
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 65 and 66)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 67 and
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 69 and 70) •
-1,952
8. Includes sales of foreign obligations to foreigners.
9. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible
bonds and notes.
10. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere, and of debt securities
of U.S. Government corporations and agencies.
11. Includes, primarily, U.S. Government liabilities associated with military agency sales contracts and other transactions arranged with or through foreign official agencies; see table 4 in "U.S. International Transactions, Third Quarter 1998" in this issue of the SURVEY.
12. Consists of investments in U.S. corporate stocks and in debt securities of private corporations and State
and local governments.
1,325
-18,282
-19,083
-51
-19,134
13. Conceptually, the sum of lines 71 and 63 is equal to "net foreign investment" in the national income and
product accounts (NIPA's). However, the foreign transactions account in the NIPA's (a) includes adjustments to the
international-transactions accounts for the treatment of gold, (b) includes adjustments for the different geographical
treatment of transactions with U.S. territories and Puerto Rico, and (c) includes services furnished without payment
by financial pension plans except life insurance carriers and private noninsured pension plans. A reconciliation of
the balance on goods and services from the international accounts and the NIPA net exports appears on page
D-74 of this issue. A reconciliation of the other foreign transactions in the two sets of accounts appears in table
4.5 of the full set of NIPA tables (published annually in the August issue of the SURVEY).
International Data • D-55
SURVEY OF CURRENT BUSINESS
January 1999
Table F.3.—U.S. International Transactions, by Area
[Millions of dollars]
Line
(Credits +; debits - ) »
Australia
Other countries in Asia and Africa
1998
1998
International organizations and
unallocated 16
1998
\\\p
I
Exports of goods, services, and income
5,849
5,999
6,199
1,503
1.472
1,532
5,698
5,618
5,681
53,789
51,851
51,506
Goods, adjusted, excluding military2
3,109
2,858
2,931
34,244
32,927
31,278
Services3
Transfers under U.S. military agency sales contracts4 .
1,306
212
1,358
219
1,470
220
13,706
2,486
13,097
2,422
14,389
2,429
Other transportation
337
117
76
356
120
77
448
132
82
2,126
377
1,999
2,805
394
1,990
3,210
497
2,049
130
134
170
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
158
402
4
180
400
6
175
407
6
1,046
5,584
88
1,021
4,377
88
1,051
5,065
88
434
939
444
894
439
923
Income receipts on U.S. assets abroad ........
Direct investment receipts
Other private receipts
U.S. Government receipts
1,283
508
775
1,402
631
771
1,280
530
750
5,839
2,916
2,646
277
5,827
2,862
2,731
234
5,839
2,829
2,694
316
4,346
2,319
1,845
182
4,527
2,465
1,867
195
4,667
2,651
1,806
210
-2,441
-2,438
-2,500
-76,018
-79,516
-87,264
-2,748
-2,547
-2,552
-1,262
-1,434
-1,313
-61,035
-63,802
-71,376
-722
-11
-555
-9
-731
-9
-8,179
-892
-8,597
-1,003
-8,864
-1,023
-1,054
-720
-786
Other transportation
-260
-150
-67
-159
-112
-40
-294
-131
-51
-2,427
-1,103
-1,796
-2,477
-1,197
-1,885
-2,583
-1,138
-2,019
-332
-358
-414
Royalties and license fees 5
Other private services5
U.S. Government miscellaneous services .
-17
-205
-12
-9
-214
-12
-9
-225
-12
-38
-1,721
-202
-38
-1,795
-202
-35
-1,864
-202
-545
-177
-187
-175
-197
-175
-457
-190
-172
-95
-449
-213
-160
-76
-456
-237
-158
-61
-6,804
182
-2,653
-4,333
-7,117
15
-2,569
-4,563
-7,024
34
-2,579
-4,479
-902
-789
-3
-1,827
-976
-638
-13
-1,766
-996
-767
-3
-40
-39
-36
-3,433
-2,940
-3,509
-2,272
-2,139
-1,957
-999
-120
-1,821
-1,410
-122
-1,977
-247
-241
-1,784
-223
-137
-1,779
-114
-62
-1,761
3,797
-3,037
-3,481
-5,031
-267
-959
-1,890
-182
-65
72
-1,031
-2,078
Travel
Imports of goods, services, and income .
Goods, adjusted, excluding military2
Services3
Direct defense expenditures
Travel
Income payments on foreign assets in the United States .
Direct investment payments
Other private payments
U.S. Government payments
Unilateral transfers, net
U.S. Government grants 4
U.S. Government pensions and other transfers
Private remittances and other transfers6
U.S. assets abroad, net (increase/capital outflow (-))...
-9
-31
-9
-30
-9
-27
-1,338
-122
-1,973
-1,431
-7,496
-1,003
4,618
U.S. official reserve assets, net 7
Gold
Special drawing rights
Reserve position in the International Monetary Fund ,
Foreign currencies .:
U.S. Government assets, other than official reserve assets, net
U.S. credits and other long-term assets
Repayments on U.S. credits and other long-term assets 8
U.S. foreign currency holdings and U.S. short-term assets, net
U.S. private assets, net
Direct investment
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns ....
U.S. claims reported by U.S. banks, not included elsewhere
Foreign assets in the United States, net (increase/capital inflow (+))
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities9 .........
Other 10
...,
Other U.S. Government liabilities n
U.S. liabilities reported by U.S. banks, not included elsewhere
Other foreign official assets 12
Other foreign assets in the United States, net
Direct investment
U.S. Treasury securities
U.S. currency
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns .
U.S. liabilities reported by U.S. banks, not included elsewhere
-374
-391
410
-393
-322
-635
275
38
167
-205
365
7
-286
-317
-317
-291
-291
811
-979
-4,789
2,261
4,318
3,630
-2,087
4,379
-2,205
-2,302
158
-15
-2,850
-2,027
119
1,388
-2,330
-1
-1
-1,430
-1,316
-15
128
-227
-7,495
-4,743
-1,348
129
-1,533
-1,003
-244
-401
-358
4,992
-2,178
-3,778
-690
11,638
1*338
-2,484
-1,727
-125
18
-650
-674
2,738
-3,025
19,974
-1,760
-12,581
7,754
(.8)
(18)
(18)
(18)
(18)
(18)
(18)
R
.13
R
R
-S3
C8)
(18)
(18)
-178
R
1,475
(18)
(18)
-179
(18)
(18)
(18)
487
(18)
175
-159
-1,987
-325
1,623
8
1,132
-1,112
1,617
883
1,070
31,876
1,847
584
2,431
826
3,257
-40
3,217
1,424
803
2,227
953
3,180
-39
3,141
1,618
739
2,357
824
3,181
-36
3,145
-26,791
5,527
-21,264
-965
-22,229
-3,433
-25,662
-30,875
4,500
-26,375
-1,290
-27,665
-2,940
-30,605
R
(18)
-179
12
-2,116
(18)
(18)
8
-3,034
R
(.8)
(18)
(18)
3,217
1,563
17,477
18
(18)
(18)
(18)
(18)
7,754
811
(18)
746
-74
57
6,214
114
838
(.8)
2,349
215
73
8
-3,361
10,514
851
(.8)
7,277
-203
3,029
18
-440
48,051
-5,546
2,054
-7,173
-40,098
5,525
-34,573
-1,185
-35,758
-3,509
-39,267
449
449
2,652
3,101
-2,272
829
752
752
2,700
3,452
-2,139
1,313
746
746
2,901
3,647
-1,957
1,690
138
(18)
-7,256
8
10,514
59
-2,533
8
Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of
above items with sign reversed)
Memoranda:
Balance on goods (lines 2 and 16)
Balance on services (lines 3 and 17)
Balance on goods and services (lines 65 and 66)
Balance on investment income (lines 11 and 25)
Balance on goods, services, and income (lines 1 and 15 or lines 67 and 68) 1 3
Unilateral transfers, net (line 29)
Balance on current account (lines 1,15, and 29 or lines 69 and 70) 1 3
14. The "European Union" includes the "European Union (6)," United Kingdom, Denmark, Ireland, Greece, Spain,
and Portugal. Beginning with the first quarter of 1995, the "European Union" also includes Austria, Finland, and
Sweden.
15. The "European Union (6)" includes Belgium, France, Germany (includes the former German Democratic Republic (East Germany) beginning in the fourth quarter of 1990), Italy, Luxembourg, Netherlands, European Atomic
Energy Community, European Coal and Steel Community, and European Investment Bank.
16. Includes, as part of international and unallocated, the estimated direct investment in foreign affiliates engaged
in international shipping, in operating oil and gas drilling equipment internationally, and in petroleum trading. Also
includes taxes withheld; current-cost adjustments associated with U.S. and foreign direct investment; small transactions in business services that are not reported by country; and net U.S. currency flows, for which geographic
source data are not available.
17. Details not shown separately; see totals in lines 49 and 56.
18. Details not shown separately are included in line 62.
NOTE.—The data in tables F.2 and F.3 are from tables 1 and 10 in "U.S. International Transactions, Third Quarter
1998" in this issue of the SURVEY OF CURRENT BUSINESS, which presents the most recent estimates from the balance
of payments accounts.
D-56
• International Data
SURVEY OF CURRENT BUSINESS
January 1999
Table F.4—Private Service Transactions
[Millions of dollars]
Seasonally adjusted
1996
Line
222,134
Exports of private services ...
60,827
60,203
61,477
59,409
73,268
20,895
26,911
11,773
15,137
18,325
5,212
6,678
2,919
3,759
18,204
5,364
6,809
3,031
3,778
17,967
5,198
6,460
2,901
3,559
18,141
5,223
6,292
2,715
3,577
16,728
4,672
6,404
2,656
3,748
33,676
25,515
23,457
2,058
8,161
3,272
8,407
6,373
5,897
476
2,034
819
1,215
8,580
6,543
5,929
8,381
6,330
5,724
606
2,051
809
1,242
8,908
6,803
6,182
621
2,105
815
1,290
8,543
6,405
6,009
614
2,037
8,675
6,600
5,905
695
2,075
811
1,264
84,465
26,336
16,164
10,172
58,128
8,278
11,064
2,391
5,952
3,561
3,771
20,833
6,579
4,045
2,534
14,254
2,052
2,598
21,750
6,791
21,903
6,644
4,101
2,543
15,259
2,100
2,891
22,913
6,876
23,062
6,923
4,245
2,678
16,139
21,304
11,321
142,261
Royalties and license fees (table F.2, line 8)
Affiliated
U.S. parents' receipts
U.S. affiliates' receipts
Unaffiliated
Industrial processes'
Other2
32,823
24,710
Other private services (table F.2, line 9)
Affiliated services .
U.S. parents' receipts
U.S. affiliates' receipts
Unaffiliated services
,
Education
Financial services
Insurance, net
Premiums received
Losses paid
Telecommunications
Business, professional, and technical services ...
Other unaffiliated services3
73,073
23,779
14,772
9,007
49,295
22,781
1,929
8,113
3,488
4,625
7,888
8,382
812
1,225
4,128
2,663
14,959
22,069
6,717
4,198
2,519
15,352
4,201
2,675
16,037
2,096
3,617
642
1,531
890
396
2,138
820
1,318
2,155
3,580
656
5,293
2,780
2,105
3,157
616
1,491
875
987
5,564
2,923
2,987
1,557
902
914
5,790
3,044
156,236
38,817
39,769
40,039
40,530
41,439
41,392
48,048
15,818
27,403
16,539
10,864
51,220
18,235
28,949
17,644
11,305
12,764
4,663
7,317
4,581
2,736
12,897
4,704
7,200
4,408
2,792
12,823
4,557
7,397
4,454
2,943
13,309
4,650
7,250
4,461
2,789
13,465
4,757
7,430
4,730
2,700
13,008
4,568
7,623
4,978
2,645
7,854
5,506
766
4,740
2,347
1,233
1,115
9,411
7,087
955
6,132
2,324
1,265
1,060
2,168
2,559
1,941
235
2,850
1,877
247
1,630
2,759
618
313
305
649
182
1,972
605
335
270
2,670
2,032
196
315
253
2,578
1,980
284
1,696
598
317
282
43,138
16,668
48,421
18,324
9,407
8,917
30,098
1,347
3,906
5,208
15,036
9,828
8,113
6,571
4,952
11,905
4,473
2,355
2,118
7,432
333
1,002
1,261
3,735
2,474
1,999
1,615
1,221
12,409
4,635
2,427
2,208
7,774
346
1,093
1,381
3,787
2,406
2,028
1,676
1,251
12,684
4,801
2,445
2,356
7,883
349
965
1,452
3,832
2,380
2,080
1,737
1,299
12,471
4,419
2,324
2,095
8,052
348
999
1,477
3,869
2,392
2,121
1,832
1,275
13,028
4,825
2,494
2,331
8,203
364
1,069
1,471
3,900
2,429
2,103
1,905
1,291
13,523
5,254
2,640
2,614
8,269
377
1,051
1,451
3,928
2,477
2,088
1,973
1,329
-197,954
82,979
-49,096
20,878
-55,698
20,788
-111,464
-114,975
-28,218
-49,296
20,776
-28,520
-49,839
79,873
19,673
-36,025
-64,443
20,038
-44,405
-64,360
18,017
-46,343
Travel (table F.2, line 19)
Passenger fares (table F.2, line 20)
Other transportation (table F.2, line 21).
Freight
Port services
Royalties and license fees (table F.2, line 22) ,
Affiliated
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated
Industrial processes'
Other2
8,089
8,579
26,469
,
1,247
2,995
3,773
Insurance, net
14,652
10,879
8,304
5,550
4,600
Premiums paid
Losses recovered
Telecommunications
Business, professional, and technical services ....
Other unaffiliated services3
-191,337
p Preliminary.
r
Revised.
1. Patented techniques, processes, and formulas and other intangible property rights that are
used in goods production.
2. Copyrights, trademarks, franchises, rights to broadcast live events, and other intangible property rights.
3. Other unaffiliated services receipts (exports) include mainly expenditures of foreign govern-
239,215
2,108
2,914
605
1,483
879
956
5,500
2,876
1,971
5,978
4,007
3,270
17,599
10,185
Memoranda:
Balance on goods (table F.2, line 65)
Balance on private services (line 1 minus line 27)
Balance on goods and private services (lines 53 and 54)
1998
60,545
Travel (table F.2, line 5)
Passenger fares (table F.2, line 6)
Other transportation (table F.2, line 7)
Freight
Port services
Other private services (table F.2, line 23)
Affiliated services
U.S. parents' payments
U.S. affiliates' payments
Unaffiliated services
Education
Financial services
1997
18,542
5,189
6,724
2,910
3,814
69,751
20,413
26,074
11,146
14,929
Imports of private services ,
1997
592
1,485
892
938
1,600
220
1,380
568
1,706
-29,051
629
1,508
880
969
5,669
3,001
973
324
940
5,755
2,154
1,836
638
347
292
ments and international organizations in the United States. Payments (imports) include mainly
wages of foreign residents temporarily employed in the United States and Canadian and Mexican
commuters in U.S. border areas.
NOTE—The data in table F.4 are from table 3 in "U.S. International Transactions, Third Quarter
1998" in this issue of the SURVEY OF CURRENT BUSINESS, which presents the most recent estimates from the balance of payments accounts.
International Data •
SURVEY OF CURRENT BUSINESS
January 1999
G. Investment Tables.
Table G.1 .-International Investment Position of the United States at Yearend, 1996 and 1997
[Millions of dollars]
Changes in position in 1997 (decrease (-))
Attributable to:
Line
Type of investment
Position
1996'
Valuation adjustments
Capital
flows
Total
Price
changes
(a)
Net international investment position of the United States:
With direct investment positions at current cost (line 3 less line 24)
With direct investment positions at market value (line 4 less line 25)
U.S. assets abroad:
With direct investment positions at current cost (lines 5+10+15) ....
With direct investment positions at market value (lines 5+10+16) ...
U.S. official reserve assets
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official reserve assets
U.S. credits and other long-term assets5
ReDavable in dollars
o t h / 6 :
U.S. foreign currency holdings and U.S. short-term assets
U.S. private assets:
With direct investment at current cost (lines 17+19+22+23) ..
With direct investment at market value (lines 18+19+22+23) .
Direct investment abroad:
At current cost
At market value
Foreign securities
Bonds
Corporate stocks
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. claims reported by U.S. banks, not included elsewhere
Foreign assets in the United States:
With direct investment at current cost (lines 26+33) ..
With direct investment at market value (lines 26+34).
Foreign official assets in the United States
U.S. Government securities
U.S. Treasury securities
Other
Other U.S. Government liabilities7
U.S. liabilities reported by U.S. banks, not included elsewhere ...
Other foreign official assets
Other foreign assets:
With direct investment at current cost (lines 35+37+38+39+42+43) ..
With direct investment at market value (lines 36+37+38+39+42+43)
Direct investment in the United States:
At current cost
At market value
U.S. Treasury securities
U.S.currency
U.S. securities other than U.S. Treasury securities
Corporate and other bonds
Corporate stocks
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns
U.S. liabilities reported by U.S. banks, not included elsewhere
p Preliminary.
r
Revised.
1. Represents gains or losses on foreign-currency-denominated assets due to their revaluation
at current exchange rates.
2. Includes changes in coverage, statistical discrepancies, and other adjustments to the value
of assets.
3. Reflects changes in the value of the official gold stock due to fluctuations in the market
price of gold.
4. Reflects changes in gold stock from U.S. Treasury sales of gold medallions and commemorative and bullion coins; also reflects replenishment through open market purchases. These demonetizations/monetizations are not included in international transactions capital flows.
(b)
Exchange
rate
(c)
Position
1997^
Other
changes2
(a+b+c+d)
(d)
-767,076
-743,656
-254,939
-254,939
3,767,018
4,347,148
478,502
478,502
160,739
1,010
10,312
15,435
38,294
350
3,575
-2,915
-635
-939
-4,570
81,677
79,786
79,114
672
1,891
-174
-202
-168
-34
28
-17
-8
3,524,602
4,104,732
477,666
477,666
195,897 -149,191
436,807 -217,941
-27,982
-10,464
496,390 4,020,992
686,068 4,790,800
936,954
1,517,084
1,280,159
403,373
876,786
121,843
121,843
87,981
46,723
41,258
9,325 -28,998
250,235 -97,748
186,572 -108,411
8,671 -13,718
177,901 -94,693
-15,252
2,266
86,918
276,596
166,142
41,676
124,466
1,023,872
1,793,680
1,446,301
445,049
1,001,252
449,978
857,511
120,403
147,439
-7,724
-4,058
-261
-12,469
112,418
130,912
562,396
988,423
4,534,094
5,090,804
733,441
733,441
226,804
532,139
801,062
612,656
592,891
19,765
23,099
113,098
52,209
15,817
-2,936
-7,270
4,334
-2,521
21,928
-654
16,968
4,615
4,174
441
3,733,032
4,289,742
717,624
717,624
209,836
515,171
-27,627
-26,297
666,962
1,223,672
504,792
186,843
1,199,460
588,043
611,417
93,449
93,449
146,710
24,782
196,845
130,879
65,966
-2,680
302,655
10,459
-1,330
346,727
828,248
107,779
148,059
-51,669 -127,725
-116,094 -197,805
-22,159
-9,961
-456,492 -1,223,568
-578,799 -1,322,455
175,135
416,045
-155,352
-224,102
-27,992
-10,474
470,293 4,237,311
659,971 5,007,119
-20,762
-20,762
-6,144
3
-27,627
-26,297
4
-7
-7
54
55
55
12,353
-194
-213
-172
-41
19
81,483
79,573
78,942
631
1,910
32,839
1,734
-3,041
4,775
-2,522
21,928
11,699
833,901
614,390
24,540
20,577
135,026
63,908
-5,887
893,946 4,626,978
-567 1,205,931 5,495,673
-4,556
764
84,883
751,845
396,868 1,620,540
157,169
661,961
24,782
211,625
378,524 1,577,984
130,033
718,076
248,491
859,908
-1,331
106,828
141,760
-20,378
-20,378
380
-6,299
134,836
75,929
10,027
18,071
30,809
926,785 5,460,879
-5,833
-513 1,238,770 6,329,574
-1
19,532
182,525
-25,903
-20,769
-285
2,636
-7,485
453,555
970,008
5. Also includes paid-in capital subscriptions to international financial institutions and outstanding
amounts of miscellaneous claims that have been settled through international agreements to be
payable to the U.S. Government over periods in excess of 1 year. Excludes World War I debts
that are not being serviced.
6. Includes indebtedness that the borrower may contractually, or at its option, repay with its
currency, with a third country's currency, or by delivery of materials or transfer of services.
7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies.
NOTE.—The data in this table are from table 1 in "International Investment Position of the United States in 1997" in the July 1998 issue of the SURVEY.
D-57
D-58
• International Data
SURVEY OF CURRENT BUSINESS
January 1999
Table G.2.—U.S. Direct Investment Abroad: Selected Items, by Country and by Industry of Foreign Affiliate, 1995-97
[Millions of dollars]
Direct investment position on a
historical-cost basis
Capital outflows (inflows (-))
1995
1996
T
Income
1997
1995
1996
1997
1995
1996
1997
699,015
777,203
860,723
92,074
74,833
114,537
87,346
92,105
100,703
83,498
91,301
99,859
8,602
7,260
10,734
8,799
9,024
10,692
Europe
Of whictr.
France
Germany
Netherlands
United Kingdom
344,596
382,366
420,934
52,275
35,992
60,558
40,853
43,179
47,869
33,358
44,242
42,113
106,332
33,746
44,651
54,437
122,692
34,615
43,931
64,648
138,765
5,196
3,349
9,386
13,830
4,750
1,467
6,914
12,080
2,707
4,215
7,456
10,921
3,389
3,842
8,667
12,016
2,637
4,117
10,240
12,898
Latin America and Other Western Hemisphere
Of which:
Brazil
Mexico
131,377
147,535
172,481
16,040
16,081
3,166
3,002
14,329
22,435
23,784
16,210
17,810
19,992
25,002
16,873
28,699
19,900
35,727
25,395
6,954
2,983
3,812
2,713
6,545
5,933
3,759
1,585
4,104
2,862
4,551
6,017
6,832
10,253
352
739
3,790
1,797
1,797
1,887
All countries, all industries ..
By country
Canada
Africa
Middle East
Asia and Pacific .
Of which:
Australia
Japan
,
7,198
7,793
8,959
538
1,111
1,373
1,411
1,562
122,711
136,481
142,704
14,342
12,190
13,815
18,146
18,562
18,325
24,328
37,309
28,409
35,684
26,125
35,569
5,537
2,336
3,071
-326
1,101
781
2,769
4,091
2,846
3,414
3,288
3,198
5,533
-416
2,034
746
167
322
376
3,618
International
By industry
Petroleum ,
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Other manufacturing
68,639
74,499
85,726
675
5,058
11,455
9,036
11,692
12,114
243,954
28,896
61,374
11,555
29,626
27,514
34,076
50,913
272,244
32,998
72,209
14,178
31,597
31,623
33,839
55,801
288,290
38,380
73,487
14,732
33,563
33,833
36,439
57,855
44,472
3,718
25,149
2,700
5,657
5,283
2,565
3,883
561
4,500
32,280
6,325
8,026
1,054
4,529
3,930
3,846
4,570
34,325
4,480
8,614
1,380
4,251
4,466
3,709
7,425
34,365
4,826
9,525
1,353
4,555
4,217
3,182
6,707
37,532
5,116
9,415
1,535
5,083
4,861
4,842
6,679
16,924
1,570
4,408
7,060
5,888
4,903
Wholesale trade
68,102
5,701
3,403
9,118
8,488
9,041
Depository institutions
29,181
33,673
34,359
1,032
1,488
2,935
3,242
3,083
2,953
218,313
240,972
280,920
22,001
23,035
45,410
24,589
27,817
29,815
Services
29,721
35,793
40,874
4,014
3,343
5,464
4,136
3,588
5,258
Other industries
41,105
50,384
61,475
11,000
11,061
13,591
2,902
3,072
3,991
Finance (except depository institutions), insurance, and real
estate
NOTE.—In this table, unlike in the international transactions accounts, income and capital outflows are shown without a current-cost adjustment, and income is shown net of withholding taxes.
In addition, unlike in the international investment position, the direct investment position is valued
at historical cost.
The data in this table are from tables 17 and 18 in "U.S. Direct Investment Abroad: Detail
for Historical-Cost Position and Related Capital and Income Flows, 1997" in the October 1998
issue of the SURVEY.
International
SURVEY OF CURRENT BUSINESS
January 1999
Table G.3.—Selected Financial and Operating Data for Nonbank Foreign Affiliates of U.S. Companies, by Country and by
Industry of Affiliate, 1996
Number of
affiliates
All countries, ail industries
21,901
,
Millions of dollars
Total assets
3,075,516
Sales
Net income
2,227,014
135,108
Thousands of
employees
7,616.5
By country
Canada
Europe
Of which:
France
Germany
Italy
Netherlands
Switzerland
United Kingdom .
Latin America and Other Western Hemisphere
Of which:
Brazil
Mexico
Africa
2,027
276,622
253,783
10,866
921.8
10,745
1,751,550
1,178,077
68,478
3,194.2
1,257
1,374
761
1,051
520
2,447
141,315
222,802
60,524
161,889
81,964
813,742
134,816
244,658
72,170
122,760
61,964
310,685
4,549
7,766
2,049
13,823
7,336
14,998
451.5
607.9
186.1
160.8
52.4
976.4
3,366
370,529
223,869
24,112
1,529.2
417
847
60,037
67,437
56,026
71,739
4,101
7,021
318.2
733.9
522
28,979
23,170
2,475
122.0
346
34,991
23,667
3,309
79.1
4,791
592,420
517,020
24,869
1,756.9
878
1,005
94,457
248,312
70,036
204,364
3,322
5,684
275.1
405.4
104
20,424
7,427
999
13.2
Petroleum .
1,575
295,592
380,364
18,166
236.0
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Industrial machinery and equipment
Electronic and other electric equipment
Transportation equipment
Other manufacturing
8,162
778
1,990
733
1,012
859
526
846,555
111,189
204,573
42,238
110,215
77,154
133,225
167,960
1,041,357
121,167
199,326
43,005
167,313
99,884
233,763
176,900
54,026
6,973
16,417
1,594
6,782
5,841
4,970
11,449
4,477.9
557.1
611.1
244.7
527.2
838.5
707.5
991.9
563.3
Middle East
Asia and Pacific ...
Of which:
Australia
Japan
International
By industry
2,264
Wholesale trade
4,976
Finance (except depository institutions), insurance, and real estate
Services
...
Other industries
NOTE.—The data in this table are from "U.S. Multinational Companies: Operations in 1996"
in the September 1998 issue of the SURVEY.
2,940
2,676
1,572
210,485
393,052
14,229
1,333,484
117,435
35,223
196.2
131,702
115,569
4,950
829.1
257,698
179,235
8,514
1,314.0
xruernational Data
SURVEY OF CURRENT BUSINESS
January 1999
Table G.4.—Foreign Direct investment in the United States: Selected items, by Country of Foreign Parent and by industry of
Affiliate, 1995-97
[Millions of dollars]
Direct investment position on a
historical-cost basis
1995
All countries, all industries ..
535,553
1997
1996
594,088
681,651
Income
Capital inflows (outflows (-))
1995
1996
1997
1995
1996
1997
58,772
76,453
90,748
30,931
31,970
42,502
By country
Canada
Europe
Of whictr.
France
Germany
Netherlands
United Kingdom .
Latin America and Other Western Hemisphere
Of whictr.
Brazil
Mexico
Africa
Middle East ...
Asia and Pacific ..
Of whictr.
Australia
Japan
45,618
54,799
64,022
4,824
8,235
9,411
3,658
3,295
3,215
332,374
368,322
425,220
39,686
51,672
60,021
21,745
24,759
31,245
36,167
46,017
65,116
116,272
41,132
59,863
74,320
121,288
47,088
69,701
84,862
129,551
2,725
7,908
-1,526
16,255
5,983
18,995
11,487
11,000
8,728
10,712
10,274
8,582
1,729
1,642
5,003
10,630
2,570
2,283
6,592
9,593
3,037
3,003
7,175
11,700
27,873
29,180
35,701
2,886
3,266
5,921
1,206
1,566
2,003
750
1,850
1,436
698
1,723
116
-263
-60
38
48
145
91
23
48
28
44
180
1,113
645
1,608
-117
-460
942
31
-118
-105
5,801
5,977
6,882
-360
538
140
166
607
122,774
135,166
148,218
11,854
13,202
13,587
4,152
2,303
5,537
10,356
104,997
13,877
114,534
16,229
123,514
2,003
8,118
3,739
10,214
2,557
9,430
435
3,611
362
3,159
61
6,363
By industry
34,907
43,770
47,679
3,863
8,842
4,462
3,274
4,369
4,721
214,504
27,032
72,125
14,193
37,098
64,056
242,320
27,897
76,708
17,364
39,114
81,238
267,070
27,473
88,767
20,454
46,027
84,349
28,739
5,652
11,771
403
3,516
34,500
1,829
6,692
36,228
-133
14,494
2,235
7,400
15,431
1,736
5,806
1,245
2,209
4,435
16,220
1,983
5,159
1,046
1,207
6,824
19,172
1,838
6,125
1,487
2,836
6,886
Wholesale trade
66,871
75,115
87,564
3,847
2,448
3,617
Retail trade
12,533
13,733
16,093
538
513
Depository institutions
33,883
32,161
37,099
4,578
2,883
3,489
Finance, except depository institutions
34,803
37,658
42,526
472
1,182
2,108
Insurance
50,647
54,715
69,092
1,837
2,794
5,050
Real estate
30,170
33,179
34,118
-609
-69
511
Services
32,058
32,358
45,604
-132
404
974
25,176
29,080
34,806
1,695
1,225
2,191
Petroleum
Manufacturing
Food and kindred products
Chemicals and allied products .
Primary and fabricated metals .
Machinery
Other manufacturing
r
Other industries
NOTE.—In this table, unlike in the international transactions accounts, income and capital inflows
are shown without a current-cost adjustment, and income is shown net of withholding taxes. In
addition, unlike in the international investment position, the direct investment position is valued
at historical cost.
7,398
6,556
1,336
6,879
4,009
3,807
-639
1,551
2,672
2,429
18,583
8,247
2,506
555
4,443
7,409
541
3,838
5,572
12,233
11,275
1,320
5,840
5,078
11,090
658
7,164
7,632
The data in this table are from tables 16 and 17 in "Foreign Direct Investment in the United
States: Detail for Historical-Cost Position and Related Capital and Income Flows, 1997" in the
September 1998 issue of the SURVEY.
International Data •
SURVEY OF CURRENT BUSINESS
January 1999
Table G.5.—Selected Financial and Operating Data of Nonbank U.S. Affiliates of Foreign Companies, by Country of Ultimate
Beneficial Owner and by Industry of Affiliate, 1996
Millions of dollars
Number of
affiliates
Total assets
Sales
Millions of dollars
Net income
Gross
product
Thousands of
employees
U.S.
exports of
goods
shipped by
affiliates
U.S.
imports of
goods
shipped to
affiliates
12,626
2,613,985
1,596,022
21,110
339,485
4,977.5
136,588
252,990
Canada
1,289
263,862
121,650
5,035
30,026
618.6
5,658
14,123
Europe
Of which:
France
Germany
Netherlands
Switzerland
United Kingdom
5,411
1,507,678
881,931
15,885
218,174
3,103.9
63,104
86,533
667
1,328
397
623
1,203
274,775
249,891
180,292
275,890
413,966
127,434
168,151
111,395
96,026
277,026
3,120
3,096
2,785
310
5,890
32,584
40,467
29,299
19,461
73,960
411.8
610.2
378.8
306.2
972.6
18,386
13,493
4,468
6,457
12,354
12,888
28,304
Latin America and Other Western Hemisphere .
Of which.
Brazil
Mexico
1,088
57,482
53,767
147
155.4
5,725
10,621
78
275
10,652
8,454
4,462
7,982
160
-643
283
1,439
4.5
35.8
1,192
688
1,241
2,248
All countries, all industries
By country
Africa
Middle East
Asia and Pacific
Of whictr.
Australia
Japan
United States
7,550
13,267
74
11,708
10,605
733
2,555
22.7
522
560
430
26,501
21,024
-258
5,292
61.8
607
5,481
4,249
635,683
487,580
-3,370
65,469
972.9
60,077
134,416
171
3,240
44,617
549,408
23,013
418,320
243
-2,271
5,539
54,560
77.4
776.4
1,268
52,555
1,375
117,433
85
111,071
19,466
2,938
5,270
42.2
894
1,255
By industry
236
114,735
152,832
5,586
32,733
111.8
9,984
21,080
Manufacturing
Food and kindred products
Chemicals and allied products
Primary and fabricated metals
Machinery
Other manufacturing
2,950
257
338
407
736
1,212
578,886
58,624
180,996
60,804
95,234
183,228
552,023
49,562
134,451
62,902
124,066
181,042
7,153
3,591
549
1,010
-737
2,738
156,354
11,783
42,095
16,079
31,863
54,534
2,213.6
205.4
409.8
233.3
536.8
828.4
58,821
2,848
15,656
4,066
20,575
15,677
78,531
3,379
14,254
7,390
28,733
24,776
Wholesale trade
2,230
233,829
466,700
2,839
41,973
488.6
62,792
147,958
50,063
94,028
377
24,544
821.0
1,507
3,408
64
6,001
49.3
15
21
5,306
10,658
152.0
0
0
-1,718
4,984
27.1
7
1
-3,402
21,840
633.8
738
1,173
4,907
40,398
480.3
2,725
818
Petroleum.
Retail trade
352
Finance, except depository institutions .
907
Insurance
161
3,507
Services
1,283
Other industries .
1,000
D
705,181
575,947
89,625
100,549
13,903
105,297
56,247
149,497
Suppressed to avoid disclosure of data of individual companies.
NOTE.—The data in this table are from "Foreign Direct Investment in the United States: New
Investment in 1997 and Affiliate Operations in 1996" in the June 1998 issue of the SURVEY.
58,230
112,434
D-61
D-62
• International Data
SURVEY OF CURRENT BUSINESS
January1999
H. International Perspectives.
Quarterly data in this table are shown in the middle month of the quarter.
Table H.1.—International Perspectives
1998
1997
1996
1997
Sept. |
Oct.
I
Nov.
I
Dec.
Jan.
I
Feb.
|
Mar.
|
Apr.
|
May
|
June
|
July
|
Aug.
| Sept.
|
Oct.
Exchange rates per U.S. dollar (not seasonally adjusted)
Canada (Can.$/US$)
France (FFr/US$)
Germany (DM/US$)
Italy (LAJS0)
Japan (¥/US0)
Mexico (Peso/US$)
United Kingdom (US$/£)
Addendum:
Exchange value of the U.S. dollar
1.3638
5.1158
1.5049
15.4276
1.0878
7.6004
1.5607
1.3849
5.8393
1.7348
17.0381
1.2106
7.9177
1.6376
1.3872
6.0031
1.7862
17.4322
1.2089
7.7809
1.6013
1.3869
5.8954
1.7575
17.2109
1.2106
7.8708
1.6330
1.4128
5.8001
1.7323
16.9708
1.2538
8.2716
1.6889
1.4271
5.9542
1.7788
17.4386
1.2973
8.1271
1.6597
1.4409
6.0832
1.8165
17.8787
1.2955
8.2272
1.6350
1.4334
6.0744
1.8123
17.8828
1.2585
8.5021
1.6408
1.4166
6.1257
1.8272
17.9907
1.2908
8.5681
1.6619
1.4298
6.0782
1.8132
17.9124
1.3175
8.5017
1.6723
1.4452
5.9528
1.7753
17.5079
1.3490
8.5848
1.6382
1.4655
6.0118
1.7928
17.6632
1.4033
8.9200
1.6504
1.4869
6.0280
1.7976
17.7242
1.4079
8.8990
1.6437
1.5346
5.9912
1.7869
17.6301
1.4468
9.3712
1.6342
1.5218
5.6969
1.6990
16.7892
1.3448
10.2192
1.6823
1.5452
5.4925
1.6381
16.2096
1.2105
87.34
96.38
98.29
97.07
96.37
98.82
100.52
99.93
100.47
100.30
99.61
100.90
101.38
101.80
97.17
93.69
8.4
11.8
11.0
8.4
11.8
10.9
8.3
11.7
10.7
8.1
11.6
10.6
43
3.4
4.8
Z'i
3.0
4.7
8.3
11.8
10.8
12.4
4.3
3.0
4.6
43
3.1
4.6
43
3.1
4.6
4.5
4.5
4.5
4.6
10.1594
1.6944
Unemployment rates (percent, monthly data seasonally adjusted)
Canada
France
Germany
Italy
Japan
Mexico
United Kingdom
9.7
12.3
10.4
12.1
3.4
5.5
7.3
9.2
12.5
11.5
12.3
3.4
3.7
5.5
9.0
12.5
11.7
9.1
12.5
11.8
3.4
3.2
5.2
Addendum:
United States
5.4
4.9
4.9
8.6
12.3
11.8
8.9
12.2
11.5
3.5
3.2
5.1
9.0
12.4
11.8
12.2
3.5
3.5
5.0
3.5
3.4
4.9
4.8
4.6
4.7
8.5
12.0
11.5
8.4
11.9
11.3
3.5
3.5
4.9
8.6
12.1
11.5
12.0
3.6
3.4
4.8
3.9
3.3
4.8
4.1
3.3
4.8
8.4
11.9
11.2
12.4
4.1
3.2
4.8
4.7
4.6
4.7
4.3
4.3
Consumer prices (monthly data seasonally adjusted, 1990=100)
Canada
France
Germany (1991=100)
Italy
japan
Mexico
United Kingdom
113.5
113.8
116.5
133.2
107.1
301.7
121.1
115.3
115.2
118.6
136.0
109.0
364.0
124.9
115.6
115.5
119.0
136.2
109.7
373.2
126.3
115.7
115.5
118.9
136.6
109.9
376.2
126.5
115.5
115.7
118.9
137.1
109.7
380.4
126.5
115.4
115.7
119.1
137.1
109.6
385.7
126.9
116.0
115.3
119.1
137.5
109.6
394.1
126.5
116.1
115.7
119.4
137.9
109.7
401.0
127.1
116.2
115.9
119.2
138.3
109.9
405.7
127.5
116.1
116.2
119.5
138.4
109.6
409.5
128.9
116.5
116.3
119.9
138.6
109.6
412.7
129.6
116.7
116.4
120.0
138.8
109.5
417.6
129.6
116.7
115.9
120.3
138.8
109.2
421.7
129.2
116.7
116.1
120.2
138.9
109.1
425.6
129.8
116.4
116.1
119.9
138.9
109.5
432.6
130.3
110.1
438.8
130.4
Addendum:
United States
120.0
122.9
123.5
123.7
123.8
123.9
123.9
124.0
124.0
124.3
124.7
124.8
125.0
125.2
125.2
125.5
Real gross domestic product (percent change from preceding quarter, quarterly data seasonally adjusted at annual rates)
Canada
France
Germany
Italy
Japan
Mexico
United Kingdom
1.5
1.3
.7
5.1
5.2
2.6
Addendum:
United States
3.4
See footnotes at the end of the table.
1.2
7.0
3.5
2.8
3.2
1.3
1.1
-3.7
-1.7
2.9
3.1
2.8
5.9
-.6
^.8
6.2
3.1
1.4
3.4
.2
2.0
-2.9
7.8
1.9
-2.6
8.1
1.5
3.9
3.0
5.5
1.8
3.7
3.8
2.3
2.3
1.5
1.4
1.8
2.0
3.5
116.9
116.0
119.7
International Data •
SURVEY OF CURRENT BUSINESS
January 1999
D-63
Table H.1.—International Perspectives—Continued
1997
1996
1998
1997
Sept.
Oct.
Nov.
Dec.
Jan. I Feb. 1 Mar. I Apr. I May
June
July
Aug.
Sept.
Oct.
Short-term, 3-month, interest rates (percent, not seasonally adjusted)
Canada
France
Germany
Italy
Japan
Mexico
United Kingdom
Addendum:
United States
3.53
3.60
3.76
3.99
4.58
4.62
4.43
4.96
3.94
3.46
3.41
3.59
3.69
3.69
3.62
3.57
3.31
3.33
3.31
3.58
3.74
3.74
3.57
3.51
8.82
6.88
6.67
6.65
6.49
6.08
6.09
6.13
.60
.56
.53
.55
.89
.95 1.10
.59
32.91 21.26 20.51 19.91 22.01 19.88 19.37 19.63
6.02
6.83
7.20
7.25
7.54 7.62
7.48
7.45
5.02
5.07
4.97
4.95
5.15
5.16
5.09
5.11
5.02
5.15
5.59
4.85
5.00
4.88 5.00
3.57 3:63
3.61
3.57
3.56
3.56
3.54
3.52
3.63 3.63
3.56
3.54
3.50
3.49
5.62
5.23
5.11
5.12
4.88
4.89
4.97
.81
.59
.58
.74
.73
.55
.70
20.76 19.47 18.85 20.99 22.04 25.54 42.54
7.48
7.44
7.41
7.62
7.70
7.66
7.37
5.03
5.00
5.03
4.99
4.96
5.27
3.56
3.57
Si"
38.10
7.13
4.94
4.74
4.08
Long-term interest rates, government bond yields (percent, not seasonally adjusted)
Canada
France
Germany
Italy
Japan ..,
Mexico
United Kingdom
Addendum:
United States ....
7.54
6.51
6.20
9.40
3.10
6.47
5.67
5.70
6.86
2.37
6.19
5.55
5.60
6.36
2.21
5.94
5.80
5.60
6.20
1.99
5.76
5.66
5.60
6.13
1.94
5.85
5.45
5.30
5.74
1.94
5.58
5.26
5.10
5.43
1.95
5.60
5.11
5.00
5.38
2.00
5.64
5.04
4.90
5.20
1.86
5.50
5.12
4.90
5.15
1.87
5.52
5.05
5.00
5.21
1.66
5.45
4.95
4.80
5.08
1.54
5.46
4.91
4.70
4.97
1.68
5.65
4.61
4.40
4.79
1.50
5.39
4.39
4.10
4.53
1.10
5.17
4.51
4.10
4.49
7.82
7.04
6.80
6.50
6.61
6.36
6.08
6.03
5.95
5.79
5.83
5.73
5.75
5.54
5.12
5.00
6.44
6.35
6.21
6.03
5.88
5.81
5.54
5.57
5.65
5.64
5.65
5.50
5.46
5.34
4.81
4.53
Share price indices (not seasonally adjusted, 1990=100)
Canada
France
s,
Germany
Italy
japan
Mexico
United Kingdom
154
118
116
96
74
555
167
189
152
158
131
64
779
189
206
160
170
145
65
933
198
200
159
171
149
62
815
203
190
151
161
145
57
873
194
196
157
171
154
55
917
200
196
163
177
175
56
801
205
207
175
188
189
58
839
216
221
195
201
214
58
880
226
224
208
214
238
56
894
232
222
216
219
232
56
795
237
215
223
227
225
55
751
236
203
228
237
239
58
745
238
162
211
215
224
54
525
222
164
189
191
191
50
181
177
175
180
47
207
"20i"
Addendum:
United States
195
249
267
272
268
275
275
290
306
315
313
311
320
294
276
279
1. Index of weighted average exchange value of U.S. dollar against currencies of other G-10 countries. March
1973=100. Weights are 1972-76 global trade of each of the 10 countries. Series revised as of August 1978. For
description and back data, see "Index of the weighted-average exchange value of the U.S. dollar: Revision" on
page 700 of the August 1978 Federal Reserve Bulletin.
NOTE.—All exchange rates are from the Board of Governors of the Federal Reserve System. U.S. interest rates,
unemployment rates, and GDP growth rates are from the Federal Reserve, the Bureau of Labor Statistics, and
BEA, respectively. All other data (including U.S. consumer prices and U.S. share prices, both of which have been
rebased to 1990 to facilitate comparison) are © OECD, December 1998, OECD Main Economic Indicators and are
reproduced with permission of the OECD.
D-64
• International Data
SURVEY OF CURRENT BUSINESS
January 1999
I. Charts-
THE U.S. IN THE INTERNATIONAL ECONOMY
Billion $
40
BALANCE ON CURRENT ACCOUNT
COMPONENTS OF CURRENT ACCOUNT BALANCE
Services
20Investment income
0 -
-20-
-40-
-60-
-80
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98
Billion $
50
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 J
Billion $
120
FINANCIAL INVESTMENT
U.S. DIRECT INVESTMENT ABROAD AND
FOREIGN DIRECT INVESTMENT IN THE U.S.
20
10
-10
-20
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98
Billion $
300
Billion $
7000
NET INTERNATIONAL INVESTMENT POSITION
VALUED AT CURRENT COST
250-
200U..S. assets abroad
150-
100Net investment position
-2000
50
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97
U.S. Department o( Commerce, Bureau 0* Economic Analysis
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98
SURVEY OF CURRENT BUSINESS
January 1999
Regional Data •
D-65
Regional Data
J. State and Regional Tables.
The tables in this section include the most recent estimates of State personal income and gross state product.
The sources of these estimates are noted.
The quarterly and annual State personal income estimates and the gross state product estimates are
available on diskettes or CD-ROM. For information on personal income, E-mail reis.remd@bea.doc.gov; write
to the Regional Economic Information System, BE-55, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230; or call 202-606-5360. For information on gross state product, E-mail
gspread@bea.doc.gov; write to the Regional Economic Analysis Division, BE-6I, Bureau of Economic Analysis,
U.S. Department of Commerce, Washington, DC 20230; or call 202-606-5340.
Table J.1.—Quarterly Personal Income for States and Regions
[Millions of dollars, seasonally adjusted at annual rates]
1997
1996
1995
Percent change
1998
Area name
1997:111997:111
United States ... 5,967,461 6,018,892 6,082,265
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
1.3
1.4
1.1
1.1
.9
.5
1.3
1.9
.7
.5
1.8
2.0
-1.7
1.5
2.1
2.1
2.5
.5
1.0
-.2
.4
-.1
.4
.4
1.0
1.3
1.2
1.1
1.6
1,294,001 1,307,359 1,325,111 1,338,687 1,349,940
20,535
21,571
20,984
21,253
21,849
18,556
19,109
19,174
18,785
18,810
145,008 146,626 149,076 150,167 151,267
257,195 260,425 264,072 269,107 270,398
545,785 551,121 558,018 562,848 569,104
306,921 309,418 313,883 315,885 318,147
1.0
2.2
1.2
1.1
1.3
1.0
.8
1.4
1.3
.1
1.7
1.4
1.3
1.4
1.0
1.5
1.6
.7
1.9
.9
.6
1.3
.3
.7
.5
1.1
.7
1,002,627 1,010,742 1,024,339 1,033,924 1,050,139 1,063,992 1,072,260 1,089,826 1,102,775 1,112,544 1,128,280 1,144,562 1,155,371
296,221 298,855 303,621 308,925 313,159 317,533 320,850 325,755 330,778 333,773 338,659 342,221 346,643
123,464 124,202 125,446 126,961 129,059 130,819 131,890 133,922 135,332 136,081 138,446 140,370 141,699
224,581 226,291 229,018 229,192 233,247 235,191 236,881 240,721 242,939 245,346 248,308 255,184 256,771
246,168 248,230 251,428 252,533 256,422 260,150 261,335 266,513 269,357 271,661 275,434 278,952 281,005
112,191 113,164 114,825 116,312 118,252 120,299 121,304 122,915 124,369 125,683 127,433 127,836 129,254
.9
.6
1.0
.9
1.1
1.4
1.5
1.7
1.2
1.4
1.4
1.4
1.1
1.4
2.8
1.3
.3
.9
1.3
.9
.6
.7
1.1
465,711
68,045
64,881
129,837
133,230
40,284
13,355
16,080
1.0
.6
1.2
1.2
1.0
.9
1.2
1.2
1.0
1.2
1.3
1.2
1.0
.5
.7
-.1
1.2
.3
1.1
2.1
1.2
.6
.8
1.3
1.1
1.1
1.0
1.3
1.2
1.0
.7
.4
1,300,230 1,311,781 1,326,883 1,350,262 1,367,913 1,394,180 1,415,301 1,429,538 1,458,543 1,473,455 1,489,403 1,507,310 1,524,915 1,542,120
80,839
81,688
82,531
83,276
84,773
85,991
86,601
80,324
88,320
88,980
90,682
92,357
89,630
91,485
44,114
44,547
45,539
45,853
47,100
47,670
47,867
43,776
48,605
49,280
50,281
51,185
49,646
50,780
315,990 318,709 322,644 328,319 335,661 341,387 346,580 350,981 357,042 361,288 365,944 369,115 372,556 377,843
152,731 154,021 156,577 160,632 162,790 167,154 170,174 171,867 176,047 177,802 179,814 181,816 185,692 188,259
71,358
71,860
73,014
73,702
75,097
76,466
77,071
70,812
79,137
80,111
81,836
83,591
80,926
82,772
80,884
82,317
82,701
83,507
84,830
85,778
86,350
80,091
87,634
88,603
90,825
92,557
89,315
91,797
44,227
44,788
45,538
46,178
47,045
47,678
47,790
43,939
48,574
49,183
50,240
51,405
49,548
50,902
148,051 149,658 150,975 154,837 156,392 160,437 162,905 165,042 169,423 171,247 172,550 175,072 177,401 179,056
69,021
69,709
70,904
71,575
72,985
74,191
74,876
76,399
77,101
79,083
80,442
78,017
79,116
108,673 109,794 110,972 112,809 113,205 115,098 116,739 117,933 120,220 121,295 122,656 124,373 125,169 126,106
155,952 157,517 159,004 161,233 163,260 165,494 167,897 169,745 173,447 174,637 177,257 179,640 182,660 184,459
31,639
31,803
32,206
32,515
32,781
33,233
33,414
33,696
33,926
34,346
34,861
34,099
34,585
31,492
1.1
.7
.7
1.3
1.1
1.0
.8
.7
.8
1.2
1.1
1.5
.5
1.2
1.2
1.3
.9
1.1
1.1
1.7
1.4
1.5
1.4
1.4
1.3
.7
1.2
.9
1.0
.9
2.1
1.1
1.1
1.3
1.3
0
.6
1.7
.7
1.1
1.0
.8
1.4
1.4
1.0
.8
1.0
.9
1.7
.7
1.0
.8
20,461
18,518
143,530
256,574
543,202
304,338
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota ....
South Dakota....
392,184
57,353
54,620
107,683
113,349
33,965
11,574
13,639
,
Rocky Mountain ..
Colorado
Idaho
Montana
Utah
Wyoming
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
381,684
109,850
25,742
178,711
30,502
23,935
12,945
1,168,773 1,177,598 1,186,970 1,200,728 1,221,822 1,240,073 1,252,618 1,268,123
19,557
19,188
19,894
20,338
18,399
18,040
18,228
18,041
18,516
17,900
18,114
18,304
17,776
17,685
17,769
129,789 130,755 131,621 132,996 135,367 137,271 139,168 140,885
251,583
246,138
248,770
232,328 234,314 236,056 238,649 242,577
494,307 497,847 502,044 507,533 517,969 525,046 528,586 535,929
276,624 278,684 281,073 284,840 288,607 294,019 297,896 300,872
294,780
123,304
225,155
244,240
111,487
Southwest
Arizona
New Mexico
Oklahoma
Texas
1998:11998:11
1.2
375,401
108,076
25,357
175,454
30,109
23,602
12,801
400,057
115,568
187,604
31,770
24,886
13,368
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina ..,
South Carolina ...
Tennessee
Virginia
West Virginia
6,534,446 6,652,349 6,729,607 6,807,743 6,893,137 6,992,622 7,070,608
1997:1V1998:1
422,811
122,398
27,944
198,083
33,904
26,334
14,148
371,417
106,653
25,027
173,963
29,665
23,517
12,591
392,636
112,865
26,516
184,185
31,373
24,530
13,167
357,442
103,187
24,297
166,446
28,365
22,905
12,243
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
6,171,934 6,269,149 6,373,076
1997:1111997:1V
361,896
103,982
24,588
168,846
29,039
23,166
12,275
395,297
57,628
54,976
108,739
114,487
34,086
11,702
13,680
366,184
105,285
24,670
171,309
29,136
23,380
12,404
399,104
58,241
55,579
109,627
115,559
34,599
11,681
13,818
405,533
59,271
56,296
111,755
116,874
35,307
11,955
14,077
416,904
61,593
57,616
114,644
118,805
36,779
12,728
14,740
424,059
62,644
58,354
116,850
120,589
37,550
12,985
15,087
386,940
111,408
26,130
181,154
30,954
24,168
13,126
430,228
63,596
59,244
118,705
122,100
37,990
13,286
15,308
434,037
63,687
59,959
119,487
123,703
38,644
13,204
15,354
439,487
65,011
60,909
120,635
126,407
38,546
12,720
15,260
404,197
116,716
27,117
189,401
32,264
25,235
13,465
445,613
65,973
62,031
122,568
127,403
39,103
12,901
15,634
408,687
117,801
27,250
191,843
32,863
25,404
13,527
450,253
66,344
62,753
124,079
128,724
39,473
13,050
15,828
416,018
120,173
27,718
194,783
33,536
25,939
13,869
454,888
67,110
63,555
125,545
130,068
39,656
13,146
15,808
418,025
121,36427,662
195,514
33,508
26,047
13,931
460,552
67,337
64,241
128,182
131,630
39,887
13,256
16,020
401,149
590,088
89,193
30,916
61,820
408,160
600,186
91,126
31,338
62,584
415,138
610,071
92,654
31,706
63,506
422,205
619,471
94,329
32,014
64,167
428,961
628,078
95,380
32,251
64,978
435,469
644,274
97,701
32,771
66,605
447,197
99,266
33,242
67,061
455,712
666,804
100,940
33,449
67,492
464,924
674,515
102,821
33,724
67,052
470,919
699,771
106,370
34,353
68,978
490,069
1.8
1.7
.6
.6
2.0
1.2
1.9
.8
-.7
1.3
2.3
1.6
.9
1.8
2.6
1.4
1.8
1.0
1.0
1.4
175,474
91,545
22,083
15,959
35,965
9,922
179,473
93,252
22,750
16,148
37,283
10,039
182,156
95,225
22,926
16,252
37,632
10,121
185,753
97,008
23,428
16,473
38,577
10,268
98,654
23,612
16,665
39,266
10,429
191,109
100,169
23,753
16,837
39,825
10,525
195,137
102,352
24,225
17,042
40,785
10,734
198,256
104,256
24,563
17,226
41,423
10,787
201,525
106,213
24,905
17,392
42,109
10,905
203,850
107,813
25,029
17,603
42,440
10,965
210,786
112,098
25,847
17,941
43,715
11,183
1.6
1.9
1.4
1.0
1.7
1.1
1.2
1.5
.5
1.2
.8
.5
1.9
2.4
1.8
1.0
1.4
1.1
1.4
1.5
1.5
.9
1.6
.9
1,015,361 1,025,344 1,037,152 1,050,092 1,070,844 1,087,117 1,102,112 1,118,664 1,138,403 1,156,030 1,171,168 1,183,167
14,837
14,482
14,627
15,352
14,631
14,751
14,986
15,230
15,229
14,417
14,358
14,418
743,198 749,955 757,627 766,298 781,805 793,055 802,404 814,814 828,319 841,373 853,328 861,047
29,824
29,495
29,570
30,659
29,642
29,756
30,162
30,704
30,390
29,134
29,360
29,342
42,754
38,798
39,971
45,470
40,990
41,977
43,660
44,297
44,670
36,373
36,955
37,922
75,017
69,837
70,917
79,090
72,387
73,855
76,524
78,275
77,276
66,186
67,026
68,237
126,054 127,690 129,605 131,182 133,954 136,412 139,368 141,418 144,753 147,465 148,960 151,549
1,224,097
15,936
893,636
31,008
47,069
81,420
155,029
1.3
0
1.4
1.0
.8
1.3
1.0
1.0
.8
.9
-.1
1.8
1.0
1.7
2.1
2.6
2.3
.7
1.5
1.5
1.4
1.3
1.2
1.4
.5
2.0
1.5
563,435
84,131
29,882
59,845
389,576
571,717
85,251
30,109
60,369
395,988
579,757
87,244
30,525
171,069
88,965
21,642
15,723
34,955
9,783
172,633
89,774
21,810
15,795
35,386
9,868
NOTE.—The personal income level shown for the United States is derived as the sum of the State estimates,
It differs from the national income and product accounts (NIPA) estimate of personal income because, by definition,
it omits the earnings of Federal civilian and military personnel stationed abroad and of U.S. residents employed
abroad temporarily by private U.S. firms. It can also differ from the NIPA estimate because of different data sources
30,864
46,152
80,253
153,722
and revision schedules.
Source: Table 1 in "Personal Income by State and Region, Second Quarter 1998" in the November 1998 issue
of the SURVEY.
D-66
• Regional Data
SURVEY OF CURRENT BUSINESS
January 1999
Table J.2.—Annual Personal ncome and Disposable Personal Income for States and Regions
Personal income
Area name
Disposable personal income
Percent change l
Millions of dollars
Millions of dollars
Percent change'
1995
1996
6,060,138
6,408,990
6,770,709
5.8
5.6
5,266,018
5,519,456
5,782,771
4.8
4.8
364,235
104,777
24,646
170,141
29,051
23,242
12,378
384,165
110,550
25,936
179,876
30,734
24,059
13,010
407,240
117,564
27,236
190,908
32,608
25,366
13,557
5.5
5.5
5.2
5.7
5.8
3.5
5.1
6.0
6.3
5.0
6.1
6.1
5.4
4.2
310,142
87,710
21,767
143,513
25,780
20,444
10,928
322,864
91,150
22,775
149,655
26,933
21,014
11,338
338,807
95,844
23,664
157,289
28,316
21,968
11,725
4.1
3.9
4.6
4.3
4.5
2.8
3.7
4.9
5.2
3.9
5.1
5.1
4.5
3.4
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
1,183,517
18,369
17,783
131,290
235,337
500,433
280,305
1,245,659
19,744
18,244
138,173
247,267
526,883
295,349
1,303,273
20,808
18,667
146,060
259,567
549,531
308,640
5.3
7.5
2.6
5.2
5.1
5.3
5.4
4.6
5.4
2.3
5.7
5.0
4.3
4.5
1,014,319
15,762
15,274
112,283
201,584
425,229
244,187
1,058,161
16,818
15,403
117,199
210,077
442,766
255,898
1,096,276
17,561
15,599
122,404
218,716
457,170
264,826
4.3
6.7
.8
4.4
4.2
4.1
4.8
3.6
4.4
1.3
4.4
4.1
3.3
3.5
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
1,009,168
298,369
124,104
226,261
247,517
112,917
1,055,079
315,117
129,682
233,628
257,610
119,042
1,108,356
332,241
135,945
244,329
270,741
125,100
4.5
5.6
4.5
3.3
4.1
5.4
5.0
5.4
4.8
4.6
5.1
5.1
870,278
256,666
107,496
195,048
214,290
96,779
902,634
268,591
111,768
199,665
221,498
101,113
940,038
280,555
116,286
206,863
231,071
105,263
3.7
4.6
4.0
2.4
3.4
4.5
4.1
4.5
4.0
3.6
4.3
4.1
398,029
58,123
55,368
109,451
115,067
34,489
11,728
13,803
426,307
62,880
58,793
117,421
121,299
37,741
13,051
15,122
447,560
66,110
62,312
123,207
128,151
39,195
12,954
15,632
7.1
8.2
6.2
7.3
5.4
9.4
345,678
50,916
48,213
92,684
100,814
30,136
10,454
12,462
367,590
54,944
50,806
97,903
105,563
32,991
11,687
13,695
382,544
57,369
53,437
101,664
110,663
33,887
11,458
14,065
6.3
7.9
5.4
5.6
4.7
9.5
4.1
4.4
5.2
3.8
4.8
2.7
11.8
-2.0
9.6
5.0
5.1
6.0
4.9
5.6
3.9
-.7
3.4
9.9
2.7
1,322,289
81,346
44,494
321,415
155,990
71,761
81,498
44,623
150,880
69,508
110,562
158,426
31,785
1,401,733
85,160
47,122
343,652
167,996
75,584
85,117
47,173
161,194
73,407
115,744
166,599
32,986
1,482,178
89,403
49,453
363,347
178,870
80,503
89,094
49,386
172,073
77,650
122,136
176,245
34,017
6.0
4.7
5.9
6.9
7.7
5.3
4.4
5.7
6.8
5.6
4.7
5.2
3.8
5.7
5.0
4.9
5.7
6.5
6.5
4.7
4.7
6.7
5.8
5.5
5.8
3.1
1,163,967
72,328
39,567
282,893
135,874
62,812
73,270
40,617
131,204
61,397
99,137
136,427
28,441
1,225,611
75,505
41,797
298,779
145,240
65,909
76,078
42,850
139,857
64,517
103,038
142,556
29,486
1,286,299
78,864
43,698
313,157
153,501
69,816
78,930
44,646
148,185
67,823
107,991
149,438
30,250
5.3
4.4
5.6
5.6
6.9
4.9
3.8
5.5
6.6
5.1
3.9
4.5
3.7
5.0
4.4
4.5
4.8
5.7
5.9
3.7
4.2
6.0
5.1
4.8
4.8
2.6
Southwest
Arizona
New Mexico
Oklahoma
Texas
576,249
86,455
30,358
60,718
398,718
614,451
93,372
31,827
63,809
425,443
660,218
100,182
33,297
67,052
459,688
6.6
8.0
4.8
5.1
6.7
7.4
7.3
4.6
5.1
8.0
513,740
75,760
27,095
53,722
357,162
543,549
81,022
28,250
56,117
378,160
580,867
86,140
29,335
58,582
406,809
5.8
6.9
4.3
4.5
5.9
6.9
6.3
3.8
4.4
7.6
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
174,662
90,884
22,071
15,906
35,897
9,903
186,911
97,764
23,430
16,557
38,825
10,336
199,692
105,158
24,681
17,316
41,689
10,848
7.0
7.6
6.2
4.1
8.2
4.4
6.8
7.6
5.3
4.6
7.4
.5.0
151,139
78,112
19,280
14,052
30,947
8,748
160,589
83,279
20,432
14,557
33,403
8,917
170,127
88,701
21,377
15,103
35,665
9,281
6.3
6.6
6.0
3.6
7.9
1.9
5.9
6.5
4.6
3.8
6.8
4.1
1,031,987
14,419
754,269
29,333
37,512
67,822
128,633
1,094,684
14,711
798,020
29,698
41,423
73,044
137,788
1,162,192
15,199
846,017
30,479
44,524
77,791
148,182
6.1
2.0
5.8
1.2
6.2
3.3
6.0
2.6
7.5
6.5
7.5
896,754
12,346
654,979
25,652
32,371
57,945
113,460
938,457
12,566
682,407
25,826
35,352
62,094
120,213
987,813
12,903
717,166
26,363
37,669
65,389
128,322
4.7
1.8
4.2
.7
9.2
7.2
6.0
5.3
2.7
5.1
2.1
6.6
5.3
6.7
United States
New England
Connecticut
Maine
Massachusetts
New Hampshire
Rhode Island
Vermont
Plains .
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina
South Carolina
Tennessee
Virginia
West Virginia
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
1. Percent changes are calculated from unrounded data.
NOTE.—The personal income level shown for the United States is derived as the sum of the
State estimates. It differs from the national income and product accounts (NIPA) estimate of personal income because, by definition, it omits the earnings of Federal civilian and military personnel
1997
1995-96
11.3
10.4
7.7
7.1
1996-97
1995
1996
1997
1995-96
1996-97
stationed abroad and of U.S. residents employed abroad temporarily by private U.S. firms. It can
also differ from the NIPA estimate because of different data sources and revision schedules.
Source: Tables 1 and 3 in "State Personal Income, Revised Estimates for 1982-97" in the
October 1998 issue of the SURVEY.
Regional Data •
SURVEY OF CURRENT BUSINESS
January 1999
Table J.3.—Per Capita Personal Income and Per Capita Disposable Personal Income for States and Regions
Per capita personal income'
Area name
1995
Per capita disposable personal income'
1997
1996
1997
Rank in U.S.
Dollars
Rank in U.S.
Dollars
1995
1996
1997
1997
23,063
24,169
25,298
20,041
20,814
21,607
New England
Connecticut
Maine
Massachusetts ....
New Hampshire .
Rhode Island
Vermont
27,426
32,073
19,970
28,073
25,341
23,480
21,237
30,440
35,954
21,928
31,207
27,806
25,689
23,018
23,353
26,849
17,638
23,680
22,487
20,653
18,750
24,228
33,835
20,941
29,559
26,490
24,344
22,184
18,388
24,593
23,214
21,263
19,333
25,325
29,311
19,053
25,711
24,146
22,248
19,908
Mideast
Delaware
District of Columbia.,
Maryland
New Jersey
New York
Pennsylvania
26,630
25,666
32,197
26,115
29,581
27,578
23,270
27,993
27,291
33,830
27,305
30,901
29,055
24,530
29,245
28,443
35,290
28,671
32,233
30,299
25,678
22,823
22,024
27,655
22,334
25,338
23,434
20,271
23,779
23,246
28,563
23,161
26,254
24,416
21,254
27,160
25,206
22,033
6
2
4
16
Great Lakes ...
Illinois
Indiana
Michigan
Ohio
Wisconsin ...
23,208
25,297
21,442
23,434
22,233
22,084
24,136
26,603
22,251
24,009
23,078
23,132
25,253
27,929
23,183
24,998
24,203
24,199
20,014
21,761
18,573
20,201
19,249
18,927
20,649
22,675
19,178
20,519
19,842
19,648
21,418
23,584
19,830
21,165
20,657
20,362
33
20
22
27
Plains
Iowa
Kansas
Minnesota
Missouri
Nebraska
North Dakota
South Dakota
21,686
20,462
21,547
23,759
21,610
21,078
18,287
18,782
23,083
22,078
22,796
. 25,260
22,615
22,891
20,308
20,503
24,100
23,177
24,014
26,295
23,723
23,656
20,213
21,183
18,834
17,925
18,763
20,119
18,933
18,417
16,300
16,956
19,904
19,292
21,061
19,681
20,011
18,187
18,567
20,113
20,594
21,697
20,485
20,452
17,878
19,060
30
23
17
25
26
41
35
20,817
19,086
17,935
22,665
21,689
18,609
18,828
16,585
20,994
18,871
21,118
24,000
17,446
21,800
19,864
23,833
22,906
19,470
19,608
17,402
22,054
19,751
21,808
24,992
18,120
22,776
20,699
19,602
24,795
23,893
20,599
20,473
18,087
23,174
20,651
22,752
26,172
18,734
18,324
16,971
15,949
19,949
18,892
16,288
16,927
15,096
18,256
18,936
20,667
15,610
19,061
17,612
16,677
20,721
19,803
16,978
17,526
15,807
19,135
17,359
19,414
21,385
16,198
19,766
18,259
17,321
21,370
20,504
17,864
18,138
16,351
19,957
18,037
20,117
22,192
16,660
38
45
18
24
42
39
50
31
40
29
15
49
Southwest.......
Arizona
New Mexico .
Oklahoma ....
Texas
20,578
20,068
18,003
18,560
21,279
21,535
21,057
18,599
19,363
22,285
22,734
21,994
19,249
20,214
23,647
18,346
17,585
16,068
16,422
19,061
19,050
18,271
16,508
17,029
19,808
20,002
18,911
16,959
17,661
20,927
37
48
44
21
Rocky Mountain .
Colorado
Idaho
Montana
Utah
Wyoming
21,227
24,290
18,947
18,310
18,182
20,695
22,310
25,618
19,729
19,244
21,532
23,436
27,015
20,393
19,704
20,246
22,611
18,369
20,877
16,551
16,175
15,675
18,281
19,168
21,823
17,205
16,605
16,556
18,577
19,967
22,787
17,663
17,186
17,320
19,347
10
43
47
46
34
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
23,753
23,965
23,901
24,883
24,525
21,579
23,664
24,901
24,318
25,050
25,105
25,876
22,852
24,964
26,061
24,945
26,218
25,686
26,553
23,984
26,412
20,640
20,520
20,755
21,761
21,164
18,436
20,872
21,347
20,771
21,421
21,832
22,084
19,427
21,780
22,151
21,177
22,225
22,217
22,465
20,160
22,872
United States .
Southeast
Arkansas
Florida
Georgia
Kentucky
Louisiana
North Carolina ...
South Carolina ..
Tennessee
Virginia ..
West Virginia
1. Per capita personal income and per capita disposable personal income were computed using
midyear population estimates from the Bureau of the Census.
NOTE—The personal income level shown for the United States is derived as the sum of the
State estimates. It differs from the national income and product accounts (NIPA) estimate of personal income because, by definition, it omits the earnings of Federal civilian and military personnel
1
36
3
5
12
32
24,600
24,005
29,490
19
13
14
11
stationed abroad and of U.S. residents employed abroad temporarily by private U.S. firms. It can
also differ from the NIPA estimate because of different data sources and revision schedules.
Source: Tables 2 and 4 in "State Personal Income, Revised Estimates for 1982-97" in the
October 1998 issue of the SURVEY.
D-67
D-68
• Regional Data
January 1999
SURVEY OF CURRENT BUSINESS
Table JA—Gross State Product for States and Regions by Industry, 1996
[Millions of dollars]
State and region
Rank of
AgriTotal
culture,
total gross
gross state
forestry,
state
product
and fishing
product
Mining
Construction
Manufacturing
Transportation and Wholesale
public
trade
utilities
Retail
trade
Finance,
insurance,
and real
estate
Services
Government
United States
7,631,022
129,842
113,631
306,052
1,332,093
648,280
516,777
667,903
1,445,535
1,539,525
931,384
New England
Connecticut
,
Maine
,
Massachusetts ..
New Hampshire ,
Rhode Island
Vermont
435,880
124,046
292
52
15
130
31
19
46
14,686
4,055
1,297
1,198
895
635
72,794
20,712
5,333
32,265
7,557
4,282
2,645
28,636
208,591
34,108
25,629
14,611
3,409
893
513
1,212
252
208
332
2,151
13,128
2,590
1,835
1,234
29,226
8,229
1,723
14,845
2,113
1,426
890
35,538
9,211
3,197
16,373
3,098
2,242
1,416
107,237
35,041
5,340
50,880
7,566
5,802
2,607
101,792
27,029
5,410
53,879
6,617
5,814
3,043
42,271
11,126
3,915
19,273
3,088
3,106
1,762
1,440,922
28,331
51,197
143,190
276,377
613,287
328,540
9,244
290
14
1,338
1,524
2,780
3,298
2,464
6
12
100
128
471
1,748
48,440
970
442
7,216
9,675
17,629
12,509
197,808
5,993
1,285
12,317
37,985
72,154
68,074
121,614
1,509
2,769
11,307
27,540
49,518
28,971
92,909
1,124
580
9,046
25,132
37,741
19,286
106,168
1,698
1,369
12,514
20,221
42,056
28,310
10,026
8,863
30,573
64,187
182,389
62,352
324,047
4,042
16,684
33,229
60,211
140,228
69,654
179,839
2,673
19,180
25,552
29,773
68,323
34,338
1,233,424
370,778
155,797
263,336
304,353
139,160
16,660
5,052
2,735
2,526
3,331
3,016
4,670
1,282
715
1,173
1,134
365
50,574
15,476
7,228
10,131
11,753
5,986
313,739
71,444
49,338
71,683
38,605
97,437
34,029
12,578
17,509
23,506
9,816
87,053
28,507
9,382
18,874
21,535
8,756
107,524
29,877
14,212
23,420
27,984
12,030
201,866
71,023
20,426
41,538
46,511
22,367
226,610
76,832
23,893
48,791
53,989
23,105
127,292
37,257
15,289
27,691
31,941
15,114
23,553
5,771
2,986
4,174
2,621
4,330
1,668
2,003
3,406
177
983
877
522
114
482
251
22,473
3,138
2,838
6,195
6,697
2,097
764
745
99,777
18,292
12,451
27,115
31,122
6,662
1,184
2,951
47,400
6,123
7,340
10,876
14,920
4,853
1,695
1,591
39,066
5,213
5,311
11,776
10,659
3,495
1,377
1,236
45,461
6,296
6,540
12,275
13,223
3,906
1,427
1,795
79,404
10,915
Kansas
,
Minnesota
Missouri
Nebraska
North Dakota...
South Dakota ..
514,201
76,315
68,014
141,573
145,123
47,187
15,701
20,289
25,352
21,345
7,007
1,989
4,188
92,293
11,655
11,360
27,558
27,768
8,055
2,741
3,156
61,367
8,735
9,597
15,374
16,246
6,669
2,374
2,373
Southeast
Alabama
Arkansas
Florida
Georgia
Kentucky
Louisiana
Mississippi
North Carolina..
South Carolina ,
Tennessee
Virginia
West Virginia....
1,674,519
99,190
56,417
360,496
216,033
95,410
121,143
56,406
204,229
89,476
140,750
197,809
37,160
30,754
2,016
2,886
6,520
3,801
2,438
1,488
1,798
4,757
1,208
1,651
1,952
240
29,524
1,474
570
787
906
2,448
17,973
507
259
223
399
997
71,440
4,144
2,240
17,031
8,356
3,752
5,086
2,192
8,563
4,195
5,527
8,635
1,720
315,211
22,131
13,898
29,286
39,079
26,833
22,989
13,208
55,075
23,768
32,244
29,986
6,716
152,763
9,301
6,163
32,296
24,166
7,933
10,690
6,003
16,135
7,107
11,076
17,021
4,873
111,941
6,259
3,469
26,417
18,940
5,565
6,451
3,150
13,094
5,172
10,396
11,068
1,960
161,015
9,781
5,729
40,362
19,333
8,472
9,502
5,630
18,242
9,180
15,368
16,168
3,248
265,718
12,694
6,453
78,695
35,515
10,733
14,709
6,474
29,719
11,861
19,450
35,268
4,147
308,111
15,996
8,344
84,406
38,919
14,293
19,054
9,032
31,418
13,505
27,633
39,364
6,147
228,041
15,395
6,664
44,696
27,019
12,944
13,201
8,410
26,968
13,258
17,005
37,351
5,129
Southwest
Arizona
New Mexico ....
Oklahoma
,
Texas
778,815
111,520
72,767
551,830
11,565
1,899
808
1,531
7,327
49,688
1,480
3,050
3,879
41,278
34,892
6,442
1,979
2,332
24,138
125,482
16,143
7,027
12,587
89,725
77,631
8,644
3,262
7,289
58,436
53,480
6,997
1,823
4,421
40,239
70,763
11,743
3,800
7,267
47,953
115,141
21,120
5,937
9,064
79,020
141,929
22,546
7,468
12,634
99,282
98,243
14,505
7,545
11,762
64,431
Rocky Mountain
Colorado
Idaho
Montana
Utah
Wyoming
229,833
116,227
27,898
18,509
50,352
16,847
5,684
2,053
1,744
943
583
361
9,956
1,936
174
903
1,620
5,323
12,246
6,219
1,653
893
2,858
622
29,427
14,226
5,754
1,430
7,051
967
24,530
12,957
2,442
2,331
4,400
2,400
13,873
7,355
1,689
1,192
3,094
543
22,154
11,274
2,774
1,839
5,167
1,101
35,767
19,815
3,431
2,473
8,304
1,744
44,767
25,161
4,548
3,557
9,892
1,610
31,430
15,231
3,691
2,948
7,383
2,177
1,323,429
24,161
962,696
36,317
53,687
86,967
159,602
28,973
355
20,564
445
406
2,590
4,612
13,631
5,424
5,776
28
1,969
104
332
51,301
983
31,656
1,753
4,495
4,731
7,683
177,855
1,161
134,179
1,123
2,589
17,868
20,934
3,770
67,135
3,732
4,146
6,711
12,775
89,229
710
65,857
1,446
2,478
6,937
11,802
119,281
1,576
85,443
4,192
5,053
7,586
15,432
282,013
2,584
218,439
7,768
9,877
14,140
29,205
299,977
2.871
222,748
8,077
17,336
15,939
33,006
162,901
4,728
110,900
7,752
5,339
10,361
23,823
Mideast
Delaware
District of Columbia
Maryland
New Jersey
New York
Pennsylvania
Great Lakes
Illinois
Indiana
Michigan
Ohio
Wisconsin
Plains
Iowa
Far West
Alaska
California
Hawaii
Nevada
Oregon
Washington
42
17
NOTE.—Totals shown for the United States differ from the national income and product account estimates of gross
domestic product (GDP) because GSP is derived from gross domestic income, which differs from GDP by the statistical discrepancy. In addition, GSP excludes and GDP includes the compensation of Federal civilian and military
personnel stationed abroad and government consumption of fixed capital for military structures located abroad and
for military equipment, except office equipment. Also, GSP and GDP have different revision schedules.
Source: Tables 6 and 7 in "Gross State Product by Industry, 1977-96" in the June 1998 issue of the SURVEY.
Regional Data •
SURVEY OF CURRENT BUSINESS
January 1999
D-69
K. Local Area Table.
Table K.1.—Personal Income and Per Capita Personal Income by Metropolitan Area, 1994-96
Per capita personal income 3
Personal income
Area name
1994
1
United Slates
Metropolitan portion
Nonmetropolitan portion
Percent
change 2
Millions of dollars
5,774,875
4,883,837
891,038
1995
1996
1995-96
6,137,878 6,480,031
5,201,691 5,490,338
936,187 989,693
Rank in
U.S.
Dollars
1994
22,186
23,494
1995
24,794
17,675
1996
Consolidated Metropolitan
Statistical Areas
Chicago-Gary-Kenosha, IL-IN-WI ...
Cincinnati-Hamilton, OH-KY-IN
Cleveland-Akron, OH
Dallas-Fort Worth, TX
Denver-Boulder-Greeley, CO
Detroit-Ann Arbor-Flint, Ml
Houston-Galveston-Brazoria, TX ....
Los Angeles-Riverside-Orange
County, CA
Miami-Fort Lauderdale, FL
Milwaukee-Racine, Wl
New York-No. New Jersey-Long Island, NY-NJ-CT-PA
Philadelphia-Wilmington-Atlantic
City, PA-NJ-DE-MD
Portland-Salem, OR-WA
Sacramento-Yolo, CA
San Francisco-Oakland-San Jose,
CA
Seattle-Tacoma-Bremerton, WA
Washington-Baltimore, DC-MD-VAWV
222,978
42,644
68,194
106,085
56,092
132,287
98,543
238,058 250,787
45,357 47,786
72,543 75,712
114,316 122,834
60,771 65,084
141,283 147,044
105,839 112,597
26,242
22,511
23,485
24,294
25,657
24,802
24,046
27,866
23,787
24,957
25,663
27,262
26,264
25,424
341,769
75,283
39,656
360,329
80,181
42,156
22,417
22,150
24,268
23,533 24,522
23,294 24,341
25,768 26,923
590,202
626,539 659,399
5.2
29,970 31,732 33,303
152,556
44,697
35,322
161,128 169,717
48,636 52,531
37,783 39,619
5.3
8.0
4.9
25,587 26,989
22,508 24,000
22,283 23,518
188 817
8^292
203,046 217,884
87,159 93,546
7.3
7.3
28,990 30,989 32,933
25,287 26,716 28,269
195,280
205,681 215,836
4.9
27,766 29,018 30,204
378,298
84,660
44,087
29,195
24,901
26,025
26,906
28,650
27,113
26,556
228
90
247
82
146
249
77
239
187
28
Abilene. TX
Akron, OH*
Albany, GA
Albany-Schenectady-Troy, NY
Albuquerque, NM
Alexandria, LA
Allentown-Bethlehem-Easton, PA ...
Altoona, PA
Amarillo, TX
Anchorage, AK
_.....,....
2,161
14,721
2,066
20,327
13,132
2,303
13,828
2,391
3,930
6,907
2,333
15,812
2,187
21,010
14,255
2,413
14,551
2,488
4,211
7,057
2,452
16,562
2,305
21,708
14,943
2,477
15,228
2,616
4,377
7,209
5.1
4.7
5.4
3.3
4.8
2.7
4.7
5.1
4.0
2.2
17,824
21,873
17,768
23,069
20,331
18,294
22,649
18,079
19,776
27,471
19,057
23,386
18,790
23,850
21,598
19,048
23,804
18,849
20,610
28,129
20,198
24,371
19,688
24,695
22,353
19,656
24,866
19,919
21,215
28,908
Ann Arbor, Ml*
Anniston, AL
Appleton-Oshkosh-Neenah, Wl
Asheville.NC
Athens, GA
Atlanta GA
Atlantic-Cape May, NJ*
Augusta-Aiken, GA-SC
Austin-San Marcos, TX
Bakersfield, CA
13,561
1,921
7,201
4,119
2,424
81 442
8,582
8,442
20,642
10,255
14,687
2,034
7,730
4,430
2,623
9,060
8,868
22,704
10,671
15,464
2,107
8,158
4,706
2,802
96,193
9,413
9,134
24,632
11,073
5.3
3.6
5.5
6.2
6.8
8.1
3.9
3.0
8.5
3.8
26,441
16,553
21,704
20,205
18,187
24,451
26,067
18,848
21,350
16,790
28,165
17,439
23,026
21,407
19,487
25,938
27,360
19,604
22,615
17,335
29,137
18,082
24,030
22,454
20,463
27,241
28,266
20,161
23,669
17,810
Baltimore, MD*
Bangor, ME (NECMA)
Barnstable-Yarmouth, MA
(NECMA)
Baton Rouge, LA
Beaumont-Port Arthur, TX
Belngham, WA
Benton Harbor, Ml
Bergen-Passaic, NJ*
Billings, MT
Biloxi-Gulfport-Pascagoula, MS .,
59,932
2,615
62,952
2,706
65,994
2,805
4.8
3.7
24,429
17,909
25,558 26,731
18,728 19,495
290
98
142
218
37
31
230
109
295
44
261
5,115
11,251
6,996
2,760
3,234
42,747
2,510
5,814
5,515
11,880
7,354
2,956
3,422
44,777
2,674
6,061
5,870
12,404
7,598
3,170
3,523
46,943
2,791
6,291
6.4
4.4
3.3
7.2
3.0
4.8
4.4
3.8
26,188
20,176
18,729
18,938
20,063
32,518
20,468
17,259
27,700
21,135
19,621
19,828
21,168
33,920
21,482
17,775
26
164
225
203
166
5
153
287
180
94
185
251
85
97
Binghamton, NY
Birmingham, AL
Bismarck, ND
Bloomington, IN
Bloomington-Normal, IL
Boise City, ID
,
Boston-Worcester-Lawrence-LowellBrockton, MA-NH (NECMA)
Boulder-Longmont, CO*
Brazoria, TX*
Bremerton, WA*
5,152
19,172
1,710
2,037
3,067
7,804
5,255
20,521
1,816
2,154
3,226
8,555
5,403
21,659
1,914
2,277
3,420
8,983
2.8
5.5
5.4
5.7
6.0
5.0
19,680
21,787
19,440
17,933
22,483
22,408
20,403
23,101
20,386
18,687
23,271
23,693
29,009
21,910
20,292
20,827
21,861
35,371
22,235
18,440
21,274
24,227
21,227
19,646
24,504
24,096
154,929
6,705
3,990
4,330
166,492
7,217
4,235
4,560
175,769
7,705
4,498
4,812
5.6
6.8
6.2
5.5
27,095
26,897
18,798
20,024
28,925
28,448
19,631
20,193
30,366
29,914
20,405
20,815
16
19
221
204
Brownsville-Harlingen-San Benito,
TX
Bryan-College Station, TX
Buffalo-Niagara Falls, NY
Burlington, VT (NECMA)
Canton-Massillon, OH
Casper WY
Cedar Rapids, IA
Champaign-Urbana, IL
Charleston-North Charleston, SC ...
Charleston, WV
3,505
1,986
25,457
4,035
8,083
1,468
4,105
3,238
9,195
5,465
3,684
2,083
26,750
4,369
8,558
1,578
4,354
3,405
9,501
5,653
3,911
2,202
27,677
4,632
8,890
1,620
4,592
3,580
9,889
6.1
5.7
3.5
6.0
3.9
2.6
5.5
5.1
4.1
4.2
11,734
15,207
21,464
21,673
20,133
23,008
23,237
19,495
17,709
21,513
12,029
15,862
22,659
23,279
21,278
24,733
24,323
20,400
18,643
22,225
12,461
16,748
23,588
24,445
22,077
25,454
25,521
21,312
19,678
23,149
313
306
28 714
3,354
8,926
1,604
205,523
3,349
36,190
2,851
31,350
3,607
9,538
1,685
219,619
3,482
33,556
3,826
10,009
1,729
231,378
3,682
40,465
3,287
7.0
6.1
4.9
2.6
5.4
5.8
5.3
6.3
22,819
23,926
20,357
20,588
26,897
17,453
22,925
15,486
24,350
25,338
21,571
21,518
28,587
18,040
24,216
16,465
25,446
26,461
22,517
21,974
29,948
19,084
25,359
16,933
63
49
138
159
18
276
65
304
See footnotes at the end of the table.
38,440
3,091
1994
157
62
61
178
248
124
1995
1996
Rank in
U.S.
Dollars
1996
1996
23,971 25,434
19,872 21,112
26,529
22,320
46
148
20,286
20,332
17,665
22,738
17,387
16,637
25,596
16,970
21,509
21,513
18,777
23,910
18,127
17,249
27,145
17,806
22,424
22,529
19,890
24,863
19,034
18,052
28,513
18,404
137
243
78
277
292
29
288
5.1
3.8
20,543 21,635
21,885 23,292
22,746
24,239
132
116,667
2,508
2,318
1,866
4,775
8,959
2,911
2,719
54,449
11,339
121,458
2,579
2,481
1,952
5,024
5.9
4.4
6.8
7.2
6.3
4.1
2.8
7.0
4.6
5.2
17,892
18,998
20,902
26,119
23,996
24,897
17,669
18,123
20,088
18,863
18,783
19,984
21,905
27,810
25,246
26,373
18,707
19,155
21,139
20,0?8
6,133
2,587
9,004
3,632
1,769
1,071
5,541
5,782
6,146
3,179
6,479
2,768
9,491
3,823
1,848
1,110
5,758
6,217
6,384
3,373
6,823
2,921
9,919
3,958
1,933
1,161
5,989
6,601
6,748
3,680
5.3
5.5
4.5
3.5
4.6
4.6
4.0
6.2
5.7
9.1
23,519
18,271
13,536
22.170
18,749
18,897
19,775
19,351
21,478
19,654
24,790
19,468
14,026
22,948
19,630
19,419
20,552
20,520
22,247
20,622
Fayetteville, NC
Fayetteville-Springdale-Rogers, AR
Flagstaff, A2-UT
Flint, Ml*
Florence, AL
Florence, SC
Fort Collins-Loveland, CO
Fort Lauderdale, FL*
Fort Myers-Cape Coral, FL
Fort Pierce-Port St. Lucie, FL
4,892
4,711
1,829
9,461
2,401
2,194
4,449
34,500
8,340
6,428
5,251
5,124
1,965
9,929
2,567
2,303
4,855
36,990
5,549
5,449
2,105
10,121
2,668
2,441
5,280
39,081
9,578
7,321
5.7
6.3
7.1
1.9
3.9
6.0
8.8
5.7
6.8
6.6
17,261
19,346
16,049
21,892
17,744
18,136
20,959
24,883
22,706
23,110
18,468
20,217
16,885
22,875
18,884
18,808
22,378
26,167
23,903
24,281
255
210
116
24
45
36
268
223
156
191
55
219
312
118
212
220
176
172
119
147
256
202
294
123
259
245
103
40
71
Fort Smith, AR-OK
Fort Walton Beach, FL
Fort Wayne, IN
Fort Worth-Arlington, TX*
Fresno, CA
Gadsden, AL
Gainesville, FL
Galveston-Texas City, TX*
Gary IN*
Glens Falls, NY
3,249
3,071
10,391
31,757
14,666
1,743
3,681
4,759
12,795
2,242
3,449
3,211
11,017
33,817
15,260
1,834
3,936
5,046
13,435
2,347
3,599
3,514
11,513
36,048
16,097
1,867
4,140
5,322
14,151
2,436
4.3
9.4
4.5
6.6
5.5
1.8
5.2
5.5
5.3
3.8
17,576
19,109
22,205
21,710
17,526
17,096
19,039
20,270
20,725
18,418
18,311
19,666
23,400
22,711
18,043
17,978
20,131
21,256
21,676
19,181
1,751
1,793
1,881
1,880
2,016
1,990
2,026
2,145
5.8
7.8
6.4
16,111 17,004
17,206 18,081
18,257 18,999
19,565
20,706
23,582
29,234
26,557
27,250
19,334
20,374
22,096
21,141
25,946
20,452
14,480
23,449
20,651
20,417
21,389
21,534
23.430
22,335
19,556
20,856
17,847
23,240
19,508
19,808
23,841
27,129
25,144
25,269
18,841
21,218
24,281
23,690
18,727
18,248
20,968
22,154
22,783
19,902
17,798
19,583
19,806
21,577
1,524
2,568
4,645
23,213
1,627
2,739
4,984
24,508
1,701
2,931
5,234
5.6
4.5
7.0
5.0
21,807
18,803
17,776
22,421
23,158
20,120
18,475
23,706
24,139
21,051
19,328
24,638
95
195
24,599
2,165
26,488
2,342
28,025
2,478
5.8
5.8
22,212 23,578
18,671 19,877
24,597
20,800
84
205
16,753
18,099
19,030
5.1
19,233 20,511
2,303
6,454
13,782
22,372
2,952
2,427
6,917
14,551
32,492
1,775
6,291
23,200
3,110
89,794
5,330
96,557
5,499
2,535
7,321
15,343
33,713
1,876
6,598
23,507
3,310
102,778
5,663
4.5
5.8
5.4
3.8
5.7
4.9
1.3
6.4
6.4
3.0
18,255
20,438
22,635
27,916
15,912
19,574
25,768
15,781
24,593
16,852
19,119
21,652
23,816
29,322
16,763
20,280
26,693
16,541
26,028
17,385
6,799
34,870
2,200
2,890
8,000
1,841
20,826
2,027
2,494
3,038
7,172
36,666
2,278
3,073
8,655
1,979
22,486
2,152
2,568
3,288
7,456
38,557
2,406
3,188
9,105
2,068
24,041
2,313
2,652
3,402
4.0
5.2
5.6
3.8
5.2
4.5
6.9
7.4
3.3
3.5
20,769
23,915
21,903
18,967
19,440
19,191
21,452
14,194
17,598
20,808
21,884
24,884
22,495
20,025
20,831
20,355
22,828
15,118
18,175
22,184
12,244
12,879
13,433
4.3
22,305 23,465
21,267
19,917
22,640
25,002
30,473
17,386
20,988
27,040
17,476
27,195
17,922
22,595
25,898
23,687
20,644
21,592
21,029
23,679
16,184
18,793
22,685
24,456
182
240
134
74
15
300
197
41
299
39
293
135
56
107
213
169
196
108
308
282
133
87
7,943
4,211
8,499
4,394
8,902
4,569
4.7
4.0
17,671 18,742
17,511 18,291
19,482
19,105
264
274
1995-96
Cleveland-Lorain-Elyria, OH*
Colorado Springs, CO
53,474
9,005
56,730
9,812
59,150
10,544
4.3
7.5
Columbia, MO
Columbia, SC
Columbus, GA-AL
Columbus, OH
Corpus Christi, TX
Cumberland, MD-WV
Dallas, TX*
Danville, VA
Davenport-Moline-Rock Island, IA-
2,457
9,846
4,827
32,316
6,526
1,680
74,328
1,862
2,655
10,556
5,098
34,293
6,866
1,739
2,824
11,212
5,398
35,966
7,285
1,947
1,807
86,785
2,005
6.4
6.2
5.9
4.9
6.1
3.9
7.8
3.0
7,332
20,870
7,729
22,184
8,122
23,017
7,903
2,626
2,438
46,819
10,016
109,265
2,364
2,162
1,770
4,539
8,460
2,788
2,546
50,815
Daytona Beach, FL
Decatur, AL
Decatur, IL
Denver, CO*
Des Moines, IA
Detroit, Ml*
Dothan, AL
Dover, DE
Dubuque, IA
Duluth-Superior, MN-WI
28,413
25,343
24,288
Percent
change 2
Millions of dollars
Dayton-SpringVi'ei^
Metropolitan Statistical Areas 4
Charlotte-Gastonia-Rock Hill, NCSC
Charlottesville, VA
Chattanooga, TN-GA
Cheyenne, WY
Chicago, IL*
Chico-Paradise, CA
Cincinnati, OH-KY-IN*
Clarksville-Hopkinsville, TN-KY
Area name
1996
24,436
25,926
18,530
Per capita personal income 3
Personal income
Dutchess County, NY*
Eau Claire, Wl
El Paso, TX
Elkhart-Goshen, IN
Elmira, NY
Enid, OK
Erie, PA
Eugene-Springfield, OR
Evansville-Henderson, IN-KY
Fargo-Moorhead, ND-MN
Goldsboro, NC
Grand Forks, ND-MN
Grand Junction, CO
Grand Rapids-Muskegon-Holland,
Ml
Great Falls, MT
Greeley, CO*
Green Bay, Wl
Greensboro-Winston-Salem-High
Point, NC
Greenville, NC
Greenville-Spartanburg-Anderson,
SC
Hagerstown, MD*
Hamilton-Middletown, OH*
Harrisburg-Lebanon-Carlisle, PA ....
Hartford, CT (NECMA)
Hattiesburg, MS
Hickory-Morganton-Lenoir, NC
Honolulu, HI
Houma, LA
Houston, TX*
Huntington-Ashland, WV-KY-OH ....
Huntsville, AL
Indianapolis, IN
Iowa City, IA
Jackson, Ml
Jackson, MS
Jackson, TN
Jacksonville, FL
Jacksonville, NC
Jamestown, NY
Janesville-Beloit, Wl
T
Jersey City, NJ*
Johnson City-Kingsport-Bristol, TNVA
Johnstown, PA
31,062
1,646
5,988
1994
1995
281
186
92
106
284
289
200
155
130
242
296
254
246
D-70
• Regional Data
SURVEY OF CURRENT BUSINESS
January 1999
Table K.1.—Personal Income and Per Capita Personal Income by Metropolitan Area, 1994-96—Continued
Per capita personal income 3
Personal income
Area name
Percent
change 2
Millions of dollars
Dollars
1994
1995
1996
Jonesboro, AR ...
Joplin, MO
Kalamazoo-Battle Creek, Ml
Kankakee, IL*
Kansas City, MO-KS
Kenosha, Wl*
Killeen-Temple, TX
1,219
2,554
9,241
1,898
38.562
2,761
4,555
1,337
2,754
9,771
2,040
41,353
2,964
4,875
1,415
2,942
10,204
2,159
43,810
3,098
5,114
Knoxville, TN
Kokomo, IN
La Crosse, WI-MN
Lafayette, LA
Lafayette, IN
Lake Charles, LA
Lakeland-Winter Haven, FL
Lancaster, PA ....
Lansing-East Lansing, Ml
Laredo, TX
12,954
2,223
2,448
6,143
3,201
3,184
7.756
9,804
9,213
1,930
13,906
2,418
2,554
6,481
3,343
3,390
8.278
10,287
9,697
2,007
14,420
2,512
2,705
6,916
3,531
3,577
8,797
10,870
10,092
2,160
Las Cruces, NM .
Las Vegas, NV-AZ
Lawrence, KS
Lawton, OK
Lewiston-Aubum, ME (NECMA)
Lexington, KY
Lima OH
Lincoln, NE
Little Rock-North Little Rock, AR ...
Longview-Marshall, TX
2,136
23.990
1.511
1,814
1,931
9,063
2,993
4,817
11,025
3.668
2,295
26,739
1,627
1,904
1,992
9,805
3,122
5,136
11,850
3,886
2,383
29,588
1,717
1,965
2,071
10,522
3,222
5,451
12,531
4,114
Los Angeles-Long Beach, CA*
Louisville, KY-IN
Lubbock, TX
Lynchburg, VA
Macon, GA
Madison, Wl
Mansfield, OH
McAllen-Edinburg-Mission, TX
Medford-Ashland, OR
Melbourne-Titusville-Palm Bay, FL
204,873
21,942
4,373
3,942
5,755
9,797
3,214
4,954
3,150
8,961
216,269
23,298
4,586
4,133
6,127
10,510
3,379
5,303
3,392
9,412
226,592
24,487
4,874
4,309
6,487
11,080
3,517
5,680
3,605
9,836
Memphis, TN-AR-MS
Merced, CA
Miami, FL*
Middlesex-Somerset-Hunterdon,
NJ*
Milwaukee-Waukesha, Wl*
Minneapolis-St. Paul, MN-WI
Mobile. AL
Modesto, CA
Monmouth-Ocean, NJ*
Monroe, LA
23,677
3,068
40,783
25,603
2,999
43,190
26,826
3,294
45,579
4.8
9.8
5.5
22,492 24,048 24,945
15,641 15,505 17,064
20,268 21,292 22,370
33.091
35.578
70,644
9,038
7,149
28,071
2.537
35,459
37,815
75,469
9,608
7,404
29,758
2,728
37,473
39,526
80,878
10,156
7,884
31,199
2,881
31,051
24,510
26,246
17,664
17,602
27,162
17,398
32,928
26,040
27,682
18,627
18,037
28,359
18,619
34,366
27,202
29,299
19,508
18,953
29,343
19,621
Montgomery, AL
Muncie, IN
Myrtle Beach, SC
Naples, FL
Nashville, TN
Nassau-Suffolk, NY*
New Haven-Bridgeport-StamfordDanbury-Waterbury, CT*
New London-Norwich, CT
(NECMA)
New Orleans, LA
New York, NY*
6,217
2,311
2,800
5,820
25,676
82,459
6,620
2,411
3.092
6,073
27,852
85,472
6,956
2,491
3,318
6,577
29,266
89,919
5.7
4.5
7.2
5.7
6.5
4.8
5.6
5.1
3.3
7.3
8.3
5.1
5.2
19,989
19,435
18,407
32,737
24,040
31,187
21,088
20,304
19,626
33,204
25,507
32,237
21,973
21,063
20,271
34,830
26,262
33,837
7
38
23
259
279
22
252
161
194
226
6
51
10
55,291
59,964
63,249
5.5
34,063 36,964 38,962
2
6,289
26,769
253,351
6,643
28,209
270,487
6,927
29,021
285,207
24,956 26,228 27,385
20,474 21,527 22,179
29,498 31,474 33,177
Newark NJ*
Newburgh, NY-PA*
Norfolk-Virginia Beach-Newport
News, VA-NC
Oakland, CA*
Ocala, FL
Odessa-Midland, TX
Oklahoma City, OK
Olympia, WA*
Omaha, NE-IA
Orange County, CA*
59,212
7,383
62,635
7,739
65,787
8,069
4.3
2.9
5.4
5.0
4.3
34
154
11
9
150
29,902
59,219
3,830
4,840
19,537
3,984
14,997
67,828
31,397
62,872
4,114
5,121
20,515
4,253
16,094
71,734
32,726
66,728
4,392
5,392
21.620
4,538
17,206
75,793
Orlando, FL
Owensboro, KY
Panama City, FL
Parkersburg-Marietta, WV-OH
Pensacola, FL
Peoria-Pekin, IL
Philadelphia, PA-NJ*
Phoenix-Mesa, AZ
Pine Bluff AR
Pittsburgh, PA
27,897
1,671
2,488
2,867
6,521
7,451
126,715
53,320
1,327
54,830
29,832
1,747
2,563
2,992
6,913
7,776
133,692
58,994
1,397
57,665
31,987
1,824
2,819
3,114
7,409
8,207
140,791
64,359
1,456
60,194
3,146
1,186
5,945
39,034
3,329
1,261
6,291
42,504
20,364
4,305
2,209
2.456
4,077
21,480
4,772
2,416
2,645
4,341
Pittsfield, MA (NECMA)
Pocatello ID
Portland, ME (NECMA)
Portland-Vancouver, OR-WA*
Providence-Warwick-Pawtucket, Rl
(NECMA)
Provo-Orem, UT
Pueblo, CO
Punta Gorda, FL
Racine, Wl*
1994
1995
1996
5.8
6.8
4.4
5.8
5.9
4.5
4.9
3.7
3.9
5.9
6.7
5.6
5.5
6.3
5.7
4.1
7.6
16,638
18,024
20,967
18,783
23,281
20,102
15,816
17,891
19,182
22,078
20,142
24,738
21,268
16,744
18,590
20,195
22,962
21,261
25,949
21,913
17,117
20,588
22,372
20,395
17,042
19,040
18,336
18,061
22,147
20,747
11,732
21,740
24,258
21,175
17,779
19,690
19,287
18,977
22,997
21,784
11,675
22,247
25,053
22,320
18,785
20,640
20,084
19,905
24,138
22,587
12,199
3.9
13,627
22,244
17,350
15,436
18,718
21,061
19,200
21,305
20,541
18,234
14.378
23,481
18,431
16,525
19,416
22,579
20,069
22,413
21,878
19,086
14,529
24,706
19,147
17,090
20,385
23,929
20,727
23,591
22,882
19,950
1995-96
10.7
5.6
3.2
4.0
7.3
3.2
6.1
5.7
5.9
4.8 22,584 23,885 24,945
5.1 22,418 23,666 24,764
6.3 19,000 19,824 21,065
4.3 19,435 20,256 20,962
5.9 18,771 19,853 20,791
5.4 25,161 26,798 28,087
4.1 18,340 19,275 20,067
7.1 10,680 11,032 11,478
6.3 19,447 20,502 21,410
4.5 20,245 20,922 21,640
30,675 32,401 33,952
20,814 21.583 22,279
286
229
128
183
54
162
301
152
72
148
283
214
234
241
96
136
314
311
81
272
302
222
101
209
113
129
238
75
79
193
201
206
32
236
315
175
168
75
303
145
4.1
7.2
5.6
5.3
9.1
4.3
4.4
17,832
18,925
17,568
21,670
25,588
20,911
15,763
22,880
18.060
19,740
18,282
22,486
26,993
22,166
16,732
24,167
19,487
20,581
19,146
23,701
28,447
23,377
17,567
25,359
3,470
1,326
6,614
45,997
4.2
5.1
5.1
8.2
23,203
16,476
24,059
23,252
24,635
17,269
25,391
24,809
25,759
18,073
26,479
26,228
59
291
47
53
22,173
5,156
2,520
2,827
4,56
3.2
8.0
4.3
6.9
5.1
22,368
14,260
17,320
19,518
22,342
23,668
15,352
18,674
20,469
23,617
24,478
16,099
19,235
21,535
24,721
86
309
270
171
80
10.0
1. The personal income level shown for the United States is derived as the sum of the county estimates; it
differs from the national income and product accounts (NIPA) estimate of personal income because, by definition,
it omits the earnings of Federal civilian and military personnel stationed abroad and of U.S. residents employed
abroad temporarily by private U.S. firms. It can also differ from the NIPA estimate because of different data sources
and revision schedules.
2. Percent change was calculated from unrounded data.
3. Per capita personal income was computed using Census Bureau midyear population estimates. Estimates for
1994-96 reflect county population estimates available as of March 1998.
4. Includes Metropolitan Statistical Areas, Primary Metropolitan Statistical Areas (PMSA's designated by *), and
Area name
1996
179
20
278
140
190
127
67
27
143
233
262
215
273
105
30
121
298
65
4.2 19,616 20,507 21,311
6.1 26,910 28,405 29,842
6.8 17,460 18,217 18,975
5.3 20,520 21,607 22,493
5.4 19,429 20,244 21,148
6.7 21,279 22,114 23,068
6.9 22,641 24,021 25,291
5.7 26,534 27,735 28,936
7.2 20,455 21,437 22,425
4.4 18,552 19,301 20,104
Per capita personal income 3
Personal income
Rank in
U.S.
Percent
change 2
Millions of dollars
1994
1995
1996
Raleigh-Durham-Chapel Hill, NC ...
22,796
24,901
26,843
Rapid City, SD
Reading, PA
Redding, CA
Reno, NV
Richland-Kennewick-Pasco, WA ....
Richmond-Petersburg, VA
Riverside-San Bernardino, CA*
Roanoke, VA
Rochester, MN
Rochester, NY
1,630
8,085
3,053
7,495
3,581
22,776
52,445
5,192
2,652
25,426
1,734
8,481
3,137
8,178
3,709
23,991
54,696
5,566
2,792
26,696
1,805
8,890
3,262
8,819
3,808
25,213
57,446
5,804
2,996
27,751
Rockford, IL
Rocky Mount, NC
Sacramento, CA*
Saginaw-Bay City-Midland. Ml
St. Cloud, MN
St. Joseph, MO
St. Louis, MO-IL
Salem, OR*
Salinas, CA
Salt Lake City-Ogden, UT
7,421
2,472
32,231
8,497
2,765
1,800
60,119
5,663
8,021
22,195
7,931
2,635
34,506
9,014
2,921
1,881
64,142
6,132
8,477
24,130
San Angelo. TX
San Antonio, TX
San Diego, CA
San Francisco, CA*
San Jose, CA*
San Luis Obispo-Atascadero-Paso
Robles, CA
Santa Barbara-Santa MariaLompoc, CA
Santa Cruz-Watsonville, CA*
Santa Fe, NM
Santa Rosa, CA*
1,843
27,806
58,191
57,102
46,175
1,947
29,887
61,380
61,301
51,238
4,397
4,652
4,941
9,415
5,835
3,113
10,196
10,395
6,631
3,535
11,524
Sarasota-Bradenton, FL
Savannah, GA
Scranton-Wilkes-Barre-Hazleton,
PA
Seattle-Bellevue-Everett, WA*
Sharon, PA
Sheboygan, Wl
Sherman-Denison, TX
Shreveport-Bossier City, LA
Sioux City, IA-NE
Sioux Falls, SD
14,472
5.596
9,874
6,207
3,421
10,761
15,575
5,952
12,364
60,298
2,156
2,331
1,751
7,310
2,325
3,500
12,924
64,801
2,267
2,478
1,880
7,630
2,492
3,719
13,398
69,844
2,370
2,581
2,014
7,865
2,659
4,018
5,472
7,803
4,403
5,704
5,782
8,303
4,579
6,139
12,639
2,389
2,441
9,456
1,552
15,479
12,680
4,813
13,451
2,538
2,531
9,885
1,638
16,133
5,943
8,701
4,819
6,444
13,949
2,662
2,615
10,410
1,743
16,581
13,544
5,169
14,353
5,450
46,279
2.686
2.082
13.336
3,561
10,220
13,838
15,668
49,670
2,805
2,198
14,094
3,770
10,891
14,828
16,525
52,738
2,872
2,306
14,628
3,936
11,296
15,766
17,456
2,850
3,242
5.849
10,291
16,621,605
2.785
5,417
3.535
133,045
3,011
3,469
6,006
10,666
17,630
1,696
2,882
5,569
3,793
140,302
3,159
3,706
6,101
11,271
18,467
1,801
2,964
5,918
3,960
147,306
2,522
2,519
35,409
2,91"
2,624
2,656
37,933
3,023
11,630
2,716
2,239
15,494
4,083
3,885
12,430
2,849
2,325
16,548
4,388
4,204
3,278
8,30"
12,306
2,344
2,025
3,418
8,686
12,670
2,446
1,946
South Bend, IN
Spokane, WA
Springfield, IL
Springfield, MO
Springfield, MA (NECMA)
State College, PA
Steubenville-Weirton, OH-WV
Stockton-Lodi, CA
Sumter, SC
Syracuse, NY
Tacoma, WA*
Tallahassee, FL
Tampa-St. Petersburg-Clearwater,
FL
Terre Haute, IN
Texarkana, TX-Texarkana, AR
Toledo, OH
Topeka, KS
Trenton, NJ*
Tucson, AZ
Tulsa, OK
Tuscaloosa, AL
Tyler, TX
Utica-Rome, NY
Vallejo-Fairfield-Napa, CA*
Ventura, CA*
Victoria, TX
Vineland-Millville-Bridgeton, NJ*
Visalia-Tulare-Porterville, CA
Waco, TX
Washington, DC-MD-VA-WV*
Waterloo-Cedar Falls, IA
Wausau, Wl
West Palm Beach-Boca Raton, FL
Wheeling, WV-OH
Wichita, KS
Wichita Falls, TX
Williamsport, PA
Wilmington-Newark, DE-MD*
Wilmington, NC
Yakima, WA
2,401
2,366
32,694
2,835
10,952
2,507
2,169
14,473,773,718
Yolo, CA*
York, PA
Youngstown-Warren, OH
Yuba City, CA
Yuma, AZ
3,090
7,838
11,660
2,249
1,726
8,293
2,801
36,201
9,426
3,132
1,971
67,118
6,534
8,761
26,085
2,040
31,553
65,512
56,218
16,443
6,320
1995-96
7.8
4.1
4.8
4.0
7.8
2.7
5.1
5.0
4.3
7.3
4.0
4.6
6.3
4.9
4.6
7.2
4.8
4.6
6.6
3.4
8.1
4.8
5.6
5.9
6.9
9.7
Rank in
U.S.
Dollars
1994
1995
23,643 25,061
18,848 19,917
23,198 24,209
19,111 19,499
26,468 28,126
20,597 20,690
24,860 25,909
17,979 18,453
22,730 24,382
23,486 24,834
23,399 24,588
21,479 22,738
17,606 18,510
22,397 23,661
21,101 22,394
17,662 18,425
18,399 19,311
23,733 25,238
18,441 19,578
23,304 24,580
18,731 20,015
18,276 19,193
19,457 20,499
22,111 23,201
34,932 37,391
29,757 32,707
6.2 19,645
1996
1996
26,255
20,770
25,248
20,144
29,528
21,120
26,974
19,090
25,387
26,478
25,543
23,523
19,474
24,444
23,390
19,594
20,298
26,337
20,480
25,032
21,271
207
69
231
21
192
43
275
64
48
60
19,996
21,237
24,282
39,746
35,395
265
89
120
253
224
50
217
73
181
237
184
91
1
4
20,515 21,483
173
5.3
6.8
3.3
7.1
5.6
6.2
24,589
24,846
23,714
24,813
27,937
20,299
25,764
26,288
25,255
25,860
29,674
21,343
27,003
27,896
25,774
27,353
30,931
22,477
42
33
58
35
14
141
3.7
7.8
4.5
4.2
7.1
3.1
6.7
8.0
2.8
4.8
5.3
5.0
3.7
4.9
3.3
5.3
6.4
2.8
6.0
5.4
19,470
27,736
17,695
21,729
17,998
19,395
19,475
22,632
21,468
19,712
21,779
19,766
21,240
18,435
17,445
18,274
14,616
20,622
19,895
18,891
20,462
29,494
18,579
22,811
19.159
20,156
20,693
23,724
21,363
31,372
19,386
23,583
20,080
20,756
21,974
25,246
22,543
20,691
22,556
20,884
22,687
19,460
18,165
18,845
15,357
21,552
23,095
21,555
23,633
21,702
23,601
20,135
18.919
19,531
16,298
22,253
177
13
267
115
235
208
159
70
126
170
110
167
112
232
280
258
307
151
162
199
6.2
2.4
4.9
3.8
4.4
3.7
6.3
5.6
4.9
6.8
1.6
5.7
4.7
6.2
2.8
6.3
4.4
5.0
4.0
5.4
7.1
3.6
6.9
4.9
3.8
6.8
7.5
8.2
4.3
4.6
3.0
4.4
-3.9
21,503
18,002
16,981
21,804
21,620
31,114
18,840
21,182
18,27;
20,316
18,573
21,419
23,71
20,066
19,672
15,712
18,267
29,8719,419
19,700
34,066
17,991
21,317
18,96
17,986
26,844
19,518
17,75"
21,158
21,780
19,35'
16,696
14,35'
22,817
18,772
17,916
23,066
22,883
33,078
19,64;
22,170
20,928 21,913
20,069 20,985
19,003
21,45;
19,511
22,19^
24,93;
21,048
20,409
16,035
19,099
31,192
20,565
20,864
36,213
18,657
22,470
20,08'
18,689
28,429
20,389
18,216
22,104
22,773
20,51;
17,196
16,62-
23,984
19,226
18,666
23,955
23,888
34,292
20,535
23.14'
19,887
22,506
20,220
23,267
25,839
22,065
20,981
16,905
19,655
32,376
21,463
21,865
38,081
19,483
23,753
20,706
19,538
30,103
21,187
19,454
22,74;
23,611
21,19:
17,73c
15,521
271
285
100
102
8
216
125
244
139
227
122
57
158
198
305
250
12
174
165
3
263
104
210
257
17
189
266
131
111
188
297
310
New England County Metropolitan Areas (NECMA's). The New Haven-Bridgeport-Stamford-Danbury-Waterbury, CT
NECMA is presented as a PMSA (part of the New York CMSA).
Source: Table 1 in "Local Area Personal Income, 1969-96" in the May 1998 issue of the SURVEY.
January 1999
Regional Data
SURVEY OF CURRENT BUSINESS
•
D-71
L. Charts-
SELECTED REGIONAL ESTIMATES
SHARES OF U.S. PERSONAL INCOME BY REGION
1997
1969
Mideast
23.6%
Great Lakes
20.8%
New England
6.4%
New England
6.0%
Southeast
21.9%
Southeast
17.3%
Southwest
7.0%
Rocky Mountain
2.2%
Rocky Mountain
2.9%
SHARES OF U.S. GROSS STATE PRODUCT BY REGION
1977
^
Great Lakes
19.6%
\
\
/
Great Lakes
16.2%
Mideast
20.1%
/
\
^ ^ ^ ^ ^ k New England
^ ^ ^ ^ ^ ^ ^ ^ H
1
Southeast
19.7%
^f
\
^^^^^^B
/
1m
Southeast ^
21.9%
^
^
New England
^ ^ ^ • ^ • • • 1 5.7%
\ \
|
^ B
"^ Rocky Mountain
2.8%
Southwest
9.3%
\
v
5.2%
^
^
Mideast
18.9%
\
Plains /
6.7% /
\
Plains
7.5%
\
/
/
\
/
1996
^-——
/ Far West
w \v/
\ \
/ 17.3%
Rocky Mountain
3.0%
Southwest
10.2%
AVERAGE ANNUAL GROWTH RATE OF PERSONAL INCOME, 1969-97
U S
' '8^e%9e
STATES WITH FASTEST GROWTH
STATES WITH SLOWEST GROWTH
Indiana
|HHH^H^^HH^H^|H^^^B1^V
|^|^^|H^^|HH^^|^H
Rhode Island
H i ^ H ^ H H
WK^^^^^^^^^^KK^M
West Virginia
H ^ ^ | ^ ^ ^ ^ |
North Dakota
^ ^ ^ J ^ ^ ^ ^ B
Fo
l rd
ia
^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ ^ H H ^ ^ |
Pennsylvania
G
e
o
r
g
a
i
9 6
^ ^ ^ ^ ^ ^ ^ ^ ^ B |
Nevada
A
r
z
io
n
a
Colorado
^IH^I^^^^I
Illinois
^ ^ ^ B ^ ^ B B
Michigan
H|^H||||^^^|
New York
^^HHB^^^I
H ^ f ^ H H B H H
T
e
x
a
s ||H^^^^^^^^^^HH^|
r^^^^^^^^^^^^^^^^^^^T
^^^^^^^^^^^^^^^^H
New Hampshire
New Mexico
^
t
^
5
^
6
^
^
7
^
H
8
Percent
US. Department of Commerce, Bureau of Economic Analysis
^ s ^ r
|
9
10
11
12
Ohio
^ ^ ^ B ^ | M
Iowa
H ^ M | ^ ^ ^ |
4
5
6
7
8
Percent
9
10
11
12
D-72
• Regional Data
January 1999
SURVEY OF CURRENT BUSINESS
SELECTED REGIONAL ESTIMATES
PER CAPITA PERSONAL INCOME.1997
AK
$24,945
•; WA
$26,412
OR
$23,984
VT
MT
$19,704
ND
$20,213
>
ID
$23,018
MN
$26,295
!
/
MA
$31,207
Wl
$24,199
SD
$21,183
$20,393
ME
$21,928
NH
$27,806
/
/
Ml
:
Rl
$25,689
$24,998 ,
?
>
PA
OH
•
$25,678
,/--
H.
IN
$24,203J-V*^|V5'
$27529123,183..
/ W . r /
V^p
•mm VA -;
' $ 2 8 6
''KY
>-'''$26,172
$19,602 /
:
AL
$20,699
MS
CT
$35 954
'
'
DE
MD
$28,443
7$28,671
1
mm
$26,218
NJ
$32 233
$20,651
GA \ . $23,893 "'
TX
$23,647
UNITED STATES $25,298
". FL
$24,795
--"-•! States with highest levels
HI
$25,686
States with lowest levels
. _ All other States
PERSONAL INCOME GROWTH: AVERAGE QUARTERLY PERCENT CHANGE, 1997:11-1998:11
•:<t
77
AK1.1 '.
1
(
f"
i
'"•'
,
.
:
,
-1'
•'-'
v
"77
WA 1.3
•
•
NH 1.2
' \
-;
\
'
MT
1.0
OR 1.3
MN1.5
. -•
MA 1.1
Wl 1.0
SD 0.7
NY 11
M 1.4,
WY 0.9
«\
NV 1.5
"
UT 1.4
NE0.7
~!~
/
x
PA 09
IL 1.2 ! IN
A.
' ;-
/
-*'?"?
"<!:/
T
'
/
/
KS 1.1
^1
NM 0.8
t-
WV ]r
AR 1.0
- • • • •
^
^
~
v
^
/
*:
'
NC 1.1
•
AL 0.9
GA 1.4 7'
.j
UNITED STATES 1.2%
7™i States with largest percent change
'
HI0i5
^"
;
States with smallest percent change
All other States
U.S. Department of Commerce, Bureau of Economic Analysis
V
-\
i LAJ.1 .ty1
7-
V I I'.'.'
.9*"
"••"•
.-.
' ; .
FL
^ 1.1
~ DE 1 6
MD11
\ 14
SC 1.
{ MS
^
•3-
' <Y 1.1
4
-
v/
—
TN 1.0
;
OK 0.7
;
j
c
M01.1
Rl 1.1
CT 1.2
NJ 13
/uni
1.2
1
f
', OH 1 1
CO 1.8
rv
1 -•
\
-v
-'''
IA 0.8
\
I
CA 1.5
^ ^.
ME
Vf 0.8 ./
\
w
ID 1.3
;
\
VT 1.2
ND 0.9
-,•
"
DC 0.8
January 1999
Appendixes •
SURVEY OF CURRENT BUSINESS
Appendix A
Additional Information About BEA'S NIPA Estimates
Statistical Conventions
Changes in current-dollar GDP measure changes in the
market value of goods and services produced in the
economy in a particular period. For many purposes,
it is necessary to decompose these changes into quantity and pri,ce components. To compute the quantity
indexes, changes in the quantities of individual goods
and services are weighted by their prices. (Quantity
changes for GDP are often referred to as changes in
"real GDP") For the price indexes, changes in the prices
for individual goods and services are weighted by
quantities produced. (In practice, the current-dollar
value and price indexes for most GDP components are
determined largely using data from Federal Government surveys, and the real values of these components
are calculated by deflation at the most detailed level
for which all the required data are available.)
The annual changes in quantities and prices are
calculated using a Fisher formula that incorporates
weights from 2 adjacent years. (Similar formulas
are used to calculate the quarterly indexes for the
most recent quarters, called the "tail" period, and
for the indexes for the other quarters, called the
"historical period") For example, the 1996-97 annual percent change in real GDP uses prices for 1996
and 1997 as weights, and the 1996-97 annual percent
change in price uses quantities for 1996 and 1997 as
weights. These annual changes are "chained" (multiplied) together to form time series of quantity and
price. Because the Fisher formula allows for the effects
of changes in relative prices and in the compostion
of output over time, the resulting quantity or price
changes are not affected by the substitution bias that
is associated with changes in quantities and prices calculated using a fixed-weighted formula. The Fisher
formula also produces changes in quantites and prices
that are not affected by the choice of base periods. In
addition, because the changes in quantities and prices
calculated in this way are symmetric, the product of
a quantity index and the corresponding price index is
generally equal to the current-dollar index.
In addition, BEA prepares measures of real GDP
and its components in a dollar-denominated form,
(1992) dollar estimates and the percentage changes calculated from the quantity indexes are identical, except
for small differences due to rounding.
Because of the formula used for calculating real GDP,
the chained (1992) dollar estimates for detailed GDP
components do not add to the chained-dollar value of
GDP or to any intermediate aggregates. A "residual"
line is shown as the difference between GDP and the
sum of the most detailed components shown in each
table. The residual generally is small close to the base
period but tends to become larger as one moves further from it. NIPA table 8.2 provides accurate measures
of the contributions of the major components to the
percentage change in real GDP for all periods.
BEA also publishes the "implicit price deflator
(IPD)," which is calculated as the ratio of currentdollar value to the corresponding chained-dollar value,
multiplied by 100; the values of the IPD and of the
corresponding "chain-type" price index are very close.
For quarters and months, the estimates are presented at annual rates, which show the value that would
be registered if the rate of activity measured for a
quarter or a month were maintained for a full year.
Annual rates are used so that time periods of different lengths—for example, quarters and years—may be
compared easily. These annual rates are determined
simply by multiplying the estimated rate of activity by
4 (for quarterly data) or 12 (for monthly data).
Percent changes in the estimates are also expressed
at annual rates. Calculating these changes requires a
variant of the compound interest formula:
m/n
r =
x0)
- 1 x 100,
where r is the percent change at an annual rate;
Xt is the level of activity in the later period;
Xo is the level of activity in the earlier period;
m is the yearly periodicity of the data (for
example, 1 for annual data, 4 for quarterly,
or 12 for monthly); and
n is the number of periods between the
earlier and later periods (that is, t — 0).
designated "chained (1992) dollar estimates" These es-
timates are computed by multiplying the 1992 currentdollar value of GDP, or of a GDP component, by the
corresponding quantity index number. For example,
if a current-dollar GDP component equaled $100 in
1992 and if real output for this component increased
by 10 percent in 1993, then the "chained (1992) dollar"
value of this component in 1993 would be $110 ($100
X 1.10). Note that percentage changes in the chained
Quarterly and monthly NIPA estimates are seasonally
adjusted, if necessary. Seasonal adjustment removes
from the time series the average impact of variations that normally occur at about the same time and
in about the same magnitude each year—for example, weather, holidays, and tax payment dates. After
seasonal adjustment, cyclical and other short-term
changes in the economy stand out more clearly.
D-73
D-74
• Appendixes
SURVEY OF CURRENT BUSINESS
January 1999
Reconciliation Tables
Table 1.—Reconciliation of Changes in BEA-Derived Compensation Per Hour with BLS Average Hourly Earnings
[Percent change from preceding period]
Seasonally adjusted at annual rates
1995
1997
1997
1996
BEA-derived compensation per hour of all persons, BEA/BLSl
2.3
3.5
3.7
3.9
Less: Contribution of supplements to wages and salaries per hour
-.7
-1.1
-.6
-.5
Plus: Contribution of wages and salaries per hour of persons in housing and in nonprofit institutions
-.1
-.1
-.2
-.6
Less: Contribution of wages and salaries per hour of persons in government enterprises, unpaid
family workers, and self-employed
-.2
-.2
-.1
-.5
Equals: BEA-derived wages and salaries per hour of all employees in the private nonfarm
sector
3.2
4.7
4.2
4.2
Less: Contribution of wages and salaries per hour of nonproduction workers in manufacturing
-.1
.1
.1
.4
1.3
.2
-.7
Equals-. BLS average hourly earnings of production or nonsupervisory workers on private
nonfarm payrolls
2.8
3.4
3.9
4.0
Addendum:
BLS estimates of compensation per hour in the nonfarm business sector3
2.4
3.5
3.7
3.9
Less: Other differences2
1. Includes BLS data on compensation and hours worked of nonfarm proprietors' and hours
worked of unpaid family workers.
2. Includes BEA use of non-BLS data and differences in detailed weighting. Annual estimates
also include differences in BEA and BLS benchmark procedures; quarterly estimates also include
1998
5.0
4.6
4.0
4.2
-.1
-.4
-.2
-.2
.1
.1
-.1
-.1
-.1
4.9
4.6
4.5
4.5
1.3
.4
.2
.2
-1.1
.2
-.3
.9
4.6
3.9
4.6
3.4
4.9
4.6
4.0
4.2
-.6
differences in seasonal adjustment procedures.
3. These estimates differ from the BEA-derived estimates (first line) because the BLS estimates
include compensation and hours of tenant-occupied housing,
Table 2.—Relation of Net Exports of Goods and Services and Net Receipts of Factor Income in the NIPA's to Balance on
Goods, Services, and Income in the BPA's
[Billions of dollars]
Seasonally adjusted at annual rates
Line
Exports of goods, services, and income, BPA's
Less: Gold, BPA's
Statistical differences1
Other items
Plus: Adjustment for grossing of parent/affiliate interest payments
Adjustment for U.S. territories and Puerto Rico
Services furnished without payment by financial intermediaries except life
insurance carriers and private noninsured pension plans
1996
1997
1997
1998
IV
I
1,064.0
1,179.4
1,181.1
1,201.9
1,199.4
1,196.2
1,169.9
1,151.0
6.9
0
9.3
0
3.4
0
3.4
0
.9
5.3
4.8
.8
4.2
3.9
.7
5.2
3.3
1.1
5.7
0
.8
3.4
34.4
3.9
37.0
3.6
37.4
4.2
36.8
4.6
37.9
3.9
37.0
4.3
37.2
4.3
37.4
15.5
17.1
17.2
17.1
17.3
17.3
17.6
17.8
Equals: Exports of goods and services and receipts of factor income, NiPA's
1,109.3
1,230.9
1,229.4
1,256.0
1,254.9
1,243.6
1,220.2
1,201.2
Imports of goods, services, and income, BPA's
1,158.3
1,294.9
1,285.4
1,316.5
1,330.2
1,345.3
1,358.9
1,355.9
7.7
0
0
6.6
0
0
11.0
0
0
3.0
0
0
3.8
0
0
6.7
1.8
0
5.5
2.7
0
7.3
1.3
0
-3.8
3.4
22.4
15.5
-3.5
3.9
26.5
17.1
-3.8
3.6
25.8
17.2
-3.4
4.2
28.0
17.1
-3.3
4.6
28.3
17.3
-3.2
3.9
27.4
17.3
-3.0
4.3
28.5
17.6
-2.8
4.3
1,188.1
1,332.3
1,317.3
1,359.4
1,373.3
1,382.2
1,398.2
1,393.7
Less: Gold, BPA's
Statistical differences1
Other items
Plus: Gold, NIPA's
Adjustment for grossing of parent/affiliate interest payments
Adjustment for U.S. territories and Puerto Rico
Imputed interest paid to rest of world
Equals: Imports of goods and services and payments of factor income,
NIPA's
27.1
17.8
Balance on goods, services, and income, BPA's (1-9)
,
-94.3
-115.5
-104.3
-114.6
-130.8
-149.1
-189.0
-204.9
Less: Gold (2-10+13)
Statistical differences (3-11)'
Other items (4-12)
,
-4.6
0
1.1
-4.4
0
.8
-5.5
0
.6
-3.0
0
.6
-3.7
0
-4.6
3.0
.8
-4.3
1.2
.7
-4.9
2.0
.9
12.0
10.5
11.6
8.8
9.6
9.6
8.7
10.3
-78.8
-101.4
-87.9
-103.4
-118.4
-138.6
-178.0
-192.5
Plus: Adjustment for U.S. territories and Puerto Rico (6-15)
Equals: Net exports of goods and services and net receipts of factor income,
NIPA's (&-17)
1. Consists of statistical revisions in the NIPA's that have not yet been incorporated into the
BPA's (1998:111) and statistical revisions in the BPA's that have not yet been incorporated into
the NIPA's (1998:1-1998:111).
BPA's Balance of payments accounts
NIPA's National income and product accounts
Appendixes •
SURVEY OF CURRENT BUSINESS
January 1999
Appendix B
Suggested Reading
Mid-Decade Strategic Plan
BEA has published the following articles in the SURon the development and
implementation of its strategic plan for improving
the accuracy, reliability, and relevance of the national,
regional, and international accounts.
"Mid-Decade Strategic Review of BEA'S Economic
Accounts: Maintaining and Improving Their
Performance" (February 1995)
"Mid-Decade Strategic Review of BEA'S Economic
Accounts: An Update" (April 1995)
"BEA'S Mid-Decade Strategic Plan: A Progress
Report" (June 1996)
VEY OF CURRENT BUSINESS
Mid-Decade Strategic Review of BEA'S Economic
Accounts: Background Papers (1995) presents seven
background papers that evaluate the state of the U.S.
economic accounts and that identify the problems and
the prospects for improving the accounts.
Methodology
BEA has published a wealth of information about the
methodology used to prepare its national, regional,
and international estimates.
National
National income and product accounts
(NIPA'S)
NIPA Methodology Papers: This series documents
the conceptual framework of the NIPA'S and the
methodology used to prepare the estimates.
An Introduction to National Economic Accounting
(NIPA Methodology Paper No. 1, 1985) [Also
appeared in the March 1985 issue of the SURVEY]
Corporate Profits: Profits Before Tax, Profits Tax
Liability, and Dividends (NIPA Methodology Paper
No. 2, 1985)
Foreign Transactions (NIPA Methodology Paper
No. 3, 1987) [Revised version forthcoming]
GNP: An Overview of Source Data and Estimating
Methods (NIPA Methodology Paper No. 4, 1987)
[Largely superseded by "A Guide to the NIPA'S"
(March 1998 SURVEY)]
Government Transactions (NIPA Methodology
Paper No. 5, 1988)
Personal Consumption Expenditures (NIPA Methodology Paper No. 6, 1990)
The methodologies described in these papers are
subject to periodic improvements that are typically
introduced as part of the annual and comprehensive revisions of the NIPA'S; these improvements are
described in the
revisions.
SURVEY
articles that cover these
"Annual Revision of the U.S. National Income and
Product Accounts": This series of SURVEY articles,
the latest of which was published in the August 1998
issue, describes the annual NIPA revisions and the
improvements in methodology.
"Completion of the Comprehensive Revision of the
National Income and Product Accounts, 1929-96"
(May 1997) is the last in a series of SURVEY articles
that describe the most recent comprehensive revision
of the NIPA'S.
"A Guide to the NIPA'S" (March 1998 SURVEY) provides the definitions of the major NIPA aggregates and
components; discusses the measures of real output and
prices; explains how production is classified and how
the NIPA'S are presented; describes the statistical conventions that are used; and lists the principal source
data and methods used to prepare the estimates of
gross domestic product (GDP).
Information on the sources and methods used to
prepare the national estimates of personal income,
which provide the basis for the State estimates of personal income, can be found in State Personal Income,
1929-93 (1995).
"Gross Domestic Product as a Measure of U.S. Production" (August 1991 SURVEY) briefly explains the
difference between GDP and gross national product.
"BEA'S Chain Indexes, Time Series, and Measures
of Long-Term Economic Growth" (May 1997) is the
most recent in a series of SURVEY articles that describe
the conceptual basis for the chain-type measures of
real output and prices used in the NIPA'S.
"Reliability of the Quarterly and Annual Estimates
of GDP and Gross Domestic Income" (December 1998
SURVEY) evaluates the reliability of these estimates by
examining the record of revisions to them.
Availability
Most of the items listed here are available on BEA'S
Web site at <www.bea.doc.gov>. In addition, see the
inside back cover of this issue for the availability of
some of the publications.
The Catalog of BEA Products is available on BEA'S Web
site; a printed copy can be obtained by writing to the
Public Information Office, BE-53, Bureau of Economic
Analysis, U.S. Department of Commerce, Washington,
DC 20230, or by calling 202-606-9900.
D-75
D-76
• Appendixes
SURVEY OF CURRENT BUSINESS
Wealth and related estimates
"Improved Estimates of Fixed Reproducible Tangible
Wealth, 1929-95" (May 1997 SURVEY) describes the
most recent comprehensive revision of the estimates
of fixed reproducible tangible wealth.
Gross product by industry
"Improved Estimates of Gross Product by Industry,
1959-94" (August 1996 SURVEY) describes the most recent comprehensive revision of the estimates of gross
product by industry.
"Gross Product by Industry, 1947-96" (November 1997 SURVEY) and "Gross Product by Industry,
1995-97" (November 1998 SURVEY) present the most
recent revisions to the estimates of gross product by
industry and briefly describe changes in methodology.
Input-output accounts
"Benchmark Input-Output Accounts for the U.S.
Economy, 1992" (November 1997 SURVEY) describes
the preparation of the 1992 input-output accounts
and the concepts and methods underlying the U.S.
input-output accounts.
Satellite accounts
Satellite accounts that extend the analytical capacity of
the national accounts by focusing on a particular aspect of activity are presented in the following SURVEY
articles.
"Integrated Economic and Environmental Satellite
Accounts" and "Accounting for Mineral Resources:
Issues and BEA'S Initial Estimates" (April 1994)
"A Satellite Account for Research and Development" (November 1994)
"U.S. Transportation Satellite Accounts for 1992"
(April 1998)
"U.S. Travel and Tourism Satellite Accounts for
1992" (July 1998)
International
Balance of payments accounts (BPA'S)
The Balance of Payments of the United States: Concepts, Data SourceSy and Estimating Procedures (1990)
describes the methodologies used in preparing the
estimates in the BPA'S and of the international investment position of the United States. These methodologies are subject to periodic improvements that are
typically introduced as part of the annual revisions of
the BPA'S.
"U.S. International Transactions, Revised Estimates": This series of SURVEY articles, the latest of
which was published in the July 1998 issue, describes
January 1999
the annual BPA revisions and the improvements in
methodology.
Direct investment
The coverage, concepts, definitions, and classifications
used in the benchmark surveys of U.S. direct investment abroad and of foreign direct investment in the
United States are presented in the publications of the
final results of the following benchmark surveys.
U.S. Direct Investment Abroad: 1994 Benchmark
Survey, Final Results (1998)
Foreign Direct Investment in the United States: 1992
Benchmark Survey, Final Results (1995)
The types of data on direct investment that are collected and published by BEA and the clarifications of
the differences between the data sets are presented in
the following SURVEY articles.
"A Guide to BEA Statistics on U.S. Multinational
Companies" (March 1995)
"A Guide to BEA Statistics on Foreign Direct
Investment in the United States" (February 1990)
Surveys of international services
U.S. International Transactions in Private Services: A
Guide to the Surveys Conducted by the Bureau of Economic Analysis (1998) provides information on the
11 surveys that BEA conducts on these transactions—
including classifications, definitions, release schedules,
and methods used to prepare the estimates—and
samples of the survey forms.
Regional
Personal income
State Personal Income, 1929-93 (1995) includes a description of the methodology used to prepare the
estimates of State personal income. [Also available on
the CD-ROM State Personal Income, 1929-97]
Local Area Personal Income, 1969-92 (1994) includes
a description of the methodology used to prepare the
estimates of local area personal income. [Also available on the CD-ROM Regional Economic Information
System, 1969-96]
Gross state product
"Comprehensive Revision of Gross State Product by
Industry, 1977-94" (June 1997 SURVEY) summarizes
the sources and methods for BEA'S estimates of gross
state product.
"Gross State Product by Industry, 1977-96" (June
1998 SURVEY) presents the most recent revision to the
estimates of gross state product by industry and briefly
describes changes in methodology. £g|
BEA INFORMATION
The economic information prepared by the Bureau of Economic Analysis (BEA)
is available in news releases, in publications, on diskettes, on CD-ROM'S, and on the
Internet For a description of these products in the free Catalog of 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. The catalog and other
information are also available on BEA'S Web site at <www.bea.doc.gov>.
The free publication U.S. International Transactions in Private Services; A Guide
to the Surveys Conducted by the Bureau of Economic Analysis provides information
about 11 surveys. For each survey, it details the frequency of th6 survey, the transactions covered, and the methods used to prepare the estimates that are derived jfrom the
survey data; it includes a sample of each survey. To receive your copy, write to Sylvia
Bargas, BE-50, Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230, or call 202—606-9804.
In addition, the following publications are available from the Superintendent of
Documents of the Government Printing Office (GPO). To order* write to Superintendent of Documents, P.O. BOX 371954, Pittsburgh, PA 15250-7954, call 202-512-1800
or fax 202-512-2250. Pay by check to the Superintendent of Documents or charge to a
GPO deposit account, to Visa, or to MasterCard.
National income and Product Accounts of the United States, 1929-94.
(1998) This two-volume set presents the estimates of the national income and product accounts (NIPA^) that reflect the most recent comprehensive revision and the 1997 annual revision. The text describes the
definitions and classifications that underlie the NIPA'S arid the statistical
conventions used in the NIPA'S; an appendix lists the principal source
data arid methods that are used in preparing the estimates. $58.00, stock
no. 003^010-00272-7,
Benchmark Input-Output Accounts of the United States, 1992. (1998)
This publication presents the summary and detailed make and use tables
for industries and commodities and the total output multipliers for 1992
for the U.S. economy. It includes a discussion of the concepts and
classifications underlying the accounts, the methods used to prepare the
accounts, and the uses of the accounts. It also includes appendixes that
present the measures of output and of the commodity composition of
personal consumption expenditures by type and of purchases of producers' durable equipment by type in the nationanncome and product
accounts. $40.00, stock no. 003-0x0-00275-1.
Regional Multipliers; A User Handbook for the Regional
Input-Output Modeling System (RIMS n)» Third Edition. (1997) This
handbook describes thefivetypes of iiMS 11 multipliers that are available
fojr nearly 500 industries and for: any county or for any group of counties.
It details the irifofmatiori that the users need j ^ order to effectively use the
RIMS it muitipEers to analyze the economic and industrial impact of
public and private projects and programs on State and local areas. The
handbook also includes case studies that illustrate the uses of the RIMS II
multipliers and a description of the methodology that the Bureau of
Economic Analysis uses to estimate the multipliers. $6.00, stock no. 003Foreign Direct Investment in the United States: 1:992 Benchmark Survey, Final Results, (1995) Presents detailed data on the financial structure and operations of U.S. affiliates of foreign direct investors, on the
foreign direct investment position in the United States, and on the balance-of-payments transactions between U.S. affiliates and theirforeign
parent companies in,1992* Includes data for items, such as employment
covered by collective bargaining agreements and merchandise trade by
product and country of destination 4nd origin, thatrare only collected in
comprehensive benchmark surveys. The data are classified by industry
of affiliate and By country of ultimate beneficial owner, arid selected
data are classified by State. The text describes the coverage, the concepts
and definitions, and the classificatioris used in the Purvey. $20.00, stock
no. 003-010-00259-0,
Foreign Direct Investment in the United States: Operations of U.S.
Affiliates of Foreign Companies. (1998) Two publications: One presents the revised estimates for 1995, a n d the other, the preliminary
estimates for 1996 from BEA'S annual surveys of the financial structure
and operations of nonbank U.S. affiliates of foreign direct investors.
The estimates are presented by industry of the U.S. affiliate and by
country of the ultimate beneficial owner (UBO) and for selected estimates, by industry of UBO and by State. Revised 1995 Estimates, $9.50,
stock no. 003-010-00274-3; Preliminary 1996 Estimates, $9.50, stock
no. 003-010-00273-5.
Foreign Direct Investment in the United States: Establishment Data
fcr 1992. (1997) This publication, which presents the results of a
project by BEA and the Bureau of the Census, provides the most
recently available data on the number, employment, payroll, and
shipments or sales of foreign-owned U.S. establishments in more
than 800 industries at the Standard Industrial Classification fourdigit level and by State and by country of owner. Presents additional
information—such as data on value added, employee benefits, hourly
wage rates of production workers, and expenditures for plant and
equipment—for manufacturing establishments,
$28,00, stock no,
003-010-00265—4.
U.S. Direct Investment Abroad: 19^4 Benchmark Surrey, Final Results, (1998) This publication presents the 4&ta on the worldwide operations of U.S multinational companies in 1994 from the most recent
comprehensive survey of U.S. direct investrnent abroad. It contains 243
tables that present data on the financial structure and operations of U.S.
parent companies and their foreign affiliates and data on the direct
investment position an<l balance of payments between the parents and
their affiliates. The data are presented by industry of the parent and by
industry and country of the affiliate. The textdescribes the coverage, the
definitions and concepts, and the classifications used in the survey.
$37.00, stock no. 003-016-00271-9,
^ U , S . Direct Investment Abroad: Operations of U.S. Parent Companies and Their Foreign Affiliates* (1998) Two publications: One
presents the revised estimates for 1995, and the; other, the preliminary
estimates for 1996 from the annual surveys of the worldwide operations of U.S. multinational companies? Each publication presents
data on the financial structure and operations of U.S. parent companies arid their foreign affiliates by industry of the parent and by
industry and country of the affiliate. Revised 1995 Estimates, $11.00,
stock no. 003-010-00276-0; Preliminary 1996 Estiniates? $11.00, stock
no. 003-010-00277-8.
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Schedule of Upcoming BEA News Releases
Release
Date
Subject
U.S. International Trade in Goods and Services, November 1998
State Personal Income, 3rd quarter 1998
Gross Domestic Product, 4th quarter 1998 (advance)
,
* Jan. 21
Jan. 26
Jan. 29
Personal Income and Outlays, December 1998
U.S. International Trade in Goods and Services, December 1998
Gross Domestic Product, 4th quarter 1998 (preliminary)
Feb. 1
* Feb. 19
Feb. 26
Personal Income and Outlays, January 1999
U.S. International Transactions, 4th quarter 1998
U.S. International Trade in Goods and Services, January 1999
Gross Domestic Product, 4th quarter 1998 (final) and Corporate Profits, 4th quarter 1998
Mar. 1
Mar. 11
* Mar. 18
Mar. 31
Personal Income and Outlays, February 1999
U.S. International Trade in Goods and Services, February 1999
State Personal Income, 4th quarter 1998 and Per Capita Personal Income, 1998 (preliminary)
Apr. 1
* Apr. 20
Apr. 27
Gross Domestic Product, 1st quarter 1999 (advance)
* Joint release by the Bureau of the Census and BEA.
For information, call (202) 606-9900, Bureau of Economic Analysis, U.S. Department of Commerce.
Apr. 30
@FedFRASER